According to the latest property report, Singapore’s property market is on its way to recovery. The first quarter of 2021 was the third consecutive quarter of increased buying activity in the property market, of which the housing sector outperformed the other 2, forming over 37 percent of the investment sales in the country, with about three thousand three hundred new homes being transacted, of which Clavon condo has contributed to a significant portion when over 400 of its apartments were sold back in January. Demand for condominiums were from HDB flat owners seeking to upgrade to a private residence, retirees looking to downgrade from their luxury homes to a simpler residence, and from parents who are taking advantage of the cheaper prices property developers are offering to acquire a home for their children. Many analyst also believe that the increasing demand are also driven by improving confidence by investors on Singapore’s economy, pent-up demand for new homes that’s being released currently, and the low interest rate offered by the banks.
Due to this strong demand for homes, the unsold inventory in Singapore reduced to around twenty one thousand units. This inventory has started to decline since the beginning of 2019, on the support of positive market conditions that has prevailed till now. Significantly, mixed commercial and residential developments have shown strong interest from the local populace. “Having the convenience of a supermarket, children’s enrichment center, restaurants and key amenities within the compound of my abode is essential for my family,” says a resident from Dairy Farm Residences, a mixed development in the West of Singapore.
One can guess that upcoming tenders of government land sale sites will receive strong interest from property developers. This has already been reflected from the sale of the two Canberra drive sites earlier last year, both of which drew strong competition between developers looking to replenish their land banks. One of the Canberra sites will be constructing its new residence soon. For more information, you can visit The Watergardens at Canberra Showflat for details of this new condominium.
Overall, foreign investors will still be seeking investments that will provide higher returns and stability. Residential developments in good locations at attractive prices will continue to receive investment monies from overseas.
