Can You Still Make Money from Older Freehold Condos in Singapore
TLDR While freehold condos might seem like a solid investment, the rise of new developments and aging buildings cast doubt...
Read More
TLDR
In a nutshell, the Singapore property market is undergoing significant changes, with the introduction of a new housing classification system that offers increased subsidies for properties in prime locations. However, stricter regulations such as a minimum occupation period of 10 years will apply. Experts caution against the feasibility of continually constructing new homes in mature estates due to land scarcity and the challenges associated with building taller structures. Balancing demand for well-established locations with practicality is a key focus in HDB estate construction. Ultimately, the decision to buy, sell, or wait on property investments should be based on individual circumstances. For comprehensive real estate advice and successful property transactions, leveraging data-driven insights and expert guidance is crucial in navigating the dynamic Singapore property market landscape.
Ms. Lim, a university student, and her significant other, Mr. Lee, believe that the geographical location of their future home is fundamentally important since they have no plans to purchase an automobile.
“Our preference is for a Build-to-Order (BTO) flat within a comfortable walking distance of an MRT station,” she stated.
Moreover, they desire to reside in close proximity to their parents who live either in Bedok or Jurong East. They have made attempts to apply for flats in these areas but unfortunately, their efforts have been unsuccessful thus far.
Their preferences align with those of several other young couples who have previously expressed to the media that they won’t compromise on certain factors when applying for a BTO flat, such as being near their parents and having easy access to public transportation.
In the most recent National Day Rally, Prime Minister Ng Chun Pin announced the introduction of a new “Plus” model to categorize public housing projects starting from the latter half of the next year. This will lead to the gradual discontinuation of the existing mature and non-mature estate classification system.
Under this new categorization, buyers of Plus and Prime flats — located in more sought-after locations — will receive increased subsidies from the Housing Development Board (HDB). However, they will also be subject to stricter regulations, including a minimum occupation period of 10 years. Any additional subsidies received by applicants will need to be repaid to HDB upon resale, among other restrictions.
Young couples who had previously spoken to the media about not compromising on certain attributes when applying for a BTO flat, such as proximity to parents and connectivity to transport nodes, might find these changes particularly relevant, especially those eyeing flats next to Kallang MRT station.
Dr. Lim Jia Hui, regional director for Singapore at PropertyGuru Group, shared, “These enhanced measures aim to promote fairness and discourage the perception of treating HDB flats as investment opportunities.”
He continued, “We should allow this novel reclassification system to fully unfold and share our insights via government channels when the time is right.”
Specialists in the field noted that it would be unfeasible to continually construct new homes within existing housing estates to accommodate everyone close to their parents, given the scarcity of land.
Can the Government not build higher flats and augment the flat supply in mature estates?
This proposition, though attractive, involves uprooting residents from current flats to pave way for newer ones. Moreover, building skyscraping flats also has its restrictions, the experts elucidated.
“There are boundaries to how tall our flats can be. We must take into account factors like aircraft flight paths, wind circulation, and the shadow cast by towering structures on shorter buildings,” advised Mr. Tan Wei Ming from Huttons Asia.
Dr. Lim from PropertyGuru highlighted other constraints such as increased construction expenses with taller structures and potential traffic jams.
“The Master Plan’s vision is to establish job clusters and enhance the allure of suburban regions, akin to Tengah,” stated Dr. Lim.
He added, “The demand for well-established and desirable locations is endless. Therefore, balancing this demand while ensuring viability will be a prime focus in the construction of HDB estates.”
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 : 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
Is it Possible for the Government to Truly “Reclaim Your Home” in Singapore?
The Singaporean government possesses considerable authority to reclaim land, whether freehold or not, in accordance with the Land Acquisition Act....
Read More
A Step-by-Step Guide To Upgrading From an HDB Flat To Your a Private Property
TLDR Understanding the complexities of upgrading from an HDB flat to a private property in Singapore involves selling your HDB...
Read More
5 Factors : Why Singapore’s Property Market Is Still A Safe Haven For Investors
Real estate investment has always been a popular choice for investors looking to generate passive income and build long-term wealth....
Read More
Your Key to a Happy Retirement in Your HDB? Let’s Unveil The Mystery Behind the Lease Buyback Scheme!
TLDR The Lease Buyback Scheme (LBS) is gaining traction among older Singaporeans looking to boost their retirement income by selling...
Read More
Top 5 Parks and Nature Reserves to Visit in Singapore
Singapore, often referred to as the "Garden City," is a vibrant and diverse nation that has made significant strides in...
Read More
Top 5 Places to Learn About Singapore’s History
Singapore, a thriving metropolis with a rich history and diverse cultural heritage, offers numerous opportunities for visitors and locals alike...
Read More
Reasons Why En-Bloc Sales Are Expected to Remain Slow in 2025
TLDR From 2014 to 2024, the en-bloc market has faced challenges due to fluctuating cooling measures and a shift from...
Read More
Top 5 Must-Try Foods in Singapore
Top 5 Must-Try Foods in Singapore Singapore, a melting pot of cultures and cuisines, offers a diverse and tantalizing array...
Read More
Singapore’s Top 5 Property Investment Hotspots for 2024
As one of the world's leading financial centers, Singapore has always been a popular destination for property investment. With a...
Read More
Four Things to Avoid When Renting Out an HDB Flat
TLDR Renting out an HDB flat in Singapore can be a lucrative source of secondary income. Key considerations include adhering...
Read More
The High Price of Picking the Wrong Property in Singapore in 2025
The Steep Price Of Making A Mistake When Buying Property In Singapore Are you yearning for a condo, but the...
Read More
Top 5 Mistakes to Avoid When Buying Property in Singapore – Expert Insights!
Purchasing a property in Singapore can be an exciting and rewarding experience, especially for those looking to invest in the...
Read More
2024 Will Be A Buyers Market
TLDR 2023 saw a roller-coaster ride in the real estate market, with various challenges like high interest rates and geopolitical...
Read More
Is Lifelong Renting a Viable Option in Singapore?
TLDR In Singapore, while the majority aspire to own homes, a small segment opts for lifelong renting, driven by personal...
Read More
How To Avoid Top 5 Common Investment Pitfalls When Investing In Singapore Property
When investing in Singapore's property market, it is crucial to be aware of the common pitfalls that can lead to...
Read More
Decoding the HDB Classification: The New Prime, Plus & Standard – What It Means for Singaporeans
TLDR The National Day Rally 2023 introduced a new classification for HDB flats, replacing the old 'mature versus non-mature estates'...
Read More
When to Strike Gold: The Ultimate Guide to Selling Your House in Singapore!
TLDR When deciding the best time to sell your property, consider various factors such as market trends, financial goals, and...
Read More
Top 5 Tips : Spot These Warning Signs Before Making a Home Purchase!
Purchasing a home is one of the most significant financial decisions you will make in your lifetime. It's essential to...
Read More
