Recently, Singapore has launched many residential projects under government land sales (GSL) and en bloc sales, attracting home buyers and investors. The condo market has a steady increment even after COVID-19 effects. The prices of new condo launches in singapore have varied in the three regions. According to Urban Redevelopment Authority (URA), the prices in Core Central Region (CCR) and Outside Central Region (OCR) are falling by 0.6% and 0.2%, respectively, and the Rest of Central Region (RCR) is rising by 2.2% in 3Q2021.
The big question: which region to choose and why?
We know buying a home is a very important decision of life, you have to choose wisely. So, after deep probing, we prospect that the OCR region is best in many aspects.
Reasons:
- Property Prices:When you see the Singapore district map, OCR is away from the city center. Hence, the property price has been lowest here, and with GLS, most developers are bidding for property in OCR. In 2021, out of the three new launches of non-landed projects, two are cited in OCR. And you can also expect potential launches in OCR as MRT connectivity is excellent around the area
- Affordable and larger: The average price for newly launched condos is $1,374 per square foot (PSF), which is quite affordable in comparing other two regions- CCR averaged $2,387 PSF and RCR averaged $1781 PSF.
In OCR, most of the launches offer larger and spacious homes. Due to Covid-19, work from home is in trend, so the need for larger space has been increased.
- Investment Options:Most of the new launches come under GLS launches, have a tenure of 99 years, and are leasehold condos. The larger the tenure, the higher the price in the upcoming year.
The real estate market of Singapore has robust increment over the years, and OCR is the region with potential new launches in Singapore. Looking to the future, OCR is your go-to region from both the perspective – home buying and investment.