The knockdown and redeveloping of condo projects around Amber Road
What does the knock down of Singapore Condo realty means for people looking to buy condo homes? Well, certainly it may mean a lot for the future of new condos and what potential buyers are able to invest in. A rise in new developments of condo unit buildings like Amber 45 located at 45 Amber Road, have seen the likes of investors and property developers paying huge sums of money to buy government land parcels within the localized areas and many existing condo blocks of Singapore via En-bloc procedure.
These investors and property firms are paying record prices for these properties, which they are planning on knocking down the properties and redeveloping them on the newly purchased sites with new condo developments that will boost more units for a growing number of potential buyers in Singapore.
Whilst the condo market has slowed down for the past 15 quarters, there is an up rise that many investors and property buyers are beginning to notice in the prime realty market. The optimism for the future of condo buying is greater than the past 15 quarters. It is beginning to make sense that there will be a rebound of condo buying, due to the fact that the realty market rebound has to happen sooner than later.
As stable as Singapore real estate was in the past, this slow decline hasn’t really affected the need for liveable spaces in Singapore. More new developments will be underway like the Amber 45, these buildings are being built on massive square foot properties and will boast over hundreds of newly developed units for new condo buyers coming into the market.
Singapore 45 Amber Road Property Reports
2017 reports showed that developers paid 22% premium for the top five residential condo sites in Singapore which was more than in 2016. This shows that there is an upturn in the realty 2018 market for condos and investors are taking an advantage in buying these sites for building their massive luxury condo buildings with great amenities options.
Although the purchase of property site becomes more and more relevant throughout Singapore; Are investors making the right decisions for buying up property sites to build their prime and ideal realty for potential buyers? With the recent realty forecast, Singapore realty Authorities say more recent sales of private condo units could add 20,000-30,000 more condo units to the 2018 market for private housing sales in Singapore.
This will more than double the expected number of units that are unsold in the pipeline in the near future, maybe in 1-2 years’ time. With developer being hungry for land they are ready for the influx of people coming to buy private housing condo units as their unsold inventory is coming to an all-time low and the need to build more condos is becoming more apparent.
However, as the physical oversupply of more new developments are sometime away, these new developments may be readily available within the next four to five years. The Property Authorities in Singapore feel that the fervour of buying will go ahead of the certain anticipated increase in private housing supply but; Does this create an imbalance of condo units? Will it lead to a decrease in property prices? Will it result in losses? It may be too early to know as people have to wait it out and see where the property market goes, even though it is undoubtedly rising in the foreseeable future.