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This is the fastest selling house on the market in Singapore
Mar 18, 2023
This is the fastest selling house on the market in Singapore Singapore
By   shicheng
  • City News
  • Singapore Housing Market
  • Large House
  • Private Residential Projects
Abstract: Singapore is sought after by globally mobile capital. The housing market is acting like a sensitive barometer, and a new trend has quietly surfaced: larger homes are selling faster than smaller ones.

In high-priced metropolises, whether in London and Beijing or Tokyo and Hong Kong, there has been a phenomenon over the past few decades of smaller and smaller homes, both in terms of the number of rooms in the unit and the size of the rooms.


The world is cool and hot in the same way, and so is Singapore.


The main reason for this is really quite simple: house prices are rising too fast for incomes to catch up with the changes. So smaller homes that are easier to afford are becoming more and more popular.


Because small homes are selling fast, developers are building more and more of them, so much so that governments are actually getting to the point where they have to come up with policies to restrict them.


The Urban Redevelopment Authority of Singapore announced a few years ago that it would further limit the number of units in private residential projects outside the Central District to prevent developers from building too many shoebox flats.


But in three to five years' time, the tide has turned and now, instead of small units, the fastest-selling developments are the larger ones. Whereas the largest Penthouse (penthouse in the sky) in a condominium used to be the last to sell, now it is often the Penthouse that sells and the one- and two-bedroom units close out as the remaining units.


Park Nova, which caught the attention of the Chinese community in Asia when it opened, is a typical example of this. On the opening day, Penthouse was snapped up. The project's 54 homes, all of which are large, have been sold out with four and large three bedrooms, and six three-bedroom flats are still available for sale.


This luxury development is in line with the Golden Triangle, the most sought-after property criteria in Singapore today.


prime location + freehold + large homes


Firstly, a prime location.


It must be a high-end condominium located near the Central Business District or Orchard Road.


Park Nova is located on Orchard Road, just a few minutes' walk to many superb shopping centres such as ION, Ngee Ann City, Paragon and many more.


Only 300 metres from Orchard Avenue MRT station and a 10-minute walk to Orchard Road MRT station.


The CBD is only an 8-minute drive away and major roads nearby provide easy access to the Central Expressway and Pan Island Expressway.


It is also within walking distance to the Singapore Botanic Gardens, a UNESCO World Heritage Site.


Secondly, the freehold.


Park Nova is a freehold development, which means that the property can be passed on to the next generation without having to worry about the lease on the land expiring. In the eyes of the wealthy, such homes have more potential to retain their value and increase in value.


These freehold properties have been passed down from the very beginning of the country. As the Singapore government announced in 2007 that it would stop selling freehold land, it has become a scarce resource that is no longer growing.


Interviewed by Ms Ng Pui Wan, Deputy Director of Marketing of Park Nova, the developer of Park Nova, she said, "In this post-epidemic era, as lifestyles and office models change, people are not only concerned with the commodity value of a house, but also its use value. The spacious floor plans of Park House are designed to meet the demand for more space and more possibilities, plus the excellent location and freehold project, which can also be passed on as a heritage property for generations. There are not many properties on the market that meet these criteria, which is why Park House is so sought after by high net worth individuals."


Bigger homes are a better living experience, but more expensive. The fact that larger homes have become more popular in the market over the past few years shows that the Singapore property market has built up more purchasing power to overcome the problem of large homes being 'expensive'.


Of course, there is also a policy squeeze. Singapore residents (both citizens and permanent residents) pay much higher taxes on second homes than on first homes. So for buyers on a budget who want to make the most of this valuable space, there is no need to pay for a large flat. One large home is equivalent to two or three smaller homes, and not only does it take up only one spot, it also saves a lot on the property tax you need to pay!

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This is the fastest selling house on the market in Singapore