Recently, Singapore’s Minister of National Development Mr Lawrence Wong wrote: “While resale flats are transacted on a willing buyer-willing seller basis, I was concerned by the suggestion that some buyers are forking out high prices for older flats, in anticipation of the benefits of Sers. (Selective En-Bloc Redevelopment Scheme).
80% of Singaporeans own HDB apartments. “Buyers need to do their due diligence and be realistic when buying flats with short leases. This is especially important for young couples, who have to plan for a much longer future,” he added. Its a wake up call for HDB buyers of older flats to do their sum before committing to something with a dwindling lifespan of 60 years or less.
This will affect the public housing market and ripple thru to private housing. 2017’s strong February new launch sales of 977 units can help those upgrading from older 99years leasehold condominiums and HDB flats but would they be putting their families on a constant hamster wheel of property renewal?
Every Decade Headache
Do you want to sell, buy, renovate and move to a new residence every 10 years? OrangeTee head of research and consultancy Wong Xian Yang said: “When the lease goes to zero, the value of the home is also zero, so the owner gets nothing.” When selling your place, remember the headache of over fussy buyers? The agony of dealing with interior decoration firms and their sub contractors who may not realize your vision, and remember the bill? And lastly, did you had to fight with your spouse to throw away stuff or keep some precious item of your past during the packing and the moving to the new place?
Wouldn’t it make more sense for them to buy freehold condominiums that would in 1 fell swoop help their retirement housing worries and those of their future generations? Remember the time when we had appliances that last like forever? A freehold property is akin to that. So call our hotline 6369 2081 and let our consultants help you.
You may ask, where should I buy? So in our next article, we will explore Geylang, a much misunderstood region which would see tremendous change the way Jurong has shown those with foresight and gumption has profited from the changes.
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