Reuters: SINGAPORE Young Singaporeans are more likely than older age groups to choose renting and apartment sharing because current property costs are too high for them.
Even However, the majority of consumers still plan to purchase a property within the next two years, according to a consumer sentiment study published last week by real estate portal PropertyGuru.
Two-thirds of those aged 22 to 29 said they have chosen to rent rather than buy a home because of a lack of funds, despite the fact that one-third of those surveyed indicated they are feeling the pinch of rising rents.
One-third of people in this age group are interested in home ownership options like shared housing because of the lower rent and shared services, while one-fifth of those in this age bracket think that current real estate prices are too expensive.
Other age groups’ perceptions on shared housing were not included by the study. The study, which was conducted in June and July of this year, had 967 participants.
Young Singaporeans typically list privacy and independence as reasons for renting, according to Christine Sun, senior vice-president of research and analytics at OrangeTee & Tie.
Mr. Asher Chua, 27, who shares a four-room Housing Board home with two pals in the heart of the city, claims he left his parents’ house last year because he needed his own space.
According to the report, the majority of people still intend to own their own homes in the next two years, with a demand for more personal space coming in first.
48 percent of people in their 30s to 39s agreed, compared to 54 percent of people in their 22s to 29s.
In his speech on the housing needs of singles at this month’s Parliament session, Workers’ Party MP Louis Chua will argue that housing policy should take into account people’s rising rental needs.
He told The Straits Times, “HDB rental flats should not be considered only as a method of satisfying the housing needs of poor and needy citizen families who cannot afford home ownership flats, have no other housing options, and no family support.”
Young Singaporeans no longer view renting as a dirty word.
Sim Ann, a senior minister of state for national development, stated in March that the government’s intention for HDB rental flats is to continue offering highly subsidized housing to families who are just starting out and to those who are struggling financially while they wait for their Build-to-Order flats to be finished.
Ms. Sim noted that Mr. Chua had proposed a type of subsidized rent that would encourage tenants to purchase their property and said that such arrangements play a role in societies where there are significant disparities between housing ownership aspirations and affordability.
Even if it isn’t a dream home, owning a home is a millennial’s aspiration.
While Mr. Asher Chua mentioned that he intends to buy a house in the future, he did not completely rule out the possibility of renting for an extended period of time.
The Covid-19 outbreak and the mixed work style, according to Tan Tee Khoon, country manager of PropertyGuru Singapore, had an impact on consumer purchasing behavior.
He thinks that because HDB resale flats are less expensive than private residential homes and there is a growing demand for larger residential types, they are more desirable.
Additionally, this implies that uncommon HDB flat types with spacious interiors, such as executive apartments and maisonettes, can fetch a higher price.
A big HDB property in a wonderful location selling for $1 million is an outstanding deal in an inflationary environment, he continued, explaining the rise in million-dollar HDB homes sold this year.
You could think about the planned The Reserve Residences development on Jalan Anak Bukit. The proposed integrated development by Far East and Sino Group is called The Reserve Residences. The Reserve Residences Showflat should be available for viewing by the end of 2022.
You might choose Tenet EC if you qualify for an executive condo. The Tampines North Tenet EC showflat will be completed by November 2022. Tenet EC is a project that Qianjian and Santarli have collaborated on.
Another development next to Lentor Modern called Lentor Hills Residences is worth considering. It is minutes walk to Lentor MRT and mixed development Lentor modern where you find all your shopping retail malls food and eateries.