In Singapore real estate landscape, a significant portion of the population lives in public housing built by the government, with the proportion being steadily maintained at about 80%, and the remaining 20% lives in private properties, which includes condominium and landed housing. The Singapore public housing is commonly known as HDB flat, and these flats all come with 99 year lease, while private property comes in a variety of lease tenure, ranging from 99 years to 999 years to freehold. As much as some Singaporeans are complaining that 99 year lease tenure may not be sufficient, HDB flat owners are quite fortunate and many other countries usually offer leases shorter than 99 years to the citizen.
In terms of home ownership, Singapore has one of the worlds highest, with 91% property home ownership, ranking second behind Romania, and naturally, the citizen should be happy about. But in the recent years, there had been debate on whether HDB should be considered an asset or liability. During the period after the 2008 financial crisis, many big economies in the world were printing money under Quantitative Easing to promote liquidity into their own economy, and a significant part of these monies were being directed to overseas market, and Singapore being one of the most politically and financially stable countries in the world, receive huge inflow of capital from overseas, pouring mainly into real estate market.
With the inflow of these monies, the real estate market became a little too hot for the benefit of the citizens, and with fear that bubbles will form, the Singapore government stepped in and began regulating the real estate market by introducing cooling measures. The cooling measures apply to both private and public residential housing and were introduced in the early part of 2013. With the introduction of these cooling measures, the real estate market declined and achieved what the government wanted. The government stance was never meant to crash the market, but to make the growth in this sector more sustainable. The property market starts to pick up again in 2017, but this time round, only the private property price index went up, leaving the HDB resale price index to decrease further. This price trend of HDB was contributed by a few important factors and it had led the majority of HDB home owner to wonder if the flat they are staying in is indeed a liability.
For this reason, private property has become a preferred choice of housing for home buyers who can afford to pay more for it, and for this reason, Ki Residences Sunset Way which will be launching in third quarter of 2020 might be a darling for home buyers of investors. Ki Residences location is in Brookvale Drive and it’s a rare is a 999 year leasehold project. Ki Residences developer is Hoi Hup Sunway, and it will be a sought after new condo launch due to the scarcity of 999 year or freehold land in Singapore. Ki Residences Singapore has a massive land size of about 373,000 sqft and will be able to yield about 660 condo units. Ki Residences floor plan will be released closer to the date of launch, therefore, for more information.