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Business Times
09-05-2025
- Business
- Business Times
Some 12,000 new homes to come up on sites rezoned for housing across 11 areas
[SINGAPORE] A slew of land parcels in 11 areas across the island are set to be rezoned for housing, in a move that will give a major boost to supply in popular residential areas. These include plots of land in established regional centres such as Toa Payoh and Tampines, where previous government land sales saw strong interest from developers and where new projects were recently launched at fresh benchmark prices. Sites are also being lined up for rezoning or higher-density development in other in-demand housing areas such as Bedok and Pasir Ris, upcoming neighbourhoods such as Tengah, and fresh supply on the former Keppel Golf Course land. The planning changes, proposed in amendments to the Master Plan 2019 gazetted by the Urban Redevelopment Authority on Wednesday (May 7), could produce some 12,000 new housing units in both private and public projects in the near term. A parcel carved out of the former Keppel Golf Course site, along Telok Blangah Road, has been earmarked with a high-intensity gross plot ratio of 4.3, which analysts estimate could yield up to 1,000 public housing flats. These would add to the first 740 new homes from the Keppel site, to be built on a plot being sold in this year's Government Land Sales (GLS) programme. Lee Sze Teck, senior director of data analytics at Huttons Asia, reckons the Housing and Development Board (HDB) project will be a Prime category Build-to-Order (BTO) one. 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 'The response to this Prime BTO is likely to be overwhelming,' he said. The last BTO project in the area, Telok Blangah Beacon, attracted more than 30 first-timers for each four-room flat in 2021, he noted. BTO prices of the four-room flats ranged from S$602,000 to S$710,000, while three-room flats were priced from S$419,000 to S$504,000. The project is expected to be completed in 2027. In the city fringe area, Toa Payoh and Bishan may soon see new residential projects. Both locales are popular with homebuyers for their proximity to elite schools and central location. The most recent new condo launch in the area, The Orie at Toa Payoh Lorong 1, sold 86 per cent of its 777 units at S$2,704 psf on average over its launch weekend. Plots bounded by Toa Payoh Link and Toa Payoh Rise may be rezoned to residential with commercial use on the first storey. A high gross plot ratio of 4.7 has been proposed for the area, which is next to Caldecott MRT station and could yield a total of 4,000 to 5,000 dwelling units, according to Lee. Lee said the sites could turn out a mix of public and private homes. 'Toa Payoh is a very popular area among buyers, and almost all the four-room and five-room flats that fulfilled their minimum occupancy period in 2024/2025 achieved a selling price of S$1 million and above.' Another parcel along Lorong 4 Toa Payoh with a proposed gross plot ratio of 3.4 could yield some 300 to 350 condo units or 200 to 250 HDB Plus flats, estimated OrangeTee's chief researcher and strategist Christine Sun. In the Sin Ming area, a plot at Lorong Puntong spanning slightly more than 4,000 sq m is expected to be used for condo development and could see about 130 to 150 units, said chief research officer Nicholas Mak. Land plots along Upper Thomson Road are also expected to be turned into residential use, and could yield around 2,200 to 2,300 condo units, or 1,500 to 1,600 HDB flats, said Sun. In the east, a residential site with a health and medical zone is being proposed for Tampines Street 11. With a land area of about 14,433 square metres (sq m) and gross plot ratio of 2, Sun expects the site to yield 200 to 250 HDB flats. The site is near a GLS site also on Tampines Street 11, which was awarded in 2023 to UOL, Singapore Land and CapitaLand Development at S$1.21 billion, or S$885 per square foot per plot ratio. The project, Parktown Residence, was launched in February 2025 and posted strong sales. About 87 per cent of the 1,193 units in the large mixed-use development were sold within the first two days, at an average of S$2,360 per square foot (psf). In the neighbouring planning area of Pasir Ris, a parcel bound by Pasir Ris Drive 3 and Pasir Ris Drive 10 has been proposed to be rezoned as residential with a gross plot ratio of 3.2. The site is likely to be sold under the GLS programme, said Mak, and could potentially yield 1,100 to 1,180 condominium units. Pasir Ris has not seen a GLS site for private condo development since 2012, and demand in the east is strong, said Mak, pointing to the robust take-up rate of Parktown Residence. The last GLS site sold in Pasir Ris was developed into Vue 8 Residences. Also in the east, Bedok South Road will see more new homes being built. Land that housed schools is expected to be rezoned to residential use, while an adjacent parcel will have its plot ratio raised. OrangeTee's Sun said the earmarked area can yield about 1,000 to 1,100 condo units or 700 to 800 HDB Standard flats. Up in the north at Yishun, a site located near Chencharu Park is being set aside for residential use. An estimated 1,000 or more BTO Standard flats may be built on the site, said Huttons' Lee. The government had earlier announced plans to grow a new estate in Chencharu, where it sees potential for 10,000 homes. The first GLS site to be put up for sale in Chencharu is coming up for tender on May 22, with a 3-hectare parcel on offer for 875 condo units and 13,000 sq m of commercial space. Land parcels at Sunbird Avenue, Simei Road and Upper Changi Road may also be redeveloped into residential projects. The proposed amendments will inject more homes and amenities into the Upper Changi Road area and facilitate infrastructural works to serve future developments, noted URA. Lee said: 'If there are flats with shorter waiting time at Chencharu, Bedok South Road, Tampines Street 11, Sunbird Avenue/Simei Road and Pasir Ris Drive 3, they may potentially pull demand away from the resale market and help to stabilise prices.' HDB resale prices were up 1.6 per cent in the first quarter of 2025, lower than the 2.6 per cent price increase seen in the previous quarter. In the west, plans are in the pipeline to redevelop several parcels within Brickland District in Tengah Town into housing sites, parks, places of worship, health and medical care facilities, educational institution and civic and community institutions. The three parcels could yield around 1,400 flats, said OrangeTee's Sun. Apart from housing, the URA on May 9 earmarked land parcels along Eunos Avenue 5 and Dover Road to be redeveloped into health and medical care zones. A new nursing home is likely to be built in Dover to meet the anticipated demand for such services in the area, said the authority.
Independent Singapore
08-05-2025
- Business
- Independent Singapore
5-room Sengkang HDB flat sells for $1.058 million
SINGAPORE: A five-room HDB unit joined the million-dollar flat club in April after it fetched a price of $1.058 million, which means it sold for $878 per square foot (psf). Located at 279B Sengkang East Avenue, the 1,206-sq-ft unit is on the 13th to 15th floors of the block and has a remaining lease of almost 90 years. The first time an HDB resale flat was sold in Sengkang for one million dollars was exactly a year ago, when an executive maisonette located on the seventh to ninth floors of Block 205B, Compassvale Lane, changed hands. At the time of its sale, the 1,539 sq ft unit still had 74 years remaining on its lease. Since then, four other units have reached or even breached the million-dollar sale price, with the 279B Sengkang East Avenue sale being the most recent. In early 2015, the unit, which is part of the 14-block Compassvale Ancilla estate, attained its Temporary Occupancy Permit. More million-dollar transactions at Sengkang may be expected, although EdgeProp quotes Lee Sze Teck, director of data analytics at Huttons Asia, as saying that less than 10 per cent of these pricey sales in Singapore so far in 2025 have taken place in non-mature estates. Around 348 HDB units have been resold so far in the first quarter of this year. The vast majority of transactions have been at mature estates, including Toa Payoh (28 per cent), Queenstown (25.9 per cent) and the Central Area (24.4 per cent). EdgeProp pointed out that million-dollar transactions at Sengkang are still very much the exception, 'as the average price for five-room HDB flats in Sengkang, aged 10 years or younger, is below that for similar flats across the island'. The flat at 279B Sengkang East Avenue has, nevertheless, many factors in its favour, including its proximity to the Buangkok MRT Station along the North East Line as well as the Renjong and Ranggung LRT Stations on the Sengkang LRT network. It is also close to Sengkang Grand Mall, Compass One, Kopitiam Square, Rivervale Plaza , Rivervale Market and Food Centre, and Hougang Green Shopping Mall. As many young families in Singapore call Sengkang home, it's unsurprising that the unit is also close to a number of primary schools, including Nan Chiau Primary School, Anchor Green Primary School, Compassvale Primary School, North Vista Primary School, Palm View Primary School, Seng Kang Primary School, and Springdale Primary School. /TISG Read also: Yet another HDB unit resold for million dollars, this time in Sengkang
Business Times
27-04-2025
- Business
- Business Times
Singapore homes in the Central Business District
[SINGAPORE] Land parcels along Cross Street in the Central Business District have been earmarked for redevelopment for residential use, according to the Urban Redevelopment Authority (URA). Located next to the Telok Ayer MRT station, the land parcel is being proposed for residential with commercial at first storey use, with a gross plot ratio of 6.3. The empty field previously housed the Market Street Interim Hawker Centre. 'The proposed amendments are to facilitate a future residential development, as part of plans to introduce more accommodation options near key amenities and transport nodes in the Central Business District (CBD),' URA said. China Square Food Centre, which is located in Telok Ayer Street nearby, may be redeveloped into a hotel. One of the land parcels there will see its zoning change from commercial use to hotel use with a gross plot ratio of 7. Several other land parcels which are open spaces or parks will also be made available for hotel and commercial use. 'A new hotel in the CBD, especially with public spaces, will liven up the city, particularly at nights and on weekends when the office crowd is away,' said ERA Singapore's key executive officer Eugene Lim. 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 Elsewhere in the city centre, a reserve site along Mohamed Sultan Road will be rezoned to residential with commercial use on the first storey. A gross plot ratio of 2.8 has been proposed for the River Valley area plot. The plot includes a transitional office site sold in 2010 with a 15-year-lease, said Lee Sze Teck, Huttons Asia senior director of data analytics. Land along the Kallang River is expected to be intensified for residential use. The proposed amendments will allow more people to live in central locations and near existing transport nodes, URA said. Christine Sun, OrangeTee Group's chief researcher and strategist, said the plot can yield an estimated 1,000 to 1,200 Housing and Development Board (HDB) Build-to-Order flats or around 1,400 to 1,500 condominium units. Meanwhile, a reserve site near the Woodlands South MRT is being set aside for residential use. An estimated 600 to 700 units could be built on the site, said Huttons' Lee. A white site at Dover Road which was subject to detailed planning will be made available for residential with commercial use on the first storey, so as to enable more people to live near existing employment centres and transport nodes, URA said. A residential site with a health and medical care zone is also being proposed for Bedok North. URA said the upcoming development will support demand for housing and improve residents' accessibility to health and medical care amenities.
CNA
25-04-2025
- Business
- CNA
HDB resale price growth eases to 1.6% in Q1 2025, transactions up 2.6%
Singapore Private home prices also slowed in the first quarter of the year, but demand is expected to remain resilient, analysts said. 25 Apr 2025 01:40PM (Updated: 25 Apr 2025 01:43PM) SINGAPORE: Resale flat prices increased by 1.6 per cent in the first quarter of 2025 compared to the previous quarter, according to Housing and Development Board (HDB) data released on Friday (Apr 25). The resale price index, which reflects the general price movements in the resale market, grew by 1.6 per cent to 201.0 in Q1 2025, lower than the 2.6 per cent quarter-on-quarter increase observed in Q4 2024 and the 2.3 per cent average quarterly growth last year. Resale transactions for Q1 2025 also rose by 2.6 per cent to 6,590 cases, up from the 6,424 cases in Q4 2024. First quarter transactions were 6.8 per cent lower compared to the same period last year. "The largest Sale of Balance Flats (SBF) exercise in Feb 2025 provided buyers with more options and may have helped to ease the demand pressure, leading to a smaller increase in prices in Q1 2025," said Huttons' senior director for data analytics Lee Sze Teck. Earlier this month, Singapore downgraded its gross domestic product (GDP) growth forecast for 2025 to 0 per cent to 2 per cent, against the backdrop of slowing global trade and heightened economic uncertainty following US President Donald Trump's tariffs. "While domestic interest rates have eased from their peak at end-2023, they are expected to remain higher than the low levels seen over the past decade," said HDB on Friday. "Given the evolving economic landscape and interest rate environment, households are strongly advised to exercise prudence in their property purchases and borrowing, especially since the property market moves in cycles and those who buy high will be hit harder if prices weaken. "The government will continue to monitor the property market closely and adjust its policies as necessary so as to promote a stable and sustainable property market." Housing affordability and availability have been hot-button issues for voters as Singapore heads into its next General Election, according to analysts. In July, HDB will launch about 5,400 Build-To-Order (BTO) flats in Bukit Merah, Bukit Panjang, Clementi, Sembawang, Tampines, Toa Payoh, and Woodlands. HDB said it would launch more than 50,000 BTO flats from 2025 to 2027, including about 19,600 BTO flats in 2025. "In total, HDB will launch about 130,000 flats from 2021 to 2027, increasing the public housing stock by 11 per cent," it said. HDB added that more resale flats will enter the market, as the number of new flats reaching the Minimum Occupation Period (MOP) will increase, from about 8,000 this year to 13,500 in 2026, and 19,500 in 2028. "As more BTO flats enter the market, they are expected to divert some demand away from the resale segment - particularly among buyers who are willing to wait for new flats instead of paying a premium for resale units," said Singapore Realtors Inc (SRI) head of research and data analytics Mohan Sandrasegeran. "This shift will be further supported by the rollout of flats with shorter waiting times, which offer a middle ground between resale immediacy and BTO affordability". HDB also said on Friday that it will conduct a concurrent SBF exercise offering about 3,000 flats. Including the 5,500 SBF flats already launched in February, this brings the total SBF supply this year to about 8,500 flats, which is the largest since 2017. More details on the new flats to be offered will be shared at the July 2025 BTO and SBF sales exercises, HDB said. Mr Sandrasegeran said the increased supply of flats under the SBF scheme is expected to further absorb demand that would have otherwise flowed into the resale segment. "The upcoming SBF exercise in 2025 will provide more opportunities for home seekers to secure ready or near-ready flats in desirable locations - typically at more affordable prices than comparable resale units," he said. HDB on Friday also reminded prospective flat buyers to have a valid HDB Flat Eligibility (HFE) letter when they submit their flat application. As HFE letter applications tend to peak closer to the sales exercises, interested flat applicants looking to participate in July's BTO and SBF exercises are encouraged to apply for an HFE letter early and submit all the required documents by May 15, 2025. PRIVATE HOMES Urban Redevelopment Authority (URA) data also released on Friday showed that prices of private residential properties increased by 0.8 per cent in Q1 2025, easing from the 2.3 per cent increase in the previous quarter. Prices of landed properties increased by 0.4 per cent in the first quarter of this year, compared to the 0.1 per cent decrease in the last quarter of 2024. Meanwhile, prices of non-landed properties increased by 1.0 per cent in Q1 of 2025, compared with the 3.0 per cent increase in the previous quarter. In the Core Central Region, prices of non-landed properties increased by 0.8 per cent in the first quarter of 2025, compared with the 2.6 per cent increase in the previous quarter. For the Rest of Central Region, prices rose by 1.7 per cent in Q1 2025, compared with the 3.0 per cent in the previous quarter. Prices in the Outside Central Region increased by 0.3 per cent in Q1 of this year, compared with the 3.3 per cent increase in the previous quarter. The Q1 2025 performance "suggests that demand in the private resale segment remains resilient despite macroeconomic headwinds," Mr Sandrasegeran. "Overall, the figures underscore a continued recovery and interest in the resale market, particularly from buyers seeking move-in ready homes amid limited new launch supply." RENTALS For the public housing market, HDB said that the number of approved applications to rent out flats rose by 12.3 per cent in the first quarter of 2025, climbing from 8,603 cases in the previous quarter to 9,662. Compared to the same period last year, this marks a 2.8 per cent increase, HDB said. As at the end of Q1 2025, a total of 59,567 HDB flats were rented out - up 0.9 per cent from 59,043 units in the fourth quarter of 2024. As for the private market, rentals of private residential properties increased by 0.4 per cent in Q1 2025, after remaining unchanged in the previous quarter, URA said. Rentals of landed properties increased by 0.3 per cent in the first quarter of 2025, compared with the 1.8 per cent decrease in the previous quarter. For non-landed properties, rentals increased by 0.5 per cent in Q1 2025, compared with the 0.2 per cent increase in Q4 2024. Ms Christine Sun, chief researcher and strategist at OrangeTee group, said that some companies may slow down their expat hiring in light of the uncertain economic outlook, which may impact the private rental market. 'Nevertheless, the declining supply of completed homes, along with the lowering of interest rates, which helps reduce business financing costs, may mitigate a significant rental price correction,' she said. In the Core Central Region, rentals of non-landed properties increased by 0.4 per cent in Q1 2025, down from the 0.9 per cent increase in the previous quarter. Rentals in the Rest of Central Region increased by 0.4 per cent in Q1 2025, up from the 0.3 per cent increase in the previous quarter. For Outside Central Region properties, rentals increased by 0.7 per cent in Q1 2025, compared with the 0.8 per cent decrease in the last quarter. Huttons' Mr Lee said those economic uncertainties have enhanced the position of Singapore as a safe haven. 'Ultra-high-net-worth-individuals may choose to relocate to Singapore and rent luxury homes in the Core Central Region,' he said. 'In the next two years, the Core Central Region will experience a very low supply of completed homes. Landlords ... may see better growth in rents in the coming years,' he added.
