Unsold condo units,
hidden gems

Discover quality unsold condo units in Singapore

Because private unsold condo units tend to be overlooked in Singapore’s 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.

We’ll 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, we’ll 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, we’ll 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.
  • Singapore’s 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.

“Based 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,” 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 can’t 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.

Location

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

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.

Investment value

Some market observers believe Singapore’s 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. Buyer’s Stamp Duty (BSD) is a tax on property purchases – about 3 – 4%, depending on the value of the home.

Condo amenities

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 – including appliances such as washing machine, fridge and cooker – are you getting for your money?

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TOP

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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Featured unsold condo units for sale

Because unsold condos tend to be disregarded to some extent, the problem is how to find developer unsold units.

If you’re frustrated because you can’t access the information you want about unsold condo units, you’re not alone. We’ve had the same difficulties in the past. That’s why we decided to create Plus Homes Star – to make it easier for you to find out where the best-value balance condo units for sale are located and give you as much information about them as possible.

Find hidden gems within our list of unsold condo units

We’ve done comprehensive research to come up with a list of unsold condos in Singapore that we believe represent excellent value for both investors and people looking to settle down in a new, high-end home.

Many of the unsold condos we’ve tracked down enable residents to live a life of luxury, with maximum convenience. They boast a host of on-site amenities and sophisticated features, provide easy access to transport links, and are near good schools. In many cases, you’ll find world-class shopping areas and top entertainment and cultural attractions right on your doorstep.

If you’re lucky enough to secure on of these high-quality condo units, you’ll truly appreciate that home is where the heart is. Check out our featured condos and staymaking.

Get help from condo developers’ marketing team

Plus Homes Star has teamed up with the condo developers’ 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, they’re 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.

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