INTRODUCTION TO NORMANTON PARK
Developed by a partnership of distinguished developer Kingsford Development and main contractor China Jingye (subsidiary of MCC Land), Normanton Park Condo is an exciting up-and-coming iconic development in Singapore that offers breathtaking panoramic sea and greenery views.
This development consists of nine blocks of 24-storey towers, with 1,862 residential units in total. The Normanton Park development also includes seven commercial shops and one F&B establishment in the development for the convenience of residents. This development offers a wide selection of units in varying sized and floor-plan layouts, ranging from 1-bedroom to 5-bedroom condos.
For bigger families and buyers who are looking for landed properties, the terrace house would make a great buy. The best thing about the terrace house is that it offers the best of both worlds; additional living space and condominium facilities.
Set amidst a sprawling 684,517 sq ft area, Normanton Park is intelligently designed with 80% of its total acreage utilised for condominium facilities. As a result, this development project boasts a total of 110 interesting and unique facilities for residents to enjoy, including an eye-watering 150m pool, 50m lap pool, gymnasium, tennis court, outdoor table tennis facility, aqua gym, function rooms, outdoor alfresco dining, therapy pool, a Tai Chi lawn, and a multitude of garden pavilions and lush landscaping, offering a restful, stress-free living environment.
For families with growing children, you will be pleased to know that Normanton Park is also strategically located in the heart of Singapore’s education hub, being surrounded by the NUS, Singapore Polytechnic, ACS, Fairfield Methodist, Dover Court International School, United World College and the Tanglin Trust School.
In line with the nation’s increasing focus on science, technology and trade, the Normanton Park development is set to see good growth and rental potential, with a steady supply of quality tenant demand coming from the One-North Metropolis Hub, Biopolis, Science Park 1 and 2, as well as Mapletree Business City!
Another unique selling point for the Normanton Park development project is its strategic location that offers panoramic sea and greenery views. With nature parks, such as the Kent Ridge Park, Hort Park and Telok Blangah Hill Park in its surrounding, Normanton Park offers the perfect balance of tranquillity and nature, in addition to its strategic location in the midst of a science and technology hub.
With units priced starting from $800,xxx for a 1-bedroom to $3,468,000 for a terrace house, Normanton Park makes a highly attractively-priced buy, whether as a home or for future investment. With the experience and expertise of a renowned developer and builder, each condo unit is thoughtfully designed with premium fittings. Buyers can expect excellent value and a great return on investment for the future.
WHY CHOOSE TO BUY PROPERTY?
With 2020 being the year of the COVID-19 pandemic, many aspiring home buyers are understandably having doubts about whether or not now is a good time to purchase a home or invest in real estate. Nevertheless, here are some facts to help you make your decision this year:
1. Resilient residential property market in Singapore
Despite the uncertainties of the pandemic, URA flash estimates show that the overall price index for private homes in Singapore increased 2.1% in fourth quarter of 2020 over the preceding three months. For 2020 as a whole, prices increased by 2.2%. This is compared to an increase of 2.7% in 2019.
The series of cooling measures rolled out in previous years placed the property market on firmer footing, heading into the crisis. They led to limited speculative activity, households purchasing homes prudently and home prices moving more in line with economic and income growth. Being less leveraged on property purchase, households have better holding power when the going gets tough, mitigating distressed sales.
Overall, Singapore’s fundamentals – safety, political stability, competitive and pro-business environment – are still intact.
2. Near-zero interest rates
With the world’s economy severely hit by the Covid-19 outbreak, the U.S Federal Reserve has cut its interest rate to near zero to cope with the economic impact of the virus.
As Singapore’s interest rates are closely associated with the U.S, the Singapore interbank offered rate (SIBOR) is expected to follow suit. That means banks are likely to offer lower hFcontactome loan rates. With the silver lining of soft interest rates, prospective buyers going house hunting seem set to land on good deals.
On top of that, MAS has also announced that individuals with outstanding mortgages can apply for up to 9 months deferment on principal payments or/and interest payments on their housing loan repayments (however, do note that interest will continue to accrue on the deferred principal amount).
While this might mean a lower borrowing cost or refinance rate for prospective buyers/current homeowners, it still means that you should proceed with caution as home loans are expensive. At the end of the day, you’ll want to borrow within your means.
3. Singapore private home prices may rise further in 2021 amid reviving economy
This recession has been very uneven, while the lower-wage sectors are more severely affected, there are still certain sectors in the economy that continue to expand. At the same time, one of the peculiarities about this recession is the surge in personal savings, with the higher income segment not able to spend on services such as travelling. As such, some chose to reinvest the amount in property.
Given ample liquidity, a low interest rate environment and improving buyer sentiment, there is room for private home prices to head upwards in 2021.
4. Buying during a recession has been proven to be a good investment time; as evident during the SARS period
While things are crazy right now, it will return back to ‘normal’, to how things were before. Restaurants will be full, sporting events will continue to go on and people will continue to buy and sell properties.
If there’s one parallel to be drawn to the last time Singapore faced a pandemic (during SARS), is that a majority of sellers made a huge profit after selling their homes.
During the SARS period in 2003, there were 10,386 private property transactions based on URA data. Of these, 2,658 units were resold over a five-year time horizon, between 2003 and 2008.
Guess what? 86% sold their units at a profit.
It is estimated that 51% of home buyers made a profit between $100,000-$499,000, 31% profited below $100,000, 12% earned between $500,000 and $999,000 and 6% earned $1 million and more. On a whole, sellers made an average of $331,000. Granted, there were those who made losses as well. However, the average loss was about $104,000, with 80% of those made a loss of less than $100,000 and 2% made a loss of more than $1m.
But by comparing the numbers above, the gains were more than the losses. Besides, while things are comparatively worse than before, remember that Warren Buffett famously said: “be fearful when others are greedy and greedy when others are fearful”. Those who remain calm to take advantage of the situation will likely gain in the future.
So, are you greedy yet?