Legacy Haus - Singapore's Property New Launches

*Source of news articles from Business Times/Zao Bao 20th & 26th June 2024.

* Disclaimer: Always seek professional financial and legal advise before making any property investment decisions.

Welcome to Legacy Haus Singapore's Property Launches. We deal with real estates in Singapore and our website provides property information, and information on most of the new and upcoming condominium launches in Singapore.

Is Singapore Property Price Set to Go Higher in 2024?

Have you read the recent news on the following amid market slump?

📌 Increase land supply

📌 Few to no bids

📌 Lower land cost

How will these affect prices of new homes?

1. Impact of Increased Land Supply: Land supply plays a crucial role in shaping property prices. When land supply increases, it can have several effects:

Affordability and Housing Supply: In general, more available land can lead to increased housing supply, which may help moderate prices. However, this effect depends on other factors like demand, construction costs, and regulatory policies. If developers have access to more land, they can build more homes, potentially easing affordability concerns.

2. Few to No Bids: When there are few or no bids for land parcels, it suggests reduced developer interest. This could be due to various factors, including market uncertainty, regulatory changes, or economic conditions. Fewer bids might lead to less aggressive land acquisition, potentially impacting future housing supply and prices. But again, this effect will depends on other market factors.

3. Lower Land Cost: Lower land costs could potentially benefit homebuyers and developers. If land prices decrease, developers might pass on the savings to buyers, leading to more affordable housing options. However, this effect also depends on other market dynamics, such as demand and construction costs as above.

Of course, here in Singapore, lands are scarce. No matter how land supply increase, with our constant increase in population, it's a "never enough". Plus, since covid, labour and construction costs have increased. Thus, a increase in land supply or lower land cost, do not necessarily equate to fall in property prices.

Then a week later, another news released.

Ramp-up in land supply paused

The recent decision to pause ramp-up land supply for the second half of 2024 indicates a deliberate move by authorities. Here are some considerations:

Supply Constraints: With fewer sites released for tender, supply constraints may persist. Developers will have limited options, potentially affecting their ability to meet housing demand.
Price Dynamics: If demand remains strong and supply is restricted, property prices could continue to rise. Buyers might face challenges finding affordable options.

What to Expect in 2024

Based on current trends, property prices are anticipated to remain high in 2024. Demand, while subdued, should maintain a consistent upward trajectory.

So, should Buyers Act Now or Wait? Well. that depends on individual circumstances. Contact us for a discussion! We will assist to provide you with an analysis and specific suggestion base on your circumstances and requirements.

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Factors to consider when purchasing a home or property for investment.

Buying a property is a major decision and there are many considerations to factor in before purchasing. It's easy to get caught up in the whirlwind of home shopping and make mistakes that will leave you with buyer's remorse. Some mistakes home buyers should avoid are but not limiting to:-

Not comparing Home Loan Packages
Under-estimating Recurring Home Expenses of Home-ownership such as Monthly Maintenance Fees and Monthly Utilities
Not Investigating the Neighbourhood, etc.

Contact us! We will be able to provide comprehensive advise on your investment property purchase or purchasing a NEW HOME to upgrade your lifestyle. Be it for investment or getting a NEW HOME, we have the right strategy for you.

Singapore continues to be a safe haven for property investment. This has been proven with the positive growth economy amid pandemic, and positive turnarounds post crisis. Many foreign investors are coming in to Singapore to set up family offices because they are confident with Singapore's political stability and financial governance. These are not the only 2 reasons, read more at https://legacy-haus.com/singapore-property-investment/

Below is a list of Singapore's upcoming new launches. Or to view a list of new property launches in Singapore at Property New Launches. Mass market launches or Luxury Property launches, we have them!

Interested to find out how recent news affect property prices and the property market as a whole? Speak with us or Whatsapp to find out potential good buys that will be coming up!

Below is a list of Top 10 Condo searches, both resale and new launches (source from SRX as at 7th November 2024). And a table showing recent property transactions for your house-hunting research.

1. The Sail @ Marina Bay

2. Reflections At Keppel Bay

3. Normanton Park

4. Treasure at Tampines

5. Marina one Residences

6. Grand Dunman

7. The Florence Residences

8. Riverfront Residences

9. One Pearl Bank

10. Affinity At Serangoon

Singapore Property Market Trends: A Snapshot

1. Price trends and resilience

Singapore's property market has been remarkably resilient, even in the face of global housing slowdowns. In fact, property prices have risen for the 12th consecutive quarter, defying broader trends in other cities. This sustained growth has been a notable feature, and it's a testament to the city-state's attractiveness as a real estate investment destination.

2. recent trends in 2024

Let's zoom in on the current year. Here are some key trends shaping the Singapore property market in 2024:

Landlords and Tenants Capitalizing on Higher Occupancy Caps: With the relaxation of occupancy caps, landlords and tenants are seizing the opportunity to maximize rental yields. This shift has implications for both residential and commercial properties.
Interest Rate Dynamics: Towards the end of 2024, there's a departure from fixed-interest home loans. Buyers are exploring more flexible financing options, which could impact affordability and demand.
Renewed interest in Ageing, Mixed-use Properties: investors are looking beyond shiny new developments. Older mixed-use properties are gaining attention due to their unique character and potential value for appreciation.
Bargain Hunting in the Core Central Region (CCR): The CCR, which includes prime districts, has faced challenges. However, savvy buyers are on the lookout for bargains, especially in this hard-hit segment.
Stabilizing Prices Amid Supply Constraints: Singapore has grappled with a supply crunch, but as we find solutions, property prices are showing signs of stabilization. This is good news for potential buyers who want to enter the market without fearing rapid price escalations.
MRT Proximity Matters: Properties near MRT stations continue to be in demand. Accessibility remains a key factor for buyers and renters alike.

3. rental market and moderation

While property prices have been robust, the rental market is showing signs of moderation. Increased supply has contributed to this trend. Landlords need to navigate this landscape carefully, considering both capital appreciation and rental income.

4. should you buy property in singapore now?

Ah, the million-dollar question! It depends.

For Investors: If you're an investor with a long-term horizon, Singapore's property market remains attractive. The city's stability, strong legal framework, and economic prospects make it a solid choice.
For Homebuyers: If you're buying a home to live in, consider your personal circumstances. Are you planning to stay in Singapore for the foreseeable future? Do you need a place to call your own? If so, buying now might make sense, especially if you find a property that aligns with your lifestyle and financial goals.

Remember, real estate is a long game. Timing matters, but so does your individual situation. Consult with experts, assess your financial readiness, and explore properties that resonate with you. And hey, don't forget to enjoy the thrill of house-hunting -- it's like a real-life treasure hunt!

So, whether you're eyeing a sleek condo in the heart of the city or a cozy HDB flat in a charming neighborhood, weigh your options carefully. And who knows, you might just find your dream home in the Lion City!