Month: January 2025

”ETC, a well-known real estate advisory firm in the local market, has announced that it will now be known as ETC with immediate effect. The company has also revealed a fresh, new logo as part of its rebranding exercise.

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As a final point, opting to invest in a condo in Singapore can bring about a wealth of benefits. These include a high demand for properties, potential for significant capital appreciation, and attractive rental yields. However, it is crucial to take into account various factors like location, financing options, government regulations, and market trends. Through thorough research and seeking professional guidance, investors can make well-informed decisions and capitalize on the dynamic real estate market in Singapore. Whether you are a local investor looking to diversify your portfolio or a foreign buyer in search of a dependable and profitable investment, Singapore Projects offer a compelling opportunity.

According to the CEO of ETC, Desmond Sim, “ETC is a familiar abbreviation for our company among our clients and staff.” This has driven the decision to officially adopt ETC as the company’s new name, showing the importance the company places on its employees’ insights, voices, and ideas.

Sim further explains that the refreshed identity represents the growth and unity of ETC, and signifies the company’s goal to shape the future of real estate in the local and regional market. This rebranding coincides with ETC’s 30th anniversary since its establishment in 1995. With a range of services covering all stages of a real estate asset’s life, from advisory and investment to management and divestment, ETC has become a highly reputable firm in the industry.

The rebranding marks an exciting new chapter for ETC, as it continues to strive towards excellence in the real estate market. ETC’s dedication to delivering value to its clients and employees remains unwavering, and the new name and logo reflect this commitment. Clients can look forward to the same level of professionalism and expertise from ETC, while employees can continue to voice their ideas and contribute to the company’s growth and success.…

A luxurious Good Class Bungalow (GCB) located in the prestigious Dalve Estate-Nassim Road enclave has been put up for sale through an expression of interest (EOI) exercise, with an indicative price of $60 million. According to a recent press release by marketing agent Cushman & Wakefield, this translates to approximately $2,742 per square foot (psf), taking into consideration the land area of 21,881 square feet.

Executive Director of Capital Markets at Cushman & Wakefield, Shaun Poh, states that the freehold plot is situated on elevated ground, making it ideal for redevelopment. “This is the perfect opportunity for buyers who envision their dream multi-generational home from scratch, or for developers looking to create a luxurious, state-of-the-art GCB for discerning individuals.”

The property boasts a prime location next to the famous Singapore Botanic Gardens, and is just a short drive away from the bustling shopping belt of Orchard Road. It is also conveniently situated near renowned schools such as Singapore Chinese Girls’ School, Anglo-Chinese School (Primary), Nanyang Primary School, St. Joseph’s Institution, and Hwa Chong Institution.

When considering investing in a condo, it is important to carefully assess its potential rental yield. This refers to the annual income that can be generated from renting out the condo, in relation to its purchase price. In Singapore, the rental yields for condos can vary significantly, depending on factors such as location, property condition, and current market demand. Generally, areas near business districts or educational institutions tend to have higher rental yields due to the high demand for housing. It is essential to conduct thorough market research and seek guidance from reputable real estate agents in order to accurately evaluate the rental potential of a particular condo. Adding Condo to the end of the paragraph would give the reader a better understanding of the topic.

Poh also notes, “The highly coveted neighbourhood is a magnet for ultra-high net worth individuals, as evidenced by recent transactions in the surrounding areas of Nassim Road and Tanglin Hill, where record-breaking land rates of $4,500 psf and $6,200 psf were recorded respectively.”

The EOI for this extraordinary property will close on February 11th at 3pm, presenting a rare opportunity for interested parties to own a piece of prestigious real estate in one of Singapore’s most sought-after enclaves.…

Singapore buyers will have the opportunity to explore a luxurious residential development in New York during the weekend of Jan 11 and 12. The development, 720 West End Avenue, is located in the prestigious Upper West Side of Manhattan and offers a total of 131 residences, ranging from one- to five-bedroom homes, townhouses, duplexes, and penthouses with private terraces. The units boast spacious sizes, from approximately 500 sq ft to an impressive 3,700 sq ft. Prices for the units start at US$1.015 million ($1.38 million) for a one-bedroom residence.

Originally designed by renowned New York architect Emery Roth in 1927 as the Hotel Marcy, the 17-storey building has been transformed into a stunning pre-war redevelopment. Retaining its Renaissance Revival-style façade, the developers, Glacier Equities and InterVest Capital Partners, have meticulously restored the intricate architectural details. Two new floors have also been added to accommodate the luxurious penthouse duplexes. The interiors of the building have been completely revamped by renowned designer Thomas Juul-Hansen.

Acquiring a Condo in Singapore presents various advantages, one of which is the potential for substantial capital appreciation. Singapore is a bustling global business center with a robust economy, making it a highly sought-after destination for real estate investments. As a result, the demand for properties remains constant, leading to a steady rise in property values, particularly for Condos situated in prime locations. For those who enter the market at the opportune time and hold onto their Condos for a significant period, significant profits can be reaped in the form of capital gains. With Condo investments, individuals can tap into the thriving real estate market in Singapore and potentially reap substantial returns.

The development offers an array of impressive amenities, totalling over 30,000 sq ft. These include a fitness centre, private bar and dining room, library and co-working spaces, outdoor terraces and courtyards, private parking, and bike storage.

Singapore-based Savills will be presenting the development to potential buyers on Jan 11 and 12, at the voco Orchard Hotel. The event will also feature a seminar on the New York real estate market at 3pm on both days.…

When it comes to investing in condos in Singapore, one must also take into account the government’s property cooling measures. Over the years, the Singaporean government has implemented several measures to control speculation and maintain a steady real estate market. These measures involve the Additional Buyer’s Stamp Duty (ABSD), which imposes higher taxes on foreigners and those buying multiple properties. While these measures may affect the immediate profitability of condo investments, they also play a crucial role in ensuring the long-term stability of the market, creating a more secure investment environment. Furthermore, keeping up with new condo launches can also aid in making informed decisions about condo investments in Singapore.

Ayana Bali, a 90ha integrated resort in Bali, Indonesia, recently introduced Alamanda Tower, a new residential offering featuring 26 one- and two-bedroom apartments available for long-term lease. This latest addition is part of Ayana Residences, a collection of residential properties within the larger Ayana Bali estate. Located along the scenic coastline of Jimbaran Bay, Ayana Bali boasts four hotels, a renowned spa, a golf course, a secluded beach, versatile event venues, and an impressive selection of 30 dining options. Residents of Alamanda Tower will have access to a range of exclusive facilities, including three rooftop pools and a community center with a gym, lap pool, and sauna/steam room. Other services tailored for residents include a dedicated concierge team, bi-weekly housekeeping, a buggy service within Ayana Bali, and discounts for dining and select spa services.AdvertisementThe one-bedroom residences at Alamanda Tower span 1,173 square feet and are available for rent starting at approximately IDR70 million ($5,896) per month. Two-bedroom units without a pool measure 1,647 square feet and are offered from approximately IDR100 million per month, while two-bedroom units with a private pool range from 2,045 to 2,648 square feet and start at IDR120 million per month. Also part of the Ayana Hospitality portfolio, Ayana Bali is managed by Indonesia’s leading hotel group and also operates properties in Jakarta and Labuan Bajo.…

Surbana Jurong Group, a leading international consulting firm for urban and infrastructure development, has announced the appointment of Professor Cheong Koon Hean to its board of directors. The company believes that her extensive experience and expertise will further enhance their ability to provide innovative, resilient and sustainable solutions for the built environment.

In recent years, many investors, both from within Singapore and abroad, have been drawn to the idea of investing in a condo in this thriving city-state. The reasons for this are numerous, including Singapore’s strong economy, stable political climate, and excellent quality of life. The country’s real estate market is ripe with promising opportunities, and its condo sector, in particular, stands out for its convenience, facilities, and potential for attractive returns. Let’s delve into the various advantages, considerations, and steps involved in investing in a condo in Singapore, with a focus on Singapore Projects for added insight.

According to a press release on January 6, Cheong served as the CEO of the Housing & Development Board (HDB) from 2010 to 2020, and was previously the CEO of the Urban Redevelopment Authority (URA) from 2004 to 2010. She currently holds the position of Chair at the Lee Kuan Yew Centre for Innovative Cities and is a Professor of Practice at the Singapore University of Technology and Design. She is also the Chairman of the Centre for Liveable Cities Advisory Panel under the Ministry of National Development.

In addition to her roles at Surbana Jurong, Cheong also serves on the boards of the National University of Singapore and CapitaLand Group. She is also Singapore’s non-resident ambassador to Finland.

Cheong’s appointment comes at a crucial time when sustainability and innovation are key drivers for the future of the built environment. With her vast experience and leadership, Surbana Jurong is confident that she will play a vital role in driving the company’s vision of creating smart and sustainable buildings by 2025, ultimately contributing to a greener future.…

River Valley Apartments, a four-storey freehold condominium located on River Valley Road in prime District 10, has been put up for collective sale by public tender. According to a press release from the exclusive marketing agent, Knight Frank Singapore, the development is being priced at $56 million.

The apartment, which consists of 24 units and was built in the 1950s, sits on a 12,408 sq ft plot of land zoned for residential use with a gross plot ratio of 2.8. It is conveniently situated around 500m from the upcoming Great World MRT Station on the Thomson-East Coast Line. Its convenient location also provides easy access to various amenities such as Great World City and Valley Point Shopping Centre. For families with young children, River Valley Primary School and Alexandra Primary School are within a 1km radius.

The site has potential for redevelopment into a boutique residential development with 37 units, with an average size of 915 sq ft each. The guide price of $56 million translates to a land rate of approximately $1,622 psf per plot ratio (psf ppr) including a nominal land betterment charge. With the 7% bonus gross floor area allowed for balconies, the price comes to approximately $1,583 psf ppr.

Chia Mein Mein, head of capital markets (land and collective sale) at Knight Frank Singapore, notes that the site is in close proximity to three Government Land Sale (GLS) sites that were successfully sold last year. In April 2024, Zion Road (Parcel A) was awarded to a joint venture between City Developments and Mitsui Fudosan for $1.107 billion ($1,202 psf ppr). In June 2024, a GLS site at River Valley Green was acquired by Wing Tai Holdings for $463.99 million ($1,325 psf ppr). Two months later, Allgreen Properties secured the Zion Road (Parcel B) site for $730.9 million ($1,304 psf ppr) in August.

Chia adds that despite the lacklustre home sales activity in the Central Region, the interest in the River Valley and Zion Road location demonstrates that developers are still drawn to this area. This could be due to the belief that there will be strong demand for prime properties once these projects are ready for launch, after a period of subdued sales activity.

Singapore’s urban setting is easily identified by towering skyscrapers and contemporary infrastructure. Among these prominent structures are condos, strategically situated in prime locations, that offer a perfect combination of opulence and convenience. These sought-after residential properties cater to the preferences of both locals and expats. They boast an array of exceptional amenities, including lavish swimming pools, state-of-the-art gyms, and top-notch security services, elevating the overall living experience. Such attractive features not only make these condos highly appealing to potential tenants and buyers, but also present lucrative opportunities for investors in terms of rental yields and long-term property appreciation. Along with this, Singapore Projects have further elevated the urban landscape, offering a diverse range of modern and well-designed developments that add to the city’s charm.

Based on Knight Frank’s estimates, owners of the units at River Valley Apartments, which range from 947 to 1,238 sq ft, stand to receive minimum sale proceeds of around $2 million to $2.6 million if the development is successfully sold.

The collective sale tender for River Valley Apartments will close on Feb 18 at 3pm. Interested parties can check out the latest listings for River Valley Apartments properties on the market. Potential buyers can also use the “Ask Buddy” feature on EdgeProp to get more information about the development.

For those interested in the past rental and sales transactions at River Valley Apartments, EdgeProp’s “Condo projects with most profitable transactions” and “Past condo rental transactions” features are useful tools to navigate through the data. Additionally, users can also check out the latest transactions and price trend chart for the development.

Potential buyers can also explore other profitable transactions and rental data for condominiums in District 10, and use EdgeProp’s “Condo projects with most profitable transactions” and “Past condo rental transactions” features for more insights. To get a better understanding of the price trend for River Valley Apartments, check out EdgeProp’s “Price trend chart for River Valley Apartments” page.…

URA has given the green light for the voluntary conservation of Golden Mile Tower, which would be implemented if the 99-year leasehold property is successfully sold in a collective sale and redeveloped by a developer.

According to documents obtained by EdgeProp Singapore, the government has expressed that if the developer chooses to conserve the existing cinema block, the site’s allowable gross plot ratio (GPR) can be increased from 4.46 to 5.6, based on the current site area of 93,902.5 sq ft.

This increase in GPR will also result in a higher allowable gross floor area (GFA) of 525,854 sq ft, a substantial increase from the current GFA of 419,142 sq ft. In addition, voluntary conservation will also allow for a higher maximum building height of 164m, compared to the current limit of 145m.

Most recently, the owners of Golden Mile Tower attempted to sell the property en bloc in August last year, with a reserve price of $556 million. This was the third collective sale attempt in order to redevelop the 99-year leasehold property.

According to Anna Tan, business development director at Tag Realty, the marketing agent for the collective sale of Golden Mile Tower, the reserve price for the 99-year leasehold development remains unchanged. This translates to a land rate of $1,350, which includes the cost of renewing the land tenure but does not include land betterment charges.

Evaluating the rental yield is a crucial factor to consider when contemplating a condo investment. Rental yield refers to the annual rental income as a percentage of the property’s purchase price. In Singapore, condo rental yields can greatly vary, depending on various factors such as location, property condition, and market demand. Generally, areas with high rental demand, like those near business districts or educational institutions, tend to offer better rental yields. It is essential to conduct thorough market research and seek advice from real estate agents who can offer valuable insights into the rental potential of a specific condo. For updated information on rental yields and New Condo Launches, consulting with reputable sources is highly recommended.

“The increase in building height control under the voluntary conservation options opens up opportunities for developers to reimagine the property with a striking skyline presence. It also means that commercial and hotel spaces in the new development could feature 5m floor-to-ceiling heights, while residential units could offer 3.6m ceiling heights,” says Tan.

The approval for the voluntary conservation of Golden Mile Tower is significant as the neighboring Golden Mile Complex, now restored as Golden Mile Singapore, was gazetted for conservation in 2021.

Golden Mile Singapore is a joint development by Perennial Holdings and Far East Organization, with the commercial units launched in December last year. The new residential units, located in a 45-storey tower, are expected to be launched this quarter.

“This is a rare opportunity to redevelop Golden Mile Tower in light of the limited land supply along Beach Road and the potential price increase due to rejuvenation efforts such as the launch of Golden Mile Singapore and the neighboring Kallang Alive masterplan,” says Tan.

She adds that the redevelopment of Golden Mile Tower presents an opportunity to develop a new mixed-use property in a prime location along Beach Road. The building’s heritage and future potential make it a unique investment opportunity for both local and international investors.…

On the weekend of Jan 4-5, the sales gallery of Bagnall Haus at Upper East Coast was bustling with an impressive 1,500 visitors. According to Teo Hong Lim, executive chairman of Roxy-Pacific Holdings, the developer of Bagnall Haus, many of the visitors were families and current residents of the East looking to check out the new development.

Bagnall Haus, a freehold condo comprising of 113 units, is one of the first new project launches of 2025. The former Bagnall Court was redeveloped into this property after Roxy-Pacific Holdings purchased it for $115.28 million in January 2023.

Situated less than a five-minute walk away from the upcoming Sungei Bedok MRT Interchange Station and a five-minute walk to the Upper East Coast Bus Terminal, Bagnall Haus boasts a convenient location. Interested buyers can search for the latest New Launches to find out the transaction prices and available units.

The Upper East Coast Road neighbourhood has not seen a new project launch in the last 15 years, making Bagnall Haus a highly anticipated development in the area. In order to cater to a wide range of buyers, from investors to owner-occupiers, singles and families, the developer offers a mix of one-bedroom plus flexi units starting from 495 sq ft to five-bedroom units of 1,528 sq ft. Prices start from $1.235 million ($2,495 psf) with an average indicative price of about $2,450 psf.

Singapore’s demand for condos remains consistently high, and limited access to land is a major factor in this trend. Being a small island nation with a rapidly expanding population, Singapore has been facing difficulties in sourcing land for developmental purposes. Therefore, the government has introduced strict land use policies and regulations, leading to a highly competitive real estate market where property prices continuously rise. In light of this, investing in real estate, especially condos, has become an attractive prospect with the potential for significant capital appreciation. Singapore Projects further add to the appeal of investing in this market.

Those interested in Bagnall Haus properties can check out the latest listings or ask Buddy for more information. For a project summary of Bagnall Haus, one can also compare price trends of HDB, Condo and Landed properties. Interested buyers can also take a look at other recently launched projects or upcoming new launch projects and compare the price trend of Condo new sale versus EC new sale.…

Is it a Good Deal?: $520,000 for HDB unit at Bishan Street 11 with remaining lease of 60 yearsHDB resale flat prices up 2.5% q-o-q in 4Q2024, indicates flash estimatesThe Housing & Development Board (HDB) has released its flash estimates for the fourth quarter of 2024. According to the estimates, resale flat prices have risen by 2.5% quarter-on-quarter (q-o-q) in 4Q2024. This marks a slight slowdown from the 2.7% q-o-q growth recorded in the previous quarter. It also marks the 19th consecutive quarter of price increases in the HDB resale segment.According to Christine Sun, Chief Researcher and Strategist at OrangeTee Group, the flash estimates showed that HDB resale prices grew by 9.6% in 2024. This is a significant increase from the 4.9% growth recorded in 2023. However, it is still slower than the 10.4% price increase in 2022 and the 12.7% growth in 2021.Source: HDBThe HDB caveat data from data.gov.sg shows a slowdown in price growth for some flat types, according to OrangeTee. For instance, the median price of four-room flats saw a quarter-on-quarter increase of 2.5% in 4Q2024. This is a slower pace compared to the 3.4% growth seen in 3Q2024.Read also: Record-breaking 1,000 HDB resale flats hit $1 mil in 2024Similarly, two-room flats rose by 2% quarter-on-quarter in 4Q2024, which is a slower rate compared to the 3.9% growth seen in 3Q2024. Executive flats registered a 1.2% quarter-on-quarter price increase in 4Q2024, compared to 1.7% in the previous quarter.On the other hand, prices for five-room flats grew by 3.2% in 4Q2024, which is faster than the 1.2% increase seen in 3Q2024.Resale volume down by 3.6% year-on-year in 4Q2024The resale volume declined by 3.6% year-on-year to 6,314 units in 4Q2024, from 6,547 transactions in 4Q2023. It was also down by 22.5% quarter-on-quarter from 8,142 units in 3Q2024.According to Sun, the decline in HDB resale transactions can primarily be attributed to HDB launching over 8,500 new flats in the October Build-to-Order (BTO) exercise. Many of these units are located in prime and desirable locations. “The attractive features of these flats, including scenic views and proximity to MRT stations, diverted demand away from the resale market towards the BTO market,” she adds.Moreover, sales also slowed during the seasonal year-end school holidays when many Singaporeans tend to travel abroad. As a result, house viewings and sales activities typically decrease during this period.However, Wong Siew Ying, Head of Research and Content at PropNex, attributes the slower pace of growth in 4Q2024 to government intervention in August 2024. During this time, the loan-to-value (LTV) limit for HDB loans was reduced by five percentage points to 75%. “Based on the weaker sales and slower growth in the HDB resale price index in 4Q2024, the August 2024 measures are likely to be working through the market,” says Wong. “Meanwhile, the thinner resale volume during the quarter also likely put a drag on prices.”Read also: ANALYSIS: HDB towns with the highest number of million-dollar dealsAdvertisementAdvertisementThe total resale volume in 2024 was recorded at 28,876 units. This is 8% higher than the 26,735 units recorded last year and the 27,896 units recorded in 2022. However, it is still lower than the peak of 31,017 units seen in 2021.Source: PropNex Research, data.gov.sg (*data up till 31 Dec, retrieved on 2 Jan 2025)Decline in million-dollar flat transactions in 4Q2024The decline in resale transactions in 4Q2024 has led to a decrease in million-dollar flat transactions to just 283 units from 331 in 3Q2024. Despite the drop, the total number of million-dollar transactions reached a record high of 1,033 units in 2024, notes OrangeTee’s Sun. “The figure is more than double the 469 million-dollar transactions recorded in the previous year,” she points out.Toa Payoh town led million-dollar resale flats deals in 4Q2024, clocking in 58 such transactions. Out of these, 20 were for four- and five-room units at Alkaff Vista in Bidadari Park Drive. The units had recently crossed the five-year minimum occupation period (MOP). * Based on caveats and may differ from actual numbers. Source: HDB, Huttons Data Analytics as of 31 Dec 2024″The new classification of Plus and Prime classification BTO flats may have driven more homebuyers to seek out HDB resale homes in central locations,” says Eugene Lim, Key Executive Officer of ERA Singapore. “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.”HDB resale prices expected to continue rising in 2025OrangeTee expects HDB resale prices to continue rising in 2025, albeit at a slower rate than in previous years. This is because in many areas, prices have already reached new highs, creating affordability concerns for many potential buyers, adds Sun.Moreover, 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.Read also: ANALYSIS: BTO or Resale?AdvertisementAdvertisementIn February 2025, HDB will launch its largest sale of balance flats (SBF) exercise, offering more than 5,500 flats across various towns, says Lee Sze Teck, Senior Director of Data Analytics at Huttons Asia. “Some prospective resale flat buyers have decided to wait to try their luck,” he adds.Price growth, transaction volume to moderateERA expects resale prices to grow at a more measured pace in 2025 due to a reduced supply of flats reaching their respective minimum occupation periods (MOP). This has been a key driver of price growth in recent years, notes Lim. Hence, he anticipates a 3% to 6% growth in HDB resale prices, with 26,000 to 27,000 resale units changing hands by the end of 2025.PropNex expects the HDB resale market to perform well in 2025, underpinned by healthy housing demand and fewer flats reaching their respective MOP. This may keep resale prices firm, says Wong. “Resale flats will continue to enjoy strong buying interest from those with pressing housing needs, applicants who cannot secure a BTO flat, and families on a tighter housing budget.”Wong is projecting that HDB resale flat prices may rise by 5% to 7% in 2025. This will be supported by a resale volume forecast of 29,000 to 30,000 units.The supply of BTO flats in 2025 will be further reduced to 17,290 units. This is approximately 12% lower than the supply seen in 2024, notes Huttons’ Lee. “As there is no upfront information on the BTO projects with a shorter waiting time, buyers are likely to turn to the resale market,” he reckons.Interest rates could go lower in 2025. This could allow buyers to take on a more sizeable loan amount to buy a new home. “Some buyers may set their sights on either an executive condominium (EC) or a resale condominium,” adds Lee. “The million-dollar flat market may stabilise in the range of 900 to 1,200 units in 2025.”Huttons projects that HDB resale flat transactions will end the year at 26,000 to 28,000, with resale flat prices expected to grow at a slower pace of 5% to 8%. Check out the latest listings for HDB propertiesAsk BuddyListings for HDB flatsPast HDB sale transactionsCompare price trend of HDB vs Condo vs LandedHDB loan vs Bank loanPast HDB rental transactionsListings for HDB flatsPast HDB sale transactionsCompare price trend of HDB vs Condo vs LandedHDB loan vs Bank loanPast HDB rental transactions

Overall, there are many benefits to investing in a Singapore condo. These include a high demand for properties, the potential for capital appreciation, and desirable rental yields. However, before diving into the market, it is crucial to carefully consider various factors such as location, financing options, government regulations, and current market conditions. Through thorough research and seeking expert advice, investors can make well-informed decisions and maximize their returns in the constantly evolving real estate market of Singapore. Whether you are a local investor looking to diversify your portfolio or a foreign buyer seeking a stable and profitable investment, Singapore condos offer a compelling opportunity that should not be overlooked.…

Investing in a condo offers many advantages, one of which is the potential for leveraging its value for further investments. This means that investors can use their condo as collateral to secure additional financing for new investments, thereby diversifying their real estate portfolio. This approach can potentially increase returns, but it is important to carefully plan and consider the potential risks in light of market fluctuations. Singapore Projects can also be a valuable addition to this investment strategy.

Is it a good deal?: $1.1mil for a five-room HDB flat in ClementiIs it a good deal?: $1.82mil for a three-bedroom condo at Tanglin Hill ParkIs it a good deal?: $2.1 mil for a penthouse at The Parc Condominium in Telok Kurau Mall

The Housing and Development Board (HDB) flash estimates released on January 2 showed that resale flat prices in Singapore rose by 2.5% quarter-on-quarter in the fourth quarter of 2024. This was a slightly slower growth from the 2.7% recorded in the previous quarter. The prices have been on a continuous rise for the past 19 quarters, indicating a strong demand in the HDB resale segment.

The flash estimates further revealed a 9.6% increase in resale flat prices in 2024, which is double the growth seen in 2023. However, this growth was still slower than the 10.4% recorded in 2022 and the 12.7% in 2021, according to Christine Sun, chief researcher and strategist at OrangeTee Group.

Based on HDB caveat data from data.gov.sg, retrieved at 8.15am on January 2, there was a slowdown in price growth for some flat types. OrangeTee noted that the median price of four-room flats saw a quarter-on-quarter increase of 2.5% in the fourth quarter of 2024, which is slower than the 3.4% growth in the third quarter. Similarly, two-room flats rose by 2% quarter-on-quarter in the fourth quarter, while executive flats registered a 1.2% quarter-on-quarter increase, compared to 1.7% in the previous quarter. However, prices for five-room flats grew by 3.2% in the fourth quarter, which is faster than the 1.2% increase in the third quarter.

Resale volume saw a decline of 3.6% year-on-year in the fourth quarter of 2024, with 6,314 units changing hands compared to 6,547 transactions in the same period in 2023. The volume also decreased by 22.5% quarter-on-quarter from 8,142 units in the third quarter of 2024.

OrangeTee attributed this decline in HDB resale transactions to the launch of over 8,500 new flats in the October Build-to-Order (BTO) exercise, with many units located in prime and desirable locations. According to Sun, the attractive features of these flats, such as scenic views and proximity to MRT stations, diverted demand away from the resale market towards the BTO market. She also noted that the seasonal year-end school holidays, when many Singaporeans tend to travel abroad, may have contributed to the decrease in sales and activities in the market during this period.

The head of research and content at PropNex, Wong Siew Ying, also attributed the slower pace of growth in the fourth quarter of 2024 to government intervention in August of that year. This includes the reduction of the loan-to-value (LTV) limit for HDB loans by five percentage points to 75%. According to Wong, this decrease in sales and slower growth in the HDB resale price index in the fourth quarter could be a result of these measures. She also added that the lower resale volume during the quarter may have put a drag on prices.

However, despite the decline in resale transactions in the fourth quarter, the total number of million-dollar flat transactions reached a record high of 1,033 units in 2024, notes OrangeTee’s Sun. This figure is more than double the 469 million-dollar transactions recorded in the previous year. Toa Payoh town led the million-dollar resale flats deals in the fourth quarter of 2024, with 58 transactions. Out of these, 20 were for four- and five-room units at Alkaff Vista in Bidadari Park Drive, which had recently met the five-year minimum occupation period (MOP).

OrangeTee’s Sun believes that the new classification of Plus and Prime BTO flats may have driven more homebuyers to seek out HDB resale homes in central locations. Eugene Lim, key executive officer of ERA Singapore, also added that these buyers may be unwilling to accept resale restrictions such as a 10-year MOP, rental restrictions after MOP, subsidy clawback upon resale, and resale income cap on future buyers.

HDB resale prices are expected to continue rising in 2025, but at a slower rate than in previous years, says OrangeTee. According to Sun, prices have already reached new highs in many areas, creating affordability concerns for potential buyers. The ongoing supply of BTO flats is also expected to help moderate price growth in the secondary market. However, the extent of price stabilisation will depend on the number of BTO flats released by the government in the upcoming years.

In February 2025, HDB will launch its largest sale of balance flats (SBF) exercise, offering more than 5,500 flats across various towns. Lee Sze Teck, senior director of data analytics at Huttons Asia, notes that some prospective resale flat buyers may have decided to wait and see their luck in securing a flat from the SBF exercise. Both PropNex and ERA project the HDB resale market to perform well in 2025, with resale prices expected to grow by 5% to 7% and 3% to 6%, respectively. They also forecast resale volume to reach between 29,000 to 30,000 units and 26,000 to 27,000 units, respectively, by the end of the year.

Huttons projects that HDB resale flat transactions will remain strong in 2025, with resale prices expected to grow by 5% to 8%. The supply of BTO flats in 2025 is also projected to decrease to 17,290 units, which is about 12% lower than the supply in 2024. This may result in more buyers turning to the resale market for a new home. With the possibility of lower interest rates in 2025, some buyers may also set their sights on executive condos or resale condos. Huttons also foresees the million-dollar flat market to stabilise in the range of 900 to 1,200 units in 2025.…