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Savills market report: Private housing rents remained flat in 2023, HDB flat rents rose

The rental market for private housing experienced a slight rebound in the last quarter of 2024, with a slight increase of 0.2% over the preceding three months. However, experts predict that rental growth will remain flat this year.According to a report by Savills Singapore, the weak performance of the non-landed private residential market in the first three quarters of 2024 was the main contributing factor to rents falling by 1.7% for the whole of 2024. This is the first full-year decline since the leasing market recorded a 0.5% year-on-year drop in 2020.19,733 leasing transactions were recorded in 4Q2024, a decrease of 24.2% from the previous quarter. Savills attributes this decline to a decrease in net new rental demand, as the number of Employment Pass (EP) and S pass holders fell last year, combined with a seasonal slowdown in rental activity towards the end of the year.Read also: Tourism recovery pushes Orchard Road retail rents up 2.3% year-on-year in 4Q2024: SavillsDespite the decrease in leasing activity, there is still growth in rental demand, according to George Tan, managing director of Livethere Residential at Savills Singapore. He adds that relatively affordable rents can be found in suburban areas, allowing tenants to prioritize lifestyle options such as more spacious units, connectivity to MRT stations, malls, and recreational activities.Rental data compiled by Savills shows that Parc Esta, a 1,399-unit development in District 14, saw the highest number of condo leasing deals in 4Q2024, recording 163 rental transactions at a median rent of $6.84 per square foot (psf) per month.Other developments that saw a high number of rental transactions include Marina One Residences (126 transactions at $6.62 psf per month), The Sail @ Marina Bay (126 transactions at $6.72 psf per month), Normanton Park (120 transactions at $6.26 psf per month), and D’Leedon (107 transactions at $5.43 psf per month).In terms of rental price growth, the Outside Central Region (OCR) was the only region in which average rents declined by 0.8% from the previous quarter. In contrast, rents in the Core Central Region (CCR) and Rest of Central Region (RCR) grew by 0.9% and 0.3%, respectively.Read also: Investment sales volume up 35.4% year-on-year in 2024; may ease in 2025: SavillsThe decline in rent prices in the OCR is likely due to more tenants in those suburban locations opting to move to more central neighbourhoods, driven by relatively more affordable rents. Based on a basket of luxury properties tracked by Savills, the average monthly rent for high-end condos increased by 1.7% from the previous quarter to $5.85 psf.Looking ahead, landlords may face challenges in the rental market as companies continue to reduce headcounts and hire fewer expatriates, says Alan Cheong, executive director of research and consultancy at Savills Singapore. In addition, landlords also face higher property taxes for non-owner-occupied residential properties, as well as increased conservancy charges due to upward inflationary pressures. However, the relatively tight supply of large luxury properties on the rental market may help landlords resist underpriced rental offers, says Cheong. He adds that although rents for non-landed private residential properties have started to rise, challenges in the rental market are expected in 2025.Furthermore, with the widespread adoption of AI, overall manpower requirements for high-tech firms may decrease, leading to a reduction in hiring of white-collar professionals and a smaller pool of expat tenants in Singapore, says Cheong. However, he notes that the saving grace for the rental market is the fewer new completions of private homes expected in 2025, as well as higher property taxes on investment properties, which may discourage landlords from accepting low rental rates. In addition, interest rates will likely remain at current levels for longer, which may also help stabilize mortgage payments.Read also: GLS sites at Holland Plain and River Valley Green (Parcel C) open for application Your browser does not support iframes.

Private housing rentals saw a slight recovery in the final quarter of 2024, with a 0.2% increase in the last three months of the year. However, experts predict that rental growth will remain stagnant in the coming year, according to a recent market report by Savills Singapore.

The poor performance of the non-landed private residential market in the first three quarters of 2024 led to a 1.7% decline in rents for the entire year. This marks the first annual drop since a slight decrease of 0.5% in 2020.

There were 19,733 leasing transactions in the fourth quarter of 2024, a decrease of 24.2% from the previous quarter. Savills attributes this decline to a decrease in new rental demand, as the number of Employment Pass (EP) and S pass holders declined in 2024, along with a usual end-of-year lull in rental activity.

Read also: Tourism recovery pushes Orchard Road retail rents up 2.3% year-on-year in 4Q2024: Savills

Rewritten: Investing in a condominium comes with the added benefit of using its value to secure further investments. This has become a popular choice for many investors who use their condos as collateral to obtain funding for new opportunities, expanding their real estate portfolio. However, it is essential to have a well-planned financial strategy in place and carefully consider the potential effects of market changes before pursuing this route. If you are considering new condo launches, incorporating this option into your investment plan could result in significant advantages.

Despite this decline, there is still some growth in rental demand, according to George Tan, managing director of Livethere Residential at Savills Singapore. He adds that relatively more affordable rents can be found in suburban areas, allowing tenants to prioritize factors like space, proximity to MRT stations, malls, and recreational activities.

Data from Savills shows that Parc Esta, a 1,399-unit development in District 14, had the highest number of condo leasing deals in the fourth quarter of 2024, with 163 rental transactions at a median rent of $6.84 per square foot (psf) per month.

Other developments with a high number of rental transactions include Marina One Residences (126 transactions at $6.62 psf pm), The Sail @ Marina Bay (126 transactions at $6.72 psf pm), Normanton Park (120 transactions at $6.26 psf pm), and D’Leedon (107 transactions at $5.43 psf pm).

In terms of rental price growth, the Outside Central Region (OCR) was the only region to see average rents decline by 0.8% from the previous quarter. In contrast, rents in the Core Central Region (CCR) and Rest of Central Region (RCR) grew by 0.9% and 0.3%, respectively.

Read also: Investment sales volume up 35.4% year-on-year in 2024; may ease in 2025: Savills

The decline in rents in the OCR can be attributed to more tenants in these suburban locations opting to move to more central areas due to relatively lower rental prices. Based on a basket of luxury properties tracked by Savills, the average monthly rent for high-end condos increased by 1.7% from the previous quarter to $5.85 psf.

Looking ahead, landlords may face challenges in the rental market as companies continue to reduce headcounts and hire fewer expatriates, says Alan Cheong, executive director of research and consultancy at Savills Singapore. Additionally, landlords may also face higher property taxes for non-owner-occupied residential properties, as well as increased conservancy charges due to upward inflationary pressures. However, the relatively tight supply of large luxury properties on the rental market may help landlords resist underpriced rental offers, says Cheong. He adds that though rents for non-landed private residential properties have started to rise, challenges in the rental market are expected in 2025.

Moreover, with the widespread adoption of AI, overall manpower requirements for high-tech firms may decrease, leading to a reduction in hiring of white-collar professionals and a smaller pool of expat tenants in Singapore, says Cheong. However, he notes that the saving grace for the rental market is the fewer new completions of private homes expected in 2025, as well as higher property taxes on investment properties, which may discourage landlords from accepting low rental rates. Additionally, with interest rates expected to remain at current levels for longer, mortgage payments are likely to remain stable.

Read also: GLS sites at Holland Plain and River Valley Green (Parcel C) open for application…

CBRE, the leading marketing agent, is proud to present two prime properties in the bustling Hongkong Street. The 27-room Hotel Clover, situated at 7 Hongkong Street, and the commercial building at 36 Hongkong Street, are both up for sale at attractive guide prices of $27 million and $22.6 million respectively.

The six-storey Hotel Clover is a boutique hotel sitting on a 1,701 sq ft plot that is zoned for hotel use, with a 4.2 plot ratio under the latest Master Plan. The property, which has a 99-year leasehold with 89 years remaining, boasts a total floor area of 7,142 sq ft. With a price translating to $3,780 psf on the floor area, this is a rare opportunity to own a prestigious hotel in the heart of Singapore.

Meanwhile, the five-storey commercial building at 36 Hongkong Street occupies a 1,733 sq ft plot, also with a 4.2 plot ratio under the Master Plan. The 99-year leasehold property has a remaining land tenure of 93 years and offers a total floor area of 7,279 sq ft. The guide price of $22.6 million translates to $3,105 psf, making it an attractive option for commercial property investors.

Being a hotel and commercial building, both properties are eligible for purchase by foreigners and companies without having to pay Additional Buyer’s Stamp Duty (ABSD) or Seller’s Stamp Duty (SSD) on the transactions.

Strategically located in the vibrant Clarke Quay area, known for its lively dining, entertainment, and fitness options, these properties offer immense potential for rental growth and capital appreciation in the medium to long term. They are also conveniently close to the Clarke Quay MRT Station on the North-East Line.

Additionally, the nearby CQ@Clarke Quay is undergoing a $62 million asset enhancement initiative, while the upcoming completion of two large-scale integrated developments, Canninghill Piers and Union Square, will further enhance the vibrancy of the area.

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Investing in a condominium in Singapore offers various benefits, the most prominent being the potential for capital appreciation. With Singapore’s strategic location as a global business hub and its strong economic fundamentals, the real estate demand remains constant. As a result, property prices in the country have consistently shown an upward trend over the years, especially for condos in prime locations. By investing in Singapore Projects at the right time and holding onto the property for the long term, investors can reap significant capital gains.

Clemence Lee, Executive Director of Capital Markets at CBRE Singapore, comments that these properties have the advantage of having more attractive remaining land tenures compared to other 99-year leasehold properties in the CBD. They also make an excellent investment for owner-occupiers looking for a flagship asset with naming rights for their exclusive operations.

Both properties will be sold through an expression of interest exercise that closes on March 26. Don’t miss this opportunity to own a premium asset in one of Singapore’s prime locations. Contact us for more information or to arrange a viewing.…

Guests at the Property Market Outlook session on Feb 16, were picked up by a shuttle bus at Clementi MRT station.

Experts Debate Impending Market Changes and Budget 2025 in EdgeProp Singapore’s Property Market Outlook Event

Understanding the regulations and restrictions surrounding property ownership in Singapore is essential for international investors. While purchasing condos is relatively straightforward for foreigners, the rules for owning landed properties are more strict. However, foreign buyers must still pay the Additional Buyer’s Stamp Duty (ABSD), currently set at 20%, for their first property purchase. This added cost notwithstanding, the stability and potential for growth in Singapore’s real estate market make it an attractive option for foreign investment. Condos are particularly popular among foreign buyers due to their accessibility and flexibility in ownership.

EdgeProp Singapore organized its annual Property Market Outlook event on Feb 16, discussing the potential impact of new cooling measures, upcoming housing supply, and Budget 2025 on the real estate market. The panel of industry experts, consisting of Alan Cheong, executive director of research and consultancy at Savills Singapore; Wong Xian Yang, head of research, Singapore and Southeast Asia at Cushman & Wakefield; and Song Seng Wun, Singapore economic advisor at CGS International, shared their insights on these important topics. The event was moderated by EdgeProp Singapore CEO Bernard Tong and took place at the sales gallery for Elta, a new 501-unit project jointly developed by MCL Land and CSC Land Group.

During the event, the panelists discussed the possibility of new property cooling measures being implemented by the government, as well as the impact of incoming housing supply from government land sale (GLS) sites and Build-To-Order (BTO) launches. They also debated the potential influence of Budget 2025 on the property market in the coming years.

The government has indicated that it is not yet time to roll back on existing cooling measures and is open to implementing more in the future. This has caused some speculation in the market, as developers sold 1,083 new private residential units (excluding executive condos) in January, a 256% increase compared to the previous year. If new cooling measures are introduced, the panelists believe they will most likely apply uniformly across the residential market and may also target the HDB resale market.

However, Tong pointed out that the government has also planned to inject a significant supply of GLS and BTO units into the market in the next few years to meet housing demand. The 1H2025 GLS programme includes 10 sites on the Confirmed List, which could yield 5,000 new homes, and HDB plans to offer 19,600 BTO flats in 2025.

Tong also noted that under the new BTO classification, newly launched Prime and Plus BTO flats will take about 14 years to enter the resale market, so their impact on prices will not be felt immediately.

The panelists also discussed the potential impact of Budget 2025 on the property market. Song believes that with Singapore’s strong economic recovery since the Covid-19 pandemic-induced recession, the government will have more surpluses to fund handouts and initiatives in the upcoming election year.

The panelists also took questions from the audience, with some participants expressing concerns about the current state of the market, particularly whether it is in a euphoric phase. Cheong believes that as developers strategically time their project launches, the current sense of market exuberance will likely subside. He also noted that several launch-ready projects are in neighborhoods that have not seen a new launch in many years, causing demand to build up over time.

Some attendees also raised questions about the rental market, which has slowed down since its peak two years ago. However, data shows that while the total number of expatriates in Singapore has decreased, the volume of rental transactions has increased in 2020. Cheong believes that this is due to falling rents, which have encouraged some renters to look for their own accommodation rather than sharing a flat. However, layoffs among technology and finance companies this year may moderate rental price growth.

During the event, Tong also conducted a session on EdgeProp’s Master Plan Master Class, covering upcoming transformation plans in Clementi and Jurong East. He noted that the completion of the second phase of the Cross Island Line (CRL) will add a new MRT station (West Coast) and turn the existing Clementi station into an interchange, which historically has a positive impact on surrounding property prices. He also discussed various transformation plans in the area, including the redevelopment of Clementi Stadium and the installation of more than 6.6km of cycling paths, as well as the potential benefits from nearby developments such as the Jurong Lake District and new job opportunities in the surrounding areas.

In conclusion, the panelists are optimistic about the property market in the coming year, with strong buyer confidence for new projects and a potential influx of supply to meet housing demand. However, they also caution that any changes in the market may take time to be felt and advise buyers to carefully consider their options before making a purchase.…

When considering investing in a condo, it is crucial to consider the aspects of maintaining and managing the property. Unlike traditional real estate, condos come with ongoing maintenance fees that are used to cover the upkeep of shared areas and amenities. While this may add to the overall cost of owning a condo, it is important to note that these fees are essential in maintaining the property’s condition and value. To simplify the management of their condo investment, many owners choose to enlist the services of a property management company. This approach can transform the investment into a more hands-off experience for the owner, allowing them to entrust the management of their condo to professionals.

The Collective, a high-end brand owned by JustCo, a local flexible workspace operator, has recently launched its first flagship co-working space in Tokyo. According to a press release on February 19, the new space spans over 24,000 square feet and is located in GranTokyo South Tower, a 42-storey building in the bustling Marunouchi district in Chiyoda City ward. Its prime location near Tokyo Station offers convenient access to both Narita and Haneda airports.

Taking inspiration from the iconic Tokyo Station, The Collective aims to provide a luxurious and comfortable experience to its members. “We wanted to pay tribute to the sophistication and warmth of a luxurious voyage,” the group stated.

The co-working space offers a range of options such as hot desks, meeting rooms, private suites with 24/7 secured access, and larger enterprise suites with exclusive entrance features and personalized workspace designs. All workspaces are outfitted with top-of-the-line Herman Miller Aeron chairs and Benel adjustable desks.

The Collective also boasts additional amenities including a TWG Tea Bar, which provides refreshments throughout the day, and a “wellness sanctuary” where members can take a break from work. With its elegant and functional design, The Collective is set to provide a premium working environment for individuals and enterprises alike.…

CT Pemimpin, located at 43 Jalan Pemimpin in the Central Region, is a newly launched B1 industrial factory project developed by Chiu Teng Group. The renowned developer has established a reputation for delivering quality commercial and industrial spaces in Singapore.

Boasting a coveted location in the heart of Singapore’s District 20, CT Pemimpin is an ideal site for both companies looking for a well-connected location and property investors seeking a rare permanent investment opportunity.

With sustainability in mind, CT Pemimpin offers communal facilities including two rooftop pavilions for outdoor gatherings, rooftop solar panels, and two passenger lifts plus a service lift. The nine-storey factory also features 56 strata-titled units and three canteen units, with floor heights ranging from 5.6m to 7.35m, selected units also offering mezzanine floors on levels one and five. Each unit includes individual toilets for convenience and privacy.

Another unique feature of CT Pemimpin is its generous one-to-one carpark ratio, which provides 59 parking lots, including two EV lots. There are also two loading and unloading bays, as well as a lorry park catering to rigid-frame vehicles measuring less than 7.5m.

According to ERA Singapore CEO Marcus Chu, CT Pemimpin will attract both investors and end-users due to its lack of Additional Buyer’s Stamp Duty (ABSD) for industrial properties and its potential for risk diversification. Chu also highlights that the development’s freehold status makes it a rare find in the market, making it highly attractive to discerning investors and companies in the information and communications media industry.

When it comes to investing in condos in Singapore, there is another crucial factor that must be taken into consideration – the government’s property cooling measures. Over the years, the Singaporean government has implemented several measures to prevent speculative buying and maintain a steady real estate market. These measures 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 more secure investment environment. In fact, with the latest developments in Singapore Projects, the condo market is projected to continue to thrive in the future.

Additionally, noted SRI managing partner Ken Low explains that CT Pemimpin’s sleek modern facade and central location distinguish it from traditional B1 industrial developments, making it appealing to a wider pool of potential investors and end-users. Low emphasizes that the last freehold industrial launch in the area over 10 years ago, Mapex, has a proven track record of good profitability and rental rates.

The development’s unparalleled connectivity is another major selling point, with Marymount MRT station (Circle MRT Line) just a five-minute walk away, and Upper Thomson MRT station (Thomson-East Coast Line) and Bishan MRT station (North-South MRT Line) both within a five-minute drive. Residents can also easily access major expressways such as PIE and CTE, with the completion of the North-South Corridor in 2027 further improving connectivity. The area is also surrounded by popular retail and dining options, as well as reputable schools such as Raffles Institution, Catholic High School, and Eunoia Junior College.

Since its establishment in 1999, Chiu Teng Group has earned a strong reputation as a reliable property developer and builder, particularly in the industrial and commercial sectors. With a diverse portfolio of projects including popular developments like CT FoodNEX and CT Hub, the developer is now adding CT Pemimpin to its lineup.

The preview of CT Pemimpin begins on February 21 2025, so don’t miss the opportunity to secure your rare freehold industrial space. Call 8100 8017 or visit Chiu Teng Group to arrange a viewing today.…

Conveniently located in Lentor Hills, the upcoming Lentor Central Residences is the latest residential project to hit the market. A joint venture by Hong Leong Holdings, GuocoLand and CSC Land, this 477-unit development will be showcased on Feb 21st before going on sale on March 8th.

Situated at the sixth development in Lentor Hills, the upcoming Lentor Central Residences will consist of two high-rise blocks, one with 28 storeys and the other with 27 storeys. This project will offer a diverse range of one- to four-bedroom units, ranging from 463 square feet to 1,399 square feet.

Prospective buyers can find out more about the available units and their respective prices for Lentor Central Residences. According to the developers, one-bedroom units will start from $975,000 ($2,110 per square foot), while two-bedroom units will begin from $1.38 million ($2,050 per square foot). As for three-bedders, they will be priced from $1.81 million ($1,984 per square foot) and four-bedroom units will commence at $2.37 million ($2,000 per square foot).

When considering investing in Singapore Condos, it is important to take into account the impact of the government’s property cooling measures. Over the years, the Singaporean government has implemented various measures to regulate speculative buying and maintain a stable real estate market. These measures include the Additional Buyer’s Stamp Duty (ABSD), which imposes higher taxes on foreign buyers and those purchasing multiple properties. While these measures may affect the immediate profitability of Singapore Condos, they also play a crucial role in ensuring the long-term stability of the market and creating a more secure investment environment.

The developers have also promised that this residential project will provide an array of amenities for families, such as a childcare centre and a children’s playground within the development. Other condo facilities include a clubhouse, a 50-metre infinity-edge swimming pool, a gym, a yoga room, and a tennis court.

Betsy Chng, head of sales and marketing at Hong Leong Holdings, emphasizes that one of the main draws of Lentor Central Residences is its proximity to Lentor MRT Station and the upcoming Thomson-East Coast Line. This means that residents will have easy access to the city centre.

In addition, the residential development is in close proximity to various retail and dining options, such as Lentor Modern, an integrated project by GuocoLand, Thomson Plaza, and several eateries along Upper Thomson Road and in the nearby Springleaf estate.

Chng further adds that Lentor Hills is a burgeoning district that is poised for significant growth, and is expected to become one of Singapore’s most sought-after areas for homebuyers. “We, together with our partners, are committed to fulfilling our vision of offering premium yet reasonably-priced homes that prioritize liveable space,” she says.

The sales gallery for Lentor Central Residences is located on Lentor Hills Road. Those interested can check out the latest listings for properties in Lentor Central Residences on Ask Buddy, and also get more information on condo rental and sale transactions in District 26, as well as up-to-date price trends for new condominium sales versus executive condominium sales. The project summary for Lentor Central Residences can also be found on Ask Buddy for ease of reference. In total, this development will feature 477 units and is set to be a highly sought-after project in the appealing Lentor Hills district.…

Singapore Realtors Inc (SRI) has recently announced a partnership with Redbrick Mortgage Advisory to enhance the skills and knowledge of its salespersons. Through this collaboration, Redbrick will provide training for SRI agents on advanced mortgage strategies, equipping them with the ability to offer expert advice to homebuyers on financing options.

According to Redbrick CEO Eugene Huang, the partnership aims to empower SRI salespersons to become trusted advisors who can provide tailored financing solutions and help buyers make informed decisions. This will ultimately lead to a more seamless and efficient homebuying process for clients.

When contemplating an investment in a condo, it is crucial to also evaluate its potential rental yield. Rental yield refers to the yearly rental income as a percentage of the property’s purchase price. In Singapore, the rental yields for condos can vary significantly depending on factors such as location, property condition, and market demand. Generally, areas near business districts or educational institutions experience higher rental demand and thus offer better rental yields. In order to gain insights into the rental potential of a specific condo, conducting thorough market research and seeking advice from real estate agents is essential. Additionally, keeping an eye on New Condo Launches can also provide valuable information for potential rental income.

Aside from training, Redbrick will also supply SRI agents with updated mortgage rate information from over 15 financial institutions. This will allow SRI agents to share with clients the latest financing options quickly and accurately.

SRI CEO Thomas Tan also expressed his excitement over the collaboration, stating that the partnership will strengthen SRI’s capabilities and enable their agents to serve clients better. With Redbrick’s expertise and access to real-time mortgage data, SRI agents can provide clients with the most up-to-date financing options.

This partnership highlights the commitment of both SRI and Redbrick to continuously improve and provide top-notch services to their clients. It also serves as a testament to the strong alliance between the real estate and mortgage industries in Singapore.…

Frasers Property Singapore’s mixed-use development in Bedok, Sky Eden@Bedok, is now offering its retail podium for sale through an expression of interest. The guide price for the podium, which consists of 12 strata retail units on the ground floor, is $45.2 million.

The total strata area of the podium is approximately 11,193 sq ft, translating to a guide price of $4,038 psf. The retail units can be sold collectively as a portfolio, individually, or in clusters, as stated by marketing agent CBRE. The units range in size from 398 sq ft to 1,313 sq ft, with prices starting from $1.91 million to $5.55 million. All the units are approved for F&B use.

Located in Bedok Central, Sky Eden@Bedok is currently under construction. It is a 99-year leasehold development with 158 residential units spread across two 16-storey towers, situated on top of the retail podium. It is just a short walk away from the Bedok Integrated Transport Hub, which comprises Bedok MRT Station and a bus interchange that is connected to Bedok Mall.

Launched in September 2022, Sky Eden@Bedok was the first private residential launch in Bedok Town Centre in a decade. All residential units have been fully sold since then, and the development is expected to receive its temporary occupation permit in the fourth quarter of 2025.

According to Michael Tay, the head of capital markets for Singapore at CBRE, the strata retail units at Sky Eden@Bedok are the first private commercial properties available for sale in Bedok Town Centre. He also mentions that due to the manageable quantum of the asset, CBRE is confident that it will attract various investors, including boutique real estate funds, family offices, high net worth individuals, and F&B business owners looking to venture into the tightly held residential enclave.

It is crucial for international investors to be familiar with the guidelines and limitations surrounding property ownership in Singapore. Unlike landed properties, which have stricter regulations, foreigners are generally able to acquire condos with fewer restrictions. However, they must adhere to the Additional Buyer’s Stamp Duty (ABSD), which is currently set at 20% for their initial property purchase. Despite this extra expense, the stability and potential for growth in the Singapore real estate market remains a strong attraction for foreign investment. In fact, many are drawn to the purchase of a Singapore Condo due to its promising returns.

The EOI for the retail podium will close on April 3 at 3pm. Interested parties can check out the latest listings for Sky Eden@Bedok properties on Ask Buddy. They can also view the 2-bedroom floor plans, site plan, and transaction data for the development, as well as other projects in District 16 on the website.…

application exerciseBukit Batok, Hougang, Tampines, and Toa Payoh are among the 29,000 HDB flats selected for the Home Improvement Programme (HIP), as announced in a press release by the Housing and Development Board (HDB) on February 16. The government has allocated over $407 million for the upgrading works, which will help address common maintenance issues in older flats.

Since its introduction in 2007, the HIP has been aimed at aiding flat owners in resolving common wear and tear related maintenance issues in older flats. As per the press release, 494,000 flats, accounting for nine out of ten eligible flats, have been selected for the programme since its inception. Furthermore, close to 381,000 flats have already undergone upgrades, according to Minister for National Development Desmond Lee.

Flats located in Bedok, Bukit Batok, Bukit Merah, Bukit Panjang, Chua Chu Kang, Hougang, Jurong West, Pasir Ris, Queenstown, Sengkang, Tampines, Toa Payoh and Woodlands have been selected for the latest round of the HIP.

The programme covers necessary repairs such as fixing spalling concrete and addressing ceiling leakages due to wear and tear, to ensure the basic safety needs of residents. These essential improvements are fully funded by the government for Singapore citizen households.

Flat owners have the option of choosing additional improvements such as renovations to existing bathrooms and toilets, installing a new entrance door and grille gate, and replacing the refuse chute hopper. The government subsidises these optional improvements, with Singapore citizen households paying a minimal fee of 5% of the cost, based on the type of flat.

In addition to the HIP, the Enhancement for Active Seniors (Ease) programme has been in place since 2012. Under this, flat owners can choose to install senior-friendly fittings such as grab bars, ramps, and slip-resistant treatment for toilet and bathroom tiles. The government covers up to 95% of the costs for Singapore citizen households under this programme.

As of March 31, 2014, approximately $4 billion has been allocated to the HIP and around $150 million to the Ease programme, as reported by HDB. Interested individuals can check out the latest listings for HDB properties on the Ask Buddy platform, which also provides information on past HDB sale and rental transactions, loan options, and price trends for HDB, condominiums, and landed properties.

When it comes to investing in a condo, securing financing is a crucial factor. In Singapore, there are various mortgage options available, but it is important to have a thorough understanding of the Total Debt Servicing Ratio (TDSR) framework. This framework sets a limit on the amount of loan that a borrower can take, taking into consideration their income and existing debt obligations. For investors, it is imperative to be well-informed about the TDSR and seek guidance from financial advisors or mortgage brokers in order to make wise decisions and avoid taking on too much debt. Additionally, for updates on the latest condo launches, check out New Condo Launches.…

An opportunity to own a 3,391 sq ft strata-titled unit has arisen at Bukit Timah Plaza mall. The unit, which is approved for restaurant use, is being put up for sale at an asking price of $9.8 million ($2,890 psf). This is a 12% discount from its previous listing price of $11 million in 3Q2022. According to Clemence Lee, CBRE’s executive director of capital markets, who is marketing the property, the price reflects the current market conditions.

This spacious unit is situated in the basement two of the mall and boasts a 20m frontage facing the central plaza. It is currently fully leased and will be sold within the existing tenancy. The unit has a 99-year leasehold from 1976, giving it a remaining lease of 50 years. This offering presents a unique opportunity for investors to acquire a prime property with a long-term lease.

The pricing for the unit is in line with recent transactions for units in basement two of the mall. In March 2024, a 441 sq ft unit changed hands for $1.43 million ($3,240 psf), and an 850 sq ft unit fetched $2.5 million ($2,940 psf). This was based on caveats lodged.

Bukit Timah Plaza is a mixed-use development completed in 1979. It comprises a four-storey retail mall and two apartment blocks with 269 residential units at Sherwood Towers. The mall is one of the most visited in Bukit Timah, housing one of the largest Fairprice Finest supermarkets in Singapore, spanning over 44,000 sq ft. This makes it an attractive location for businesses and ensures a steady stream of foot traffic for the retail outlets.

Bukit Timah Plaza is located at 1 Jalan Anak Bukit and is within walking distance of Beauty World MRT Station and King Albert Park MRT Station on the Downtown Line. It is surrounded by numerous private residential developments, with an estimated population of around 37,000. The area is also home to notable educational institutions such as the Singapore Institute of Technology (SIT), Singapore Institute of Management (SIM), Ngee Ann Polytechnic, Methodist Girls’ School, and Pei Hwa Presbyterian Primary School.

The mall is in close proximity to the bustling Beauty World area, which is currently undergoing rejuvenation with the development of several new mixed-use, integrated developments. These include The Reserve Residences and the redevelopment of the former Bukit Timah Market and Food Centre, which is expected to be completed in late 2029. This makes Bukit Timah Plaza an ideal location for businesses seeking to establish a presence in an up-and-coming area.

To sum up, purchasing a condominium in Singapore presents a multitude of benefits. These include a high demand for properties, potential for an increase in value, and attractive rental rates. However, it is crucial to take into consideration various factors such as location, financing options, government regulations, and market conditions before making a decision. Through thorough research and seeking assistance from professionals, investors can make well-informed choices and maximize their returns in Singapore’s thriving real estate market. Whether you are a local investor seeking to diversify your portfolio or a foreign buyer in search of a stable and profitable investment, the new condo launches in Singapore offer a promising opportunity. Don’t miss out on this enticing prospect by staying updated with New Condo Launches.

The unit is being offered for sale through an expression of interest that is set to close on Mar 19. This presents a time-sensitive opportunity for interested parties to acquire a prime property at a discounted price. Interested buyers can visit our website to view the latest listings for Bukit Timah Plaza and the nearby Sherwood Towers properties.…