Newsletter January 2025
By Kelvin Sin | Livefree.sg | 27 Jan 2025
1. Market Outlook
2. New Projects
3. Government Land Sales
4. Enbloc
5. HDB & BTO
1.1.1 2024Q4 Property Price Index (PPI)
Prices of non-landed properties increased by 2.6% in 3rd Quarter 2024, reversing the 1.1% decrease in the previous Quarter. For the full year of 2024, Prices of non-landed properties increased by 3.9%. Moderating from the increase of 6.8% the previous year. HDB Prices increased 2.6% for 4th Quarter 2024, slightly lower than the 2.7% increase in the previous Quarter. For the Full year 2024, Prices increased by 9.7%.
1.1.2 2024Q4 Supply of New Non-Landed Private Residential
As at the end of 4th Quarter 2024, 19,405 units remained unsold compared to the 19,940 units from the previous quarter & 16,929 from the previous year. Supply still remains low compared to the total demand for Private Homes. Indicating that we are still in a Seller’s Market.
1.1.3 2024Q4 New Non-Landed Private Residential Sales Volume
Developers sold 3,420 Non-Landed Private residential units in 4th Quarter 2024, compared with 1,160 in the previous quarter. Developers sold 6,489 Non-Landed Private Residential units for the whole of 2024, slightly more than 6,421 from the previous year.
1.1.4 Resale Non-Landed Private Residential Sales Volume
There were 3,702 resale transactions & 311 sub-sale transactions in the 4th Quarter 2024, compared with the 3,860 units & 352 sub-sale transactions in the previous quarter. Resale transactions accounted for 49.8% of all sale transactions in the 4th Quarter 2024, compared with 71.9% in the previous quarter. For the full year 2024, there were 15,481 Resale & Sub-sale transactions, which is 22.6% more than 2023.
1.1.5 HDB Resale Volume
Resale transactions for the 4th Quarter 2024 fell by 21.1%, from 8,142 cases in the 3rd Quarter 2024 to 6,424 cases. For the Full year of 2024, the total resale volume increased by 8.4% from 27,735 cases to 28,986 cases.
1.1.6 BTO Sales Volume
HDB will launch over 25,000 new flats in 2025. Comprising 19,600 Built-to-order (BTO) flats and more than 5,500 flats under the Sale of Balance Flats (SBF) Exercise. About 3,800 units are shorter waiting time flats with waiting time of less than 3 years. In February 2025, HDB will offer more than 10,000 new flats under the BTO & SBF Exercise.
1.2 Upcoming CCR Projects in 2025 to test Singapore's High-end Housing market
In 2025, Singapore’s Core Central Region (CCR) is set to see a surge in new residential projects, challenging the resilience of the high-end housing market. This increase follows improved market sentiment and the postponement of launches due to property cooling measures introduced in April 2023, which included raising the Additional Buyer’s Stamp Duty (ABSD) for foreign buyers to 60%. Increased Supply: Over 30 new projects, including three executive condominiums, are expected to add approximately 14,000 units to the market in 2025. This is a significant rise from the 24 projects and over 7,300 units launched in 2024. Notable Developments: - Aurea: A 188-unit, 45-storey residential tower within the Golden Mile Singapore mixed-use development on Beach Road, jointly developed by Far East Organization and Perennial Holdings, scheduled for launch in 1Q2025. - W Residences Singapore – Marina View: A luxury development featuring 683 residential units and a 350-room W Singapore – Marina View hotel within a 51-storey tower by IOI Properties Group, anticipated in 1Q2025. Market Implications: The influx of high-end residential projects in the CCR will test the market’s capacity to absorb the increased supply, especially considering the elevated ABSD for foreign buyers. Developers and investors will closely monitor the performance of these launches to gauge demand and pricing trends in Singapore’s prime districts.
2.1 One Bernam Sellout with 99% units Sold: only 3 Penthouses remaining
Over the weekend of January 11-12, 2025, One Bernam, a mixed-use development in Tanjong Pagar, achieved a significant sales milestone. The developers offered 87 units at promotional prices, resulting in 99% of the 351 residential units being sold. This leaves only three penthouses available for purchase. Promotional Success: The weekend promotion led to the rapid sale of various unit types, including one-bedroom, two-bedroom, and three-bedroom apartments. Prices for one-bedroom units (441–463 sq ft) ranged from $1.295 million to $1.328 million, reflecting discounts of $323,000 to $438,000. Two-bedroom units (700–732 sq ft) were sold between $1.752 million and $1.78 million, with discounts from $437,000 to $668,000. Three-bedroom units (1,421 sq ft) saw prices from $3.496 million to $3.526 million, after discounts of $616,000 to $830,000. Buyer Demographics: Approximately 87% of the buyers were Singaporeans, with 70% aged between 31 and 50. Notably, about 78% of purchasers bought their units as investments, indicating strong confidence in the property’s potential. Remaining Units: The three available penthouses include two three-bedroom units measuring 1,744 sq ft and 1,948 sq ft, and a five-bedroom unit spanning 4,306 sq ft.
2.2 Bagnall Haus Achieves 63% Sales at $2,450 Psf Average
Bagnall Haus Achieves 63% Sales at Average $2,450 PSF Roxy-Pacific Holdings has successfully sold nearly 63% of its units at Bagnall Haus, a freehold condominium located near the upcoming Sungei Bedok MRT station. The units were transacted at an average price of $2,450 per square foot (psf). Strong Demand: The high sales percentage indicates a robust demand for freehold properties in prime locations, especially those with proximity to future MRT stations. Competitive Pricing: The average price of $2,450 psf positions Bagnall Haus competitively within the market, attracting both investors and homebuyers seeking value in a freehold development.
2.3 The Orie Achieves 86% Sales at $2,704 Psf Average
High Demand at Launch: The Orie, a new 99-year leasehold condo at Toa Payoh Lorong 1, has seen remarkable success during its launch. A consortium led by CDL managed to sell 86% of the units, with an average selling price of $2,704 per square foot. Project Highlights: The Orie’s strategic location in Toa Payoh and its modern design have made it a popular choice among buyers. The strong sales figures reflect the high demand for well-located residential properties in Singapore.
2.4 Aurelle EC Previews 7 Feb 2025
Aurelle of Tampines by Sim Lian Group is set to be a hit. Strategically located in District 18 along Tampines Street 62, it boasts excellent connectivity with the upcoming Tampines North MRT station (Cross Island Line) just a 3-minute walk away. Major expressways like TPE and PIE ensure easy travel across Singapore. Families will love the proximity to top schools, including Angsana Primary and Temasek Polytechnic, while shopping and dining options abound with Tampines Mall, IKEA Tampines, and Pasir Ris Hawker Centre nearby. Green spaces like Tampines Eco Green and the upcoming Tampines North Boulevard Park offer a serene lifestyle. The 760 units, ranging from 3- to 5-bedroom layouts, feature modern designs with extensive condo facilities. Expected launch prices of $1,500–$1,600 psf make this EC an exciting investment opportunity, given its location, amenities, and rising demand for executive condominiums.
2.5 Parktown Residence Previews 7 Feb 2025
Parktown Residence, a highly anticipated mixed-use development in Tampines North, is set to preview on February 7, 2025. Developed by UOL Group, CapitaLand, and Singapore Land Group, this project will feature 1,193 units ranging from 1+Study to 5-bedroom layouts, with prices starting from $2,100 to $2,300 psf. Integrated Living This development combines residential units with a retail mall, community club, and hawker centre, offering unparalleled convenience with everything just steps away. Connectivity & Amenities Located next to the upcoming Tampines North MRT station (Cross Island Line) and a new bus interchange, Parktown Residence ensures seamless access across Singapore. Residents can also enjoy nearby malls like Tampines Mall and nature spots such as Tampines Eco Green and Bedok Reservoir Park. Perfect for Families With top schools like Temasek Polytechnic and United World College (East Campus) nearby, it’s ideal for families seeking quality education options. Parktown Residence’s prime location, integrated amenities, and modern layouts make it a standout investment for both homeowners and investors. This is set to be a landmark in Tampines North—don’t miss it!
2.6 Elta Previews 7 Feb 2025
Elta, a 99-year leasehold development by MCL Land and CSC Land Group, will feature 501 units ranging from 1+Study to 5-bedroom layouts. Located in District 5 along Clementi Avenue 1, it offers excellent connectivity, with Clementi MRT station (East-West Line) 900 meters away and easy access to AYE and PIE. Prime Schools Nearby: Close to Nan Hua High, NUS High, and the National University of Singapore. Comprehensive Amenities: Near Clementi Mall, 321 Clementi, Clementi Woods Park, and more. Modern Living: Features facilities like a gym, pool, yoga studio, tennis court, and co-working lounge. Developed by trusted builders, Elta combines connectivity, family-friendly amenities, and thoughtful designs, making it a top choice for homeowners and investors alike.
3.1 Dairy Farm Walk GLS Site closed at $1,020 Psf Ppr
A consortium led by Santarli Realty and Apex Asia Development has submitted the highest bid of $504.52 million for the Government Land Sale (GLS) site at Dairy Farm Walk. This bid translates to approximately $1,020 per square foot per plot ratio (psf ppr). Site Overview: The 235,448 sq ft site is designated for residential development and can yield about 400 units. Bidding Outcome: The tender attracted two bids. The second bid, from Sim Lian Group, was $410 million ($829 psf ppr), making the top bid 23.1% higher. Consortium Composition: Alongside Santarli Realty and Apex Asia Development, the consortium includes Soon Li Heng Civil Engineering and Kay Lim Realty. Market Implications: The bullish bid suggests strong confidence in the residential market, with potential selling prices estimated at around $2,028 psf.
3.2 Tengah Gardens GLS Site closed at $821 Psf Ppr
A consortium led by Hong Leong Holdings, including GuocoLand Singapore and CSC Land Group, has submitted the highest bid of $675 million for the Government Land Sale (GLS) site at Tengah Gardens Avenue. This bid translates to approximately $821 per square foot per plot ratio (psf ppr). Site Overview: The 99-year leasehold site spans approximately 273,906 square feet and is zoned for ‘Residential with Commercial at 1st storey’. It has a maximum gross floor area of 821,720 square feet and can potentially yield up to 860 residential units. Bidding Outcome: The tender attracted three bids. The second-highest bid, from Chinese developer Kingsford Group, was $669 million ($815 psf ppr), just 0.73% lower than the top bid. Local developer Sim Lian Group submitted the third bid of $666 million ($812 psf ppr). Development Plans: If awarded, the consortium plans to develop an 860-unit condominium, leveraging the enhanced connectivity from the upcoming Jurong Region Line (JRL) nearby. The JRL will contribute to the growing development of the new Tengah estate. Market Implications: The tight bid price spread of less than 1% between the top three bids indicates that developers are more conservative in their bids, reflecting cautious market sentiment. Developers are mindful of keeping their land bids reasonable to maintain an attractive selling quantum for buyers.
4.1 River Valley Apartments up for Collective Sale at $56 Million
River Valley Apartments, a freehold condominium located on River Valley Road in Singapore’s prime District 10, has been launched for collective sale by public tender with an asking price of $56 million. Property Overview: The four-storey development, completed in the 1950s, comprises 24 units and occupies a land area of approximately 12,408 sq ft. Redevelopment Potential: Zoned for residential use with a gross plot ratio of 2.8, the site can potentially be redeveloped into a boutique residential project with up to 37 new units, each averaging 915 sq ft. Strategic Location: Situated about 500 meters from the Great World MRT Station on the Thomson-East Coast Line, the property is within walking distance to Great World City and Valley Point Shopping Centre. Additionally, River Valley Primary School and Alexandra Primary School are located within a 1km radius. Financials: The guide price of $56 million translates to a land rate of approximately $1,622 per square foot per plot ratio (psf ppr), inclusive of a nominal land betterment charge. Considering a 7% bonus gross floor area for balconies, the price adjusts to about $1,583 psf ppr. Owner Proceeds: If the sale is successful, owners of the existing units, which range between 947 and 1,238 sq ft, stand to receive between $2 million to $2.6 million each. The collective sale tender for River Valley Apartments is scheduled to close on February 18 at 3 pm.
5.1 HDB to Launch 25,000 Flats in 2025
In 2025, the Housing and Development Board (HDB) plans to launch approximately 19,600 new Build-To-Order (BTO) flats across three sales exercises, marking the fewest number of new flats offered since 2021. For comparison, 17,100 flats were available in 2021; 23,200 flats in 2022; and 22,800 flats in 2023. Reduced BTO Exercises: Starting in 2024, HDB reduced the number of BTO exercises from four to three annually, aiming to minimize overlap between launches and provide unsuccessful applicants more time to reapply. Shorter Waiting Times: Of the 19,600 flats to be launched in 2024, 2,800 are slated to be completed in less than three years. This is up from 732 flats in 2023 with a similar completion time. Moreover, 75% of the BTO flats offered in 2024 are slated to be completed in four years or less, bringing down BTO wait times to pre-pandemic levels. New Flat Classifications: From the October 2024 BTO sales exercise, HDB will implement the new classification of flats under the Standard, Plus, and Prime categories. Largest Sale of Balance Flats (SBF) Exercise: In February 2025, HDB will conduct its largest SBF exercise to date, offering more than 5,500 flats across various towns.