Fearing the economic recession aside, many home buyers & investors questioned how the pandemic coronavirus will impact the property market.
Surprisingly, the Novel Coronavirus has come off as a sweet steal for most home buyers, despite the negative news reported across the world daily. On Feb 22-23, with the surge in no. of COVID-19 cases, Wing Tai Asia announced that more than 360 units (70%) of the 522-unit condominium project, The M on Middle Road, were sold over the weekend.
You wondered why? Read on.
To give you a clearer insight, we will provide you with a like-for-like comparable situation we had in 2003, the outbreak of SARS.
Despite the plagued by SARS fears and weaker economic sentiment, the residential market did not have any significant price correction. While home sale prices remained flat, the transaction volume, later on, saw a sharp V-shaped recovery in private home sales.
On average, buyers who entered the market in 2003, during the SARS period, had profited an average of 115% within 4 years’ time.
Today in the COVID-19 situation, the World Health Organisation and countries world-wide applauded Singapore in containing the plaque effectively. With the top-notch health care facilities and strong governance, the confidence level of the city’s success is beyond brilliant.
Therefore, even with the DORSCON level turning to Orange on the 7th Feb, The M was still lined with buyers queuing streets long for the purchase. While OLA Executive Condominium continues to be lined with visitors.
Because this group of home buyers & investors understand that the price released during a plaque will always be placed extremely reasonable. Entering at the COVID-19 period is what many known as “buying low”.
Should you take advantage of today’s market? What are the available new launches that offer a good range of developer discounts? We have all the lists for you! My name is Jen Tan, drop a comment below or private message us & we will get back to you soonest.