HDB announces increased Build-To-Order flat supply and moderated resale price index in 2Q 2023

Singapore’s Housing Development Board plans to increase Build-To-Order flat supply in 2023, while the Q2 2023 Resale Price Index shows moderated growth in resale prices.

Private residential property index decreased by 0.4% in 2nd Quarter 2023, URA flash estimate reports

The Urban Redevelopment Authority reports a 0.4% decline in private residential property prices in Q2 2023. Despite this, sales transaction volume increased by 16%, buoyed by increased unit launches.

50-year-old Tiong Bahru HDB resale flat sets record with S$1.5m sale

A 50-year-old 4-room HDB resale flat in Tiong Bahru sold for a record S$1.5 million, marking the highest price ever for such a property in Singapore.

Singaporean tourist shared harrowing ordeal of being trapped in malfunctioning lift at JB Hotel

A Singaporean tourist’s terrifying encounter with a sudden lift drop at Johor Bahru’s KSL Hotel & Resort raises serious concerns over safety measures. The tourist recounted how, with no help forthcoming, those inside the lift took a daring risk to forcefully open the door.

48 semi-detached houses at Eleven @ Holland with average price of S$3.74 million, sold out within 3 days

Following the liquidation of Clydesbuilt (Holland Link), 48 semi-detached houses in Holland Link, Singapore were listed for sale and swiftly bought within three days. The units were priced below the average resale price for similar properties in District 10, drawing significant interest, with some buyers purchasing up to ten houses despite a 30% Additional Buyer’s Stamp Duty (ABSD). Clydesbuilt (Holland Link), along with property developer Victor Ow, were previously ordered by the High Court to pay S$87 million in profits from developing the project to Innovative Corp.

DPM Wong’s remark on BTO flat prices “moving in tandem” with income draws backlash from netizens

Deputy Prime Minister Lawrence Wong addressed housing affordability concerns in Singapore, insisting that public housing remains accessible and affordable. He cited the rise in median household incomes in tandem with BTO flat prices and available housing grants. However, netizens criticized Mr Wong’s remarks as disconnected from reality, pointing to the high inflation and struggling families unable to meet housing and living expenses.

URA reports significant growth in private residential property market for 1st Quarter 2023

URA’s Q1 2023 report shows a significant increase in Singapore’s private residential property prices and rentals. Prices rose by 3.3%, with landed properties jumping 5.9%. CCR and RCR non-landed properties saw increased prices, and OCR rebounded. Rental growth moderated for non-landed properties, while landed rentals surged. Developer sales improved, and the government increased private housing supply to promote a sustainable market.

Desmond Lee expounds on rationale behind hike in ABSD as pre-emptive measures to manage property Investment demand

Minister Desmond Lee explains the hike in Additional Buyer’s Stamp Duty (ABSD) rates is to pre-emptively curb local and foreign investment demand in Singapore’s residential properties. T he ABSD increase, effective from 27 April, aims to prioritize housing for owner occupation and dampen investor demand. The most significant increase affects foreigners, with the ABSD rate doubling from 30% to 60%. Minister Lee emphasized the need to calibrate rates to effectively dampen investments from abroad, while also acknowledging the price sensitivity of locals to ABSD adjustments. The measures come as foreign interest in Singapore’s residential property market is starting to rebound.

Singapore doubles ABSD to 60% for foreign property buyers in effort to “prioritise housing for owner-occupation”

Singapore announced increased Additional Buyer’s Stamp Duty (ABSD) rates to promote a sustainable property market which will take effect from 27 April. Foreigners buying residential property will see ABSD rise from 30% to 60%, while entities will face a raise from 35% to 65%. Singapore citizens and permanent residents will also experience rate increases. The government says that it aims to manage investment demand and ensure housing supply meets demand. The ABSD rate adjustments will affect approximately 10% of residential property transactions. Transitional provisions will apply to certain cases.

Chinese investors drive spike in Singapore’s conservation shophouse transaction, prices surpass $7,000 psf

During an interview with EdgeProp.sg, Loyalle Chin, the director of PropNex ShophouseHuat and associate group division director of PropNex Realty, observed that “a fresh wave of overseas investors, including those from China”, who are driving up prices for commercial shophouses in Singapore’s CBD. In early April, a 999-year leasehold, two-storey intermediate conservation shophouse along Amoy Street was sold for $21.8 million, which is $3.112 million (16.65%) higher than its last sale in November 2022. The buyer, NC Properties, is said to be linked to Hong Kong’s New Century Group and has invested in conservation shophouses in the Telok Ayer and Circular Road neighbourhood.