- Published on
In the first quarter of 2025, Singapore’s luxury property market witnessed a notable uptick in demand, signaling renewed confidence among more affluent local buyers, high-net-worth individuals (HNWIs) and foreign investors. Urban Redevelopment Authority data showed that 24 ultra-luxury condo sales were recorded in the first quarter of 2025 within the core central region (CCR). Ultra-luxury condos are defined as units priced at $10 million and above in the core central region (CCR).
This is more than double the seven ultra-luxury condos units sold in the same period in 2024, and more than both the 15 ultra-luxury condos units sold in the first quarter of 2023 and the 14 ultra-luxury condos sold in the same period in 2022, before the additional buyer’s stamp duty (ABSD) on foreign buyers was raised to 60 per cent in April 2023.
Source: Propnex Realty - Upcoming projects in Singapore for the 2nd half of 2025. Click to receive updates and more information on any of these upcoming condo projects
Among the standout transactions in 2025 was a penthouse at Park Nova in Tomlinson Road, which changed hands for $38.888 million, or $6,593 per sq ft (psf) – the second-highest psf achieved.
The highest psf record still belongs to a 3,089 sq ft unit at The Marq on Paterson Hill, which was sold for $6,650 psf in November 2011. Four deals exceeding $20 million each were recorded at 21 Anderson, a new freehold development by Kheng Leong, the real estate arm of the family of late banker Wee Cho Yaw.
There is a notable increase in the number of Singapore permanent residents purchasing luxury homes this year. It is likely that some of them are newly minted PRs entering the market and would take advantage of the lower ABSD payable. Permanent residents pay only 5 per cent ABSD on their first property which is a significant amount of savings compared to the 60 per cent ABSD .
Buyers from the US, Iceland, Liechtenstein, Norway and Switzerland do not need to pay ABSD for their first residential home in Singapore.
Don't miss this rare 999 yr new condo development formerly known as Robertson Walk. Click to request for ebrochure, updates and book your showflat viewing appointment slots before its too late.
Many investors consider luxury properties to be safe haven assets that can help preserve their wealth during economic uncertainties. Singapore is also widely recognized globally as a very very safe country due to its low crime rates, strong legal system, solid banking system and a proactive police force supported by a safety-conscious populace. Many around the world are considering relocating to Singapore because they are seeking a safe place for their families to live.
Therefore, more investors may park their money in luxury homes, especially if there is fresh turmoil in the equities market. The luxury segment is also seeing a shift in buyer demographics. Prior to the ABSD increase in 2023, foreign buyers dominated top-tier condo purchases.
There are also more affluent local buyers – both citizens and permanent residents (PRs) desiring a centrally located luxury home in a good address, like along Orchard Boulevard, for example.
Of the 17 super-luxury condos sold in the first three months of 2025, five were purchased by Singapore citizens while eight were bought by PRs. The numbers show that there is a mix of local residents and foreigners supporting the ultra-luxury market.
If you’re looking for more than a property, then you've been waiting for UPPERHOUSE at Orchard Boulevard. Launching Soon on 28 June 2025. Click to receive brochures and book your viewing slot
Industry insiders point to several key factors:
- Geopolitical tensions driving wealth migration from other parts of the region
- Anticipated supply crunch in luxury condos
- Favorable currency movements, making Singapore properties more attractive
- Legacy and intergenerational planning driving purchases of trophy homes
According to analysts, Singapore is now seen not just as a residential hub but as a strategic wealth management center. This has led to a rise in purchases from high-net-worth individuals (HNWIs) from regions like China, Indonesia, Hong Kong and even Europe, especially with many countries seeing the future is one of political, environmental and social uncertainty.
Associate Group Director of Propnex Realty - Kiwi Lim believe this buying momentum may sustain as developers prepare for more launches in CCR and RCR regions towards the 2nd half of this year and beyond. For discerning investors, this may signal a narrowing window of opportunity to secure a foothold in Singapore’s most coveted core central region (CCR) as property per square foot (psf) prices of core central region (CCR) versus rest of central region (RCR) converges to a very narrow gap in price difference. Therefore, here are two upcoming launches in core central regions of District 09 that buyers should not miss - UPPERHOUSE at Orchard Boulevard located in a prime top tier locale and The Robertson OPUS - a 999 yrs leasehold mixed development at the former Robertson Walk along the Singapore River.
Source: The Straits Times © SPH Media Limited.
Source: Propnex Investment Suite App - Click to request for a presentation of this comprehensive property analysis
- Published on
The question of whether the HDB should remove the 15-month wait-out period for private property downgraders returning to public housing has sparked considerable debate. The temporary measure was introduced in 2022 to moderate demand and prices for resale flats and today on 28 May 2025 (Wednesday), the Minister for National Development Chee Hong Tat said the government may review or remove the 15-month wait-out period imposed on private property owners seeking to downgrade, when prices of public housing resale flats begin to moderate.
The wait-out period before private property owners are allowed to purchase a non-subsidised Housing and Development Board (HDB) resale flat was introduced in 2022 as a temporary measure to address concerns about rising resale flat prices but recently prices of resale HDB flats have started to show some moderation as resale prices of public housing flats grew at a slower rate of 1.6 per cent over the past quarter compared to the 2.6 per cent price increase in the fourth quarter of last year, and the average quarterly growth of 2.3 per cent in 2024, latest data released by HDB showed.
The 1.6 per cent growth therefore marked the slowest pace of price increase since the first quarter of 2024.
Some analysts expect resale prices to remain elevated as they estimate 6,974 resale flats to hit the market in 2025 after owners fulfil their MOP – the lowest in 11 years since 5,301 units reached their MOP in 2014. Still, supply of MOP flats is expected to recover and more than double to 13,480 units in 2026.
Here are some key arguments for removing the 15-Month Wait-Out Period:
- Unfair Hardship to Retirees and the Elderly
- Many older Singaporeans sell their private homes to right-size and cash out for retirement.
- A blanket 15-month wait creates financial strain, as some may have to rent during the interim — a costly and disruptive option.
- Case-by-Case Flexibility May Be Better
- Not all private property sellers are profit-driven. Some may face divorce, health issues, or financial distress.
- A blanket policy punishes genuine need and doesn't reflect nuance.
- Exacerbates Rental Market Pressures
- The enforced waiting period has increased rental demand, pushing up rental prices across the board — even for lower-income households.
- The enforced waiting period has increased rental demand, pushing up rental prices across the board — even for lower-income households.
- Public Housing Should Remain Accessible
- If someone has genuinely transitioned into needing public housing, rigid policies may appear to contradict HDB's mission of inclusivity and support.
In land-scarce Singapore, freehold properties in District 9 are becoming rarer. The Robertson OPUS offers long-term value and legacy potential — an asset to be passed down through generations. Launching Soon.
Last year, the Housing and Development Board (HDB) announced they had acceded to 25 per cent of appeals filed by private property owners seeking to waive the 15-month wait-out period ahead of their purchase of an HDB resale flat. Of the 3,470 appeals HDB received between Sep 30, 2022 and Dec 31, 2023, about 850 were approved.
These were mostly cases involving individuals in financial difficulties and without alternative housing options, or those who furnished evidence that they had committed to sell their private residential property, or those who were buying an HDB resale flat before Sep 30, 2022, a day after the new wait-out period was announced.
Associate Group Director of Propnex Realty, Kiwi Lim felt that the 15-Month Wait-Out Period may not be removed entirely — but probably should be recalibrated. A rigid one-size-fits-all rule may miss the mark. For elderly, retirees, divorcees, or those in genuine need, the HDB could consider shortening or waiving the wait-out period. Singapore’s housing policies are known for adaptability and precision, and this is one area that could benefit from targeted adjustments that balance social fairness with housing market stability.
“Once we see more supply coming in, coupled with more new BTO flats entering the market, I think we will see moderation in the resale flat prices in the years ahead,” said Minister for National Development Chee Hong Tat.
Source: The Straits Times © SPH Media Limited.
- Published on
Exactly one week ago on 11 May 2025, The White House announced that the United States and China will slash tit-for-tat tariffs for 90 days as they temporarily suspend or lift the import tariffs they imposed on each other in April, pending further negotiations on a trade agreement.
The announcement offered temporary long-awaited relief to businesses and has boosted market confidence as stock markets, the dollar and oil prices rallied the next day fuelling hopes the two sides will pull back from a standoff that has rattled global markets.
Using tariffs as a bargaining chip, President Trump seemed convinced that aggressive escalation will force US trading partners to offer significant concessions and enable him to declare a major political victory. But negotiating a trade agreement is not the same as striking a real estate deal. The process is slower, messier and far more consequential.
There are great mutual economic dependence between the United States and China:
- The U.S. is one of China's largest export markets.
- China is a vital supplier of goods, rare earths, and manufacturing capabilities.
- Both economies benefit from stability and trade continuity.
The U.S. may ease tariffs to help reduce consumer prices while China seek stable export channels amid slowing domestic growth as both nations work on more predictable frameworks to stabilize disrupted global supply chains.
The Robertson OPUS is a highly anticipated 999 yrs leasehold mixed development at Robertson Walk launching soon next month. Click for brochures, floorplans and arrange to view the beautiful showflat
A US-China trade agreement is possible, but achieving a comprehensive and lasting one is highly complex due to deep-rooted tensions and competing global interests because The United States sees China as a strategic competitor and is restricting tech access, e.g., semiconductors, AI, etc while China deeply resents and resists U.S. influence on China's internal policies e.g., Taiwan, Xinjiang.
Tech dominance, sovereignty and difference in values are deep-rooted sources of tension between these two giants. Conflict over emerging tech sectors like 5G, EVs, and AI is intensifying, with both sides enforcing export controls and investing in self-reliance. Lack of transparency, intellectual property issues and geopolitical mistrust remain unresolved.
Below are some priorities and clashes these two superpowers have to work on before they can agree on a comprehensive trade agreement.
U.S. versus China – Trade Agreement Priorities & Clashes
A conflict between the U.S. and China doesn't stay confined to their borders — it impacts global markets, supply chains, geopolitical alliances and even everyday prices for goods around the world.
"Yes, a deal is possible, but likely a limited, tactical agreement. To reach a comprehensive, trust-based trade partnership between the United States and China will still be a long shot in the current climate," said Kiwi Lim, Associate Group Director of the largest listed real estate company in Singapore, Propnex Realty.
"I do not expect a broad trust-based partnership between the United States and China in the near term. I think likely they will agree on small deals or sector-specific arrangements by the 3rd quarter of this year to avoid economic collapse, manage inflation and keeping trade open."
- Published on
The BTO project, the first to be launched on the 48ha site, will have two-room flexi to four-room flats and public rental flats. Photo: Desmond Lee/Facebook
Located within the Greater Southern Waterfront - Singapore’s most ambitious and breathtaking urban transformation poised to redefine the future of coastal living in Singapore, HDB is launching the BTO project on the site of the former Keppel Club, National Development Minister Desmond Lee said in a Facebook post on 15th May 2025.
HDB will be expected to launch around 1,000 Housing Board Build-To-Order (BTO) flats in blocks between 19 and 46 storey height that will comprise of two-room flexi to four-room flats as well as public rental flats for sale in October 2025 this year.
The 48-ha site is part of the matured town of Bukit Merah estate located next to the Berlayer Creek mangrove trail and residents will be able to enjoy the conveniences of downtown living and panoramic views of the waterfront. The estate will be sensitively designed in response to the area’s rich biodiversity with lush green spaces and stepped building heights of between 19 and 46 storeys. It will also feature green corridor installations that were based on environmental studies and consultations with nature groups.
Standard, Prime or Plus Flats?
Future residents there will be served by Labrador Park and Telok Blangah MRT stations on the Circle Line, which will be connected to the estate via walking trails. Within the 48-hectare former Keppel Club golf-course site, about 20 per cent of the area – close to 10ha, which is the size of around 18 football fields – will be set aside for parks and open land.
"It was previously announced in 2022 that about 9,000 new homes will be built on the Keppel Club site, with about two-thirds being Housing and Development Board (HDB) flats." said Kiwi Lim, associate Group Director at Propnex Realty, "whether the Keppel Club site would be Prime flats, I believe HDB will consider a range of location attributes and market value of the properties there."
Prime flats are priced with more subsidies to ensure affordability, but also come with tighter restrictions on resale and rental to reduce the “lottery effect”. One such restriction is the subsidy clawback – derived as a percentage of the flat’s resale or valuation price, whichever is higher. Prime flats also come with a 10-year minimum occupation period.
740 New Flats in Toa Payoh Town
National Development Minister Desmond Lee also said about 740 flats in Toa Payoh Town (West) will go on sale in the July BTO exercise by HDB. The new estate will have an eating house, shops and a preschool. "Apart from being conveniently located near Caldecott MRT station, residents will also have easy access to a hawker centre and neighbourhood shops".
The new flats will be at the junction of Toa Payoh Rise and Braddell Rise, and is next to Lighthouse School, according to a map on HDB's website. It is within a five-minute walk of Caldecott MRT station and is also near Braddell MRT station. The flats in Toa Payoh Town (West) are among the 5,400 flats that will be launched in the July BTO exercise. Flats in Bukit Merah, Bukit Panjang, Clementi, Sembawang, Tampines and Woodlands will also be up for sale.
Minister Lee reiterated the government's committment to ensure that public housing remains affordable, inclusive and accessible for Singaporeans by building more homes across the island, including in areas near to the city centre to enable families to live closer to their workplaces or their elderly parents who may be staying in the older HDB towns nearer to the city centre, for mutual care and support.
Source: The Straits Times © SPH Media Limited.
- Published on
The average size of homes decreased most significantly between 2014 and 2018, as small-format homes became popular with investors.
Condo sizes in Singapore have noticeably shrunk over the past 15 years, particularly in new launches due to multiple market and policy factors like loan curbs, several rounds of property cooling measures and changing demographic needs.
Land scarcity, inflation, higher cost of construction, foreign interest and high demand for new launches contributed significantly to rising per square foot (psf) property prices in Singapore. Therefore in order for developers to keep the absolute price quantums at levels that buyers could stomach, developers have to introduce smaller and smaller units, as private residential property prices surged 76.9 per cent cumulatively from 2010 to 2024.
Across Singapore, the median size of non-landed new condos has dropped 10.6 per cent to 904 sq ft in 2024 from 1,012 sq ft in 2010, according to Cushman & Wakefield, which collated data for The Straits Times based on the median size of new home transactions in the past 15 years. The median floor areas of new condos in the prime district outpaced that in the suburban and city fringe sub-markets. The median floor areas of new prime condos dropped 20.6 per cent to 829 sq ft in 2024 from 1,044 sq ft in 2010. In comparison, the median floor areas of new suburban condos shed 13.4 per cent to 904 sq ft from 1,044 sq ft, while new city fringe condos saw a 4.5 per cent drop in median unit sizes to 904 sq ft from 947 sq ft.
Below is a breakdown to illustrate the shift:
Developers has to explore efficient layouts in newer condo floorplans by designing interiors to maximise usable space, ensuring that even compact units feel functional, livable, and efficient. The space reductions were mostly in kitchen, living and dining areas, which are increasingly designed for interchangeable use. Even though some developments have smaller kitchens, living and dining areas, their layout is designed to overlap, allowing for flexible and interchangeable use. For instance, the kitchen space can be converted into dining space, should they require more space for hosting.
On 1 June 2023, in an effort to ensure that private home space remain liveable, the government's rules on the harmonisation of floor-area definitions took effect, thereby requiring all strata areas to be computed as gross floor area (GFA) causing developer to build smaller air-con ledges and more liveable space for home owners. Previously, elements such as private air-con ledges were excluded from the GFA computation, meaning they did not count towards the maximum allowable floor area of a condo project if they fulfilled certain requirements, and would therefore count as “free area” for developers.
For example, a 1,000 sq ft unit with oversized balconies, multiple bay windows and an oversized air-con ledge will most likely feel less spacious and functional compared with a 900 sq ft unit designed to maximise net internal area. Therefore, even though new condo units are getting smaller doesn’t mean that liveability is compromised as we need to distinguish between the strata or saleable area as shown on the plan, and liveable space, or the net internal area of the unit.
To ensure that private residential units do not get unreasonably small, the Urban Redevelopment Authority (URA) from 2012 and 2019 introduced guidelines to set a maximum number of units in a non-landed residential project to moderate the percentage of the smallest and largest units in proportion to the total number of units in a project. In 2019, the authorities reduced developers’ balcony bonus gross floor area incentives from 10 per cent to 7 per cent, and mandated that balconies could not exceed 15 per cent of the net internal area of units – a measure aimed at maximising liveable space in new units. The net internal area refers to the net living space of a unit, which excludes voids, balconies, air-conditioner ledges and other external areas.
For all new projects in the central area, URA also stipulated that from Jan 18, 2023, the developments must ensure that at least 20 per cent of dwelling units have a net internal area of at least 70 sq m. This size is considered “reasonable” for small families, taking into account the tighter space constraints of the central area.
The drop in the median floor areas for new executive condominiums is less pronounced compared with that of new condos because most exec condos are purchased by owner-occupiers and families requiring larger living spaces, rather than for investment purposes. New exec condo unit sizes fell 8.1 per cent to 980 sq ft in 2024 from 1,066 sq ft in 2010, and were down 2.2 per cent from 1,001 sq ft in 2023.
"While condo sizes have shrunk, clever design makes modern units surprisingly functional. But for those who prefer larger spaces, resale condos from the 90s or early 2000s may still be a better fit." said associate Group Director of Propnex Realty, Kiwi Lim.
Source: The Straits Times © SPH Media Limited.
- Published on
This case was so rare that experts witness for the trial confessed he had never seen such a situation before.
In Singapore’s high-priced real estate market, every square foot counts. When buyers or investors pay premium prices for properties marketed at a certain size — only to realize much of it isn’t effectively usable — it can result in overpaying for space, difficulty attracting tenants, reduced resale value as well as legal or valuation complications.
A beauty salon owner bought a commercial shop at D’Leedon condominium for nearly $1.6 million, assuming that the size of the premises was 818 square foot (sqft) based on past transaction history data on two leading property listing portals, as well as a title search, which corroborated the square footage. After buying the shop, the buyer realised the usable floor area of the unit turned out to be just 619 sqft. Imagine the shock and anger the buyer felt upon realising the size difference.
The lawsuit was brought in the name of Madam Pan’s company, Crystal Beauty, of which she is the sole director and shareholder, which initially sued five parties over the discrepancy: her real estate agent Jasmine Xu, Ms Xu’s agency ERA Realty Network, vendor PLS Holdings, the vendor’s real estate agent Eric Kwek, and Mr Kwek’s agency PropNex Realty. The suit against the vendor was discontinued as the firm has since been struck off, while a confidential settlement was reached with Mr Kwek and PropNex.
The discrepancy arose because of the unique manner in which the lot area is calculated for properties with sloping walls, meaning there is a difference between ceiling and floor areas. For such properties, the lot area – as set out in the title documents and commercial listing portals – is calculated based on the larger of the two. In this case, it was the ceiling area that was 818 sqft.
On 8 May, the High Court dismissed the lawsuit. In his written judgment, Judicial Commissioner Mohamed Faizal said there was no evidence that the real estate agent Ms Xu had made any representations, whether explicit or implied, that the usable floor space was 818 sqft. He added that Ms Xu had conducted all the typical due diligence checks; she had cross-checked the numbers provided by the vendor against the EdgeProp property portal.
This case was so rare that the joint expert witness for the trial, real estate agent Tay Kah Poh, who is also an adjunct associate professor at NUS Business School, confessed he had never seen such a situation before. Prof Tay said the situation was so unusual that it would not have been covered in the conventional courses a person would have to typically undergo before becoming a licensed estate agent.
The judge said this case “reflects the reality that both property agents and buyers should remain vigilant”. He said: “Given the novelty of the situation, all the parties were caught unaware about the disparity between floor space and the strata lot size listed on the title search, and there was little a conscientious property agent could have done to have been more alive to a problem that simply was not viewed as a concerning feature in Singapore’s property market.”
Madam Pan had operated a beauty salon at D’Leedon since 2015. In September 2018, Madam Pan told Ms Xu, who was a patron of the salon, that she was interested in larger premises to expand the business. The unit directly across the corridor from her current shop was identified as a possible location.
Madam Pan contended that the discrepancy in size significantly hampered the salon’s expansion plans.
She said the salon is now forced to operate from both the existing premises and the new premises. The amount claimed comprised $203,400 in purported savings on operational costs if she did not have to maintain the older shop and a sum of $387,855.38 after accounting for the pro-rated price of a 619 sqft property.
In his judgment, the judicial commissioner noted that the written documents setting out Madam Pan’s claims of misrepresentation were “extremely vague”. The judge said text messages presented by Madam Pan, of discussions with Ms Xu from 2020 to 2022, did not support her claim that the latter had made the purported representations. The parties disagreed whether there had been a formal physical inspection of the interior of the unit at the time of the purchase in early 2020. The messages showed that both of them had been “jointly misled” by the developer’s marketing of the unit as being of 818 sq ft, said the judge.
This common understanding appeared to morph only in March 2022, when Madam Pan decided to sue Ms Xu after she was told by surveyors that there was nothing wrong with how the developer had calculated the strata lot area of the unit, he said.
Real estate consultant Kiwi Lim reminds property buyers and business tenants to always check the efficiency ratio (usable vs. total strata floor area) and do a physical inspection before buying or renting a property. Don’t just buy by the numbers on paper — but buy the space that truly works for you, your family or your business.
Source: The Straits Times © SPH Media Limited.
