Say Goodbye to “Sell One, Buy Two” Approach in 2024
TLDR Summary: The "Sell One, Buy Two" real estate tactic, popularized in 2016-2017, involves selling a property and buying two...
Read More
TLDR
A recent sub-sale transaction in Midtown Modern set a new record with a 2-bedroom home selling at $3,150 psf. Selling before TOP can lead to substantial profits, even after paying the Seller Stamp Duty. Avoid paying 25% in the progressive payment plan by selling your Option to Purchase before TOP. Properties like Sky Everton, Treasure at Tampines, and The Florence Residences have seen significant increases in their psf prices for resale transactions. The demand for condos near TOP is high due to newer units in better condition, reducing the need for renovations. Consider collaborating with a real estate expert like Jayson Ang to market your sub-sale property effectively. Buyers should weigh their options carefully and seek expert advice before making decisions in the current real estate market landscape.
A new record for the highest price per square foot for a 2-bedroom home in Midtown Modern was set at $3,150 psf.
The property was sold for $2,000,000, even though it only measures 635 sq ft.
This sale is considered a sub-sale, which means that the condo unit was bought from the developer and sold to another buyer before completion.
The seller purchased the property originally for $1.744 million in 2021 and had to pay a 4% Seller Stamp Duty (SSD) due to buying it between 2-3 years ago.
The SSD rate is 12% in the first year, 8% in the second year, and 4% in the third year after the purchase date.
Despite paying the tax, the seller still made a profit of over $170k.
If you bought a condo unit with the intention of selling it when the development is completed, then you should definitely consider doing the same thing.
Additionally, if you received an early bird discount when purchasing the unit, it may be enough to cover the 4% SSD. This way, you can use your gains for your next home purchase.
Avoid paying 25% in the progressive payment plan before TOP
Developers offer appealing payment plans that require an additional 25% payment upon completion of a property, known as TOP.
To avoid this payment, buyers can sell their Option to Purchase before the TOP deadline.
To identify condos that are suitable for selling before TOP, we will focus on fully sold out properties that are expected to be ready in 2023.
- Sky Everton
- Treasure at Tampines
- The Florence Residences
- View at Kismis
- Jervois Prive
- Cairnhill 16
- Urban Treasures
- Parc Clematis
- The Verandah Residences
Prospective buyers who missed out on the opportunity to reserve a unit in any of these recent property launches will now have the chance to acquire their desired condominium.
However, since there are no more untaken units available directly from the developer, they can purchase from current homeowners.
Sell at a Increased Higher PSF Pricing
These properties have experienced notable increases in their per square foot (psf) prices for resale transactions.
For instance, Treasure at Tampines was initially sold at approximately $1,400 psf but has been selling at an average of approximately $1,600 psf over the last three months.
Please note that the recorded transactions for Sky Everton were limited to only 2-3 and do not provide a comprehensive reflection of the overall market’s price growth.
Huge Demand For Condos Nearer To TOP
This is a positive sign that there is a high demand for newly-built condos that are ready for occupancy and located near the top of the building.
Buyers are willing to pay more for these types of units. Sub-sale units are generally newer and in better condition than resale condos, requiring less renovation or upgrades.
This means that buyers can move in immediately without having to spend extra money on renovations.
Those who do not want to wait for a new condo to be completed or spend money on renovations with a resale unit may be more interested in purchasing a sub-sale unit, even if it comes at a higher price.
Collaborate With Me To Market Your Sub-Sale Property At An Unprecedented Value!
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 …
Singapore Decoupling Guide
TLDR Decoupling in Singapore's real estate refers to the process of separating property ownership to avoid Additional Buyer's Stamp Duty...
Read More
When Should You Consider a Shorter/Longer Home Tenure?
TLDR Understanding the benefits of long-term home loans is crucial for financially conservative individuals in Singapore. Opting for a longer...
Read More
5 Most Common Property Investment Scams To Watch Out For In Singapore
Property investment scams are unfortunately prevalent in Singapore, and unsuspecting investors can fall victim to these scams, leading to significant...
Read More
Could It Be Wise to Sell Your Property After Just 3 to 4 Years?
TLDR In this blog post, the writer delves into the Singapore property market, particularly focusing on the effectiveness of quick...
Read More
5 Risks Upgraders Should Be Aware of To Avoid Financial Troubles When Progressing Their Property
TLDR The article delves into the intricacies of property asset progression in Singapore's real estate market. It highlights the risks...
Read More
5 Singapore Property Trends to Watch in 2023: Expert Weigh In
5 Singapore Property Trends to Watch in 2023: Expert Weigh In Top 5 Singapore Property Trends to Watch in 2023...
Read More
5 Most Affordable Areas to Invest in Property in Singapore
Singapore is known for being one of the most expensive cities in the world, particularly when it comes to property...
Read More
Top 5 Reasons : How Can A Reputable Real Estate Agent Help You When Investing In Singapore Property
Investing in Singapore property can be a lucrative venture, given the country's stable economy, strategic location, and high demand for...
Read More
Should We Reconsider the ABSD Rates?
TLDR We explore the need to reevaluate the current Additional Buyer's Stamp Duty (ABSD) rates in Singapore, considering their impact...
Read More
Thinking About Investing In An Old Landed Property In Singapore? 7 Crucial Tips To Keep In Mind Before You Make Your Move
TLDR Older properties come with unique challenges due to outdated design elements, potential roofing issues, odd land shapes, basement drawbacks,...
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
Top 5 Tips : Finding the Right Property: Location, Size, and Price in Singapore Real Estate
Singapore, known for its diverse culture, strong economy, and excellent infrastructure, is a popular destination for real estate investments. The...
Read More
Top 5 Must-Know Facts about Luxury Properties in Districts 9 of Singapore
Singapore, a bustling city-state known for its impressive skyline and vibrant economy, has always been an attractive destination for property...
Read More
Top 5 Street Food Markets in Singapore
Singapore, a melting pot of diverse cultures, offers an incredible array of street food that tantalizes the taste buds of...
Read More
Top 5 Museums in Singapore for Art and History
Singapore, known for its vibrant culture and rich history, is home to a plethora of museums that cater to art...
Read More
CPF Accrued Interest On Housing: Learn What It Is and How to Calculate It
TLDR Understanding the CPF accrued interest on housing loans is crucial for Singaporean homeowners. When using CPF funds to finance...
Read More
Top 5 Best Unique Nighttime Experiences in Singapore
Singapore, a vibrant city-state known for its stunning skyline and diverse culture, truly comes alive at night. As the sun...
Read More
Buying a Mega Development Condo? Here are 5 Overlooked Issues You Should Know
TLDR In the world of mega-developments, living in a large condo with over 700 units can bring challenges like ongoing...
Read More
3 Things You Need to Know if You Are Buying a Second Property
TLDR When considering buying a second property in Singapore, ensure eligibility by meeting the Minimum Occupancy Period (MOP) and understanding...
Read More
