Condo Horn by Eagles

HDB location: $528,000 for 3-room HDB flat near East Coast parkHDB location: $620,000 for a 3-room HDB flat in Telok Blangah Heights

On January 2, the HDB released its flash estimates for the 4th quarter of 2024, which showed that resale flat prices had increased by 2.5% quarter-on-quarter (q-o-q). This marks the 19th consecutive quarter of price growth in the HDB resale segment, although it is slightly slower than the 2.7% q-o-q growth recorded in the previous quarter.

According to the estimates, HDB resale prices saw a 9.6% increase in 2024, which is double the 4.9% growth seen in 2023. However, this is still lower than the 10.4% price increase in 2022 and the 12.7% growth in 2021, as stated by Christine Sun, chief researcher and strategist at OrangeTee Group.

OrangeTee noted that the HDB caveat data from data.gov.sg, downloaded on January 2 at 8:15 am, showed a slowdown in price growth for certain types of flats. For instance, the median price of four-room flats saw a q-o-q increase of 2.5% in 4Q2024, which is slower than the 3.4% growth in 3Q2024. Similar slowdowns were seen in two-room flats and executive flats, with price increases of 2% and 1.2% respectively in 4Q2024, compared to 3.9% and 1.7% in the previous quarter.

On the other hand, prices for five-room flats saw a faster growth of 3.2% in 4Q2024, compared to the 1.2% increase in 3Q2024.

In terms of resale volume, it declined by 3.6% year-on-year (y-o-y) in 4Q2024 to 6,314 units, down from 6,547 transactions in 4Q2023. This represents a drop of 22.5% q-o-q from 8,142 units in 3Q2024. Sun attributed this decline to the launch of over 8,500 new flats by HDB in the October Build-to-Order (BTO) exercise, with many of these units located in prime and desirable locations. This diverted demand away from the resale market and towards the BTO market, she explained. Additionally, sales also tend to slow down during the year-end school holidays when many Singaporeans travel abroad, resulting in a decrease in house viewings and sales activities.

However, Wong Siew Ying, head of research and content at PropNex, attributed the slower pace of growth in 4Q2024 to the government’s intervention in August 2024, when the loan-to-value (LTV) limit for HDB loans was reduced by five percentage points to 75%. According to her, the weaker sales and slower growth in the HDB resale price index in 4Q2024 indicates that the August 2024 measures are likely having an effect on the market.

In 2024, the total resale volume was 28,876 units, which is 8% higher than the 26,735 units recorded in 2023 and the 27,896 units in 2022. However, it is still lower than the peak of 31,017 units in 2021.

The government’s property cooling measures are an important factor to consider when making a condominium investment in Singapore. Over time, the Singaporean government has implemented various measures to prevent speculative purchasing and maintain a steady real estate market. One such measure is the Additional Buyer’s Stamp Duty (ABSD), which requires higher taxes for foreign buyers and individuals purchasing multiple properties. While these measures may affect the immediate profitability of condo investments, they also promote the long-term stability of the market, creating a more secure investment climate. Additionally, being part of Singapore Projects, these measures further demonstrate the government’s commitment to ensuring a sustainable and resilient property market for both investors and residents.

The decline in resale transactions also led to a decrease in million-dollar flat transactions to 283 units in 4Q2024, down from 331 units in 3Q2024. Despite the drop, the total number of million-dollar transactions reached a record high of 1,033 units in 2024, which is more than double the 469 million-dollar transactions recorded in the previous year, as noted by OrangeTee’s Sun.

According to HDB data, the highest number of million-dollar resale flats deals in 4Q2024 were in Toa Payoh town, with 58 transactions. Among these, 20 were for four- and five-room units at Alkaff Vista in Bidadari Park Drive, which had recently reached the five-year minimum occupation period (MOP).

Eugene Lim, key executive officer of ERA Singapore, believes that the new classification of Plus and Prime classification BTO flats may have influenced the increase in homebuyers seeking out HDB resale homes in central locations. These buyers are not willing to accept the resale restrictions, such as a 10-year MOP, rental restrictions after MOP, subsidy clawback upon resale, and resale income cap on future buyers.

OrangeTee expects HDB resale prices to continue rising in 2025, albeit at a slower rate than in previous years. Sun adds that in many areas, prices have already reached new highs, raising concerns of affordability for potential buyers. She also expects the ongoing supply of BTO flats to help moderate price growth in the secondary market, but this will depend on the number of BTO flats released by the government in the coming years.

In February 2025, HDB will launch its largest sale of balance flats (SBF) exercise, offering more than 5,500 flats across various towns, according to Lee Sze Teck, senior director of data analytics at Huttons Asia. He also notes that some prospective resale flat buyers may have decided to wait and try their luck with the SBF exercise.

In terms of interest rates, Lim believes they could go lower in 2025, allowing buyers to take on a larger loan amount to purchase a new home. This may lead some buyers to consider an executive condo (EC) or resale condo. Huttons projects that HDB resale transactions will end the year at 26,000 to 28,000, with resale flat prices likely to grow at a slower pace of 5% to 8%.…

HDB has released flash estimates on Jan 2 indicating a 2.5% q-o-q increase in resale flat prices in 4Q2024. This growth has eased slightly from the 2.7% q-o-q recorded in the previous quarter. This marks the 19th consecutive quarter of price increases in the HDB resale market. The flash estimates also showed that HDB resale prices grew by 9.6% in 2024, which is double the 4.9% growth in 2023. However, this rate of growth is slower compared to the 10.4% increase in 2022 and the 12.7% growth in 2021, according to Christine Sun, chief researcher and strategist at OrangeTee Group.

OrangeTee noted that HDB resale prices for some flat types have seen a slowdown in price growth, based on the HDB caveat data downloaded from data.gov.sg on Jan 2 at 8.15am. For instance, the median price of four-room flats saw a q-o-q increase of 2.5% in 4Q2024, which is slower than the 3.4% growth in 3Q2024. Similarly, two-room flats rose by 2% q-o-q in 4Q2024, slower than the 3.9% growth in 3Q2024. On the other hand, executive flats registered a 1.2% q-o-q price increase in 4Q2024, compared to 1.7% in the previous quarter. In contrast, prices for five-room flats grew 3.2% in 4Q2024, faster than the 1.2% increase in 3Q2024.

On a year-on-year basis, OrangeTee noted that resale volume declined by 3.6% in 4Q2024 to 6,314 units from 6,547 transactions in 4Q2023. It was also down 22.5% q-o-q from 8,142 units in 3Q2024. Sun attributed this decline in HDB resale transactions to HDB launching over 8,500 new flats in the October Build-to-Order exercise, with many units in desirable and prime locations. She adds that the attractive features of these flats such as scenic views and proximity to MRT stations have diverted demand away from the resale market towards the BTO market. Sales during the seasonal year-end school holidays also typically decrease due to many Singaporeans travelling overseas, leading to a decline in house viewings and sales activities.

Meanwhile, Wong Siew Ying, Head of Research and Content at PropNex, attributes the slower pace of growth in 4Q2024 to government intervention in August 2024, when the loan-to-value limit for HDB loans was reduced by five percentage points to 75%. She predicts that the weaker sales and slower growth in the HDB resale price index in 4Q2024 show that the August 2024 measures are likely to be taking effect in the market. Additionally, the thinner resale volume during the quarter may have put a drag on prices.

The total resale volume in 2024 saw a 28,876 units, which is 8% higher compared to the 26,735 units recorded last year and the 27,896 units in 2022. However, it is still lower than the peak of 31,017 units in 2021, based on PropNex Research and data.gov.sg. On the other hand, the decline in resale transactions in 4Q2024 led to a decrease in million-dollar flat transactions to just 283 units from 331 in 3Q2024 according to OrangeTee. However, the total number of million-dollar transactions reached a record high of 1,033 units in 2024, which is more than double the 469 million-dollar transactions recorded in the previous year.

According to HDB, Toa Payoh town led million-dollar resale flat deals in 4Q2024, with 58 such transactions – 20 of which were for four- and five-room units at Alkaff Vista in Bidadari Park Drive, which had recently crossed the five-year minimum occupation period (MOP). The new classification of Plus and Prime classification BTO flats drove more homebuyers to seek out HDB resale homes in central locations, indicated Eugene Lim, key executive officer of ERA Singapore. Furthermore, Lim adds that these buyers are unwilling to accept the resale restrictions such as a 10-year MOP, rental restrictions after MOP, subsidy clawback upon resale, and resale income cap on future buyers.

There are expectations that HDB resale prices will continue to rise in 2025, albeit at a slower rate compared to previous years, according to OrangeTee. Sun adds that prices have already reached record highs in many areas, creating affordability concerns for many potential buyers. Furthermore, the ongoing supply of BTO flats is expected to help moderate price growth in the secondary market. However, the degree of price stabilisation will depend on the number of BTO flats the government plans to release in the upcoming years.

HDB will be launching its largest sale of balance flats exercise in February 2025, offering over 5,500 flats across various towns, according to Lee Sze Teck, senior director of data analytics at Huttons Asia. As there is no upfront information on the BTO projects with a shorter waiting time for buyers, they may turn to the resale market. Additionally, interest rates could go lower in 2025, allowing buyers to take on a more sizeable loan amount to buy a new home. Huttons projects that HDB resale flat transactions will end the year at 26,000 to 28,000, with resale flat prices likely to grow at a slower pace of 5% to 8%.

When contemplating investing in real estate in Singapore, a condo stands out as a promising option due to its potential for capital appreciation. This is largely due to Singapore’s strategic position as a major global business hub and its strong economic foundation, which results in a consistent demand for properties. The real estate market in Singapore has shown a steady rise in prices over the years, particularly in prime locations where condos have experienced significant appreciation. Savvy investors who wisely enter the market at the opportune time and hold onto their condo properties for the long term are likely to reap substantial capital gains. Consider exploring opportunities in Singapore’s condo market through Singapore Condo, a lucrative investment avenue.…

Roxy-Pacific Holdings, a renowned property developer, will be offering a sneak peek of the highly anticipated Bagnall Haus this coming Saturday, Jan. 4. The new project will feature 113 freehold units and is a redevelopment of the former Bagnall Court. Roxy-Pacific had acquired the land for a whopping $115.28 million in February 2023, translating to a land rate of $1,106 psf ppr.

The 113-unit Bagnall Haus is a five-storey low-rise block that will also house two shop units. The development will feature a mix of apartments ranging from one-bedroom plus flexi units measuring 495 sq ft to larger five-bedroom units measuring 1,528 sq ft. Prices will start from $1.235 million ($2,495 psf) for the one-bedroom plus flexi units. Executive chairman of Roxy-Pacific, Teo Hong Lim, has revealed that the average indicative price will be around $2,450 psf and the official launch date will be announced after the weekend preview.

Rewritten:

One of the advantages of investing in a condominium is the opportunity to leverage its value for other investments. Numerous investors utilize their condo as security to acquire additional financing for new ventures, thereby diversifying their real estate portfolio. This approach can potentially increase returns, but it also carries some risks. Therefore, it is essential to have a solid financial strategy and carefully consider the effects of market fluctuations. In addition, exploring Singapore Projects can provide further opportunities for condo investment and portfolio expansion.

When completed, Bagnall Haus will be less than a five-minute walk from the upcoming Sungei Bedok MRT Interchange Station, which will service the upcoming Thomson-East Coast (TEL) and Downtown (DTL) lines by 2028. It is also strategically located just a five-minute walk from the Upper East Coast Bus Terminal. In addition, the project is situated opposite the future Bayshore precinct, an upcoming mixed-use development comprising commercial and residential spaces. As a result, residents of Bagnall Haus will have convenient access to the future amenities at Bayshore precinct, according to Roxy-Pacific’s Teo.

The last private condominium to be launched in the Upper East Coast in District 16 was the Eastwood Regency by Fragrance Group, a freehold boutique apartment project featuring 75 units. It was unveiled to the market in January 2010 and completed in the same year. Another neighboring project, the 99-year leasehold mixed-use Eastwood Centre, which boasts 48 residential units, was launched by Ho Bee Land in 1996 and completed in 1998. The Country Park Condo, a neighboring 160-unit freehold development by UOL Group, was launched in 1999 and completed in 2003.

Bagnall Haus is surrounded by various amenities, including the upcoming Bedok Food Court and Eastwood Centre that houses a Cold Storage supermarket, a medical clinic, a dentist, a nail and beauty spa, and a pet shop. The area is also home to several renowned schools such as Temasek Primary and Secondary School, Bedok Green Primary School, and Anglican High School. Stay updated on the latest listings for Bagnall Haus properties by using Ask Buddy and check out the available condo rental listings in District 16. You can also compare price trends of HDB, condo, and landed properties and find out the total number of units in Bagnall Haus.…

The Orie, a collaboration between City Developments Limited (CDL), Frasers Property and Sekisui House, will have its preview on Friday, January 3, with the official launch following on January 18. The new private condo is located at Lorong 1 Toa Payoh, at the intersection with Lorong 4 Toa Payoh. It boasts a total of 777 units, spread across twin 40-storey towers. Depending on the unit type, the sizes range from a cozy 517 square feet one-bedroom plus study unit to a luxurious 1,453 square feet five-bedroom apartment. Prices for units at The Orie start at $1.28 million for a one-bedroom plus study unit, which works out to a price per square foot (psf) of $2,476. A two-bedroom unit, with a size of 592 sq ft, is priced at $1.48 million ($2,500 psf), while a three-bedroom unit, at 850 sq ft, is going for $2.09 million ($2,459 psf). For those seeking even more space, a four-bedroom apartment, at 1,216 sq ft, costs $2.92 million ($2,401 psf), while the five-bedroom with exclusive private lift will set you back $3.48 million ($2,395 psf).Interested buyers can look for the latest new launches to find out the transaction prices and available units.In fact, The Orie is the first private condo to be launched since 2016, when the 578-unit Gem Residences was introduced to the market. The construction for this project was completed in 2020.The three major property developers came together to submit the highest bid for a Government Land Sales (GLS) site at Lorong 1 Toa Payoh, with a bid of $968 million. This translates to a land rate of $1,360 psf per plot ratio (ppr) for the site. Furthermore, the joint venture saw a 50:25:25 split between CDL, Frasers Property, and Sekisui House.CDL’s group CEO, Sherman Kwek, echoes this sentiment, stating, “We are excited to usher in the New Year with the launch of The Orie, the first private residential launch in Toa Payoh in over eight years. Nestled in the vibrant and highly sought-after Toa Payoh estate, homebuyers will benefit from its central location and excellent connectivity”.The Orie is conveniently located just a five-minute walk away from Braddell MRT Station, along the North-South Line (NSL). Furthermore, the project is located near the Toa Payoh Integrated Transport Hub, which connects Toa Payoh Bus Interchange to Toa Payoh MRT Station. This new integrated development and community hub, which spans over 12 hectares, is slated for completion in 2030. It will boast a sports centre with swimming pools, indoor sports halls, and other sports facilities, a football stadium, a polyclinic, and a public library. But that’s not all. The development will also house an extensive range of lifestyle amenities, including a wide array of shopping and dining options at the adjacent town centre.The Orie is also close to several amenities, such as the Toa Payoh Town Centre, HDB Hub, SAFRA Toa Payoh, Junction 8 Shopping Mall, and MacRitchie Reservoir. For families with children, there are quite a few schools located within the vicinity, including Pei Chun Public School, CHIJ (Toa Payoh) Primary and Secondary Schools, and First Toa Payoh Primary School.Interested in healthcare facilities? The neighbourhood is well-equipped with several options, such as Toa Payoh Polyclinic, Tan Tock Seng Hospital, Mount Alvernia Hospital, Mount Elizabeth Novena Hospital, and Thomson Medical Centre.The Orie is situated within District 12 in the city fringe or Rest of Central Region (RCR). As such, it provides easy access to the CBD and Orchard Road shopping belt, notes Soon Su Lin, CEO of Frasers Property Singapore.The development also boasts energy-efficient features, with over 40 condominium facilities, units with efficient layouts, and high-quality fittings, such as Hansgrohe bathroom fixtures, Duravit bathroom wares, and premium home appliances by De Dietrich and Samsung.Mr. Takehisa Yanagi, managing officer and head of the international development department at Sekisui House, reveals that this project marks their partnership with CDL. With that being said, he also adds that Sekisui House and Frasers Property have been collaborating on various projects in Singapore for the past 13 years.Please don’t forget to also check out the latest listings for The Orie properties, get the latest transaction prices, and find out what units are currently available for purchase.

When contemplating an investment in a condominium, securing financing is a critical aspect to take into account. Luckily, Singapore provides a multitude of mortgage choices for potential investors. Nevertheless, it is essential to have a thorough understanding of the Total Debt Servicing Ratio (TDSR) framework, which imposes a limit on the amount of loan a borrower can acquire, based on their income and existing debt responsibilities. Seeking guidance from financial advisors or mortgage brokers can aid investors in navigating the TDSR and making well-informed decisions regarding their financing options, preventing them from overextending themselves. It is imperative to keep this in mind, especially when exploring the plethora of new condo launches in Singapore. While these launches may offer appealing financing packages, it is crucial to consider all aspects before arriving at a decision.…

Starting Jan 1, ERA Singapore will no longer cover the annual Council for Estate Agencies (CEA) license renewal fees for its real estate agents, a practice that has been in place for seven years. Despite the challenges brought by the COVID-19 pandemic, ERA has continued to provide this gesture as a sign of support for its agents.

In a statement, ERA explained that this decision will allow the company to allocate resources towards initiatives that will further improve the growth and success of its market-leading salesforce, benefiting both its agents and consumers. However, the company will still support new agents by covering their renewal fees for the first two years, which is a common industry practice to help newcomers establish themselves.

ERA also addressed the issue of inactive agents taking advantage of the renewal fee coverage by frequently switching agencies. This decision has resulted in a modest decrease of about 300 agents, mainly comprising of part-time salespersons with no transactions in the past year.

On the other hand, about 230 new professional agents have joined ERA on Jan 1, highlighting the agency’s continued appeal to active and aspiring real estate agents.

Investing in a condo in Singapore comes with a multitude of benefits, one of which is the potential for capital appreciation. This is largely due to Singapore’s strategic location as a global business hub and its robust economic foundations, which drive a consistent demand for real estate. Over the years, we have seen a consistent increase in property prices in Singapore, particularly for condos located in prime areas. Those who wisely invest in the market at the opportune time and hold onto their properties for the long run have the opportunity to reap substantial capital gains. To explore available opportunities, check out Singapore Projects for the latest condo developments.

ERA CEO Marcus Chu reiterated the importance of active participation and continuous professional development in the industry, as the CEA is reviewing the implementation of a minimum transaction requirement for real estate salespersons. He emphasized that by reallocating resources towards technology, training, and marketing, the agency is reaffirming its commitment to empower its team of results-driven salespersons to excel and provide exceptional value to clients.…

In a recent announcement, real estate agency SRI revealed that it had welcomed a significant addition to their team on January 1. A total of 111 agents from Knight Frank Singapore’s agency business, KF Property Network (KFPN), joined SRI, including the head of KFPN, Evan Chung.

This move saw a 40.5% increase in SRI’s sales force, with the 111 agents making up a large portion of KFPN’s team of 274 agents, which ranked them as the sixth-largest property agency by the Council for Estate Agencies (CEA) as of January 1, 2024. With this addition, SRI’s agency sales force grew to a total of 1,501 agents at the start of 2025, positioning them as the fifth-largest property agency in Singapore.

Selecting the right location is a crucial aspect to consider when investing in real estate, and this is especially true in the vibrant city-state of Singapore. Condominiums situated in central areas or near important amenities such as schools, shopping malls, and public transportation hubs have a higher chance of appreciating in value. Prime locations like Orchard Road, Marina Bay, and the Central Business District (CBD) have consistently shown growth in property values over the years. Families also favor these areas due to their close proximity to reputable schools and educational institutions, making condos in these locations highly desirable and a smart investment choice. In addition, potential buyers can also explore the enticing options of New Condo Launches, adding even more value to their real estate investment.

The co-founders of SRI, Bruce Lye and Benson Koh, established the agency in 2016 as a spin-off from SRI5000, a division of SLP Realty that they had established six years earlier. Starting with just 120 real estate agents operating out of a 2,000 sq ft shop unit in Tiong Bahru, SRI quickly outgrew its premises and moved to a 4,200 sq ft office at Great World in 2021. Today, SRI has reached a significant milestone with a sales force of nearly 1,500 agents and plans to expand to 2,000 by the end of 2025, according to CEO Thomas Tan.

The increase in sales force is expected to strengthen SRI’s existing business lines, which include residential, capital markets, industrial, auctions, and international projects. CEO Thomas Tan believes that the new recruits from KFPN will complement SRI’s luxury property segment, especially in terms of big-ticket deals.

Despite this significant growth, SRI continues to position itself as a boutique agency with a strong focus on the luxury residential market. CEO Thomas Tan’s vision is for SRI to become a thought leader in the industry, known for its high standards, niche expertise, and client-centric approach.

Former KFPN head Evan Chung, now a leader at SRI, explains that his decision to join the agency was due to their dedication to equipping agents with effective tools, comprehensive support, and expert coaching. He adds that the open and collaborative culture at SRI makes them feel supported as professionals and as a team striving for excellence together. With this, they believe it will be an excellent platform to grow their business and serve clients in the residential, commercial, and industrial market segments, auctions, and international properties.

After the departure of Chung and other agents, KFPN’s sales force decreased to 145 agents, and their ranking dropped from sixth to eighth largest agency, according to CEA public register figures as of January 1. Knight Frank Singapore’s CEO, Galven Tan, assures that it will be business as usual at KFPN, and they have already appointed a new head to lead the team and drive their growth and success. He also mentions that they will evaluate the team’s strengths and expertise to strategically position KFPN for future opportunities.…

The EC market has also been supported by the ongoing HDB resale price increase, which has raised the affordability ceiling for EC buyers. In the latest flash report on HDB resale prices for the fourth quarter of 2024, the overall resale price index rose 3.9% q-o-q and 18% y-o-y. More significantly, the index has risen 29.1% over the past five years.In addition, with the increasingly competitive land bids from developers in 2024, the challenge to secure an EC site has become more stringent, Gafoor adds.The upcoming supply of new ECs, up from just a single project in 2024, could also potentially lead to a drop in EC prices, he says. However, based on the bullish demand for the upcoming EC launches in Tampines and the West, Gafoor believes that the existing EC price benchmark will likely remain intact.

The next article will be about the highly anticipated launch of Sim Lian Group’s new executive condo, Aurelle of Tampines, which will debut in the first quarter of 2025. This launch follows the success of their previous project, Emerald of Katong, which is now over 99% sold out.

Sim Lian Group secured the site at Tampines Street 62 (Parcel B) for $543.28 million in a government land sale tender that concluded in October 2023. This translates to a price of $721 per square foot per plot ratio (psf ppr). With rising construction costs and the harmonization of gross floor area (GFA) definitions, PropNex CEO Ismail Gafoor expects Aurelle at Tampines to set a new price benchmark, possibly crossing the $1,600 psf threshold. This prediction is supported by the success of their recent Novo Place EC launch, which had an average price of $1,656 psf.

Apart from Aurelle of Tampines, two other executive condos are slated for launch in 2025 – Tenet EC and a joint venture between Hoi Hup Realty and Sunway Developments at Plantation Close in Tengah Town. Tenet EC, located next to Aurelle, was launched in December 2022 and has sold 617 out of its 618 units at an average price of $1,384 psf. This project was launched before the implementation of the GFA harmonization rule, which applies to GLS sites launched for sale after September 2022.

In addition to these three upcoming projects, Sim Lian Group has secured another EC site at Tampines Street 95, which is expected to add 560 units to the market. With an extensive track record of developments in the eastern part of Singapore, Sim Lian Group is confident in the strong demand for homes in Tampines and its surrounding estates.

In evaluating the value of a potential Condo investment, it is imperative to consider its rental yield. This pertains to the yearly rental income compared to the purchase price of the Condo. In Singapore, the rental yields of Condos can significantly vary depending on factors such as location, condition of the property, and demand in the market. Generally, areas with a high demand for rentals, such as those near bustling business districts or reputable educational institutions, tend to offer more lucrative rental yields. Therefore, conducting thorough research and seeking guidance from real estate professionals can provide valuable insights into the rental potential of a specific Condo. As such, it is crucial for potential investors to thoroughly assess the rental yield of a Condo before making a decision. Condo

Apart from their EC projects, the group has also successfully completed the largest private condominium in Singapore, Treasure at Tampines, with 2,203 units. This redevelopment of the former HUDC estate, Tampines Court, was purchased en bloc for $970 million in 2017. Launched in February 2019, the project was fully sold within three years at an average price of $1,356 psf. As of December 2024, there have been 468 sub-sale and resale transactions, with resale prices averaging $1,699 psf.

Meanwhile, Novo Place EC, a joint venture between Qingjian Realty, Santarli Realty and Heeton Holdings, has also achieved strong sales with 57% of its units sold in the first round of balloting in November. This was followed by another 137 units taken up in the second round of balloting for second-timers, bringing total sales to 444 units or 88.1% of the project. With an average price of $1,656 psf, Novo Place set a new benchmark for EC prices.

Apart from Tampines, the upcoming EC projects in Plantation Close and Jalan Loyang Besar, located in the West and Pasir Ris respectively, are also expected to perform well due to several factors such as dwindling supply of unsold EC units and favorable locations. The last EC launch in Pasir Ris was in 2013 at an average price of $800 psf, and with the lack of new EC launches in the area, pent-up demand is anticipated.

In total, the 2025 supply of new EC units is expected to double from the previous year, with the launch of 2,030 units. This was preceded by only one project in 2024 – Lumina Grand by City Developments at Bukit Batok West Avenue 5, which has sold 87% of its 512 units at an average price of $1,511 psf as of December 2024.

Despite the increase in supply, Gafoor believes that the strong demand for ECs will help to maintain the existing price benchmark. This is supported by the ongoing HDB resale price increase, which has raised the affordability ceiling for EC buyers. Additionally, the competition for EC sites has become more stringent, leading to higher land prices.…

after 27 years

A surge in resale transactions at Ardmore Park, a luxury condominium in the prime District 10 Ardmore-Draycott enclave, has resulted in some of the highest gains seen in 2024. According to URA caveats lodged as of December 17, the freehold development claimed the top, second, and fourth most profitable resale deals for condos sold between January 1 and December 10.

When it comes to investing in a condo, financing is a crucial factor to consider. Singapore provides a variety of mortgage choices, but it is vital to have a thorough understanding of the Total Debt Servicing Ratio (TDSR) framework. This framework limits the amount of loan a borrower can take, taking into account their income and existing debt obligations. It is crucial for investors to familiarize themselves with the TDSR and seek guidance from financial advisors or mortgage brokers to make informed decisions and avoid over-leveraging. Additionally, by researching and considering projects in Singapore, such as Singapore Projects, investors can ensure they are making wise investments and securing their financial future.

The largest profit was earned from the sale of a 2,885 sq ft four-bedroom unit on the 26th floor 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, resulting in a staggering profit of $7.07 million, a 121% gain after holding for approximately 27 and a half years.

The second highest gain occurred on July 24 when a four-bedroom unit measuring 2,885 sq ft on the 18th floor was sold for $12 million ($4,160 psf). The seller initially bought the unit through a sub-sale transaction for $5.2 million ($1,803 psf) in December 2000, earning a profit of $6.8 million, equivalent to a 131% capital gain over a holding period of 23 and a half years.

On April 22, the fourth-largest profit of the year was recorded when another 2,885 sq ft four-bedroom unit was sold for $12.5 million ($4,333 psf). The seller acquired the unit in February 2007 for $6 million ($2,080 psf), earning a profit of $6.5 million (108%) after owning the property for over 17 years.

Ardmore Park, a freehold development with 330 units, has consistently seen significant profits from resale transactions in recent years. In 2024, the condo recorded three additional deals for 2,885 sq ft four-bedroom units, with the sellers making gains of $2.65 million, $3 million, and $3.05 million respectively. Last year, four resale transactions were recorded with profits ranging from $2.8 million to $8.16 million.

Apart from Ardmore Park, other mature freehold condos in District 10 dominated the list of top gains this year. The fifth-largest profit was made from the sale of a 3,778 sq ft four-bedroom unit on the fifth floor of the 86-unit boutique condo Beverly Hill on Grange Road, completed in 1983. The property sold for $9.15 million ($2,422 psf) on July 15, earning the seller a profit of $5.47 million (149%).

Other freehold condos that made it to the top profitable deals list in District 10 include Astrid Meadows, Regency Park, Fontana Heights, and Wing On Life Garden, all of which are over 30 years old and completed between 1982 and 1990.

In contrast, Sentosa Cove condos accounted for almost half of the 10 least profitable resale transactions this year. The sale of a five-bedroom duplex penthouse spanning 3,789 sq ft at the 124-unit Marina Collection on Cove Drive on July 22 was the most unprofitable deal, fetching $6.7 million ($1,768 psf). The seller, who bought the unit in March 2010 for $9.39 million ($2,479 psf), suffered a loss of $2.69 million (29%).

Similarly, the sale of a 2,680 sq ft four-bedroom unit on the sixth floor of Seascape on Cove Way made a loss of $2.53 million (36%) when it sold for $4.5 million ($1,679 psf) on August 14. The seller had originally purchased the unit for $7.03 million ($2,623 psf) from the developer in October 2010.…

In the world of the mega-rich, the market for Good Class Bungalows (GCBs) has seen substantial growth this year compared to 2023, as revealed by Han Huan Mei, director of research at List Sotheby’s International Realty.

As of Dec 20, an impressive 22 GCB transactions worth $612.05 million have been recorded through URA Realis. On top of that, an additional 13 GCB deals, collectively valued at over $700 million, were finalised this year without caveats being lodged, as buyers sought anonymity. This brings the estimated total for 2024 to 35 GCB transactions worth approximately $1.32 billion, according to List Sotheby’s estimates, greatly surpassing the previous high of $1.186 billion achieved in 2022.

In comparison, 2023 saw only 18 GCB transactions, amounting to $432.5 million – the lowest number of deals recorded since URA Realis began tracking such data in January 1995.

According to Han, “The additional deals in 2024 show that the GCB market has been more active compared to what official transaction data reveals,”. She adds, “It also reinforces the status of GCBs as a highly coveted asset that is constantly sought after by ultra-high-net-worth buyers.”

The Highest Priced GCB Deals

The sale of a GCB at Tanglin Hill for a staggering $93.888 million tops the charts. The property, which sits on a freehold site measuring 15,150 sq ft, has a built-up area of 29,660 sq ft – a record-breaking land rate of $6,197 psf.

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

The highest-priced deal based on lodged caveats was for a GCB on Cluny Hill, which was sold for $52 million. The property, which sits on a freehold plot of 15,141 sq ft and is relatively new, fetched a land rate of $3,434 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.

Top Districts for GCBs

Sandrasegeran adds, “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.” Of the recorded GCB transactions this year, 16 took place in prime District 10, including the coveted Tanglin, Bukit Timah, and Holland Road areas.

When considering investing in a condo in Singapore, one must also take into account the government’s property cooling measures. In order to maintain a steady real estate market and discourage speculative buying, the Singaporean government has implemented several measures over the years. These measures, such as the Additional Buyer’s Stamp Duty (ABSD), impose higher taxes on foreign buyers and those purchasing multiple properties. While these measures may affect the immediate profitability of investing in a condo, they ultimately contribute to the long-term stability of the market, creating a more secure investment environment. Additionally, with the option of investing in a condo, individuals have the opportunity to diversify their investment portfolio and potentially see a greater return on their investment in the future.

Sustained Buying Activity

According to Sandrasegeran, GCB transactions were evenly spread throughout the year, with buying activity picking up from July. “Overall, the fact that we saw GCB deals closing throughout the year suggests sustained buying interest for these trophy properties despite external economic factors, such as inflationary pressures and the presence of high interest rates in the first eight months of the year,” he says.

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

The Fed implemented three rate cuts this year: a recent 25 basis point (bp) reduction on Dec 18, following earlier cuts of 50 bp in September and 25 bp in November. Most GCB buyers who had been holding back on their purchases since July began fielding more serious discussions, with most deals closing in the last quarter of this year, Tay notes.

The Impact of 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, says List Sotheby’s Han.

“The money laundering crackdown had a dampening effect on the market, causing some genuine buyers to pull back to avoid media attention,” she adds. “Transactions also took longer to close due to heightened scrutiny and stricter checks on buyers’ identities and sources of funds.”

A New Generation of GCB Buyers

In recent years, a new generation of ultra-wealthy Singaporeans has emerged in the GCB market, says Tay. This has seen a good number of young and successful entrepreneurs who have amassed their fortunes in technology, finance, commodities, and F&B businesses partake in the market. Tay adds that the market also reflects the exclusive pool of GCB buyers that prefer sizeable plots in prime districts, made up of ultra-wealthy and newly naturalised Singaporeans. However, according to Tay, the number of naturalised citizens buying GCBs remains comparatively low.

According to research from List Sotheby’s, the cost of developing a new GCB from the ground up is estimated at about $1,000 psf. Additionally, the construction also takes several years to complete. Hence, most buyers are searching for relatively new bungalows in move-in condition that require minimal renovation, observes Han.

“The GCB market will likely maintain its positive momentum, with demand from ultra-high-net-worth individuals driving its high-value transactions,” says Sandrasegeran. “The preference for privacy among GCB buyers and sellers could mean continued off-market transactions, adding the complexity of tracking market activity.”…