In 2024, Singapore's landed property market is poised to experience continued interest and growth, buoyed by its appeal as a symbol of prestige and the unique architectural diversity it offers. The market witnessed a 4.5% increase in the landed property price index in the last quarter of 2023.This uptrend underscores the robust demand for luxury and exclusivity inherent to landed properties, despite the broader economic challenges.

The year 2023 saw remarkable transactions, including a record sale at Chancery Lane and noteworthy acquisition by Sustained Land at Dyson Road,signaling vibrant markets characterized by high-profile deals and a keen interest in redevelopment opportunities.

Despite the introduction of cooling measures aimed at moderating the property market,landed property sales have shown resilience. Historical patterns suggest that sales volumes typically rebound 1 to 2 years following the implementation of such measures, driven by a combination of cautious optimism among buyers and the enduring allure of landed homes.

In 2023, the segment recorded 1,452 transactions, reflecting sustained interest despite higher Additional Buyer's Stamp Duty (ABSD) rates potentially impacting foreign investment.The stability and perceived security of Singapore's property market continue to attract the ultra-rich, with a particular focus on high-net-worth individuals (HNWIs) and new citizens who value the exclusivity and investment potential of landed properties.

Geographically, District 19 emerged as a hotspot with the highest number of transactions in2023, illustrating the diverse appeal of landed properties across Singapore's different districts. The trend of HDB upgraders moving into the landed property segment further exemplifies the aspiration for upscale living, spurred by the increasing number of million-dollar HDB resale transactions.

Good Class Bungalows (GCBs) remain the epitome of luxury living in Singapore, representing the pinnacle of the landed property market. Although transactions within this highly exclusive category saw a decrease in 2023, the market for GCBs is believed to be much more active than reported, given the privacy preferences of buyers and sellers in this elite segment. The ongoing demand for GCBs from HNWIs and new citizens underscores their status as not just luxury homes but as coveted investment opportunities, promising stability and potential appreciation in value.

Looking ahead to 2024, the landed property market is expected to maintain its momentum,with sales volumes projected to range between 1,400 to 1,500 units. This outlook is buoyed by the intrinsic appeal of landed homes as lifestyle investments that offer not only a place of residence but a statement of prosperity and a legacy asset. As Singapore continues to attract global wealth and aspires to maintain its status as a safe haven for property investments, the landed property sector is set to remain a vibrant and integral component of the nation's real estate landscape, offering both challenges and opportunities for buyers, sellers, and investors alike.

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Singapore's luxury property market enters 2024 as a beacon of resilience and exclusivity,continuing to draw high-net-worth individuals with its offer of exceptional quality and prestige despite economic shifts and property cooling measures. The Core Central Region(CCR), in particular, has been a hub of activity with an estimated 3,491 units transacted in2023, including 1,448 new home sales and 2,043 resale transactions. This robust activity underlines the segment's allure amid broader macroeconomic challenges and restrictive property measures.

Looking forward, 2024 promises an exciting phase for the CCR with several high-profile launches anticipated, including The Cairnhill, Marina View Residences, Skywater Residences, Newport Residences, and One Leonie Residences. The scarcity of recent launches in the CCR has led to pent-up demand, poised to drive healthy interest from both buyers and investors. Projections for private home transactions are optimistic, with estimates ranging between 3,500 to 4,000 units, reflecting a positive outlook for the luxury property market.

Leedon Green emerged as the best-selling new project launched in the CCR over the first 11 months, moving 131 units at a median price of $2,942 per square foot, signaling sustained interest in premium residences. The luxury market also saw significant transactions, with at least 36 resale condos exceeding the $10 million mark, including a notable sale atGoodwood Residence for $32.0 million. Such transactions underscore the enduring appeal of ultra-luxury condos, tailored to a niche clientele with distinctive tastes and the financial means to pursue such investments.

2024 also heralds the arrival of Skywater Residences, set to become Singapore's tallest building and home to its highest residence. This development is expected to captivate those seeking an unparalleled residential experience, offering luxurious living at new heights with breathtaking views across the Central Business District (CBD). Skywater Residences Epitomizes the trend towards iconic, luxury living spaces that define the city's skyline,blending opulence with a unique residential experience.

Singapore's luxury property market thus stands on the cusp of a transformative year, with demand for high-end residential spaces expected to remain strong. The market's resilience,driven by a combination of local appeal and international interest, positions it for sustained growth and dynamism. As developers ready themselves for a year of significant launches,the luxury property segment is poised to offer new opportunities for discerning buyers and investors, reinforcing Singapore's status as a premier destination for luxury real estate

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The final quarter of 2023 experienced a downturn in Singapore's private property market, with new home sales declining by 43.9% quarter-over-quarter to 1,092 units, contrasting with 1,946 units in the previous quarter. The resale segment also saw a slight decrease, with 2,831 units sold compared to 2,900 in 3Q2023, reflecting a 2.4% decline.

This period's market dynamics were influenced by a limited number of major new launches, with only three primary projects introduced: Hillock Green, J'den, and WattenHouse. This scarcity,coupled with a strategic pullback by developers and the traditional year-end sales slowdown, led to significant reduction in new home sales volume.The best-selling new launch of the quarter wasJ’Den, with 326 units sold, Hillock Green with 124 units sold and Watten House transacting 115 units.These sales figures underline the market's response to new projects despite overall lower activity levels.

An encouraging aspect of the quarter was the decrease in inventory levels of unsold units, especially in the Core Central Region (CCR) and Outside Central Region (OCR), indicating a positive absorption rate and a healthier balance between supply and demand. The inventory of uncompleted unsold units in the CCR dropped from 6,143 to 5,932 units, and in the OCR from 6,134 to 5,928 units,showcasing a robust uptake of properties, likely spurred by high-profile developments.

The Rest of Central Region (RCR) notably outperformed with a 10.9% year-over-year increase in new home sales, totaling 3,031 units in 2023, thanks to several mid-sized and larger projects that resonated well with buyers. This trend highlights the RCR's continued appeal, driven by developments with strategic locations and attractive features.

The overall rental index showed a moderation in growth, easing to 8.7% in 2023 from a significant 29.7% increase in 2022. This change is attributed to the large completion volume of private developments in 2023, with a record-setting 19,968 units (excluding ECs), which helped balance the market dynamics between housing supply and rental demand.

Looking ahead, total new home sales in 2023 reached 6,421 units, a modest decline from 2022, amid property cooling measures, challenging macroeconomic conditions, and high interest rates. The Market Is expected to stabilize in 2024, with sales activities picking up post-Chinese New Year and a series of new project launches anticipated to boost the market. The upcoming completion of private home units and the opening of Stage 4 of the Thomson-East Coast Line are likely to further enhance the property market's appeal and stability in the year ahead.

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In Q4 2023, the HDB resale market observed a slight downturn, with transaction numbers decreasing by 2.2% from 6,695 flats in Q3 to 6,547 flats. This contributed to a 4.2% year-on-year decline in resale transactions for the entire year, totaling 26,735 flats, compared to 27,896 in 2022. The report also notes a moderation in resale prices by 4.9% for 2023, a stark contrast to the 10.4% increase seen in 2022. This moderation is attributed to a combination of the holiday season's usual slowdown and the strategic timing of Build-To-Order (BTO) flat launches in October and December, which diverted potential buyers towards new housing options.

The rental segment of the HDB market experienced growth, with an 8.2% increase in approved applications for renting out HDB flats, rising from 36,166 in 2022 to 39,138 in2023. This uptick suggests a robust demand for rental housing, likely fueled by homeowners opting to rent out their flats amidst the changing market landscape.

A notable trend in 2023 was the significant presence of million-dollar HDB resale transactions, underscoring the enduring appeal of select HDB flats in certain locations. The Year saw 470 transactions exceeding the million-dollar mark, with the vast majority occurring in mature estates. This phenomenon highlights the high value placed on well-located, well-appointed public housing units, suggesting a market segment resilient to broader market shifts.

The report delves into the dynamics of flats becoming eligible for resale after meeting theirMinimum Occupation Period (MOP). A comparative analysis between 2022 and 2023 revealed a marked increase in the proportion of freshly MOP-eligible flats being sold,indicating a growing willingness among homeowners to sell their flats upon meeting theMOP requirements.

Looking forward,we anticipate a crucial role for first-time home buyers in sustaining demand within the HDB resale market. It also outlines the implications of reduced BTOlaunches and the introduction of stricter BTO application regulations, which are expected to influence buyer behavior and potentially redirect some demand towards the resale market.The changes in BTO launch frequency and the application process aim to ensure that available flats are allocated to genuinely interested buyers, thereby maintaining a balanced demand-supply dynamic in the face of decreased new flat availability.

In conclusion, while the HDB resale market in Q4 2023 saw a slight pullback in transactions and price growth, underlying trends such as the increase in rental demand and the persistence of million-dollar transactions indicate a complex interplay of factors shaping the market. The strategic adjustments in BTO launches and policy shifts are poised to influence future market dynamics, potentially steering more prospective homeowners towards the resale market as they navigate the evolving landscape of Singapore's public housing sector.

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In January 2024, the Singaporean real estate market experienced a significant resurgence in new home sales, with developers successfully selling a total of 281 units, excluding ExecutiveCondominiums (ECs), marking a substantial month-on-month increase of 108.1% from the 135 units sold in December 2023. This uptick in sales volume is particularly noteworthy as it signals a robust start to the year, reflecting a heightened interest from buyers and investors in the market.

The inclusion of EC sales further amplifies this growth, with total sales soaring to 588 units inJanuary, a sharp rise from the 152 units (including ECs) sold in the previous month. This surge in sales volume can be attributed primarily to the launch of new residential projects, namely Lumina Grand,Hillhaven, and The Arcady at Boon Keng. These projects, capturing 65.0% of the total sales (includingECs) in January, have significantly contributed to the renewed vigor in the market.

A closer look at the sales distribution across different regions reveals that the Rest of Central Region(RCR) witnessed a remarkable year-on-year increase in new home sales, with a 133.3% rise. The sales in this segment grew from 48 units in January 2023 to 112 units in January 2024. This surge is largely due to the appeal of new launches in the RCR, including The Arcady at Boon Keng, The Landmark,Pinetree Hill, The Continuum, The Reserve Residences, and Grand Dunman, which have drawn considerable attention from the buying and investing public.

Among the new launches, Lumina Grand stood out, selling 271 units and leading the pack. This,together with the performance of other developments such as Hillhaven and The Arcady at BoonKeng, signals a robust demand for new residential spaces. Hillhaven topped the charts in the non-landed development category with 64 units sold at a median price of $2,065 per square foot, whileThe Arcady at Boon Keng saw 47 units sold at $2,574 per square foot. Additionally, the luxury market showed its strength with a penthouse at WattenHouse fetching $12.2 million, or $3,576 per square foot.

Looking ahead, a temporary slowdown in sales is anticipated in February, attributed to the ChineseNew Year festivities. However, the market is expected to regain its momentum with the launch of upcoming projects like Lentoria, The Hillshore, Lentor Mansion, and Marina View Residences. Thisprojection underscores the dynamic nature of the real estate market and its resilience in the face of seasonal adjustments.

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The Government Land Sales (GLS) commentary sheds light on the highly anticipated tender outcomes for Orchard Boulevard and Plantation Close (EC), highlighting the buoyant sentiment and strategic investments in Singapore's property market. Orchard Boulevard, nestled in the prestigiousCore Central Region (CCR), attracted a winning bid of $428.3 million by United Venture Development,a testament to the location's desirability and scarcity of such prime development opportunities. Thisbid underscores the competitive nature of the tender, narrowly surpassing the second-highest bid by2.5%, reflecting developers' eagerness to secure a foothold in this elite enclave.

The Orchard Boulevard site is characterized by its exceptional connectivity, offering easy access to the vibrant Orchard Road shopping district and seamless commuting options via the OrchardBoulevard MRT station on the Thomson-East Coast Line (TEL). The strategic location, coupled with the rarity of new launches in the area, enhances the site's appeal, making it an attractive development prospect poised to cater to the nuanced demands of affluent buyers and investors looking for luxury and convenience.

On the other hand, Plantation Close in the emerging Tengah area garnered attention with a top bid of$423.4 million from Hoi Hup Realty and Sunway Developments. This reflects developers' confidence in the region's growth potential, marking it as a focal point for substantial residential development.The bid for Plantation Close (EC) signifies a strategic move by developers to establish a significant presence in this new residential hub, underpinned by the successful acquisition of adjacent sites and the area's transformative development plans.

The commentary underscores the Plantation Close site's potential to foster vibrant residential communities, leveraging its strategic location and the unique position of Executive Condominiums(ECs) in the housing market. ECs, bridging the gap between public and private housing, offer a blend of premium lifestyle amenities and future privatization prospects, making them a desirable investment for both developers and buyers. The regulated launch timeline for ECs ensures a balanced release of units, aligning with market demand and minimizing competition.

Both Orchard Boulevard and Plantation Close tenders reflect a strategic pursuit of opportunities within Singapore's diverse property landscape, from the high-end luxury market in the CCR to the growing demand for quality housing in new residential areas like Tengah. The successful bids highlight the developers' vision and commitment to contributing to Singapore's urban development,catering to the evolving preferences of residents and investors alike.

In essence, the GLS commentary on Orchard Boulevard and Plantation Close(EC) provides a comprehensive overview of the current state and potential of Singapore's property market. It showcases the strategic considerations and competitive dynamics that drive development and investment decisions in the city-state's real estate sector, illustrating the ongoing demand for both luxury living in central locales and innovative housing solutions in emerging residential communities.

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