Month: December 2024

In 1Q2025, Singaporeans and upgraders will have more options to choose from, with three new executive condos (ECs) set to be launched. Sim Lian Group’s Aurelle of Tampines is set to lead the way, with a total of 760 units located in Tampines Street 62. The launch is expected to take place after the Lunar New Year, following the success of the 846-unit Emerald of Katong, which has now sold over 99%. In October 2023, Sim Lian Group secured the site at Tampines Street 62 (Parcel B) for $543.28 million in a government land sales (GLS) tender.Considering the rising costs of construction and the resulting impact on gross floor area (GFA) definitions, PropNex CEO Ismail Gafoor predicts that Aurelle at Tampines could surpass the $1,600 psf threshold and set a new price benchmark. This is supported by the success of Novo Place EC, which was launched in November and achieved …

When purchasing a condo, one must not overlook the importance of its maintenance and management. Condominiums generally have maintenance fees that include the upkeep of shared spaces and amenities. These fees may contribute to the total cost of owning a condo, but they also guarantee that the property stays in top condition and maintains its value. To make the investment less demanding, hiring a property management company can assist in managing the day-to-day tasks of condo ownership. With the guidance of Singapore Projects, investors can have a more hands-off approach to their condo investment.

after 27-year holdCapital gain of 131% for this four-bedder at Ardmore Park after 23-year holdCondo Spotlight: Ardmore ParkDwelling FactorByline: Resale transactions at Ardmore Park, a high-end freehold condo in prime District 10, have been some of the most lucrative deals of 2024. Located in the prestigious Ardmore-Draycott enclave, the luxury development has accounted for the …

In the world of the ultra-rich, the Good Class Bungalows (GCBs) market has shown exceptional performance this year compared to 2023, according to Han Huan Mei, director of research at List Sotheby’s International Realty. As of December 20, data from URA Realis reveals 22 GCB transactions worth a total of $612.05 million. In addition, there were 13 more GCB deals worth over $700 million completed this year, without caveats lodged, as buyers preferred to remain anonymous. This brings the estimated total for 2024 to 35 GCB transactions, amounting to a whopping $1.32 billion, according to List Sotheby’s estimates. This surpasses the previous high of $1.186 billion recorded in 2022.

Comparatively, 2023 only saw 18 GCB transactions, totaling $432.5 million – the lowest number of deals since URA Realis began tracking data in January 1995. “The additional deals in 2024 show that the GCB market has been more active compared to …

Singapore’s capital market property deals estimated to reach $25.8 billion cash in 11 months

According to Wong Xian Yang, head of research for Singapore & Southeast Asia at C&W, the total value of capital market property deals in Singapore is expected to reach $25.8 billion between January and November this year. This represents a significant 40.2% year-on-year increase from the $18.4 billion recorded in 2023. C&W defines capital market transactions as deals with values exceeding $10 million.

Wong states that nearly 60% of the capital market deals were transacted in the second half of 2024, driven by growing investor appetite and increased confidence in interest rate cuts by the US Treasury. Three deals exceeding $1 billion were made in 2024, all of which were transacted in the second half of the year.

The highest-value transaction by absolute price was the sale of a 50% stake in ION Orchard mall for …

Rental forecasts for Singapore’s retail property market may be dampened by weaker-than-expected consumer spending towards the end of the year, according to Alan Cheong, executive director of research and consultancy at Savills Singapore. He points out that the year-on-year change in the monthly retail sales index (excluding motor vehicles) and food and beverage (F&B) sales index has been mostly negative throughout most of 2024. As a result, Cheong predicts that retail properties in the prime Orchard Road submarket may only see a 2% increase in rents for the full year, falling short of initial expectations of 3% to 5% growth.

However, Cheong expects suburban retail rents to remain flat for the rest of the year, aligning with his original rental forecast for this segment. A joint research by DBS and Singapore Management University (SMU) found that consumer concerns over higher-than-expected inflation have moderated in recent quarters, with expectations remaining stable …

2024 has proven to be a difficult year for the global luxury goods industry. The ongoing macroeconomic uncertainty and rising prices of luxury brands have caused consumers to cut back on their spending.

According to a recent report by Bain & Company, the sales of personal luxury goods are expected to decline by 2% globally this year. In China, the largest market for luxury goods, the decline is estimated to be as much as 20-22%. Companies like Richemont Luxury, LVMH, and Moncler Group have reported a slight decrease in earnings, while Kering has seen more significant declines.

However, outliers like Hermes and Prada Group, which also owns Miu Miu, have seen double-digit earnings growth, bucking the trend for the rest of the industry.

Despite these challenges, Singapore remains an important market for luxury brands. According to Euromonitor, sales of luxury goods in the country grew by 11% in 2023, reaching …

V-ZUG is a Swiss brand that values simplicity and quality above all else in its approach to product design. While the world of interior design is constantly changing with new trends, V-ZUG stands out for its timeless philosophy.

For over a century, V-ZUG has been a favorite among developers and designers of luxury homes. Its appliances can now be found all around the globe, from its home base in Switzerland to cities like Shanghai, London, and Singapore.

The brand’s focus on sleek lines is evident in all of its appliances, which seamlessly blend durability and elegant design. This has set V-ZUG apart from the competition and has made it a staple in modern kitchen designs, where tradition and quality meet contemporary aspirations.

At the core of V-ZUG’s approach is a commitment to craftsmanship and quality control. All of its products are handcrafted in Switzerland and undergo extensive testing by engineers …

On December 4, VisionPower Semiconductor Manufacturing Company (VSMC) held a groundbreaking ceremony for its new $7.8 billion wafer manufacturing facility in Tampines. The plant, which is expected to start initial production in 2027, will produce 55,000 wafers per month by 2029 and create around 1,500 jobs. VSMC is a joint venture between Taiwan’s Vanguard International Semiconductor Corporation and the Netherlands’ NXP Semiconductors, with a 60:40 stake.

However, VSMC is not the only company expanding in Singapore. In March, Japan’s Toppan Holdings began construction on a factory in Jurong Lake District that will produce semiconductor packaging materials. The project, estimated to cost $450 million, is expected to be completed in the near future.

According to Knight Frank Singapore’s head of research Leonard Tay, many chipmakers and related businesses are setting up manufacturing plants and research and development campuses in Singapore in order to strengthen their supply chain resilience. He states that …

Huttons Asia CEO Mark Yip says the first half of 2024 was sluggish in the property market, with the lowest number of units launched for sale since 1H1996. Sales volume mirrored this trend, with just 1,889 units sold — the lowest since 1996. However, the tides began to turn in the second half of the year, with strong sales momentum following the Lunar Seventh Month. Projects like Kassia on Flora Drive and 8@BT at Bukit Timah Link saw high take-up rates, and the 348-unit Norwood Grand in Woodlands even set a new benchmark for the area by surpassing the $2,000 psf threshold. November saw a record-breaking six new projects launched, bringing developer sales for the year to over 6,300 units, surpassing the sales in 2023. Some speculate on the possibility of further cooling measures, but Chia Siew Chuin, head of residential research at JLL, believes this is unlikely unless there …

Revised:

The Rest of Central Region (RCR) and Outside Central Region (OCR) have dominated the list of best-selling new launches in 2024, driven by high demand from upgraders and a strong HDB resale market, according to Mark Yip, CEO of Huttons Asia.

November saw three of the top 10 best-selling projects being launched, with Emerald of Katong emerging as the top-selling project of 2024. Within just two days of its launch on Nov 15-16, the 846-unit, 99-year leasehold development sold 99% of its units, leaving only six available units as of Dec 17. Homebuyers can now search for the latest New Launches to find out about transaction prices and available units.

Next on the list is Chuan Park, a 916-unit development that sold 696 units (76%) on its launch day on Nov 10. As of Dec 17, the project has been 79% sold. The surge in sales can be attributed …