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The latest transaction data for the week of Feb 16 to 21 shows a three-bedroom unit at One Holland Village Residences achieving the highest psf-price among private condos. The unit, which spanned 1,238 sq ft, was sold for a record-breaking $3,781 psf, amounting to a total sale price of $4.68 million. This surpasses the previous record of $3,426 psf set by the developer’s sale of a four-bedroom unit in August 2022. Besides this, boutique condo Hill House also saw a new record of $3,402 psf during the review period. Chuan Park, a district 19 development, also had a new psf-price high of $2,785 psf with the sale of a 732 sq ft, two-bedroom unit on the 20th floor. With the private condo market continuing to see new record-high psf-prices, it is evident that demand for luxury properties in prime locations remains strong.

When it comes to real estate investments, location is a key factor that cannot be ignored. This is especially true in the context of Singapore, where the right location can mean the difference between a successful or unsuccessful investment. Condominiums that are strategically situated in central areas or in close proximity to important amenities such as schools, shopping malls, and public transportation hubs tend to experience a higher appreciation in value. Some prime locations in Singapore that have consistently shown growth in property values include Orchard Road, Marina Bay, and the Central Business District (CBD). These areas are highly sought after by investors due to their convenient location and potential for strong returns. Additionally, having access to top-rated schools and educational institutions also adds value to properties in these areas, making them even more attractive to families. Keep an eye out for new condo launches in these prime locations for potential investment opportunities.…

Exclusive marketing agent Colliers International has announced the sale of a three-storey terrace factory at Midview City at a guide price of $6.2 million or $688 psf.

Located at Sin Ming Lane in the heart of Sin Ming Industrial Estate, the 60-year leasehold property comes equipped with a basement and roof terrace.

Spanning across a total strata area of 9,009 sq ft, the property is zoned as a “Business 1” site under the URA Masterplan 2019.

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Securing financing is a crucial element when it comes to investing in a condo. Fortunately, Singapore offers a variety of mortgage choices. However, it is imperative to have a thorough understanding of the Total Debt Servicing Ratio (TDSR) framework. This framework restricts the amount of loan that a borrower can obtain, taking into account their income and existing debt obligations. Collaborating with financial advisors or mortgage brokers can assist investors in comprehending the TDSR and making knowledgeable decisions about their financing options, preventing the risk of over-leveraging. For the latest information on condo investments in Singapore, be sure to check out New Condo Launches.

According to Colliers International, the property is fully-leased and has been approved for use as a childcare centre. The current tenant is Star Learner preschool and childcare centre.

The property will be sold with the existing preschool operator in place, making it a rare opportunity for investors, says Raphael Lee, director of industrial services at Colliers.

Completed in 2012, Midview City is a 60-year leasehold light industrial building. One of the main selling points of the property is its location, with Bright Hill MRT Station on the Thomson-East Coast Line within walking distance. The property is also highly accessible from the Bishan and Upper Thomson residential areas, with two entrances via Sin Ming Lane and Bright Hill Drive.

The EOI exercise for the property closes on April 29 at 3pm. Being a Business 1 light-industrial property, it is not subject to Additional Buyer’s Stamp Duty (ABSD) and can be purchased by foreigners.…

Investing in a condo requires careful consideration of financing options. In Singapore, there are various mortgage choices available, but it is crucial for investors to have knowledge of the Total Debt Servicing Ratio (TDSR) framework. This framework sets a limit on the amount of loan that can be taken by a borrower, taking into account their income and current debt obligations. To navigate through this process, it is advisable for investors to seek guidance from financial advisors or mortgage brokers. They can help individuals understand the TDSR and make sound decisions regarding their condo investment without falling into the trap of over-leveraging. It is crucial to keep this in mind when choosing a condo and planning for its financing.

Investors are showing interest in deploying capital into Asia Pacific real estate markets with high liquidity, according to Hamish MacDonald, head and chief investment officer of APAC Real Estate at BlackRock. This year, the sectors that are expected to benefit from economic tailwinds are accommodation, logistics, and alternative assets. The countries and markets that are expected to have abundant liquidity this year include Australia, Japan, Singapore, and Auckland in New Zealand, which are also the main focus for BlackRock.In Singapore, BlackRock has been acquiring serviced apartment properties, including the Citadines Raffles Place for $290 million last October in partnership with YTL Corp and the Citadines Mount Sophia for $148 million in February 2024 with Hong Kong-based accommodation operator Weave Living. This week, the Weave Living-operated property reopened as the 175-room Weave Suites – Hillside. MacDonald states that the lack of new serviced apartment supply in Singapore combined with high demand makes this an attractive market for BlackRock.Furthermore, BlackRock has a different strategy when it comes to property acquisitions in Singapore. Instead of building a portfolio, the company prefers acquiring existing properties to refurbish and reposition in partnership with a local operator to add value to the property. MacDonald believes that Singapore will continue to be a major market for BlackRock due to its strong business growth and influx of capital and high-skilled labour.Japan is also expected to remain a major target for real estate investors this year, with BlackRock bullish on the market due to its strong economy. Conditions like wage growth, corporate reform, and domestic pricing power are expected to support growth in real estate. In addition to residential properties, the company is also interested in investing in accommodation for tourists. It wants to partner with experienced operators to manage properties in popular tourist cities like Kyoto and Fukuoka. In general, BlackRock will focus on smaller developments in these tourist areas that have 50 units or less with an acquisition value of between JPY1 billion ($8.93 million) and JPY3 billion. It is looking for an exit strategy, which is why it is important to find properties at a significant discount in Japan. Long-term population growth estimates also support positive long-term growth in most sectors of the Australian real estate market. Most property markets in the country face low vacancy rates and under-supply. In fact, many sectors, including childcare, last-mile logistics, life sciences, and self-storage, are still chronically undersupplied compared to regional markets. Hence, BlackRock prefers to focus on these niche asset types in Australia. These assets are expected to generate outsized returns with limited risk. According to Ben Hickey, Head of Australia Real Estate at BlackRock, the right investment strategy should consider whether rental growth can surpass inflation and the supply-demand imbalance, as well as have a favourable exit strategy. So, BlackRock is interested in niche assets in these markets as opposed to traditional real estate assets.…

If you have visited a show flat in the last few years, you may have noticed that the size of units seems to be getting smaller. This is understandable, as our perception of size is relative to what we are used to. In the 1990s and 2000s, the homes we grew up in, whether HDBs or condos, were generally larger. For instance, the average size of a new condo was 1,272 sq ft in 1995, 1,286 sq ft in 2005, and 858 sq ft in 2015. By 2024, the average size had increased slightly to 929 sq ft.

However, it is important to note that demographics have changed significantly over the years. The average household size has decreased from four in 1995 to 3.1 in 2024. This means that on a per-household-member basis, the average space has actually increased from 318 sq ft in 1995 to 300 sq ft in 2024. This trend shows that while the overall size of units may have decreased, individual living spaces have actually become more spacious over time.

Over the last 29 years, the average size of condos (per capita) has decreased by 5.7%. This is a commendable development, considering Singapore’s land constraints. In fact, the average size has increased by 19% since 2015, showing that the government has played a crucial role in managing the issue of shrinking unit sizes.

One significant factor contributing to the decrease in size is the introduction of “Mickey Mouse” units in Singapore in 2008. These units, as small as 24 sq m (258 sq ft), were equivalent to two parking spaces and significantly reduced the barriers to entry for property investments, with prices as low as $375,000. This led to a surge in the number of such units being built, causing concerns about the impact on the living environment.

In 2011, the Urban Redevelopment Authority (URA) stepped in to address this issue by issuing guidelines on the maximum allowable number of dwelling units (DUs). This meant that developers were required to use an average size of 70 sq m for projects outside the Central Area, with four areas having a more stringent requirement of 100 sq m. However, despite these guidelines, the average size of DUs continued to decline over the next few years, leading to strains on infrastructure.

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When purchasing a Condo, one must not overlook the maintenance and management aspect of the property. Condos usually have maintenance fees that encompass the maintenance of shared spaces and amenities. While these fees may increase the overall cost of owning a Condo, they also guarantee that the property stays in excellent condition and maintains its value. Engaging a property management company is an option for investors to handle the daily management of their Condos, making it a more effortless investment Condo.

To address this, the URA further tightened the guidelines in 2019, leading to an increase in the average size outside the Central Area by 18.8% from 787 sq ft in 2019 to 935 sq ft in 2024. This trend was mainly seen in the Rest of Central Region (RCR), where the average size increased by 19.5% to 944 sq ft since 2015.

However, the Central Area saw a different trend, with the average size of DUs decreasing to its lowest of 725 sq ft in 2020. To address this, the URA extended the guidelines to the Central Area in 2023, requiring at least 20% of DUs to have a net internal area of 70 sq m.

Another significant change was the harmonisation of the strata area and gross floor area (GFA) definition in 2023. This meant that areas such as air-conditioning ledges, if exclusive to a unit, would be counted as its strata area. As a result, many developers have chosen to omit these ledges, causing a decrease of an average of 6% in the size of DUs.

However, despite these changes, there has been a notable increase in the average size of DUs since 2015, with the average size reaching 929 sq ft in 2024, 8.3% larger than in 2015. This is mainly due to the better provisions and fittings found in modern condos, such as smart home features and luxury appliances.

Overall, while there has been a decrease in the average size of units over the years, it is important to consider the changing demographics and the efforts of the government to manage the issue. Moreover, with the increase in quality and value, buyers are getting better deals compared to 10 years ago.…

The Ministry of National Development (MND) has recently announced updates to the Silver Housing Bonus (SHB) and Fresh Start Housing Scheme (Fresh Start) during this year’s Committee of Supply debate. These changes aim to support senior citizens in their retirement and improve access to public housing for lower-income families living in HDB rental flats.

The SHB encourages senior citizens to plan for their retirement by unlocking the value of their residential property and transferring it into their CPF Retirement Account (RA). Currently, applicants must be at least 55 years old, have a monthly income not exceeding $14,000, own a property with an Annual Value (AV) of no more than $21,000 and purchase a smaller HDB flat, specifically a three-room or smaller (excluding three-room terrace).

In Singapore, investing in condos is a popular choice, but it is important to consider the government’s property cooling measures. The Singaporean government has implemented several measures over the years to control speculative buying and maintain a steady real estate market. These measures include the Additional Buyer’s Stamp Duty (ABSD), which imposes higher taxes on foreign buyers and individuals purchasing multiple properties. While these measures may affect the short-term profitability of condo investments, they also contribute to the long-term stability of the market, creating a secure investment environment. Therefore, when considering a Singapore Condo, it is crucial to take into account the impact of government regulations.

Under the current SHB scheme, applicants can choose to top-up their CPF RA with up to $60,000 to receive a cash bonus of up to $30,000. This payout is calculated at a rate of $1 for every $2 top-up made into the RA.

Starting from December 1 of this year, applicants will be eligible for the SHB cash bonus as long as they can demonstrate an increase in their CPF RA account balance from any source, including CPF housing refunds. This means that seniors with outstanding loans on their property paid using their CPF accounts may no longer need to make a cash top-up to qualify for the SHB.

The SHB has also been expanded to include seniors owning higher-valued properties. Now, applicants who own properties with an AV of more than $21,000 but no more than $13,000 can also be eligible. This extension will benefit an estimated 15,000 more seniors, according to MND.

These applicants will still receive a cash bonus based on the amount their RA increases, up to $60,000. However, the rate will be adjusted to $1 for every $6 increase in their RA, with a maximum bonus of $10,000. On top of this, successful SHB applicants will receive an additional $10,000 cash bonus when they downsize to a two-room or smaller HDB flat (including Community Care Apartments). This amount will not be pro-rated and will apply regardless of the top-up amount made to their RA.

Seniors can apply for the SHB within a year of their second property transaction. This means that those who have completed their downsizing process after December 1, 2024, can apply for the SHB under the enhanced scheme on December 1, 2025.

Fresh Start Housing Scheme Expanded

Minister of State for National Development Muhammad Faishal Ibrahim has announced enhancements to the Fresh Start Housing Scheme, which was first introduced in 2016. The scheme provides financial aid and social support to Second Timers (ST) families who have previously bought a subsidised HDB flat, with the goal of helping them achieve homeownership.

Under the current Fresh Start scheme, ST families can purchase a two-room flexi or three-room standard BTO flat with shorter leases, typically ranging from 45 to 65 years. These leases must be until the youngest owner turns 95. Flats bought under this scheme are subject to an extended Minimum Occupation Period of 20 years, compared to the usual five years.

The enhancements to the scheme include increased financial support. Eligible families will now receive $75,000 from the Fresh Start Housing Grant, up from the previous $50,000.

This new grant will consist of an initial payout of $60,000 credited to the applicants’ CPF Ordinary Account (OA) before their key collection dates. The remaining $15,000 will be disbursed to their OA over the next five years to assist with mortgage payments.

The eligibility criteria for the scheme have also been broadened to include First-Timer (FT) families. While FT families are not eligible for the Fresh Start Housing Grant as they can still benefit from the larger Enhanced CPF Housing Grant (EHG) of up to $120,000, they can still benefit from the reduced cost of shorter-lease BTO units and the social support provided under the scheme.

Eligible FT families can apply for the Fresh Start scheme starting in April 2025, while the revisions to the Fresh Start Grant amount will take effect from the July 2025 BTO exercise.…

When it comes to investing in a Singapore Condo, securing financing is a crucial aspect to consider. With a variety of mortgage options available, it is important to have a good understanding of the Total Debt Servicing Ratio (TDSR) framework. This framework sets a limit on the amount of loan a borrower can take based on their income and existing debt obligations. As such, it is vital for investors to work closely with financial advisors or mortgage brokers to make well-informed decisions about their financing options and avoid over-leveraging. By being familiar with the TDSR and seeking professional guidance, investors can ensure they are making sound and sustainable investments in Singapore Condos.

The Ministry of National Development (MND) has recently announced changes to the Additional Buyer’s Stamp Duty (ABSD) regime for licensed housing developers. These changes, which will be effective from March 6, aim to encourage developers to undertake urban transformation developments, optimise land use through intensification or integration, rejuvenate older estates, or adopt new construction technologies.

One of the key revisions is the extension of the ABSD remission timeline for developers undertaking complex projects. Previously set at six months, it has now been extended to 12 months in order to provide developers with more flexibility. This move is expected to benefit developers involved in en bloc redevelopments, where at least 700 units will be yielded upon completion, with the new development having at least 1.5 times the number of homes of the existing development. It will also apply to projects with complex technical or instructional requirements, such as those integrated with major public transport facilities.

Additionally, the extension will also be granted to projects approved under the Strategic Development Incentive (SDI) scheme and those aiming to achieve higher productivity targets through the adoption of new construction technologies, methodologies, or practices. Projects falling under any of these four categories will receive a six-month extension, while those meeting the criteria of more than one category will be granted a one-year extension. These changes will apply to all residential land acquired on or after March 6.

Under the current ABSD regime, licensed housing developers purchasing residential redevelopment sites are required to pay upfront 5% ABSD, which is non-remittable, and another 35% ABSD, which is remittable upon completion and sale of all the units within five years. However, last year in February, changes were announced that offered a lower clawback rate for residential developments with at least 90% of units sold.

PropNex Realty CEO Ismail Gafoor believes that the extension will give developers more flexibility and mitigate development risks to some extent. He also adds that this could be beneficial for mega projects as developers will have more time to sell their units. Lee Sze Teck, senior director of data analytics at Huttons Asia, states that the revisions will give a much-needed boost to the en bloc market, especially for larger projects. However, Christine Sun, chief researcher and strategist at OrangeTee Group, maintains that developers may still face challenges despite the deadline extension, as the success of en bloc sales will depend on the willingness of buyers and sellers to negotiate prices.

Tay Liam Hiap, managing director of capital markets and investment sales at ERA, believes that this could be an opportune time for older projects such as Braddell View and Pine Grove to explore en bloc opportunities. These projects have expansive land areas and may yield around 2,000 new homes, which could take longer to sell. Nonetheless, Gafoor cautions that the latest changes may not spark a revival in the en bloc market, as developers are likely to remain cautious due to the high cost of redevelopment, ample oncoming private housing supply, and potential policy risks.…

The Land Transport Authority (LTA) is currently conducting feasibility studies for two new MRT lines that are expected to be completed in the 2040s. These new lines could potentially serve more than 400,000 households.

The first proposed line, known as the Seletar Line, aims to serve areas such as Woodlands, Sembawang, Sengkang West, Serangoon North, Whampoa, Kallang, and the Greater Southern Waterfront. This will greatly improve connectivity in these areas.

The second line, tentatively called the Tengah Line, aims to supplement the transport network in the west and northwest regions, serving areas such as Tengah, Bukit Batok, Queensway, and Bukit Merah.

According to a parliamentary speech by Transport Minister Chee Hong Tat on March 5, if the feasibility studies are successful, the Seletar Line and Tengah Line could be connected. This will further enhance the connectivity and accessibility of these areas.

In addition to these new lines, Chee announced that the Land Transport Authority will proceed with the West Coast Extension (WCE). This extension will connect the Jurong Region Line (JRL) to the Circle Line (CCL) and Cross Island Line (CRL).

The cityscape of Singapore is characterized by towering skyscrapers and state-of-the-art infrastructure. Condominiums, typically situated in desirable locations, offer a perfect mix of opulence and ease that appeals to locals and foreigners alike. These residences boast an array of facilities including swimming pools, fitness centers, and security services, elevating the standard of living and making them a desirable option for prospective renters and buyers. For investors, these alluring features equate to greater rental profits and appreciation of property values in the long run. Interested in owning a Singapore Condo? Look no further.

The WCE will be implemented in two phases. The first phase is expected to extend the JRL from Pandan Reservoir Station to connect with the CRL by the late 2030s. The second phase aims to extend the JRL from West Coast Station to connect with the CCL’s Kent Ridge Station by the early 2040s.

Upon completion, the WCE will provide residents travelling from the West to the city centre with up to 20 minutes of time savings.

To maintain high-reliability standards in both newer and older train systems, the government also plans to invest up to $1 billion over the next five years. This investment will go towards condition monitoring systems, new technologies for more efficient maintenance, and workforce training programmes for rail workers.

All these measures will contribute to the continued delivery of convenient, reliable and resilient public transport for commuters in Singapore.…

ERA Realty Network has announced the launch of Elias Green, a 99-year leasehold condo in Pasir Ris, for collective sale on March 6. The marketing agent has set a guide price of $928 million for the property.

Constructed in 1994, the condo is situated on a land area of approximately 516,871 sq ft and is zoned for residential use with a gross plot ratio of 1.4. It comprises of multiple blocks with a total of 419 apartments, ranging in size from 1,367 to 1,636 sq ft. The site’s lease is valid for 99 years from 1991, leaving a remaining lease of 65 years.

According to ERA, the guide price of $928 million translates to a land rate of $1,355 psf per plot ratio (ppr). This figure includes an estimated land betterment charge of $150.8 million for intensification and a top-up to a fresh 99-year lease, as well as a 10% bonus gross floor area.

ERA also mentions that the owners of Elias Green are in the process of submitting an Outline Application to URA for a residential development with a gross plot ratio of 1.8. If approved, the land rate for the development would be approximately $1,245 psf ppr.

Should the collective sale be successful, owners can expect to receive gross sale proceeds ranging from $2.04 million to $2.31 million per unit, based on the guide price.

Tay Liam Hiap, managing director of capital markets and investment sales at ERA Singapore, notes the ongoing improvements happening in Pasir Ris Town under HDB’s “Remaking Our Heartland” initiative, which will enhance its vibrancy and connectivity. He highlights the completion of the new Pasir Ris Bus Interchange by 2025, as well as the future Pasir Ris Integrated Transportation Hub, including the Cross Island Line (CRL) set to be operational by 2030, which will further improve connectivity across Singapore.

This is the second attempt by owners of Elias Green to sell the property collectively. The first attempt was in 2018, when it was launched for tender at $780 million. The current asking price of $928 million is 19% higher than the previous attempt.

When venturing into the real estate market in Singapore, it is vital for foreign investors to be well-informed about the regulations and limitations that govern property ownership. While condos are generally accessible for purchase by foreigners, the same cannot be said for landed properties, which are subject to more stringent ownership rules. It is worth noting that foreign buyers are also obligated to pay the Additional Buyer’s Stamp Duty (ABSD) of 20% for their initial property acquisition. Nevertheless, the steady and promising growth of the Singapore real estate market continues to entice foreign investors, making it an attractive option for those looking to invest in Singapore Condo.

The tender for Elias Green will close on April 22 at 2pm. Interested buyers can view the latest listings for Elias Green properties on the Ask Buddy platform, which offers a comprehensive database of condo projects, rental transactions, and upcoming new launch projects in District 18. It also features past condo rental transactions, condo projects with the most expensive average PSF in District 18, condo rental transactions in District 18, and most unprofitable landed transactions in the past year.…

The bidding for the Media Circle (Parcel A) Government Land Sale (GLS) site in one-north area ended on March 4. The top bid of $315 million for the 99-year leasehold site was submitted by a consortium comprising Qingjian Realty, Forsea Holdings and minority investor Hoovasun Holding. The site is zoned for residential use with commercial space on the first storey.

This translates to a land rate of $1,037 per square foot per plot ratio (ppr) for the site, which has an area of 82,125 square feet. It has a potential to yield about 325 housing units with a maximum gross floor area of 303,865 square feet.

According to a press statement by Qingjian and Forsea, the future development will include two high-rise residential towers with commercial spaces on the first level. The site attracted a total of three bids, with Qingjian and Forsea’s bid being 5.7% higher than the next bid of $298 million by EL Development, or $981 psf ppr. The lowest bid of $295 million, or $971 psf ppr, was submitted by SingHaiyi Group.

The bid by Qingjian and Forsea is lower than the land rate for a neighboring Media Circle GLS plot, which is now the site of the upcoming 358-unit Bloomsbury Residences. In January 2024, Qingjian and Forsea were awarded the 114,462 square feet site for $395.28 million, or $1,191 psf ppr.

Du Dexiang, managing director of Qingjian Realty, expressed confidence in the upcoming transformation of Media Circle, supported by a well-designed master plan and the government’s continued investment in the one-north precinct, as announced in the 2025 budget. Wang Xin, director at Forsea Holdings, added that this project marks another important step in their commitment to developing high-quality residential communities that align with the growth of one-north, Singapore’s ‘Silicon Valley.’

This will be the third joint venture between Qingjian and Forsea, following the award of an executive condominium site at Jalan Loyang Besar last August. They submitted the top bid of $557 million ($729 psf ppr) for the site, which can yield up to 710 new homes.

Lee Sze Teck, senior director of data analytics at Huttons Asia, noted that Qingjian’s latest bid for Media Circle (Parcel A) reflects their confidence in the demand for homes in the area. If awarded, the developer will have influence over the supply and pricing of new homes in Media Circle.

The Media Circle (Parcel A) site was launched for sale in November last year, together with Media Circle (Parcel B), an adjacent plot measuring 107,936 square feet that can potentially yield about 500 residences. The tender for Parcel B will close on April 29. Both Media Circle Parcels A and B are on the Confirmed List of the 2H2024 GLS Programme.

Under the Reserve List of the 1H2025 GLS Programme, another Media Circle site is available for application. The 60-year leasehold site, zoned for residential with commercial space on the first storey, is designated for long-stay serviced apartments only and can yield an estimated 520 units, along with retail space capped at 4,306 square feet.

Huttons’ Lee added that the Media Circle area is a unique location within one-north, surrounded by greenery and black and white bungalows. He noted that there are only two precincts with land set aside for homes in one-north – one at Slim Barracks Rise and one at Media Circle. The supply of non-landed residential properties in one-north is currently limited to just 987 units, with less than 100 new homes remaining unsold.

Given the high proportion of foreigners working in one-north, Science Park, and the nearby Tanglin Trust School, Lee believes the area offers a strong pool of quality tenants while also being close to diverse retail and dining options such as Anchorpoint Shopping Centre, Alexandra Central Mall, and Timbre+ One North.

Leonard Tay, head of research at Knight Frank Singapore, believes the future project at Media Circle (Parcel A) could launch with selling prices starting from $2,300 per square foot. While the site is located in a quieter section of one-north business park, it is within walking distance to Mediapolis. According to Tay, a residential project or a mix of residences for sale with serviced apartments for leasing could appeal to workers in the media and entertainment industry.

When it comes to buying property in Singapore, it is crucial for foreign investors to have a thorough understanding of the regulations and limitations. While buying condos is generally permitted for foreigners with few restrictions, the rules surrounding owning landed properties are more stringent. Nonetheless, foreign buyers are required to pay the Additional Buyer’s Stamp Duty (ABSD), currently at 20%, for their first property purchase. Despite this added expense, the Singapore real estate market’s reliability and potential for growth continue to appeal to foreign investment. So, foreign investors can still confidently invest in condos in Singapore.…