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Hindustan Times
2 days ago
- Business
- Hindustan Times
Sales of multi-million dollar bungalows in Singapore shrink in first quarter, figures show
SINGAPORE, June 4 (Reuters) Singapore in the first quarter of this year sold only two plush "good class" bungalows, according to data compiled by a real estate group, its lowest quarterly sales figure for the sought-after properties that typically fetch tens of millions of dollars. The weak figures were in stark contrast to the second quarter of 2021, when 31 units of the rare properties were sold among 86 that year, according to OrangeTee Group, which started tracking their sales in 2019. Five units were sold in the first quarter of 2024. The latest figures contrast with the rising sales trend for luxury homes costing above S$5 million ($3.87 million) in central Singapore, which have been selling well with 143 units transferred in the first quarter of this year and 100 units sold in the previous quarter. There are currently 2,800 "good class" bungalows in land-scarce Singapore, a wealthy financial hub of 6 million people. Christine Sun, chief researcher at OrangeTee, said buyers of good class properties could be holding back on the expectation of interest rates falling further this year, or were waiting to assess the impact of US president Donald Trump's tariffs. Sun pegged the stellar 2021 sales to pandemic uncertainties that prompted Singapore's rich to buy them to park their wealth. "These are widely regarded as safe haven assets during macroeconomic uncertainties," she said. Good class properties must sit on at least 1,400 sqm of land and occupy no more than 40% of a plot. They are available to Singaporean citizens and permanent residents, but foreigners can purchase them if granted permission from the government, which is rare. A minister last year said no foreigners had been given permission to buy since 2021. There were 44 good class bungalows sold in 2022, 21 sales in 2023 and 30 last year, according to OrangeTee.
Reuters
2 days ago
- Business
- Reuters
Sales of multi-million dollar bungalows in Singapore shrink in first quarter, figures show
SINGAPORE, June 4 (Reuters) - Singapore in the first quarter of this year sold only two plush "good class" bungalows, according to data compiled by a real estate group, its lowest quarterly sales figure for the sought-after properties that typically fetch tens of millions of dollars. The weak figures were in stark contrast to the second quarter of 2021, when 31 units of the rare properties were sold among 86 that year, according to OrangeTee Group, which started tracking their sales in 2019. Five units were sold in the first quarter of 2024. The latest figures contrast with the rising sales trend for luxury homes costing above S$5 million ($3.87 million) in central Singapore, which have been selling well with 143 units transferred in the first quarter of this year and 100 units sold in the previous quarter. There are currently 2,800 "good class" bungalows in land-scarce Singapore, a wealthy financial hub of 6 million people. Christine Sun, chief researcher at OrangeTee, said buyers of good class properties could be holding back on the expectation of interest rates falling further this year, or were waiting to assess the impact of U.S. President Donald Trump's tariffs. Sun pegged the stellar 2021 sales to pandemic uncertainties that prompted Singapore's rich to buy them to park their wealth. "These are widely regarded as safe haven assets during macroeconomic uncertainties," she said. Good class properties must sit on at least 1,400 sqm of land and occupy no more than 40% of a plot. They are available to Singaporean citizens and permanent residents, but foreigners can purchase them if granted permission from the government, which is rare. A minister last year said no foreigners had been given permission to buy since 2021. There were 44 good class bungalows sold in 2022, 21 sales in 2023 and 30 last year, according to OrangeTee. ($1 = 1.2905 Singapore dollars)
Mint
2 days ago
- Business
- Mint
Sales of multi-million dollar bungalows in Singapore shrink in first quarter, figures show
SINGAPORE, June 4 (Reuters) - Singapore in the first quarter of this year sold only two plush "good class" bungalows, according to data compiled by a real estate group, its lowest quarterly sales figure for the sought-after properties that typically fetch tens of millions of dollars. The weak figures were in stark contrast to the second quarter of 2021, when 31 units of the rare properties were sold among 86 that year, according to OrangeTee Group, which started tracking their sales in 2019. Five units were sold in the first quarter of 2024. The latest figures contrast with the rising sales trend for luxury homes costing above S$5 million ($3.87 million) in central Singapore, which have been selling well with 143 units transferred in the first quarter of this year and 100 units sold in the previous quarter. There are currently 2,800 "good class" bungalows in land-scarce Singapore, a wealthy financial hub of 6 million people. Christine Sun, chief researcher at OrangeTee, said buyers of good class properties could be holding back on the expectation of interest rates falling further this year, or were waiting to assess the impact of U.S. President Donald Trump's tariffs. Sun pegged the stellar 2021 sales to pandemic uncertainties that prompted Singapore's rich to buy them to park their wealth. "These are widely regarded as safe haven assets during macroeconomic uncertainties," she said. Good class properties must sit on at least 1,400 sqm of land and occupy no more than 40% of a plot. They are available to Singaporean citizens and permanent residents, but foreigners can purchase them if granted permission from the government, which is rare. A minister last year said no foreigners had been given permission to buy since 2021. There were 44 good class bungalows sold in 2022, 21 sales in 2023 and 30 last year, according to OrangeTee. ($1 = 1.2905 Singapore dollars) (Reporting by Xinghui Kok; Editing by Martin Petty)
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.
Straits Times
15-05-2025
- Business
- Straits Times
Land plots near Marymount, Caldecott and other MRT stations being readied for new homes
Multiple sites in Upper Thomson Road, near Marymount MRT station, are among those being prepared for new homes. ST PHOTO: MARK CHEONG Land plots near Marymount, Caldecott and other MRT stations being readied for new homes SINGAPORE – Thousands of new homes are set to be built within walking distance of MRT stations across the island, including in Marymount, Caldecott and Kallang. The authorities are also priming sites near Upper Changi, Expo, one-north and Woodlands South stations for new homes, according to proposed amendments to the Urban Redevelopment Authority's (URA) Master Plan 2019 that were published on April 24 and May 7. The URA masterplan is a statutory document that guides developments in Singapore for the next 10 to 15 years. Three of the land parcels for new homes are in Upper Thomson Road, close to Marymount MRT station. The first of these has an area of about 35,000 sq m, equivalent in size to just over five football fields. This site was previously home to Lakeview Shopping Centre, which was completed by the Housing Board in the early 1970s and included a popular hawker centre. HDB told the hawker centre's 168 stallholders and 134 shop tenants to leave by end-1999, as the area was earmarked for housing, The Straits Times reported in December 1997. The site, however, has remained undeveloped for about two decades after the shopping centre was demolished in the early 2000s. Ms Christine Sun, real estate company OrangeTee Group's chief researcher and strategist, said the site can yield 1,100 to 1,200 HDB flats, or 1,600 to 1,700 condominium units, based on its size and assigned gross plot ratio of 3.9. The plot ratio determines the maximum permissible floor area of developments. Mr Nicholas Mak, chief research officer at property search portal said the site is more likely to be used for private housing, as it is surrounded by similar housing types – landed homes around Upper Thomson MRT station and Lakeview estate , a former Housing and Urban Development Company property that was privatised . The second plot earmarked for housing in the area is separated from the Shunfu Gardens HDB estate by a canal, and measures roughly 13,500 sq m. It has been assigned a plot ratio of 1.8. Ms Sun said this plot can hold 200 to 250 HDB flats, or 300 to 350 condo units. A similar number of new homes can be built on the third plot in the area – located just south of the Lakeview estate, and between Upper Thomson Road and St Theresa's Home – she added. This plot has an area of about 12,000 sq m , and has been assigned a plot ratio of 2.4 . In Toa Payoh, a site that is about 78,500 sq m in size has been earmarked for residential use, with commercial amenities on the first storey. Its allocated plot ratio is 4.7 . This site is right by Caldecott station, which is an interchange between the Circle and Thomson-East Coast MRT lines. It was formerly partially occupied by industrial properties that were demolished in 2017, after being used by technology company Philips. Analysts said the site can yield between 2,800 and 3,500 flats, or 4,000 to 4,200 condo units. A 78,500 sq m site next to Caldecott MRT station (right) has been earmarked for housing, with commercial use on the first storey. ST PHOTO: MARK CHEONG Given the site's size, said Ms Sun, it can hold between four and six projects by private developers, two to three public housing projects, or a combination of both. Mr Mak said that with a ground floor of developments on the site zoned for commercial use, it can serve as a town centre for residents of the Caldecott area. He added that with the assigned plot ratio of 4.7, it is possible for future housing blocks on the site to have 50 storeys or more, giving residents an unblocked view of the greenery in the central catchment. Mr Mak expects that the site will attract strong interest from private developers if it is sold for condo use, due to its development potential and proximity to Caldecott station. National Development Minister Desmond Lee said in a Facebook post on May 15 that around 740 flats located on a separate plot near Caldecott station will be launched in the Build-To-Order (BTO) exercise in July. About 500m from Kallang MRT, two plots next to the Kallang River are being prepared for new homes , with both assigned a plot ratio of 3.5, up from the current 2.8 . One of these plots, which is adjacent to Boon Keng Road , has an area of about 11,000 sq m, while the other plot that is next to Kallang Road is about 23,500 sq m in size. Mr Mak said the smaller plot can yield 350 to 400 flats or 450 to 480 condo units, while 720 to 820 flats or 950 to 1,000 condo units can be built on the larger plot. Both Mr Mak and Ms Sun said that the plots will likely be used for public housing, as they are undesirable to private developers due to the neighbouring industrial area in Kallang Avenue, as well as the noise generated by trains running along the East-West Line. They also noted that current homes in this area are largely public flats, including nearby HDB projects such as Kallang Trivista and Kallang Horizon. Mr Mak said a significant number of homes built on the two sites are likely to have waterfront views, given their proximity to Kallang River. Ms Sun added that flats built here will likely be Prime flats, as the nearby Verandah @ Kallang project was launched under the HDB's Prime Location Public Housing model. Farther east, two housing sites that are close to Upper Changi MRT station on the Downtown Line and Expo station on the East-West Line are set to get their boundaries adjusted, with portions of the sites to be rezoned for road use. Both currently have a plot ratio of 2.1, which remains unchanged in URA's proposed amendment. The larger site, which is at the intersection of Simei Road and Upper Changi Road East, has an area of about 42,000 sq m. It can yield 700 to 750 flats or 1,000 to 1,200 condo units, Ms Sun said. The smaller site, which is about 33,000 sq m in size, can yield 550 to 600 flats or 800 to 850 condo units, she added. In 2022, the URA said that more public housing will be built around Upper Changi MRT station, to allow for more social mixing and to improve private estate residents' access to amenities. A 380-unit BTO project next to the MRT station – the first new flats in Simei in more than a decade – is slated for launch in July. It will include amenities such as a supermarket and a pre-school. Noting that there is a lack of land in Simei for other public housing projects, Mr Mak said the larger site is an obvious choice, should the authorities decides to inject more HDB homes in the area. It is a draw for people who work in the nearby Changi Business Park, he added. In Dover Road, a portion of a former Selective En bloc Redevelopment Scheme site is set to be used for new homes, with commercial amenities on the ground floor. The site, which is about 13,500 sq m in size and has been assigned a plot ratio of 4.2 , sits within the area formerly occupied by Blocks 30 to 32 and 34 to 39 Dover Road , which were demolished between 2018 and 2019 . The now-demolished Block 32 Dover Road, pictured in 2013. PHOTO: ST FILE Analysts said that the site can yield about 650 condo units, or between 440 and 560 flats. Mr Mak said that given the site's relatively small size and high plot ratio, it is likely that it will be sold to a private developer to build a condominium. He noted that other sites in and around one-north nearby that have been zoned for residential use, with commercial units on the first floor, are all privately developed. This site is part of the upcoming Dover Knowledge District, which URA said in 2019 would be an extension of one-north that will offer 'vibrant integrated spaces to create exciting new jobs and learning opportunities, and support Singapore's long-term economic growth' . Up north, more homes are set to be built near Woodlands South station, next to the Woodlands Health Campus site. In a proposed amendment to its masterplan, URA rezoned the site, which is about 27,500 sq m in size, from a reserve site to housing use, and assigned it a plot ratio of 2.1 . Analysts said it can yield 450 to 570 flats, or 650 to 700 condo units. Ms Sun said public housing is more likely for the site, as its proximity to a medical campus and Sembawang Air Base will make it less attractive to private developers. Ng Keng Gene is a correspondent at The Straits Times, reporting on issues relating to land use, urban planning and heritage. Join ST's WhatsApp Channel and get the latest news and must-reads.
