Can Buy Anot? My Bachelorette Pad Under $1 Million

Every few weeks, we address someone who asks us “Can Buy Anot” with regard to a given property. And then we weigh in with a lot of head-scratching, pondering, and hassling property veterans for their views. Today, we’re talking to Rose Yip, who’s checking out Alexis in Queenstown:

Rose: While I do pride myself with a savvy nose for an investable find, I seldom like to compromise comfort for that extra save when it comes to the place I live in. Not many people would admit when they spend an extra dollar for vanity, but when you are in your 30s and in and out of relationships, loving yourself in the place you call home is rather therapeutic.

Editor: I don’t know Rose; when I face the down times in my life, I find having money most therapeutic. But then again, I barely qualify as human, and only in select countries. Just saying: don’t neglect TOO MUCH of an extra save for comforts.

Rose: Queesntown is one of the oldest estates in Singapore and to be honest, a very convenient location to be in. So when I was picking my ideal one-bedder, I naturally used the “find properties near MRT” filter feature on 99.co to show me properties near Queenstown MRT. Here’s my top choice and the reasons why:

In five mins, I could walk to:

• Anchorpoint (supermarket, restaurants, food court, outlet shops – yay to 50 per cent off my apparel!)
• Queesntown MRT and multiple bus stops heading to key parts in Singapore
• IKEA – I could just borrow their huge shopping bag to carry my barang back home and return it the same day

Editor – Queenstown MRT being nearby is the big sell here. Anchorpoint is convenient, but probably not big enough to be the sort of mall you go to for months on end without getting bored. As for IKEA – which is Singapore’s biggest meatball shop – Smaland is a hidden bonus if you ever have children. It’s a free kid’s club!

In 10 minutes, a car would bring me to:

• Orchard belt
• Vivocity
• Hort Park/Gilman Barracks
• Havelock Road (inches away from CBD)
• Holland Village and Tiong Bahru
• National University Hospital

Editor – Best check the traffic in this area if you’re getting a car. Congestion is a bit of an issue, so I suspect you’ll be using the train a lot. Why buy a car, when your solid location makes up for ever needing one?

For the little logical investor in me:

Rose:  Freehold – since real estate valuation takes into consideration the tenure of the property, I’d always try to find properties with 999-freehold tenure

Editor – True, although location should still always take precedent over lease. 999-year or freehold units tend to also be sold at a premium, sometimes reaching about 20 per cent. When the en-bloc or resale comes around, you may find that premium offsets a large chunk of the potential gains.

Rose: Alexis is perfect for renting out to non-locals in future (if I finally get married and start a family somewhere else). Their unit sizes are just the right bite size for expats working in the CBD.

Editor – You’d better be sure about the bachelorette lifestyle though; and that it won’t change for a long time.

Remember if you already own a private property, you can’t buy a flat; and when you do buy a second home, there’s the 12 per cent ABSD.  Next, if you have an outstanding home loan, you can’t borrow more than 55 per cent of the value or price of your next property (whichever is lower). So unless your partner is able to take on the whole other property himself, this might cause complications.

Also, you can’t tell when you’ll meet the right one – but you can tell it will be three years, before you can sell without incurring the Sellers Stamp Duty. Alexis may have to be the home for both of you until that time period is up, if you happen to find each other earlier than you imagine.

Rose:  Have you seen the influx of new launches within the area in the past two years?! To me, this could only mean that I’m going to enjoy riding any increase in price trends together with all the new condos along Alexandra (while not paying the new launch price). And because it’s one of the only freehold condos in the area, I’m hoping the price will be more resilient to dips.

Editor – True, older condos in the area tend to see prices rise in tandem with new launches there. But remember, more condos nearby also mean more competition. That can also weigh down rent and resale gains, as potential tenants and buyers will have other options nearby.

Rose: This unit is fully renovated furnished and in move-in condition (the way I like) – I probably do not need to fork out a lot to refurbish the place.

Editor – Look out for custom appliances, such as custom fridges and washing machines. Make sure the sizes are typical. I personally hate customised, built-in appliances with weird dimensions; because if they ever break down, it’s almost impossible to find a replacement that fits the niche for it.

Rose: Since the development is relatively young, I can be quite sure that the infrastructure in the building is pretty sound (i.e. no weak water supply, rusty/noisy pipes, non-waterproof walls).

Editor – This can sometimes work the other way around. For example, if you buy when it’s under development, you might find there are serious defects later. With older units that are already built, you can physically inspect the place and spot if there’s any issues. Of course, you don’t want one that’s too old either.

So can buy anot?

Editor: Yes, with one provision: you’d have to be pretty certain you remain a bachelorette for some time. Or else, you must have alternative accommodations when it happens (e.g. husband buys a whole other house, or you live with in-laws). 509 square feet is a little too small to raise a family in, and the market may not be ideal when it’s time to sell.

Do you think Rose should buy? Voice your thoughts in our comments section or on our Facebook community page.

Looking for a property? Find the home of your dreams today on Singapore’s largest property portal 99.co! You can also access a wide range of tools to calculate your down payments and loan repayments, to make an informed purchase.

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