The impact of COVID-19 on our lives is real.
The earth has clocked up over 1 million cases and still counting. Especially in Singapore, we've got measures being implemented every day in which Singaporeans are doing their best to adjust and adapt to combat COVID-19.
We've seen some of the notable effects on industries such as tourism, F&B, retail & even transport industry. We've also seen price fluctuations in commodities as world production rates are near crippled.
What about property prices in Singapore? As a potential seller or buyer, I'm sure there are various factors when it comes to negotiation and purchasing a property and the ideal conclusion is always getting "Right Deal, Right Price".
Here are some positive pointers for your consideration to sell or purchase a property even in times of pandemic :
A Sign of Potential Demand of Property?
With many industries a massive decline in revenue, it is often an assumption (we think) that these factors will cause potential property sellers and buyers to be on their toes and seclude themselves in a spectator-only mode. But here's the real deal :
A research conducted by Orange Tee & Tie Research & Consultancy concluded these important metrics :
Credits to Orange Tee & Tie Research & Consultancy for all figures & data
What does this mean?
With an in-depth comparison with the previous two episodes of disease outbreaks in Singapore namely SARS & H1N1 which has an even higher mortality rate compared to COVID-19 in Singapore does not bring down nor greatly impact prices of properties!
The Rise of Upcoming Challenges
We see that most businesses are doing their best to protect employees and at the same time, managing the risk of businesses. For some unfortunate cases, some companies have resorted to layoffs.
Our government has taken the helm to provide assistance to affected ones with the recently announced Solidarity Budget 2020.
Just like businesses, maintaining stable cashflow will be vital for our daily living expenses, necessity, commodities for our survival.
Can we improve on cashflow?
While it may prove to be a difficult task to improve your cash flow with your property, fortunately,
there are some options that you can take to grab a "Just-in-time" influx of cashflow which may prove to be very useful for challenging times like this.
Take advantage of Opportunities
Do you live in a newly built to order property which is reaching its Minimal Occupational Period (MOP)? The (MOP) is an important juncture where you may seize potential financial gains when you consider selling off the property for another location or settle in your next home for a smaller unit.
Here are some considerations on why some of your neighbors sell off their property when their MOP is up.
Location
The transport network may not be established well enough to shorten your commute to work. You may have a preference for more variety of amenities at your doorsteps such as a shopping mall and a mega supermarket (just like me!)
Space
We’ve always heard this saying from our parents, “New BTO, like so small!”. Space is always a top concern for all Singaporeans. Some may choose a resale flat that provides a bigger space for a growing family.
There are more factors such as schooling for your kids and potential cashflow gains. Learn more and find out how here.
Also, don’t let your interest in new launches be deterred by COVID-19. Even with COVID-19, the new launch at Parc Canberra sold 64% of its 496 units during its launch weekend.
Make sure you carve out some of your stay home time to assess your opportunities and draft out a property plan.
Be alert and let's spend some time and carry out your property planning over the 1-month circuit breaker measures. Henry and Maggie will also be ready to have a chat with you for your property consultation to wealth planning. Request a callback here.
Stay Safe, Stay Healthy, Stay at Home. #SGUnited
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