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AsianPrime Properties is one of the leading boutique real estate companies in Singapore. We also provide professional real estate investment consultancy and property management services, catering to our client's needs.
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July 2024 Newsletter
Highlights of the Month:
- New Private Homes: May 2024 saw the lowest new private home sales for May since 2008, with 221 units sold, a 26.6% drop from April 2024 and 78.7% from May 2023, due to a lack of major launches, economic uncertainty, high mortgage rates, and cooling measures. The OCR led sales at 63.8%, followed by RCR at 24% and CCR at 12.2%..
- Resale, Rental Trends: Resale market transactions decreased across all regions, with the CCR dropping 34.6% and prices flat, while RCR and OCR saw slight price increases. Condo rentals fell 0.5% month-on-month and 4.5% year-on-year, with a 12.2% decrease in transactions from April. HDB rentals also declined due to economic and seasonal factors.
- Market Insights: TBuyers are now more price-sensitive and selective, reducing fear-of-missing-out. High interest rates and economic uncertainty have led developers to delay launches. Market recovery is expected post-June holidays, with a possible delay during the Hungry Ghost Festival. Prices may grow 3-4% in 2024, with full recovery likely by 2025.
AsianPrime Buzz:
- HDB launched its Resale Flat Listing Service on May 30, providing a transparent marketplace for buyers, sellers, and property agents, with over 1,000 resale flats listed. The service ensures genuine listings, requires sellers to declare intent, and buyers to have an HDB Flat Eligibility (HFE) letter. It offers pricing guidance, financial tools, and ensures authenticity and accurate information.
August 2024 Newsletter
Highlights of the Month:
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May 2024 Newsletter
Highlights of the Month:
- Private Homes: March 2024 saw a significant rise in new private home sales, led by a surge in launches like Lentor Mansion and Lentoria, primarily in suburban areas, reflecting strong buyer interest in project design and functionality.
- Rent, Rental Trends: Condominium resale volumes increased by 17.4%, reaching a seven-month high, while rental volumes also showed recovery with a 19.1% increase, despite ongoing high interest rates affecting prices.
- HDB Market: The HDB resale market continued its upward trend with robust demand for larger flats and increased million-dollar transactions, while the rental market demonstrated a modest recovery in volumes, yet remained below historical averages.
Quarterly Report:
- Residential: March 2024 saw a significant rise in new private home sales, led by a surge in launches like Lentor Mansion and Lentoria, primarily in suburban areas, reflecting strong buyer interest in project design and functionality.
- Commercial: Minor rent fluctuations in prime and lower-cost areas, with a sharp 95% drop in transaction volumes. The market is stable with expectations of moderate rent increases due to pent-up demand.
- Industrial: Industrial rents increased by 1.7%, continuing a long-term growth trend, while prices slightly declined by 0.2%. The sector faces adjustments due to high supply levels and economic uncertainties, with occupancy rates slightly decreased to 88.7%.
June 2024 Newsletter
Highlights of the Month:
- New Private Homes: April 2024 saw a four-year low in new private home sales, driven by limited launches, high interest rates, economic uncertainty, and anticipated new home supply. Sales excluding executive condominiums (ECs) fell by 58.1% from March and 66.2% year-on-year. Suburban areas led in sales but also experienced a significant drop compared to March.
- Resale, Rental Trends: In April, condo resale prices increased by 1.5% and 5.1% year-on-year, with sales volumes rising by 23.2% from March. Despite this, condo rents declined by 0.4% and 4.6% year-on-year, though rental volumes saw a slight increase. HDB resale prices rose by 0.9% month-on-month, and rents increased by 0.4%.
- Market Insights: Foreign buyer activity was notable in high-end properties, despite an overall decrease in foreign buyers. Limited new launches and economic factors are expected to keep new private home sales sluggish, while the resale market remains active. Analysts predict slower growth in resale prices for 2024 and a potential further decline in condo rents due to high inflation and oversupply.
AsianPrime Buzz
- The 99:1 property ownership structure, or Tenancy-In-Common, involves one party holding 99% ownership and another holding 1%. While not inherently illegal, it can be deemed tax avoidance if used to circumvent Additional Buyer’s Stamp Duty (ABSD). The Inland Revenue Authority of Singapore (IRAS) is investigating these arrangements to uncover potential tax avoidance, focusing on artificial structures to reduce or avoid stamp duties. From 2018 to 2021, IRAS identified 166 cases, leading to the recovery of stamp duty amounts plus a 50% surcharge, and additional penalties up to four times the unpaid amount. This effort has reclaimed approximately S$60 million in ABSD and surcharges.
March 2024 Newsletter
Highlights of the Month:
- Private Homes: In January 2024, new private home sales surged by 108.1% from December 2023, yet the overall sell-through rate was lower than in January 2023, signaling subdued demand. Concurrently, Singapore's condominium resale market saw prices drop by 0.8%, despite a 7.2% increase compared to January 2023.
- Rent Trends: In January 2024, private apartment rents fell by 0.7%, while condo rentals increased by 6.2%. HDB resale rents decreased by 0.7%, despite being 8.5% higher than in January 2023. Transaction activity for leased HDB flats rose by 10.8% year-on-year.
- Budget 2024: In contrast, October saw a rebound in HDB resale prices and volumes, but HDB rental prices fell for the first time since October 2021, and shophouse transactions declined by 21.3% quarter-over-quarter, with stable projections for industrial property rentals next year.
April 2024 Newsletter
Highlights of the Month:
- Private Homes: Sales plummeted to a 15-year low, down 65.6% year-over-year to 149 units due to developer caution and softer economic conditions. This marks the weakest February since 2008.
- Resale, Rental Trends: The resale condominium market rebounded with a 0.2% price increase and a 1.2% rise in transactions. However, the condo rental market faced a 1% drop in prices and a 21% fall in volumes, contrasting with HDB rentals reaching new highs despite a volume decrease, driven by affordable housing demand.
- HDB Market and Office Rental Trends: HDB resale transactions fell by 18.8% but saw a year-on-year increase, dominated by 4-room units. HDB rental prices hit a new peak. Grade A office rents in the CBD increased by 1.3% to a 15-year high, supported by heightened inquiries from professional sectors and a decrease in vacancy.
January 2024 Newsletter
Highlights of the Month:
- Market Trends: November saw a significant rise in new private home sales, mainly due to the launch of three major projects, resulting in a 286.2% increase from October and 201.5% year-on-year, with 784 units sold excluding executive condominiums.
- Condo Resale and Rent Trends: Condo resale prices continued to rise modestly, while resale volumes remained subdued. Condo rents saw a notable decline of 1.4% month-on-month, the largest drop since May 2020, influenced by increased supply and reduced demand.
- Rental Policy Change: In contrast, October saw a rebound in HDB resale prices and volumes, but HDB rental prices fell for the first time since October 2021, and shophouse transactions declined by 21.3% quarter-over-quarter, with stable projections for industrial property rentals next year.
February 2024 Newsletter
Highlights of the Month:
- Private Homes: Private home prices in Singapore increased by 2.8% in Q4 2023, marking a 6.8% annual hike, but at a slower pace than previous years, due to factors like higher interest rates, cooling measures, and reduced demand. Rents, on the other hand, declined by 2.1% in Q4.
- Rent Trends: The market showed signs of balancing out, with a higher number of completed private units in 2023, leading to a drop in vacancy rates. The primary market saw fewer new home launches, resulting in a 43.9% decrease in sales volumes in Q4 compared to the previous quarter.
- Market Outlook: In the upcoming year, 11,793 private homes will be completed, possibly stabilising prices. Million-dollar HDB resales reached a historic high, while the shophouse market faced a Q4 slowdown with lower sales and values.
November 2023 Newsletter
Highlights of the Month:
- Market Trends: Singapore's property market experienced the lowest new private home sales since December 2022, alongside a notable decline in both HDB prices and rental volumes for condos in September 2023.
- Pricing Resilience and Demand: Despite a downturn in sales, private home prices remained resilient, while the demand for Executive Condos continued to be robust.
- Rental Sector and Prime Office Space: The rental market showed a mixed performance, with HDB rents increasing despite a fall in rental volumes, whereas prime office rents in Q3 reflected a weakening trend with a mixed outlook ahead.
December 2023 Newsletter
Highlights of the Month:
- Market Trends: October's new home sales reached a record low since 2008, with EC prices up by 30% in five years, while condo resale activity increased slightly amid slower price growth.
- Private Rental: Private residential rental prices and transactions have been on a downward trend for three months in a row.
- HDB and Commercial: In contrast, October saw a rebound in HDB resale prices and volumes, but HDB rental prices fell for the first time since October 2021, and shophouse transactions declined by 21.3% quarter-over-quarter.
September 2023 Newsletter
Highlights of the Month:
- Private home sales soared in July due to the launch of four key projects.
- Introducing New Classification of HDB Properties, Prime, Plus and Standard.
October 2023 Newsletter
Highlights of the Month:
- New private home sales in August plummeted by 72.1%, attributed to the Hungry Ghost month and market uncertainties.
- Resale and rental markets showed mixed trends.
July 2023 Newsletter
Highlights of the Month:
- New private home sales in Singapore increased by 17% in May 2023.
- New home sales expected to decrease in June due to the lack of project launches and ongoing school holidays.
August 2023 Newsletter
Highlights of the Month:
- The three-year surge in private home prices halts, declining by 0.2 percent in Q2.
- Foreigners need approval to purchase ‘Commercial & Residential’ sites.
May 2023 Newsletter
Highlights of the Month:
- New home sales rose for the third conservative month in March 2023.
- New property cooling measures implemented.Singaporeans who purchase 2nd residential property to pay 20% ABSD
- 99:1 property scheme revealed.
June 2023 Newsletter
Highlights of the Month:
- Introduction of the HDB Flat Eligibility (HFE) scheme, streamlining the process of buying HDB flats from May 9, 2023.
- Spotlight on overseas developments, including properties in Vietnam.
March 2023 Newsletter
Highlights of the Month:
- Private residential unit sales bounce back in January, but still down 42.8% YoY. Only 550 new private homes, including Executive Condominium (EC) were sold.
- Data showed that an estimated 519 units were resold in January, a 22.6 per cent decrease from the 671 units resold the month before.
April 2023 Newsletter
Highlights of the Month:
- Despite the increase in Buyer's Stamp Duty (BSD) effective from February 15, demand for pricier residential properties remained unaffected.
- In February, a higher proportion of all non-landed new home sales were of pricier units, particularly in the prime district and city fringe.
January 2023 Newsletter
Highlights of the Month:
- New home sales in November were sluggish due to the absence of significant project launches, with developers introducing only 319 housing units.
- Resale condominium unit prices rose for the 28th consecutive month in November.
February 2023 Newsletter
Highlights of the Month:
- Property developer sales in 2022 decreased by 45.1% compared to 2021, with an estimated 7,153 private housing units sold in the primary market.
- Resale activity in December 2022 saw an estimated 661 units resold, marking a 14% decline from November 2022.