After the implementation of new cooling measures in December 2021, sales of new launch properties dropped quite significantly.
It begs the question - does it still make sense to buy a new launch property?
In today’s article, we take a look at 5 reasons why it still makes sense to buy a new launch property rather than a resale condo.
1) Pricing and payment scheme
When a developer launches a new project, they usually want to start off with strong sales numbers, which means early-bird discounts and star-buys.
Some developers may also offer incentives such as absorption of stamp duty or lucky draws.
When buying a new launch property, you enjoy the benefit of flexible payment schemes such as the Progressive Payment Scheme (PPS) and Deferred Payment Scheme (DPS).
These schemes allow you to pay progressively and are a lesser burden as compared to buying a resale condo.
2) Brand new
The best thing about buying a new launch property is that it is brand new!
You get to be the first to live in the unit, with brand new cabinets, fixtures and appliances. It’s a thrilling feeling that you cannot get with pre-loved things.
With a new launch property, you do not have to worry about leaking taps, faulty plumbing, dirty appliances and creaky doors.
Some developers even offer high end branded appliances and fixtures which would be rather costly if you were to install them yourself.
Plus, developers usually offer a twelve months defect liability period which is like a one year warranty, something resale condos do not have.
3) Design and facilities
When you buy a new launch property, you are also getting the latest architectural styles and design trends. Recently built properties have a more up-to-date look as compared to resale condos that too often look outdated and dowdy.
With developers trying to sell their projects as quickly as possible, many of them introduced innovative and unique facilities.
It is not uncommon for a new launch property to have concierge service, golf driving range, free medical service, pet pools etc, in addition to the standard swimming pools, tennis courts, clubhouse and gymnasium.
Many new launch properties buyers are increasingly on the lookout for “smart homes”, with hi-tech features such as digital lockset, door and lighting sensors, remote aircon setting and remote surveillance system, all controlled from your mobile phone.
Equipping a resale condo with these hi-tech features will definitely put a dent in your pocket.
4) Choices
When you buy a resale condo, you are looking at one particular unit, but when buying a new launch condo, you have many units to choose from and subject to the take-up rate, you may have the pick of the bunch and end up with a really good one.
Depending on your preferences, you can choose a high floor unit with an unblocked view or a unit that is nearer to the swimming pool or gym, or you can choose a mid-floor unit that is facing greenery if you are a nature lover.
5) Rentability
If you are buying for property investment, a new launch property would make more sense.
In addition to capital appreciation, the opportunities for rental would be better. Just as you would like a new home, renters would also prefer to rent newer units, with better facilities.
While it may take a while for the development to be completed, the opportunity for higher rental income and capital appreciation will be worth the wait.
Are you looking for a new home or the latest new launch property? Head to MOGUL.sg to browse your preference of properties for sale with its smart search functions and interactive 3D map.
Have a question? Let us know in the comments below or on our Facebook post.
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