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It is no secret that the property market is booming in Singapore. With ever-increasing prices and with our economy coming out of the COVID shadow, it seems that now is the time to invest in property even with the new cooling measures late last year. However, with so many options available, it can be difficult to know where to begin.

When it comes to purchasing a property for own stay or for investment, there are many different things that need to be taken into account. The first decision that needs to be made is whether to buy an resale or new launches property. Whilst there are pros and cons to both, in this article we will focus on the benefits of buying a new launch property.

There are numerous advantages of buying a new property over an old one. The following factors are some of the more obvious ones.

• Modern design and architecture – New properties tend to have modern designs and architectural features which make them stand out from other homes. This gives buyers something unique when they go looking at their potential purchase. It also makes for easier selling if you decide to move home later down the line as the property will not be too old for new buyers. If your current house is older than 30 years then it may be worth considering moving into a newer property before its time runs out. You can always sell that first house once you’ve moved onto a brand-new place! Newer property also have lower maintenance cost with newer building technology and facilities for you to enjoy, the maintenance cost will likely be lower than that of a older development that is say, more than 20 years old.
   
• State-of-the-art amenities – In addition to having a great look, many new properties include state-of-the art facilities such as clubhouse, swimming pools or gyms with newer trending equipment that older houses do not usually offer. These can add value to your house in terms of resale price should you choose to sell it again.
   
• Easy access to public transportation – Many people are living further away from CBD area due to the increasing housing prices. If this is you then there may be an option available to buy into a new development in a non matured new town where most residents have easy access to public transport which includes buses, LRT or MRT etc. Even if the new development is located at a quiet corner of the town, most new developments will provide transportation directly to the nearest or more convenient transportation interchange. With new special business district located out of the CBD area by the government to diversify and attract businesses to Singapore, it also means that many residential areas near these new business districts will have good rental demands that will benefit the buyers in the long run.
   
• New appliances, finishes and smart features – these are increasingly being applied in new launch property such as kitchens with integrated washer-dryers, ovens, microwave ovens, refrigerators, washing machines, dryers, air conditioner units and some of them even comes with smart homes system that incorporate security cameras, fire alarms, smoke detectors. New features like this is expected to be more common for future launches. Some developers may offer their own brand name appliances or fixtures instead of using standard ones from other brands. This can help differentiate a developer’s project from others. However, most consumers prefer branded products since they know what quality and durability they get when buying under the same brand name.
   
• More choices of units to choose – Wider selection of units are available with a fresh new property launch, depending on your luck in balloting, you are likely to be able to choose from a wider range of unit options from a new launch property. Some of them are choosing between different types of units such as with yard or without yard, with study room or without, preferred facing, unit numbers etc., there is also more choice in terms of size of the units that you could choose.