Month: February 2025

When purchasing a condo, it is crucial to factor in the maintenance and management of the property. Most condos require maintenance fees that encompass the maintenance of communal areas and amenities. While these fees may increase the total cost of owning a condo, they also guarantee that the property maintains its condition and value over time. Opting for a property management company can assist investors in managing the everyday operations of their condos, transforming it into a more hands-off investment. Singapore Projects can be a reliable source of information for those interested in investing in the city’s condominiums.

On Feb 22, MCL Land and CSC Land Group successfully sold 326 out of 501 units at Elta, their joint venture project located at Clementi Avenue 1. This translates to a sales rate of approximately 65%, with an average price of $2,537 per square foot.

The majority of buyers, making up 90%, were Singaporean citizens, while the remaining 10% were permanent residents. Most of the buyers, particularly from districts 19 (comprising of Hougang, Serangoon, Sengkang, Punggol and the northeast region), 5 (including Buona Vista, Clementi, Dover, and Pasir Panjang) and 23 (covering Bukit Batok, Bukit Panjang, Choa Chu Kang, Hillview and Dairy Farm) districts, showed strong interest in the development.

The two-bedroom units were the most popular among buyers, with 98% of the 179 units sold at an average price of $1.388 million ($2,261 per square foot). About 81% of the 108 three-bedroom units were also sold, priced from $2.198 million onwards. The one-bedroom plus study units were also highly sought after, with 78% of the 118 units sold from $1.158 million.

Elta offers a mix of one- to four-bedroom units, with sales of over 60% from the one- and two-bedroom units priced below $2.2 million. According to Ismail Gafoor, CEO of PropNex, this indicates buyers’ confidence in a development that offers a seamless blend of modern living and convenience.

The CEO of MCL Land, Lee Tong Voon, adds that the strong sales reflect buyers’ confidence in the development and its ability to offer modern, convenient and comfortable living. MCL Land is the Singapore-based development arm of Hongkong Land.

Elta is the last residential project to be launched on a government land sales (GLS) site at Clementi Avenue 1. As Ken Low, managing partner of SRI points out, the success of the previous two developments, 505-unit The Clement Canopy and 640-unit Clavon, developed by UOL Group and Singapore Land Group, have played a significant role in the strong sales at Elta. He adds that the projects at Clementi Avenue 1 have had a track record of zero unprofitable transactions, which has further boosted buyers’ confidence.

Based on caveats lodged, the average selling price of The Clement Canopy has increased by 45% to $1,922 per square foot since its launch in February 2017. Meanwhile, the average selling price of Clavon has gone up by 27% to $2,086 per square foot since its debut in December 2020.

Elta is strategically located near various employment hubs such as the National University of Singapore (NUS), one-north, Pandan Loop Industrial Estate, the Science Park, Jurong Lake District and the future Dover Knowledge District. In addition to being close to the Clementi MRT Station on the East-West Line, the upcoming Cross Island Line, which connects the east to the west of Singapore, will also have a station at Clementi. As Mark Yip, CEO of Huttons Asia, points out, this enhanced connectivity will not only benefit residents but also increase the quality of potential tenants at Elta.

Mark Yip notes that the one- and two-bedroom units at Elta are highly sought after among investors, while three-bedroom units are popular among families. With Clementi’s superb connectivity and rich amenities, the area remains a highly sought-after destination for both homeowners and investors, says Qian Liang Zhong, chairman of CSC Land Group, a subsidiary of China Construction (South Pacific) Development Co.

Clementi Avenue 1 is situated in an education belt, with schools such as Nan Hua High School, NUS High School of Mathematics and Science, and Anglo-Chinese School (Independent) nearby. Tertiary institutions such as NUS, Singapore Polytechnic and United World College of South East Asia (Dover Campus) are also in close proximity, making it an ideal location for families with children. According to Ken Low from SRI, this factor has contributed to the strong sales at Elta since it allows families to stay in the area for a good 15 years – the duration of a child’s education.

Given the profile of tenants in Clementi Avenue 1 – primarily international students and professionals – projects in this area are popular among investors. As Low from SRI explains, there are no further development plots in the Clementi town center, making it highly attractive for investors. To illustrate, two-bedroom units at The Clement Canopy, ranging from 624 to 732 per square feet, have been leased at $4,200 to $4,700 per month between January and February, while the latest rental transaction for a two-bedroom unit at Clavon was for a 764 per square feet unit that was leased for $4,600 – or $6.02 per square foot per month.

Elta has also benefited from the healthy pool of HDB upgraders in Clementi and Queenstown, says Marcus Chu, CEO of ERA. He adds that there have been over 2,500 HDB units that have reached their Minimum Occupation Period since the beginning of 2021, with an additional 1,100 units expected to do the same this year.

The development’s proximity to nature parks – such as Clementi Woods Park, West Coast Park, and Kent Ridge Park – offers residents easy access to green spaces, which further adds to its appeal. The launch of the 1,193-unit ParkTown Residence was also held on the Feb 22-23 weekend, with 1,041 units sold. Collectively, Elta and ParkTown Residence have sold over 1,300 units, surpassing the 1,083 new homes sold in the entire month of January.

PropNex CEO Ismail Gafoor expresses his confidence in the primary market, noting that the sales momentum at the end of 2024 has carried into the new year. He further adds that this momentum is likely to continue in the coming year, amid improved market sentiment. Huttons Data Analytics estimates developers’ sales in February to exceed 1,500 units, with the total sales for the first two months of the year expected to be between 2,500 and 2,700 units. According to Huttons, this is equivalent to 39% of the total new home sales of 6,469 units in 2024. As a result, Huttons has revised its full-year projection for 2025 to between 7,500 and 8,500 units – up from its earlier estimate of 7,000 to 8,000 units – with a full-year price growth of 4% to 7%.…

Singapore-listed real estate investment trust CapitaLand India Trust (CLINT) has announced its intention to acquire an office project in Bangalore, India for a price of $233.6 million. The project, located in Nagawara on the Outer Ring Road, will be acquired through a forward purchase agreement with Maia Estates Offices.

According to CLINT, this acquisition of the 1.13 million square feet office project is expected to bring in greater earnings and distributions for its unitholders. On a stabilized basis, the trust is forecasting a net profit of $7.7 million, with a projected increase in distribution per unit from 6.84 cents to 6.98 cents.

The office project forms part of a mixed-use development that also includes retail space. Under the terms of the forward purchase agreement, CLINT will fully fund the development of the office project and receive interest on the funding at a higher rate than its borrowing cost.

For those looking to invest in overseas properties, there are a variety of projects available for sale around the world.

Upon the completion of the development, CLINT is expected to take ownership of the office space in the first half of 2030, while Maia will retain the retail portion. This will result in an increase in the operational area of CLINT’s portfolio in Bangalore from 8.7 million square feet to 9.9 million square feet.

In addition to this acquisition, CLINT also has two office buildings under development in Gardencity, an IT Park at Hebbal, and another IT park at International Tech Park Bangalore.

With this latest addition, CLINT’s portfolio size will increase by 4.0% from approximately 30.2 million square feet to approximately 31.47 million square feet, including its committed investment pipeline.

“The acquisition of this strategically located office project will further strengthen CLINT’s presence in Bangalore, one of India’s most prominent office markets. In 2024, Bangalore recorded its highest ever leasing levels for Grade A office space. The Outer Ring Road is the largest office micro-market in Bangalore. With the addition of this prime office property, we will be able to provide our tenants with a wider range of premium office space options across key micro-markets in Bangalore,” said Gauri Shankar Nagabhushanam, CEO of CLINT.

CLINT’s units closed flat at $1 on February 21.

In Summary:

CapitaLand India Trust (CLINT) has announced its plans to acquire an office project in Nagawara, Bangalore for $233.6 million through a forward purchase agreement with Maia Estates Offices. The acquisition is expected to improve earnings and distributions for unitholders with a projected net profit of $7.7 million and an increase in distribution per unit from 6.84 cents to 6.98 cents. The office project is part of a mixed-used development that also includes retail space. CLINT will fully fund the development and receive interest at a higher rate than its borrowing cost. This will increase the trust’s operational area in Bangalore from 8.7 million sq ft to 9.9 million sq ft. The CEO of CLINT, Gauri Shankar Nagabhushanam, stated that the acquisition will strengthen the trust’s presence in Bangalore, which is one of India’s top office markets, and provide tenants with a broader range of premium office space options. CLINT’s units closed flat at $1 on February 21.

The city-state of Singapore has become a popular choice for investors, both local and international, who are seeking to invest in real estate. This is due to its strong economy, stable political climate, and exceptional living standards. Among the various options available in the real estate market, condos have gained significant popularity, thanks to their convenience, amenities, and potential for high returns. The current market in Singapore is flooded with new condo launches, making it an ideal time to explore the advantages and factors to consider before investing in a condo. In this article, we will delve into the necessary steps for a successful investment in a condo in Singapore, including the availability of new condo launches.…

SINGAPORE – A residential collective sale deal has successfully closed in 2025 for River Valley Apartments, a freehold condominium located on River Valley Road. The selling price for the property was $56 million, translating to a land rate of $1,622 per square foot per plot ratio (psf ppr). The marketing agent for the sale, Knight Frank Singapore, announced that the purchasers were a Singapore family office who intend to redevelop the site into serviced apartments. The Urban Redevelopment Authority (URA) has granted an Outline Permission for the development of serviced apartments on the site.

According to Chia Mein Mein, the head of capital markets (land and collective sale) at Knight Frank Singapore, this marks the first collective sale site sold in 2025. This is especially significant given the current challenging collective sale market, particularly for the residential sector. The sale of River Valley Apartments is the first residential collective sale site to be sold in a prime district since May 2023 when Kew Lodge was sold for $66.8 million to Aurum Land.

Chia explains that the tender for River Valley Apartments generated a great deal of interest. She attributes this to the site’s “excellent locational attributes” within the desirable River Valley neighborhood, as well as its potential for redevelopment into a serviced apartment project that is well-positioned to cater to the growing demand for this type of housing in Singapore.

River Valley Apartments comprises a four-storey building with 24 units and is zoned “residential” under the latest Master Plan, with a gross plot ratio of 2.8. The owners of the property launched the collective sale of the development on Jan 7 with a guide price of $56 million. Jerry Tan, the chairman of the River Valley Apartments collective sale committee, reveals that there have been past attempts to initiate the collective sale exercise, but it was not until now that they were able to secure the consensus of 80% of the owners to proceed with the tender launch.

For each owner, the minimum proceeds they stand to receive based on the sale price is estimated to be around $2 million to $2.6 million. Currently, there are no unprofitable transactions in River Valley Apartments, according to data from List Buddy, a real estate data analytics platform. It is also notable that this is the first successful residential collective sale deal to close in 2025, which is a testament to the attractiveness of the River Valley neighborhood and the potential for serviced apartments in Singapore’s property market.

Choosing to invest in a condo in Singapore yields numerous benefits, one of which is the potential for capital appreciation. Situated as a prominent global business hub, Singapore boasts strong economic foundations that continuously drive demand for real estate. As a result, property prices in this bustling city-state have consistently demonstrated an upward trajectory over the years, with condos in prime locations experiencing significant value appreciation. Savvy investors who time their entry into the market wisely and hold onto their properties for extended periods can reap considerable capital gains. Keep an eye out for new condo launches as they may present excellent investment opportunities.…

Investing in a condo in Singapore comes with a range of benefits. These include high demand from buyers and renters, potential for capital appreciation, and attractive rental yields. However, it is crucial to carefully consider various factors before making a decision. This includes the location of the condo, financing options, government regulations, and current market conditions. By conducting extensive research and seeking professional advice, investors can make informed choices and maximize their returns in Singapore’s ever-changing real estate landscape. Additionally, adding Singapore Condo to an investment portfolio can provide diversification for local investors or a stable and profitable investment for foreign buyers. With its dynamic real estate market, Singapore offers a promising opportunity for those looking to invest in condos.

Seller reaps $1.2 mil profit at Nassim 9

The upscale development Nassim 9 saw a highly profitable private non-landed resale transaction during the period between February 4 and February 7. The sale involved a four-bedroom unit on the third floor spanning 2,486 square feet, which was sold for $7.5 million, or $3,016 per square foot, on February 7. According to the Urban Redevelopment Authority (URA) caveats, the seller had previously bought the unit for $4.12 million, which translates to $1,641 per square foot, in December 2005. This means that they made a profit of $3.42 million, or 83.8% of their initial purchase price, which is equivalent to an annualised gain of 3.2%, over a period of 19 years.

Nassim 9 saw a four-bedroom unit spanning 2,486 square feet being sold for $7.5 million, reaping a profit of $3.42 million. (Photo: Samuel Isaac Chua / EdgeProp Singapore)

This transaction is the third most profitable resale at Nassim 9 to date. The current record was set in March 2023 when a larger four-bedroom unit spanning 2,756 square feet was sold for $9.5 million, or $3,448 per square foot. This unit was initially bought for $4.12 million, which translates to $1,495 per square foot, in December 2005. The seller made a profit of $5.38 million, or 130.6%, which is equivalent to an annualised gain of 5% over a period of 17 years.

Read also: 8M Residences sets a new price high at $2,384 per square foot

Before the unit sold on February 7, the last caveat transaction at Nassim 9 was in March 2023, when a four-bedroom unit of 3,251 square feet was sold for $10.3 million, or $3,169 per square foot. This generated a profit of $3.3 million for the seller. Nassim 9 is a boutique condo that only houses eight units and is situated along Nassim Road in the prime District 10. It was completed in 2002, and all their four-bedroom units are between 2,756 to 3,423 square feet.

Completed in 1983, Mount Faber Lodge is a boutique freehold development located along Mount Faber Road in District 4. (Photo: Samuel Isaac Chua / EdgeProp Singapore)

The second most profitable transaction in the same period occurred at the Mount Faber Lodge, which is a freehold development. A penthouse unit spanning three levels was sold for $5 million, or $1,350 per square foot, on February 5. The unit last changed hands for $1.6 million in August 2001, meaning that the seller made a profit of $3.4 million, or 212.5%, equivalent to an annualised gain of 5%, over a period of 23 and a half years.

This unit sold in February 5 is the most profitable unit to be transacted at Mount Faber Lodge to date. The previous record was held by a three-bedroom unit spanning 2,669 square feet on the third floor, which was sold for $3.89 million, or $1,457 per square foot, in October 2022. The unit was initially purchased for $1.3 million, or $487 per square foot, in January 2006. This means that the seller made a profit of $2.59 million or 199.2%, over a 14-year period.

Completed in 1983, Mount Faber Lodge is a boutique freehold development situated along Mount Faber Road in District 4. The condo has 84 units that consist of studio units which are 1,098 square feet, and two to three-bedroom units that are between 1,173 to 2,454 square feet. The development also has 20 triplex penthouses that are five-bedroom and are between 3,703 to 3,724 square feet.

The 311-unit Amaryllis Ville is situated along the Newton Road. (Photo: Samuel Isaac Chua / EdgeProp Singapore)

The third most profitable sale during the review period was of a three-bedroom unit at Amaryllis Ville, which is a 99-year leasehold condo situated in the prime District 11. The 1,238 square feet unit on the 28th floor was sold for $2.65 million, or $2,141 per square foot on February 5. It was sold for $1.09 million in June 2005. Therefore, the seller made a profit of $1.56 million, or 142.2%, equivalent to an annualised gain of 4.6% over a period of 19 and a half years.

Read also: Sydney luxury project Aura by Aqualand to launch in Singapore with prices starting from A$2 million

The unit sold in February 5 was the third most profitable transaction at Amaryllis Ville. The record is held by a three-bedroom unit spanning 1,991 square feet on the 17th floor, which was sold for $3.75 million, or $1,885 per square foot, in September 2023. This was initially bought for $1.95 million, or $979 per square foot, in June 2009. Therefore, the seller made a profit of $1.8 million, or 92.5%, equivalent to an annualised gain of 4.7% over a period of 14 years.

According to the data tabulated by EdgeProp Singapore, resale prices at Amaryllis Ville have been rising steadily in recent years. Based on a rolling 12-month average, the average price hit $1,897 per square feet in February 2023 before rising to $2,001 per square foot in February 2024. Last month, the average price reached $2,082 per square foot, which is a 4% year-on-year increase.

The 311-unit Amaryllis Ville is situated along Newton Road and was completed in 2004. The condo has a mix of one and two-bedroom units, which are between 657 to 1,378 square feet, and three-bedroom units, which are between 958 to 2,637 square feet. Amaryllis Ville has many nearby condos, including 129-unit Rochelle at Newton located along Keng Lee Road and 378-unit Kopar at Newton located along Makeway Avenue.

There were no unprofitable transactions during the review period. Check out the latest listings for Nassim 9 and Condominium properties in general, and ask Buddy for more information. Also, you can find Condo rental transactions in District 11 and the Condo projects with the most profitable transactions in District 10. You can also view the price trend chart for Nassim 9 and the Condo projects with the most unprofitable transactions in District 11. Lastly, you can browse the listings for Condo units here.…

8M Residences, a freehold condo in District 15, topped the list of private condos to hit a new psf-price peak in the week of Feb 1 to 7. The development achieved a new high of $2,384 psf when a two-bedroom unit on the 15th floor was sold for $1.54 million on Feb 3. This marks the first time a unit at 8M Residences has been sold for more than $2,300 psf, surpassing its previous peak of $2,261 psf set in April 2023 when a similar unit was sold for $1.46 million.8M Residences also recorded another transaction during the period in review that topped its previous record. On Feb 3, a one-bedroom unit on the 11th floor was sold for $1.2 million ($2,275 psf).The average price of units at 8M Residences has consistently risen over the last three years, based on a 12-month rolling average. From $2,028 psf in February 2022, the average price increased by 7.3% to $2,177 psf in February 2025. The development, completed in 2017, is a 20-storey residential tower with 68 units ranging from one to three bedrooms and four penthouses.8M Residences is within walking distance of EtonHouse International Pre-School, Katong Swimming Complex, and Katong Park MRT Station along the Thomson-East Coast Line.Meanwhile, the sale of a three-bedroom unit at Kovan Jewel, a freehold condo along Kovan Road in District 19, took second place on the list of condos that achieved a new psf-price high. A unit on the second floor was sold for $2.41 million on Feb 7, setting a new high of $2,236 psf. This surpasses the previous peak of $2,228 psf set last August when a similar unit on the fourth floor was sold for $2.4 million.Kovan Jewel, completed last year, is a boutique condo with 34 units ranging from one to three bedrooms and four penthouses. 17 units (50%) have been sold as of Feb 18 at an average price of $2,111 psf. The most expensive unit to change hands at the development was a four-bedroom penthouse sold for $3.5 million ($2,739 psf) in January this year.Completing the top three is Oleanas Residence, a freehold condo located along Kim Yam Road in District 9. A three-bedroom unit on the sixth floor was sold for $2.52 million on Feb 3, setting a new record of $2,207 psf at the condo. Previously, the highest transacted price at Oleanas Residence was $2,157 psf, from the sale of a three-bedroom unit in August 2022. The most expensive resale unit at the condo was sold for $3.3 million ($2,017 psf) in December 2022.Oleanas Residence, completed in 1999, has seen just four resale transactions in the last three years. The condo is within walking distance of two MRT Stations: Great World MRT Station on the Thomson-East Coast Line and Fort Canning MRT Station on the Downtown Line. It is also near educational institutes such as River Valley Primary School and Outram Secondary School.

Investing in a condominium in Singapore offers numerous benefits, one of which is the potential for impressive capital appreciation. This is largely due to Singapore’s favorable position as a leading business destination and its robust economy, which continuously fuels the demand for real estate. In the past years, the property market in Singapore has consistently shown an upward trend in prices, especially for condos located in prime areas. For investors who time their entry into the market wisely and hold onto their properties for the long run, they can enjoy considerable capital gains. To stay updated on the latest opportunities, investors can also keep an eye out for new condo launches on platforms like ScoreInTheBox.…

Heeton Holdings has released their financial report for the 2HFY2024 ended Dec 31, 2024, reporting a 221% year-on-year increase in earnings to $3.85 million. However, the group remains in the red for the full year FY2024.

In the 2HFY2024, the earnings per share stood at 0.79 cents per ordinary share. Meanwhile, for the FY2024, the earnings per share were at a negative 0.28 cents.

The group’s revenue for the 2HFY2024 also saw a positive growth of 10.5% year-on-year, reaching $41.1 million. For the FY2024, the revenue grew by 15.2% to $78.2 million.

Heeton attributes its turnover growth to various sources such as rental income from investment properties, hotel operations, and management fees. The increase in revenue for the full year was primarily due to higher occupancy rates in the United Kingdom and an increase in rental rates for the group’s investment properties.

During the reporting period, the group also disposed of some of its subsidiaries, including its 70% stake in Gloucester Corinium Avenue Hotel Limited and Ensco 1154 Limited, resulting in a net gain of $3.78 million.

An essential factor to take into account when considering investing in a condo in Singapore is the government’s property cooling measures. In order to ensure a steady real estate market and prevent speculative buying, the Singaporean government has implemented various measures throughout 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 measures may impact the initial profitability of condo investments, they ultimately contribute to the long-term stability of the market, creating a safer environment for investors.

The depreciation of Pound Sterling and reversal of impairment changes were offset by the disposal of hotels in Japan and the United Kingdom, resulting in an increase of $16.92 million in property and equipment to $418.83 million. This was driven by the acquisition of a hotel in Edinburgh, United Kingdom.

In terms of cash flow, the group saw a decrease of $32.70 million in cash and cash equivalents, mainly due to significant cash inflows and outflows. This includes proceeds from the disposal of property and equipment, as well as subsidiaries.

On the other hand, cash outflows included net loan repayments from associated and joint venture companies, additions to property and equipment, and restricted cash pledged for bank facilities.

Given the uncertain economic outlook brought about by the current geopolitical climate, Heeton intends to maintain a prudent and steady strategic expansion.

The hospitality industry continues to face challenges such as high operating and labor costs, elevated interest rates, and an unpredictable macroeconomic environment. In light of this, Heeton aims to strengthen its brand as a bespoke boutique offering top-notch, experiential accommodations for its guests.

Heeton is also actively participating in land tenders for residential developments, often as part of a consortium. Along with this, the group’s two retail malls are expected to continue generating steady and recurring income for its property investment business.

In line with this, the group has declared a final dividend of 0.5 cents per share for the current financial period.

On Feb 20, shares in Heeton closed at 27 cents, 1.818% down from its previous closing price of 27.5 cents.…

K Suites, a freehold boutique development in the prime East Coast area of District 15, is targeted for completion sometime in 1Q2025.

SINGAPOREAN BUSINESSMAN DEVELOPING PRIME EAST COAST PROJECT FROM WHERE HE WANTS TO LIVE

Euro Properties’ head, Que Neo, has a vision of creating residential projects where he himself would like to reside, and his latest venture, K Suites, is a testament to that. Located at Lorong K Telok Kurau in the coveted District 15, the 19-unit apartment block is being developed by Euro Properties’ subsidiary, EG Properties, with an expected completion date of 1Q2025.

When contemplating an investment in a condo, it is crucial to also evaluate its potential rental yield. Rental yield is the yearly rental income expressed as a percentage of the condo’s buying price. In Singapore, condo rental yields can fluctuate significantly based on factors such as location, property condition, and market demand. Generally, areas with high rental demand, such as those near commercial hubs or educational institutions, tend to offer more favorable rental yields. Thoroughly researching the market and seeking guidance from real estate agents can provide valuable insights into the rental potential of a particular condo. Condo must be a top consideration when making this assessment.

K Suites’ major selling point is its highly convenient location, offering easy access to popular spots like the beach, East Coast Park, shopping malls, the CBD and the Changi Airport. “With the East Coast Parkway and Pan-Island Expressway, it takes just 10 minutes to reach the airport and downtown,” says Neo.

The project is strategically situated near public transport, with a bus stop just 50m away. From here, the nearest MRT stations, Marine Parade and Eunos, are only two stops away. Eunos Station is linked to the Paya Lebar and Bugis Interchanges and is just five stops from the CBD, while Marine Parade Station is only six stops from Shenton Way in the CBD. The upcoming Thomson-East Coast Line (TEL) will also provide direct train access to Orchard Road and Woodlands North, connecting to the Rapid Transit System (RTS) Station in Johor Bahru.

Families with young children will appreciate the proximity of K Suites to popular schools, with PCF Sparkletots @ Joo Chiat just two doors away. There are also renowned primary and secondary schools within a 1km radius, such Tao Nan School, Haig Girls’ School, CHIJ (Katong) Primary, Dunman High School, Tanjong Katong Secondary School, and Tanjong Katong Girls’ School.

Designed by JGP Architecture, K Suites boasts a sleek and modern facade, thanks to its curtain wall system. The glass exterior allows ample natural light and unblocked views of the surround…

: URA flash estimates Developers can now apply to increase number of housing units in their developments

Despite a slight rebound in private housing rents in the last quarter of 2024, there is little to no growth expected in the rental market this year, according to a report by Savills Singapore. The non-landed private residential market had a poor performance in the first three quarters of 2024, resulting in a 1.7% decline in rents for the whole year – the first decline since 2020.

In the fourth quarter of 2024, there were 19,733 leasing transactions, a decrease of 24.2% compared to the previous quarter. Savills attributes this decline to a decrease in new rental demand, as well as a seasonal lull in rental activity at the end of the year. The decrease in employment pass and S pass holders also contributed to the decline in rental contracts for the quarter.

According to George Tan, managing director of Livethere Residential at Savills Singapore, despite the decline in leasing activity, there is still some growth in rental demand and rents have stabilized in the private residential market. Tenants are now able to prioritize lifestyle options such as more spacious units, proximity to MRT stations, malls, and recreational activities as rents in suburban areas are relatively more affordable.

In the fourth quarter of 2024, Parc Esta, a 1,399-unit development in District 14, recorded the most number of condo leasing deals, with 163 rental transactions at a median rent of $6.84 psf per month. Other developments that saw a high number of rental transactions include Marina One Residences (126 transactions at $6.62 psf pm), The Sail @ Marina Bay (126 transactions at $6.72 psf pm), Normanton Park (120 transactions at $6.26 psf pm), and D’Leedon (107 transactions at $5.43 psf pm).

The Outside Central Region (OCR) was the only region that saw a decline in average rents in the fourth quarter of 2024, with a 0.8% decrease. In contrast, rents in the Core Central Region (CCR) and Rest of Central Region (RCR) saw growth of 0.9% and 0.3%, respectively.

Based on a basket of luxury properties tracked by Savills, the average monthly rent of high-end condos increased by 1.7% in the fourth quarter of 2024, suggesting a slight rebound after five quarters of consistent decline.

Looking ahead, landlords may face challenges in the rental market as companies continue to reduce headcounts and hire fewer expatriates. Alan Cheong, executive director of research and consultancy at Savills Singapore, also notes that landlords will also face higher property taxes and conservancy charges, which may lead to resistance against “underpriced” rental offers.

However, the tight supply of large luxury properties on the rental market may help landlords resist low rental rates. Cheong anticipates challenges in the rental market for 2025, as the adoption of AI could reduce manpower requirements for high-tech firms, resulting in a decrease in the pool of expat tenants in Singapore.

Singapore’s condo market remains in high demand, largely due to the limited availability of land in the small island nation. As Singapore’s population continues to grow at a rapid pace, there is a scarcity of land for development, leading to strict land use policies and a competitive real estate market. As a result, the prices of properties, specifically condos, are consistently rising, making real estate investment a highly profitable option with the potential for considerable capital appreciation.

Cheong expects interest rates to take longer to fall, resulting in mortgage payments remaining at current levels for a longer period. He also mentions that higher property taxes on investment properties and fewer new completions of private homes in 2025 may discourage landlords from accepting low rental rates.…

Investing in a condo in Singapore offers a multitude of benefits, making it a highly attractive choice for investors. One major advantage is the high demand for condos in this thriving city-state, as they are considered a preferred choice for residential properties. Additionally, there is potential for significant capital appreciation, and the rental yields are also appealing.

Nevertheless, it is crucial for investors to carefully consider various factors before making a decision. These include the location of the condo, available financing options, government regulations, and the current state of the market. By conducting thorough research and seeking professional advice, investors can make informed and strategic decisions to maximize their returns in Singapore’s dynamic real estate market.

Whether you are a local investor looking to diversify your portfolio or a foreign buyer seeking a stable and profitable investment, condos in Singapore present a compelling opportunity. With the right approach and proper planning, investing in a condo in Singapore can be a lucrative venture for those seeking to grow their wealth in the ever-evolving real estate market.

CBRE, the exclusive marketing agent, is offering two prime properties in Singapore’s bustling Central Business District (CBD) for sale. The first is Hotel Clover at 7 Hongkong Street, a boutique hotel with 27 rooms, while the second is a commercial building at 36 Hongkong Street. Both properties boast attractive remaining land tenures and are eligible for purchase by foreigners and companies without incurring Additional Buyer’s Stamp Duty (ABSD) or Seller’s Stamp Duty (SSD).

Hotel Clover, a six-storey hotel sitting on a 1,701 sq ft plot, is zoned “hotel” with a plot ratio of 4.2 under the latest Master Plan. The 99-year leasehold site has a remaining land tenure of approximately 89 years and a total floor area of 7,142 sq ft. With a guide price of $27 million, the price translates to $3,780 psf on the floor area.

On the other hand, the five-storey commercial building at 36 Hongkong Street is zoned “commercial” with a plot ratio of 4.2 under the Master Plan and sits on a 1,733 sq ft plot. The 99-year leasehold site has a remaining land tenure of 93 years and a total floor area of 7,279 sq ft. The guide price for this property is $22.6 million, which translates to $3,105 psf.

According to Clemence Lee, executive director of capital markets at CBRE Singapore, both properties have relatively more attractive remaining land tenures compared to other 99-year leasehold properties in the CBD area. They are also ideal for owner-occupiers looking for a flagship asset with a reasonable quantum and naming rights.

Situated in Clarke Quay, a popular riverfront lifestyle precinct, the properties are surrounded by acclaimed restaurants, bars, boutique hotels, and fitness studios. They are also within close proximity to Clarke Quay MRT Station on the North-East Line. The nearby CQ@Clarke Quay is currently undergoing a $62 million asset enhancement initiative, while the completion of two new large-scale integrated developments, Canninghill Piers and Union Square, is expected to further enhance the vibrancy of the area.

Lee believes that both 7 and 36 Hongkong Street have strong potential for future rental upsides and capital appreciation in the medium to long term. Interested buyers can participate in an expression of interest exercise that will close on March 26. For more information, check out CBRE’s website and compare prices of commercial and industrial properties or view past rental transactions.…

Reinstate the Seller’s Stamp Duty and lower the duration? onada

The recent Property Market Outlook event hosted by EdgeProp Singapore on Sunday, Feb 16 sparked discussions on the possibility of new cooling measures, incoming housing supply from government land sale (GLS) sites and Build-To-Order (BTO) launches, as well as the impact of Budget 2025 announcements on the real estate market. A panel of three industry experts, Alan Cheong from Savills Singapore, Wong Xian Yang from Cushman & Wakefield, and Song Seng Wun from CGS International, shared their insights on the current state of the market. EdgeProp Singapore CEO Bernard Tong moderated the discussion.

The event was held at the Elta sales gallery, a new 501-unit project jointly developed by MCL Land and CSC Land Group. The sales gallery opened for public preview on Feb 7.

In January, the government hinted that it was open to implementing more property cooling measures and that it was not yet time to remove existing measures. This announcement came amidst a 256% yearly increase in new private residential unit sales, excluding executive condos, in the previous month.

According to Cheong, if new cooling measures are introduced, the government is likely to implement a measure that applies uniformly across the residential market. The panel also discussed the possibility of measures targeting the HDB resale market, which forms the “floor” of the housing market in Singapore. Wong pointed out that a price surge in the resale market will add upward pressure on private housing prices, and the government may consider adjusting the seller’s stamp duty (SSD) and imposing tougher loan restrictions.

On the other hand, Tong highlighted the government’s plan to introduce a significant pipeline of GLS and BTO supply to meet housing demand. The 1H2025 GLS programme consists of 10 sites on the Confirmed List, which could yield 5,000 new homes, and HDB plans to offer 19,600 BTO flats in 2025. Cheong noted that under the new BTO classification, newly launched Prime and Plus BTO flats will take about 14 years to enter the resale market, and their impact on prices will only be felt much later. Wong added that prices in the resale market are more affected by project completions and HDB estates reaching their minimum occupation period (MOP) than the pipeline of GLS sites up for tender each year.

Despite the possible implementation of new cooling measures, all three panelists noted strong buyer confidence in the current market, as evidenced by the successful launches of Elta, The Orie, and Bagnall Haus, which had selling rates of 86% and 63% at launch, respectively.

The discussion also touched on the potential impact of Budget 2025 on the property market this year. According to Song, with Singapore’s strong economic recovery since the recession caused by the Covid-19 pandemic, the coming year, being an election year, may bring more government handouts funded by government surpluses. The panelists also took questions from the audience, including inquiries about the current “euphoric” phase of the residential property market.

Cheong observed that developers are strategically timing the launch of new projects, which could help dissipate the sense of market exuberance. He also noted that some launch-ready projects are in neighborhoods that have not seen a new launch in several years, leading to pent-up demand. In response to questions about the rental market, Cheong pointed out that while there was a decline in the total number of expatriates in Singapore in the past year, there was an uptick in the volume of rental transactions. This was partly due to falling rents, which encouraged some renters to find their own accommodation rather than sharing. However, layoffs in the technology and finance sectors could moderate rental price growth this year.

Before making a condo investment, one must also consider the potential rental yield. Rental yield refers to the yearly rental income as a percentage of the property’s purchase price. In Singapore, rental yields for condos can significantly differ depending on factors such as location, property condition, and market demand. Typically, areas near business districts or educational institutions have a high rental demand, resulting in better rental yields. To gain a better understanding of a particular condo’s rental potential, it is advisable to conduct thorough market research and seek advice from real estate agents. Additionally, checking out Singapore Projects can also provide valuable insights.

During the event, Tong also presented a session of EdgeProp’s Master Plan Master Class, covering upcoming transformation plans in Clementi and Jurong East. He highlighted the completion of the second phase of the Cross Island Line (CRL), which will add a new MRT station (West Coast) and turn the existing Clementi station into an interchange. Tong noted that MRT interchanges tend to have a positive impact on surrounding property prices. The transformation plans for Clementi include the redevelopment of Clementi Stadium and the installation of more than 6.6km of cycling paths.

The panel also noted the potential housing demand in Clementi from the progressive development of the Jurong Lake District and the creation of new jobs in the nearby Tuas megaport, Tuas Biomedical Park, Jurong Island, and Jurong Innovation District. Tong shared data from EdgeProp Singapore showing that the average age of existing condos in Clementi is about 17 years, and recent new projects in the area have reaped strong capital gains. This includes Clavon (24% uptick since launch) and The Clement Canopy (43% price growth since launch).

The event also featured a session showcasing EdgeProp Singapore’s suite of property tools, including information on HDB resale prices, analytics of profitable transactions, and upcoming GLS sites. Attendees had the opportunity to ask questions and get insights from industry experts on the property market.…