Is Singapore property really a buyer’s market

Over the past year, we have heard “news” about how the market is slowing down, and how interested buyers should buy a place now to enjoy a steal while they still can. Exactly how true is this? Should interested buyers be considering getting back into the market soon? Or would they be better off employing a wait-and-see attitude for now.

The results of the Housing Board’s latest Build-To-Order (BTO) sales exercise, which closed on Monday (30 May), show that buyers still favour flats in mature estates, reported Channel NewsAsia. This trend was particularly evident in the mature towns of Ang Mo Kio and Bedok, where BTO flats were offered for the first time in three years.

It seems that mature estates in Singapore are still highly sought after by new home buyers across both private and public residential homes. In the private Singapore property market, Gem Residences located in the mature estate of Toa Payoh clocked positive sales last weekend with 315 units out of the 578 units available sold, of which 300 of the transactions happened during the VIP sales on Friday. The units were sold at an average price of $1,426 per square foot (psf).