Condo Siteismi

The Housing and Development Board (HDB) has released their quarterly data on 24th January 2025, and results have shown a 2.6% increase in HDB resale prices in 4Q2024. This marks the 19th consecutive quarter of price growth in the resale market. The overall cumulative increase for the whole of 2024 was 9.7%, which is almost double the 4.9% increase that was recorded in 2023 on a yearly basis.

According to Mohan Sandrasegeran, the Head of Research & Data Analytics at SRI, the strong growth in resale prices throughout 2024 was largely due to the limited supply of flats that reached their Minimum Occupation Period (MOP) during the year. Sandrasegeran also noted that buyers showed a high interest in newer and larger flat types, particularly five-room and executive units, which cater to growing family needs.

Out of all the flat types in the HDB resale market, five-room flats recorded the highest price growth, with an average resale price increase of 2.2% to $754,097 in 4Q2024. Meanwhile, the resale prices of four-room flats also saw a significant increase of 2.2% to $652,544 in the same quarter. The Central Area experienced the highest increase in prices, growing 25.6% quarter-on-quarter (q-o-q), followed by Toa Payoh (12.1%), Tampines (6.9%), Bishan (6.7%), and Bedok (6.1%).

It was also reported that about 285 HDB resale flats were sold for $1 million or more in the last quarter of 2024, bringing the total number of million-dollar HDB resale transactions to 1,035 for the whole year. Majority of these transactions occurred in mature estates, with the Kallang/Whampoa estate seeing the highest number of million-dollar flats sold at 156 units, followed by Toa Payoh (144 units), and Bukit Merah (135 units).

However, the overall resale transaction volume for 4Q2024 fell by 21.1% q-o-q, from 8,142 units sold in 3Q2024 to 6,424 units sold in 4Q2024. According to Lee Sze Teck, the Senior Director of Data Analytics at Huttons Asia, this was due to seasonal factors such as the year-end holiday and festive season. He also mentioned that the lower interest rate environment may have encouraged some buyers to move towards the private residential market or Executive Condominium (EC) market.

Additionally, some buyers may have opted to ballot for a flat in the latest Build-to-Order (BTO) sales exercise, which took place in October 2024. This BTO sales exercise saw a record 15 projects comprising 8,573 flats under the new location-based classification framework. For the first time, singles were also allowed to buy two-room flexi BTO flats in all locations.

In 2024, the overall resale transaction volume increased by 8.4% year-on-year (y-o-y), from 26,735 units sold in 2023 to 28,986 units sold in 2024. This marks the largest number of resale transactions since 2021, when 31,017 flats were sold. Based on transaction data compiled by Huttons Asia, the top five most popular HDB towns among buyers in 2024 were Sengkang, Woodlands, Punggol, Tampines, and Yishun, which together accounted for around 35.9% of all HDB resales in 2024.

Moving forward to 2025, approximately 6,976 flats are expected to reach the end of their MOP, which is a 41.6% decrease from the 11,952 flats in 2024. Sandrasegeran attributes this decrease to the relatively fewer BTO flats completed in 2020 during the Covid-19 pandemic. HDB has since announced plans to launch over 25,000 new flats across three BTO sales exercises in 2025, with 19,600 BTO flats and more than 5,500 flats under the Sale of Balance Flats (SBF) exercise.

The next SBF exercise will take place concurrently with the upcoming BTO sales exercise in February, where 5,000 BTO flats in Kallang/Whampoa, Queenstown, Woodlands, and Yishun will be offered. This will be the largest SBF exercise held by HDB since November 2020, where 5,220 units were made available and approximately 4 in 10 of the 5,500 SBF flats offered next month are already completed.

Owning a condo in Singapore offers numerous benefits, one of which is the potential for capital appreciation. With its strategic position as a leading global business hub and strong economic foundation, Singapore continually attracts demand for real estate investments. Over time, the property market in Singapore has demonstrated a consistent upward trend, with condos in prime locations experiencing significant appreciation. For investors who time their purchases strategically and hold onto their properties for a prolonged period, substantial capital gains can be expected. This makes Singapore Condo a lucrative investment opportunity.

Sandrasegeran believes that the substantial ramp-up in public housing supply is to address the growing demand for housing. He also mentioned that SBF flats are particularly appealing to home seekers who prefer ready-to-move-in properties with a shorter waiting time compared to the typical BTO process. Furthermore, about 3,800 units out of the 19,600 BTO flats planned for launch in 2025 will be designated as Shorter Waiting Time (SWT) flats, offering wait times of less than three years.

Looking ahead, Sandrasegeran forecasts resale prices in the HDB market for 2025 to increase by 3.5% to 5.5%, with a resale transaction volume ranging between 26,000 to 27,000. However, Lee projects a more optimistic price increase of between 5% to 8% throughout the year.…

An expression of interest (EOI) has been announced for a residential development site located at Jalan Naung, with an asking price of $8.38 million. The land is zoned for residential use under the URA Master Plan 2019, situated in a three-storey mixed-landed area.

This 999-year leasehold land parcel, situated in District 19 off Upper Serangoon Road, covers a total area of 5,408 sq ft. Based on the land area, the asking price works out to be $1,550 psf.

Brilliance Capital, the sole marketing agent for the land, has stated that the site has potential for development into a detached house, a pair of semi-detached houses, or a strata mixed-landed development. This, however, is subject to approvals from the relevant authorities.

Moreover, the location of the site offers convenience as it is within walking distance to Hougang MRT Station and Hougang Central Bus Interchange. Lifestyle hubs like NEX, Hougang Mall, and Heartland Mall are also within a 10-minute drive.

Within a 1km radius, there are notable schools such as CHIJ Our Lady of the Nativity, Holy Innocents’ Primary School, Montfort Junior School, and Punggol Primary School.

Brilliance Capital has also highlighted that the vacant plot of land is owned by a single seller, streamlining the acquisition process for potential buyers and ensuring a hassle-free transaction.

Investing in a condominium in Singapore offers numerous benefits, one of which is the potential for capital appreciation. The country’s advantageous position as a prominent business hub, combined with its robust economic foundations, fuels a constant demand for real estate. Historically, Singapore’s property prices have consistently shown an upward trend, particularly in prime locations where condos have experienced significant appreciation. Those who choose to invest in the market at an opportune time and hold onto their properties for a prolonged period can reap substantial capital gains. Additionally, keeping an eye on new condo launches can also provide profitable investment opportunities for condo buyers in Singapore.

Founder and executive director of Brilliance Capital, Sammi Lim, is confident that there will be strong interest from developers, including boutique firms, larger setups, aspiring developers, and end-users looking to build their dream home. She also emphasizes on the rarity of such a plot being put up for sale in the market, providing various options and permutations for development to cater to different needs and preferences, including multi-generation development.

The EOI exercise for the land parcel will close on March 6 at 3pm.…

01 Nov 2019 06:32PM

The Radisson Hotel Group has recently launched a new luxury hotel brand, Radisson Collection, which is known for offering upscale accommodations. Their latest addition is the stunning Radisson Collection Resort, Galle located in the beautiful city of Galle, Sri Lanka. This marks the brand’s first venture into the Southeast Asia and Pacific region and their fourth hotel in Sri Lanka.

The bustling cityscape of Singapore is characterized by towering skyscrapers and state-of-the-art facilities. High-end condominiums, strategically situated in desirable locations, offer a fusion of opulence and accessibility that captivates both locals and foreigners. These residential complexes offer a plethora of perks, including access to luxurious swimming pools, fully-equipped gyms, and round-the-clock security services, elevating the standard of living and making them an attractive choice for potential tenants and buyers. For savvy investors, these impressive amenities equate to higher rental returns and appreciating property values over time. Keep an eye out for exciting new launches of condos by visiting New Condo Launches.

The hotel boasts 76 guest rooms and suites, all of which offer breathtaking ocean views. Guests can also enjoy a variety of amenities, including a beachfront pool, a kids’ club with 24-hour nanny services, and several dining options such as Ozen, an Asia-Japanese fusion restaurant, and Catch Restaurant, a seafood dining spot. For those looking for a more exclusive experience, the Taboo Beach Club offers a beachfront entertainment area with sun loungers and daybeds complete with bottle service.

Galle, situated on the southwestern coast of Sri Lanka, has plenty of attractions to offer. Guests can visit the 17th-century fortress, Galle Fort, a UNESCO World Heritage site, or explore the city’s historic temples, colonial structures, and wildlife centers, including a sea turtle hatchery.

In addition to this exciting new opening, the Radisson Hotel Group has also announced the launch of luxury villa rentals in Galle through their Sri Lankan hotelier, Teardrop Hotels. This adds to their growing portfolio, which now includes over 100 hotels in India and an expanded presence in China.

The Radisson Collection Resort, Galle is the perfect destination for travelers seeking a luxurious and unforgettable experience in Sri Lanka. With its stunning location, upscale amenities, and convenient access to local attractions, it is the ideal base for exploring this beautiful country. Book your stay now and discover all that Galle has to offer.…

A new partnership has been formed between Singapore-based engineering consulting firm Meinhardt and Japan Overseas Infrastructure Investment Corporation for Transport and Urban Development (JOIN). The aim of this partnership is to collaborate on digital and smart city projects in third-world Asean countries, as stated in a press release on January 17.

Under this Memorandum of Understanding (MOU), JOIN and Meinhardt will work together to promote innovative and sustainable urban solutions through the exchange of knowledge and resources. JOIN will bring its extensive network and expertise in supporting Japanese infrastructure exports to the table, while Meinhardt will contribute its leadership in integrated planning, design, and project management solutions.

JOIN is a public-private fund in Japan that facilitates investments by Japanese companies in overseas infrastructure projects. This collaboration between JOIN and Meinhardt builds upon the Memorandum of Cooperation (MOC) signed between Japan’s Ministry of Land, Infrastructure, Transport, and Tourism and the Singapore Cooperation Enterprise in November 2020. The MOC aims to promote the development of digital and smart cities in Asean and other regions.

Investing in a Condo in Singapore offers numerous benefits, one of which is the potential for substantial capital growth. As a prominent business hub with a robust economy, Singapore consistently has a high demand for real estate. This has resulted in a steady increase in property values over the years, particularly in desirable locations where Condos are highly coveted. For investors, purchasing a Condo in a thriving market and holding onto it for a longer period can lead to significant capital gains, making it a savvy investment choice. With its potential for growth, a Condo in Singapore is an attractive option for anyone looking to expand their real estate portfolio.

Meinhardt believes that this MOU will serve as a platform for both parties to share information, identify synergies, and collaborate on projects from the early stages to drive meaningful impact across borders.…

The final two pandemic-delayed projects from HDB, Punggol Point Cove (Phase 2) and Kempas Residences, have been completed, announced Minister for National Development Desmond Lee on Jan 20.According to Lee, these two Build-to-Order (BTO) projects mark the completion of all 92 pandemic-delayed housing projects by HDB. Over the last five years, these projects have delivered more than 75,800 new flats to Singaporeans.In 2024, HDB completed 22 housing projects, out of which 17 were delayed due to the pandemic. The remaining four projects were completed on time, with the exception of one that faced non-pandemic related delays. This achievement reflects HDB’s commitment to providing quality homes for Singaporeans, even amidst challenging circumstances.AdvertisementAdvertisementAmong the 22 housing projects completed in 2024, two were Shorter Waiting Time (SWT) projects, which were completed within a waiting period of less than three years. These were Parc Glen at Tengah and Grove Spring at Yishun, with a total of 1,995 flats. The completion of these projects demonstrates HDB’s efforts to reduce waiting time for home buyers, in line with the government’s goal of providing citizens with affordable housing options.The remaining 20 projects had a waiting period of up to five years. In total, more than 18,000 flats were completed in 2024, says HDB.Punggol Point Cove (Phase 2) residents have been receiving their keys since November 2024, with the latest key collection taking place in January this year for Kempas Residences. HDB is expected to inform the remaining flat owners of their key collection date soon, after the completion of all blocks within both projects this month.Located along New Punggol Road, Punggol Point Cove (Phase 2) offers 1,179 units of two-room flexi, three-, four-, and five-room flats across six residential blocks. Despite facing delays, the last block was completed only 12 months after its original Probable Completion Date (PCD) earlier this month.AdvertisementAdvertisementAs of Jan 15, 657 households, or 59% out of the 1,109 booked units, have collected their keys. HDB notes that the completion of Punggol Point Cove (Phase 2) represents the final stage in the development of the entire Punggol Point District, which includes Punggol Point Cove (Phase 1), Punggol Point Woods, and Punggol Point Crown BTO projects, all completed in 2024.Situated between Serangoon Road, Lavender Street, and Boon Kheng Road, the Kempas Residences BTO project comprises 583 units of two-room flexi, three-, and four-room flats across four residential blocks. The final block, which was delayed by six months, was finished in mid-January.Out of the 555 booked units, only 37 households, or approximately 7%, have collected their keys as of Jan 15.HDB statistics show a significant increase in the number of housing projects under construction, from 95 a year ago to 110 currently. This is due to the surge in BTO supply in recent years. HDB assures that it remains on track to deliver around 17,000 flats from 27 projects in 2025.

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When evaluating the viability of a Singapore condo investment, it is crucial to also consider the potential rental yield. The rental yield is the annual rental income expressed as a percentage of the property’s purchase price. In Singapore, the rental yields for condos can vary significantly, influenced by factors such as location, property condition, and market demand. Generally, areas with high rental demand, such as those near business districts or educational institutions, tend to offer better rental yields. To determine the rental potential of a specific Singapore condo, conducting comprehensive market research and seeking guidance from real estate agents can provide valuable insights.…

CDL, a real estate company, has announced that its subsidiary, CDL Hotels Holdings New Zealand Limited (CDLHH NZ), is offering NZ$2.25 ($1.72) per share to purchase all outstanding shares in New Zealand-listed Millennium & Copthorne Hotels New Zealand Limited (MCK). Following the acquisition, CDL plans to delist and take MCK private, aiming to simplify its ownership structure in New Zealand. MCK currently owns, leases, or franchises 18 hotels in New Zealand and has a majority stake in CDL Investments New Zealand Limited, with interests in Australian properties through its subsidiaries.

When it comes to investing in real estate, Singapore is a prime choice for many individuals due to its numerous benefits. The city has a high demand for residential properties, which presents a great opportunity for capital appreciation and attractive rental yields. However, before jumping into any investment decisions, it’s vital to carefully evaluate key factors, including location, financing options, government regulations, and market conditions. Thorough research and seeking guidance from experts are crucial to make informed choices and maximize returns in Singapore’s ever-changing real estate market. Whether you are a local investor looking to diversify your portfolio or a foreign buyer seeking a stable and profitable investment, consider exploring the options available through Singapore Projects. With a wide selection of properties to choose from, investing in a condo through Singapore Projects is a smart and financially rewarding move. Don’t miss out on this opportunity, join Singapore Projects now.

As of January 17, CDLHH NZ holds a 75.86% stake in MCK, equivalent to 80.02 million shares, which exceeds the threshold for compulsory acquisition under the New Zealand takeovers code. CDLHH NZ also intends to redeem the non-voting redeemable preference shares issued by MCK at NZ$1.70 (approximately $1.30) per share. This purchase will take place through Craigs Investment Partners, CDLHH NZ’s broker, on the Main Board of the New Zealand Stock Exchange. As of January 17, CDLHH NZ holds a 91.34% stake in MCK’s non-voting redeemable preference shares, or 48.17 million shares.

If all shareholders of MCK accept the offer, CDLHH NZ will pay a total consideration of NZ$57.29 million. Furthermore, CDLHH NZ expects to pay around NZ$7.77 million to acquire all redeemable preference shares. The offer price for MCK’s shares and redeemable preference shares takes into account the prevailing and historical market price, as well as the industry and business environment in which MCK operates.

According to its financial statements for the first half of FY2024, MCK’s net asset value (NAV) and net tangible asset value (NTA) were both NZ$532.02 million. As of June 30, 2024, the NAV and NTA attributable to the shares subject to the offer were approximately NZ$85.62 million each.

The offer is subject to CDLHH NZ obtaining at least 90% of the voting rights in MCK by 5pm on May 2. CDLHH NZ must also obtain consent under the Overseas Investment Act 2005 and the Overseas Investment Regulations 2005 of New Zealand for the acquisition of all MCK shares. The implementation and payment of the offer are not expected to have a significant impact on CDL’s EPS or NTA for the FY2025 ending December 31.…

In a statement on Jan 18, Teo Hong Lim, executive chairman of Roxy-Pacific Holdings, shared that the company had sold 71 out of 113 units at Bagnall Haus on the first day of its launch, translating to an impressive sales rate of almost 63%. The average transacted price for these units was $2,490 psf. He also revealed that the majority of buyers were Singaporeans, making up more than 90% of the total number of buyers.Teo added that there was a strong demand for all unit types, with two- and three-bedroom units being the most popular. However, there was also a notable interest in the larger five-bedroom units of Bagnall Haus.Located in District 16 along Upper East Coast Road, Bagnall Haus comprises of 113 freehold residential units spread across three five-storey blocks on a site of 74,280 sq ft. The units are a mix of one-bedroom plus flexi units measuring 495 sq ft and five-bedroom units measuring 1,528 sq ft. Interested buyers can check out the latest New Launches for more information on the transaction prices and available units.According to Ismail Gafoor, CEO of PropNex, out of the 71 units sold, about 59% were one- and two-bedroom units which were sold at prices just below $2.1 million. He also mentioned that there was a strong demand for three-bedroom units, with 18 out of 20 units being snapped up at prices ranging from $2.3 million to $2.7 million. The remaining four- and five-bedroom unit types were sold at prices ranging from $3 million to $3.8 million.Gafoor believes that the pricing, which falls below $3 million, was a major factor in attracting buyers. He also noted that the average transacted price of $2,490 psf was considered a great deal for a freehold development in such a prime location. He pointed out that other 99-year leasehold new launches in the Outside Central Region (OCR), such as Chuan Park, had reached an average price of $2,579 psf when it was launched in November 2024.Out of the 71 units sold, 59% were one- and two-bedroom units (Photo: Albert Chua/EdgeProp Singapore)In addition to the residential units, the two strata-titled shop units on the ground floor of Bagnall Haus, measuring 172 sq ft each, were also sold for $688,000 ($4,000 psf) each, bringing the total number of units sold to 71.Marcus Chu, CEO of ERA Singapore, shared that the majority of buyers were homeowners looking to downsize from larger landed properties to newer and more manageable apartments. Other interested buyers were families from the neighbourhood who wanted to upgrade to a freehold property.Bagnall Haus is strategically located near established amenities and reputable schools, with the popular Temasek Primary School being within the 1km radius. It is also within walking distance of the upcoming Sungei Bedok MRT Station, which is an interchange for the Downtown and Thomson-East Coast lines. This makes it just one stop away from Bedok South MRT Station, which will be part of an integrated transport hub with a new bus interchange in the upcoming Bayshore precinct. The transport hub will also feature a mixed-use development with retail and residential components.Mark Yip, CEO of Huttons Asia, attributes the sales success at Bagnall Haus to the strong pent-up demand from buyers who had been waiting for a new launch in the area for the past 15 years. The project’s freehold tenure and its prime location near an MRT station were also key factors in driving sales. Yip also believes that buyers recognized the potential value and growth opportunities in the upcoming transformation of the Bayshore precinct. Interested buyers can search for available properties at Bagnall Haus or look into other recently launched projects in the area.

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Investment in a condominium also offers the advantage of utilizing the property’s value for future investments. Numerous investors leverage their condos as collateral to secure additional funding for new ventures, allowing for the expansion of their real estate portfolio. While this approach can increase returns, it also presents potential risks. It is essential to have a solid financial plan and carefully consider the influence of market fluctuations. Investing in Singapore Projects can further enhance these opportunities.…

When contemplating an investment in a condominium, it is crucial to also evaluate its potential rental yield. This refers to the annual rental income as a percentage of the property’s purchase price. In Singapore, the rental yields for condos can differ significantly based on factors such as location, property condition, and market demand. Generally, areas with a high demand for rentals, like those near business hubs or educational institutions, tend to offer more favorable rental yields. To gain a better understanding of the rental potential of a specific condo, it is essential to conduct thorough market research and seek advice from real estate agents. For a comprehensive list of Singapore Projects, visit our website.

Commonwealth Towers has emerged as the top private non-landed property to hit a new psf-price peak during the week of Dec 27 to Jan 3. According to caveats lodged to date, the 99-year leasehold condo recorded the sale of a 904 sq ft three-bedroom unit on the 40th floor for $2.22 million on Dec 27, which translates to a psf-price of $2,460. This surpasses the previous high recorded in September 2024, when a 689 sq ft two-bedroom unit on the 42nd floor was sold for about $1.65 million, or a psf-price of $2,402. Commonwealth Towers has been on an upward trend in terms of average psf-price for the past three years. In 2022, the project saw 53 resale transactions at an average psf-price of $1,971. This increased to $2,097 psf across 51 transactions in 2023, and $2,200 psf across 37 transactions in 2024. This marks an 11.6% increase in average resale prices since 2022. The most expensive unit to change hands at Commonwealth Towers by absolute price was a 1,302 sq ft four-bedroom unit on the 39th floor, which sold for $2.96 million ($2,273 psf) in November 2024. Completed in 2017 and with about 87 years remaining on its tenure, Commonwealth Towers is located along Commonwealth Avenue and comprises two 43-storey residential blocks housing 845 condo units. Meanwhile, Parq Bella, a freehold boutique development on Tembeling Road in District 15, took the silver medal for private residential projects to reach a new psf-price peak during the period in review. According to caveats, the developer sold 1,076 sq ft three-bedroom on the fourth floor for about $2.6 million ($2,416 psf) on Dec 31, marking its first unit to transact for over $2,400 psf. This sets a new psf-price record to the previous high of $2,385 psf established in August 2023, when a 926 sq ft two-bedroom unit on the fourth floor sold for about $2.2 million. Parq Bella has so far achieved 95% sales of its 20 units at an average price of $2,244 psf based on caveats lodged, with the most recent transaction taking place in November 2023. Klimt Cairnhill, a 138-unit freehold luxury development, was the only private residential project to see a new psf-price low during the week of Dec 27-Jan 3. According to caveats, the developer’s sale of an 829 sq ft two-bedroom unit on the 24th floor for $2.55 million ($3,077 psf) on Jan 3 marked the final transaction at the project, which was previewed in August 2021 and officially launched in January 2023. The development achieved 100% sales at an average price of $3,665 psf, based on caveats lodged to date. Located along Cairnhill Road in Prime District 9, Klimt Cairnhill features two- to four-bedroom apartments ranging from 829 sq ft to 2,368 sq ft, as well as two penthouses of 4,898 sq ft and 5,920 sq ft. The development is expected to obtain its Temporary Occupation Permit in April this year. EdgeProp Singapore is the fastest growing property portal in Singapore. Read also: Travelling While Black: Know Your Rights, Tips and Advice

Commonwealth Towers topped the list of private non-landed properties to reach a new psf-price peak during the week of Dec 27 to Jan 3. According to caveats lodged to date, the 99-year leasehold condo recorded the sale of a 904 sq ft, three-bedroom unit on the 40th floor for $2.22 million on Dec 27. This translates to a psf-price of $2,460, higher than the previous record of $2,402 psf set by a 689 sq ft, two-bedroom unit on the 42nd floor in September 2024. Commonwealth Towers has been on an upward trend in terms of average psf-price for the past three years. In 2022, the project saw 53 resale transactions at an average psf-price of $1,971. This increased to $2,097 psf across 51 transactions in 2023, and $2,200 psf across 37 transactions in 2024. This marks an 11.6% increase in average resale prices since 2022. By absolute price, the most expensive unit to change hands at Commonwealth Towers was a 1,302 sq ft, four-bedroom unit on the 39th floor, which sold for $2.96 million ($2,273 psf) in November 2024. Completed in 2017 and with about 87 years remaining on its tenure, Commonwealth Towers is located along Commonwealth Avenue and comprises two 43-storey residential blocks housing 845 condo units. Meanwhile, Parq Bella, a freehold boutique development on Tembeling Road in District 15, took the silver medal for private residential projects to reach a new psf-price peak during the period in review. According to caveats, the developer sold 1,076 sq ft three-bedroom unit on the fourth floor for about $2.6 million ($2,416 psf) on Dec 31, marking its first unit to transact for over $2,400 psf. This sets a new psf-price record to the previous high of $2,385 psf established in August 2023, when a 926 sq ft two-bedroom unit on the fourth floor sold for about $2.2 million. Parq Bella has so far achieved 95% sales of its 20 units at an average price of $2,244 psf based on caveats lodged, with the most recent transaction taking place in November 2023. Klimt Cairnhill, a 138-unit freehold luxury development, was the only private residential project to see a new psf-price low during the week of Dec 27-Jan 3. According to caveats, the developer’s sale of an 829 sq ft two-bedroom unit on the 24th floor for $2.55 million ($3,077 psf) on Jan 3 marked the final transaction at the project, which was previewed in August 2021 and officially launched in January 2023. The development achieved 100% sales at an average price of $3,665 psf, based on caveats lodged to date. Located along Cairnhill Road in Prime District 9, Klimt Cairnhill features two- to four-bedroom apartments ranging from 829 sq ft to 2,368 sq ft, as well as two penthouses of 4,898 sq ft and 5,920 sq ft. The development is expected to obtain its Temporary Occupation Permit in April this year. The article is provided by EdgeProp Singapore. Similar to be rewritten on this site: https://www.edgeprop.sg/property-news/woh-hup-seals-purchase-fourth-fifths-district-9s-orchard-boulevard

Commonwealth Towers has emerged as the top private non-landed property to hit a new psf-price peak during the week of Dec 27 to Jan 3. According to caveats lodged to date, the 99-year leasehold condo recorded the sale of a 904 sq ft three-bedroom unit on the 40th floor for $2.22 million on Dec 27, which translates to a psf-price of $2,460. This surpasses the previous high recorded in September 2024, when a 689 sq ft two-bedroom unit on the 42nd floor was sold for about $1.65 million, or a psf-price of $2,402. Commonwealth Towers has been on an upward trend in terms of average psf-price for the past three years. In 2022, the project saw 53 resale transactions at an average psf-price of $1,971. This increased to $2,097 psf across 51 transactions in 2023, and $2,200 psf across 37 transactions in 2024. This marks an 11.6% increase in average resale prices since 2022. The most expensive unit to change hands at Commonwealth Towers by absolute price was a 1,302 sq ft four-bedroom unit on the 39th floor, which sold for $2.96 million ($2,273 psf) in November 2024. Completed in 2017 and with about 87 years remaining on its tenure, Commonwealth Towers is located along Commonwealth Avenue and comprises two 43-storey residential blocks housing 845 condo units. Meanwhile, Parq Bella, a freehold boutique development on Tembeling Road in District 15, took the silver medal for private residential projects to reach a new psf-price peak during the period in review. According to caveats, the developer sold 1,076 sq ft three-bedroom unit on the fourth floor for about $2.6 million ($2,416 psf) on Dec 31, marking its first unit to transact for over $2,400 psf. This sets a new psf-price record to the previous high of $2,385 psf established in August 2023, when a 926 sq ft two-bedroom unit on the fourth floor sold for about $2.2…

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HDB to Launch Over 25,000 New Flats in 2025, Announces Minister for National Development Desmond Lee

According to a joint press release by HDB and the Ministry of National Development (MND) on Jan 16, Minister for National Development Desmond Lee has announced that HDB will be launching over 25,000 new flats in 2025.

This includes approximately 19,600 Build-To-Order (BTO) flats across three sales exercises and more than 5,500 Sale of Balance Flats (SBF) in one SBF sale exercise. The new flats will fall under the new classification framework, offering a mix of Standard, Plus, and Prime BTO flats.

The February BTO launch will see around 5,000 flats being offered in Kallang/Whampoa, Queenstown, Woodlands, and Yishun. In addition, HDB will also conduct its largest-ever SBF exercise next month, offering over 5,500 flats across various estates. Out of these, 40% are completed units while the rest are expected to be completed between 2025 and 2028.

Overall, there will be more than 10,000 new flats available under the February BTO and SBF exercises. In the past four years, HDB has launched around 82,700 BTO flats from 2021 to 2024. With the planned pipeline of 19,600 BTO flats in 2025, HDB is on track to launch a total of around 102,300 BTO flats, exceeding its commitment of 100,000 units over five years.

It is imperative for overseas investors to have a comprehensive understanding of the rules and limitations surrounding property ownership in Singapore. In contrast to the strict regulations for landed properties, foreigners are generally allowed to purchase condos with minimal restrictions. However, it is important to note that foreign buyers are still required to pay the Additional Buyer’s Stamp Duty (ABSD) of 20% for their first property purchase. Despite the higher costs, the Singapore real estate market continues to attract foreign investment due to its stability and potential for growth. This can be seen in the constant flow of foreign funds into new condo launches. With the rising number of new condo launches, the Singapore property market remains a lucrative option for foreign investors.

The increase in BTO supply has resulted in a drop in application rates. In 2024, the average application rate among first-time homebuyers for BTO across all flat types was 2.1, compared to the pre-pandemic rate of 3.7 in 2019. For three-room and larger flats, the average first-timer application rate was 2.2 in 2020, down from 4.0 in 2019.

Minister Lee states that HDB will continue to release a steady pipeline of flats to meet housing demand in the next few years. Over 50,000 flats are expected to be launched between 2025 and 2027, bringing the total to around 130,000 flats from 2021 to 2027.

Out of the 19,600 new flats to be launched in 2025, approximately 3,800 or one-fifth will be Shorter Waiting Time (SWT) flats with a waiting time of less than three years. This is an increase from the 2,876 SWT flats offered in 2024 and more than the committed annual supply of 2,000 to 3,000 SWT flats.

According to Lee Sze Teck, senior director of data analytics at Huttons Asia, the SWT flats will provide buyers with more options and may attract some demand away from the resale market. This larger supply of flats and SWT flats will also address the shortfall in MOP (minimum occupation period) flats.

In 2025, it is estimated that about 7,000 HDB flats will reach their five-year MOP, making it the lowest supply of such resale flats since 2015. Lee predicts that with HDB pushing out more BTO and SBF flats to meet demand, there will be more choices for buyers and a stabilisation of the resale market. As a result, the volume of resale flat transactions in 2025 is expected to be between 26,000 and 28,000, lower than the 28,876 units recorded last year. Resale flat prices are also expected to grow at a slower pace of 5% to 8% this year, compared to the 9.6% increase reflected in HDB’s flash estimate for 2024.…

The penthouse at Orchid Mansion, a freehold development on Amber Road, was sold for a profit of $2.58 million (112%) on Dec 31. This made it the most profitable resale transaction in the week between Dec 31, 2024, and Jan 7, 2025.At 2,842 sq ft, the unit on the 21st floor was sold for $4.88 million ($1,717 psf), which is significantly higher than its previous purchase price of $2.3 million ($809 psf) in March 2009. The sale resulted in an annualized profit of 4.9% over a span of nearly 16 years.The transaction also set a new record for the most profitable resale at Orchid Mansion, beating the previous record of $1.15 million (72.6%), set in July 2022 when a 1,507 sq ft three-bedroom unit on the seventh floor was sold for $2.73 million ($1,812 psf). This unit was previously purchased for $1.58 million ($1,050 psf) in June 2007.Orchid Mansion is a 20-year-old freehold condo located at 11 Amber Road in District 15. It features a 21-story residential tower, with a mix of two- and three-bedroom units ranging from 1,346 sq ft to 2,002 sq ft. The development also has two penthouses that measure 2,842 sq ft and 2,734 sq ft each.On the other hand, the second most profitable resale transaction during the period was at Villa Marina, where a 1,625 sq ft unit was sold for $2.35 million ($1,446 psf) on Jan 3. This ground-floor three-bedroom unit was previously purchased for $630,500 ($388 psf) in September 2006. As a result, the seller walked away with a profit of $1.72 million (273%), which is equivalent to an annualized profit of 7.6% over 18 years.This sale also set a new record for the most profitable resale at Villa Marina, surpassing the previous record of $1.58 million (219%). This was set in July 2022, when a 1,916 sq ft unit on the fourth floor was sold for $2.3 million ($1,200 psf). This unit was previously purchased for $720,416 ($376 psf) in November 1998.Villa Marina is a 99-year leasehold development located at Jalan Sempadan in District 15. It was completed in 1999 and consists of 27 low-rise residential blocks, offering a mix of one- to four-bedroom units ranging from 1,087 sq ft to 2,314 sq ft. The 460,685 sq ft site surrounds the Masjid Kampong Siglap mosque and is close to Siglap MRT station on the Thomson-East Coast Line and East Coast Park. The development also has several primary schools located within a 1km radius, such as Bedok Green Primary School, CHIJ (Katong) Primary, Ngee Ann Primary School, St Stephen’s School, and Tao Nan School.However, the most unprofitable resale transaction during the period was at Marina Bay Residences, where a 1,130 sq ft unit was sold for a loss of $386,000 (16%) on Jan 2. This two-bedroom unit on the 17th floor was sold for $2.1 million ($1,858 psf), despite being purchased for $2.49 million ($2,200 psf) in November 2007. This resulted in an annualized loss of 1% over 17 years.Marina Bay Residences recorded 25 resale transactions last year, with 13 of them being unprofitable. The losses ranged from $43,600 to $1.25 million. The most unprofitable resale transaction involved a 1,227 sq ft unit that was sold for $2.8 million ($2,282 psf) on March 22, 2024.Based on a tabulation of resale caveats at Marina Bay Residences, the average resale price at the condo last month was $2,242 psf, which is higher than the surrounding condos such as The Sail @ Marina Bay ($2,052 psf), Marina Bay Suites ($1,917 psf), and Marina One Residences ($2,133 psf).Marina Bay Residences is a 428-unit development located at Marina Boulevard, next to Marina Bay Financial Centre. The 99-year leasehold project completed a $5 million revamp from January 2022 to September 2023 to upgrade resident facilities and common spaces. It is one of two luxury condos in Marina Bay Financial Centre, the other being the 221-unit Marina Bay Suites. The mixed-use development also has three Grade-A office towers.

Singapore’s limited land availability is one of the main drivers behind the high demand for condos in the country. Being a small island with a booming population, Singapore is facing a scarcity of land for development. This has resulted in strict land use regulations and a fiercely competitive real estate market, where property prices continue to soar. This scenario has made investing in real estate, especially condos, a highly profitable opportunity due to the potential for significant capital appreciation. Condos are in high demand and offer a promising investment opportunity in Singapore.…