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If you’ve recently visited a show flat, you may have noticed that the unit sizes seem to have gotten smaller. This is understandable, as our perception of size is relative to what we’re used to. In the 1990s and 2000s, the sizes of the homes we grew up in – whether HDBs or condos – were larger. However, as demographics have changed, so have the average sizes of new condos.

In 1995, the average size of a new condo was 1,272 sq ft, which increased to 1,286 sq ft in 2005. However, in 2015, the average size dropped to 858 sq ft, and by 2024, it was only 929 sq ft. This decrease can be attributed to the decrease in average household size over the years, from four in 1995 to 3.1 in 2024.

On a per-household-member basis, the average space decreased from 318 sq ft in 1995 to 252 sq ft in 2015. However, it rebounded by 19% to 300 sq ft in 2024. Over the past 29 years, the average size of condos (per capita) has decreased by 5.7%, a commendable achievement given Singapore’s land constraints.

This decrease would not have been possible without the help of the government’s “invisible hand.” In 2008, a number of condo projects in the Rest of Central Region (RCR) introduced “Mickey Mouse” units – the smallest being 24 sq m (258 sq ft), equivalent to two parking spaces. This lowered the barriers to property investment, and these projects became popular, leading to the proliferation of such units in the following years.

However, there were concerns that this trend would compromise the quality of living. To address this, the Urban Redevelopment Authority (URA) issued guidelines in 2011, which required developers to use an average size of 70 sq m for projects outside the Central Area, with stricter requirements of 100 sq m in certain areas. This guideline took effect in 2012.

Despite this, the average unit size continued to decrease over the next few years. To address this, the URA tightened the guidelines in 2019, resulting in an increase in average unit size outside the Central Area by 21.4%. However, in the Central Area, the average unit size continued to decrease, reaching its lowest point of 725 sq ft in 2020. To address this, the URA extended the guidelines to the Central Area in 2023, requiring that 20% of units have a net internal area of at least 70 sq m.

When contemplating an investment in a condominium, it is crucial to 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 fluctuate significantly, depending on factors such as location, property condition, and market demand. Generally, areas with high rental demand, such as those near business districts or educational institutions, offer more attractive rental yields. To obtain a comprehensive understanding of a specific condo’s rental potential, conducting thorough market research and consulting with real estate agents can be beneficial. For information on the latest Singapore projects, visit https://www.homesearch-md.com/.

In June 2023, the URA also harmonised the definition of strata area and gross floor area (GFA), which led to a decrease in the size of units by an average of 6%. However, this change has also resulted in better value for buyers, as smart home features and high-end appliances have become the norm in new condos.

Overall, the average size of units has increased to 929 sq ft in 2024, 8.3% larger than in 2015. However, with the harmonisation of the GFA definition, the trend may shift downwards. Nevertheless, buyers are getting better value for their purchases, with better provisions and fittings compared to 10 years ago.…

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Brand New Land had a unique vision for their latest project – to combine elements of Good Class Bungalow (GCB) design with accessible luxury in their semi-detached homes. To make this vision a reality, they turned to Pau Loh, managing director of Tellus Design, a renowned name in the GCB design industry. With their three-decade-long partnership, they have created a series of four semi-detached homes in Bukit Timah and Upper Bukit Timah, each incorporating elements inspired by the best practices of GCB homes.

Singapore’s cityscape is characterized by towering skyscrapers and contemporary infrastructure. Condominiums, strategically situated in desirable locations, offer a fusion of opulence and practicality that appeals to both locals and foreigners. These residential complexes boast a plethora of facilities, including swimming pools, fitness centers, and security services, elevating the overall standard of living and making them highly sought after by potential residents and investors alike. With these attractive features, investors can expect to receive higher rental returns and witness a steady increase in property values over time. For more information, visit Singapore Condo.

The collection includes two homes at 23 & 23A Maple Avenue with a frontage of over 24m, and two homes at 25 & 25A Jalan Selanting, affectionately known as “The Great Trees Collection”. Ranging in land size from 2,790 to 3,130 sq ft, each home boasts a lift, swimming pool, and gourmet kitchen provisions. Keeping in line with Brand New Land’s philosophy of creating value for their clients, these homes are priced fairly within the bank valuation range, providing potential upside for buyers.

The semi-detached homes incorporate various GCB design elements, such as dedicated zones for different functions, inspired by the large bungalow homes. This includes separate areas for receiving guests, dining, gourmet cooking, and entertainment, as well as living zones for smaller or larger groups. According to Alvina Teh, Co-Founder and Director of Brand New Land Group, this layout creates a sense of intimacy and privacy for family and friends to coexist under one roof.

Another element borrowed from GCB homes is the concept of “ceremonial entrances”. Tatiana Teh, Client Relations Director of Brand New Land Group, explains that the experience of coming home and stepping into a personal space is something they wanted to bring to their community. Each semi-detached home features a private entrance, framed by lush greenery, the sound and reflection of water, and warm and rich facade materials, creating a beautiful transition from the outside world to the comfort of home.

The homes also feature the signature GCB design elements of wide overhanging eaves and deep recesses, creating shelter and cooling the interiors. The use of horizontal design elements, such as the wraparound golden sand facade treatment and horizontal planters, give the homes a spacious and luxurious aesthetic. The generous use of nature-inspired cladding elements, such as timber-effect screens and midnight tones, lend a statement-making look to the homes.

Inside, the homes exude a sense of quiet luxury, with rich timber grain, precious marble, and German bath fittings. The master bathroom is a sanctuary, featuring sleek bath fittings, mood lighting, and slab-cut marble finishes. To further elevate the kitchen experience, Brand New Land has partnered with luxury kitchen specialist, Arclinea Singapore, known for their inspiring kitchen spaces. This collaboration brings a special edge to the gourmet kitchens in these homes.

Alvina Teh shares that their goal for this collection was to bring the best GCB design principles into their semi-detached homes. She expresses her gratitude to Pau Loh and his expertise, which has helped make this vision a reality. Brand New Land is excited for the future possibilities that these homes can create for their residents.

To view these homes, interested parties can call 8893 7602. For more information and updates on upcoming launches, visit Brand New Land’s website and social media pages. The group also invites anyone with land with potential for redevelopment to reach out to them via email.…

Kassia – the only new launch project in the East outside the city fringe – to preview July 18Read the latest Property Zone articlesRevisit past Property Zone articles

When contemplating an investment in a condo, it is crucial to also evaluate its potential rental yield. This refers to the annual rental income as a percentage of the property’s cost. In Singapore, rental yields for condos can greatly differ based on factors such as location, property condition, and market demand. Generally, areas with high rental demand, such as those close to business districts or educational institutions, offer better rental yields. Thorough market research and seeking guidance from real estate agents can offer valuable insights into the rental potential of a specific condo. For more information on potential investment opportunities, check out Singapore Projects.

The real estate market in 2024 was marked by two distinct halves. The first half was slow, with a focus on boutique developments and the lowest number of units launched for sale since 1H1996, according to data from Huttons Analytics. This trend was reflected in sales volume as well, with only 1,889 units sold – the lowest figure since 1996.

One exception to this trend was the launch of Lentor Mansion in March, which saw a 75% take-up rate. However, most other project launches in the first half of 2024 saw lackluster sales compared to the previous year. According to Mark Yip, CEO of Huttons Asia, this could be due to uncertainties in the job market and high interest rates, leading buyers to hold back and wait for more highly anticipated projects later in the year, such as Chuan Park and Emerald of Katong.

Being on the lookout for new launches is a good idea, to keep track of prices and unit availability.

The launch of Kassia in late July, a freehold development with 276 units, marked a turning point in the market. It achieved a 52% take-up rate and set the stage for a surge in sales after the Lunar Seventh Month. This was followed by the launch of 8@BT at Bukit Timah Link in September, where 53% of units were sold at an average price of $2,719 psf.

In the third quarter of 2024, new home sales increased by 60% compared to the previous quarter, as reported by Huttons. This shift in sentiment was attributed by some to the 50-basis point interest rate cut by the US Federal Reserve in September.

Further evidence of the growing sales momentum came in October, when over 50% of units at Meyer Blue were sold in private sales at an average price of $3,260 psf, setting a new benchmark for the prime District 15 area on the East Coast. Another notable project was Norwood Grand in Woodlands, with 84% of its units sold over its launch weekend in October. This marked the first time a Woodlands development surpassed the $2,000 psf mark, with units transacted at an average price of $2,067 psf.

The launch of Norwood Grand, the first in Woodlands in 12 years, was a strong indication of growing buyer confidence and demand, according to Yip. This momentum continued into November, with a record-breaking six projects launched over 10 days, comprising a total of 3,551 units.

The rush of activity began with the launch of The Collective at One Sophia, followed by Union Square Residences at Havelock Road, Chuan Park, Emerald of Katong, Nava Grove, and Novo Place executive condo (EC). By the end of November, developer sales had reached 2,557 units – the highest figure since March 2013.

This strong performance in November pushed total developer sales for the year up to 6,344 units. It is expected that the year-end figures will surpass 6,500 units, exceeding the 6,421 units sold in 2023. This demonstrates the resilience and strength of the property market, highlighting its role as an asset for wealth creation and preservation.

While the sluggish market performance in the first three quarters of 2024 led to an atypical year-end, with a surge in activity and sales in November, experts do not anticipate any regulatory intervention at this time. According to Chia Siew Chuin, JLL’s head of residential research, any intervention would only occur if sales momentum continues into the first quarter of 2025 and property prices increase sharply, outpacing GDP growth. However, she believes that despite close monitoring by authorities, new measures are unlikely to be implemented unless there are clear signs of persistent market overheating.

In conclusion, the property market in 2024 saw a slow start, but strong sales momentum in the latter half of the year. Despite uncertainties and caution in the first half of the year, the market picked up in the second half, with developers launching projects in a year-end rush. With the year-end figures expected to surpass the previous year, the property market has proven its resilience and enduring appeal as an asset for wealth creation and preservation.…

According to URA data released on December 16, a total of 2,557 new private homes were sold in November, excluding executive condominiums (ECs). This represents a significant jump of 246.5% from the 738 units sold in October and a 226% increase compared to November 2023 sales.

“This surge marks the highest monthly developer sales since March 2013, when 2,793 units (excluding ECs) were sold,” says Christine Sun, chief researcher and strategist at OrangeTee Group. Mohan Sandrasegeran, head of research and data analytics at Singapore Realtors Inc (SRI), adds that this is the first time new home sales have exceeded the 2,000-unit threshold in a single month since March 2013.

The spike in developer sales for November can be attributed to an “unprecedented” number of new project launches, according to Lee Sze Teck, senior director of data analytics at Huttons Asia. In total, five private residential projects were launched during the month, including the 916-unit Chuan Park, the 846-unit Emerald of Katong, the 552-unit Nava Grove, the 367-unit The Collective at One Sophia, and the 366-unit Union Square Residences. This brings the total number of new homes launched to 2,871 units, which is a 438% increase from the previous month and a 196% jump compared to the same period last year.

In addition, the 504-unit Novo Place EC also started sales in November, bringing the total number of new home sales to 2,891 units when including ECs. This represents a 277% jump from the previous month and a 226% increase compared to the same period last year.

As of November, an estimated 6,344 units have been sold by developers, slightly higher than the 6,317 units sold in the first 11 months of 2023. This is on the back of 6,627 units launched for sale by developers during the same period. In comparison, there were 7,515 units launched during the same period last year.

Top-selling projects for November include Emerald of Katong, which sold 840 units (99%) at a median price of $2,627 psf, followed by Kingsford Group’s Chuan Park which sold 721 units (79%) at a median price of $2,586 psf, and Nava Grove which sold 382 units (69%) at a median price of $2,445 psf. According to Sun, buyers were drawn to the excellent design and location of these projects, particularly those looking to live near the East Coast. The lower interest rates also likely incentivized buyers to invest in these projects.

The bustling city of Singapore is known for its towering skyscrapers and advanced infrastructure. One of its main features is the abundance of condos, strategically situated in prime locations, offering a perfect balance of opulence and convenience to both locals and foreigners. These lavish residences boast an array of luxurious amenities including swimming pools, fitness centers, and top-notch security services, elevating the overall standard of living and making them a desirable choice for potential renters and buyers. From an investment standpoint, these attractive features can result in promising rental returns and steady appreciation of property values over time. Check out the latest Singapore projects for more luxurious condo options.

Looking ahead, Huttons’ Lee predicts a more muted December due to the school holidays and festive season, with new private home sales expected to fall to around 200 to 250 units. This would bring full-year developer sales to approximately 6,500 units, slightly higher than in 2023. He also expects price growth to moderate to around 5%, compared to the 6.8% growth registered in 2023.

Moving into 2025, SRI’s Sandrasegeran believes new home sales will regain momentum with the launch of The Orie by City Developments in January. Other anticipated launches in the first quarter of 2025 include Bagnall Haus, Aurea, and Aurelle of Tampines EC. However, OrangeTee’s Sun believes the recent surge in sales is temporary and that new home demand has been subdued throughout 2024 due to the lack of significant private project launches. She is cautiously optimistic for a better performance in the new sales market in 2025 with a projected rebound of 7,000 to 8,000 units sold and a price growth of 4% to 7%.…

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The recently launched project, Emerald of Katong by Sim Lian Group, has reported strong sales in just two weeks with 99% of its 846 units sold. This new 99-year leasehold private condominium, located on Jalan Tembusu, achieved an average price of $2,617 per square foot (psf). Out of the 846 units, only 13 were not sold due to buyers backing out after the weekend launch. The VIP and multiple-unit sales started on Friday, November 15 followed by a public launch on November 16 and 17.

One major advantage of investing in a Singapore condo is the opportunity to leverage the property’s value for future investments. Numerous investors utilize their condos as collateral to secure additional financing for new ventures, allowing them to diversify and grow their real estate portfolio. While this approach can potentially increase returns, it also carries certain risks, making it crucial to have a solid financial plan and carefully consider how market fluctuations may impact these investments.

To fill in the remaining units, a balloting session was held for the 13 units on November 30. It received a positive response with over 800 expressions of interest and all 13 units were quickly snapped up. Ismail Gafoor, CEO of PropNex, shared that the launch of Emerald of Katong has also created a ripple effect on neighboring projects in the prime District 15 area.

The adjacent development to Emerald of Katong, Tembusu Grand, developed jointly by City Developments Ltd (CDL) and MCL Land, also saw an increase in sales. Since the start of November, 52 units were sold, bringing the cumulative sales to 581 units or 91% to date. Similarly, Grand Dunman by SingHaiyi, a 99-year leasehold condominium on Dunman Road, saw an increase in sales with 18 units sold since November 11, bringing the cumulative sales to 731 units or 72.5%, at an average price of $2,531 psf.

However, the biggest beneficiary of the launch of Emerald of Katong was The Continuum, a freehold condominium along Thiam Siew Avenue developed by Hoi Hup Realty and Sunway Developments. Since November 9, a total of 126 units were sold, bringing the overall sales to 528 units or 64.7%, at an average price of $2,788 psf. The strong take-up in The Continuum can also be attributed to its pricing, which is only at a 6.53% premium compared to the 99-year leasehold Emerald of Katong. Gafoor shared that in general, a freehold project would usually have a 15% to 20% premium over a 99-year leasehold project in the same area. Homebuyers clearly recognized the value proposition and were quick to switch to The Continuum.

The highest psf prices were achieved for the 484 sq ft one-bedroom and 624 sq ft two-bedroom units on high floors at Emerald of Katong, specifically from the 16th to 21st floors. Meanwhile, The Continuum recorded sales exceeding $3,000 psf, with 11 units sold in November, including nine two-bedroom units and two compact three-bedroom units. The robust sales in November are expected to have a positive impact on the take-up rate in 2025. With over 800 cheques received for just 13 units on November 30, unsuccessful buyers will be looking for alternatives, which will boost new home sales in the beginning of 2025.…

Casa Fidelio, a landed development located on Fidelio Street in District 15, will soon be launched for collective sale through a tender process on March 20. According to PropNex Realty, which is handling the marketing for the site, the reserve price for the development is set at $24 million, which translates to a land rate of $1,388 per square foot. This marks the first attempt by the owners of Casa Fidelio to sell the property collectively.

Built in 1990, Casa Fidelio consists of seven cluster terraces under strata-title ownership. The development sits on a land area of approximately 17,293 square feet, with a designated residential zoning. The land is also approved for two-storey mixed-landed housing.

Casa Fidelio is located in a prime landed housing enclave, just a short drive away from a range of amenities such as East Coast Park, popular dining and entertainment options at Katong and Joo Chiat, as well as shopping malls like Siglap Village, Siglap Centre, and Bedok Mall. The area is expected to see further development with the upcoming completion of Kembangan Wave, an integrated public housing project that includes a community club, eating house, supermarket, and healthcare facility, situated next to Kembangan MRT Station.

The development is also in close proximity to well-regarded schools, including Opera Estate Primary School, St Stephen’s School, and Victoria School.

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Securing financing is a crucial element when it comes to investing in a condo. In Singapore, there are various mortgage choices available, but it is crucial to have a good understanding of the Total Debt Servicing Ratio (TDSR) framework. This framework sets a cap on the amount of loan an individual can take based on their income and current debt commitments. Being well-versed in the TDSR and consulting with financial experts or mortgage brokers can assist investors in making well-informed decisions about their financing options and prevent them from taking on excessive debt. If you are interested in investing in a condo, consider seeking advice from professionals like Condo to help guide you through the financing process.

According to PropNex, the site offers various possibilities for redevelopment, such as luxury cluster houses, landed terraces, or a standalone property. The regular shape and significant size of the land allow developers to design a project that maximizes both functionality and visual appeal. The property is well-positioned for a transformation into a modern residential development that caters to the demand for landed homes in the East Coast area, says Laurence Wong, head of collective sales at PropNex.

Data shows that the most recent transaction at Casa Fidelio was in September 2020, where a house with a land area of 1,894 square feet was sold for $2.27 million ($1,198 psf). PropNex also notes that in 2020, only two freehold landed homes on Fidelio Street were sold – a terrace house with a land area of 3,423 square feet was sold for $9 million ($2,629 psf on land area), and a semi-detached house with 2,035 square feet of land was sold for $5.38 million ($2,643 psf on land area). The agency also highlights that a recently-built corner terrace on Jalan Bangsawan, which is less than 400m away, was sold for a record price of $3,541 psf in December 2020.

The tender for Casa Fidelio will close on April 22 at 3pm. Interested buyers can check out the latest listings for Casa Fidelio properties or reach out to Ask Buddy, a real estate platform that provides insights and assistance for property transactions. To help with your search, Ask Buddy can also provide information on the most unprofitable landed transactions in the past year, condominium projects with the most unprofitable transactions in District 15, the rental yield for Casa Fidelio, and any available condo rental listings in the area.…

The first private housing Government Land Sale (GLS) site in the upcoming Bayshore precinct has closed on March 18, receiving a total of eight bids. Located on Bayshore Road next to the Bayshore MRT Station, the 99-year leasehold site spans 112,992 sq ft and can yield about 515 units.

The top bid of $658.89 million was submitted by SingHaiyi-Garnet, a joint venture between SingHaiyi Group and Haiyi Holdings, the Celine and Gordon Tang-controlled entity that holds a majority shareholding in SingHaiyi. This translates to a land rate of $1,388 psf per plot ratio (ppr), just 0.82% higher than the second-highest bid of $653.53 million ($1,377 psf ppr) from Sing Holdings. City Developments submitted the third-highest bid of $620.8 million ($1,308 psf ppr), which was 5.3% lower than Sing Holdings’ bid.

CEO of OrangeTee & Tie, Justin Quek, remarks that the highest bid prices exceeded initial expectations, possibly indicating strong confidence in the potential of the site. Mark Yip, CEO of Huttons Asia, notes that the number of bids received is the highest for a private housing GLS site since January 2022, when a Jalan Tembusu plot (now the site of Tembusu Grand) also received eight bids. He believes that developers may have held back from bidding for other GLS plots to focus on the Bayshore site and its potential. He adds, “The strong sales for the past few months have also increased the need for developers to replenish their land bank.”

Other bidders for the Bayshore Road site include a Frasers Property-led consortium, Kingsford Development, and a Hoi Hup Realty-Sunway Developments joint venture. The bids submitted ranged between $1,252 psf ppr and $1,285 psf ppr. The two lowest bids were from a consortium comprising Hong Leong Holdings, TID, and CSC Land Group at $500.68 million ($1,055 psf ppr) and Sim Lian Group at $485 million ($1,022 psf ppr).

ERA Singapore CEO, Marcus Chu, comments on the significant gap of 36% between the lowest and highest bids, reflecting mixed market sentiments among the bidders. He also points out that SingHaiyi’s bid of $1,388 psf ppr sets a new benchmark for Outside Central Region (OCR) land prices, surpassing the previous threshold of $1,250 psf ppr paid by MCL Land and CSC Land Group in November 2023 for the site of the recently-launched Elta, located at Clementi Avenue 1.

Head of research and content at PropNex, Wong Siew Ying, adds that the new OCR benchmark rivals some GLS plot land rates in the Central Region. Last year, Zion Road Parcels A and B in the Rest of Central Region were awarded at $1,202 psf ppr and $1,304 psf ppr, respectively, while Holland Drive and River Valley Green (Parcel A) sites in the Core Central Region sold for $1,285 psf ppr and $1,325 psf ppr, respectively.

The future project at the Bayshore Road site will be the first private residential development in the new Bayshore precinct, a 60-ha estate situated between East Coast Parkway (ECP) and Upper East Coast Road. This area has been earmarked for about 10,000 homes, with 30% designated for private housing.

CEO of Knight Frank Singapore, Leonard Tay, notes that the new project has a sea view and doorstep access to Bayshore MRT Station, making it the most favorable site in the Bayshore precinct. He adds that it will also benefit from long-term development plans, including the Long Island coastal protection project that will add reservoirs and parks to the Bayshore area.

Investing in a condo in Singapore offers numerous benefits, with one of the most attractive being the potential for capital appreciation. This is largely due to Singapore’s strategic location as a global business hub and its strong economic foundation, which drives a constant demand for real estate. Over time, the property market in Singapore has consistently shown an upward trend, particularly in prime locations where condos have experienced significant appreciation. For investors who enter the market at the opportune time and hold onto their properties for the long haul, there is potential for substantial capital gains. For a wide selection of Singapore projects, check out Homesearch-md.com.

PropNex’s Wong says that there have been no significant private condo launches in the Bayshore area for decades, with only two existing condos, The Bayshore in the 1990s and Costa Del Sol in 2000. This may result in pent-up demand for new private housing, including demand from HDB upgraders in the nearby Marine Parade and Bedok estates. “Riding on the recent positive sales momentum in the primary market and the anticipation of healthy home buying interest for the future Bayshore project, it is no wonder that developers were eager to secure this GLS tender, possibly hoping to gain a first-mover advantage in the area,” she adds.

Taking into account the top bid of $1,388 psf ppr, Wong estimates that the future development at the Bayshore Road site could see an average selling price of over $2,600 psf. Meanwhile, Tay believes prices could start from $2,700 psf and average above $2,800 psf.…

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 vary greatly, depending on factors such as location, property condition, and market demand. Generally, areas with high rental demand, such as those near business districts or educational institutions, tend to offer more favorable rental yields. It is beneficial to conduct extensive market research and seek guidance from real estate agents to gain valuable insight into the rental potential of a specific condo.

In February, there was a continued surge in new private home sales, with developers reporting strong figures, driven by new launches. According to data released by URA on March 17, developers sold 1,575 units (excluding executive condos) last month – a 45.4% increase from January’s 1,083 units. This figure was also over 10 times higher than the 153 units sold in February 2024. It is the highest number of new homes sold in February in the last 13 years, with the last highest figure of 2,417 units recorded in February 2012, notes Tricia Song, CBRE’s head of research for Singapore and Southeast Asia. Including ECs, there were a total of 1,604 units sold last month, with a 45.3% increase from January. So far this year, developers have sold 2,658 units (excluding ECs), surpassing last year’s figure of a similar number of units in eight months, as observed by Leonard Tay, head of Knight Frank Singapore’s research department. There were two major new launches in the Outside Central Region (OCR) that led to the strong performance in February: the 1,193-unit ParkTown Residence in Tampines North and the 501-unit Elta on Clementi Avenue 1. In February, ParkTown Residence recorded 1,041 units sold at a median price of $2,363 per square foot (psf), making it the top-selling project for the month. This translates to an 87% take-up rate in the integrated project, jointly developed by UOL Group and CapitaLand Development. Elta, with 326 units sold at a median price of $2,538 psf, was the second-best performing project by developers MCL Land and CSC Land Group. According to CBRE’s Song, both ParkTown Residence and Elta are situated in suburban neighborhoods that have not seen any new developments in the past five years. This has contributed to their strong performances. Along with these two projects, developers launched a total of 1,694 units for sale in February, which is an 89% increase from the previous month’s 896 units. Furthermore, new home sales in the OCR accounted for a significant 92% of the total units sold in February, recording the best monthly performance in the past nine years (since 1,523 units were sold in July 2015), according to Wong Siew Ying, head of research and content at PropNex Realty. The Rest of Central Region (RCR) contributed 98 units, or 6.2% of the units sold in February. The top-selling RCR project was Pinetree Hill, with 22 units sold at a median price of $2,613 psf. In the Core Central Region (CCR), 25 units were sold, accounting for 1.6% of the total units sold in February. The best-selling CCR project was 19 Nassim, with five units sold at a median price of $3,372 psf. Additionally, four units were sold at One Bernam, with a median price of $2,651 psf. The 351-unit One Bernam, which was launched for sale in May 2021, is now fully sold. Several transactions involving foreign buyers were recorded in February, with Singapore citizens making up the majority of new private home buyers (92.4%), followed by permanent residents (6.9%), and foreigners (11). These include the two most expensive transactions for the month at 32 Gilstead, each selling for $14.47 million and $14.61 million. In February, a total of 603 new private homes (including ECs) were sold in the OCR, with prices of at least $2 million, as noted by Christine Sun, chief research and strategist at OrangeTee Group. This is the highest number of new suburban homes sold at this price range in a single month since URA data became available in 1995. The previous record was set in November 2024, with 512 new homes in the OCR sold for at least $2 million. Of these 603 homes, 596 were non-landed homes, including units from ParkTown Residence (397 units), Elta (145 units), and Hillock Green (16 units). PropNex’s Wong notes that the average unit prices of new launches have “decoupled” from the sub-market where these projects are located. She further explains that while property prices generally follow a pecking order led by the CCR, followed by the RCR, and then the OCR, recent launches indicate that this may no longer always be the case. As an example, Wong points out that The Collective at One Sophia, a CCR project launched in November, has sold 73 units at an average unit price of $2,743 psf, based on URA data up until the end of February. “This is lower than the average transacted price of units sold at Union Square Residences ($3,175 psf) in the RCR, and only slightly higher than that of The Orie ($2,734 psf), also in the RCR,” she continues. Meanwhile, recent OCR launches like Chuan Park, Elta, and Bagnall Haus recorded average unit prices of $2,589 psf, $2,544 psf, and $2,489 psf, respectively, surpassing RCR project Nava Grove, with an average unit price of $2,460 psf. Wong believes that the narrowing price gaps between regions could be due to various factors, including site-specific attributes of projects, amenity-driven pricing, demand by HDB upgraders, and the location of certain projects situated on the cusp of the CCR. She predicts that prices could converge further in the coming months as new RCR projects located just off the CCR, such as One Marina Gardens in Marina South and future developments on Zion Road residential sites, come to market. The strong momentum established at the start of the year is expected to be sustained in March, supported by recent launches such as the 477-unit Lentor Central Residences, the 188-unit Aurea, and the 760-unit Aurelle of Tampines EC. “As of mid-March, these projects have collectively sold over 1,150 units, promising a strong finish to the quarter,” notes Marchus Chu, CEO of ERA Singapore. As a result of the robust first-quarter sales, ERA has revised its projected figure for new private home sales for the entire year to between 8,500 and 9,000 units, up from its previous range of 7,000 to 8,000. Huttons’ Lee estimates that developers’ sales (excluding ECs) will surpass 3,200 units in the first quarter, making it the highest first-quarter sales since 2021. Moving into the second quarter, new launches that are potentially coming up include the 358-unit Bloomsbury Residences, the 937-unit One Marina Gardens, the 638-unit W Residences Singapore – Marina View, and the 107-unit Arina East Residences. Despite the strong momentum established at the beginning of the year, not all projects launched in the upcoming months may perform equally well, cautions Knight Frank’s Tay. “Homebuyer demand will primarily hinge on the specific location and attributes of each specific new project launch, with some projects doing better than others,” he says.…

Singapore Land Authority (SLA) has launched a tender for a collection of twenty heritage bungalows in Sembawang. These two-storey black-and-white bungalows, located along Admiralty Road East, Falkland Road, Auckland Road West and Fiji Road, were built in the 1920s and 1930s and cover an area of about 245,300 sq ft. The properties have a total gross floor area of approximately 94,945 sq ft and will be available for lease for a period of five years, with a possible extension of another four years.

The bungalows are suitable for multi-generational and senior co-living concepts, as well as for commercial use such as serviced apartments, F&B and retail establishments. A maximum GFA of 9,580 sq ft will be allowed for F&B and retail use. The minimum length of stay for serviced apartments is one week.

In summary, there are numerous benefits to investing in a condo in Singapore, including a strong demand, potential for increase in value, and appealing rental yields. However, it is crucial to carefully assess various factors such as location, financing options, government regulations, and market conditions. With diligent research and guidance from professionals, investors can make well-informed decisions and maximize their profits in the constantly evolving real estate market of Singapore. Whether you are a local investor aiming to diversify your portfolio or a foreign buyer in search of a stable and lucrative investment, condos in Singapore, including Singapore Projects, present an enticing opportunity.

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The tender process will evaluate bids based on a combination of price and quality. The deadline for submission is June 11 at 11am, with the winning bid expected to be announced in October. SLA envisions the potential for these bungalows to be repurposed into co-living spaces, pop-up event venues or social impact hubs in the future.

In line with SLA’s efforts to reimagine state properties, this tender presents an opportunity for investors to contribute to the preservation and rejuvenation of Singapore’s heritage. With a diverse range of potential uses, these bungalows have the potential to become unique and vibrant spaces that add value to the local community.…