The second month of the year summed up values of 23 million in the form of reselling apartments, released by the HDB. It is interesting to see that the prices of flats increased constantly over the past months, February is the 8th month in the row which recorded such increases. So, we can say that the past month brought another record, somewhat unexpected if we consider past events. More precisely, as numbers show, the price of resale units increased by 1.4% in February, compared with January of the same month.
Very soon the Tan Queen Lan Street, located in Bugis, will officially enjoy a brand-new Singapore condominium. The project developed by GuocoLand is almost done and getting ready to be launched. Those interested in units in this condominium should know that prices will start around $1.1 million for one-bedroom units ranging between 409 and 474 square feet. Penthouses with five bedrooms, on the other hand, which measure 3,500 square feet, will have selling prices of around $14.98 million. The good news is that you’ll have a good offer to choose from, as the condominium offers 558 units for all types of homebuyers.
There were times, not so long ago, when foreigners chose the private properties of Singapore with a high amount of interest. Considering the fast-developing background of the country, no wonder things presented themselves this way. Their desire even contributed to the increases in price regarding some properties, as it added to the growing demand of homes in Singapore. However, the year 2020 recorded a new peak in this direction. In the past 17 years, 2020 brought the lowest level of purchases, concerning private residences, made by foreigners in the country.
The last low of the kind was back in 2003, when only 671 units were sold to non-Singaporeans. In 2020, the value was close to the previously mentioned one, since only 742 units managed to be purchased by foreigners. It is worth mentioning that these numbers include new units, second-hand units, and sub-sale properties. If we are to regard what happened last year, with all the travel restrictions and lockdown measures adopted by so many countries, it is easy to understand why the numbers are looking this way.