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A five-room loft unit at SkyTerrace@Dawson was sold for a record S$1.328 million in November 2021, making it the most expensive HDB resale unit in Queenstown so far as buyers were impressed and awed by the rare double-volume space and spacious living room in this 122 sqm loft unit at Blk 92. The high-floor unit faces the Sky Park and enjoys a breezy view of Ridley Park and the surrounding Good Class Bungalows.
SkyTerrace@Dawson, along with SkyVille@Dawson has been getting a lot of attention after owners reached their MOP (Minimum Occupation Period) in the mid of last year, leading to multiple million dollar flat transactions raising the HDB resale prices in Queenstown.
The 758 units across five towers of SkyTerrace@Dawson, ranging from 40 to 43 storeys, have flexible layouts that include loft units and paired units, meant for multi-generational living. Sky gardens with lush landscaping are built on the upper floors, which offer communal spaces and breathtaking views. The towers are conveniently linked by bridges to amenities at Block 85, which houses the multi-storey carpark and 30 commercial spaces accommodating a supermarket, childcare centre, senior citizen centre, and various eateries and shops.
SkyTerrace@Dawson, along with SkyVille@Dawson has been getting a lot of attention after owners reached their MOP (Minimum Occupation Period) in the mid of last year, leading to multiple million dollar flat transactions raising the HDB resale prices in Queenstown.
The 758 units across five towers of SkyTerrace@Dawson, ranging from 40 to 43 storeys, have flexible layouts that include loft units and paired units, meant for multi-generational living. Sky gardens with lush landscaping are built on the upper floors, which offer communal spaces and breathtaking views. The towers are conveniently linked by bridges to amenities at Block 85, which houses the multi-storey carpark and 30 commercial spaces accommodating a supermarket, childcare centre, senior citizen centre, and various eateries and shops.
SkyTerrace @ Dawson, for instance, takes the "housing-in-park concept' to a new level. The five-block estate features plenty of lush greenery and sky gardens replace the usual void decks. Its buildings are made to look like a Tetris game, where L-shaped units fit snugly with rectangular ones in what is called a "paired unit".
Queenstown's new snazzy Build-To-Order (BTO) projects - SkyVille @ Dawson and SkyTerrace @ Dawson - are the face of new-generation public housing, with a focus on flexibility, greenery and good living. Designed by award-winning architecture firms, both developments boast cool, modern features and their own unique identity.
SkyTerrace @ Dawson, for instance, takes the "housing-in-park concept' to a new level. The five-block estate features plenty of lush greenery and sky gardens replace the usual void decks. Its buildings are made to look like a Tetris game, where L-shaped units fit snugly with rectangular ones in what is called a "paired unit".
Across the street, there are also five shops, an eatery and a supermarket at SkyVille Dawson, a Build-To-Order (BTO) development designed by WOHA. The residents at SkyTerrace and SkyVille can enjoy amenities in both developments.
SkyTerrace @ Dawson, for instance, takes the "housing-in-park concept' to a new level. The five-block estate features plenty of lush greenery and sky gardens replace the usual void decks. Its buildings are made to look like a Tetris game, where L-shaped units fit snugly with rectangular ones in what is called a "paired unit".
Across the street, there are also five shops, an eatery and a supermarket at SkyVille Dawson, a Build-To-Order (BTO) development designed by WOHA. The residents at SkyTerrace and SkyVille can enjoy amenities in both developments.
The 1,718 units at SkyTerrace and SkyVille were almost 12 times oversubscribed when they were launched together in December 2009, even though prices were higher than other BTO launches at that time. The prices of five-room flats at these two developments started from $532,000.
Real estate professional Kiwi Lim from Huttons Asia believe resale prices of public housing flats will likely continue to rise over the next few quarters, but at a more moderate pace as we progress into 2022 due to high demand for quality flats in matured estates. Next year's new condo launches is expected to only add approximately 5,000 units into the market and the prices of previous successful GLS bids for land in addition to the higher construction costs may also test buyer's psychological barrier to pay $2,000 psf for a brand new mass market condo in the OCR region which probably will cause buyer demand to flow over to resale condo and resale HDB flats.
Real estate professional Kiwi Lim from Huttons Asia believe resale prices of public housing flats will likely continue to rise over the next few quarters, but at a more moderate pace as we progress into 2022 due to high demand for quality flats in matured estates. Next year's new condo launches is expected to only add approximately 5,000 units into the market and the prices of previous successful GLS bids for land in addition to the higher construction costs may also test buyer's psychological barrier to pay $2,000 psf for a brand new mass market condo in the OCR region which probably will cause buyer demand to flow over to resale condo and resale HDB flats.
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Singapore’s private home prices have been rising throughout this Covid pandemic from mid of last year to current quarter this year and it rose at a faster rate in the third quarter this year 2021 despite retightened Covid-19 restrictions, driven by the surge in landed property sales and prices, and the knock-on effects of the red-hot Housing Board resale market.
With private property values climbing up 1.1 per cent from the previous quarter, according to data from the Urban Redevelopment Authority (URA) on Friday (Oct 22). This was up from a 0.8 per cent rise in the second quarter, and came after a 3.3 per cent gain in the first quarter. The increase was also slightly above the flash estimate of a 0.9 per cent rise. Year on year, prices rose 7.5 per cent and were up 5.3 per cent to date this year.
The increase domestic demand is real and represents a genuine need for local home buyers as we see a huge majority of domestic buyers as foreigners are largely left out of our borders during this Covid pandemic. Property analysts believe this spike in domestic demand was not anticipated by both the government and developers resulting in an imbalance of supply and demand as the supply could not meet this surge in domestic demand.
With private property values climbing up 1.1 per cent from the previous quarter, according to data from the Urban Redevelopment Authority (URA) on Friday (Oct 22). This was up from a 0.8 per cent rise in the second quarter, and came after a 3.3 per cent gain in the first quarter. The increase was also slightly above the flash estimate of a 0.9 per cent rise. Year on year, prices rose 7.5 per cent and were up 5.3 per cent to date this year.
The increase domestic demand is real and represents a genuine need for local home buyers as we see a huge majority of domestic buyers as foreigners are largely left out of our borders during this Covid pandemic. Property analysts believe this spike in domestic demand was not anticipated by both the government and developers resulting in an imbalance of supply and demand as the supply could not meet this surge in domestic demand.
Singapore Contractors Association Limited (Scal) said in a statement that the cost of labour and materials has escalated by 30 per cent to 50 per cent and developers will not be able to bear this huge increase in building and construction costs. Future home buyers of new condo projects that has yet to TOP will inevitably be paying for higher construction costs if the situation is not resolved soon.
From URA records, on average in 2021, more than 1,000 new condo units are sold every month throughout this year (see above table). The current supply of available unsold new condo units in the market has dropped to a record low level from 2006 (see table below).
From URA records, on average in 2021, more than 1,000 new condo units are sold every month throughout this year (see above table). The current supply of available unsold new condo units in the market has dropped to a record low level from 2006 (see table below).
You may ask: "With current supply of available unsold new condos dwindling and prices going north, are there still anymore new condo projects with brand new 3 bedroom units below $1.5 million?"
Yes there are but I believe these units will not be around for long after this report is published. Here are the various projects with brand new 3 bedroom condo projects currently selling from below $1.5 million.
The Watergardens at Canberra (District 27)
#01-03 @ 958 sqft 3 bedroom condo @ $1,361,000 ($1,421 psf)
*price & avail as at 28 Nov 2021
The Watergardens at Canberra beckons you to a whole new realm of experiences. From its lush greenery, invigorating springs and immersive home scape, get ready to immerse yourself in an idyllic and luxurious home that is brimming with life. Best of all, residents of The Watergardens at Canberra enjoy the convenience of being well-connected to the rest of Singapore with the upcoming North-South Expressway.
The Watergardens at Canberra is an Award-Winning project by premier developers UOL, Singapore Land Group (UIC) and Kheng Leong. It is nestled in an exclusive landed enclave, located about 35pm to Canberra MRT and Plaza (click on image below to know more).
Yes there are but I believe these units will not be around for long after this report is published. Here are the various projects with brand new 3 bedroom condo projects currently selling from below $1.5 million.
The Watergardens at Canberra (District 27)
#01-03 @ 958 sqft 3 bedroom condo @ $1,361,000 ($1,421 psf)
*price & avail as at 28 Nov 2021
The Watergardens at Canberra beckons you to a whole new realm of experiences. From its lush greenery, invigorating springs and immersive home scape, get ready to immerse yourself in an idyllic and luxurious home that is brimming with life. Best of all, residents of The Watergardens at Canberra enjoy the convenience of being well-connected to the rest of Singapore with the upcoming North-South Expressway.
The Watergardens at Canberra is an Award-Winning project by premier developers UOL, Singapore Land Group (UIC) and Kheng Leong. It is nestled in an exclusive landed enclave, located about 35pm to Canberra MRT and Plaza (click on image below to know more).
Every home in The Watergardens at Canberra is a safe haven of comfort and respite nestled in a harmonious landscape of water and green. Click for floorplans, prices and showflat viewing
Affinity at Serangoon (District 19)
#02-42 @ 850 sqft 3 bedroom condo @ $1,414,000 ($1,664 psf)
*price & avail as at 28 Nov 2021
Affinity at Serangoon is a 99-year leasehold development, strategically located along Upper Serangoon Road in District 19. The nearest MRT station is Serangoon MRT Station and Bus Interchange. Affinity at Serangoon also enjoys good connectivity to other parts of the island via major expressways such as the Central Expressway (CTE), Seletar Expressway (SLE), Tampines Expressway (TPE) and Kallang-Paya Lebar Expressway (KPE). Sitting on the former site of Serangoon Ville HUDC, Affinity at Serangoon consists of a total of 1,012 apartments, 40 strata landed houses and 5 retail shops.
Situated in a mature housing estate, residents can enjoy the convenience of shopping and dining such as NEX, Chomp Chomp Food Centre, Serangoon Gardens Market. Families with school-going children can look forward to the prestigious schools in the vicinity such as Rosyth Primary School, Zhonghua Primary School, Nanyang Junior College, the French School and Australian International School. Business centres such as Serangoon North Industrial Estate, Seletar Aerospace Park and the Future Punggol Digital District are also nearby Affinity at Serangoon (click on image below to know more).
#02-42 @ 850 sqft 3 bedroom condo @ $1,414,000 ($1,664 psf)
*price & avail as at 28 Nov 2021
Affinity at Serangoon is a 99-year leasehold development, strategically located along Upper Serangoon Road in District 19. The nearest MRT station is Serangoon MRT Station and Bus Interchange. Affinity at Serangoon also enjoys good connectivity to other parts of the island via major expressways such as the Central Expressway (CTE), Seletar Expressway (SLE), Tampines Expressway (TPE) and Kallang-Paya Lebar Expressway (KPE). Sitting on the former site of Serangoon Ville HUDC, Affinity at Serangoon consists of a total of 1,012 apartments, 40 strata landed houses and 5 retail shops.
Situated in a mature housing estate, residents can enjoy the convenience of shopping and dining such as NEX, Chomp Chomp Food Centre, Serangoon Gardens Market. Families with school-going children can look forward to the prestigious schools in the vicinity such as Rosyth Primary School, Zhonghua Primary School, Nanyang Junior College, the French School and Australian International School. Business centres such as Serangoon North Industrial Estate, Seletar Aerospace Park and the Future Punggol Digital District are also nearby Affinity at Serangoon (click on image below to know more).
Situated in a mature housing estate, Affinity at Serangoon residents enjoy the convenience of shopping & dining at NEX, Chomp Chomp Food Centre, Serangoon Gardens. Click for floorplans, prices and showflat viewing
Midwood (District 23)
#04-13 @ 893 sqft 3 bedroom condo @ $1,451,000 ($1,625 psf)
*price & avail as at 28 Nov 2021
The Midwood residences nestles in a quaint corner of an established residential estate. The development strives to negate and create an inviting series of spaces using changing vistas and levels. The 29 storey building optimizes surrounding views and encourages effective cross- ventilation. Beautiful curtain walls blend seamlessly with the expressed verticality of the building, creating a contiguous connection between tall surrounding trees and the architecture. This visual effect blends together the dense surrounding landscapes, creating an impression of an oasis within the forest where one resides with nature.
Cosy private enclosed spaces are carved out along the building’s façades; providing much needed respite. Tropical greens provide shade and relaxing views as they allow residents to immerse themselves within the lush landscape whilst chilling inside their homes. A touch of class is achieved by the arches that manifest themselves in different forms and in different spaces. They serve as unifying vocabulary of the modern architectural language (click on image below to know more).
#04-13 @ 893 sqft 3 bedroom condo @ $1,451,000 ($1,625 psf)
*price & avail as at 28 Nov 2021
The Midwood residences nestles in a quaint corner of an established residential estate. The development strives to negate and create an inviting series of spaces using changing vistas and levels. The 29 storey building optimizes surrounding views and encourages effective cross- ventilation. Beautiful curtain walls blend seamlessly with the expressed verticality of the building, creating a contiguous connection between tall surrounding trees and the architecture. This visual effect blends together the dense surrounding landscapes, creating an impression of an oasis within the forest where one resides with nature.
Cosy private enclosed spaces are carved out along the building’s façades; providing much needed respite. Tropical greens provide shade and relaxing views as they allow residents to immerse themselves within the lush landscape whilst chilling inside their homes. A touch of class is achieved by the arches that manifest themselves in different forms and in different spaces. They serve as unifying vocabulary of the modern architectural language (click on image below to know more).
Located just 300 meters within Hillview MRT Station, Midwood offers convenience to its residents in a well-developed private residential estate. Click for floorplans, prices and showflat viewing
Parkwood Residences (District 19)
#01-01 @ 861 sqft 3 Bedroom @ $1,478,000 ($1,717 psf)
*price & avail as at 28 Nov 2021
Whilst the stunning architecture makes Parkwood Residences a superior home in the truest sense, this is also where you discover an inner sanctuary shaped for you and your loved ones. 18 exclusive apartments designed not only to please the individual, but also to facilitate warm interaction amongst families and the entire Parkwood community.
You will have more time to enjoy the things that truly mattered. With retail and lifestyle malls like Heartland Mall, Hougang Mall, Upper Serangoon Shopping Centre and NEX Shopping Centre near home, you and your family can dine, shop for essentials and relax over coffee or wine, conveniently away from the city crowd.
Revel in the sense of spatial expanse with elevated ceiling heights* of up to 4600mm at the penthouses and up to 3300mm at the typical units. More than just a canvas for lofty decorations, it provides added visual headroom for spatial freedom. Dip into the rooftop pool for a refreshing swim under the open sky (click on image below to know more).
#01-01 @ 861 sqft 3 Bedroom @ $1,478,000 ($1,717 psf)
*price & avail as at 28 Nov 2021
Whilst the stunning architecture makes Parkwood Residences a superior home in the truest sense, this is also where you discover an inner sanctuary shaped for you and your loved ones. 18 exclusive apartments designed not only to please the individual, but also to facilitate warm interaction amongst families and the entire Parkwood community.
You will have more time to enjoy the things that truly mattered. With retail and lifestyle malls like Heartland Mall, Hougang Mall, Upper Serangoon Shopping Centre and NEX Shopping Centre near home, you and your family can dine, shop for essentials and relax over coffee or wine, conveniently away from the city crowd.
Revel in the sense of spatial expanse with elevated ceiling heights* of up to 4600mm at the penthouses and up to 3300mm at the typical units. More than just a canvas for lofty decorations, it provides added visual headroom for spatial freedom. Dip into the rooftop pool for a refreshing swim under the open sky (click on image below to know more).
Discover an inner sanctuary shaped for you and your loved ones at Parkwood Residences designed not only to please the individual, but also to facilitate warm interaction amongst families and the entire Parkwood community.
Phoenix Residences (District 23)
#01-10 @ 1,033 sqft 3 bedroom condo @ $1,478,240 ($1,431 psf)
*price & avail as at 28 Nov 2021
Phoenix Residences is conveniently located just a few minutes' walk from Bukit Panjang MRT Station in the quiet area of Bukit Panjang. District 23 located at Bukit Panjang has always been in demand with regards to the property that are located around the area. This is because there are many prime amenities and the district is just a short drive away to Bukit Timah via Upper Bukit Timah Road as well as Jurong East. The convenience provide residents with various amenities at the doorstep and therefore Phoenix Residences located at Phoenix Walk is a highly sought after location.
Phoenix Residences is a short distance from amenities and everything that you need is a short walk or short drive away. There are also many iconic shopping centres that are located near to Phoenix Residences such as Bukit Panjang Plaza and Hillion Mall and therefore convenience is right at your doorstep (click on image below to know more).
#01-10 @ 1,033 sqft 3 bedroom condo @ $1,478,240 ($1,431 psf)
*price & avail as at 28 Nov 2021
Phoenix Residences is conveniently located just a few minutes' walk from Bukit Panjang MRT Station in the quiet area of Bukit Panjang. District 23 located at Bukit Panjang has always been in demand with regards to the property that are located around the area. This is because there are many prime amenities and the district is just a short drive away to Bukit Timah via Upper Bukit Timah Road as well as Jurong East. The convenience provide residents with various amenities at the doorstep and therefore Phoenix Residences located at Phoenix Walk is a highly sought after location.
Phoenix Residences is a short distance from amenities and everything that you need is a short walk or short drive away. There are also many iconic shopping centres that are located near to Phoenix Residences such as Bukit Panjang Plaza and Hillion Mall and therefore convenience is right at your doorstep (click on image below to know more).
Phoenix Residences is a short distance from iconic shopping centres such as Bukit Panjang Plaza and Hillion Mall with convenience nearby. Click for floorplans, prices and showflat viewing
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Image grab from Straits Times Interactive
HDB announced on Tuesday 23 November 2021 that 5,000 new Housing Board (HDB) flats will be built on the site of the former Police Academy in the Mount Pleasant area about the size of 46 football fields, with the first Build-To-Order (BTO) project to be launched within the next five years in consultation with various stakeholders to study heritage and environment impact due to the estate's proximity to Bukit Brown Cemetery, the Central Catchment Nature Reserve and the densely forested surrounding areas, were conducted to assess the heritage and ecological value of the area.
According to National Development Minister Desmond Lee, this new BTO estate is still in the conceptual stage but its design will take inspiration from the heritage and nature in the area. The 33-hectare estate, around one-third the size of Bidadari, is bounded by Thomson Road and the Pan Island Expressway (PIE), is close to Bukit Brown, the Central Catchment Nature Reserve and towns such as Toa Payoh.
To pave the way for the development of public housing and a road network in the area, the Government would acquire a small part of the land at the Singapore Polo Club along Mount Pleasant Road. Its clubhouse, field and main horse stables would not be affected.
According to National Development Minister Desmond Lee, this new BTO estate is still in the conceptual stage but its design will take inspiration from the heritage and nature in the area. The 33-hectare estate, around one-third the size of Bidadari, is bounded by Thomson Road and the Pan Island Expressway (PIE), is close to Bukit Brown, the Central Catchment Nature Reserve and towns such as Toa Payoh.
To pave the way for the development of public housing and a road network in the area, the Government would acquire a small part of the land at the Singapore Polo Club along Mount Pleasant Road. Its clubhouse, field and main horse stables would not be affected.
Four existing buildings that were part of the Old Police Academy, along with the parade square, will be retained and adapted into community spaces to serve future residents. These police buildings in and around the Old Police Academy will be conserved and integrated with future developments in the Mount Pleasant area. A part of the parade square will be retained as an open space within the new housing estate.
The estate will have a low-rise neighbourhood centre where amenities such as retail shops are located and will be designed to be open and green, and will feature community spaces.
Two out of the three streams in the area would also be fully conserved, with the third stream partially conserved, specifically the part which has richer biodiversity in this beautiful green oasis.
Residents will be served by the upcoming Mount Pleasant MRT station on the Thomson-East Coast Line, which will open in tandem with the completion of the BTO projects.
The estate will have a low-rise neighbourhood centre where amenities such as retail shops are located and will be designed to be open and green, and will feature community spaces.
Two out of the three streams in the area would also be fully conserved, with the third stream partially conserved, specifically the part which has richer biodiversity in this beautiful green oasis.
Residents will be served by the upcoming Mount Pleasant MRT station on the Thomson-East Coast Line, which will open in tandem with the completion of the BTO projects.
Nearly 380 plant species were found in the forests nearby, close to half of which are native – and of these, half are of conservation significance. They were mostly located outside the proposed development area. Nearly 200 fauna species were recorded, with the highest concentration in the Kopi Sua Cemetery area. Overall, there are 14 species of conservation significance, 10 of which are birds.
As land becomes scarcer and needs continue to grow, balancing land use will become more complex.
The government will put out more information on their planning process and decisions and involve more Singaporeans - hoping Singaporeans will better understand the trade-offs involved we work together to develop strategies and measures to strike a balance in our nation's progress.
Bounded by Thomson Road and the Pan Island Expressway (PIE), Kiwi Lim from Huttons Asia believe this BTO project in Thomson / Whitley area will receive overwhelming response once it is launched due to the strong demand for flats in nearby areas. The area's rich heritage, green nature, beautiful environment on elevated ground and connectivity to the city and rest of Singapore will be very attractive to homeowners. The million dollar question is, will this upcoming BTO project be part of the PLH model of BTO flats?
As land becomes scarcer and needs continue to grow, balancing land use will become more complex.
The government will put out more information on their planning process and decisions and involve more Singaporeans - hoping Singaporeans will better understand the trade-offs involved we work together to develop strategies and measures to strike a balance in our nation's progress.
Bounded by Thomson Road and the Pan Island Expressway (PIE), Kiwi Lim from Huttons Asia believe this BTO project in Thomson / Whitley area will receive overwhelming response once it is launched due to the strong demand for flats in nearby areas. The area's rich heritage, green nature, beautiful environment on elevated ground and connectivity to the city and rest of Singapore will be very attractive to homeowners. The million dollar question is, will this upcoming BTO project be part of the PLH model of BTO flats?
From Straits Times article on 23 November 2021
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Set to be the tallest residential development along the Singapore River when it is completed in 2025, the 99-year leasehold CanningHill Piers will be part of the sprawling integrated redevelopment on the former Liang Court site.
Canninghill Piers launched its sales preview on Saturday - 20 November 2021 to an overwhelming response from excited homebuyers and investors snatching up more than 75% of its total number of units in the whole development within just a few hours with prices averaging around $3,000 per sq ft (psf), with the 8,956 sq ft penthouse going for $5,360 psf.
Unit types at CanningHill Piers range from one- to five-bedders, Sky Suites, and a penthouse unit, of sizes from 410 to 8,950 sqft. Prices for the apartments start from $1.16 million for a one-bedder while four-bedders start from $5.22 million and five-bedroom premium unit on the 25th floor priced from $8.1 million. The development's super penthouse on level 48 was sold the next day after Saturday's review at $48 mil. All available prices subject to change without notice from developer.
Canninghill Piers launched its sales preview on Saturday - 20 November 2021 to an overwhelming response from excited homebuyers and investors snatching up more than 75% of its total number of units in the whole development within just a few hours with prices averaging around $3,000 per sq ft (psf), with the 8,956 sq ft penthouse going for $5,360 psf.
Unit types at CanningHill Piers range from one- to five-bedders, Sky Suites, and a penthouse unit, of sizes from 410 to 8,950 sqft. Prices for the apartments start from $1.16 million for a one-bedder while four-bedders start from $5.22 million and five-bedroom premium unit on the 25th floor priced from $8.1 million. The development's super penthouse on level 48 was sold the next day after Saturday's review at $48 mil. All available prices subject to change without notice from developer.
Image: CapitaLand Development (CLD) and City Developments Limited (CDL)
Canninghill Piers jointly developed by CapitaLand and City Developments Ltd (CDL) features two residential towers with one 48 storey tower at 180m tall said to be the tallest residential development along the Singapore River. The shorter 24 storey tower overlooks Fort Canning Hill at 100m tall.
Beyond its unmatched position overlooking two of Singapore’s historic sites - Singapore River and Fort Canning Hill, this new twin tower luxury residence is set to be a landmark in its own right. The two residential towers will be connected by a sky bridge on level 24 hosting a wide range of lifestyle facilities such as the Sky Gym, Infinity Lap Pool, Sky Gourmet, Flexi Lounge and Function Room, offering unobstructed views of Fort Canning Hill, Singapore River, the CBD, Marina Bay and beyond. Residents will also enjoy three levels of F&B and lifestyle amenities at CanningHill Square mall below.
Beyond its unmatched position overlooking two of Singapore’s historic sites - Singapore River and Fort Canning Hill, this new twin tower luxury residence is set to be a landmark in its own right. The two residential towers will be connected by a sky bridge on level 24 hosting a wide range of lifestyle facilities such as the Sky Gym, Infinity Lap Pool, Sky Gourmet, Flexi Lounge and Function Room, offering unobstructed views of Fort Canning Hill, Singapore River, the CBD, Marina Bay and beyond. Residents will also enjoy three levels of F&B and lifestyle amenities at CanningHill Square mall below.
Images above and below: CapitaLand Development (CLD) and City Developments Limited (CDL)
Canninghill Piers will be part of an integrated development that includes commercial components, with F&B and retail outlets, a hotel and a serviced residence - Somerset Serviced Residence provides a reputable service where clients come together to celebrate happiness with family and friends inspired by the harmonious balance of nature.
The hotel will operate under the Moxy brand by Marriott International, while the serviced residence with a hotel licence will be managed by Somerset. Moxy is a fun, vibrant and stylish hotel designed for “always-on guests” who are turned on by new experiences amidst Moxy's lively communal spaces and energetic crew.
Kiwi Lim from Huttons Asia expected this integrated development to sell above 70% on its first day of launch as CanningHill Piers is the only hill and river dual-frontage residential development in the Central Area, offering views of Fort Canning Hill, Singapore River, the Central Business District and Marina Bay. Buyers were also attracted by the reasonable pricing for this iconic rare integrated development by two very reputable local listed developers. Kiwi Lim believe this project will continue to attract interest from prospective homebuyers and investors.
The hotel will operate under the Moxy brand by Marriott International, while the serviced residence with a hotel licence will be managed by Somerset. Moxy is a fun, vibrant and stylish hotel designed for “always-on guests” who are turned on by new experiences amidst Moxy's lively communal spaces and energetic crew.
Kiwi Lim from Huttons Asia expected this integrated development to sell above 70% on its first day of launch as CanningHill Piers is the only hill and river dual-frontage residential development in the Central Area, offering views of Fort Canning Hill, Singapore River, the Central Business District and Marina Bay. Buyers were also attracted by the reasonable pricing for this iconic rare integrated development by two very reputable local listed developers. Kiwi Lim believe this project will continue to attract interest from prospective homebuyers and investors.
Another very popular new integrated condo project also jointly developed by CapitaLand Development and City Developments Limited is located above Buangkok MRT called Sengkang Grand Residences.
Sengkang Grand Residences also comes with a retail mall, a community club, a hawker centre, a community plaza, a childcare centre and a bus interchange. The three-storey retail mall spans over 160,000 sq ft of gross floor area. Residents can enjoy convenience to a myriad of amenities and multiple recreational options at their doorsteps as well as unmatched transport connectivity.
Sengkang Grand Residences is currently more than 91% sold and still have avail spacious 764 sqft two bedroom premium units from below $1.5 mil, three bedroom units from below $1.6 mil and large four bedroom 1,313 sqft units from $2.2x mil onwards.
Slated for completion in 2025, Canninghill Piers is designed by Danish architecture firm Bjarke Ingels Group (BIG) led by Bjarke Ingels, which is behind developments such as 8 House in Copenhagen and Via 57 West in New York. BIG is also the design architect for CapitaSpring, a soon-to-be-completed 51-storey integrated development by CapitaLand Group in Singapore’s Raffles Place CBD.
Sengkang Grand Residences also comes with a retail mall, a community club, a hawker centre, a community plaza, a childcare centre and a bus interchange. The three-storey retail mall spans over 160,000 sq ft of gross floor area. Residents can enjoy convenience to a myriad of amenities and multiple recreational options at their doorsteps as well as unmatched transport connectivity.
Sengkang Grand Residences is currently more than 91% sold and still have avail spacious 764 sqft two bedroom premium units from below $1.5 mil, three bedroom units from below $1.6 mil and large four bedroom 1,313 sqft units from $2.2x mil onwards.
Slated for completion in 2025, Canninghill Piers is designed by Danish architecture firm Bjarke Ingels Group (BIG) led by Bjarke Ingels, which is behind developments such as 8 House in Copenhagen and Via 57 West in New York. BIG is also the design architect for CapitaSpring, a soon-to-be-completed 51-storey integrated development by CapitaLand Group in Singapore’s Raffles Place CBD.
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As at 5pm on Nov 18, there were 2,105 applicants vying for the 680 four-room units at the Rochor BTO project.PHOTO: HDB
Today on 18 November 2021, as at 5pm, there were 2,105 applicants vying for the 680 four-room units at the Rochor BTO project - River Peaks I and II - which is next to Jalan Besar MRT station.
Four-room flats in the first Build-To-Order (BTO) project under a new prime location public housing (PLH) model in Rochor area saw strong demand from home buyers attracting triple the number of applicants than the units available just a day after they were launched for sale on Wednesday (Nov 17).
The highly anticipated PLH project - River Peaks I and II in Rochor - comes with stricter buying and selling conditions. A total of 960 3-room and 4-room flats are on offer across 6 47-storey blocks. Another 40 2-room rental flats will be integrated in one of the blocks. The Rochor BTO project is the first to come under the PLH model, which imposes stricter buying and selling conditions on flat owners to keep public housing in prime areas affordable and inclusive.
Owners of these Rochor flats must pay 6 per cent of the resale price or valuation, whichever is higher, to the Housing Board when they sell their homes on the open market for the first time.
Four-room flats in the first Build-To-Order (BTO) project under a new prime location public housing (PLH) model in Rochor area saw strong demand from home buyers attracting triple the number of applicants than the units available just a day after they were launched for sale on Wednesday (Nov 17).
The highly anticipated PLH project - River Peaks I and II in Rochor - comes with stricter buying and selling conditions. A total of 960 3-room and 4-room flats are on offer across 6 47-storey blocks. Another 40 2-room rental flats will be integrated in one of the blocks. The Rochor BTO project is the first to come under the PLH model, which imposes stricter buying and selling conditions on flat owners to keep public housing in prime areas affordable and inclusive.
Owners of these Rochor flats must pay 6 per cent of the resale price or valuation, whichever is higher, to the Housing Board when they sell their homes on the open market for the first time.
Sources above from HDB and ST Graphics
A total of 4,501 Build-To-Order (BTO) flats were launched for sale by the Housing Board yesterday on 17 Nov 2021, including 960 units in Rochor - the first project under a new prime location public housing (PLH) model - which comes with a 6 per cent subsidy clawback clause upon their resale.
The units are spread across 9 housing projects in 6 estates, with a median waiting time of 4.4 years for flats to be completed. In addition, another 1,798 flats were on offer in this year's second, and final, Sale of Balance Flats (SBF) sales. In total, 6,299 new flats were launched yesterday.
The Rochor BTO project is located in the city fringe sitting on two plots of land along Weld Road and Kelantan Road and is directly connected to Jalan Besar MRT station. Prices start from $409,000, without grants, for a three-room flat and $582,000 for a four-room flat, making them the most expensive units in a mature estate in this launch.
Besides the Rochor project, seven other BTO projects were launched for sale on Wednesday in the mature estate of Kallang/Whampoa and the non-mature estates of Choa Chua Kang, Hougang, Jurong West and Tengah. Most of these remained undersubscribed as at Thursday evening, with the exception of Kent Heights in Kallang/Whampoa and two projects in Hougang.
In Kent Heights, 399 applicants are vying for 276 four-room flats, the biggest available flat type in the project. Prices start from $511,000, without grants.
The units are spread across 9 housing projects in 6 estates, with a median waiting time of 4.4 years for flats to be completed. In addition, another 1,798 flats were on offer in this year's second, and final, Sale of Balance Flats (SBF) sales. In total, 6,299 new flats were launched yesterday.
The Rochor BTO project is located in the city fringe sitting on two plots of land along Weld Road and Kelantan Road and is directly connected to Jalan Besar MRT station. Prices start from $409,000, without grants, for a three-room flat and $582,000 for a four-room flat, making them the most expensive units in a mature estate in this launch.
Besides the Rochor project, seven other BTO projects were launched for sale on Wednesday in the mature estate of Kallang/Whampoa and the non-mature estates of Choa Chua Kang, Hougang, Jurong West and Tengah. Most of these remained undersubscribed as at Thursday evening, with the exception of Kent Heights in Kallang/Whampoa and two projects in Hougang.
In Kent Heights, 399 applicants are vying for 276 four-room flats, the biggest available flat type in the project. Prices start from $511,000, without grants.
(Clockwise from top left) Kent Heights, Tanjong Tree Residences @ Hougang, Hougang Olive, Nanyang Opal, Parc Glen @ Tengah and Heart of Yew Tee. PHOTOS: HDB
The Rochor project is estimated to be completed in the second quarter of 2028. The longer construction time for the Rochor project is due to the height of the blocks and the proximity to Jalan Besar MRT station, which require more preparation work as well as compliance with more stringent requirements by the authorities.
In order to prevent excessive windfall gains when owners sell their flats on the open market, HDB said it will claw back the additional subsidies. This also means that owners who choose not to sell their flats will not get their subsidies clawed back.
Owners will also be subject to a 10-year minimum occupation period, up from the five years for other flats, before they can sell their flats on the open market.
However, the three-room flats at Rochor BTO project were not as popular and remained undersubscribed as at today, with just 215 applicants for the 280 units on offer. Kiwi Lim from Huttons Asia believe this could be due to the longer 10 year MOP period where families may need more space with children staying with them during the longer holding period. The three-room flats have a smaller estimated unit size of 66 sqm each, compared with 88 sqm for the four-room flats. Successful home owners of this Rochor BTO project will likely be able to resell these flats only some time in 2038.
"Most of the applicants are 2nd timers who already have a place of their own to wait out the 7 years of construction period and may have the intention for the Rochor PLH flats to be their forever home". said Kiwi Lim.
In order to prevent excessive windfall gains when owners sell their flats on the open market, HDB said it will claw back the additional subsidies. This also means that owners who choose not to sell their flats will not get their subsidies clawed back.
Owners will also be subject to a 10-year minimum occupation period, up from the five years for other flats, before they can sell their flats on the open market.
However, the three-room flats at Rochor BTO project were not as popular and remained undersubscribed as at today, with just 215 applicants for the 280 units on offer. Kiwi Lim from Huttons Asia believe this could be due to the longer 10 year MOP period where families may need more space with children staying with them during the longer holding period. The three-room flats have a smaller estimated unit size of 66 sqm each, compared with 88 sqm for the four-room flats. Successful home owners of this Rochor BTO project will likely be able to resell these flats only some time in 2038.
"Most of the applicants are 2nd timers who already have a place of their own to wait out the 7 years of construction period and may have the intention for the Rochor PLH flats to be their forever home". said Kiwi Lim.
Straits Times article on 18 Nov 2021
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Of these top 10 sellers above, two are ECs - Parc Greenwich EC and OLA EC
Last month saw a rebound in new private home sales in October, reversing the downward trend seen in previous months. Based on caveats lodged, analysts estimated that property developers sold 903 residential units in Singapore last month, up 8.3 per cent from September's 834 units.
On a year-on-year basis, the latest estimates are 38.1 per cent higher than the 654 new private homes sold in October 2020 last year.
Buying momentum was boosted by the near sell-out of Jervois Mansion on its first weekend of sales. In September, when developers were holding back on major launches, new sales had dipped 31.4 per cent from August, representing the second consecutive monthly decline.
Located in the enviable CCR Chatsworth - Bishopsgate vicinity, Jervois Mansion's launch success could also be attributed to its expansive land, which is a rarity in the area. Jervois Mansion sold out almost all units except the units reserved by the developer for investment purposes partly because buyers were also attracted to the beautiful greenery within the development, such as vegetable gardens on the roof and sky planters surrounding each unit, to give the sense of being close to the ground. It is also the first private residential development in Singapore to be granted the Green Mark Gold Plus Super Low Energy certification by the Building and Construction Authority.
On a year-on-year basis, the latest estimates are 38.1 per cent higher than the 654 new private homes sold in October 2020 last year.
Buying momentum was boosted by the near sell-out of Jervois Mansion on its first weekend of sales. In September, when developers were holding back on major launches, new sales had dipped 31.4 per cent from August, representing the second consecutive monthly decline.
Located in the enviable CCR Chatsworth - Bishopsgate vicinity, Jervois Mansion's launch success could also be attributed to its expansive land, which is a rarity in the area. Jervois Mansion sold out almost all units except the units reserved by the developer for investment purposes partly because buyers were also attracted to the beautiful greenery within the development, such as vegetable gardens on the roof and sky planters surrounding each unit, to give the sense of being close to the ground. It is also the first private residential development in Singapore to be granted the Green Mark Gold Plus Super Low Energy certification by the Building and Construction Authority.
The market reflects growing interest in CCR projects
The market reflects growing interest in CCR projects
The most expensive new non-landed private residential property purchased last month, based on caveats lodged, was the S$75 million or S$6,210 psf penthouse unit at Shun Tak's ultra-luxury development Les Maisons Nassim far exceeding the second-highest price quantum in October - S$14.2 million for a unit at MeyerHouse, translating to S$2,499 psf.
Singapore's property market seem to be flushed with hot cash as 9 priciest condo transactions between S$10.6 million and S$13.8 million changed hands at Park Nova located along Tomlinson Road. The proportion of total new sales that were priced at S$2 million and above climbed to a high of 39 per cent in October, on the back of more transactions in the luxurious more expensive Core Central Region or CCR.
Singapore's property market seem to be flushed with hot cash as 9 priciest condo transactions between S$10.6 million and S$13.8 million changed hands at Park Nova located along Tomlinson Road. The proportion of total new sales that were priced at S$2 million and above climbed to a high of 39 per cent in October, on the back of more transactions in the luxurious more expensive Core Central Region or CCR.
Kiwi Lim from Huttons Asia believe that Singaporeans' dream of owning and living in a private residential property remains very much intact despite Covid pandemic and economic downturn. As Singaporeans are earning more and household incomes have been growing steadily, the allure of private residential living has led to affluent individuals and households upgrade and move into a private home or invest in a 2nd or 3rd private property. Singapore's sound governance, stable financial status, super convenient living and safe environment has all along made Singapore a very attractive investment location - both to locals and foreigners.
"As supply of available new condo units left in the market dwindles to a record low since 2006 and next year's upcoming new condo units to be launched into the market numbering less than 5,000 units, I expect property prices to continue increasing into the 3rd quarter of next year where the psychological mark of $2,000 psf for a mass market condo will be breached and accepted among local home buyers looking for a mass market private residential non-landed condo in the suburban OCR region." said Kiwi.
"As supply of available new condo units left in the market dwindles to a record low since 2006 and next year's upcoming new condo units to be launched into the market numbering less than 5,000 units, I expect property prices to continue increasing into the 3rd quarter of next year where the psychological mark of $2,000 psf for a mass market condo will be breached and accepted among local home buyers looking for a mass market private residential non-landed condo in the suburban OCR region." said Kiwi.
Based on The Business Times article on 12 Nov 2021
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HDB recently announced a new prime location public housing (PLH) model for future BTO launches in prime locations that are not limited to city areas in order to keep flat prices affordable for a wide range of Singaporeans.
The first project under the new prime location public housing (PLH) model will be built at Rochor and launched at this month November’s Build-to-Order (BTO) exercise.
According to Ministry of National Development (MND) and Housing and Development Board (HDB), the Rochor BTO project situated along Weld Road and Kelantan Road, is expected to offer 960 units of three-room and four-room flats as well as 40 units of two-room rental flats.
The Rochor BTO will occupy two plots of land. One plot was where the Sungei Road flea market (aka Thieves’ Market) used to be, before it vacated the premises in July 2017. The other plot of land, which is next to Sim Lim Tower, used to be an open-air car park.
The first project under the new prime location public housing (PLH) model will be built at Rochor and launched at this month November’s Build-to-Order (BTO) exercise.
According to Ministry of National Development (MND) and Housing and Development Board (HDB), the Rochor BTO project situated along Weld Road and Kelantan Road, is expected to offer 960 units of three-room and four-room flats as well as 40 units of two-room rental flats.
The Rochor BTO will occupy two plots of land. One plot was where the Sungei Road flea market (aka Thieves’ Market) used to be, before it vacated the premises in July 2017. The other plot of land, which is next to Sim Lim Tower, used to be an open-air car park.
Source: HDB
Under the PLH model, future BTO flats in prime locations – which naturally command higher market values – will be priced with additional subsidies, on top of those currently provided for all BTO flats.
However, those who decide to sell their BTO flats will have to pay a percentage of the flat’s resale price to the HDB, enabling the authorities to claw back the additional subsidies. This subsidy clawback will apply when PLH flats are first sold on the resale market. The clawback of additional subsidies under the Prime Location Public Housing Model (PLH) when the HDB lessee is able to dispose of the flat after an extended MOP of 10 years, is a mechanism put in place for equitability. This prevents HDB lessees of the prime housing location from over-benefitting as compared to another HDB lessee in a non prime housing location.
HDB noted that the subsidy recovery percentage “will be commensurate with the extent of the initial additional subsidy provided”.
Owners can not rent out their whole flat even after the MOP and only let spare bedrooms. These conditions will apply to those who purchase the PLH flat from HDB and in the open market.
The resale of PLH flats will be limited only to buyers who meet the eligibility criteria to buy BTO flats. These include having at least one applicant who is a Singapore Citizen, having a monthly household income of not more than $14,000 and being an eligible family nucleus, such as married couples. Singles above 35 do not qualify to purchase resale PLH flats.
Future resale buyers of PLH flats should also not own or have an interest in a private property and have not disposed of any within the last 30 months.
However, those who decide to sell their BTO flats will have to pay a percentage of the flat’s resale price to the HDB, enabling the authorities to claw back the additional subsidies. This subsidy clawback will apply when PLH flats are first sold on the resale market. The clawback of additional subsidies under the Prime Location Public Housing Model (PLH) when the HDB lessee is able to dispose of the flat after an extended MOP of 10 years, is a mechanism put in place for equitability. This prevents HDB lessees of the prime housing location from over-benefitting as compared to another HDB lessee in a non prime housing location.
HDB noted that the subsidy recovery percentage “will be commensurate with the extent of the initial additional subsidy provided”.
Owners can not rent out their whole flat even after the MOP and only let spare bedrooms. These conditions will apply to those who purchase the PLH flat from HDB and in the open market.
The resale of PLH flats will be limited only to buyers who meet the eligibility criteria to buy BTO flats. These include having at least one applicant who is a Singapore Citizen, having a monthly household income of not more than $14,000 and being an eligible family nucleus, such as married couples. Singles above 35 do not qualify to purchase resale PLH flats.
Future resale buyers of PLH flats should also not own or have an interest in a private property and have not disposed of any within the last 30 months.
The first project under PLH model will be launched at Rochor during Nov's BTO sales exercise
Estimated Prices of Rochor BTO exercise - Source: SRX
However, the quota for priority allocation under the Married Child Priority Scheme will be reduced allowing more inclusive, more opportunities for Singaporeans whose family members do not live near the area to also live in these neighbourhoods.
PLH flat owners will have to fulfil a longer Minimum Occupation period (MOP) of 10 years before they can sell their flats in the open market or invest in a private home.
The upcoming Rochor PLH BTO exercise will be expected to launch in November this year. More details will be announced at the launch this month.
PLH flat owners will have to fulfil a longer Minimum Occupation period (MOP) of 10 years before they can sell their flats in the open market or invest in a private home.
The upcoming Rochor PLH BTO exercise will be expected to launch in November this year. More details will be announced at the launch this month.
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Irwell Hill Residences – situated at Irwell Hill in District 9 is one of Singapore’s most coveted addresses developed by City Developments Limited (CDL)
Millennials - Wikipedia describes them as people reaching young adulthood in the early 21st century. Analysts are always trying to understand what makes millennials tick.
It appears that millennials don’t just want to get by — they want to enjoy the best creature comforts they can afford. This desire for a luxurious abode could be partly driven by increased time spent at home during the pandemic, which has raised the desirability of more spacious, lavish homes.
32% or almost 1 in 3 of the millennials surveyed by Propertyguru had their sights set on purchasing a luxury property in the long run, with 66% indicating that such property would be a dependable long-term investment.
Other reasons for wanting to buy luxury property included convenience (cited by 42%), privacy (cited by 38%), social status (cited by 30%), and facilities (cited by 29%).
It appears that millennials don’t just want to get by — they want to enjoy the best creature comforts they can afford. This desire for a luxurious abode could be partly driven by increased time spent at home during the pandemic, which has raised the desirability of more spacious, lavish homes.
32% or almost 1 in 3 of the millennials surveyed by Propertyguru had their sights set on purchasing a luxury property in the long run, with 66% indicating that such property would be a dependable long-term investment.
Other reasons for wanting to buy luxury property included convenience (cited by 42%), privacy (cited by 38%), social status (cited by 30%), and facilities (cited by 29%).
CDL, CapitaLand & Ascott Residence Trust (Ascott Reit) teamed up to redevelop the Liang Court site into an integrated development in the heart of Clark Quay - Canninghill Piers
In sharp contrast to the “slacker” stereotype that has defined their generation, millennials aren’t satisfied with living in with their parents. They are high earners and desire independence and freedom and they’re buying multimillion-dollar luxury homes.
As millennials enter their thirties and forties, their attitudes towards housing, influenced by the pandemic, have the potential to reshape the housing market. Singapore millennials show a strong inclination towards homeownership, with 71% prioritising saving up for a home, up by 2% from the previous quarter.
The pandemic might have heightened the drive to own a home, especially for those who still live with their parents and now desire greater privacy and more space due to more time being spent working and relaxing at home.
This trend is by no means restricted to Singapore. Bloomberg reported that millennials, who represent 38% of the home buyers in America, have had a later start than the previous generation when entering the property market, but are aiming for higher-end homes as a first property purchase.
As millennials enter their thirties and forties, their attitudes towards housing, influenced by the pandemic, have the potential to reshape the housing market. Singapore millennials show a strong inclination towards homeownership, with 71% prioritising saving up for a home, up by 2% from the previous quarter.
The pandemic might have heightened the drive to own a home, especially for those who still live with their parents and now desire greater privacy and more space due to more time being spent working and relaxing at home.
This trend is by no means restricted to Singapore. Bloomberg reported that millennials, who represent 38% of the home buyers in America, have had a later start than the previous generation when entering the property market, but are aiming for higher-end homes as a first property purchase.
Rivière is a luxury residential condo by Frasers Property, an iconic condo development by the Singapore River, designed by award-winning SCDA Architects
Midtown Modern is a luxury residence by Guocoland on top of Bugis MRT interchange, linked to Bugis Junction, Duo Galleria, Guoco Midtown, Suntec City, etc. Midtown Modern offers the ultimate city living like no other.
Luxury property is still a good form of investment as land is scarce and the direction in Singapore is still to attract rich foreign investors. With marriage rates on a downtrend, young single professional millennials are now able to manage their money and have higher aspirations of living in upmarket condos and central locations.
"In the past, young people bought a modest property, lived in it until starting a family, and then traded up to a larger property. Millennials are changing the property landscape, it’s now common to see a millennial purchasing a multimillion-dollar luxury home for their first property purchase as a first time homebuyer." said Kiwi Lim from real estate agency Huttons Asia "I believe very soon, millennials will become a dominant force in high-end real estate"
"In the past, young people bought a modest property, lived in it until starting a family, and then traded up to a larger property. Millennials are changing the property landscape, it’s now common to see a millennial purchasing a multimillion-dollar luxury home for their first property purchase as a first time homebuyer." said Kiwi Lim from real estate agency Huttons Asia "I believe very soon, millennials will become a dominant force in high-end real estate"
From Propertyguru article on 28 Sept 2021
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Canninghill Piers is an upcoming integrated condo situated at River Valley Road and in the vicinity of Clarke Quay.
While most economic sectors deteriorated due to Covid pandemic last year, the pandemic has stoked the global housing market to fresh records over the past 18 months.
Property prices soared in over 60 countries according to IMF’s Global House Price Index, most developed cities across the world saw increases in property prices during 2020, and this trend has largely continued in countries into 2021 this year.
Global financial centres saw property prices shooting past 20% from Jan 2020 till now, whereas Singapore - an established financial centre wth good infrastructure and a safe convenient environment with a bilingual nation is one of the choice destination in the world saw a proportionately smaller property price increase of an estimated 8% from 1 Jan 2020 till today,
The surge in stamp duties and property taxes collected in the first half of Singapore's current financial year hit more than $5 billion (stamp duties contributed S$3.22 billion and property tax collection quadrupled to nearly S$2 billion, compared with the S$508 million collected during the same period last year).
Thanks to a “healthy” contribution from corporate income tax and property-related taxes this year, the Government's coffers were shored up, enabling recent COVID-19 support measures to be rolled out without tapping on past reserves, economists said.
Property prices soared in over 60 countries according to IMF’s Global House Price Index, most developed cities across the world saw increases in property prices during 2020, and this trend has largely continued in countries into 2021 this year.
Global financial centres saw property prices shooting past 20% from Jan 2020 till now, whereas Singapore - an established financial centre wth good infrastructure and a safe convenient environment with a bilingual nation is one of the choice destination in the world saw a proportionately smaller property price increase of an estimated 8% from 1 Jan 2020 till today,
The surge in stamp duties and property taxes collected in the first half of Singapore's current financial year hit more than $5 billion (stamp duties contributed S$3.22 billion and property tax collection quadrupled to nearly S$2 billion, compared with the S$508 million collected during the same period last year).
Thanks to a “healthy” contribution from corporate income tax and property-related taxes this year, the Government's coffers were shored up, enabling recent COVID-19 support measures to be rolled out without tapping on past reserves, economists said.
The economy has also improved for Singapore as we see tax revenue for the first half of this year between April 2021 to September 2021 totalling S$39.43 billion, outstripping the S$23.74 billion collected in the corresponding period in FY20, going by data from the Accountant-General's department, available online at the Singapore Department of Statistics. The FY21 figure also surpasses the S$37.2 billion chalked up for the six month period in FY19, prior to the pandemic outbreak.
Corporate income tax collection for FY21 stands at S$12.76 billion, versus S$5.69 billion in FY20 and S$12.5 billion in FY19; personal income tax collection for FY21 works out to some S$8.03 billion. This is up from S$6.93 billion in FY20 and S$7.03 billion in FY19.
The soaring demand and constrained supply of available HDB flats, condos and private properties have been great news for homeowners who have seen their home values increase as well as for those who have been able to take advantage of historically low mortgage rates.
"People who were on the edge about buying a home have jumped into the market; some of these people are first-time homebuyers or buying second homes, both of whom add considerable pressure to the market - a trend that is expected to continue into the near future." said real estate analyst Kiwi Lim from Huttons Asia.
Corporate income tax collection for FY21 stands at S$12.76 billion, versus S$5.69 billion in FY20 and S$12.5 billion in FY19; personal income tax collection for FY21 works out to some S$8.03 billion. This is up from S$6.93 billion in FY20 and S$7.03 billion in FY19.
The soaring demand and constrained supply of available HDB flats, condos and private properties have been great news for homeowners who have seen their home values increase as well as for those who have been able to take advantage of historically low mortgage rates.
"People who were on the edge about buying a home have jumped into the market; some of these people are first-time homebuyers or buying second homes, both of whom add considerable pressure to the market - a trend that is expected to continue into the near future." said real estate analyst Kiwi Lim from Huttons Asia.
These higher tax collections come on the back of a buoyant property market, the continued expansion of some industries such as manufacturing, and a rebound in Singapore’s gross domestic product growth this year.
Sectors such as finance and insurance seem to have performed well. Some say that this pandemic has hit low-wage workers disproportionately amid an uneven recovery, whereas high-wage or high-skilled workers have not been hit as hard.
Analysts also suggested that with this increase in tax collections, the government could afford to delay the Goods and Services Tax (GST) hike, which is due between 2022 and 2025. GST collections for FY21 clocked some S$6.04 billion, up from S$4.66 billion in FY20 and S$5.56 billion in FY19.
Taxes collected by IRAS are used to support Singapore's economic and social programmes to achieve quality growth and an inclusive society.
Sectors such as finance and insurance seem to have performed well. Some say that this pandemic has hit low-wage workers disproportionately amid an uneven recovery, whereas high-wage or high-skilled workers have not been hit as hard.
Analysts also suggested that with this increase in tax collections, the government could afford to delay the Goods and Services Tax (GST) hike, which is due between 2022 and 2025. GST collections for FY21 clocked some S$6.04 billion, up from S$4.66 billion in FY20 and S$5.56 billion in FY19.
Taxes collected by IRAS are used to support Singapore's economic and social programmes to achieve quality growth and an inclusive society.
Channelnewsasia online article on 5 Nov 2021
