Hi Sok Hoon, it is true that many prefer new units below 10 years. Besides the value factor, there is also the maintenance and building facade factor.
Some (not all) old condos look dilapidated with poor and inadequate maintenance and repainting. Also, old condos are of outdated building designs which looks well, old, from the outside.
However, if we are to compare value, correspondingly, old condos are not as pricey as new condos, because of the perceived lack-of-value of the old condos. But there are still buyers for old condos (especially old walk-ups), for various reasons, such as nostalgia, creativity to recreate something old into something modern etc.
It is not true that old condos are doomed and not advisable to purchase. If the condo is at a good location, even if it is 99year leasehold, there is always the chance that a developer will enbloc the condo. Even if we are talking about old HDB flats, we notice that the latest record price setting HDB is actually a very old flat that is at a good location.
Therefore, in conclusion, there is always demand for older condos, although the demand may be lesser than for newer condos. Also, the chance for enbloc is higher for such older condos, especially if the location is very good.
Regards,
Richard Wan
Black Diamond Real Estate
richardwan@live.com
94363793
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