5 Things To Note About COVID-19 and Singapore Real Estate Market

On 3 April 2020, the Singapore government announced yet another round of safe distancing measures as a circuit breaker to reduce the local transmission of COVID-19. Thankfully, Singapore is in DORSCON Orange. Definition: disease is severe and spreads easily from person to person but disease has not been widely spread and is being contained.

To keep the curve flat, the latest measures rolled out include closure of most physical workplace premises from 7 April to 1 June 2020. However, exceptions are made for essential services and related supply chain and service providers. Real estate work is not categorised as an essential service and all physical interactions have to be postponed until after 1 June 2020.

What are the 5 things to note during this COVID-19 Circuit Breaker?

1. All physical viewings of properties should be postponed

Due to the COVID-19 Circuit breaker, all physical viewings are suspended for the time being. Nonetheless, viewings can still be conducted through online channels like virtual tours, video calls, facebook live videos and also home tour videos. Check out one of our home tour videos at Watertown condominium!

2. All sales galleries are closed till further notice

Take a step back and use this opportunity to step up on your research before the purchase. For those who are buying new projects as your 2nd property, we have outlined 2 main factors for you to consider when applying for loans for your 2nd property.

As a home buyer, you must be wondering if now is a good time to enter the real estate market. Do check out our earlier article about the essentials to note when purchasing a home during a pandemic as we took reference from the market sentiments during the SARS outbreak in 2003.

3. On-going property transactions can still proceed but with limited physical interaction

Real estate agencies and agents are allowed to assist (online or remotely) if there are property transactions where the tenancy agreement, the option to purchase, or sale and purchase agreement have been signed prior to 7 April 2020 and the transaction is yet to be completed.

That being said, property agents are not allowed to meet or accompany clients with on-site activitiessuch as:

Signing (wet-ink signature) for completion of property transactions
Handling of cheque
Handovers or takeover of properties
Attending HDB resale flat transaction

4. HDB will not register resale flat applications and schedule new appointments for resale completion during this period

Stated in HDB website, counters at HDB Hub and Branches are closed from 7 April to 4 May. However,existing appointments for completion of resale flats shall proceed as per scheduled. (Read also: HDB Resale Procedure- Step-by-step guide)

HDB resale flat buyers and sellers can continue to make new applications onlinevia the HDB Resale Portal. However, no new appointments will be scheduled to process the transaction during this period. You can also refer to HDB web page for more information.

5. Yes, all agents will be working from home. Let’s telecommute!

Since real estate work is not categorised as an essential service, all agents and supporting staff are working from home. Telecommunication might sound distant and new but it works the same, just without the physical interaction 🙂

If you are looking to sell your property or need expert advice regarding the property market, resale timeline or HDB resale procedure, do reach out to us and always remember that we are just a ‘call’ away!