There are generally three main categories of properties in Singapore, particularly Luxury property, Mid-tier properties and Mass-market properties. Given the new terms that have emerged in recent years, including "super-prime", "super luxury", "uber luxury" and "ultra luxury", how do we classify properties into their respective categories so as to aid our investment decisions? While there are various factors which can determine the classification of a property, we can filter down to seven key ones. They are:
5. Furnishings (interior and external)
6. Neighboring homes and amenities
For a small country like Singapore where land is scarce, factors such as size and immediate surroundings are notched up higher on the priority ladder. Within a tightly packed city, to cater to the psychological needs of space, property developers have built Townhouses – landed homes set within a condominium. Not only does it provide the exclusivity and comfort of landed living, it also offers a full suite of facilities that includes twenty four hour security.
In the case of Singapore, more importantly, townhouses are not restricted to foreign ownership unlike cluster and landed housings. This provides foreigners who are used to living living an alternative housing option. Designed to suit home-owners' discerning lifestyle needs, townhouse collections can feature a spacious and multi-storey living space. With over three thousand square feet, each townhouse can come in the form of four bedrooms, two storeys, a roof terrace, and a basement with two private car lots. Residents can enjoy direct access to the swimming pool and lush gardens in the backyard.
Three of the top streets in Singapore which feature luxury homes include Chatsworth Road, Nassim Road, and Bishopsgate. Boulevards aligned with trees, generous space between houses and condominium blocks, tranquility and low traffic density, and of course birds chirping, all make these streets the prime ones of the densely populated city.
The above seven listed factors should help an interested investor / purchaser of property to be discerning, especially in the recent popularity for shoe-box units. The lower prices of these units come with a reliably higher dollar per square unit unit rental rates but limited capital appreciation. Upon further critical analysis through the key factors, these three hundred to five hundred square feet units, despite the luxurious names given to them, are not considered luxury homes, even if they are located in a prime location and plastered with expensive gold foil.