The housing and property market prospered in 2021, where sales hit their highest in several years. As Singapore’s economy grew, our demand for housing increased as well.
However, the new cooling measures implemented in December 2021 changes the industry’s outlook.
New measures such as a higher Additional Buyer’s Stamp Duty (ABSD), tightening the Total Debt Servicing Ratio (TDSR) and lowering the Loan-to-Value (LTV) were added to cool down the market.
Wondering how property trends will change in 2022? Here are a few factors to consider.
Lower Housing Supply & Fewer Launches
Believe it or not, the number of unsold private properties in Singapore has reached an all-time low at the end or 2021. There were 17,140 units left, and that is the lowest in four years.
After adding the cooling measures and the moderating the land supply, there will be lesser property launches.
It is estimated that only 5,400 units across 40 launches will be released in 2022. That is a huge contrast to the usual 10,000 in previous years!
Increase In Demand For Executive Condominiums (ECs)
Executive condominiums (ECs) have always been popular among homeowners! This is because they are not required to make payment for ABSD.
Coupled with the cooling measures implemented to curb housing prices, there’ll likely be an increase in demand for ECs.
Owning an EC gives homeowners greater flexibility and lesser fees to take care of.
A Larger Rental Demand
COVID-19 has affected everyone, regardless of the industry they are in. Most couples in Singapore would choose to get a Build To Order (BTO) flat to live in after marriage.
How BTOs work is that couples can apply for the flat, get a unit and wait for the building to be constructed. Construction usually takes 4-5 years but it has been delayed due to COVID-19. Waiting time have increased by 1-2 years.
As such, many couples who have dreamed of having their own homes turned to rental while they wait.
For example, they will choose to rent a studio apartment to build their life together. This has resulted in an increase in demand for rent!
Another factor that contributes to the increase in rental demand is that Singapore has reopened her borders, allowing foreign workers and expats to enter our country again. Be it for work or education, they need a place to stay.
Renting is especially good when people need immediate housing or if they cannot afford to buy a house.
Buying a property in Singapore starts from $250,000 and not everyone has that amount of money ready. Hence, rent becomes their next best choice!
The Assembly Place (TAP) Provides More Renting Options For All
The Assembly Place offers amazing co-living spaces for everyone. The company was founded with the goal of gathering people where ideas can be shared. We create an environment that is more than just co-living!
TAP has been around Singapore for several years and is an established business with steady expansions.
We have a high occupancy rate of 98.5% with at least 200 rooms in the pipeline!
TAP is planning to increase our assets as we realise that more and more people are renting in Singapore. We noted that our tenants range from expats to locals who need immediate housing.
What Type Of Rent Does TAP Provide?
TAP believes in offering a place for social interactions and a place that allows you to recharge. We offer a wide variety for all your needs.
Our apartments range from condominiums to landed properties that are situated at prime locations. Think Orchard, Tiong Bahru, River Valley and more!
Whether you are looking for a studio apartment, a single room or a bigger room for you and your partner, TAP is able to provide you with multiple options.
Co-living at TAP is a comfortable and memorable experience. All of our units are fully furnished and ready to move in! This means that you don’t need to purchase your own furniture. We even have washing machines and study tables ready.
We have priced our rooms at an affordable rate, and with 3 months flexible lease.
It’s great for those who want to experience co-living!
Your Option As A Temporary Home
TAP serves as a temporary home for those who urgently need a place to stay. Our team consists of experienced professionals in the property industry, allowing us to understand our consumers’ needs even better.
Singles and couples who want to move out from their parents’ home can consider co-living at TAP. With work from home becoming the norm, some of us have been facing extra stress from our families.
As such, Singapore has noted an increase in young adults moving out. Many of them have chosen TAP’s co-living as it is wallet friendly and offers a wonderful living environment.
TAP is very relevant in the property industry and we recently received multiple awards from the prestigious Asia Property Awards!
We are proud to have been given the “Best Co-living Operator” and the “Best Co-living Space” at the Asia Property Awards 2021.
We are humbled to be given this prestige and it spurs us to continue working even harder. It is a recognition of our hard work and strategy.
Explore our website to view our apartments!