2014 saw the rollout of a new supply of government BTO flats numbering 22,455 and affect the sales of Symphony Suites. During the 2011 general election the topic of public housing had been an issue of controversy due to the limited number of new Build-to-Order flats, which had forced quite a few to look to the resale market, an area that was of higher expense. For some couples it meant taking the option of delaying their marriage plans.
New Symphony Suites Yishun
A number of people had expressed their frustration as a result of these Housing Board Development million dollar flats becoming more and more common. Since that time, to ease the strain that has been placed on the resale market, HDB started releasing close to 20,000 new flats per year. By 2014 we saw a good portion of the demand coming from first time families and singles being met by the Housing Development Board.
Yishun Symphony Suites Condo
Due to this, 2015 will see a lower number of flats being released by HDB with 16,900 in total of new Build-to-Order flats allocated for first and second timer families as well those individuals who are looking to move near or live with their parent and this might affect Symphony Suites in Yishun Sales.
Many of these new launches will be taking place in suburban locations and, according to the Housing Development Board, close to 3,940 flats will be offered in February of 2015 as new sales launches in areas such as Hougang, Bukit Batok and Geylang.
New Launch Launching in Symphony Suites
For genuine Symphony Suites homeowners this comes as good news because it will give them a wider array of choices which means they will not be forced to look at the resale market only. Adding to this is the fact that they will have a much lower cost, which will include any grants that they qualify for.
HDB Resale Market
Due to this new supply entering the market of 16,900 new Build-to-Order flats, we will continue to see a lowering trend in the HDB resale market and the Resale Price Index. There was a 1.7% dip in the RPI, according to the HDB, a number that is down from 19537 points for 2014’s 2nd Quarter to 192.4 points for 2014’s 4th Quarter. It is expected that these figures will drop further in 2015.
Symphony Suites in Yishun
With it now being a buyer’s market for Symphony Suites, those looking to sell their HDB flats will find it a tougher and more challenging market as we look ahead. Due to this, sellers need to have a selling price that is realistic should they wish to sell their units in a short span of time, more so for those who are in urgent need of cash.
It is being urged that, those who are able to hold onto their flats wait it out until 2016 before trying to sell. The advice for Symphony Suites buyers at this time, especially to those who are unable to wait the 3 years required to obtain a new HDB flat, is that now is the time to start looking for houses due to sellers having to offer more realistic figures.
From an agent’s point of view, they will find a subdued resale market with those in suburban areas being driven. It is important for an agent to advise clients that they need to have a more realistic view in the prices that they are asking when they market their property.