Posted by: garispang | August 4, 2009

Read Singapore Master Plan before you buy a house in Singapore

So make sure you have read the Master Plan before choosing where to buy a house. By doing so, after a few years, if your area is being developped as promised by the Master Plan, your house will increase its value much faster than other area.

The Master Plan is the statutory land use plan which guides Singapore’s development in the medium term over the next 10 to 15 years. It is reviewed every five years and translates the broad long-term strategies of the Concept Plan into detailed plans to guide development. The Master Plan shows the permissible land use and density for every parcel of land in Singapore.

Like the Concept Plan, the Master Plan is a collaborative effort between agencies to ensure that plans meet immediate economic and social needs while maintaining a good quality living environment.

The Master Plan is one of the most important tools used to shape Singapore’s physical development. Many proposals put forth in the Master Plan have been realised by the private and public sectors. Examples are the transformation of Singapore River and the development of new commercial centres at Tampines and Novena.

As for when to buy a house in Singapore. Recently the report says that HDB resale prices could dip soon. Prices of HDB resale flats have continued to rise even as the economic downturn takes its toll on jobs, wages and private home prices. But analysts warn this recent steady rise may not last long.
According to flash estimates of HDB’s Resale Price Index released yesterday, prices of flats in the fourth quarter of last year rose 1.5 per cent over the preceding quarter. This figure is considerably lower than the 4.2 per cent increase in the third quarter, and it is the first time that growth has dipped below 3 per cent in six months, said real estate agency PropNex.

But while average prices of HDB resale flats are now at an all-time high, property analysts say that they are likely to dip some time this year. ‘Sentiment is pretty soft as many people are taking a wait-and-see approach,’ said Mr Eric Cheng, executive director of HSR Property Group. ‘If prices dip, they will do so in the second and third quarters of this year.’

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