Morning Briefing: Top stories from The Straits Times on July 6, 2025
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CNA
5 days ago
- CNA
Shaping Tomorrow - Building futures and transforming lives through real estate.
PropNex executive chairman Ismail Gafoor and CEO Kelvin Fong reflect on its 25-year journey, from humble roots to Singapore's top real estate agency. Through innovation and integrity, they've empowered lives, raised standards and built a legacy.
Independent Singapore
6 days ago
- Independent Singapore
‘We're fast becoming like Hong Kong now': Wing Tai Holdings' 88% sold River Green condo draws flak over ‘very small' 980 sq ft four-bedders
SINGAPORE: Property developer Wing Tai Holdings' River Green residential project launch saw brisk take-up, with 88% of its units gone the day after it launched on Saturday (Aug 2). However, the project has since drawn flak over its 'very small' 980 sq ft four-bedroom units. By 6 p.m. on Sunday (Aug 3), buyers had taken up 460 units of the 524-unit development in District 9, making it the best-selling project in the Core Central Region (CCR) so far this year, according to Huttons Asia CEO Mark Yip, as reported by EdgeProp Singapore . Units were sold at an average price of S$3,130 per square foot (psf), with 98% of buyers being Singaporeans and Permanent Residents (PRs), and the rest foreigners. 'All units were well received,' the developer added. PropNex CEO Kelvin Fong said more than 90% of the two-, three-, and four-bedroom units were taken up at the launch. Mr Yip added that the larger units were especially popular, with only seven of the 104 three-bedroom units and two of the 35 four-bedroom units left. According to EdgeProp Singapore's report in early July, 53% of the development was made up of two-bedroom units, which range from 527 sq ft for typical layouts to 657 sq ft for two-bedroom plus study units. Three-bedroom units, as well as one-bedroom and one-bedroom plus study units, each made up 20% of the development—three-bedders ranged from 786 to 883 sq ft, while the one-bedroom and one-bedroom plus study units have 420 sq ft and 452 sq ft, respectively. The remaining 7% were four-bedroom units at 980 sq ft. While nearly sold and 'well received' by buyers, netizens online were surprised by the 'very small' sizes of the units. One commenter wrote, 'Four bedders at 980 sq ft? That's just 91 sq m! One of those bedrooms can only fit a single bed, maybe squeeze in a wardrobe…Some two-bedders that are 527 sq ft; that's just 49 sq m!' 'This is very small. Even for a three-bedder, it's just barely enough,' said another commenter. Others compared the sizes with older condos, saying even their two-bedroom homes were larger. One commenter noted that their own two-bedroom unit is 1,200 sq ft and already feels cramped, questioning how four bedrooms could fit into something smaller. 'Can all four of those bedrooms even accommodate a wardrobe and a bed? ' he added. A few compared the situation to Hong Kong, with one saying, 'We're fast becoming like Hong Kong now,' with another adding, 'We definitely don't want to head in that direction.' Others, however, were not surprised. One user pointed out that the pricing is cheap when looked at as a whole because the four-bedroom units are only 980 sq ft. However, he warned that while this might sound good for investors, it could be 'bad for the country' if the trend goes on. 'Can you imagine a day where all of the new four-bedroom condos and five-room flats are as small as 900+ sq ft? Can you imagine a whole family of six in such a small space?' he said. Singapore's property 'shrinkflation' has been happening since 2010, a trend analysts link to developers adjusting to loan restrictions, property cooling measures, and changing buyer demands. According to Cushman & Wakefield, the median size of new non-landed homes in Singapore fell by 10.6%, from 1,012 sq ft in 2010 to 904 sq ft in 2024. The decline was even steeper in prime areas, where average unit sizes shrank by 20.6% to 829 sq ft. /TISG Read also: Is Sheng Siong's upcoming Orchard Road outlet at The Cathay a shift from its 'core identity' of serving heartland communities?
Business Times
03-08-2025
- Business Times
Over 900 private homes sold at 3 new launches; River Green leads with 88% sold at S$3,130 psf on average
[SINGAPORE] Homebuyers took up more than 900 new condominium units over the weekend, with River Green chalking up the strongest sales rate of 88 per cent at an average price of S$3,130 per square foot (psf). Nearby, Promenade Peak recorded a 54 per cent take-up rate with prices going up to S$3,521 psf, while the suburban Canberra Crescent Residences moved 40 per cent of its units at an average price of S$1,974 psf. Taken together, the three new projects sold more than 62 per cent of their combined inventory of 1,496 units, noted PropNex chief executive Kelvin Fong. Including the 893 new units sold in July, the new home sales tally (excluding executive condominiums, or ECs) for the third quarter of 2025 so far stands at over 1,820 units – well over the 1,212 sold in the whole of Q2, Fong said. This reflects continued strength in private housing demand and homebuyers' confidence in the mid- to long-term outlook of Singapore's residential property market, he said. Huttons Asia chief executive officer Mark Yip highlighted that the strong turnout at the 524-unit River Green and 596-unit Promenade Peak, in particular, indicates robust appetite for prime homes. 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 'To collectively sell more than 700 units on launch weekend is an impressive result,' said Yip. 'This speaks volumes of the demand in the market and their acceptance of these two projects.' The strong weekend performance also pushes new home sales in the Core Central Region (CCR) to their highest level in over 16 quarters, said Fong. ERA Singapore chief executive officer Marcus Chu said: 'This indicates that despite economic headwinds, demand for CCR homes remains strong, supported by resilient local interest.' It also signals a broader recovery in the CCR market, following tepid sales since additional buyer's stamp duty rates were hiked in April 2023, noted Fong. 'Many buyers are seeing the strong value proposition of CCR projects in view of the narrowing price gap between CCR new launches and that of the Rest of Central Region, of late.' The strong showing follows firm bidding activity in recent state land tenders in other prime locations. Just last week, a Holland Link site drew five bids with a top offer of S$368.4 million or S$1,432 psf. In June, a Dunearn Road site attracted nine bids , with a high of S$491.5 million or S$1,410 psf. River Green: Blockbuster sales Of the three new projects launched, River Green in District 9 led the pack with 460 units, or 88 per cent, of its 524 units sold as at Sunday (Aug 3). Prices averaged at S$3,130 psf, said Wing Tai in a statement. Around 98 per cent of buyers were Singaporeans and permanent residents, the developer added. This marks the best-selling CCR project in recent memory, said Singapore Realtors Inc (SRI) head of research and data analytics Mohan Sandrasegeran. Its performance surpasses that of Upperhouse at Orchard Boulevard, which moved 54 per cent of its 301 units when it launched two weeks earlier. The Robertson Opus, another development in the River Valley area, sold 41 per cent of its 348 units that same weekend. Prices of Upperhouse and The Robertson Opus averaged at S$3,350 psf and S$3,360 psf, respectively, then. Yip from Huttons believes that River Green's compact unit sizes made them more affordable and appealing to buyers. Fong noted that one-bedders transacted from S$1.16 million to S$1.5 million, two-bedders from S$1.46 million to S$2.4 million, three-bedders from S$2.19 million to just under S$3 million, and four-bedders from S$2.7 million to S$3.5 million. 'Buyers saw this as a perfect opportunity to own a home in the CCR,' said Yip. Likewise, chief research officer Nicholas Mak observed that the average unit size at the 99-year leasehold development was 668 sq ft – significantly smaller than the estimated 921 sq ft per unit in its government tender. 'By shrinking the size of each condominium unit and making these properties affordable to the middle-class locals, it can be argued that some developers are democratising the high-end housing market in Singapore or at least creating an illusion of doing so,' said Mak. Promenade Peak: Firm interest At the city fringe, the 99-year leasehold Promenade Peak sold 320 units, or 54 per cent of its 596 units, said developer Allgreen in a statement on Sunday. One- to three-bedroom units under its Promenade Collection were sold at an average of S$2,894 psf, while three- to five-bedroom units under its Promenade Suites averaged at S$3,343 psf. The highest price transacted as at Sunday was S$3,521 psf, underscoring buyers' confidence in the project's offerings and city-fringe location, said Allgreen. Singaporeans made up the bulk of buyers, at 90 per cent, followed by permanent residents accounting for 9 per cent of buyers, and foreigners at 1 per cent. PropNex's Fong added that around 82 per cent of units sold were two- and three-bedders, and nearly half of its four-bedders were taken up. 'The strong demand for larger units suggests that many of the buyers could be end-users purchasing the properties for own-stay,' he said. SRI's Sandrasegeran reckoned that the simultaneous launch of River Green and Promenade Peak may have created a sense of urgency among buyers. The two likely gained momentum from earlier nearby launches as well, which appear to have generated spillover interest as buyers explored options in the area, ultimately boosting overall demand, he said. He added that the success of these launches could set the tone for upcoming developments in the area, including Zyon Grand later this year and River Valley Green (Parcel B) next year. Canberra Crescent Residences: Steady sales In the north, Kheng Leong and Low Keng Huat's Canberra Crescent Residences sold about 150 units, or 40 per cent of its 376 units, as at Sunday. Prices averaged at S$1,974 psf, market sources said. The project marks the first condo launch in the north since Norwood Grand in November 2024, and is the first in Canberra in four years, said Yip. Fong noted that some 80 per cent of units transacted were two- and three-bedders; all three one-bedders and nearly a third of its four-bedders were also sold. Prices started at S$880,000 for a one-bedroom unit and went up to around S$2.6 million for the four-bedroom units, he added. ERA's Chu said: 'This pricing anomaly (of being close to EC land rates) results from the developer's strategic land purchase during a market slowdown in 2024, combined with a 'priced-to-sell' approach, enabling buyers to benefit from built-in value and potential future appreciation.'
