District 9 is known for its highly sought after homes due to its prestige, and the ever increasing foreign and local demand. It’s common to see overseas investors flock into the area to buy up prime real estate for hedging and growth. Thus with strong demand of the area, it is rare to see undervalued properties on the open market, but it is now possible with the Covid-19 pandemic and soft economy facing Singapore, in which the developer has priced the development very attractively to attract buyers.
In order to understand why Kopar At Newton is undervalued, we will explore both demand of Core Central Region (CCR) properties in the current softer economy, and also how prices at Kopar At Newton compare with the neighbours.
Q2 2020 Urban Redevelopment Authority Price Index Overview
According to the Urban Redevelopment Authority (URA) of Singapore, the non-landed residential property prices increased by 0.3% over Q1 2020. This came as a surprise to many investors and home buyers, who had anticipated a drop in prices instead due to the mandatory lock down of Singapore in April and May 2020, where no buyers can go to any new property launch show flat and see the mock up of the developments.
On a deeper analysis of this increase, the Core Central Regiong (CCR), which district 9 falls under, led the way of in the overall property price increase, with an increase of 2.3% within the CCR. This shows that buyers are still looking for real estate in the core region, and willing to pay a premium for good units, even though the world-wide economy has started to soften since Q1 2020.
Kopar At Newton Prices Vs New Launches In The Neighbourhood
On comparison with neighbouring new launches in the current market, Kopar At Newton with its average price of $2450 per square feet (PSF) for a 99-year leasehold development is priced below what the market is willing to pay, considering:
- A new freehold condominium on the other side of Newton Road is selling at an average of $2,9xx PSF,
- A 99-year leasehold which is also along Dunearn Road but closer to Sixth Avenue is already selling at an average of $2,3xx PSF, although much further from the city compared to Kopar At Newton.
In conclusion, the strong demand for Core Central Region properties and the correct pricing of Kopar At Newton are the strong factors why Kopar At Newton is already over 40% sold in just FOUR months, including 2 months of Circuit Breaker lock down. It will be no surprise given the strong demand for the development that the developer may increase the prices of the remaining units to match current appetite of consumers looking for a good property to invest in.
To understand more of the growth potential, especially how being within 1 kilometer of prestigious primary schools can support rental and local demand, make an appointment with the developer sales team for details.
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