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The Singapore property market has seen tremendous growth in prices for the last forty plus years. Prices of private non-landed properties in Singapore have grew more than 17 times or more than 1,600% since 1975 (see Figure 1). In each property cycle, the peak in prices is always higher than the previous peak.
Besides capital gains, investors also have the opportunity to earn passive income by renting out the property. This makes investing in property a very attractive proposition.
Figure 1: Singapore Private Property Non-Landed Price Index
Property does not suffer from great swings in prices compared to the gold and stock markets (see Figures 2 to 3). The Singapore Government also ensures that speculation in properties is kept minimal with measures such as Seller Stamp Duty (SSD) and tighter Loan to Value (LTV) ratio for 2nd or subsequent property loan.
Figure 2: Gold Price Movements
Figure 3: Straits Times Index
Why did we see such phenomenal price growth in the property market? It can simply be put down to three main reasons – sustained economic growth, meticulous planning and continuous investment in infrastructure.
Singapore has seen its transformation from a third world economy to a first world economy in less than fifty years. The wealth created has enabled residents to own their homes. Our Concept Plans and Master Plans are updated regularly so that our scarce land resources are judiciously planned and allocated. This gives clarity to everyone from businesses to homeowners. Lastly, the Government continuously invests huge amount of resources to improve the infrastructure like MRT network, amenities and greenery so that the country is ever improving and residents’ living environment get upgraded.
The Impact on Singapore’s Real Estate
It takes time for plans and investments to be implemented and felt on the ground. In the last five years, these five districts had high price growth up to 15% every year:
• District 2 (Chinatown / Tanjong Pagar)
• District 3 (Alexandra / Commonwealth)
• District 7 (Beach Road / Bugis / Rochor)
• District 14 (Eunos / Geylang / Paya Lebar)
• District 20 (Ang Mo Kio / Bishan / Thomson)
The rejuvenation of District 2 began with the sale of a white site above Tanjong Pagar MRT station in 2010. The iconic mixed development comprising of Wallich Residence and Tanjong Pagar Centre was completed in 2017, redefining the entire area and uplifted property prices as well. With more plans in store under the 2019 Master Plan, we can expect to see more transformation later.
District 3 is one of the earliest housing estates in Singapore and has always been popular with buyers for its proximity to the city. With the Greater Southern Waterfront Transformation at its doorstep, its popularity is further enhanced.
Earmarked for transformation under the 2008 Master Plan, District 7 will have more mixed used developments and an MRT interchange at Bugis. Duo Tower and Duo Residences, a mixed development by M+S kickstarted this. More developments are undergoing and will rejuvenate the whole of Bugis.
Paya Lebar in District 14 was identified to be a sub-regional centre under the Government Master Plan as part of the decentralisation strategy to bring jobs closer to home. This area is conveniently located with a 10 to 15 minutes to the Central Business District and Changi Airport.
Similarly, Bishan in District 20 was designated to be a sub-regional centre as well. Bishan has only 172 ha out of 690 ha of land area set aside for residential purpose. There is limited availability of land for homes. With its central location and ease of accessibility to different parts of the island, Bishan is a sought-after area for buyers. In the 2019 Master Plan, the Government has rezoned two large parcels of land beside Junction 8 to commercial, reducing the amount of land for future homes.
There are more new plans taking place in these five districts, and it is possible that residential homes will continue to enjoy potential upside in coming years. So what are some developments in these districts for you to explore? Check them out below!
District 2 (Chinatown / Tanjong Pagar)
Sky Everton
Reshape the way you live, work and play with this freehold development. Residences to the north will experience unparalleled views of the Singapore city skyline while residences to the south will enjoy stunning views of the sea and beyond. Tanjong Pagar Centre, 100 AM, Marina Bay, VivoCity and the CBD are minutes away by car. In addition, the future Cantonment MRT station is just at your doorstep.District 3 (Alexandra / Commonwealth)
ARTRA
Crafted by a team of award-winning designers, this development is a masterpiece of aspirations and artistry. It is also well positioned at the fringe of the city, being next to Redhill MRT station. Residents will have ease of commute with arterial roads and expressways to major business hubs, numerous schools, and popular retail malls. The Alexandra Park Connector runs along the scenic Alexandra Canal, from the peaceful Tanglin Road to the popular Zion Riverside Food Centre, for a healthier lifestyle.
Avenue South Residence
Living in the now, waiting for the future. With plans for the new Greater Southern Waterfront, residents staying here have so much to discover over the years. Furthermore, you can enjoy seamless connectivity to Marina Bay, CBD & Sentosa. There’s biodiversity like no other along the Rail Corridor and Mount Faber Park. Attractive pricing for this magnificent development is waiting for you too.
One Pearl Bank
This iconic masterpiece is set to be the tallest residential development in the Outram-Chinatown district in Central Singapore. It is just minutes’ walk away from Outram MRT station and suitable for families looking to reside in a beautiful environment with strong communal spirit. Shopping malls, trendy cafes and bars add excitement to the area as well. There is also growth potential for this project which sits at the forefront of the SGH Campus transformation.Rivière
Rivière comprises of two gleaming towers of luxury residential apartments, rising 36 storeys above by the Singapore River. Residents can enjoy superb convenience that is a mere phone call away for bespoke services to cater to everyday needs; from concierge to housekeeping and laundry services. Experience a truly sophisticated lifestyle at that the Rivière!Stirling Residences
This high-rise residential condominium in the matured estate of Queenstown offers lovely city skyline views. There are 80 facilities including a childcare centre and concierge service for residents to indulge in. Anchorpoint, IKEA Alexandra and Queensway Shopping Centre are nearby. Several primary schools and Queenstown MRT station are in the vicinity, great for families and young couples.The Landmark
The Landmark is the rebirth of an iconic building in Singapore, The Landmark Tower. Seated on top of a hill, this 39-storey project allows you 360 panoramic views like no other, offering you the sights of Singapore river and the sea down south. With a multitude of amenities and facilities at your doorstep you will be spoiled for choice with the retail, dining and night-life options. A short stroll to Chinatown MRT station which connects you easily to the city via the North-East Line.District 7 (Beach Road / Bugis / Rochor)
Midtown Bay
The residences at Midtown Bay will enjoy the flexibility to live, work and be entertained at home in unprecedented ways. There will be a first-of-its-kind business and social club – Midtown Hub, consisting of private office suites, networking lounges as well as meeting and conference facilities. Guoco Midtown truly offers the buzz of city life with an array of restaurants, weekend markets, festivals and cultural events that residents can look forward to.The M
This project is set to electrify the Bugis District. Nestled in the heart of city, The M allows you a multitude of lifestyle choices. Be surrounded by culture with the Art Museum, National Library and heritage architectural buildings in close vicinity. Be in a world of convenience with a plethora of retail and dining options at Bugis Junction and Bugis Village plus various MRT lines!
Midtown Modern (Launch Details TBC)
This site is located next to Bugis MRT station and can potentially yield up to 580 residential units. The development will offer much vibrancy being in the heart of Bugis with Bugis Junction, Bugis+, Bugis Village and other entertainment outlets just nearby. Keep a lookout for its launch!
South Beach Residences
South Beach Residences is a landmark home perched atop the JW Marriott Singapore South Beach. At level 22, residents can relax in the jacuzzi or 50m lap pool, making this development an abode at the height of luxury. Located within the Civic District, you can truly enjoy Singapore’s historical, architectural and cultural heritage. The Esplanade MRT and City Hall MRT stations can be directly accessed from South Beach too.District 14 (Eunos / Geylang / Paya Lebar)
Arena Residences
Arena Residences will be your perfect springboard to current and future attractions – from the Singapore Sports Hub to Paya Lebar Commercial Hub, the rejuvenation of Kampong Bugis and Kallang Riverside. The Civic District and CBD are minutes’ drive away. Residents can also indulge in numerous eateries around the Mountbatten and Dakota neighbourhoods.Parc Esta
Parc Esta enjoys superb city-fringe location with Eunos MRT station at its doorstep and is just 1 stop away from the Paya Lebar sub regional centre. Be spoiled for choice for learning institutes and food choices in the East with comprehensive facilities spread over a 200-metre-long garden and waterscape within the development.Rezi 24
This project is masterfully designed with iconic Communal Gardens on every level, and direct access for selected units to the swimming pool. Located at Lorong 24 Geylang close to Dakota MRT station, famous food centres such as Geylang Serai Market & Food Centre and Old Airport Road Market & Food Centre will simply delight residents with the sumptuous range. For retail and sports options, City Plaza, Kallang Leisure Park and the Singapore Sports Hub are also within 2 km.Tedge
Tedge is a freehold project at Telok Kurau with exclusive 42-units made out of 2 to 4-bedrooms, in an enclave surrounded by low-rise private housing. It brings together the best of the east — chill lifestyle of Joo Chiat and Katong to its left, East Coast Park to its south. Residents can also look forward to enjoying chic cafes, restaurants and shops on the ground floor.The Antares
Nestled in the heart of Mattar road, The Antares lights up the tranquil neighbourhood with its contemporary and timeless architectural designs. Units also come with high ceilings, smart-home system, and quality fittings and appliances by Duravit and Bosch. It is only a minute walk away via a sheltered walkway to the Mattar MRT station on the Downtown Line.District 20 (Ang Mo Kio / Bishan / Thomson)
JadeScape
JadeScape will be built to spark awe, with seven peaks that strike the silver edge of the sky and a total of 1,206 units. This project is located at Shunfu Road, within the central region of Singapore. A huge upside is the convenience of getting around the island-city easily and seamlessly, with Marymount MRT station a mere 3 minutes’ walk away. Each unit also comes with a console and mobile app that make it easy and convenient to control all the smart features in the home, perfect for the technologically savvy.Lattice One
Located along Upper Thomson Road, Lattice One is a freehold five-storey residential development which is opposite Sembawang Hills Food Centre and Jalan Leban eateries. It is accessible to the upcoming Mayflower and Bright Hill MRT stations, and within 1-2 km from popular educational institutions such as CHIJ St Nicholas’ Girls School, Ai Tong School and Mayflower Primary School. Residents can also enjoy a tranquil lifestyle at Lower Pierce Reservoir and Bishan park.—
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