A big draw of living in a condominium is the prestige that comes with owning a private property, which explains why condominiums still remain top on the list of dream homes for Singaporeans. Here are the top three reasons that attribute to the consistent condo sales locally.
1. Falling prices since 2013
The falling condo prices follow hot on the heels of the cooling measures implemented over the past few years. Prices of private homes are down 8% from their last peak in the third quarter of 2013. According to the recent insights by the Urban Redevelopment Authority (URA), the cost of private property fell 3.7% in 2015.
Looking ahead, analysts predict that the cost of private property will continue to face pressure from interest rate normalisation, as more new developments are expected to be completed this year.
A handy tip for prospective home owners: If you are planning to purchase a condominium for investment proposes, we suggest proceeding with caution as many private residences and executive condos in the pipeline will be launched within the next couple of years.
Interior Designer: Project File; for Northwoods
2. Ineligibility for HDBs
The two common scenarios that one is unable to apply for a HDB:
Scenario 1: Newlyweds who have exceeded the income ceiling of $12,000 and couples who tend to not want to live near their parents.
Scenario 2: Unmarried singles under the age of 35 who would like to move out of their parents’ place are not eligible for a HDB.
Interior Designer: Juz Interior; for Sky Habitat
3. Lure of a desirable lifestyle and amenities
Pursuit of the 5Cs remain a constant fixture of many Singaporeans ‘to-achieve’ list. In addition to the desirability of attaining a highly sought after status symbol, the availability of amenities is also a big draw. In spite of the monthly maintenance fee, having all the facilities under one (big) roof saves you time and money.
We'd say, consider if these facilities are worth paying for or risk turning into a white elephant.
Interior Designer: 82; for The Belvedere
Potential home buyers might want to consider carefully if the condominium they are lusting after are indeed a good financial investment, and not one where you have to pay through your nose.
For those who have already bought your unit, we feel your excitement! Start your renovation research if you are collecting your keys in 2016! Download the free Qanvast app to browse and save local interior ideas and read homeowners' reviews. Available on the App Store and Google Play.