{"id":121834,"date":"2021-09-06T06:06:12","date_gmt":"2021-09-05T23:06:12","guid":{"rendered":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/more-home-buyers-turn-to-suburban-private-housing-amid-work-from-home-trend\/"},"modified":"2021-09-06T14:14:41","modified_gmt":"2021-09-06T07:14:41","slug":"more-home-buyers-turn-to-suburban-private-housing-amid-work-from-home-trend","status":"publish","type":"post","link":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/more-home-buyers-turn-to-suburban-private-housing-amid-work-from-home-trend\/","title":{"rendered":"More home buyers turn to suburban private housing amid work from home trend"},"content":{"rendered":"


\nWork from home arrangements has seen demand for larger units go up and home buyers being more willing to buy properties in OCR neighbourhoods.
\nThe rise of the work from home trend due to the COVID-19 pandemic saw Singapore buyers opting for larger homes, allowing them to set up dedicated workspaces or makeshift offices segregated from personal spaces.
\nIn fact, sales of large homes now hover at almost a 10-year high, said Christine Sun, Senior Vice President of Research and Analytics at OrangeTee and Tie, in an article posted in Channel News Asia (CNA).
\nURA Realis data showed that sales of large condominiums measuring at least 1,200 sq ft surged 205.5% to 4,335 units (including subsales) during the first half of 2021 from 1,419 units over the same period last year.
\nThe figure surpassed the 2,056 units shifted over the same period in 2019 before the pandemic, and the 3,786 units transacted in the same period in 2018 prior to the introduction of cooling measures.
\nThe increased demand for bigger units was evident across all market segments.
\nRelated article:\u00a0Read Online: Singapore Property Market Index Q3 2021
\nSales of large condominium units of at least 1,200 sq ft within the Outside Central Region (OCR) soared over four times from 211 units in Q2 2020 to 1,007 units over the same period this year. The Rest of Central Region (RCR) saw sales for similar units surge by five times to 650 units, while sales in the Core Central Region (CCR) jumped by almost six times to 616 units in the same period.
\nComparatively, sales for smaller units modestly increased over the same period. The OCR saw sales for smaller units increase 2.4 times to 2,149 units. Similar sales in the RCR also grew 2.4 times to 1,658 units and over 3.5 times to 1,039 units in the CCR.
\nPrices of big condominiums increased the steepest, with some buyers seizing the opportunity to purchase larger homes in anticipation of further prices hikes in the future.
\nIn the past seven years, the median price of big resale condominiums over 1,200 sq ft increased between 14.9% and 21.2% from H1 2014 to H1 2021 \u2013 a stark contrast from smaller units below 800 sq ft which posted a 2% to 9.2% decline.
\nWith this, more buyers have been looking to the suburban areas, where larger resale homes may be more affordable.
\nIn H1 2021, about 50% of non-landed resale transactions were in the OCR, an improvement from 45.9% in 2019 and 41.7% in 2017.
\nOver half of the top 10 resale condominium hotspots during the period were in the suburban regions, with District 19 (Hougang, Punggol, Serangoon Gardens) topping the list.
\nDistrict 23 (Hillview, Dairy Farm, Bukit Panjang, Choa Chu Kang) claimed fourth place, followed by District 18 (Tampines, Pasir Ris) at fifth spot. District 14 (Geylang, Eunos) settled in seventh place, while District 16 (Bedok, Upper East Coast, Eastwood, Kew Drive) took the eighth spot.
\n\u201cThese rankings were vastly different from seven years ago when prime locations like Districts 9, 10 and 11 were in the top 10, with District 10 in the top spot and District 9 in third place,\u201d said Sun.
\n\u201cThis significant shift in demand for resale homes from prime locations to the suburban and city fringe areas over the years will likely come into sharper focus as employees navigate hybrid working arrangements.\u201d
\nShe noted that people might no longer mind \u201cstaying further away from the city centre\u201d where their offices are located.
\n\u201cNeighbourhood amenities and satellite offices in the suburban areas may suffice, after the Government plans to transform specific non-matures estates and make them more liveable,\u201d she said, adding that this may also explain why more buyers are willing to pay more for homes in Pasir Ris or Punggol.
\nAnd with Singapore drawing a road map to working and living with COVID-19 in an endemic state, Sun said the trends of bigger, suburban housing reflect the expectations of Singaporeans that some form of remote work would continue for many.
\n\u201cIt may even become a longer-term norm for those in sectors like banking, finance, accounting, or information and technology where technological advancement has eased the transition with minimum disruption,\u201d she said.
\n\u201cThis group of professional workers with better job stability and purchasing power may continue to drive demand and prices, and keep Singapore\u2019s residential property market in good health.\u201d
\nLooking for a property in Singapore? Visit PropertyGuru\u2019s\u00a0Listings,\u00a0Project Reviews\u00a0and\u00a0Guides.
\nCheryl Chiew, Digital Content Specialist at PropertyGuru, edited this story. To contact her about this story, email:\u00a0cheryl@propertyguru.com.sg.\u00a0
\n
\nSource : proppertyguru.com.sg\/Property Market
\nRead more…More home buyers turn to suburban private housing amid work from home trend<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

Work from home arrangements has seen demand for larger units go up and home buyers...<\/p>\n","protected":false},"author":1,"featured_media":121835,"comment_status":"false","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"spay_email":"","footnotes":"","jetpack_publicize_message":"","jetpack_is_tweetstorm":false,"jetpack_publicize_feature_enabled":true},"categories":[1],"tags":[],"class_list":["post-121834","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-property-news"],"jetpack_featured_media_url":"https:\/\/i2.wp.com\/www.siamlandbank.com\/propertynews\/wp-content\/uploads\/2021\/09\/Residential-apartments-in-Singapore-v2.jpg?fit=820%2C410&ssl=1","jetpack_publicize_connections":[],"jetpack_sharing_enabled":true,"jetpack_shortlink":"https:\/\/wp.me\/p75ss1-vH4","jetpack-related-posts":[{"id":120587,"url":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/more-buyers-looking-for-bigger-homes-since-end-of-circuit-breaker\/","url_meta":{"origin":121834,"position":0},"title":"More buyers looking for bigger homes since end of circuit breaker","date":"June 29, 2021","format":false,"excerpt":"\r In 2020, the number of resold executive HDB units\u00a0increased by 12.8% year-on-year to 1,882 units and the number of resold five-room flats\u00a0climbed 10.3% year-on-year to 5,984. Since the end of the circuit breaker in June last year, Singapore witnessed an increased demand for larger homes, especially for older Housing\u2026","rel":"","context":"In "Property News"","img":{"alt_text":"","src":"https:\/\/i1.wp.com\/www.siamlandbank.com\/propertynews\/wp-content\/uploads\/2021\/06\/Colour-Scheme-HDB-e1479092279776.original.jpg?fit=820%2C410&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":48292,"url":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/new-private-home-sales-up-155-8-in-feb\/","url_meta":{"origin":121834,"position":1},"title":"New private home sales up 155.8% in Feb","date":"March 16, 2017","format":false,"excerpt":"\r The Clement Canopy was the only private condo launch in February. (Photo: UOL Group) Even with only one new project launch, the number of private residential units (excluding ECs) sold by developers rose 155.8 percent to 977 units in February 2017 from 382 in the previous month. On a\u2026","rel":"","context":"In "Property News"","img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":52167,"url":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/private-home-sales-soared-81-8-in-march\/","url_meta":{"origin":121834,"position":2},"title":"Private home sales soared 81.8% in March","date":"April 18, 2017","format":false,"excerpt":"\r New private homes saw stronger sales since Total Debt Servicing Ratio was introduced. \u00a0 Developers saw new private home sales soar 81.8 percent to 1,780 units in March from 979 units in February. \u00a0 On an annual basis, private home sales surged 111.2 percent from the 843 units sold\u2026","rel":"","context":"In "Property News"","img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":118256,"url":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/private-home-sales-up-8-2-in-july-second-consecutive-m-o-m-increase\/","url_meta":{"origin":121834,"position":3},"title":"Private home sales up 8.2% in July, second consecutive m-o-m increase","date":"August 17, 2020","format":false,"excerpt":"\r Treasure at Tampines was the best-selling project in July, with 112 units sold.\u00a0 New private home sales in Singapore continued to climb for the second month in a row after the government allowed the reopening of showflats. Excluding executive condominiums (ECs), new home sales rose 8.2% month-on-month to 1,080\u2026","rel":"","context":"In "Property News"","img":{"alt_text":"","src":"https:\/\/i0.wp.com\/www.siamlandbank.com\/propertynews\/wp-content\/uploads\/2020\/08\/private-home-sales-july-2020-1024x382.png?fit=1024%2C382&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":121647,"url":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/singapore-private-home-market-to-remain-on-sound-footing\/","url_meta":{"origin":121834,"position":4},"title":"Singapore private home market to remain on sound footing","date":"August 25, 2021","format":false,"excerpt":"\r 8,449\u00a0units in the primary and secondary private home market were transacted in Q2 2021, a 4.3% quarter-on-quarter increase. Barring the introduction of cooling measures from the government, Singapore\u2019s private homes market is expected to remain on sound footing, with new launch activity picking up in the second half of\u2026","rel":"","context":"In "Property News"","img":{"alt_text":"","src":"https:\/\/i0.wp.com\/www.siamlandbank.com\/propertynews\/wp-content\/uploads\/2021\/08\/condominium-singapore.jpg?fit=820%2C410&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":117448,"url":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/propnex-positive-of-private-home-markets-long-term-outlook\/","url_meta":{"origin":121834,"position":5},"title":"PropNex positive of private home market\u2019s long-term outlook","date":"June 30, 2020","format":false,"excerpt":"\r The real estate firm noted that the month-on-month rebound in new home sales in May and the return of homebuyers to acquire units during Phase 2 of the circuit breaker is \u201ca potential sign of underlying demand, particularly for strategically-priced units\u201d. Real estate firm PropNex expects homebuyers \u2013 especially\u2026","rel":"","context":"In "Property News"","img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]}],"_links":{"self":[{"href":"https:\/\/www.siamlandbank.com\/propertynews\/wp-json\/wp\/v2\/posts\/121834"}],"collection":[{"href":"https:\/\/www.siamlandbank.com\/propertynews\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.siamlandbank.com\/propertynews\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.siamlandbank.com\/propertynews\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/www.siamlandbank.com\/propertynews\/wp-json\/wp\/v2\/comments?post=121834"}],"version-history":[{"count":0,"href":"https:\/\/www.siamlandbank.com\/propertynews\/wp-json\/wp\/v2\/posts\/121834\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.siamlandbank.com\/propertynews\/wp-json\/wp\/v2\/media\/121835"}],"wp:attachment":[{"href":"https:\/\/www.siamlandbank.com\/propertynews\/wp-json\/wp\/v2\/media?parent=121834"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.siamlandbank.com\/propertynews\/wp-json\/wp\/v2\/categories?post=121834"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.siamlandbank.com\/propertynews\/wp-json\/wp\/v2\/tags?post=121834"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}