Month: December 2024

The year 2025 is set to see the launch of three new executive condos (ECs), with the highly anticipated Aurelle of Tampines by Sim Lian Group being the first on the list. Expected to debut in the first quarter after the Lunar New Year, this 760-unit development at Tampines Street 62 joins the list of previous success stories such as the 846-unit Emerald of Katong, which is now over 99% sold.

In its bid for the site at Tampines Street 62 (Parcel B), Sim Lian Group spent $543.28 million translating to $721 psf per plot ratio (psf ppr) in a government land sales (GLS) tender that ended in October 2023. With the rising construction costs and the harmonisation of gross floor area (GFA) definitions, the CEO of PropNex, Ismail Gafoor, is of the opinion that Aurelle at Tampines may set a new price benchmark exceeding the $1,600 psf threshold. This expectation is drawn from the success of Novo Place EC, launched in November, with an average price of $1,656 psf.

Find comprehensive data on all executive condos, including the average profit at 5 and 10 years, below.

The 760-unit Aurelle at Tampines is located at Tampines St 62 (Parcel B), the same site acquired by Sim Lian in the GLS tender (Source: EdgeProp Landlens). Next to it is the 618-unit Tenet EC, a joint venture project by Qingjian Realty, Santarli Realty, and Heeton Holdings. Launched in December 2022, Tenet has sold 617 units, with an average price of $1,384 psf with only one unit unsold as of December 2024. The site for Tenet, located at Tampines Street 62 (Parcel A), was acquired in August 2021 at a record high psf ppr price of $442 million ($659 psf ppr). However, Tenet was launched before the implementation of the GFA harmonisation rule, which is applicable to GLS sites launched for sale from Sept 1, 2022.

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

When it comes to investing in a condo, financing plays a crucial role. In Singapore, there are various mortgage plans available, but it is crucial to understand the Total Debt Servicing Ratio (TDSR) framework. This framework sets a limit on the loan amount that a borrower can take based on their income and current debt obligations. To make well-informed choices about financing, it is recommended to work with financial advisors or mortgage brokers who can provide guidance. This will also help investors avoid over-leveraging. For more information on financing options for Singapore Condo, one can reach out to financial experts.

Confident in the strong demand for housing in Tampines and the surrounding areas, Sim Lian Group secured another EC site with its winning bid for Tampines Street 95 GLS site in early November. The project is set to add 560 new units to the market. After submitting the highest bid of $465 million ($768 psf ppr), Sim Lian Group has set a new EC land price benchmark.

The upcoming EC project at Tampines Street 95 is expected to have 560 units, adding to the EC supply in the area. Sim Lian Group has a proven track record of developing properties in the eastern region of the island. (Source: EdgeProp Landlens)

Sim Lian Group completed its previous project, Treasure at Tampines, in 2023. With 2,203 units, it remains the largest private condominium in Singapore. Located at Tampines Street 11, it was a redevelopment of the former privatised HUDC estate, Tampines Court, which Sim Lian Group acquired for $970 million in 2017.

Find out more about the upcoming executive condo projects and new launches in Singapore on EdgeProp now.

Developed in phases, Treasure at Tampines was launched in February 2019 and sold out within three years at an average price of $1,356 psf. As of December 2024, there have been a total of 468 sub-sale and resale transactions. With secondary market prices averaging at $1,699 psf, an increase of 25.3% over the average launch price has been recorded.

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

Another upcoming EC project is situated at Plantation Close in Tengah Town, developed by a joint venture between Hoi Hup Realty and Sunway Developments, the same developers of Novo Place EC. Novo Place was launched in mid-November and sold 57% of its units over the opening weekend. In the second round of balloting for second-timers, buyers who have previously purchased a subsidised new or resale HDB flat, another 137 units were snapped up, bringing total sales to 444 units, or 88.1% of the project as of December 16, 2024.

With an average price of $1,656 psf, Novo Place set a new benchmark for EC prices. According to Gafoor, the “slightly elevated average pricing” at Novo Place could be attributed to the fact that 80% of buyers opted for the deferred payment scheme, which includes a 3% premium compared to the normal payment scheme.

Even with the higher benchmark price, Novo Place has achieved an excellent performance due to factors such as the dwindling inventory of unsold EC units and its favourable location. Situated at Plantation Close in Tengah, Novo Place will benefit from the upcoming Tengah Park MRT and Bukit Batok West MRT stations on the Jurong Region Line, set to be completed by 2029.

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

The third EC project, expected to launch in late 2025, is situated at Jalan Loyang Besar in Pasir Ris. The 710-unit development is a joint venture between Qingjian Realty, Forsea Holdings, and ZACD Group. The site was acquired for $557 million ($729 psf ppr) in August 2024. The last EC project 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 increased to $1,290 psf, representing a 61.25% increase over the past decade. With no new EC launch in Pasir Ris for almost 12 years, the demand is expected to be high.

The last EC project 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 increased to $1,290 psf, representing 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 collectively add 2,030 units to the market, twice as much as the 1,016 units launched in 2024. The first EC launched in 2024 was Lumina Grand at the end of January. Developed by City Developments (CDL), the 512-unit EC located at Bukit Batok West Avenue 5, witnessed a take-up rate of 53% of the units over its launch weekend. As of December 17, 444 units (87%) have been taken up, achieving an average price of $1,511 psf. “ECs, a hybrid of public and private housing, remain highly sought after by first-time homebuyers and HDB upgraders, as they are still more affordable than private new launches,” says Gafoor.

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). Based on caveats lodged during the same period, this represents a 44% premium over new EC launch prices. Find out more about the current projects and new launches in the EdgeProp listings.…

A notable benefit of investing in a Singapore condo is its potential for capital appreciation. As a thriving global business hub and with a robust economy, Singapore experiences a constant demand for real estate. This has led to a consistent rise in property prices over the years, especially for condos in prime locations. By timing their investment correctly and holding onto their properties for the long run, investors can reap significant profits from capital gains.

Resale transactions at Ardmore Park, a luxury condo located in the prime District 10 Ardmore-Draycott enclave, were among the most profitable deals that took place in 2024. The freehold development, with its 330 units, accounted for the first, second, and fourth most profitable condo resale transactions between January 1 and December 10, according to caveats lodged with URA as of December 17.

The top profit was made on the sale of a four-bedroom, 2,885 sq ft unit on the 26th floor of Ardmore Park on February 16 for $12.9 million, or $4,472 psf. The seller had bought the unit from the developer for $5.83 million ($2,022 psf) in July 1996, meaning they had made a profit of $7.07 million, or a 121% gain over a holding period of about 27.5 years.

The second-highest gain came five months later on July 24, when a four-bedder measuring 2,885 sq ft on the 18th floor was sold for $12 million ($4,160 psf). The seller had originally bought the unit in December 2000 through a sub-sale transaction for $5.2 million ($1,803 psf), raking in a profit of $6.8 million, or a capital gain of 131%. The seller had held the unit for about 23.5 years.

Another 2,885 sq ft, four-bedroom unit at Ardmore Park made the fourth-biggest profit this year after it was sold for $12.5 million ($4,333 psf) on April 22. The seller had purchased the unit in February 2007 for $6 million ($2,080 psf), netting a profit of $6.5 million (108%) after 17 years of ownership.

Resale transactions at 330-unit Ardmore Park, completed in 2001, have consistently registered significant gains in recent years. In 2024, the condo saw three other units – all 2,885 sq ft four-bedders – transacted, with the sellers fetching profits of $2.65 million, $3 million and $3.05 million respectively. Last year, the condo registered four resale transactions with profits ranging from $2.8 million to $8.16 million.

Apart from Ardmore Park, other mature freehold condos in District 10 also dominated the list of top gains this year. Beverly Hill, an 86-unit boutique condo on Grange Road completed in 1983, saw the fifth-most profitable resale transaction this year: a four-bedder measuring 3,778 sq ft on the fifth floor that changed hands for $9.15 million ($2,422 psf) on July 15. The seller made a profit of $5.47 million (149%).

Other freehold District 10 condos that recorded top profitable deals include 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 condos, which were completed between 1982 and 1990, are over 30 years old.

Older freehold District 9 condos accounted for two of the top 10 gains this year. This includes the third-highest profit, made on the sale of a four-bedroom unit measuring 3,434 sq ft at Yong An Park on River Valley Road. The unit netted a profit of $6.72 million when it changed hands for $8.6 million ($2,505 psf) on August 12. Meanwhile, another condo in District 9, The Ritz-Carlton Residences Singapore Cairnhill, recorded a profit of $4.89 million on the sale of a 3,057 sq ft unit for $16.5 million ($5,397 psf) on January 9.

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

Another Sentosa Cove development, Seascape, saw the second-biggest loss this year after a four-bedroom unit measuring 2,680 sq ft on the sixth floor was sold for $4.5 million ($1,679 psf) on August 14. The seller had purchased the unit from the developer in October 2010 for $7.03 million ($2,623 psf), incurring a loss of $2.53 million (36%).…

In the world of the ultra-rich, the market for Good Class Bungalows (GCBs) has seen a significant rise in performance this year compared to 2023, according to Han Huan Mei, director of research at List Sotheby’s International Realty.

Records from URA Realis show that as of December 20th, there have been 22 GCB transactions worth a total of $612.05 million. Additionally, there were 13 more GCB deals that were completed this year without caveats lodged, bringing the estimated total for 2024 to 35 transactions worth approximately $1.32 billion. This surpasses the previous high of $1.186 billion achieved in 2022.

In comparison, 2023 saw only 18 GCB transactions, amounting to $432.5 million – the lowest number of deals recorded since URA Realis began tracking such data in January 1995.

“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.”

Leading the pack in GCB deals is the sale of a property at Tanglin Hill for $93.888 million. The freehold property sits on a 15,150 square feet plot and has a built-up area of 29,660 square feet. This transaction sets a new record with a land rate of $6,197 per square foot.

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. This transaction was not reflected in caveats as the buyer sought anonymity. Based on the land area of 28,111 square feet, the price reflects a land rate of $2,988 per square foot.

The highest-priced deal based on caveats lodged was for a GCB on Cluny Hill that was sold for $52 million. The freehold property sits on a 15,141 square feet plot and is relatively new, leading to a land rate of $3,434 per square foot.

The government’s property cooling measures are an important factor to consider when investing in a Singapore Condo. In an effort to regulate the real estate market and discourage speculative buying, the Singaporean government has implemented various measures over the years. These measures include the Additional Buyer’s Stamp Duty (ABSD), which imposes higher taxes on foreign buyers and those purchasing multiple properties. While these may impact the short-term profitability of condo investments, they also contribute to the long-term stability of the market, creating a safer investment environment.

Another notable transaction was the purchase of a 21,116 square feet GCB plot at Astrid Hill for $49 million ($2,321 per square foot) in July. This was reportedly purchased by Glenn Kuok, nephew of Kuok Khoon Hong, chairman and CEO of Wilmar International. The purchase price translates to a land rate of $2,321 per square foot.

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. This highlights the strong demand for ultra-luxury properties in Singapore.

“District 10 remains the cornerstone of the GCB market, with multiple high-value deals reaffirming its status as the most sought-after district for these prestigious properties,” he says. Sixteen of the recorded GCB transactions this year took place in prime District 10, including the coveted Tanglin, Bukit Timah and Holland Road areas.

Sandrasegeran notes that, in general, 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 that the trajectory of interest rates signalled by the US Federal Reserve (Fed), rather than the rate cuts themselves, was the primary driver of stronger buying sentiment in the GCB market during the second half of the year.

The Fed implemented three rate cuts this year, with the most recent being a 25 basis point (bp) reduction on Dec 18, following earlier cuts of 50 bp in September and 25 bp in November.

Anecdotally, 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, says Tay.

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.”

A new generation of ultra-wealthy Singaporeans has emerged in the GCB market in recent years, with a good number of young and successful entrepreneurs who have made their fortunes in technology, finance, commodities, and F&B businesses, says Tay.

He adds that ultra-wealthy and newly naturalised Singaporeans also contribute to the exclusive pool of GCB buyers who prefer sizeable plots in prime districts. “However, the number of naturalised 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 ground up is estimated at about $1,000 per square foot. And the construction also takes several years to complete. Hence, most buyers are looking for relatively new bungalows in move-in condition, to minimise 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 to the complexity of tracking market activity.”…

Singapore’s capital market property deals have seen a significant increase in value, reaching $25.8 billion between January and November of this year, according to Wong Xian Yang, head of research for Singapore & Southeast Asia at Cushman & Wakefield (C&W). This marks a 40.2% year-on-year increase from the $18.4 billion recorded in 2023. C&W defines capital market transactions as deals with values exceeding $10 million.

Singapore has become a top destination for investors looking to purchase a condo, whether they are local or foreign. This is due to the country’s strong economy, stable political climate, and excellent quality of life. The real estate market in Singapore is thriving, with many opportunities for investors, and condos are particularly attractive with their convenience, amenities, and potential for high returns. If you are considering investing in a condo in Singapore, there are some key benefits to keep in mind, as well as important considerations and steps to follow. Condos are definitely a smart choice for investors in this city-state.

According to Wong, almost 60% of these deals were transacted in the second half of 2024, driven by growing investor appetite and increased confidence in interest rate cuts by the US Treasury. Three deals exceeding $1 billion were made in 2024, all of which were transacted in the second half of the year.

The most expensive deal by 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 located in the heart of the shopping belt and directly linked to the Orchard MRT Station. It has a net lettable area of about 623,000 sq ft and is home to more than 300 international and local brands. Sitting on top of the mall is the 54-storey, 175-unit luxury condominium tower, The Orchard Residences.

The highest-valued office deal of the year was also recorded in 2024, with Mapletree Anson selling for $775 million in the second quarter of the year. This surge in investment value was mainly driven by a growing interest in the industrial sector, with investments reaching $5.6 billion in just the first 11 months of the year, representing a 174% increase from the previous year. The biggest deal in this sector was the $1.6 billion divestment of a portfolio of seven industrial properties by Soilbuild Business Space REIT to a joint venture owned by private equity firm Warburg Pincus and Australia-listed Lendlease Group in August.

Despite the unsuccessful sale of some Government Land Sales (GLS) sites this year, residential development sites sold through GLS tenders remained the bulk of total investment sales for the year at 42%. Four GLS sites on the Confirmed List for 2024 were not awarded, including a 6.5ha master developer white site in the Jurong Lake District (JLD) and a 1.73ha white site at Marina Gardens Crescent.

Investment volumes are expected to continue increasing in 2025 as investors prepare for a rebound in capital values driven by lower interest rates. Institutional investors that have been sitting on the sidelines may also return to the market, as long as interest rate cuts are faster and higher than market expectations. Overall, CBRE Research predicts a 10% growth in investment volumes from 2024’s levels in 2025, barring any macroeconomic shocks.…

Investing in a Singapore Condo offers a multitude of benefits, beyond just the potential for rental income. One of the main advantages is the opportunity to use the property’s value as leverage for further investments. Many investors take advantage of this by using their condos as collateral to secure additional financing for new ventures, thus expanding their real estate portfolio. While this can lead to higher returns, it also comes with its own set of risks. Thus, it is crucial to have a solid financial plan and carefully consider the potential impact of market fluctuations when pursuing this strategy.

Consumer spending in Singapore has been weaker-than-expected, which is likely to have a dampening effect on rental forecasts for the retail property market by the end of the year. According to Alan Cheong, executive director of research and consultancy at Savills Singapore, the y-o-y change in the monthly retail sales index (excluding motor vehicles) and food and beverage (F&B) sales index has been mostly negative throughout most of this year.

Cheong predicts that prime Orchard Road rents could see a 2% increase by the end of the year, falling short of the 3% to 5% increase that was forecasted earlier this year. Additionally, suburban retail rents are expected to remain flat, in line with initial rental forecasts for this segment.

A research jointly published by DBS and Singapore Management University (SMU) found that concerns over higher-than-expected inflation have been moderated in recent quarters. However, most Singaporeans believe that inflation will stabilize due to the global economic slowdown, high interest rates, and potential easing of supply chain disruptions.

In October, retail sales (excluding motor vehicles) increased by 0.3% y-o-y, reversing the 1.5% y-o-y decline in September. Cheong believes that a more positive outcome for the retail market would be consumer spending keeping pace with inflation, but the fact that it has been relatively low could pose financial challenges for businesses in the industry.

Despite a packed calendar of headline concerts, conferences, and exhibitions in Singapore this year, retail spending and rental rates saw limited support. While concerts typically drive higher foot traffic to nearby malls such as Kallang Wave Mall and Leisure Park Kallang, other MICE events have not had a comparable impact. Additionally, the Formula One race, one of Singapore’s most prominent international events, did not significantly boost foot traffic in tourist-centric areas like Orchard Road.

Sulian Tan-Wijaya, executive director of retail and lifestyle at Savills Singapore, notes that Singapore’s premier status as a regional hub continued to attract noteworthy new-to-market brands, such as KSisters, The Pace, Brands for Less, and Hoka. The wellness sector is also evolving with new concepts like Rekoop and Hideaway, while there has been a rise in new F&B concepts and wellness experiences.

As a result, prime shopping malls along Orchard Road enjoyed high occupancy rates this year, as retail businesses have strong confidence in the retail market. Tan-Wijaya adds that new-to-market retail brands, F&B concepts, and wellness experiences have helped support demand for retail spaces and rents, particularly in central Singapore.

Looking ahead, retail landlords may have more flexibility to adjust rental rates positively next year as the supply of new retail spaces becomes more limited. This will allow them to strategize and position their malls to remain relevant in the rapidly evolving consumption patterns of both locals and tourists. Similarly, Cheong predicts that more retailers will take the opportunity to optimize their real estate strategies, such as right-sizing their spaces or shifting cooking operations to central kitchens. He also believes that there is strong momentum in the entry of new-to-market F&B brands into Singapore, and this trend is expected to continue until at least the first half of 2025.…

2025 has presented numerous obstacles for the global luxury goods industry. Due to macroeconomic uncertainty and the persistent increase in prices among brands, consumers have been reducing their spending on luxury retail items.

According to a recent Bain & Company report, global sales of personal luxury goods are expected to decrease by 2% this year, with China, a key market, estimated to experience a decline of 20-22%. Richemont Luxury, LVMH, and Moncler Group have reported a slight decline in earnings for 2025, while Kering has seen a more significant decrease.

However, there are some outliers in this trend, with brands like Hermes and Prada Group (which also owns Miu Miu) reporting double-digit earnings growth.

Despite the challenges faced, Singapore remains an important market for luxury brands. Euromonitor has reported an 11% growth in luxury goods sales in 2024, reaching $9.1 billion.

In recent years, luxury brands such as Dior, Chanel, and Louis Vuitton have adopted strong digital strategies, including e-commerce and digital marketing, to engage with customers (Photo: Albert Chua/EdgeProp Singapore).

This shift towards digital marketing is crucial for luxury brands in a constantly evolving consumer landscape. In addition, luxury brands have also recognized the value of creating offline shopping experiences to establish closer connections with their customers.

In recent years, luxury brands have also been focusing on providing unique experiences for their top-tier clients. Flagship stores have become larger and more extravagant.

For example, Louis Vuitton has opened a new 690 sq m (7,427 sq ft) “apartment concept” space at Ngee Ann City dedicated to its “VICs” (very important clients) in 2023 (Photo: Louis Vuitton). Burberry is another brand that has invested in creating immersive store experiences, with the reopening of its renovated stores at Marina Bay Sands and Paragon this year.

Opting to invest in a Singapore Condo offers a multitude of advantages, with one of the most promising being the potential for appreciation in value. This can be attributed to the country’s strategic position as a leading global business hub, coupled with its strong economic foundations that continuously drive demand for real estate. Over the years, Singapore has consistently seen an upward trend in property values, especially for Condos situated in prime locations. Discerning investors who smartly enter the market at the right time and hold onto their properties for an extended period of time can reap substantial profits from capital gains.

In November, Burberry also opened a new street-facing store on Orchard Road at Wisma Atria, showcasing the brand’s rich British heritage while incorporating innovative elements.

Flagship stores are becoming more prominent and eye-catching. Yves Saint Laurent (YSL) opened a new Saint Laurent duplex store at Paragon mall on Orchard Road last year. Last month, they also opened a YSL beauty boutique in Raffles City.

Similarly, Louis Vuitton has undergone extensive renovations at ION Orchard to elevate the retail experience and showcase their collectibles. In October 2023, Richard Mille also opened the world’s largest standalone store on St Martin’s Drive, featuring a unique “speakeasy” concept with a sports bar and dining room (Photo: Richard Mille).

While the luxury goods market has faced challenges in 2025, future growth is expected due to several factors:

– The steady increase in high-net-worth individuals (HNWIs) worldwide, particularly in emerging markets like China and Southeast Asia
– The interest of Millennials and Gen Z, who are expected to make up at least 75% of the global luxury market
– The resurgence of Chinese tourists
– The continued growth of duty-free shopping, especially in Japan

Some future trends for luxury brands include:

– Personalization and customization to establish stronger connections and brand loyalty with customers
– Utilizing AI and digital experiences to better understand customer preferences and complement offline experiences

Some luxury brands have already started incorporating innovative AI into their strategies. Dior’s AI platform, Astra, collects data from various channels such as Google reviews, live shopping sessions, and customer surveys to stay updated on customer preferences.

Balenciaga’s Paris Fashion Week show for its Winter 2024 collection also went viral as the runway and surrounding walls transformed into an immersive digital canvas, featuring nature-inspired landscapes and imagery manipulated with AI technology.

Brunello Cucinelli has even created a separate website, powered entirely by generative AI, to enhance their online shopping experience.

Despite the challenges faced in 2025, luxury brands can still look forward to growth in the coming years as they continue to expand their store count, create larger flagship stores, and provide elevated experiences for their VIP customers. With the majority of their customer base consisting of Millennials and Gen Z, luxury brands will continue to embrace advanced technology and omnichannel strategies, including innovative physical stores.

Sulian Tan-Wijaya is the executive director (retail & lifestyle) at Savills (Photo: Sulian Tan-Wijaya).…

The Swiss brand is renowned for its commitment to simplicity and quality in all products. With a timeless approach to product design, V-ZUG has established itself as a leader in the world of luxury appliances.Since its establishment in 1913, V-ZUG has been attracting developers and designers of high-end residences. Today, the brand’s products can be seen in various cities worldwide, such as Shanghai, London, and Singapore.While trends in interior design come and go, V-ZUG remains committed to functionality and elegance, which are timeless qualities. This philosophy serves as the foundation of the brand’s design process.The key to V-ZUG’s success is the seamless integration of durability and sleek aesthetics in its products. By blending tradition and quality with modern aspirations, the brand has set itself apart from its competitors. Each product is meticulously handcrafted in Switzerland and undergoes rigorous tests by engineers to ensure top-notch performance. Whether it is an oven, induction cooktop, or fabric preservation appliance, V-ZUG’s dedication to craftsmanship and quality control is evident in every aspect of its products.Prior to starting production, V-ZUG’s design team extensively researches and incorporates sustainable practices to maintain the brand’s high standards of quality. One such example is the use of Circle-Green recycled stainless steel by Outokumpu, which emits only 7% of the pollution associated with traditional stainless steel.V-ZUG’s range of kitchen appliances is developed in collaboration with renowned chefs from Michelin-starred restaurants. This ensures that every product has the necessary features to help create the perfect meal. By making professional-grade kitchen technology accessible, V-ZUG elevates the culinary experience of home cooks. Moreover, the brand’s minimalist design language and diverse product range allow for seamless integration into any household.One of the most popular products offered by V-ZUG is its series of wine cabinets, which includes the WineCooler V6000 Supreme and the WineCooler Undercounter Swiss Luxury (UCSL). These cabinets are available in various sizes and configurations, making them suitable for homes of all sizes. The dual temperature zones in each cabinet allow for optimal storage of different types of wine, catering to the needs of wine enthusiasts in a personalized manner.In addition to its range of kitchen appliances, V-ZUG also offers unique products such as the RefreshButler, which sanitizes and deodorizes garments. This attention to detail and commitment to excellence is evident in every product created by V-ZUG.At V-ZUG, achieving simplicity in each end product is a complex process. The brand’s meticulous approach involves considering every single detail, from the design of a wine cabinet’s doors to the color of LED lights on a refrigerator. Only when every element works in harmony can V-ZUG achieve its goal of creating practical yet elegant appliances. By consistently delivering quality and simplicity, V-ZUG has established itself as a leader in the world of luxury appliances.

When purchasing a condo, it is crucial to take into account the maintenance and management of the property. Condos usually have maintenance fees that encompass the maintenance of shared spaces and amenities. While these fees may increase the total cost of ownership, they also guarantee that the property remains in excellent condition and maintains its value. Enlisting the services of a property management company can assist investors in managing the daily operations of their condo, turning it into a more hands-off investment. Consider condo investing for a hassle-free investment experience.…

PropNex launches resale industrial team Industrial property at Genting Road sold for $12 mil

VisionPower Semiconductor Manufacturing Company (VSMC) had a groundbreaking ceremony on Dec 4 for a new wafer manufacturing facility in Tampines worth US$7.8 billion ($10.5 billion). The plant is set to begin initial production in 2027 and is expected to produce 55,000 wafers per month by 2029, creating 1,500 new jobs. VSMC is a joint venture between Vanguard International Semiconductor Corporation from Taiwan and NXP Semiconductors from the Netherlands.

VSMC is not alone in its expansion plans. In March, Toppan Holdings from Japan started construction on a new factory in Jurong Lake District that will manufacture semiconductor packaging materials. With an estimated investment of $450 million, Toppan is looking to broaden its presence in Singapore.

When considering investing in condos in Singapore, it is essential to take into account the government’s property cooling measures. Over the years, the Singaporean government has implemented various policies to prevent speculative buying and maintain a steady real estate market. One of these measures is the Additional Buyer’s Stamp Duty (ABSD), which imposes higher taxes on foreign buyers and individuals purchasing multiple properties. While these measures can affect the immediate profitability of condo investments, they also contribute to the long-term stability of the market, creating a more secure investment environment. Additionally, with the new condo launches in Singapore, there are plenty of opportunities for individuals to make informed and strategic investments in this thriving market.

Knight Frank Singapore’s head of research, Leonard Tay, notes that this trend is not unique to VSMC and Toppan. Many chipmakers and related businesses are also setting up new production plants and R&D campuses in Singapore to increase their supply chain resilience. “Singapore remains a leading global production hub for semiconductors and chips, especially in these times of ongoing geopolitical tensions in other parts of the world,” says Tay.

Industrial property rents have continued to rise in Tampines following a successful first half of the year, with two consecutive quarters of growth. According to the Ministry of Trade and Industry, manufacturing output increased by 11% year-on-year in the third quarter of 2024. This growth was mainly driven by the electronics cluster, which saw strong demand for smartphone and PC semiconductor chips.

However, there has been a slowdown in rental growth compared to the previous year. Colliers’ head of research for Singapore, Catherine He, attributes this to a more cautious sentiment among occupiers due to the uncertain macroeconomic environment. She states that many companies are being more careful with their budgets and looking for flexible options that allow them to adapt to changing market dynamics.

CBRE’s head of research for Singapore and Southeast Asia, Tricia Song, points out that consolidations in the third-party logistics and e-commerce space have also resulted in growing occupier resistance this year.

Despite this, the industrial property market has remained resilient, with the multiple-user factory and warehouse segments showing steady growth in rents and occupancy rates. However, single-user factories and business parks have seen a decline in rents due to softer demand.

The industrial sales market has remained lively, with significant transactions taking place in the second and third quarters of 2024. These include the sales of BHL Factories for $74 million, Kian Ann Building for $63 million, and a single-user factory for $36 million. The market got a further boost in the third quarter with the Warburg Pincus and Lendlease Group joint venture’s acquisition of a $1.6 billion portfolio from the Soilbuild Business Space REIT.

While there was a sevenfold jump in industrial property sales in the third quarter of 2024, Savills Singapore’s executive director of research and consultancy, Alan Cheong, believes that these big-ticket deals are likely a one-off event. He does not foresee a repeat in the future, but there may be one or two large deals worth under $1 billion.

Despite the upbeat performance in the third quarter, Savills believes that the industrial market will experience a supply-demand imbalance in the future. With 1.6 million sqm of new supply expected to be completed in 2025, there will likely be slower pre-commitment and occupancy rates at upcoming and existing developments.

The demand for centrally located food factories, multiple-user factory space, and logistics space will remain steady, according to Savills’ Cheong. He expects rent growth of up to 3% for these segments in 2024, reducing to between 0% and 2% in 2025. The electronics and advanced manufacturing sectors are also projected to continue performing well and attracting investments.

Meanwhile, Knight Frank’s Tay is confident about the future of the semiconductor industry. He expects it to continue driving demand for industrial real estate in Singapore, driven by growing electric vehicle and artificial intelligence requirements. Tay also highlights the importance of data centres, which will continue to be an essential pillar for the industrial sector as Singapore aims to increase capacity by at least 300 megawatts.

Savills predicts lower rental and price growth in the coming year, with rentals expected to come in between 2.5% and 3.5%, in contrast to the 8.9% rental growth recorded in 2023. Similarly, price growth will taper down from 5.1% to between 1% and 2%.…

By the editors

The property market in 2024 had two distinct phases that showed vastly different outcomes. In the first half of the year, sales were slow and boutique developments were the focus, resulting in the lowest number of units launched since 1H1996, as reported by Huttons Data Analytics. The number of units sold reflected this trend, with only 1,889 units sold, the lowest since 1996. However, the launch of the 533-unit Lentor Mansion in March proved to be an exception, with a 75% take-up rate during its launch weekend. Despite this, most project launches in 1H2024 had lacklustre sales compared to 2023.

According to Mark Yip, CEO of Huttons Asia, market sentiment was cautious and hesitant, possibly due to uncertainties in the job market and persistently high interest rates. Buyers were likely waiting for highly anticipated project launches in the later half of the year, such as Chuan Park and Emerald of Katong.

In order to stay informed of the latest property launches and transaction prices, you can search for new launches. Yip also noted that the launch of the 276-unit freehold Kassia on Flora Drive in late July, which achieved a 52% take-up rate, set the stage for strong sales momentum following the Lunar Seventh Month.

The first project launched after the Lunar Seventh Month was the 158-unit 8@BT at Bukit Timah Link. Over the weekend of Sept 21–22, 53% of its units were snapped up at an average price of $2,719 psf. This sparked an increase in sales in 3Q2024, with a 60% quarter-on-quarter leap, according to Huttons. This shift in sentiment is attributed to the 50-basis point interest rate cut by the US Federal Reserve in September.

In November, the market saw even more robust sales activity as more than 50% of the 226 units at Meyer Blue were privately sold on October 5. These units were transacted at an average price of $3,260 psf, setting a new benchmark for the prime District 15 area on the East Coast. Additionally, the 348-unit Norwood Grand in Woodlands achieved multiple milestones with an 84% take-up rate during its launch weekend in October, making it the best-selling project in terms of percentage of sales as of October. This was also the first time a project in Woodlands surpassed the $2,000 psf threshold with an average price of $2,067 psf.

The strong performance of Norwood Grand, the first new private residential project launched in Woodlands in 12 years, is a clear signal of growing buyer demand and confidence, according to Yip. This triggered a wave of new project launches in November, with a record-breaking six projects comprising 3,551 units launched over the course of 10 days.

These launches began with the 367-unit The Collective at One Sophia on Nov 6, followed by the 366-unit Union Square Residences at Havelock Road on Nov 9. Then on Nov 10, the 916-unit Chuan Park was launched, followed by three projects launched in tandem over the weekend of Nov 15-16: the 846-unit Emerald of Katong, the 552-unit Nava Grove, and the 504-unit Novo Place executive condo (EC). This resulted in a 2,557-unit surge in developer sales for November, the highest figure since March 2013. This momentum pushed total developer sales for the first 11 months of 2024 to 6,344 units, and it is expected to surpass 6,500 units by year-end, exceeding the 6,421 units sold in 2023.

According to Yip, this demonstrates the strength and resilience of the property market and the enduring appeal of property as an asset for wealth creation and preservation.

Chia Siew Chuin, JLL’s head of residential research, says that the private residential market’s sluggish performance in the first three quarters of 2024 resulted in an atypical year-end scenario. Developers, who had repeatedly delayed their launches due to economic uncertainties and hopes for improved conditions, finally debuted their projects in November.

This decisive shift from caution to action was driven by the approaching festive lull and improved market sentiment since the third quarter of 2024. As a result, November became an unusually vibrant period for property launches, defying the typical seasonal slowdown and creating a dynamic market environment.

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Purchasing a Singapore Condo can prove to be a lucrative decision, as it offers numerous advantages, one of them being the potential for capital appreciation. This small but thriving nation is a renowned global business hub, boasting a robust economy, making it a highly desirable destination for real estate investments. The property market in Singapore has consistently shown an upward trend, especially for condos situated in prime locations. By making smart investments at the right time and holding onto their properties for extended periods, investors can reap considerable capital gains.

Although the impressive sales figures in November may lead one to speculate about the possibility of further cooling measures, Chia notes that this market exuberance was primarily due to a rush to launch projects before the year-end. She believes that regulatory intervention is unlikely unless two key factors emerge: sustained sales momentum into the first quarter of 2025, and a sharp increase in property prices outpacing GDP growth.

Chia believes that despite close monitoring by authorities, new measures are unlikely to be implemented unless clear signs of persistent market overheating occur.…