The demand for new condos in Singapore will only rise as the population ages, according to a recent report.
The yearly population growth of 1.5% is not enough to keep up with the rapid housing development in Singapore, which is steadily increasing its property prices. The average price of a condominium in Singapore has gone up by over 12% since 2012, when the market started to develop.
The average price of condo units in Punggol Town Hub (TTH) is set to be $1.3 million by 2021, according to real estate consultant Cushman & Wakefield’s latest report on condominiums markets in the nation’s five major cities.
When looking at just Punggol Town Hub, there are two precincts that are expected to lead the market: Punggol and Woodlands South West.
The average price of a condominium unit in Punggol Town Hub is set to be $1.3 million by 2021, according to real estate consultant Cushman & Wakefield’s latest report on condominiums markets in the nation’s five major cities. The report shows that three out of 44 precincts – Seletar West, Woodlands and Bukit Timah North – are expected to dominate the market this year and next year; with 51% of all condo sales at their vicinity due to demand from those who reside there for better living experience and affordability.
One upcoming development that will further boost demand for new units nearby is TTH’s new condo launch on Tanjong Pagar Road (TPB). Consisting of seven storeys by T&T Group and priced between S$1.2 million and S$2 million (R80 million-R111 million), this project promises an attractive blend of luxury amenities with competitive prices that would certainly appeal to investors keen on adding another unit into their portfolio while those seeking a more affordable option would be local residents looking for the best bang for their buck amid surging prices across other developments nearby or within minutes walk away from it.