It's incredible how fast Singapore's property market can change. Back in September 2019, we were warned of a massive housing glut, with around 31,948 unsold units. At the time, analysts said it would take around four years to clear. From the said article: "The overhang is evident at The Florence Residences in suburban Hougang, about a half-hour subway ride from.
With private property prices still on the high (we’ve obviously yet to see the effects from the latest cooling measures ), Executive Condominiums (ECs) are the only hope for some buyers this coming year. So far, there are just four sites on the radar; and with demand at a peak, you’ll probably have to move fast to get a unit..
As condos come close to their five-year ABSD time limit, homebuyers and investors start to pay more attention. There’s every chance that, with a handful of units left, the developer will decide to give deep discounts rather than pay a steep tax. There are no guarantees, but for those looking out for such deals here are some developments that are.
There’s a common misconception today that property developers are the cause of higher property prices in Singapore. After all, it seems obvious that developer pricing is the main factor in a condo’s cost. Perhaps that may have been true in the earlier years when developers were making bank with 40 or even 50 per cent margins. That has all changed.