Real Property SG

13/11/2025

From clearer floor plans to stricter quality checks and longer defect coverage, URA is rolling out major changes to protect buyers and raise building standards.

13/11/2025

This is 4.8% less than the 4,725 units supplied in H2 2025, and 10.5% lower than the 5,030 units in H1 2025 Read more at The Business Times.

27/03/2025

两措施助年轻夫妇买租屋新房早交付 房货迟评估

LHZB, 27 Mar 2025, Thursday

想要早点安家的年轻情侣，如果一方已开始工作，但另一方还在念书或服兵役，他们在申请新组屋时，因被视为单收入家庭，可能因此拿不到足够的房贷，也可能难以支付首期付款。



为了更好地帮助这个群体，国家发展部长李智陞星期三（3月26日）到新加坡国立大学出席“温馨·我家”（MyNiceHome）路演活动和闭门对话会时宣布，从7月预购组屋销售活动起，扩大延迟收入评估（Deferred Income Assessment）的条件范围，年轻情侣中只要有一方是学生或正在服兵役就能申请，无须两人都是。



他们也能继续通过分阶段摊还计划（Staggered Downpayment Scheme），在签署购屋协议时只须支付相等于屋价2.5%的首期付款。



建屋发展局在2018年预购组屋销售活动推出延迟收入评估计划，旨在帮助有意成家的年轻情侣提早申购组屋，待房子即将交付时再接受收入评估，并确定购屋津贴额和房贷细节。



目前，这项计划要求申请者双方都必须是全职学生或全职国民服役人员，或在申请购屋资格通知书（HDB Flat Eligibility Letter，简称HFE）前的12个月内是全职学生或服过兵役。



李智陞举例说，若女方已工作一年，每月收入3500元，男方仍在念书，如果购买义顺一个售价为26万5000元的三房式单位，将会在他们的预算之内；若选择以公积金支付房贷，他们能够获得20万元的房贷，也能享有9万元的额外安居津贴（Enhanced CPF Housing Grant），且在分阶段摊还计划下，只需支付屋价5％的首期付款（约1万3000元）。



然而，如果这对情侣计划生育多个孩子，想要购买较大房型的组屋，他们就可在调整后的延迟收入评估计划下受惠。



他们可以先申购四房或五房式预购组屋，房贷和额外安居津贴的评估将延后三年、就快领取新居钥匙时才进行；到时两人都已经开始工作，若他们的总月入达7500元，就能申请到更多房贷，在义顺购买售价50万元的五房式单位，并在分阶段首付计划下，只需支付屋价2.5％的首期付款（1万2500元）。



李智陞说：“这项调整不仅能惠及大学毕业生，还将惠及许多年轻夫妇，包括从理工学院和工艺教育学院毕业后、在服兵役的年轻人。”



建屋局答复《联合早报》询问时说，延迟收入评估计划自2018年5月实施至去年12月，约有5600对符合条件的年轻情侣预购了组屋。



Source:

想要早点安家的年轻情侣，如果一方已开始工作，但另一方还在念书或服兵役，他们在申请新组屋时，因被视为单收入家庭，可能因此拿不到足够的房贷，也可能难以支付首期付款。

27/03/2025

Singapore’s factory output sees shock 1.3% fall in February, contrary to high growth expectations

The Business Times, 27 Mar 2025, Thursday

[SINGAPORE] The Republic’s manufacturing output fell 1.3 per cent year on year in February, breaking its seven-month expansion streak after the biomedical and electronics clusters fell into contraction.



This missed private-sector economists’ forecasts of a 7 per cent expansion, in a poll by Bloomberg. February’s data was also a sharp reversal from January’s revised growth of 8 per cent.



Excluding the volatile biomedical sector, February’s industrial production nudged up a slight 0.3 per cent on the year, data released by the Economic Development Board showed on Wednesday (Mar 26).



This was, however, a sharp moderation from January’s revised growth of 6 per cent.

“It bears watching if the February disappointment in the manufacturing output data was transient and potentially attributable to the Trump-related tariff uncertainties after his inauguration on Jan 20,” said OCBC chief economist Selena Ling.



She noted that despite the disappointing February data, the electronics cluster still cumulatively expanded 4.4 per cent on the year in the first two months of 2025, outpacing the 0.8 per cent growth recorded over the same period last year.



Though uncertainties remain due to the possibility that the US will make good on its threats to introduce reciprocal tariffs on Apr 2, it is still possible for industrial production to rebound into positive territory in March due to low base effects, she added.



“At this juncture, given the fluidity of the tariff situation and that Asean, including Singapore, is not the initial target for US tariffs yet, we keep our 2025 industrial output growth forecast of 2.7 per cent year on year.”



Barclays analyst Brian Tan agreed that March’s factory output could perform better due to the “highly favourable base effect”. With that, he forecast that Q1 gross domestic product growth is “on track” to expand 4.6 per cent, moderating slightly from the 5 per cent growth recorded in Q4.



DBS economist Chua Han Teng said further data points are needed to confirm that the manufacturing sector has “clearly shifted into sustained negative gear”, given that indicators such as the new export orders and order backlogs of Singapore’s Purchasing Managers’ Indices remained in expansion in February.



Still, Maybank economists Chua Hak Bin and Brian Lee noted that manufacturers could turn more cautious, given a broadening trade war and uncertainties over US tariffs.



They added that while Singapore will not be directly affected – as it is not one of the “Dirty 15” countries singled out for major trade imbalances – it could be harder hit if the US imposes a 25 per cent tariff on semiconductors and pharmaceuticals.



Cluster performance



On a seasonally adjusted monthly basis, manufacturing output fell 7.5 per cent in February. Excluding biomedical manufacturing, output decreased 7.9 per cent month on month.



Output in the key electronics cluster tumbled 6.4 per cent year on year in February, slipping into negative territory after growth of 15.4 per cent in the month prior.



Most segments within the cluster similarly contracted, with just the infocomms and consumer electronics segment recording growth of 32.2 per cent.



The semiconductors segment fell 9.5 per cent, while the computer peripherals and data storage segment was down 1.5 per cent. The other electronic modules and components segment dropped 7.3 per cent.



Electronic manufacturing output readings could remain soft in the months ahead, said UOB economist Jester Koh, given indications from Taiwan and South Korea – considered regional bellwethers – that the sector has peaked in Q3 2024.



“In our view, Singapore electronics non-oil domestic export growth has similarly peaked in late Q4 2024,” he added.



Meanwhile, biomedical output contracted 14.3 per cent on the year in February, dragged by the pharmaceuticals segment, which tumbled 30 per cent.



Also recording declines were the chemicals sector (-0.1 per cent) and the general manufacturing sector (-0.7 per cent).



In contrast, transport engineering and precision engineering bucked the trend with 16 per cent and 16.2 per cent year on year growth recorded, respectively, in February.



Source:

February's data showed the country breaking its seven-month expansion streak after the biomedical and electronics clusters fell into contraction. Read more at The Business Times.

27/03/2025

HDB eases income assessment rules, move gives young couples more BTO options

The Straits Times, 27 Mar 2025, Thursday

SINGAPORE - The Housing Board will relax the way it assesses the income of young couples when they buy a Build-To-Order (BTO) flat, making it easier for those who are still studying or just started working to buy their preferred units.



From the next BTO exercise in July, couples can choose to delay their income assessment for a housing loan until just before they collect the keys to their flat, as long as one party is a full-time student or national serviceman.



This would effectively mean that couples would be able to qualify for a higher loan amount, as they would have been working for some time by then.



National Development Minister Desmond Lee announced this on March 26 during an engagement session about public housing at the National University of Singapore.

Mr Lee also said the authorities are ramping up the supply of BTO flats with shorter waiting times of below three years.



Some 12,000 such flats will be launched from 2025 to 2027 – more than what HDB put out over the past five years. They will be among the more than 50,000 flats that the authorities will roll out in that period.



On relaxing the deferred income assessment criteria, Mr Lee said this would help couples settle down earlier and buy a four- or five-room flat if they plan to have children.



To qualify for deferred income assessment before this change, both parties would have to be either full-time students or national servicemen, or have completed their studies or national service in the 12 months before they applied for an HDB flat eligibility letter.



At least one of them must also be aged 30 or below.



“Each young couple’s life journey is different. Regardless of which path you take, if you are looking to settle down early... we hope to support you in achieving your housing aspirations,” Mr Lee told NUS students.



To illustrate how the deferred income assessment would help applicants buy larger flats, Mr Lee raised the example of a couple – where one person is studying and the other has worked for about a year – with a household income of $3,500 a month.



Previously, their budget would allow them to buy a three-room BTO flat in Yishun.



“However, the three-room flat might be small if they plan to have many children,” he said.



Under the expanded scheme, the couple can apply for a BTO flat first, and their HDB housing loan and assessment for the Enhanced Central Provident Fund Housing Grant will be deferred for about three years, nearer to the key collection.



“At that point, both parties would have started working. With a combined income of, say, $7,500, they will qualify for a sufficient loan to buy a four- or five-room BTO flat,” Mr Lee said.



He added that the scheme would also help couples who think a three-room flat is sufficient, but prefer to purchase a home closer to the city centre and amenities, which tends to be more expensive.



The initial down payment they would have to fork out would be 2.5 per cent of the flat price.



Source:

[SINGAPORE] Kingsford Group will start previews for its Marina South mega project One Marina Gardens on Saturday (Mar 29), with prices starting at S$1.16 million for one-bedroom units. Read more at The Business Times.

26/03/2025

滨海花园一号周末开放预览 平均尺价2850元至2900元

LHZB, 26 Mar 2025, Wednesday

鑫丰集团（Kingsford Group）发展的滨海花园一号（One Marina Gardens）大型私宅项目，这个星期六（3月29日）将开放让公众预览，住宅单位价格预计为平均每平方英尺2850元至2900元。



这个滨海南大型住宅项目包括两栋大楼内的937个住宅单位，以及地面层商业区包括两个餐馆单位、两个商店单位和一个托儿中心。



发展商鑫丰集团在星期二（3月25日）的文告说，两栋住宅大楼分别有30层和44层楼，共有52个生活设施，包括游泳池、俱乐部、游乐场和多功能厅等。



最小的一卧房单位售价116万元起跳，面积420平方英尺，尺价约2761元。两卧房单位面积646平方英尺，180万元起跳或尺价2786元；三卧房单位面积904平方英尺，245万元起跳或尺价约2710元；四卧房单位面积1647平方英尺，445万元起跳或尺价约2701元。



由崔正峰掌舵的鑫丰集团于2023年6月以10亿3000万元，成功标得滨海花园巷（Marina Gardens Lane）的这个政府售地计划地段。鑫丰集团的出价约为容积率每平方英尺1402元，比排名第二的出价高出约40％。



滨海花园一号预计将于2028年第三季左右获得临时入伙准证（TOP）。这个99年地契的住宅项目位于第一区，靠近即将建成的汤申—东海岸线滨海南（Marina South）地铁站。它还将建有一条地下通道，连接滨海湾花园（Gardens by the Bay）和滨海南地铁站。



滨海花园一号也靠近步行街（pedestrian mall）和连接滨海湾花园与滨海岸公园（Marina Coastal Park）的高架景观桥。



滨海南附近有四个总计约1500个住宅单位的项目正在建设中，它们是：Skywaters Residences、滨海景W魅居（W Residences Singapore - Marina View）、柏南华庭（One Bernam）和铂海峰（Newport Residences）。



滨海花园一号的展销厅位于滨海花园大道（滨海湾花园地铁站2号出口旁）。项目的预览将于今年4月9日星期三结束，并将于4月12日（星期六）开卖。



Source:

鑫丰集团（Kingsford Group）发展的滨海花园一号（One Marina Gardens）大型私宅项目，这个星期六（3月29日）将开放让公众预览，住宅单位价格预计为平均每平方英尺2850元至2900元。

26/03/2025

Public Bank’s Teh family scion identified as buyer in record S$94m Tanglin GCB deal

The Business Times, 26 Mar 2025, Wednesday

[SINGAPORE] A Singapore luxury mansion has been purchased at a record price per square foot by a scion of the family which backs one of Malaysia’s largest banks.



The S$93.9 million purchase of a so-called Good Class Bungalow (GCB) under construction in the city-state’s Tanglin Hill area was completed last month, according to property records seen by Bloomberg News. It was bought by Diona Teh Li Shian, a daughter of the late tycoon Teh Hong Piow, who founded Public Bank.



GCBs are highly coveted in land-scarce Singapore, with only about 2,800 available, and their ownership largely restricted to locals. The purchased property is located near the Orchard Road shopping belt and various embassies. It sits on a plot of about 1,408 square metres. Based on the transacted price, it was sold for a record rate of about S$6,197 per square foot. The Business Times reported on the deal’s early stages in July.



Teh did not immediately respond to a query sent by Bloomberg News, while a spokesperson for Public Bank declined to comment.



Meir Homes, a local developer of GCBs, is building the new mansion on the plot, which was acquired for S$30 million in 2022, according to property records. Its principal Sebestian Soh, declined to comment.



The new two-storey house with a basement has a total floor area of 2,756 square metres. It will include Japanese oak in its interior and imported materials from Europe, as well as stone cladding on the outside, according to marketing materials seen by Bloomberg News. The property will also have a 25-metre pool with a tanning deck, walk-in wine chiller and an 18-seater theatre.



The younger Teh, a Singapore citizen, is one of four children of the late Teh. Public Bank has since grown into Malaysia’s second-biggest lender, by market value. Teh has been a public face of the family since the patriarch died in 2022. The family still controls over a fifth of the bank’s shares, according to data compiled by Bloomberg. BLOOMBERG



Source:

[SINGAPORE] A Singapore luxury mansion has been purchased at a record price per square foot by a scion of the family which backs one of Malaysia’s largest banks. Read more at The Business Times.

26/03/2025

Service apartment operator charged over legging out private homes for short term rental

The Business Times, 26 Mar 2025, Wednesday

[SINGAPORE] Local accommodation-service provider International Service Apartments (ISA) and three of its senior management staff were charged in court on Tuesday (Mar 25) over illegally providing short-term accommodation in private residential properties.



The Urban Redevelopment Authority (URA) said in a statement that it laid before the company nine charges of the unauthorised development of the private residential properties.



ISA deputy chief executive officer Piao Xianfen faces eight counts of the same offence; another two directors, Peter Liu and Lee Ming Fong, were each charged with 10 counts of the offence.



The company and the three individuals allegedly provided short-term accommodation in various private residential properties, which contravenes the Planning Act, said URA.



Under the Act, it is an offence to convert the use of a property for short-term accommodation without the agency’s approval. Offenders may be fined up to S$200,000 on each charge.



ISA says on its website that it was launched in 1992 and provides corporate service and residential apartments in Singapore. These properties are in Buona Vista, Clementi, near Haw Par Villa, and in Novena and Queenstown.



Last July, the authorities said that 71 offenders have been fined since 2019 for providing illegal short-term stays in Singapore. Of these, 64 were fined for letting out private residential properties for such stays, and the remaining seven, for doing so with public flats.



The minimum stay in private homes is three consecutive months, and six months in public homes.



URA said in its statement on Tuesday that it takes a serious stance against the illegal use of private residential properties to provide short-term stays. “(We) will continue to investigate and take strict enforcement action against those found to have committed such offences.”

26/03/2025

Kingsford to start previews for One Marina Gardens at average price of S$2,850 to S$2,900 psf

The Business Times, 26 Mar 2025, Wednesday

[SINGAPORE] Kingsford Group will start previews for its Marina South mega project One Marina Gardens on Saturday (Mar 29), with prices starting at S$1.16 million for one-bedroom units.



The large development comprises 937 units across two blocks, and a commercial space including two restaurant units, two shop units and a childcare centre on the ground floor. The two residential blocks will have 30 and 44 floors, respectively.



The smallest units, one-bedders at 420 square feet (sq ft), are priced from S$1.16 million or about S$2,761 per square foot (psf).



Two-bedroom apartments of 646 sq ft are priced from S$1.8 million or about S$2,786 psf.



Three-bedders of 904 sq ft start at S$2.45 million or about S$2,710 psf.



Four-bedroom units of 1,647 sq ft are priced from S$4.45 million or S$2,701 psf.



The indicative average price of the units in the development is between S$2,850 and S$2,900 psf.



Kingsford Group, helmed by Cui Zhengfeng, acquired the plot along Marina Gardens Lane for S$1.03 billion in a state tender in June 2023. Its bid, at about S$1,402 per square foot per plot ratio (psf ppr), was some 40 per cent higher than the next-highest offer.



Located in District 1, the 99-year leasehold development is close to the upcoming Marina South MRT station of the Thomson-East Coast Line. It will also have an underground link connecting it to Gardens by the Bay and Marina South MRT stations.



The project, which is expected to obtain temporary occupation permit around the third quarter of 2028, will also be close to a pedestrian mall, and an elevated landscaped bridge that connects Gardens by the Bay and Marina Coastal Park.



Within the vicinity, four projects, with nearly 1,500 homes, are under construction: Skywaters Residences, W Residences Singapore – Marina View, One Bernam and Newport Residences.



Skywaters Residences was launched last May. The 190-unit project in Shenton Way houses large apartments in three-bedroom and four-bedroom layouts, starting from about 2,300 sq ft in size.



Expected to be completed in 2028, the project, on a 118,230 sq ft site, will also house retail space, offices and a hotel.



An apartment spanning 7,761 sq ft on the 57th floor of Skywaters Residences sold for S$47.34 million or S$6,100 psf – marking a record price for a 99-year leasehold property in psf terms.



W Residences Singapore – Marina View by IOI Properties Group comprises 683 units, and Newport Residences by City Developments houses 246 units. Both projects have not been launched.



Sales booking for One Marina Gardens is expected to start on Apr 12.





Source:

[SINGAPORE] Kingsford Group will start previews for its Marina South mega project One Marina Gardens on Saturday (Mar 29), with prices starting at S$1.16 million for one-bedroom units. Read more at The Business Times.

26/03/2025

2月份核心通胀降至0.6% 分析：货币政策有放松空间

LHZB, 25 Mar 2025, Tuesday

我国物价涨势继续放缓，2月份核心通货膨胀率仅为0.6%，低于1月份的0.8%，再次刷新2021年6月以来最低水平。



经济师认为，我国整体价格压力持续缓解，通胀压力正在减退。未来，关税等因素带来的不确定性加剧，可能影响金融管理局的货币政策决策，但总体而言，仍有进一步放松货币政策的空间。



新加坡统计局星期一（3月24日）发布的最新消费价格指数（CPI）数据显示，包括住宿和私人交通费用在内，2月份整体通胀率为0.9%，较1月份的1.2%有所放缓，并达到2021年2月以来最低水平。



环比来看，2月核心消费价格指数上涨0.1%，整体消费价格指数上涨0.8%。



核心通胀不包括住宿和私人交通费用，是新加坡金融管理局主要关注的物价指标。



驱动核心通胀率下降的原因，是因为除零售和其他商品之外，所有类别消费品价格涨幅放缓，或者跌幅加大。



食品通胀率从1月份的1.5%降至1.0%，服务通胀率从1.0%降至0.8%，电力和天然气从紧缩2.9%变为紧缩3.1%。零售和其他商品则从紧缩0.6%，变为紧缩0.4%。



2月住宿通胀率维持在1.6%，私人交通通胀率则从1月的2.8%降至1.6%。



新加坡金融管理局和贸工部在联合发布的文告中指出，我国进口通胀预计将保持温和。

“尽管贸易摩擦升级可能会对一些经济体带来通胀压力，但对新加坡进口价格的影响，可能会被全球需求减弱带来的通货紧缩压力所抵消。贸易加权新元汇率政策区间仍处于温和渐进的升值路径上，并将继续有效抑制进口通胀。”



国内方面，随着名义工资增长放缓及生产率提高，单位劳动成本预计将缓慢上升。同时，政府对医疗、教育和交通等基本服务的补贴，将继续抑制服务业通胀。



金管局和贸工部预计，2025年核心通胀率将在1.0%至2.0%之间。



分析师：通胀不确定性加剧 但仍有放松货币政策空间



值得注意的是，金管局和贸工部在最新的通胀展望中，对外部环境表达了更强烈的担忧，表示通胀前景受到外部环境不确定性“加剧”的影响。



星展银行经济师蔡汉廷认为，未来几个月通胀压力将保持温和。他预测2025年核心通胀为1.0%，与金管局预测的区间一致。但他也指出，如果全球贸易战进一步升级，导致经济增长放缓超出预期，我国通胀仍可能面临进一步放缓的风险。



渣打银行亚细安及南亚首席经济师李韦虢指出，由于通胀不确定性“加剧”，金管局可能会在实施进一步宽松政策之前保持观望态度。



此外，他也指出，政府预计财政预算案措施将带来约0.9个百分点的经济增长，这可能给金管局更多时间观望。他认为，财政政策可能比货币政策更适合应对短期经济干扰，除非中期通胀前景发生重大变化。



对于金管局是否会在4月进一步放松货币政策，李韦虢认为，美国即将在4月2日实施的对等关税会产生影响。“目前新加坡未被直接提及，但如果新加坡被直接征收关税，或会增加金管局提前放松货币政策的可能性。”



华侨银行首席经济师林秀心指出，由于核心通胀率正在下降，远低于金管局预测的全年1%至2%水平，我国仍有放松货币政策的空间。



她说：“尽管特朗普威胁要征收对等关税，通胀影响是否会蔓延至美国以外，目前仍不明朗。在这种不确定性下，许多央行可能更倾向于关注经济增长下行的风险。如果金管局选择在4月按兵不动，并不意味着未来不会放松货币政策，而可能只是暂时观望。”



Source:

我国物价涨势继续放缓，2月份核心通货膨胀率仅为0.6%，低于1月份的0.8%，再次刷新2021年6月以来最低水平。

26/03/2025

Singapore core inflation dips further to 0.6% in February, lowest in nearly 4 years

The Business Times, 25 Mar 2025, Tuesday

[SINGAPORE] Singapore’s inflation fell further in February to the lowest levels in nearly four years, driven by slower price increases across most broad core categories, other than retail and other goods, data from the Singapore Department of Statistics showed on Monday (Mar 24).



Core consumer price index (CPI), which excludes private transport and accommodation, dipped to 0.6 per cent year on year, extending the sharp drop to 0.8 per cent in the January. This is the softest print since June 2021.



On a monthly basis, however, core inflation edged up by 0.1 per cent.



Headline inflation eased to a four-year low at 0.9 per cent year on year in February, down from 1.2 per cent in the previous month. Sequentially, it increased by 0.8 per cent.



February’s showing came in a notch lower than what private-sector economists polled by Bloomberg were expecting: 0.7 per cent for core inflation, and 1 per cent for headline CPI.



In a statement that was nearly identical to the one issued last month, the Monetary Authority of Singapore (MAS) and Ministry of Trade and Industry (MTI) reiterated their inflation outlook, noting that while the escalation of trade frictions could be inflationary for some economies, their impact on Singapore’s import prices is likely to be offset by “disinflationary drags exerted by weaker global demand”.



However, the authorities now deem uncertainties in the external environment, which have an impact on the outlook for inflation, to be “heightened”.



MAS’ next move



Several economists pointed out that the expression may hint at MAS’ next monetary policy move slated for April.



Citi economist Kit Wei Zheng believes a forecast downgrade is near, saying: “As risks to inflation were seen to largely hinge on growth in the January MPS (monetary policy statement), and heightened uncertainties from tariffs likely bias growth forecasts lower... we interpret this as a hint on an imminent MAS forecast downgrade.”



Edward Lee, chief economist for Asean and South Asia at Standard Chartered, said MAS may take a “wait-and-see” approach, with risk now slanted towards another pre-emptive loosening next month.



The severity of upcoming US tariffs to be implemented on Apr 2 could weigh on MAS’ decision, he added.



“The good news is that Singapore has escaped mention so far, but will still get indirect negative growth effect from trading partners,” he said. “And if Singapore does not escape direct tariffs, this will increase the risk of an earlier than expected easing.”



OCBC chief economist Selena Ling believes there is room to ease monetary policy since core inflation has now subsided well within MAS’ core inflation forecast of 1 to 2 per cent. The official outlook for headline inflation is 1.5 to 2.5 per cent.



Still, the timing of such a move is a “toss-up”, she said, since the inflationary impact spillover into economies outside the US is still unclear at this juncture, “given the frequent flip-flops of tariff announcements”.



“For now, many central banks may prefer to err on the side of downside growth risks,” added Ling. “If MAS chooses to remain static in April, this does not preclude an easing down the road but may just signify a ‘wait-and-see’ mode at this juncture.”



Meanwhile, several economists said they were lowering their full-year inflation outlook.

UOB associate economist Jester Koh said he is cutting his core outlook to 1 per cent, from 1.3 per cent, while keeping his headline CPI forecast at 1.3 per cent.



“Should tariffs and trade tensions continue to escalate, deflationary risks could surface due to the effects of weaker global demand while imported inflation could stay muted – especially as China continues to experience an extended period of deflationary pressure,” he said.



Citi’s Kit is shaving 0.1 percentage point off his core forecast to 0.7 per cent. “Our forecast anticipates weak momentum in February continuing into March on softening demand and pricing power,” he said.



Disinflation in most categories



Private transport costs rose at a slower pace of 1.6 per cent year on year in February, compared with 2.8 per cent in the previous month. This was due to smaller increases in car and petrol prices, MAS and MTI said.



Food inflation also moderated, coming in at 1 per cent year on year, as the pace of increase in the prices of non-cooked food and prepared meals slowed. It was 1.5 per cent in January.



Services inflation eased to 0.8 per cent year on year, from 1 per cent previously. This was because of lower airfares and a steeper decline in holiday expenses.



Electricity and gas prices fell more steeply to -3.1 per cent year on year, extending from January’s -2.9 per cent. This was attributed to a larger drop in electricity prices and a decline in gas prices.



Accommodation inflation was unchanged at 1.6 per cent year on year as smaller increases in housing rents were offset by larger increases in housing maintenance and repair costs.



Retail and other goods was the only category that bucked the trend with inflation increasing to -0.4 per cent year on year, from -0.6 per cent in January. This was due to smaller declines in the prices of clothing, footwear, as well as furniture and furnishings.



Source:

[SINGAPORE] Singapore’s inflation fell further in February to the lowest levels in nearly four years, driven by slower price increases across most broad core categories, other than retail and other goods, data from the Singapore Department of Statistics showed on Monday (Mar 24). Read more at The ...

26/03/2025

Who wants to be a property agent? Rewards could outweigh risks

The Business Times, 25 Mar 2025, Tuesday

[SINGAPORE] The job market in Singapore is tight, with some sectors struggling to fill vacancies. However, the property agency business is doing fine in attracting new joiners.



According to the Council for Estate Agencies, the number of property agents as at Jan 1, 2025, was 36,058, up from 35,251 a year ago. The agent population at the start of 2025 is up by 5,659 or 19 per cent, from 30,399 at the beginning of 2021.



The number of agents grew despite developers selling far fewer private homes excluding executive condominiums (ECs) in Singapore in each of 2022, 2023 and 2024 compared with 2021. In 2024, developers sold 6,469 private homes excluding ECs – under half that of 13,027 units in 2021.



However, recent months have seen a surge in new condo sales. In February, developers sold 1,575 private homes excluding ECs, about 10 times the 153 units moved a year earlier and 45 per cent more than the total sold in January, the Urban Redevelopment Authority’s data indicated.



Still, are new joiners to the property agency business behaving irrationally, given intense competition among agents and uncertainty of earnings?



Typically, agents bear substantial marketing costs. As agents are generally paid on a success basis when a deal closes, their earnings can fluctuate. Also, agents often need to work evenings and weekends to suit their clients’ schedules.



Nonetheless, driven young people could be justified in pursuing a career as a property agent, and forgoing getting a regular pay cheque plus the various perks and benefits from being a salaried employee.



Financial drivers and flexibility



Being an agent offers a way to earn more at a young age versus peers who are gradually climbing career ladders as salaried employees.



A young and energetic property agent who works long hours might be able to close more deals. In turn, earning a high income when young may help greatly in wealth creation – earnings can be invested to grow through compounding. Furthermore, a person who becomes a condo owner ahead of contemporaries enjoys an advantage should home prices rise over time.



Secondly, becoming a property agent can be a wise choice for those who seek the freedom of being their own boss. And being one’s own boss might hold increasing appeal amid weakening job security.



Sure, one has to work hard to pass examinations to become a property agent. Still, an agent need not incur substantial upfront costs or operating expenses, unlike many entrepreneurs. For example, someone opening a food outlet might have to spend a large upfront sum on equipment and renovation plus fund significant recurring expenses on rental, manpower and supplies.



An established property agent has the flexibility to adjust the amount of time to devote to the job. This is valuable as a person’s commitments and interests evolve.



When needed, an agent can work part-time to cater to family needs, pursue other passions or build a separate business among others. Also, an agent can generally choose to work for as long as he or she wants to or is able to, without being subject to say a retirement age that applies to salaried workers.



While a property agent’s earnings might fluctuate, established agents can earn relatively steady income from handling rental transactions. Commissions are earned fairly regularly from the signing of new home rental leases or lease renewals.



Income generated from handling leasing deals is especially helpful when say sales of private homes freeze immediately following new property cooling measures.



Knowledge gained from working in the Singapore’s housing market also allows agents to use such knowledge to build wealth via property ownership. Perhaps an agent is better able to identify properties that may outperform.



Moreover, agents often enjoy priority in securing choice units at new condo launches, as they can buy units at a project’s VIP preview held ahead of the public launch.



Moats and sustainability



A successful property agent can gradually build a moat. Through word-of-mouth and customer loyalty, agents can build up a network of repeat customers from satisfied clients as well as their family members and friends. Many of these customers might transact homes several times over the course of their lives as their needs change.



Furthermore, successful property agents can over time lead of teams of agents and thus have the opportunity to earn from the efforts of other team members.



It has been said that technology allows buyers and sellers to bypass agents, but the threat of massive job redundancies among property agents might be minimal.



The human touch may still be invaluable in transacting homes. As many buyers and sellers transact homes infrequently and such deals involve large sums of money, both buyers and sellers might seek assurance from using a competent middleman whom they are comfortable with.



Building a career that is tied to physical property here can be rewarding, given Singapore’s growing stature as a global city and good infrastructure. Many wealthy people see local property as stores of value because of Singapore’s stability in a world rife with geopolitical tensions.



Among various physical property types, homes can be an especially stable asset class, as demand for high quality abodes appears to be strong on a sustainable basis. Think of the consistent desire of people to channel gains from career, business or investment success into owning quality homes for their households to enjoy.



While finding career success in any field is tough, sound reasons drive young people to be property agents.



However, the lure of being a property agent may not help improve Singapore’s economic competitiveness and productivity. Also, some of the human capital tied up in the property agency business could potentially be better deployed in areas such as healthcare to cater to an ageing population. Amid Singapore’s tight labour market, might capping the number of property agents benefit the economy and the community?



Let’s respect the choices of those who become property agents but hope the sector does not excessively suck up human talent.



Source:

Are there too many property agents in Singapore? Read more at The Business Times.