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.