We have seen perhaps more change in our real estate industry over the past decade, than in the past 30 or 40 years.
For starters, it’s basically guaranteed by now that any BTO launch in good locations will sell out – is there still a need to gauge the interest in such locations? More recent distinctive projects like CanningHill Piers are only able to be done by the biggest developers, in contrast to dozens of same-ish projects that all have the same muted, neutral themes with lots of glass.
A bigger, more under-the-radar issue today when it comes to buying a new launch is that of opacity. Despite how you can find almost everything online today, it’s quite incredible how you can’t find much about the available stock or pricing of new launch units – you’d need to be liaising with an agent.
The SORA rate, coupled with the bank’s spread, together determine the interest rate on a floating loan. This year, more loan packages pegged to SORA are reaching rates comparable to HDB Concessionary Loans . Consider that a $1 million loan for 25 years, at the old average of 1.3 per cent, would have meant a total interest repayment of just around $171,823 by the end of the loan tenure.
We’re not going to say the property agent, financial advisor, etc. is always going to be wrong; and we can’t assume they won’t act in your best interest. However, it’s worth at least considering that, in these cases, home loans are not actually their forte; they likely don’t have the same scope and depth as a full-blown mortgage broker.
It’s easy to lose sight of this, when HDB flat prices are at their highest in eight years. However, let’s remember why HDB flat prices were so depressed before that:for resale prices to drop. This one tweak caused resale flats to see seven consecutive years of price decline, and it took a global pandemic that normalised Work From Home to help it recover.
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