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New Paper
5 days ago
- Business
- New Paper
Emotional, mental well-being key to good life in Singapore: Poll
The definition of quality of life is shifting in Singapore, with more people prioritising well-being, mental health and work-life balance over material goods to cope better in a complex and fast-paced city, according to a new study released on July 24. In choosing a home, for instance, accessibility to healthcare services (63 per cent) came out ahead of remaining lease (20 per cent) and proximity to schools (14 per cent) as a priority, though affordability (92 per cent), location (90 per cent) and proximity to public transport infrastructure (68 per cent) remain non-negotiables. On which communal facilities were the most important, food and retail spaces came out on top (87 per cent), followed by parks and green spaces (78 per cent). These were ahead of sheltered walkways (66 per cent), sports facilities (57 per cent), and community centres (45 per cent). Within residential developments, respondents also ranked green spaces and rooftop gardens as the most important communal facilities, ahead of fitness facilities like swimming pools and social spaces such as barbecue pits and function rooms. The inaugural Quality of Life report, by property consultancy Knight Frank Singapore and global market research firm Ipsos, surveyed 1,000 Singapore residents earlier in 2025 to find out how expectations of the city-state's built environment are evolving. The hope is that the study, carried out to celebrate Knight Frank Singapore's 85th anniversary, will be valuable to policymakers and developers in meeting the changing aspirations of the population, said the company's head of consultancy Alice Tan. Respondents, who were spread across all age groups from 18 and up, ranked emotional and mental well-being as the most important factor in quality of life, ahead of economic stability and job security. This was followed by financial stability, and then physical health and well-being. The report noted that while respondents listed job security, inflation and the high cost of raising a child as their top concerns, they defined quality of life primarily through mental well-being and financial stability. "These results call attention to a significant shift in how Singapore residents define quality of life (and) reflects a growing recognition that psychological resilience and emotional balance are central to daily life satisfaction, more important than the popular perception that Singapore residents are only absorbed in one-dimensional material gain," said the authors. At the workplace, 68 per cent of respondents said natural lighting and good ventilation was the most important workplace feature, followed by ergonomic office furniture and quiet zones for focus. On the other hand, perks such as nap pods, shower facilities and nursing rooms were chosen by fewer than three in 10 respondents. Eight in 10 respondents also chose work-life balance policies - such as flexible work arrangements and more paid time off - as the top factor for work fulfilment, ahead of compensation (73 per cent), benefits (66 per cent) and company culture (38 per cent). "Traditional notions of job satisfaction such as office layout or even career advancement appear to have taken a backseat to more fundamental human needs like rest, autonomy, and financial security," said the report, which noted that most respondents were satisfied or moderately content with their jobs. "The modern worker is looking for a sustainable, human-centered experience that supports both their livelihood and lifestyle." When it came to recreational activities, respondents said ease of access and value-for-money were top factors, with scenic beauty and relaxing environments in third place, followed by warm hospitality and authentic cultural experiences. Conversely, a vibrant nightlife scene ranked low, as did seasonal events and festivals and venues that may photograph well for social media. These findings could signal a pivot away from high-energy activities towards leisure activities that are more focused on introspection and relaxation, with nightlife no longer being a mainstream leisure priority due to high costs and changing social preferences, said the report. A majority of respondents also said they prefer to have their office and leisure amenities between 20 minutes' and 30 minutes' commute from where they live, with fewer saying they want live, work, and play functions to be separate venues or spaced out geographically. The authorities have said that they are aiming for eight in 10 households to be within a 10-minute walk of an MRT station by the 2030s, and to have 20-minute towns by 2040. This means residents should be able to reach the nearest neighbourhood centre within 20 minutes by walking, cycling or public transport. Knight Frank Singapore and Ipsos said the findings signal a societal transition where residents "are not merely seeking to live well in material terms, but to feel well, cope better, and find stability in a complex, fast-moving city". More emphasis has to be placed on greenery and parks, as well as sheltered leisure infrastructure, in response to a growing demand for a healthier urban experience, driven by both mental well-being and climate resilience, said the report. The survey also suggested that future urban planning focus on mixed-use developments, mobility infrastructure, and liveable precincts. "For planners and policymakers, the key takeaway is the need to design a more equitable, biophilic, and flexible city that supports not only infrastructure and economic growth, but also human-scale quality of life across live, work and play," it said.
Straits Times
6 days ago
- Health
- Straits Times
What's key to a good life? Most Singapore residents choose emotional and mental well-being
Within residential developments, respondents also ranked green spaces and rooftop gardens as the most important communal facilities. SINGAPORE – The definition of quality of life is shifting in Singapore, with more people prioritising well-being, mental health and work-life balance over material goods to cope better in a complex and fast-paced city, according to a new study released on July 24. In choosing a home, for instance, accessibility to healthcare services (63 per cent) came out ahead of remaining lease (20 per cent) and proximity to schools (14 per cent) as a priority, though affordability (92 per cent), location (90 per cent) and proximity to public transport infrastructure (68 per cent) remain non-negotiables. On which communal facilities were the most important, food and retail spaces came out on top (87 per cent), followed by parks and green spaces (78 per cent). These were ahead of sheltered walkways (66 per cent), sports facilities (57 per cent), and community centres (45 per cent). Within residential developments, respondents also ranked green spaces and rooftop gardens as the most important communal facilities, ahead of fitness facilities like swimming pools and social spaces such as barbecue pits and function rooms. The inaugural Quality of Life report, by property consultancy Knight Frank Singapore and global market research firm Ipsos, surveyed 1,000 Singapore residents earlier in 2025 to find out how expectations of the city-state's built environment are evolving. The hope is that the study, carried out to celebrate Knight Frank Singapore's 85th anniversary, will be valuable to policymakers and developers in meeting the changing aspirations of the population, said the company's head of consultancy Alice Tan. Respondents, who were spread across all age groups from 18 and up, ranked emotional and mental well-being as the most important factor in quality of life, ahead of economic stability and job security. This was followed by financial stability, and then physical health and well-being. Top stories Swipe. Select. Stay informed. 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'These results call attention to a significant shift in how Singapore residents define quality of life (and) reflects a growing recognition that psychological resilience and emotional balance are central to daily life satisfaction, more important than the popular perception that Singapore residents are only absorbed in one-dimensional material gain,' said the authors. At the workplace, 68 per cent of respondents said natural lighting and good ventilation was the most important workplace feature, followed by ergonomic office furniture and quiet zones for focus. On the other hand, perks such as nap pods, shower facilities and nursing rooms were chosen by fewer than three in 10 respondents. Eight in 10 respondents also chose work-life balance policies – such as flexible work arrangements and more paid time off – as the top factor for work fulfilment, ahead of compensation (73 per cent), benefits (66 per cent) and company culture (38 per cent). 'Traditional notions of job satisfaction such as office layout or even career advancement appear to have taken a backseat to more fundamental human needs like rest, autonomy, and financial security,' said the report, which noted that most respondents were satisfied or moderately content with their jobs. 'The modern worker is looking for a sustainable, human-centered experience that supports both their livelihood and lifestyle.' When it came to recreational activities, respondents said ease of access and value-for-money were top factors, with scenic beauty and relaxing environments in third place, followed by warm hospitality and authentic cultural experiences. Conversely, a vibrant nightlife scene ranked low, as did seasonal events and festivals and venues that may photograph well for social media. These findings could signal a pivot away from high-energy activities towards leisure activities that are more focused on introspection and relaxation, with nightlife no longer being a mainstream leisure priority due to high costs and changing social preferences, said the report. A majority of respondents also said they prefer to have their office and leisure amenities between 20 minutes' and 30 minutes' commute from where they live, with fewer saying they want live, work, and play functions to be separate venues or spaced out geographically. The authorities have said that they are aiming for eight in 10 households to be within a 10-minute walk of an MRT station by the 2030s, and to have 20-minute towns by 2040. This means residents should be able to reach the nearest neighbourhood centre within 20 minutes by walking, cycling or public transport. Knight Frank Singapore and Ipsos said the findings signal a societal transition where residents 'are not merely seeking to live well in material terms, but to feel well, cope better, and find stability in a complex, fast-moving city'. More emphasis has to be placed on greenery and parks, as well as sheltered leisure infrastructure, in response to a growing demand for a healthier urban experience, driven by both mental well-being and climate resilience, said the report. The survey also suggested that future urban planning focus on mixed-use developments, mobility infrastructure, and liveable precincts. 'For planners and policymakers, the key takeaway is the need to design a more equitable, biophilic, and flexible city that supports not only infrastructure and economic growth, but also human-scale quality of life across live, work and play,' it said.
Business Times
04-07-2025
- Business
- Business Times
Higher seller's stamp duty a warning shot to speculators but unlikely to cause market distress
[SINGAPORE] Changes in seller's stamp duty will make it harder to flip a property for profit in a short time, but are unlikely to have much impact on prices or volume in Singapore's residential market, analysts said on Friday (Jul 4). Nevertheless, the timing of the move was not lost on market players, coming ahead of a third quarter season crowded with new launches. Up to 11 projects with some 5,400 units are slated to be marketed in coming weeks. The government raised rates for seller's stamp duty by four percentage points to a maximum of 16 per cent and extended the minimum holding period from three to four years, citing a sharp increase in the number of private residential transactions with short holding periods in recent years. 'In particular, there has been a significant increase in the sub-sale of units that have not been completed,' said a statement released late on Thursday night. A sale transaction is recorded as a sub-sale when a buyer who has purchased a new unit subsequently sells it to another buyer before the property is completed and the Certificate of Statutory Completion (CSC) is issued. The spike in sub-sales in the past five years was essentially due to a lag effect caused by the Covid-19 outbreak in 2020, said Leonard Tay, Knight Frank Singapore's head of research. 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 From a trough of 198 sub-sales in 2020, the lowest annual tally the market has seen since 1996, the number of sub-sales has risen each year to reach a high of 1,428 by 2024, data compiled by Knight Frank showed. In particular, sub-sale volume jumped in 2023 to 1,294, a 69 per cent increase from the year before. In 2024, volume rose another 10 per cent. 'The pandemic created severe construction delays as a result of constraints in building and development resources such as labour and materials, thereby pushing back project completion dates. By the time most owners collected the keys to their new homes, three years or more had passed, and they were no longer subject to SSD,' said Tay. 'In tandem with rising private home prices, it made financial sense for those who had purchased new homes before or at the start of the pandemic to sell for significant gains to other buyers upon completion.' Sub-sale volumes hovered around 338 units per quarter between Q1 2023 and Q1 2025, compared to 131 units per quarter between Q1 2013 to Q4 2022, said Tricia Song, CBRE research head for South-east Asia. 'Some owners, who probably did not buy their projects with intention to flip, have sold their properties for significant capital gains as prices have risen 40 per cent since 2020,' Song said. The heightened interest rate environment between 2022 and 2023 before rates eased from the second half of 2024 may have also contributed to the increase in sub-sales, Tay said. 'There might be another group of buyers who had purchased uncompleted homes and were facing the start of high mortgage payments (in contrast to the low interest environment prior to 2022). In the face of such an immediate reality measured against growing economic uncertainty, some might have balked at the prospect of the higher payments and decided to sell.' Sub-sale activity has since tapered off, analysts said. Song noted that subsales as a percentage of total private residential transactions have steadily declined, from a 14-year high of 9.5 per cent in Q4 2023, to 4.4 per cent in Q1 2025. 'With property prices stabilising and normalisation of construction timelines, we expect the number of sub-sales to normalise going forward.' 'This measure should not impact the majority of buyers who are genuine owner occupiers or long-term investors,' she added. Hot projects Data compiled by The Business Times showed that between January 2019 and July 2025, the five new projects which saw the most sub-sale activity were all suburban condos in the Outside Central Region - Riverfront Residences, Affinity at Serangoon, The Florence Residences, Treasure at Tampines and The Tre Ver. At Affinity at Serangoon, 334 units were sold in sub-sales, 31.7 per cent of the 1,052 units in the project. The Tre Ver similarly saw 32 per cent of its 729 units sold in sub-sale transactions. Data crunched by head of research Nicholas Mak shows further that in the recent past, the most profitable sub-sale deals were transactions of prime properties in the Core Central Region. Between Q3 2020 and Q4 2023, the biggest winners were sellers of four Boulevard 88 units who saw capital gains of S$2.9 million to S$3.9 million, for gross profits of between 27 per cent to 38 per cent. The seller of a bungalow at Botanic @ Cluny Park, meanwhile, made S$2.6 million off their S$9 million exit prices, for a 40 per cent gross gain. The median gain of a sub-sale for sellers between 2020 and 2025 was S$257,000, Mak found. In the later period, between Q1 2024 and Q1 2025, the heftiest percentage gain was for a sub-sale at Treasure at Tampines in January 2024. The seller chalked up a gross profit of almost 50 per cent, making a capital gain of S$981,000 with their selling price of just under S$3 million. Home prices moderating While the latest increase in SSD took most by surprise, the move was not a knee-jerk reaction but a response to the prolonged increase in volume of sub-sales over several quarters, said Desmond Sim, group chief executive officer of Realion Group which was formed through the merger of OrangeTee and ETC. PropNex chief executive officer Ismail Gafoor said that the moderation of private home prices recently may temper owners' motivation to sell after a short holding period. Official flash estimates show overall private residential property prices have risen by a cumulative 1.3 per cent in the first half of 2025, down from 2.3 per cent in the year-ago period. Fresh cooling measures introduced in 2023, with steep hikes in additional buyer stamp duties (ABSD) for foreign buyers and buyers of second and subsequent properties, have also eroded possible gains from flipping properties. 'Even without this revision (in SSD), higher costs from elevated interest rates and property taxes have already eroded profits and would likely see investors holding on to their properties for longer than three years,' said Marcus Chu, CEO of ERA Singapore. Mak said: 'With more new residential launches expected in the second half of this year, the government needs a pre-emptive strike to prevent further rise in the number and proportion of sub-sale transactions.' Christine Sun, chief researcher and strategist of Realion Group, added that more condos are due to obtain their Temporary Occupation Permit. Sub-sale volume might rise in line with the anticipated increase in units securing TOP, from 5,920 units in 2025 to 6,838 units in 2026 and further to 10,306 units in 2027, she said.
Business Times
22-06-2025
- Business
- Business Times
Japan still a draw as Singapore property players look beyond Tokyo
[SINGAPORE] Japan's property market remains a firm favourite among Singapore-based property investors, who continue to deploy capital into the country despite global interest rates coming down. What has changed, however, is the type of Singapore investor making these plays and where they are looking. Rather than newcomers to the market, many of today's buyers are those who have already invested in Japan and are now looking to expand their portfolios more strategically. Melvin Chay, senior director of capital markets at Knight Frank Singapore, said: 'While we still see pockets of investors that previously never had Japan on their radar, much of the capital inflows today are follow-on investments from investors that entered the market in the last two to three years.' These investors, who are now more familiar with the Japanese market, are also venturing beyond traditional 'Tier-1' cities such as Tokyo and Osaka to areas such as Kyoto and Fukuoka – which offer higher yields of up to 5 per cent. Chay said that investors are willing to increase their risk appetites and look beyond Tokyo to combat rising interest rates and ensure returns. 'We're also seeing investors targeting opportunities with redevelopment or additions and alterations angles, signalling a willingness to go up the risk curve to drive returns,' he added. 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 Beyond the usual suspects The first half of this year saw brisk movement in the Japanese market. In June, for instance, Frasers Hospitality launched Yotel Tokyo Ginza in a tie-up with British hotel chain Yotel. The 244-room accommodation targeted at business and leisure travellers is located in Ginza, a shopping district popular among tourists in the Japanese capital. It is Yotel's first property in Japan. While the tie-up marks Frasers Hospitality's first investment and development project in Japan, the hotel is its second asset there. Its first, a 124-unit rental apartment in Osaka, was acquired through a joint venture with real estate investment firm Alyssa Partners. ' Property yields in Japan remain in the 3.5-4% range, creating a positive yield spread that remains highly attractive to investors. ' — Melvin Chay, senior director of capital markets at Knight Frank Singapore Other Singapore-based investors have also been ramping up their exposure. Early this year, real estate and private equity firm Patience Capital Group partnered with Hong Kong-based Gaw Capital to acquire Tokyu Plaza Ginza in Tokyo. It also raised 39 billion yen (S$343.4 million) for its Japan Tourism Fund to revitalise ski-resort towns such as Myoko in Niigata and Madarao in Nagano. CapitaLand Investment has likewise been active. In December 2024, it acquired four self-storage facilities in Osaka, and followed up in June 2025 with a mixed-use property in Tokyo. Others have cast their sights farther afield. Far East Hospitality Trust's first Japanese hotel acquisition, announced in February this year, was Four Points by Sheraton Nagoya. The trust's managers noted that the location – in central Japan – has vast potential for tourism, and grants travellers access to other destinations such as Nagano, Toyama, Kanazawa and Kyoto. Last year, CapitaLand Ascott Trust completed the acquisition of a 258-unit rental housing property in Fukuoka. More recently, it purchased two hotels, ibis Styles Tokyo Ginza and Chisun Budget Kanazawa Ekimae, for 21 billion yen. Why Japan still makes sense Even as global interest rates begin to decline, Japan's real estate market continues to present a compelling case for Singapore-based investors. The country's borrowing costs remain comparatively low. On Jun 17, the Bank of Japan maintained its benchmark short-term interest rate at 0.5 per cent, lower than that of most Asian markets. 'At the same time, property yields in Japan remain in the 3.5 to 4 per cent range, creating a positive yield spread that remains highly attractive to investors,' said Chay. Moreover, the yen's continued depreciation has made Japanese assets even more affordable for Singapore investors, enhancing the appeal of deals in both major cities and regional locations. ' Even if interest rates were to rise, Japan's interest rate is still among the lowest in the world. So you could still undoubtedly make a good yield spread here. ' — Jason Leong, head of investment and asset management at Frasers Hospitality Currently, S$1 is equivalent to about 113.58 yen. Five years ago, S$1 was equivalent to about 100.94 yen. This means that the yen has weakened about 12 per cent against the Singapore dollar over the last five years. 'Despite rising asset values in recent years, commercial real estate and hotel assets in popular tourist areas – such as Tokyo, Osaka and Kyoto – remain appealing to investors looking to grow their presence in Japan,' said Carmen Lee, head of investment research at OCBC. Japan's popularity among tourists is also translating into investor interest, particularly in the hospitality sector. Visitor arrivals hit a record 36.8 million in 2024, surpassing pre-pandemic highs. Jason Leong, head of investment and asset management at Frasers Hospitality, said that there is still 'a very visible yield spread' in hospitality property investments. 'Even if interest rates were to rise, Japan's interest rate is still among the lowest in the world. So you could still undoubtedly make a good yield spread here.' Frasers Hospitality is also confident in the growth of the Japanese market, he added. While there has been enormous growth in Japan tourism over the last decade, the tourism industry is not saturated yet, he noted. Looking ahead 'As one of the few mature markets with a relatively large investable stock in multiple cities and sectors, Japan will remain as a hot destination for Singapore property players,' said James Young, head of investor services for the Asia-Pacific, Europe, the Middle East and Africa at Cushman & Wakefield. Sectors such as hospitality, prime office and retail, senior housing, logistics and data centres continue to draw attention. Moreover, Singapore's market is limited in terms of assets available for acquisition. So most real estate investment trusts will look to add assets outside of the city-state for their earnings, said OCBC's Lee. While Japan remains hot, other markets are also warming up as global rates fall. 'The US, the UK, Australia and China selectively are now quite attractive from both pricing and long-term growth perspectives,' said Young. Investments in student housing and serviced apartments in cities such as London, Hong Kong, Sydney and Seoul are also likely to rise.
Business Times
17-06-2025
- Business
- Business Times
Four large-format HDB retail units in Ang Mo Kio, Bukit Merah, Clementi, Toa Payoh for sale
[SINGAPORE] Four Housing and Development Board (HDB) retail units located in the heart of various mature estates have been launched for sale through an expression of interest (EOI) exercise, said property consultant Knight Frank Singapore and real estate firm CBRE in a joint statement on Tuesday (Jun 17). Each unit spans two levels within standalone HDB commercial blocks that are 'strategically located' in the established town centres of Ang Mo Kio, Bukit Merah, Clementi and Toa Payoh. As the assets are fully commercial, they are not subject to Additional Buyer's Stamp Duty and Seller's Stamp Duty and are eligible for foreigner purchase, the two companies added. The EOI exercise closes at 3 pm on Jul 23. Each unit has a strata area of about 23,960 to 30,139 square feet (sq ft). Together, their combined strata area is about 104,808 sq ft. 'The fully tenanted portfolio presents an exceptional opportunity to acquire sizeable, income-generating commercial units in high-footfall locations,' read the statement. 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 Supermarket chain FairPrice currently anchors the blocks at Ang Mo Kio, Bukit Merah and Toa Payoh, while electronics retailer Courts occupies the Clementi property. The unit at 712 Ang Mo Kio Avenue 6 is near the Ang Mo Kio MRT station. PHOTO: KNIGHT FRANK The unit at 712 Ang Mo Kio Avenue 6 occupies the first and second levels of a four-storey HDB commercial block. The 23,982 sq ft unit has multiple street frontages and is a short walk from Ang Mo Kio MRT station. The 23,960 sq ft unit at 192 Toa Payoh Lorong 4 spans about half of both the first and second floors of a two-storey HDB commercial block within the Toa Payoh central precinct. The unit at 166 Bukit Merah Central is occupied by supermarket chain FairPrice. PHOTO: KNIGHT FRANK In Bukit Merah Central, the 30,139 sq ft unit consists of the entire sub-basement and part of the first level of Block 166, a three-storey commercial building in the town centre. The property features a prominent street frontage and houses the only supermarket in the area. The 26,727 sq ft unit at 451 Clementi Ave 3 occupies parts of the first and second levels of a three-storey standalone commercial building, which offers sheltered access to Clementi MRT station. The unit at 451 Clementi Avenue 3 is near Clementi MRT station. Knight Frank and CBRE noted that the properties are prominently positioned within 'bustling retail catchment zones', supported by nearby markets, food centres, polyclinics, essential services, MRT stations and bus interchanges. 'With only approximately 8,500 HDB commercial units available for private ownership, and the HDB no longer releasing such assets for sale, this portfolio represents a truly scarce and highly sought-after investment opportunity,' said Knight Frank Singapore chief executive Galven Tan. The properties may be sold on a portfolio or piecemeal basis.
