Year after year of rising prices in Singapore’s private housing market has led to a significant pick up in “sub-sales,” where people offloaded homes they bought at new project launches before the condominiums were fully completed.
Photographer: Ore Huiying/BloombergSingapore Condo Flippers Score 100% Gains Without Even Moving In
Sales of uncompleted units hit their highest level in over a decade as property frenzy builds.
On Valentine’s Day evening, more than a hundred people packed into a Singapore condominium showroom to learn about how to make quick profits from flipping homes in the city-state.
“If you want to be rich, you just buy property!” proclaimed Eric Chiew, a social media influencer who runs a small real estate investment consultancy. The audience, which included millennial couples with kids in tow and middle-aged locals wearing flip-flops, listened as Chiew mapped out how to make a windfall from buying and selling homes— sometimes without even having to move in.