Latest news with #21Anderson
Straits Times
15-05-2025
- Business
- Straits Times
New private home sales fall in April as trade tensions hit Singapore's economic outlook
SINGAPORE - April's new private home sales fell short of expectations despite a surge in the number of new launched units, as home buyers turned cautious amid ongoing global trade frictions and geopolitical tensions that have dampened Singapore's economic outlook. New private home sales slipped to 663 units in April from 729 in March, also on a dearth of major mass-market new launches, but more than double the 301 units sold in April 2024. Excluding executive condominiums (ECs), 1,344 new units were launched in April, compared with just 555 units in March, and up from a mere 278 units launched in April 2024. Including ECs, new home sales plunged to 759 in April from 1,510 in March, while the number of new units launched rose to 1,344 units from 1,315 over the same period. April's three new projects – One Marina Gardens, Bloomsbury Residences in Media Circle and the ultra-luxe 21 Anderson in Tanglin – are situated in city fringe and prime locations where launch prices tend to be higher, according to OrangeTee's chief researcher and strategist Christine Sun. The median price of the 937 unit-One Marina Gardens was at $2,948 psf, while that of the 358 unit-Bloomsbury Residences was at $2,454, and 21 Anderson, which has 19 units, was at $4,811. This is well above the median price of a major suburban new launch – Lentor Central Residences at $2213 psf in March, Ms Sun noted. Ms Tricia Song, CBRE's head of research for Singapore and South-east Asia, noted that 'most new launches for the rest of 2025 will be from the prime and city fringe submarkets, which have higher price points and may not generate the same kind of volumes as that from the attractively priced and voluminous suburban projects in first quarter 2025'. The momentum in private home price growth could 'plateau in the next few quarters on a weaker economic outlook' as Singapore's 2025 GDP growth forecast was slashed to between zero and 2 per cent growth from an initial 1 per cent to 3 per cent growth as at April 14, she added. As such, going forward, developers may choose to wait out the heightened economic uncertainty and delay their launches until there is more clarity on global trade and the economic outlook, Ms Song said. 'Despite One Marina Gardens' relatively attractive price point compared to existing launches in the Downtown Core and high-floor units offering views of Gardens by the Bay, the project was met with a lukewarm response,' she said. About 41 per cent or 384 units were moved in April, compared with earlier major launches in the first quarter in 2025 , which recorded an average sell-through rate of 68 per cent over their launch weekends, she added. Although the take-up rates for April's new launches paled in comparison with some projects in the first quarter, Ms Wong Siew Ying, PropNex head of research and content, said One Marina Gardens' sales have been commendable, in light of trade war tensions and as the project is not near schools or HDB estates, where there are a ready pool of HDB upgraders. ERA Singapore chief executive Marcus Chu noted that One Marina Gardens and Bloomsbury Residences are situated in precincts that attract more investor interest rather than owner-occupiers, while 21 Anderson catered to high-net-worth individuals seeking freehold, large-format units. In April, the priciest new homes sold were all at 21 Anderson, PropNex noted. 'Three units were transacted at around $21 million to $23 million each, making them one of the highest-valued new condo deals in 2025 – just after a unit at Park Nova that fetched nearly $38.9 million ($6,593 psf) in January. Of the three units sold, two were purchased by Singapore PRs and one by a Singaporean buyer,' Ms Wong noted. Mr Lee Sze Teck, senior director of data analytics at Huttons Asia, pointed out that one unit at 21 Anderson 'achieved a selling price of $5,127 psf, reflecting the confidence that ultra high-net-worth individuals have in Singapore's status as a safe haven in times of instability.' Also supporting the private housing market are strong household balance sheets and still-low unsold inventory, which stood at 18,125 units, excluding ECs, in the first quarter. This compared with 29,149 unsold, uncompleted units in first quarter 2020 when the Covid-19 pandemic struck, and at around 43,000 units in 2008 amid the global financial crisis. Join ST's WhatsApp Channel and get the latest news and must-reads.
Business Times
15-05-2025
- Business
- Business Times
April new home sales dip 9% month on month to 663 units, but are double year-ago levels
[SINGAPORE] Developers in Singapore sold 663 private homes in April, down 9 per cent from the month before, but up 120 per cent from the 301 units moved a year earlier, data released by the Urban Redevelopment Authority showed on Thursday (May 15). Analysts attributed the month-on-month decline to the macroeconomic uncertainties brought on by US President Donald Trump's tariffs, which dampened consumers' sentiment. However, ERA Singapore's chief executive Marcus Chu noted that the housing market remains stable even amid ongoing global uncertainty. 'Singapore's property market has continued to show resilience, supported by the mid-to-long-term outlook held by most domestic buyers. This remains a significant factor in keeping local buying activity grounded in actual housing needs, as opposed to speculative demand,' he said. Sales were driven by two major launches in city-fringe locations in the Rest of Central Region last month – Bloomsbury Residences at Media Circle and One Marina Gardens in Marina South. The two projects made up almost three-quarters of total sales in April. Huttons Asia's senior director of data analytics Lee Sze Teck noted that 21 Anderson, an ultra-luxury residential non-landed project, sold three units last month for more than S$60 million in total, with one unit going for S$5,127 per square foot. 'Being able to achieve these prices is a reflection of the confidence the ultra-high-net-worth individuals have in Singapore's ultra-luxury homes and Singapore's status as a safe haven in times of instability,' he said. Including executive condominiums, 759 units were sold in April with 1,344 units launched, versus 363 units sold and 278 units launched in the same month in 2024. In comparison, 1,510 units were sold and 1,315 units were launched in March 2025. Singaporeans made up 85.5 per cent of buyers in April 2025, while permanent residents accounted for 12 per cent, said Lee.
Business Times
30-04-2025
- Business
- Business Times
Kheng Leong launches ultra-luxury condo 21 Anderson with prices from S$10 million
[SINGAPORE] Kheng Leong, the private real estate arm of the family of Wee Cho Yaw, has begun selling its ultra-luxury Tanglin project 21 Anderson. Out of the condominium's 18 units, two 4,489 square feet (sq ft) four-bedroom units were sold in April, according to URA Realis data. One was sold for S$21 million or S$4,672 psf on Apr 10, while another was sold for S$23 million or S$5,127 psf on April 15. The two units were sold to a Singaporean and a permanent resident. The Business Times (BT) understands that another unit was sold on Apr 24. According to sources, five other units have been reserved. Of the units remaining, there are two-bedder units priced at S$10 million (S$3,128 psf) while the remaining four-bedroom units are priced from S$22.5 million (S$5,025 psf) to S$25.4 million (S$5,663 psf), sources said. One five-bedroom triplex penthouse is still on the market for S$58.6 million (S$5,604 psf). 21 Anderson has 18 units – two two-bedders of 3,197 sq ft each, 14 four-bedders of 4,489 sq ft in size, and two five-bedroom penthouses that span 10,452 sq ft. Kheng Leong acquired the prime Tanglin area property – then also called 21 Anderson – in 2021 for S$213 million or about S$2,490 psf of strata area. BT understands that the developer embarked on addition and alternation works to reconfigure the block of 34 units into one with 18 extra-large apartments. The project is expected to receive its temporary occupation permit (TOP) later this year. 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 At the high end of Singapore's condo market, in the S$4,500 to S$5,600 psf range that most of the 21 Anderson units are priced at, only 13 units have been sold over the last two years, according to caveats data. Sales have slowed since sharply higher Additional Buyer's Stamp Duty (ABSD) rates for foreign buyers kicked in from April 2023. In comparison, 15 caveated sales in that psf price range were transacted in the 12-month period between April 2022 and April 2023, while 38 caveated deals were done in the corresponding 2021-2022 period. At the top of the luxury residential segment, a 3,089 sq ft unit at freehold The Marq on Paterson Hill holds the record for the highest psf transaction at S$6,650 psf, in a S$20.5 million sale sealed almost 13 years ago in November 2011. In January 2025, a Park Nova penthouse changed hands for S$38.9 million, or S$6,593 psf, surfacing out of the slump that has permeated the prime market since 2023. In May 2024, a 7,761 sq ft luxury apartment on the 57th floor of Skywater Residences in Shenton Way was sold for S$47.34 million or S$6,100 psf. The transaction set a new benchmark for 99-year leasehold condominiums. New projects at the top end of the market are few and far between, but elsewhere in the Core Central Region (CCR), several projects are expected to be launched in the next few months. These include W Residences Singapore Marina View by IOI Properties, the Orchard Boulevard project by UOL and SingLand, and the redevelopment of Robertson Walk by Frasers Property and Sekisui House. According to URA data, prices of non-landed properties in the CCR rose by 0.8 per cent in the first quarter of 2025, moderating from the 2.6 per cent increase in the previous quarter.
Business Times
29-04-2025
- Business
- Business Times
Kheng Leong launches Tanglin ultra-luxury project 21 Anderson
[SINGAPORE] Kheng Leong, the private real estate arm of the family of Wee Cho Yaw, has begun selling its ultra-luxury Tanglin project 21 Anderson. Out of the condominium's 18 units, two 4,489 square feet (sq ft) four-bedroom units were sold in April, according to URA Realis data. One was sold for S$21 million or S$4,672 psf on Apr 10, while another was sold for S$23 million or S$5,127 psf on April 15. The two units were sold to a Singaporean and a permanent resident. The Business Times (BT) understands that another unit was sold on Apr 24. According to sources, five other units have been reserved. Of the units remaining, there are two-bedder units priced at S$10 million (S$3,128 psf) while the remaining four-bedroom units are priced from S$22.5 million (S$5,025 psf) to S$25.4 million (S$5,663 psf), sources said. One five-bedroom triplex penthouse is still on the market for S$58.6 million (S$5,604 psf). 21 Anderson has 18 units – two two-bedders of 3,197 sq ft each, 14 four-bedders of 4,489 sq ft in size, and two five-bedroom penthouses that span 10,452 sq ft. Kheng Leong acquired the prime Tanglin area property – then also called 21 Anderson – in 2021 for S$213 million or about S$2,490 psf of strata area. BT understands that the developer embarked on addition and alternation works to reconfigure the block of 34 units into one with 18 extra-large apartments. The project is expected to receive its temporary occupation permit (TOP) later this year. 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 At the high end of Singapore's condo market, in the S$4,500 to S$5,600 psf range that most of the 21 Anderson units are priced at, only 13 units have been sold over the last two years, according to caveats data. Sales have slowed since sharply higher Additional Buyer's Stamp Duty (ABSD) rates for foreign buyers kicked in from April 2023. In comparison, 15 caveated sales in that psf price range were transacted in the 12-month period between April 2022 and April 2023, while 38 caveated deals were done in the corresponding 2021-2022 period. At the top of the luxury residential segment, a 3,089 sq ft unit at freehold The Marq on Paterson Hill holds the record for the highest psf transaction at S$6,650 psf, in a S$20.5 million sale sealed almost 13 years ago in November 2011. In January 2025, a Park Nova penthouse changed hands for S$38.9 million, or S$6,593 psf, surfacing out of the slump that has permeated the prime market since 2023. In May 2024, a 7,761 sq ft luxury apartment on the 57th floor of Skywater Residences in Shenton Way was sold for S$47.34 million or S$6,100 psf. The transaction set a new benchmark for 99-year leasehold condominiums. New projects at the top end of the market are few and far between, but elsewhere in the Core Central Region (CCR), several projects are expected to be launched in the next few months. These include W Residences Singapore Marina View by IOI Properties, the Orchard Boulevard project by UOL and SingLand, and the redevelopment of Robertson Walk by Frasers Property and Sekisui House. According to URA data, prices of non-landed properties in the CCR rose by 0.8 per cent in the first quarter of 2025, moderating from the 2.6 per cent increase in the previous quarter.
