Resale a flat is usually more expensive than buying a new flat directly from HDB. However, this is one of the most lucrative and profitable business for investors. This also affords one a greater flexibility to select a unit that suits his needs, such as choosing a well-renovated one to save him / her from taking a renovation loan, or one near your workplace. Buying a resale flat in the same town or within 2km also qualifies one for the CPF Housing Grant. Hence, in totality from a buyer’s perspective or from the perspective of a property agency, they are always eager to know the hidden factors behind buying a resale flat or the price fluctuation of resale flats by different regions.
Our goal is to find the answers of some core problematic areas of property business in Singapore using dashboard and this can be referred by business users for both explanatory and exploratory purposes. In simple words this dashboard will give the business users an overview of flat resale facts.
- What is the average resale price of a flat for a region ?
- What is the average resale price of a flat for a region with respect to locations, flat model and flat types ?
- What are the top five regions can a buyer should look for ?
- What are the best five model type with average resale price buyer should look for ?
- When is the best flat resale season ?
We have divided the entire dashboard in two parts, first part will focus on explanatory analysis whereas the second part will be referred for exploratory analysis in which we share our key findings based on the available month and year based data for different regions in Singapore.
- Regional Distribution by Average Resale Price [Explanatory Purpose]:
The goal of this metric is to demonstrate the regional average resale price value. And this will help business or future property investors to focus on these areas. Also by the color density one can identify the high resale price zones easily.
- Regional Flat Resale by Flat Model & Flat Type [Explanatory Purpose]:
The goal of this metric is to demonstrate the regional flat resale prices by flat model and flat type. And this will help business or future property investors to understand which flat models and flat types are in high demand by each region. As there are more demand in specific locations the resale value will be more.
- Top 5 Regions with High Average Resale Value [Explanatory Purpose]:
The goal of this metric is to identify top 5 regions across Singapore where the Avg. resale price is high. This will give an idea of the ground level trends of flat resale price. And investors can focus on these areas based on their personal need. And we also provide different filter option across the dashboard, which enables user to get the necessary information for specific filter criteria. Example: Top 5 regions with high resale price for a specific year.
- Top 5 Flat Models with High Average Resale Value [Explanatory Purpose]:
The goal of this metric is to identify top 5 flat models across Singapore where the Avg. resale price is high. Investors and real estate agencies can get the idea the demand of specific flat models across Singapore community and investors can focus on these specific flat models to gain more profit in long run from the high resale price.
- Flat Resale Seasonality [Exploratory Purpose]:
This metric is derived for exploratory purpose. The goal is to identify the flat resale seasonality based on the trends within the available data. The purpose of this metric is to help the property agents to get a complete idea on the seasonality of flat buy or resale events when majority of Singapore community is willing to invest money in buying / selling the flats. This will help business to plan their marketing strategies properly to get the maximum output and profitability.
Features and Techniques:
While developing the dashboard we majorly focused on few following key aspects:
- Use Singapore map and highlight the regions with different shades of same color to showcase the density of avg. flat resale price value fluctuation. And, kept the legends on top of the dashboard for easy understanding.
- We use hierarchy concept to traverse more granular level of the data and have introduced new variables in dashboard layer for effective slice and dice of the data.
- We kept all the color legends under filter criteria for easy reference and user friendly UI.
Data Collection and Other Refereences:
Ayan Biswas [A0163340R], Saravanan Rajamanickam [A0163321U], Vivekananda.S [A0163268Y], Adarsh Kumar [A0163397U]