After so many speculations that we expected that might change with the property market of Singapore now the time has come to see exactly what happened in the last few months. The resale prices of condominiums and other kinds of private apartments in Singapore has been consciously rising. This appreciation of price has been noticed in every kind of sector, which includes the sales of the HBD apartments. The bright side of the market has undoubtedly been encouraging is that the condition has surely improved drastically after having some low momentum in sales in the last few years. The increase in the prices of private homes has risen 1.1% and this in the sale of private property buildings. Condo sales in Singapore have risen by almost 33%, which is almost 10,500 units.
The market began blooming in the second quarter of 2017, which was fueled in part by the relaxation of the seller’s stamp duty (SSD). The key question that remains is whether developers an buyers will get used to the new normal or will the cooling measures make it a buyer’s market for those who are looking for a new house. If the market appears to be in limbo and the developers stick with a huge land bank on their hands, they may feel pressured to resort to fire sales in order to sell off the units. One of the prices remain stable is that private residential property is sought out by developers and with them launching upcoming projects in 2019, they may be willing to maintain prices and even accept a lower sell-down rate. They may not resort to discounting the properties which may indeed hurt their case.
A development with over 300 units is usually launched in stages. The developers actually launch early bird offers to those who are very interested in getting the properties as soon as they are constructed. Some people even purchase them way before they are even constructed because they know developers very well. The early bird offers to attract a lot of people indeed. Singapore residential real estate market is expected to remain the same, but it might even boom, although there is a slight advantage for buyers in terms of the wide range of new projects.