Survey: Property seekers still keen despite COVID-19

SINGAPORE (EDGEPROP) Feb 21 -- Property seekers in Singapore are still open to buying property despite the COVID-19 outbreak. Of the 177 respondents to EdgeProp’s Property Ownership Survey in response to the coronavirus conducted on Feb 7, 2020, 38.4% said they are looking to buy a property in the next three months.

An overwhelming 76.5% said they are open to committing to a purchase during this period, if there are special promotions provided by the developers. Among this group, about 65% say they will still visit showflats as long as precautionary steps -- such as temperature-taking, and providing hand sanitizers -- are taken.

This was reiterated by 57.1% of the total respondents, who believe that developers will be required to cut prices or provide special promotions to boost sales in the private-property market in the short term.

As of Feb 20, 2020, there are 85 confirmed cases of patients with COVID-19 (update: the number of confirmed cases in Singapore now stands at 89 as of Feb 22, 2020). COVID-19, which was formerly known as the Wuhan coronavirus, had its first confirmed case in Singapore on Jan 23, 2020. The disease was first made known to the World Health Organisation (WHO) on Dec 31, 2019, from Wuhan, China.

When probed further on what other reasons will help cement their buying decisions, a large number of them cited discounts and realistic property prices. Other reasons included virtual showroom tours, and waiver of Additional Buyer’s Stamp Duty fees.

The market looks to be doing well, despite concerns. Last weekend’s first public preview at The M, the 522-unit, private condominium project on Middle Road, drew more than 2,000 prospective buyers.

In the same weekend, about 3,200 people visited the public preview at OLA’s sales gallery. The 548-unit executive condo (EC) is located at Anchorvale Crescent in Sengkang.

Bukit Sembawang Estates has sold 25 units from the final sales phase of its Luxus Hills Contemporary Collection, part of its 999-year landed development in Seletar Hills Estate. This represents about 65% of the already-completed 39 houses in this collection.
Findings are based on the EdgeProp Survey conducted via email on 7 Feb 2020.