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Buying a property in Singapore can get daunting and overwhelming, especially for a first-time buyer. The purchasing journey can be tedious, with plenty of homework to be done, much planning and difficult decision-making process. There are many factors one should be considering, but here are the 5 key aspects Singaporeans look out for when purchasing a property.
1. Location
“Location. Location. Location.” Is a common mantra in the real estate industry. And it’s completely sound advice! Nothing beats a good location and it is easy to see why. The location influences important factors in one’s life and directly impacts the property’s future saleability.
Some of these factors include overall quality of life, institution choices, commute time, social opportunities as well as employment opportunities. EdgeProp provides a map-based search engine to ensure you will always be well-versed with the location you are seeking out.
2. Price
Money matters! Most Singaporeans highlighted that one of the best ways to start when they don’t know where to begin, is to assess their budget, or at least their capability to finance the mortgage on the property (including taking out bank loans).
Beyond pricing, it is important to ensure that one never overpays. Here's an indicative online valuation tool called The Edge Fair Value which incorporates latest comparable transactions and market trends in the algorithm.
3. Size
Does size make a difference? Of course! Land is a limited resource, and that’s why a property’s value grows with time – its land component drives it, not the building that sits on it. However, how important size really is rests largely on one’s needs, future expectations and financial capacity.
It is all about finding the right balance. For example, by default, the bigger the space, the more time and resources is required for maintenance. There is no one size fits all, and this applies to property-buying too!
4. Amenities & Connectivity
As we progress and improve on our way of life, the importance Singaporeans place on seamlessness while traversing within a development is on the rise. Singaporeans sought for a self-contained neighbourhood well equipped with necessary amenities such as MRT stations, bus interchanges, supermarkets, institutions, eateries, shopping malls, clinics, leisure spaces etc. The more the better!
Examples of such integrated properties include Tanjong Pagar Centre and Sofitel Singapore City Centre by GuocoLand which were awarded the Integrated Development Excellence Awards and the Hotel Development Excellence Award respectively, at the annual EdgeProp Singapore Excellence awards in 2018.
Tanjong Pagar Centre combines premium office space with hotel, retail, urban park and luxury residences in a vertical city, creating a new landmark for Singapore while The Sofitel Singapore City Centre offers guests the finest luxury accommodation complete with an outdoor pool, a plush executive lounge with stunning city views, a 620 sqm ballroom and eight meeting rooms plus world-class restaurant and bars. Both properties are within walking distance of the nearest MRT Station. Talk about an all-rounded environment where people can work, play and live in!
5. Sustainability
The number of green buildings in Singapore has been increasing rapidly over the years as developers aspire for a healthier and better sustainable future. Singaporeans are becoming more environmentally conscious and properties which incorporate green strategies into their design has garnered popularity in recent years.
Examples of developments that have successfully incorporated green design strategies into their architecture include eCO and The Venue Residences and Shoppes. All 3 developments attained Sustainability Excellence Award at the annual EdgeProp Singapore Excellence awards.
Developed as a community in a garden, eCO integrated native flora and fauna from the surrounding landscape with five residential lifestyles offered within a gated community – SOHO, Suite, Loft, Condominium and Townhouse. Designed by Aedas, The Venue Residences and Shoppes utilised a combination of environmentally-friendly and sustainable construction materials as well as green design elements to reduce energy consumption of the building. What a way to manifest greenery in Singapore’s urban landscape!
This article is provided by EdgeProp.sg. Based on the filters users apply when searching for properties on EdgeProp.