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Things to look out for when getting your Sengkang resale property sold for 2022

Things to look out for when getting your Sengkang resale property sold for 2022

One of the questions frequently asked by our viewers is what to look out for or things to look out for when getting your Sengkang resale property sold for 2022. So let’s find out about it today and what you should know about Sengkang resale property 2022.

Sengkang resale flat or Sengkang resale property 

The value of resale flats, mainly Sengkang resale, is surging. Resale flats are gaining popularity and momentum, especially near the well-known primary schools and shopping malls. But at the same time, newer flats in the non-mature areas like Sengkang and Punggol are also gaining impetus.

Sengkang and Punggol are the two most coveted properties in terms of resale flats, according to data from data.gov.sg and on the number of apartments sold in January and February. In these two months, nearly 447 flats transacted in Sengkang and about 446 flats in Punggol.

During the pandemic in the year 2020, Punggol and Sengkang also witnessed a voluminous increase in resale transactions. Sengkang’s resale price was especially alarming. According to Hutton’s Asia research, there was a hike of 181.5% in Punggol, while Sengkang achieved a 60.5% increase. 

Who will opt for the Sengkang resale property?

The downgrades

It is perceived there has been a rise among the cash-rich buyers to buy resale flats. This group encompasses the downgrades from the private market.

The ex-en bloc owners are also the buyers of the resale flats or Sengkang resale property. They have a lump sum in hand and can pay for an HDB resale flat in full. They can use their cash balance for any other forms of investment or after retirement.

These wealthy buyers possess every financial means to pay for the HDB resale flats in the total amount.

The couples

Couples unwilling to wait for four to five years for BTO flats choose to buy resale apartments or Sengkang resale property.

Construction delays appear in the construction of new flats, which have grown substantially during the pandemic, prompting them to buy resale flats. Some do not mind purchasing a few years older HDB resale flats. 

Also, at the same time, some empty nesters wish to acquire some capital to support their children to buy properties.

The trend in prices for resale flats

It is seen that there has been a 5% rise in prices for resale flats, and the number of transactions increased up to 4.4% following HDB. 

According to Orange Tee and Tie’s Sun, the economic outlook looks optimized this year, and if the pandemic gets over, the economy can fetch better results than last year.

This year, it expected that more flats would reach MOP, which will make the transactions increase and the HDB resale volume may boost up by 5% this year, to around 24,000 to 26,000 units. For resale flats, prices will continue to increase by 2% to 5% for the whole of 2021.

Given the situation, whether the government will impose curbs on the prices of HDB resale flats, Sun puts forward that by pulling the mortgage servicing ratio and the loan-to-value ratio, the problem could be solved.

Huttons’ Lee adds that the government can make minor adjustments in the financial portion to check the price growth. He says that the cash component can be given an impetus to achieve this, or the amount of CPF funds utilized can be lessened. 

In his view, he believes that transaction volume will remain between 23,000 and 24,000 flats. HDB resale prices will also grow between 2% and 4% in 2021.

In the statistics given by Data.Gov.SG, it is seen that in Punggol, there has been a change of 181.5% in resale transactions in HDB in the years 2011 and 2020. In Punggol, the number of transactions in 2011 was 623, and it increased to 1,754 in the year 2020.

Whereas, in Sengkang, a change of 60.5 % has taken place between the year 2011 to 2020. In Sengkang, the number of transactions in the year 2011was 1,348. It raised to 2,164 in the year 2020.

Knowledge about resale flats in Punggol and Sengkang

Punggol

Punggol is considered a relatively young estate. Under the “Punggol 21” plan, this new waterfront town is on its way to becoming Singapore’s New-age town filled with residential HDB flats, Condominiums, recreational facilities, and a waterfront living center.

Sengkang

For resale flat Sengkang or Sengkang resale property, it is essential to know that Sengkang ranks second in terms of HDB estate. It is mainly thronged by young Singaporeans. This district is becoming a hub of Singapore’s economy.

Due to this significant improvement, many high rises are seen here, with fast growth in population and commercial sector.

Like Punggol, Sengkang can also cut your expenses. It also bears cost-saving 4- room, 5- room, and Executive HDB flats. The Resale prices in Sengkang are also lower than Punggol.

This is an excellent opportunity for saving money, and at the same time, you can have the opportunity to live in a modern town and enjoy the amenities prevalent there. The Sengkang resale flat provides you an opportunity for a great living, especially for the youngsters.

To gain complete knowledge before buying or selling flats at Sengkang, Now Homes can provide your thoughtful and informative data, which can help you make the right choice.

 

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