Are you ready to take the plunge and invest in a shiny new development in Singapore? With so many options on the market, it can be overwhelming to know where to start. But don’t worry, we’ve got you covered. In this article, we’ll take you on a journey of discovery, as we reveal the top factors to consider when evaluating a new development launch in Singapore. From location to government regulations, we’ll make sure you have all the information you need to make an informed and confident purchase or investment decision. So, grab your pen and paper, and get ready to take notes, because the search for your dream development is about to begin!
When it comes to evaluating a new development project in Singapore, location is key. As the old real estate adage goes, “location, location, location” is the most important factor to consider. Here are a few points to keep in mind when evaluating the location of a new development project:
- Prime locations: Singapore is home to many desirable areas for real estate investments, with some of the most popular locations including the Central Business District (CBD), Orchard Road, and Sentosa Cove. These areas are highly sought-after for their proximity to amenities, transportation, and employment opportunities.
- Access to amenities: Look for developments that are close to amenities such as shopping centers, restaurants, and parks. These amenities can not only provide convenience for residents but can also boost the development’s desirability, and therefore, its value.
- Transportation: Access to convenient transportation options like MRT stations and buses can make a big difference when it comes to the location of a development. It can help to attract tenants and buyers who need to travel frequently, whether for work or leisure.
- Proximity to schools: If you are looking to buy a development for rental purpose or for your own use, it’s important to consider the proximity of the development to schools. Living close to good schools can be an attractive selling point for families with school-going children.
- Surrounding Developments: It’s also important to take a look at the surrounding developments and their status, for example, is the development surrounded by similar developments that are already completed or still under construction. This could have an impact on the development’s value and desirability over time.
- Future developments: Consider any upcoming developments that may impact the value of the development you’re considering. For instance, if a new MRT station or major shopping center is planned for the area, it could boost the value of the development over time.
Overall, the location of a new development project in Singapore can have a major impact on its value, desirability, and potential for future appreciation. Therefore, when evaluating a new development project, it’s crucial to pay close attention to its location and consider how it will impact the project’s overall value in the long run.
When evaluating a new development project in Singapore, it’s important to consider the current demand for the type of development being proposed. Here are a few points to keep in mind when evaluating demand:
- Market trends: Research the current market trends to get a sense of what types of developments or unit sizes are in high demand in Singapore. For example, are 1 bedroom units selling faster than 3 bedroom units? or there is high demand for mixed developments? Knowing the market trends can help you understand the potential for demand for the development you’re considering.
- Demand for specific features: Consider whether the development has features or amenities that are in high demand, such as green roofs, rooftop terraces, or smart home technology. These types of features can make a development more desirable and increase its potential for future demand.
- Future demand: While it’s important to consider the current demand for a development, it’s also essential to think about the potential for future demand. For example, a development in an up-and-coming area may not have as much demand now, but could be a smart investment for the future if the area’s popularity continues to grow.
- Rental demand: If you’re planning on renting out the property, it’s important to consider the rental demand for the area. Consider the type of tenants that are in demand in the area, and whether the development caters to those tenants.
- Population demographics: It’s also important to consider the population demographics of the area. For example, if the area has a large population of expatriates, then consider if the development caters to the needs of expats.
Overall, demand is an essential factor to consider when evaluating a new development project in Singapore. By understanding the current demand for the type of development being proposed and considering future demand, you can make an informed decision about whether the development is likely to be successful. Additionally, it’s important to consider the demand for specific features and amenities, as well as rental demand and population demographics to understand how well the development aligns with the needs of potential buyers or renters. By keeping these factors in mind, you can have a better picture of the overall potential for the development.
Additionally, it’s also important to keep an eye on the market trends and government regulations, as these can change over time and may have a direct impact on the demand for properties. With a thorough understanding of demand, you can make a more educated decision on whether the development will hold its value and be successful in the long run.
Developer and Its Team
The development team leading a project is a crucial factor to consider when evaluating a new development project in Singapore. Here are a few points to keep in mind when evaluating the development team:
- Experience: Look for a developer with a proven track record of completing successful projects in Singapore. A developer with a history of completed projects is more likely to be able to deliver the development on time and within its specifications provided.
- Reputation: Research the developer’s reputation in the industry. Check for any customer complaints or negative reviews online on sales process and quality of the property upon completion.
- Design & Innovation: The design and quality of a development are also key factors to consider. Look for developments that have a pleasing design and are built using high-quality materials and construction methods. This ensures that the development is durable and requires less maintenance over time. Additionally, look for a developer who has a design and innovation-driven approach to their projects, and have clear design philosophy and aesthetic vision for the project.
Project facilities are an important factor to consider when evaluating a new development project in Singapore. Facilities can make a development more desirable and increase its potential for future demand. Here are a few points to keep in mind when evaluating amenities:
- Variety of facilities: Consider whether the development has a wide range of facilities, such as swimming pools, gyms, playgrounds, or green spaces. Having a variety of facilities can make the development more attractive to a wider range of buyers and renters.
- Quality of facilities: Consider the quality of the facilities offered by the development. Look for high-quality facilities that are well-maintained, clean and safe for use.
- Security: Evaluate the security measures in place at the development. This includes CCTV cameras, security personnel, and access controls.
- Maintenance and upkeep: Consider the developer’s plan for maintenance and upkeep of the facilities. Make sure the developer has a plan in place for regular maintenance and that service charges for common facilities are reasonable and affordable.
- Smart features: Look for developments that include smart features such as automated lighting, temperature control, and digital locks. These features can increase the desirability of the development and make it more attractive to potential buyers and renters.
By considering the location, variety, quality, security, maintenance, and smart feature amenities of a development, you can have a better understanding of how well the development aligns with the needs and desires of potential buyers and renters, which can impact the development’s overall value and potential for future demand.
When evaluating a new development project in Singapore, it’s important to consider the level of market competition in the area. Here are a few points to keep in mind when evaluating market competition:
- Number of similar developments in the area: Research the number of similar developments in the area, including those that are already completed and those that are currently under construction. This will give you an idea of the level of competition in the area.
- Prices of similar developments: Compare the prices of similar developments in the area, including those that have already been completed and those that are currently being sold. This will give you an idea of the prices being charged in the area, which can help you understand the potential for the development you’re considering.
- Quality of similar developments: Compare the quality of similar developments in the area, including design, construction, and amenities. This will give you an idea of what to expect from a development in the area, and can help you understand the potential for the development you’re considering.
- Rental demand: Research the rental demand in the area, and compare it to similar developments in the area. This will give you an idea of the potential for the development you’re considering.
- Developer’s reputation: Consider the reputation of the developer in the area, as well as their experience and track record of similar projects. This will give you an idea of the developer’s ability to deliver high-quality developments.
By considering the level of market competition in the area, you can better understand the potential for the development you’re considering. A development in an area with a high level of competition may face challenges in attracting buyers and renters, which can affect the development’s potential for future demand. On the other hand, a development in an area with less competition may be more attractive to buyers and renters and have more potential for future demand.
When evaluating a new development project in Singapore, it’s important to consider the potential for the development to hold its value in the future as part of your exit strategy. Here are a few points to keep in mind when evaluating resale potential:
- Location: As mentioned before, location is one of the most important factors to consider when it comes to resale potential. Developments in prime locations are more likely to hold their value and be attractive to potential buyers or renters in the future.
- Design and features: The design and features of the development can also affect its resale potential. Look for developments with a pleasing design and features such as green roofs, rooftop terraces, and smart home technology that can make a development more desirable and increase its potential for future demand. Also look at the unit layouts, for example, are they regular shaped and handicapped friendly?
- Market demand: Consider the current market demand for the type of development you’re considering and how it may change in the future. Look for developments that cater to the needs of the target market and that align with current market trends.
- Future developments in the area: Take into account any upcoming developments in the area that may impact the value of the development you’re considering. For example, if a new MRT station or major shopping center is planned for the area, it could boost the value of the development over time.
- Property Management: Consider the developer’s reputation and plan for the management of the development, including the management of common areas and facilities, as well as maintenance and repairs. A development that is well-managed is more likely to hold its value over time.
- Government regulations: It’s important to consider the government regulations and policies that may affect the resale potential of the development in the future. For example, the government has implemented Sellers Stamp Duty (SSD) to curb speculation in the market, it’s important to understand the restrictions that apply to the development you’re considering.
By considering the above factors, you can make a more informed decision about the development’s potential for future appreciation and its resale potential. It’s important to remember that while no one can predict the future with 100% certainty, by doing your due diligence and considering these factors, you can make a more educated decision about the development’s potential for long-term value.
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