Singapore’s property market is established and secured upon stable political governance, sound economic policies and Singapore’s indisputable position as a commercial trading hub. The domestic property market is also closely monitored and controlled by the Singapore government and initiatives to prevent the formation of a property bubble are well-established. Therefore, foreign investors are assured that the value of their investment in local property will be maintained for many years.
Singapore’s pro-business and low-tax environment has helped put Singapore on the radar for property investment amongst foreigners. Despite the implementation of the Additional Buyer’s Stamp Duty (ABSD), the cost will be partially offset by the non-existence of capital gains and inheritance taxes. Additionally, when selling property, the only chargeable tax is the Seller’s Stamp Duty (SSD), which is not only applicable within the first three years but is also relatively low. The strength of the Singapore dollar can also help shield part of one’s portfolio from political instability, thereby offering investors an opportunity for diversification.
New launches are just pleasing to the eye as both the interior and the façade of new launches are guaranteed to look inspiring new. More critically, new launches are usually an “upgrade” of older condos as they are equipped with features not found previously. For instance, “smart” condos that allow their residents and/or potential tenants to control various elements with the touch of a button on their smartphones are slowly gaining traction. Facilities introduced by modern living that were also previously available, such as concierge services, are also starting to transform themselves into new ones.
The attractive aesthetics and availability of the latest and more advanced features/landscaping found in new launch condos contribute to a better resale potential and rentability of the property in the long term.
2 – Lower Maintenance
Wear and tear add up the cost of property maintenance, both interior and communal areas. Unsightly problems such as rust, mould, faulty plumbing and yellowing walls plaque the units of older resale condos. On the other hand, with a minimum one-year defects-free period, developers are liable to fix any defects that may arise within a year from the purchase of the condo.
Older condos do not only incur high maintenance and renovation costs, but these costs may increase while providing fewer tangible returns. In other words, it may cost the same to maintain a brand-new condo than an older condo that has facilities that are in poorer condition, thereby making it more worthwhile to invest in a new launch condo.
3 – Discounts
Whether in the form of a direct price discount or early-bird discount, or the absorption of stamp duties, most new launch condo developers have very attractive early-bird discounts to offer. While underpriced resale units may have great potential, such units are not always easily available whenever you are ready.
4 – Wider Range of Choices
Unlike resale condos, the purchase of a new condo means that you do not have to settle for whatever is leftover. You get to have the priority pick and having the opportunity to do so ensures that you are able to choose a unit that better suits your needs and your future tenants’. This will make renting out your unit a breeze when the time comes.
The real value in hiring an agent is the fact that they give you a whole lot of convenience, and have more complete knowledge of the market and how to smoothly affect a property transaction (from purchase/sale to completion). Reach out to us if you need any further consultation or advice on any realty queries.