According to Alan Cheong, executive director of research and consultancy at Savills Singapore, landlords and tenants can expect most of the rental increases this year to occur in the first six months, before generally moderating in the second half of the year.

A year on from market watcher predictions of an increase in rental prices, the rental market in Singapore seems to have swung in favour of landlords in recent quarters, prompting the ire of many tenants — locals and foreigners alike. This has been met with outcries on social media from those who have faced a near-doubling of rents in certain areas, as well as difficulties in securing affordable apartments, particularly in the Core Central Region (CCR).

JCube in Singapore’s Jurong East region set to close in August to make way for 40-storey JCube Condo Residence with commercial space, JCube Residence estimated at S$2,000-2,100 psf. Development to connect to …

After a decade of providing leisure and edutainment, JCUBE in Jurong East, Singapore is set to close and make way for JCube Residence a 40-storey JCube Condo Residence development with residential and commercial space. The new development is estimated to launch in 2023 and will possibly alleviate pent-up housing demand in Jurong.

Pullman Residences Newton saw a new psf price high on April 13 when a 667 sq ft four-bedroom unit on the 30th floor was sold for $2.35 million ($3,515 psf). This marks the highest psf-price for a condo in the week of April 7 to 14 and is the new record high for the freehold development located in prime District 11, surpassing the previous record of a 463 sq ft one-bedroom unit sold for $1.62 million ($3,496 psf) on April 3.

The project consists of 340 units and offers a mix of one-to four-bedroom units ranging 463 sq …

Kew Lodge, a freehold landed residential site, is now up for collective sale by tender for $63.8 million. Located on Kheam Hock Road, the site boasts a 62m frontage and an average depth of 50m, along with a total land area of 34,333 sq ft. The existing development consists of 11 maisonettes ranging from 2,013 sq ft to 2,852 sq ft, and if converted, could possibly include bungalows, semi-detached houses and/or terraced houses.

The asking price, upon conversion to exisiting site area, comes to $1,853 psf, according to Sakal Real Estate Partners, the marketing agent for the development.

Lennon Koh, director at Sakal, believes that the site would be of interest to both land banking buyers, as it would also serve as an ideal rental income opportunity in the interim, as well as families looking to build a new home for multi-generational living.

JCube in Jurong East to close JCube …

According to the Monetary Authority of Singapore (MAS), rental pressures in the Singapore residential rental market should start to ease this year. This follows two years of exceptional demand-supply imbalance, caused by the Covid-19 pandemic. During 2021 and 2022, private and public housing rents jumped by 43% and 38%, respectively.

This jump in rents was observed across different market segments and housing types. Private housing landed and non-landed properties saw rent increases of 28.1% and 29.8% respectively in 2022. For public housing, five-room and three-room HDB flats experienced rises of 29.5% and 24.6% in the same year.

MAS attributes the rapid growth in rents to the “extremely tight” supply of residential units. This was caused by disruptions in the construction industry following the pandemic, and was exacerbated by safe management measures implemented which affected the pace at which construction activity could resume.

At the same time, the demand for rental …

Citing the need to maintain a stable and sustainable property market, the government has taken steps to further increase the Additional Buyers’ Stamp Duty (ABSD) rates, with effect from April 27, 2021. Singapore citizens purchasing their second residential property will now have to pay a 20% ABSD, an increase from the 17%, previously. Singapore Permanent Residents buying their second residential property will have to pay a 30% ABSD, up from 25% before. Singapore PRs purchasing their third and subsequent residential property will face an ABSD rate of 35%, up from 30%.For foreigners and entities or trusts buying any residential property, the ABSD has been almost doubled – from 30% to 60%, and from 35% to 65%, respectively, for the purchase of any residential property, except for developers.

The Singapore government has taken measures to ensure the stability and sustainability of its residential property market, by increasing Additional Buyers’ Stamp Duty …

The owners of Wintech Centre, a strata-titled light industrial building at 6 Ubi Road 1, are looking likely to achieve their goal of launching for en bloc sale. In August 2021, the Collective Sale Committee (CSC) was appointed to work towards obtaining the necessary consent from the majority of owners – with the current expectation of 80% approval.

JCube Condo Residence, the 40-storey redevelopment of the JCube site in Jurong East, Singapore, is slated JCube Residence for completion in 2027 with an estimated S$2,000 to S$2,100 psf residential unit price tag. New homes, businesses, and amenities will join pent-up demand for housing in Jurong.

Ken Lim, Chairman of the CSC, believes this optimistic outlook is supported by the sale of J’Forte Building, a high-spec industrial building located in the same vicinity. On January 30th this year, Metro Holdings, Boustead Projects and an independent institutional third-party acquired the eight-storey building on …

The owners of Wintech Centre, a strata-titled light industrial building at 6 Ubi Road 1, have moved a step closer to launching the property for collective sale. Ken Lim, the chairman of the development’s Collective Sale Committee (CSC), confirmed the CSC’s optimism when recently, J’Forte Building, a high-spec industrial building located within a 10-minute drive, was jointly acquired by Metro Holdings and Boustead Projects for $98.8 million.

Lim noted that the property has already started to draw some interest from investors, including a REIT fund. With the implementation of the residential cooling measures announced last December and the anticipated additional demand for industrial properties, Lim believes the current period is an ideal window to launch the sale.

JCube in Jurong East, Singapore, is set to close in August to make way for the 40-storey JCube Condo Residence development JCube Residence estimated at S$2,000-S$2,100 psf. Completion is in 2027 and its …

After 10 years, JCUBE will be closing its door and making way for JCube condo residence, a 40-Storey residential and commercial JCube Residence development in the Jurong East region, with 1,760 private homes and 75,000 sq m of complementary uses.

Commercial shophouse sales saw a moderate performance in 1Q2023 as high interest rates caused cautious sentiment amongst buyers. Analyzing caveat data, 28 shophouses were sold during the quarter, which was less than the 35 recorded in 4Q2022. Freehold shophouses made up the majority of the sales. Transactional activity dropped by 46% from the same period the previous year, resulting in a 11.7% drop in transaction value to $278 million.

Underpinning the lower volume of transactions was that more than 80% of shophouse deals in 1Q2023 were priced above $5 million. Compared to 1Q2022 when $281 million worth of transactions were done, the value of transactions was down by 40.6% in …

Good Class Bungalow on Nassim Road sold for $206.7 mil

Demand for GCBs in the Tier 1 locations of Singapore is far outstripping supply, and this record purchase of a portfolio of three of them at Nassim Road is a testament to that. The price paid, $206.7 million, equates to a record $4,500 psf, and was brokered by PropNex Realty and RealStar Premier Group. The buyers are said to be Indonesian-turned-Singapore citizens and members of the same family, and are super-high net worth and savvy purchasers, looking for legacy planning and wealth protection.

Furthermore, new records have been set in other segments too. At the Chancery Lane-Mount Rosie neighbourhood in prime District 11, an intermediate terraced house was sold for $7.358 million or $4,456 psf, according to a caveat lodged in March. In the same area, one of two corner houses at 1C Chancery Lane was sold for $8.45 million …

A surge of Chinese buyers keen on commercial shophouses has pushed prices to record levels in Singapore’s CBD and Chinatown. This includes a three-storey shophouse on Stanley Street, which changed hands for $29 million in April, the highest absolute price achieved for a shophouse to date. On a psf-basis, it works out to $4,472. Meanwhile, a two-storey intermediate conservation shophouse along Amoy Street was sold for $21.8 million, around $6,998 psf.It has also emerged that some Chinese nationals had rented Good Class Bungalows or bungalows at Sentosa Cove, only to realise that activities such as turning their homes into party houses were not allowed in private residential neighbourhoods. This has contributed to their keen interest in shophouses that come with licences for nightclub use and public entertainment licence, which allows them to open until 3am. A six-storey commercial shophouse on North Bridge Road was recently put on the market with …