Month: December 2024

Three new executive condos (ECs) are scheduled for launch next year, with the Sim Lian Group’s Aurelle of Tampines leading the pack. The 760-unit development, situated at Tampines Street 62, is slated to debut in the first quarter of 2025, most likely after the Lunar New Year. This launch follows the success of the 846-unit Emerald of Katong, which is now over 99% sold.

The Sim Lian Group acquired the site at Tampines Street 62 (Parcel B) for $543.28 million, which translates to $721 psf per plot ratio (psf ppr) in a government land sales (GLS) tender that concluded in October 2023. Given the rising construction costs and the harmonization of gross floor area (GFA) definitions, PropNex CEO Ismail Gafoor believes that Aurelle at Tampines could set a new price benchmark, potentially surpassing the $1,600 psf threshold. This expectation follows the success of Novo Place EC, launched in November, which achieved an average price of $1,656 psf.

The 760-unit Aurelle of Tampines is located at the site at Tampines St 62 (Parcel B), which was acquired by Sim Lian Group through a government land sale for $543.28 million or $721 psf per plot ratio (Source: EdgeProp Landlens).

Adjacent to Aurelle is the 618-unit Tenet EC, which is developed through a joint venture between Qingjian Realty, Santarli Realty, and Heeton Holdings. Since its launch in December 2022, Tenet has sold 617 units at an average price of $1,384 psf, with only one unit remaining as of December 19, 2024.

The site for Tenet, located at Tampines Street 62 (Parcel A), was purchased in August 2021 for $442 million ($659 psf ppr). It set a record-high psf ppr price for an EC land plot at that time. Notably, Tenet was launched before the implementation of the GFA harmonization rule, which applies to GLS sites launched for sale after September 1, 2022. As of December 19, there is only one remaining unit at Tenet EC, with 617 units sold at an average price of $1,384 psf. The 618-unit EC is situated at Tampines St 62 (Parcel A), next to Sim Lian’s upcoming 760-unit Aurelle of Tampines (Photo: Samuel Isaac Chua/EdgeProp Singapore).

With confidence in the strong homebuyer demand in Tampines and the surrounding estates, Sim Lian Group secured another EC site when it was awarded the Tampines Street 95 GLS site in early November. Sim Lian submitted the highest bid of $465 million ($768 psf ppr) at the close of the tender in October. This set a new high for EC land prices.

The new EC project at Tampines Street 95 is expected to add 560 new units, further boosting the EC supply in the area. Sim Lian Group has a rich track record of developments in the eastern part of the island. Sim Lian submitted the highest bid of $465 million ($768 psf ppr) for the EC site at Tampines St 95, which set a new benchmark in terms of land price per psf ppr for ECs (Source: EdgeProp Landlens).

Beyond the Emerald of Katong and the upcoming EC projects in Tampines, the group successfully completed Treasure at Tampines, Singapore’s largest private condominium with 2,203 units, in 2023. Located at Tampines Street 11, Treasure at Tampines is a redevelopment of the former privatised HUDC estate Tampines Court, which Sim Lian acquired for $970 million in 2017. Check out the latest listings for Aurelle Of Tampines properties.

The 2,203-unit Treasure at Tampines, which is Sim Lian Group’s private condo, was fully sold and completed in phases in 2023 (Photo: Sim Lian Group website).

Another EC project, developed by a joint venture between Hoi Hup Realty and Sunway Developments, will launch in 2025. This project, with 560 units at Plantation Close in Tengah Town, is the same developers as Novo Place EC. During its mid-November launch, Novo Place sold 57% of its units over the opening weekend. In the second round of balloting for second-timers, buyers who had previously purchased a subsidized new or resale HDB flat, another 137 units were taken up, bringing total sales to 444 units, or 88.1% of the project as of December 16, 2024.

In the second round of balloting for second-timers, buyers who had previously purchased a subsidized new or resale HDB flat, another 137 units were taken up, bringing total sales to 444 units, or 88.1% of the project as of December 16, 2024 (Photo: Samuel Isaac Chua/EdgeProp Singapore).

Despite the higher benchmark price, Novo Place performed well due to several factors, Gafoor notes. These include the dwindling inventory of unsold EC units and the project’s favorable location. Situated at Plantation Close in Tengah, Novo Place benefits from proximity to the upcoming Tengah Park MRT and Bukit Batok West MRT Stations on the Jurong Region Line, which are expected to be completed by 2029.

Based on caveats lodged on URA Realis, some of the transactions at Novo Place executive condo have crossed the $1,700 psf threshold (Source: EdgeProp Landlens).

The third EC project, which is likely to launch in late 2025, is located at Jalan Loyang Besar in Pasir Ris. A joint venture between Qingjian Realty, Forsea Holdings, and ZACD Group acquired the site for $557 million ($729 psf ppr) in August 2024. The project is expected to yield 710 units.

The last EC project launched in Pasir Ris was Sea Horizon, which debuted in September 2013 at an average price of $800 psf. By 2024, the average resale price for caveats lodged had risen to $1,290 psf, reflecting a 61.25% increase over the past decade. As Pasir Ris has not seen a new EC project launch in almost 12 years, pent-up demand is anticipated.

The last EC project launched in Pasir Ris was Sea Horizon, which debuted in September 2013 at an average price of $800 psf. By 2024, the average resale price for caveats lodged had risen to $1,290 psf, reflecting a 61.25% increase over the past decade (Photo: Google Maps).

New EC supply to double in 2025

Gafoor notes that the three upcoming EC projects – Aurelle of Tampines, the Plantation Close EC, and the Jalan Loyang Besar EC – will add 2,030 units to the market collectively. This represents a doubling in new supply compared to the 1,016 units launched in 2024.

Located in Bukit Batok West Avenue 5, the 512-unit Lumina Grand was the first EC project launched in 2024. The project, developed by City Developments (CDL), saw 53% of its units sold on its launch weekend. As of December 17, 444 units (87%) have been taken up. The average price achieved to date is $1,511 psf.

Launched at the end of January, the 512-unit Lumina Grand was over 87% sold at an average price of $1,511 psf as of December 17, 2024 (Picture: CDL).

Gafoor notes, “ECs, a hybrid of public and private housing, remain highly sought after by first-time homebuyers and HDB upgraders, as they are still more affordable than private new launches.” According to PropNex, the median price for new non-landed, 99-year leasehold private homes in the Outside Central Region (OCR) in 2024 is $2,203 psf (as of December 8, 2024). Based on caveats lodged during the same period, this represents a 44% premium over new EC launch prices.

Total number of units in Aurelle Of Tampines

< When looking into purchasing a condo, it’s crucial to take into account its maintenance and management. In most cases, condos come with maintenance fees that cover the upkeep of shared areas and amenities. While these fees may increase the overall cost of owning a condo, they also ensure that the property stays in good condition and maintains its value. Hiring a property management company can assist investors in managing the day-to-day operations of their condo, making it a more hands-off investment.

Aurelle of Tampines will have a total of 760 units.

Upcoming new launch projects

Other upcoming EC projects include Plantation Close in Tengah Town, developed by a joint venture between Hoi Hup Realty and Sunway Developments, with 560 units, and a project at Jalan Loyang Besar in Pasir Ris, developed by a joint venture between Qingjian Realty, Forsea Holdings, and ZACD Group, with 710 units.

Condo rental transactions in District 18

According to URA Realis data, there were 3,038 rental transactions for private non-landed homes in District 18 in the first ten months of 2024. This is an increase of 7.6% compared to the same period in 2023.

Projects that obtained TOP recently

The most recently completed project in District 18 is Treasure at Tampines, developed by Sim Lian Group, with 2,203…

Seascape unit fetches $2.53 mil profitArdmore Park unit racks up $6.8 mil profit

Resales at Ardmore Park, a luxurious condominium located in the prime District 10 area of Ardmore-Draycott enclave, have recorded some of the biggest gains in 2024. According to Urban Redevelopment Authority (URA) caveats lodged as of December 17, the freehold development has accounted for the first, second and fourth most profitable condo resale deals that took place between January 1 and December 10 this year.

Topping the list is the sale of a four-bedroom unit spanning 2,885 sq ft on the 26th floor of Ardmore Park for $12.9 million ($4,472 psf) on February 16. The unit was originally purchased from the developer for $5.83 million ($2,022 psf) in July 1996. This means the seller made a whopping profit of $7.07 million, translating to a 121% gain after a holding period of about 27 and a half years.

The second-highest gain took place on July 24, when another four-bedroom unit measuring 2,885 sq ft on the 18th floor changed hands for $12 million ($4,160 psf). The seller had bought the unit in December 2000 through a sub-sale transaction for $5.2 million ($1,803 psf), which means they raked in a profit of $6.8 million, or a capital gain of 131%, after owning the unit for approximately 23 and a half years.

On April 22, the fourth-highest gained was achieved when yet another 2,885 sq ft, four-bedroom unit at Ardmore Park was sold for $12.5 million ($4,333 psf). The seller had purchased the unit in February 2007 for $6 million ($2,080 psf), resulting in a profit of $6.5 million (108%) after a holding it for more than 17 years.

Apart from these three transactions, Ardmore Park also saw three other units changing hands this year. All three units were four-bedroom units measuring 2,885 sq ft, with sellers pocketing profits of $2.65 million, $3 million and $3.05 million, respectively. Last year, the condo saw four resale transactions, with sellers making profits ranging from $2.8 million to $8.16 million.

With the recent string of profitable transactions, Ardmore Park has been a consistent performer in terms of resale gains in recent years. The 330-unit freehold condo was completed in 2001.

In 2014, the condo was also in the spotlight when a 3,718 sq ft, four-bedroom unit on the 14th floor was sold for $16 million ($4,300 psf) in August that year. The property had previously been purchased from the developer in 2005 for $5.08 million ($1,366 psf), which means the seller made a profit of $10.92 million, translating to a 215% gain over approximately nine years.

As of December 30, the latest transaction at Ardmore Park was the sale of a 2,884 sq ft four-bedroom unit on the 24th floor for $12.2 million ($4,229 psf). The unit was last purchased for $7.3 million ($2,529 psf) in May 2007, which means the seller made a profit of $4.9 million (67%) after holding it for around 14 and a half years.

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Another 2,884 sq ft four-bedroom unit on the 11th floor changed hands for $11.9 million ($4,121 psf) on December 17. The unit was also last purchased in May 2007 for $6.78 million ($2,352 psf), which means the seller made a profit of $5.12 million (75%) after a holding period of around 14 and a half years.

In conclusion, investing in a Singapore condo can bring about a multitude of benefits, including high demand, potential for a rise in value, and attractive rental yields. However, it is crucial to carefully consider various factors such as the location, financing options, government regulations, and the overall market conditions. By conducting thorough research and seeking professional advice from experts, investors can make informed decisions and maximize their returns in the ever-evolving real estate market of Singapore. Whether you are a local investor looking to diversify your portfolio or a foreign buyer searching for a stable and profitable investment, Singapore’s condo offerings provide a compelling opportunity. To explore potential projects in Singapore, visit Singapore Projects.

Other profitable deals this year

Apart from Ardmore Park, the top gains this year have been dominated by mature freehold condos in District 10. The first of these is Beverly Hill, an 86-unit boutique condo located on Grange Road that was completed in 1983. A four-bedroom unit measuring 3,778 sq ft on the fifth floor was sold for $9.15 million ($2,422 psf) on July 15, making it the fifth-most profitable resale transaction this year. The seller made a profit of $5.47 million (149%) on the deal.

Another District 10 freehold development, Astrid Meadows on Coronation Road West, registered the seventh-most profitable resale deal this year. A 3,035 sq ft, four-bedroom unit on the 13th floor was sold for $8.9 million ($2,935 psf) on July 31, making it the seventh-biggest gain this year. The seller made a profit of $4.9 million (122%) after a holding period of about 18 years. The 208-unit condo was completed in 1982.

Read also:

Succession Capital bids $125 mil for Ardmore Park unit

Ardmore Park, a 330-unit freehold condo in District 10, has registered the most profitable condo resale transactions this year, with three transactions in the top four positions (Photos: Samuel Isaac Chua/ EdgeProp Singapore)

The 330-unit freehold Regency Park on Nathan Road, which was completed in 1995, saw a 2,852 sq ft, four-bedroom unit change hands for $4.5 million ($1,578 psf) on July 7 this year. This transaction made the seller a profit of $4.16 million (1,123%) as the unit had been purchased for just $370,833 (about $130 psf) in January 2000.

Fontana Heights, a 52-unit freehold condo on Mount Sinai Rise, also registered a profitable deal this year. A 2,885 sq ft four-bedroom unit on the 11th floor was sold for $8.4 million ($2,911 psf) on July 1, which made the seller a gain of $4 million (92%). The condo was completed in 1985.

A four-bedroom unit measuring 2,982 sq ft on the 17th floor of Wing On Life Garden, a freehold condo on Bukit Timah Road, changed hands for $8 million ($2,684 psf) on January 15 this year. This resulted in a profit of $4.27 million (114%) for the seller. The 81-unit condo, which was completed in 1984, also saw another four-bedroom unit being sold for $4.36 million ($1,497 psf) on February 24 this year, which made the seller a profit of $1.98 million (83%).

Older freehold District 9 condos make the list

Two of the top 10 profitable condo resale transactions in 2024 were from District 9. The first of these, which took third place and recorded a gain of $6.72 million (374%) was from the sale of a 3,434 sq ft, four-bedroom unit at Yong An Park on River Valley Road for $8.6 million ($2,505 psf) on August 12. The unit was previously purchased for $1.8 million ($525 psf) in September 1995.

The second transaction from District 9 came from the sale of a 3,057 sq ft apartment at The Ritz-Carlton Residences Singapore Cairnhill, where the seller made a profit of $4.89 million (42%) when it was sold for $16.5 million ($5,397 psf) on January 9. The apartment had previously been purchased in January 2008 for $11.01 million ($3,608 psf).

In comparison to these profitable transactions, a condo at Marina Collection in Sentosa Cove saw the largest loss this year, when a five-bedroom duplex penthouse measuring 3,789 sq ft was sold for $6.7 million ($1,768 psf) on July 22. The seller had bought the unit in March 2020 for $9.39 million ($2,479 psf), incurring a loss of $2.69 million (29%). This was the highest loss recorded for condo resale transactions this year.

Similarly, another Sentosa Cove condo, Seascape, also saw a significant loss this year. A 2,680 sq ft, four-bedroom unit on the sixth floor was sold for $4.5 million ($1,679 psf) on Aug 14. This transaction incurred a loss of $2.53 million (36%) for the seller, as the unit had been bought for $7.03 million ($2,623 psf) in October 2020.

Read also:

Buyers of Ardmore Park, Marina Bay Residences, East Coast bungalows turn to rental market

Other Sentosa Cove condos that made a loss this year include The Azure, where a 2,013 sq ft, three-bedroom unit on the sixth floor was sold for $2.79 million ($1,385 psf) on December 7. This resulted in a loss of $1.56 million (36%) as the unit had been purchased for $4.35 million ($2,161 psf) in March 2020.

Losses were also made from the…

Han Huan Mei, director of research at List Sotheby’s International Realty, reveals that the Good Class Bungalows (GCBs) market has experienced significant growth this year compared to 2023 in the exclusive world of the ultra-rich.

According to data from URA Realis as of Dec 20, there were 22 GCB transactions worth $612.05 million. Additionally, there were 13 more GCB deals worth over $700 million that were completed this year without official caveats, as buyers preferred to maintain their anonymity. This brings the estimated total for 2024 to 35 GCB transactions valued at around $1.32 billion, surpassing the previous high of $1.186 billion in 2022.

On the other hand, in 2023, there were only 18 GCB transactions totaling $432.5 million – the lowest number recorded since URA Realis began keeping this data in January 1995.

“This shows that the GCB market has been more active than what the official transaction data reveals,” says Han. “It also highlights the highly sought-after status of GCBs among ultra-high-net-worth buyers.”

Top GCB Deals

The most expensive GCB sold was a property at Tanglin Hill for $93.888 million. The freehold site spans 15,150 sq ft and boasts a built-up area of 29,660 sq ft. This transaction set a new record with a land rate of $6,197 psf.

The second-largest GCB transaction was the purchase of a property at Bin Tong Park for $84 million by Xiang Yangyang, daughter of Chinese nickel billionaire Xiang Guangda, according to document searches. However, no caveat was lodged for this property. Based on the land area of 28,111 sq ft, the price translates to a land rate of $2,988 psf.

Based on the officially lodged caveats, the highest-priced deal was for a GCB on Cluny Hill which sold for $52 million. The freehold property has a land area of 15,141 sq ft and is relatively new, fetching a land rate of $3,434 psf.

Another notable deal was the sale of a 21,116 sq ft GCB plot at Astrid Hill for $49 million ($2,321 psf) in July. The property was reportedly purchased by Glenn Kuok, nephew of Kuok Khoon Hong, chairman and CEO of Wilmar International. This price translates to a land rate of $2,321 psf.

Mohan Sandrasegeran, head of research and data analytics at Singapore Realtors Inc (SRI), notes that at least 14 transactions this year were valued at $20 million or more, highlighting the strong demand for ultra-luxury properties in Singapore.

District 10 Remains Most Sought-After

According to Sandrasegeran, District 10 remains the cornerstone of the GCB market with multiple high-value deals reaffirming its status as the most sought-after district for these prestigious properties. Sixteen of the recorded GCB transactions this year took place in prime District 10, including the coveted Tanglin, Bukit Timah, and Holland Road areas.

Sustained Buying Activity

Sandrasegeran also observes that GCB transactions were evenly spread throughout the year, with buying activity picking up from July. “This indicates sustained buying interest for these trophy properties despite external economic factors such as inflationary pressures and high-interest rates in the first eight months of the year,” he adds.

The Rise in Interest Rates Drives Buying Sentiment

Steve Tay, co-founder, and executive director of his eponymous boutique luxury agency in Singapore, attributes the increase in buying sentiment in the GCB market during the second half of the year to the trajectory of interest rates signalled by the US Federal Reserve (Fed), rather than the rate cuts themselves.

The Fed implemented three rate cuts this year: a 50 basis point reduction in September, 25 basis point reduction in November, and a 25 basis point reduction on December 18.

Tay shares that most GCB buyers who had previously been holding back on their purchases engaged in more serious discussions from July onwards, with most deals closing in the last quarter of this year.

The Impact of the Money Laundering Crackdown

The GCB market saw a slowdown last year as buyers retreated following the island-wide arrests of suspects in Singapore’s biggest money laundering case, according to Han of List Sotheby’s. “The money laundering crackdown had a dampening effect on the market, causing some genuine buyers to pull back to avoid media attention,” she adds.

One of the advantages of investing in a condo is the opportunity to leverage the property’s value for future investments. Investors often utilize their condos as collateral to secure additional funding for new ventures, thereby diversifying their real estate portfolio. This can potentially increase returns, but it’s important to have a well-thought-out financial plan and take into account the potential consequences of market fluctuations. In fact, with the recent rise in new condo launches, investors have even more opportunities to grow their portfolio and see higher returns. However, as with any investment, it’s crucial to carefully consider all risks and make informed decisions.

“Transactions also took longer to close due to heightened scrutiny and stricter checks on buyers’ identities and sources of funds.”

Emerging Wealthy Take the Stage

Tay says that a new generation of ultra-wealthy Singaporeans has emerged in the GCB market in recent years, with many young and successful entrepreneurs who have made their fortunes in technology, finance, commodities, and F&B businesses.

Furthermore, newly naturalized ultra-wealthy Singaporeans also contribute to the exclusive pool of GCB buyers who prefer large plots in prime districts. However, the number of naturalized citizens purchasing GCBs remains low compared to local wealthy individuals, says Tay.

Cost of Building a New GCB

Research by List Sotheby’s estimates that the cost of developing a new GCB from scratch is about $1,000 psf, with construction taking several years to complete. Hence, most buyers prefer relatively new bungalows in move-in condition to minimize renovation work, observes Han.

Positive Momentum Expected to Continue

According to Sandrasegeran of SRI, the GCB market is likely to maintain its positive momentum, with demand from ultra-high-net-worth individuals driving high-value transactions. However, the preference for privacy among GCB buyers and sellers could result in continued off-market transactions, making it more challenging to track market activity.…

According to Wong Xian Yang, head of research for Singapore & Southeast Asia at C&W, the total value of capital market property deals in Singapore is estimated to have reached $25.8 billion between January and November of this year. This marks a significant increase of 40.2% compared to the $18.4 billion recorded in 2023. C&W defines capital market transactions as deals with values exceeding $10 million.

Wong explains that a majority of these deals, nearly 60%, were transacted in the second half of 2024, driven by growing investor appetite and increased confidence in interest rate cuts by the US Treasury. In fact, three deals exceeding $1 billion were made in 2024, all of which were transacted in the second half of the year.

The largest deal by absolute price was the sale of a 50% stake in ION Orchard mall for $1.85 billion to CapitaLand Integrated Commercial Trust (CICT) on September 3. The seller, CapitaLand Investment (CLI), was bought out by Hong Kong-listed property developer Sun Hung Kai Properties, leaving CICT with a 100% stake in the mall.

ION Orchard, a popular eight-storey retail mall located in the bustling shopping belt and directly connected to the Orchard MRT station, boasts a net lettable area of approximately 623,000 square feet and houses over 300 international and local brands. On top of the mall is The Orchard Residences, a luxury condominium tower with 175 units.

The highest-valued office deal of the year was the sale of Mapletree Anson for $775 million in the second quarter of 2024.

The surge of investment in industrial assets was a significant contributor to this year’s increase in investment value. C&W’s Wong reports that investments in the segment totaled $5.6 billion in just the first 11 months of 2024, a staggering 174% increase from the previous year. This was largely due to the $1.6 billion divestment of a portfolio of seven industrial properties in Soilbuild Business Space REIT to a joint venture platform owned by private equity firm Warburg Pincus and Australia-listed Lendlease Group. The portfolio consisted of 4.5 million square feet of business parks and specialist facilities across various industries.

Despite the unsuccessful sale of several Government Land Sales (GLS) sites this year, residential development sites sold via GLS tenders continued to contribute significantly, making up 42% of total investment sales for the year. However, four GLS sites on the Confirmed List for 2024 went unawarded, including a 6.5-hectare master developer white site in the Jurong Lake District, a 1.73-hectare white site at Marina Gardens Crescent, a 62,046 square foot site at Media Circle, and a 262,875 square foot site at Upper Thomson Road. These sites were largely rejected by the Urban Redevelopment Authority (URA) due to low bid prices, driven by site-specific concerns and interest rate and development risk.

C&W’s Wong expects developers to continue acquiring land in the coming year, albeit with caution and selectivity. In November, a 50:50 joint venture between UOL Group and CapitaLand Development purchased the 255-unit Thomson View for $810 million, with plans to build a 1,240-unit residential project on the site. The deal came after the reserve price was reduced from $918 million to $808 million in October.

The retail sector showed signs of recovery this year, with investments in retail assets reaching $3.3 billion, a 149% year-on-year increase. According to Wong, this is driven by steady operating fundamentals and increased investor interest. The office segment also saw a 15.7% year-on-year increase in investment value, while the shophouse market saw a decline of 49.7% due to dampened investor sentiments following money laundering investigations in August 2023.

Obtaining financing is a critical aspect of investing in a condominium. In Singapore, there are several mortgage choices to consider. However, it is vital to have a thorough comprehension of the Total Debt Servicing Ratio (TDSR) framework. This framework sets a cap on the loan amount a borrower can acquire, based on their income and current debt responsibilities. To avoid overextending oneself, it is advisable for investors to seek guidance from financial advisors or mortgage brokers who can help them understand their financing options. Additionally, keeping an eye out for new condo launches, such as those featured on New Condo Launches, can offer more opportunities for investors to secure favorable financing terms.

Despite the challenges faced in 2024, both Wong and Tricia Song, CBRE head of research for Singapore and Southeast Asia, predict an increase in high-value deals next year. Song notes that institutional investors are likely to return to the market, while Wong expects to see more assets brought to the market as owners seek to rebalance their portfolios. Barring any macroeconomic shocks, both expect investment volumes to grow by 10% in 2025.…

The outlook for Singapore’s retail property market by the end of the year may be dampened due to weaker-than-expected consumer spending. According to Alan Cheong, executive director of research and consultancy at Savills Singapore, the y-o-y change in the monthly retail sales index (excluding motor vehicles) and food and beverage (F&B) sales index have mostly been negative throughout the year, indicating relatively low consumer spending.

Cheong predicts that retail properties in the prime Orchard Road submarket can expect a 2% increase in rents for the whole year. However, this forecast falls short of the initial prediction by Savills at the beginning of the year, which expected a 3% to 5% climb in prime Orchard Road rents.

In line with his initial rental forecast, Cheong expects suburban retail rents to remain flat until the end of the year. Recent research jointly published by DBS and Singapore Management University (SMU) shows that consumer concerns over inflation have mostly eased in recent quarters, with headline inflation expectations remaining at 3.8% from June to September.

The research, led by SMU’s Sim Kee Boon Institute for Financial Economics (SKBI), also notes that most Singaporeans who expect inflation to remain stable in the coming quarters attribute it to the global economic slowdown, high interest rates, and the potential easing of supply chain disruptions.

In October, the Singapore Department of Statistics reported a 0.3% y-o-y increase in retail sales (excluding motor vehicles), reversing the 1.5% y-o-y decline in September. Cheong states that a more positive situation for the retail market would be if consumer spending kept pace with inflation, but its relatively low level poses financial challenges for businesses in the industry.

While Singapore hosted a packed calendar of headline concerts, conferences, and exhibitions this year, CBRE’s research, published last month, notes that the impact on retail spending and rental rates has been limited. The footfall generated by these events had a nuanced effect on surrounding malls, with concerts by international stars like Taylor Swift, Blackpink, Coldplay, and Westlife attracting over half of the 500,000 attendees who were foreigners and contributing between $350 million to $450 million in tourism receipts.

Investing in a condominium comes with a multitude of advantages, one being the ability to utilize the property’s value for further investments. Numerous investors capitalize on their condos by leveraging them as collateral to secure additional financing for new investments, ultimately broadening their real estate portfolio. This approach has the potential to magnify returns, but it’s important to note that it also entails certain risks. Therefore, it’s imperative to have a well-thought-out financial plan in place and take into account the potential effects of market fluctuations. In fact, Singapore Projects are a great option for those looking to expand their investment portfolio and reap the benefits of leveraging their properties.

However, according to CBRE Research, other MICE events, including the Formula One Grand Prix, World Congress of Dermatology, The Meetings Show Asia Pacific, NRF 2024, and ART SG, did not have a comparable impact on retail activity. Business event attendees tend to stay exclusively at the event venue, and even the F1 race, which generates an annual average of $125 million in tourist receipts, had little effect on foot traffic in tourist-centric areas like Orchard Road.

Sulian Tan-Wijaya, executive director of retail and lifestyle at Savills Singapore, notes that Singapore’s status as a regional hub attracted many noteworthy new-to-market brands this year, such as KSisters, The Pace, Brands for Less, and Hoka. She also observed the evolution of new wellness concepts and restaurants offering entertainment, which supported demand for retail spaces and rents.

Despite the new entrants, all prime shopping malls along Orchard Road maintained high occupancy rates this year, reflecting strong confidence in the retail market according to Cheong. Tan-Wijaya expects this trend to continue as new-to-market brands enter the region in 2025, particularly in central Singapore.

The limited supply of new retail spaces in the coming year may give retail landlords more flexibility to implement positive rental adjustments. They may also strategize and position their malls to remain relevant to both locals and tourists’ rapidly evolving consumption patterns. Cheong also predicts that more retailers will optimize their real estate strategies by right-sizing their spaces, establishing additional kiosks, closing under-performing branches, or shifting cooking operations to central kitchens.

He adds that there is strong momentum in the entry of new-to-market F&B brands into Singapore, and this trend is expected to continue in the first half of 2025. Tan-Wijaya also anticipates the emergence of new wellness concepts and restaurants offering entertainment, which will enhance Singapore’s dining scene.…

When contemplating an investment in a Singapore condo, 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, condos can yield a wide range of rental returns 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, tend to offer more attractive rental yields. Performing extensive market research and seeking guidance from experienced real estate agents can provide valuable insights into the rental potential of a specific Singapore condo.

The luxury goods market has faced numerous challenges in 2024. The uncertainty of the global economy and rising prices of luxury brands have led consumers to cut back on their spending. A recent report by Bain & Company showed a 2% decline in global sales of personal luxury goods for 2024, with China being hit the hardest with a 20-22% decrease. Companies such as Richemont Luxury, LVMH, and Moncler Group saw slight declines in profits, while Kering reported a more significant decrease.

Amidst these struggles, Singapore has remained a significant market for luxury brands, with Euromonitor reporting an 11% growth in luxury goods sales to $9.1 billion in 2023. Despite their reputation for timeless elegance and heritage, luxury brands have recognized the importance of embracing digital strategies to engage with customers in a rapidly evolving market. Brands such as Dior, Chanel, and Louis Vuitton have implemented e-commerce and digital marketing strategies to better connect with their clientele.

In addition to digital experiences, luxury brands have also embraced the idea of creating unique and memorable offline shopping experiences. Flagship stores are becoming more elaborate and grand to cater to the needs of high-end clients. For example, Louis Vuitton opened a 690 square-meter “apartment concept” store at Ngee Ann City in 2023, dedicated to its “VICs” (very important clients). Similarly, Burberry has renovated and re-opened their stores at Marina Bay Sands and Paragon, incorporating their rich British heritage and blending tradition with innovation.

Despite the challenges, spending on luxury goods is expected to increase in 2025 and beyond, driven by factors such as the growth of high-net-worth individuals, interest from younger generations, and a resurgence of tourists from China. Luxury brands are also leveraging AI to personalize and customize their offerings, build stronger connections with their customers, and better understand their preferences. Some brands, like Dior and Balenciaga, have embraced AI technology in their shows and online platforms to stay attuned to their customer’s wants and needs.

In conclusion, while 2024 has proven to be a tough year for the luxury goods market, there is hope for growth in the coming years as brands continue to expand their presence, create larger flagship stores, and provide elevated experiences for their top clientele. With a focus on digital technology and catering to the needs of millennials and Gen Z, luxury brands will continue to thrive in the evolving market.…

V-ZUG: The Swiss Brand that Prioritises Simplicity and Quality

The realm of interior design is ever-evolving, with new styles constantly taking center stage. However, there are certain aspects that never go out of fashion – functionality and elegance. It is this timelessness that forms the core philosophy of V-ZUG’s design process.

For over a century, since its inception in 1913, the Swiss appliance brand has been captivating developers and designers of luxury residences. Today, its products can be found in cities all over the world, from its homeland in Switzerland to cosmopolitan hubs like Shanghai, London, and Singapore.

At the heart of V-ZUG’s appliances lies a focus on sleek lines and a dedication to blending durability with sleek aesthetics, setting the brand apart from its competitors. By striking a balance between tradition, quality, and contemporary aspirations, V-ZUG has made a name for itself in shaping modern kitchen designs.

The brand’s unwavering commitment to craftsmanship and quality control sets it apart from the rest. Each of V-ZUG’s products is handcrafted in Switzerland and undergoes rigorous testing by engineers to ensure top-notch performance, be it ovens, induction cooktops, or fabric preservation appliances. Even before the production process begins, the brand’s design team conducts extensive research to determine the best sustainable practices that can be tailored to create each appliance while maintaining its strict quality standards.

In its pursuit of being environmentally responsible, V-ZUG has recently incorporated Circle-Green recycled stainless steel by Outokumpu into its production processes. This move has significantly reduced the carbon footprint associated with traditional stainless steel production, with emissions being reduced by a staggering 93%.

When it comes to designing its kitchen appliances, V-ZUG doesn’t leave anything to chance. The brand consults with celebrated chefs from Michelin-starred restaurants to ensure that each product has all the necessary functions to create top-notch meals. By making professional-grade kitchen technology accessible to passionate home cooks, V-ZUG elevates the daily culinary experience.

In terms of aesthetics, V-ZUG’s products are designed to seamlessly integrate into any home. The brand’s minimalist design language and diverse range of products ensure that there is something for every household. For example, its series of wine cabinets includes the full-height WineCooler V6000 Supreme and the WineCooler Undercounter Swiss Luxury (UCSL). Despite varying in size, both wine cabinets feature two temperature zones, allowing for optimal storage of different types of wine. This not only allows for greater customization to suit individual homes but also maintains the high level of quality that consumers have come to expect from V-ZUG’s luxury appliances.

Consistency is another defining factor in V-ZUG’s appliance designs. The brand’s range of products features clean and sleek lines, with features such as mirrored glass fronts that bring everything together seamlessly.

Securing financing is a crucial factor when it comes to investing in a condominium. Fortunately, Singapore offers a variety of mortgage choices. However, it is crucial to have a thorough understanding of the Total Debt Servicing Ratio (TDSR) framework, which sets a cap on the loan amount a borrower can obtain based on their income and current debt commitments. By familiarizing oneself with the TDSR and seeking guidance from financial experts or mortgage brokers, investors can make well-informed decisions about their financial options and avoid overstretching themselves. Additionally, staying updated on new condo launches can provide potential investors with a wider range of condo investment opportunities.

Achieving simplicity in the end product is no easy feat. At V-ZUG, the process of creating an appliance involves paying attention to every detail. The brand’s excellence is achieved when each element, from the way a wine cabinet’s doors open and close to the hues of the LED lights on a refrigerator, works together harmoniously, leaving no room for compromise.

But V-ZUG’s commitment to excellence doesn’t end in the kitchen. The brand also offers products like the RefreshButler, a modern solution to sanitize and deodorize garments, providing a practical yet elegant solution to everyday needs.

In a world where constantly changing trends dominate the market, V-ZUG stands out with its approach of prioritizing simplicity and quality. Through its timeless design philosophy, the brand has established itself as a leader in luxury appliances, committed to providing extraordinary living while promoting sustainability.…

3 adjoining freehold industrial buildings in Kaki Bukit for sale at $19.5 milEn bloc potential for Eunos TechparkIndustrial property investment sales jumped 104% to $4.65 bil in 2019Prime industrial properties for saleIndustrial property demand remains strong; prices, rental expected to rise in 2020 JTC Punggol: $592.2 milHDB Clementi: $473.3 mil Housing & Development Board (HDB), the Republic’s public housing authority has announced the commercial and residential sites at Punggol North and Clementi as well as the private residential and industrial site at Dairy Farm.One of the situated at Punggol North is the area sited near a waterway link to Serangoon Reservoir. The site also stands for public housing. The 7,818 sqm was triggered for sale by the government land sales program for the confirmed list on July 28, 2017. The site can cater for around 235 units and can yield 1.14 plot ratio. The Punggol West LRT Station is nearby. There were seven bids received by the time the tender was closed on August 25, 2017. The highest bid was at $592.2 million, made by Sing Development and Wee Hur Development, which translates to $1,109 psf ppr.Two areas at Clementi were also triggered for sale under the confirmed list of GLS. One of them is for residential purposes and the other is for commercial and residential uses. There were two proposals received for the site at Clementi Avenue, with the highest bidder being MCC Land (Singapore) for $302.1 million. The site is near Nan Hua Primary School and is located between Clementi MRT Station and Clementi Arcade. The 140,339 sqm site can cater for 640 homes and boasts an area of 22,417.9 sqm for commercial usage.CSC Land Group, which is a new subsidiary of China State Construction Engineering Corporation also topped nine other bidders for the commercial cum residential site in Clementi. The price paid for the site was $232.5 million. The site is located at Clementi Avenue 1 and can accommodate a gross floor area (GFA) of 16,000 sqm. This translates to $788.31 psf ppr. The development will likely house around 115 commercial units. The site is also in close proximity to Clementi MRT Station, The Clementi Mall and Clementi Arcade. The estimated breakeven price is likely to be between $1,400 psf and $1,500 psf.Another top site to watch is the one for commercial and residential purposes which is located at Dairy Farm. The site had attracted nine proposals with the highest bidder being United Engineers Development for $368.8 million. This translates to $830.23 psf ppr. The site is in close proximity to the Hillview MRT Station and The Rail Mall and is situated one of the nicest corners in the enclave around the Bukit Timah Nature Reserve. The Hillview MRT Station is also only two stations away from the new downtown line 2 due in the near future. The site offers a great view for the residents and will be ideal for around 450 residential units. In addition, the site area also has 6,000 sqm of commercial space.Request for info or for streaming.This exciting employments in the Singapore real estate market are always a hit with potential buyers. Only time will tell what happens to these sites and whether or not they will end up attracting any more bids. Property agents has a last opportunity to help their clients by fully researching and previewing all potential sites. Furthermore, the employments made at these sites will only have an impact on rental rates when the projects are completed and older projects in the area continue their progress. Developers are always asking for the highest that potential buyers should consider. It is important to find sites that are suitable and appropriate for the market.Michael Ting – 11 November 2019Home prices gain by 0.9% in Q1Home prices slipped for the fifth consecutive quarter by just 0.1% in the last quarter of 2019. This is a clear indication that the market is finally bottoming out. This is according to the latest flash estimates released by the Urban Redevelopment Authority (URA) on Monday. The tiny decline was a huge improvement from the 1.2% decline recorded in the third quarter of 2019. If the trend holds, then there is a clear indication that the market is bottoming out and may soon be heading to the recovery phase. It’s clear that the government’s property cooling measures over the past few years have had an impact on the market, causing prices of residential properties to decline by a significant margin. For instance, according to the URA Price Index, private home prices have declined by 2.8% since the peak of 2018. This figure is much higher in comparison to the 0.6% decline recorded in the same period of 2019. On a quarter-on-quarter basis, private home prices declined marginally by 0.1%, a figure that is much lower to the 0.9% drop recorded in the previous quarter. However, it was higher than the original estimates made in the month of October when URA released the data for the third quarter. The index came in at 219.0 points, meaning that prices had barely changed from September’s 219.5 points. This was mainly attributed to the buzzing en-bloc market as well as rising prices for super prime condo units. These developments were the key drivers of prices of non-landed private homes in the core central region and had as much as 2.3% gain. This growth made a significant difference to the overall performance when compared to the 0.8% and 0.9% declines recorded in the city fringe and outside central region respectively.Read also: Private home prices fall by 0.9% in Q3Private home prices fell by 0.7% in Q2Private home prices fall by 0.8% in Q1Developer sales rose to 10-year high of 9,912 private homes in 2017There was a notable difference in prices across different regions. Across the CCR, the prices of non-landed properties rose by 2.3% in the last quarter of 2019. In the previous quarter, prices had declined by 3.8%. In the city fringe, prices fell by 0.8% in the fourth quarter of 2019. In the previous quarter, they had gained by 0.5%. Outside the central region, prices in the same quarter declined by 0.9%, up from the 1.2% drop recorded in the previous quarter. According to Huttons Asia, the gain recorded in the fourth quarter is an indication that the current depression in prices may soon be coming to an end. There was a significant reduction in the number of new projects launched in the market. According to URA, developers only launched 1,115 units in the fourth quarter, down from 1,468 units back in September. This is a decline of between 33.2% and 34.3%. All in all, the figure adds up to a total of 1,616 units launched in the last quarter of 2019, down from 2,682 units in the same quarter of 2019. In terms of unsold homes, the market had around 30,600 units in Q4 2019, 10% lower than the 33,900 units recorded in the previous quarter. When broken down, a majority of these were in the city fringe category, where CCR had a 4,400 figure and OCR a figure of 16,800 units. The first two quarters of 2020 will have approximately 60 projects being launched. According to Lee Sze Teck from Huttons Asia, the first project launch of the year, The Avenir at River Valley Close, will be a condominium project comprising of about 376 units. Prices are expected to be between $2,900 and $3,500 psf. The launch will be followed by Les Maisons Nassim, that will take up an 5,000 sqm space and have a gross development value of $400 million. The developer will be aiming for an average selling price of $3,000 psf. Buyers waiting for new launches that feature high capital appreciation should be keen on the 5,000 sqm to 10,000 sqm units. Units with plenty of amenities and better materials will definitely gain more capital appreciation with the rise of home prices. Prices of units with better interior finishings will be more resilient and at this point it is clear that home buyers will differentiate they value-add developers this way. However, gradual easing of property cooling measures has seen the market record huge gains in terms of property sales. In a separate data released by the URA, developers sold 10,104 units (exclusive of executive condominiums) in 2019, up from 5,500 units in 2018. There were 20,100 private homes sold in 2019, up from 16,300 in 2017. Knight Frank’s head of research, Mr. Lee Nai Jia expects a 4% to 6% growth in private home prices for 2025, which is wildly a result of the easing in property cooling measures across the market. But the repercussions are clear to see, where home buyers have seen prices skyrocket in previous years, especially in the CCR region.See more: Property Prices N

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Investing in a condo involves securing proper financing, a crucial aspect to consider. Fortunately, Singapore offers a variety of mortgage choices to suit different needs. However, it is important to take note of the Total Debt Servicing Ratio (TDSR) framework, which places a limit on the loan amount that a borrower can obtain based on their income and current debt obligations. By understanding the TDSR and seeking guidance from financial experts or mortgage brokers, investors can make well-informed decisions about their financing options. This will also help them avoid being overburdened by debt. It’s always wise to seek professional advice before making a major investment decision. New Condo Launches are also a great option for investors to consider in Singapore.…

The property market in 2024 saw two distinct halves, with the first half being slower and boutique developments taking the spotlight. According to data from Huttons Data Analytics, it was the lowest number of units launched for sale since 1H1996, with only 1,889 units sold – the lowest since 1996.The only exception to this trend was the 533-unit Lentor Mansion, which saw a 75% take-up rate during its launch weekend in March. In general, most project launches in 1H2024 saw relatively subdued sales compared to 2023. Huttons Asia CEO Mark Yip notes that the market was cautious and tentative, possibly due to uncertainties in the job market and persistently high interest rates. Many buyers were likely holding back, waiting for highly anticipated project launches later in the year, such as Chuan Park and Emerald of Katong.However, things started to pick up in the second half of the year, with the launch of the 276-unit Kassia on Flora Drive in late July, which saw a 52% take-up rate. This set the stage for strong sales momentum following the Lunar Seventh Month. The first project to be launched after that period was the 158-unit 8@BT at Bukit Timah Link, which saw 53% of its units snapped up over the weekend of Sept 21-22 at an average price of $2,719 psf.In 3Q2024, new home sales jumped 60% q-o-q, according to Huttons, which marked a significant shift in sentiment that some attributed to the 50-basis point interest rate cut by the US Federal Reserve in September. This was followed by the launch of Meyer Blue on Oct 5, where over 50% of the 226 units were sold in private sales. Prices reached an average of $3,260 psf, setting a new benchmark for the prime District 15 area on the East Coast.Another notable performer was the 384-unit Norwood Grand in Woodlands, which saw an impressive take-up rate of 84% during its launch weekend in October. With units sold at an average price of $2,067 psf, it was the first time a project in Woodlands surpassed the $2,000 psf threshold.By November, things were reaching a fever pitch with the launch of six new projects comprising a total of 3,551 units. This began on Nov 6 with the release of the 367-unit The Collective at One Sophia, followed by the 366-unit Union Square Residences at Havelock Road on Nov 9. Things really took off over the weekend of Nov 15-16, when three projects were launched in concert: the 846-unit Emerald of Katong, the 552-unit Nava Grove, and the 504-unit Novo Place Executive Condo.Buoyed by the strong sales performance in November, total developer sales for the first 11 months of 2024 reached 6,344 units, and are expected to surpass 6,500 units by the end of the year. This would exceed the 6,421 units sold in 2023, showcasing the strength and resilience of the property market, according to Huttons Asia CEO Mark Yip.However, there are speculations about the possibility of further cooling measures being introduced, given the surprisingly high sales figures in November. According to JLL’s head of residential research, Chia Siew Chuin, despite the impressive figures, any government intervention is unlikely as long as the numbers do not show a sustained increase in sales or sharp increase in property prices outpacing GDP growth.

When looking into investing in a Singapore Condo, it is crucial to also evaluate the potential rental yield. This refers to the annual rental income as a percentage of the property’s purchase price. In the Singapore market, rental yields for condos can vary greatly depending on factors such as location, condition of the property, and overall demand. Generally, areas with high rental demand, such as those near business districts or educational institutions, tend to offer better rental yields. It is essential to conduct thorough market research and seek the expertise of real estate agents to gain valuable insights into the rental potential of a specific Singapore Condo.…