Michelle Tan’s article in today’s Business Times highlights a trend that I’ve been mulling over the past few months – New suburbans now at prime resale prices.
Real estate pundits often have differing views that will adjust and vary as market situations unfold, but the familiar mantra “location, location, location” is a cardinal rule that transcends practically all differences of opinion and changing market sentiments.
So why is it that buyers have been snapping up brand-new homes in the suburbs or non-core districts, and paying more for these mass-market leasehold units than they’d necessarily pay for a freehold prime district property in a more mature development? I put it down to Singapore’s obsession with the bright, new and shiny.
I am hard-pressed to think of another country as enamoured with “newness” as Singapore. Where else is it a norm for cars to be scrapped by the time they turn 10? And I dare say Singapore must be the only place in the world where people look at an old building and are more likely to think “can enbloc or not?” rather than marvel at how well the architecture has withstood the test of time.