With 7 new developments coming up in the area, Holland Village dream home may be what you want if you can afford the purchase price
Holland Village has been one of the most saturated areas for new launches. And with the new launches contending with the resale units in the area many buyers may be looking at purchasing a Holland Village dream home.
The abundant supply in the area means that a buyer of Holland Village dream home will have many options.
The new launches in Holland Village now
|One Holland Village
|Hyll on Holland
|15 Holland Hill
|Far East Organization
|MCL & Yanlord Group
|Wenul HL Pte Ltd
|Far East Consortium Intl & Koh Brothers Group
|Peak Opal Pte Ltd
|Tong Eng & Roxy Pacific
|Distance to MRT
|50m lap pool
|50m lap pool
|Tennis court on 34th floor
|Big “Grand” pool
|Private lift for all units
|Only 2 and 3 bedroom units
|Huge English Garden
Mr Paul Ho, chief officer at iCompareLoan, said: “With the average listing price of a condo being $1,780,050, or $1,731 per square foot, Holland Village units may be priced for the mid-to-upper range buyers. But with proper financial planning, a Holland Village dream home may not be totally out of reach for some aspirants.”
“The first step to proper financial planning is the search for the right home loan and to get the right home loan, the buyer has to search diligently. Those that have no time to do research on this front, should talk to a loan specialist,” he said.
Those that want to buy a Holland Village dream home are drawn to the character and diverse culinary options there. Many private residential developments there have efficient layout and thoughtful design. They may also like the fact that the residential blocks are separated from the offices and shops by pockets of lush greenery and walkways. This ensures that the residences remain private and exclusive. Yet, buyers are still close to the amenities within this vibrant precinct.
Developers of projects in Holland Village have also reported that they are very encouraged by the strong response to their developments. The keen interest from Holland Village dream home buyers hail from all parts of Singapore. This the developers say, is a testament to the precinct’s broad appeal. it also shows that many people value the opportunity to live in one of Singapore’s most endearing and charming neighbourhoods.
Most developers also take great care with their projects to preserve the unique character of Holland Village, which is characterised by quaint shophouses and streetscapes, an eclectic charm and a laidback ambience.
Potential buyers have to ensure that they have the up to date on the current valuation of the property as it will determine the maximum loan and the possibility of having to top up the equity to qualify for financing a commercial property. Buyers should also use calculators to see if the mortgage payments on the loan is affordable given their income.
A few factors should inform your decision to buy your Holland Village dream home:
Use calculators to see if the mortgage payments on the new loan is affordable given your current salary. Property loan calculators help you know the mortgage payments from the different financial providers.
- Change in credit situation
Since the last time you took the loan, has your salary/company’s results/financial position improved or deteriorated? Have you been late in payment of debt? Did you sign on to be a guarantor or taken up more debt? Do you have a tenant? What is the remaining lease? All these factors will be considered when you apply for refinancing as your credit profile will be reassessed.
Financing residential property may lead to costs such as those relating to valuation, legal, etc. Look out for promotions where banks/financing companies waive charges.
- Clawback and lock-in period
Review your letter of offer and read up on the clawback and lock-in period to ensure that financing makes sense for you. If the switch is onerous and costly, it may not be worthwhile.
- Shop around
Once you have done your homework on the above, you can shop around for the financial institution that offers the loan package that suits you and look out for promotions. Make sure you view the loan package from the various financial providers, but do note that there are different rates for properties bought under personal name or company name.
You will likely be asked to provide the following in the application if you apply to finance residential property. Have these ready on hand if your property is bought under a company name.
- Copy of NRIC/Passport
- Income statement and/or audited financials (corporation)
- Bank statements
- Loan account statement from existing financing company showing repayment history
- Latest CPT withdrawal statement for property to be refinanced (if there is utilization of CPF)
- Title Deed
A good Mortgage broker can assist you to refinance commercial property safely, further more, it’s free of charge as they receive a fee from the bank when a loan is completed. Think of them (mortgage brokers) as Supermarket assistants who can guide you on a number of brands of noodles. Talk to them about your taste, whether you want it a bit salty or sweeter, spicy or not, etc. They will find you the bank loan on the shelf.