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The Reef at King's Dock is a luxury waterfront condo that appeals to high end buyers which features Singapore's first 180-metre floating deck in a residential condo situated right inside The Greater Southern Waterfront District
Singapore has experienced significant economic growth in recent decades, which has led to an increase in disposable income and wealth among its citizens. As a result, there has been a growing demand for luxury goods and services, including high-end homes.
More Singaporeans are buying upmarket luxury condo properties costing at least $5 million from the Core Central Region (CCR) and the Rest of Central Region (RCR). Many affluent Singaporeans view high-end homes as a symbol of success and achievement. Owning a luxurious property can provide a sense of status and prestige, and can be a way for individuals to showcase their wealth and social standing. High-end homes may also be viewed as a sound investment opportunity, as Singapore's property market has historically been seen as a safe and stable investment.
"Rising affluence has played a significant role in boosting the demand for high-end homes in Singapore, as more affluent individuals seek out properties that reflect their lifestyle and aspirations." said real estate professional Kiwi Lim from Huttons Asia. "Other than rising affluence, other factors such as limited land supply, prime locations, and exclusive amenities have also contributed to the growing demand for high-end homes in Singapore. The recent increase in buyer's stamp duty for both residential and non-residential properties of higher value may not dampen demand for luxury properties."
More Singaporeans are buying upmarket luxury condo properties costing at least $5 million from the Core Central Region (CCR) and the Rest of Central Region (RCR). Many affluent Singaporeans view high-end homes as a symbol of success and achievement. Owning a luxurious property can provide a sense of status and prestige, and can be a way for individuals to showcase their wealth and social standing. High-end homes may also be viewed as a sound investment opportunity, as Singapore's property market has historically been seen as a safe and stable investment.
"Rising affluence has played a significant role in boosting the demand for high-end homes in Singapore, as more affluent individuals seek out properties that reflect their lifestyle and aspirations." said real estate professional Kiwi Lim from Huttons Asia. "Other than rising affluence, other factors such as limited land supply, prime locations, and exclusive amenities have also contributed to the growing demand for high-end homes in Singapore. The recent increase in buyer's stamp duty for both residential and non-residential properties of higher value may not dampen demand for luxury properties."
Business Times 23 Feb 2023
Reasons why Singaporeans may choose high-end homes:
- Rising affluence: Singapore has experienced significant economic growth in recent years, leading to an increase in disposable income and affluence. This has led to a growing demand for luxury goods, including high-end homes.
- Limited land supply: Singapore is a small island nation with limited land supply, which has led to a scarcity of land for development. As a result, high-end homes are often built in prime locations and offer a sense of exclusivity and prestige.
- Quality of life: Singaporeans place a high value on their quality of life, and high-end homes can offer a luxurious lifestyle with exclusive amenities, such as private pools, gyms, and concierge services.
- Investment potential: Singapore's property market has historically been seen as a safe and stable investment, with high-end homes offering potential for capital appreciation over the long term.
- Family needs: High-end homes can also offer ample space for families, with larger living areas, multiple bedrooms and bathrooms, and outdoor spaces for relaxation and recreation.
Foreign buyers have been active in the high-end residential property market in Singapore in recent years as Singapore has been nd remains one of the best places in the world for living, business operations, work and play. Singapore has consistently been ranked among the top 3 countries in the world in terms of international trade and transnational relations. Singapore has been highly commended for its balanced handling of the Covid pandemic which has wreaked havoc across the world - adding to Singapore's attraction as a safe haven for living and for business.
There are several reasons why foreign buyers may be attracted to high-end homes in Singapore:
"Overall, foreign buyers may be attracted to high-end homes in Singapore for a combination of these reasons, including strategic location, quality of life, political stability, investment potential, and diverse culture." say real estate professional Kiwi Lim. "China's reopening is set to drive more of Asia's wealthy to our shores and pent-up demand from these high net worth individuals (HNWI) is expected to boost Singapore's luxury property market. With more CCR condo projects expected to be launched this year, sales of luxury homes in Singapore may break last year's record of $3.5 billion this year."
There are several reasons why foreign buyers may be attracted to high-end homes in Singapore:
- Strategic location: Singapore is a hub for business and finance in Southeast Asia, making it an attractive location for foreign investors who are looking to establish a presence in the region. High-end homes in prime locations may offer easy access to business districts, as well as cultural and entertainment amenities.
- Quality of life: Singapore is known for its high standard of living, safety, and cleanliness, which can be attractive to foreign buyers who are looking for a comfortable and secure place to live.
- Political stability: Singapore is known for its political stability and economic growth, which can offer a sense of security to foreign buyers who are looking to invest in property.
- Investment potential: High-end homes in Singapore may offer potential for capital appreciation over the long term, as well as rental income from tenants. Foreign buyers may be attracted to the stability and growth potential of Singapore's property market.
- Diverse culture: Singapore is a multicultural society with a diverse population, which can be appealing to foreign buyers who are looking for a cosmopolitan and inclusive community.
"Overall, foreign buyers may be attracted to high-end homes in Singapore for a combination of these reasons, including strategic location, quality of life, political stability, investment potential, and diverse culture." say real estate professional Kiwi Lim. "China's reopening is set to drive more of Asia's wealthy to our shores and pent-up demand from these high net worth individuals (HNWI) is expected to boost Singapore's luxury property market. With more CCR condo projects expected to be launched this year, sales of luxury homes in Singapore may break last year's record of $3.5 billion this year."
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Esparina Residences will be fully privatised this year 2023 is the only resale EC in Singapore to enjoy the ultimate convenience of being located across an MRT Station, a recently completed shopping mall and bus interchange
More and more HDB upgraders who are looking to upgrade to a condo lifestyle are looking towards buying resale executive condominium (EC) in the market. Resale executive condominium (EC) is a type of housing in Singapore that is sold by owners who have fulfilled the minimum occupancy period of 5 years. Executive condos (EC) are a public-private hybrid housing scheme that is built by private developers, but subject to certain eligibility criteria and resale restrictions set by the government. The quality and range of facilities of executive condos (EC) are also similar to private residential condominiums by private developers in the real estate market in Singapore.
After the 5 year MOP period, resale executive condos (EC) are sold in the open market and are typically cheaper than private residential condominiums, making them more and more of an attractive option for buyers when compared directly to private residential condos.
After the 5 year MOP period, resale executive condos (EC) are sold in the open market and are typically cheaper than private residential condominiums, making them more and more of an attractive option for buyers when compared directly to private residential condos.
Resale EC: Semi Privatised EC Versus Fully Privatised EC
After the 5-year Minimum Occupation Period (MOP), executive condos (ECs) in Singapore are subjected to a 5-year Privatisation Period, during which the units are still considered as Semi Privatised and subject to resale restrictions set by the government, e.g. no foreigners are allowed to buy and own an EC unit during this period. Buyers of the EC will no longer be eligible for government subsidies or schemes such as the CPF Housing Grant or the HDB Loan. However, buyers can still obtain financing from banks or other financial institutions to purchase the EC.
However, after the 10-year mark from the date of issuance of the Temporary Occupation Permit (TOP), the EC will become Fully Privatised. This means that the EC will no longer be subject to any resale restrictions or eligibility criteria, and can be sold to anyone without any restrictions on buyer nationality or household income which means the EC will also be treated as a private residential condo property.
After the 5-year Minimum Occupation Period (MOP), executive condos (ECs) in Singapore are subjected to a 5-year Privatisation Period, during which the units are still considered as Semi Privatised and subject to resale restrictions set by the government, e.g. no foreigners are allowed to buy and own an EC unit during this period. Buyers of the EC will no longer be eligible for government subsidies or schemes such as the CPF Housing Grant or the HDB Loan. However, buyers can still obtain financing from banks or other financial institutions to purchase the EC.
However, after the 10-year mark from the date of issuance of the Temporary Occupation Permit (TOP), the EC will become Fully Privatised. This means that the EC will no longer be subject to any resale restrictions or eligibility criteria, and can be sold to anyone without any restrictions on buyer nationality or household income which means the EC will also be treated as a private residential condo property.
Resale EC projects
As private residential property prices and rental rates increase in Singapore, families looking to upgrade to a private condo may find themselves slowly being priced out of the market especially if they are motivated by a desire to buy a larger condo unit to allow their families to enjoy more space.
Private resale condos within 10 years of TOP that offers comprehensive condo facilities in a matured estate surrounded by amenities in a convenient location may see prices exceeding $1,800 psf. This is where buyers start noticing resale executive condos (EC). Resale executive condos can offer larger and more spacious living areas which is particularly attractive to growing families with full condo facilities at a more attractive per square foot price.
You may click the picture below to find out which executive condo projects (EC) in Singapore have reached semi-privatised or fully-privatised status for your consideration.
As private residential property prices and rental rates increase in Singapore, families looking to upgrade to a private condo may find themselves slowly being priced out of the market especially if they are motivated by a desire to buy a larger condo unit to allow their families to enjoy more space.
Private resale condos within 10 years of TOP that offers comprehensive condo facilities in a matured estate surrounded by amenities in a convenient location may see prices exceeding $1,800 psf. This is where buyers start noticing resale executive condos (EC). Resale executive condos can offer larger and more spacious living areas which is particularly attractive to growing families with full condo facilities at a more attractive per square foot price.
You may click the picture below to find out which executive condo projects (EC) in Singapore have reached semi-privatised or fully-privatised status for your consideration.
Click to know the various EC TOP dates in Singapore to calculate their semi-privatised and fully-privatised dates
By next month, Sengkang Grand Shopping Mall with its community club, childcare centre and bus interchange is expected to bring excitement to Buangkok estate and added value to nearby properties, e.g. Esparina Residences
Some of the hot resale EC projects that are seeing high demand in the market are:
Esparina Residences - touted as the most convenient resale EC, its located right across the road from a brand new shopping mall, hawker centre, community club and bus interchange, Buangkok MRT station, 24 hours Kopitiam foodcourt, 24 hours NTUC supermarket in the matured estate of Buangkok in the northeast region. It will be eligible to sell to foreigners soon as it reaches its 10th year from TOP date in September this year.
Bellewaters is about five minutes’ walk from Farmway LRT station, which is just two stops from Sengkang MRT station. Those who live in the area enjoy other nearby amenities and developments such as Seletar Aerospace Park, Sengkang General and Community Hospitals, as well as the picturesque Sengkang Riverside Park.
The Vales is just two minutes’ walk from Cheng Lim LRT station on the Sengkang LRT line West Loop. Schools in the area include Nan Chiau Primary/High School, and Compassvale Primary School.
The Terrace overlooks the serene Punggol Waterway surrounded by schools, e.g. Horizon Primary School, Waterway Primary School, Greendale Primary School and Greendale Secondary School. Residents enjoy having Kadaloor LRT station at their doorstep with nearby amenities like Waterway Point Mall, Coney Island and Sengkang Riverside Park.
Sol Acres is expected to achieve MOP status in April with a whopping 1,327 units split over three towers and has a unique rollerblading trail. Only a three-minute walk from Teck Whye LRT station (three stops away from Choa Chu Kang MRT station / Bukit Panjang MRT station). Nearby schools are Delta Senior School, ITE College West, CGM Kindergarten, Ichiban Nurtureland Kindergarten (Choa Chu Kang), South View Primary School and Teck Whye Primary School.
Esparina Residences - touted as the most convenient resale EC, its located right across the road from a brand new shopping mall, hawker centre, community club and bus interchange, Buangkok MRT station, 24 hours Kopitiam foodcourt, 24 hours NTUC supermarket in the matured estate of Buangkok in the northeast region. It will be eligible to sell to foreigners soon as it reaches its 10th year from TOP date in September this year.
Bellewaters is about five minutes’ walk from Farmway LRT station, which is just two stops from Sengkang MRT station. Those who live in the area enjoy other nearby amenities and developments such as Seletar Aerospace Park, Sengkang General and Community Hospitals, as well as the picturesque Sengkang Riverside Park.
The Vales is just two minutes’ walk from Cheng Lim LRT station on the Sengkang LRT line West Loop. Schools in the area include Nan Chiau Primary/High School, and Compassvale Primary School.
The Terrace overlooks the serene Punggol Waterway surrounded by schools, e.g. Horizon Primary School, Waterway Primary School, Greendale Primary School and Greendale Secondary School. Residents enjoy having Kadaloor LRT station at their doorstep with nearby amenities like Waterway Point Mall, Coney Island and Sengkang Riverside Park.
Sol Acres is expected to achieve MOP status in April with a whopping 1,327 units split over three towers and has a unique rollerblading trail. Only a three-minute walk from Teck Whye LRT station (three stops away from Choa Chu Kang MRT station / Bukit Panjang MRT station). Nearby schools are Delta Senior School, ITE College West, CGM Kindergarten, Ichiban Nurtureland Kindergarten (Choa Chu Kang), South View Primary School and Teck Whye Primary School.
Resale executive condos (EC) also come with access to shared amenities such as swimming pools, gyms, tennis court and playgrounds, which can be appealing to families with children but who may find it hard afford a similar sized private property. The reason why resale executive condos are selling at a slightly lower price than resale private condos is because ECs were subsidized by the government during their development phase and usually sold to eligible buyers at a price that is typically lower than that of private condominiums. These resale ECs that have fulfilled the minimum occupancy period and are now eligible to be sold on the open market are therefore being offered at a lower price.
"Buyers looking at resale private residential homes have to act fast as we are seeing the price gap between resale EC and resale private condos closing up due to increased demand for the more attractively priced resale EC units in the market today." said real estate professional Kiwi Lim from Huttons Asia. "However, if buyers prefer new EC launches with its attractive prices and are eligible to buy an executive condo during its launch, they may consider the few remaining units in these two avail EC projects in the market - North Gaia EC in Yishun and Tenet EC in Tampines"
"Buyers looking at resale private residential homes have to act fast as we are seeing the price gap between resale EC and resale private condos closing up due to increased demand for the more attractively priced resale EC units in the market today." said real estate professional Kiwi Lim from Huttons Asia. "However, if buyers prefer new EC launches with its attractive prices and are eligible to buy an executive condo during its launch, they may consider the few remaining units in these two avail EC projects in the market - North Gaia EC in Yishun and Tenet EC in Tampines"
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The six-floor strata-titled carpark at Textile Centre has been put up for sale with a guide price of $36 million
Strata-titled carparks is becoming one of the most sought-after asset classes as the multi-storey car park in Textile Centre at the corner of Jalan Sultan and North Bridge Road is looking to sell at a guide price of a whopping S$36 million in a private treaty.
Textile Centre is a mixed-use development at a prominent central location in the Beach Road area. The carpark comprises 685 car parking spaces and 40 motorcycle lots spanning the third to seventh floors of Textile Centre providing parking facilities for visitors to the mall as well as for residents and businesses in the area. According to the marketing agent, JLL, this sale includes a 4,838 sq ft adjacent plot of commercial land which is currently used as the carpark’s driveway and for loading bay in the development.
The total strata area accounts for approximately 30% of the total strata area of the development. By share value, this is about 1.02% of the entire development. The rest of Textile Centre consists of a seven-storey retail podium with 150 retail units, six office floors with 63 office units, and 12 residential floors that house 132 units.
Both the car park and adjacent plot are currently owned by Plaza Development (Pte) Limited, wholly owned by Chee Tat Holdings (S) Pte Ltd, which in turn is controlled by the Ng family which also owns Serene Centre in Bukit Timah.
Textile Centre is a mixed-use development at a prominent central location in the Beach Road area. The carpark comprises 685 car parking spaces and 40 motorcycle lots spanning the third to seventh floors of Textile Centre providing parking facilities for visitors to the mall as well as for residents and businesses in the area. According to the marketing agent, JLL, this sale includes a 4,838 sq ft adjacent plot of commercial land which is currently used as the carpark’s driveway and for loading bay in the development.
The total strata area accounts for approximately 30% of the total strata area of the development. By share value, this is about 1.02% of the entire development. The rest of Textile Centre consists of a seven-storey retail podium with 150 retail units, six office floors with 63 office units, and 12 residential floors that house 132 units.
Both the car park and adjacent plot are currently owned by Plaza Development (Pte) Limited, wholly owned by Chee Tat Holdings (S) Pte Ltd, which in turn is controlled by the Ng family which also owns Serene Centre in Bukit Timah.
Strata-titled Shopping Malls
"Strata malls" refers to shopping malls where the individual retail units are owned by different individuals or entities, as opposed to malls where the retail spaces are owned by a single entity. In Singapore, there are several strata malls, each with their own unique offerings and specialties. Some examples of strata-titled shopping malls are:
Strata-titled Carparks
Real estate professional Kiwi Lim said "some older strata mixed developments with residential units above shopping malls in Singapore have separately owned strata-titled carparks due to the approved subdivision of communal carparks to allow for greater flexibility in ownership and usage of the parking spaces. This means that the carpark space is separately owned and can be bought and sold independently from the rest of the property development - i.e. the residential units and commercial shops.
"Strata malls" refers to shopping malls where the individual retail units are owned by different individuals or entities, as opposed to malls where the retail spaces are owned by a single entity. In Singapore, there are several strata malls, each with their own unique offerings and specialties. Some examples of strata-titled shopping malls are:
- Far East Plaza is a popular strata mall located on Scotts Road in Orchard with hundreds of shops selling a variety of products
- Sim Lim Square is known for its wide range of electronics and computer-related products. Located in Rochor, it has over 200 shops spread across six floors
- Peninsula Plaza is a strata mall that is popular for its shops selling items such as textiles, handicrafts, and traditional Chinese medicinal products located in City Hall
- Queensway Shopping Centre is known for its shops selling sporting goods and equipment located in Queenstown
Strata-titled Carparks
Real estate professional Kiwi Lim said "some older strata mixed developments with residential units above shopping malls in Singapore have separately owned strata-titled carparks due to the approved subdivision of communal carparks to allow for greater flexibility in ownership and usage of the parking spaces. This means that the carpark space is separately owned and can be bought and sold independently from the rest of the property development - i.e. the residential units and commercial shops.
To date, which strata-titled carparks have been sold?
"Although commonly seen in other countries, separate wholly owned strata-titled carparks are very rare in Singapore and only limited to buildings that had their planning approval before 1970. The government subsequently restricted the strata subdivision of communal carparks and carparks are now considered an amenity and part of the common area.
Such strata-titled carparks offer good passive income and investment potential as they provide strong healthy recurring income from the parking fees collected especially for those in the city or city fringe areas. Carpark fees are paid immediately by users with no bad debts except for the occasional carpark cheats. These carparks also require very low maintenance of the facility as compared to the other commercial shopping mall and residential components." said Kiwi Lim.
People’s Park Complex
Sitting on top of the six-storey podium block of shopping mall and carpark is a block of 25 storeys consisting of 291 private residential apartments. The 99-year leasehold strata mixed development of People's Park Complex in Chinatown comprises of private residential units, commercial shops and carpark. Completed in 1972, People's Park Complex has a six-storey podium block with strata shops occupying the first to fifth floors; and the multi-storey carpark spanning the third to sixth floors, The carpark has 648 parking spaces for cars and another 56 for motorcycles, making it one of the biggest, if not the biggest, multi-storey carpark in the CBD-Chinatown area.
In August 2021, Lucky Pinnacle, an entity of the Ng family-controlled property giant, Far East Organization, purchased the multi-storey carpark spanning the third to sixth floors and restaurant unit at People’s Park Complex for $39.33 million.
Holland Road Shopping Centre
Holland Road Shopping Centre is a freehold strata-titled shopping mall consisting of 111 commercial shop units in the shopping mall and a carpark. Holland Road Shopping Centre is a prominent landmark with its 78-metre frontage along Holland Avenue with key tenants including Cold Storage, UOB Bank, Watsons, and Guardian Pharmacy.
The carpark represents 25% of the total strata area in the development and is a convenient parking venue for motorists visiting Holland Village and Chip Bee Gardens enjoying high occupancy and parking turnover as a result of the shortage of parking spaces coupled with high patronage in the F&B and lifestyle enclave. Holland Road Shopping Centre carpark with 47 lots in total was sold for slightly more than $17 million in 2020.
"Although commonly seen in other countries, separate wholly owned strata-titled carparks are very rare in Singapore and only limited to buildings that had their planning approval before 1970. The government subsequently restricted the strata subdivision of communal carparks and carparks are now considered an amenity and part of the common area.
Such strata-titled carparks offer good passive income and investment potential as they provide strong healthy recurring income from the parking fees collected especially for those in the city or city fringe areas. Carpark fees are paid immediately by users with no bad debts except for the occasional carpark cheats. These carparks also require very low maintenance of the facility as compared to the other commercial shopping mall and residential components." said Kiwi Lim.
People’s Park Complex
Sitting on top of the six-storey podium block of shopping mall and carpark is a block of 25 storeys consisting of 291 private residential apartments. The 99-year leasehold strata mixed development of People's Park Complex in Chinatown comprises of private residential units, commercial shops and carpark. Completed in 1972, People's Park Complex has a six-storey podium block with strata shops occupying the first to fifth floors; and the multi-storey carpark spanning the third to sixth floors, The carpark has 648 parking spaces for cars and another 56 for motorcycles, making it one of the biggest, if not the biggest, multi-storey carpark in the CBD-Chinatown area.
In August 2021, Lucky Pinnacle, an entity of the Ng family-controlled property giant, Far East Organization, purchased the multi-storey carpark spanning the third to sixth floors and restaurant unit at People’s Park Complex for $39.33 million.
Holland Road Shopping Centre
Holland Road Shopping Centre is a freehold strata-titled shopping mall consisting of 111 commercial shop units in the shopping mall and a carpark. Holland Road Shopping Centre is a prominent landmark with its 78-metre frontage along Holland Avenue with key tenants including Cold Storage, UOB Bank, Watsons, and Guardian Pharmacy.
The carpark represents 25% of the total strata area in the development and is a convenient parking venue for motorists visiting Holland Village and Chip Bee Gardens enjoying high occupancy and parking turnover as a result of the shortage of parking spaces coupled with high patronage in the F&B and lifestyle enclave. Holland Road Shopping Centre carpark with 47 lots in total was sold for slightly more than $17 million in 2020.
Bukit Timah Shopping Centre
In Dec 2020, a real estate management service provider - LHN Ltd, bought the car park of Bukit Timah Shopping Centre - a 999 year leasehold property development for S$16.2 million, through a 40 per cent stake in a joint-venture (JV) company. Bukit Timah Shopping Centre carpark consists of a total of 381 carpark lots and the purchase will be expected to increase income sources and grow the number of car parks under its facilities management business. LHN's other main business segments involve space optimisation and logistics services.
Parklane Shopping Mall
Situated at 35 Selegie Road near the junction with Prinsep Street, in the Dhoby Ghaut area, Parklane Shopping Mall features a variety of shops and services, including fashion stores, food and beverage outlets, electronics and technology stores, beauty and wellness services, and more. Parklane Shopping Mall is easily accessible by public transportation and is located near several major attractions and landmarks, including Orchard Road, Little India, and the Singapore Art Museum.
All 219 lots in the strata-titled carpark of Parklane Shopping Mall was sold in 2021 for $16.18 million.
In Dec 2020, a real estate management service provider - LHN Ltd, bought the car park of Bukit Timah Shopping Centre - a 999 year leasehold property development for S$16.2 million, through a 40 per cent stake in a joint-venture (JV) company. Bukit Timah Shopping Centre carpark consists of a total of 381 carpark lots and the purchase will be expected to increase income sources and grow the number of car parks under its facilities management business. LHN's other main business segments involve space optimisation and logistics services.
Parklane Shopping Mall
Situated at 35 Selegie Road near the junction with Prinsep Street, in the Dhoby Ghaut area, Parklane Shopping Mall features a variety of shops and services, including fashion stores, food and beverage outlets, electronics and technology stores, beauty and wellness services, and more. Parklane Shopping Mall is easily accessible by public transportation and is located near several major attractions and landmarks, including Orchard Road, Little India, and the Singapore Art Museum.
All 219 lots in the strata-titled carpark of Parklane Shopping Mall was sold in 2021 for $16.18 million.
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Terra Hill is a rare freehold condo on a huge hillside plot of land that offers panoramic view to the south offering residents a tranquil green environment near Pasir Panjang MRT station - click on image to find out more
A highly anticipated luxury freehold condo project - Terra Hill on the site of the old 72-unit Flynn Park condo located at the fringe of the Greater Southern Waterfront previews yesterday on 10 Feb (Friday) with prices for the 270-unit exclusive project in Pasir Panjang starting at S$1.5 million for a two-bedroom unit.
Developed by two reputable developers - Hoi Hup Realty and Sunway Developments, Terra Hill consists of 270 exclusive apartments spread over nine 5-storey blocks on a sprawling land size of 208,443 sq ft in the highly sought after District 5.
Terra Hill's Two-bedroom units are sized from 624 sq ft to 807 sq ft, starts at S$1.5 million. Three-bedroom units, ranging from 904 sq ft to 1,335 sq ft, start at S$2.3 million; four-room units of 1,302 sq ft to 1,862 sq ft in size will go from S$3.4 million. Four-bedroom units of 1,894 sq ft, equipped with private lifts, start at S$5 million.
Developed by two reputable developers - Hoi Hup Realty and Sunway Developments, Terra Hill consists of 270 exclusive apartments spread over nine 5-storey blocks on a sprawling land size of 208,443 sq ft in the highly sought after District 5.
Terra Hill's Two-bedroom units are sized from 624 sq ft to 807 sq ft, starts at S$1.5 million. Three-bedroom units, ranging from 904 sq ft to 1,335 sq ft, start at S$2.3 million; four-room units of 1,302 sq ft to 1,862 sq ft in size will go from S$3.4 million. Four-bedroom units of 1,894 sq ft, equipped with private lifts, start at S$5 million.
The Greater Southern Waterfront
Extending from Pasir Panjang to Marina East, The Greater Southern Waterfront will be transformed into a new major gateway and location for urban living along Singapore’s southern coast. The Greater Southern Waterfront was thrown into the limelight after the National Day Rally 2019, when more plans for The Greater Southern Waterfront were announced - a slew of housing projects, new attractions like Pulau Brani would be developed into a fun and recreational island, and the two decommissioned power stations at Pasir Panjang would also be redeveloped.
A continuous waterfront promenade will seamlessly connect various places of interest along the Greater Southern Waterfront in future. Along this corridor, the new Pasir Panjang Linear Park will connect West Coast Park to Labrador Nature Reserve, and offer park users a glimpse of Pasir Panjang’s working container port and Power District up close. Other future connections will also link up places of interest along the waterfront to the hilltops for visitors to enjoy a distinctive recreational experience.
Extending from Pasir Panjang to Marina East, The Greater Southern Waterfront will be transformed into a new major gateway and location for urban living along Singapore’s southern coast. The Greater Southern Waterfront was thrown into the limelight after the National Day Rally 2019, when more plans for The Greater Southern Waterfront were announced - a slew of housing projects, new attractions like Pulau Brani would be developed into a fun and recreational island, and the two decommissioned power stations at Pasir Panjang would also be redeveloped.
A continuous waterfront promenade will seamlessly connect various places of interest along the Greater Southern Waterfront in future. Along this corridor, the new Pasir Panjang Linear Park will connect West Coast Park to Labrador Nature Reserve, and offer park users a glimpse of Pasir Panjang’s working container port and Power District up close. Other future connections will also link up places of interest along the waterfront to the hilltops for visitors to enjoy a distinctive recreational experience.
The Reef at King's Dock
Development of The Greater Southern Waterfront will take place in phases, starting with the former Pasir Panjang Power District, Keppel Club and Mount Faber in the next 5 to 10 years.
At the moment, there is only one new condo project that is launched within The Greater Southern Waterfront district - The Reef at King's Dock, a ultra luxury, enviable harbourfront project developed by Mapletree and Keppel Land in District 4 right next to Grade A offices, Harbourfront MRT interchange (Circle Line and Northeast Line), across from world class themed island Sentosa and Singapore's largest shopping mall - Vivo City." said Kiwi Lim, real estate professional from Huttons Asia.
"The Reef at King's Dock is already more than 93% sold with beautiful sea facing units available and priced from $2,600 psf. It is also important to note that all the other new condo launches currently available in the market or launching this year are at the fringe of The Greater Southern Waterfront or further".
Development of The Greater Southern Waterfront will take place in phases, starting with the former Pasir Panjang Power District, Keppel Club and Mount Faber in the next 5 to 10 years.
At the moment, there is only one new condo project that is launched within The Greater Southern Waterfront district - The Reef at King's Dock, a ultra luxury, enviable harbourfront project developed by Mapletree and Keppel Land in District 4 right next to Grade A offices, Harbourfront MRT interchange (Circle Line and Northeast Line), across from world class themed island Sentosa and Singapore's largest shopping mall - Vivo City." said Kiwi Lim, real estate professional from Huttons Asia.
"The Reef at King's Dock is already more than 93% sold with beautiful sea facing units available and priced from $2,600 psf. It is also important to note that all the other new condo launches currently available in the market or launching this year are at the fringe of The Greater Southern Waterfront or further".
Perched at the top of Yew Siang Road, nestled within a quiet residential enclave Terra Hill offers condo facilities including a 50-metre pool with the convenience of a 5 minute walk to Pasir Panjang MRT, near mega shopping mall Vivocity, world famous theme park island of Sentosa, business districts Mapletree Business City and one-north, as well as the National University Hospital.
Even though it’s located in District 5, the developers revealed that specifications and design features of Terra Hill are comparable to that of luxury projects in the prime districts of D9, 10 and 11.
Real estate professional Kiwi Lim said Terra Hill's location beside the beautiful green Kent Ridge Park and tucked away from the noisy West Coast Highway with luxury fittings and well equipped condo facilities should garner strong demand during its preview two weeks later. "We expect developers to price the freehold Terra Hill units attractively from $2,4xx psf during its VIP sales preview".
Even though it’s located in District 5, the developers revealed that specifications and design features of Terra Hill are comparable to that of luxury projects in the prime districts of D9, 10 and 11.
Real estate professional Kiwi Lim said Terra Hill's location beside the beautiful green Kent Ridge Park and tucked away from the noisy West Coast Highway with luxury fittings and well equipped condo facilities should garner strong demand during its preview two weeks later. "We expect developers to price the freehold Terra Hill units attractively from $2,4xx psf during its VIP sales preview".
- Published on
In recent years, there has been an increase in the number of wealthy individuals from China settling in Singapore. This is due to a number of factors, including Singapore's stable political environment, favorable tax policies, and high standard of living. Singapore is also seen as a gateway to the rest of Southeast Asia, making it an attractive location for business and investment. Additionally, Singapore's robust healthcare system and relatively low COVID-19 cases compared to other countries may have made it an attractive destination for wealthy Chinese individuals looking to secure a safe place during the pandemic.
Chinese have been the largest foreign buyer group in Singapore since 2016 and made up 6.9 per cent of foreign purchases of private apartments last year, the highest proportion since before the pandemic.
Real estate professional Kiwi Lim from Huttons Asia believe the Singapore property market may see a phenomenal increase in interest towards Singapore's city fringe and luxury property projects powered by the surging demand from Chinese buyers as the world’s second-largest economy reopens.
After Beijing announced the end of three years of strict Covid measures akin to global isolation, enquiries for Singapore's properties have spiked and we may start seeing waves of Chinese buyers from mainland China and Hong Kong gradually visiting Singapore from next month onwards.
Chinese have been the largest foreign buyer group in Singapore since 2016 and made up 6.9 per cent of foreign purchases of private apartments last year, the highest proportion since before the pandemic.
Real estate professional Kiwi Lim from Huttons Asia believe the Singapore property market may see a phenomenal increase in interest towards Singapore's city fringe and luxury property projects powered by the surging demand from Chinese buyers as the world’s second-largest economy reopens.
After Beijing announced the end of three years of strict Covid measures akin to global isolation, enquiries for Singapore's properties have spiked and we may start seeing waves of Chinese buyers from mainland China and Hong Kong gradually visiting Singapore from next month onwards.
China's migration to Singapore has been a growing trend in recent years, driven by a variety of factors such as political stability, strong economy, favorable tax policies, and high standard of living. China’s reopening is also stoking greater migration interest, with the city-state among top destinations that wealthy Chinese are considering.
Singapore's location in Southeast Asia makes it an attractive hub for business and investment opportunities, particularly for Chinese individuals and companies looking to expand their reach in the region. The city-state also offers world-class healthcare, education, and other essential services, making it a popular destination for wealthy Chinese individuals and families seeking a better quality of life. The COVID-19 pandemic may have also played a role in this trend, with many wealthy individuals seeking a safe haven during the global crisis.
Singapore's migration consultants say inquiries from Chinese nationals in China and Hong Kong jump 600 per cent following the reopening announcement. Queries about Singapore residency were the fourth highest in 2022, after Portugal and Greece residency and Grenada citizenship, according to industry insiders.
"These Chinese buyers may seem to be undeterred by the additional 30 per cent tax that Singapore imposed on foreign buyers buying Singapore properties. Over the last two weeks during CNY holiday period, several units at Klimt Cairnhill and 3 Orchard By-The-Park were said to be sold to China buyers." say Kiwi Lim.
Singapore's location in Southeast Asia makes it an attractive hub for business and investment opportunities, particularly for Chinese individuals and companies looking to expand their reach in the region. The city-state also offers world-class healthcare, education, and other essential services, making it a popular destination for wealthy Chinese individuals and families seeking a better quality of life. The COVID-19 pandemic may have also played a role in this trend, with many wealthy individuals seeking a safe haven during the global crisis.
Singapore's migration consultants say inquiries from Chinese nationals in China and Hong Kong jump 600 per cent following the reopening announcement. Queries about Singapore residency were the fourth highest in 2022, after Portugal and Greece residency and Grenada citizenship, according to industry insiders.
"These Chinese buyers may seem to be undeterred by the additional 30 per cent tax that Singapore imposed on foreign buyers buying Singapore properties. Over the last two weeks during CNY holiday period, several units at Klimt Cairnhill and 3 Orchard By-The-Park were said to be sold to China buyers." say Kiwi Lim.
Private home prices up 0.4% in Q4 of 2022 attaining a full-year gain of 8.6%, but price growth expected to slow slightly for mass market properties in 2023
In the face of a looming global recession, a fresh round of cooling measures, a high-interest-rate environment and lack of launches, private home prices in Singapore inched up 0.4 per cent in the fourth quarter of 2022. This was slightly higher than the 0.2 per cent flash estimate by the Urban Redevelopment Authority (URA) earlier this month, and follows an increase of 3.8 per cent in the previous quarter. It also represents the lowest quarter-on-quarter rise in over two years, since prices grew a marginal 0.3 per cent in the second quarter of 2020. In 2022, prices of private homes went up 8.6 per cent, compared to the 10.6 per cent rise in 2021.
Condominium resale transactions continued to fall for the third straight month in December 2022, as a seasonal lull and the year-end holidays resulted in fewer home viewings. The number of condominium units resold dropped 14 per cent to 661 units, from 769 in November, according to flash figures from a property portal. Cooling measures and a mismatch in price expectations between buyers and sellers could have also weighed on demand.
Meanwhile, resale prices continued to rise on month, increasing 0.8 per cent, with OCR seeing the highest gain at 1 per cent, followed by 0.2 per cent and 0.6 per cent for the CCR and RCR respectively.
In the face of a looming global recession, a fresh round of cooling measures, a high-interest-rate environment and lack of launches, private home prices in Singapore inched up 0.4 per cent in the fourth quarter of 2022. This was slightly higher than the 0.2 per cent flash estimate by the Urban Redevelopment Authority (URA) earlier this month, and follows an increase of 3.8 per cent in the previous quarter. It also represents the lowest quarter-on-quarter rise in over two years, since prices grew a marginal 0.3 per cent in the second quarter of 2020. In 2022, prices of private homes went up 8.6 per cent, compared to the 10.6 per cent rise in 2021.
Condominium resale transactions continued to fall for the third straight month in December 2022, as a seasonal lull and the year-end holidays resulted in fewer home viewings. The number of condominium units resold dropped 14 per cent to 661 units, from 769 in November, according to flash figures from a property portal. Cooling measures and a mismatch in price expectations between buyers and sellers could have also weighed on demand.
Meanwhile, resale prices continued to rise on month, increasing 0.8 per cent, with OCR seeing the highest gain at 1 per cent, followed by 0.2 per cent and 0.6 per cent for the CCR and RCR respectively.
Government to monitor prices and mortgage borrowing
Deputy Prime Minister Heng Swee Keat said on 27 Jan 2023 that the government will continue to monitor the pace of property price increases in Singapore and believe it may take some time before the full impact of the recent property cooling measures will kick in.
“We must guard against a sustained increase in prices that is not backed by income and other fundamentals. Left unchecked, this could impair affordability and lead to a destabilising correction later on,” said DPM Heng, who was speaking at the spring festival celebration of the Real Estate Developers’ Association of Singapore (Redas) on 27 Jan.
Latest official data released showed private residential prices were up by 8.6 per cent in 2022, slowing slightly from the 10.6 per cent rise in 2021. The increase in resale prices of Housing and Development Board (HDB) flats similarly flattened, rising 10.4 per cent in 2022, compared to 12.7 per cent in the year before.
Experts expect higher construction costs and current low unsold supply of new launch condo projects to see private residential property prices this year rising around 5 per cent in 2023.
Deputy Prime Minister Heng Swee Keat said on 27 Jan 2023 that the government will continue to monitor the pace of property price increases in Singapore and believe it may take some time before the full impact of the recent property cooling measures will kick in.
“We must guard against a sustained increase in prices that is not backed by income and other fundamentals. Left unchecked, this could impair affordability and lead to a destabilising correction later on,” said DPM Heng, who was speaking at the spring festival celebration of the Real Estate Developers’ Association of Singapore (Redas) on 27 Jan.
Latest official data released showed private residential prices were up by 8.6 per cent in 2022, slowing slightly from the 10.6 per cent rise in 2021. The increase in resale prices of Housing and Development Board (HDB) flats similarly flattened, rising 10.4 per cent in 2022, compared to 12.7 per cent in the year before.
Experts expect higher construction costs and current low unsold supply of new launch condo projects to see private residential property prices this year rising around 5 per cent in 2023.
