On the first weekend of May, joint developers Hoi Hup Realty and Sunway Property sold 216 or about 27 per cent of their freehold condominium project, The Continuum, located in Tanjong Katong. The average price of the units sold was S$2,732 psf.
However, he added that the sales rate “has been generally within expectations” based on data forecasts. Agreeing, Mr Nicholas Mak, chief research officer at property platform Mogul.sg, pointed to how some people are willing to pay a premium for a first-hand car, when a two-year-old car of the same model can be bought at a relatively cheaper price.
For example, upon completion of foundation work, the buyer will begin paying monthly instalments for 10 per cent of the unit. After the next milestone of reinforced concrete framework is completed, the buyer will start paying instalments for an additional 10 per cent.In contrast, a person buying a resale condominium now would be charged the interest rate for the full amount of loan that they are taking.
Currently reaching the minimum occupancy period of his five-room Build-to-Order flat in Jurong, Jack, who wants to be identified only by his first name, said the next step to upgrade is either by buying a flat in a better location or a private property. The fact that Singapore is land scarce suggests that land prices would likely continue to climb, said industry experts, reaffirming the general belief in the real estate market here.
“Fear of missing out is a major contributory factor as anxious buyers rush to market in anticipation of further cooling measures,” said Mr Devadas Krishnadas, directorSome property agents said that they occasionally have such discussions with clients who are in two minds about buying a private property owing to the relatively steep prices.
In fact, many who bought private properties in the early to mid-1990s at rising prices then saw the value of their units drop or stay depressed for up to about a decade. “Sentiment is clearly running ahead of fundamentals and that is the definition of a bubble,” said Mr Devadas, who has 25 years of experience in the public and private sectors.
It should be noted that even without a recession, profits are never guaranteed when one offloads a property.
Source: Real Estate Daily Report (realestatedailyreport.net)
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