Who's Buying Private Properties During Covid-19?

Four buyers reveal why they plunged into the private property pool during Singapore’s worst recession ever.

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The entire property market is on fire right now – so observes Glenn Jin Wong, associate marketing manager at Propnex. Despite the ongoing global battle with Covid-19, rising local unemployment numbers and Singapore’s economy shrinking to a record 5.8 per cent, property punters seem unperturbed.

Prices for the HDB resale market shot up by 5 per cent in 2020 – the steepest growth since 2012’s 6.5 per cent. This is not so surprising since HDB flats are, after all, the bread and butter of housing here. However, prices of non-landed condominiums and apartments grew 2.5 per cent the same year and landed properties, 1.2 per cent.

The Urban Redevelopment Authority (URA) shared that 1,609 private residential units were sold in January this year. On a year-on-year basis, the new home sales that month surged by 159.5 per cent from 620 units in the same month a year earlier during preCovid-19 times.

Of course, this begs the question: Are we really in the midst of a recession induced by Covid-19? Four buyers share their analysis behind their big purchase.

MARSHAL ONG, 27, AND EMELIA LOW, 26, BOUGHT A NEW EXECUTIVE CONDO APARTMENT

They recently tied the knot and decided to go for an executive condominium (EC) apartment instead of an HDB flat for their first home. The couple is counting on its value appreciating when their EC becomes fully privatised after 10 years. They could get even more if their home benefits from future developments around it.