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Are you unknowingly lowering your property’s value? Selling your property in a competitive market like Singapore can be challenging enough. But what if some of the decisions you’re making—or not making—are driving down your property’s worth?
Here’s what you need to fix before listing your property for sale-
The Singaporean property market has long been a hotbed of competition, where oversubscribed condominium launches are a regular occurrence. Beyond practical considerations like location and pricing, a powerful psychological phenomenon often drives this frenzy: Fear of Missing Out (FOMO). Leveraging principles from behavioural economics, we can uncover why FOMO plays such a significant role in condo buying and how it fuels oversubscription.
Chuan Park and Emerald at Katong are two such developments that drew overwhelming interest, with both significantly oversubscribed. This article compares these two popular projects to explore what makes a condo launch so highly sought after.
This phenomenon was seen in the case of Chuan Park, which drew significant interest due to its strategic location near Lorong Chuan MRT station, competitive pricing at an average of S$2,579 per square foot, and the scarcity of new developments in the area for over a decade. Similarly, Emerald at Katong, located in highly sought-after District 15 with proximity to the upcoming Tanjong Katong MRT station, attracted 4.3 times the number of available units, further highlighting how such projects resonate with buyers.
To sell a home is to bridge dreams and reality – it's not just about property, but about futures envisioned and memories cherished.
- Mike Parikh
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