The property market has seen its fair share of ups and downs in the last decade: the government announcing a slew of cooling measures to calm the exuberant market, a series of failed En Bloc attempts in the recent news and more. Yet, new BTO launches continue to be oversubscribed, and new condominium launches see brisk sales, underscoring Singaporeans’ love for property.
Exciting Times Ahead
More importantly, we will see exciting times ahead for the property market with significant infrastructure projects planned to remake Singapore. These include the mega Changi Airport Terminal 5, Jurong Lake District, Punggol Digital District and Greater Southern Waterfront.
Transportation-wise, new MRT stations will bring immense growth potential to the surrounding areas. With the first stretch of the Thomson-East Coast line slated to open in early 2020, and the Jurong Region Line and Cross Island Line in the works, transport connectivity around the island will, no doubt, improve significantly.
With a projected population of up to 6.9 million by the year 2030, the government is ramping up on housing supply as well. New HDB towns Bidadari and Tengah are being built as we speak and new BTO launches are planned in existing estates.
What’s more, with new living concepts such as co-living picking up, the market is anything but boring. Even if you are not looking to buy or sell, it is worthwhile to watch this space.
Remember: Prudence Is Key
As with all big purchases, potential buyers should be prudent in their spending. Market downturns come unannounced, and buyers must have the risk appetite to hold on to their property to ride out the slump if needed. The last thing you want is to make an expensive mistake you can’t afford.
