Why I’m Not Buying in CCR, Despite the Deals

  • 2 months ago
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When it comes to real estate, deciding where to invest isn’t just about spotting a good deal—it’s about what fits your life. Even though the Core Central Region (CCR) of Singapore looks like it’s offering some great bargains these days, I’ve decided it’s not the right choice for me right now. Let me walk you through why, even though it might sound like I’m passing up a golden opportunity.

The Scoop on CCR and RCR

First up, let’s talk about what’s happening in the property market. The CCR, known for its prime locations and swanky addresses, is usually a hotspot for foreign investors. However, with a new 60% Additional Buyer’s Stamp Duty (ABSD) targeting foreign buyers, their interest has cooled off significantly. This change means that high-end spots like the Cairnhill area are seeing prices drop to less than $3,000 per square foot. Sounds tempting, right?

Meanwhile, over in the Rest of Central Region (RCR), places like Mountbatten Road are drawing in locals with an average price of $2,500 per square foot. The difference in price between these two areas is now just $500 per square foot. That’s a narrow gap, making RCR an attractive alternative with its strong local demand and more affordable prices.

My Personal Reasons for Staying Put

Here’s where personal reasons come into play. I’ve been in the real estate game for nearly two decades, and I’ve seen over 1,000 properties. You’d think I’d jump at the chance to snag a bargain in the CCR, but two main reasons are holding me back:

  1. My son’s education: My son is gearing up for his Primary School Leaving Examination (PSLE) in a couple of years. He’s settled in his school, and I don’t want to disrupt his studies by moving. Sure, CCR has some fantastic schools, but keeping his routine stable is more important right now.
  2. Space for the family: My dream is to move into a landed property, where we’d have more room to spread out. Unfortunately, buying a landed home in CCR is way out of my budget. This makes looking for a spacious home in either the OCR (Outside Central Region) or RCR more practical and financially feasible.

A Tip for Other Buyers

If you’re thinking about buying, here’s a tip: don’t overlook the CCR just because I am. Yes, I have my reasons, but if you’re flexible on schools and don’t need the extra space of a landed property, the CCR could be a smart pick. The market there is undervalued right now, and the supply keeps getting tighter each week. For anyone not bound by the same constraints as I am, CCR offers potential for a solid investment, especially with its current lower prices.

Wrapping It Up

Choosing where to invest in real estate isn’t just about following the money. It’s about matching your investment with your life’s blueprint. For me, sticking close to my son’s current school and aiming for a bigger family home means looking elsewhere, even if that means missing out on some deals in the CCR.

Remember, the right investment is the one that fits your personal needs, financial goals, and life situation. Whether you’re drawn to the buzzing opportunities in the CCR or the steady appeal of the RCR, make sure your choice aligns with your long-term plans.

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