The post Buying a 99 year Landed Property appeared first on Wing Tai Holdings Singapore.
]]>Buying a 99-year landed property
Generally, the value of 99-year leasehold properties would decline as their balance leasehold tenures shrink. However, the median price of
99-year terrace houses in the first nine months of this year rose to a record S$1,214 per square foot (PSF) on land area, as an analysis by List Sothe by’s International Realty (List SIR) using URA Realis data shows.
The latest median price reflects a 1.53 per cent increase from S$1.053 PSF for 2021, up by 1.32 per cent from 2020.
The newest price is above the pre-Covid median price of S$1.007 psf in 2019.
The median price gap between 99-year and freehold terrace houses has risen to $715 psf in the first nine months of this year. As this price gap widens, 99-year terrace houses have become an attractive option. In particular, Intermediate terrace houses are the entry-level for condominium and HOB(Housing Board►dwellers looking to upgrade to landed property. The Covid outbreak accentuated the need for more extensive living space, with work-from-home made mandatory for most office workers. Students were also required to do home·based learning.
Budget-Friendly Vs Similar-Sized Freehold ones
- More livable space spread across in 3 and a half storeys compared to Condo.
- For multi-generational families who need a larger living space than an apartment or condo unit could provide. Still, their budget may be too small to buy a freehold landed house.
- Growing families prefer much larger areas than condominiums can provide and see value for money in getting a much bigger home at a relatively affordable price.
- Attractive especially for young professionals getting their first landed.
With or without a pandemic, there has always been a segment of property buyers drawn to 99-year terrace houses.
These group of buyers would probably prioritise the quality of life in terms of liveable space over investment considerations
Compared with freehold terrace houses, 99-year terrace houses are priced more attractively to meet functional needs. For example. If a buyer needs a home with four or five bedrooms,
“For example, Buying a 99-year landed property terrace house ln Park Villas in the Hougang area with a floor area of 2,800 sq ft could cost about SS2.3 million, but the same value can only fetch a unit of below 1,600sq ft in nearby The Florence Residences Condo.”
Some buyers are attracted to the low cost of psf of floor area for such landed homes.”(Park Villas is a conventional landed project on a site with a 99-year leasehold tenure starting May, 1994.
He compares a 99-year leasehold terrace house with a 99-year condo and a free hold terrace house; a 99-year terrace house is still more affordable,
Mindful if the balance lease on the site can meet one’s needs
For retirees, a shorter balance lease of 30 or 40 years could meet their needs till age 95.
But for a young family, it is suggested to look for a leasehold property with 60 years balance lease.
Financial complications and procedures
A short-balance lease does have implications for funding the property purchase.
-
Buyers can’t use CPF savings to buy a private residential property if it is land is left with a remaining lease of 20 years or less at the time of purchase.
-
In excess of 20 years of balance leases, CPF savings that can be used (for purchase).
-
Median age (Using IWAA Calculation) of the owner and youngest owner in the case of a joint purchase.
-
The Property should outlive the Youngest owner till age 95, allowing them to age in place.
If this condition is met:
the owner(s) can use their CPF Ordinary Account (OA) savings for up to 100 per cent of the property purchase price or the property valuation price at the time of purchase, whichever is lower.
If this condition is met:
the owner(s) can still use their CPF OA savings, but at a pro-rated amount. Potential buyers may ascertain the amount of CPF OA savings one can operate utilising a housing usage calculator on the CPF website.
For the banks to grant a housing loan for private residential property, the property should have a tenure of at least 30 years at loan maturity.
The maximum tenure for the housing loan may be reduced for older leases.
Lease Decay for 99-year lease
There are other issues for a property with a leasehold tenure that is running down.
With owners buying a 99-year landed property, it will be challenging to find buyers as the lease run downs. Due to economic downturns, prices could deteriorate faster than freehold ones.
Similarly, there is still a strong preference for freehold properties among landed homebuyers, so it may be more challenging to sell a 99-year leasehold landed property, especially when the market is weak or the leasehold has depreciated substantially.
The bright side of 99-year landed property terrace houses
- The rental yield would also be higher, compared with that for a freehold property,
- Should the owners eventually decide to lease it out due to the lower purchase price or outlay.
- New pool of buyers or users could emerge for retirement.
An example would be retirees who have a shorter time frame and are looking for ample living space to house their multi generation family for a sometime-but not long-term basis without overstretching their finances.
Short-tenured terrace houses can also make ideal rental properties if the owners (or buyers) are willing to spruce them up.
Another finding from the analysis is that buyers with HDB addresses make up a higher proportion of those who picked up 99-year ter race houses than those who bought freehold/999-year leasehold terrace houses.
Such a trend may indicate price resistance setting in the prediction that prices for 99-year terrace houses could remain at current levels for the rest of this year.
However, amid overall price gains in terrace houses, HDB dwellers’ share of purchases.
Prior to this, there is the cooling measures to could be addressed to this.
Property owner or buyers will continue to monitor on how it will impact on the pricings.
For Home Valuation and Home Report, Strongly suggest you to request a copy from us if you have plans to buy or sell a landed property.
https://www.youtube.com/watch?v=lfp6joxsrachttps://youtu.be/lfp6joxsrac
Reference to 2022.10.08_BT.
At buycondo.sg, we have help home Owners and Home Buyers to Secure 99 year lease tenure landed properties.
They Emerged as a Happy Family living in a spacious property.
The post Buying a 99 year Landed Property appeared first on Wing Tai Holdings Singapore.
]]>The post PR who Gotten the Singapore Citizenship Looking for Cluster housings or Condo Near Good Schools example like RGPS/Nanyang. appeared first on Wing Tai Holdings Singapore.
]]>
PR who Gotten the Citizenship Looking for Cluster Housing or Landed Near Raffles Girls Primary School, Nanyang Primary School, ACS.
There is an evergreen demand for this topic hence we will try to compile.
Later We have just sold the Listing at Hillcrest Villa.
We gather the Criterias or Preference of the Home Buyers.
- Natural Lightings.
- Granny Room.
- Powder Room on 1st Level.
- Kids Community.
Near 1km RGPS Primary School / Nanyang Primary School
Near 1km ACS Primary School
The post PR who Gotten the Singapore Citizenship Looking for Cluster housings or Condo Near Good Schools example like RGPS/Nanyang. appeared first on Wing Tai Holdings Singapore.
]]>The post The Appeal of Cluster Housings or Condos Near Good Schools for PRs in Singapore appeared first on Wing Tai Holdings Singapore.
]]>
Introduction: PRs Looking for Cluster Housings or Condos Near Good Schools
Regarding housing preferences, PRs who have obtained Singapore citizenship often seek cluster housing or condos near reputable schools in Singapore. The proximity to good schools is paramount for these individuals as they prioritize providing their children with access to quality education. Additionally, the demand for cluster housings or condos near good schools remains consistently high in Singapore. PRs have specific preferences and requirements when it comes to choosing their ideal property, such as natural lighting, additional rooms, and community facilities.
As Singapore is known for its excellent education system, PRs see the value in living near prestigious schools to ensure their children receive a top-notch education. Cluster housings or condos near good schools provide PRs with the convenience of having educational institutions within close proximity to their homes, making it easier for their children to commute to school and participate in various school activities. Furthermore, living near good schools can also enhance the overall quality of life for PRs and their families, as it allows them to be part of a community that prioritizes education and academic achievement.
Benefits of Singapore Citizenship for PRs
PRs who have obtained Singapore citizenship enjoy numerous benefits that make acquiring citizenship an attractive option.These benefits include visa-free or visa on arrival access to 189 countries and territories. Singapore citizens also receive subsidies on education, healthcare, housing, and employment opportunities. They are eligible to buy and rent apartments from the Housing & Development Board (HDB) and can contribute to the Central Provident Fund (CPF) for social security savings. Moreover, Singapore citizens can access education benefits through the Edusave Scheme and affordable healthcare options. Parenthood incentives, the right to vote in parliamentary elections, and tax relief benefits are advantages of Singapore citizenship for PRs.
The benefits of Singapore citizenship for PRs extend beyond housing preferences. With Singapore citizenship, PRs have the opportunity to fully integrate into Singaporean society and enjoy the privileges and rights that come with being a citizen. This includes access to government subsidies and schemes that aim to support citizens in various aspects of their lives. From education subsidies that alleviate the financial burden of school fees to healthcare benefits that ensure affordable medical care, PRs who become Singapore citizens can enjoy a higher quality of life and better opportunities for themselves and their families.
Preferences of PRs for Cluster Housings or Condos Near Good Schools
PRs who have obtained Singapore citizenship often prioritize cluster housings or condos near prestigious schools such as Raffles Girls Primary School, Nanyang Primary School, and ACS (Anglo-Chinese School). These schools are renowned for their high academic standards and holistic education approach, making them highly attractive to PRs seeking properties nearby. In addition to the proximity to good schools, PRs have specific preferences for their ideal homes, including properties with ample natural lighting, a granny room, and a powder room on the first level. The availability of a community with facilities for children is also a desirable feature.
The preferences of PRs for cluster housings or condos near good schools are driven by their desire to provide the best education opportunities for their children. These PRs understand the importance of a strong educational foundation and believe that living near reputable schools can greatly enhance their children’s academic and personal development. In addition to the educational aspect, PRs also consider factors such as the layout and amenities of the property. Natural lighting is highly valued as it creates a bright and welcoming living environment, while the inclusion of a granny room and powder room provides additional convenience and flexibility for multi-generational families. The presence of community facilities is seen as a bonus, as it allows children to engage in recreational activities and fosters a sense of community among residents.
Examples of Good Schools in Singapore
Raffles Girls Primary School is a highly sought-after school among PRs who have obtained Singapore citizenship and are looking for cluster housings or condos near good schools. Known for its strong academic programs and comprehensive curriculum, Raffles Girls Primary School offers an excellent education environment for students. Another preferred choice among PRs is Nanyang Primary School, which is renowned for its bilingual and values-based education. ACS (Anglo-Chinese School) is also a prestigious institution that attracts PRs looking for cluster housings or condos near good schools. Known for its strong academic achievements and character development programs, ACS is highly regarded by PRs seeking quality education for their children.
These examples of good schools in Singapore highlight the diverse options available for PRs who prioritize living near reputable schools. Raffles Girls Primary School, Nanyang Primary School, and ACS are just a few renowned educational institutions in Singapore. Each school has its own unique strengths and offers a well-rounded education that prepares students for future success. PRs can choose from a range of schools based on their preferences and the specific needs of their children, ensuring that they find the perfect educational environment that aligns with their values and goals.
Market Demand for Cluster Housings or Condos Near Good Schools
The Appeal of Cluster Housings or Condos Near Good Schools for PRs in Singapore remains consistently high. PRs who have obtained Singapore citizenship show a significant interest in this type of housing, as it allows them to provide their children with access to reputable schools. Recent trends indicate the popularity of this housing option, showcasing the active market for properties in close proximity to good schools. For example, the recent sale of a listing at Hillcrest Villa exemplifies the high demand for cluster housings or condos near good schools.
The market demand for cluster housings or condos near good schools is driven by the desire of PRs to secure a home that meets their dual objectives of providing their children with quality education and living in a comfortable and convenient environment. As such, properties located near reputable schools often command premium prices and are highly sought after by PRs who value education and are willing to invest in their children’s future. The strong demand for these properties indicates a competitive market where buyers need to act swiftly to secure their desired homes. This trend underscores the importance of education by PRs and their commitment to providing the best opportunities for their children.
Factors to Consider When Choosing Cluster Housings or Condos
When selecting cluster housings or condos near good schools, there are several factors that PRs should consider. Proximity to public transportation, amenities, safety, and community facilities are essential considerations. PRs should conduct thorough research and visit potential properties to evaluate their suitability. Additionally, it is important to take into account the preferences and requirements of PRs, such as natural lighting, additional rooms, and community facilities.
Choosing the right cluster housing or condo near a good school requires careful consideration of various factors. Proximity to public transportation is crucial, as it ensures convenient and efficient travel for both the residents and their children. Access to amenities such as supermarkets, shopping malls, and recreational facilities is also important for a comfortable living experience. Safety is a top priority for PRs, and properties located in secure and well-maintained neighbourhoods are highly desirable. Lastly, the availability of community facilities such as playgrounds, swimming pools, and fitness centers can greatly enhance the quality of life for residents, especially families with children. By considering these factors, PRs can make well-informed decisions and choose cluster housings or condos that meet their needs and preferences.
Financing Options for PRs Purchasing Cluster Housings or Condos
PRs who have obtained Singapore citizenship have various financing options available when purchasing cluster housings or condos. Eligibility criteria for loans and mortgages are accessible, and financial institutions are equipped to facilitate property purchases. Seeking professional advice from financial advisors or mortgage brokers is recommended to navigate the financing options and choose the most suitable one.
When it comes to financing the purchase of cluster housings or condos, PRs have access to a range of options to support their property acquisition. Banks and financial institutions in Singapore offer loans and mortgages specifically tailored for PRs who have obtained Singapore citizenship. These financing options are designed to meet the unique needs and circumstances of PRs, considering factors such as income, credit history, and loan affordability. To make an informed decision, PRs are encouraged to seek professional advice from financial advisors or mortgage brokers who can provide guidance on the available financing options and help them choose the most suitable one based on their financial situation and goals.
Tips for Navigating the Real Estate Market: The Appeal of Cluster Housings or Condos Near Good Schools for PRs in Singapore
When navigating the real estate market for cluster housings or condos near good schools, there are several tips that PRs should keep in mind. Working with reputable real estate agents who specialize in this type of property is essential. Attending property viewings allows PRs to assess the suitability of the properties and make informed decisions. Understanding the negotiation process and staying well-informed throughout the property search and purchase journey is also crucial.
Navigating the real estate market can be a complex and overwhelming process, especially for PRs who are not familiar with the local property landscape. To ensure a smooth and successful property search, it is advisable for PRs to engage the services of reputable real estate agents who specialize in cluster housings or condos near good schools. These professionals have in-depth knowledge of the market and can provide valuable insights and guidance throughout the property search and purchase process. Attending property viewings is essential, as it allows PRs to personally assess the suitability of the properties and make informed decisions based on their preferences and requirements. Understanding the negotiation process and staying well-informed about the latest market trends and regulations is crucial to ensure a favorable outcome. By following these tips, PRs can navigate the real estate market with confidence and secure their ideal cluster housing or condo near a good school.
Conclusion: The Appeal of Cluster Housings or Condos Near Good Schools for PRs
Cluster housings or condos near good schools hold significant appeal for PRs who have obtained Singapore citizenship. The proximity to reputable schools provides PRs with the opportunity to offer their children quality education. The consistently high demand for this type of housing in the Singapore real estate market showcases its desirability among PRs. It is important for PRs to consider their preferences, conduct thorough research, and seek professional advice when navigating the market to find their ideal property.
The appeal of cluster housings or condos near good schools for PRs goes beyond just the educational aspect. It is a reflection of PRs’ aspirations to provide their children with the best possible opportunities for success and personal growth. By living near good schools, PRs can ensure that their children have access to excellent educational resources, experienced teachers, and a supportive learning environment. This proximity also allows for greater involvement in school activities and fosters a sense of community among families who share similar values and goals. Moreover, the high demand for cluster housings or condos near good schools indicates the confidence that PRs have in the Singapore real estate market and their willingness to invest in properties that align with their long-term plans and aspirations. With careful consideration and the right approach, PRs can find their ideal cluster housing or condo near a good school and create a nurturing and enriching environment for their children’s academic journey.
Near 1km RGPS Primary School / Nanyang Primary School
Near 1km ACS Primary School
The post The Appeal of Cluster Housings or Condos Near Good Schools for PRs in Singapore appeared first on Wing Tai Holdings Singapore.
]]>