Month: February 2025

Acquiring property in Singapore requires a thorough understanding of the rules and regulations, especially for international investors. In general, foreigners are allowed to purchase condominiums, but the ownership of landed properties is subject to stricter limitations. It’s important to note that foreign buyers are also required to pay a 20% Additional Buyer’s Stamp Duty (ABSD) for their first property purchase. Despite these restrictions, the consistent stability and potential for growth in Singapore’s real estate market continue to entice foreign investors. This is evident through the ongoing interest and investment in New Condo Launches, which can be found at Homesearch-md.com.

Singapore, Feb 22, was a good day for MCL Land and CSC Land Group as they sold 326 units of their joint venture property, Elta, located at Clementi Avenue 1, out of a total of 501 units. This translates to a 65% sales rate with each unit selling at an average price of $2,537 psf. Out of the 326 units sold, Singaporeans made up 90% of the buyers while the remaining 10% were permanent residents. Majority of the buyers came from districts 19, 5, and 23, with the two-bedroom units being the most popular among them. The one-bedroom plus study units were also in high demand among buyers. Elta is the final project to be launched in Clementi Avenue 1, following the successful transactions of the earlier two projects, The Clement Canopy and Clavon, developed by UOL Group and Singapore Land Group. The strong sales at Elta show buyers’ confidence in the project which offers a perfect blend of modern living, convenience, and comfort. According to PropNex CEO, Ismail Gafoor, over 60% of the units sold were one- and two-bedders, with prices below $2.2 million, indicating a strong demand for these types of units. According to MCL Land CEO, Lee Tong Voon, the sales at Elta are a testament to buyers’ faith in the project that offers a contemporary lifestyle, surrounded by numerous amenities. The lack of further development plots in Clementi town center has also contributed to the project’s success. One of the main reasons for the high sales at Elta is the previous track record of the projects at Clementi Avenue 1, with zero unprofitable transactions. According to managing partner of SRI, Ken Low, this is a significant factor that has attracted buyers to invest in the project. The Clement Canopy has experienced a 45% increase in average selling prices to $1,922 psf since its launch in 2017, while Clavon saw a 27% hike in average selling prices, which currently stand at $2,086 psf since its launch in 2020. Both projects have also experienced a high rental demand, with two-bedroom units at The Clement Canopy leasing between $4,200 and $4,700 per month and the latest transaction at Clavon’s 764 sq ft, two-bedroom unit leasing for $4,600 per month, giving buyers confidence in their investments. Elta’s proximity to employment nodes such as NUS, one-north, the Science Park, Pandan Loop Industrial Estate, Jurong Lake District, and future Dover Knowledge District, is another factor that has attracted buyers. The project is also connected by the East-West Line and will soon be linked to the upcoming Cross Island Line. This connectivity is expected to enhance the project’s rental demand, especially among international students and professionals. Investors have also been drawn to Elta due to the ongoing MOP of over 2,500 HDB units, projected to increase by 1,100 units this year. Elta is also surrounded by numerous nature parks, including Clementi Woods Park, West Coast Park, and Kent Ridge Park, providing residents with easy access to green spaces and promoting a healthy lifestyle. The strong sales at Elta can also be attributed to the healthy pool of HDB upgraders in Clementi and Queenstown. Elta has been well-received by families, with three-bedroom units being popular among them, as well as extended families who opted for the four-bedroom units. According to ERA CEO, Marcus Chu, Elta’s sales have been further boosted by the fact that Clementi Avenue 1 is located in the educational belt, surrounded by prominent schools such as Nan Hua High School, NUS High School of Mathematics and Science, and Anglo-Chinese School Independent, as well as tertiary institutions like NUS and Singapore Polytechnic. The lack of further development plots in Clementi town center is another factor that has contributed to the project’s success, with SRI’s managing partner, Ken Low, citing that investors have shown high interest in the project due to the ideal profile of tenants in the area and its strategic location. All these factors have culminated in the strong sales at Elta, surpassing the 1,083 units sold in January, with total sales for February expected to exceed 1,500 units. As a result, Huttons Data Analytics has revised its full-year projection to 7,500 – 8,500 units, with an estimated price growth of 4% – 7% for the year.Overall, Elta is a highly sought-after development that has attracted a diverse mix of buyers due to its strategic location, access to top schools and amenities, and the lack of further development plots in the area. With the ongoing MOP and healthy rental demand, Elta presents a promising investment opportunity for buyers.…

CapitaLand India Trust (CLINT) has recently announced its plan to acquire an office project in Nagawara, Outer Ring Road, Bangalore for an estimated amount of $233.6 million. This strategic move will be executed through a forward purchase agreement with Maia Estates Offices.

According to CLINT, the acquisition of this 1.13 million sq ft office project is expected to bring in positive results for both the group and its unitholders. The company forecasts a net profit of $7.7 million on a stabilized basis and an increase in distribution per unit from 6.84 cents to 6.98 cents.

The office project, situated in a mixed-use development, will consist of both office and retail spaces. As part 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 for investment opportunities in overseas properties, CLINT offers a range of projects available for sale around the world.

Upon completion of the development, CLINT is expected to acquire the office space in the first half of 2030, while Maia will retain the retail portion. This will result in a 9.9 million sq ft operational area for CLINT’s portfolio in Bangalore, up from the current 8.7 million sq ft.

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Investing in a Singapore condo offers numerous advantages, with one of the most notable being the potential for capital appreciation. Due to its strategic location as a global business hub and strong economic stability, the demand for real estate in Singapore remains constant. As a result, property prices in the country have consistently increased over the years, particularly for condos in prime locations. For investors who enter the market at the opportune moment and hold onto their properties for an extended period, they can enjoy significant gains in value. This makes purchasing a Singapore condo a wise investment decision.

Apart from this new office project, CLINT has two other properties under development in Bangalore, namely, two office buildings in Gardencity, an IT Park at Hebbal, and another IT Park at ITPB.

With the addition of this office project, CLINT’s portfolio size, including its committed investment pipeline, will increase by 4.0%, from approximately 30.2 million sq ft to approximately 31.47 million sq ft.

Gauri Shankar Nagabhushanam, the CEO of CLINT, states that the acquisition of this prime office project in Bangalore will further strengthen the company’s presence in one of India’s most prominent office markets. He also points out that Bangalore had the highest ever leasing levels for Grade A office space in 2024 and that the Outer Ring Road is the largest office micro-market in the city. With this new addition, CLINT will be able to offer its tenants a wider range of premium office spaces in key micro-markets in Bangalore.

On February 21, units in CLINT closed at $1. The company is also currently in the process of acquiring International Tech Park Pune from its subsidiary and JV partner for $221.9 million and plans to develop 6 million sq ft of prime offices in India with Indian developer L&T Realty.…

River Valley Apartments, a freehold condominium located on River Valley Road, has been sold for $56 million. This transaction marks the first successful residential collective sale deal of 2025, with the selling price equivalent to a land rate of $1,622 psf per plot ratio (psf ppr). According to Knight Frank Singapore, the marketing agent handling the sale, each strata-titled owner stands to receive a minimum of $2 million to $2.6 million based on the sale price. The purchaser, a Singapore family office, intends to redevelop the site into serviced apartments as confirmed by an Outline Permission granted by URA.

Chia Mein Mein, head of capital markets (land and collective sale) at Knight Frank Singapore, says, “This marks the first collective sale site sold in 2025, amid a challenging collective sale market, especially for the residential sector.”

This marks the first residential collective sale site sold in a prime district since May 2023, when Kew Lodge was sold for $66.8 million to Aurum Land.

The tender for River Valley Apartments received a high level of interest, according to Chia. She adds that the development’s attractiveness lies in its “excellent locational attributes” within the popular River Valley neighborhood. The site’s planned redevelopment into serviced apartments is strategically positioned to cater to the rapidly expanding living sector in Singapore.

River Valley Apartments comprises of a four-storey building with 24 units and sits on a 12,408 sq ft site. It is zoned “residential” with a gross plot ratio of 2.8 under the latest Master Plan. Owners of the development launched the collective sale on Jan 7 with a guide price of $56 million.

Jerry Tan, chairman of the River Valley Apartments collective sale committee, says, “We had attempted to initiate the collective sale exercise in the past, and this is the first time we have secured the 80% owners’ consensus to proceed with the tender launch.”

When contemplating an investment in a condominium, one must also thoroughly 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 of condos can greatly vary based 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 favorable rental yields. It is essential to conduct thorough market research and consult with real estate agents to gain valuable insights into the rental potential of a specific condo. Don’t forget to check out Singapore Projects for more options.

River Valley Apartments properties are now available for sale and rental. Interested buyers can check out the latest listings for River Valley Apartments on our online platform, Buddy. Our website provides a comprehensive list of available properties, including unprofitable transactions in the area and price trends for HDB, condo, and landed properties. You can also view past sale transactions and rental listings for condos in District 10.…

at $3,948 psf

The bustling cityscape of Singapore is characterized by towering skyscrapers and state-of-the-art infrastructure. Condominiums, strategically situated in prime locations, offer a perfect combination of opulence and convenience, drawing the interest of both locals and foreigners. These residences boast a wide array of facilities, including swimming pools, fitness centers, and top-notch security services, elevating the overall living standards and making them particularly enticing to potential renters and buyers. From an investment standpoint, these desirable features equate to higher rental returns and a steady appreciation in property values over time. Explore the latest offerings in the bustling Singapore real estate market at Singapore Projects.

Nassim 9, a luxury development located in prime District 10, saw a record-breaking resale transaction during the period of February 4 to 7, marking it as the most profitable private non-landed resale during this period.During this time, a 2,486 sq ft, four-bedroom unit located on the third floor was sold for $7.5 million, or $3,016 per square foot (psf) on February 7. This transaction was recorded as the most profitable private non-landed resale during this time period.According to URA caveats, the seller had bought the unit for $4.12 million, or $1,641 psf, back in December 2005. This resulted in a profit of $3.42 million, or 83.8% of their original purchase price. This translates to an annualised gain of 3.2% over 19 years.This transaction is the third-most profitable resale deal at Nassim 9, with the current record being set in March 2023 when a larger four-bedroom unit spanning 2,756 sq ft was sold for $9.5 million ($3,448 psf). It had been bought for $4.12 million ($1,495 psf) in December 2005, resulting in a profit of $5.38 million (130.6%), or an annualised gain of 5% over 17 years.AdvertisementAdvertisementPrior to the unit sold on February 7, the last caveated transaction at Nassim 9 was in March 2023, when a 3,251 sq ft, four-bedroom unit was sold for $10.3 million ($3,169 psf). This resulted in a profit of $3.3 million.Nassim 9, which has only eight units, is a boutique condo located along Nassim Road in prime District 10. It was completed in 2002 and has four-bedroom units spanning between 2,756 and 3,423 sq ft.In second place for the most profitable resale during this period was Mount Faber Lodge, a boutique freehold development that saw a triplex penthouse unit sell for $5 million ($1,350 psf) on February 5. The unit had last changed hands in August 2001 for $1.6 million, resulting in a profit of $3.4 million (212.5%), or an annualised gain of 5% over 23.5 years.The unit sold on February 5 is the most profitable unit transacted at Mount Faber Lodge to date. The previous record was held by a three-bedroom unit spanning 2,669 sq ft on the third floor that was sold for $3.89 million ($1,457 psf) in October 2022. The unit had been purchased for $1.3 million ($487 psf) in January 2006, resulting in a profit of $2.59 million (199.2%).Completed in 1983, Mount Faber Lodge is a boutique freehold development located along Mount Faber Road in District 4. It consists of 84 units, including studio units spanning 1,098 sq ft, and two- and three-bedroom units from 1,173 to 2,454 sq ft. The development also has 20 five-bedroom triplex penthouses sized between 3,703 and 3,724 sq ft.AdvertisementAdvertisementIn third place was the sale of a three-bedroom unit at Amaryllis Ville, a 99-year leasehold condo in prime District 11. The 1,238 sq ft unit on the 28th floor was sold for $2.65 million ($2,141 psf) on February 5. It had last changed hands for $1.09 million ($884 psf) in June 2005. As a result, the seller made a profit of $1.56 million (142.2%), or an annualised gain of 4.6% over 19.5 years.The February 5 transaction was the third-most profitable for Amaryllis Ville, with the record belonging to a 1,991 sq ft, three-bedroom unit on the 17th floor that was sold for $3.75 million ($1,885 psf) in September 2023. The unit had been bought for $1.95 million ($979 psf) in June 2009, resulting in a profit of $1.8 million (92.5%), or an annualised gain of 4.7% over 14 years.According to resale data from EdgeProp Singapore, prices at Amaryllis Ville have been steadily increasing in recent years. A rolling 12-month average showed that the average price hit $1,897 psf in February 2023 before rising to $2,001 psf in February 2024. Last month, the average price hit $2,082 psf, a 4% year-on-year increase.Amaryllis Ville is made up of 311 units and is located along Newton Road. Completed in 2004, it offers a mix of studio units spanning 657 sq ft, two-bedroom units from 1,173 to 2,454 sq ft, and three-bedroom units from 958 to 2,637 sq ft. The development also has 20 five-bedroom triplex penthouses measuring 3,703 to 3,724 sq ft.There were no unprofitable transactions recorded during this period.…

8M Residences leads the pack as the top private condo to hit a new psf-price peak in the week of Feb 1 to 7. The freehold development achieved a new high of $2,384 psf with the sale of a two-bedroom unit spanning 646 sq ft on the 15th floor 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.The record-breaking transaction surpasses the previous peak of $2,261 psf set in April 2023 when a similar 646 sq ft, two-bedroom unit on the 11th floor was sold for $1.46 million. Additionally, a 527 sq ft, one-bedroom unit on the 11th floor was also transacted for $1.2 million ($2,275 psf) on Feb 3, setting another record high for the condominium.In terms of absolute price, the most expensive unit to change hands at 8M Residences is a 1,841 sq ft, three-bedroom unit that was sold by developers for $2.85 million ($1,548 psf) in October 2012.Resale data compiled by EdgeProp Singapore shows that prices at 8M Residences have consistently risen over the past few years. According to a 12-month rolling average, the average price of units in the condo has increased by 7.3% from $2,028 psf in February 2022 to $2,177 in February 2025.Built in 2017, 8M Residences is a 20-storey residential tower with 68 units featuring a mix of one- to three-bedroom units ranging from 517 to 1,421 sq ft. It also houses four penthouses from 1,184 to 1,841 sq ft.Besides 8M Residences, two other private condos also achieved new psf-price peaks in the week of Feb 1 to 7. Second on the list is Kovan Jewel, a freehold, 34-unit condominium along Kovan Road in District 19. The sale of a 1,076 sq ft, three-bedroom unit on the second floor was transacted by the developers at $2.41 million ($2,236 psf) on Feb 7, surpassing the previous peak of $2,228 psf set in August 2023 when a similar 1,076 sq ft, three-bedroom unit on the fourth floor was sold for $2.4 million.Touted as the third most expensive condo to set a new psf-price peak, Oleanas Residence takes third place on the list. On Feb 3, a 1,141 sq ft, three-bedroom unit on the sixth floor was sold for $2.52 million ($2,207 psf). This sets a new record for the condo, overtaking the last peak of $2,157 psf from the sale of a 1,238 sq ft, three-bedroom unit for $2.67 million in August 2022. In terms of absolute price, the most expensive resale unit at Oleanas Residence was a 1,636 sq ft, three-bedroom unit that was sold for $3.3 million ($2,017 psf) in December 2022.Oleanas Residence is a freehold condominium built in 1999 and has recorded just four resale transactions over the past three years. These transactions range from $2.4 million for a 1,141 sq ft, three-bedroom unit in November 2023 to $3.3 million for a 1,550 sq ft, four-bedroom unit in April 2024. The condo is within walking distance of Great World MRT Station on the Thomson-East Coast Line and Fort Canning MRT Station on the Downtown Line. It is also surrounded by various educational institutes such as River Valley Primary School and Outram Secondary School within a 1km radius.

When it comes to real estate investments, location is a critical aspect to consider, and this is especially true in Singapore. Investing in condos that are situated in central areas or close to essential amenities like schools, shopping malls, and public transportation hubs can lead to higher appreciation in value. For instance, areas such as Orchard Road, Marina Bay, and the Central Business District (CBD) are considered prime locations where property values have consistently shown growth.

Not only do these areas offer convenience, but also the potential for a solid return on investment. Families, in particular, are drawn to these locations due to their proximity to good schools and educational institutions, making condos in these areas highly sought after investments. With Condo as an added factor, investing in properties in these prime locations becomes an even more attractive option.…

Heeton Holdings has announced a significant increase in earnings for the second half of its financial year 2024 (2HFY2024), with a 221% year-on-year (y-o-y) jump to $3.85 million. This follows a loss-making full year for the group ending on December 31, 2024.

In 2HFY2024, the company’s earnings per share (EPS) reached 0.79 cents per ordinary share, while for the entire FY2024, it recorded a negative EPS of 0.28 cents per share.

Heeton’s revenue for 2HFY2024 increased by 10.5% y-o-y to $41.1 million, while for the entire FY2024, it grew by 15.2% to $78.2 million.

The group attributes this revenue growth to a combination of rental income from its investment properties, hotel operations, and management fees. The increase in revenue for the full year can be attributed to higher occupancy rates in the United Kingdom and an increase in rental rates for the group’s investment properties.

During the year, the group also disposed of some of its subsidiaries, resulting in a net gain of $3.78 million. The disposal mainly included its 70% interest in Gloucester Corinium Avenue Hotel Limited and Ensco 1154 Limited.

The company’s property, plant, and equipment, which mainly comprises hotel properties, saw an increase of $16.92 million in FY2024 due to the acquisition of a hotel in Edinburgh, United Kingdom. This was partly offset by the effect of the appreciation of Pound Sterling, reversal of impairment changes, and disposal of hotels in Japan and the United Kingdom.

In terms of cash flow, the group reported a decrease in cash and cash equivalents of $32.70 million due to significant inflows and outflows. This included proceeds from the disposal of property, plant, and equipment of $26.43 million and proceeds from the disposal of subsidiaries of $11.37 million. On the outflow side, the group had a net repayment of loans from associated and joint venture companies of $24.45 million, additions to property, plant, and equipment of $40.36 million, and restricted cash pledge for bank facilities of $22.98 million.

Given the current economic landscape and geopolitical uncertainties under the Trump administration, the group plans to maintain a prudent and steady strategic expansion.

Heeton’s focus on being a boutique brand offering high-quality, experiential stays for guests will continue, as the hospitality industry faces challenges such as high operating and labor costs, elevated interest rates, and an uncertain macroeconomic environment.

Investing in a condo in Singapore has become a preferred option for both local and foreign investors, thanks to the country’s strong economy, stable political climate, and exceptional quality of life. The real estate market in Singapore offers a plethora of investment options, but condos stand out for their convenience, range of amenities, and potential for high returns. In this article, we will delve into the advantages, considerations, and steps to take when investing in a condo in Singapore.

Although the group continues to participate in land tenders for local residential projects, it will also benefit from steady and recurring income from its two retail malls.

The company has declared a final dividend of 0.5 cents per share for the current financial period.

On 20th February, shares in Heeton closed at 27 cents, down by 0.5 cents or 1.818%.…

Singaporean entrepreneur and boutique real estate developer Que Neo of Euro Properties has a vision to create residential projects in his ideal living location. His latest development, K Suites, by subsidiary EG Properties, is a 19-unit apartment building in the sought-after East Coast area of District 15. The project is set to obtain temporary occupation permit (TOP) sometime in the first quarter of 2025.

The main highlight of K Suites is its prime location, offering convenient access to the beach, East Coast Park, shopping malls, the Central Business District (CBD), and Changi Airport. “With the East Coast Parkway and Pan-Island Expressway, it only takes about 10 minutes to get to the airport and the city center,” says Neo.

The project is within close proximity to public transportation and popular schools. The nearest bus stop is less than 50m away, providing easy access to nearby MRT stations like Marine Parade on the Thomson-East Coast Line (TEL) and Eunos on the East-West Line (EWL). Eunos Station is just one stop away from the Paya Lebar Interchange, which connects to the EWL and Circle Line, and five stops away from the Bugis Interchange, connected to the EWL and Downtown Line. Meanwhile, Marine Parade Station is only five stops from the Marina Bay Interchange, which connects to the TEL, North-South, and Circle Lines, and six stops from Shenton Way in the CBD. The TEL also provides direct train access to Orchard Road and Woodlands North, which is also the Rapid Transit System (RTS) Station that links Singapore to the Bukit Chagar Station in Johor Bahru.

K Suites is also located near popular schools such as Tao Nan School, Haig Girls’ School, CHIJ (Katong) Primary, Dunman High School, Tanjong Katong Secondary School, and Tanjong Katong Girls’ School, making it an ideal location for families with young children.

The 19-unit apartment building, designed by JGP Architecture, boasts a sleek and contemporary aesthetic with its curtain wall system, allowing natural light to enter and providing unobstructed views of the surrounding neighborhood. Units at K Suites have regular layouts and ceiling heights of 3.5m to 4.5m, while the penthouses have a 7m ceiling height. Neo emphasizes that the apartments have no bay windows or wasted corridors, resulting in more spacious and efficient interiors. Top-end German brand fittings, including Miele kitchen appliances, Duravit sanitaryware, and Grohe bathroom fittings, are featured in the apartments.

Residents can also enjoy a range of facilities, including a swimming pool, Jacuzzi, barbeque pit, lounge area, gym, outdoor fitness area, and playground. The project is set back from the main road, allowing for a grand arrival and drop-off area, and has a large surface carpark with space for 16 cars and two electric vehicle charging stations.

After the freehold apartment project was previewed in September 2022, the first phase of 10 units has been sold as of February 2023. The buyers, predominantly Singaporean professionals such as doctors, lawyers, and corporate executives, were drawn to the project’s prime location and freehold status. The development offers a mix of three-bedroom units ranging from 797 to 872 sq ft and four-bedroom units ranging from 1,076 to 1,130 sq ft. There are also four five-bedroom penthouses, of which three have been sold, leaving only one available for sale. These penthouses are popular among large families, with one already sold to a family with four children.

Neo notes that most of the buyers are upgraders, looking for a prime District 15 address and downsizers from houses to apartments. Ground-level units overlooking the landscaped garden and facilities are highly sought after, with their 4.5m ceiling height.

K Suites is priced as the most affordable new freehold project in District 15, with the latest transaction for an 872 sq ft, three-bedroom unit on the fourth floor fetching $2.13 million ($2,443 psf) in November. With its imminent TOP and the current positive market sentiment, developer Euro Properties has released the remaining units in the development. The three-bedroom apartments are now priced from $2.058 million ($2,582 psf), while four-bedroom units start at $2.525 million ($2,347 psf). The sole five-bedroom penthouse is priced at $3.5 million ($2,154 psf).

Investing in a condo in Singapore has garnered significant attention among local and foreign investors, thanks to the country’s strong economy, stable political climate, and exceptional quality of life. The real estate market in Singapore boasts various prospects, with condos being a top choice for their favorable location, modern facilities, and potential for lucrative returns. This piece will delve into the advantages, factors to consider, and crucial steps to take when looking to invest in a condo in Singapore. Interested investors can find a diverse selection of condos by browsing through Condo listings.

Huttons Data Analytics has found that boutique developments in District 15 have appreciated by over 100% since their launch, with the prices at Malvern Springs, launched in January 2002, 234.2% higher. Over the past five years, monthly median rents at selected boutique condos in Telok Kurau and Joo Chiat have risen by 76.5%, according to the study. District 15 has long been popular with expatriate tenants for its lifestyle offerings, such as its proximity to the East Coast Park, beach, and diverse range of food and beverage options. K Suites is also expected to be a popular choice for investors.

In conclusion, with its ideal location, efficient layouts, high-quality materials, and family-friendly units, K Suites by Euro Properties is set to be a sought-after development in District 15. Its proximity to transportation, popular schools, and the CBD, along with its freehold status, make it an attractive option for both homeowners and investors alike.…

Purchasing a condo can offer numerous benefits, such as the potential to use its value as leverage for future investments. Many investors choose to use their condos as collateral to secure financing for New Condo Launches, which can enable them to expand their real estate portfolio. While this can potentially lead to higher returns, it is important to have a well-thought-out financial plan and carefully consider the potential risks associated with market fluctuations when utilizing this strategy.

: URA Why private home prices are expected to remain resilient during this pandemic Unsplash/Private housing rents recorded a modest rebound in the fourth quarter of 2024, inching up 0.2% q-o-q in the last three months of the year. However, landlords should not expect rental growth to continue this year, as a market report by Savills Singapore suggests that rental growth will likely be flat in 2025. This is due to the relatively poor performance of the non-landed private residential market in the first three quarters of 2024, which largely contributed to rents falling by 1.7% over the whole of 2024. This represents the first full-year decline since the leasing market recorded a 0.5% y-o-y drop in 2020.In 4Q2024, there were 19,733 leasing transactions, marking a quarterly decline of 24.2%. This is likely due to a decrease in net new rental demand as the number of employment pass (EP) and S pass holders fell last year, in combination with a year-end seasonal lull in rental activity, according to Savills. The decline in leasing activity last quarter was further exacerbated by a 30.8% q-o-q drop in rental contracts for landed homes islandwide, and a 23.7% q-o-q decrease in leasing volumes for apartments and condos. “Despite decreasing leasing activity in 4Q2024, there is still some growth in rental demand. Rents in the private residential market have also stabilised,” says George Tan, managing director of Livethere Residential at Savills Singapore. He adds that relatively more affordable rents can be found in suburban areas, allowing tenants to prioritize lifestyle options such as more spacious units, connectivity to MRT stations, malls, and recreational activities. Parc Esta, a 1,399-unit development in District 14, saw the most number of condo leasing deals in 4Q2024, with 163 rental transactions recorded at a median rent of $6.84 psf per month (pm). Other developments that saw a high number of rental transactions last quarter 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).In terms of rental price growth, the Outside Central Region (OCR) was the only region last quarter that saw average rents decline by 0.8% q-o-q. In contrast, rents in the Core Central Region (CCR) and Rest of Central Region (RCR) grew by 0.9% q-o-q and 0.3% q-o-q, respectively. The decline in rent prices in the OCR likely came about as more tenants in those suburban locations shifted to more central neighbourhoods, driven by relatively more reasonable rents. Based on a basket of luxury properties tracked by Savills, the average monthly rent of high-end condos increased by 1.7% q-o-q in 4Q2024, to $5.85 psf pm. This suggests that the luxury rental market could see a slight rebound after consistently declining over the preceding five quarters.Looking ahead, landlords are likely to face headwinds in the rental market as companies continue to reduce headcounts and hire fewer expatriates, says Alan Cheong, executive director of research and consultancy at Savills Singapore. He adds that landlords also face higher property taxes for non-owner-occupied residential properties, as well as increased conservancy charges due to upward inflationary pressures. However, the relatively tight supply of large luxury properties on the rental market may help them resist “underpriced” rental offers, says Cheong, adding that “although rents for non-landed private residential properties turned the corner in 3Q2024 and continued rising in 4Q2024, we anticipate challenges in the rental market in 2025.”In the future, the widespread adoption of AI could reduce overall manpower requirements for some high-tech firms, and companies may continue to reduce hiring of white-collar professionals. This may reduce the pool of expat tenants in Singapore, says Cheong. “The saving grace for the rental market is that for 2025, there are fewer new completions of private homes expected,” he says. Higher property taxes on investment properties will also dissuade landlords from accepting “low-ball” rental rates. He also expects that interest rates will likely take longer to fall and result in mortgage payments remaining at current levels for longer.…

CBRE acts as the exclusive marketing agent for the 27-room Hotel Clover at 7 Hongkong Street, which is currently up for sale at a guide price of $27 million. Simultaneously, CBRE is also handling the sale of a commercial building located at 36 Hongkong Street, which has a guide price of $22.6 million.

The boutique hotel spans six storeys and occupies a 1,701 sq ft plot that is zoned for hotel use, with a plot ratio of 4.2 under the latest Master Plan. The site has a remaining land tenure of approximately 89 years and the total floor area of the hotel is 7,142 sq ft. At the guide price, the cost works out to be $3,780 psf on the floor area.

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

Sitting on a 1,733 sq ft plot, the five-storey commercial building at 36 Hongkong Street is zoned for commercial use with a plot ratio of 4.2 under the Master Plan. The site, which has a remaining land tenure of 93 years, has a total floor area of 7,279 sq ft. The guide price for the building translates to $3,105 psf. The commercial building is currently fully leased, with a bridal shop occupying the ground floor and offices on the upper floors.

According to Clemence Lee, Executive Director of Capital Markets at CBRE Singapore, both assets boast attractive remaining land tenures compared to other 99-year leasehold properties available for sale in the CBD area. Therefore, they are also suitable for owner-occupiers looking for a flagship asset with a reasonable quantum and naming rights for their exclusive operations.

As both properties are classified as hotel and commercial properties, foreigners and companies can purchase them without incurring Additional Buyer’s Stamp Duty (ABSD) or Seller’s Stamp Duty (SSD).

The properties are conveniently located in Clarke Quay, a well-established riverfront lifestyle precinct known for its array of restaurants, bars, boutique hotels, and fitness studios. They are also within close proximity to Clarke Quay MRT Station on the North-East Line. Clemence Lee highlights that CQ@Clarke Quay is currently undergoing a $62 million asset enhancement initiative, while the upcoming completion of two new large-scale integrated developments, Canninghill Piers and Union Square, will further enhance the vibrancy of the area. He adds that both 7 and 36 Hongkong Street have great potential for future rental upsides and capital appreciation in the medium to long term.

Interested parties can participate in an expression of interest exercise for both properties, which will close on March 26. For more information on commercial real estate properties, check out CBRE’s latest listings or ask their buddy for assistance. You can also compare the price trends of commercial and industrial properties, as well as view past commercial rental transactions.…

By Raphael Lim

Discussion topics at EdgeProp Singapore’s Property Market Outlook event held on Sunday, Feb 16, included the potential for new property cooling measures, an influx of housing from government land sale (GLS) sites and upcoming Build-To-Order (BTO) launches, as well as budget 2025 announcements that could impact the real estate market. A panel of three experts in the industry, including Alan Cheong from Savills Singapore, Wong Xian Yang from Cushman & Wakefield, and Song Seng Wun from CGS International, discussed these topics. The event, which was organised by EdgeProp Singapore, took place at the Elta sales gallery, a new 501-unit project developed by MCL Land and CSC Land Group. The sales gallery opened on Feb 7 to the public.

During January, the government mentioned that it was open to implementing additional cooling measures and that there were no plans to roll back current measures. In the same month, there were 1,083 new private residential units sold by developers (excluding executive condos), jumping about 256% compared to the same month in previous years. If the government decides to implement new measures, they will likely select an approach that applies uniformly across the entire residential market. The panelists suggested that new measures could also target the HDB resale market.

The HDB resale market is the foundation of the housing market in Singapore, and an increase in price growth there will add upward pressure on prices in the private housing segment. The panelists also suggested that the government might consider adjusting the seller’s stamp duty (SSD) and introducing stricter loan restrictions.

However, Tong, CEO of EdgeProp Singapore, pointed out that the government will inject a significant pipeline of housing through GLS and BTO projects to meet housing demand. The 1H2025 GLS programme contains 10 sites that could result in 5,000 new homes, and HDB intends to offer 19,600 BTO flats in 2025.

Newly launched Prime and Plus BTO flats will take about 14 years to enter the resale market under the new BTO classification, and the impact from these developments on prices will only be felt much later on. However, Cheong from Savills Singapore pointed out that prices in the resale market are typically affected by project completions and HDB estates completing their minimum occupation period (MOP) rather than the pipeline of GLS sites up for tender each year. He adds, “In terms of prices, project completions, rather than GLS supply, are more likely to affect prices.”

Despite this, all three panelists agreed that the recent successes in the new launch market indicate strong buyer confidence for projects hitting the market this year. For example, Elta attracted about 4,500 visitors during the first three days it was open to the public. Meanwhile, The Orie and Bagnall House, which were launched this year, had high selling rates of 86% and 63%, respectively.

The panel also discussed budget 2025 and what, if any, measures could influence the property market this year. According to Song from CGS, Singapore has seen a relatively robust economic recovery since the recession caused by the Covid-19 pandemic. With 2025 being an election year, he believes that Singaporeans can expect more handouts funded by government surpluses resulting from healthy government revenue collections in the past three years.

The panel also fielded questions from the audience. Some participants questioned whether the residential property market is in a “euphoric” stage.

Cheong commented that the feeling of market exuberance will likely subside as developers strategically time the launch of new projects. He adds that several launch-ready projects are in neighbourhoods that have not seen a new launch in several years. “If there has been no new launch in a specific location for about five or six years, demand tends to build up over that time,” says Cheong.

A few investors also asked for the panelists’ opinions on the rental market for this year. Market data shows that while the total number of expatriates in Singapore fell in the past year, there was an increase in the volume of rental transactions last year. Cheong added that the decline in rents likely encouraged some renters to stop flat-sharing and find their own accommodation. This was offset by layoffs in technology and finance companies that might moderate rental price growth this year.

During the event, a session of EdgeProp’s Master Plan Master Class was also presented by Tong. He covered upcoming transformation plans in Clementi and Jurong East. He noted that the completion of the second phase of the Cross Island Line (CRL) would add a new MRT station (West Coast) and turn the existing Clementi station into an interchange. Tong observed that historically MRT interchanges tend to have a positive impact on surrounding property prices.

Clementi is also expected to benefit from transformation plans that include the redevelopment of Clementi Stadium and the installation of more than 6.6km of cycling paths throughout the area. Housing demand in Clementi is also expected to benefit from the progressive development of the Jurong Lake District and the new jobs created in Tuas Biomedical Park, Jurong Island, and Jurong Innovation District.

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Investing in a condo in Singapore presents a plethora of benefits, making it a highly appealing option for investors. One of the main advantages is the high demand for condos in the city-state, driven by its status as a global financial hub and a popular destination for expats. This demand ensures a steady stream of potential tenants, making rental yields for condos in Singapore attractive.

Moreover, the potential for capital appreciation adds to the appeal of investing in a condo in Singapore. With the city constantly evolving and developing, condo values have shown consistent growth over the years. This provides investors with the opportunity to reap significant financial gains in the long term.

However, it is crucial to carefully consider various factors before making an investment decision. One of the most crucial factors is the location of the condo. In Singapore, certain areas are more desirable and in higher demand, leading to faster rental income and higher capital appreciation. Therefore, choosing the right location can significantly impact the success of a condo investment.

Additionally, financing is another factor that should not be overlooked. While Singapore offers attractive interest rates for property loans, it’s essential to assess one’s financial situation and determine the most suitable financing option.

Furthermore, it is also crucial to consider government regulations and market conditions. The Singapore government has implemented various measures to ensure a stable and sustainable property market, including cooling measures to prevent speculation. Therefore, it is vital to stay updated on any changes or policies that may affect the real estate market.

To make informed investment decisions, it is advisable to conduct thorough research and seek professional advice. With the help of experienced real estate agents and consultants, investors can gain valuable insights and make well-informed choices.

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 its thriving economy, stable political climate, and well-regulated property market, Singapore is a prime location for real estate investments. Singapore Projects feature attractive and modern developments that cater to the diverse needs of investors. By carefully considering all the crucial factors and seeking professional guidance, investors can maximize their returns and benefit from the dynamic real estate market in Singapore.

EdgeProp Singapore’s data shows that the average age of existing condos in Clementi is about 17 years. Tong observed that recent new projects in Clementi have achieved strong capital gains over the years. For example, Clavon has seen a 24% rise since its launch, while The Clement Canopy has seen its prices increase by 43% since it was launched. The data comes from EdgeProp Singapore’s suite of tools that can help owners, buyers, and sellers understand market and price trends, including those for HDB resale prices, analytics of profitable transactions, and upcoming GLS sites.…