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Mature Estates Big Draw For New Flat Buyers

Fizah Hatman
Updated

This article was originally on GET.com at: Mature Estates Big Draw For New Flat Buyers

It seems that mature estates in Singapore are still highly sought after by new home buyers across both private and public residential homes.

In the private property market, Gem Residences located in the mature estate of Toa Payoh clocked positive sales last weekend with 315 units out of the 578 units available sold, of which 300 of the transactions happened during the VIP sales on Friday. The units were sold at an average price of $1,426 per square foot (psf).

In the public housing market, we recently reported that the Housing Development Board (HDB) has launched new HDB flats from as low as $3,000 after grants, comprising 3,770 Built To Order (BTO) flats and 5,170 Sales of Balance Flats (SBF) in four areas - Sembawang, Bukit Panjang, Ang Mo Kio and Bedok.

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After the conclusion of the sales exercise yesterday, the 4-room BTO flats in the mature estate of Ang Mo Kio were the most popular with an oversubscription of 9 applicants for each of the 234 units on sale. The 5-room and 3-generation (3Gen) BTO units were also oversubscribed with 8 applicants for each of the 200 units that were on the market.

Also in the mature estate of Bedok, the 247 4-room flats were also highly popular with six applicants applying for each of the units.

For SBF, the popularity was concentrated in Kallang/Whampoa and Tampines with 118 applicants vying for two 5-room flats and 315 applicants vying for only eight 4-room flats in the respective mature estates.

In comparison, the public housing in non-mature estates were less popular. For example, the application rate for BTO flats in Bukit Panjang and Sembawang was only 0.9, this means that applicants will highly likely be guaranteed the flat which they had applied for.

Keen To Find A Property?

Perhaps now might be a good time to buy a property because sentiments in the market are still considerably weak or if you're willing to wait, it might also be a good idea since developers foresee a drop in residential property prices.

If you’re looking for a home loan in Singapore instead, use a home loan comparison site like GET.com to see the latest home loan packages from all banks in Singapore.

Here you can compare DBS home loans, UOB home loans or OCBC home loans, amongst a total of 14 financial institutions in Singapore in just seconds.

On the other hand, if you are thinking of refinancing your home loan, here are 4 things you should consider when choosing a home loan.

What do you think? Share your comments with us below!

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