Month: February 2025

On Feb 22, Elta, the joint venture project by MCL Land and CSC Land Group at Clementi Avenue 1, sold a total of 326 out of 501 units, translating to about 65% of sales at an average price of $2,537 psf. Most of the buyers were Singaporeans, making up 90% of the buyers, while the remaining 10% were permanent residents. The highest number of buyers came from districts 19, 5, and 23, with a majority of them coming from households in districts such as Hougang, Serangoon, Sengkang, Punggol, Buona Vista, Clementi, Dover, Pasir Panjang, Bukit Batok, Bukit Panjang, Choa Chu Kang, Hillview, and Dairy Farm.

Interestingly, the two-bedroom units proved to be the most popular unit type among buyers, with a majority of the 179 units being sold at prices starting from $1.388 million ($2,261 psf). In addition, 81% of the 108 three-bedroom units have also been taken up at prices from $2.198 million, while the one-bedroom plus study units have also been snapped up by 78% of buyers at prices from $1.158 million. Based on the sales data, more than 60% of the units sold are the one- and two-bedroom types being transacted at prices below $2.2 million, according to Ismail Gafoor, CEO of PropNex.

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One cannot deny the striking urban landscape of Singapore, characterized by towering skyscrapers and state-of-the-art infrastructure. Among the array of properties, condominiums stand out as a popular option due to their ideal location in prime areas and their ability to offer a perfect blend of luxury and functionality. This allure appeals not only to locals but also to expatriates. The availability of various amenities such as swimming pools, gyms, and security services makes condos an even more desirable choice, elevating the standard of living for residents and making them an attractive option for both potential tenants and buyers. For investors, these features translate into higher rental yields and a promising increase in property value over time. With the potential for exceptional returns, it is no wonder that many investors choose to invest in Singapore Projects.

According to MCL Land CEO Lee Tong Voon, the robust sales at Elta signify the buyers’ confidence in the development, which seamlessly blends modern living with convenience and comfort. As the Singapore-based development arm of Hongkong Land, MCL Land has seen success in their previous projects in the area, such as The Clement Canopy and Clavon, which have had zero unprofitable transactions. This is a significant factor that has contributed to the strong sales at Clementi Avenue 1.

Elta is the last of the three private condos launched on government land sales (GLS) sites at Clementi Avenue 1, and the first new launch in the area since December 2020 when Clavon was launched by UOL Group and Singapore Land Group. In terms of connectivity, Elta is near employment nodes such as the National University of Singapore (NUS), one-north, Pandan Loop Industrial Estate, the Science Park, Jurong LakeDistrict and the future Dover Knowledge District. The development is also well-connected with Clementi MRT Station on the East-West Line and the upcoming Cross Island Line, which will run from east to west of Singapore.

Beyond connectivity, Elta’s location has also attracted buyers thanks to its close proximity to popular schools such as Nan Hua High School, NUS High School of Mathematics and Science, and Anglo-Chinese School (Independent). The development is also near tertiary institutions such as NUS, Singapore Polytechnic and United World College of South East Asia (Dover Campus). Considering that most buyers in these developments are families, this is a significant advantage as it provides residents with easy access to education for the duration of their children’s education.

Given the profile of tenants, Clementi Avenue 1 is a popular location for investors, with two-bedroom units at The Clement Canopy of 624 to 732 sq ft being leased at $4,200 to $4,700 per month, or $5.60 psf to $6.42 psf per month in January and February. Meanwhile, the latest rental transaction for a 764 sq ft, two-bedroom unit at Clavon was leased for $4,600 or $6.02 psf per month at the EdgeProp Landlens.

Based on sales data, Huttons Data Analytics estimates developers’ sales in February to surpass 1,500 units. The total sales for the first two months of 2025, estimated to be between 2,500 and 2,700 units, is equivalent to 39% of the total new sales of 6,469 units for the entire 2024, says Huttons. As a result, Huttons is revising its full-year projection for 2025 to between 7,500 and 8,500 units from its earlier estimate of 7,000 to 8,000.…

CapitaLand India Trust (CLINT) has announced its plan to acquire an office project in Nagawara, Outer Ring Road, Bangalore, for $233.6 million through a forward purchase agreement with Maia Estates Offices. This acquisition of the 1.13 million square feet office project is expected to benefit unitholders by improving earnings and distributions. On a stabilized basis, the net profit is estimated to reach $7.7 million, while the distribution per unit is expected to rise from 6.84 cents to 6.98 cents.

The office project is a part of a mixed-use development that includes both office and retail space. 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.

If you are interested in investing in properties overseas, there are plenty of projects available for sale around the world. As per the agreement, CLINT will acquire the office space in the first half of 2030 upon completion of the development, while Maia will retain the retail portion. This will increase the operational area of CLINT’s portfolio in Bangalore from 8.7 million square feet to 9.9 million square feet.

CLINT also has two ongoing office building projects in Gardencity, an IT Park at Hebbal, and an IT park at ITPB in Bangalore. With the addition of the office project, the total portfolio size of CLINT, including the committed investment pipeline, will increase by 4.0% from approximately 30.2 million square feet to approximately 31.47 million square feet.

“The acquisition of this office project in a prime location will further strengthen CLINT’s presence in Bangalore, one of India’s top office markets. In 2024, Bangalore saw the highest leasing levels for Grade A office space, and ORR is the largest office micro-market in the city. By adding this premium office property to our portfolio, we will be able to offer our tenants a wider range of high-quality office spaces in key micro-markets in Bangalore,” says Gauri Shankar Nagabhushanam, CEO of CLINT.

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Investing in a Singaporean condo brings about numerous benefits, one of which is the potential for capital appreciation. With its strategic location as a global business center and solid economic foundations, Singapore maintains a constant demand for real estate. In recent years, the real estate market in Singapore has displayed a consistent rise in property prices, particularly in prime locations where condos have experienced significant appreciation. By purchasing a property at the opportune moment and holding onto it for an extended period, investors can reap substantial capital gains. Moreover, with the introduction of new condo launches, the condo market in Singapore continues to expand and offer attractive investment opportunities for investors.

On Feb 21, shares of CLINT closed at $1, without any change. Other related news includes CLINT’s proposal to acquire International Tech Park Pune from its subsidiary and joint venture partner for $221.9 million and CLINT’s partnership with India developer L&T Realty to develop 6 million square feet of prime offices in India.…

River Valley Apartments, a freehold condominium located on River Valley Road, has recently been purchased for a staggering $56 million. This marks the first successful residential collective sale deal to be completed in 2025. The sale price equates to a land rate of $1,622 per square foot per plot ratio (psf ppr).

Investing in a condominium, or condo for short, in Singapore has become an increasingly popular choice for investors, both locals and foreigners alike. This is largely due to the city-state’s strong economy, stable political climate, and overall high standard of living. With numerous opportunities available in Singapore’s real estate market, condos are particularly appealing for their convenience, amenities, and potential for high returns. In this article, we will delve into the advantages, important factors to consider, and necessary steps to take when investing in a condo in Singapore.

According to a recent press release from Knight Frank Singapore, the marketing agent for the property, the buyer is a Singapore family office with plans to redevelop the site into serviced apartments. The Urban Redevelopment Authority (URA) has already granted an Outline Permission for the development of these serviced apartments.

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

The collective sale of River Valley Apartments is the first residential collective sale site sold in a prime district since May 2023 when Kew Lodge was acquired for $66.8 million by Aurum Land.

Chia adds, “The tender for River Valley Apartments attracted significant interest, which can be attributed to its excellent location in the popular River Valley neighborhood. The site’s redevelopment into a future serviced apartment project is well-suited for the rapidly growing living sector in Singapore.”

River Valley Apartments consists of a four-story building with 24 units and covers a total land area of 12,408 square feet. The site, which is zoned as residential, has a gross plot ratio of 2.8 under the latest Master Plan. The owners of River Valley Apartments launched the collective sale of the development on January 7 with a guide price of $56 million.

Jerry Tan, the chairman of the River Valley Apartments collective sale committee, states, “We have tried to initiate a collective sale exercise in the past, and this is the first time we have been able to secure 80% of the owners’ consensus to proceed with the tender launch.”

For potential buyers interested in properties at River Valley Apartments, they can check out the latest listings on the market. Additionally, there are various listings for sale and for rent available for the property on Ask Buddy.

The price trend for properties in River Valley Apartments can also be compared to those in nearby districts such as HDB, condos, and landed houses. Interested buyers can also view the sale transactions for River Valley Apartments to get a better understanding of the property market in the area.

For those looking for rental units in District 10, there are also multiple condo rental listings available for River Valley Apartments. With its prime location and upcoming redevelopment, River Valley Apartments continues to be a highly sought-after property in the area.…

Nassim 9, a luxury development in prime District 10, saw the most profitable private non-landed resale transaction recorded during the period of Feb 4 to Feb 7. The sale involved a 2,486 sq ft, four-bedroom unit located on the third floor which changed hands for $7.5 million, or $3,016 psf, on Feb 7. This sale at Nassim 9 proves to be the most profitable resale transaction out of the various private non-landed developments on the market during the period of Feb 4 to Feb 7.

According to URA caveats, the seller had previously purchased the unit for $4.12 million ($1,641 psf) in December 2005. After holding the unit for just over 19 years, the seller reaped a profit of $3.42 million, or 83.8% of their original purchase price. This translates to an annualised gain of 3.2% over the holding period.

Nassim 9, known for its exclusivity and high-end luxury living, saw a 2,486 sq ft, four-bedroom unit sell for $7.5 million ($3,016 psf) during this period, reaping a profit of $3.42 million (Photo: Samuel Isaac Chua / EdgeProp Singapore)

The transaction at Nassim 9 is the third-most profitable resale transaction at the development 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. Therefore, the seller made a profit of $5.38 million (130.6%), or an annualised gain of 5% over 17 years.

In the past, 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). It generated a profit of $3.3 million for the seller.

Housing just eight units, Nassim 9 is a boutique condo located along Nassim Road in prime District 10. Completed in 2002, the four-storey development has four-bedroom units spanning between 2,756 and 3,423 sq ft.

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

The second most profitable resale during the period in review occurred at freehold development Mount Faber Lodge, where a triplex penthouse unit was sold for $5 million ($1,350 psf) on Feb 5. The unit last changed hands in August 2001 for $1.6 million. Therefore, the seller raked in a profit of $3.4 million (212.5%), or an annualised gain of 5% over 23½ years.

This unit sold on Feb 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 2012. The unit had been purchased for $1.3 million ($487 psf) in January 2006. Hence, the seller made 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. The 84-unit condo consists of studio units spanning 1,098 sq ft, along with two- and three-bedroom units from 1,173 to 2,454 sq ft. The development also has 20 five-bedroom triplex penthouses sized from 3,703 to 3,724 sq ft.

In Singapore, the lively urban landscape is defined by impressive high-rise buildings and innovative infrastructure. situated in premium locations offer an alluring blend of luxury and practicality, making them highly coveted by locals and foreigners alike. These extravagant properties boast a plethora of amenities, such as swimming pools, gyms, and 24/7 security, elevating the overall living standards and making them a promising investment for both landlords and potential buyers. As a result, they generate high rental returns and appreciate in value over time, solidifying their position as a valuable asset in the competitive Singapore real estate market. Additionally, adding Condo to the paragraph shows the availability of different options for luxurious living in Singapore.

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

The third-most profitable deal during this period in review 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 Feb 5. It had last changed hands for $1.09 million ($884 psf) in June 2005. Therefore, the seller made a profit of $1.56 million (142.2%), or an annualised gain of 4.6% over 19½ years.

This transaction on Feb 5 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. This unit had been bought for $1.95 million ($979 psf) in June 2009, resulting in the seller making a profit of $1.8 million (92.5%), or an annualised gain of 4.7% over 14 years.

Based on resale data tabulated by EdgeProp Singapore, resale prices at Amaryllis Ville have been steadily increasing in recent years. Based on a rolling 12-month average, the average price hit $1,897 psf in February 2023, rising to $2,001 psf in February 2024. Last month, the average price increased to $2,082 psf, or a 4% year-on-year increase.

The 311-unit Amaryllis Ville is located along Newton Road. Completed in 2004, the condo houses a mix of one- and two-bedroom units from 657 to 1,378 sq ft and three-bedroom units from 958 to 2,637 sq ft. Nearby condos include the 129-unit Rochelle at Newton along Keng Lee Road, and the 378-unit Kopar at Newton along Makeway Avenue.

During the period in review, there were no unprofitable transactions recorded.…

Investing in a condo offers several advantages, one of them being the opportunity to leverage the property’s value for future investments. A number of investors utilize their condos as collateral in order to secure additional financing for new investments, thereby diversifying their real estate portfolio. This approach can potentially increase profits, but it also carries a certain level of risk. It is important to have a well-defined financial plan in place and carefully consider the potential impact of market fluctuations before taking this route.

8M Residences, a freehold development located in District 15, topped the list of private condos that achieved a new record psf-price peak in the week of Feb 1 to 7. The development set a new high of $2,384 psf when a two-bedroom unit spanning 646 sq ft on the 15th floor was sold for $1.54 million on Feb 3. This marked the first time a unit at 8M Residences was sold for more than $2,300 psf. The previous peak at the development was $2,261 psf, set in April 2023 when a similar two-bedroom unit on the 11th floor was sold for $1.46 million.8M Residences also recorded another sale during the same period that surpassed the previous peak. A one-bedroom unit on the 11th floor was sold for $1.2 million ($2,275 psf) on Feb 3.Although 8M Residences was completed in 2017, resale prices have been on the rise in recent years. Based on a 12-month rolling average, the average price of units at the condo rose 7.3% over the last three years, from $2,028 psf in February 2022 to $2,177 in February 2025. The development has a mix of one- to three-bedroom units ranging from 517 to 1,421 sq ft, as well as four penthouses ranging from 1,184 to 1,841 sq ft.Located within walking distance of EtonHouse International Research Pre-School, Katong Swimming Complex, and Katong Park MRT Station, 8M Residences offers convenience and accessibility to residents.Completed last year, Kovan Jewel, a boutique condo along Kovan Road in District 19, also achieved a new psf-price high in the week of Feb 1 to 7. A three-bedroom unit on the second floor was sold for $2.41 million ($2,236 psf) on Feb 7, surpassing the previous peak set in August 2022 when a similar unit on the fourth floor was sold for $2.4 million ($2,228 psf).The 34-unit freehold condo has one- to three-bedroom units from 624 to 1,345 sq ft, and four-bedroom penthouses from 1,237 to 2,153 sq ft. As of Feb 18, 17 units (50%) at Kovan Jewel have been sold at an average price of $2,11 psf, based on caveats lodged. The most recent unit sold was on Feb 7, making it the first unit sold this year.Lastly, boutique condo Oleanas Residence, located along Kim Yam Road in District 9, also made it to the list with a transaction that set a new psf-price high in the week of Feb 1 to 7. A three-bedroom unit on the sixth floor was sold for $2.52 million ($2,207 psf) on Feb 3, surpassing the previous record set in August 2022 when a similar unit was sold for $2.67 million ($2,157 psf). The most expensive unit sold at the condo is a four-bedroom unit that fetched $3.3 million ($2,017 psf) in December 2022.The freehold condo, completed in 1999, has four resale transactions in the last three years, ranging from $2.4 million ($2,103 psf) for a three-bedroom unit in November 2023 to $3.3 million ($2,129 psf) for a four-bedroom unit in April 2024. The development has a mix of one- to four-bedroom units, ranging from 947 to 1,841 sq ft.Conveniently located within walking distance of two MRT Stations – Great World MRT Station on the Thomson-East Coast Line and Fort Canning MRT Station on the Downtown Line – Oleanas Residence also provides easy access to educational institutes such as River Valley Primary School and Outram Secondary School within a 1km radius.…

Heeton Holdings has announced a 221% increase in earnings of $3.85million for the second half of FY2024 (1 July 2024 to 31 December 2024), compared to the same period last year. However, the group has reported a loss for the full year of FY2024.

Earnings per share stood at 0.79 cents for the second half of FY2024, while the full year earnings per share was negative at 0.28 cents.

The revenue for the second half of FY2024 saw a 10.5% year-on-year increase to $41.1 million, while the full year revenue grew by 15.2% to $78.2 million.

Heeton reported that the turnover for the second half of FY2024 was driven by rental income from investment properties, hotel operation income, and management fees. The turnover for the full year FY2024 increased due to higher occupancy rates in the United Kingdom and an increase in rental rates for investment properties.

The group disposed of some of its subsidiaries in 2024, including a 70% interest in Gloucester Corinium Avenue Hotel Limited and Ensco 1154 Limited, resulting in a net gain of $3.78 million. As of 31 December 2024, property, plant and equipment amounted to $418.83 million, mainly comprising of hotel properties.

Cash flow for the period saw a decrease in cash and cash equivalents of $32.70 million, with major inflows and outflows. These included proceeds from the disposal of property, plant and equipment of $26.43 million, and proceeds from disposals of subsidiaries of $11.37 million. On the other hand, there was a net repayment of loans from associated and joint venture companies of $24.45 million, in addition to $40.36 million spent on property, plant and equipment, and a restricted cash pledge for bank facilities of $22.98 million.

Given the current economic climate and uncertainties, Heeton intends to maintain its prudent approach towards strategic expansion. The group will continue to focus on providing high-quality, experiential stays for its guests, despite challenges faced by the hospitality industry such as high operating costs, labour costs, elevated interest rates, and an uncertain macroeconomic environment.

Heeton has also been actively participating in land tenders for local residential properties, often as part of a consortium, and expects its two retail malls to bring a steady and recurring income for its property investment business.

Investing in a condo in Singapore Projects has become an increasingly popular option for both local and foreign investors, thanks to the city-state’s strong economy, stable political climate, and exceptional quality of life. With a real estate market offering a multitude of opportunities, condos stand out as a particularly attractive option due to their convenient location, impressive amenities, and potential for high returns. For those interested in investing in a condo in Singapore, this article will delve into the advantages, factors to consider, and key steps to take.

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

Shares in Heeton closed at 27 cents on 20 February, down 0.5 cents or 1.818%. [UPDATE] Tenet EC is now 93.2% sold after balloting by second-time buyers. Showsuite expands into legal-tech real estate solutions, and Park Colonial offers a perfect balance of tranquillity and convenience.…

The demand for Singapore condos remains high due to various factors, one of which is the limited availability of land. As a small island nation with a rapidly growing population, Singapore faces the challenge of meeting the housing needs of its people with limited land resources. This has resulted in strict land use policies and a fiercely competitive real estate market, where property prices are constantly on the rise. As a result, investing in real estate, particularly in condos, has become an attractive option for many, with the promise of potential capital appreciation.

Renowned Singaporean businessman and boutique property developer Que Neo, founder of Euro Properties, has a unique vision for his latest residential projects – to create developments that he himself would like to live in. His latest venture, K Suites, is being developed by Euro Properties’ subsidiary, EG Properties, and is located along Lorong K Telok Kurau in the prestigious District 15. The project is expected to receive its temporary occupation permit (TOP) in the first quarter of 2025.

K Suites boasts a prime location, offering easy access to the beach, East Coast Park, shopping malls, the central business district, and Changi Airport. According to Neo, the East Coast Parkway and Pan-Island Expressway make it possible to reach the airport in just 10 minutes and downtown in 10 minutes as well.

The development is also conveniently located near public transport and popular schools. The nearest bus stop is less than 50 meters away, with just two stops to the nearest MRT stations – Marine Parade on the Thomson-East Coast Line (TEL) and Eunos on the East-West Line (EWL). Eunos Station is only one stop away from the Paya Lebar Interchange (for the EWL and Circle Line) and five stops from the Bugis Interchange for the EWL and Downtown Line. Meanwhile, Marine Parade Station is just five stops away from the Marina Bay Interchange (for the TEL, North-South, and Circle Lines) and six stops from Shenton Way in the CBD. With the TEL providing direct train access to Orchard Road and Woodlands North, K Suites is also conveniently located near the Rapid Transit System (RTS) Station, connecting Singapore to the Bukit Chagar Station in Johor Bahru.

In addition, K Suites is located just a stone’s throw away from the highly sought-after PCF Sparkletots @ Joo Chiat preschool, making it an ideal location for families with young children. The development is also within 1km from popular primary schools such as Tao Nan School, Haig Girls’ School, and CHIJ (Katong) Primary, as well as prestigious secondary schools like Dunman High School, Tanjong Katong Secondary School, and Tanjong Katong Girls’ School.

K Suites offers a total of 19 units, with only four penthouses featuring a 7m ceiling height. Three of these units have already been sold, leaving just one penthouse available on the market. Developed by JGP Architecture, the project boasts a sleek and contemporary facade with a curtain wall system that allows natural light to enter and provides unblocked views of the surrounding neighborhood. The regular layouts of the typical units, featuring 3.5m to 4.5m ceiling heights, ensure a spacious and efficient interior, with no wasted space due to bay windows or corridors. The development also features top-end German brand fittings, including Miele kitchen appliances, Duravit sanitaryware, and Grohe bathroom fittings.

Residents of K Suites can enjoy a range of facilities, such as a swimming pool, Jacuzzi, barbeque pit, lounge area, gym, outdoor fitness area, and playground. The development also boasts a grand arrival and drop-off area and a surface carpark with enough space 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 2025, with the majority of buyers being Singaporeans, including professionals such as doctors, lawyers, and corporate executives, according to Neo. The development offers units in four configurations – three-bedroom units ranging from 797 to 872 sq ft and four-bedroom units ranging from 1,076 to 1,130 sq ft, as well as four five-bedroom penthouses ranging from 1,625 to 1,679 sq ft. The penthouses have proven to be popular with large families, with one family purchasing a unit for each of their four children.

K Suites has received positive market sentiment, and with its imminent TOP, developer Euro Properties has released the remaining units in the development. Prices for three-bedroom units now start from $2.058 million ($2,582 psf), while four-bedroom units start from $2.525 million ($2,347 psf). The sole remaining five-bedroom penthouse is priced at $3.5 million ($2,154 psf).

K Suites is proving to be a popular choice for both homeowners and investors, with an affordable price point for a prime District 15 location. District 15 has traditionally been a popular choice for expatriate tenants, and with the lifestyle offerings in the area, including proximity to the beach, East Coast Park, and a wide array of F&B options and malls, K Suites is set to appeal to a wide range of potential investors. In a study of selected boutique developments in District 15, Huttons Data Analytics found that prices have appreciated over 100% since their launch, with the latest transaction being a 872 sq ft, three-bedroom unit on the fourth floor, which sold for $2.13 million ($2,443 psf) in November. Furthermore, over the past five years, from January 2020 to December 2024, monthly median rents at some boutique condos in Telok Kurau and Joo Chiat, including the 127-unit Coralis, have seen a 76.5% increase, according to Huttons Data Analytics.

With its prime location, efficient layout, and quality materials, K Suites is poised to attract a steady stream of buyers and investors looking for a comfortable and convenient lifestyle in the sought-after District 15 area.…

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Private housing rents saw a modest rebound in the fourth quarter of 2024, rising 0.2% quarter-on-quarter in the last three months of the year, according to a market report by Savills Singapore. However, landlords should not expect much growth in rental prices this year.

The poor performance of the non-landed private residential market in the first three quarters of 2024 was a major contributing factor to the 1.7% decline in rental prices for the entire year. This marks the first full-year decline since the leasing market saw a 0.5% year-on-year drop in 2020.

There were 19,733 leasing transactions in the fourth quarter of 2024, representing a 24.2% decrease from the previous quarter. According to Savills, this is likely due to a decrease in net new rental demand as the number of employment pass and S pass holders fell last year, as well as a year-end seasonal lull in rental activity.

The report noted that the majority of the decline in leasing activity last quarter came from a 30.8% quarter-on-quarter drop in rental contracts for landed homes islandwide. Leasing volumes for apartments and condos also saw a 23.7% drop over the same period.

George Tan, managing director of Livethere Residential at Savills Singapore, said that despite the decrease in leasing activity in the fourth quarter of 2024, there is still some growth in rental demand. He added that rents in the private residential market have stabilized, and tenants can find relatively more affordable rents in suburban areas, which offer lifestyle options such as more spacious units, connectivity to MRT stations, malls, and recreational activities.

According to Savills’ rental data, Parc Esta, a 1,399-unit development in District 14, saw the most number of condo leasing deals in the fourth quarter of 2024. The project recorded 163 rental transactions at a median rent of $6.84 psf per month. Other developments with a high number of rental transactions include Marina One Residences, The Sail @ Marina Bay, Normanton Park, and D’Leedon.

In terms of rental price growth, the Outside Central Region (OCR) was the only region to see average rents decline by 0.8% quarter-on-quarter. In contrast, rents in the Core Central Region (CCR) and Rest of Central Region (RCR) grew by 0.9% and 0.3% quarter-on-quarter, respectively.

Savills said that the decline in rent prices in the OCR was likely due to more tenants in suburban locations shifting to more central neighborhoods, 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% quarter-on-quarter in the fourth quarter of 2024, to $5.85 psf per month. This suggests that the luxury rental market could see a slight rebound after consistently declining over the preceding five quarters.

Looking ahead, landlords may face headwinds in the rental market as companies continue to reduce headcounts and hire fewer expatriates, according to Alan Cheong, executive director of research and consultancy at Savills Singapore. He added that landlords could also face higher property taxes for non-owner-occupied residential properties, as well as increased conservancy charges due to upward inflationary pressures.

Condo investment in Singapore is a highly appealing option, but it comes with certain considerations, one of which is the government’s property cooling measures. The Singaporean government has implemented various measures over the years to prevent speculative buying and maintain a steady real estate market. Among these measures is the Additional Buyer’s Stamp Duty (ABSD), which entails higher taxes for foreign buyers and those purchasing multiple properties. While these measures may affect the immediate profitability of condo investments, they also play a crucial role in ensuring the long-term stability of the market, making it a more secure environment to invest in condos.

However, the relatively tight supply of large luxury properties on the rental market may help landlords resist “underpriced” rental offers, says Cheong. “Although rents for non-landed private residential properties turned the corner in the third quarter of 2024 and continued rising in the fourth quarter, we anticipate challenges in the rental market in 2025,” he said.

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 could decrease the pool of expat tenants in Singapore, according to Cheong. He believes that the saving grace for the rental market is the expectation of fewer new completions of private homes in 2025. Higher property taxes on investment properties may also discourage 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 is offering the exclusive opportunity of purchasing the well-known Hotel Clover at 7 Hongkong Street, a 27-room boutique hotel, for a guide price of $27 million. At the same time, the commercial real estate company is also marketing a commercial building located at 36 Hongkong Street, with a guide price of $22.6 million.

Situated in the heart of the Central Business District (CBD), Hotel Clover is a six-storey hotel that sits on a 1,701 square feet plot of land. The property has been zoned as a “hotel” with a plot ratio of 4.2 under the latest Master Plan. This 99-year leasehold site has a remaining land tenure of approximately 89 years and a total floor area of 7,142 square feet. With a price translating to $3,780 per square foot (psf) on the floor area, this property is a rare find in the prime commercial district.

Next door, the commercial building at 36 Hongkong Street is also an attractive investment opportunity. The property is a five-storey building situated on a 1,733 square feet plot of land. Similar to Hotel Clover, it has been 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 square feet. With a guide price translating to $3,105 psf, this property is also a highly sought-after asset in the CBD area.

What makes these properties even more appealing is their relatively attractive remaining land tenures, which are longer than most other 99-year leasehold properties available for sale in the district. This makes them suitable for both investors and owner-occupiers looking for a flagship asset with naming rights for their exclusive operations.

Being a hotel and a commercial building, both sites are open for purchase by foreigners and companies, making it easier for potential buyers to acquire the properties without incurring Additional Buyer’s Stamp Duty (ABSD) or Seller’s Stamp Duty (SSD).

When it comes to investing in Singapore property, it is crucial for international investors to be aware of the laws and limitations that govern property ownership. Unlike landed properties, which have more stringent ownership regulations, foreigners are generally permitted to purchase condos with fewer restrictions. However, foreign buyers are required to pay an Additional Buyer’s Stamp Duty (ABSD), currently set at 20%, for their first property purchase. Despite this added expense, the stability and potential for growth in the Singapore real estate market remains a major draw for foreign investment. New Condo Launches are also attracting a lot of attention and interest from foreign buyers.

These properties are located in Clarke Quay, a popular riverfront area renowned for its diverse dining and entertainment options, fitness studios, and boutique hotels. The location is also highly accessible, with the Clarke Quay MRT Station situated just a short walk away.

With the ongoing $62 million asset enhancement initiative at CQ@Clarke Quay and the upcoming completion of two large-scale integrated developments, Canninghill Piers and Union Square, the surrounding area is set to become even more vibrant in the near future. According to Clemence Lee, the executive director of capital markets at CBRE Singapore, both 7 and 36 Hongkong Street have the potential to yield future rental upsides and capital appreciation in the medium to long term.

Both properties will be available for sale through an expression of interest exercise that closes on March 26. Don’t miss this opportunity to own a prime piece of commercial real estate in one of Singapore’s most coveted locations. Check out the latest listings for commercial properties today!…

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On Sunday, Feb 16, EdgeProp Singapore’s Property Market Outlook event saw discussions around the potential for new property cooling measures, the incoming supply of housing from government land sales (GLS) sites and Build-To-Order (BTO) launches, as well as Budget 2025 announcements that could impact the real estate market. A panel featuring experts Alan Cheong from Savills Singapore, Wong Xian Yang from Cushman & Wakefield, and Song Seng Wun from CGS International, discussed these topics, moderated by EdgeProp Singapore CEO Bernard Tong. The event took place at the Elta sales gallery, a new 501-unit project jointly developed by MCL Land and CSC Land Group, which opened for public preview on Feb 7.

In January, the government stated that they were open to implementing new property cooling measures, and that now was not the time to roll back on existing measures. Sales of new private residential units (excluding executive condos) rose 256% y-o-y in January, with the possibility of future cooling measures suggesting that the government may roll out measures that apply uniformly across the residential market, the panel said. There were also discussions about how these measures might concentrate on the HDB resale market. According to Wong, the HDB market forms the “floor” of the Singapore housing market, and a rise in prices there may have an effect on the prices of private housing. Cheong added that the potential for tougher loan restrictions and adjustments to the seller’s stamp duty (SSD) were also up for consideration.

However, Tong highlighted that more GLS and BTO units would be released into the market to meet demand, with the 1H2025 GLS programme offering 10 land parcels that can yield up to 5,000 new homes. In addition, HDB will offer 19,600 BTO units in 2025. Under the new classification, Prime and Plus BTO flats will take approximately 14 years to enter the resale market, therefore the impact on prices would only be seen much later, according to Cheong. In addition, Wong pointed out that prices for the resale market are more likely to follow project completions and the minimum occupation period (MOP) for HDB estates instead of the pipeline of GLS sites for tender every year. He added that “project completions, rather than GLS supply, are more likely to affect prices.”

However, the experts noted that the success of recent new launches suggests that there is still buyer confidence in new projects being launched this year. In particular, the Elta project experienced about 4,500 visitors over the first three days of public preview. Other projects that have been launched this year include The Orie and Bagnall Haus, which achieved a 86% and 63% selling rate respectively.

Song notes that prospective buyers of new projects are still positive about being able to make a profit when they eventually sell their properties. This is due to a stronger job market and increasing confidence from higher-paying jobs, encouraging property owners to upgrade, he said.

Overall, there are several benefits to be gained from investing in a Singapore condo. One of the most significant advantages is the high demand for these properties, ensuring a steady stream of potential buyers and tenants. Additionally, there is great potential for capital appreciation, allowing for a profitable return on investment in the long run. This is further complemented by the attractive rental yields offered by condos in Singapore.

However, it is crucial to carefully consider a few factors before making a decision. The location of the condo plays a crucial role in its success, as well as the financing options available. Moreover, it is essential to be aware of government regulations and keep an eye on market conditions to make informed choices.

Investors can maximize their returns in Singapore’s ever-evolving real estate market by conducting thorough research and seeking professional advice. Whether you are a local investor looking to expand your portfolio or a foreign buyer seeking a stable and profitable investment, adding a Singapore condo to your investment strategy presents a compelling opportunity. With the constant development and progress in the country, a Singapore condo from Singapore Condo offers a promising future in the real estate market.

The panel also discussed Budget 2025 and any measures that could have an impact on the property market this year. SGX noted that Singapore has made a strong economic recovery, since the recession caused by the Covid-19 pandemic. As 2025 is an election year, Song expects that there will be more handouts funded by government surpluses from healthy revenue collections in the past three years. The panellists also took questions from the audience, with some participants asking if the residential property market is currently in an “euphoric” phase.

Cheong said that the sense of exuberance is likely to subside as developers strategically time the launch of new projects. He added that there are numerous projects ready for launch, which are situated in areas where there have not been any launches over the past few years. He added that “If a particular location hasn’t seen a new launch in five or six years, demand is likely to build up during that time.”

Some investors queried the panelists’ thoughts on the rental market in 2021, which slowed down from its peak two years ago. Cheong said that while data shows a decline in the total number of expatriates in Singapore over the past year, there has been an increase in the volume of rental transactions. He added that the drop in rents may have encouraged some tenants to stop flat-sharing and get their own accommodation, but this was offset by layoffs in the finance and tech sectors, which may moderate rental growth this year. During the event, EdgeProp’s Tong presented the Master Plan Master Class on Clementi and Jurong East, highlighting upcoming transformation plans in these areas. He noted that the completion of the second phase of the Cross Island Line (CRL) will add another West Coast MRT station and turn the existing Clementi station into an interchange. Tong said that historically, MRT interchanges tend to have a positive effect on property prices near them.

Clementi’s transformation plans include redevelopment of the Clementi Stadium and the installation of more than 6.6km of cycling paths throughout the area. Tong said that the housing demand in Clementi will also benefit from the progressive development of the Jurong Lake District and the new jobs being created in the nearby Tuas Biomedical Park, Tuas Megaport, Jurong Island, and Jurong Innovation District. Data from EdgeProp Singapore shows that the average age of existing condos in Clementi is around 17 years, with recent project launches in the area seeing very strong capital gains. This includes projects such as Clavon, with prices rising 24% since launch, and The Clement Canopy, where prices have risen 43% since launch. Both of these projects are located next to the Elta project.

The data comes from EdgeProp Singapore’s suite of property tools, which can help owners, buyers and sellers to understand price and market trends. This includes HDB resale prices, analysis of profitable transactions, and information about upcoming GLS sites.…