Benjamin Franklin said, “Two things are certain in life, death and taxes.” While we do agree with him, looking at the bright side, there’s another good thing that is also certain. There is always a best deal out there in the market.
In this new series of articles, we keep you abreast of the latest happenings of the primary market, or in layman terms, buying first hand from the developer. Bear in mind that these articles are not a forecasting report where we gaze into our crystal ball and predict if prices are going up or down in the next year. They are for buyers who want to buy a place soon, and we want to show them the best deals available now.
It is common knowledge that we are experiencing a slower market compared to the heydays a few years prior where units were flying off the shelves. Back then, after you contemplated to analyse the best deals and decided that you found the right one, you make the call to the sales agent only to find yourself at the end of the queue. The developers are already counting the digits in their bank account and you have just missed out on the best deal in the market.
Things are very different now; transaction volumes have significantly dropped so much so that developers and sales agents are made to work harder to close a transaction.. Moreover, developers are also subjected to the ABSD and the QC, which in summary, requires them to sell their units or pay a hefty amount of tax. These selling pressures in turn usually translates to better deals for the buyers. On one side of the market, buyers are restricted on the financing available to them due to the TDSR, causing the potential buyer pool to shrink.
Nonetheless, here are the top deals which we think buyers should keep their eye on:
The Trilinq
42 units of The Trilinq were sold in July (11 units in August as of 19th) which made it the best selling project which is not a new launch.. It was first launched in Feb 2013 and will be subjected to a 10 percent ABSD in early 2017. It is also situated in Clementi, one of the most sought after estates around, as can be seen from the million dollar HDB that was just transacted recently.
Pluses
- 500 metres to Clementi MRT and all the amenities around it.
- Clementi has traditionally been the choice for students and staff in the academic institutions around the area.
- TOP early 2017. For investors/landlords, this mean rents may come in early compared to other developer projects.
- 380 units remaining, this means there are many units that you can pick from.
How much does it cost?
Prices start from:
- $785,000: 538 sqft for a one bedroom unit
- $1.0+ mil: 710 sqft for a two bedroom unit
- $1.2+ mil: 915 sqft for a three bedroom unit
Comparable developments:
There’s no new condominiums you can buy around the area.
The Jurong Lake district condos are selling around $1,350 psf for comparable units
What other developer properties can you buy for $780,000 within 45 minutes from Raffles Place?
- Thomson Impressions along Upper Thomson
- Treasures @ G20 in Geylang.
The Glades
On the other side of the island, the good deal we have here is The Glades. It has also moved 35 units in July (15 units in August as of 19th). It’s a development by local stalwart Keppel, and it’s situated in a private housing area comprising of predominantly landed housing.
Pluses
- 1 minute stroll to Tanah Merah MRT. A bona fide 1 minute walk and not some marketing spin.
- SUTD has moved to the Expo vicinity which opened up a new pool of tenants. It is also situated in a tenant catchment area for those working in Changi Business Park.
- TOP in late 2017. Just over a year to move in or collect rent.
How much does it cost?
Ongoing promotions by the developer makes this even more attractive.
Units transacted in August:
$718,000: 494 sqft for a one bedroom unit
$838,000: 624 sqft for a two bedroom unit
Comparable developments:
Condominiums around Tanah Merah MRT:
Urban Vista: Sold out
Eco: 20 units left
Sims Urban Oasis (near Aljunied MRT)
Soon to be launched:
Forestwoods next to Serangoon MRT. We will be covering this in our next post so look out for it. *Updated with our new post
This is the first of many market updates that we will be writing about so that you can get the latest pulse of the market. Subscribe to our blog to find out more about the latest best deals. We have in-house experts for news on buying first hand from developers and exclusive discounts from developers.. Drop us a message to get the latest information.
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Looking to sell your property?
Whether your HDB apartment is reaching the end of its Minimum Occupation Period (MOP) or your condo has crossed its Seller Stamp Duty (SSD) window, it is always good to know how much you can potentially gain if you were to list and sell your property. Not only that, you’ll also need to know whether your gains would allow you to right-size to the dream home in the neighbourhood you and your family have been eyeing.
One easy way is to send us a request for a credible and trusted property consultant to reach out to you.
Alternatively, you can jump onto 99.co’s Property Value Tool to get an estimate for free.
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I have a question.Assuming on 2005 I was a Vietnamese Citizenship & bought 1 condo with 3% stamp duty.On 2009 I applied US Citizenship & approved.Now I want to buy 1 new condo under my US citizenship.My question is how about my stamp duty?Is it consider as first property?
Hi Susan,
Unfortunately, it will still be considered to be your 2nd property. The property will be taxed based on your name, and your citizenship status at the point of purchasing the property.
However, with your US citizenship, you are now subject to the same treatment as Singapore citizens for stamp duties. So as of now, you’re liable for 7% stamp duty if you buy the 2nd property.
Regards,
Adam r.