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I shared the various issues of buying an EC at this particular high price and asked readers to consider alternatives.
I mentioned that at $1150 PSF, there was no reason to rush in to buy.
There were plenty of better choices, but these other new developments were less popular.
So if you are still looking at the same research now, it might be outdated.
The Sumang Walk EC which is also called Piermont Grand – one of the stacks there – has increased their prices from $1111 PSF to currently a highest price of about $1169 PSF.
It is now about $50k more expensive.
And guess what?
Those less popular developments have also increased their prices.
Based on the 667 sqft size, these developments were selling at prices that was similar to the EC prices which was about $960K.
Below are transactions from Florence Residences – one of the less popular choices.
Back then it was sold at around $960K.
But right now, it is currently transacting at around $1.1X million.
And these Florence Residences owners have a choice that Piermont Grand EC buyers don’t have.
They can choose to offload it soon – if they choose to do so and if there is market for it.
Extract out the paper gains in this currently hot market if they wish to do so.
This is because they only need to wait for 3 years to avoid paying for Seller Stamp Duty (SSD).
Those who bought Florence Residences in 2019 have a choice to sell their unit in 2022.
On the other hand, for EC buyers – the 5-year MOP period only starts after your key collection.
EC buyers can only sell maybe about 8 years (3 years construction + 5 years MOP) later.
What Is Your Basis For Comparison?
I had a meeting with a reader this year (2021) who has done a lot of research on the various new launches. So I asked him what he thought of Sengkang Grand Residences.
His first reaction – “It is so expensive!”
That was how I felt too when I saw the initial launch prices of Sengkang Grand.
And the reason I felt that way?
That was because I knew what was the prices of Florence Residences at that time.
During the Sengkang Grand launch back in 2019, Florence Residences prices were so much cheaper during that same period.
That is why I can say it was expensive – I was making a mental comparison to Florence Residences.
But now in 2021 – the situation has changed.
Did you update yourself in your research and find out that the prices of Sengkang Grand and Florence Residences are now about the same?
Imagine those who bought Florence Residences 2 years ago and what went through their mind.
Unpopular development, empty showflat and seemingly devoid of activity with very little sales.
Yet, they went ahead and bought it anyway.
Right now in 2021, people would say “You bought Florence? Wah, good choice. So worth it.”
Times has changed.
Information gets outdated very quickly.
And that is why before you make a conclusion or a final decision – always ask yourself – what is the basis of my comparison?
Do I know enough or are there gaps in my knowledge and analysis?
Did I make assumptions? If I did, are my assumptions realistic or optimistic or pessimistic?
Are my decisions being driven by emotions or cold solid data?
That is why I advise my readers and viewers to beware of hype.
Too Much Analysis Leads To Paralysis & Delayed Insights
Why am I writing on this?
This is because I’ve been seeing a common trend amongst the readers I’ve been meeting.
They present their months of research and analysis to me and try to justify why they make a certain choice.
For me, I am open to listening and trying to understand your choice.
You might have purchased Piermont Grand EC, Florence Residences or Sengkang Grand Residences because you like it and you believe you will enjoy staying there. Then by all means, go ahead.
But take note, when I share something, it comes from a position of helping you to make more profits.
As long as you fully understand the situation and have weighed the pros and cons well – the final decision is yours.
And that is why I encourage you to setup a no-obligation discussion with me. So you know exactly what you are getting into.
Hindsight is always too late.
There is a lag time when market data is released. They need to measure, analyze and then report.
And by then, it no longer reflects what is truly going on on the ground.
There was a continuous feedback loop as I adjusted and adapted to the evolving market of 2020.
From meeting people who thought they could get good deals from fire sales during a pandemic to noticing that COV was becoming more and more prevalent after the circuit-breaker last year.
I discovered all this weeks and months before even the news started reporting.
There is a reason why I can regularly predict what will happen in the future for your property choices.
And the human behavior and their patterns involved is always, always the same.
Like right now.
You are thinking maybe you should get a bigger house since most of you are having WFH and HBL now.
Guess what? You are not the only family thinking about this.
All human behavior is really very similar to each other.
We just need to know how to make this knowledge to our advantage.
It is important to merge your research and understanding with real-time market analysis – which is only available through an actual active agent who is always on the ground.
Have questions or doubts? I welcome all enquiries.
Our discussions are always no-obligation. Drop me a message via the contact form or whatsapp.
Gary Seah is the founder of Second Property Investors and has been writing since 2015 to share his insights in the Singapore property market.
He has helped many people to strategize, plan & restructure their property portfolio and get the best profit from it.
Gary has been the agent behind many lucrative upgrading case studies.
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