Singapore, 04 Apr 2021 SINGAPORE — Having seen property prices tumble during the 1997 Asian Financial Crisis and the severe acute respiratory syndrome (Sars) outbreak in 2003, Mr Ng thought the ongoing Covid-19 pandemic would present him with a golden opportunity to secure his dream retirement home at a discount.
Instead, the 66-year-old retiree saw prices “go up tremendously” as he ended up having to fork out about S$160,000 in cash over valuation (COV) for a five-room resale Housing and Development Board (HDB) flat in Pasir Ris. The 27-year-old recently renovated flat came with a price tag of around S$650,000.
Ms Christine Sun, realtor OrangeTee and Tie’s head of research and consultancy, said most home buyers purchase flats to live in and not for investment purposes and, as such, there is a limited number of flats put up for sale.
“(This is) especially for good units that are well located or with positive attributes,” she said.