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Which Property, Singapore (2026)

20/06/2024

**Singapore Developers Brace for Market Revival Following Lackluster May Sales**

In a subdued start to the second quarter, Singapore's property market saw a significant downturn in developer sales for May, marking the lowest figures since 2008. According to data, developers sold 221 new units (excluding executive condos), a decline of 26.6% from April's 301 units and a staggering 78.7% drop from the 1,039 units sold in May last year. Including executive condos, new home sales totaled 261 units, down 25.9% from April.

The lack of major launches in May contributed to the tepid market performance, with only 248 new private homes launched, down from 278 in April and a sharp contrast to the 1,595 units launched a year ago. Analysts attributed this cautious approach by developers to sustained higher interest rates and buyer hesitancy amidst a more selective market environment.

Tricia Song, CBRE's head of research for Singapore and South-east Asia, noted that economic uncertainties and mortgage rate pressures have made buyers increasingly price-sensitive. This trend was evident in May's sales performance, where the top-performing projects were predominantly existing developments in suburban and city fringe areas, including two executive condo launches.

Reflecting on broader market trends, Ms Song highlighted that new home sales in 2023 hit a 15-year low of 6,421 units, a 9.6% decline from 7,099 units in 2022, underscoring the impact of cooling measures and economic conditions on market sentiment.

Looking ahead, analysts remain cautiously optimistic about a potential recovery in the third quarter, anticipating the launch of several high-profile projects post-June holidays. Wong Siew Ying, PropNex's head of research and content, suggested that while some developers might delay launches during the Hungry Ghost Festival period, overall sentiment could improve with the introduction of new projects.

The market's resilience amidst challenges was illustrated by notable transactions in May, including the sale of a leasehold unit at Tanjong Pagar's Skywaters Residences for $47.3 million, marking it as one of the top non-landed private-home transactions in recent years.

As Singapore navigates through a quiet phase in its property market, characterized by heightened caution and strategic launches, industry watchers anticipate a potential uptick in activity pending economic shifts and market stimuli.

20/06/2024

**Major Developers Secure Prime Toa Payoh Site with Record Bid**

In a significant move underscoring confidence in Singapore's property market, three prominent developers have joined forces to clinch a prized Government Land Sales (GLS) site at Lorong 1 Toa Payoh. City Developments Ltd (CDL), Frasers Property, and Sekisui House jointly submitted a record-breaking bid of $968 million for the 1.57-hectare plot, marking a land rate of $1,360 per square foot per plot ratio (psf ppr).

CDL's Group CEO Sherman Kwek expressed enthusiasm about the collaboration, highlighting its strategic importance: "We are delighted to lead this venture with Frasers Property and Sekisui House to develop an iconic project in the coveted Toa Payoh estate." The joint venture, structured as a 50:25:25 partnership among CDL, Frasers Property, and Sekisui House, aims to leverage their combined expertise to deliver a landmark residential development.

Despite a lower than expected number of bids, Leonard Tay, Head of Research at Knight Frank Singapore, noted that developers displayed bullish confidence in their bids, aiming to secure prime positions in the market. The winning bid from CDL consortium at $1,360 psf ppr marked an 18% premium over the next highest bid of $819.99 million ($1,153 psf ppr) by Tanglin Land, a subsidiary of CapitaLand.

The last GLS site tendered in Toa Payoh was eight years ago, leading to heightened anticipation for this latest development. Should the CDL-led consortium succeed, plans include erecting two 40-storey residential towers offering close to 800 units, signaling a rejuvenation in residential offerings within the estate.

Frasers Property Singapore CEO Soon Su Lin highlighted the pent-up demand within Toa Payoh, noting that the estate has seen a substantial hiatus since its last major residential launch in 2016. This, coupled with the site's proximity to Braddell MRT Station, has further boosted interest among developers and potential homebuyers alike.

Market observers had initially anticipated a more robust turnout in bids for the Toa Payoh GLS site. Justin Quek, Deputy CEO of OrangeTee&Tie, cited caution among developers regarding the parcel's size, possibly influencing bid participation. Wong Siew Ying, Head of Research and Content at PropNex Realty, echoed this sentiment, noting that despite its favorable location, some developers may have been deterred by the scale and financial commitment of the project.

Looking ahead, industry estimates suggest the average selling price for the upcoming development could range between $2,400 to $2,500 psf, reflecting optimism in Toa Payoh's property market dynamics. EdgeProp Singapore's Landlens tool projects a slightly higher estimate at $2,535 psf, underscoring bullish market expectations for the prime residential offering.

The successful bid by CDL, Frasers Property, and Sekisui House not only reaffirms investor confidence but also sets the stage for a transformative addition to Toa Payoh's skyline, promising prospective residents an enviable blend of location and lifestyle.

14/06/2024

🏡 Exciting News Alert! 🎉

Thrilled to share that the Urban Redevelopment Authority (URA) has just unveiled three prime residential sites up for grabs as part of the first half of the 2024 government land sales (GLS) programme! 🏙️

📍 The locations? None other than Dairy Farm Walk, Tengah Garden Avenue, and Bayshore Road!

🏢 These sites come with a 99-year lease and have the potential to accommodate a whopping 1,915 residential units! Imagine the possibilities! 😲

📅 While Dairy Farm Walk and Tengah Garden Avenue have secured spots on the confirmed list, Bayshore Road is sitting pretty on the reserve list for now.

🛠️ Wondering what this means? Confirmed list sites are all set to roll out according to plan, while those on the reserve list will be up for grabs only when a developer makes an irresistible offer to the government. Talk about exclusivity! 💼

🏘️ Oh, and did I mention? Dairy Farm Walk and Bayshore Road plots are earmarked for residential use, while Tengah Garden Avenue's parcel comes with an added bonus of commercial zoning for the first storey! 🛍️

Time to dream big and envision the future of these vibrant communities! Who's ready to dive into this exciting opportunity? 🚀

03/05/2023

On Saturday (Apr 29), the first launch of Blossoms By The Park condominium units took place after new cooling measures were implemented earlier this week. The 275-unit development in one-north saw more than 70% of its units sold by 6pm at an average price of S$2,423 (US$1,814) per square foot.

According to developer EL Development, about 96% of the buyers were Singaporeans and permanent residents while the remaining 4% were foreigners on the first day of sales.

25/04/2023

On Monday (Apr 24), official figures revealed that Singapore's inflation decreased in March, with the exception of energy costs, as anticipated by economists. Headline inflation was reported at 5.5% year on year, a drop from 6.3% in February, matching Bloomberg's poll median estimate of private-sector economists. The decline in private transport inflation led to the slowest rate of increase in 11 months. Meanwhile, core inflation, which excludes accommodation and private transport, reached an eight-month low of 5%, down from 5.5% in February. This was slightly below the expected forecast of 5.1% by economists, with lower inflation noted in services, food, and retail and other goods sectors.

25/04/2023

About 0.5 per cent of private residential properties transacted in the period from 2018 to 2021 involved “99-to-1”, or similar, purchase arrangements, where the owners sold a partial interest in the property to another buyer within a short period of time, said Mr Chee, Senior Minister of State for Finance. Buyers who bought private properties using the “99-to-1” purchase arrangement can come forward voluntarily to make good any underpayment of taxes, and the taxman will, in general, look at such cases more favourably :)

18/04/2023

ECONOMIC growth is “non-negotiable” and Singapore’s government will always be pro-growth and pro-inclusivity, even as the country embarks on key shifts as part of its new social compact, Deputy Prime Minister Lawrence Wong.
“Our growth rates will gradually come down as our labour force expands more slowly, but growth remains essential,” Wong told Parliament. “If we don’t grow the economic pie, there will be fewer jobs and less scope for social support. So please do not be mistaken.”

19/02/2023

LOCATION matters. Homes in prime districts cost more than those in non-prime districts. Many home buyers here value proximity to an MRT station. Homes that are near MRT stations fetch higher prices. And homes that are linked to a station, such that one can walk easily to the station and not get wet when it rains, draw a higher premium.

07/02/2023

RESIDENTIAL leasing volumes rebounded in December, owing to lease renewals from expats and tenants anticipating higher rents in 2023.

The number of condo units rented in December stood at 6,345 units, compared with 5,013 units the month before. Year on year, condo rental volumes were 13.4 per cent lower, but 2.8 per cent higher than the five-year average volume for the month of December.

03/02/2023

Singapore’s property market is bracing for surging demand from Chinese buyers as the world’s second-largest economy reopens.

Real estate agencies in the city-state have seen more inquiries from mainland Chinese, with industry watcher OrangeTee & Tie noting a 10% to 15% increase in January since Beijing announced it was ending three years of global isolation. The border reopening has also seen a spike in queries about immigration to Singapore.

14/01/2023

Many developers are still grappling with delays brought on by the pandemic, which have, in turn, caused a pile-up in project completions. Numerous projects that were supposed to receive their temporary occupation permit (TOP) in 2022 have been delayed, with developers pushing back deadlines and buyers unable to collect their keys.

19/12/2022

THE stock of unsold private housing under construction has been dropping for nine straight quarters to a 15-year low of 5320 units, and is not expected to increase in the new year. Combined with strong housing demand and high land and construction costs, private housing prices will likely remain elevated in 2023.

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