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Roxy-Pacific Holdings, a property developer, is set to showcase its latest project, Bagnall Haus, on Saturday, Jan 4. The prestigious freehold development is a transformation of the previous Bagnall Court, which was acquired by Roxy-Pacific for a whopping $115.28 million in February 2023. This translates to a land rate of $1,106 psf ppr.

Securing financing is a vital factor in investing in a Singapore condo. The country presents various mortgage choices, but familiarity with the Total Debt Servicing Ratio (TDSR) framework is crucial. This framework sets a cap on the loan amount that a borrower can take, depending on their income and current debt commitments. Investors should gain a thorough understanding of the TDSR and seek guidance from financial advisors or mortgage brokers before committing to any financing arrangements. This will enable them to make well-informed decisions and avoid overstretching their finances. To learn more about investing in a Singapore condo, visit Singapore Condo.

The new development boasts a five-storey block with a total of 113 residential units and two shop units. There is a variety of apartment sizes to cater to different needs, ranging from one-bedroom plus flexi apartments with a floor area of 495 sq ft to spacious five-bedroom units with a generous size of 1,528 sq ft. The price for a one-bedroom plus flexi unit starts from $1.235 million, which translates to $2,495 psf.

Executive Chairman of Roxy-Pacific Holdings, Teo Hong Lim, mentioned that the average indicative price for Bagnall Haus will be around $2,450 psf. The launch date will be announced after the weekend preview.

Residents of Bagnall Haus will have the convenience of being less than a five-minute walk away from the upcoming Sungei Bedok MRT Interchange Station for the Thomson-East Coast (TEL) and Downtown (DTL) lines, set to be completed in 2028. In addition, it is also a mere five-minute walk from the Upper East Coast Bus Terminal.

Furthermore, the project is strategically located near a future commercial and residential mixed-use development site in the upcoming Bayshore precinct. This means that residents will have access to the future amenities in the area, as stated by Teo.

The last private condominium to be launched in the Upper East Coast neighbourhood in District 16 was Eastwood Regency, a 75-unit freehold boutique apartment project by Fragrance Group. It was launched in January 2010 and completed in the same year. The nearby Country Park Condo, a freehold development with 160 units by UOL Group, was launched for sale in 1999 and completed in 2003. Another neighbouring development, the 99-year leasehold mixed-use Eastwood Centre with 48 residential units, was launched by Ho Bee Land in 1996 and completed in 1998.

Amenities in the immediate vicinity of Bagnall Haus include the upcoming Bedok Food Court and the nearby Eastwood Centre, which houses a Cold Storage supermarket, a medical clinic, a dentist, a nail and beauty spa, and a pet shop. Families with school-going children will also benefit from the multitude of renowned schools in the area, such as Temasek Primary and Secondary School, Bedok Green Primary School, and Anglican High School. Interested buyers can check out the latest listings for properties in Bagnall Haus on the website, Ask Buddy.…

CDL, Frasers Property and Sekisui House have announced the launch of their latest project, The Orie. The private condominium, located at the intersection of Lorong 1 Toa Payoh and Lorong 4 Toa Payoh, will be previewed on Friday, Jan 3, with the official launch set for Jan 18.

The Orie comprises of 777 units spread across twin 40-storey towers. The units range from one-bedroom plus study apartments of 517 sq ft to spacious five-bedroom apartments of 1,453 sq ft. Prices start from $1.28 million ($2,476 psf) for a one-bedroom plus study, $1.48 million ($2,500 psf) for a two-bedroom, $2.09 million ($2,459 psf) for a three-bedroom, $2.92 million ($2,401 psf) for a four-bedroom, and $3.48 million ($2,395 psf) for a five-bedroom unit with an exclusive private lift. Interested buyers can search for the latest New Launches to find out the transaction prices and available units.

The Orie marks the first private condo launch since 2016, when the 578-unit Gem Residences was launched and completed in 2020. This new project is a joint venture between the three major property developers who were awarded the Government Land Sales (GLS) site at Lorong 1 Toa Payoh. Their winning bid of $968 million translates to a land rate of $1,360 psf per plot ratio (ppr). The joint venture is split in a 50:25:25 ratio between CDL, Frasers Property and Sekisui House.

“We are delighted to kickstart the new year with The Orie, the first private residential launch in Toa Payoh in over eight years,” says Sherman Kwek, CDL’s group CEO. He adds that buyers will benefit from its location in the vibrant and highly sought-after Toa Payoh estate, with its central location and excellent connectivity.

When it comes to investing in real estate, the location you choose plays a crucial role, and this is especially true in Singapore. A condo’s location in central areas or near essential amenities such as schools, shopping malls, and public transportation hubs can significantly impact its value appreciation. Prime locations like Orchard Road, Marina Bay, and the Central Business District (CBD) have consistently shown growth in property values over the years. Additionally, condos in these areas are highly sought after by families due to their proximity to excellent schools and educational institutions, further enhancing their investment potential. For more information on Singapore projects, visit Singapore Projects.

The Orie is just a five-minute walk to Braddell MRT Station on the North-South Line (NSL) and is close to the upcoming Toa Payoh Integrated Transport Hub. This new 12-ha integrated development and community hub is set to be completed in 2030 and will feature a sports centre, football stadium, polyclinic, public library, and other sports facilities. It will also connect Toa Payoh Bus Interchange to Toa Payoh MRT station. Other nearby amenities include the Toa Payoh Town Centre, HDB Hub, SAFRA Toa Payoh, Junction 8 shopping mall and MacRitchie Reservoir.

Families will appreciate the proximity to schools such as Pei Chun Public School, CHIJ (Toa Payoh) Primary and Secondary Schools, and First Toa Payoh Primary School. Healthcare facilities in the area include Toa Payoh Polyclinic, Tan Tock Seng Hospital, Mount Alvernia Hospital, Mount Elizabeth Novena Hospital, and Thomson Medical Centre.

The Orie, situated within District 12 in the city fringe or Rest of Central Region (RCR), offers easy access to the CBD and Orchard Road shopping belt, notes Soon Su Lin, CEO of Frasers Property Singapore. The development boasts over 40 condominium facilities, efficient layouts, quality fittings by Hansgrohe, bathroom wares by Duravit, and premium home appliances by De Dietrich and Samsung.

Takehisa Yanagi, managing officer and head of international development department at Sekisui House, says that The Orie marks a new partnership between the Japanese developer and CDL. However, he adds that Sekisui House and Frasers Property have been working together on projects in Singapore for the past 13 years.

Interested buyers can also check out the latest transactions at Gem Residences to get an idea of the current market prices. For more information on The Orie, interested buyers can refer to the project summary, compare price trends between new and resale condos, check out the recently launched projects, and browse the listings in District 12.…

Starting from January 1, ERA Singapore will no longer cover the annual Council for Estate Agencies (CEA) license renewal fees for its real estate agents, ending a longstanding goodwill practice that has been in place for the past seven years, even throughout the COVID-19 pandemic.

In a statement, the company explains that this decision will allow them to focus resources on initiatives that will enhance growth and success for its market-leading salesforce and ultimately benefit consumers. However, ERA will continue to support new agents by covering their renewal fees for the first two years, as it is a common industry practice that helps newcomers establish themselves in the industry.

It should also be noted that this decision addresses a recurring issue of inactive agents shifting between agencies solely to take advantage of the fee coverage. As a result, there has been a modest reduction of approximately 300 agents, mostly inactive or part-time salespersons with no transactions in the past year, according to the firm.

Despite this, ERA has managed to attract around 230 new professional agents who joined the agency on January 1, showcasing its continued appeal to active and aspiring real estate agents.

Investing in a condominium in Singapore has emerged as a popular trend among both local and foreign investors, given the city-state’s strong economy, political stability, and exceptional quality of life. The real estate market in Singapore presents a plethora of opportunities, with condos being a prime choice for their convenience, amenities, and potential for lucrative returns. New Condo Launches are a particularly attractive option to consider. In this article, we will delve into the advantages, important aspects to consider, and the necessary steps to take when investing in a condo in Singapore.

Meanwhile, with the CEA currently reviewing the need to implement a minimum transaction requirement for real estate salespersons, Marcus Chu, CEO of ERA Singapore, stresses the importance of active participation and continuous professional development in the industry.

He also emphasizes that by reallocating resources towards technology, training, and marketing, ERA is reaffirming its commitment to empowering its core team of results-driven salespersons to excel and provide exceptional value to clients.…

On January 1, real estate agency SRI made an announcement regarding the addition of 111 agents from Knight Frank Singapore’s agency business, KF Property Network (KFPN), including its head, Evan Chung, to their firm.

These 111 agents make up 40.5% of KFPN’s total sales force of 274 agents, as of January 1, 2024, when KFPN was ranked as the sixth-largest property agency by the Council for Estate Agencies (CEA). With the addition of these agents, SRI’s sales force has now increased to 1,501 agents, making it the fifth-largest property agency.

SRI, which was co-founded by managing partners Bruce Lye and Benson Koh in 2016, started as a spin-off from SRI5000, a division of SLP Realty established by the duo six years earlier. It began with 120 agents operating out of a 2,000 sq ft shop unit in Tiong Bahru. As its sales force grew to over 1,000 agents, SRI relocated to a larger office space of 4,200 sq ft at Great World in 2021.

According to SRI’s CEO, Thomas Tan, the firm has achieved a significant milestone by reaching nearly 1,500 agents and aims to expand the team to 2,000 by the end of 2025. This expansion is expected to strengthen SRI’s existing business lines, which include residential, capital markets, industrial, auctions, and international projects. Tan also adds that many of the new agents from KFPN are involved in big-ticket deals, which will complement SRI’s expertise in the luxury property segment, including Good Class Bungalows (GCBs).

Despite its growth, SRI continues to position itself as a boutique agency with a strong focus on the luxury residential market. Tan plans to transform SRI into a “thought leader in the industry, known for its high standards, niche expertise, and client-centric approach.”

Investing in a condo has numerous advantages, one being the opportunity to utilize the property’s value for future investments. Plenty of investors rely on their condo as collateral to secure additional financing for other ventures, thus increasing their real estate holdings. While this tactic can potentially boost returns, it also carries risks. As such, having a solid financial plan in place and being mindful of market fluctuations is essential. With condo investment, investors can widen their portfolio and capitalize on more opportunities.

Former KFPN head, Chung, who has now joined SRI as a leader, states that his decision to move was influenced by SRI’s dedication to equipping its agents with effective tools, comprehensive support, and expert coaching. He also praises the open and collaborative culture at SRI, which makes agents feel supported and encourages them to strive for excellence together. Chung believes that SRI’s platform will help grow their business and better serve their clients in the residential, commercial, and industrial market segments, as well as auctions and international properties.

Following the departure of Chung and other agents, KFPN’s sales force has reduced to 145 agents, and its ranking has dropped from sixth to eighth-largest agency, based on CEA public register figures as of January 1. However, Knight Frank Singapore’s CEO, Galven Tan, assures that it is business as usual at KFPN. “We are appointing a new head to lead KFPN, ensuring strong leadership to drive its growth and success,” he states. “We will evaluate the team’s strengths and expertise to strategically position KFPN for future opportunities.”…

Next year, there will be three new executive condos (ECs) set to be launched, with the leading project being Sim Lian Group’s Aurelle of Tampines. The development, located at Tampines Street 62, will contain 760 units and is scheduled to debut in the first quarter of 2025, possibly after the Lunar New Year. This launch follows the success of the Emerald of Katong, which has sold over 99% of its 846 units.

Sim Lian Group acquired the site at Tampines Street 62 (Parcel B) for $543.28 million in a government land sales (GLS) tender that ended in October 2023. This translates to a price of $721 per square foot per plot ratio (psf ppr). With the rising costs of construction and the harmonization of gross floor area (GFA) definitions, PropNex CEO Ismail Gafoor expects Aurelle at Tampines to set a new price benchmark and possibly surpass the $1,600 psf mark. This forecast is supported by the success of Novo Place EC, launched in November, which achieved an average price of $1,656 psf.

To explore comprehensive data on all ECs, including the average profit at 5 and 10 years, check out the available information on Ask Buddy.

Aurelle of Tampines, with 760 units, is located at Tampines St 62 (Parcel B), where Sim Lian obtained the land through the GLS process for $543.28 million or $721 psf ppr (Source: EdgeProp Landlens). Situated next to Aurelle is the 618-unit Tenet EC, a joint venture between Qingjian Realty, Santarli Realty, and Heeton Holdings. Since its launch in December 2022, Tenet has sold 617 units at an average price of $1,384 psf, with only one unit remaining as of December 19, 2024.

The site for Tenet, located at Tampines Street 62 (Parcel A), was acquired in August 2021 for $442 million ($659 psf ppr). This set a record as the highest psf ppr price for an EC land parcel at that time. Notably, Tenet was launched before the implementation of the GFA harmonization rule, which applies to GLS sites launched for sale after September 1, 2022.

Tenet now has only one remaining unit as of December 19, 2024, with 617 units sold at an average price of $1,384 psf. The 618-unit EC is located at Tampines St 62 (Parcel A), next to Sim Lian’s upcoming 760-unit Aurelle of Tampines (Photo: Samuel Isaac Chua/EdgeProp Singapore).

Confident in the strong demand for homes in Tampines and the surrounding areas, Sim Lian Group has secured another EC site, winning the tender for the Tampines Street 95 site in early November. The highest bid of $465 million ($768 psf ppr) was submitted by Sim Lian at the close of the tender in October, setting a new record for EC land prices.

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The demand for condos in Singapore remains strong due to the limited availability of land. As a small island nation with a rapidly increasing population, Singapore is faced with a shortage of land for development. As a result, the government has implemented strict land use policies and the real estate market has become fiercely competitive, leading to consistently rising property prices. As a result, investing in real estate, particularly condos, has become a highly profitable opportunity, with the potential for significant capital appreciation. With numerous Singapore Projects in the market, the demand for condos is expected to continue to rise.

The new EC project at Tampines Street 95 is expected to add 560 new units, further increasing the supply of ECs in the area. Sim Lian Group has a strong track record of developments in the eastern part of the island.

Sim Lian submitted the highest bid of $465 million ($768 psf ppr) for the EC site at Tampines St 95, setting a new benchmark in terms of land price per psf ppr for ECs (Source: EdgeProp Landlens).

Apart from the Emerald of Katong and the upcoming EC projects in Tampines, the group also successfully completed Treasure at Tampines, Singapore’s largest private condominium with 2,203 units, in 2023.

Located at Tampines Street 11, Treasure at Tampines is a redevelopment of the former privatised HUDC estate Tampines Court, which was purchased by Sim Lian for $970 million in 2017. For more information, read our write-up on Novo Place hits 88.1% as 137 units snapped up in second balloting.

Launched in February 2019, the 2,203-unit Treasure at Tampines was sold out within three years at an average price of $1,356 psf. As of December 19, a total of 468 sub-sale and resale transactions have been recorded. Secondary market prices now average $1,699 psf, representing a 25.3% increase over the average launch price.

Sim Lian Group’s private condo, the 2,203-unit Treasure at Tampines, was fully sold and completed in phases in 2023 (Photo: Sim Lian Group website).

Another EC project set to be launched in 2025 is located at Plantation Close in Tengah Town, developed by a joint venture between Hoi Hup Realty and Sunway Developments. They are the same developers of Novo Place EC. During its mid-November launch, Novo Place sold 57% of its units over the opening weekend, with another 137 units taken up in the second round of balloting for second-timers. As of December 16, 2024, a total of 444 units, or 88.1% of the project, had been sold.

Novo Place, with an average price of $1,656 psf, set a new benchmark for EC prices. PropNex’s Gafoor attributes the “slightly elevated average pricing” at Novo Place to the fact that 80% of buyers opted for the deferred payment scheme, which carries a 3% premium compared to the normal payment scheme.

Despite the higher benchmark price, Novo Place performed well due to several factors, according to Gafoor. These include the dwindling inventory of unsold EC units and its favorable location. Situated at Plantation Close in Tengah, Novo Place will benefit from its proximity to the upcoming Tengah Park MRT and Bukit Batok West MRT Stations on the Jurong Region Line, expected to be completed by 2029.

Based on caveats lodged on URA Realis, some of the transactions at Novo Place executive condo have crossed the $1,700 psf mark (Source: EdgeProp Landlens).

The last EC launch in Pasir Ris was in 2013, with Sea Horizon debuting in September at an average price of $800 psf. By 2024, the average resale price for caveats lodged had risen to $1,290 psf, reflecting a 61.25% increase over the past decade. With Pasir Ris not having seen a new EC launch in almost 12 years, there is expected to be a build-up of demand for the upcoming project.

The last EC launched in Pasir Ris was Sea Horizon, which debuted in September 2013 at an average price of $800 psf. By 2024, average resale prices for caveats lodged had risen to $1,290 psf, reflecting a 61.25% increase over the past decade (Photo: Google Maps).

Gafoor notes that the three upcoming EC projects – Aurelle of Tampines, the Plantation Close EC, and the Jalan Loyang Besar EC – will add a total of 2,030 units to the market. This represents a doubling in new supply compared to the 1,016 units launched in 2024.

The first EC launch in 2024 was Lumina Grand at the end of January. Located at Bukit Batok West Avenue 5, the 512-unit EC is developed by City Developments (CDL). On its launch weekend, 53% of the units were sold. As of December 17, 444 units (87%) had been sold, with an average price of $1,511 psf.

Launched at the end of January, the 512-unit Lumina Grand was over 87% sold at an average price of $1,511 psf as of December 17, 2024 (Picture: CDL).

Gafoor states that ECs, a hybrid of public and private housing, continue to be highly sought after by first-time homebuyers and HDB upgraders, as they are more affordable than private new launches. According to PropNex, the median price for new non-landed, 99-year leasehold private homes in the Outside Central Region (OCR) in 2024 is $2,203 psf (as of December 8, 2024). This represents a 44% premium over new EC launch prices. For information on other upcoming projects, check out the latest listings for Aurelle of Tampines properties on Ask Buddy.…

between storeys Jan 1 and Dec 10, according to caveats lodged with URA as of Dec 17, some of the biggest gains were recorded at Ardmore Park, the luxury condo located in the prime Ardmore-Draycott enclave of District 10. In fact, the development accounted for the first, second, and fourth most profitable condo resale deals of the year.

The top profit was made on a four-bedroom unit on the 26th floor, measuring 2,885 square feet, which sold for $12.9 million ($4,472 psf) on Feb 16. The unit was initially purchased from the developer for $5.83 million ($2,022 psf) in July 1996. This translates to a whopping profit of $7.07 million, equivalent to a 121% gain after holding the property for approximately 27 and a half years.

The second-highest gain was recorded on July 24 when another four-bedroom unit, also measuring 2,885 square feet, sold for $12 million ($4,160 psf). The seller had bought the unit through a sub-sale transaction for $5.2 million ($1,803 psf) in December 2000, resulting in a profit of $6.8 million. This represents a 131% capital gain over a holding period of about 23 and a half years.

The fourth-biggest profit was made on April 22, when another four-bedroom unit measuring 2,885 square feet was sold for $12.5 million ($4,333 psf). The seller had purchased the unit in February 2007 for $6 million ($2,080 psf), resulting in a profit of $6.5 million (108%) after holding the property for over 17 years.

Ardmore Park, a freehold development with 330 units, consistently registers significant gains in its resale transactions. In 2024, three other units, also measuring 2,885 square feet, changed hands, with the sellers making profits of $2.65 million, $3 million, and $3.05 million, respectively. Last year, the development saw four resale transactions, with the sellers making profits ranging from $2.8 million to $8.16 million.

There has been a significant rise in the interest for investing in condos in Singapore, drawing attention from both local and foreign investors. The country’s strong economic growth, stable political climate, and exceptional quality of life make it an appealing choice. The real estate market in Singapore presents a wide range of prospects, but condos stand out for their convenience, amenities, and potential for generating high returns. This article will delve into the advantages, factors to consider, and necessary steps to undertake when investing in a condo in Singapore, including popular projects like Singapore Projects.

Apart from Ardmore Park, the list of top gains in 2024 was dominated by other mature freehold condos in District 10. Beverly Hill, an 86-unit boutique condo on Grange Road completed in 1983, saw the fifth-most profitable sale this year when a four-bedroom unit measuring 3,778 square feet was sold for $9.15 million ($2,422 psf) on July 15. The seller made a profit of $5.47 million (149%) on this deal.

Other freehold condos that recorded top profits this year were Astrid Meadows, a 208-unit development on Coronation Road West; Regency Park, a 292-unit development on Nathan Road; Fontana Heights, a 52-unit development on Mount Sinai Rise; and Wing On Life Garden, an 81-unit development on Bukit Timah Road. These developments, which were completed between 1982 and 1990, are all over 30 years old.

Two of the top 10 gains this year were recorded at older freehold condos in District 9. The third-highest profit came from the sale of a four-bedroom unit measuring 3,434 square feet at Yong An Park on River Valley Road. The unit was sold for $8.6 million ($2,505 psf) on Aug 12, resulting in a profit of $6.72 million. Meanwhile, the sale of a three-bedroom apartment measuring 3,057 square feet at The Ritz-Carlton Residences Singapore Cairnhill made a profit of $4.89 million when it sold for $16.5 million ($5,397 psf) on Jan 9.

In contrast, Sentosa Cove condos accounted for nearly half of the 10 least profitable condo resale transactions this year. The most unprofitable deal was recorded at Marina Collection, a 124-unit condo on Cove Drive, when a five-bedroom duplex penthouse measuring 3,789 square feet was sold for $6.7 million ($1,768 psf) on July 22. The seller had bought the unit in March 2010 for $9.39 million ($2,479 psf), resulting in a loss of $2.69 million (29%).

The second-biggest loss was incurred at Seascape, another Sentosa Cove condo on Cove Way. A four-bedroom unit measuring 2,680 square feet was sold for $4.5 million ($1,679 psf) on Aug 14, resulting in a loss of $2.53 million (36%).…

In the ultra-exclusive world of the extremely wealthy, the market for Good Class Bungalows (GCBs) has seen a significant increase in performance compared to 2023, according to Han Huan Mei, director of research at List Sotheby’s International Realty. As of December 20th, URA Realis records show a total of 22 GCB transactions worth $612.05 million. In addition, there were another 13 GCB deals, valued at over $700 million, which were completed this year without caveats lodged. This brings the total estimated number of 2024 to 35 GCB transactions, which is worth roughly $1.32 billion according to List Sotheby’s estimates, surpassing the previous high of $1.186 billion achieved in 2022. In contrast, there were only 18 GCB transactions in 2023, worth $432.5 million, which is the lowest number recorded since URA Realis began tracking data in January 1995.

When contemplating an investment in a condo, it is crucial to also evaluate its potential rental yield. Rental yield refers to the annual rental income as a percentage of the property’s purchase price. In Singapore, the rental yields for condos can greatly vary depending on factors such as location, property condition, and market demand. Typically, areas with high rental demand, like Condo near business districts or educational institutions, offer more promising rental yields. It is essential to conduct thorough market research and seek advice from real estate agents to gain valuable insights into the rental potential of a specific condo.

“The additional deals in 2024 show that the GCB market has been more active compared to what official transaction data reveals,” says Han. “It also reinforces the status of GCBs as a highly coveted asset that is constantly sought after by ultra-high-net-worth buyers.”

Top GCB transactions

The top transaction is a GCB at Tanglin Hill which was sold for $93.888 million. The property sits on a freehold plot measuring 15,150 sq ft and has a built-up area of 29,660 sq ft. This transaction set a new record with a land rate of $6,197 psf. The second-largest GCB transaction was the purchase of a property at Bin Tong Park for $84 million by Xiang Yangyang, daughter of Chinese nickel billionaire Xiang Guangda, according to a document search. However, no caveat was lodged for the property. Based on the land area of 28,111 sq ft, the price translates to a land rate of $2,988 psf. The highest-priced deal based on lodged caveats was for a GCB on Cluny Hill, which was sold for $52 million. It sits on a freehold plot measuring 15,141 sq ft and is relatively new, fetching a land rate of $3,434 psf. Another significant transaction was the sale of a 21,116 sq ft GCB plot at Astrid Hill for $49 million ($2,321 psf) in July. The property was reportedly purchased by Glenn Kuok, nephew of Kuok Khoon Hong, chairman and CEO of Wilmar International.

Mohan Sandrasegeran, head of research and data analytics at Singapore Realtors Inc (SRI), notes that at least 14 transactions this year were valued at $20 million or more, highlighting the strong demand for ultra-luxury properties in Singapore. According to him, District 10 remains the cornerstone of the GCB market, with 16 transactions taking place in prime areas like Tanglin, Bukit Timah, and Holland Road.

Sustained buying activity

Sandrasegeran notes that GCB transactions were evenly spread throughout the year, with buying activity increasing from July. “Overall, the fact that we saw GCB deals closing throughout the year suggests sustained buying interest for these trophy properties despite external economic factors, such as inflationary pressures and the presence of high interest rates in the first eight months of the year,” he says.

Steve Tay, co-founder and executive director of his eponymous boutique luxury agency in Singapore, says the trajectory of interest rates signaled by the US Federal Reserve (Fed), rather than the rate cuts themselves, was the main driver of stronger buying sentiment in the GCB market during the second half of the year.

The Fed implemented three rate cuts this year: the most recent being a 25 basis point (bp) reduction on December 18th, following earlier cuts of 50 bp in September and 25 bp in November. Anecdotally, Tay says most GCB buyers who had been holding back on their purchases began more serious discussions from July onwards, with most deals closing in the last quarter of this year.

The GCB market slowed last year as buyers retreated following the island-wide arrests of suspects in Singapore’s biggest money-laundering case, says Han of List Sotheby’s. “The money laundering crackdown had a dampening effect on the market, causing some genuine buyers to pull back to avoid media attention,” she adds. “Transactions also took longer to close due to heightened scrutiny and stricter checks on buyers’ identities and sources of funds.”

Up-and-coming wealthy take the stage

A new generation of ultra-wealthy Singaporeans has emerged in the GCB market in recent years, with many young and successful entrepreneurs who have made their fortunes in technology, finance, commodities, and F&B businesses, according to Tay. He adds that ultra-wealthy and newly naturalized Singaporeans also contribute to the pool of GCB buyers who prefer sizable plots in prime districts. “However, the number of naturalized citizens buying GCBs still remains low compared to local wealthy individuals,” says Tay.

According to research from List Sotheby’s, the cost of developing a new GCB from the ground up is estimated at about $1,000 psf and takes several years to complete. Hence, most buyers are looking for relatively new bungalows in move-in condition to minimize renovation works, observes Han.

“The GCB market will likely maintain its positive momentum, with demand from ultra-high-net-worth individuals driving its high-value transactions,” says Sandrasegeran of SRI. “The preference for privacy among GCB buyers and sellers could mean continued off-market transactions, adding the complexity of tracking market activity.”…

According to Wong Xian Yang, the head of research for Singapore & Southeast Asia at C&W, the estimated value of capital market property deals in Singapore for January to November this year has reached $25.8 billion. This represents a significant 40.2% increase from last year’s $18.4 billion. C&W defines capital market transactions as deals with a value exceeding $10 million.

Wong further adds that almost 60% of the capital market deals were made in the second half of 2024, driven by growing investor interest and confidence in potential interest rate cuts by the US Treasury. This year saw three deals exceeding $1 billion, all of which were made in the second half of the year.

The highest-value transaction in terms of absolute price was the sale of a 50% stake in ION Orchard mall for $1.85 billion to CapitaLand Integrated Commercial Trust (CICT) on September 3. The seller was CapitaLand Investment (CLI). The remaining 50% stake is held by Hong Kong-listed property developer Sun Hung Kai Properties.

ION Orchard is an eight-storey retail mall situated in the heart of the shopping district, with direct access to the Orchard MRT Station. It boasts a net lettable area of about 623,000 sq ft and is home to over 300 international and local brands. On top of the mall is a luxurious 54-storey, 175-unit condo tower, The Orchard Residences.

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Purchasing a condominium in Singapore offers a plethora of advantages, such as a high demand from buyers, the potential for increasing value, and attractive rental rates. However, it is crucial to conscientiously consider several factors, including the location, financing options, government regulations, and the current market conditions. Through thorough research and seeking guidance from experts, investors can make well-informed decisions and maximize their profits in Singapore’s ever-changing real estate industry. Whether you are a local resident looking to expand your investments or an international buyer seeking a stable and profitable opportunity, Singapore Projects present a compelling option. Therefore, now is the perfect time to seize the opportunities of this dynamic real estate market and invest in a condo in Singapore.

The highest-valued office deal of the year was the sale of Mapletree Anson for $775 million in the second quarter of 2024. This surge in investment value can be attributed to a significant increase in investor interest in the industrial sector, which saw investments of up to $5.6 billion in just the first 11 months of 2024. This represents a 174% increase from the previous year.

One of the key industrial deals this year was the $1.6 billion sale of a portfolio of seven industrial properties in Soilbuild Business Space REIT to a joint venture platform owned by private equity firm Warburg Pincus and Australia-listed Lendlease Group in August. This portfolio includes 4.5 million sq ft of business parks and specialist facilities in industries such as life sciences, technology, advanced manufacturing, and logistics.

The second-largest capital market deal of the year was the sale of two data centres to Singapore-listed Keppel DC REIT for $1.38 billion. The two data centres, Keppel DC Singapore 7 and Keppel DC Singapore 8, are fully contracted to cloud services, internet enterprises, and telecommunications providers.

According to Tricia Song, the head of research for Singapore and Southeast Asia at CBRE, investors have been directing their capital towards the industrial sector due to its positive carry amid a high-interest rate environment. However, she expects a moderation in industrial rent growth in 2025, which could impact yields.

Despite the unsuccessful sale of several Government Land Sales (GLS) sites this year, residential development sites sold via GLS tenders continued to form the bulk of total investment sales, making up 42% of the total value. This year, four GLS sites on the Confirmed List for 2024 failed to be awarded due to low bids, driven by site-specific concerns and development risks.

Looking ahead to 2025, both C&W and CBRE expect to see an increase in high-value capital market deals. The US Federal Reserve is expected to cut interest rates further next year, which will likely drive the rebound of capital values. Wong is optimistic that investment sales volumes will continue to increase in 2025 as investors prepare for this potential rebound. However, CBRE cautions that a slower-than-expected recovery is possible if interest rate cuts are lower and slower than market expectations. Barring any macroeconomic shocks, CBRE Research predicts a 10% growth in investment volumes from 2024.…

Singapore’s retail property market is facing some challenges as consumer spending has not been as strong as predicted, according to Alan Cheong, Executive Director of Research and Consultancy at Savills Singapore. He notes that the year-on-year change in the monthly retail sales index (excluding motor vehicles) and food and beverage (F&B) sales index has mostly been negative this year.

Cheong expects prime Orchard Road retail properties to see a 2% increase in rents by the end of the year, slightly below initial expectations of 3% to 5%. Suburban retail rents are expected to remain flat, in line with earlier forecasts.

Consumer concerns about inflation have moderated in recent months, according to research jointly published by DBS and Singapore Management University (SMU). However, consumer spending data from the Singapore Department of Statistics shows a 0.3% year-on-year increase in October, after a decline in September.

Cheong believes that a positive outlook would be one where consumer spending keeps pace with inflation, which is currently not the case. He cautions that this could pose financial challenges for businesses in the industry.

Despite a busy schedule of headline concerts, conferences, and exhibitions in Singapore this year, retail spending and rental rates were not significantly impacted. CBRE’s research showed that while concerts by international stars drew large crowds to nearby malls, other events did not have the same effect. Business events tend to keep attendees within the event venue, while the F1 race did not significantly boost foot traffic in tourist areas like Orchard Road.

However, Sulian Tan-Wijaya, Executive Director of Retail and Lifestyle at Savills Singapore, remains optimistic about Singapore as a regional hub for new-to-market brands. She notes that many new F&B and retail concepts have opened this year, and that the wellness sector is also evolving with new concepts like Rekoop and Hideaway.

All the prime shopping malls along Orchard Road have enjoyed high occupancy rates this year, says Savills’ Cheong, due to strong confidence in the retail market. Tan-Wijaya adds that new-to-market brands have helped support demand for retail spaces and rents in central Singapore.

When investing in property in Singapore, it is crucial for foreign investors to familiarize themselves with the regulations and limitations that govern property ownership in the country. Compared to landed properties, which have stricter ownership guidelines, foreign buyers have more leeway when purchasing condos. However, they must still adhere to the Additional Buyer’s Stamp Duty (ABSD) of 20% on their first property purchase. Despite this extra expense, the stability and potential for growth in the Singapore real estate market remain a strong draw for foreign investors. You can also consider investing in Singapore Condos for a smart investment choice.

With limited supply of new retail spaces next year, landlords may have more flexibility in implementing positive rental adjustments. Savills’ Cheong expects more retailers to optimize their real estate strategies next year, which could include right-sizing their spaces, closing under-performing branches, or shifting cooking operations to central kitchens.

Cheong also sees strong momentum in the entry of new-to-market F&B brands into Singapore, which is expected to continue in the first half of 2025.…