What are private property transactions?
Private properties in Singapore include various types of residential real estate, such as condominiums, apartments, executive condominiums (ECs), and landed properties. Private property transactions are the sales or purchases of these properties.
During these transactions, buyers and sellers engage in negotiations, taking into account various aspects like property worth, location, financing alternatives, and legal prerequisites.
Real estate agents, lawyers, and financial institutions often assist in facilitating these transactions, ensuring a seamless and legally enforceable transfer of property ownership.
Can I check the private property transactions in Singapore?
Before making any investment or selling decisions, prospective homebuyers or sellers should carefully monitor the real estate market. This involves conducting comprehensive research and staying informed about market trends and conditions.
In this regard, the Urban Redevelopment Authority (URA) transactions tool proves to be a valuable resource. By utilising this tool, individuals can access essential information about lodged caveats and issued options, enabling them to make informed decisions based on reliable data.
Once you initiate the search, results will include valuable information about the properties, such as project name, street name, property type, postal district, floor level, tenure (e.g., freehold or 99-year leasehold), type of sale (e.g., resale, subsale, or new sale), nett price, area in square feet, unit price, and the date of sale.
Recommended article: Why does a ‘lodging a caveat’ matter in a property transaction?
What should buyers and sellers do before engaging in a private property transaction?
If you are planning to buy a property, it is advisable to search for recent URA caveats in the same area or project. This is important for having an accurate understanding of the property’s true value and is crucial for effective negotiation.
To make a fair comparison, you should compare the per-square-foot prices of units similar in size to the property you intend to purchase. Keep in mind that the square foot prices of smaller units tend to be higher than those of larger units within the same development.
In cases where you cannot find comparable units within the same project, it is recommended to compare properties with the same tenure and similar age. For instance, comparing the price of a freehold property with that of a 99-year leasehold property would not provide meaningful insights.
