As Build-to-Order flats have recently been ramped-up, the market of first-time buyers has come to a standstill.
But Singapore property experts say influxes of second-time applicants are gearing up to purchase executive condominiums.
For example, with applications opening this past Friday for the new executive condominium, Twin Waterfalls, in Punggol has already received an estimated 340 applications by 7pm the following Saturday.
“The first timers will probably form about 30 to 40 per cent,” CEO of Development and Property of Frasers Centrepoint, Cheang Kok Kheong said. ”These are newly-weds, or about to be wed, or maybe even new citizens, who are coming here for the first time.”
Kheong added, “Then the other 60 to 70 per cent will actually be second-timers, people who are wanting to live in a condominium. So they live in a HDB flat, but instead of stepping directly into a condominium, they’ll step into an executive condominium first and get the discounted price because it’s actually cheaper.”
Despite second-time buyers having a slim chance of only five per cent of obtaining a unit during the balloting procedure, this has not shied away these potential homebuyers from visiting show rooms.
In a report conducted by Channel News Asia, second-time applicants are looking to upgrade from their HDB flats.
Due to an oversupply of executive condominiums and HDB, experts are forecasting a slowdown with new buyers in the first half of the year.
“One of the possible reasons is that some of the HDB first-time home buyers actually have ample opportunities,” said Nicholas Mak executive director of research and consultancy at SLP International. ”Another reason is that some first-timers may be very price sensitive, when the economy shows signs of softening or their job security may be under threat, they may choose a more conservative choice, for example delaying their home purchases, or to purchase a cheaper home, such as a HDB flat. ”
by Property Report
But Singapore property experts say influxes of second-time applicants are gearing up to purchase executive condominiums.
For example, with applications opening this past Friday for the new executive condominium, Twin Waterfalls, in Punggol has already received an estimated 340 applications by 7pm the following Saturday.
“The first timers will probably form about 30 to 40 per cent,” CEO of Development and Property of Frasers Centrepoint, Cheang Kok Kheong said. ”These are newly-weds, or about to be wed, or maybe even new citizens, who are coming here for the first time.”
Kheong added, “Then the other 60 to 70 per cent will actually be second-timers, people who are wanting to live in a condominium. So they live in a HDB flat, but instead of stepping directly into a condominium, they’ll step into an executive condominium first and get the discounted price because it’s actually cheaper.”
Despite second-time buyers having a slim chance of only five per cent of obtaining a unit during the balloting procedure, this has not shied away these potential homebuyers from visiting show rooms.
In a report conducted by Channel News Asia, second-time applicants are looking to upgrade from their HDB flats.
Due to an oversupply of executive condominiums and HDB, experts are forecasting a slowdown with new buyers in the first half of the year.
“One of the possible reasons is that some of the HDB first-time home buyers actually have ample opportunities,” said Nicholas Mak executive director of research and consultancy at SLP International. ”Another reason is that some first-timers may be very price sensitive, when the economy shows signs of softening or their job security may be under threat, they may choose a more conservative choice, for example delaying their home purchases, or to purchase a cheaper home, such as a HDB flat. ”
by Property Report
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