Discover quality unsold condo units in Singapore
Because private unsold condo units tend to be overlooked in Singaporeâs property market, Plus Homes Star is carrying out comprehensive research into this sector to help home-hunters and investors here and abroad get the best deal.
Weâll be discovering and featuring what we believe to be the unsold condos that offer the best value for your money.
While most property websites are all about sales and marketing, weâll be providing valuable information for home-seekers and investors who prefer to do their own research rather than relying solely on a developer or real estate agent.
First, weâll take a look at the factors and trends that make unsold condo units an attractive prospect for savvy home-buyers and investors.
New-launch condos likely to become more expensive
Several indicators point towards new condos becoming more expensive in the future.
- Anticipating higher prices, condo developers may now pace out new launches, meaning fewer units on the market.
- Singaporeâs domestic workforce is expected to decline from 2020. To avoid economic stagnation, the Government will continue to keep the immigration doors open, which will increase demand for property.
- Singapore is a top destination for wealthy international migrants with the resources to target high-end homes.
- Demand for property is influenced by income growth. With a healthy economy and rising incomes, people can spend more on homes, increasing demand and pushing up prices. Singapore enjoys a highly developed free-market economy that sees strong income growth across a broad base of the population.
- Because land is scarce in Singapore, developers pay premium prices, particularly in en bloc (collective) sales. This fuels higher property prices. New projects are now expected to launch at prices up to 13% higher than comparable condos in the same area.
âBased on our analysis of caveats lodged with URA as at 01 March 2018, the average price of non-landed homes reached a new high of $1,427 psf in January to February 2018,â OrangeTee Research revealed.
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Why some condo units remain unsold
Condo units may not have sold immediately because of the general sluggishness of the market at the time of launch.
This unsold property may remain on the market for some time because:
- Buyers tend to overlook all available condos for sale because they concentrate on new launches.
- Developers focus more on marketing new developments.
- Sometimes buyers simply change their mind for personal reasons or have to pull out of the deal because they canât get a bank loan.
This situation presents the opportunity for home-seekers to acquire unsold condo units at less than premium prices. It also enables investors to rent out these units at more attractive rates.
Keep in mind, though, that although discounts for unsold condos may be negotiated, developers will still be keeping a close eye on current market price levels.
How to choose an unsold condo unit
Besides affordability, other factors need to be considered when looking at balance condo units for sale.
Popular condos include those situated:
- Close to the city centre or shopping malls in other areas.
- Near good schools.
- With a nearby MRT (Mass Rapid Transit) rail hub.
- In or near a major forthcoming development such as the Urban Redevelopment Authority (URA) masterplan for Jurong Lake District, which will become the second Central Business District, creating more than 100,000 jobs and 20,000 new homes.
Tenure is the legal agreement under which buildings and land are held or occupied.
In Singapore, properties for sale are given either leasehold or freehold status. Freehold condos are often dearer because you will virtually own the property for as long as you want. Leasehold properties in Singapore generally have a tenure of 99 years, when ownership of the property reverts to the Government.
Some market observers believe Singaporeâs property price upswing will continue for several years, which makes unsold condos a potentially sound investment for house-hunters.
Local and foreign upper-middle income and high net worth investors looking to buy property favour Singapore because it has:
- A strong rule of law.
- Very little political unrest.
- A relatively stable currency.
Loans and duties payable
In addition to bank loans, residents in Singapore can use their Central Provident Fund (CPF) savings when purchasing a home. The CPF is a compulsory savings plan for working Singaporeans and permanent residents. Buyerâs Stamp Duty (BSD) is a tax on property purchases â about 3 – 4%, depending on the value of the home.
Top condo complexes will house communal recreational facilities such as gyms and swimming pools and boast well-maintained gardens including picnic lawns.
Fixtures and fittings
What fixtures and fittings â including appliances such as washing machine, fridge and cooker â are you getting for your money?
In Singapore, all buildings need Government approval before they can be occupied. A TOP (Temporary Occupation Permit) allows occupancy ahead of a Certificate of Statutory Completion (CSC). Our featured condos already have TOPs or are expected to get them soon.
Compared with resale condos, unsold TOP condos offer several advantages for buyers, including:
- TOP condos are in prime condition, including all fittings and fixtures.
- The developer is obliged to fix any defects that may arise, usually for 12 months from the issue of a TOP.
- As the first owner of the condo, you can enjoy maximum capital appreciation of the unit.
- Potential buyers can view and feel the actual units rather than a show flat mock-up unit.
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Get help from condo developersâ marketing team
Plus Homes Star has teamed up with the condo developersâ officially-appointed marketing team to answer questions about unsold condo units for sale. For a prompt reply, you can get in touch by phone, email or our contact form.
Keep in mind that because these condos are highly attractive prospects for home-hunters and investors alike, once people start finding out about them, theyâre unlikely to remain on the market for long.
Need more info?
Call us at +65 6303 0552, or
Send us a completed form and an advisor from the condo developers’ officially-appointed marketing team will contact you within 2 days.