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Geylang Living News - It's not an ideal situation' - Young couples delay home buying plans

Geylang Living News - It's not an ideal situation' - Young couples delay home buying plans.

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Geylang Living News: Account manager Charlene Teo, 25, and her fiance have been looking for a four-room apartment for resale on mature land in Queenstown for four months. for a couple planning to get married in 2023.

“The market was very competitive, and we were hoping to get a house in Queenstown to be close to my parents, even if we had to buy an older apartment. But now, we may have to delay our plans due to higher upfront payments,” she said, noting that it would cost them more than $120,000 for a four-room apartment with a contract. a 70-year lease costs more than $600,000.

Ms. Teo is one of a number of young couples concerned that the latest cooling measures could delay their home-buying plans due to tighter regulations on HDB loans. Measures include a 15-month waiting period for single-family home owners looking to buy a resale unit and a new interest rate floor of 3% on applications for HDB Loan Eligibility Letters (HLEs) from date September 30, the maximum loan reduction can be applied. take. These restrictions come just nine months after the previous one, when LTV on HDB loans fell from 90% to 85%.

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Ms Teo said that even with about $80,000 in housing benefits, increasing the upfront payment means she and her fiance will likely have to buy a smaller apartment or wait to accumulate savings. thrifty. With their HLE due to expire in December, they are running out of time before their loan is subject to a floor rate, she said. “We can still get married and live with our parents on both sides, but we prefer to have our own space and privacy,” she said. Another buyer, who wants to be known as Joanne, 24, said a 20% down payment was "a pretty big deal" when she was looking for a five-room apartment in Toa Payoh or Marymount with her husband, 28 years old.” We've been searching since March, but many homes there are asking for more than $1 million. Joanne, who works in finance, said we adjusted our budget a few times, but prices rose faster.

She expects the real estate market to cool down after a period of social distancing and is willing to wait one to two years before buying an apartment. “We hope to have two or three children before my husband turns 35. We can rent a one-bedroom apartment that my in-laws own in the meantime, but we hope to had a bigger house before having children,” she added. An accountant who wants to be known as Mr AJ, 30, worries that the restrictions will drive up prices for four-room flats, as private home owners who are at least 55 years old can buy apartments resell four rooms or less without restrictions. He and his wife, 25, were looking for an older, four-room apartment in the adult town of Tampines and Pasir Ris, to be near his parents. “Sellers are still refusing to change their asking price,” he said, adding that cash-over-value (COV) is a major deterrent in deciding whether to buy a home. . COV is the amount a buyer must pay in cash when a resale apartment is sold for more than its actual HDB value.

Geylang Living News - Young couples delay home buying plans

The new property-cooling measures went into effect on September 30, coming in just nine months after the previous round of restrictions.

Geylang Living News

Geylang Living News

He says that while the 20% upfront payment is manageable thanks to the housing allowance, most sellers are asking for a COV that is above his budget up to $20,000 in cash. “(Owners of) a poorly maintained 1990s home asked for around $50,000 in COV – which is not a fair deal from a first-time buyer’s perspective. . Meanwhile, private property owners hoping to downgrade to a resale unit say a 15-month lease is not viable, while HDB sellers have received lower offers since.

Ambitious HDB upgrader, Wendy Ho, is hoping to sell her Build to Order five-room apartment in Punggol, which will reach its minimum occupancy by the end of October, for $750,000. la. But interested buyers who wanted to downgrade had to cancel their offer due to the new waiting period. Ms Ho, 34, who works in marketing, said: “We were a step behind – we didn't offer a fast enough purchase option. "Now, other buyers, especially first-timers, can't make the same offer." Ho and her husband, 35, said they would postpone their plans to move to an apartment or HDB apartment closer to the city center.

A private property owner who wanted to be known only as Mr Ashiq, 41, intends to sell his two-bedroom condo to buy a resale five-room flat or an executive apartment, so his two children have more space to play. Renting is not an option to ride out the wait-out period, as the rental market is “too insane”, he said. “The best option we have right now is to stay put and hope the temporary measure gets lifted by next year."

Because we are all different, the way we express ourselves shouldn't be the same. Geylang Living has 3 distinctive blocks, each offering an independent, forward-looking lifestyle. A canvas to paint who you are, what you represent, and your individual point of view. Meet your neighbours at Geylang Living. A community of morden like-minded individuals, couples and families. Savvy, well-travelled, lifestyle mavericks. Connected yet independent minded. On the lookout for new opportunities, ideas and the next big thing.

Geylang Living is about 500 metres from Dakota MRT station. Which is just a brisk 8 minutes' walk away. At the MRT, the Circle Line takes you directly to Singapore Sports Hub, Marina Bay Sands, Gardens by the Bay, Marina Bay Financial Centre, Esplanade — Theatres on the Bay and Dhoby Ghaut Interchange. Located along Guillemard Road just north of Mountbatten, Geylang Living takes you close to the action. Great food at Old Airport Road Food Centre. Sporting activities and world-class entertainment at the Singapore Sports Hub and future Kallang Alive. An expressway right across to Downtown Core and Orchard. Hipster haven at Joo Chiat and Katong. Geylang Living is at the centre of it all.

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