Month: December 2024

In the coming years, the supply of new EC units is expected to remain limited. Gafoor believes that the demand for ECs will continue to be strong, driven by their affordability and the limited supply of new units. As a result, he expects EC prices to continue to rise.

Next year, there are plans to launch three new executive condos (ECs) in Singapore, with Sim Lian Group’s Aurelle at Tampines leading the list. The 760-unit development, located at Tampines Street 62, is set to debut in the first quarter of 2025, possibly after the Lunar New Year. This comes after the successful sale of the Emerald of Katong, a 846-unit development that is now over 99% sold.

In October 2023, Sim Lian Group secured the site at Tampines Street 62 (Parcel B) for a total of $543.28 million, translating to $721 per square foot per plot ratio (psf ppr), through a government land sales (GLS) tender.

Considering the increasing costs of construction and the harmonisation of gross floor area (GFA) definitions, PropNex CEO Ismail Gafoor believes that Aurelle at Tampines could set a new price benchmark, possibly surpassing the $1,600 psf threshold. This expectation is based on the success of the Novo Place EC, which was launched in November and achieved an average price of $1,656 psf.

Curious about the profit margins of all ECs? Visit the page for comprehensive data on all ECs!

The 760-unit Aurelle of Tampines will be situated at Tampines Street 62 (Parcel B), which was acquired by Sim Lian in a government land sale for $543.28 million or $721 psf ppr (Source: EdgeProp Landlens)

Located near Aurelle is the 618-unit Tenet EC, developed through a joint venture between Qingjian Realty, Santarli Realty, and Heeton Holdings. Since its launch in December 2022, Tenet has sold 617 units at an average price of $1,384 psf, with only one unit remaining as of 19th December 2024.

The site for Tenet, located at Tampines Street 62 (Parcel A), was purchased by the company in August 2021 for a total of $442 million ($659 psf ppr). At that time, it was the highest psf ppr price for an EC land plot. It is worth noting that Tenet was launched before the implementation of the GFA harmonisation rule, which applies to GLS sites launched for sale after 1st September 2022.

As of 19th December 2024, Tenet has only one remaining unit, with 617 units sold at an average price of $1,384 psf. The 618-unit EC is situated at Tampines Street 62 (Parcel A), beside Sim Lian’s upcoming 760-unit Aurelle of Tampines (Photo: Samuel Isaac Chua/EdgeProp Singapore)

Confident that there will be strong demand for homes in Tampines and the surrounding areas, Sim Lian Group has acquired another EC site, when they were granted the Tampines Street 95 GLS site in early November. Sim Lian made the highest bid of $465 million ($768 psf ppr) during the tender, which ended in October. This sets a new high for EC land prices.

The new EC project at Tampines Street 95 is expected to provide 560 new units, further adding to the existing supply of ECs in the area. Sim Lian Group has a strong track record of developments in the eastern part of Singapore.

Sim Lian has made the highest bid of $465 million ($768 psf ppr) for the EC site at Tampines St 95, which sets a new benchmark for EC land prices (Source: EdgeProp Landlens)

Apart from the Emerald of Katong and the upcoming EC projects in Tampines, the company successfully completed Treasure at Tampines, Singapore’s largest private condominium with 2,203 units, in 2023.

Located at Tampines Street 11, Treasure at Tampines is a redevelopment of the former privatised HUDC estate Tampines Court, which was acquired by Sim Lian through an en bloc sale for $970 million in 2017.

Read also: Novo Place hits 88.1% as 137 units snapped up in second balloting

The 2,203-unit Treasure at Tampines was launched in February 2019 and was completely sold out in three years at an average price of $1,356 psf. As of 19th December, a total of 468 sub-sale and resale transactions have been recorded. The average price for second-hand units is now at $1,699 psf, which represents a 25.3% increase over the average launch price.

Sim Lian’s private condominium, the 2,203-unit Treasure at Tampines was sold out and completed in phases in 2023 (Photo: Sim Lian Group website)

Another EC project that will be launched in 2025 is a 560-unit development at Plantation Close in Tengah Town. The project is being developed by a joint venture between Hoi Hup Realty and Sunway Developments, the same developers for Novo Place EC.

At the launch in mid-November, Novo Place sold 57% of the units over its opening weekend. In the second round of balloting for second-timers (buyers who had previously purchased a subsidised new or resale HDB flat), another 137 units were taken up, bringing total sales to 444 units, or 88.1% occupied as of 16th December 2024.

In the second round of balloting for second-timers (buyers who had previously purchased a subsidised new or resale HDB flat), another 137 units were taken up, bringing total sales to 444 units, or 88.1% occupied as of 16th December 2024 (Photo: Samuel Isaac Chua/EdgeProp Singapore)

Rewritten: Investing in a condo also offers the advantage of leveraging the property’s value for other investments. This approach allows investors to use their condos as collateral to secure additional financing for new ventures, thereby increasing their real estate portfolio. It can potentially lead to higher returns, but it also comes with risks. As such, having a well-thought-out financial plan and considering the potential effects of market fluctuations is essential. Additionally, exploring new condo launches, such as those offered on Janome Specials, can further diversify and strengthen one’s investment endeavors.

With an average price of $1,656 psf, Novo Place has set a new standard for EC prices. This is due to several factors, according to Gafoor. These include the dwindling inventory of unsold EC units, and the project’s favourable location. Novo Place, which is located at Plantation Close in Tengah, benefits from the proximity to the upcoming Tengah Park MRT and Bukit Batok West MRT Stations, expected to be completed by 2029.

Based on caveats lodged on URA Realis, some of the transactions at Novo Place EC have crossed the $1,700 psf threshold (Source: EdgeProp Landlens)

The last time an EC was launched in Pasir Ris was in 2013

The third EC project, set to debut in late 2025, is located at Jalan Loyang Besar in Pasir Ris. It is being developed by a joint venture between Qingjian Realty, Forsea Holdings and ZACD Group, who acquired the site in August 2024 for a total of $557 million ($729 psf ppr). The project is expected to yield 710 units.

Read also: Novo Place EC achieves 57% sales on launch day at an average price of $1,654 psf

The last time an EC was launched in Pasir Ris was the Sea Horizon, which debuted in September 2013 at an average price of $800 psf. By 2024, the average resale price of units transacted rose to $1,290 psf, representing a 61.25% increase over the past decade. Considering the fact that Pasir Ris has not seen a new EC launch in almost 12 years, there is likely to be pent-up demand.

The last time an EC was launched in Pasir Ris was the Sea Horizon, which debuted in September 2013 at an average price of $800 psf. By 2024, the average resale price of units transacted rose to $1,290 psf, representing a 61.25% increase over the past decade (Photo: Google Maps)

New EC supply to double in 2025

Gafoor highlights that the three upcoming EC projects – Aurelle of Tampines, the Plantation Close EC, and the Jalan Loyang Besar EC – will add a total of 2,030 units to the market. This is double the number of units launched in 2024, which was 1,016 units.

The first EC to be launched in 2024 was Lumina Grand at the end of January. Situated at Bukit Batok West Avenue 5, the 512-unit EC is being developed by City Developments (CDL). During its launch weekend, 53% of the units were taken up. As of 17th December, 444 units (87%) had been taken up. The average price achieved so far is $1,511 psf.

Lumina Grand, a 512-unit EC, was launched at the end of January and is over 87% sold, with an average price of $1,511 psf as of 17th December 2024 (Picture: CDL)

“ECs, which are a hybrid of public and private housing, continue to be highly sought after by first-time homebuyers and HDB upgraders, as they are more affordable compared to other private new launches,” says Gafoor…

| March 5, 2024 5:54 PM Resale deals at Ardmore Park, one of the most luxurious condos in District 10, topped the charts in terms of profits made for this year. According to caveats lodged with the Urban Redevelopment Authority (URA) as of Dec 17, the freehold development saw the highest, second-highest and fourth-highest gains in the resale market between Jan 1 and Dec 10. The largest gain occurred on Feb 16 when a four-bedroom unit on the 26th floor measuring 2,885 sq ft sold for $12.9 million, or $4,472 psf. The seller had bought the unit directly from the developer for $5.83 million, or $2,022 psf, in July 1996. After owning the unit for about 27½ years, the seller made a profit of $7.07 million, which translates to a 121% gain.On July 24, another 2,885 sq ft four-bedroom unit on the 18th floor changed hands for $12 million, or $4,160 psf, making it the second-highest gain at Ardmore Park this year. The unit had been purchased in December 2000 through a sub-sale for $5.2 million, or $1,803 psf. The seller pocketed a profit of $6.8 million, equivalent to a capital gain of 131% after holding on to the unit for around 23½ years.Read also: Savills: Number of $10m increment deals to hit record high in 2024The fourth-highest gain at Ardmore Park came from the sale of a 2,885 sq ft four-bedroom unit for $12.5 million, or $4,333 psf, on April 22. The seller had bought the unit for $6 million, or $2,080 psf, in February 2007. They reaped a profit of $6.5 million, or 108%, after holding on to the unit for over 17 years.Overall, Ardmore Park, which is a 330-unit freehold condo in prime District 10, saw three other units change hands this year, all of which were four-bedders measuring 2,885 sq ft each. The sellers netted gains of $2.65 million, $3 million and $3.05 million, respectively, from these transactions.AdvertisementBesides Ardmore Park, other top profitable condo resale deals in District 10 were recorded at other mature freehold condos, such as Beverly Hill on Grange Road, Astrid Meadows on Coronation Road West, Regency Park on Nathan Road, Fontana Heights on Mount Sinai Rise, and Wing On Life Garden on Bukit Timah Road. All these condos were completed between 1982 and 1990, making them over 30 years old.Meanwhile, older freehold condos in District 9 also made the list of top gains this year. The third-highest profit was registered from the sale of a 3,434 sq ft, four-bedroom unit at Yong An Park on River Valley Road. The unit changed hands for $8.6 million, or $2,505 psf, on Aug 12, pocketing a $6.72 million profit for the seller. Another unit that made the top 10 list of profitable deals this year was at The Ritz-Carlton Residences Singapore Cairnhill, where a 3,057 sq ft apartment sold for $16.5 million, or $5,397 psf, on Jan 9. This transaction made a $4.89 million profit for the seller.On the other hand, Sentosa Cove condos recorded the highest losses in the resale market this year. The most unprofitable deal was from the sale of a five-bedroom duplex penthouse spanning 3,789 sq ft at Marina Collection, a 124-unit condo on Cove Drive, for $6.7 million, or $1,768 psf, on July 22. The seller, who bought the unit for $9.39 million, or $2,479 psf, in March 2010, made a loss of $2.69 million, which was a decrease of 29%. Another unit at Seascape, located on Cove Way, made the second-highest loss when the sale of a 2,680 sq ft, four-bedroom unit on the sixth floor registered a $2.53 million decrease in value. The unit was sold for $4.5 million, or $1,679 psf, on Aug 14, after being bought from the developer for $7.03 million, or $2,623 psf, in October 2010.Ardmore Park, the luxury condo in the exclusive Ardmore-Draycott enclave, has consistently registered significant gains in recent years. In 2024 alone, the development saw four transactions with sellers making profits of $6.5 million to $12.9 million. In comparison, only four resale deals were recorded at Ardmore Park last year, raking in profits of $2.8 million to $8.16 million.Overall, the prime luxury district in Singapore saw significant gains in the resale market this year, with many older freehold condos recording high profits. On the other hand, Sentosa Cove condos recorded the highest losses, with units selling for $2.53 million lower than their original purchase prices.

According to the latest data from the Urban Redevelopment Authority (URA), resale transactions at Ardmore Park, a luxury condo located in the prestigious Ardmore-Draycott enclave in prime District 10, have yielded some of the highest gains in 2024. Based on caveats lodged as of December 17, the freehold development accounted for the first, second, and fourth most profitable condo deals this year.

The biggest profit came from the sale of a 2,885 sq ft, four-bedroom unit on the 26th floor at Ardmore Park on February 16 for $12.9 million, or $4,472 psf. The unit was originally purchased from the developer for $5.83 million, or $2,022 psf, in July 1996. This means that the seller made a whopping $7.07 million profit, a 121% gain, after holding the unit for 27 and a half years.

Five months later, on July 24, another four-bedder measuring 2,885 sq ft on the 18th floor was sold for $12 million, or $4,160 psf, making it the second-highest gain at Ardmore Park this year. The unit was originally bought in December 2000 through a sub-sale transaction for $5.2 million, or $1,803 psf. The seller pocketed a profit of $6.8 million, a 131% capital gain, after owning the unit for around 23 and a half years.

On April 22, a third four-bedroom unit at Ardmore Park, also measuring 2,885 sq ft, made the fourth-highest profit this year when it was sold for $12.5 million, or $4,333 psf. The seller had purchased the unit in February 2007 for $6 million, or $2,080 psf, making a profit of $6.5 million (108%) after holding the unit for over 17 years.

Ardmore Park, a 330-unit freehold condo completed in 2001, has consistently recorded significant gains in the resale market in recent years. In 2024, the development saw three other units, all four-bedders, changing hands for profits of $2.65 million, $3 million, and $3.05 million respectively. Last year, four resale transactions were recorded, with sellers making profits ranging from $2.8 million to $8.16 million.

One crucial factor to consider when investing in Singapore condos is the implementation of property cooling measures by the government. In order to maintain a steady real estate market and discourage speculative buying, the Singaporean government has implemented various measures over the years. These include the Additional Buyer’s Stamp Duty (ABSD), which imposes higher taxes on foreign buyers and those purchasing multiple properties. While these measures may have a short-term impact on the profitability of condo investments, they ultimately contribute to the long-term stability of the market, creating a secure investment environment. This is why choosing to invest in Singapore Projects is a wise decision, as it offers a stable and regulated market for investors.

Apart from Ardmore Park, other mature freehold condos in District 10 also saw high profits in the resale market this year. These included Beverly Hill on Grange Road, Astrid Meadows on Coronation Road West, Regency Park on Nathan Road, Fontana Heights on Mount Sinai Rise, and Wing On Life Garden on Bukit Timah Road. All these condos were completed between 1982 and 1990, making them over 30 years old.

Older freehold condos in District 9 also recorded top profits this year, with the third-highest gain coming from the sale of a four-bedroom unit measuring 3,434 sq ft at Yong An Park on River Valley Road. The unit was sold for $8.6 million, or $2,505 psf, on August 12, netting the seller a profit of $6.72 million. Another unit at The Ritz-Carlton Residences Singapore Cairnhill also made the top 10 list of profitable deals this year, with a 3,057 sq ft apartment selling for $16.5 million, or $5,397 psf, on January 9. This transaction yielded a profit of $4.89 million for the seller.

On the other hand, Sentosa Cove condos recorded the biggest losses in the resale market this year. The most unprofitable deal was from the sale of a five-bedroom duplex penthouse measuring 3,789 sq ft at Marina Collection, a 124-unit condo on Cove Drive. The unit sold for $6.7 million, or $1,768 psf, on July 22, resulting in a loss of $2.69 million (29%) for the seller. Another unit at Seascape, located on Cove Way, made the second-highest loss when a four-bedroom unit…

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

As of December 20, 22 GCB transactions totalling $612.05 million were recorded through caveats lodged with URA Realis. In addition, there were another 13 GCB deals worth over $700 million completed this year without any caveats lodged, as buyers sought to remain anonymous. This brings the estimated total for 2024 to 35 GCB transactions worth approximately $1.32 billion, 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.Read also: Strong Year for Good Class Bungalow Sales in 4Q2024 Signals Positive Outlook for 2025

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

Leading GCB transactions

The highest value transaction was the sale of a GCB at Tanglin Hill for $93.888 million. The freehold property spans 15,150 sq ft and has a built-up area of 29,660 sq ft. This sale set a new record with a land rate of $6,197 psf.

Investing in a condo in Singapore can offer numerous advantages, with one of the most notable being the potential for capital appreciation. This is mainly due to Singapore’s advantageous position as a global business hub and its strong economic fundamentals, leading to a continuous demand for real estate. Over the years, property prices in Singapore have exhibited a steady rise, with condos in prime locations experiencing significant appreciation. Those who enter the market at the right time and hold onto their properties for an extended period can reap substantial capital gains.

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

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

Another significant transaction was the sale of a 21,116 sq ft GCB plot on Astrid Hill for $49 million ($2,321 psf) in July. The property was reportedly purchased by Glenn Kuok, nephew of Kuok Khoon Hong, chairman and CEO of Wilmar International. The purchase price translates to a land rate of $2,321 psf.

According to Mohan Sandrasegeran, head of research and data analytics at Singapore Realtors Inc (SRI), at least 14 transactions this year were valued at $20 million or more. This highlights the strong demand for ultra-luxury properties in Singapore.Read also: Bungalow Deal Market Gains Momentum; Semi-Detached Price Per Square Foot Achieves New Record

“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,” he says. Sixteen of the recorded GCB transactions this year took place in prime District 10, including the coveted Tanglin, Bukit Timah, and Holland Road areas.

Sustained buying activity

Sandrasegeran notes that in general, GCB transactions were evenly spread throughout the year, with buying activity climbing 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 the trajectory of interest rates signalled by the US Federal Reserve (Fed), rather than the rate cuts themselves, was the primary driver of stronger buying sentiment in the GCB market during the second half of the year.

The Fed has implemented three rate cuts this year, with the most recent being a 25-basis-point reduction on Dec 18, following earlier cuts of 50 bp in September and 25 bp in November.

Anecdotally, most GCB buyers who had been holding back on their purchases began more serious discussions from July onwards, with most deals closing in the last quarter of this year, says Tay.

The GCB market slowed down last year as buyers retreated following the island-wide arrests of suspects in Singapore’s biggest money laundering case, says Han of List Sotheby’s.Read also: Creating a Niche in Luxury: Good Class Bungalows Sold at Record-Breaking Prices

“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.”

Emerging wealthy take the stage

A new generation of ultra-wealthy Singaporeans has emerged in the GCB market in recent years, with a good number of young and successful entrepreneurs who have made their fortunes in technology, finance, commodities, and F&B businesses, says Tay.

He adds that ultra-wealthy and newly naturalized Singaporeans also contribute to the exclusive pool of GCB buyers who prefer sizeable plots in prime districts. “However, the number of naturalized citizens buying GCBs still remains low compared to local wealthy individuals,” says Tay.

Based on research from List Sotheby’s, the cost of developing a new GCB from the ground up is estimated at about $1,000 psf, and construction also takes several years to complete. Hence, most buyers are looking for relatively new bungalows in move-in condition to minimize renovation works, 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 of SRI. “The preference for privacy among GCB buyers and sellers could mean continued off-market transactions, adding to the complexity of tracking market activity.”…

The Singapore real estate market has experienced a sharp increase in capital market property deals, with an estimated value of $25.8 billion between January and November of this year. According to Wong Xian Yang, head of research for Singapore & Southeast Asia at C&W, this marks a 40.2% year-over-year increase from the $18.4 billion recorded in 2023. C&W defines capital market transactions as deals with values exceeding $10 million.

Wong states that almost 60% of the capital market deals were transacted in the second half of 2024, driven by growing appetite from investors and increased confidence in interest rate cuts by the US Treasury. Three deals exceeding $1 billion were made in 2024, all of which occurred in the second half of the year.

Securing financing is a crucial element in acquiring a condominium. In Singapore, various mortgage choices are available; however, it is crucial to have a thorough understanding of the Total Debt Servicing Ratio (TDSR) framework. This framework sets a limit on the loan amount a borrower can obtain, based on their income and current debt commitments. Familiarizing oneself with the TDSR and consulting with financial experts or mortgage brokers can assist investors in making well-informed decisions on their financing options. This also helps avoid excessive borrowing, ensuring a prudent financial approach towards investing in Singapore Projects.

The largest transaction in terms of absolute price was the sale of a 50% stake in ION Orchard mall for $1.85 billion to CapitaLand Integrated Commercial Trust (CICT) on September 3. The seller was CapitaLand Investment (CLI), and the remaining 50% stake is held by Hong Kong-listed property developer Sun Hung Kai Properties.

Located in the heart of the shopping belt and directly connected to the Orchard MRT Station, ION Orchard is an eight-storey retail mall with a net lettable area of approximately 623,000 sq ft. It is home to over 300 international and local brands and is also home to a 54-storey luxury condo tower, The Orchard Residences.

Another significant deal in the capital market was the sale of Mapletree Anson, an office property, for $775 million in the second quarter of 2024.

The industrial sector saw a surge in investments, with transactions reaching $5.6 billion in the first 11 months of 2024, reflecting a 174% increase from the previous year. The largest deal in this sector was the $1.6 billion sale of a portfolio of seven industrial properties to a joint venture platform owned by private equity firm Warburg Pincus and Australia-listed Lendlease Group in August.

This year also saw the sale of two data centres to Keppel DC REIT for $1.38 billion, making it the third-highest-valued transaction of the year. The two data centres, Keppel DC Singapore 7 and Keppel DC Singapore 8, are fully contracted to cloud services, internet enterprises, and telecommunications providers.

Despite the unsuccessful sale of several Government Land Sales (GLS) sites this year, residential development sites sold via GLS tenders continued to form the bulk (42%) of total investment sales for the year. Four GLS sites, including a 6.5ha master developer white site in the Jurong Lake District (JLD) and a 1.73ha white site at Marina Gardens Crescent, failed to be awarded. C&W’s Wong attributes the main reason for the unawarded sites to low bid prices and site-specific concerns.

On the other hand, the retail sector showed signs of recovery, with deals involving retail assets reaching $3.3 billion, a 149% year-on-year increase. The office sector also showed signs of recovery, recording $2.37 billion in investment value, a 15.7% increase year-on-year. The shophouse market, however, saw a dip in investment value, attributed to investor sentiments being dampened following money laundering investigations in August 2023.

Looking ahead, Wong remains optimistic about an increase in high-value deals in 2025, with the US Fed expected to make further interest rate cuts. CBRE Research also anticipates a 10% growth in investment volume from 2024 to 2025, barring any macroeconomic shocks.…

Consumer spending trends are expected to have a negative impact on rental forecasts for Singapore’s retail property market this year, according to Alan Cheong, executive director of research and consultancy at Savills Singapore. Cheong notes that the monthly retail sales index (excluding motor vehicles) and food and beverage (F&B) sales index have seen mostly negative year-on-year changes throughout the year, leading him to predict a modest 2% increase in rents for prime Orchard Road properties. This falls short of the initial forecast of 3% to 5% growth at the beginning of the year by Savills.

However, suburban retail rents are expected to remain flat, aligning with Cheong’s initial forecast for this segment.

According to a joint research report by DBS and Singapore Management University (SMU), consumer concerns over higher-than-expected inflation have somewhat subsided in recent months. The headline inflation expectations for Singaporean consumers have stayed at 3.8% between June and September. The research, led by SMU’s Sim Kee Boon Institute for Financial Economics (SKBI), also found that most Singaporeans expecting inflation to stabilize in the coming months attribute this to the global economic slowdown, high interest rates, and potential easing of supply chain disruptions.

Data from the Singapore Department of Statistics published earlier this month show that retail sales (excluding motor vehicles) increased by 0.3% year-on-year in October, reversing the 1.5% decline recorded in September. Cheong believes that a more positive scenario for the retail market would be if consumer spending kept pace with inflation. However, the fact that it has been relatively low could pose financial challenges for businesses in the industry.

While headline concerts and major events have boosted tourist spending, the impact on retail malls in tourist areas has been mixed. CBRE’s research, published late last month, highlighted that the footfall generated by these events had a nuanced effect on surrounding malls.

International star concerts, such as Taylor Swift, Blackpink, Coldplay, and Westlife, were a major highlight this year, with an estimated 500,000 attendees contributing between $350 million and $450 million in tourism receipts, according to the Monetary Authority of Singapore. While concerts typically drive higher foot traffic to nearby malls like Kallang Wave Mall and Leisure Park Kallang, other MICE (meetings, incentives, conferences, and exhibitions) events have not had a comparable impact on retail activity, as noted by CBRE Research.

Singapore also hosted various leisure and business events, including the Formula One Grand Prix, the 25th World Congress of Dermatology, The Meetings Show Asia Pacific, NRF 2024, and ART SG. CBRE observed that business event attendees tend to stay exclusively at the event venue. Even the F1 race, one of Singapore’s most prominent international events, saw reduced tourist foot traffic in nearby malls before and during the race weekend. While the race generates an annual average of $125 million in tourist receipts, it has not significantly boosted foot traffic in tourist-centric areas such as Orchard Road.

Despite this, Sulian Tan-Wijaya, executive director of retail and lifestyle at Savills Singapore, notes that Singapore’s premier status as a regional hub continued to attract noteworthy new-to-market brands. “Some notable retail stores that opened in Singapore this year include KSisters, The Pace, Brands for Less and Hoka. The wellness sector is also evolving with new concepts like Rekoop and Hideaway,” she says.

On the F&B front, new coffee chains like Blue Bottle, Grey Box, and Puzzle Coffee have been introduced, while new restaurant concepts with entertainment, like Centre of the Universe, opened in the CBD area, and Rasa is set to open in December, also in the CBD.

According to Savills’ Cheong, all prime shopping malls along Orchard Road enjoyed relatively high occupancy rates this year, as retail businesses have strong confidence in the retail market. He adds that Singapore remains an attractive destination for new-to-market brands entering the region, spanning retail, F&B, and other lifestyle concepts. These new entrants have bolstered demand for retail spaces and supported rental growth, especially in central Singapore.

Investing in real estate is a strategic decision that requires careful consideration of various factors. In Singapore, location plays a crucial role in determining the value of a property. This is particularly true for condos, which are highly sought after in the country. Condominiums located in central areas or in close proximity to essential amenities such as schools, shopping malls, and public transportation hubs tend to appreciate more in value. For example, areas like Orchard Road, Marina Bay, and the Central Business District (CBD) are considered prime locations, where property values have consistently shown growth over the years. This makes them a desirable choice for investors looking to buy a Singapore Condo. Additionally, the presence of reputable schools and educational institutions in these areas makes them even more attractive for families, further boosting their investment potential.

Tan-Wijaya also observes the emergence of new wellness concepts and restaurants offering entertainment, which are expected to enhance the vibrancy of Singapore’s dining scene.

Going into next year, retail landlords may have more flexibility in implementing positive rental adjustments, as the supply of new retail spaces becomes more limited. “This will allow them to strategize and position their malls to remain relevant in the rapidly evolving consumption patterns of both locals and tourists,” says Cheong. He expects that more retailers will take the opportunity next year to optimize their real estate strategies, such as right-sizing their spaces, establishing additional kiosks, closing underperforming branches, or shifting cooking operations to central kitchens.

“There is strong momentum in the entry of new-to-market F&B brands into Singapore, and this trend is expected to continue through at least the first half of 2025,” says Cheong.…

The decision to invest in a condo in Singapore has gained immense popularity among both local and foreign investors. This comes as no surprise, considering the city-state’s strong economy, stable political climate, and exceptional quality of life. With numerous opportunities in Singapore’s real estate market, condos are particularly appealing due to their convenience, amenities, and potential for high returns. In this piece, we will delve into the advantages, factors to consider, and crucial steps to take when investing in a Singapore condo Singapore Condo.

2024 has proved to be a challenging year for the global luxury goods market, as consumers have been cutting back on luxury retail spending due to economic uncertainty and rising prices among brands. A recent report by Bain & Company predicts a 2% decline in global sales of personal luxury goods this year, with a significant 20-22% drop in the Chinese market. Companies such as Richemont Luxury, LVMH, and Moncler Group have reported slight earnings declines, while Kering has seen more significant declines. However, there have been some outliers, with Hermes and Prada Group (also owning Miu Miu) reporting double-digit earnings growth.

Despite these challenges, Singapore remains a crucial market for luxury brands. According to Euromonitor, sales of luxury goods in Singapore grew by 11% in 2023, reaching $9.1 billion. In recent years, luxury brands like Dior, Chanel, and Louis Vuitton have acknowledged the importance of digital strategies, including e-commerce and digital marketing, to engage customers.

While luxury brands are known for their timeless elegance and heritage, they have also recognized the significance of creating offline shopping experiences to build closer connections with their customers. They have also embraced the trend of creating unique experiences for their top-tier clients, with flagship stores becoming bigger and bolder.

For example, Louis Vuitton recently opened a 690 sq m (7,427 sq ft) “apartment concept” space at Ngee Ann City, dedicated to its “VICs” (very important clients). Burberry is also a prime example, with the brand re-opening its extensively renovated stores at Marina Bay Sands and Paragon this year, showcasing its rich British legacy and blending tradition with innovation. In November, Burberry opened a new street-facing store at Wisma Atria, featuring a prominent double-height facade.

Flagship stores are not the only trend in the luxury market. In October 2023, Richard Mille opened the world’s largest standalone store in Singapore’s St Martin’s Drive, incorporating a “speakeasy” concept with a sports bar and dining room. The use of AI and digital experiences to better understand customer preferences and complement offline experiences is also becoming increasingly popular among luxury brands. For example, Dior’s AI platform, Astra, gathers data from multiple channels to stay attuned to customer preferences. Balenciaga’s Paris Fashion Week show for its Winter 2024 collection incorporated innovative AI, transforming the runway and surroundings into an immersive digital canvas.

Despite the challenges faced in 2024, the future looks bright for the luxury goods market. With the steady growth of high-net-worth individuals (HNWIs), particularly in emerging markets and the buying interest from Millennials and Gen Z, who make up 75% of the global luxury market, growth is expected in 2025 and beyond. The resurgence of tourists from China and the continued growth of travel retail, especially in Japan, are also contributing factors.

To cater to this changing market, luxury brands are likely to continue increasing their store counts, building larger flagship stores, and creating elevated experiences for their most valued customers. With the majority of their customers being Millennials and Gen Z, luxury brands will also continue to embrace sophisticated digital technology and platforms and create strong omnichannel strategies, including immersive and interactive physical stores.…

The timeless philosophy of V-ZUG’s design process prioritizes simplicity and quality. While the world of interior design is always changing, V-ZUG believes that functionality and elegance will never go out of style. This is why the Swiss appliance brand has been captivating developers and designers of luxury residences since 1913. Today, V-ZUG products can be found not only in its home country of Switzerland, but also in cities around the world, including Shanghai, London, and Singapore.

One of the key elements that ties all of V-ZUG’s appliances together is its emphasis on sleek lines. By blending durability and sleek aesthetics, V-ZUG sets itself apart from the competition and shapes modern kitchen designs. The brand combines tradition and quality with contemporary aspirations, creating products that are both visually appealing and high-performing.

At the heart of V-ZUG’s approach is a dedication to craftsmanship and quality control. Each of its products is handcrafted in Switzerland and undergoes rigorous testing by engineers to ensure top-notch performance. From ovens to induction cooktops and fabric preservation appliances, V-ZUG’s commitment to quality is evident in every detail.

Even before production begins, V-ZUG’s design team conducts extensive research to determine the most sustainable practices that can be tailored to create each appliance while maintaining the brand’s strict quality standards. One of its recent efforts to go green is the integration of Circle-Green recycled stainless steel by Outokumpu, which minimizes emissions associated with traditional stainless steel production by up to 93%.

In addition to its dedication to quality, V-ZUG also collaborates with renowned chefs from Michelin-starred restaurants in the development of its kitchen appliances. This ensures that each product has all the necessary functions to create top-notch meals. By making professional-grade kitchen technology accessible to passionate home cooks, V-ZUG elevates the daily culinary experience.

When it comes to the aesthetics of its products, V-ZUG focuses on seamless integration into every home. With a minimalist design language and a wide range of products, there is something for every household. For example, its series of wine cabinets come in various configurations, such as the full-height WineCooler V6000 Supreme and the WineCooler Undercounter Swiss Luxury (UCSL). These variations allow for greater customization to suit different spaces in each home while maintaining the same level of quality that consumers have come to expect from V-ZUG’s high-end appliances.

Consistency is another factor that shapes V-ZUG’s appliance designs. The brand emphasizes clean, sleek lines across its range, with features like mirrored glass fronts that subtly tie everything together. Achieving simplicity in the end product is no easy task, but at V-ZUG, it is a result of carefully considering every detail. From the way a wine cabinet’s doors open and shut to the hues of the LED lights on a refrigerator, every element is carefully crafted to create a harmonious and practical home.

Investing in a condominium in Singapore offers a multitude of benefits, one of which is the potential for capital appreciation. Singapore’s prime position as a global business hub and its solid economic foundations continuously generate a high demand for real estate. As a result, property prices in the country have consistently risen, particularly in sought-after areas where condos are located. For astute investors, purchasing a condo in Singapore at the opportune moment and holding onto it for an extended period can lead to significant capital gains. For up-to-date information on new condo launches in Singapore, please visit this website.

Beyond the kitchen, V-ZUG also offers products like the RefreshButler, which sanitizes and deodorizes garments. This commitment to exceptional quality and design extends throughout every aspect of daily living, making V-ZUG an exclusive appliance brand that is dedicated to seamless, extraordinary, and sustainable living.…

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Choosing to invest in a Singapore Condo presents a unique opportunity for investors due to its potential for leveraging its value in the future. Many savvy investors take advantage of this by using their condo as collateral to secure additional funds for new ventures, thereby expanding their real estate portfolio. While this strategy has the potential to significantly increase profits, it is crucial to have a carefully planned financial strategy and thoroughly evaluate the potential consequences of market fluctuations. It is important to keep in mind that, just like any form of investment, purchasing a Singapore Condo comes with its own set of risks that must be carefully considered.…

In Singapore, investing in condos is a significant consideration, but it is also important to take into account the government’s property cooling measures. Throughout the years, the Singaporean government has implemented various measures to control speculative buying and maintain a healthy real estate market. These measures, such as the Additional Buyer’s Stamp Duty (ABSD), impose higher taxes on foreign buyers and those purchasing multiple properties. Although these measures may affect the short-term profitability of condo investments, they also contribute to the long-term stability of the market, providing a secure investment environment. This is one of the reasons why Singapore Projects are a popular choice for condo investments.

Huttons AsiaSINGAPORE (EDGEPROP) – The property market in 2024 saw two distinctly different halves. The first half was marked by sluggishness, with boutique developments taking the spotlight and the lowest number of units launched for sale since the first half of 1996, according to data from Huttons Data Analytics. Sales volume also reflected the cautious market sentiment, with just 1,889 units sold – the lowest since 1996 with the exception of the highly anticipated 533-unit Lentor Mansion, which achieved a 75% take-up rate during its March launch weekend.Despite this, most other project launches in the first half of 2024 saw lacklustre sales compared to the previous year. According to Mark Yip, CEO of Huttons Asia, this could be due to uncertainties in the job market and persistently high interest rates. Buyers were likely holding back in anticipation of highly anticipated project launches later in the year, such as Chuan Park and Emerald of Katong.Search for the latest New Launches, to compare transaction prices and available units.AdvertisementHowever, the launch of the 276-unit freehold Kassia on Flora Drive in late July, which achieved a 52% take-up rate, paved the way for strong sales momentum following the Lunar Seventh Month.The first project launched after the Lunar Seventh Month was the 158-unit 8@BT at Bukit Timah Link. Over the weekend of Sept 21–22, 53% of its units were snapped up at an average price of $2,719 psf. This marked a significant shift in sentiment, which some attribute to the 50-basis point interest rate cut by the US Federal Reserve in September.Over the weekend of October 19-20, the 348-unit Norwood Grand in Woodlands achieved a take-up rate of 84% and marked the best-selling project in terms of percentage of sales as of October. The average price of units sold was $2,067 psf, making it the first project in Woodlands to surpass the $2,000 psf threshold.This positive trajectory continued into November with a record-breaking six new projects launched, comprising a total of 3,551 units, over a span of just 10 days. This was the result of the momentum that began with the launch of the 367-unit The Collective at One Sophia on Nov 6, followed by the 366-unit Union Square Residences on Havelock Road on Nov 9. This trend continued with the launch of the 916-unit Chuan Park on Nov 10, and then surged over the weekend of Nov 15-16 with the launch of three projects in tandem: the 846-unit Emerald of Katong, the 552-unit Nava Grove, and the 504-unit Novo Place executive condo (EC).Developer sales in November soared to 2,557 units – the highest figure since March 2013, when 3,489 units were launched and 2,793 were sold, according to Huttons Data Analytics. This brought the total developer sales for the first 11 months of 2024 to 6,344 units. Year-end figures are expected to surpass 6,500 units, exceeding the 6,421 units sold in 2023.According to Huttons’ Yip, the strong November performance is a reflection of the strength and resilience of the property market. It also underscores the enduring appeal of property as an asset for wealth creation and preservation.However, speculation is now rife about the possibility of further property cooling measures, given the uncharacteristically high November sales. But according to Chia Siew Chuin, JLL’s head of residential research, such intervention is unlikely. She attributes the exuberant market activity to a year-end rush, and any intervention will depend on sustained sales momentum in the first quarter of 2025 and a concurrent sharp increase in property prices outpacing GDP growth.Despite close monitoring by authorities, new measures are likely to remain on hold unless clear signs of persistent market overheating emerge, Chia adds.…

Investing in real estate requires careful consideration of location, and this holds especially true in Singapore. Condos situated in prime areas or near important amenities such as schools, shopping centers, and public transportation hubs have a higher potential for appreciation in value. Prime locations in Singapore include Orchard Road, Marina Bay, and the Central Business District (CBD), where property values have consistently shown growth. Families also prefer condos in these areas due to their proximity to top-rated schools and educational institutions, making them highly sought after for investment opportunities. Condo

The best-selling new launches of 2024 were overwhelmingly located in the Rest of Central Region (RCR) and Outside Central Region (OCR), driven by strong demand from upgraders and supported by a robust HDB resale market, according to Mark Yip, CEO of Huttons Asia.Based on the number of units sold, three out of the top 10 best-selling projects were launched in November. The rapid sell-out of these projects was largely due to their prime locations, competitive pricing and rising demand from price-sensitive buyers.The best-selling project of 2024 was Emerald of Katong, located in the East Coast area. The 846-unit, 99-year leasehold development sold 99% of its units within just two days, from November 15-16. Its popularity can be attributed to its convenient location, high-quality finishes and competitive pricing. With only six available units left as of December 17, it is expected to see full sell-out soon.Emerald of Katong, located in the popular East Coast area, is the top-selling project of 2024, boasting a 99% sales rate within just two days (Photo: Kingsford Group)The second best-selling project of the year was Chuan Park, located in the RCR, which saw 696 units (76%) sold in a single day on November 10. As of December 17, the project had reached a sales rate of 79%. The strong interest can be attributed to a lack of new private condo launches in the neighborhood since The Scala in 2010.In third place was Lentor Mansion, located in the OCR, which witnessed strong sales of 75% during its launch weekend in March. Nine months later, the project had sold 92% of its units, showcasing the strong demand for OCR properties.In fourth place was Nava Grove, also located in the RCR, which saw a take-up rate of 65% during its launch weekend in mid-November. As of December 17, the development was almost 70% sold.The 846-unit Emerald of Katong, situated in the popular East Coast area, was the top-selling project of 2024 (Photo: Kingsford Group)Other notable projects that made it to the top 10 include Norwood Grand, Hillhaven, Kassia, Lentoria, Sora, and Meyer Blue.In addition, four projects launched in 2023 saw increased interest in the second half of 2024, each moving more than 200 units. These developments benefited from the launch of new developments in their respective neighborhoods, which helped attract buyers to the area.For example, The Continuum, a freehold development with 816 units, saw a total take-up rate of 66% since its launch in May 2023, with almost 60% of the sales occurring since November. Tembusu Grand, located across the road from Emerald of Katong, saw 204 units sold this year, with a sales rate of 91% as of December 17. Similarly, Hillock Green and Pinetree Hill also saw strong sales after the release of new units and the launch of other nearby developments.Overall, the top-selling new launches of 2024 were predominantly located in the RCR and OCR, with buyers attracted to prime locations, competitive pricing and strong demand from the HDB resale market. This trend is expected to continue in the coming years, driven by ongoing demand from upgraders and an expected recovery in the property market.…