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Straits Times
5 days ago
- Business
- Straits Times
No new condo launches, cautious buyers send May new private home sales skidding
SINGAPORE - New private home sales tanked for a second straight month in May as developers held back new launches and buyers remained cautious amid an uncertain economic outlook pummelled by global trade frictions and geopolitical tensions. Excluding executive condominiums (ECs), new private home sales dropped to a mere 312 units from 663 units in April as new launched units plummeted to a mere 20 units from 1,344 units in April. But May's sales were still 39 per cent above the 223 units sold in May 2024. Including ECs, new home sales fell to 336 in May from 759 in April. No new EC units were launched in May. But May's sales still outperformed that of other months in the past three years when no new projects were launched, primarily because of lower interest rates, Mr Justin Quek, chief executive officer of OrangeTee & Tie, said. In fact, 4,350 private new home sales (excluding ECs ) were recorded in the first 5 months of 2025, anchored by robust sales at a few large suburban and city-fringe new launches in the first quarter. This is up from 1,688 units in the same period in 2024, prompting some analysts to anticipate a gradual rebound in the second half of 2025 as several major new projects are launched. 'May saw 39.3 per cent of new home sales transacted below $2 million,' ERA Singapore chief executive Marcus Chu noted. But investor interest in city-fringe projects – One Marina Gardens, Bloomsbury Residences in Media Circle, and The Hill @ One North – remained healthy, with 69 per cent of units sold at below $2 million in these three projects, he said. Excluding ECs, the biggest proportion of new private homes sold were in the $1 million to $1.5 million range, which is the sweet spot for one-bedroom buyers at One Marina Gardens and Bloomsbury Residences, real estate services firm CBRE noted. Developers' sales in the prime district remained tepid, with just 15 new units transacted in May, down from 17 in April. UOL and Singapore Land's 180-unit Watten House was the best performer in this submarket, moving four units at a median price of $3,255 per sq ft (psf) , PropNex said. In the EC segment, developers sold just 24 new units in May, down 75 per cent from 96 units moved in April. Top performers Novo Place EC and Lumina Grand EC shifted eight units each at median prices of $1,601 psf and $1,513 psf, respectively, PropNex's head of research and content, Wong Siew Ying said. As at end-May, there were just 38 units of unsold new ECs from launched projects on the market, according to Urban Redevelopment Authority data. Tight unsold stock bodes well for the upcoming 600-unit Otto Place EC in Plantation Close in Tengah, which is expected to be launched in July, she added. Tepid sales could persist in June as there are no major launches lined up during the June school holidays, apart from a private placement at the 107-unit Arina East Residences in Tanjong Rhu Road, Ms Wong said. This means limited units are released and those invited can indicate the unit they want during sales booking. 'The Singapore primary housing market is going to face further headwinds. The recent flare up in the Israel-Iran conflict and the end of the 90-day US tariffs pause on July 9 would heighten market risks,' Mr Nicholas Mak, chief research officer at property search portal noted. While developers may push back launches in the near term, there are a fair number of new projects ready to be launched in the second half of 2025, Ms Tricia Song, CBRE's head of research for Singapore and South-east Asia, said. 'With most of these located in the prime district and the city-fringe area, which tend to have higher price points, we are unlikely to see monthly new home sales of over 1,000 units seen in first quarter 2025,' she said. The upcoming pipeline features a diverse mix, from high-end branded residences and city-fringe freehold developments to well-situated EC projects in emerging townships. These include Arina Residences, the 348-unit The Robertson Opus in Unity Street, the 347-unit The Sen in Upper Bukit Timah, the 941-unit Springleaf Residence in Yishun and the 524-unit River Green in River Valley. Join ST's WhatsApp Channel and get the latest news and must-reads.
Business Times
13-06-2025
- Business
- Business Times
Newton, Tanjong Rhu, Dover and Bedok plots among 11 new housing sites unveiled for sale; two EC parcels also on offer
[SINGAPORE] Eleven new sites for private residential projects have been made available under the government land sales (GLS) programme, including prime plots in Newton, Bukit Timah and Tanjong Rhu. Ten of the sites announced on Friday (Jun 13) are on the Confirmed List for the GLS programme for the second half of 2025. The last site, a 0.23-hectare (ha) plot in Cross Street in the Central Business District (CBD) for long-stay serviced apartment use, is on the Reserve List. Market watchers expect to see strong demand for the Newton and Tanjong Rhu sites – the first state land plots in these planning areas that have been unveiled for sale in almost three decades. The 0.59-ha site in Newton along Bukit Timah Road is expected to be hotly contested, and can be built into 340 units. The site is anticipated to launch in August. In 2007, it was set aside for transitional office use for a 15-year period to address the shortage of office space, said PropNex's head of research and content, Wong Siew Ying. Knight Frank Singapore's head of research, Leonard Tay, said that the last residential GLS site in the Newton Planning Area was awarded in July 1997. It has been developed into Draycott 8. The plot should draw strong interest from both developers and homebuyers due to its proximity to Newton MRT station, he added. A NEWSLETTER FOR YOU Tuesday, 12 pm Property Insights Get an exclusive analysis of real estate and property news in Singapore and beyond. Sign Up Sign Up The Tanjong Rhu site, which can house around 525 units, is expected to be available for tender in November. It is next to the Singapore Swimming Club and a 10-minute walk away from Katong Park MRT station. Marcus Chu, ERA Singapore's chief executive officer, said: 'This is the first residential GLS plot to be released along Tanjong Rhu Road in nearly three decades, making it a rare opportunity for developers seeking to cater to sustained upgrader demand in the city fringe.' The last GLS residential site released in Tanjong Rhu was awarded in 1997, said Wong. The 99-year leasehold site was developed by Far East Organization into Water Place. Developers will also be able to bid for a Dunearn Road site, the second private residential site to be offered in the new Turf City housing estate, said Lee Sze Teck, Huttons Asia's senior director of data analytics. The site's launch date is expected to be in December. The 1.91-ha site can accommodate 335 private residential units and 1,400 square metres of gross floor area of retail space. It is within walking distance of Sixth Avenue MRT station and is near several popular schools, including Nanyang Girls' High School and Hwa Chong Institution, said PropNex's Wong. A 1.35-ha site along Dover Road set to launch in November is expected to yield 625 units – the biggest project on the H2 GLS 2025 list. 'Located near Singapore's (research and development) hub, one-north, and the Singapore Science Park, the Dover site addresses the housing shortage relative to the area's employment. Given the 50,000-strong workforce in one-north, this parcel… will bring residents closer to key employment hubs,' said Lee. Meanwhile, competition for a 380-unit Bedok Rise site – expected to be up for tender in September – could be strong, given the limited supply of unsold stock in this locale amid healthy demand for mass-market homes, said Wong. This is the last development site around Tanah Merah MRT station following the sale of Sceneca Residence in November 2020, she added. Based on caveats lodged, as at May 31, Sceneca Residence has sold 264 of its 268 units since the project hit the market in January 2023. Robust demand for ECs Two executive condominium (EC) sites are also being offered among the 11 residential sites announced on Friday, in a nod to robust demand for EC projects in recent years. The first, in Woodlands Drive 17, can be developed into 560 units. The other EC site, in Miltonia Close, can yield around 430 units. Together with the three EC sites released in the H1 GLS exercise, the supply of EC units on the Confirmed List now stands at 1,970 units, the highest number annually since 2014, said Wong. 'Increasing EC supply not only provides more housing options, but also mitigates the 'fear of missing out' effect that often drives prices higher during periods of limited availability,' SRI's head of research and data analytics, Mohan Sandrasegeran, said. EC land prices have risen steadily, with the most recent EC land tender awarded in November 2024 to Sim Lian. At S$768 per square foot (psf) per plot ratio for a Tampines site, it set a record. In the first quarter, there were about 735 new EC units sold at or above S$1,600 psf, based on URA Realis data, he said. 'Notably, this included at least 149 units sold at S$1,800 psf or more – crossing a pricing threshold that had previously not been breached in the EC market.' The last three plots on offer are a 1.4-ha site in Dairy Farm Walk which will allow for about 500 units, a 1.12-ha parcel in Kallang Avenue which can house 450 units, and a 1.65-ha plot in Lentor Central which can be built into 580 homes. Tricia Song, CBRE's head of research for Singapore and South-east Asia, said: 'There has been a scarcity of private home supply in the location – the most recent sizeable project was 212-unit freehold Kallang Riverside at Kampong Bugis, which was launched in 2014.' The Lentor Central site will be the eighth to be made available in the area, Huttons' Lee noted. It is next to GuocoLand's fully sold Lentor Modern and the recently launched Lentor Central Residences, which sold 93.3 per cent of its 477 units at an average price of S$2,200 psf over its launch weekend in March. 'The area is popular among buyers for its attractive entry price. Around 100 units from launched projects remain unsold,' he added. Cautious outlook Apart from the Confirmed List sites, there are six residential sites on the Reserve List. The Cross Street plot announced on Friday is next to Telok Ayer MRT station and can yield 300 long-stay serviced apartments. It may be attractive to investors keen on renting out units to foreign professionals working in the area, said Knight Frank's Tay. 'However, it remains to be seen whether demand for CBD residences will lead any developers to trigger this site in the Reserve List,' he added. PropNex's Wong said: 'This plot is not likely to be triggered soon, in view of long-stay serviced apartments being still an untested product, and the potential supply of residential units that may come on the leasing market, owing to several new launches in the city.' Among the remaining five residential sites on the Reserve List is Media Circle (Parcel B), which closed with no bids in April 2025. The rest are sites in Marina Gardens Lane, Holland Plain, River Valley Green and another Media Circle plot. CBRE's Song said: 'We believe placing more supply in the Reserve List is an appropriate response, taking into consideration the slower home sales since April, still-rising prices (and an uncertain) macroeconomic climate. Developers in the recent land tenders have also been measured in their bids, signalling their cautious outlook.'
Independent Singapore
11-06-2025
- Business
- Independent Singapore
Record $1.65M HDB resale flat blurs price gap with executive condos
SINGAPORE: A nine-year-old five-room loft unit at SkyTerrace @ Dawson in Queenstown has been sold for S$1,658,888 — setting a new record for a Housing and Development Board (HDB) resale flat in Singapore. That is more than the price of some executive condominiums (ECs), which are usually more expensive than HDB flats. A search on PropertyGuru shows a three-bedroom unit at Whitewater, an executive condominium in Pasir Ris completed in 2005, on sale for S$1.3 million. Other ECs priced below S$1.65 million can be found in Tampines, Yishun, Sembawang, Sengkang, Punggol, Choa Chu Kang, and other areas. ECs are designed for middle-income Singaporeans who earn too much to qualify for a Build-To-Order (BTO) flat but find private condominiums unaffordable. By design, ECs are priced higher than HDB flats, though exceptions are emerging as resale prices climb. A growing number of HDB resale flats are crossing the S$1 million threshold, encroaching on EC territory in terms of pricing. Resale prices up The million-dollar transactions crest a surge in resale prices. See also Cat ban in HDB flats reversed According to real estate agency PropNex, the average resale price of HDB units rose by 0.8% in May 2025 to nearly S$658,000. Earlier, in February 2025, SmartWealth reported the following averages: HDB resale flats: S$612,497 Condominiums: S$1,989,082 Landed properties: S$5,336,871 The median prices were: HDB flats: S$590,000 Condos: S$1,780,000 Landed: S$4,200,000 In terms of price per square foot: HDB: S$596.81 Condos: S$1,972.40 Landed: S$1,808.30 SmartWealth did not distinguish between ECs and more expensive private condominiums. But a report by the real estate agency Propnex carried by Yahoo News in February 2025 said the median price of an EC unit measuring 900 to 1,000 sq ft was about S$1.48 million. A DBS report in November 2024 pointed out that HDB resale flats had a bigger market because there was no income ceiling for buyers, while ECs were only for those with a monthly household income of up to $16,000. SmartWealth also noted a growing trend of million-dollar public housing transactions. In 2024 alone, 1,035 resale flats were sold for at least S$1 million, raising the total number of million-dollar HDB flats to 2,435. Why are buyers willing to pay so much for HDB flats? The record-setting loft unit at Block 92 Dawson Road has its attractions. Situated between the 22nd and 24th floors, the 1,313 sq ft apartment was sold at S$1,263 psf. Completed in 2016, the flat sits on a 99-year lease with nearly 90 years remaining. Its loft design is rare — even loft units in less central areas like Punggol can sell for S$1.2 million. Queenstown's central location and abundant amenities add to the appeal. SkyTerrace @ Dawson was launched as a BTO project in December 2009, with five-room flats originally selling for about S$532,000. The recent resale fetched over a million dollars more than its initial price. There have been other million-dollar resales in the area. A unit at Dover Crescent was sold for S$1.55 million, while an executive maisonette on Mei Ling Street fetched S$1.51 million. Another unit at SkyOasis @ Dawson reportedly changed hands for S$1.73 million in June 2024. However, that transaction does not appear in HDB's official records, making the SkyTerrace loft unit the highest officially recorded HDB resale to date. Million-dollar HDB transactions are becoming more common. According to Property Lim Brothers Insights, 143 flats were sold for over S$1 million in April alone — an all-time high. Five-room flats are highly sought after in mature estates like Queenstown because they are spacious and have all the amenities nearby. This latest S$1.65 million transaction underscores the investment value of public housing in prime locations. At the same time, it blurs the price line between public and private housing. Featured image by Depositphotos (for illustration purposes only)
Business Times
08-06-2025
- Business
- Business Times
Arina East Residences sells 10 out of 107 units at average price of S$3,000 psf as booking opens
[SINGAPORE] Freehold development Arina East Residences sold about 9 per cent of its 107 units on Saturday (Jun 7), at an average price of about S$3,000 per square foot (psf). According to PropNex, seven units of the two-bedroom apartment, a three-bedroom, and two four-bedroom units were moved, with the transacted unit prices of these 10 apartments ranging from about S$2,880 to S$3,250 per square foot. The majority of the buyers of the Tanjong Rhu Road project by ZACD LV Development are believed to be Singaporeans, the real estate agency said in a media statement on Saturday. Chief executive officer of PropNex, Ismail Gafoor, said: 'Typically, we have observed that smaller projects with around 100 units in the development tend to see a more measured take-up rate at first, unlike the bigger projects with more units for buyers to choose from… Similar to many other smaller projects, we expect sales will likely move at a gradual pace over the coming months.' ERA, one of the joint marketing agents for the project, noted that the development only had a one-week preview before opening for sales bookings during school holidays, and that Saturday was a public holiday. CEO of ERA Singapore, Marcus Chu, pointed out that it was the first project launched in the area in a decade, and buyers recognised the project's strong potential for capital appreciation. 'The future BTO (Build-to-order) supply in the vicinity is projected to support investor exit strategies, providing a ready pool of upgraders in the long term.' While some agencies called the average price 'competitive', Nicholas Mak, chief research officer at property search portal said that it is higher than its competitors, and that most homebuyers appear to be more price sensitive, especially in the current uncertain economic climate. 'Real estate developers have held back their project launches since April 2025 as the uncertain economic outlook hammers sentiments in the property market. Arina East Residences is the first major residential project to test the water since April. It appears that the market sentiment is still not favourable for project launches,' he said. Arina East Residences is built on the site of the former La Ville, a 40-unit property that was acquired by ZACD Group in December 2021 for S$152 million.
Business Times
08-06-2025
- Business
- Business Times
Arina East Residences sells 10 out of 107 units at average price S$3,000 psf as booking opens
[SINGAPORE] Freehold development Arina East Residences sold about 9 per cent of its 107 units on Saturday (Jun 7), at an average price of about S$3,000 per square foot. According to PropNex, seven units of the two-bedroom apartment, a three-bedroom, and two four-bedroom units were moved, with the transacted unit prices of these 10 apartments ranging from about S$2,880 to S$3,250 per square foot. The majority of the buyers of the Tanjong Rhu Road project by ZACD LV Development are believed to be Singaporeans, the real estate agency said in a media statement on Saturday. Chief executive officer of PropNex, Ismail Gafoor, said: 'Typically, we have observed that smaller projects with around 100 units in the development tend to see a more measured take-up rate at first, unlike the bigger projects with more units for buyers to choose from… Similar to many other smaller projects, we expect sales will likely move at a gradual pace over the coming months.' ERA, one of the joint marketing agents for the project, noted that the development only had a one-week preview before opening for sales bookings during school holidays, and that Saturday was a public holiday. CEO of ERA Singapore, Marcus Chu, pointed out that it was the first project launched in the area in a decade, and buyers recognised the project's strong potential for capital appreciation. 'The future BTO (Build-to-order) supply in the vicinity is projected to support investor exit strategies, providing a ready pool of upgraders in the long term.' While some agencies called the average price 'competitive', Nicholas Mak, chief research officer at property search portal said that it is higher than its competitors, and that most homebuyers appear to be more price sensitive, especially in the current uncertain economic climate. 'Real estate developers have held back their project launches since April 2025 as the uncertain economic outlook hammers sentiments in the property market. Arina East Residences is the first major residential project to test the water since April. It appears that the market sentiment is still not favourable for project launches,' he said. Arina East Residences is built on the site of the former La Ville, a 40-unit property that was acquired by ZACD Group in December 2021 for S$152 million.
