Top 5 Best Scenic Drives in Singapore
Singapore, a bustling city-state known for its modern architecture and vibrant culture, also offers some of the most picturesque driving...
Read More
TLDR
When considering buying or selling a property in Singapore, it’s crucial to understand the market dynamics and key metrics. In 2023, there will be around 40+ new launches for buyers to choose from, each offering different advantages. Newly completed properties come with a one-year defect warranty period but may come at a premium price. On the other hand, new launches provide a variety of options but often have higher prices and longer waiting periods. Understanding these factors can help you make an informed decision that aligns with your needs and budget. For personalized advice and assistance, consider seeking guidance from real estate professionals who can offer strategic advice and help connect you with potential buyers.
I will be discussing new launches for the year 2023. This year, there are approximately 40+ new launches estimated to be launched for the entire year. In the last two years, there was a slew of en bloc activities as well as government land sales, and for the first half of this year, there will also be more government land sales to satisfy the demand from developers to acquire more land.
As a condo buyer looking for a condominium in the market, you will typically have three different types of products to choose from. The first product is resale properties in the entire market, the second type is newly completed properties, and the third is new launches.
In 2023, there will be an estimated 36 condos that will be newly completed and will likely be owned by people who bought them about three to four years back, starting from 2019-2020.
Some owners may have bought them last year or in 2021 because they bought the balance units. These units will definitely not be put on the market for sale as the owners need to fulfill a minimum of three-year seller stamp duty period.
If you are attracted to newly completed properties, you will likely be the type of home buyer who loves to buy brand new properties that nobody has stayed in before. They still come with a one-year defect warranty period, which is a plus point. However, you will have to pay a premium as no owners will resell their property at the same price that they bought it from the developer.
Going into new launches is the third option, and there will be about 40+ different new launches for you to choose from this year. However, it is important to understand some key metrics before making a decision.
In my last blog post, I talked about two charts that showcased upcoming new launches for the year 2023 and the movement that new launches seem to have, with an estimated movement upwards in terms of benchmark pricing of $400psf every five years. For today’s context, we want to look at a new chart that I have come up with.
I did an estimated supply based on the project launch date of properties currently being launched at the moment, plus another four years, to see if there will be an upcoming oversupply situation in the condo market. Based on this, it seems that the supply is very well managed by the government, which is good for existing homeowners because our government needs to calibrate the introduction of Government Land Sales (GLS) very carefully to avoid a glut situation in the condo market.
To recap, there are about 340,000 condos and apartments in Singapore, out of which about 70,000 are being owned by foreigners and PR. There are about 260,000 being owned by Singaporeans. It is essential to note that foreigners and PRs have to pay an Additional Buyer’s Stamp Duty (ABSD).
In conclusion, if you are looking to buy a new launch property in 2023, it is important to understand the three different types of products and key metrics before making a decision.
With approximately 40+ new launches to choose from, there are plenty of options available for buyers. However, it is essential to note that the prices of new launches are often higher, and the waiting period can be longer. By understanding these key factors, you can make an informed decision and choose the best property that fits your needs and budget.
Should You Buy, Sell or Wait?
If you’re reading this, you must be trying to figure out the best course of action right now: is it the right time to buy or sell?
It’s difficult to give an exact answer since everyone’s situation is unique and what works for one person may not necessarily work for you.
I can bring you a wealth of on-the-ground experience and a data-driven approach to provide clarity and direction. From beginners to experienced investors, our top-down, objective approach will help you on your real estate journey.
I can help you by:
- Offering Strategic Real Estate Advice – I can help create a comprehensive plan to guide you through your property journey.
- Connecting Your Home with the Perfect Buyers – Through stunning visuals, an effective communication strategy, and an in-depth knowledge of the market, we’ll ensure your home is presented in the best possible way to fulfill your goals.
You May Also Like …
Top 5 Reasons : Why Penthouses In Singapore Are Popular With Crazy Rich Asians
Singapore, a city-state known for its stunning skyline and luxurious lifestyle, has become a popular destination for the ultra-wealthy. Among...
Read More
6 Essential Factors HDB Upgraders Should Be Aware Of Before Purchasing a Condo in 2023
TLDR When upgrading your property, consider factors like rental rates, Buyer's Stamp Duty adjustments, higher interest rates for bank loans,...
Read More
Top 5 : How Does One Choose Good Property In Singapore?
Choosing a property in Singapore can be an exciting yet challenging endeavor. With the city-state's dynamic real estate market, it...
Read More
Breaking Through the Stalemate of En Bloc Sales
TLDR The Singapore property market faces challenges with the ongoing en bloc stalemate. Lower success rates, higher development risks, and...
Read More
Top 5 : Greatest Challenges That Investors Face In Singapore’s Real Estate Market
Singapore's real estate market is a dynamic and attractive investment landscape for both local and international investors. Known for its...
Read More
5 Warning Signs of New Launch Condominiums That Certain Property Agents Might Not Disclose to You
TLDR When buying a new launch condo, don’t just rely on show flats or sales pitches—look deeper. Watch out if...
Read More
5 Things to Know About Singapore’s Public Housing System
5 Things to Know About Singapore's Public Housing System With over 80% of Singaporeans living in public housing, it's important...
Read More
Top 5 : Common Characteristics Of Singapore Condos That Make Them An Attractive Investment Opportunity For Foreign Buyers
Singapore, a thriving hub of business and commerce in Southeast Asia, has become an attractive destination for foreign investors looking...
Read More
The Quick Guide For Buying Landed Property In Singapore
TLDR When it comes to purchasing a landed property in Singapore, there are three main types to consider: terrace houses,...
Read More
5 Tips To Spot Winning Investment Properties In Singapore
Investing in real estate is an exciting and potentially lucrative venture. In Singapore, a thriving property market attracts both local...
Read More
Transforming Your Home Loan Situation with Rate Cuts
TLDR When comparing fixed and floating mortgage rates, the present fixed rate of 3% is favorable, but predictions hint at...
Read More
Could You Still End Up Losing Money When Buying Property in Singapore During a Market Slump?
TLDR When it comes to property investments, timing is crucial. Buying at the right moment is only half the battle;...
Read More
Ready To Make The Jump From HDB To Condo? This Guide Has All The Answers!
TLDR When upgrading from an HDB flat to a condo, consider factors like location proximity, amenities, and regulations. Decide whether...
Read More
Exploring Singapore: The Top 5 Surprising Facts You Never Knew
Singapore, a city-state in Southeast Asia, is known for its rich cultural heritage, diverse population, and vibrant food scene. This...
Read More
Where to Find the Most Affordable New Launches in 2023 – Starting at $1.31 Million
TLDR When looking for an affordable new launch condo in Singapore as of January 2023, consider projects like 10 Evelyn,...
Read More
The Influence of Soaring Land Costs on Singapore’s Real Estate Market: A Look at Land Price Trends Since 1992
TLDR When it comes to understanding the fluctuations in land prices in Singapore, historical patterns reveal significant spikes and dips...
Read More
3 Winning Strategies for Skyrocketing Your Property Market Profits (Including Real-Life Success Stories)
TLDR In the dynamic property market of Singapore, maximizing profit is key for sellers and investors. Three essential strategies stand...
Read More
Top 5 : Best Street Art Murals in Singapore
Singapore, a vibrant and multicultural city-state, is not only known for its iconic landmarks and delicious cuisine but also for...
Read More
What’s The Difference Between An Offer To Purchase And An Option To Purchase?
TLDR Understanding the crucial difference between an Offer to Purchase and an Option to Purchase (OTP) is vital when buying...
Read More
