Is Singapore real estate market making a comeback? That is the question at the top of everyone’s mind, especially home buyers.
Evidence suggests that the housing market here has picked up after three years of decline. So, yes, it will not be wrong to assume that one can expect growth in the near future.
So what has driven the change?
Property restrictions were eased in mid-March, and since then there has been an unmistakable surge in sales of new homes. Sensing the change in the public’s attitude, top developers are now bidding aggressively at land auctions. This hunger for land has further strengthened the trend. On average, developers are paying as much as 29 percent premium, which is the maximum in past 5 years, if not more. Singapore’s real estate market started moving upwards in 2017, and there’s no reason why this will be any different in the next few years or even beyond.
Why are developers bidding aggressively?
Well, the reason is simple. Sentiments have changed. Whether it is stock market or real estate, what matters most at the end of the day is public opinion. That’s what drives growth or stall it.
With public sentiments changing, many developers are eager to add new land to their land-bank. That’s why recent auctions are attracting more bidders than before. A recent auction had 24 bidders, the maximum ever.
While Singapore developers are bidding aggressively right now, Malaysia and Chinese developers are also quite active. This April, new home sales were two times more than April in the last year.
Let’s now look at two exciting upcoming projects.
This project is expected to be completed towards the end of this year. Launched by Singland Property Group, the project is strategically located on the Alexandra Road. If you are looking for a condo where all modern amenities, facilities, and services are available, perhaps you wouldn’t need to look further than Alex Residences.
Apart from offering everything that you expect from a luxury condo project, Alex Residences also has several other advantages. It is extremely well connected through road and is just a short distance away from the Redhill MRT station. It is a great location for families as there are many prestigious schools in its vicinity.
Located at a prime location, Martin Modern is perhaps the most awaited condominium project in Singapore. It has everything. Located near Martin Place Residences, this place offers homeowners easy and quick access to all essential amenities, such as healthcare centres, schools, colleges, shopping malls, recreation facilities, and much more.
As far as connectivity is concerned, the project is well connected by major expressways. If you want to enjoy all modern amenities but want to live away from the hustle and bustle, this is the best option for you. The project is expected to be complete in late 2020.