Yeah!!! Laogong just SMSed to say he will be bringing me out later at 3pm!!!
Hurray~~~ Been feeling so bored because this seems to be the off-peak season for both my property sideline and for SgShopper.com. I am literally rotting away…
Finally, I can go out for Fresh Air and to watch the movie UP (3D)~!!! Heehee… I heard it’s a really nice movie. will come back with a movie review for u guys~
Oh yah, wanted to share how come I can be so free though the property market is blooming. Well, it’s not actually the right time to go in for Local Buyers. From my experience, currently most of the Buyers who can afford the sky-high property prices and Cash Above Valuation (min 20K) are Permanent Residents (or Expats) who had been renting and residing in Singapore for the last few years. The economy was pretty unstable earlier on and there were too much uncertainty whether these Expats may be retrenched and forced to return home.
However, following the revival of the economy, those who remains in Singapore with a job, are pretty certain they will be in Singapore for another 3-5 years. It will then be practical to buy a property instead of continue renting one. And since these Expats may have saved up quite a bit during the recession (since everyone cuts down on spending back then + they need to contribute lesser to their CPF Accounts), they are willing to pay a high price to get a newly renovated home. In other words, they are eyeing the following units:
1. 5 years old new units in new towns like Punggol and Sengkang.
2. 5 year old EC
3. newly TOP or soon to TOP Condo
There is another group of PRs and Local Buyers who are willing to buy the new development as well. These are the investors who see great potential in these new units, as well as attracted to the new deferred payment scheme. With this scheme, Buyers will only need to fork out the initial 20% downpayment (including the 5% Option Fee) and the remaining payment (with interest) will only be valid from TOP date onwards.
Interesting right? I find it very interesting myself too.
Yesterday papers was discussing about the current property prices have hit the 2007 peak. There will be a lot of speculation from now onwards, as to whether the prices will continue to surge or eventually drop in the 3Q or 4Q. Government is now intervening the prices at the moment, hence it is believe the prices will be moderated and drop slightly by 10-20% in months to come.
Well, if you are a seller who wish to maximize your profits, it may be a good time to sell your property now then wait for the drop to buy a cheaper property. But of coz, if u are not in a rush for spare cash, then it doesn’t affect you.
On the other hand, if you are a Buyer, I will suggest you to wait for a while, till the prices are moderated. Frankly, you shouldn’t be buying a Condo which is $100psf more than it’s usual asking price.
But I have to be frank that, there shouldn’t be much changes in the HDB prices though, other than the Cash Above Valuation portion. And because HDB prices are matching up with the private condos prices, it may seem more logical to buy a Condo if you can afford it. Imagine paying for more than $230K for 3 room, more than $350K for 4 room and more than $400K for 5 room flat, in comparison to paying $600K-$700K for a Suburban Condo. At the low season, you can even get a Suburban Condo at $550K.
Just a thought…