Deborah Law, the Executive Director of Expat Realtor gives her update on the Singapore property market.
With sales noticeably dropping off over the past two months as people take a wait-and-see approach, the market has turned in favour of the buyer. For buyers committed to purchasing in the next six months, here are a few pointers to help you along.
It is best to first get in-principle approval from the bank, so that you are set to go. As it is usually the seller’s agent who pays the commission, don’t try to cut costs by struggling through it alone. When you’re making such a major investment, be sure to have a professional to assist you.
The required down payment is now 20 percent, and you also need to pay for the following:
A cheque made out to the seller for one percent of the value of the property, to accompany your offer
Stamp duty: one percent for the first $180K and upwards from there
Lawyer’s fees – ranging from $2,000 to as much as 0.8 percent of the property price.
As regards rentals, we expect rents to fall, although landed properties may not be affected as much as condos.
For more information head to www.expatrealtor.net or to view properties call 62551027
SPACIOUS AND MODERN
Completely renovated, this bright, spacious apartment is an older, larger unit with a modern touch. Living amongst lush greenery and parkland, you can escape the hustle and bustle of Singapore. It has three bedrooms (two ensuite), a main bathroom, a good sized kitchen and a large, open-plan dining room and lounge leading onto a balcony, plus the added bonus of a big utility area with maid’s room and shower.
Conveniently located near the AYE, PIE and BKE motorways, the development is five minutes from Holland Village and Bukit Timah Road, and good restaurants and a Cold Storage supermarket are nearby.
Size: 1,959 sq. ft
Tucked away on a quiet road off Orchard Boulevard and yet within walking distance of shopping malls, Orchard MRT station and international schools, this condominium is located in one of the most popular residential places for expats and families. Due to its high floor location, this nicely maintained pool-facing apartment is bright and spacious with an unblocked view of greenery and the city.
A big, open outdoor space with a garden, and beautiful ponds, tennis courts, basketball courts, squash courts, a 50-metre pool, a children’s pool and a spa pool make this a winner with kids, too. This is one of the most sought-after developments in a prime district. It is good for mid- to long-term investment and is tenanted until September 2012.
Size: 2,874 sq. ft
A stunning, beautifully renovated cluster house in a quiet area. The extra large living and dining room provides lots of wall space for furnishings and paintings.
This family-friendly, resort-style complex has full condo facilities including three swimming pools, a gym, playground areas, an open grass area where children can play, and a function room for parties, yoga and table tennis.
It is close to the East Coast Parkway and the Bedok beach-connector, which leads to a sailing club, cafés and the cable-ski lake. Express buses to Shenton Way, Raffles City and Suntec City are just a two-minute walk away, while Tanah Merah MRT is a ten-minute walk away. It’s just a few minutes’ drive to the new UWCSEA and Temasek schools at Tampines, Eastwood Cold Storage is nearby and Bedok Food Court is within walking distance. Changi Airport is just ten minutes away.
Size: 3,800 sq. ft
Type: Cluster house
With a balcony overlooking the Laguna Golf and Country Club, this unit comes fully furnished with branded furniture and appliances. It is located in a small, low-rise project, just a few minutes by bus from the Tanah Merah and Expo MRT stations.
The unit has good investment potential and is currently tenanted. Its rental yield is 4.5 percent.
Size: 409 sq. ft
Type: Studio apartment