Month: February 2025

CapitaLand India Trust (CLINT) has announced plans to acquire a new office project located in Nagawara, Outer Ring Road, Bangalore for $233.6 million. The acquisition will be made through a forward purchase agreement with Maia Estates Offices.

According to CLINT, this acquisition of a 1.13 million sq ft office project is expected to have a positive impact on the earnings and distributions for unitholders. The trust forecasts a net profit of $7.7 million on a stabilized basis, with distribution per unit increasing from 6.84 cents to 6.98 cents.

The office project is part of a mixed-use development that includes both office and retail spaces. Under 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 investors looking to diversify their portfolio with overseas properties, CLINT offers a variety of projects for sale around the world.

Upon completion of the development, CLINT is expected to acquire the office space in 1H2030, while Maia Estates will retain the retail portion. This acquisition will increase the operational area of CLINT’s portfolio in Bangalore to 9.9 million sq ft, up from the current 8.7 million sq ft.

Other properties under development in Bangalore for CLINT include two office buildings in Gardencity, an IT Park at Hebbal, and another IT Park at ITPB.

With the addition of the new office project, CLINT’s portfolio size will increase by 4%, from approximately 30.2 million sq ft to approximately 31.47 million sq ft.

Commenting on the acquisition, CLINT CEO Gauri Shankar Nagabhushanam said, “The strategic location of this office project will further strengthen CLINT’s presence in Bangalore, one of India’s most prominent office markets. In 2024, Bangalore saw record-high leasing levels for Grade A office space. The Outer Ring Road is currently the largest office micro-market in Bangalore. By adding this prime office property to our portfolio, we will be able to offer our tenants a wider selection of premium office space options across key micro-markets in Bangalore.”

On Feb 21, units in CLINT closed flat at $1.…

Sim Lian Group has announced the opening of e-applications for its executive condo (EC), Aurelle of Tampines, on Feb 22. The 760-unit EC is situated in Tampines North, at Tampines Street 62. It is the first new EC project of 2025.

Aurelle of Tampines is located just a five-minute walk away from the upcoming Tampines North Transport Hub, which includes the Tampines North MRT Station (on the Cross Island Line, set to open in 2030), an air-conditioned bus interchange, and an integrated mixed-use development known as ParkTown Mall. The area also features a Community Club, Hawker Centre, and ParkTown Residence, which will have 1,093 units and will be officially launched for sale on Feb 22.

The 301,391 sq ft site will house 14 14-storey residential blocks, with units designed to cater to young professionals and growing families. The development offers three-, four-, and five-bedroom units.

Prices for Aurelle of Tampines start from $1.417 million ($1,687 psf) for a three-bedroom unit of 840 sq ft, $1.689 million ($1,651 psf) for a four-bedroom unit of 1,023 sq ft, and $2.258 million ($1,665 psf) for a five-bedroom unit of 1,356 sq ft.

Artist’s impression of the clubhouse fronting one of the seven pools at Aurelle of Tampines.

Next to Aurelle of Tampines is the 618-unit EC Tenet, developed by Qingjian Realty and Santarli Realty. Launched in December 2022, the project has sold 617 units at an average price of $1,385 psf. The highest transacted price based on caveats lodged was for a 1,367 sq ft unit which sold for $2.26 million ($1,651 psf) in December. As of Feb 21, there is only one unit available for sale in Tenet.

E-application for Aurelle of Tampines will run from Feb 22 to Mar 4, with sales bookings starting on Mar 8. The appointed marketing agents for the project are ERA, Huttons, OrangeTee, and PropNex.

As per the current EC regulations, during the initial launch period (the first 30 days), 70% of the project must be allocated to first-time buyers, with only 30% available for second-timers.

Check out the latest listings for properties at Aurelle of Tampines, Tenet, and Parktown Residence.…

River Valley Apartments, a freehold condominium located on River Valley Road, has been successfully sold for a whopping price of $56 million. This transaction marks the first collective sale deal to be completed in 2025. The attractive deal translates to a land rate of $1,622 per square foot per plot ratio (psf ppr). The fortunate owners who own strata-titled units in this development are expected to receive a handsome sum of between $2 million to $2.6 million each, based on the final sale price. According to a press release by Knight Frank Singapore, the marketing agent for this sale, the buyer is a Singapore family office. The buyer intends to redevelop the site into serviced apartments. The Urban Redevelopment Authority (URA) has granted an Outline Permission for the development of serviced apartments on this site. This is a promising development as the living sector in Singapore has been rapidly expanding in recent years.

Chia Mein Mein, head of capital markets (land and collective sale) at Knight Frank Singapore, notes that the successful sale of River Valley Apartments is a significant milestone in the current challenging collective sale market, especially in the residential sector. The sale of this development is the first of its kind in the prime districts since May 2023, when Kew Lodge was sold for $66.8 million to Aurum Land.

Chia adds that the tender for River Valley Apartments garnered significant interest from potential buyers. She attributes this interest to the development’s prime location in the highly sought-after River Valley neighbourhood. Additionally, the planned redevelopment of the site into serviced apartments adds to its appeal, considering the growing demand for such accommodation in Singapore.

River Valley Apartments is a four-storey building with 24 units and covers a land area of 12,408 square feet. The site, which is zoned “residential,” has a gross plot ratio of 2.8, as indicated in the latest Master Plan. The collective sale committee of River Valley Apartments launched the sale of this development on January 7, 2025, with a guide price of $56 million.

Jerry Tan, chairman of the River Valley Apartments collective sale committee, says that the owners have been trying to initiate a collective sale for some time now. However, this is the first time that they have managed to secure an 80% consensus among the owners to proceed with the tender launch. The strong interest shown by potential buyers is evident in the fact that the development was sold for a higher price than its guide price. This is a positive sign for the collective sale market, which has been struggling in recent times. Interested buyers can check out the latest listings for River Valley Apartments properties and compare them to similar developments in the area.…

The week of Feb 1 to 7 saw 8M Residences topping the list of private condos to hit a new psf-price peak. The freehold development achieved a new high of $2,384 psf when a two-bedroom unit was sold for $1.54 million on Feb 3, marking the first time a unit at 8M Residences was sold for more than $2,300 psf. The previous peak of $2,261 psf was set in April 2023 when a similar unit was sold for $1.46 million. This record-setting sale surpasses the previous peak and shows consistent growth in resale prices at 8M Residences over the last few years.In fact, based on a 12-month rolling average, the average price of units at the condo has risen 7.3% over the last three years from $2,028 psf in February 2022 to $2,177 in February 2025. Completed in 2017, 8M Residences is a 20-storey residential tower with 68 units. It offers a mix of one- to three-bedroom units ranging from 517 to 1,421 sq ft, as well as four penthouses from 1,184 to 1,841 sq ft.Located within walking distance of amenities like EtonHouse International Research Pre-School, Katong Swimming Complex, and Katong Park MRT Station, 8M Residences offers convenience and comfort to its residents. This is most likely a contributing factor to the consistent rise in resale prices over the years.2nd on the list is Kovan Jewel, a boutique condo along Kovan Road in District 19. A 1,076 sq ft unit was sold on Feb 7 for $2.41 million, setting a new high of $2,236 psf. This beats the previous peak set last August when a similar unit on the fourth floor was sold for $2.4 million ($2,228 psf). Completed last year, Kovan Jewel offers one- to three-bedroom units from 624 to 1,345 sq ft, as well as four-bedroom penthouses from 1,237 to 2,153 sq ft.As of Feb 18, 17 units (50%) have been sold at an average price of $2,111 psf, based on caveats lodged. The most expensive unit was sold in 2022 at $2,111 psf, with the unit transacted on Feb 7 being the first sale of the year.Concluding the top three is Oleanas Residence, a freehold condo along Kim Yam Road in District 9. A 1,141 sq ft unit was sold for $2.52 million on Feb 3, setting a new record of $2,207 psf. The highest transacted price previously was $2,157 psf in August 2022 when a 1,238 sq ft unit was sold for $2.67 million.In terms of absolute price, the most expensive resale unit was sold for $3.3 million ($2,017 psf) in December 2022. Completed in 1999, Oleanas Residence saw four resale transactions in the last three years, ranging from $2.4 million ($2,103 psf) for a three-bedroom unit to $3.3 million ($2,129 psf) for a four-bedroom unit. It is within walking distance of two MRT Stations: Great World MRT Station and Fort Canning MRT Station. Educational institutes nearby include River Valley Primary School and Outram Secondary School.The consistent rise in resale prices at these developments showcases the potential for good returns on investment. With their strategic locations and modern amenities, these condos continue to attract buyers and investors alike.…

Luxury developer CDL buys Amber Park condo, book value for land $492 milNorthwave executive condo to appeal to both locals and foreignersAdvertisement

Nassim 9, a luxury development situated along Nassim Road in prime District 10, has set a new record for the most profitable private non-landed resale transaction recorded during the period of Feb 4 to Feb 7. According to caveats lodged with the Urban Redevelopment Authority (URA), a four-bedroom unit spanning 2,486 sq ft on the third floor changed hands for $7.5 million on Feb 7. This translates to a price of $3,016 per sq ft (psf).

The seller had previously purchased the unit in December 2005 for $4.12 million, or $1,641 psf. Thus, they reaped a profit of $3.42 million, representing a staggering 83.8% of their original purchase price. This translates to an annualised gain of 3.2% over a period of 19 years.

This marks the third-most profitable resale transaction at Nassim 9 to date. The current record was 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. Hence, the seller made a profit of $5.38 million (130.6%), or an annualised gain of 5% over a period of 17 years.

Prior to the unit sold on Feb 7, the last caveated transaction at Nassim 9 was in March 2023, when a four-bedroom unit spanning 3,251 sq ft was sold for $10.3 million ($3,169 psf). It generated a profit of $3.3 million.

Housing just eight units, Nassim 9 is a boutique condominium completed in 2002, located along Nassim Road in prime District 10. The development features four-bedroom units ranging between 2,756 and 3,423 sq ft.

Mount Faber Lodge, a boutique freehold development located along Mount Faber Road in District 4, saw the second-most profitable resale during the period of Feb 4 to Feb 7. A triplex penthouse unit was sold for $5 million ($1,350 psf) on Feb 5, marking the most profitable transaction to date at the development. The unit last changed hands in August 2001 for $1.6 million.

This translates to a profit of $3.4 million (212.5%), or an annualised gain of 5% over a period of 23 and a half years. 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 in January 2006 for $1.3 million ($487 psf). As such, the seller made a profit of $2.59 million (199.2%) or an annualised gain of 4.7% over a period of 14 years.

Mount Faber Lodge is a boutique freehold development completed in 1983 and located along Mount Faber Road in District 4. The development features a wide variety of units ranging from studio apartments spanning 1,098 sq ft, two and three-bedroom units ranging from 1,173 to 2,454 sq ft, and five-bedroom triplex penthouses ranging between 3,703 and 3,723 sq ft.

The most profitable resale of a three-bedroom unit during the period in review occurred at Amaryllis Ville, a 99-year leasehold condominium in prime District 11. The 1,238 sq ft unit on the 28th floor was sold for $2.65 million on Feb 5, translating to a price of $2,141 psf. It had last changed hands in June 2005 for $1.09 million, or $884 psf. This represents a profit of $1.56 million (142.2%), or an annualised gain of 4.6% over a period of 19 and a half years.

The Feb 5 transaction was the third-most profitable unit to be sold at Amaryllis Ville. The record belongs 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 purchased in June 2009 for $1.95 million ($979 psf). Hence, the seller made a profit of $1.8 million (92.5%), or an annualised gain of 4.7% over a period of 14 years.

Based on resale data tabulated by EdgeProp Singapore, resale prices at Amaryllis Ville have been steadily on the rise in recent years. Based on a rolling 12-month average, the average price hit $1,897 psf in February 2023, and further rose to $2,001 psf in February 2024. Most recently, in February 2025, the average price hit $2,082 psf, representing a 4% year-on-year increment.

Amaryllis Ville is home to 311 units, and is located along Newton Road. Completed in 2004, the development features a mix of different units ranging from studio apartments spanning 657 sq ft, two and three-bedroom units ranging from 958 to 2,637 sq ft, and five-bedroom triplex penthouses ranging between 3,703 and 3,724 sq ft.

There were no unprofitable transactions during the period in review.…

Singapore-listed property group, Heeton Holdings, has announced a significant increase in earnings for the second half of its financial year 2024, which ended on December 31, 2024. The company saw a y-o-y increase of 221% in earnings, amounting to $3.85 million.

However, despite the strong performance in the second half, the group remained loss-making for the full year FY2024. For the second half, Heeton Holdings reported earnings per share of 0.79 cents per ordinary share. This is an improvement from the previous year’s figure of 0.28 cents per share, which was a loss.

The increase in earnings was driven by the group’s revenue growth, which recorded a 10.5% y-o-y increase to $41.1 million for the second half of the year. The full year revenue also saw a 15.2% y-o-y increase to $78.2 million.

According to Heeton Holdings, the increase in revenue was due to higher occupancies in the United Kingdom and an increase in rental rates for the group’s investment properties. The turnover for the year also included rental income from investment properties, hotel operation income, and management fees.

During the year, the company disposed of some of its subsidiaries, resulting in a net gain of $3.78 million. The group’s property, plant, and equipment, which mainly comprised hotel properties, also saw an increase of $16.92 million in FY2024 due to the acquisition of a hotel in Edinburgh, United Kingdom. The appreciation of Pound Sterling and the reversal of impairment changes offset the effects of the disposal of hotels in Japan and the United Kingdom and depreciation charges recognized.

In terms of cash flow, the group saw a decrease of $32.70 million in cash and cash equivalents due to major cash 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.

However, the group also had cash outflows, which included 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 a bank facility of $22.98 million.

Given the current uncertain economic outlook of Singapore and the uncertain geopolitical climate under the Trump administration, Heeton Holdings has stated that it will maintain a prudent and steady strategic expansion.

In the face of challenges such as high operating and labor costs, elevated interest rates, and an uncertain macroeconomic environment, Heeton Holdings plans to stay focused on being a bespoke boutique brand offering high-quality, experiential stays for its guests.

The company will also continue to participate in land tenders in the local residential market and has been part of a consortium for government housing schemes. Additionally, Heeton Holdings’ two retail malls are expected to continue generating steady and recurring income for its property investment business.

The group has declared a final dividend of 0.5 cents per share for the current financial period. As of February 20, shares in Heeton Holdings closed at 27 cents, down 0.5 cents or 1.818%.…

Singaporean entrepreneur and boutique property developer Que Neo, of Euro Properties, has a vision to create residential projects in areas where he himself would like to live. His latest undertaking, K Suites, is a 19-unit apartment complex along Lorong K Telok Kurau in the highly coveted District 15 of the East Coast. This project, developed by subsidiary company EG Properties, is expected to receive its temporary occupation permit (TOP) in the first quarter of 2025.

One of the most alluring aspects of K Suites is its prime location, providing easy access to the beach, East Coast Park, shopping centers, the Central Business District (CBD), and Changi Airport. “With the East Coast Parkway and Pan-Island Expressway, it takes only 10 minutes to reach the airport and downtown,” according to Neo.

The apartment complex is also conveniently located near public transportation and popular schools. It is less than 50m from the nearest bus stop, with just two stops to Marine Parade on the Thomson-East Coast Line (TEL) and Eunos on the East-West Line (EWL). Eunos is just one stop away from the Paya Lebar Interchange and five stops from the Bugis Interchange, making it easy to travel to different parts of Singapore. Marine Parade Station is only five stops from Marina Bay Interchange and six stops from Shenton Way in the CBD. The TEL also provides direct access to Orchard Road and Woodlands North, as well as the Rapid Transit System (RTS) Station connecting Singapore to Bukit Chagar Station in Johor Bahru.

Families with young children will appreciate the proximity of K Suites to 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. Additionally, it is only two doors away from PCF Sparkletots @ Joo Chiat, a highly desirable preschool.

Designed by JGP Architecture, the apartment complex boasts a sleek and modern facade with its curtain wall system, allowing natural light in and unobstructed views of the surrounding neighborhood. The units have efficient and regular layouts, with ceiling heights of 3.5m to 4.5m, and the penthouses offering a ceiling height of 7m. “The apartments have been meticulously designed without bay windows or wasteful corridors, resulting in spacious and functional interiors,” says Neo.

K Suites feature high-end German fittings, including Miele kitchen appliances, Duravit sanitaryware, and Grohe bathroom fixtures. Residents can also enjoy various facilities, such as a swimming pool, Jacuzzi, barbecue pit, lounge area, gym, outdoor fitness area, and playground. The apartment complex has a grand arrival and drop-off area, and ample parking for 16 cars and two electric vehicle charging stations.

Since its preview in September 2022, the first phase of 10 units has been sold as of February 2023. The buyers are mainly Singaporeans, including professionals like doctors, lawyers, and corporate executives, according to Neo. The development features four three-bedroom units ranging from 797 to 872 sq ft, and 11 four-bedroom units ranging from 1,076 to 1,130 sq ft. The largest units at K Suites are the five-bedroom penthouses, with only one unit remaining for sale. These penthouses are popular among large families, with one sold to a family of four children, each having their own bedroom.

Most buyers are upgraders looking for a prime District 15 address in a freehold property. Other buyers include those downsizing from a house to an apartment, with a preference for units on the ground floor, offering a ceiling height of 4.5m and overlooking the landscaped garden and facilities.

According to Neo, “K Suites is currently the most affordable new freehold project in District 15.” With K Suites nearing its TOP and the positive market sentiment, Euro Properties is releasing the remaining units in the complex. Three-bedroom units are now priced from $2.058 million ($2,582 psf), four-bedroom units from $2.525 million ($2,347 psf), and the sole five-bedroom penthouse at $3.5 million ($2,154 psf).

District 15 has always been a preferred location for expatriate tenants, thanks to its lifestyle offerings such as the East Coast Park, beach, and a variety of dining and shopping options. Therefore, K Suites is expected to appeal to investors as well. Additionally, boutique developments have gained popularity since the pandemic, with some people opting for low-density and exclusive living. Huttons Data Analytics has found that prices of boutique condos in District 15 have appreciated by over 100% since their launch and monthly median rents have seen a 76.5% increase in the past five years. K Suites, with its prime location, efficient layout, and quality materials, presents an excellent investment opportunity in District 15.…

: URA Private housing rents to increase 10% in 2023, contract 5% in 2024: Huttons Lower foreigner buying demand, smaller supply of private homes lend support to prices

Although there was a slight rebound in private housing rents in the fourth quarter of 2024, increasing by 0.2% from the previous three months, landlords should be prepared for flat rental growth this year, according to a report by Savills Singapore.

The non-landed private residential market had a relatively poor performance in the first three quarters of 2024, leading to a decline of 1.7% for the whole year. This is the first time that such a decline has been recorded since 2020, when the leasing market saw a drop of 0.5% year-on-year.

In the fourth quarter of 2024, there were 19,733 leasing transactions, marking a decrease of 24.2% from the previous quarter. Savills attributes this decline to a decrease in new rental demand, as well as a seasonal lull in activity at the end of the year.

According to Savills, the majority of the drop in leasing activity in the fourth quarter can be attributed to a 30.8% decrease in rental contracts for landed homes across the island. The number of transactions for apartments and condos also saw a decline of 23.7% over the same period.

Despite the drop in leasing activity, there is still some growth in rental demand in the private residential market, according to George Tan, managing director of Livethere Residential at Savills Singapore. He adds that more affordable rents can be found in suburban areas, allowing tenants to prioritize factors such as larger units, close proximity to MRT stations, malls, and leisure activities.

In terms of rental price growth, only the Outside Central Region (OCR) saw a decline of 0.8% quarter-on-quarter in the fourth quarter. In contrast, rents in the Core Central Region (CCR) and Rest of Central Region (RCR) saw an increase of 0.9% and 0.3% respectively.

Based on a selection of luxury properties tracked by Savills, the average monthly rent for high-end condos increased by 1.7% quarter-on-quarter in the fourth quarter, to $5.85 per square foot per month. This suggests that the luxury rental market could see a slight rebound after five consecutive quarters of decline.

Looking ahead, landlords may face challenges in the rental market as companies continue to reduce their workforce and hire fewer expatriates, says Alan Cheong, executive director of research and consultancy at Savills Singapore. He also notes that property taxes for non-owner-occupied residential properties are set to increase, as well as upward pressure on conservancy charges due to inflation.

However, the relatively low supply of large luxury properties on the rental market may help to resist offers of “underpriced” rentals, says Cheong, adding: “Although rents for non-landed private residential properties have turned the corner in the third quarter of 2024 and continued to rise in the fourth quarter, we anticipate challenges in the rental market in 2025.”

According to Cheong, the adoption of AI technology could reduce manpower requirements for certain high-tech companies, leading to fewer white-collar professionals being hired. This could reduce the pool of expat tenants in Singapore, he says.

“The saving grace for the rental market is that there are fewer new completions of private homes expected in 2025,” he adds. “Higher property taxes for investment properties will also discourage landlords from accepting ‘low ball’ rental rates. Interest rates are also expected to take longer to fall, resulting in mortgage payments remaining at current levels for longer.”

Read also: GLS sites at Holland Plain and River Valley Green (Parcel C) open for application…

CBRE, the exclusive marketing agent, is currently offering two prime properties for sale in the bustling Clarke Quay area: the 27-room boutique Hotel Clover at 7 Hongkong Street and a commercial building at 36 Hongkong Street. These properties are being offered at attractive guide prices of $27 million and $22.6 million respectively.

Situated on a 1,701 sq ft plot, the six-storey Hotel Clover is zoned as a “hotel” with a plot ratio of 4.2 under the latest Master Plan. It boasts a remaining land tenure of approximately 89 years on its 99-year leasehold site. The hotel, which spans 7,142 sq ft, is being offered at a price of $3,780 psf on its floor area.

Similarly, the five-storey commercial building at 36 Hongkong Street sits on a 1,733 sq ft plot that is zoned as a “commercial” property with a plot ratio of 4.2 under the Master Plan. This 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 $3,105 psf.

Both properties offer a more attractive remaining land tenure compared to other 99-year leasehold properties available for sale in the CBD area. They are also ideal for owner-occupiers looking for a flagship asset at a reasonable price with naming rights for their exclusive operations, according to Clemence Lee, executive director of capital markets at CBRE Singapore.

Since 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).

Located in the popular Clarke Quay precinct, which is known for its vibrant dining and nightlife scene, these properties are also in close proximity to the Clarke Quay MRT Station on the North-East Line. Several major developments, such as CQ@Clarke Quay and Canninghill Piers, are set to enhance the vibrancy of the area, making it a highly desirable location for businesses.

Lee also notes the potential for rental upsides and capital appreciation in the medium to long term for both properties. The sale for both assets will be conducted through an expression of interest exercise ending on March 26. Interested buyers can contact CBRE for more details.…

Discussions around the potential for new property cooling measures, the influx of housing supply from government land sale (GLS) sites and Build-To-Order (BTO) launches, and Budget 2025 announcements, were at the forefront of the Property Market Outlook event organised by EdgeProp Singapore on Sunday, Feb 16. A panel of three industry experts – Alan Cheong, executive director of research and consultancy at Savills Singapore; Wong Xian Yang, head of research, Singapore and Southeast Asia at Cushman & Wakefield; and Song Seng Wun, Singapore economic advisor at CGS International – provided insights and forecasts for the market, with EdgeProp Singapore CEO Bernard Tong serving as moderator.

The event, held at the sales gallery of Elta, a new 501-unit development by MCL Land and CSC Land Group, which launched for public preview on Feb 7.

In January, the government suggested that it was open to implementing further property cooling measures and that it was not yet time to roll back existing measures. Sales of new private residential units (excluding executive condos) reached 1,083 units in January – a 256% increase compared to the same period last year.

If new cooling measures are rolled out, it is likely that the government will implement a uniform intervention across the residential market, according to Cheong. The panel also discussed the possibility of measures targeting the HDB resale market.

According to Wong, the HDB resale market serves as the “floor” of Singapore’s housing market, and an increase in prices there could have an impact on the private housing segment. He speculated that the government could consider adjusting the seller’s stamp duty (SSD) and impose stricter loan restrictions.

Tong, however, noted that the government has plans to introduce a significant supply of homes through GLS and BTO launches to meet housing demand. The 1H2025 GLS programme comprises 10 sites on the Confirmed List, which could yield 5,000 new homes, and HDB plans to roll out 19,000 BTO flats in 2025.

Under the new BTO classification, newly launched Prime and Plus BTO flats will take around 14 years to enter the resale market, and their impact on prices will be felt much later, says Cheong. Wong added that the prices in the resale market tend to follow project completions and HDB estates hitting their minimum occupation period (MOP), rather than the pipeline of GLS sites up for tender each year. According to Wong, project completions have a more significant impact on prices, as opposed to GLS supply.

Nevertheless, all three panelists expect continued market enthusiasm for projects launching this year, following the successful launches of Elta, The Orie and Bagnall Haus, which recorded selling rates of 86% and 63% at launch respectively. According to Song, prospective buyers remain confident in their ability to make a profit when they eventually sell their property. He attributes this to a strengthening job market, which has instilled confidence in property owners to upgrade.

The panel also delved into Budget 2025 and its potential impact on the property market. According to Song, Singapore has experienced a robust economic recovery since the Covid-19 pandemic-induced recession. As Budget 2025 is an election year, he expects the government to offer more handouts funded by a surplus generated through healthy government revenue collections over the past three years.

The panelists also took questions from the participants. Some attendees queried whether the residential property market is currently in a “euphoric” phase. Cheong remarked that the heightened market sentiment is likely to subside as developers strategically time the launch of new projects. He added that several launch-ready projects are located in neighbourhoods that have not seen any new projects in several years. “If a particular location has not had a new launch in around five or six years, demand tends to build up over time,” he explained.

Investors also asked the panelists for their views on the rental market this year, which has slowed down since its peak two years ago. Cheong pointed out that the rental market saw an increase in transactions despite total expatriates in Singapore dipping in the past year. He surmised that falling rents could have encouraged renters to abandon flat-sharing in order to rent their own property. However, layoffs in the technology and finance sectors could potentially moderate rent price growth this year.

During the event, Tong, who also covered upcoming transformation plans in Clementi and Jurong East, presented a session of EdgeProp’s Master Plan Master Class. He highlighted that the completion of the second phase of the Cross Island Line (CRL) will add a new MRT station (West Coast) and connect the existing Clementi station to the CRL line. “Historically, MRT interchanges tend to have a positive impact on surrounding property prices,” Tong explained.

Transformation plans in Clementi 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 creation of new jobs in the nearby Tuas megaport, Tuas Biomedical Park, Jurong Island, and Jurong Innovation District.

Data from EdgeProp Singapore reveals that the average age of existing condos in Clementi is about 17 years. Cheong noted that recent new projects in the area have recorded strong capital gains over the years, such as Clavon (24% increase in price since launch) and The Clement Canopy (43% price growth since launch) – both projects located next to Elta.

EdgeProp Singapore’s suite of property tools includes data and analytics on profitable transactions, HDB resale prices, and upcoming GLS sites, which could help owners, buyers, and sellers better understand market trends and prices.…