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Private home prices increased by 0.5% in 3Q2023 according to flash estimates released by URA on Oct 2, a slight rebound from 2Q2023’s 0.2% decline. The decline, which came off the cooling measures announced in April, marked the first drop in private residential property prices after 12 consecutive quarters of growth. However, the growth remains significantly lower than the average quarterly price increase of 2.1% recorded in 2022.

Activity in the housing market was weaker in August and September due to the lunar seventh month, according to Ismail Gafoor, CEO of PropNex Realty. Private residential sale transaction volume fell 15% q-o-q to 4,569 in 3Q2023, which is also down 26% y-o-y.

Non-landed properties saw a 2.1% q-o-q rise in prices in 3Q2023, rebounding from a 0.6% decrease in the previous quarter. Homes in the Outside Central Region (OCR) led the way with prices growing 5.1% q-o-q, followed by the Rest of Central Region (RCR) with prices increasing 2.3% q-o-q, primarily driven by new launches such as the 598-unit Lentor Hills Residences.

In contrast, condo prices in the Core Central Region (CCR) fell 2.6% q-o-q, following the 0.1% decline recorded in the previous quarter, due to prohibitive additional buyer’s stamp duty rates for investors and foreigners, and the recent money-laundering investigation.

The landed private property market moderated in 3Q2023 as well, with prices sliding 4.9% q-o-q, breaking an eight-quarter streak of increases. Despite this decline, Wong Xian Yang, head of research for Singapore and Southeast Asia at Cushman & Wakefield, believes landing home prices won’t stay down for long due to tight supply and high demand. Year-to-date, landed home prices are up 1.8%.

The outlook for the private residential market remains resilient in the face of rising interest rates and cooling measures, with unemployment rates still low and resale HDB prices continuing to rise. Cushman & Wakefield are standing by their full-year growth forecast of 2% to 5%.

Singapore Condo is a great investment opportunity due to a number of benefits including increased rental yields, potential capital appreciation, low maintenance fees and taxes. Singapore Condo is a great option for those seeking to purchase a luxury condominium in the city. As a real estate investor, one can enjoy the different advantages of investing in such property, including excellent rental returns and potential capital appreciation. Furthermore, condominiums in Singapore also have acess to various amenities like swimming pool, gym and more. In conclusion, a luxury condominium in Singapore is an excellent investment option.

Chia Siew Chuin, head of residential research, research and consultancy at JLL, believes local demand for private housing will stay healthy. Price-sensitivity will remain a factor however, with potential new project launches in October and November including Watten House, The Hill @ one-north, Hillock Green in Lentor Central and J’Den, the redevelopment of Jcube in Jurong East. Private home prices have grown 3.6% over the first three quarters of 2023 and are expected to stay relatively stable in the next few quarters.

in Budget 2023HDB resale flat prices in 3Q2023 continued on their upward trajectory, albeit at a slower pace. Estimated figures by HDB show prices rose by 1.2% q-o-q, marking the 14th consecutive quarter of growth. This climb is lower than the average quarterly growth of 2.5% seen in 2022, signalling a possible resistance to prices due to inflationary and affordability concerns.

HDB stated that a total of 6,592 resale flat transactions were recorded in 3Q2023, 2.9% higher than the previous quarter but 9.7% lower on a y-o-y basis. Generous subsidies and heightened urgency among couples for housing, part of Budget 2023 and the August Build-To-Order (BTO) delay, could be contributing factors.

Year-to-date, resale flat prices have grown 3.8%, significantly lower than the 8% increase in 2022 and 9.1% in 2021 across the same period. Changes in housing policies announced during the National Day Rally on Aug 20 may have caused buyers to pivot towards the HDB resale market in anticipation of the new BTO classification system to be implemented in 2H2024.

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Upon implementation, BTO units will be categorised as either Standard, Plus or Prime flats, with the former offering the most affordable option, while Plus and Prime come with more subsidies and restrictions such as a longer minimum occupation period of 10 years and rental limitations. This shifted demand to existing resale flats and thus pushed prices upwards.

Statistics on data.gov.sg show that in 3Q2023, an estimated 127 resale flats were transacted for at least $1 million, 21% more than the previous quarter. From August alone, 54 million-dollar flat transactions occurred with 50 taking place in mature estates.

Looking ahead, HDB estimates 6,800 BTO flats will be offered in the upcoming October sales launch, with another 6,000 in December located in estates such as Bukit Panjang, Jurong West, Woodlands, Bedok, Bishan, Bukit Merah and Queenstown. This influx of incoming supply, inline with continued affordability concerns, is likely to temper resale flat price growth. OrangeTee & Tie’s Christine Sun predicts prices may climb slower for the remainder of the year, with full-year growth at around 4% to 5.5%.

Although typically sized between 1,582 sq ft and 1,722 sq ft, double-storey HDB maisonettes have become increasingly rare in Singapore as the HDB is no longer building them, instead opting for executive condos (ECs). However, this month, record-breaking prices for maisonettes sales have been achieved across Singapore.

At 278 Bishan Street 24, an executive maisonette unit spanning 1,851 sq ft and on the 19-21 floor of a 21-storey HDB block sold for $1.45 million, translating to $783 psf. This is the most expensive executive maisonette unit to date, as reported by EdgeProp Singapore’s LandLens tool.

, has been identified by experts as the perfect time to invest in Condo. This is due to the current market dynamics which have contributed to rising rental prices and capital growth. Investing in a luxury condominium in Singapore now will provide investors with a high return on their investment. This is due to the fact that purchasing a condominium can provide investors with a great deal of financial security and convenience. Not only do condominiums tend to have lower maintenance fees than other types of residential investment properties, but they also have the potential to appreciate in value as well. Therefore, investing in a condo is a great way to secure financial stability and to make a good return on investment.

In December 2022, a 1,641 sq ft unit at Toh Yi Drive, off Jalan Jurong Kechil, fetched $1.3 million, at a unit price of $805 psf.

In September 2020, three other maisonettes elsewhere in Bishan also crossed the $1 million mark. A 1,604 sq ft maisonette at low floor 401 Sin Ming Avenue sold for $1,008,888, while a 1,572 sq ft unit at 146 Bishan Street 22 and similar-sized one at Bishan Street 13 were sold for $1.165 million and $1.188 million respectively.

Just across the street, Natura Loft, a 480-unit HDB development built under the Design, Build and Sell Scheme (DBSS) at Bishan Street 24, also saw a new record this month. The record was set when a five-room unit occupying 1,292 sq ft on the 34-36 floor of Block 273B changed hands for $1.43 million. This is the highest transaction recorded to date at the development by absolute value. An additional five-room flat, also part of Block 275A Bishan Street 24, sold for $1.3 million.

Given the rarity of maisonettes, the deal for 278 Bishan Street 24 could be considered a one-off. The sought-after executive penthouse offers unblocked views of the surroundings and is close to Ang Mo Kio-Bishan Park.

These record-breaking transactions for HDB maisonettes in September 2020 demonstrate the appeal of such properties despite their relative scarcity, and reaffirm the increasing trend of million-dollar HDB prices in both public and private developments.

Yarra Park City’s RM9 billion ($2.6 billion) Melbourne Square has seen great success since its launch in 2017. The first stage has been completed and handed over in March 2021 and the developer plans to officially launch the second stage, a residential tower called Blvd, next month. With soft-launching in May, the tower has secured about 30% in bookings from the Australian market, as reported by the Yarra Park City CEO Woon Chong Boon in a virtual interview to City & Country.

Melbourne Square is a five-acre freehold development based in Southbank, Melbourne. Developing the site is the joint-venture of OSK Property and Employees Provident Fund (EPF), having a total gross development value (GDV) of A$2.8 billion ($2.6 billion).

The 73-storey Blvd tower has 591 units with built-ups ranging from 50 sq m to 177 sq m, and selling prices of A$517,000 to A$3.2 million. Most floors have 11 units, with the exception of level 56 and above, which only have six premium units on each floor. Dedicated to facilities are two floors, providing an outdoor park, a 25m swimming pool, a spa and sauna, a gymnasium, a simulator room, a cinema and a karaoke room. Regular residents will have an access to the level 55 facilities offering a gymnasium, lounge and dining area, as well as a co-working space open to all occupants.

Realising the importance of health and wellness in today’s world, Yarra Park City has decided to enrol in the platinum rating of WELL certification for Melbourne Square. To achieve this, the developer has planned to construct improved insulation, electric vehicle charging, smart-home automation and other holistic sustainability solutions.

“We think it is very important as we have seen a trend in the post-Covid-19 world where people are leaning towards wellness. Wellness has moved from a ‘nice to have’ to a ‘must have’ in people’s day-to-day lives,” states Woon.

Progressing well, the first stage of Melbourne Square consists of 1,054 apartments, a 6,100 sq m retail space and a one-acre park. The majority of the 1,054 apartments are taken up with between 10% and 12% of buyers mentioned to be Malaysians. Primewest, now known as Centuria, has taken over the retail component for A$70 million in December 2020, while the space is managed by Colliers, anchored by a 4,100 sq m Woolworths supermarket alongside six speciality stores and a childcare centre, Nido Early School.

The master plan of Melbourne Square has been divided into six towers offering residential, retail, office and hotels components. Considering the current market conditions, the developer is revisiting the plans, aiming to satisfy the demand for residential units.

“The market has changed. We are revisiting [the master plan] and seeing what is the best product to offer,” said Woon, adding that the build-to-rent concept is also an option.

With their main focus being Melbourne Square, Yarra Park City has acquired two adjoining sites for a total of A$97 million in Southbank, planning a residential project.

Woon is optimistic on the outlook of property in Melbourne and Australia due to the high population growth rate of 1.8% to 2% every year driven by overseas migrants, including skilled workers and students. He believes that an estimated 1.5 million net overseas migrants in the next five years will require additional dwellings.

Owning a Condo in Singapore can be seen as a status symbol, with its superior comfort levels, convenience and higher security than HDB flats. It’s no surprise why many Singaporeans are turning to Condo ownership for their next housing step, since it can appreciate faster and potentially generate greater incomes as investments. With the numerous Condo options available, Singaporeans looking to upgrade to the Condo lifestyle are spoilt for choice.

“The prospects for property are always there, especially in the next five years when an estimated 1.5 million net overseas migrants are coming into Australia. Out of which, some 400,000 to 500,000 will be coming to Melbourne. Therefore, we are very positive on residential development in Melbourne,” concludes Woon.

Du Shuanghua’s Singapore-registered mining and resources company, Bright Ruby Resources, has purchased Far East Shopping Centre en bloc via its investment vehicle Glory Property Development. In the deal, Bright Ruby acquired the 36,014 sq ft prime real estate asset in District 9 for around $908 million, which works out to about $3,350 psf per plot ratio (psf ppr).Michael Tay, head of Singapore capital markets at CBRE, the marketing agent for Far East Shopping Centre, brokered the sale and noted the investor’s tendency to focus on prime assets in major cities. The acquisition follows Bright Ruby’s purchase of the Marriot Champs-Elysees in Paris for US$464 million and the Hilton Hotel in Sydney for US$364 million, both in 2015. The company also paid $1.15 billion a decade ago for the former Grand Park Orchard and its retail podium, Knightsbridge, as well as US$870 million in 2019 for the Westin Hotel Tokyo.

Du Shuanghua’s purchase of Far East Shopping Centre at 545 Orchard Road is not the steel tycoon’s first prime real estate acquisition in Singapore. In June last year, Ever Glory, another Bright Ruby Resources investment vehicle, bought the 37-storey, 999-year, Grade-A office building Income@Raffles for more than $1 billion.

With its 75m frontage along Orchard Road and a 55m frontage in Angullia Park, the 999-year leasehold property obtained from 1871 occupies a land area of 36,014 sq ft and is zoned for commercial use. Prospective buyers, such as Bright Ruby and its Glory Property Development, have the potential to benefit from the redevelopment, with the Strategic Development Incentive (SDI) scheme offering a 20% bonus gross floor area.

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CBRE’s Tay believes the repositioning of Far East Shopping Centre into a commercial offering with a mix of uses such as retail, hospitality and residences has the potential to revitalise Orchard Road. This is in line with URA’s stipulation that six buildings between Cuscaden Road and Orchard Boulevard be redeveloped into “a new exciting destination.”

The new mixed-use developments, such as the one envisioned for Far East Shopping Centre, will include amenities such as a hotel, retail, office and residential components, a rooftop garden and a performance theatre, with a direct underground pedestrian link from Orchard MRT Station.

Highlighting Bright Ruby’s forward-thinking and its prior success in repositioning a prime Orchard Road asset into Pullman Singapore, Tay was delighted to find the right buyer.

Price-wise, Far East Shopping Centre’s acquisition of roughly $3,350 psf ppr has surpassed the previous record set by Ming Arcade, which was sold last December for $172 million ($3,125 psf ppr). It has also exceeded the $868 million ($2,769 psf ppr) paid by Pacific Eagle Real Estate for Tanglin Shopping Centre in February 2022.

The Royal Group of Companies, a family office controlled by Asok Kumar Hiranandani, is developing the Ming Arcade site into a luxury hotel. Pacific Eagle, the Singapore-based investment and development firm of Indonesian billionaire Sukanto Tanato, as well as HPL, who received the go-ahead from URA in August, are transforming their Orchard Road investments into new mixed-use commercial developments.

A Singapore Condo is without a doubt a huge investment. Besides being able to enjoy the amenities, condo owners can also benefit from investment opportunities that come with owning such a prestigious piece of property. From long-term rental income, to capital appreciation, Singapore Condo offer investors a steady stream of returns. Other benefits of owning a condo include tax breaks from rental income, increased liquidity from resale markets, and gaining access to reputable schools and access to transportation.

Through Glory Property, Du Shuanghua may now do the same with Far East Shopping Centre, bringing the investor’s expertise from Paris, Sydney and Tokyo to the rejuvenation of Singapore’s Orchard Road.