{"id":58648,"date":"2017-06-22T10:09:51","date_gmt":"2017-06-22T03:09:51","guid":{"rendered":"http:\/\/www.siamlandbank.com\/propertynews\/property-news\/experts-urge-private-home-sellers-buyers-to-be-realistic-with-expectations\/"},"modified":"2017-06-22T10:19:03","modified_gmt":"2017-06-22T03:19:03","slug":"experts-urge-private-home-sellers-buyers-to-be-realistic-with-expectations","status":"publish","type":"post","link":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/experts-urge-private-home-sellers-buyers-to-be-realistic-with-expectations\/","title":{"rendered":"Experts urge private home sellers, buyers to be realistic with expectations"},"content":{"rendered":"


\n\u00a0
\nWith the Singapore Land Authority on Tuesday (20 June) affirming the policy that no compensation will be given to owners of residential properties upon lease expiry, property experts called on private home buyers and sellers to be realistic with their expectations, reported Today Online.
\nThis comes as thousands of apartment and condominium owners will soon find their properties become undesirable over the coming decade due to shorter leases of not more than 50 years.
\nNotably, 13 condominiums and mixed-used developments in Singapore will have leases of not more than 50 years by 2027 \u2013 or the point when values of the property would generally plummet, said the experts.
\nUrban Redevelopment Authority data compiled by National University of Singapore School of Design and Environment, Department of Real Estate associate professor Sing Tien Foo showed there are currently 48 developments across the island that are more than 30 years old.
\nShorter leases leave private property owners with limited options \u2013 either to sell at a loss or rent out the units.
\nGiven that Singapore is a land-scarce country, the experts believe that there will always be takers for these type of properties, much like a second-hand cars with only a few years left on their Certificates of Entitlement (COEs) \u2013 sellers will only have to be realistic with their asking prices.
\n\u201cThere will be a segment of buyers who don\u2019t have a large sum of money upfront, or don\u2019t wish to take up a big mortgage. And paying S$300,000 for a place with 10 years left, for instance, could be a viable option.\u201d
\n\u201cThere is no investment potential \u2026 (but) it is just like paying for COE, which runs out after 10 years, and that\u2019s it \u2026 or buying cars with just two to three years left, but you\u2019re able to get it cheap.\u201d
\nIn concurring, Suntec Real Estate Consultants director of research and consultancy Colin Tan said sellers with realistic expectations will be able to move their properties, no matter how short the lease.
\nAnother viable option for these owners is to rent out their homes, said SingCapital chief executive Alfred Chia. \u201cAs long as the properties are of good quality and location, homeowners in Singapore will always be able to rent them out.\u201d
\nMeanwhile, property buyers will have to adjust their mindset and consider property acquisition as less of an investment.
\n\u201cProperty value in Singapore \u2026 will not appreciate as much as it did in the past. Homeowners should aim to pay off their housing loans before they are 60 or 65 years old,\u201d said Chia.
\n\u201cThen, they can focus on building their retirement funds, and even have options such as renting out their rooms, or downsizing (their homes).\u201d
\n\u00a0
\nThis article was edited by Denise Djong.
\n
\nSource : proppertyguru.com.sg\/Property Market
\nRead more…Experts urge private home sellers, buyers to be realistic with expectations<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

\u00a0 With the Singapore Land Authority on Tuesday (20 June) affirming the policy that no...<\/p>\n","protected":false},"author":1,"featured_media":0,"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-58648","post","type-post","status-publish","format-standard","hentry","category-property-news"],"jetpack_featured_media_url":"","jetpack_publicize_connections":[],"jetpack_sharing_enabled":true,"jetpack_shortlink":"https:\/\/wp.me\/p75ss1-ffW","jetpack-related-posts":[{"id":49342,"url":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/making-sense-of-the-property-tweaks\/","url_meta":{"origin":58648,"position":0},"title":"Making sense of the property tweaks","date":"March 24, 2017","format":false,"excerpt":"\r View of luxury apartments in downtown Singapore. In a surprising move, the government recently eased some of the property cooling measures. Will it draw home buyers back into the market and push property prices up? We ask the analysts for their views. By Romesh Navaratnarajah On 10 March 2017,\u2026","rel":"","context":"In "Property News"","img":{"alt_text":"","src":"https:\/\/i2.wp.com\/www.siamlandbank.com\/propertynews\/wp-content\/uploads\/2017\/03\/Hari-V.-Krishnan-268x300.jpg?fit=268%2C300&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":95569,"url":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/home-buyers-and-sellers-to-pay-stamp-duty-on-digital-records\/","url_meta":{"origin":58648,"position":1},"title":"Home buyers and sellers to pay stamp duty on digital records","date":"August 7, 2018","format":false,"excerpt":"\r Stamp duty will be imposed on electronic records that effect the transfer of ownership over immovable properties as well as stocks. To ensure that Singapore\u2019s tax rules keep pace with the rapidly changing technology, the Ministry of Finance (MOF) introduced several amendments to the Stamp Duties Act on Monday\u2026","rel":"","context":"In "Property News"","img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":113165,"url":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/observers-say-hdb-lease-top-up-proposal-has-long-term-drawbacks\/","url_meta":{"origin":58648,"position":2},"title":"Observers say HDB lease top-up proposal has long-term drawbacks","date":"December 18, 2019","format":false,"excerpt":"\r This policy must run in perpetuity as issues may arise if it is ever shelved, says one observer. A one-time automatic lease to-up for old HDB flats might address the problem of their declining value once their leases expire, but it will bring long-term drawbacks, say observers, reported The\u2026","rel":"","context":"In "Property News"","img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":51661,"url":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/need-for-realistic-expectations-amid-expected-hike-in-en-bloc-sales\/","url_meta":{"origin":58648,"position":3},"title":"Need for realistic expectations amid expected hike in en bloc sales","date":"April 12, 2017","format":false,"excerpt":"\r The limited supply of land sites has resulted in more developers going after projects put up for collective sale. 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Total mortgagee listings\u2026","rel":"","context":"In "Property News"","img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":138967,"url":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/hdb-plus-flat-owner-rental-restrictions-first-timer-families-will-enjoy-priority-for-standard-bto-flats-and-more\/","url_meta":{"origin":58648,"position":5},"title":"HDB Plus Flat Owner Rental Restrictions, First-timer Families Will Enjoy Priority for Standard BTO Flats, and More","date":"August 28, 2023","format":false,"excerpt":"\r HDB Plus Flat Owner Rental Restrictions, First-timer Families Will Enjoy Priority for Standard BTO Flats, and More22 to 28 August 2023 The new Plus flat model will come with several conditions such as an income ceiling of $14,000 for resale buyers and a ban to rent out the entire\u2026","rel":"","context":"In "Property News"","img":{"alt_text":"","src":"https:\/\/i2.wp.com\/www.siamlandbank.com\/propertynews\/wp-content\/uploads\/2023\/08\/68784216_s-Cropped.jpg?fit=820%2C410&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]}],"_links":{"self":[{"href":"https:\/\/www.siamlandbank.com\/propertynews\/wp-json\/wp\/v2\/posts\/58648"}],"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=58648"}],"version-history":[{"count":0,"href":"https:\/\/www.siamlandbank.com\/propertynews\/wp-json\/wp\/v2\/posts\/58648\/revisions"}],"wp:attachment":[{"href":"https:\/\/www.siamlandbank.com\/propertynews\/wp-json\/wp\/v2\/media?parent=58648"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.siamlandbank.com\/propertynews\/wp-json\/wp\/v2\/categories?post=58648"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.siamlandbank.com\/propertynews\/wp-json\/wp\/v2\/tags?post=58648"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}