Purchasing Older HDB Resale Flats: Key Considerations When the Flat Outlives You
TLDR HDB flats have a 99-year lease, and key housing schemes require the lease to cover the youngest owner until...
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 …
Is it Better to Sell Your Newly Launched Condo Before or After Completion? Here’s What the Statistics Indicate
TLDR Determining the best time to sell a newly launched condo involves weighing the benefits of selling before or after...
Read More
Top 5 Art Galleries in Singapore for Contemporary Art
Singapore, known for its modern architecture and vibrant culture, has a thriving art scene that showcases the best of contemporary...
Read More
5 Dangerous Ideas Singapore Property Investors Have
Singapore's property market has always been a hot topic among investors, both local and international. With its strong economy, stable...
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 : What I Wish I Had Known about Property
The world of real estate is a complex and dynamic field, filled with opportunities and challenges. It's a realm where...
Read More
Top 5 Cocktail Bars in Singapore for a Night Out
Singapore, the vibrant city-state known for its impressive skyline and diverse culture, is also home to an exceptional cocktail scene....
Read More
The Top 5 Reasons To Invest In Singapore Property
Singapore, a small island nation with a thriving economy, has long been considered an attractive destination for property investment. The...
Read More
How Can You Prepare for Retirement in an Expensive Real Estate Market? Discover Your Options Now!
TLDR The article discusses the challenges of investing in a second property for retirement amidst Singapore's real estate market conditions....
Read More
How Can Real Estate Investment Help You to Combat Inflation?
TLDR When it comes to real estate investments in Singapore amidst rising inflation rates, consider strategies such as capitalizing on...
Read More
Top 5 Factors: Singapore Offer A Stable And Lucrative Investment Opportunity In Real Estate?
Singapore, a small yet economically powerful city-state, has long been recognized as one of the most attractive destinations for real...
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
What Is An Affordable Home In Singapore?
TLDR Affordable housing in Singapore is about more than just having a roof over your head—it’s about survival and opportunity....
Read More
Ouch! How Owning a Million-Dollar Home Can Sting with a Whopping $300K Interest in Just a Decade!
TLDR When considering property investments in Singapore, it's crucial to monitor home loan interest rates closely. Even a slight increase...
Read More
When Should You Consider Investing in Singapore Property, and When Should You Avoid It?
TLDR Investing in real estate is a complex decision influenced by personal goals, investment horizon, rental plans, and financial liquidity....
Read More
A Comprehensive Guide for Buying Landed Real Estate in Singapore
TLDR When it comes to buying landed property in Singapore, there are three main types: terrace houses, semi-detached homes, and...
Read More
Top 5 Tips How to Find Your Dream Home in Singapore: A Step-by-Step Guide
Singapore, a vibrant and dynamic city-state, offers a diverse range of housing options for prospective homebuyers. From condominiums and HDB...
Read More
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
Is Renting Out Your HDB to Live in a Condo a Smart Move? How Rentvesting Can Help You Save Money
TLDR Rentvesting is a strategy where individuals rent a home in their desired location while purchasing investment properties in more...
Read More
SP Utilities Guide – Quick Guide To Setting Up Utilities In Singapore For Your New Home
TLDR Setting up utilities in Singapore for a new home is hassle-free. Contact SP Services for electricity and water accounts,...
Read More
