Newsletter December 2024
By Kelvin Sin | Livefree.sg | 31 Dec 2024
1. Market Outlook
2. New Projects
3. Government Land Sales
4. HDB & BTO
1.1 Singapore Property Market Sentiment Improves in Q3 2024
Singapore’s property market saw a boost in optimism during 3Q2024, with sentiment indices rising above neutral for the first time. The Real Estate Sentiment Index (RESI) showed stronger confidence in the market, driven by U.S. Federal Reserve interest rate cuts, which improved credit availability and reduced costs. Key performers included suburban residential, hotel/serviced apartments, and suburban retail sectors, with positive growth expected to continue. Despite this, private home prices fell 0.7% quarter-on-quarter, led by a 3.4% drop in landed property prices.
1.2 One-Time Property Tax Rebate for HDB owners in 2025
The Singapore government is offering a one-time property tax rebate in 2025 to help homeowners manage rising costs. HDB owner-occupiers will get a 20% rebate, while private property owners will receive 15%, capped at $1,000. This rebate is designed to offset upcoming property tax rate increases and higher annual values. Most HDB owners and over 90% of private property owners will pay less property tax next year, easing financial burdens for many households.
1.3 Surge in New Private Home Sales in November
In November 2024, Singapore’s property market experienced a significant boost, with developers selling 2,557 new private homes (excluding executive condominiums). This marks a 246.5% increase from October’s 738 units and a 226.1% rise compared to November 2023. It’s the highest monthly sales figure since March 2013, when 2,793 units were sold. New Project Launches: 6 New private residential projects were introduced in November, collectively adding 2,871 new homes to the market—a 438% increase over the previous month. Top-Selling Developments: - Emerald of Katong: This 846-unit development sold 840 units (99%) at a median price of $2,627 psf, making it the best-selling project of the month and the year. - Chuan Park: The 916-unit condominium sold 721 units (79%) at a median price of $2,586 psf. - Nava Grove: This 552-unit project sold 382 units (69%) at a median price of $2,445 psf. Market Breakdown: - Rest of Central Region (RCR): Accounted for over 60% of sales with 1,569 units sold. - Outside Central Region (OCR): Contributed 890 units, representing 35% of sales. - Core Central Region (CCR): Sold 98 units, marking a one-year high. The surge in new project launches and favorable economic conditions significantly boosted Singapore’s private residential market in November 2024.
2.1 Emerald of Katong Launch Spurs D15 Property Sales
In November 2024, the launch of Emerald of Katong significantly boosted property sales in Singapore’s District 15. The 846-unit, 99-year leasehold condominium on Jalan Tembusu achieved remarkable success, selling 835 units (98.7%) over its launch weekend at an average price of $2,621 per square foot (psf). This strong performance had a positive ripple effect on nearby developments. Tembusu Grand, adjacent to Emerald of Katong, sold 52 units in November, bringing its total sales to 581 units (91%) at an average price of $2,445 psf. Similarly, Grand Dunman moved 18 units, totaling 731 units sold (72.5%) at $2,531 psf. The most notable beneficiary was The Continuum, a freehold condominium on Thiam Siew Avenue. It sold 130 units in November, increasing its total sales to approximately 530 units (65%) at an average price of $2,788 psf. The slight premium over Emerald of Katong’s pricing highlighted The Continuum’s value proposition, leading many buyers to choose it. Emerald of Katong’s successful launch not only demonstrated strong demand for new residential projects but also stimulated sales across District 15, benefiting multiple developments in the area.
2.2 Golden Mile Singapore: A New Chapter Unveiled
Perennial Holdings and Far East Organization have introduced their vision for the iconic Golden Mile Complex, now rebranded as Golden Mile Singapore. This redevelopment preserves its unique brutalist architecture while transforming it into a modern mixed-use development. The Golden Mile: The conserved building will feature 156 office units, 19 medical suites, a two-storey retail space spanning 123,388 sq ft, and a public architecture centre. The office units and medical suites are set to be available for sale this month. Aurea: A new 45-storey residential tower, named Aurea, will be constructed on the former residential carpark site, offering 188 condominium units. The preview for Aurea is scheduled for the next quarter.
2.3 Novo Place Achieves 88% Sales after Second Balloting
In December 2024, Novo Place, a 504-unit executive condominium (EC) in Tengah, saw impressive sales during its second balloting for second-time buyers. The development sold 158 units at a median price of $1,647 per square foot (psf), bringing its total sales to 445 units, or 88% of the project. Strong Demand: The high sales volume reflects the robust demand for ECs among HDB upgraders seeking affordable private housing options. Attractive Pricing: The median price of $1,647 psf positions Novo Place competitively within the market, appealing to a broad range of buyers. Limited Availability: With only 59 units remaining, prospective buyers are encouraged to act swiftly to secure a unit in this sought-after development.
3.1 URA Launches Tenders for New GLS Sites
On December 3, 2024, the Urban Redevelopment Authority (URA) initiated tenders for two residential sites under the Government Land Sales (GLS) Programme: Holland Link and Chuan Grove. Holland Link Site: - Location: Situated along Holland Link, off Bukit Timah Road in District 10. - Size: Approximately 185,141 square feet. - Development Potential: Can accommodate up to 230 housing units. - Significance: This is the first GLS plot in the upcoming Holland Plain precinct, which is expected to feature around 2,500 new homes. Chuan Grove Site: - Location: Located along Chuan Grove, off Lorong Chuan in District 19. - Size: Approximately 170,409 square feet. - Development Potential: Can yield about 555 new housing units. - Proximity: Approximately 400 meters from Lorong Chuan MRT Station on the Circle Line, providing convenient access to Bishan and Serangoon MRT interchanges. Holland Plain Site: - Size: Approximately 169,175 square feet with a maximum gross floor area (GFA) of about 304,522 square feet. - Potential Yield: Up to 280 residential units. - Location: Adjacent to the Holland Link GLS site, which was launched for tender on the same day and can accommodate about 230 units. River Valley Green (Parcel C) Site: - Size: Approximately 123,964 square feet with a maximum GFA of about 433,882 square feet. - Potential Yield: Approximately 470 residential units. - Proximity: Located next to Great World MRT Station on the Thomson-East Coast Line, offering convenient access to Great World City mall. Experts believe the Holland Plain site may not be triggered for sale soon, as developers await the outcome of the nearby Holland Link tender closing in July 2025. Similarly, the River Valley Green (Parcel C) site is unlikely to proceed quickly due to an ongoing tender for Parcel B and recent GLS site awards nearby. These sites offer developers prime opportunities to boost Singapore’s housing market.
4.1 Record Number of HDB Resale Flats Exceed $1 million in 2024
2024, Singapore’s Housing and Development Board (HDB) resale market witnessed an unprecedented milestone, with approximately 1,000 flats sold for at least $1 million each. This surge represents more than double the 470 such transactions recorded in 2023. Top Towns: Kallang/Whampoa led with 146 million-dollar sales, followed by Toa Payoh and Bukit Merah with 124 respectively Notable Firsts: Sengkang recorded its first million-dollar sale in April, with a 1,539 sq ft maisonette selling for $1 million. High-End Transactions: The most expensive resale flat sold was a 1,195 sq ft unit at Skyoasis @ Dawson, fetching $1.73 million ($1,444 psf). Desirable Attributes: Flats achieving million-dollar prices often feature central locations, proximity to MRT stations, high floors, and spacious layouts. Newer Flats: Nearly 91% of these high-value transactions were in mature estates, with almost half completed within the last 15 years.