How often do us agents hear this? Sometimes we encounter client’s that are looking around in the market. As they dive deeper into a project, the pricing seems to hold them back thinking that property prices are too high compared to what they are used to. So, is it true that the property price will drop?
In the past, when OCR launches reached $1,600psf – $1,700psf. People were saying that it is absurd for OCR Projects to be priced this high, maybe they should wait for the prices to dip. Today, Lentor Mansion being the first project to be under the new harmonisation ruling sold at a range of $2,104psf to $2,478psf. It shows that the prices of new launches in the OCR region have achieved a new benchmark.
I can fondly recall back in 2015 when The Amore, an EC in Punggol was launched at only $700psf onwards. In 2023, a plot of EC land bid in Tampines was awarded at $721psf. To all the buyers, can you imagine how much the launch price of the Tampines EC would amount to be? In the span of 8 years, EC launch prices have become the current EC land bid price.
Despite all the statistics proving itself to the market, why are people still believing that the property prices will drop? To put into perspective, how often does one purchase a home in Singapore? Simply put, the consumers are not in touch with the changes because they do not deal with it often enough. When an individual changes up their portfolio, it could be an interval of 3 to 5 years or even 10 years. There are factual reasons as to why the property prices are rising and agents are the one who can bridge the client’s understanding.
To all the buyers reading this, if today you are looking to enter the market with this sentiment. Please consult a professional, agents are not just there for your service fee. And remember, there’s only 2 agents. It’s Nicholas and the rest, and you know who to look for.
Nicholas Lim
