2023

Private residential prices in Singapore experienced a slight decline of 0.2% quarter-on-quarter in the second quarter of 2023, reversing the 3.3% growth seen in the previous quarter. This marks the first decline since the first quarter of 2020, when prices dipped by 1% due to the Covid-19 pandemic. The decline is attributed to three rounds of cooling measures and a high-interest rate environment. The fall...

The retail sector in Singapore experienced significant growth in the second quarter of 2023, with a net absorption of 290,520 sq ft, reversing a contraction in the previous quarter. This was driven by numerous new retail openings, including international luxury brands and new food and beverage entrants. The opening of The Woodleigh Mall also contributed to the healthy demand for retail space. Rental growth...

The HDB resale price index in Singapore increased by 1.5% in the second quarter of 2023, following a 1% increase in the first quarter. This marks the 13th consecutive quarter of rising prices in the public housing market. While prices have continued to rise, the pace of growth has slowed compared to last year's average quarterly growth of 2.5%. Executive flats saw a price increase of 2.3%, while five-room...

The office rental market in Singapore's Central Region has experienced slower growth in the second quarter of 2023, following two-quarters of strong growth. The average monthly rents for Grade-A offices in the CBD have flattened out, indicating a cooling market. Economic uncertainty and cautious occupiers have led to a slowdown in leasing activity, with many opting to renew or downsize to manage costs....

Over the weekend of July 29-30, three new property projects were previewed in Singapore. The first is TMW Maxwell, a mixed-use development with 324 residential and 11 commercial units. It is located in Tanjong Pagar and is expected to attract homebuyers who enjoy the city and urban lifestyles. The second project is Orchard Sophia, which has 78 residential units on Sophia Road. Lastly, The Arden is a...

SINGAPORE (EDGEPROP) - A freehold conservation shophouse at 31 Niven Road, in the Mount Sophia area in District 9, is up for sale through an expression of interest (EOI) exercise with a guide price of $5.2 million, or $4,163 psf on the land area. The property sits on land designated for residential use and is newly renovated, says marketing agent Huttons Asia. The shophouse has a land area of 1,249 sq ft,...

SINGAPORE (EDGEPROP) - Over the weekend of May 6-7, joint developers Hoi Hup Realty and Sunway Property sold 216 units (26.5%) of their 816-unit freehold condominium, The Continuum. The average price of units sold at the project on Thiam Siew Avenue -- just off Haig Road and Tanjong Katong Road -- was $2,732 psf. "It's a strong showing considering the recent cooling measures and cloudy economic outlook,"...

SINGAPORE (EDGEPROP) - HDB has announced changes to its processes for assessing flat buyers’ incomes and eligibility for housing subsidies, effective May 9. The changes come in tandem with the introduction of a new HDB flat eligibility (HFE) letter to replace the existing HDB loan eligibility letter. The HFE letter informs flat buyers upfront about their eligibility for a new or resale flat purchase, as...

SINGAPORE (EDGEPROP) - Commercial real estate investment activity in Asia Pacific (Apac) clocked in at US$27 billion ($36 billion) in 1Q2023, according to data compiled by global real estate consulting firm JLL. This represents a 30% y-o-y drop compared to 1Q2022. The fall in investment volume follows interest rate headwinds and asset price adjustments, states JLL. “The market continues to be...