Discover Singapore: 5 Must-See Attractions for a Culture Lovers’ Paradise
Singapore, a bustling metropolis in Southeast Asia, is a melting pot of cultures and traditions that offers a unique blend...
Read More
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 …
Learning Hard Truths in Property Investment: Timing the Market Can Hurt
TLDR The blog post delves into the complexities of market timing in property investment, highlighting the risks and challenges associated...
Read More
7 Essential Steps to Sell Your House in Singapore
TLDR When preparing to sell your house, research the average prices in your area for a realistic figure. Consider factors...
Read More
Is the Dream of Homeownership Becoming a Steeper Climb?
TLDR The article discusses the evolving trends in the Singaporean real estate market, focusing on the affordability and accessibility of...
Read More
Top 5 : Dangerous Ideas Singapore Property Investors Have
Singapore's property market has long been considered a safe and lucrative investment option for both local and foreign investors. The...
Read More
5 Essential Tips for Renting Property in Singapore as a Foreigner: A Guide for Newcomers
TLDR Renting property in Singapore as a foreigner can be challenging due to the high cost of living. To navigate...
Read More
7 Essential Tips for Finding Your Perfect Retirement Home
TLDR Searching for a forever home should balance heart and practicality. Avoid homes with stairs, high cabinets, big kitchens, and...
Read More
The Sneaky Role of Property Appraisals in Shaping Singapore’s Home Prices
TLDR When it comes to the real estate market in Singapore, understanding property valuations and the impact on mortgage loans...
Read More
7 Lesser-Known ‘Minor’ Condo Problems That Could Lead to Major Issues Down the Line
TLDR When choosing a condo, it's crucial to look beyond MRT station proximity, developer reputation, and price. Overlooked details can...
Read More
What Are The Key Factors That Contribute To Property Valuations And Why Are They So Crucial?
TLDR Understanding property valuations is crucial for both buyers and sellers in the real estate market. Property valuations involve two...
Read More
Singapore’s Luxury Real Estate Market: The 5 Most Luxurious Neighborhoods
The 5 most expensive neighborhoods in the city, and are home to some of the most exclusive and opulent properties...
Read More
5 Pros of Buying a New Development
Deciding whether to buy a new development or a resale property can be a challenge. In the next few video...
Read More
Top 5 Reasons : Why Singapore’s Property Market Is a Safe Haven for Investors in Uncertain Times – Insider Analysis!
In today's uncertain global economic climate, investors are constantly on the lookout for safe havens to park their wealth. Amidst...
Read More
Singapore Property Swapper
https://www.youtube.com/watch?v=B1NTnjxDPy4 Jayson Ang, also known as the Singapore Property Swapper, is a certified Propnex agent and top 1% producer who...
Read More
6 Reasons to Think Twice Before Hiring a Friend or Family Member as Your Agent
TLDR In Singapore, hiring a friend or family member as your property agent can be risky. Disclosing sensitive financial details...
Read More
Top 5 Reasons : Why Ultra-Rich Families Racing To Park Wealth In Singapore
Singapore, a small island nation in Southeast Asia, has become a magnet for the world's ultra-rich families seeking to park...
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
Discover What Else You Can Focus On Beyond PSF – Here’s How!
TLDR When considering real estate investments, factors like property size, location, and PSF play crucial roles in determining affordability. Smaller...
Read More
Top 5 : Places to Learn About Singapore’s History
Singapore, a bustling metropolis known for its modernity and multiculturalism, is also a treasure trove of rich history and heritage....
Read More
Top 5 Case Study : The Dark Side of Property Investing in Singapore: Scams, Fraud, and Risks
Singapore's property market has long been considered a lucrative investment sector, attracting investors and speculators looking to profit from the...
Read More
