Now’s an ideal time to buy private property: experts
Property seekers were keen to find out more about The Creek @ Bukit project in the Upper Bukit Timah area.
Amid the property market rebound and stabilising home prices, potential buyers are eager to enter the market, with many focusing their attention on private units located in the RCR and OCR.
By Mindy Chong
The supply of new residential units is expected to reach 182,506 during the period from 2014 to 2018, but this figure is expected to drop in 2019 and 2020. Despite the economic slowdown, statistics show that 2016 recorded the highest supply of 52,290 public and private homes.
Meanwhile, Singapore’s GDP growth eased to 2.5 percent in the first quarter of 2017 and remains positive.
As such, several questions remain: Is 2017 a good time to buy private residential properties, what is in store for the market in 2017 and 2018, and what are the prospects for properties in the Rest of Central Region (RCR) and Outside Central Region (OCR)?
These questions were answered during the most recent Guru Talk seminar at The Creek @ Bukit showflat. The event drew a good response, with more than 80 attendees looking to gain expert insights from Ong Kah Seng, Director of R’ST Research, and Lim Yong Hock, Key Executive Officer at PropNex Realty. Guru Talk is a series of knowledge empowerment seminars aimed at providing Guru Views on the property market.
More than 80 people turned up at the Guru Talk seminar to learn more about prospects for private residential properties in the RCR and OCR.
Hotspots in Singapore
Ong noted that some of the investment hotspots to look out for in the RCR and OCR include the Bukit Timah and Upper Bukit Timah areas.
The estimated price appreciation in this location in the next five years could be at least eight percent. Resale prices and rental rates are stabilising in the Bukit Timah and Upper Bukit Timah areas, in particular around the Cashew MRT area. Hence, investors can look to having properties within this vicinity ease in price decline and moving towards a recovery period.
Added Lim: “There are a total number of 182,506 new residential units as of January 2015 and as of December 2016, the total number of units decreased to 133,930. The questions remain: Will the supply of residential units increased? If the residential units supply is decreasing but the consumer demands are still strong, what will happen to the price of residential properties in years to come?”
Property agents were on hand to provide updates on the freehold project, which is expected to obtain its TOP in 2017.
In addition, attendees got to enjoy event-only discounts of up to $120,000 off selected units at The Creek @ Bukit.
Overall, the seminar was well received and attracted genuine participants who were keen to leverage on the current key drivers behind purchasing private homes.
If you missed the seminar, please watch our video at: bit.ly/2ootifr
To find out more about the next upcoming Guru Talk seminar, go to: www.pgevents.propertyguru.com.sg
This article was first published in the print version PropertyGuru News & Views. Download PDFs of full print issues or read more stories now! | |||
