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The Upper Thomson (Parcel A) GLS site is adjacent to Springleaf Residence. The site is expected to yield around 595 residential units and 2,000 sq m of commercial space, with direct connectivity to Springleaf MRT station on the Thomson-East Coast Line (Source: BT Image)
Tender for the Upper Thomson Road (Parcel A) Government Land Sales (GLS) site closed on October 23, 2025 with Wee Hur Holdings and its largest shareholder, the Goh family-controlled GSC Holdings, submitting the top bid for this 262,875 sqft plot of land.
Wee Hur's bid of $613.94 million works out to a land rate of $1,062 psf per plot ratio (ppr) — the highest among the five contenders. The second-highest bid, which came from a joint venture between Frasers Property and Soilbuild Holdings, was around 2% lower at $601.5 million ($1,040 psf ppr).
Meanwhile, the third highest bidder, a joint venture between GuocoLand, Hong Leong Holdings, and TID (a partnership between Hong Leong Group and Mitsui Fudosan), submitted a bid of $546.5 million, or $945 psf ppr.
The Upper Thomson Road (Parcel A) Government Land Sales (GLS) site was released for on June 24 2025 for the 2nd time, under the first half 2025 GLS programme. This 99-year leasehold plot of land has a gross plot ratio of 2.2 and is expected to yield approximately 595 residential units with commercial mall at the first storey with an estimated 21,528 sqft of commercial space.
Previously, the tender for this residential Government Land Sale (GLS) site along Upper Thomson Road closed on June 19 with no bids submitted because the URA previously required the developer to also build 100 long-stay serviced apartments in the land bid.
"The previous requirement to build long-stay serviced apartments by the URA was quite unusual as Springleaf area may see little demand for long-stay serviced apartments." said Kiwi Lim, Associate Group Director of PropNex Realty. "therefore developers were expected to make low offers of less than S$1,000 psf ppr before the tender closed with no bidders."
Right beside this plot of land is Springleaf Residence jointly developed by GuocoLand and Hong Leong which saw an amazing 92% of its total units (870 of the total 941 units) sold off the shelves during the first preview weekend sale at an average price of $2,175 psf.
Almost all of the 340 two-bedroom units in the five 25-storey towers were sold out, and 95% the 384 three-bedroom units and 138 four-bedroom types were taken up. Five-bedroom units saw 45% of the 71 units sold.
According to GuocoLand, the strong demand also reflects market confidence in the Springleaf area’s growth potential, in line with URA’s vision of Springleaf as a vibrant neighborhood that harmonizes urban living with natural spaces kickstarting the Springleaf transformation into one of Singapore’s most potentially sought-after private residential enclaves.
The Springleaf estate has a laid-back, community-driven feel with nearby cafés, eateries and cycling trails along the Lentor–Mandai green corridor. It’s popular among families, professionals and retirees who appreciate a slower, more mindful pace of living. Buyers for Springleaf estate include local private property residents in the Springleaf area as well as HDB upgraders from nearby HDB estates. Between 2022 and 2025, some 4,800 flats in nearby HDB estates attained their minimum occupation period.
The Sen is targeted for preview on Oct 31, with the official launch on Nov 15. The private condominium comprises 347 units with Beauty World MRT Station (Downtown Line) just a six-minute bus ride away
Springleaf is surrounded by lush greenery, parks, and nature reserves — including Springleaf Nature Park, the Upper Seletar Reservoir and the Central Catchment Area. The estate offers a calm, leafy environment where residents wake up to birdsong and cool morning air — a true contrast to the hustle of city life. Despite its peaceful setting, Springleaf is surprisingly well-connected. The Springleaf MRT Station (Thomson-East Coast Line) links residents directly to Orchard, Marina Bay and the CBD — making it ideal for those who want quiet living without sacrificing convenience.
"Springleaf estate offers what many city dwellers crave — peace, space and connection with nature, without giving up the perks of urban convenience." said Kiwi Lim. "It’s not just a place to live — it’s a way to reconnect with what matters most. The appeal of Springleaf estate lies in its rare blend of tranquil nature, exclusivity and connectivity — a combination that’s increasingly hard to find in Singapore. Based on the land price of $1,062 psf ppr, the selling price for this new integrated condo project may start from an attractive price of $2,400 psf onwards when its launched for sale in 2027."
The future development will enjoy direct underground connectivity to Springleaf MRT Station on the Thomson-East Coast Line. The site is also adjacent to Springleaf Forest, Springleaf Nature Park and Lower Seletar Reservoir, as well as across the road from famous eateries such as the Springleaf Prata Place, Casuarina Curry and Pacamara Boutique Coffee Roasters.
Source: Business Times and Edgeprop
Think Big, Live Bigger. Do you know why buyers / tenants prefer integrated condo developments?
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Over the years, the Singapore Government has introduced more than 10 rounds of property cooling measures to ensure homes remain affordable and curb speculation - Business Times (image)
If there’s one thing that never stands still in Singapore, it’s our skyline.
Glass towers rise where old shophouses once stood, heartland towns transform into mini-cities and with every change, the dreams of homeowners evolve too. The Singapore property market is not just about prices and plots — it’s about people and possibilities. Over the years, it’s weathered every storm with the quiet strength of a nation that knows how to adapt.
One of Singapore property market’s greatest strengths lies in its strong governance and transparent regulations. The government’s calibrated approach — through cooling measures, stamp duties and land supply management — has kept prices in check while ensuring long-term sustainability.
Even global shocks like the Covid Pandemic couldn’t shake Singapore’s foundations. Instead, low interest rates and a renewed desire for quality living spaces sparked a surge in demand. Prices rose steadily across the Core Central Region (CCR), Rest of Central Region (RCR) and Outside Central Region (OCR) with many homeowners seeing healthy capital gains.
Foreign investors, too, continue to view Singapore as a safe haven — attracted by its political stability, clean governance and world-class infrastructure.
But like any vibrant market, the journey hasn’t been without its challenges. Rising interest rates and global inflation in recent years have tested affordability, especially for young families and first-time buyers. Developers have also faced rising construction costs, tighter margins and shifts in buyer sentiment.
Cooling measures introduced to maintain market stability — while necessary — have also managed to slow down demand among investors, especially foreigners, leading to a more selective, price-sensitive market. Moreover, the widening gap between HDB resale and private property prices has created both opportunities and pressure, influencing upgrading decisions across the island.
"What truly sets Singapore apart is how quickly the market adapts and recalibrates. Developers are now creating smarter, greener and more community-focused homes. Buyers are becoming more discerning — looking beyond location to lifestyle, wellness and long-term value." said Associate Group Director of PropNex Realty - Kiwi Lim, "from the luxury enclaves of Orchard Boulevard to the heartland rejuvenation of Tengah and Queenstown, every corner of Singapore tells a story of renewal and reinvention."
As we move into 2025 and beyond, the property market may continue to see fluctuations — but one thing remains constant: confidence. Confidence in Singapore’s governance. Confidence in its economy. And confidence in the simple truth that homeownership here is not just an investment — it’s a way of life.
The Singapore property market has always been a reflection of the nation itself — dynamic, disciplined and resilient. Over the decades, it has seen waves of growth, moments of cooling and cycles of change that have shaped how Singaporeans live, invest and dream.
"Through its ups and downs, Singapore’s property market reminds us that real estate isn’t merely about buildings — it’s about resilience, aspiration and belonging. Investors from around the world are increasingly attracted to park their wealth here in Singapore, drawn to our nation’s calm and stability amidst chaos around the world, because in Singapore, the foundation is not just concrete — it’s credibility." said Kiwi Lim, who has been helping local and overseas clients analyze Singapore's real estate market for more than 12 years.
According to the recent HSBC's Global Entrepreneurial Wealth Report 2025, more than half of moneyed business owners are looking to move to another country. Tax savings were one of the least-cited reasons to move, with entrepreneurs more likely to cite personal safety or expanding their business as motivations. Singapore was the most popular destination, while the U.S. came in fifth.
Respondents from the HSBC survey were most likely to cite Singapore (12%) or the UK (10%) as potential destinations, with Japan and Switzerland tied at 9%. Despite the survey being conducted in the wake of U.S. President Donald Trump’s sweeping tariff announcement in early April, the U.S. was cited by 8% of respondents, the same percentage as last year. However, the U.S. came in fifth in terms of most-desired locations for moving after tying for second place last year.
Credit: Business Times and CNBC News
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A new icon is set to rise in the heart of Queenstown - Penrith, an exclusive residential development along Margaret Drive, is already shaping up to be one of the most talked-about condominium launches of 2025. Backed by reputable developers Hong Leong Holdings, GuocoLand and Intrepid Investments, the project brings a rare blend of luxury, convenience, and community to Singapore’s beloved city-fringe district.
With prices expected to start from S$2,437 per square foot (psf), developers Hong Leong and GuocoLand are confident that Penrith comprising of 462 units ranging from two to four-bedroom apartments across two 40-storey towers will be highly anticipated among homeowners and investors.
Prices start at $1.495 million ($2,437 psf onwards) for a 614 square foot (sqft) two-bedroom unit. Two-bedroom premium units, sized from 678 sqft, will go from $1.665 million ($2,455 psf onwards). Three-bedders, sized from 786 sqft, are priced from $1.973 million ($2,511 psf onwards). The largest units, with four bedrooms, from S$3.078 million ($2,623 psf onwards).
"This year's condo launches are very attractive to buyers as almost all of this year's new condo launches are able to match their surrounding older resale condo prices." - Kiwi Lim, Associate Group Director, PropNex Realty
Penrith collected 1,905 cheques as expressions of interest — an oversubscription of 4.1 times for the project’s 462 units for this 99-year leasehold condominium in District 3 (Rest of Central Region or RCR) isGiven the strong response, balloting of units has begun ahead of the launch on Oct 18.
Market watchers anticipate healthy demand for Penrith, following the strong take-up at Skye at Holland, launched the previous weekend. Skye at Holland is a 666-unit project at Holland Village in the Core Central Region (CCR) was 99% sold within a day, after receiving 2,151 cheques during its two-week preview — an oversubscription of 3.2 times.
There are currently only two condo launches that saw its units more than 4 times oversubscribed in Singapore's real estate history.
"Other than Penrith in Queenstown, the other condo launch is Emerald of Katong which was 4.3 times oversubscribed and recorded strong sales over its launch weekend as developer Sim Lian Group sold 835 of 846 units (98.7%) last year during its preview on 16 Nov 2024. The average price of units sold across the weekend was $2,621 psf" said real estate analyst Kiwi Lim, Associate Group Director of PropNex Realty.
Sadly, Emerald of Katong is already 100% sold today but we can look forward to another upcoming project Zyon Grand which enjoys direct access to Havelock MRT (TEL) which is expected to close its showflat soon for its weekend preview next week.
Zyon Grand previewed on 8 Oct and is scheduled for its sales launch on 25 Oct. Click to view Zyon Grand info.
The 706-unit Zyon Grand is developed by City Developments (CDL) and Mitsui Fudosan (Asia), which previewed on Oct 8 and is scheduled for its sales launch on Oct 25. The units are located in two 62-storey residential towers along Kim Seng Road. The integrated development features a retail podium on the first floor — Zyon Galleria — with F&B options, a supermarket and an early childhood development centre. The project connects directly to Havelock MRT Station on the Thomson-East Coast Line.
Zyon Grand includes a 36-storey block with over 350 long-stay serviced apartments. The serviced apartment block has a dedicated entrance and basement parking. The 164,450 sq ft, 99-year leasehold site is the first to be sold under the Government Land Sales (GLS) programme with a long-stay serviced apartment II (SA2) component. Under the SA2, the minimum stay is three months.
"This year's new launches are very attractive for buyers, due to their lower land costs from last year and almost all new launches this year saw more than 80% sold in one preview as they are priced to at least match their older resale condo prices. We also saw for the first time 2 Core Central Region (CCR) condo launches almost sellout during 1st weekend of preview and Penrith will likely be the first Rest of Central Region (RCR) condo project to see a 100% sellout on preview weekend." said Kiwi Lim, Associate Group Director of PropNex Realty.
From Business Times & Edgeprop
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This weekend saw GuocoLand's Springleaf Residence condo selling more than 870 of the total 941 units at an average price of $2,175 psf. Almost all of the 340 two-bedroom units in this mega project located along Upper Thomson were sold out and 95% the 384 three-bedroom units and 138 four-bedroom types snapped up. Five-bedroom units saw 45% of the 71 units sold.
Jointly developed by 2 reputable powerhouse developers, Guocoland and Hong Leong Holdings, Springleaf Residence with a total of 941 units comprising 909 units of two to five-bedroom apartments across five 25-storey blocks and 32 one to three-bedroom units in a four-storey conserved building.
The strong demand reflects market confidence in the Springleaf area’s growth potential, in line with URA’s vision of Springleaf as a vibrant neighborhood that harmonises urban living with natural spaces.
Local buyer sentiment remain positive despite global uncertainties supported by a combination of lower interest rates compared to the 2022-to-2023 period coupled with Singapore’s reputation as a safe haven amidst uncertain times.
Few companies have changed the face of Singapore’s urban landscape like GuocoLand has. While many know the real estate group through landmark projects such as Guoco Tower and Guoco Midtown, fewer are aware of its origins. Formally established in 1976, the company’s trajectory shifted significantly when it became part of Malaysia’s Hong Leong Group in the late 1980s.
GuocoLand has played a pivotal role in helping shape new residential precincts in line with the government’s urban plans. Lentor Hills estate is a notable example. When GuocoLand made its first bid there, the precinct was a quiet residential enclave, unfamiliar to many Singaporeans. Despite being a brand-new residential area, the company and its partners, particularly Hong Leong Holdings, foresaw the potential of the location and moved forward with confidence, securing multiple sites. GuocoLand also developed the area’s only mixed development which comes with a shopping mall and seamless connection to the MRT network.
Buyers were also assured by GuocoLand’s success in Lentor - demonstrating its ability to anticipate and navigate consumer preferences by strategically differentiating each project in the precinct through varying design concepts, unit mixes and the facilities and amenities each offers, Guocoland is able to raise the overall appeal of the estate it touches - also known as the developer with the Midas touch.
There are similarities between the Springleaf estate and the Lentor Hills estate. Both are in quiet private landed housing enclaves and are directly served by the Thomson-East Coast MRT Line. The addition of potential commercial amenities such as retail shops, food and beverage outlets, and supermarkets can help catalyze greater footfall and activity within Springleaf estate which is currently a quiet quaint town that offers great views of the forest and nature areas.
Right beside Springleaf Residence is another plot of GLS land parcel - Upper Thomson Road (Parcel A) which spans 24,421.9 sqm and can yield around 595 residential units.
"The tender for Upper Thomson Road (Parcel A) is expected to close on 23 Oct 2025 and with 93% of Springleaf Residence sold within 1 weekend, I expect at least three bids for this site with the winning bid above $1,150 psf ppr since it is directly above Springleaf MRT station coupled with developers' hunger for land parcels." said Kiwi Lim, Associate Group Director of PropNex Realty.
"I have confidence that the overall liveability and convenience of the Springleaf neighborhood will be greatly enhanced and this development will appeal to both residents and investors."
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Chuan Grove GLS site is the first Government Land Sales (GLS) site in Chuan Grove since 2009 received 7 bids from well known developers with the top offer of S$1,376 psf ppr submitted by Sing Holdings-Sunway joint venture signalling optimism about the Lorong Chuan location.
The S$703.6 million bid works out to S$1,376 per square foot per plot ratio (psf ppr), which is on the higher end of predictions by analysts polled earlier by The Business Times. At this rate, the 550-unit project on the Chuan Grove site could be launched at prices starting at S$2,700 psf.
This is the higher end of predictions by analysts polled earlier by The Business Times after Kingsford Development sold nearly 76% of its new condo project Chuan Park where buyers snapped up 700 of the total 916 units over the launch weekend in Nov last year, which is an adjacent site to the Chuan Grove GLS in the Lorong Chuan estate.
At this bid price, the 550-unit project on the Chuan Grove site could be launched at prices starting at S$2,700 psf onwards. Currently, buyers can still snatch a good deal for the higher floor units at the nearby new launch condo: Chuan Park.
The S$703.6 million bid for the suburban plot is just a shade under the S$1,410 psf ppr price paid for a prime Dunearn Road parcel tendered in June.
Last year saw amazing results at the new condo launch at Chuan Park where developer Kingsford Group sold 76% out of 916 units at Chuan Park on a preview weekend at an average price of $2,579 psf ranging from two-bedroom to five bedroom units with Singaporeans comprising about 93% of the total number of homebuyers, while permanent residents and foreigners accounted for the remaining 7%.
About 92% of the units transacted were two- and three-bedroom units and the transacted prices across all units sold ranged from $1.6 million (for 2 bedroom units) to $4.3 million (for 5 bedroom unit).
"This strong result is believed to be due to the huge pent up demand in D19 after 14 years of pent up demand since the previous launch leading to the overwhelming demand from prospective buyers within District 19 and surrounding districts." said Associate Group Director Kiwi Lim from PropNex Realty.
High bids also expected for another Chuan Grove site put up for sale in May by URA
After last December’s launch for tender for a Chuan Grove land plot which closed on 8 July yesterday, a second Chuan Grove residential site has also been released for sale in May under this year's government land sales (GLS) programme.
The 14,514.3 square metre (sq m) site, which is on a 99-year lease, can accommodate 505 new condominium units. It is expected to attract firm interest amid steady demand for housing in the area.
Can you guess what the highest bid will be for this 2nd GLS land parcel in Chuan Grove?
Would you like to know about the recently launched Chuan Park condo which is nearly 84% sold? Click to enjoy VVIP prices and book a slot to view our showflat.
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Despite a challenging global economic backdrop, demand for luxury properties in Singapore has seen a surge in the first half of 2025, driven largely by high-net-worth locals and permanent residents (PRs) seeking stable, long-term investments in the city-state’s prime districts.
2 days ago, news of a 5,285 sq ft, five-bedroom unit on the 55th floor of Skywaters Residences — Singapore’s future tallest tower — that has been sold for $30.87 million, translating to $5,841 psf to a Singapore Permanent Resident (PR) who would be subject to a 5% additional buyer’s stamp duty (ABSD). The buyer is believed to be a Chinese national.
The 190-unit Skywaters Residences in Tanjong Pagar occupies the 27th to 63rd storeys of the 305m-tall tower. Below the residences is the ultra-luxury Aman Hotel, spanning the 24th to 26th floors, while the Aman-branded residences are located between the 28th and 30th floors. Grade-A offices occupy the 3rd to 22nd floors, with a retail mall spread across basement 1 to level 2. The development is directly linked to Tanjong Pagar MRT Station, located in basement 1, with parking facilities on basements 2 to 4.
Just a year ago the ultra-luxury Skywaters Residences made headlines with a record-setting sale of $47.34 million ($6,100 psf) in May 2024 for one of its penthouses — the highest psf price ever achieved for a 99-year leasehold residential development in Singapore.
2 days ago, news of a 5,285 sq ft, five-bedroom unit on the 55th floor of Skywaters Residences — Singapore’s future tallest tower — that has been sold for $30.87 million, translating to $5,841 psf to a Singapore Permanent Resident (PR) who would be subject to a 5% additional buyer’s stamp duty (ABSD). The buyer is believed to be a Chinese national.
The 190-unit Skywaters Residences in Tanjong Pagar occupies the 27th to 63rd storeys of the 305m-tall tower. Below the residences is the ultra-luxury Aman Hotel, spanning the 24th to 26th floors, while the Aman-branded residences are located between the 28th and 30th floors. Grade-A offices occupy the 3rd to 22nd floors, with a retail mall spread across basement 1 to level 2. The development is directly linked to Tanjong Pagar MRT Station, located in basement 1, with parking facilities on basements 2 to 4.
Just a year ago the ultra-luxury Skywaters Residences made headlines with a record-setting sale of $47.34 million ($6,100 psf) in May 2024 for one of its penthouses — the highest psf price ever achieved for a 99-year leasehold residential development in Singapore.
Duxton Reserve Hotel comprises 8 units of 3-storey conservation shophouses with about 34,000 sqft built-up area. PHOTO: JLL
The Business Times reported on 16 May that Singapore-based niche luxury hotel owner and property developer Garcha Group has completed the sale of its 49-key boutique hotel, Duxton Reserve, for $80 million — translating to about $1.63 million per key to a family office for S$80 million, or about S$1.63 million per key.
The buyer is Lotus One Investment Pte Ltd, the Singapore-based investment arm of Lotus Singapore, a family office established in 2016 by Chandra P. Khetan. He is the son of the late Mohan G. Khetan, one of Nepal’s wealthiest industrialists.
The enthusiastic response underscores the growing appeal of boutique heritage properties – particularly those converted from shophouses – which are increasingly sought-after mainly from local ultra-high-net-worth individuals, family offices and a couple of foreign buyers for their strong capital appreciation and potential for stable returns.
According to recent property market data, sales of ultra-luxury condominiums — those priced above S$10 million — have more than doubled compared to the same period last year. In Q1 alone, 17 such transactions were recorded, a significant rise from 7 in Q1 2024. This strong momentum has continued into the second quarter, with prime developments in the Core Central Region (CCR) such as Park Nova, 21 Anderson, and The Ritz-Carlton Residences topping transaction charts.
Associate Group Director of Propnex Realty, Kiwi Lim attribute this uptick to increasing participation from Singaporean citizens and PRs, who now account for nearly 90% of buyers in the high-end segment. This comes in the wake of higher Additional Buyer’s Stamp Duties (ABSD) for foreigners, which has softened demand from overseas investors but created a window of opportunity for local affluent buyers to secure top-tier properties.
“Luxury real estate in Singapore remains an attractive store of value,” said Kiwi Lim, “we’re seeing more local family offices and second-generation wealth holders entering the market, looking for legacy homes or investment-grade assets with long-term appreciation potential.”
Receive ebrochure, floorplans and register for The Robertson OPUS preview of our showflat this weekend
For new private homes, PropNex Realty reported that in Q1 2025 the Core Central Region CCR – Rest of Central Region RCR saw the price gap narrowing to a mere 4.5%, the narrowest price gap since Q1 2013 (4.8%). This slim gap makes properties in the Core Central Region CCR increasingly attractive to buyers who want central living without heavy premiums and presents a unique value proposition to investors who want to take advantage of this narrow price gap before it widens.
This weekend will see the launch of two highly anticipated luxury condo launches in the Core Central Region CCR that are priced to sell as they priced close to or below Rest of Central Region RCR new condo projects.
Frasers Property and Sekisui House will launch The Robertson Opus: an iconic 999-year mixed-use development in prestigious District 9 at Robertson Quay redefining a new luxury riverside lifestyle along the Singapore River — an exclusive residential enclave with an abundance of amenities and unparalleled connectivity.
Receive ebrochure, floorplans and register for preview of UPPERHOUSE at Orchard Boulevard this weekend
UOL with a legacy of crafting collectible and liveable luxury will be launching a masterpiece for those with an eye for the extraordinary – UPPERHOUSE at Orchard Boulevard blessed with an address that says it all - prestige in Singapore’s most coveted district, where the finest in life is all yours for the taking.
The once-large premium for CCR living has almost disappeared. With RCR homes surging in value and CCR prices stabilising, today's buyers are gaining unprecedented access to prime-location homes at near fringe-market prices. The opportunity may well be ripe for value-focused buyers and astute investors.
Source: Edgeprop and Business Times
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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
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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.
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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.
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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."
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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.
