I am Mike Tan, a professional in Singapore real estate, working with Orange Tee & Tie. I focus on both residential and commercial properties.
For residential properties, the current market consensus is that newer properties – not just new launches – generally have greater life-style appeal, and will resonate better with future buyers while enjoying a fresher lease (in the case of leasehold properties). Nevertheless, older freehold as well as older leasehold properties increasingly have enbloc redevelopment potential in land-constrained Singapore.
However, it is advisable to focus on a subset of such condos that are in “chosen” locations – specifically, selective geographic localities that are / have been “chosen” to be positively impacted by the government’s ongoing development plans, whether economic, recreational or transportation-related.
In first formulating and then implementing the various Master Plans, the Singapore government has been and will continue to indirectly influence the relative levels of property prices in different locations within the country. This is because “chosen” locations will inherently benefit – more than other locations – from the planned economic, recreational and infrastructural developments.
In other words, while the Government may continue to manage / control property prices across the board – at a macro level – via policy intervention (ie. cooling measures – of which Singaporeans have no control over), we should be alert to the opportunities – at the local level – created by the Government’s development plans. There may be opportunities to ride on the “ascent” of selective locations that will benefit most from the progressive implementation of the various master plans. In property purchase decisions at least, it may pay to be on the same side as the government
Timing the property market now is especially crucial, with the latest Master Plan released in 2019.
Pls click here for the complete article “The Changing Housing Market in Singapore” written in Jan 2018, before the July 2018 cooling measures.
Mike Tan | Orange Tee & Tie
+65-98280030 | firstname.lastname@example.org |