In Singapore real estate market, it may be a bit too soon to make any assumption pertaining our prime districts for 2019. In the local context, building under construction (BUC) private properties in the prime districts between 9 to 11 had been highly sought after for so many years. With the market being set to return to a full recovery in the prices for newly developed real estate by the end of 2018, it was however met with some additional cooling measures set by the government recently.
This early conclusion by the city state may be on point for 2019. However, there are various factors to watch out for nearing the end of 2018 that will better stabilize a forecast for future condo prospects in prime area. A forecast of medium to long-term outcome on the horizon of new built condo including projects that could be in the new prime districts of Singapore.
To prioritize consideration of new housing supply and the set limit of new high-end luxury non-landed homes around Singapore, of which residential districts are growing faster has no absolute strength of outcome. Singapore could possibly see a gradual fall in the price of new condo market especially when the supply of completed ones is heading record high soon.
Secondly, this will further include completions of new development that are listed as high-end projects stemming solely from a new injection land supply from Singapore’s government land sales, otherwise known as GLS sites, as well as high-end collective sales from 2017 to 2018. The attribute of these freehold tenure properties spreading around Singapore will certainly be enhanced in the new local market. A freehold tenure will probably play a role in the decision making.
Thirdly, is the prestige of different district home addresses around Singapore and it is envisaged to strengthen the new condo developments, especially with upcoming large-scale development like 8 Saint Thomas condo along river valley road. There are plans to recreate beautiful landscaping in Ochard Road area to bring about a consistency in rejuvenation plans for the Central area of Singapore to create a dynamic city-state centre.
Together with set and strategic efforts by Singapore government agencies to transform the landscape of Singapore or preserve existing civic, commercial and cultural amenities, this will have an effect on which districts to make the cut for becoming new prospects for prime districts in Singapore. As of now, all outlooks are uncertain but those districts that are already prime, they will not lose their dear place in the Singapore city-state.