A big crowd turned up at the Thomson Impressions showflat to find out key predictions for the property market in 2017.
The most recent Guru Talk seminar held at the Thomson Impressions showflat covered predictions for the Singapore property market in 2017, as well as the benefits of city fringe living.
By Mindy Chong
The private residential market in Singapore is divided into three regions, according to plans laid out by the Urban Redevelopment Authority (URA). They comprise the Core Central Region (CCR), the Rest of Central Region (RCR) and the Outside Central Region (OCR).
Last year, the total number of residential units sold reached around 8,000 units, with more than 70 percent coming from the OCR, 15 percent from the RCR, and the rest from the CCR. The Government Land Sales (GLS) programme focuses mainly on the OCR, followed by the RCR and the CCR.
The RCR, also known as the city fringe, is defined as an area just outside the city centre. But why is it an important market, and how can prospective buyers benefit from investing in this region?
These questions were answered during a Guru Talk seminar held on 25 February 2017 at the Thomson Impressions showflat. Guru Talk is a series of knowledge empowerment seminars that aim to provide “Guru Views” on the property market.
The most recent seminar drew more than 88 property seekers looking for insights from industry expert Donald Han, Managing Director of Chestertons. He began by providing an overview of the residential market in 2017.
Following the bottoming out of the market in 2016, he predicts an inflection point in the second half of this year. While the global economic slowdown may impact Singapore’s recovery and growth, he foresees an increase in sales volume due to liquidity in the market and current low interest rates, a gradual reduction in unsold units, limited supply of housing under the GLS programme, ongoing cooling measures, and a slow dip in property prices.
Making an impression
Han also discussed the key advantages of investing in city fringe properties, including their proximity to commercial centres and greater preference among tenants. At the same time, attendees were provided with information on some of the top-selling residential projects in January 2017, which included Thomson Impressions.
Developed by Nanshan Group, the 99-year leasehold project is within proximity to the MRT network, parks, golf courses and retail facilities.
In addition, visitors enjoyed up to $18,888 off their property purchase on the day of the event.