How Lift Modernisation Improves Condo Value in Singapore’s Competitive Property Market
In Singapore's competitive real estate market, every edge counts.
For older condos, lift modernisation is a strategic move for enhancing the property's value and functionality. Such upgrades not only benefit current residents, but also position the property favourably in the eyes of potential buyers and investors, thereby safeguarding the condo's market value in the long term.
Problems of Ageing Lifts in Old Condos
The Building and Construction Authority (BCA) in Singapore recommends lift modernisation for lifts older than 15 years to address safety concerns and improve reliability in older buildings.
For older condos, ageing lifts present numerous challenges for residents and property managers. Frequent lift breakdowns and prolonged downtimes are some of the main issues that not only affect the daily lives of occupants, but also impact the overall value of the property.
Impact of Lift Modernisation on Condo Value in Singapore
Lift modernisation in Singapore offers numerous benefits that contribute to a condo's overall worth and desirability in the competitive real estate market.
1. Competitive Advantage for Older Condos
Older condos with modernised lifts gain a substantial edge in Singapore's property market. Updated lift systems demonstrate proactive management and investment in the building's infrastructure, signalling to prospective buyers that the property is well-maintained and future-proofed.
This is especially important when older condos have to compete with newer properties to attract potential buyers and tenants. Modern lifts not only enhance safety and functionality, but also significantly boost the property's market appeal.
2. Reduced Lift Breakdowns & Complaints
Lift breakdowns and resident complaints are major issues for ageing lifts in older condos. As a result, the property's reputation and marketability take a hit.
We've modernised the lifts of several old condos, and every project began due to immense frustration regarding lift breakdowns.
In addition to breakdowns, lift downtime had increased due to the scarcity and high cost of spare parts for older models. As technology advances, manufacturers often cease production of components for outdated systems, forcing lift maintenance companies to source parts from specialized suppliers at higher prices. In some situations, custom fabrication is required, further extending downtime.
The good news is that modernising your old condo lift will definitely result in a significant decrease in lift complaints. Feel free to check out some of our portfolio projects:
Modernising an old lift is ultimately crucial for smooth lift operations, and that in turn increases occupant satisfaction, as well as overall perceived condo value.
3. Better Visual Appeal
Lift modernisation significantly enhances a condo's visual appeal, directly impacting perceived property value.
Newer lift designs often feature sleek, contemporary finishes, better lighting, and user-friendly interfaces, enhancing the overall aesthetic appeal of the building. This sense of modernity and care extends beyond the lifts themselves, reflecting positively on the entire property.
Plus, potential buyers will naturally consider lift aesthetics when evaluating condos—in Singapore's high-rise landscape, buyers will have to take the lift when viewing a potential unit. Updated lift interiors and exteriors contribute to a positive first impression, potentially increasing perceived value of a property.
4. Accessibility Improvements for Residents
Modernised lifts offer enhanced accessibility features, catering to a wider range of residents and increasing property appeal.
For instance, upgraded lifts often incorporate improved levelling accuracy and smoother ride qualities. This precision is particularly beneficial for elderly residents and individuals with mobility challenges, as it reduces the risk of tripping or falling when entering or exiting the lift.
Contemporary lift systems may also include advanced safety features such as sensor-based door operations, which prevent the doors from closing if an obstruction is detected.
Lift modernisation ultimately aligns with Singapore's broader goal of creating an age-friendly and inclusive built environment. As the population ages, properties with accessible lifts will be attractive to multi-generational families, expanding the potential buyer pool.
5. Forward-thinking Positioning with Smart Lift Technology
Likewise, incorporating smart lift technology through lift modernisation positions older condos as forward-thinking properties in Singapore's real estate market.
Advanced features like destination control systems, predictive maintenance, and integration with building management systems improve both efficiency and user experience. This technology integration will not only increase perceived property value, but also appeal to tech-savvy buyers.
Improve Your Condo Value with Lift Modernisation
Lift modernisation is a strategic move for enhancing the value and functionality of older condos in Singapore. Such upgrades not only benefit current residents, but also position the property favourably in the eyes of potential buyers and investors, thereby safeguarding its market value in the long term.
If you're a condo MCST considering lift modernisation, contact Hin Chong for a complimentary lift assessment. Our certified Lift & Escalator Inspector (LEI) will provide an objective and independent evaluation of your lift's condition, ensuring recommendations that are not biased towards existing lift contractors.
