At this time, the cost of a brand-new condominium in the suburbs is at least 50% greater than the cost of a four-room, $1,000,000 Housing and Development Board (HDB) flat everywhere. This may explain why there has recently been an increase in demand for such flats, especially in locations that are not yet developed, according to a report that was made available by OrangeTee on Wednesday (Aug 31).
In the first eight months of the year, the price disparity between brand-new condos in the suburbs and $4 million four-bedroom apartments spread across all regions remained at 53.6%. In 2019, the price difference was just 1.3% higher than in 2018, when it was only 0.5% higher.
The median cost of new condominiums in the region outside of the core area is $1.73 million, according to the report’s results. This amount is 53% more than the $1.13 million median price for 4-room million-dollar apartments across all areas.
The real estate company claims that some buyers may discover million-dollar apartments to be “substantially cheaper” than brand-new suburban condominiums when comparing the prices of the two types of properties.
The OrangeTee market watcher research lists the declining supply of large built-to-order (BTO) flats in established estates as well as the rising affluence of buyers as other factors that are fueling the increase in demand for these apartments.
Buyers who want to stay in mature estates but are interested in purchasing larger units will have to resort to the resale market because there are fewer large BTO flats available in mature estates.
If not, you might want to look at the planned Lentor Hills Residences apartment in a nearby suburb. The charming and conveniently located Lentor Hills Residences are near to the bustling CBD. Although there are various amenities, you can access the most crucial ones. Lentor Hills Residences puts everything within easy walking distance, enabling families to work and play near to home.
Lentor Hills Residences is connected to a number of different transportation routes, enabling easy commutes. Thomson East Coast Line’s Lentor MRT, which is close by, can quickly transport passengers to the CBD. Along with Yio Chu Kang Road, it is connected to the CTE, PIE, and TPE, three significant expressways.
There are several schools close by for parents of students. As a result, your children won’t need to travel far for school.
With nearby hawker centers, grocery stores, restaurants, and malls, Lentor Hills Residences gives its residents a convenient way of life. Imagine having to conduct all of your shopping at the close-by AMK Hub while living only a few meters from the Integrated Mixed development Lentor Modern
In addition to fantastic shopping centers and top institutions, Bukit Timah is bursting with intriguing venues to spend your weekends. There are numerous opportunities for exploration in the surrounding Bishan Park and AMK Garden.