Singaporeans unveil home-buying preferences

Despite market uncertainties, 6 in 10 Singaporeans still plan to purchase homes this year.

Market uncertainties and recent cooling measures will not deter six in 10 Singaporeans from purchasing homes this year, data from PropNex showed.

Many of those looking for a new dwelling place prefer houses spanning from 800 sq ft to 1,200 sq ft or 3-bedroom and 3-bedroom premium units.

PropNex said the pricing of the preferred size range of homebuyers “could hover from anything between $1,660 psf and $2,500 psf to keep the overall quantum to under $2m.”

In terms of housing type, Singaporeans prefer private housing, either landed or non-landed. More than half (51%) said they particularly want a new launch condo or new executive condo (EC).

The preference for a new condo or EC is likely because 84% of Singaporeans believe that its value will “generally appreciate at a faster pace compared to that of older resale properties over time.”

In terms of location, most homebuyers (13%) prefer District 15 (Katong, Joo Chiat, Amber Road).

“District 15 tends to be a firm favourite among home buyers owing to its city fringe location and proximity to a wide range of amenities; the progressive opening of the Thomson-East Coast Line could also have helped to boost its appeal further,” PropNex said.

District 19 (Serangoon Garden, Hougang, Punggol) and the prime District 10 (Ardmore, Bukit Timah, Holland Road, Tanglin) are also popular amongst homebuyers.

Meanwhile, the survey also found that nearly one-third of homebuyers are not willing to pay any premium for eco-friendly features. Of those who are willing to pay, 49%  said they would pay no more than a 5% price premium for greener homes.