Your search results

Why Aren’t Spacious, Wallet-Friendly Homes Our Reality Yet?

Posted by Jayson Ang on April 17, 2024

| 0

TLDR

The article discusses the current housing market in Singapore, focusing on the challenges faced by individuals like Sherlyn Tan and Fatin Zakiah Saiful Imran in purchasing their desired properties. It also touches on the impact of population growth on housing demand and the strategies suggested by experts to manage it. Additionally, it highlights the importance of maintaining an adequate population size for economic growth. Lastly, it provides advice on whether to buy, sell, or wait in the current real estate scenario.

Sherlyn Tan, a communications undergraduate, has twice encountered setbacks in her attempts to secure a Build-to-Order (BTO) flat. She fondly recalls the five-room Bedok flat her parents purchased in the late 1990s for S$300,000.

Fast forward to today, the cost of a similar BTO flat in the same vicinity has skyrocketed to as much as S$737,000. Growing up in Bedok, Sherlyn, now 23, confesses her concerns about affording a home near her parents due to escalating prices.

On a similar note, Fatin Zakiah Saiful Imran, aged 35, recently welcomed her third child into the world. The prospect of upsizing from their current four-room BTO to a larger dwelling is very much on the horizon for her family.

Fatin, a technical support engineer, expressed that a primary motivation behind their potential move is the quest for more space – something they see as only achievable through purchasing a resale flat. She added that the current BTO offerings are generally of a similar size, with not all projects featuring five-room flats for sale.

Interestingly, the Ministry of National Development announced in April of the previous year that the dimensions of HDB flats have remained consistent since 1997. Meanwhile, the average household sizes have seen a decline.

“Singapore’s land limitations necessitate a careful balance between the dimensions of HDB flats and their availability,” stated the ministry, addressing a legislative inquiry about the possibility of expanding the average size of HDB flats.

According to Mr. Tan Wei Ming, Director of Research and Consultancy at Savills Singapore, one approach to temper housing demand is by regulating population growth, particularly by moderating immigration influx.

Mr. Lim Jia Hao from CGS-CIMB suggested that theoretically, decreasing Singapore’s population could somewhat curb housing demand. However, if such an action were taken to an extreme, it would ultimately be harmful in the long run, considering Singapore’s rapidly ageing populace.

“The number of youths is dwindling and the population is growing older at a fast pace. The population will diminish eventually. What then becomes of your property or vehicle when there’s no one interested in buying?” He questioned.

He further emphasized that maintaining an adequate population size is crucial for Singapore to continue its economic expansion and create prosperous employment opportunities.

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 …

All Buying Tips

Is the Singapore Property Market Set for a Dip in 2024?

Jayson Ang – January 26, 2024 –

TLDR The Singapore property market is experiencing shifts with Morgan Stanley adjusting its outlook on major developers. A forecast predicts...

Mandarin Top 5

Top 5 Mistakes to Avoid When Buying Property in Singapore – Expert Insights!

Jayson Ang – March 19, 2025 –

Purchasing a property in Singapore can be an exciting and rewarding experience, especially for those looking to invest in the...

Mandarin Top 5

Top 5 : Best Hidden Beaches in Singapore

Jayson Ang – November 27, 2024 –

Singapore, a bustling city-state known for its modern architecture and vibrant culture, is also home to some of the most...

Mandarin Top 5

The Top 5 Factors to Consider When Investing in Industrial Property in Singapore – Expert Insights!

Jayson Ang – September 18, 2024 –

Singapore, a thriving hub of business and commerce in Southeast Asia, offers a robust real estate market with various investment...

Buying Tips Mandarin Top 5

5 Things to Know About Singapore’s Freehold & Leasehold Properties

Jayson Ang – June 10, 2023 –

5 Things to Know About Singapore's Freehold & Leasehold Properties Here are 5 things you need to know about Singapore's...

All Buying Tips

How Much You Need to Earn to Afford a Condo 2023

Jayson Ang – October 30, 2023 –

TLDR When considering investing in a private property in Singapore, it's important to understand your borrowing capacity. Financial experts recommend...

Mandarin Top 5

Top 5 Reasons : Why Singapore’s Property Market Is a Safe Haven for Investors in Uncertain Times – Insider Analysis!

Jayson Ang – September 16, 2024 –

In today's uncertain global economic climate, investors are constantly on the lookout for safe havens to park their wealth. Amidst...

Mandarin Top 5

5 Pros of Buying a New Development

Jayson Ang – March 3, 2024 –

Deciding whether to buy a new development or a resale property can be a challenge. In the next few video...

All Buying Tips Opinion Selling Tips

With a population of 6.04 million in Singapore, who are the winners and losers in the property market?

Jayson Ang – February 9, 2025 –

There has been significant outcry regarding Singapore’s population hitting a record high of 6.04 million, largely due to an increase...

All Buying Tips

4 Fresh Trends among Young Homebuyers Could Shake Things up in Singapore’s Real Estate Scene

Jayson Ang – March 18, 2024 –

TLDR Younger generation in Singapore is reshaping house hunting by showing a preference for quality of life over location. Millennials...

Mandarin Top 5

The Best Time to Invest in Singapore’s Property Market: Timing is Everything

Jayson Ang – April 30, 2024 –

Investing in the property market is a significant decision that requires careful consideration and analysis. One crucial factor that determines...

All Buying Tips Opinion

6 Key Contrasts Between New Launch and Resale Condos to Assist You in Making the Right Choice

Jayson Ang – September 18, 2024 –

TLDR When deciding between a new condo or an older resale unit, consider the differences in design features. Older condos...

All Opinion Selling Tips

Ouch! How Owning a Million-Dollar Home Can Sting with a Whopping $300K Interest in Just a Decade!

Jayson Ang – November 28, 2023 –

TLDR When considering property investments in Singapore, it's crucial to monitor home loan interest rates closely. Even a slight increase...

All Blog Posts Opinion

How to Maximise Your Home Value Before Selling : 6 Simple Steps

Jayson Ang – February 9, 2023 –

TLDR When looking to sell your home, consider simple ways to boost its value without costly renovations. Organize living spaces,...

All Buying Tips Opinion

Decoding the HDB Classification: The New Prime, Plus & Standard – What It Means for Singaporeans

Jayson Ang – December 26, 2023 –

TLDR The National Day Rally 2023 introduced a new classification for HDB flats, replacing the old 'mature versus non-mature estates'...

All Buying Tips

44 Exciting New Condo Launches in 2024 Starting at $1,402!

Jayson Ang – June 4, 2024 –

Alright, let's talk about 2024. We're not expecting the same kind of shortages we've seen after COVID-19. Some folks are...

All Blog Posts Opinion

Case Study : With Income Of $180K per Annum, Which Options Should I Choose?

Jayson Ang – February 28, 2023 –

TLDR When making property decisions in Singapore, it's crucial to consider various factors like affordability, loan-to-value ratios, and CPF requirements....