The government also boosted the supply of private housing to cater to the robust buying trend. In fact, the supply of private housing in the Confirmed List of the Government Land Sales programmein the second half of 2023 compared to the first half. The total supply for 2023 is around 9,250 units, marking the highest figure in a decade.
Additionally, most property seekers can have an urgent need for accommodation, especially if they are spurred on or impacted by changes in their personal or financial circumstances. They often prefer to buy a known quantity immediately rather than wait. The reality of the property market can sometimes contradict what economic theories predict. For instance, while new launches should theoretically reduce demand and bring down resale prices, this does not always happen.in the development’s vicinity
The most recent high-profile deal was the Marina View site, clinched by IOI Properties from the Reserve List at a land rate of around S$1,379 per square foot per plot ratio. The Orchard Boulevard site, located right next to the Orchard Boulevard MRT station on the Thomson-East Coast Line, is highly attractive. But theHowever, we have observed that most buyers do not seem unduly concerned about tenure. We expect these prime locations to continue drawing interest, just like popular 99-year leasehold sites such as Wallich Residence and OUE Twin Peaks. Increasingly, the focus seems to be on the design proposition and location attributes of projects.
The upcoming executive condominium sites will be music to the ears of property upgraders and first-time homebuyers who are not eligible to purchase Build-to-Order homesminiums and eligible buyers have access to Central Provident Fund housing grantsMORE CHOICES FOR BUYERS BUT MORE CONSIDERATIONS FOR DEVELOPERS