We will likely be approaching 2023 with guarded optimism. We live in an age where we now have access to so much info and transparency that it could work against us. We are hearing so many different voices and pulled in different directions, it can be difficult to make a decision. We also know that in spite of this, the worst action is inaction because of the punishing effects of inflation.
On the ground, on the *resale market*, we could now have reached a new benchmark in terms of prices. That is: Broadly, freehold 20year old+ condos near MRT near good infrastructure in districts 9,10,11,21 are now calling/ have done above $2000psf. *check with me if you want details*. Just like how now, gone are the days where one can still pick up a freehold property at $1200psf.
In the primary market, 99yr new condo launches near MRT in the outskirts will be launched at above $2000psf for the 1-2beds. Sceneca at Tanah Merah, the first project to be launched in 2023, was sold at an average of $20xxpsf. This will set the tone for the other launches in 2023.
Freehold Districts 9/10/11/21 new condo launches are now doing from $25xxpsf to above $30xxpsf.
*Quick summary of where the property market might be headed in year 2023*:
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