The Top 10 Reasons To Buy a New Launch Condo In Singapore in 2023
With property prices on the rise and new condo launches popping up all over Singapore, investing in a new freehold condo launch 2023 has become an attractive option for many. Whether you’re looking for a place to call your own or an investment opportunity, purchasing a brand-new freehold condo launch in Singapore in 2023 has some great advantages. Here are the top 10 reasons why you should invest in a new launch condo this year:
1. Prime Location
One of the main benefits of buying a condo is that they are located near amenities such as shopping malls, restaurants, parks, schools and more. When choosing a new launch condo to purchase, make sure that it is close to these amenities – not only will it be more convenient for you but also increase its value when it comes time to resell it.
2. Modern Design
New condos come with modern designs that make them much more appealing than older models. These designs often include features such as energy-efficient appliances, high ceilings and open floor plans which can make living much more comfortable and enjoyable. Furthermore, many of these modern elements add additional resale value if you decide to sell your unit later.
3. Flexibility & Choice
When buying a pre-owned unit from the secondary market, there may sometimes be a different flexibility or choice compared to buying directly from developers at a new launch project. With newer projects, buyers have access to different layouts and sizes depending on their needs – something unavailable with existing units from the secondary market. Furthermore, developers typically offer attractive discounts during promotional periods which can further sweeten the deal for potential buyers.
4. Low Maintenance Costs
Brand new condos come with warranties that cover any faults due to construction defects within certain durations after completion – something which existing units do not have as warranties expire once handed over by previous owners or tenants. This means less money spent on maintenance costs over time if there are any issues with the building or fixtures & fittings within your unit itself since most of them would already be covered under warranty while still being relatively low cost even outside of warranty coverage period thanks to newly implemented laws limiting service fees charged by management corporations/strata titles etcetera since July 2020 (referring point).
5 . Investment Potential
Buying property is one of the most reliable investments there is – especially when done right! If you rent out your property over the long term (or even on a short-term basis via websites such as Airbnb), property ownership can provide great returns on investment, along with other related tax incentives, making this form of investment an attractive option for those looking to capture rental income via a fixed income without being too exposed to the risk of stock market volatility. Even if you’re not interested in letting, purchasers can benefit from capital appreciation potential on eventual resale in the future.
6 . More affordable than ever
The government’s cooling measures implemented between 2013 and 2018 have kept residential property prices largely stable, albeit falling slightly over the period, providing greater affordability opportunities for prospective buyers ( see point ). In addition, lower interest rates coupled with the increased availability of financial assistance grants and subsidized loan products offered by various banks and financial institutions make financing easier than ever before, easing some of the pressure on budget constraints while allowing buyers to maximise their leverage over the payments made on an annual basis, thus freeing up funds elsewhere.
7 . Connectivity improvements
With the extension of the MRT lines, the Cross Island Line ( CRL ), the Jurong Region Line ( JRL ) and the forthcoming High Speed Rail linking Kuala Lumpur & Singapore, getting around the city has become much faster & easier these days; significantly reducing travel times while improving connectivity between locations nationwide, resulting in higher desirability among target groups.
8 . Excellent rental yields According to SRX Property’s latest report released in April 2021, household heads earning < $3000 per month make up the majority of the tenant pool; indicating that robust demand levels remain strong despite external economic uncertainties amidst the Covid 19 pandemic crisis situation, thus ensuring that the good outlook for rental yield performance remains positive subjectively from 2023 onwards.
9 . Tax Incentives / Benefits Provided By IRAS
As a part owner registered under section 13(8) of the Income Tax Act, you may be eligible to receive various tax benefits provided by the Inland Revenue Authority Of Singapore based on specific eligibility criteria. These benefits include personal income tax relief of up to 15% against the total annual amount assessed, CPF Housing Grants, and several other subsidies available depending on the particular circumstances involved in each case scenario. These motivations are specifically designed to encourage ownership rates amongst the general public, thus creating a conducive environment for stabilizing housing market related matters going forth into future prospects ahead. Here are some specific reference points to consider when adhering to the compliance regulative framework set forth under said precedents.