COVID-19: Prices and Demand of Properties are still increasing
"Property, Properly." (Issue 3)
27 May 2021
Throwback 5 years to the launch of Gem Residences @ Toa Payoh! Those were pre-COVID days when show flats were packed to the brim during launch time. I can vividly recall the snaking queues to view show suites and snaking queues to choose units at the launch itself. And now, during COVID days, new project launches are conducted in a very different manner with safe distancing measures in place, but still, with the same, if not more, amount of interest from buyers. And that's because more and more people are aware of the need to make their money work for them, and they know that property investment is the best hedge against a crisis.
Did you know that right after Circuit Breaker, we are witnessing an increasing trend in prices for new homes (+10.2%) and resale homes (Condo +2.5%, Landed +4.7%, HDB +7.8%)? And for the same period, demand across all market segments has also been growing. (Source: HDB, URA, ERA Research & Consultancy for the period 2Q2020 to 1Q2021)
With the rising construction costs, rising land costs, and depleting new home units in the market, what do you think would be the impact on the prices of new homes?
There are many interesting projects currently in the market, if you are hoping to purchase a unit soon. Or, if you are OK to wait a little longer, there are a few noteworthy ones in the pipeline, such as the mixed development at Pasir Ris Central, the upcoming executive condo at Greenwich (Sengkang / Yio Chu Kang), the strata landed at Belgravia (Seletar / Yio Chu Kang), Perfect 10 @ Bukit Timah, and Canninghill Piers @ Fort Canning. You would definitely want to check these out if you are considering getting a new home.
Till COVID blows over, visits to showflats are strictly by appointment basis, with many safety measures in place. Virtual viewings can also be facilitated. Do check in with me or your preferred real estate advisor for the latest.
Meantime, take good care everyone!
Senior Marketing Director
ERA Realty Network Pte Ltd www.paulinechua.com Mobile: 8692 7272
Photos taken at the launch of Gem Residences @ Toa Payoh on 27 May 2016.