3 Questions about the Singapore Property Market
Let’s dive right in to three questions posed by my subscribers regarding the Singapore property market!
1. Why is my property in Geylang not making profits? Is it all about timing?
Buying a piece of property is not about timing. In fact, it’s about attraction – would people want to live in the property you are selling?
I’m not saying that Geylang properties are not great. However, there is a certain stigma attached to it that makes it difficult for Singaporeans to want to live there. In terms of culture and people, Gerylang as a district still has a long way to go.
2. What’s the difference between DBSS and EEC?
First off, EEC is private property, whereas DBSS is a HDB flat. When you sell a DBSS, you go back to HDB and sell it through a HDB approved process. When you sell an EEC, you head to private lawyers, just like how you sell a private condo. To me, an EEC is a better bet. The chances of EEC not earning is very low, as compared to a condominium, due to the starting price.
3. Are people still buying with the Additional Buyer’s Stamp Duty (ABSD)?
A lot of people think foreigners are the ones buying the properties and moving the property market. Foreigners normally buy high-value properties in the city area. To me, foreigners are not the ones affecting the price. Those influencing the supply and demand in the market are Singaporeans first-timers, HDB upgraders, and condominium asset renewals.
Hope this article clarifies some common questions regarding the Singapore property market and as usual, feel free to reach out to me to engage my expert services and advice!