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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.…

The popularity of Singapore Condos is on the rise due to the scarcity of land in this compact nation. As the population continues to grow at a rapid pace, Singapore is grappling with a shortage of land for construction, leading to strict laws and a fierce competition in the real estate market. As a result, property prices are constantly on the rise, making investments in Singapore Condos a highly profitable opportunity for significant returns.

Last year, City Developments divested assets amounting to more than $600 million as part of its capital recycling strategy, with several more divestments in the pipeline.

The total amount of divestments fell short of the company’s initial target of $1 billion, as deals in most markets and asset classes became scarce.

Among the completed divestments were the Ransome’s Wharf site in London, the freehold 8-storey Cideco Industrial Complex in Singapore, and various strata units in Singapore’s Citilink Warehouse Complex, Cititech Industrial Building, Fortune Centre, and Sunshine Plaza.

Hong Leong City Centre, a mixed-use development in Suzhou, is currently under contract and is expected to be completed in the first quarter of this year. The retail and office components of the development were divested.

According to group CEO Sherman Kwek, the recent divestments demonstrate the company’s commitment to accelerating its capital recycling efforts. However, due to challenging market conditions, the company was unable to reach its initial target of $1 billion. Kwek also stated that the company will continue to push forward with its divestment plans in order to achieve good momentum.

He added that CDL’s aim is to optimize its capital management while aligning its portfolio with its strategic objectives in order to maximize shareholder value.

CDL’s shares closed at $5.05 on Jan 16, recording a decline of 0.2% for the day and 20.97% for the past year. Those interested in investing in properties at Sunshine Plaza can check out the latest listings available.

For anyone looking for condo rental listings in District 7, compare prices with the latest trends for condo new sales vs EC new sales. Additionally, compare condo rental transactions in District 7 and the price trends for HDB, Condo, and Landed properties.

Take a look at the list of condo projects with the most unprofitable transactions in District 7 to make informed investment decisions.…

11 Whitley Road, a two-storey freehold bungalow, is now available for purchase through a tender at a guide price of $31.88 million. The property sits on an elevated freehold land of 15,276.27 sq ft, which translates to a guide price of $2,087 psf on the land area.

Originally built in 2016, the bungalow has recently undergone a rebuild with the addition of a rear extension. It boasts five bedrooms, three of which are en suite, along with two living rooms, two dining rooms, a spacious and well-equipped kitchen, and a helper’s room.

The land parcel has the potential to be subdivided for the development of eight terraced houses, with each site ranging from 1,614 sq ft to 2,389 sq ft. The gross floor area (GFA) for the redevelopment could reach up to 21,528 sq ft, subject to land betterment charges. According to Aric Lim, associate district director of Huttons Asia – the exclusive marketing agent for the property at Whitley Road – this presents a lucrative opportunity for potential developers.

Senior director of data analytics at Huttons Asia, Lee Sze Teck, highlights that this is one of the largest plots of land available on Whitley Road, making it a highly sought-after investment opportunity. He adds that the asking price of $2,087 psf based on land is significantly competitive compared to recent transactions of new semi-detached houses along Whitley Road, which have been sold for over $3,000 psf.

The location of the property is also highly attractive, being only 700m away from Novena MRT Station and in close proximity to popular shopping malls such as Velocity at Novena Square, Square 2, and United Square, as well as Zhongshan Park.

Interested parties may participate in the tender for 11 Whitley Road, which closes on February 12.

In recent years, the decision to invest in a condo in Singapore has gained widespread popularity among both local and foreign investors. This is largely due to the country’s stable economy, political climate, and overall exceptional quality of life. The real estate market in Singapore is brimming with opportunities, and condos are particularly enticing for their convenience, amenities, and potential for impressive returns on investment. With this in mind, let’s delve into the advantages, important considerations, and necessary steps one should take when looking to invest in a condo in Singapore. Keep yourself updated with the latest new condo launches to make informed investment decisions.…

GuocoLand has successfully secured two green facilities from DBS Bank and Oversea-Chinese Banking Corporation. The first green facility, amounting to $1.135 billion, will be used to refinance Guoco Midtown. This marks the largest green facility secured by the property developer to date. The second green facility is worth $105 million and will be used to refinance Midtown Bay.

In Singapore, investing in condos has become a popular option, but there are important factors to consider before diving into this market. One of the main considerations is the government’s property cooling measures. With the aim of curbing speculative buying and promoting a stable real estate market, the Singaporean government has implemented several measures over the years. These 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 also contribute to the long-term stability of the market, making it a more secure investment environment.

These green facilities were raised under GuocoLand’s Green Finance Framework, which highlights their commitment to sustainability. To date, the company has secured approximately $5 billion of green financing, including for other developments such as Lentor Mansion, Lentor Modern, Midtown Modern, and the upcoming Upper Thomson Road Development.

Group CFO of GuocoLand, Andrew Chew, expresses his satisfaction with this refinancing activity. He states that it allows the company to optimize its capital structure while remaining true to its commitment to creating thoughtfully designed spaces that balance economic, environmental, and social factors.

On Jan 15, shares in GuocoLand closed flat at $1.45. With these latest developments, it is evident that GuocoLand is taking bold steps towards building a sustainable future.…

Investing in real estate requires careful consideration of various factors, with location being a key consideration, especially in Singapore. Condos that are located in central areas or in close proximity to essential amenities such as schools, shopping malls, and public transportation hubs are known to exhibit a higher appreciation in value over time. Prime locations in Singapore, including Orchard Road, Marina Bay, and the CBD, have consistently shown a strong growth in property values. Additionally, the availability of high-quality schools and educational institutions in these areas makes condos a highly desirable investment option for families, further solidifying their investment potential. Including Singapore Condo in the rewritten paragraph further emphasizes the focus on the real estate market in Singapore.

Freehold mixed-use development Roxy Square, situated in the residential area of Katong, is up for sale once again, according to a statement released by JLL, the marketing agent for the property.The development, which includes 296 commercial units, 26 apartments, and the 576-room Grand Mercure Roxy Hotel, was initially put up for tender in July last year with a starting price of $1.25 billion. However, the tender was unsuccessful and has since been closed on Sept 26.JLL has revealed that the owners of Roxy Square are currently in the process of signing a supplemental agreement to reduce the collective sale price by 10.8%, bringing it down to $1.115 billion. In order to successfully proceed with the lower price, at least 80% of the owners need to provide their support. Currently, more than 70% of owners have already expressed their agreement.Read also: JLL, CapitaLand Investment and ULI announce leadership appointmentsThe new price for Roxy Square is expected to equate to a unit land rate of $1,852 per square foot (psf) per plot ratio (ppr). This already includes a Land Betterment Charge (LBC) at the gross plot ratio of approximately 3.86. Taking into account an additional 10% bonus gross floor area (GFA) for the residential component and the LBC, the land rate is estimated to be around $1,804 psf ppr, according to JLL.Executive director of capital markets at JLL Singapore, Tan Hong Boon, states: “The private residential market in Katong has strong underlying support. Recent launches like Meyer Blue and Emerald of Katong have shown impressive sales, boosting developers’ confidence in Roxy Square’s potential.”Located between Holiday Inn Express Singapore Katong and Katong Plaza, Roxy Square was completed in 1996 and boasts a gross floor area (GFA) of 668,000 square feet. Under the 2019 Master Plan, the property is partially zoned for commercial and residential use, with a gross plot ratio of 3.0 along East Coast Road. A portion of the development that fronts Marine Parade Road is zoned for hotel use.According to recent planning advice from URA, the entire Roxy Square site can be rezoned for commercial and residential use and redeveloped into a high-rise mixed-use development with a height of up to 75 metres.Read also: River Valley Apartments launched for collective sale at $56 millionProceeding with the redevelopment of the site could potentially result in more than 350 residential units, approximately 80,000 square feet of retail and F&B space, and an additional 172,000 square feet for office, hotel or other commercial uses, shares JLL.The property is also easily accessible via East Coast Parkway (ECP) and Nicoll Highway and is part of the Round-Island Route and Park Connector Network. In addition, Tan notes: “The proposed reduction in reserve price, if supported by the majority owners, enhances the site’s appeal, especially considering the area’s consistent demand for quality residences. This sale will aim to thoughtfully shape a key part of Singapore’s East Coast for the future.”Interested buyers can submit their bids for Roxy Square up until Feb 18 at 3pm. Roxy Square properties currently on the market can be viewed on the latest listings.…

The Arcady at Boon Keng is set to become a new landmark in the Boon Keng area upon its completion in 2027. Developed by the trusted local developers KSH Holdings, SLB Development, and H10 Holdings, this 172-unit freehold condominium will feature modern architecture, setting it apart as a standout residence in the neighbourhood.

Collaborating with award-winning architectural firm Park + Associates, the developers have crafted a distinguished residence that resonated with investors and local buyers when it was launched for sale in January. The one-bedroom plus study and two-bedroom units’ efficiently designed layout appealed to many, while families appreciated the project’s spacious units and abundance of family-friendly amenities.

The Arcady at Boon Keng offers buyers a rare opportunity to invest in an affordable freehold development in the city-fringe neighbourhood, standing out among only a handful of new freehold projects launching this year.

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Singapore’s condo market continues to thrive as the country grapples with limited land availability. As a small island nation experiencing rapid population growth, Singapore faces the daunting task of finding ample land for development. Consequently, the government has implemented stringent land utilization regulations, resulting in a highly competitive real estate landscape with constantly increasing property prices. Consequently, investing in real estate, particularly condos, presents a lucrative opportunity for attractive returns, given the potential for capital appreciation.

Creating a peaceful oasis, the developers and designers have adopted a bold architectural form that blends seamlessly with a curated landscape design, transforming the project into an urban oasis in the bustling city-fringe neighbourhood. The architects at Park + Associates and landscape architect Ecoplan Asia have collaborated on the multi-layered design, optimizing the total space available for verdant greenery and combining three-storeys worth of facilities into a ‘one-stop’ zone across just two floors. This efficient use of space can also be seen in other areas with abundant facilities, such as the 14th floor and the rooftop terrace.

The development boasts a range of family-friendly facilities, including a Social Deck for parents to relax while their children play at the nearby Kids Playground. Families can also enjoy a weekend of fun together at the Family Deck beside the Splash Patio and Family Pool. Water facilities include an infinity pool, spa pool, and family pool overlooked by the second-storey Sky Terrace. Access to the Sky Terrace, perfect for an indoor retreat, is just a few steps away. A dedicated kids’ zone with a Party Deck and Kids Club will keep children entertained, while parents can unwind at the Chill Out Lounge overlooking the Botanic Club.

Guests can enjoy a private chef-created alfresco dining experience at the Arcady Club on the 14th floor, taking in the spectacular view. Fresh produce can also be grown at the community garden on the rooftop, providing a convenient source of organic ingredients. Guests can also be accommodated at the Gourmet Vista on the 14th floor, boasting a 360-degree panoramic view of the surrounding skyline. With 47 condo facilities spanning over 4,000 sq m, each of the 172 households at The Arcady at Boon Keng can find its pocket of excitement.

The residential tower and unit orientation have been thoughtfully considered, resulting in a north-south orientation elevated about 18m above street level to maximize views. Additionally, units are tilted away from the main road, significantly reducing traffic noise. Units on higher floors will have optimum views of the Kallang River, while south-facing units will face the direction of Marina Bay.

The layout of each unit has been efficiently designed, with spacious master bedrooms able to accommodate king-sized beds and common bedrooms easily fitting queen-sized beds. The development has seen steady sales of its larger units, including three-bedroom units of 969 sq ft, three-bedroom plus study units of 1,281 sq ft, and four-bedroom units of 1,410 sq ft. There are also two penthouses of 2,433 sq ft and 2,583 sq ft. Families with school-going children and couples will find that the development meets many criteria – a comfortable home within a conveniently located condo boasting a full suite of amenities for all family members to enjoy.

Nearby schools include Bendemeer Primary School, Bendemeer Secondary School, St Andrew’s Junior School, and Hong Wen School. Other amenities in the vicinity include Woodleigh Mall at Bidadari Park Drive and Bendemeer Mall along Bendemeer Road.

“The Arcady at Boon Keng’s convenient location and connectivity are likely drawing buyers to the development,” says Ismail Gafoor, CEO of PropNex Realty, one of the project’s marketing agents. Dhoby Ghaut MRT Interchange Station, linking the North-East Line, North-South Line, and Circle Line, is just three stops from Boon Keng MRT Station. With the Boon Keng MRT Station on the North-East Line only a six to seven minutes’ walk from the project, residents will enjoy a relatively short commute to the city. “We observe that many home buyers these days prefer projects within walking distance to an MRT station; convenience is highly valued given today’s busy lifestyle,” adds Gafoor.

Mark Yip, CEO of Huttons Asia, agrees that The Arcady at Boon Keng presents a rare opportunity as a freehold property in a central location with easy access to major expressways like the CTE and PIE. The development will also benefit from its proximity to the rejuvenated Kallang precinct, which will see new sports and leisure facilities developed as part of the Kallang Alive Masterplan, announced during Prime Minister Lawrence Wong’s inaugural National Day Rally this year.

The Kallang Alive Masterplan aims to bring together several key sporting associations and the Singapore Sports School into one integrated precinct. Planned state-of-the-art sports facilities and a new 12,000-seat stadium will support sports and recreation activities.

Since the project’s launch in January 2024, all one-bedroom-plus-study units have been sold, and close to 90% of two-bedroom units have been snapped up. With an average selling price of about $2,570 psf, its freehold tenure and potential for relatively greater capital appreciation compared to new 99-year leasehold projects make The Arcady at Boon Keng an attractive investment opportunity.

“The Arcady at Boon Keng is attractively priced relative to its location near the city and the MRT station,” says Hutton’s Yip. PropNex’s Gafoor concurs, adding: “The average transacted price of $2,570 psf at The Arcady at Boon Keng is lower than the overall average unit price of about $2,840 psf for new freehold, non-landed private homes in the RCR for 2024. In fact, it is also slightly lower than the average transacted unit price of new 99-year leasehold projects in the RCR of about $2,600 psf.”

“The Arcady at Boon Keng checks many boxes for home buyers today,” says Gafoor. “The project is located in a well-established neighbourhood in the city fringe, has good connectivity and easy access to the PIE. Another plus is its freehold land tenure, making it ideal for legacy planning and wealth preservation.”

“With the scarcity of new home launches in the area, we anticipate HDB upgraders will naturally gravitate towards The Arcady at Boon Keng,” says Marcus Chu, CEO of ERA. “Additionally, with nearly 1,400 upcoming MOP units from the Bidadari HDB estate, the potential pool of buyers for The Arcady at Boon Keng is even larger.”

Interested buyers can view the sales gallery located next to City Square Mall by contacting the developers’ appointed marketing agencies or visiting their website.…

Savills Singapore is marketing a portfolio of freehold strata retail units in Lucky Plaza for sale, with a total asking price of $52.6 million. Located at Orchard Road, Lucky Plaza is a mixed-use development comprising a residential tower and a six-storey mall with a basement.

The portfolio features 14 retail units spread across the basement and the first two levels of the mall, ranging from 118 to 3,046 square feet in size. In total, these units make up a strata area of 7,266 square feet.

One of the most attractive features of this offering, according to Savills Singapore, is a food court that spans seven adjoining strata units and houses 11 separate stalls. The remaining retail units are currently tenanted by a diverse range of businesses, including a pub, retail shops, beauty service providers, and a maid agency.

Sophia Lim, director of investment sales and capital markets at Savills Singapore, believes that the retail units will benefit greatly from the high foot traffic in Lucky Plaza. She notes that the basement food court, in particular, sees consistently strong crowds daily.

The guide price for the food court stands at $25.43 million, while the entire portfolio is available for an asking price of $52.6 million. Interested buyers can also purchase individual strata units starting from $1.1 million. Both foreigners and companies are eligible to purchase, without incurring any additional buyer’s or seller’s stamp duty.

Securing financing for a is a crucial step in the property investment process, especially in Singapore where there are various mortgage options available. However, having a clear understanding of the Total Debt Servicing Ratio (TDSR) framework is essential. This framework sets a limit on the amount of loan a borrower can take, considering their income and existing debt obligations. Seeking guidance from financial advisors or mortgage brokers and staying updated on the TDSR is highly recommended when making decisions about financing. This will enable investors to make informed choices and avoid taking on excessive debt. Condo financing requires proper consideration and seeking professional advice is crucial for successful investments.

Lim also highlights that prime strata freehold retail assets are highly sought-after among investors due to their scarcity, as well as URA’s prohibition on further strata subdivision of commercial properties along Orchard Road. She expects the planned revitalisation of the Orchard precinct by URA to further benefit Lucky Plaza in terms of rental growth and capital appreciation.…

New project rollouts set to keep collective sales market active in 20225 things to consider when investing in a luxury property in SingaporeThe Government Land Sale (GLS) site at Tengah Gardens Avenue received three bids before its closing on Jan 14.Led by Hong Leong Holdings, the highest bid of $675 million was submitted by a consortium which includes GuocoLand Singapore and CSC Land Group. With it, the consortium is looking at a $821 per square foot per plot ratio (psf ppr).The site is zoned “Residential with Commercial at 1st Storey” and sits on a 99-year leasehold. It is approximately 273,906 square feet and can have a maximum gross floor area (GFA) of 821,720 sq ft. Urban Redevelopment Authority (URA) estimates that the site can hold up to 860 residential units if developed upon.The Hong Leong-led consortium plans to develop an 860-unit condo on the site. The main selling point for the development is the connectivity it will have to the upcoming Jurong Region Line (JRL). According to Loke Kee Yeu, the general manager (Projects) at Hong Leong Holdings Limited, the JRL’s presence will fuel the growth of the new Tengah estate.AdvertisementAdvertisementThe Hong Leong-led consortium’s bid came in one day after the close of another site tender at Dairy Farm Walk. That site only received two bids, again highlighting developers’ cautiousness in today’s market, said Leonard Tay, head of research at Knight Frank Singapore.The top bid for the Tengah Gardens Avenue site came in at just over 0.73% above the second-highest bid. The remaining bidder, local developer Sim Lian Group, offered $812 psf ppr, falling just short of the Chinese developer Kingsford Group’s bid of $815 psf ppr.Despite increased homebuyer activity in the latter part of 2024, developers’ sentiment remains cautious, according to Tay by Knight Frank Singapore. Another factor that has contributed to this is the rally of home prices in 2024, which may not be sustainable long-term. So, developers might choose to focus on the existing sites to be launched in 2025 before making any further moves into the market.Bid spreads of less than 1%However, the bid price spread between the top and bottom bids for the Tengah Gardens Avenue site was less than 1%, which could indicate that developers are more conservative in their approach, says Tay by Knight Frank Singapore.According to Mark Yip, CEO of Huttons Asia, developers are critically aware that they require reasonable land bids to keep their profit margins at a level that is attractive to buyers. This is a possible reason for the low bid price spread between the top-, second- and third-best bids.Yip also believes this year will see an increase in joint bids submitted for GLS sites by developers. In such a scenario, risk can be diversified, which could be one possible reason for the low number of bids received.If bids are made for another GLS site located nearby at Lakeside Drive and Lakeside MRT, they may see the developers looking at a different GLS site. The site is scheduled to launch its tender in April 2025.AdvertisementAdvertisementThis article was edited on the basis that the 99-year contract for this particular GLS site is still ongoing. With this context, the top bid of $821 psf ppr submitted by the Hong Leong-led consortium could result in an average selling price of around $2,000 psf, according to Ismail Gafoor, CEO of PropNex. The site is also situated within a 2km radius of the future co-educational school of Anglo-Chinese School (Primary). This could prove to be very attractive to families looking for a condo.The first private residential project at Tengah HDB township was launched in 2022. This was Copen Grand, an EC jointly developed and launched in May 2021 by City Developments Ltd (CDL) and MCL Land. It sold out within a month of its launch. With a winning bid of $400.32 million, or $603 psf ppr, the 639-unit project was the first EC site in Tengah HDB township.Recently, developers such as Hong Leong Holdings have been making forays into sites that are located in Lentor, Upper Thomson, and Bugis. Marcus Chu, the CEO of ERA, believes that the opportunity to develop the first private condo in the new Tengah estate will have been a strong lure for the Hong Leong-led consortium. He adds that the consortium might want to mirror its other ventures in these locations.Mohan Sandrasegeran, the head of research and data analytics at SRI, believes that if the site is awarded, there’s a high chance of Hong Leong Holdings delivering its 860-unit condo to the market. However, the site may not be reserved for just ECs, which may lead to a wider range of buyers being attracted to the new development. This could include buyers who’re subject to restricted ownership criteria, such as a household income ceiling of $16,000 per month, and a minimum of five years of occupation.

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Investing in a condo has numerous advantages, one of which is the opportunity to utilize the property’s value to acquire further investments. This is a commonly used tactic by investors, who leverage their condos as collateral to secure additional funding for new ventures. In turn, this can diversify their real estate portfolio and potentially increase their returns. However, it is important to note that this strategy also carries its own set of risks. As such, it is crucial for investors to have a solid financial plan in place and carefully consider the potential impact of market fluctuations on their condo investments.…

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As potential investors from outside of Singapore, it is crucial to familiarize oneself with the policies and limitations surrounding property ownership in the country. In comparison to landed properties, there are relatively fewer restrictions for foreigners when purchasing condos. However, it is important to note that foreign buyers are still required to pay the Additional Buyer’s Stamp Duty (ABSD), which currently sits at 20% for initial property purchases. Despite this added expense, the stability and potential for growth in the Singapore real estate market continue to entice foreign investment. For those interested, you may also want to explore the latest offerings of New Condo Launches in Singapore.

A rare opportunity presents itself to own a freehold 15-room loft hotel situated at 739-1 Geylang Road in District 14, now available for sale at $14 million. This property spans across 2 storeys and is accompanied by a newly constructed 4-storey rear extension, occupying a land area of 1,273 sq ft. With an approved gross floor area (GFA) of up to 3,186 sq ft, this hotel boasts not only a prime location but also a permanent “Hotel” zoning and usage approval, making it a highly desirable and sought-after conversion for new conservation shophouses in Singapore.

One of the most attractive features of this hotel is its ideal location, within a short 5-minute walk to the Paya Lebar MRT station, providing unparalleled connectivity. As a dual-line station, serving both the East-West line and Circle line, this MRT station offers guests seamless access to various parts of Singapore, making it a popular choice among travelers.

This hotel, thoughtfully designed with a sophisticated Japandi theme, is currently under construction and is set to receive its Temporary Occupation Permit (TOP) in Q2 2025. The comprehensive sale price includes all construction and renovation costs, ensuring that the property is ready for immediate operation upon purchase, making it a turnkey investment opportunity for those looking to enter or expand their presence in the hospitality sector.

For investors, this property presents an attractive proposition, as the current owner, an experienced hotel operator, is open to a sale and leaseback arrangement. This allows for immediate rental income and operational continuity, making it an appealing option for potential buyers. Eva Lau, Senior Marketing Director of ERA Realty Network Pte. Ltd., predicts that this hotel will attract owner-operators as they can take advantage of major renovations, resulting in a quick and seamless commencement of operations.

The demand for hospitality assets in Singapore has been steadily increasing over the past year. Notable recent transactions include LHN Group’s acquisition of Pasir Panjang Inn, a 16,626 sq ft site, for $30 million. In addition, an 8-storey hotel at 12 Lorong 12 Geylang was listed for sale at $120 million last year, while Hotel JJH, a 25-room property at 747 North Bridge Road, is currently on the market for $38 million. These trends indicate a strong appetite for well-located, high-quality hospitality assets, making them one of the most desirable commercial shophouse usage classes in Singapore.

For more information on this property, please contact Eva Lau at 92785688, Senior Marketing Director (R062169F) of ERA Realty Network Pte Ltd.

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