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What Does The Pandemic Entail For New Private Home Sales?

Seven of the past 12 months saw monthly new private home sales went well above 1,000 units, reported by the Business Times Singapore. This report sounds surreal as the pandemic continue its rampage globally but has not deterred home buyers from splashing out on properties either for personal usage or investments.

With showrooms closed during the months of May and June 2021, we predict the surge of property purchases will resume from July onwards. This ongoing strong demand was mainly motivated by investors who began to realise real estate is one of the safest investment products.

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Many new launches amid the Covid-19 outbreak remained very popular amongst buyers. This shows that as long as projects are reasonably priced, there will be buyers that are readily available to seize the opportunity. This is especially so for projects that offers great value in terms of their location. Also don’t miss out on these rare MRT location project developments for the remaining 2021;

Klimt Cairnhill (D9) Jul 2021
Pasir Ris 8 (D18) Jul 2021
WaterGardens (D27) Jul 2021
The Commodore (D27) Jul 2021
Parc Greenwich EC landed enclaves (D28)

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So is it a good time for potential buyers who have been waiting on the sidelines to jump into the market? If the buyers’ finances are still strong, the weak market may give buyers an upper hand in buying the properties which they have long desired. We would advise the buyer to negotiate with the seller for a reasonable price and if you are comfortable with, and like the location, you should proceed to purchase it.

Another factor to consider is if you are a first-time buyer who has been waiting on the sidelines; a first-timer has no additional buyer’s stamp duty (ABSD) to pay and qualifies for many housing grants. If you are financially stable, go for an EC because new ones are reserved for Singaporeans only (Only Singaporean couples and Singaporean/permanent resident couples can buy an EC unit).

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