With Singapore’s investment property market perking up right now, you’re probably considering buying a condo unit; perhaps, several units, maybe even an entire apartment building. Buying a property in Singapore is seen to be very attractive for investment because of affordability to buyers, reasonably lower interest rates on mortgage and a potential cooling of policy measures.
Target the Millennials
Tay Kah Poh, a top property consultant, noticed that young professionals in the country are not fond of buying a home and paying off a 30-year mortgage, unlike the generations before them. Thus, these young professionals are the perfect target market for condominium and apartment units and other properties in the leasing market.
Location, Location, Location
Millennials have a rather fast-paced lifestyle and may prefer living in an area which affords the greatest convenience to them. That is to say, a place that is near to their work, where parks are accessible and amenities like shopping malls are within walking distance. Many property investors note that properties near the place of work for young professionals are an ideal choice for investment. In that sense, properties in mixed-use developments make for a great buy. Paya Lebar Quarter, Singapore’s most progressive city-fringe development, is a great example of an area that highly appeals to young professionals because of the convenience it offers to live, work and play all within close proximity.
Enter the Market Early
Goh Kuan Keat and other investors shared that it is always crucial to enter the market early. This means buying an investment property while it is still below-market value, so you can double or triple the investment value in the next few years. According to a CNBC report, Singapore’s property prices will begin to rise in 2018 and likely double by 2030. So, buying an investment property this 2017 may be a smart idea, after all.
With these tips from the industry experts, you will likely have a better grasp on the investment property market today. But, as with any investments, you must remember that buying an investment property always comes with risks—you just need to decide which risks to take to reap the rewards.