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Independent Singapore
3 days ago
- Business
- Independent Singapore
Two speeds, one city: Singapore's divergent property markets
Resale flat prices in Singapore's public Housing and Development Board (HDB) market are expected to moderate, but the island's 'two-speed' private property market presents a mixed scenario. The good news comes from the government — and the less upbeat from international media. HDB resale prices are likely to ease as more flats reach their minimum occupation period (MOP) starting next year, Minister for National Development Chee Hong Tat said on Wednesday (May 28) in his first media comments since assuming his role. The five-year MOP is the minimum time new flat owners must wait before selling. This coming wave of resale flats, combined with the steady launch of Build-to-Order (BTO) flats — 19,600 planned for 2025, and 102,300 launched between 2021 and 2025 — is expected to relieve upward pressure on prices. Signs of this cooling are already apparent. HDB data for Q1 2025 showed resale prices rising just 1.6 per cent — the slowest increase since Q4 2023. Public resale transactions rose 2.6 per cent to 6,590 in Q1 2025, up from 6,424 in the previous quarter. Year-on-year, however, sales were down 6.8 per cent. According to a February report by property agency OrangeTee, the number of flats reaching MOP will fall for a third straight year — from 30,920 in 2022 to 6,974 in 2025. That's the lowest in 11 years, with only 5,301 units hitting MOP in 2014. Still, analysts believe a sharp spike in resale prices is 'unlikely', thanks to the continued supply of BTO flats. In contrast, Singapore's private housing sector is running at two speeds. While demand for mass-market suburban homes remains strong among locals, the high-end condo segment — once buoyed by foreign money — is more sluggish. A split market Bloomberg columnist Andy Mukherjee notes this divergence began two years ago, when Singapore doubled stamp duties on foreign buyers to 60%. The move cooled the once red-hot luxury segment, especially among Chinese investors. As a result, luxury condo prices rose just 19% over five years, while mass-market homes jumped 46%. Still, new private home sales fell slightly in April, dipping to 663 units from 729 in March. Much of this is due to the heavy supply of high-end city-centre units, which lack the pull of more affordable suburban offerings. Indeed, earlier in the year, launches in the east and northeast posted striking take-up rates of 90% to 95%. Fuelled by HDB gains The resilience of suburban private housing is closely tied to the thriving HDB resale market, according to Mukherjee. Prices of HDB flats have outpaced private homes since the pandemic, enabling many Singaporeans to unlock capital gains after meeting their five-year MOP. These gains are often reinvested in private property. Forecasts differ — Savills projects up to 7% growth in private home prices this year, while Bloomberg Intelligence suggests a more modest 3%. But underlying demand remains strong. Singapore's low unemployment (just over 2%) and a 20% rise in median household income since the pandemic support this trend, says Mukherjee. Buyers are now accustomed to paying over S$2,000 ($1,550) per square foot even in outlying areas, particularly where infrastructure and amenities are improving. One-bedroom units outside the central zone are in high demand — a sign of a healthy appetite for investment and rental properties. Featured image by Depositphotos (for illustration purposes only)
CNA
3 days ago
- Health
- CNA
CNA938 Rewind - #TalkBack: Whampoa fire: Why can't keep our corridors hazard-free?
CNA938 Rewind A fire recently broke out at a HDB block at 20 Jalan Tenteram, with 5 people being taken to hospital and 40 others evacuated due to the blaze. According to the SCDF, the fire involved items that had been left along the corridors on the second and third floors. Lance Alexander and Daniel Martin discuss further with Dr Annabelle Chow, Clinical Psychologist, Annabelle Psychology and Kelvyn Ong, Fire Safety Specialist and Managing Director, King Fire. CNA938 Rewind - #TalkBack: Whampoa fire: Why can't keep our corridors hazard-free? A fire recently broke out at a HDB block at 20 Jalan Tenteram, with 5 people being taken to hospital and 40 others evacuated due to the blaze. According to the SCDF, the fire involved items that had been left along the corridors on the second and third floors. Lance Alexander and Daniel Martin discuss further with Dr Annabelle Chow, Clinical Psychologist, Annabelle Psychology and Kelvyn Ong, Fire Safety Specialist and Managing Director, King Fire. 29 mins CNA938 Rewind - Will they or won't they: U.S tariffs continue to cause uncertainty U.S President Donald Trump can celebrate a temporary reprieve for his aggressive tariff strategy, after an appeals court preserved his sweeping import duties on China and other trading partners -- for now. The short-term relief will allow the appeal process to proceed, after the U.S Court of International Trade barred most of the tariffs announced since Trump took office. Lance Alexander and Daniel Martin learn more from Kevin Chen, Associate Research Fellow with the U.S. Programme, Institute of Defence and Strategic Studies, RSIS. 13 mins CNA938 Rewind - France is first European country Singapore has CSP with France and Singapore will grow cooperation in areas like civilian nuclear energy, intelligence sharing and defence technology. This upgrades the two nations' relationship to a comprehensive strategic partnership (CSP) – marking Singapore's first CSP with a European country. Lance Alexander and Daniel Martin speak with Dr Oh Ei Sun, Senior Fellow, Singapore Institute of International Affairs. 16 mins CNA938 Rewind - "Living & Remembering" - a film dedicated to my late Dad, by Agnes Goh In 'Culture Club', Melanie Oliveiro speaks with Agnes Goh, a Singaporean writer, producer and actress about "Living & Remembering", a 20-minute short film inspired by and dedicated to her late father K. H. Goh. "Living & Remembering" is about a young woman who uncovers the sacrifices her father made for his family. The film also shows how the father insists on fulfilling a decade-long promise—a family trip to Japan despite struggling with cancer. Goh will discuss how the film was made, how she dealt with grief while producing and writing the film, and what it was like filming scenes with the actor playing her Dad. 35 mins
International Business Times
3 days ago
- International Business Times
4 Teenagers Arrested in Singapore Over Attempted Robberies After Posing as Luxury Watch Buyers
Four men aged 17 to 19 were arrested on suspicion of being involved in two attempted robberies in which they targeted victims trying to sell costly timepieces. The Singapore Police Force (SPF) said in a press release on Thursday, May 29, that they received a call for assistance at Block 432 Clementi Avenue 3 at about 1.44 pm on Wednesday, May 29, after two of the teens allegedly tried to rob a victim. SPF stated that the victim, who had placed an expensive watch for sale on Carousell, had planned to meet the two teenagers to sell it. However, when the victim arrived, the two adolescents, one of them was armed with a knife, attempted to cover the victim's head with a plastic bag. However, the victim managed to escape and call the police. The police identified and arrested the two teens later that day. The knife, which had earlier been discarded, was also recovered. It was later discovered that the two teenagers, along with two others, had done something similar the previous day. In one case, the victim, who had also put a fancy watch for sale on Carousell, was persuaded to meet a potential bidder in the same HDB building. The SPF said, "When the victim arrived at the block, he felt suspicious of the circumstances and managed to leave before being robbed." The two other teens were eventually arrested on Wednesday. The two teenagers who were engaged in Wednesday's incident will face attempted armed robbery charges in court on Friday. One of the youths engaged in Tuesday's event will face attempted robbery charges, while the other will be probed for participating in a criminal conspiracy to commit robbery. If convicted of attempted armed robbery, the teens may be jailed for two to seven years and face at least 12 strokes of the cane. For attempted robbery, the offence is punishable with imprisonment for two to seven years and at least six strokes of the cane. The police advised members of the public to be alert and attentive to their surroundings when meeting potential buyers or sellers or making transactions in person, especially when carrying valuables or large sums of cash. They should also avoid secluded places and report anything suspicious to the police immediately.
The Star
3 days ago
- Business
- The Star
Singapore's property market is hard to read
TWO years ago, Singapore doubled the stamp duty on foreign homebuyers to a steep 60%. Since then, residential property has become a twin-speed market. Prices of high-end downtown condominiums, which used to attract heavy Chinese demand, have grown at a much slower pace than more affordable suburban apartments aimed at local owners. This divergence is starting to cloud the outlook for real estate in the Asian financial centre. Sales of new homes fell to 663 last month, down from 729 in March. Does that mean that economic concerns, particularly around trade, are making prospective owners cautious? I'm not quite willing to buy into the pessimism – not yet. Local demand is still robust. But it isn't reflected in developer sales that are skewed toward the central region, which is more of a playground for the global rich. Real estate activity is no doubt sluggish in downtown Singapore, where condo prices have risen 19% in the past five years, compared with a 46% surge in the outskirts. A protracted slump in the Chinese property industry is partly to blame. Coupled with weak consumer spending, the downturn has shrunk the number of super-wealthy on the annual Harun China Rich List by 25% over three years. Still, mainland Chinese had held on to their No. 1 position among foreign buyers for six straight years, until the city-state raised its stamp duties in April 2023. One Marina Gardens, situated on the edge of the central business district, sold only 41% of the 937 units released in April, according to broker CBRE. That, it says, compares with a sell-through rate of 68% for major projects over their launch weekends in the first quarter. Expect the sales numbers to remain lackluster in the coming months, too. That's because most of the supply pipeline is from the city centre or its fringes. These pricey homes can't possibly whip up as much excitement – or volumes – as more reasonably priced suburban dwellings. Singapore's wealth engine Gains from reselling public housing units are supporting private apartments. When developers did make them available earlier in the year, the take-up rate for budget-friendly projects in the island's east and northeast, far from the bustle of its business and shopping districts, was 90% to 95%. The source of this resilience is the booming resale market in public housing, where prices have increased faster than private homes since the pandemic. Gains from selling Housing and Development Board (HDB) apartments are getting parked in private property, putting local Singaporean demand in the driving seat of the overall market. (Citizens are allowed to sell their subsidised HDB apartments to eligible buyers after occupying them for at least five years.) Singapore's private home prices could grow by up to 7% in 2025, according to a recent Savills report. That would be better than last year's near-4% increase. Not everyone agrees with the cheery prognosis. Analysts at Bloomberg Intelligence are penciling in only a 3% rise. Rival Hong Kong could do better, they say, because of its lower interest rates and solid pent-up demand. Although borrowing costs have also cooled in Singapore, the decline in Hong Kong's benchmark interbank rate – from 4% in late April to 0.6% now – has been nothing short of dramatic. Singapore has competition Plunging interest rates are making Hong Kong property more attractive. The other key factor will be affordability. At a little over 2%, the unemployment rate in Singapore is one percentage point lower than in Hong Kong, while median household income from work last year was 20% higher than just before the pandemic. The resident population has gotten used to paying more than S$2,000 ($1,550) per sq ft even in far-flung neighbourhoods, provided there are major government plans to improve transport connectivity and quality of living in those areas. One-bedroom units outside the central region are in high demand. This is slightly puzzling because the buyers are mostly Singaporeans, who don't quite like to live in Hong Kong-style matchboxes. But what if these smaller homes are not for self-occupation? As long as rental demand stays strong, the wealth accumulated in public housing could keep translating into one million to two million checks for investment properties. The possibility of a technical recession is not very high on the domestic investor's list of worries. The fate of Hong Kong property this year may be decided by an influx of foreigners and mainland Chinese into the city, pushing rents higher. House keys in Singapore, however, will very much remain with the locals. — Bloomberg Andy Mukherjee is a Bloomberg Opinion columnist covering industrial companies and financial services in Asia. The views expressed here are the writer's own.
Straits Times
4 days ago
- Business
- Straits Times
Award-winning wireless alert device for seniors to be installed in more rental flats
The button lets seniors – particularly those living alone or without family support – reach emergency services with a single press. ST PHOTO: JASON QUAH Award-winning wireless alert device for seniors to be installed in more rental flats SINGAPORE - A local firm has clinched a contract potentially worth more than $50 million to extend its emergency buzzer system for seniors to 170 additional rental blocks over the next five years after a successful pilot since 2019. The wall-mounted, wireless red button lets seniors – particularly those living alone or without family support – reach emergency services with a single press. The expanded roll-out is part of a second contract awarded to local tech firm Buddy of Parents (BOP) in early 2025 by the Government Technology Agency (GovTech) to procure wireless alert devices for more seniors in Housing Board rental flats over the next five years. Specialising in wireless devices and seniorcare tech, BOP is owned by Singapore-based iWow Technology, which made a name for itself developing the TraceTogether contact-tracing tokens used here during the Covid-19 pandemic. On May 29, BOP received a $1 million grant under DBS Foundation's Impact Beyond Award for its efforts to support seniors and caregivers through smart technology. The award will support the development of new products and the firm's outreach to vulnerable seniors and international growth, said BOP executive director Chen Jer Yaw. Mr Chen said: 'As part of the grant, there are milestones that we will have to hit, such as the number of people that will be benefited by our products and services... We are committed to fulfilling these milestones and to support more seniors.' The company will focus on the distribution of emergency buzzers for HDB, which is expanding its initiative to provide wireless alert devices to seniors. A total of some 36,800 seniors aged 60 and above are expected to have the devices installed free of charge by 2030, according to a spokesperson for HDB. As at February, at least 10,000 seniors living in 50 public rental blocks have had the wireless devices installed, HDB's spokesperson added. Seniors with older models will soon receive a new device, which has improved durability and performance. Each BOP button is connected to a 24-hour hotline, giving vulnerable seniors, especially those who live alone or lack family support, a way to seek help in life-and-death situations. (From left) IOT Solutions EVP Chen Jer Yaw, CEO and executive director Raymond Bo and chief marketing officer Ashokan Ramakrishnan with iWow's new wireless alarm system for seniors. ST PHOTO: JASON QUAH The alert systems have been triggered around 20,200 times, ince the system's roll-out to rental flats in November 2019, according to HDB. Roughly 1,600 required emergency help, while the rest were non-urgent calls or accidental presses, it said. The button is an upgrade of an older pull-cord system, which seniors can use to activate an alarm at their block's void deck to alert people in the vicinity or to an active ageing centre during working hours. The new devices come with better batteries that exceed five years, and two-way voice calling for users to speak to operators over the phone. They are also resistant to water and dust – a requirement under GovTech's tender – so the devices can be placed reliably in bathrooms, where the risk of falls is higher. Announced by iWow in February, the contract with GovTech includes the option to purchase its fall detector module and portable alert device over the next 10 years. BOP's catalogue of devices includes a wall-mounted infrared scanner with image-recognition software to tell when someone has fallen and is in need of assistance. The DBS Foundation awarded three other businesses, which are tackling urgent needs among ageing residents, from nearly 100 submissions worldwide. One of them is Hong Kong's Evercare Health – a health tech platform which developed a mobile app for patients and caregivers to schedule appointments, contact staff members and make payment. The award will support the firm's development of AI-powered medical notes to improve the efficiency of healthcare services. DBS also awarded India's Life Circle Health Services, which operates a mobile app that connects families with trained caregivers based on their needs. DBS Bank has disbursed $21.5 million in grant funding for more than 160 social enterprises and recipients since 2015. Join ST's Telegram channel and get the latest breaking news delivered to you.
