Almost every realtor says location is everything, but almost every location in land-scarce Singapore is bound to increase in price. So, where should HDB buyers really be shopping, especially if they're gunning for capital gains by the end of their MOP?
To find out, we spoke with Harvey Chia, a seasoned real estate professional with nearly 20 years of experience in investments, advisory and brokerage. Ahead, he shares insights on taking a macro view and playing the long game in the real estate industry.
Why look at private home prices?
If you're considering entering the HDB segment, you might assume that the condo segment is irrelevant. However, we would advise you to think twice. Harvey suggests that the price difference between a condominium and a HDB flat of similar size in the same neighbourhood can be an indicator of potential capital gains.
Let's take the beloved CBD as an example. Just four years ago, it would have been hard to imagine purchasing a unit at Pinnacle at Duxton for $1,500 per square foot (psf), but today, such a price would hardly raise an eyebrow. In comparison, prices at Wallich Residences-high-end condos-range from around $2,000 to $3,000 psf.
"The gulf in the pricing is double. When the price points diverge so much, people start looking at the neighbourhood and wonder: What is my next best option? Half the time, they end up in a HDB flat," Chia explains.
This price difference has a waterfall effect, pressuring HDB prices in the vicinity to chase up, appealing to a group of buyers who prioritise space over the prestige of living in a private property. This begs the question: In what other locations does this phenomenon exist?
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