Unit at Mon Jervois sold for $2.8 mil profitEdgeProp Singapore-organised event highlights possibility of new cooling measures, BTO launches in housing marketBudget 2021: Singapore may see more property cooling measures, say experts The real estate market in Singapore has been a hot topic recently, with discussions on the possibility of new property cooling measures, incoming supply from government land sales (GLS) sites and Build-To-Order (BTO) launches, as well as potential impacts from Budget 2025 announcements.These were among the top points of discussion at EdgeProp Singapore’s Property Market Outlook event on February 16, moderated by EdgeProp Singapore CEO Bernard Tong and featuring a panel of three industry experts: Alan Cheong, executive director of research and consultancy at Savills Singapore; Wong Xian Yang, head of research, Singapore and Southeast Asia at Cushman & Wakefield; and Song Seng Wun, Singapore economic advisor at CGS International.The event was held at the Elta sales gallery, a new 501-unit project jointly developed by MCL Land and CSC Land Group. The sales gallery opened for public preview on February 7.Get the latest details on available units and prices for EltaIn January, the government indicated that it was “not adverse” to implementing more property cooling measures and that it was not yet time to roll back on existing measures. Developers sold 1,083 new private residential units (excluding executive condos) last month, a whopping 256% increase from last year.If future cooling measures are implemented, Cheong predicts that they will likely apply uniformly across the residential market. The panelists also discussed the possibility of new measures targeting the HDB resale market, which forms the “floor” of the housing market in Singapore and could potentially add upward pressure on prices in the private housing segment, according to Wong.However, Tong pointed out that the government will be injecting a strong pipeline of GLS and BTO supply into the market to meet housing demand. The 1H2025 GLS programme consists of 10 sites on the Confirmed List, which could yield 5,000 new homes, and HDB plans to offer 19,600 BTO flats in 2025.Under the new BTO classification, newly launched Prime and Plus BTO flats will take about 14 years to enter the resale market, with Wong adding on that prices in the resale market tend to follow project completions and HDB estates completing their minimum occupation period (MOP) rather than the pipeline of GLS sites up for tender each year. Cheong also adds that while GLS supply may have some impact on prices, project completions are more likely to affect prices instead.With that said, all three panelists agree that the recent successes in the new launch market indicate strong buyer confidence in projects set to hit the market this year. For instance, Elta drew about 4,500 visitors during the first three days it was open to the public. Other new launches so far this year include The Orie and Bagnall Haus, which experienced strong selling rates of 86% and 63% at launch, respectively.Read also: Budget 2025: Over 50,000 new HDB flats to be launched in the next three yearsSong notes that despite the pandemic-induced recession, Singapore has seen a relatively strong economic recovery, with further assistance expected as 2025 is an election year. He believes that Singaporeans can expect more handouts funded by government surpluses stemming from healthy government revenue collections in the past three years.The panellists also took questions from the audience. Some participants questioned whether the residential property market is in a “euphoric” phase, to which Cheong commented that this sentiment will likely subside as developers strategically time the launch of new projects. He adds that several launch-ready projects are in neighbourhoods that have not seen a new launch in several years. “If a specific location does not see a new launch in around five or six years, demand tends to build up over that time,” he says.Some investors asked for the panelists’ opinion on the rental market this year, which has slowed since its peak two years ago. Cheong says that while the total number of expatriates in Singapore has indeed declined in the past year, the total volume of rental transactions saw a slight uptick in 2024, potentially due to lower rental prices in the market. He adds on that falling rents likely encouraged some renters to stop flat-sharing and to find their own accommodation, offsetting layoffs among technology and finance companies this year and moderating rental price growth as a result.During the event, Tong also covered upcoming transformation plans for Clementi and Jurong East under EdgeProp’s Master Plan Master Class. He noted that the completion of the second phase of the Cross Island Line (CRL) will add a new MRT station (West Coast) and turn the existing Clementi station into an interchange — a development that Tong says “will have a positive impact on surrounding property prices”.Other transformation plans in Clementi include the redevelopment of Clementi Stadium and the addition of over 6.6km of cycling paths throughout the area. Meanwhile, housing demand in Clementi could potentially benefit from the progressive development of the Jurong Lake District, as well as new jobs created in the nearby Tuas megaport, Tuas Biomedical Park, Jurong Island, and Jurong Innovation District.Data compiled by EdgeProp Singapore shows that the average age of existing condos in Clementi is about 17 years. Tong observes that recent new projects in Clementi have reaped strong capital gains over the years, including Clavon (24% uptick since launch) and The Clement Canopy (43% price growth since launch) — both projects are located next to Elta.EdgeProp Singapore’s suite of property tools could also help owners, buyers, and sellers understand market and price trends, such as HDB resale prices, analytics of profitable transactions, and upcoming GLS sites, should they be interested in the Elta properties.Ask BuddyMost unprofitable condo transactions in past 1 yearCompare price trend of HDB vs Condo vs LandedGenerate price trend graph for new launch condo in District 5Compare price trend of New sale condo vs Resale condoLanded transactions with the highest profits in the past year
At EdgeProp Singapore’s Property Market Outlook event on Sunday, Feb 16, the possibility of new property cooling measures, incoming housing supply from GLS sites and BTO launches, and any potential impacts from Budget 2025 announcements were among the key topics of discussion. The panel, moderated by EdgeProp Singapore CEO Bernard Tong, saw three industry experts share their perspectives: Alan Cheong, executive director of research and consultancy at Savills Singapore; Wong Xian Yang, head of research, Singapore and Southeast Asia at Cushman & Wakefield; and Song Seng Wun, Singapore economic advisor at CGS International. The event was held at the Elta sales gallery, a new 501-unit project by MCL Land and CSC Land Group that opened for public preview on Feb 7. Check out the latest listings for Elta properties In January, the government had hinted at the possibility of implementing more property cooling measures, with no plans to roll back on any existing measures. This came as developers sold 1,083 new private residential units (excluding executive condos) last month, signifying a 256% increase from the previous year. If the government does indeed implement new cooling measures in the future, it is likely that they will apply uniformly across the residential market, predicts Cheong. The panel also discusses the potential of targeting the HDB resale market with new measures, as it forms the “floor” of Singapore’s housing market that could add upward pressure on prices for private housing. In a show of support for this, Wong explains that government intervention has historically been more focused on HDB resale prices than the private housing market. On the other hand, Tong points out that the government is continuously injecting new housing supply into the market, with another 10 GLS sites on the confirmed list and 19,600 BTO flats to be offered in 1H2025. He also adds on that GLS sites up for tender each year are unlikely to affect prices and that project completions may have a stronger impact on prices instead. The panel builds on that and shares sentiments from recent successes in the new launch market, indicating strong buyer confidence in projects that will be released later this year. For instance, Elta drew about 4,500 visitors within the first three days of its public preview, with other new launches, such as The Orie and Bagnall Haus, also experiencing strong selling rates of 86% and 63% at launch, respectively. Read also: Budget 2025: Over 50,000 new HDB flats to be launched in the next three years Song notes that despite the pandemic-induced recession, Singapore has seen a relatively strong economic recovery, with further assistance expected as 2025 is an election year. He believes that Singaporeans can expect more handouts funded by government surpluses stemming from healthy government revenue collections in the past three years. The panellists also took questions from the audience. Some participants questioned whether the residential property market is in a “euphoric” phase, to which Cheong commented that this sentiment will likely subside as developers strategically time the launch of new projects. He adds that several launch-ready projects are in neighbourhoods that have not seen a new launch in several years. “If a specific location does not see a new launch in around five or six years, demand tends to build up over that time,” he says. Some investors also requested the panelists’ opinion on the rental market this year, which slowed from its peak two years ago. “