Month: December 2024

Next year, three new executive condos (ECs) are set to be launched, with Sim Lian Group’s Aurelle of Tampines taking the lead. Located at Tampines Street 62, the development will debut in the first quarter of 2025, most likely after the Lunar New Year celebrations. This launch comes on the heels of the highly successful Emerald of Katong, which is now over 99% sold.

Sim Lian Group secured the site for Aurelle of Tampines at Tampines Street 62 (Parcel B) for $543.28 million in a government land sales (GLS) tender that concluded in October 2023. This translates to $721 psf per plot ratio (psf ppr).

Considering the rise in construction costs and the harmonisation of gross floor area (GFA) definitions, PropNex CEO Ismail Gafoor predicts that Aurelle of Tampines could set a new price benchmark, potentially exceeding the $1,600 psf threshold. This expectation comes after the success of Novo Place EC, which was launched in November and achieved an average price of $1,656 psf.

To explore comprehensive data about all ECs, including the average profit at 5 and 10 years, visit Buddy.

Investing in property in Singapore requires a thorough understanding of the regulations and limitations that govern foreign ownership. While purchasing condos is generally more feasible for non-residents compared to landed properties with stricter ownership rules, foreign buyers are still subject to the Additional Buyer’s Stamp Duty (ABSD) of 20% for their initial property acquisition. However, the appeal of the Singapore real estate market, with its stability and potential for growth, continues to attract foreign investors. In addition, with the introduction of New Condo Launches, opportunities for foreign ownership in Singapore are further expanded.

The 760-unit Aurelle of Tampines is located at Tampines St 62 (Parcel B), a site that Sim Lian Group purchased for $543.28 million or $721 psf per plot ratio (Source: EdgeProp Landlens).

Next to Aurelle is the 618-unit Tenet EC, a joint venture between Qingjian Realty, Santarli Realty, and Heeton Holdings. Since its launch in December 2022, Tenet has sold 617 units at an average price of $1,384 psf, with just one unit remaining as of Dec 19, 2024.

The site for Tenet, at Tampines Street 62 (Parcel A), was purchased in August 2021 for $442 million ($659 psf ppr). That price set a record for the highest psf ppr price for an EC land plot back then. Notably, Tenet was launched before the implementation of the GFA harmonisation rule, which applies to GLS sites sold for sale after Sept 1, 2022.

Tenet has only one remaining unit as of Dec 19, 2024, with 617 units sold at an average price of $1,384 psf. The 618-unit EC is at Tampines St 62 (Parcel A) next to Sim Lian’s upcoming 760-unit Aurelle of Tampines (Photo: Samuel Isaac Chua/EdgeProp Singapore).

Confident in the strong demand for homes in Tampines and surrounding estates, Sim Lian Group acquired another EC site when it was awarded the Tampines Street 95 GLS site early last November. At the close of the tender in October, Sim Lian submitted the highest bid of $465 million ($768 psf ppr), setting a new high for EC land prices.

The new EC project at Tampines Street 95 is expected to add 560 new units, further boosting the EC supply in the area. Sim Lian Group has an extensive track record of developments in the eastern part of the island.

Sim Lian submitted the highest bid of $465 million ($768 psf ppr) for the EC site at Tampines St 95, setting a new benchmark for EC land prices (Source: EdgeProp Landlens).

In addition to the Emerald of Katong and the upcoming EC projects in Tampines, the group also completed Treasure at Tampines, Singapore’s largest private condominium with 2,203 units, in 2023.

Located at Tampines Street 11, Treasure at Tampines is a redevelopment of the former privatised HUDC estate Tampines Court, which Sim Lian purchased en bloc for $970 million in 2017.

Read also: Novo Place hits 88.1% as 137 units snapped up in second balloting.

Launched in February 2019, the 2,203-unit Treasure at Tampines sold out entirely within three years at an average price of $1,356 psf. As of Dec 19, a total of 468 sub-sale and resale transactions have been recorded. Prices on the secondary market now average $1,699 psf, representing a 25.3% increase over the average launch price.

Sim Lian Group’s private condo, the 2,203-unit Treasure at Tampines, was fully sold and completed in phases in 2023 (Photo: Sim Lian Group website).

The second EC launch in Plantation Close, Tengah Town is Novo Place, a 628-unit development developed by a joint venture between Hoi Hup Realty and Sunway Developments. Launched in mid-November, Novo Place sold 57% of its units over the opening weekend. In the second round of balloting for second-timers — buyers who had previously purchased a subsidised new or resale HDB flat — another 137 units were taken up, bringing total sales to 444 units, or 88.1% of the project as of Dec 16, 2024.

In the second round of balloting for second-timers — buyers who had previously purchased a subsidised new or resale HDB flat — another 137 units were taken up, bringing total sales to 444 units, or 88.1% of the project as of Dec 16, 2024 (Photo: Samuel Isaac Chua/EdgeProp Singapore).

With an average price of $1,656 psf, Novo Place set a new benchmark for EC prices. PropNex’s Gafoor attributes the “slightly elevated average pricing” at Novo Place to the fact that 80% of buyers chose the deferred payment plan, which carries a 3% premium compared to the regular payment plan.

Despite the higher benchmark price, Novo Place performed well due to several factors. These include the diminishing inventory of unsold EC units and its favourable location. Situated in Tengah’s Plantation Close, Novo Place benefits from its proximity to the upcoming Tengah Park MRT and Bukit Batok West MRT Stations on the Jurong Region Line, which are expected to be completed by 2029.

Based on caveats lodged in URA Realis, some of the transactions at Novo Place executive condo have crossed the $1,700 psf threshold (Source: EdgeProp Landlens).

The last EC launch in Pasir Ris was in 2013

A third EC project, potentially launching in late 2025, is located at Jalan Loyang Besar in Pasir Ris. It is a joint venture between Qingjian Realty, Forsea Holdings, and ZACD Group, who purchased the site for $557 million ($729 psf ppr) in August 2024. The project is expected to yield 710 units.

Read also: Novo Place EC achieves 57% sales on launch day at an average price of $1,654 psf.

One of the main factors driving the demand for condos in Singapore is the scarcity of land. As a small country with a rapidly increasing population, Singapore struggles to find available land for development. This results in strict land use regulations and a cutthroat real estate market where property values are continuously rising. As a result, purchasing real estate, specifically condos, has become a profitable opportunity with the potential for significant capital gains. Additionally, condos are highly sought after due to their premium location and modern amenities, making them a desirable investment for both local and foreign buyers alike.

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The last EC launched in Pasir Ris was Sea Horizon, which debuted in September 2013 at an average price of $800 psf. By 2024, the average resale prices for caveats lodged had risen to $1,290 psf, reflecting a 61.25% increase over the past decade. Given that Pasir Ris has not seen a new EC launch in nearly 12 years, pent-up demand is anticipated.

The last EC launched in Pasir Ris was Sea Horizon, which debuted in September 2013 at an average price of $800 psf. By 2024, the average resale prices for caveats lodged had risen to $1,290 psf, reflecting a 61.25% increase over the past decade (Photo: Google Maps).

New EC supply to double in 2025

According to Gafoor, the three upcoming EC projects — Aurelle of Tampines, the Plantation Close EC, and the Jalan Loyang Besar EC — will together add 2,030 units to the market. This represents a doubling in new supply compared to the 1,016 units launched in 2024.

The first EC launched in 2024 was Lumina Grand at the end of January. Located at Bukit Batok West Avenue 5, the 512-unit EC is developed by City Developments (CDL). On its launch weekend, 53% of the units were taken up. As of Dec 17, 444 units (87%) had been taken up. The average price achieved to date is $1,511 psf.

Launched at the end of January, the 512-unit Lumina Grand was over 87% sold at an average price of $1,511 psf as at Dec 17, 2024 (Picture: CDL).

“ECs, a hybrid of public and private housing, remain highly sought after by first-time homebuyers and HDB upgraders, as they are still more affordable than private new launches,” says Gafoor.

According to PropNex, the median price for new non-landed, 99-year leasehold private homes in the Outside Central Region (OCR) as of Dec 8, 2024, was $2,203 psf. Based on caveats lodged during the same period, this represents a 44% premium over new EC launch prices. To check out the latest listings for Aurelle of Tampines properties, please visit Buddy.…

after 27 yearsBy investing in a luxury condo, the gains can be significantly higher with proper research and patience. This was demonstrated by the profitable resale transactions at Ardmore Park, a freehold luxury development located in the prestigious Ardmore-Draycott enclave of prime District 10. In fact, Ardmore Park accounted for three of the top four most profitable condo resale deals in 2024, based on caveats lodged with the Urban Redevelopment Authority (URA) as of December 17.

The most significant gain was from the sale of a 2,885 sq ft, four-bedroom unit on the 26th floor of Ardmore Park for $12.9 million ($4,472 psf) on February 16. The unit was purchased from the developer for $5.83 million ($2,022 psf) in July 1996. This resulted in a whopping $7.07 million profit, translating to a 121% gain after a holding period of about 27.5 years.

A resale transaction on July 24 also made big gains, with a four-bedroom unit measuring 2,885 sq ft on the 18th floor being sold for $12 million ($4,160 psf). The seller, who had bought the unit in December 2000 for $5.2 million ($1,803 psf), reaped a $6.8 million profit, equivalent to a capital gain of 131%. This was after holding the unit for approximately 23.5 years.

Another 2,885 sq ft, four-bedroom unit at Ardmore Park made a profit of $6.5 million (108%) when it was sold for $12.5 million ($4,333 psf) on April 22. The seller, who had bought the unit in February 2007 for $6 million ($2,080 psf), owned the unit for over 17 years.

These gains are not surprising as resale transactions at Ardmore Park have consistently registered significant profits in recent years. In 2024 alone, there were three other transactions of 2,885 sq ft four-bedroom units, with sellers pocketing gains of $2.65 million, $3 million and $3.05 million respectively. Last year, the condo registered four resale transactions with gains ranging from $2.8 million to $8.16 million per unit.

Ardmore Park, a freehold condo located in District 10, contains 330 units (Picture Source: Samuel Isaac Chua)Apart from Ardmore Park, other mature freehold condos in District 10 also made the list of top profitable resale deals. Beverly Hill, an 86-unit boutique condo on Grange Road that was completed in 1983, saw the fifth most profitable transaction this year. A four-bedroom unit spanning 3,778 sq ft on the fifth floor sold for $9.15 million ($2,422 psf) on July 15, resulting in a $5.47 million profit (149%).

Other freehold District 10 condos that registered top profitable deals in 2024 include Astrid Meadows, a 208-unit development on Coronation Road West; Regency Park, a 292-unit development on Nathan Road; Fontana Heights, a 52-unit development on Mount Sinai Rise; and Wing On Life Garden, an 81-unit development on Bukit Timah Road. These condos were completed between 1982 and 1990 and are all over 30 years old.

Two older freehold District 9 condos also made it to the top 10 list. The third highest profit came from a 3,434 sq ft, four-bedroom unit at Yong An Park, located on River Valley Road. This unit sold for $8.6 million ($2,505 psf) on August 12, resulting in a $6.72 million profit. In addition, the sale of a 3,057 sq ft apartment at The Ritz-Carlton Residences Singapore Cairnhill made a $4.89 million profit when it was sold for $16.5 million ($5,397 psf) on January 9.

Sentosa Cove condos record top lossesOn the other hand, nearly half of the 10 least profitable condo resale transactions this year occurred in Sentosa Cove. The most unprofitable deal was from the sale of a five-bedroom duplex penthouse spanning 3,789 sq ft at Marina Collection, a 124-unit condo on Cove Drive. This unit sold for $6.7 million ($1,768 psf) on July 22, resulting in a $2.69 million loss (29%). The seller had bought the unit in March 2010 for $9.39 million ($2,479 psf).

Seascape, located on Cove Way, also made it to the list with the sale of a 2,680 sq ft, four-bedroom unit on the sixth floor for $4.5 million ($1,679 psf) on August 14. The seller had bought the unit from the developer for $7.03 million ($2,623 psf) in October 2010, thus incurring a $2.53 million loss (36%).

The bustling cityscape of Singapore is characterized by towering skyscrapers and cutting-edge infrastructure. Condos, situated in sought-after neighborhoods, offer a fusion of lavishness and practicality that appeals to both locals and foreigners alike. These modern dwellings boast a plethora of facilities, including swimming pools, fitness centers, and round-the-clock security services, elevating the standard of living and making them a desirable choice for potential renters and buyers. From an investment standpoint, these coveted amenities translate into higher rental returns and appreciating property values in the long run. To learn more about Condos, visit this site.

In conclusion, investing in a luxury condo can result in significant gains through proper research and patience. The resale transactions at Ardmore Park, a freehold luxury development in District 10, are a prime example of this. Other older District 10 condos also demonstrated profitability in their resale transactions, while Sentosa Cove condos recorded the highest losses.

Singapore’s modern cityscape is defined by towering skyscrapers and state-of-the-art infrastructure. Condos, strategically located in prime areas, provide a perfect blend of luxury and convenience, making them a popular choice among both locals and expats. These upscale residences offer a plethora of amenities such as swimming pools, gyms, and round-the-clock security, enhancing one’s lifestyle and making them highly sought-after by potential tenants and homebuyers. For investors, these amenities translate to higher rental returns and long-term appreciation of property values. Therefore, investing in a condo is a wise and lucrative decision.…

Investing in a Singapore condo offers a multitude of advantages, making it an attractive option for both local and foreign investors. With a high demand for condominiums, there is a strong potential for capital appreciation, making it a lucrative investment. Additionally, the attractive rental yields in Singapore provide a steady stream of income for investors.

However, before diving into a condo investment, it is crucial to consider various factors. The location of the property is a crucial aspect to evaluate as it can greatly impact the demand and rental rates. Additionally, carefully considering financing options, government regulations, and current market conditions will help investors make informed decisions.

With its dynamic real estate market, Singapore offers a compelling opportunity for investors seeking stable and profitable investments. By conducting thorough research and seeking professional advice, investors can maximize their returns in the condo market. Whether you are a local investor looking to diversify your portfolio or a foreign buyer seeking a secure investment, investing in a condo in Singapore is a wise choice. Consider the numerous advantages, such as high demand, potential for capital appreciation, and attractive rental yields, and make a smart investment decision today.

In the world of the uber-rich, the market for Good Class Bungalows (GCBs) has shown strong performance this year compared to previous years, according to Han Huan Mei, director of research at List Sotheby’s International Realty. As of December 20, 22 GCB transactions totaling $612.05 million have been recorded in URA Realis. In addition, another 13 GCB deals worth over $700 million have been completed this year without caveats lodged, as buyers prefer to remain anonymous. This brings the estimated total for 2024 to 35 GCB transactions worth approximately $1.32 billion, according to List Sotheby’s estimates, surpassing the previous high of $1.186 billion achieved in 2022. In comparison, only 18 GCB transactions were recorded in 2023, amounting to $432.5 million – the lowest number of deals since URA Realis began tracking data in January 1995.

Han notes, “The additional deals in 2024 indicate a more active GCB market compared to official transaction data. It also highlights the highly coveted status of GCBs among ultra-high-net-worth buyers.”

Top Transactions

The highest sale this year was a GCB at Tanglin Hill for $93.888 million. Situated on a freehold site of 15,150 sq ft, the property has a built-up area of 29,660 sq ft. This transaction set a new record with a land rate of $6,197 psf. The second-largest GCB transaction was the $84 million purchase at Bin Tong Park by Xiang Yangyang, daughter of Chinese nickel billionaire Xiang Guangda, according to a document search, although no caveat was lodged for the property. Based on the land area of 28,111 sq ft, the price reflects a land rate of $2,988 psf. The highest-priced deal based on caveats lodged was $52 million for a GCB on Cluny Hill. Sitting on a freehold plot measuring 15,141 sq ft, the relatively new property fetched a land rate of $3,434 psf. Another significant transaction was the sale of a 21,116 sq ft GCB plot at Astrid Hill for $49 million ($2,321 psf) in July. The property was reportedly bought by Glenn Kuok, nephew of Kuok Khoon Hong, chairman and CEO of Wilmar International. This translates to a land rate of $2,321 psf. Mohan Sandrasegeran, head of research and data analytics at Singapore Realtors Inc (SRI), notes that at least 14 transactions this year were valued at $20 million or more, indicating strong demand for ultra-luxury properties in Singapore.

District 10 Reigns Supreme

Sandrasegeran adds that District 10 remains the top district for GCBs, with multiple high-value transactions reaffirming its status as the most sought-after area for these prestigious properties. A majority of the recorded GCB transactions this year – 16 to be exact – occurred in prime District 10, which includes Tanglin, Bukit Timah, and Holland Road.

Sustained Interest

Sandrasegeran observes that GCB transactions were evenly spread out throughout the year, with buying activity picking up in July. He says, “Overall, the fact that we saw GCB deals closing throughout the year suggests sustained interest in these trophy properties despite external economic factors such as inflation and high-interest rates in the first eight months of the year.”

Trajectory of Interest Rates

Steve Tay, co-founder and executive director of his eponymous boutique luxury agency in Singapore, says the trajectory of interest rates signaled by the US Federal Reserve (Fed) was the primary driver of stronger buying sentiment in the GCB market during the second half of the year. The Fed implemented three rate cuts this year: the most recent being a 25 basis point (bp) reduction on Dec 18, following earlier cuts of 50 bp in September and 25 bp in November. Anecdotally, Tay notes that most GCB buyers who had been hesitant about their purchases began more serious discussions from July onwards, with most deals closing in the last quarter of the year. The GCB market slowed down last year after buyers retreated following the island-wide arrests of suspects in Singapore’s biggest money laundering case, says Han of List Sotheby’s.

A New Generation of Buyers

Newly naturalized ultra-wealthy Singaporeans, including young and successful entrepreneurs in technology, finance, commodities, and F&B businesses, have emerged in the GCB market in recent years, says Tay. However, the number of naturalized citizens purchasing GCBs remains lower compared to locals with high net worth. According to research from List Sotheby’s, the cost of developing a new GCB from the ground up is approximately $1,000 psf, and construction can take several years. Hence, most buyers prefer relatively new bungalows in move-in condition to minimize renovation works, observes Han.

Positive Momentum

In Singapore, investing in condos requires careful consideration of the government’s property cooling measures. These measures have been put in place by the Singaporean government to restrict speculative purchases and maintain a stable real estate market. One significant measure is the Additional Buyer’s Stamp Duty (ABSD), which imposes higher taxes on foreign buyers and those purchasing multiple properties. While these measures may impact the profitability of condo investments initially, they ultimately contribute to the long-term stability of the market. This creates a secure investment environment for Singapore projects, making them a wise choice for investors in the country.

“The GCB market is expected to maintain its positive momentum, with demand from ultra-high-net-worth individuals driving high-value transactions,” says Sandrasegeran of SRI. “The preference for privacy among GCB buyers and sellers could mean continued off-market transactions, adding to the complexity of tracking market activity.”…

Singapore’s property market has seen a surge in capital market deals, with the total value estimated to have reached $25.8 billion between January and November this year. This represents a significant increase of 40.2% from the $18.4 billion recorded in 2023, according to Wong Xian Yang, head of research for Singapore & Southeast Asia at C&W. These capital market transactions are defined by C&W as deals with values exceeding $10 million.

The increase in deals was largely driven by a strong second half of the year, with almost 60% of total deals made during this period. This was fueled by growing investor appetite and increased confidence in interest rate cuts by the US Treasury. Three deals with values exceeding $1 billion were made in 2024, all of which were transacted in the second half of the year.

Securing financing is a crucial element when investing in a condo. In Singapore, there are various mortgage choices available, but it is important to understand the Total Debt Servicing Ratio (TDSR) framework. This framework sets a limit on the amount of loan one can take based on their income and current debt obligations. As a result, it is crucial for investors to familiarize themselves with the TDSR and seek guidance from financial advisors or mortgage brokers. This will enable them to make well-informed decisions about their financing options and avoid becoming over leveraged. Furthermore, seeking professional assistance will ensure that investors are aware of potential risks and can plan accordingly while investing in a condo Singapore.

The highest-value transaction by absolute price was the sale of a 50% stake in ION Orchard mall for $1.85 billion to CapitaLand Integrated Commercial Trust (CICT) on Sept 3. The seller was CapitaLand Investment (CLI), while Hong Kong-listed property developer Sun Hung Kai Properties holds the remaining 50% stake.

ION Orchard is an eight-storey retail mall located in the heart of the shopping belt and connected to Orchard MRT Station. It boasts a net lettable area of about 623,000 sq ft and is home to over 300 international and local brands. On top of the mall is The Orchard Residences, a 54-storey, 175-unit luxury condo tower.

Another significant contributor to the surge in capital market deals this year was the industrial sector, with investments reaching $5.6 billion in just the first 11 months of 2024. This reflects a 174% increase from the previous year and was underpinned by a growing investor interest in the sector. The biggest deal in this sector was the $1.6 billion divestment of a portfolio of seven industrial properties to a joint venture platform owned by private equity firm Warburg Pincus and Australia-listed Lendlease Group.

Despite a few unsuccessful sales of Government Land Sales (GLS) sites this year, residential developments sold via GLS tenders continued to make up the bulk (42%) of total investment sales for the year. However, four GLS sites on the Confirmed List for 2024 failed to be awarded, including a 6.5ha master developer white site in the Jurong Lake District and a 1.73ha white site at Marina Gardens Crescent. The top bids for these sites were deemed too low and were rejected by URA.

In the retail sector, deals also saw a notable increase in investment value, with retail assets recording a 149% y-o-y increase compared to last year. The office segment also showed signs of recovery with a 15.7% y-o-y increase, while the shophouse market saw a 49.7% y-o-y fall in investment value.

Making the decision to invest in a condominium is no small feat, and securing funding is a crucial aspect of this process. In Singapore, there are several mortgage choices available for potential investors. However, having a thorough understanding of the Total Debt Servicing Ratio (TDSR) framework is essential, as it dictates the maximum loan amount a borrower can obtain based on their income and current financial obligations. To ensure wise financial decisions and avoid becoming overextended, it is recommended to seek guidance from financial advisors or mortgage brokers who are knowledgeable about this framework. Additionally, keeping an eye on new and upcoming Singapore projects, such as those offered by Singapore Projects, can also factor into selecting the right financing option.

Looking ahead, both C&W and CBRE Research anticipate seeing an increase in high-value deals in 2025. With the US Fed expected to continue cutting interest rates, investors are likely to prepare for a rebound in capital values. CBRE Research expects investment volumes to grow 10% from 2024’s volumes in 2025, barring any macroeconomic shocks.…

Weakening consumer spending is set to have a dampening effect on rental forecasts in Singapore’s retail property market by the end of this year, according to Alan Cheong, executive director of research and consultancy at Savills Singapore. He notes that consumer spending in 2024 has been relatively weak, with the monthly retail sales index and food and beverage sales index experiencing mostly negative changes throughout the year. As a result, Cheong predicts that retail properties in the prime Orchard Road submarket may only see a 2% increase in rents, falling short of earlier expectations of a 3% to 5% climb.

Cheong also expects suburban retail rents to remain flat through the end of the year, in line with his original forecast. A joint research publication by DBS and Singapore Management University found that consumer concerns over higher-than-expected inflation have moderated in recent quarters, with expectations remaining at 3.8%. This is attributed to the global economic slowdown, high interest rates, and potential easing of supply chain disruptions.

The government’s property cooling measures hold significant weight when considering condo investment in Singapore. In order to maintain a stable real estate market and deter speculative buying, the Singaporean government has implemented a variety of measures over the years. Perhaps the most notable of these is the Additional Buyer’s Stamp Duty (ABSD), which imposes higher taxes on both foreign buyers and those purchasing multiple properties. While these measures may have a temporary impact on condo investments’ profitability, they also contribute to the market’s long-term stability. This creates a safer environment for investing in condos. In addition, exploring new condo launches can offer even more promising options for potential investors.

However, despite a packed calendar of events and concerts, retail spending and rental rates have seen limited support. While concerts by international stars have driven higher foot traffic to nearby malls, other events such as business conferences have not had a comparable impact. Even the Formula One race, which generates an average of $125 million in tourist receipts, did not significantly boost foot traffic in areas like Orchard Road.

When considering investing in condos in Singapore, one must also take into account the impact of the government’s property cooling measures. The Singaporean government has implemented several measures in recent years to control speculative buying and maintain a steady real estate market. These measures include the Additional Buyer’s Stamp Duty (ABSD), which increases taxes for foreign buyers and individuals purchasing multiple properties. While these measures may affect the immediate profitability of condo investments, they also play a role in ensuring the long-term stability of the market, making it a more secure investment environment. Additionally, condos are subject to these regulations and must adhere to them, providing investors with a sense of security and confidence in their investment decision.

Nevertheless, Singapore’s status as a premier regional hub has continued to attract new-to-market brands, with notable openings this year including KSisters and The Pace. The wellness sector is also evolving with new concepts such as Rekoop and Hideaway. In terms of F&B, new players like Sushi Samba and Blue Bottle have entered the market, while entertainment-focused restaurants have also opened in the CBD area.

This has led to high occupancy rates in prime shopping malls along Orchard Road, as retailers remain confident in the market. As the supply of new retail spaces becomes limited, landlords may have more flexibility to adjust rents. This, combined with the strong momentum of new-to-market F&B brands entering Singapore, is expected to continue through the first half of 2025. Retail landlords are also anticipated to optimize their real estate strategies by right-sizing their spaces, establishing additional kiosks, and shifting cooking operations to central kitchens.…

2024 has proven to be a particularly challenging year for the global luxury goods market. With uncertainty surrounding the economy and ever-increasing prices of luxury brands, consumers have been scaling back on their spending in this sector. A recent report by Bain & Company estimated a 2% decline in global sales of personal luxury goods for this year, with a particularly steep drop of 20-22% in the crucial Chinese market. This has resulted in several luxury giants such as Richemont Luxury, LVMH, and Moncler Group experiencing a decline in earnings, with Kering reporting more significant losses. However, outliers such as Hermes and Prada Group, which also owns the successful Miu Miu brand, have managed to buck this trend, recording double-digit growth in their earnings. Despite these challenges, Singapore remains a significant market for luxury brands, with Euromonitor reporting an 11% increase in luxury goods sales in 2023, reaching a total of $9.1 billion.

In recent years, luxury brands such as Dior, Chanel, and Louis Vuitton have recognized the importance of adopting robust digital strategies, including e-commerce and digital marketing, to engage with customers. This move is especially crucial in today’s world, where consumer behavior, expectations, and preferences are evolving rapidly. While digital experiences are essential, luxury brands have also long recognized the value of creating physical shopping experiences to establish closer connections with their customers.

When it comes to investing in real estate, one cannot underestimate the importance of location, especially in Singapore. The value of a condo is greatly affected by its location, with those situated in central areas or near important amenities being the most sought after. In Singapore, areas such as Orchard Road, Marina Bay, and the CBD are considered prime locations, with property values consistently on the rise. Investing in a condo in one of these areas can lead to a high return on investment. Additionally, being in close proximity to top schools and educational institutions makes these condos even more desirable for families, further solidifying their potential as a smart investment choice. For more information on real estate investment opportunities in Singapore, check out Singapore Projects.

Investing in a condo in Singapore offers numerous advantages, with one of the most significant being the potential for capital appreciation. As a highly sought-after global business hub with a robust economy, Singapore constantly has a strong demand for real estate. This has led to a consistent upward trend in property prices, particularly in prime locations where condos are highly coveted. Those who invest in the market at the right time and hold onto their properties for the long term can reap substantial capital gains over time.

Furthermore, creating unique experiences for their top-tier clientele has become a strategy adopted by many luxury brands. This has resulted in flagship stores becoming bigger and bolder. For instance, Louis Vuitton opened a new 690 sq m “apartment concept” space at Ngee Ann City, exclusively dedicated to its “VICs” or very important clients, in 2023. Other luxury brands such as Burberry, Yves Saint Laurent, and Richard Mille have also opened larger, more immersive stores in Singapore, showcasing their rich heritage and blending tradition with innovation.

Despite the challenges faced in 2024, luxury brands are poised for growth in 2025 and beyond, driven by factors such as the steady increase of high-net-worth individuals globally, the growing interest of Millennials and Gen Z consumers, the resurgence of Chinese tourists, and the continued growth of duty-free retail. Looking to the future, luxury brands will continue to embrace technology and platforms to understand their customers better, personalize their offerings, and build strong omnichannel strategies. Some brands have already utilised innovative artificial intelligence (AI) platforms, such as Dior’s Astra, which extracts data from various channels to stay in tune with customer preferences, and Balenciaga’s recent Paris Fashion Week show, which featured an immersive digital experience powered by AI. Overall, 2024 may have presented significant challenges for the luxury goods market, but with the continued adoption of sophisticated digital technology and the creation of unique experiences, we can expect to see growth in this sector in the coming years.…

The Swiss brand V-ZUG embodies a design philosophy that prioritizes simplicity and quality. While trends in interior design may come and go, V-ZUG remains timeless in its approach to product development.

For over a century, V-ZUG has been a top choice for developers and designers of luxury residences. Today, its products can be found in global cities like Shanghai, London, and Singapore, in addition to its home base in Switzerland.

A major advantage of investing in a condominium is the potential to leverage its value for future investments. This involves using the condo as collateral to secure financing for new investments, allowing investors to diversify and grow their real estate portfolio. This can be a profitable strategy, but it also carries risks. It is essential to have a well-thought-out financial plan and consider the potential effects of market fluctuations. In Singapore, there are numerous promising projects to consider, making condo investment even more lucrative. These projects, such as those offered by Singapore Projects, offer attractive opportunities for investors to expand their real estate ventures and potentially increase their returns. However, it is crucial to carefully assess the risks and conduct thorough research before making any investment decisions. With a smart and strategic approach, condo investment in Singapore can be a fruitful venture that yields long-term benefits.

What sets V-ZUG apart from other appliance brands is its focus on combining durability with sleek aesthetics. By blending tradition and quality with contemporary aspirations, V-ZUG has shaped modern kitchen designs.

Craftsmanship and quality control are at the core of the brand’s approach. All V-ZUG products are handcrafted in Switzerland and undergo rigorous testing by engineers to ensure high performance. Extensive research is conducted by the brand’s design team to determine the best sustainable practices for each appliance while maintaining strict quality standards.

One of V-ZUG’s recent initiatives towards sustainability is the use of Circle-Green recycled stainless steel by Outokumpu. This material generates only 7% of the emissions associated with traditional stainless steel production.

One of the main drivers behind the high demand for Singapore condos is the ongoing issue of limited land availability. As a tiny country with a rapidly increasing population, Singapore is faced with a scarcity of land suitable for development. This has resulted in strict land use regulations and a highly competitive real estate market, where property prices are constantly on the rise. As a result, investing in real estate, specifically in condos, has become a profitable opportunity with the potential for significant capital appreciation. To learn more about the Singapore condo market and investment opportunities, consider visiting Singapore Condo.

In addition to its focus on sustainability, V-ZUG also consults with renowned chefs from Michelin-starred restaurants to ensure that its kitchen appliances have all the necessary functions for creating top-notch meals. By making professional-grade kitchen technology accessible to passionate home cooks, V-ZUG elevates the daily culinary experience.

In terms of design aesthetics, V-ZUG prioritizes seamless integration into every home. Its minimalist design language and range of products cater to the needs of different households.

For example, V-ZUG’s wine cabinets come in a variety of configurations, such as the full-height WineCooler V6000 Supreme and the WineCooler Undercounter Swiss Luxury (UCSL). These variations allow for customization to suit various spaces while maintaining the brand’s high standards of quality.

Consistency is another key aspect of V-ZUG’s appliance designs. The brand’s range features clean, sleek lines and mirrored glass fronts that tie everything together cohesively.

Creating a simple end product is no easy task, but V-ZUG takes care to consider every detail, from the way a wine cabinet’s doors open and close to the color of the LED lights on a refrigerator. The brand’s commitment to excellence is evident in the way each element works together harmoniously to create a practical and beautiful home.

V-ZUG goes beyond the kitchen with products like the RefreshButler, which sanitizes and deodorizes garments, showcasing the brand’s dedication to providing high-quality appliances for every aspect of the home. Whether it’s cooking a meal or refreshing a garment, V-ZUG’s timeless designs and commitment to sustainability and quality make it a top choice for luxury homeowners around the world.…

On December 4, VisionPower Semiconductor Manufacturing Company (VSMC) broke ground on a new US$7.8 billion ($10.5 billion) wafer manufacturing facility in Tampines. The new plant, set to start initial production in 2027, is expected to produce 55,000 wafers per month by 2029 and create approximately 1,500 jobs. VSMC is a joint venture between Vanguard International Semiconductor Corporation from Taiwan and NXP Semiconductors from the Netherlands. However, VSMC is not the only company expanding in Singapore. In March, Japan’s Toppan Holdings began construction on a new factory in Jurong Lake District that will produce semiconductor packaging materials. The company is investing an estimated $450 million in the project.

VSMC and Toppan are among the many chipmakers and related businesses setting up new production facilities and R&D campuses in Singapore to boost their supply chain resilience. According to Leonard Tay, head of research at Knight Frank Singapore, Singapore remains a global production hub for semiconductors and chips due to its stability amid ongoing geopolitical tensions in other parts of the world.

The global semiconductor industry has experienced a rebound, after a downturn in 2023 due to lower demand and higher supply. Research from London-based consultancy Omdia shows a 26% year-on-year increase in revenue for the first three quarters of 2024. This is a significant turnaround from the previous year, when revenue fell 9% to US$544.8 billion. This recovery has also had a positive impact on Singapore’s manufacturing sector. After a slow start to the year, with two consecutive quarters of contraction, manufacturing output grew 11% year-on-year in the third quarter of 2024. The electronics cluster drove this growth, fueled by strong demand for smartphone and PC semiconductor chips, according to data from the Ministry of Trade and Industry.

While the industrial property market in Singapore has experienced a continuous upward trend in rents, the growth has been slowing down in recent quarters. The JTC All Industrial Rental Index has risen for 16 consecutive quarters since 3Q2020. However, compared to the 8.9% rental increase recorded in 2023, the momentum has progressively slowed. In the first three quarters of 2024, the index grew by 1.7%, 1%, and 0.3%, respectively. This plateau in rents reflects cautious sentiment among occupiers in a uncertain macroeconomic environment. According to Colliers’ head of research for Singapore, Catherine He, occupiers have become more prudent, valuing the flexibility to adapt to changing market dynamics due to budget constraints. Tricia Song, head of research for Singapore and Southeast Asia at CBRE, adds that consolidation in the third-party logistics and e-commerce space has also contributed to occupiers becoming more resistant this year.

However, different industrial segments have been affected differently. The multiple-user factory and warehouse segments have stayed relatively resilient throughout the year, registering rental growth across the first three quarters, supported by stable occupancy rates. On the flip side, in the single-user factory segment, softer demand has led to both rents and occupancy slipping in the third quarter of 2024, marking the first rental decline since 3Q2020. Business park rents also decreased, despite a marginal rise in occupancy. This decrease in rents can be attributed to occupiers becoming more cautious due to capex and budget constraints, as well as consolidations in the third-party logistics and e-commerce space.

Despite the slower growth in rents, the industrial sales market has been more active. After a slow start to the year, sales activity picked up in the second quarter of 2024, with several significant transactions taking place. These include the sales of BHL Factories at 2C Mandai Estate for $74 million, Kian Ann Building at 7 Changi South Lane for $63 million, and a single-user factory at 47 Pandan Road for $36 million. The market received a further boost in the third quarter, with several large deals, such as the joint venture between Warburg Pincus and Lendlease Group acquiring a $1.6 billion portfolio of seven industrial assets from Soilbuild Business Space REIT, owned by Soilbuild Group and Blackstone. Another significant transaction was ESR-Logos REIT’s purchase of a 51% stake in an industrial site at 20 Tuas South Avenue 14 for $428.4 million. These deals resulted in a sevenfold increase in industrial property sales to $2.45 billion in 3Q2024. However, Savills Singapore’s executive director of research and consultancy, Alan Cheong, believes that these big-ticket industrial deals are likely to be a one-off event, and the market may still see one or two large deals in 2025, but much lower than $1 billion.

Despite a strong third quarter, JTC estimates that around 0.2 million square meters of new industrial space will be completed in the fourth quarter of 2024. In 2025, a further 1.6 million square meters of space is expected to be completed, almost double the annual average of new supply over the past three years. The new supply will mostly consist of single-user factory space and warehouse space. This influx of supply, coupled with weaker demand, is likely to result in a supply-demand imbalance, leading to slower pre-commitment and occupancy rates in upcoming and existing developments. As a result, rental and price growth are expected to narrow in the near term. Savills forecasts overall industrial rental growth to be between 2.5% and 3.5% and price growth to be between 1% and 2% this year. Similarly, rental and price growth are projected to slow down further to between 0% and 2% in 2025.

Despite the more muted outlook, demand remains robust for segments such as multiple-user factory space, centrally located food factories, and favored locations for logistics space. The electronics and advanced manufacturing sectors are also expected to continue performing well and attracting investments. According to CBRE’s Tricia Song, if the US Federal Reserve continues to cut lending rates, more companies may deploy capex to pursue growth and expansion. Additionally, Knight Frank Singapore’s head of research, Leonard Tay, remains optimistic about the semiconductor industry, which is expected to continue driving demand for industrial real estate in Singapore, supported by the growing demand for electric vehicles and artificial intelligence. Tay also believes that data centers will play a crucial role in the industrial sector, with Singapore planning to increase its capacity by at least 300 megawatts as part of the Green Data Centre Roadmap launched in May 2024.

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Investing in a Condo in Singapore has become a top choice for many investors, both domestic and international, in recent times. This is largely due to Singapore’s strong economy, stable political climate, and exceptional standard of living. The real estate market in this city-state offers a range of opportunities, with Condos being a highly coveted option for their convenience, modern facilities, and potential for substantial returns. Let’s take a closer look at the benefits, considerations, and necessary steps involved in investing in a Condo in Singapore through the help of Condo.

Singapore’s condominium market is currently experiencing a high demand due to the scarcity of land in the country. As the population continues to increase and strict land use regulations are put in place, the competition in the real estate market has intensified. As a result, property prices have risen significantly, making condos an attractive investment option. Additionally, the continuous introduction of new condo launches has kept the demand for these properties strong. For potential investors, it is crucial to keep an eye out for New Condo Launches as they offer promising opportunities for capital appreciation. Don’t miss out on these opportunities and check out New Condo Launches.

However, business park rents are expected to continue facing pressure as companies downsize their footprint to cut costs or optimize workspace in response to flexible working arrangements. Savills estimates rents to soften in this segment by 3% to 5% this year. Nevertheless, there is still strong demand for newer facilities in central locations, which should provide some support to the segment.…

Selecting the perfect location is a crucial factor in the success of any real estate venture, and this holds especially true in Singapore. Condominiums placed in central areas or in close proximity to essential facilities, such as top-rated schools, vibrant shopping centers, and convenient public transportation hubs, have a proven track record of appreciating significantly in value. Prime locations like Orchard Road, Marina Bay, and the Central Business District (CBD) are highly coveted and consistently demonstrate growth in property prices. Families also prioritize living near reputable schools and educational institutions, further enhancing the desirability and investment potential of condos in these areas. Additionally, keeping an eye on new condo launches in these prime locations can offer even more possibilities for savvy investors to consider. These factors make the right location a key aspect to consider when investing in real estate, including new condo launches.

Read the original article:The property market in 1H2024 saw a sluggish start, with boutique developments being the main focus. According to data from Huttons, there were the fewest units launched for sale since 1H1996, with just 1,889 units sold. However, there were a few exceptions, such as Lentor Mansion, which saw a 75% take-up rate during its launch weekend in March. Other project launches in the first half of the year saw relatively lacklustre sales compared to the previous year.“Market sentiment was tentative and cautious,” explains Mark Yip, CEO of Huttons Asia. This could be attributed to uncertainties in the job market and high interest rates. Potential buyers were likely adopting a wait-and-see approach, anticipating the launch of highly anticipated projects later in the year, such as Chuan Park and Emerald of Katong.Search for the latest New Launches, to find out the transaction prices and available unitsAdvertisementAdvertisementHowever, the launch of Kassia, a 276-unit freehold development on Flora Drive in late July, saw a take-up rate of 52%, setting the stage for stronger sales in the second half of the year. This momentum was further boosted by the interest rate cut by the US Federal Reserve in September, resulting in a 60% increase in new home sales in 3Q2024, according to Huttons.Further evidence of increased sales momentum emerged in October, when over 50% of the 226 units at Meyer Blue were sold in private sales at an average price of $3,260 psf, setting a new benchmark for the prime District 15 enclave on the East Coast. Another notable project, Norwood Grand in Woodlands, also saw a strong performance, with a take-up rate of 84% during its launch weekend in October. The average price of units sold was $2,067 psf, making it the first project in Woodlands to surpass the $2,000 psf mark.Launched in October, the 348-unit Norwood Grand in Woodlands proved to be a hit with buyers, with a take-up rate of 84% during its launch weekend. It also marked the first time a project in Woodlands surpassed the $2,000 psf threshold (Photo: CDL)The strong performance of Norwood Grand was a clear indication of growing buyer confidence and demand in the market, according to Huttons’ Yip. This triggered a flood of activity in November, with a record-breaking six new projects comprising 3,551 units launched in just 10 days. This was led by the launch of The Collective at One Sophia, Union Square Residences, Chuan Park, Emerald of Katong, Nava Grove, and Novo Place executive condo (EC).Developer sales for November surged to 2,557 units, the highest figure since March 2013. This brought the total developer sales for the first 11 months of 2024 to 6,344 units. Industry experts expect the year-end figures to surpass 6,500 units, exceeding the 6,421 units sold in 2023. “This reflects the strength and resilience of the property market,” says Huttons’ Yip. “It underscores the enduring appeal of property as an asset for wealth creation and preservation.”The surge in activity has led to speculation about the possibility of further property cooling measures. However, Chia Siew Chuin, JLL’s head of residential research, believes that “regulatory intervention is unlikely”. She explains that the high November sales figures were driven by a year-end rush to launch projects, and any intervention would only be considered if there is sustained sales momentum in the first quarter of 2025 and a sharp increase in property prices outpacing GDP growth.“Despite close monitoring by authorities, new measures are likely to remain on hold unless clear signs of persistent market overheating emerge,” Chia adds. Visit the project websites for Kassia, to learn more about the property.Enquire about the latest promotions:Kassia on Flora DriveKassia is a freehold development located on Flora Drive and was the first new project launched in 12 years in Woodlands. With an impressive take-up rate of 52% during its launch weekend, Kassia set the tone for strong sales in the second half of the year. The project offers 276 units and was launched at an average price of $2,719 psf. Homeowners can look forward to a wide range of facilities, such as a lap pool, gymnasium, and children’s playground. A variety of unit types are available, from one- to five-bedroom apartments, catering to different family sizes.Enquire about the latest promotions:Kassia on Flora DriveKassia is a freehold development located on Flora Drive and was the first new project launched in 12 years in Woodlands. With an impressive take-up rate of 52% during its launch weekend, Kassia set the tone for strong sales in the second half of the year. The project offers 276 units and was launched at an average price of $2,719 psf. Homeowners can look forward to a wide range of facilities, such as a lap pool, gymnasium, and children’s playground. A variety of unit types are available, from one- to five-bedroom apartments, catering to different family sizes.Look for Kassia, to view the latest transactions and prices. Also, land on the project website for Kassia, to learn more about the available units and prices.

In the world of real estate investing, location is a key factor to consider, and this is especially true in the context of Singapore. The value of a condo is greatly influenced by its location, particularly if it is situated in central areas or near essential amenities such as schools, shopping malls, and public transportation hubs. For instance, prime locations like Orchard Road, Marina Bay, and the Central Business District (CBD) have consistently seen a rise in property values. Families are particularly drawn to these areas due to the proximity to good schools and educational institutions, making condos in such locations a highly desirable investment with great potential for growth. If you are looking to invest in a condo in Singapore, take into account its location and consider choosing one in a highly coveted area such as those mentioned above. For more information, check out Singapore Condo.…