New home sales in december is 60% more than November with a total of 1,217 units sold collectively by developers. Most important driving factor for such good sales is the attractive bank borrowing rates which is still at all-time low and buyers are more or less convinced that after each crisis, property price will increase and they do not want to miss the boat and that property investment is still a long term investment as part of wealth creation as compared to other investment. Despite of this covid-19 crisis, the total number of new homes sale for 2020 is comparable to that of 2019. Another factor could be many self-created millionaires from previous few property cycle and enbloc activities in the last few years have also re-invested their monies into properties be it in the new home or resale segment. One Draycott close proximity to MRT and shopping mall such as Great World City makes it an excellent choice of investment together with lifestyle living near Singapore River which has numerous dining and entertainment spots that are often patronized by expats.
Source: The Business Times
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