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 …
Jayson Ang – December 11, 2024 – Share
Singapore's real estate market has always been an attractive investment option for both local and foreign investors. The city-state's stable...
Read More
Jayson Ang – April 28, 2024 – Share
Investing in property is a popular way to build wealth and achieve financial freedom in Singapore. With the right strategies...
Read More
Jayson Ang – April 2, 2025 – Share
Singapore, a small yet economically powerful city-state, has long been recognized as one of the most attractive destinations for real...
Read More
Jayson Ang – January 23, 2024 – Share
TLDR 2023 saw a roller-coaster ride in the real estate market, with various challenges like high interest rates and geopolitical...
Read More
Jayson Ang – June 22, 2024 – Share
Investing in Singapore's property market can be a good retirement plan for several reasons. Here are five key factors that...
Read More
Jayson Ang – March 10, 2025 – Share
TLDR Recent challenges in China's real estate sector reveal valuable lessons for Singaporeans, emphasizing the importance of understanding governmental interventions...
Read More
Jayson Ang – December 31, 2024 – Share
The real estate landscape in Singapore has always been a lucrative investment opportunity for both local and international investors. However,...
Read More
Jayson Ang – March 9, 2024 – Share
In the bustling city-state of Singapore, the real estate market is highly competitive and constantly evolving. Finding the perfect property...
Read More
Jayson Ang – April 18, 2025 – Share
Singapore, a bustling metropolis in Southeast Asia, is a melting pot of cultures and traditions that offers a unique blend...
Read More
Jayson Ang – June 3, 2023 – Share
TLDR An open house is a valuable opportunity for sellers to showcase their home to potential buyers without pressure. It...
Read More
Jayson Ang – June 28, 2024 – Share
TLDR When deciding the best time to sell your property, consider various factors such as market trends, financial goals, and...
Read More
Jayson Ang – December 3, 2024 – Share
TLDR Selling a property can be challenging without the right price strategy. Adjust your asking price to attract more buyers...
Read More
Jayson Ang – October 10, 2024 – Share
Should You Buy, Sell or Wait? If you're reading this, you must be trying to figure out the best course...
Read More
Jayson Ang – January 31, 2023 – Share
TLDR When selling your property, watch out for negative cash sales that could leave you with no money after CPF...
Read More
Jayson Ang – March 11, 2024 – Share
As one of the world's most densely populated cities, Singapore has undergone significant urban redevelopment over the past few decades...
Read More
Jayson Ang – April 14, 2024 – Share
TLDR When comparing property prices, discrepancies can arise due to various factors like timing of purchase, scarcity in niche projects,...
Read More
Jayson Ang – March 15, 2024 – Share
Renting property in Singapore can be a challenging task, especially for those who are new to the country. With Singapore's...
Read More
Jayson Ang – August 13, 2023 – Share
TLDR When it comes to purchasing property in Singapore as a Permanent Resident or Foreign National, there are specific restrictions...
Read More
Jayson Ang – November 15, 2024 – Share
Singapore, a vibrant and diverse city, is known for its eclectic mix of cultures, cuisines, and attractions. Among the many...
Read More
Jayson Ang – March 18, 2024 – Share
TLDR Younger generation in Singapore is reshaping house hunting by showing a preference for quality of life over location. Millennials...
Read More
