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Buy an New Property Singapore? Check if there is enough parking space

Buy an New Property Singapore? Check if there is enough parking space.

New Launch Condos here are often sold off-plan, prior to completion. There were 1,163 new unfinished home sales in the first quarter of this year, accounting for more than 28% of private home transactions.

I SHOP the old fashioned way, visiting physical stores to make purchases. I like to see, touch, and sometimes try on items before I buy. My wife does another shopping. Her belief in online shopping is strong. Her confidence is helped by the ease of returning products and getting a refund. Many homebuyers here make one of the biggest purchases of their lives just like my wife: by taking a leap of faith.

One can analyze data, New Launch Singapore Condo - study floor plans, collect locations, study marketing materials, visit a showroom, and have a virtual tour of a new home.

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However, when purchasing an unfinished home that goes beyond the plan, one needs to have confidence that the final product meets expectations. If one's new home doesn't live up to expectations, it can be difficult to turn down the home and get a refund from the developer.

Buyers of a new unfinished home may have to wonder about whether the home's finish is good, and where a particular piece of furniture can fit.

Car-owning homebuyers also need to worry about car parking. Buyers of a new unfinished home can anticipate the number of car parking spaces in a development. But he may need to worry whether the parking provision will be enough when residents move into their homes once the project is complete.

The launch of Tembusu Grand in the Katong area drew a strong response. At this residential development of 638 apartments, there are 516 car parking spaces. Another new housing project coming up nearby, The Continuum, is more generous in providing one car park per unit.

If New Launch Condos are well served by public transport, one can reasonably assume that having fewer car parks relative to the number of houses is no small matter. There may be many households that do not own a car.

However, if the new apartment complexes offer relatively less parking than the old ones, will fights break out between residents over parking spaces? Anxiety can be heightened for residents who have trouble parking their expensive cars in the apartment complex.

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Buy an New Property Singapore? Check if there is enough parking space

New Property Launches - Value of revenue earned

Today, many people associate the condominium lifestyle with free access to amenities such as swimming pools, gardens, gyms, clubhouses, playgrounds and parking lots.

Maybe, in the future, many apartment buildings will charge residents for the use of parking facilities, similar to the fee for using function rooms or tennis courts. With utility and labor costs on the rise, Strata Title Management Company (MCST) of condominium projects can see the value in collecting revenue from parking use.

Furthermore, it is fair that residents with cars have to pay to use the parking space. Will some new condominium projects eventually sell car parking, as is common practice in Hong Kong and China?

If the developer sells the parking space, the additional revenue will help enhance the project's potentially thin capital gains. If MCST sells parking spaces, the proceeds can be used by MCST to fund upgrades at a development.

Selling private parking at an apartment complex sounds radical. But the fairest way to allocate parking spaces at underserved developments might be to sell them to the highest bidders.

There may even be price discrimination for parking spaces within an apartment development, depending on the location of the spaces.

Free parking

As it stands, car-owning homebuyers may need to be savvy to find out if a particular new development has multiple car owners. As a result, some older apartment projects with ample provision of car parking may attract homebuyers with multiple cars.

Homeowners who love to entertain may want to pay attention to providing space for guests in a condominium. The visitor's experience can be ruined if they have trouble parking.

Some homebuyers may choose a townhouse because there is free parking on the public road in front of the house. However, the space along the road near one's home is also open to other people to park.

Additionally, roadside parking can make navigating the streets of some land-based residences a nightmare.

A homeowner who already has land may have to contend with neighbors who use cones, potted plants, chairs, or trash cans for parking along the street. One may need to deftly maneuver through many parked cars on narrow streets to get home.

In the future, can roadside parking in housing estates be largely abolished?

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