Singapore property – top tips

Here are ten insider tips for figuring out the Singapore property industry.

  1. Boasting a strong economy and a high-quality of living, Singapore real estate commands some of the highest prices in Asia. Comprised of high-end condos and luxury housing, the city-state’s residential property market is partially fueled by a high-expatriate population, with serviced apartments in high supply.
  2. The luxury end of the Singapore property market which took off in 2004 has remained largely unaffected by the current economic crisis thusfar, and is continuing to give investors good returns. There are several factors that are contributing to the success of Singapore’s high-end residential market: a prosperous local economy, the nation’s position as the region’s wealth management hub and a relaxation of rules on property ownership for foreign buyers.
  3. The recent rise in the luxury market has been powered mainly by interest from foreign buyers. The majority of foreign buyers are from neighbouring Indonesia and Malaysia, although Singapore is increasingly attracting a diverse group of international buyers, including from Hong Kong and the mainland.
  4. The current global downturn has been felt in the city state and while things are far better than they were in the catastrophic 1997 market crash, property price rises are beginning to cool. However, the overall outlook for Singapore is positive right now, due in part to the government’s commitment to promote sustainable investor activity.
  5. Those who intend to sell off their flat or condo unit sometime within a 5-year period should keep rooms intact instead of converting a two-bedroom into a one-bedroom apartment, for example.
  6. TSingapore’s leasing market appears to have been affected somewhat by the weak sentiments brought about by the ailing US economy and global financial markets stemming from the US sub-prime mortgage crisis.
  7. The mixed use development of Sentosa Cove is pretty much the last word in luxury homes in Singapore. Covering a land area of 117 ha, the bulk of which is reclaimed land, Sentosa Cove is home to Singapore’s first and only exclusive gated marina community
  8. The first land parcel on Sentosa Cove was put on the market in end-2003. As of June 2008, all except two bungalow plots have been sold to developers or individuals via a mixture of sale modes including private treaty, public tender and auction.
  9. All the land parcels in Sentosa Cove that had been sold to developers or individuals are estimated to be able to accommodate over 2,000 condominium and 400 landed units. Of these, 12 projects comprising six condominiums and six landed housing developments have been launched for sale since 2004
  10. The vast majority of overseas buyers investing in Singapore focus on new or high-quality second-hand units, meaning renovations are not particularly common. However, those considering this route, should make sure to set a clear objective for renovation. Budget plans for example, will vary considerably for a unit destined to be sold on or rented when compared to that for owner-occupation.

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