AppId is over the quota
Some property agents and consultants said the value of a property located near any centre serving old folk, such as a day-care centre or hospice, can cause home prices to dip by as much as 20 per cent. -- ST PHOTO: JOYCE FANGElderly residents may appreciate having an elder-care centre in the neighbourhood, but property agents say these senior-friendly amenities can turn off some potential buyers.
Some property agents and consultants said the value of a property located near any centre serving old folk, such as a day-care centre or hospice, can cause home prices to dip by as much as 20 per cent.
Mr Eric Cheng, chief executive of ECG Property, said a majority of his home-buying clients offer between 3 per cent and 5 per cent less in cash over valuation for flats with elder-care centres nearby.
'Buyers will take advantage of the centre to negotiate with the seller, who will then lower the asking price,' he said. 'However, it does not affect the absolute value as much.'
