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Condo owners planning to downgrade, others who sold homes stranded, agents say after cooling measures& More News

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PropNex agent Shafiq Yusop mentioned he has helped shoppers promote their condos after suggesting they use the additional money to pay for an HDB flat in full.

“Their intention is that the second the revenue comes, they need to purchase an HDB flat,” he mentioned.

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“But now with this cooling measure … they can not purchase. So they’re very anxious, (saying): ‘Where am I going to be? I’ve already dedicated to my sale, now I’ve to purchase. What would you like me to do?’”

Rental market to warmth up much more

Mr Shafiq says these owners will most probably have to hire an HDB unit through the wait-out interval, though he foresees challenges with this too.

“Already at this level, the rental market may be very tight, which suggests demand is larger than provide,” he mentioned.

“It’s going to get even hotter as a result of these folks, after downgrading, they are going to have to hire. They’re going to have a troublesome time discovering housing.”

Condominium rental costs rose 1.7 p.c in July, the nineteenth consecutive month of will increase, whereas HDB rental costs rose 1.5 p.c, the twenty fifth consecutive enhance, in accordance to information from 99.co and SRX.

Before the cooling measures have been introduced, Mr Shafiq mentioned he acquired 50 inquiries within the first hour of promoting a “tremendous fundamental” HDB flat for hire in Yishun. With the measures, he expects the demand to enhance exponentially.

“Because these (condominium sellers) are downgrades, they’ve a really wholesome revenue. So, they’ve the flexibility to hire economically,” he mentioned.

“Whether they’ll get a home for at the very least 15 months’ hire, that is a distinct query.”

Plans are on maintain

Fellow PropNex agent Daron Ang mentioned he has three shoppers beneath the age of 55 who need to benefit from the presently “engaging” condominium costs by promoting their home and shopping for an HDB flat.

According to information launched by the Urban Redevelopment Authority in July, non-land non-public property costs rose 3.6 p.c within the second quarter, in contrast with a 0.3 p.c decline within the first quarter.

“They are considerably indignant as a result of they’re wanting ahead to making money and holding extra cash,” Mr Ang mentioned.

“But proper now they’ve to put their plans on maintain for at the very least 15 months.”

Condo owners planning to downgrade, others who sold homes stranded, agents say after cooling measures

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Condo owners planning to downgrade, others who sold homes stranded, agents say after cooling measures

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