Month: December 2024

As of Dec 2024, out of the 85 new private residential projects in the OCR, only 35 new projects have launched and a further eight projects are expected to launch by the end of the year.Based on PropNex’s analysis of historical data, new launch prices tend to appreciate by 20-30% by the time projects obtain their temporary occupation permit (TOP). Given that new EC launches are also subjected to the same trend, Islandwide average EC prices are projected to appeal by 10-20% from the date of launch to TOP, says Gafoor.This means that the average price for new EC launches in 2025 is likely to reach $1,850- $2,000 psf, he adds.To continue meeting housing demand, Gafoor notes that the government may announce a new EC site at the Confirmed List of the first half 2025 GLS programme, adding that “it may also want to consider exploring the possibility of making hybrid ECs, a combination of public and private housing, available for singles who are looking for their own private space”.

In the upcoming year, three new executive condos (ECs) will be launched, with the first being Sim Lian Group’s Aurelle of Tampines, leading the way. Located at Tampines Street 62, this 760-unit development is expected to be launched in the first quarter of 2025, most likely after the Lunar New Year. Following the successful sale of the 846-unit Emerald of Katong, which is now over 99% sold, the launch of Aurelle marks the next big project for the group.

Securing the Tampines Street 62 (Parcel B) site at a whopping $543.28 million, the GLS tender for the land concluded in October 2023, translating to a rate of $721 per square foot per plot ratio (psf ppr). With the rising costs of construction and the adoption of harmonised gross floor area (GFA) definitions, Ismail Gafoor, the CEO of PropNex, believes that Aurelle at Tampines could set a new price benchmark, possibly crossing the $1,600 psf threshold. This expectation is based on the success of Novo Place EC, which was launched in November, achieving an average price of $1,656 psf.

The newly launched PropNex data provides in-depth information on all ECs, including the average profit at the 5 and 10-year marks.

Aurelle Of Tampines, comprising of 760 units, is located at Tampines St 62 (Parcel B), which was purchased by Sim Lian for $543.28 million, at the government land sale (Source: EdgeProp Landlens)

Next to Aurelle is the 618-unit Tenet EC, a joint venture between Qingjian Realty, Santarli Realty, and Heeton Holdings. Launched in December 2022, Tenet has already sold 617 units at an average price of $1,384 psf, with one unit remaining as of December 19th, 2024. Located at Tampines Street 62 (Parcel A), the site for Tenet was purchased at a record-high rate of $442 million ($659 psf ppr) in August 2021. Notably, the launch of Tenet occurred before the implementation of the GFA harmonisation rule, which only applies to GLS sites launched after September 1st, 2022.

A total of 617 units have been sold at Tenet, with only one unit remaining as of December 19th, 2024. This 618-unit EC is located at Tampines St 62 (Parcel A) next to the upcoming 760-unit Aurelle of Tampines (Photo: Samuel Isaac Chua/EdgeProp Singapore)

With strong confidence in the high demand for homes in Tampines and its surrounding areas, Sim Lian Group has acquired another EC site, winning the Tampines Street 95 GLS site in early November. At $465 million ($768 psf ppr), Sim Lian submitted the highest bid at the close of the tender in October, setting a new record for EC land prices.

The new EC project at Tampines Street 95 is expected to add 560 brand new units to the market, further bolstering the EC supply in the area. Sim Lian Group has a proven track record of developments in the eastern region of Singapore.

Sim Lian submitted the highest bid at Tampines St 95, totalling $465 million ($768 psf ppr), setting a new benchmark for land prices per square foot for executive condos (Source: EdgeProp Landlens)

Apart from the Emerald of Katong and the upcoming EC projects in Tampines, the group has also achieved great success with Treasure at Tampines, Singapore’s largest condominium with 2,203 units, which was completed in 2023.

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

Read also: Novo Place sold 88.1% of units as another 137 units are sold after second balloting

Launched in February 2019, the 2,203-unit Treasure at Tampines sold out in just three years at an average price of $1,356 psf. As of December 19th, a total of 468 sub-sale and resale transactions have been recorded. On the secondary market, prices have averaged at $1,699 psf, reflecting a 25.3% increase from the average launch price.

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

At the end of January, Lumina Grand became the first EC launch of 2024. This 512-unit EC, located at Bukit Batok West Avenue 5, is developed by City Developments (CDL). On its launch weekend, 53% of the units were taken up, while as of December 17th, 444 units (87%) had been sold. The average price achieved for Lumina Grand is $1,511 psf.

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

ECs, a mix of public and private housing, remain highly sought after by first-time home buyers and HDB upgraders, as they are still more affordable than private new launches, says Gafoor.

Based on PropNex’s analysis of historical data, new launch prices have tended to appreciate by 20-30% by the time the projects have attained their temporary occupation permit (TOP). Given the trend, the average price for new EC launches during 2025 is projected to be around $1,850- $2,000 psf, says Gafoor.

This means that the average price for new EC launches during 2025 is projected to be around $1,850- $2,000 psf.

Singapore’s cityscape is defined by contemporary architecture and towering skyscrapers. The city is home to a plethora of condominiums, strategically situated in sought-after locations, offering a perfect combination of opulence and convenience that attracts both locals and foreigners. These luxurious residences boast a multitude of facilities, including swimming pools, fitness centers, and top-notch security services, elevating the standard of living for residents and making them desirable for prospective tenants and buyers. For investors, these added amenities equate to greater rental returns and appreciation in property value over time. In fact, incorporating Singapore Condo into one’s investment portfolio can yield even higher returns and capital gains in the long run.…

The luxury condominium development, Ardmore Park, located in the prestigious Ardmore-Draycott enclave in prime District 10, has been making headlines with its impressive resale transactions in 2024. According to data from caveats lodged with the Urban Redevelopment Authority (URA) as of December 17, the freehold development saw some of the biggest gains in the resale market this year, with units accounting for the first, second, and fourth most profitable condo resale deals.

The top resale transaction at Ardmore Park was for a four-bedroom unit on the 26th floor, measuring 2,885 sq ft and sold 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, which means the seller made a whopping profit of $7.07 million, equivalent to a 121% gain after holding onto the property for 27 and a half years.

The second-highest gain was recorded on July 24, when another four-bedder measuring 2,885 sq ft on the 18th floor changed hands for $12 million ($4,160 psf). The seller had bought the unit in December 2000 for $5.2 million ($1,803 psf) through a sub-sale transaction. This means they made a profit of $6.8 million, equivalent to a capital gain of 131% after owning the unit for around 23 and a half years.

The fourth most profitable resale deal at Ardmore Park this year was for another four-bedroom unit measuring 2,885 sq ft, which was sold for $12.5 million ($4,333 psf) on April 22. The unit was purchased by the seller in February 2007 for $6 million ($2,080 psf), earning them a profit of $6.5 million, equivalent to 108%, after holding onto it for 17 years.

The bustling cityscape of Singapore is defined by towering skyscrapers and state-of-the-art facilities. Condominiums, situated in prime locations, offer a fusion of opulence and practicality that appeals to locals and foreigners alike. These residential complexes boast an array of desirable amenities, including swimming pools, fitness centers, and top-notch security services, elevating the standard of living and making them a sought-after choice for potential renters and buyers. In terms of investment, these luxurious features result in a higher return on rental income and a steady increase in property values over time. Want to find out more about the latest Singapore Projects? Head over to Singapore Projects for all the details!

Ardmore Park, with its 330 units and freehold tenure, has consistently seen significant gains in its resale market in recent years. In 2024 alone, three other four-bedroom units of the same size changed hands, with the sellers netting profits of $2.65 million, $3 million, and $3.05 million respectively. Similarly, in 2023, the condo saw four resale transactions, with sellers clocking in gains between $2.8 million and $8.16 million.

Aside from Ardmore Park, other mature freehold condo developments in District 10 dominated the list of top profitable deals this year. For instance, the fifth most profitable resale transaction took place at Beverly Hill, an 86-unit boutique condo on Grange Road. The four-bedroom unit measuring 3,778 sq ft on the fifth floor was sold for $9.15 million ($2,422 psf) on July 15, earning the seller a profit of $5.47 million (149%).

Other older freehold condo projects that made it to the list of most profitable deals this year include Astrid Meadows, Regency Park, Fontana Heights, and Wing On Life Garden. All these condos, completed between 1982 and 1990, are over 30 years old.

Two of the top 10 profitable deals this year were also recorded in freehold District 9 condos. The third-highest profit was made from the sale of a four-bedroom unit measuring 3,434 sq ft at Yong An Park, located on River Valley Road. The unit was sold for $8.6 million ($2,505 psf) on August 12, incurring a whopping $6.72 million profit for the seller. Similarly, a two-bedroom unit measuring 3,057 sq ft at The Ritz-Carlton Residences Singapore Cairnhill was sold for $16.5 million ($5,397 psf) on January 9, raking in a profit of $4.89 million for the seller.

On the contrary, Sentosa Cove condos accounted for nearly half of the 10 least profitable condo resale transactions this year. The Marina Collection, a 124-unit condo on Cove Drive, recorded the most unprofitable deal this year. A five-bedroom duplex penthouse measuring 3,789 sq ft was sold for $6.7 million ($1,768 psf) on July 22, resulting in a loss of $2.69 million (29%) for the seller who had bought it in March 2020 for $9.39 million ($2,479 psf).

Another Sentosa Cove condo, Seascape, located on Cove Way, registered the second-biggest loss this year. A four-bedroom unit on the sixth floor measuring 2,680 sq ft was sold for $4.5 million ($1,679 psf) on August 14. However, it was originally purchased from the developer in October 2010 for $7.03 million ($2,623 psf). As a result, the seller incurred a loss of $2.53 million, equivalent to 36%.

In conclusion, Ardmore Park, a prime freehold condo in District 10, came out as the biggest winner in the resale market this year, recording the most profitable deals. However, Sentosa Cove condos registered the most unprofitable transactions, highlighting the risks involved in investing in this exclusive enclave.…

In the world of the ultra-wealthy, the market for Good Class Bungalows (GCBs) has been performing exceptionally well 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 have been recorded in URA Realis. Additionally, 13 more GCB deals, with a total value of over $700 million, were completed this year without caveats lodged, as buyers preferred to remain anonymous. This brings the estimated total for 2024 to 35 GCB transactions worth approximately $1.32 billion, according to List Sotheby’s estimates, surpassing the previous high of $1.186 billion achieved in 2022.

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

“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 highlights the high demand for GCBs as a highly coveted asset among ultra-high-net-worth buyers.”

Chart-topping GCB deals

If you are considering investing in a Condo, it is essential to carefully evaluate its potential for generating rental income. This is referred to as the rental yield, which is the annual rental income as a percentage of the Condo’s cost. In Singapore, Condo rental yields can vary significantly depending on factors such as location, property condition, and current market demand. Generally, areas with high rental demand, such as those near bustling business districts or prestigious educational institutions, offer more promising rental yields. To gain valuable insights into the rental potential of a Condo, it is crucial to conduct a thorough market analysis and seek guidance from experienced real estate agents specializing in Condo investments. Additionally, you may want to visit Condo to gather more information and make an informed decision.

Leading the pack is the sale of a GCB at Tanglin Hill for $93.888 million. The property, situated on a freehold site measuring 15,150 sq ft, features a built-up area of 29,660 sq ft. This transaction set a new record with a land rate of $6,197 psf.

The second-largest 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, although no caveat was lodged for the property. Based on the land area of 28,111 sq ft, the price reflects a land rate of $2,988 psf.

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

Another big-ticket transaction was the sale of a 21,116 sq ft GCB plot at 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.

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.

“District 10 remains the epicenter of the GCB market, with multiple high-value deals reaffirming its position 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 increasing 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 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 implemented three rate cuts this year: the most recent being a 25 basis point (bp) 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 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.

“In terms of market demand, the money laundering crackdown had an impact, causing some genuine buyers to hold 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.”

Up-and-coming wealthy take the stage

In recent years, a new generation of ultra-wealthy Singaporeans has emerged in the GCB market, with a notable 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.

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 and 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 is likely to 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 the complexity of tracking market activity.”…

Ultimately, purchasing a condominium in Singapore presents a multitude of benefits. The demand for condos in this city-state is high, making it a sought-after investment. Additionally, there is strong potential for capital appreciation, giving investors the opportunity to earn significant returns on their investment. With attractive rental yields, owning a condo can also provide a stable source of passive income. Of course, it is crucial to carefully consider various factors before making a decision, including the location of the condo, financing options, government regulations, and current market conditions. By conducting thorough research and seeking professional advice, investors can ensure they make informed decisions and maximize their returns in Singapore’s constantly evolving real estate market. Whether you are a local investor looking to diversify your portfolio or a foreign buyer seeking a reliable and profitable investment, condos in Singapore, such as those featured on Singapore Projects, offer a compelling opportunity for success.

According to Wong Xian Yang, head of research for Singapore & Southeast Asia at Cushman & Wakefield (C&W), the total value of capital market property deals in Singapore is estimated to have reached $25.8 billion between January and November this year. This marks a significant increase of 40.2% compared to the $18.4 billion recorded in 2023. The term “capital market transactions” refers to deals with values exceeding $10 million, as defined by C&W.

Wong attributes this surge in investment value to a growing investor appetite and increased confidence in interest rate cuts by the US Treasury, with almost 60% of the capital market deals transacted in 2H2024. Three deals exceeding $1 billion were made in 2024, all of which took place in the second half of the year.

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

The mall, located in the heart of the shopping belt and directly linked to Orchard MRT Station, has a net lettable area of about 623,000 sq ft and is home to over 300 international and local brands. It also features a luxury condo tower, The Orchard Residences, on top of the mall.

Another notable deal was the sale of Mapletree Anson, a high-value office property, for $775 million in 2Q2024.

The industrial sector saw a surge in investor interest, with investments reaching $5.6 billion in the first 11 months of 2024, a significant increase of 174% compared to the previous year. The largest deal in this sector was the $1.6 billion divestment of a portfolio of seven industrial properties from Soilbuild Business Space REIT to a joint venture (JV) platform owned by private equity firm Warburg Pincus and Australian-listed Lendlease Group. This portfolio includes 4.5 million sq ft of business parks and specialist facilities in various industries.

Despite the unsuccessful sale of several Government Land Sales (GLS) sites this year, residential development sites sold via GLS tenders made up 42% of total investment sales. Four GLS sites on the Confirmed List for 2024 failed to be awarded, with the main reason being low bid prices due to site-specific concerns and interest rate concerns. However, this trend is not expected to continue in 2025.

The retail sector also showed signs of recovery, with deals amounting to $3.3 billion, a 149% increase compared to the previous year. The office segment also saw a 15.7% y-o-y increase in investment value, while the shophouse market saw a 49.7% y-o-y fall in investment value.

Looking ahead to 2025, Wong remains optimistic about seeing an increase in high-value deals due to the expected interest rate cuts by the US Fed. He predicts that investment volumes will continue to rise as investors anticipate a rebound in capital values. CBRE Research also expects investment volumes to grow by 10% in 2025, barring any major economic shocks.…

One important aspect to keep in mind when considering investing in condos in Singapore is the government’s property cooling measures. In order to maintain a stable real estate market and discourage speculative buying, the Singaporean government has implemented several measures over the years. These measures include the Additional Buyer’s Stamp Duty (ABSD), which imposes higher taxes on foreign buyers and those purchasing multiple properties. While these policies may impact the immediate profitability of condo investments, they ultimately contribute to the long-term stability of the market, creating a secure and reliable investment environment. Additionally, for more information on Singapore projects and potential investment opportunities, please visit Singapore Projects.

Consumer spending in 2024 has been relatively weak, leading to a dampened rental forecast for Singapore’s retail property market. According to Alan Cheong, executive director of research and consultancy at Savills Singapore, the year-to-year change in monthly retail sales and food and beverage sales has been mostly negative throughout most of the year. As a result, he predicts that prime retail properties in the Orchard Road submarket may only see a 2% increase in rents for the full year, falling short of earlier expectations of a 3% to 5% increase.

A joint research effort by DBS and Singapore Management University reveals that consumer concerns over inflation have moderated in recent quarters. However, most consumers still expect inflation to remain at around 3.8% in the coming months. This is attributed to the global economic slowdown, high interest rates, and potential easing of supply chain disruptions.

While retail sales (excluding motor vehicles) saw a slight increase of 0.3% year-on-year in October, this was a reversal from the 1.5% decline in September. Cheong notes that a more positive outcome for the retail market would be if consumer spending were keeping pace with inflation, but it has been relatively low, posing financial challenges for businesses in the industry.

Despite a packed calendar of headline concerts and events in Singapore this year, retail spending and rental rates saw limited support. Concerts by popular international stars such as Taylor Swift, Blackpink, Coldplay, and Westlife attracted over 500,000 attendees, with the Monetary Authority of Singapore estimating that over half were foreigners contributing between $350 million and $450 million in tourism receipts. However, while these events drove higher foot traffic to nearby malls, other MICE events did not have a significant impact on retail activity, according to CBRE Research.

The Formula One Grand Prix, the 25th World Congress of Dermatology, The Meetings Show Asia Pacific, NRF 2023, and ART SG were among the leisure and business events hosted in Singapore this year. However, CBRE observed that attendees often stayed exclusively at the event venue, even for the F1 race, which generates an average of $125 million in tourist receipts annually but did not significantly boost foot traffic in tourist-oriented areas like Orchard Road.

Still, Sulian Tan-Wijaya, executive director of retail and lifestyle at Savills Singapore, notes that Singapore’s status as a regional hub continued to attract noteworthy new-to-market brands this year. Notable retail stores that opened in Singapore include KSisters, The Pace, Brands for Less, and Hoka, while the wellness sector saw new concepts like Rekoop and Hideaway. Many new F&B concepts also emerged, such as Sushi Samba and coffee chains like Blue Bottle, Grey Box, and Puzzle Coffee. Additionally, new restaurant concepts with entertainment, like Centre of the Universe, opened in the CBD, with another new player, Rasa, set to open in December.

As a result, all prime shopping malls along Orchard Road enjoyed high occupancy rates this year, as retail businesses have confidence in the retail market, says Savills’ Cheong. He notes that Singapore remains an attractive destination for new-to-market brands entering the region, further bolstering demand for retail spaces and supporting rental growth.

Looking ahead, Savills’ Tan-Wijaya expects to see more new-to-market retail brands, F&B concepts, and wellness experiences entering Singapore in the first half of 2025. As a result, retail landlords may have more flexibility to implement positive rental adjustments next year, as the supply of new retail spaces becomes more limited. Cheong also anticipates that retailers will take the opportunity to optimize their real estate strategies by right-sizing their spaces, establishing additional kiosks, closing underperforming branches, or shifting cooking operations to central kitchens. He believes that this strong momentum in the entry of new-to-market F&B brands into Singapore will continue, enhancing the vibrancy of the city-state’s dining scene.…

The year 2024 has presented challenges for the global luxury goods market. With macroeconomic uncertainty and rising prices among brands, consumers have been cutting back on luxury retail spending. According to Bain & Company’s recent report, global sales of personal luxury goods are expected to decline by 2% this year, with a particularly sharp decline in China estimated at 20-22%. Luxury giants such as Richemont Luxury, LVMH, and Moncler Group have reported a decrease in earnings, while Kering has experienced more significant declines. However, there have been a few outliers, such as Hermes and Prada Group (which also owns Miu Miu), which have seen double-digit growth in earnings.

Despite these challenges, Singapore remains an important market for luxury brands. In 2023, Euromonitor reported a growth of 11% in luxury goods sales, reaching $9.1 billion. Brands like Dior, Chanel, and Louis Vuitton are adapting to the changing landscape and engaging customers through robust digital strategies, including e-commerce and digital marketing. This is crucial in a world where consumer behaviors, expectations, and preferences are rapidly evolving.

While embracing digital platforms is necessary, luxury brands also recognize the importance of creating physical shopping experiences to connect with their customers. In recent years, they have been focusing on creating unique and immersive experiences for their top-tier clients. This has led to the opening of bigger and bolder flagship stores.

Louis Vuitton, for example, opened a 690 sq m “apartment concept” space at Ngee Ann City dedicated to their “VICs” (very important clients) in 2023. Burberry has also recently reopened renovated stores at Marina Bay Sands and Paragon, showcasing their rich British legacy while blending tradition with innovation. In addition, they opened a new store at Wisma Atria, featuring a prominent double-height facade. Yves Saint Laurent and Richard Mille are also among the brands that have opened new stores with unique and immersive concepts.

Despite the challenging year, spending on luxury goods is expected to grow in 2025 and beyond. This can be attributed to the steady growth of high-net-worth individuals in emerging markets, the buying interest from Millennials and Gen Z, the resurgence of tourists from China, and the continued growth of duty-free retail. To further connect with customers and build brand loyalty, luxury brands will continue to personalize and customize their offerings and utilize AI and modern technology to better understand customer preferences.

Some brands are already leading the way with the use of innovative AI. Dior’s AI platform, Astra, collects data from various channels to stay attuned to customer preferences. Balenciaga’s Paris Fashion Week show for its Winter 2024 collection also went viral for its immersive digital canvas, utilizing AI-driven digital distortions. Brunello Cucinelli has created a separate website powered entirely by generative AI.

While 2024 has been a challenging year for the luxury goods market, growth is on the horizon for 2025 and beyond. As luxury brands continue to expand their reach and create elevated experiences for their top customers, they will also focus on embracing digital technology and building strong omnichannel strategies to engage with the younger generations.

In summary, condo investments in Singapore offer a wealth of benefits, including strong market demand, potential for value appreciation, and lucrative rental yields. However, it is crucial to carefully consider various factors such as the location, financing options, government regulations, and market conditions. By conducting thorough research and seeking the advice of professionals, investors can make well-informed decisions and maximize their returns in Singapore’s ever-evolving real estate landscape. Whether you are a local investor looking to diversify your portfolio or a foreign buyer in search of a stable and profitable investment, Singapore’s condo market presents a highly enticing opportunity.…

V-ZUG: The exclusive appliance brand committed to exceptional design

For over a century, V-ZUG has been a leading Swiss brand in the world of luxury interior design. While trends may come and go, this brand has prioritised simplicity and quality in its timeless approach to product design.

When purchasing a Singapore condo, it is crucial to also consider the maintenance and management of the property. Typically, condos come with maintenance fees that cover the upkeep of shared areas and amenities. While these fees may increase the overall cost of ownership, they also guarantee that the property remains well-maintained and maintains its value. To alleviate the burden of managing a condo, investors can opt to hire a property management company to handle day-to-day tasks, making it a more passive investment.

V-ZUG’s philosophy remains consistent as it continues to captivate developers and designers around the world, from its headquarters in Switzerland to cities like Shanghai, London, and Singapore. The brand’s focus on sleek lines sets its appliances apart from the competition, bringing together durability and modern aesthetics.

Craftsmanship and quality control are central to V-ZUG’s design process. Each appliance is handcrafted in Switzerland and goes through rigorous testing by engineers to ensure top-notch performance. Even before production begins, the brand’s design team conducts extensive research to determine the best and most sustainable practices that can be tailored to create each appliance while maintaining its high quality standards.

In an effort to be more environmentally friendly, V-ZUG has recently integrated Circle-Green recycled stainless steel by Outokumpu, which generates just 7% of the emissions associated with producing traditional stainless steel. This commitment to sustainability is just one example of V-ZUG’s dedication to excellence in all aspects of its products.

In addition, V-ZUG consults with renowned chefs from Michelin-starred restaurants to ensure that its kitchen appliances have all the necessary functions for creating gourmet meals. This level of collaboration and attention to detail elevates the daily culinary experience of passionate home cooks, making professional-grade kitchen technology accessible.

Beyond functionality, V-ZUG also prioritises seamless integration into every home. Its minimalist design language and range of products ensure that there is something for every household. For example, the brand’s wine cabinets come in different configurations to suit the needs of various homes, such as the full-height WineCooler V6000 Supreme and the WineCooler Undercounter Swiss Luxury (UCSL). These variations allow for greater customisation while maintaining the same level of quality that consumers have come to expect from V-ZUG’s high-end appliances.

Consistency is another hallmark of V-ZUG’s design. The brand emphasises clean, sleek lines across its range, with features like mirrored glass fronts that subtly tie everything together. Achieving simplicity in an end product is no simple feat, but for V-ZUG, it’s all in the details. 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 considered to create a harmonious and practical home.

And it’s not just in the kitchen that V-ZUG shines. The brand also offers products like the RefreshButler, which sanitises and deodorises garments. V-ZUG’s commitment to seamless and exceptional design extends to all aspects of modern living.

In a world where trends are constantly changing, V-ZUG’s dedication to simplicity and quality remains a timeless approach that will always be in style. Whether it’s in luxury homes around the world or in the daily lives of passionate home cooks, V-ZUG’s products will continue to elevate the standard of living through their elegant and practical design.…

On December 4, VisionPower Semiconductor Manufacturing Company (VSMC) commenced construction on a new $7.8 billion wafer manufacturing facility in Tampines. The plant, set to begin initial production in 2027 and expected to produce 55,000 wafers per month by 2029, will create about 1,500 jobs. VSMC is a joint venture between Taiwan’s Vanguard International Semiconductor Corporation and the Netherlands’ NXP Semiconductors, with a 60:40 ownership ratio.

When contemplating an investment in a Singapore Condo, it is crucial to evaluate the potential rental yield. Rental yield refers to the yearly rental income as a percentage of the property’s purchase price. This metric can vary significantly for condos in Singapore, based on factors such as location, property condition, and market demand. High rental demand areas, like those near business districts or educational institutions, typically offer more attractive rental yields. To gain a better understanding of a specific condo’s rental potential, conducting thorough market research and seeking guidance from real estate agents can be highly beneficial. Stakeholders can visit Singapore Condo for further insights.

This investment is in line with the growing trend of expansion in the semiconductor industry. In March, Japan’s Toppan Holdings also began construction on a factory in Jurong Lake District that will produce semiconductor packaging materials. The estimated cost of the project is $450 million.

According to Leonard Tay, head of research at Knight Frank Singapore, VSMC and Toppan are just a few examples of chipmakers and other related businesses that are setting up new production plants and R&D campuses in Singapore. This is to boost their supply chain resilience, as Singapore remains a global production hub for semiconductors and chips due to its stability amid ongoing geopolitical tensions in other parts of the world.

This expansion is taking place as the global semiconductor industry bounces back from a downturn in 2023 brought on by softer demand and higher supply. Research by London-based consultancy Omdia shows that the industry recorded a 26% year-on-year jump in revenue for the first three quarters of 2024, a reversal from the previous year when revenue fell by 9% to US$544.8 billion for the whole of 2023.

The rebound in the semiconductor industry has given a boost to Singapore’s manufacturing sector. After a sluggish first half of the year with two consecutive quarters of contractions, manufacturing output expanded by 11% year-on-year in the third quarter of 2024. This was led by the electronics cluster, fueled by strong demand for smartphone and PC semiconductor chips, according to data from the Ministry of Trade and Industry.

However, Singapore’s industrial property rents, which had been on an upward trend for 16 consecutive quarters, slowed down in 3Q2024. This was due to a more cautious sentiment among occupiers amid an uncertain macroeconomic environment, according to Catherine He, Colliers’ head of research for Singapore. Tricia Song, head of research for Singapore and Southeast Asia at CBRE, also points out that consolidation in the third-party logistics and e-commerce space has contributed to growing occupier resistance.

Not all industrial segments were equally affected, however. The multiple-user factory and warehouse segments remained relatively resilient throughout the year, registering rental growth across the first three quarters supported by stable occupancy rates. In contrast, the single-user factory segment saw softer demand, resulting in both rents and occupancy slipping by 0.3% quarter-on-quarter in 3Q2024, marking the first rental decline since 3Q2020.

Industrial property sales, on the other hand, were more lively. Following a quiet start to the year, activity picked up in 2Q2024, with several sizeable transactions taking place. These include the sales of BHL Factories at 2C Mandai Estate for $74 million in May, Kian Ann Building at 7 Changi South Lane for $63 million in June, and a single-user factory at 47 Pandan Road for $36 million in April.

This activity resulted in a sevenfold jump in industrial property sales to $2.45 billion in 3Q2024, according to Alan Cheong, executive director of research and consultancy at Savills Singapore. As a result, Cheong expects that there will likely be a slowdown in big-ticket industrial deals, with each deal likely to be significantly lower than $1 billion in 2025.

According to JTC, 0.2 million sqm of new industrial space is expected to be completed in 4Q2024, with a further 1.6 million sqm of space targeted for completion in 2025, nearly double the average annual new supply of 0.9 million sqm over the past three years. The incoming supply, coupled with weaker demand, means that rental and price growth will likely further narrow in the near term.

Despite this, demand remains healthy for multiple-user factory space, centrally located food factories, and favoured locations for logistics space, as stated by Savills’ Cheong. In addition, the electronics and advanced manufacturing sectors are expected to continue performing well and attracting investments, with data centres being an important pillar for the industrial sector.

Singapore’s industrial property market is likely to remain stable, with some opportunities emerging amid an evolving leasing landscape, given the ongoing demand for industrial space.…

Huttons AsiaOct 6 – 6.30pmLaunch pricing of Kassia on Flora Drive – the last development on the site of former Sun Rosier condo – appears to have benefitted from the uncertainty of the global economy. The selling price is in the range of S$1,500 to S$1,550 per square foot (psf).Launch pricing of Kassia on Flora Drive – the last development on the site of former Sun Rosier condo – appears to have benefitted from the uncertainty of the global economy. The selling price is in the range of S$1,500 to S$1,550 per square foot (psf).Kassia by developer Tripartite Developers is a 276-unit freehold condo at the Flora Road site where the previous Sun Rosier condo used to be. Kassia’s land area is 175,000 sq ft that is slightly smaller compared to Sun Rosier’s 199,000 sq ft.Kassia by developer Tripartite Developers is a 276-unit freehold condo at the Flora Road site where the previous Sun Rosier condo used to be. Kassia’s land area is 175,000 sq ft that is slightly smaller compared to Sun Rosier’s 199,000 sq ft.Kassia projected selling price is S$1,500 to S$1,550 psf, which is higher than the neighbors such as D’Nest and The Inflora, both currently selling at around S$900 psf to S$1,200 psf.Kassia projected selling price is S$1,500 to S$1,550 psf, which is higher than the neighbors such as D’Nest and The Inflora, both currently selling at around S$900 psf to S$1,200 psf.Kassia is surrounded by three bungalows, and just across the road from D’Nest. Industry experts believe that bungalows is a good selling point. However, it is not along Tampines Expressway and has only a small side gate, which makes it less convenient for those who drive.Kassia is surrounded by three bungalows, and just across the road from D’Nest. Industry experts believe that bungalows is a good selling point. However, it is not along Tampines Expressway and has only a small side gate, which makes it less convenient for those who drive.Kassia has a standard mix of one-, two-, three- and four-bedroom units. Though it may seem that a slightly smaller full size tennis court will be a bit of a concern, the semi-circle shape of the development make the distance between the blocks less crowded.Kassia has a standard mix of one-, two-, three- and four-bedroom units. Though it may seem that a slightly smaller full size tennis court will be a bit of a concern, the semi-circle shape of the development make the distance between the blocks less crowded.What may be more of a concern was that Kassia provided 8 smaller one-bedroom units at 495 sq ft to 527 sq ft. Meanwhile, two-bedrooms range from 657 sq ft to 743 sq ft, three-bedrooms at 1,100 sq ft and 1,200 sq ft, and four-bedrooms at 1453 sq ft.Kassia is also within walking distance to the Japanese School (Changi Campus). However, when the new Changi Airport Terminal 4 opens by 2017, more flights will be diverted to the existing terminals, and the busier airport may result in a more crowded neighborhood.Kassia is also within walking distance to the Japanese School (Changi Campus). However, when the new Changi Airport Terminal 4 opens by 2017, more flights will be diverted to the existing terminals, and the busier airport may result in a more crowded neighborhood.Related Topics

In the year 2024, the property market saw a drastic change, with two completely different halves. The first half was slow and uneventful, with boutique developments being the main attraction. According to Huttons Data Analytics, it also saw the lowest number of units launched for sale since the first half of 1996. The sales volume reflected this trend, with only 1,889 units sold in this period – the lowest number since 1996. However, the 533-unit Lentor Mansion managed to stand out amidst this lackluster performance, achieving a 75% take-up rate during its launch weekend in March. Other project launches in the first half of 2024 also saw relatively unimpressive sales compared to the previous year.

According to Mark Yip, CEO of Huttons Asia, the sluggish market sentiment could be attributed to uncertain job prospects and high interest rates. He believes that buyers were holding back in anticipation of highly-anticipated launches in the second half of the year, such as Chuan Park and Emerald of Katong. Interested buyers can search online for the latest new launches to get information on transaction prices and available units.

However, the launch of the 276-unit freehold Kassia on Flora Drive in late July marked a turning point for the market. With a 52% take-up rate, it set the stage for strong sales following the Lunar Seventh Month. This was followed by the launch of the 158-unit 8@BT at Bukit Timah Link, which saw 53% of its units sold over the weekend of Sept 21–22 at an average price of $2,719 psf.

In the third quarter of 2024, new home sales jumped 60% quarter-on-quarter, according to Huttons. This shift in sentiment has been attributed to the 50-basis point interest rate cut by the US Federal Reserve in September. The strong sales momentum continued in October, with more than 50% of the 226 units at Meyer Blue sold privately at an average price of $3,260 psf. This set a new benchmark for the prime District 15 area on the East Coast.

The 348-unit Norwood Grand in Woodlands also saw impressive sales figures, with a take-up rate of 84% during its launch in October. With an average price of $2,067 psf, it was the first project in Woodlands to surpass the $2,000 psf threshold. Its success was seen as a sign of growing buyer confidence and demand, according to Huttons’ Yip. This triggered a wave of activity in November, with a record-breaking six new projects comprising 3,551 units launched over a span of 10 days.

The month began with the launch of the 367-unit The Collective at One Sophia on Nov 6, followed by the 366-unit Union Square Residences at Havelock Road on Nov 9. This was followed by the launch of the 916-unit Chuan Park on Nov 10, and a surge in sales over the weekend of Nov 15-16 with three projects launched simultaneously: the 846-unit Emerald of Katong, the 552-unit Nava Grove, and the 504-unit Novo Place executive condo (EC). This propelled developer sales for November to 2,557 units – the highest figure since March 2013. Overall, new home sales in 2024 are expected to surpass those in 2023, indicating the resilience and strength of the property market.

According to Chia Siew Chuin, JLL’s head of residential research, the slow performance of the private residential market in the first three quarters of 2024 led to an unusual year-end scenario. Developers, who had postponed launches due to economic uncertainties and hopes for improved conditions, finally rolled out projects in November. She believes that this shift from caution to action was driven by the approaching year-end festive season and improved market sentiment since the third quarter of 2024. This created a dynamic market environment, defying the typical seasonal slowdown.

There is speculation about the possibility of property cooling measures following the unusually high sales figures in November. However, Chia believes that any intervention would depend on sustained sales momentum in the first quarter of 2025 and a sharp increase in property prices surpassing GDP growth. As of now, she does not foresee any new measures unless there are signs of persistent market overheating.

Overall, the property market in 2024 has shown strength and resilience despite uncertainties and global economic concerns. With a potentially higher number of units sold compared to the previous year, it highlights the enduring appeal of property as an asset for wealth creation and preservation.

Singapore has become a hot destination for condominium investments, drawing interest from both domestic and international investors. The country’s robust economy, political stability, and high standard of living make it a prime location for real estate opportunities. Condos, in particular, have emerged as a highly desirable option, offering convenience, luxurious amenities, and the potential for impressive returns. In this piece, we will explore the benefits of investing in a condo in Singapore, as well as the key considerations and necessary steps to take when making such a investment. Condo investments are on the rise, and it’s important to understand the ins and outs before diving in.…

(2016-2020)
The Rest of Central Region (RCR) and Outside Central Region (OCR) were the leaders in terms of best-selling new launches in 2024, driven by a strong demand from upgraders supported by a robust HDB resale market, according to Mark Yip, CEO of Huttons Asia.

Out of the top 10 best-selling projects based on the number of units sold, three were launched in November. The top spot was secured by Emerald of Katong, which sold 99% of its units in just two days from Nov 15-16, making it the best-selling project of 2024. As of Dec 17, this 846-unit, 99-year leasehold development has only six available units.

Read about the latest New Launches for information on transaction prices and availability of units.

The second spot was taken by Chuan Park, with 696 units (76%) sold in a single day on Nov 10. As of Dec 17, the project has sold 79% of its units. The high sales were attributed to the lack of new private condo launches in the area since The Scala in 2010.

In third place is Lentor Mansion, with 75% of its units sold during its launch weekend in March. Nine months later, the project has sold 92% of its units.

Coming in at fourth is Nava Grove, which saw a 65% take-up rate during its launch weekend in mid-November. As of Dec 17, the project has sold almost 70% of its units.

Norwood Grand takes fifth place, with 84% of its 348 units sold since its launch in October. The 341-unit Hillhaven, one of the first projects to be launched in 2024, sold 50 units during its January launch and has gathered momentum since then. As of Dec 17, 76% of its units have been sold.

In seventh place is Kassia on Flora Drive, a freehold development with 276 units. It has sold 65% of its units to date.

Lentoria, with 177 units (66%) sold since its March launch, takes eighth place. The 440-unit Sora, located at Yuan Ching Road in Jurong Lake District, achieved 134 sales (30%) and is ninth on the list.

Finishing off the top 10 is Meyer Blue, a freehold development with 226 units that has sold 131 units (58%) through private sales.

Four projects launched in 2023 gained significant traction in the second half of 2024, each selling more than 200 units. This was due to the launch of new developments in their respective neighbourhoods, drawing attention back to the area.

.

When investing in a new condo launch, securing financing is a crucial factor to consider. In Singapore, there are various mortgage choices available, but it is vital to familiarize oneself with the Total Debt Servicing Ratio (TDSR) framework. This framework sets a limit on the amount of loan that can be obtained based on the borrower’s income and current debt commitments. Having a clear understanding of the TDSR and seeking advice from financial experts or mortgage brokers can help investors make wise decisions regarding their financing, ensuring they do not overextend themselves financially.

The Continuum, a 816-unit freehold development at Thiam Siew Avenue, emerged as the biggest beneficiary of Emerald of Katong’s launch, with 233 units sold in 2024, bringing its total take-up rate to 66% since its launch in May 2023.

Another beneficiary was Tembusu Grand, located across the road from Emerald of Katong. The 638-unit project sold 53% of its units during its launch weekend in April 2023 but saw an increase in sales after July, when market sentiment improved in 3Q2024. Tembusu Grand is now 91% sold as of Dec 17.

Hillock Green, a 474-unit project in Lentor Hills Estate, achieved a take-up rate of 27.6% during its first weekend of sales in November 2023. In 2024, the project sold 217 units, bringing its cumulative sales to 359 (76%). The launch of Lentoria and Lentor Mansion in March helped to renew interest in the Lentor Hills Estate.

The final project to make the top 10 list is Pinetree Hill, which saw strong sales after the release of its second phase of units in September. In 2024, it sold 208 units, bringing its cumulative sales to 374 (72%). The nearby launch of Nava Grove in November also boosted sales in the District 21 residential enclave.…