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At the National Day Rally (NDR) on 20 August 2023, Prime Minister (PM) Lee Hsien Loong announced a new classification of flats to better reflect the locational attributes of HDB’s Build-To-Order (BTO) projects. This will allow future potential homebuyers to secure more affordable BTO flats in attractive locations as the distinction between mature estates and non-mature estates has blurred over the years.
Non-mature estates have become more built-up, with better amenities and transport infrastructure and they are often comparable to matured estates in Singapore. HDB will increasingly build more projects within or near existing estates and more central areas due to fewer large tracts of undeveloped land available for future public housing. These are considered choice sites, which tend to be more popular among homebuyers due to their central locations, better connectivity and closer proximity to amenities.
Taking into careful consideration these ideas and perspectives, MND and HDB will introduce new measures to address the changing housing landscape and evolving aspirations of Singaporeans.
Non-mature estates have become more built-up, with better amenities and transport infrastructure and they are often comparable to matured estates in Singapore. HDB will increasingly build more projects within or near existing estates and more central areas due to fewer large tracts of undeveloped land available for future public housing. These are considered choice sites, which tend to be more popular among homebuyers due to their central locations, better connectivity and closer proximity to amenities.
Taking into careful consideration these ideas and perspectives, MND and HDB will introduce new measures to address the changing housing landscape and evolving aspirations of Singaporeans.
Huttons Asia Pte Ltd
New classification system for HDB BTO from the 2nd half of 2024
To ensure public housing remains inclusive to all Singaporeans, The Housing & Development Board (HDB) will gradually provide more housing grants, especially those that are means-tested, so that lower- and middle-income households get the most support. Prime Minister (PM) Lee Hsien Loong also announced a new classification system from the 2nd half of 2024 to differentiate our BTO projects by their locational attributes:
Standard flats will come with the standard subsidies and standard restrictions that are applied to all BTO flats. They will continue to form the bulk of the housing supply.
Plus flats, a new category of flats, will be in choicer locations within each region across Singapore (e.g. near MRT station, town centre). For example, Plus flats could be offered in the upcoming housing precinct in Bayshore, which is close to amenities such as MRT stations, a community club and East Coast Park. These flats will come with more subsidies and tighter restrictions, compared to the Standard BTO flats.
Prime flats (currently offered under the PLH model) are in the choicest locations within Singapore, usually closer to the city centre. They will come with the most subsidies across the three categories, and will have the tightest conditions imposed by The Housing & Development Board (HDB).
To ensure public housing remains inclusive to all Singaporeans, The Housing & Development Board (HDB) will gradually provide more housing grants, especially those that are means-tested, so that lower- and middle-income households get the most support. Prime Minister (PM) Lee Hsien Loong also announced a new classification system from the 2nd half of 2024 to differentiate our BTO projects by their locational attributes:
Standard flats will come with the standard subsidies and standard restrictions that are applied to all BTO flats. They will continue to form the bulk of the housing supply.
Plus flats, a new category of flats, will be in choicer locations within each region across Singapore (e.g. near MRT station, town centre). For example, Plus flats could be offered in the upcoming housing precinct in Bayshore, which is close to amenities such as MRT stations, a community club and East Coast Park. These flats will come with more subsidies and tighter restrictions, compared to the Standard BTO flats.
Prime flats (currently offered under the PLH model) are in the choicest locations within Singapore, usually closer to the city centre. They will come with the most subsidies across the three categories, and will have the tightest conditions imposed by The Housing & Development Board (HDB).
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HDB Image
Keeping flats affordable & available for wider range of Singaporeans
As the new Plus flats would naturally command higher market values given their attractive locations, they will be priced with more subsidies, on top of the subsidies already provided for Standard flats today. This will keep these flats affordable and enable a wider range of Singaporeans to purchase them.
Subsidy recovery upon resale of flat - for fairness across all homebuyers, Plus flat owners will have to pay a proportion of the resale price, reflective of the extra subsidies, if they choose to sell their flats later on. This will help mitigate excessive windfall gains and ensure equity with other flat owners who do not enjoy these additional subsidies. As the extent of additional subsidies for Plus flats are typically lower as compared to Prime flats, the subsidy recovery rate imposed by The Housing & Development Board (HDB) on Plus flat buyers will be lower than the recovery rate for Prime flats.
Tighter sale conditions - to strengthen the owner-occupation intent for Plus flats, Plus flat owners will need to occupy their flats for at least 10 years (i.e. the Minimum Occupation Period or MOP) before they can sell their flats in the open market or invest in a private residential property. The Housing & Development Board (HDB) will also impose tighter resale conditions for Plus flats to moderate demand and prices of these flats so as to keep them affordable for future resale buyers and maintain a better social mix in the long term.
The first Plus flats, to be launched in the second half of next year, will take at least 15 years to hit the resale market — with five to six years to build the flats and another 10 years to hit the minimum occupation period before owners can resell.
It is important to note that the new classification and Plus model will not be retroactively applied to existing flat owners and the current resale market. The Housing & Development Board (HDB) will continue to monitor the impact of these measures in the broader resale market and review them, if necessary and more details will be shared soon.
Real estate professional Kiwi Lim feel that those HDB flats like The Pinnacle @ Duxton or Skyville, SkyTerrace and SkyParc @ Dawson as well as the recently launched BTO flats that would have been classified as Plus flats but were launched before the new system takes effect could sell for even higher resale prices in future because they are free from tighter restrictions such as an income-ceiling for buyers and lesser buyer restrictions.
As the new Plus flats would naturally command higher market values given their attractive locations, they will be priced with more subsidies, on top of the subsidies already provided for Standard flats today. This will keep these flats affordable and enable a wider range of Singaporeans to purchase them.
Subsidy recovery upon resale of flat - for fairness across all homebuyers, Plus flat owners will have to pay a proportion of the resale price, reflective of the extra subsidies, if they choose to sell their flats later on. This will help mitigate excessive windfall gains and ensure equity with other flat owners who do not enjoy these additional subsidies. As the extent of additional subsidies for Plus flats are typically lower as compared to Prime flats, the subsidy recovery rate imposed by The Housing & Development Board (HDB) on Plus flat buyers will be lower than the recovery rate for Prime flats.
Tighter sale conditions - to strengthen the owner-occupation intent for Plus flats, Plus flat owners will need to occupy their flats for at least 10 years (i.e. the Minimum Occupation Period or MOP) before they can sell their flats in the open market or invest in a private residential property. The Housing & Development Board (HDB) will also impose tighter resale conditions for Plus flats to moderate demand and prices of these flats so as to keep them affordable for future resale buyers and maintain a better social mix in the long term.
The first Plus flats, to be launched in the second half of next year, will take at least 15 years to hit the resale market — with five to six years to build the flats and another 10 years to hit the minimum occupation period before owners can resell.
It is important to note that the new classification and Plus model will not be retroactively applied to existing flat owners and the current resale market. The Housing & Development Board (HDB) will continue to monitor the impact of these measures in the broader resale market and review them, if necessary and more details will be shared soon.
Real estate professional Kiwi Lim feel that those HDB flats like The Pinnacle @ Duxton or Skyville, SkyTerrace and SkyParc @ Dawson as well as the recently launched BTO flats that would have been classified as Plus flats but were launched before the new system takes effect could sell for even higher resale prices in future because they are free from tighter restrictions such as an income-ceiling for buyers and lesser buyer restrictions.
HDB Image
Enhancing housing access for singles
The Government has been progressively enhancing public housing access for singles. Currently, first timer singles aged 35 and above are allowed to apply for new 2-room Flexi flats in only non-mature estates or buy resale flats in any estate. However changing lifestyle and social aspirations have resulted in a growing number of singles who prefer to buy and live in their own flats instead of with their families. More and more singles have reflected to the government about their preference for flats in mature estates in order for them to stay nearer to their elderly parents for mutual care and support.
With the new classification announced by Prime Minister (PM) Lee Hsien Loong, eligible first-timer singles can now apply for 2-room Flexi BTO flats in all locations across Standard, Plus and Prime housing projects. Singles will also be able to buy a Standard or Plus flat of any size in the resale market; or buy a 2-room Prime flat in the resale market.
With these measures, there will be a good mix of projects within and across regions to cater to the different budgets and needs of Singaporeans.
Upgrading existing HDB homes and precincts for seniors
Prime Minister (PM) Lee Hsien Loong also announced plans to enhance HDB homes and precincts to make them more liveable and senior-friendly by expanding the suite of senior-friendly fittings under the Enhancement for Active Seniors (EASE) 2.0 programme to further enhance mobility and comfort for senior residents within their homes. The government will also upgrade precincts to include more senior-friendly features to promote fitness and active ageing, as well as allow seniors to commute more safely and comfortably. More Community Care Apartments will also be launched to integrate senior friendly housing with customisable care services, to enable seniors to age in place.
The Government has been progressively enhancing public housing access for singles. Currently, first timer singles aged 35 and above are allowed to apply for new 2-room Flexi flats in only non-mature estates or buy resale flats in any estate. However changing lifestyle and social aspirations have resulted in a growing number of singles who prefer to buy and live in their own flats instead of with their families. More and more singles have reflected to the government about their preference for flats in mature estates in order for them to stay nearer to their elderly parents for mutual care and support.
With the new classification announced by Prime Minister (PM) Lee Hsien Loong, eligible first-timer singles can now apply for 2-room Flexi BTO flats in all locations across Standard, Plus and Prime housing projects. Singles will also be able to buy a Standard or Plus flat of any size in the resale market; or buy a 2-room Prime flat in the resale market.
With these measures, there will be a good mix of projects within and across regions to cater to the different budgets and needs of Singaporeans.
Upgrading existing HDB homes and precincts for seniors
Prime Minister (PM) Lee Hsien Loong also announced plans to enhance HDB homes and precincts to make them more liveable and senior-friendly by expanding the suite of senior-friendly fittings under the Enhancement for Active Seniors (EASE) 2.0 programme to further enhance mobility and comfort for senior residents within their homes. The government will also upgrade precincts to include more senior-friendly features to promote fitness and active ageing, as well as allow seniors to commute more safely and comfortably. More Community Care Apartments will also be launched to integrate senior friendly housing with customisable care services, to enable seniors to age in place.
The Prime Minister assured Singaporeans that our public housing system will continue to reflect the following key values and priorities:
a) Home ownership. Singaporeans firmly supported home ownership as a key tenet of our public housing system. They want public housing to remain affordable and accessible, so as to enable them to buy their first home. Many preferred HDB flats that are well-connected and near amenities.
b) Inclusivity. Singaporeans emphasised the importance of maintaining inclusivity in our public housing estates so that they continue to reflect the diversity of our society. While they acknowledged that attractive BTO flats would come at a higher price point to reflect their choicer locations and higher demand, they hoped that these flats will continue to remain affordable for Singaporeans across different income groups, with greater support for the lower-income households.
c) Fairness. Singaporeans agreed that public housing should be primarily for owner occupation, rather than investment. While the increased supply of BTO flats in attractive locations will meet the aspirations of many young homebuyers, Singaporeans agreed on the need to discourage excessive windfall gains from the sale of these flats to ensure equity across all homebuyers. Some suggested imposing tighter conditions for the purchase of flats in more popular or expensive BTO projects, similar to what we already do for Prime Location Public Housing (PLH) flats.
d) Sustainability. Beyond meeting the needs of current homebuyers, they hoped that HDB flats will remain affordable and accessible for future generations of Singaporeans and that our system remains sustainable.
Source: MND & HDB
a) Home ownership. Singaporeans firmly supported home ownership as a key tenet of our public housing system. They want public housing to remain affordable and accessible, so as to enable them to buy their first home. Many preferred HDB flats that are well-connected and near amenities.
b) Inclusivity. Singaporeans emphasised the importance of maintaining inclusivity in our public housing estates so that they continue to reflect the diversity of our society. While they acknowledged that attractive BTO flats would come at a higher price point to reflect their choicer locations and higher demand, they hoped that these flats will continue to remain affordable for Singaporeans across different income groups, with greater support for the lower-income households.
c) Fairness. Singaporeans agreed that public housing should be primarily for owner occupation, rather than investment. While the increased supply of BTO flats in attractive locations will meet the aspirations of many young homebuyers, Singaporeans agreed on the need to discourage excessive windfall gains from the sale of these flats to ensure equity across all homebuyers. Some suggested imposing tighter conditions for the purchase of flats in more popular or expensive BTO projects, similar to what we already do for Prime Location Public Housing (PLH) flats.
d) Sustainability. Beyond meeting the needs of current homebuyers, they hoped that HDB flats will remain affordable and accessible for future generations of Singaporeans and that our system remains sustainable.
Source: MND & HDB
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China's 2nd largest developer is now world's most indebted property developer with over USD$300 billion of debt
China's property market is one of the largest in the world and is one of the mainland's most important engines of economic growth, contributing more than even external exports. China’s real estate sector was long seen as a vital growth engine in the world’s second-largest economy and accounted for as much as 30% of the country’s GDP. Research shows that Chinese households invested up to about 80 percent of their wealth into real estate and hundreds of thousands of these households had bought several property units, depending on their ability to do so since the global financial crisis in 2008 boosting Chinese property developers' growth until the bubble ended abruptly some 18 months ago.
Two days ago, on 17 Aug 2023 (Thursday) financially troubled developer China's Evergrande Group has just officially filed for U.S. bankruptcy protection as part of one of the world's biggest debt restructurings. China's Evergrande Group - once China's top-selling developer has become the world's most indebted property developer with over USD$300 billion of debt.
China's Evergrande Group - being the mainland's second largest real estate developer is an overwhelmingly huge company and its website states it has more than 1,300 real estate projects in more than 280 cities spread all across China with several non-real estate businesses, including an electric vehicle business, a health care business, and a theme park business.
Two days ago, on 17 Aug 2023 (Thursday) financially troubled developer China's Evergrande Group has just officially filed for U.S. bankruptcy protection as part of one of the world's biggest debt restructurings. China's Evergrande Group - once China's top-selling developer has become the world's most indebted property developer with over USD$300 billion of debt.
China's Evergrande Group - being the mainland's second largest real estate developer is an overwhelmingly huge company and its website states it has more than 1,300 real estate projects in more than 280 cities spread all across China with several non-real estate businesses, including an electric vehicle business, a health care business, and a theme park business.
Ever since mid-2021, China's Evergrande Group has reportedly been struggling to pay off its loans after officially defaulting on its debt with an enormous debt of more than US$300 billion estimated to be 2% of China’s entire Gross Domestic Product (GDP).
Another developer Country Garden - China's largest property developer - is also struggling to stay afloat with a looming possibility that it may go bankrupt soon which will have a even greater impact on China's home prices and the wider economy across Asia. While Country Garden's total liabilities are smaller at approximately USD$200 billion compared to the world's most indebted developer China Evergrande Group's USD$300 billion anxiety is growing over China's worsening property crisis could impact the country's financial system and threaten to weaken the economy even further.
Singapore and mainland China share wide-ranging, multifarious economic links through trade, investment, and tourism. If China's property crisis were to lead to economic challenges or reduced consumer confidence in China, it could indirectly impact Singapore's economy through reduced demand for various Singaporean goods and services. Additionally, if Chinese investors were to face financial difficulties due to the property crisis, it might affect their ability to invest abroad, including in Singapore.
Another developer Country Garden - China's largest property developer - is also struggling to stay afloat with a looming possibility that it may go bankrupt soon which will have a even greater impact on China's home prices and the wider economy across Asia. While Country Garden's total liabilities are smaller at approximately USD$200 billion compared to the world's most indebted developer China Evergrande Group's USD$300 billion anxiety is growing over China's worsening property crisis could impact the country's financial system and threaten to weaken the economy even further.
Singapore and mainland China share wide-ranging, multifarious economic links through trade, investment, and tourism. If China's property crisis were to lead to economic challenges or reduced consumer confidence in China, it could indirectly impact Singapore's economy through reduced demand for various Singaporean goods and services. Additionally, if Chinese investors were to face financial difficulties due to the property crisis, it might affect their ability to invest abroad, including in Singapore.
As China's property crisis unravels, Singaporeans wonder if it would lead to a variety of implications for neighboring smaller countries like Malaysia, Thailand, Indonesia, Korea and even Singapore due to extensive economic and trade relations.
Strong diversified economy
Today, Singapore stands as a leading business and financial hub in Asia and globally. Over the years, Singapore has built a strong diversified economy with both a vibrant intercontinental services sector coupled with advanced international manufacturing sector with strengths in several key niches such as electronics, petrochemicals and biomedical manufacturing.
In addition to our geographical advantage, Singapore has fostered economic integration with our open economy, distributed manufacturing and the growing sophistication of supply chains positioning itself well to attract rising demand from a growing and wealthier Asian middle class to our country, creating new markets to enhance and improve our business sectors in Singapore. We have always focused on upgrading human resources, developing our people to enhance skills and sustainability to create a competitive workforce to embrace future new opportunities and growth.
We no longer depend solely on China's growth but also India, ASEAN, Europe, Africa, Southern America, Eastern European nations and America - boosting demand not just for our export of manufactured goods but also high level exportable services like precision engineering, clean technologies, digital and urban solutions to the world.
Strong diversified economy
Today, Singapore stands as a leading business and financial hub in Asia and globally. Over the years, Singapore has built a strong diversified economy with both a vibrant intercontinental services sector coupled with advanced international manufacturing sector with strengths in several key niches such as electronics, petrochemicals and biomedical manufacturing.
In addition to our geographical advantage, Singapore has fostered economic integration with our open economy, distributed manufacturing and the growing sophistication of supply chains positioning itself well to attract rising demand from a growing and wealthier Asian middle class to our country, creating new markets to enhance and improve our business sectors in Singapore. We have always focused on upgrading human resources, developing our people to enhance skills and sustainability to create a competitive workforce to embrace future new opportunities and growth.
We no longer depend solely on China's growth but also India, ASEAN, Europe, Africa, Southern America, Eastern European nations and America - boosting demand not just for our export of manufactured goods but also high level exportable services like precision engineering, clean technologies, digital and urban solutions to the world.
ASEAN Economic Community
The rising prowess of the ASEAN Economic Community with its market of 600 million will also give an added boost to the growth of Singapore propelling us into various tremendous opportunities developing new markets, resources and attracting talent into Singapore.
Thanks to strict regulations from the Monetary Authority of Singapore (MAS), our Singapore-based banks have positioned themselves well with sufficient buffers to protect themselves from potential financial risks that may arise from the collapse of giant Chinese developers in mainland China. DBS, OCBC, and UOB reported enough reserves in place to help cushion the impact of these overseas threats.
Real estate professional Kiwi Lim believe that Singapore's economy is influenced by a large range of factors that are beyond China's property market, including global economic conditions, trade relationships with other countries, and domestic policies. Singapore has a highly developed and diverse economy that heavily depends on international trade as we have established trade relations with numerous countries and regions around the world, although China is a significant trade partner.
The rising prowess of the ASEAN Economic Community with its market of 600 million will also give an added boost to the growth of Singapore propelling us into various tremendous opportunities developing new markets, resources and attracting talent into Singapore.
Thanks to strict regulations from the Monetary Authority of Singapore (MAS), our Singapore-based banks have positioned themselves well with sufficient buffers to protect themselves from potential financial risks that may arise from the collapse of giant Chinese developers in mainland China. DBS, OCBC, and UOB reported enough reserves in place to help cushion the impact of these overseas threats.
Real estate professional Kiwi Lim believe that Singapore's economy is influenced by a large range of factors that are beyond China's property market, including global economic conditions, trade relationships with other countries, and domestic policies. Singapore has a highly developed and diverse economy that heavily depends on international trade as we have established trade relations with numerous countries and regions around the world, although China is a significant trade partner.
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Despite concerns over rising mortgage rates and a potential slowdown in the global economy, Singapore’s property market continues to defy expectations with condominium prices hitting record high in 2023
Affordability: Assess whether you can comfortably afford to wait for prices to drop. Consider your current financial stability and ability to manage the property's expenses during the waiting period. Selling a property involves transaction costs such as real estate agent fees, closing costs, and potential taxes. Make sure you factor these costs into your decision-making process.
Market Volatility: The real estate market can be unpredictable. While prices may drop, they could also rebound unexpectedly. It's important to be prepared for different outcomes.
Current & Future Market Trend: Assess the current real estate market in Singapore. Are property prices on the rise, stable, or showing signs of a potential decline? Look at historical data to understand how the market has behaved over time. If property prices have been consistently rising and show no signs of slowing down, selling now and waiting for a dip might not be a wise strategy. However, if there are indications of a potential downturn, it could make sense to sell and wait. Trying to predict price movements accurately can be risky as property prices can be influenced by a multitude of factors, including economic conditions, interest rates, government policies, and more.
Market Volatility: The real estate market can be unpredictable. While prices may drop, they could also rebound unexpectedly. It's important to be prepared for different outcomes.
Current & Future Market Trend: Assess the current real estate market in Singapore. Are property prices on the rise, stable, or showing signs of a potential decline? Look at historical data to understand how the market has behaved over time. If property prices have been consistently rising and show no signs of slowing down, selling now and waiting for a dip might not be a wise strategy. However, if there are indications of a potential downturn, it could make sense to sell and wait. Trying to predict price movements accurately can be risky as property prices can be influenced by a multitude of factors, including economic conditions, interest rates, government policies, and more.
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Your immediate financial needs: Consider your financial goals and objectives. Are you looking for short-term gains or long-term appreciation? If you sell now and wait for prices to drop, how long are you willing to wait for potential savings? Consider your immediate financial needs. If you're selling the condo to cover essential expenses or need to move into a different property for own stay, waiting for a dip might not be feasible. Your financial stability and short-term goals should play a significant role in your decision. Are you considering diversifying your investments to lower your exposure to real estate downturn risks. If you believe the Singapore property market is overheated, selling the condo and diversifying into other assets could be a prudent strategy.
Long-Term Financial Goals: How does selling the condo fit into your long-term financial goals? Consider how this decision aligns with your overall financial strategy. Evaluate the costs associated with holding onto your property. This includes mortgage payments, property taxes, maintenance, and other expenses. Think about your long-term financial goals. If you're looking for investment opportunities, waiting for a market dip might allow you to buy property at a lower price. However, trying to time the market perfectly can be risky, and it's difficult to predict when a dip will occur.
Opportunity Cost: Consider the opportunity cost of waiting. If you sell now, you could invest the proceeds in other assets that might offer potential returns allowing you to earn a return in the meantime, even if the real estate market doesn't experience a significant dip. Waiting for prices to drop could tie up your capital for an extended period.
Emotional Considerations: Emotional factors can play a significant role in property decisions. If you have strong reasons for selling, such as relocating, downsizing, or upgrading, these considerations may outweigh potential price fluctuations.
Risk Tolerance: Are you comfortable with the risks associated with timing the market? Keep in mind that markets can be unpredictable, and trying to time a dip perfectly can be challenging - emotionally and financially. Consider your risk tolerance and your ability to manage potential fluctuations in property prices. If you are risk-averse, selling your condo now and waiting for prices to drop might not align with your comfort level.
Long-Term Financial Goals: How does selling the condo fit into your long-term financial goals? Consider how this decision aligns with your overall financial strategy. Evaluate the costs associated with holding onto your property. This includes mortgage payments, property taxes, maintenance, and other expenses. Think about your long-term financial goals. If you're looking for investment opportunities, waiting for a market dip might allow you to buy property at a lower price. However, trying to time the market perfectly can be risky, and it's difficult to predict when a dip will occur.
Opportunity Cost: Consider the opportunity cost of waiting. If you sell now, you could invest the proceeds in other assets that might offer potential returns allowing you to earn a return in the meantime, even if the real estate market doesn't experience a significant dip. Waiting for prices to drop could tie up your capital for an extended period.
Emotional Considerations: Emotional factors can play a significant role in property decisions. If you have strong reasons for selling, such as relocating, downsizing, or upgrading, these considerations may outweigh potential price fluctuations.
Risk Tolerance: Are you comfortable with the risks associated with timing the market? Keep in mind that markets can be unpredictable, and trying to time a dip perfectly can be challenging - emotionally and financially. Consider your risk tolerance and your ability to manage potential fluctuations in property prices. If you are risk-averse, selling your condo now and waiting for prices to drop might not align with your comfort level.
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"Attempting to time the market perfectly can be challenging and risky. It's often better to make decisions based on your own financial goals, needs, and a long-term perspective rather than solely trying to predict market movements. If you're unsure, seek advice from real estate professionals who can provide insights tailored to your specific situation, the local market, potential scenarios and help you weigh the pros and cons of whether you should sell now or wait" advised real estate professional Kiwi Lim from Huttons Asia.
"Remember, there's no one-size-fits-all answer. The best decision for you will depend on a careful consideration of all relevant factors. Ultimately, the decision to sell your condo and wait for a market dip should be based on a combination of your financial goals, risk tolerance, market insights, and personal situation."
"Remember, there's no one-size-fits-all answer. The best decision for you will depend on a careful consideration of all relevant factors. Ultimately, the decision to sell your condo and wait for a market dip should be based on a combination of your financial goals, risk tolerance, market insights, and personal situation."
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1. V on Shenton (D01)
V on Shenton is a leasehold condo project located at prime Shenton Way in District 1. TOP in 2017 with a total of 510 units, V on Shenton was developed by UIC Investments (Properties). V on Shenton residents can head to nearby supermarkets like Cold Storage - Altez and FairPrice Finest - Finest Amara for groceries and household products.
Last 2 units of 4 bedroom penthouses as at 4 June 2023
V on Shenton is a leasehold condo project located at prime Shenton Way in District 1. TOP in 2017 with a total of 510 units, V on Shenton was developed by UIC Investments (Properties). V on Shenton residents can head to nearby supermarkets like Cold Storage - Altez and FairPrice Finest - Finest Amara for groceries and household products.
Last 2 units of 4 bedroom penthouses as at 4 June 2023
2. Sky Everton (D02) Freehold
Sky Everton is a freehold condo residential development in District 2 of Everton Park. Due to be completed in 2023 this year, Sky Everton is one single tower comprising of 262 units within walking distance to MRT stations such as Cantonment MRT and Outram Park MRT providing residents easy access to other areas of Singapore.
Last unit of single level 5 bedroom penthouse avail as at 4 June 2023
Sky Everton is a freehold condo residential development in District 2 of Everton Park. Due to be completed in 2023 this year, Sky Everton is one single tower comprising of 262 units within walking distance to MRT stations such as Cantonment MRT and Outram Park MRT providing residents easy access to other areas of Singapore.
Last unit of single level 5 bedroom penthouse avail as at 4 June 2023
3. Wallich Residence (D02)
Wallich Residence is an iconic integrated leasehold residential condo project in Downtown Core, District 2. Completed in 2017, with one towering block that is Singapore's tallest residential building with a total of 181 residential units. It is integrated with offices, hotel, shopping mall and Tanjong Pagar MRT station providing residents easy access to other areas of Singapore. Wallich Residence is also close to schools like Cantonment Primary School.
Last 4 units left with 2 bedroom unit and 3 bedroom units available as at 4 June 2023
Wallich Residence is an iconic integrated leasehold residential condo project in Downtown Core, District 2. Completed in 2017, with one towering block that is Singapore's tallest residential building with a total of 181 residential units. It is integrated with offices, hotel, shopping mall and Tanjong Pagar MRT station providing residents easy access to other areas of Singapore. Wallich Residence is also close to schools like Cantonment Primary School.
Last 4 units left with 2 bedroom unit and 3 bedroom units available as at 4 June 2023
4. Corals at Keppel Bay (D05)
Corals at Keppel Bay is a prestigious waterfront residential development located in the Keppel Bay area in Singapore's southern region. It is nestled along the historic King's Dock and enjoys a prime waterfront location, offering panoramic views of the sea, marina, and city skyline.
Corals at Keppel Bay enjoys proximity to various amenities and recreational attractions. It is located near VivoCity, one of Singapore's largest shopping malls, which offers a wide range of retail, dining, and entertainment options. The nearby HarbourFront precinct provides easy access to Sentosa Island, home to popular attractions like Universal Studios Singapore and Resorts World Sentosa.
Left with last 4 units - all 4 bedroom units as at 4 June 2023
Corals at Keppel Bay is a prestigious waterfront residential development located in the Keppel Bay area in Singapore's southern region. It is nestled along the historic King's Dock and enjoys a prime waterfront location, offering panoramic views of the sea, marina, and city skyline.
Corals at Keppel Bay enjoys proximity to various amenities and recreational attractions. It is located near VivoCity, one of Singapore's largest shopping malls, which offers a wide range of retail, dining, and entertainment options. The nearby HarbourFront precinct provides easy access to Sentosa Island, home to popular attractions like Universal Studios Singapore and Resorts World Sentosa.
Left with last 4 units - all 4 bedroom units as at 4 June 2023
5. Turquoise (D04)
Turquoise is a luxury residential condo project developed by Ho Bee Group located on Sentosa Island in Singapore's Sentosa Cove - a prestigious residential enclave on Sentosa Island - a resort island located off the southern coast of mainland Singapore, known for its beautiful beaches, recreational attractions, and upscale residential developments.
Offering exclusive waterfront living with its prime location along the Sentosa Cove marina, Turquoise features luxurious residential units that provide stunning views of the marina, the sea, and the surrounding lush landscapes in a serene and tranquil atmosphere of the exclusive Sentosa Cove community, known for its high-end residences and a vibrant marina lifestyle.
Last 2 units left available as at 4 June 2023
Turquoise is a luxury residential condo project developed by Ho Bee Group located on Sentosa Island in Singapore's Sentosa Cove - a prestigious residential enclave on Sentosa Island - a resort island located off the southern coast of mainland Singapore, known for its beautiful beaches, recreational attractions, and upscale residential developments.
Offering exclusive waterfront living with its prime location along the Sentosa Cove marina, Turquoise features luxurious residential units that provide stunning views of the marina, the sea, and the surrounding lush landscapes in a serene and tranquil atmosphere of the exclusive Sentosa Cove community, known for its high-end residences and a vibrant marina lifestyle.
Last 2 units left available as at 4 June 2023
6. The Reef at King's Dock (D05)
The Reef at King's Dock offers a combination of luxurious waterfront living, sustainable design, and a wide range of amenities. It presents residents with a premium residential experience in one of Singapore's most sought-after locations. It even boasts of Singapore's first and only floating swimming pool and coral viewing gallery.
Being located within a short walk to Sentosa Island, residents of The Reef at King's Dock have easy access to various popular destinations such as Universal Studios Singapore, Resorts World Sentosa, golf courses, beaches, and a wide range of dining and entertainment options as well as a short stroll to Harbourfront MRT (NE Line and Circle Line) and Singapore's largest shopping mall - Vivo City.
Last 18 units left available as at 4 June 2023
The Reef at King's Dock offers a combination of luxurious waterfront living, sustainable design, and a wide range of amenities. It presents residents with a premium residential experience in one of Singapore's most sought-after locations. It even boasts of Singapore's first and only floating swimming pool and coral viewing gallery.
Being located within a short walk to Sentosa Island, residents of The Reef at King's Dock have easy access to various popular destinations such as Universal Studios Singapore, Resorts World Sentosa, golf courses, beaches, and a wide range of dining and entertainment options as well as a short stroll to Harbourfront MRT (NE Line and Circle Line) and Singapore's largest shopping mall - Vivo City.
Last 18 units left available as at 4 June 2023
7. Canninghill Piers (D06)
Canninghill Piers is a luxurious integrated condo development that is a joint venture between City Developments Limited (CDL) and CapitaLand Limited. Situated at the former Liang Court site along the Singapore River in the prime district of Clarke Quay, Canninghill Piers aims to create a vibrant mixed-use development that combines residential, hotel, and commercial components feature two residential towers, serviced residences, a hotel operated by Moxy, and a commercial component that includes retail spaces, restaurants, and other amenities.
Canninghill Piers offers residents and visitors easy access to various attractions and amenities. It is situated near Clarke Quay, a popular riverside entertainment district known for its vibrant nightlife, dining options, and entertainment venues close to the CBD.
Last 18 units as at 4 June 2023
Canninghill Piers is a luxurious integrated condo development that is a joint venture between City Developments Limited (CDL) and CapitaLand Limited. Situated at the former Liang Court site along the Singapore River in the prime district of Clarke Quay, Canninghill Piers aims to create a vibrant mixed-use development that combines residential, hotel, and commercial components feature two residential towers, serviced residences, a hotel operated by Moxy, and a commercial component that includes retail spaces, restaurants, and other amenities.
Canninghill Piers offers residents and visitors easy access to various attractions and amenities. It is situated near Clarke Quay, a popular riverside entertainment district known for its vibrant nightlife, dining options, and entertainment venues close to the CBD.
Last 18 units as at 4 June 2023
8. The M (D07)
The M is a beautiful condominium project developed by Wing Tai Asia located at Middle Road in District 7 of Singapore. It is a mixed-use development that consists of 522 residential units as well as commercial and retail spaces.
The M is known for its convenient location situated in close proximity to various amenities and attractions within walking distance to Bugis MRT station and surrounded by shopping malls, restaurants, and cultural landmarks.
Last 13 units left as at 4 June 2023
The M is a beautiful condominium project developed by Wing Tai Asia located at Middle Road in District 7 of Singapore. It is a mixed-use development that consists of 522 residential units as well as commercial and retail spaces.
The M is known for its convenient location situated in close proximity to various amenities and attractions within walking distance to Bugis MRT station and surrounded by shopping malls, restaurants, and cultural landmarks.
Last 13 units left as at 4 June 2023
9. Midtown Modern (D07)
Midtown Modern is an integrated condominium development located in the prime Bugis area with direct access to Bugis MRT. It is a project jointly developed by GuocoLand Limited and Hong Leong Holdings.
Midtown Modern offers a mix of residential units, ranging from one-bedroom to four-bedroom apartments + 3 penthouses including a 5 bedroom duplex penthouse, catering to different lifestyles and preferences. The development aims to provide residents with a luxurious and contemporary living experience with convenient access to nearby amenities, shopping malls, dining options, and transportation hubs.
Last 32 units left as at 4 June 2023
Midtown Modern is an integrated condominium development located in the prime Bugis area with direct access to Bugis MRT. It is a project jointly developed by GuocoLand Limited and Hong Leong Holdings.
Midtown Modern offers a mix of residential units, ranging from one-bedroom to four-bedroom apartments + 3 penthouses including a 5 bedroom duplex penthouse, catering to different lifestyles and preferences. The development aims to provide residents with a luxurious and contemporary living experience with convenient access to nearby amenities, shopping malls, dining options, and transportation hubs.
Last 32 units left as at 4 June 2023
10. The Avenir (D09) FH
The Avenir is a luxury condominium project in District 9 of Singapore, along River Valley jointly developed by GuocoLand Limited, Hong Leong Holdings Limited, and Hong Realty (Private) Limited.
The Avenir offers a collection of 376 exclusive residential units, including spacious apartments, penthouses, and garden maisonettes designed with high-quality finishes and fittings, offering a luxurious living experience for its residents.
Featuring a range of amenities and facilities, such as a lap pool, infinity pool, clubhouse, gymnasium, tennis court, and lush landscaped gardens. These amenities provide residents with opportunities for relaxation, recreation, and socializing, The Avenir enjoys a prime location with easy access to various amenities and attractions. Residents can explore nearby shopping malls, dining options, entertainment venues, and recreational spaces.
Last 7 units as at 4 June 2023
The Avenir is a luxury condominium project in District 9 of Singapore, along River Valley jointly developed by GuocoLand Limited, Hong Leong Holdings Limited, and Hong Realty (Private) Limited.
The Avenir offers a collection of 376 exclusive residential units, including spacious apartments, penthouses, and garden maisonettes designed with high-quality finishes and fittings, offering a luxurious living experience for its residents.
Featuring a range of amenities and facilities, such as a lap pool, infinity pool, clubhouse, gymnasium, tennis court, and lush landscaped gardens. These amenities provide residents with opportunities for relaxation, recreation, and socializing, The Avenir enjoys a prime location with easy access to various amenities and attractions. Residents can explore nearby shopping malls, dining options, entertainment venues, and recreational spaces.
Last 7 units as at 4 June 2023
11. Kopar at Newton (D09)
Kopar at Newton is a condominium project in District 9 of Singapore near Newton MRT station along Kampong Java Road developed by CEL Development, a subsidiary of Chip Eng Seng Corporation.
Kopar at Newton offers 378 residential units, including one- to five-bedroom apartments, catering to different household sizes and preferences with modern and sophisticated design, well-appointed interiors and quality finishes.
Kopar at Newton provides residents with a wide range of amenities and facilities, including swimming pools, fitness centers, BBQ pits, children's playgrounds, and landscaped gardens. These amenities are designed to enhance the living experience and provide recreational opportunities for residents plus convenient connectivity to other parts of Singapore via major roads and expressways.
Last 7 units as at 4 June 2023
Kopar at Newton is a condominium project in District 9 of Singapore near Newton MRT station along Kampong Java Road developed by CEL Development, a subsidiary of Chip Eng Seng Corporation.
Kopar at Newton offers 378 residential units, including one- to five-bedroom apartments, catering to different household sizes and preferences with modern and sophisticated design, well-appointed interiors and quality finishes.
Kopar at Newton provides residents with a wide range of amenities and facilities, including swimming pools, fitness centers, BBQ pits, children's playgrounds, and landscaped gardens. These amenities are designed to enhance the living experience and provide recreational opportunities for residents plus convenient connectivity to other parts of Singapore via major roads and expressways.
Last 7 units as at 4 June 2023
12. Irwell Hill Residences (D09)
Irwell Hill Residences is a luxury condominium located in the prestigious District 9 of Singapore along Irwell Bank Road developed by City Developments Limited (CDL) offering a range of 540 luxurious residential units, including one- to four-bedroom apartments and penthouses. Irwell Hill Residences is designed to provide residents with a high-quality living experience, with well-designed layouts, premium finishes, and modern fixtures boasting a comprehensive suite of facilities and amenities, including swimming pools, fitness centers, clubhouses, outdoor dining areas, sky terraces, and lush landscaped gardens designed to cater to the diverse needs and lifestyles of the residents, providing spaces for relaxation, recreation, and socializing.
The location of Irwell Hill Residences is highly desirable, offering residents easy access to various amenities, shopping malls, dining options, and entertainment venues. It is also conveniently located within 2 minutes walk to Great World MRT and Great World City Shopping Centre.
Last 7 units left available from 1 + study priced at $1.647 mil to 5 bedroom penthouse unit priced at $11.08 mil as at 4 June 2023
Irwell Hill Residences is a luxury condominium located in the prestigious District 9 of Singapore along Irwell Bank Road developed by City Developments Limited (CDL) offering a range of 540 luxurious residential units, including one- to four-bedroom apartments and penthouses. Irwell Hill Residences is designed to provide residents with a high-quality living experience, with well-designed layouts, premium finishes, and modern fixtures boasting a comprehensive suite of facilities and amenities, including swimming pools, fitness centers, clubhouses, outdoor dining areas, sky terraces, and lush landscaped gardens designed to cater to the diverse needs and lifestyles of the residents, providing spaces for relaxation, recreation, and socializing.
The location of Irwell Hill Residences is highly desirable, offering residents easy access to various amenities, shopping malls, dining options, and entertainment venues. It is also conveniently located within 2 minutes walk to Great World MRT and Great World City Shopping Centre.
Last 7 units left available from 1 + study priced at $1.647 mil to 5 bedroom penthouse unit priced at $11.08 mil as at 4 June 2023
13. Perfect Ten (D10) FH
Perfect Ten is a luxury condominium development located in Bukit Timah Road, District 10 developed by Japura Development, a subsidiary of City Developments Limited (CDL) offering a selection of 230 residential units, including one- to four-bedroom apartments and penthouses. Perfect Ten aims to provide residents with a luxurious and sophisticated living experience, with well-designed layouts and high-quality finishes featuring an array of amenities and facilities, including swimming pools, fitness centers, BBQ pits, function rooms, and lush landscaped gardens.
Residents of Perfect Ten can easily access nearby shopping malls, prestigious schools, dining options, and recreational facilities while enjoying convenient connectivity to major roads and public transportation, making it easy to commute to other parts of the city.
Last 11 units left as at 4 June 2023
Perfect Ten is a luxury condominium development located in Bukit Timah Road, District 10 developed by Japura Development, a subsidiary of City Developments Limited (CDL) offering a selection of 230 residential units, including one- to four-bedroom apartments and penthouses. Perfect Ten aims to provide residents with a luxurious and sophisticated living experience, with well-designed layouts and high-quality finishes featuring an array of amenities and facilities, including swimming pools, fitness centers, BBQ pits, function rooms, and lush landscaped gardens.
Residents of Perfect Ten can easily access nearby shopping malls, prestigious schools, dining options, and recreational facilities while enjoying convenient connectivity to major roads and public transportation, making it easy to commute to other parts of the city.
Last 11 units left as at 4 June 2023
14. Hyll on Holland (D10) FH
Hyll on Holland is a freehold luxury residential condominium project developed by FEC Skypark Pte Ltd, a subsidiary of Far East Consortium International Limited located in Holland Road designed to provide high-quality living spaces and a range of amenities for its residents.
Hyll on Holland offers a variety of unit types, including 2-bedroom, 3-bedroom, and 3-bedroom plus study apartments featuring a total of 319 units spread across six blocks thoughtfully designed with modern interiors and quality finishes with a full range of condo facilities within the development, such as a swimming pool, fitness center, BBQ pits, and landscaped gardens. There is also a clubhouse and a function room available for gatherings and events.
Hyll on Holland is situated in the prime district 10 with access to various amenities and services, including shopping malls, restaurants, schools, and parks and well-connected to major roads and public transportation options, making it easy to travel to other parts of Singapore.
Last 11 units as at 4 June 2023
Hyll on Holland is a freehold luxury residential condominium project developed by FEC Skypark Pte Ltd, a subsidiary of Far East Consortium International Limited located in Holland Road designed to provide high-quality living spaces and a range of amenities for its residents.
Hyll on Holland offers a variety of unit types, including 2-bedroom, 3-bedroom, and 3-bedroom plus study apartments featuring a total of 319 units spread across six blocks thoughtfully designed with modern interiors and quality finishes with a full range of condo facilities within the development, such as a swimming pool, fitness center, BBQ pits, and landscaped gardens. There is also a clubhouse and a function room available for gatherings and events.
Hyll on Holland is situated in the prime district 10 with access to various amenities and services, including shopping malls, restaurants, schools, and parks and well-connected to major roads and public transportation options, making it easy to travel to other parts of Singapore.
Last 11 units as at 4 June 2023
15. Leedon Green (D10)
Leedon Green is a luxury residential condo project in the prestigious District 10 in Leedon Heights, near the Leedon Park Good Class Bungalow area and the Singapore Botanic Gardens. Leedon Green comprises seven blocks of 12-storey condominiums and offers a total of 638 residential units.
Inspired by the concept of a garden in the city, incorporating lush greenery and landscaping Leedon Green is developed by MCL Land and Yanlord Land Group, renowned developers known for their high-quality projects. throughout the development.
The residential units at Leedon Green consist of various sizes and configurations, including 1-bedroom to 4-bedroom apartments and penthouses. The units are designed to provide spacious living areas and modern amenities to cater to the needs of residents.
Last 38 units available as at 4 June 2023
Leedon Green is a luxury residential condo project in the prestigious District 10 in Leedon Heights, near the Leedon Park Good Class Bungalow area and the Singapore Botanic Gardens. Leedon Green comprises seven blocks of 12-storey condominiums and offers a total of 638 residential units.
Inspired by the concept of a garden in the city, incorporating lush greenery and landscaping Leedon Green is developed by MCL Land and Yanlord Land Group, renowned developers known for their high-quality projects. throughout the development.
The residential units at Leedon Green consist of various sizes and configurations, including 1-bedroom to 4-bedroom apartments and penthouses. The units are designed to provide spacious living areas and modern amenities to cater to the needs of residents.
Last 38 units available as at 4 June 2023
16. Pullman Residences (D11)
Pullman Residences is located in coveted District 11 with Newton MRT station being a mere 2-minute walk away accessible via both the Downtown and North-South lines. Arterial roads and expressways can also be accessed with ease, including CTE, Dunearn Road, and Bukit Timah Road.
Orchard is just a stone’s throw away from Pullman Residences and a one-stop journey by train. Pullman-style privileges, luxury and grandeur awaits residents as they can look forward to signature Pullman hospitality and access to a wealth of Pullman privileges worldwide under the prestigious Accor Ownership Benefits Program.
Last 29 units left available as at 4 June 2023
Pullman Residences is located in coveted District 11 with Newton MRT station being a mere 2-minute walk away accessible via both the Downtown and North-South lines. Arterial roads and expressways can also be accessed with ease, including CTE, Dunearn Road, and Bukit Timah Road.
Orchard is just a stone’s throw away from Pullman Residences and a one-stop journey by train. Pullman-style privileges, luxury and grandeur awaits residents as they can look forward to signature Pullman hospitality and access to a wealth of Pullman privileges worldwide under the prestigious Accor Ownership Benefits Program.
Last 29 units left available as at 4 June 2023
17. 26 Newton (D11) FH
26 Newton is a freehold condo development located in Novena, District 11. Completed in 2016, it has a total of 1 blocks within the development and comprises a total of 180 units within walking distance to MRT stations such as Newton MRT and Novena MRT.
Residents of 26 Newton can head to nearby supermarkets like Cold Storage - Novena and Cold Storage - United Square for groceries and household products.
Last remaining 6 units left as at 4 June 2023
26 Newton is a freehold condo development located in Novena, District 11. Completed in 2016, it has a total of 1 blocks within the development and comprises a total of 180 units within walking distance to MRT stations such as Newton MRT and Novena MRT.
Residents of 26 Newton can head to nearby supermarkets like Cold Storage - Novena and Cold Storage - United Square for groceries and household products.
Last remaining 6 units left as at 4 June 2023
18. Kallang Riverside (D12) FH
Kallang Riverside is a freehold condo development located in Kallang, District 12 that TOP in 2019 comprising of a single tower with a total of 212 units. Kallang Riverside is within walking distance to Lavender MRT and Kallang MRT providing residents easy access to other areas of Singapore. Residents can head to nearby supermarkets like FairPrice - Upper Boon Keng and FairPrice - Kitchener Complex for groceries and household products. For your leisure and entertainment, head down to the local park - Kallang Riverside Park, to enjoy some fresh air.
Last 8 units as at 4 June 2023
Kallang Riverside is a freehold condo development located in Kallang, District 12 that TOP in 2019 comprising of a single tower with a total of 212 units. Kallang Riverside is within walking distance to Lavender MRT and Kallang MRT providing residents easy access to other areas of Singapore. Residents can head to nearby supermarkets like FairPrice - Upper Boon Keng and FairPrice - Kitchener Complex for groceries and household products. For your leisure and entertainment, head down to the local park - Kallang Riverside Park, to enjoy some fresh air.
Last 8 units as at 4 June 2023
19. Myra (D13) FH
With a single tower that’s 12-storeys high, Myra has an expanse of 85 residential units ranging from one to four bedrooms in size, presented with unique layouts, configurations and many facilities.
Developed by Tiara Land Pte Ltd, a subsidiary of the renowned Selangor Dredging Berhad, Myra offers amazing connectivity in a city-fringe location only a mere 3 minute walk to Potong Pasir MRT. An array of educational institutions of all levels within 2km, including St. Andrew's Junior College, Cedar Girls' Secondary School and Australian International School, located at the heart of a major URA rejuvenation initiative ~ along a 4.2km-long planned heritage corridor that traverses Singapore and nearby a new 1.6km-long park connector – the Bidadari Greenway and Bidadari Park.
Last 6 units as at 4 June 2023
With a single tower that’s 12-storeys high, Myra has an expanse of 85 residential units ranging from one to four bedrooms in size, presented with unique layouts, configurations and many facilities.
Developed by Tiara Land Pte Ltd, a subsidiary of the renowned Selangor Dredging Berhad, Myra offers amazing connectivity in a city-fringe location only a mere 3 minute walk to Potong Pasir MRT. An array of educational institutions of all levels within 2km, including St. Andrew's Junior College, Cedar Girls' Secondary School and Australian International School, located at the heart of a major URA rejuvenation initiative ~ along a 4.2km-long planned heritage corridor that traverses Singapore and nearby a new 1.6km-long park connector – the Bidadari Greenway and Bidadari Park.
Last 6 units as at 4 June 2023
20. Mori (D14) FH
In the vibrant D14, Mori is an exciting freehold apt located along Guillemard Rd and Jalan Molek Rd occupying a land area of about 3,449.60 square metres (sq m). Mori offers a diverse combination of different room types, estimated from 1 - 4 bedrooms and communal facilities on the 2nd and Roof (Level 6), families can spend quality time with activities without leaving home. Facilities include 23m Lap Pool, Bubble Pool, Kid’s Play Area, Dining Pavilion, Projector Lounge, Fitness Station, Floating Island, and Pool Cabanas.
Last 9 units left as at 4 June 2023
In the vibrant D14, Mori is an exciting freehold apt located along Guillemard Rd and Jalan Molek Rd occupying a land area of about 3,449.60 square metres (sq m). Mori offers a diverse combination of different room types, estimated from 1 - 4 bedrooms and communal facilities on the 2nd and Roof (Level 6), families can spend quality time with activities without leaving home. Facilities include 23m Lap Pool, Bubble Pool, Kid’s Play Area, Dining Pavilion, Projector Lounge, Fitness Station, Floating Island, and Pool Cabanas.
Last 9 units left as at 4 June 2023
21. Meyer Mansion (D15) FH
Instantly recognisable as a one-of-a-kind architectural statement, Meyer Mansion is bold yet understated in its modern silhouette. Dark grey steel and burnished copper screens create a distinctive façade that distinguishes Meyer Mansion from its surroundings. Located at 79 Meyer Road in District 15 the freehold seafront project has a total of 200 units developed by GuocoLand.
Meyer Mansion is near upcoming Katong Park MRT station and Tanjong Katong MRT station and convenient access to the East Coast Parkway (ECP), Marina Coastal Expressway (MCE), Pan Island Expressway (PIE) and Kallang Paya Lebar Expressway (KPE).
Last unit left available - a 2 bedroom as at 4 June 2023
Instantly recognisable as a one-of-a-kind architectural statement, Meyer Mansion is bold yet understated in its modern silhouette. Dark grey steel and burnished copper screens create a distinctive façade that distinguishes Meyer Mansion from its surroundings. Located at 79 Meyer Road in District 15 the freehold seafront project has a total of 200 units developed by GuocoLand.
Meyer Mansion is near upcoming Katong Park MRT station and Tanjong Katong MRT station and convenient access to the East Coast Parkway (ECP), Marina Coastal Expressway (MCE), Pan Island Expressway (PIE) and Kallang Paya Lebar Expressway (KPE).
Last unit left available - a 2 bedroom as at 4 June 2023
22. Amber Park (D15) FH
Amber Park is a luxurious, private residential freehold condominium in District 15 along Amber Gardens, near the East Coast Park and within close proximity to the vibrant Katong and Marine Parade neighborhoods.
Developed by City Developments Limited (CDL), Amber Park comprises 592 units spread over three 21-story residential towers offers a range of unit types, including 1- to 5-bedroom apartments, penthouses, and garden homes with a comprehensive range of facilities and amenities. These include swimming pools, a clubhouse, a gymnasium, a tennis court, a BBQ pavilion, and landscaped gardens. The development also offers 24-hour security and concierge services for the convenience and safety of its residents.
Amber Park is within walking distance to the upcoming Tanjong Katong MRT station on the Thomson-East Coast Line and near the East Coast Park with an easy stroll to Katong and Marine Parade neighborhoods - well-connected to other parts of Singapore via major expressways and public transportation options.
Last unit available - a 5 bedroom premium unit as at 4 June 2023
Amber Park is a luxurious, private residential freehold condominium in District 15 along Amber Gardens, near the East Coast Park and within close proximity to the vibrant Katong and Marine Parade neighborhoods.
Developed by City Developments Limited (CDL), Amber Park comprises 592 units spread over three 21-story residential towers offers a range of unit types, including 1- to 5-bedroom apartments, penthouses, and garden homes with a comprehensive range of facilities and amenities. These include swimming pools, a clubhouse, a gymnasium, a tennis court, a BBQ pavilion, and landscaped gardens. The development also offers 24-hour security and concierge services for the convenience and safety of its residents.
Amber Park is within walking distance to the upcoming Tanjong Katong MRT station on the Thomson-East Coast Line and near the East Coast Park with an easy stroll to Katong and Marine Parade neighborhoods - well-connected to other parts of Singapore via major expressways and public transportation options.
Last unit available - a 5 bedroom premium unit as at 4 June 2023
23. The Line at Tanjong Rhu (D15) FH - TOP in 2016
The Line @ Tanjong Rhu is a freehold condominium located at Tanjong Rhu Road in District 15. The project was completed in 2016 with a total of 130 units developed by Lakeview Investments Pte Ltd, a subsidiary of YMC Holdings Co. The Line @ Tanjong Rhu enjoys having the upcoming Katong park MRT station at its doorstep which is expected to open by next year.
Last 13 units left available as at 4 June 2023
The Line @ Tanjong Rhu is a freehold condominium located at Tanjong Rhu Road in District 15. The project was completed in 2016 with a total of 130 units developed by Lakeview Investments Pte Ltd, a subsidiary of YMC Holdings Co. The Line @ Tanjong Rhu enjoys having the upcoming Katong park MRT station at its doorstep which is expected to open by next year.
Last 13 units left available as at 4 June 2023
24. Amber Skye (D15) FH - TOP in 2017
Amber Skye is a freehold condo development located in Marine Parade, District 15. Completed in 2017, it has a total of 1 blocks within the development and comprises a total of 109 units. It is within walking distance to MRT stations such as the upcoming Tanjong Katong MRT and close to schools like Canadian International School (Tanjong Katong Campus), MOE Kindergarten @ Tanjong Katong and Tanjong Katong Primary School.
Masterfully crafted to resemble the sea’s infinite waves, this 22-storey Amber Skye is stunning in a timeless sense with its uniquely fluid structure and a classic Italian architectural design that never goes out of style.
Last 3 units left available as at 4 June 2023
Amber Skye is a freehold condo development located in Marine Parade, District 15. Completed in 2017, it has a total of 1 blocks within the development and comprises a total of 109 units. It is within walking distance to MRT stations such as the upcoming Tanjong Katong MRT and close to schools like Canadian International School (Tanjong Katong Campus), MOE Kindergarten @ Tanjong Katong and Tanjong Katong Primary School.
Masterfully crafted to resemble the sea’s infinite waves, this 22-storey Amber Skye is stunning in a timeless sense with its uniquely fluid structure and a classic Italian architectural design that never goes out of style.
Last 3 units left available as at 4 June 2023
25. AMO Residence (D20)
Comprising two striking towers of 25 storeys each, AMO Residence offers a total of 372 luxurious residential units on a vast land size of 136,481 sqft. Providing an array of impressive communal facilities for residents to enjoy quality time with their families and unwind, facilities include a 50m lap pool, tennis court, gymnasium, kids’ play area, function room, aqua gym pool, pets’ scape, lounge pool, open lawn, gourmet pavilion, and beautifully landscaped green spaces.
AMO Residence is meticulously designed to maximize stunning views from all units, the towers are strategically staggered to offer panoramic views of the prestigious Shangri-La Park landed estate, Lower Peirce Reservoir, and lush parklands. Residents enjoy premium quality fittings and appliances from renowned brands like Brandt, De Dietrich, Roca, Gessi, and Hansgrohe.
Last 2 units left available as at 4 June 2023
Comprising two striking towers of 25 storeys each, AMO Residence offers a total of 372 luxurious residential units on a vast land size of 136,481 sqft. Providing an array of impressive communal facilities for residents to enjoy quality time with their families and unwind, facilities include a 50m lap pool, tennis court, gymnasium, kids’ play area, function room, aqua gym pool, pets’ scape, lounge pool, open lawn, gourmet pavilion, and beautifully landscaped green spaces.
AMO Residence is meticulously designed to maximize stunning views from all units, the towers are strategically staggered to offer panoramic views of the prestigious Shangri-La Park landed estate, Lower Peirce Reservoir, and lush parklands. Residents enjoy premium quality fittings and appliances from renowned brands like Brandt, De Dietrich, Roca, Gessi, and Hansgrohe.
Last 2 units left available as at 4 June 2023
26. Ki Residence (D21) FH
Ki Residences is a residential freehold condo developed by Hoi Hup Sunway, a joint venture between Hoi Hup Realty and Sunway Developments situated in the Sunset Way estate - a peaceful and exclusive residential area in District 21.
Ki Residences offers a mix of units, including 1-bedroom to 5-bedroom apartments, as well as penthouses providing residents with a tranquil and green living environment surrounded by lush greenery, parks, and nature reserves, offering a serene and nature-inspired setting. Ki Residences is conveniently situated near amenities and transportation options near Beauty World MRT station on the Downtown Line with shopping malls, schools, and dining options available nearby.
Last 14 units left available as at 4 June 2023
Ki Residences is a residential freehold condo developed by Hoi Hup Sunway, a joint venture between Hoi Hup Realty and Sunway Developments situated in the Sunset Way estate - a peaceful and exclusive residential area in District 21.
Ki Residences offers a mix of units, including 1-bedroom to 5-bedroom apartments, as well as penthouses providing residents with a tranquil and green living environment surrounded by lush greenery, parks, and nature reserves, offering a serene and nature-inspired setting. Ki Residences is conveniently situated near amenities and transportation options near Beauty World MRT station on the Downtown Line with shopping malls, schools, and dining options available nearby.
Last 14 units left available as at 4 June 2023
27. Lentor Modern (D26)
Lentor Modern is a 99-year leasehold mixed-use developed by GuocoLand, situated in the new Lentor Hills estate. Lentor Modern is a large integrated mixed-use development with over 96,000 sqft of commercial spaces including a 12,000 sqft supermarket and 10,000 sqft of childcare centre. Directly linked to Lentor MRT Station on the Thomson-East Coast Line, Lentor Modern offers 605 units of modern residences from 1- to 4-bedroom types to choose from within a predominantly landed housing area in Thomson, residents may enjoy unblocked views of the surrounding greenery and proximity to nature parks.
Last 59 units left available as at 4 June 2023
Lentor Modern is a 99-year leasehold mixed-use developed by GuocoLand, situated in the new Lentor Hills estate. Lentor Modern is a large integrated mixed-use development with over 96,000 sqft of commercial spaces including a 12,000 sqft supermarket and 10,000 sqft of childcare centre. Directly linked to Lentor MRT Station on the Thomson-East Coast Line, Lentor Modern offers 605 units of modern residences from 1- to 4-bedroom types to choose from within a predominantly landed housing area in Thomson, residents may enjoy unblocked views of the surrounding greenery and proximity to nature parks.
Last 59 units left available as at 4 June 2023
28. Parc Clematis (D05)
Parc Clematis is located in the matured estate of District 5 in Clementi, surrounded by abundance of amenities and a short drive to Jurong Lake District - Singapore's second CBD. Wide range of layouts, Parc Clematis offers an array of 1- to 5-bedroom units catering to different needs and lifestyles coupled with convenient public transport access to nearby Clementi MRT station on the East-West line and connected to major areas and to the city centre.
Last 3 units of bungalows available priced from $5.5 millon for a 3,832 sqft bungalow as at 4 June 2023
Parc Clematis is located in the matured estate of District 5 in Clementi, surrounded by abundance of amenities and a short drive to Jurong Lake District - Singapore's second CBD. Wide range of layouts, Parc Clematis offers an array of 1- to 5-bedroom units catering to different needs and lifestyles coupled with convenient public transport access to nearby Clementi MRT station on the East-West line and connected to major areas and to the city centre.
Last 3 units of bungalows available priced from $5.5 millon for a 3,832 sqft bungalow as at 4 June 2023
29. One Pearl Bank (D03)
One Pearl Bank is an iconically designed high-rise condo situated on top of Pearl's Hill in the Outram-Chinatown District developed by CapitaLand Limited and designed by multi-award-winning architect, Serie+Multiply.
One Pearl Bank is known for its unique architectural design featuring two curved towers that are connected by a 360 degree view Sky Occulus skybridge at the roof top offering a range of residential units, including studio apartments and larger units with one to four bedrooms.
The units at One Pearl Bank are designed to provide panoramic unblocked views of the city skyline and surrounding greenery within 2 minutes walk to the Outram Park MRT station (triple line MRT interchange - East West Line, North-East Line and Thomson East Coast Line). One Pearl Bank is within walking distance of Chinatown and the Central Business District, offering residents easy access to a wide range of dining, shopping, and entertainment options.
Last 45 units left available as at 4 June 2023
One Pearl Bank is an iconically designed high-rise condo situated on top of Pearl's Hill in the Outram-Chinatown District developed by CapitaLand Limited and designed by multi-award-winning architect, Serie+Multiply.
One Pearl Bank is known for its unique architectural design featuring two curved towers that are connected by a 360 degree view Sky Occulus skybridge at the roof top offering a range of residential units, including studio apartments and larger units with one to four bedrooms.
The units at One Pearl Bank are designed to provide panoramic unblocked views of the city skyline and surrounding greenery within 2 minutes walk to the Outram Park MRT station (triple line MRT interchange - East West Line, North-East Line and Thomson East Coast Line). One Pearl Bank is within walking distance of Chinatown and the Central Business District, offering residents easy access to a wide range of dining, shopping, and entertainment options.
Last 45 units left available as at 4 June 2023
30. Park Nova (D10) FH
Located along Tomlinson Road, Park Nova features a distinctive façade with its signature biophilic greenery. The biophilic design not only facilitates air flow for natural ventilation, but also provides natural lighting at the terraces. You can also get a panoramic view of the city’s skyline from the terraces on the “wings”.
With Park Nova, the developer - Shun Tak Cuscaden Residential Pte Ltd is a subsidiary of Shun Tak Holdings has created a unique enclave of nature within the bustling Orchard Boulevard area that brings together prestige, privacy and convenience. On the interior, every unit at Park Nova is not only sizable and roomy, but they each enjoy private lift access with branded top-of-the-line brands like Molteni & C Dada, Vola and Laufen.
The project is designed by several award-winning architectural and design firms such as PLP Architecture (lead design architect consultant), P&T Consultants (architect), Brewin Design Office (interior designer) and ICN Design International (landscape consultant).
Last 5 units left available as at 4 June 2023
Located along Tomlinson Road, Park Nova features a distinctive façade with its signature biophilic greenery. The biophilic design not only facilitates air flow for natural ventilation, but also provides natural lighting at the terraces. You can also get a panoramic view of the city’s skyline from the terraces on the “wings”.
With Park Nova, the developer - Shun Tak Cuscaden Residential Pte Ltd is a subsidiary of Shun Tak Holdings has created a unique enclave of nature within the bustling Orchard Boulevard area that brings together prestige, privacy and convenience. On the interior, every unit at Park Nova is not only sizable and roomy, but they each enjoy private lift access with branded top-of-the-line brands like Molteni & C Dada, Vola and Laufen.
The project is designed by several award-winning architectural and design firms such as PLP Architecture (lead design architect consultant), P&T Consultants (architect), Brewin Design Office (interior designer) and ICN Design International (landscape consultant).
Last 5 units left available as at 4 June 2023
31. 3 Orchard By-The-Park (D10) FH - TOP in 2017
3 Orchard By-The-Park is situated among the most elegant residential projects and luxury hotels located slightly away from the crowded areas of Orchard Road so that residents can have a peaceful accommodation. The entrance lane lined with lush greeneries, 3 Orchard By-The-Park in prime District 10 in a single block comprises a total of 77 units within walking distance to MRT stations such as Orchard Boulevard MRT and Napier MRT.
Last 6 units left available as at 4 June 2023
3 Orchard By-The-Park is situated among the most elegant residential projects and luxury hotels located slightly away from the crowded areas of Orchard Road so that residents can have a peaceful accommodation. The entrance lane lined with lush greeneries, 3 Orchard By-The-Park in prime District 10 in a single block comprises a total of 77 units within walking distance to MRT stations such as Orchard Boulevard MRT and Napier MRT.
Last 6 units left available as at 4 June 2023
32. Nim Collection (D28) TOP in 2019
The Nim Collection is a residential project comprising a cluster of landed terrace houses and semi-detached houses situated in the Ang Mo Kio planning area. Developed by Bukit Sembawang Estates Limited, the Nim Collection is known for its contemporary and modern architectural design, offering residents a combination of stylish living spaces and serene surroundings.
The houses in the Nim Collection are designed with functional layouts and high-quality finishes, providing residents with comfortable and spacious living areas featuring communal facilities such as a swimming pool, landscaped gardens, and a clubhouse for residents to enjoy.
Last 2 units left available as at 4 June 2023
The Nim Collection is a residential project comprising a cluster of landed terrace houses and semi-detached houses situated in the Ang Mo Kio planning area. Developed by Bukit Sembawang Estates Limited, the Nim Collection is known for its contemporary and modern architectural design, offering residents a combination of stylish living spaces and serene surroundings.
The houses in the Nim Collection are designed with functional layouts and high-quality finishes, providing residents with comfortable and spacious living areas featuring communal facilities such as a swimming pool, landscaped gardens, and a clubhouse for residents to enjoy.
Last 2 units left available as at 4 June 2023
33. Piccadilly Grand
Piccadilly Grand is an integrated private residential condo project with a shopping mall and Farrer Park MRT downstairs, comprising 407 premium residential units spread over 3 blocks of 23-storey offering a good unit mix of unit sizes and floorplan layouts, from 1 bedroom to 5 bedroom premium units.
Rare 4 bedroom Dual Key units and units with study are also available. There is also different unblocked panoramic views and swimming pool views, to suit varying preferences. Developed by City Development Limited & MCL Land, together with the premium finishing and luxurious fittings, Piccadilly Grand offers unmatched convenience with its direct link to Farrer Park MRT and City Square Mall - unapparelled convenience and accessibility by both public transport and proximity to expressways allows for fast and easy commute to CBD and Marina Bay area for work and play.
Last 14 units left available as at 4 June 2023
Piccadilly Grand is an integrated private residential condo project with a shopping mall and Farrer Park MRT downstairs, comprising 407 premium residential units spread over 3 blocks of 23-storey offering a good unit mix of unit sizes and floorplan layouts, from 1 bedroom to 5 bedroom premium units.
Rare 4 bedroom Dual Key units and units with study are also available. There is also different unblocked panoramic views and swimming pool views, to suit varying preferences. Developed by City Development Limited & MCL Land, together with the premium finishing and luxurious fittings, Piccadilly Grand offers unmatched convenience with its direct link to Farrer Park MRT and City Square Mall - unapparelled convenience and accessibility by both public transport and proximity to expressways allows for fast and easy commute to CBD and Marina Bay area for work and play.
Last 14 units left available as at 4 June 2023
It was supposed to be 34 projects that were expected to sellout this year but Peak Residences which was over 98% sold as at 4 June 2023 was fully sold on 6 June 2023 and I had to remove it as this blog took me 3 days to prepare. I did not include pricings to all these projects above as all prices are subjected to change by developers without prior notice since these projects are almost sold out.
Disclaimer: I try to provide timely information but sale of condo units can happen anytime as I am typing. Prices may be subject to adjustment by developers at any moment especially when these 33 existing new condo projects are left with very limited units and many are almost 100% sold. So the above are prepared to the best of my knowledge at the point of writing this blog.
If you need information on current prices / promo or condo availability, you may check with your real estate agent or you may scan the QR code below and Whatsapp me the name of the condo project.
Disclaimer: I try to provide timely information but sale of condo units can happen anytime as I am typing. Prices may be subject to adjustment by developers at any moment especially when these 33 existing new condo projects are left with very limited units and many are almost 100% sold. So the above are prepared to the best of my knowledge at the point of writing this blog.
If you need information on current prices / promo or condo availability, you may check with your real estate agent or you may scan the QR code below and Whatsapp me the name of the condo project.
- Published on
In Dec 2021, the U.S. Congress approved raising the federal government's debt limit by $2.5 trillion, to about $31.4 trillion, will they raise it by another $2.5 trillion next month?
On 1 May, US Treasury Secretary Janet Yellen warned the United States of America could default on its gigantic debt obligations by the 1st week of June 2023 if US Congress doesn’t raise the huge debt ceiling / limit before then. The pressure is on President Biden and House Republican lawmakers to ramp up their debt ceiling discussions after months of talks being at a standstill.
What is the U.S. Debt Ceiling / Limit
The U.S. debt ceiling, also known as the debt limit, refers to the maximum amount of debt that the United States government can legally borrow to finance its operations and meet its financial obligations. It is a statutory limit set by Congress. On December 16, 2021, US lawmakers raised the debt limit by $2.5 trillion to a total of USD$31.4 trillion and the U.S. hit that debt ceiling limit of USD$31.4 trillion within 13 months by 19 January 2023.
The debt ceiling / limit is determined by Congress through the legislative process. It represents a legal cap on the total amount of debt that the US government can borrow or the maximum amount of Treasury securities the government can issue to borrow money. When the government needs to borrow money to cover its expenses, it issues Treasury securities (bonds, notes, and bills) to investors, financial institutions, and foreign governments.
The debt ceiling / limit is closely tied to the functioning of the federal government. If the debt ceiling / limit is not raised by the first week of June, the government may face difficulties in financing its operations, paying its bills, and meeting its financial obligations, including interest payments on existing debt, salaries, and entitlement programs.
What is the U.S. Debt Ceiling / Limit
The U.S. debt ceiling, also known as the debt limit, refers to the maximum amount of debt that the United States government can legally borrow to finance its operations and meet its financial obligations. It is a statutory limit set by Congress. On December 16, 2021, US lawmakers raised the debt limit by $2.5 trillion to a total of USD$31.4 trillion and the U.S. hit that debt ceiling limit of USD$31.4 trillion within 13 months by 19 January 2023.
The debt ceiling / limit is determined by Congress through the legislative process. It represents a legal cap on the total amount of debt that the US government can borrow or the maximum amount of Treasury securities the government can issue to borrow money. When the government needs to borrow money to cover its expenses, it issues Treasury securities (bonds, notes, and bills) to investors, financial institutions, and foreign governments.
The debt ceiling / limit is closely tied to the functioning of the federal government. If the debt ceiling / limit is not raised by the first week of June, the government may face difficulties in financing its operations, paying its bills, and meeting its financial obligations, including interest payments on existing debt, salaries, and entitlement programs.
What happens if U.S. Defaults On Its Debt Obligations?
In the event of a US debt default, it could have significant repercussions for both the United States and the global economy. While it is challenging to predict the exact outcomes, it is widely believed that a US debt default would likely have severe consequences and could potentially unleash global chaos. Here are a few reasons why:
"Although the United States has a ginormous amount of outstanding debt exceeding USD$30 trillion, it's debt-to-GDP ratio is only about 140% of its annual GDP which is considered alright for a currency that is being used as the world's reserve currency. The U.S. debt-to-GDP ratio has been on an upward trend over the years, primarily driven by factors such as budget deficits, government borrowing, and economic conditions" said real estate professional Kiwi Lim, "although most countries have an average of 60% to 70% debt-to-GDP ratio, it is worth noting that the United States as a developed economy with the U.S. dollar being the global reserve currency, has unique characteristics that allows it to manage and sustain higher levels of debt compared to other countries".
To summarise, failure to raise the debt ceiling / limit could result in a default on US debt obligations, which could have severe consequences for the economy and financial markets. Given the United States' central role in the global economy, a default would likely have significant and far-reaching consequences that could potentially unleash global financial chaos.
In the event of a US debt default, it could have significant repercussions for both the United States and the global economy. While it is challenging to predict the exact outcomes, it is widely believed that a US debt default would likely have severe consequences and could potentially unleash global chaos. Here are a few reasons why:
- Global Financial Markets: The US dollar is the world's primary reserve currency, and US Treasury securities are considered a safe haven investment. A default on US debt would undermine the confidence in these assets, causing significant turmoil in global financial markets. It could lead to a sharp decline in the value of the US dollar, increased borrowing costs for governments and businesses worldwide, and widespread market volatility.
- Global Trade and Investments: The United States plays a central role in the global economy, and its economic stability and credibility are vital for international trade and investments. A debt default could disrupt international transactions, reduce investor confidence, and trigger a decline in global trade. It could also affect the stability of financial institutions worldwide and create ripple effects throughout the global supply chain.
- International Relations: The United States holds a unique and important position as a global superpower and a debt default may damage its reputation as a reliable and responsible economic powerhouse. This could have far-reaching geopolitical consequences, potentially undermining US influence and altering the dynamics of international relations.
- Confidence and Sentiment: Confidence and sentiment are very very crucial factors in the functioning of the global economy. A US debt default would send powerful shockwaves through the global financial system, eroding trust and creating uncertainty and instability worldwide. This loss of confidence could have cascading effects on consumer and investor behavior, leading to decreased spending, lower economic growth, and cause a worldwide recession.
"Although the United States has a ginormous amount of outstanding debt exceeding USD$30 trillion, it's debt-to-GDP ratio is only about 140% of its annual GDP which is considered alright for a currency that is being used as the world's reserve currency. The U.S. debt-to-GDP ratio has been on an upward trend over the years, primarily driven by factors such as budget deficits, government borrowing, and economic conditions" said real estate professional Kiwi Lim, "although most countries have an average of 60% to 70% debt-to-GDP ratio, it is worth noting that the United States as a developed economy with the U.S. dollar being the global reserve currency, has unique characteristics that allows it to manage and sustain higher levels of debt compared to other countries".
To summarise, failure to raise the debt ceiling / limit could result in a default on US debt obligations, which could have severe consequences for the economy and financial markets. Given the United States' central role in the global economy, a default would likely have significant and far-reaching consequences that could potentially unleash global financial chaos.
Will The U.S. Default On Its Huge Debt Next Month?
The United States has never defaulted on its debt. Throughout its history, the United States has always honored its debt obligations, and the U.S. government considers the payment of its debts a top priority, although there have been periods of debt ceiling debates and negotiations. Meeting its debt obligations established the U.S. Treasury securities as one of the world's most reliable and trusted investments.
Market watcher Kiwi Lim believe the American Congress will eventually reach a consensus to raise their immense debt ceiling / limit further upwards by about USD$2.5 trillion to prevent a debt default that may potentially impact global confidence in the US dollar as a reserve currency and countries may seek alternative options and diversify the currency exposure of their reserves to other currencies like the Chinese yuan (renminbi) as an alternative.
"Of course this does not mean the Chinese yuan (renminbi) will take over the US dollar anytime soon as the world's reserve currency because the internationalisation of a currency like the yuan involves many many factors, including economic stability, liquidity, openness of financial markets, trade sanctions and political considerations" explained Kiwi, "but it is important to note that the Chinese yuan has been gradually gaining recognition as an international currency in recent years with more than 40 countries supporting the call for the Chinese Yuan to be accepted as the "petrodollar" in international oil trade especially when China is one of the largest importers of oil globally playing a significant role in international oil markets"
While the yuan is not the primary currency used in oil transactions, China has been working to internationalize its currency and promote its use in global trade, including the energy sector. but it still has some way to go before reaching the same level of global acceptance and trust as the US dollar.
The United States has never defaulted on its debt. Throughout its history, the United States has always honored its debt obligations, and the U.S. government considers the payment of its debts a top priority, although there have been periods of debt ceiling debates and negotiations. Meeting its debt obligations established the U.S. Treasury securities as one of the world's most reliable and trusted investments.
Market watcher Kiwi Lim believe the American Congress will eventually reach a consensus to raise their immense debt ceiling / limit further upwards by about USD$2.5 trillion to prevent a debt default that may potentially impact global confidence in the US dollar as a reserve currency and countries may seek alternative options and diversify the currency exposure of their reserves to other currencies like the Chinese yuan (renminbi) as an alternative.
"Of course this does not mean the Chinese yuan (renminbi) will take over the US dollar anytime soon as the world's reserve currency because the internationalisation of a currency like the yuan involves many many factors, including economic stability, liquidity, openness of financial markets, trade sanctions and political considerations" explained Kiwi, "but it is important to note that the Chinese yuan has been gradually gaining recognition as an international currency in recent years with more than 40 countries supporting the call for the Chinese Yuan to be accepted as the "petrodollar" in international oil trade especially when China is one of the largest importers of oil globally playing a significant role in international oil markets"
While the yuan is not the primary currency used in oil transactions, China has been working to internationalize its currency and promote its use in global trade, including the energy sector. but it still has some way to go before reaching the same level of global acceptance and trust as the US dollar.
- Published on
China's "common prosperity" is a term that has gained prominence in recent years as a key policy objective after Chinese President Xi Jinping introduced the concept of common prosperity at the 10th meeting of the Central Committee for Financial and Economic Affairs in August 2021.
At the 2021 meeting, President Xi announced he will be pushing for common prosperity - raising the incomes of low-income groups, promoting fairness, making regional development more balanced, and stressing people-centered growth. President Xi pledged to “reasonably regulate excessively high incomes, and encourage high-income people and enterprises to return more to society.”
Common prosperity
Common prosperity refers to the goal of achieving a more equitable distribution of wealth and ensuring that the benefits of China's economic development are shared by a wider segment of the population. While China has experienced significant economic growth that lifted hundreds of millions of people out of poverty over the past few decades, income inequality has also increased greatly, leading to concerns about rising social unrest among a population of more than 1.4 billion spread over a sprawling land area covering five time zones and bordering 14 countries by land - the most of any country in the world.
To address these social concerns, the Chinese government has outlined a series of measures aimed at promoting common prosperity. These measures include:
At the 2021 meeting, President Xi announced he will be pushing for common prosperity - raising the incomes of low-income groups, promoting fairness, making regional development more balanced, and stressing people-centered growth. President Xi pledged to “reasonably regulate excessively high incomes, and encourage high-income people and enterprises to return more to society.”
Common prosperity
Common prosperity refers to the goal of achieving a more equitable distribution of wealth and ensuring that the benefits of China's economic development are shared by a wider segment of the population. While China has experienced significant economic growth that lifted hundreds of millions of people out of poverty over the past few decades, income inequality has also increased greatly, leading to concerns about rising social unrest among a population of more than 1.4 billion spread over a sprawling land area covering five time zones and bordering 14 countries by land - the most of any country in the world.
To address these social concerns, the Chinese government has outlined a series of measures aimed at promoting common prosperity. These measures include:
- Wealth redistribution: policies to redistribute wealth by imposing higher taxes on the wealthy & high-income individuals to regulate excessive income in certain sectors as well as supporting social welfare programs.
- Poverty alleviation: China has made significant progress in poverty reduction, and continues to focus on eliminating absolute poverty. Efforts include targeted poverty alleviation programs, investment in rural areas, and improving access to education, healthcare, and basic infrastructure.
- Rural revitalization: Xi's government aims to bridge the urban-rural wealth gap by promoting rural development, improving agricultural productivity, and providing support for rural industries and infrastructure with initiatives to modernize agriculture, increase rural incomes, and improve living conditions in rural areas.
- Social welfare reforms: Reforms to the healthcare system, pension system, and social insurance programs to provide better access to essential services and protect individuals and families from financial risks as the China government works to expand its social safety net.
- Regulation of wealth accumulation: Measures to curb excessive wealth accumulation and address monopolistic practices will be introduced by the Chinese government, e.g. increased scrutiny of large corporations and technology companies, antitrust regulations, and measures to protect the rights and interests of workers.
Dual Circulation Strategy
To counter widening socioeconomic inequality in China, the Chinese government is also putting its focus to its “security” drive in addition to its “common prosperity” drive by pushing for the “dual circulation” strategy to the party constitution with the aim of narrowing socioeconomic inequality as protests against the rich and powerful mount at home.
China's dual circulation strategy, aka "dual circulation development pattern", introduced in 2020 seeks to strike a balance between domestic and international factors, with greater emphasis on domestic drivers of growth with the ultimate aim to rebalance China's economy and promote sustainable long-term growth by focusing on two main components: domestic circulation and international circulation.
China understands the importance of external markets while emphasizing the need for self-reliance. China is not decoupling from the global economy but is bracing itself against global headwinds gaining strength in Europe and America by pursuing “high-quality development” in terms of technological advancements and domestic innovation to ensure long-term economic resilience and stability that will impress the western countries.
To counter widening socioeconomic inequality in China, the Chinese government is also putting its focus to its “security” drive in addition to its “common prosperity” drive by pushing for the “dual circulation” strategy to the party constitution with the aim of narrowing socioeconomic inequality as protests against the rich and powerful mount at home.
China's dual circulation strategy, aka "dual circulation development pattern", introduced in 2020 seeks to strike a balance between domestic and international factors, with greater emphasis on domestic drivers of growth with the ultimate aim to rebalance China's economy and promote sustainable long-term growth by focusing on two main components: domestic circulation and international circulation.
- Domestic circulation: This strategy seeks to boost domestic demand, stimulate consumer spending, and reduce reliance on exports and external demand as the primary drivers of economic growth. It emphasizes developing a strong domestic industrial base, improving infrastructure, promoting urbanization, and fostering innovation to drive consumption-led growth.
- International circulation: China aims to optimize its international economic relationships, enhance its competitiveness, and pursue mutually beneficial trade and investment opportunities while safeguarding its national interests. This strategic component focus on external markets and engagement with the global economy by expanding foreign trade, attracting foreign investment, and enhancing China's integration into global value chains.
China understands the importance of external markets while emphasizing the need for self-reliance. China is not decoupling from the global economy but is bracing itself against global headwinds gaining strength in Europe and America by pursuing “high-quality development” in terms of technological advancements and domestic innovation to ensure long-term economic resilience and stability that will impress the western countries.
How does China's common prosperity drive affect Singapore?
President Xi is prepared to sacrifice China's economic growth to realise his target of gradually achieving common prosperity for the general population. In fact, the concept of common prosperity is already deeply etched in the Chinese Communist Party's ideology, which emphasized the pursuit of social equality and the welfare of the people. Wealthy families in mainland China are very wary of President Xi's common prosperity drive and are worried that income and wealth taxes may rise to extremely high levels in China. Many have already started or planning to shift their wealth overseas or relocating to other countries in order to preserve their immense wealth.
"With the Covid situation under control in mainland China and economic growth stabilizing after the gradual relaxation of strict Covid lockdowns, I believe President Xi may find it a suitable time to push ahead with his common prosperity drive this year." said Kiwi Lim.
President Xi is prepared to sacrifice China's economic growth to realise his target of gradually achieving common prosperity for the general population. In fact, the concept of common prosperity is already deeply etched in the Chinese Communist Party's ideology, which emphasized the pursuit of social equality and the welfare of the people. Wealthy families in mainland China are very wary of President Xi's common prosperity drive and are worried that income and wealth taxes may rise to extremely high levels in China. Many have already started or planning to shift their wealth overseas or relocating to other countries in order to preserve their immense wealth.
"With the Covid situation under control in mainland China and economic growth stabilizing after the gradual relaxation of strict Covid lockdowns, I believe President Xi may find it a suitable time to push ahead with his common prosperity drive this year." said Kiwi Lim.
Recently after the recent hikes in foreigner's additional buyer’s stamp duty (ABSD) from 30% to 60% came into effect on 27 April 2023, two luxury condo units in prime District 9 were purchased by foreign buyers - Chinese nationals.
One of the properties is a four-bedroom, 2,691 sqft unit at New Futura, a freehold condo along Leonie Hill Road in District 9 for $12.5 million or $4,645 psf setting a new psf-price high for the 124-unit by developer City Developments Ltd. The other was also another freehold luxury condo - a 7,718 sqft six-bedroom townhouse unit at Yong An Park on River Valley Road sold for $14.08 million or $1,824 psf.
The number of wealthy families from mainland China setting up family offices here in Singapore have been growing and may have exceeded 1,000 family offices by mid of this year as they shift their funds out of Xi's reach in his common prosperity drive, due to increasing global uncertainty, geopolitical risks and Singapore's reputation as a safe haven for wealth and attractive tax incentives even after the MAS set stricter criteria for assets under management, local investments and business spending for family offices to qualify for tax incentives last year.
"Many wealthy families plan to relocate out of China and the recent property cooling measure in Singapore where the ABSD for foreigners buying residential real estate in Singapore was increased from 30% to 60% may have little impact on their plans to move to Singapore." explained Kiwi Lim.
One of the properties is a four-bedroom, 2,691 sqft unit at New Futura, a freehold condo along Leonie Hill Road in District 9 for $12.5 million or $4,645 psf setting a new psf-price high for the 124-unit by developer City Developments Ltd. The other was also another freehold luxury condo - a 7,718 sqft six-bedroom townhouse unit at Yong An Park on River Valley Road sold for $14.08 million or $1,824 psf.
The number of wealthy families from mainland China setting up family offices here in Singapore have been growing and may have exceeded 1,000 family offices by mid of this year as they shift their funds out of Xi's reach in his common prosperity drive, due to increasing global uncertainty, geopolitical risks and Singapore's reputation as a safe haven for wealth and attractive tax incentives even after the MAS set stricter criteria for assets under management, local investments and business spending for family offices to qualify for tax incentives last year.
"Many wealthy families plan to relocate out of China and the recent property cooling measure in Singapore where the ABSD for foreigners buying residential real estate in Singapore was increased from 30% to 60% may have little impact on their plans to move to Singapore." explained Kiwi Lim.
- Published on
Artist’s impression of the Johor Bahru-Singapore Rapid Transit System (RTS) Link Woodlands North Station.
Yesterday on 11 May (Thursday) 2023, Singapore’s Transport Minister S Iswaran said that construction on the Singapore side for the Johor Bahru-Singapore Rapid Transit System (RTS) Link project was around 50% completed. The Malaysian Transport Minister Anthony Loke also announced that the construction on the Malaysia side was around a third complete and is on track to be completed by end-2026.
The JB-Singapore RTS Link:
Under the mutual agreement inked, the 4.2km Johor Bahru-Singapore Rapid Transit System (RTS) Link will have only two stations connecting both countries – the Singapore terminus will be located at the Woodlands North station (which will have a combined gross floor area approximately 10 times that of a typical MRT station) and the Malaysia terminus at the Bukit Chagar station. The CIQ (customs, immigration, quarantine) facilities of both countries will be co-located at the Woodlands North and Bukit Chagar stations, which means passengers only need to clear immigration authorities once - at their point of departure.
Upon completion, the Johor Bahru-Singapore Rapid Transit System (RTS) Link will be the second rail link between the two countries after the KTM Intercity Shuttle Tebrau. The RTS Link is also expected to replace the railway line and shuttle train services between JB Sentral and Woodlands Train Checkpoint.
The Johor Bahru-Singapore Rapid Transit System (RTS) Link aims to connect Bukit Chagar in Johor Bahru city to Woodlands in Singapore, serving about 10,000 passengers per hour each way to help ease traffic congestion on the Causeway - with the waiting time for the trains expected to be about 4 minutes during peak, and 8 minutes during non-peak periods.
The RTS Link Woodlands North station will connect commuters to the Thomson-East Coast Line (TEL) Woodlands North MRT station as well as a CIQ building. Once operational, the train will take five minutes to travel one way between Woodlands North station and Bukit Chagar station. It is expected to serve about 10,000 passengers per hour each way to help ease traffic congestion on the Causeway.
The completion of the Johor Bahru-Singapore Rapid Transit System (RTS) Link could have a positive influence in areas near the transit station especially on the Johor property market as well as the HDB flats and private residential homes located in Woodlands, Singapore.
The JB-Singapore RTS Link:
Under the mutual agreement inked, the 4.2km Johor Bahru-Singapore Rapid Transit System (RTS) Link will have only two stations connecting both countries – the Singapore terminus will be located at the Woodlands North station (which will have a combined gross floor area approximately 10 times that of a typical MRT station) and the Malaysia terminus at the Bukit Chagar station. The CIQ (customs, immigration, quarantine) facilities of both countries will be co-located at the Woodlands North and Bukit Chagar stations, which means passengers only need to clear immigration authorities once - at their point of departure.
Upon completion, the Johor Bahru-Singapore Rapid Transit System (RTS) Link will be the second rail link between the two countries after the KTM Intercity Shuttle Tebrau. The RTS Link is also expected to replace the railway line and shuttle train services between JB Sentral and Woodlands Train Checkpoint.
The Johor Bahru-Singapore Rapid Transit System (RTS) Link aims to connect Bukit Chagar in Johor Bahru city to Woodlands in Singapore, serving about 10,000 passengers per hour each way to help ease traffic congestion on the Causeway - with the waiting time for the trains expected to be about 4 minutes during peak, and 8 minutes during non-peak periods.
The RTS Link Woodlands North station will connect commuters to the Thomson-East Coast Line (TEL) Woodlands North MRT station as well as a CIQ building. Once operational, the train will take five minutes to travel one way between Woodlands North station and Bukit Chagar station. It is expected to serve about 10,000 passengers per hour each way to help ease traffic congestion on the Causeway.
The completion of the Johor Bahru-Singapore Rapid Transit System (RTS) Link could have a positive influence in areas near the transit station especially on the Johor property market as well as the HDB flats and private residential homes located in Woodlands, Singapore.
Benefits of the JB-Singapore RTS Link:
The Johor Bahru-Singapore Rapid Transit System (RTS) Link offers several benefits for commuters, businesses, and the overall connectivity between Johor Bahru and Singapore. Here are some of the potential advantages of the RTS Link:
The Johor Bahru-Singapore Rapid Transit System (RTS) Link offers several benefits for commuters, businesses, and the overall connectivity between Johor Bahru and Singapore. Here are some of the potential advantages of the RTS Link:
- Reduced Travel Time: The Johor Bahru-Singapore Rapid Transit System (RTS) Link aims to significantly reduce travel time between Johor Bahru and Singapore. The shuttle trains running on the dedicated rail line will provide a faster and more efficient mode of transportation, saving valuable time for commuters who regularly travel between the two cities.
- Enhanced Cross-Border Connectivity: The Johor Bahru-Singapore Rapid Transit System (RTS) Link will enhance cross-border connectivity by providing a seamless and convenient transit option. Commuters will be able to avoid traffic congestion at land checkpoints, resulting in a smoother and more predictable travel experience.
- Increased Capacity: The Johor Bahru-Singapore Rapid Transit System (RTS) Link will help alleviate the strain on existing border crossings by increasing the transportation capacity between Johor Bahru and Singapore. This will accommodate a larger volume of commuters and contribute to more efficient cross-border movement.
- Strengthened Economic Integration: The improved connectivity through the Johor Bahru-Singapore Rapid Transit System (RTS) Link is expected to strengthen economic integration between Johor Bahru and Singapore. It will facilitate easier movement of people, goods, and services, fostering greater collaboration, trade, and business opportunities on both sides of the border.
- Boost to Tourism: The Johor Bahru-Singapore Rapid Transit System (RTS) Link could have a positive impact on tourism in both Johor Bahru and Singapore. It will make it more convenient for tourists to explore attractions and destinations in both cities, promoting cross-border tourism and boosting the tourism industry in the region.
- Development and Investment Opportunities: The Johor Bahru-Singapore Rapid Transit System (RTS) Link has the potential to spur development and investment in areas near the transit stations. Improved connectivity often leads to increased property values and the development of supporting infrastructure and amenities, creating potential investment opportunities and enhancing the quality of life for residents.
The Johor Bahru-Singapore Rapid Transit System (RTS) Link could improve connectivity and accessibility, making it easier for people to travel between Johor and Singapore leading to an influx of commuters and potential buyers or renters looking for cheaper and more affordable housing options in Johor. This increased demand could potentially drive up property prices and spur development and investment in the area probably within a radius of 5km from the RTS station.
Real estate professional Kiwi Lim believe the JB-Singapore RTS Link project has the potential to positively impact the property market in Johor Bahru, Malaysia and probably even Woodlands in Singapore, particularly in areas near the transit stations. The increased accessibility, connectivity and convenience provided by the RTS may attract some Singaporeans to relocate to Johor as the cheaper property prices and lower cost of living in Johor may appeal to some Singaporean investors and homebuyers.
"However, while the completion of the Johor Bahru-Singapore Rapid Transit System (RTS) Link could be a positive factor, the real estate market is influenced by many factors, including economic conditions, government policies, market sentiment, and overall demand and supply dynamics. Even though Malaysia remain fully committed to the delivery of Johor Bahru-Singapore Rapid Transit System (RTS) Link at this moment, possible political issues may arise to stall this project”" said Kiwi Lim
Real estate professional Kiwi Lim believe the JB-Singapore RTS Link project has the potential to positively impact the property market in Johor Bahru, Malaysia and probably even Woodlands in Singapore, particularly in areas near the transit stations. The increased accessibility, connectivity and convenience provided by the RTS may attract some Singaporeans to relocate to Johor as the cheaper property prices and lower cost of living in Johor may appeal to some Singaporean investors and homebuyers.
"However, while the completion of the Johor Bahru-Singapore Rapid Transit System (RTS) Link could be a positive factor, the real estate market is influenced by many factors, including economic conditions, government policies, market sentiment, and overall demand and supply dynamics. Even though Malaysia remain fully committed to the delivery of Johor Bahru-Singapore Rapid Transit System (RTS) Link at this moment, possible political issues may arise to stall this project”" said Kiwi Lim
Foreigners buying property / real estate in Johor, Malaysia (Table information extracted from iProperty.com)
Foreigners Buying Property in Johor, Malaysia
Generally speaking, a minimum purchase value of RM1 million is applied to all kinds of property in almost every Malaysian state including Johor (see above table), except for 3 states. Therefore, as a foreigner in Malaysia, we won’t be able to purchase the following:
Take note, if you’re a Singaporean citizen and own an HDB flat, you will need to meet your Minimum Occupation Period (MOP) before you can buy property in Malaysia. Owning a property in Malaysia may also affect your buying of a HDB flat in Singapore.
Singaporeans who are looking to buy properties in Johor should conduct thorough research on the suitability of relocating to Johor, i.e. schools, safety of the neighborhood, etc. and consider various factors like currency fluctuations that may affect property values as well as political and market conditions in Malaysia. Remember to consider factors such as budget, loan, approved real estate, desired property type (apartment, landed house, etc.), size, amenities, and proximity to other essential facilities when searching for properties near the RTS Johor. It's also advisable to visit the area in person to get a better sense of the location and its surroundings before making any final decisions.
"It's important to note that even with the anticipated benefits of the JB-Singapore RTS Link project, as with any major infrastructure project, the actual impact and benefits may vary once the system is operational." said Kiwi.
Generally speaking, a minimum purchase value of RM1 million is applied to all kinds of property in almost every Malaysian state including Johor (see above table), except for 3 states. Therefore, as a foreigner in Malaysia, we won’t be able to purchase the following:
- Bumi lots (Land reserved for Bumiputeras)
- Agricultural land (Exceptions can be made if the land is over 5 acres and will be used for commercial purposes)
- Malay reserved land (Land that can only be sold exclusively to Malays)
- Property with a valuation below RM 1 million
Take note, if you’re a Singaporean citizen and own an HDB flat, you will need to meet your Minimum Occupation Period (MOP) before you can buy property in Malaysia. Owning a property in Malaysia may also affect your buying of a HDB flat in Singapore.
Singaporeans who are looking to buy properties in Johor should conduct thorough research on the suitability of relocating to Johor, i.e. schools, safety of the neighborhood, etc. and consider various factors like currency fluctuations that may affect property values as well as political and market conditions in Malaysia. Remember to consider factors such as budget, loan, approved real estate, desired property type (apartment, landed house, etc.), size, amenities, and proximity to other essential facilities when searching for properties near the RTS Johor. It's also advisable to visit the area in person to get a better sense of the location and its surroundings before making any final decisions.
"It's important to note that even with the anticipated benefits of the JB-Singapore RTS Link project, as with any major infrastructure project, the actual impact and benefits may vary once the system is operational." said Kiwi.
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With the new HFE letter, HDB streamline flat buying process by integrating different eligibility assessments for HDB flat purchases, housing grants, and HDB housing loans into a single application through the HDB Flat Portal
From tomorrow - 9 May 2023, HDB will require BTO / resale flat buyers to obtain a new HDB Flat Eligibility (HFE) letter in a streamlined effort to provide flat buyers with a holistic understanding and assessment of their housing and financing options before they commence their home buying journey. The HFE letter, which will replace the current HDB Loan Eligibility (HLE) letter, will inform flat buyers upfront of their eligibility for a new or resale flat purchase, CPF housing grants, and HDB housing loan, including the respective grant and loan amounts.
From 9 May 2023, HDB flat buyers must have a valid HFE letter when they:
a) apply for a flat from HDB during a sales launch or open booking of flats; or
b) obtain an Option to Purchase (OTP) from a flat seller, as well as when they submit a resale application to HDB.
There will be transitionary arrangements made for various groups of home buyers / applicants. Please refer to Annex A for the administrative details for new and resale flat buyers at various stages of their home-buying journey.
From 9 May 2023, HDB flat buyers must have a valid HFE letter when they:
a) apply for a flat from HDB during a sales launch or open booking of flats; or
b) obtain an Option to Purchase (OTP) from a flat seller, as well as when they submit a resale application to HDB.
There will be transitionary arrangements made for various groups of home buyers / applicants. Please refer to Annex A for the administrative details for new and resale flat buyers at various stages of their home-buying journey.
Sample extract of Annex A on HDB website. For more details in Annex A, click on this image to visit HDB website
Several improvements to the HDB Flat Portal on 9 May 2023
In addition to the HFE letter, HDB will also be rolling out several improvements to the HDB Flat Portal on May 9, 2023, such as an integrated loan application service with participating financial institutions.
The portal will also have features to guide flat buyers, who can receive "personalised information" on their flat application.
HDB explained that the information will help them plan and prepare at different stages of their flat purchase journey, such as working out their financial/ payment plans early.
The HDB Resale Portal will also be integrated into the HDB Flat Portal to provide convenient transactions between flat sellers and buyers.
In addition to the HFE letter, HDB will also be rolling out several improvements to the HDB Flat Portal on May 9, 2023, such as an integrated loan application service with participating financial institutions.
The portal will also have features to guide flat buyers, who can receive "personalised information" on their flat application.
HDB explained that the information will help them plan and prepare at different stages of their flat purchase journey, such as working out their financial/ payment plans early.
The HDB Resale Portal will also be integrated into the HDB Flat Portal to provide convenient transactions between flat sellers and buyers.
Simpler and more convenient process for flat buyers
Currently, HDB assesses flat buyers’ eligibility for flat purchase, CPF housing grants and HDB housing loans at different stages of their home buying journey. At each assessment, flat buyers must provide the relevant supporting documents (e.g., pay slips and CPF statements) to HDB for verification. Also, when they apply for a new flat or secure the purchase of a resale flat, their eligibility for the flat purchase and housing grants have yet to be confirmed. This may lead to some uncertainty among flat buyers on their housing budget.
With the new HFE letter, HDB will streamline the flat buying process by integrating the different eligibility assessments for HDB flat purchases, housing grants, and HDB housing loans into a single application through the HDB Flat Portal. This will bring about more certainty and convenience to flat buyers. With greater clarity upfront on their housing budget and financing options, flat buyers will also be able to make more informed and prudent decisions in their home purchase (see above chart).
Currently, HDB assesses flat buyers’ eligibility for flat purchase, CPF housing grants and HDB housing loans at different stages of their home buying journey. At each assessment, flat buyers must provide the relevant supporting documents (e.g., pay slips and CPF statements) to HDB for verification. Also, when they apply for a new flat or secure the purchase of a resale flat, their eligibility for the flat purchase and housing grants have yet to be confirmed. This may lead to some uncertainty among flat buyers on their housing budget.
With the new HFE letter, HDB will streamline the flat buying process by integrating the different eligibility assessments for HDB flat purchases, housing grants, and HDB housing loans into a single application through the HDB Flat Portal. This will bring about more certainty and convenience to flat buyers. With greater clarity upfront on their housing budget and financing options, flat buyers will also be able to make more informed and prudent decisions in their home purchase (see above chart).
For New BTO flat buyers:
New flat buyers who apply before May 9 will not need an HFE letter, but will be invited to apply for an HLE letter should they wish to take up an HDB housing loan.
Those looking to book a flat from a May 2023 sales launch must obtain a valid HFE letter before booking the flat.
New flat buyers who apply before May 9 will not need an HFE letter, but will be invited to apply for an HLE letter should they wish to take up an HDB housing loan.
Those looking to book a flat from a May 2023 sales launch must obtain a valid HFE letter before booking the flat.
A sample of the HFE letter is shown below:
A sample of the HFE letter from HDB portal:
For Resale flat buyers:
From May 9, 2023, resale HDB flat buyers who do not have an Intent To Buy (ITB) will need to obtain an HFE letter before they obtain an OTP from a flat seller and submit the resale application to HDB.
Those resale HDB flat buyers who already have an Intent To Buy (ITB) and want to take up an HDB housing loan but do not have a valid HLE letter will also need to obtain an HFE letter.
Resale HDB flat buyers with Intent To Buy (ITB) who either have a valid HFE letter or are not intending to procure a housing loan from HDB can proceed with their resale application.
From May 9, 2023, resale HDB flat buyers who do not have an Intent To Buy (ITB) will need to obtain an HFE letter before they obtain an OTP from a flat seller and submit the resale application to HDB.
Those resale HDB flat buyers who already have an Intent To Buy (ITB) and want to take up an HDB housing loan but do not have a valid HLE letter will also need to obtain an HFE letter.
Resale HDB flat buyers with Intent To Buy (ITB) who either have a valid HFE letter or are not intending to procure a housing loan from HDB can proceed with their resale application.
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Blossoms By The Park Achieved Highest First Day Sales In 2023 Just 2 Days After Govt Cooling Measure
Blossoms By The Park condo project is a mixed used development conveniently situated in the highly sought-after One-North area in District 5 of Singapore
Today saw the preview sales of the first condominium project launched after the increased additional buyer’s stamp duties (ABSD) came into effect on 27 April (Thursday) 2023 where ABSD was raised from 3% to 30% across the board for Singaporeans, SPRs and foreigners.
Blossoms By The Park has achieved the highest first-day sales in 2023 even higher than the previous launches this year before the cooling measures were announced. Approximately 75% of Blossoms By The Park condominium was sold on 29 April (Saturday) after new cooling measures were announced just two days ago.
Sales on the 275-unit Blossoms By The Park located in one-north started this morning and as of 6pm, approximately 75% of the total units were sold, at an average price of S$2,423 (US$1,814) per square foot, with the two-bedroom and two-bedroom-plus-study units most highly sought after among buyers.
About 96 per cent of the buyers were Singaporeans and permanent residents, with foreigners accounting for the remaining 4 per cent on the first day of sales, said developer EL. All the one- and two-bedroom units in the development have been snapped up, except for the two-bedroom penthouse units. One-bedroom units from 549 sq ft were priced upwards of $1.3 million ($2,352 psf), while two-bedroom units of 678 sq ft were priced upwards of $1.5 million ($2,211 psf).
Blossoms By The Park has achieved the highest first-day sales in 2023 even higher than the previous launches this year before the cooling measures were announced. Approximately 75% of Blossoms By The Park condominium was sold on 29 April (Saturday) after new cooling measures were announced just two days ago.
Sales on the 275-unit Blossoms By The Park located in one-north started this morning and as of 6pm, approximately 75% of the total units were sold, at an average price of S$2,423 (US$1,814) per square foot, with the two-bedroom and two-bedroom-plus-study units most highly sought after among buyers.
About 96 per cent of the buyers were Singaporeans and permanent residents, with foreigners accounting for the remaining 4 per cent on the first day of sales, said developer EL. All the one- and two-bedroom units in the development have been snapped up, except for the two-bedroom penthouse units. One-bedroom units from 549 sq ft were priced upwards of $1.3 million ($2,352 psf), while two-bedroom units of 678 sq ft were priced upwards of $1.5 million ($2,211 psf).
On Thursday, additional buyer’s stamp duty (ABSD) was increased for some buyers. Foreigners buying any residential property now have to pay an ABSD of 60 per cent – up from 30 per cent previously.
Singaporeans buying their second residential property will pay an ABSD rate of 20 per cent, up from 17 per cent, while those buying their third and subsequent residential property will have to pay an increased rate of 30 per cent, up from 25 per cent.
The rate of 30 per cent also applies to permanent residents buying their second residential property. PRs buying their third and subsequent residential property will pay an ABSD of 35 per cent, up from 30 per cent.
Singaporeans buying their second residential property will pay an ABSD rate of 20 per cent, up from 17 per cent, while those buying their third and subsequent residential property will have to pay an increased rate of 30 per cent, up from 25 per cent.
The rate of 30 per cent also applies to permanent residents buying their second residential property. PRs buying their third and subsequent residential property will pay an ABSD of 35 per cent, up from 30 per cent.
The strong sales had even exceeded the developer's expectations, particularly when it was achieved two days after the latest round of property cooling measures came into effect on April 27.
“Before the property cooling measures, I was pretty optimistic about the expressions of interest,” says Lim Yew Soon, managing director of EL Development. The developer had garnered 745 cheques over the past fortnight. Hence, the project had been subscribed 2.75 times ahead of its launch.
The location of Blossoms By The Park also played a part in the amazing results. At one-north, there are 400 multinational companies, 15 public research institutions and institutions of higher learning such as Insead and Essec Business School, and corporate campuses like Unilever’s global campus, Unilever Campus @ one-north. There are about 50,000 knowledge workers, and more in the vicinity, at the National University Hospital (NUH), the National University of Singapore (NUS), and Science Parks 1 and 2. Both owner-occupiers, as well as future tenants, would like to live within a short commute to work.
Generally, market analysts accept that the property cooling measures were primarily designed to dampen investment purchases by foreigners and not meant to deter Singaporeans and Permanent Residents (PRs) from buying a home.
CNA news
“Before the property cooling measures, I was pretty optimistic about the expressions of interest,” says Lim Yew Soon, managing director of EL Development. The developer had garnered 745 cheques over the past fortnight. Hence, the project had been subscribed 2.75 times ahead of its launch.
The location of Blossoms By The Park also played a part in the amazing results. At one-north, there are 400 multinational companies, 15 public research institutions and institutions of higher learning such as Insead and Essec Business School, and corporate campuses like Unilever’s global campus, Unilever Campus @ one-north. There are about 50,000 knowledge workers, and more in the vicinity, at the National University Hospital (NUH), the National University of Singapore (NUS), and Science Parks 1 and 2. Both owner-occupiers, as well as future tenants, would like to live within a short commute to work.
Generally, market analysts accept that the property cooling measures were primarily designed to dampen investment purchases by foreigners and not meant to deter Singaporeans and Permanent Residents (PRs) from buying a home.
CNA news
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The Government announced today increases in the Additional Buyer’s Stamp Duty (ABSD) rates to promote a sustainable property market. The revised rates will take effect from 27 April 2023.
The implementation of the property market measures in December 2021 and September 2022 have had a moderating effect. However, in 1Q2023, property prices showed renewed signs of acceleration amid resilient demand. Demand from locals purchasing homes for owner-occupation has been especially strong, and there has also been renewed interest from local and foreign investors in our residential property market. If left unchecked, prices could run ahead of economic fundamentals, with the risk of a sustained increase in prices relative to incomes.
Married couples with at least one SC spouse, who jointly purchase a second residential property, can continue to apply for a refund of ABSD, subject to conditions. These conditions include selling their first residential property within 6 months after (a) the date of purchase of the second residential property if this is a completed property, or (b) the issue date of the Temporary Occupation Permit (TOP) or Certificate of Statutory Completion (CSC) of the second residential property, whichever is earlier, if the second property is not completed at the time of purchase.
The ABSD currently does not affect those buying an HDB flat or Executive Condominium unit from housing developers with an upfront remission, if any of the joint acquirers/purchasers is a SC. There will be no change to this policy.
The implementation of the property market measures in December 2021 and September 2022 have had a moderating effect. However, in 1Q2023, property prices showed renewed signs of acceleration amid resilient demand. Demand from locals purchasing homes for owner-occupation has been especially strong, and there has also been renewed interest from local and foreign investors in our residential property market. If left unchecked, prices could run ahead of economic fundamentals, with the risk of a sustained increase in prices relative to incomes.
Married couples with at least one SC spouse, who jointly purchase a second residential property, can continue to apply for a refund of ABSD, subject to conditions. These conditions include selling their first residential property within 6 months after (a) the date of purchase of the second residential property if this is a completed property, or (b) the issue date of the Temporary Occupation Permit (TOP) or Certificate of Statutory Completion (CSC) of the second residential property, whichever is earlier, if the second property is not completed at the time of purchase.
The ABSD currently does not affect those buying an HDB flat or Executive Condominium unit from housing developers with an upfront remission, if any of the joint acquirers/purchasers is a SC. There will be no change to this policy.
To promote a sustainable property market and prioritise housing for owner-occupation, the Government will raise the ABSD rates further to pre-emptively manage investment demand.
The specific ABSD rates increases are as follows:
a. Raise ABSD rate from 17% to 20% for Singapore Citizens (SCs) purchasing their 2nd residential property;
b. Raise ABSD rate from 25% to 30% for SCs purchasing their 3rd and subsequent residential property, and Singapore Permanent Residents (SPRs) purchasing their 2nd residential property;
c. Raise ABSD rate from 30% to 35% for SPRs purchasing their 3rd and subsequent residential property;
d. Raise ABSD rate from 30% to 60% for foreigners purchasing any residential property; and
e. Raise ABSD rate from 35% to 65% for entities or trusts purchasing any residential property, except for housing developers.
The revised ABSD rates will apply to all residential properties acquired on or after 27 April 2023.
There will be a transitional provision, where the ABSD rates on or before 26 April 2023 will apply for cases that meet all the conditions below:
a. The Option to Purchase (OTP) was granted by sellers to potential buyers on or before 26 April 2023;
b. This OTP is exercised on or before 17 May 2023, or within the OTP validity period, whichever is earlier; and
c. This OTP has not been varied on or after 27 April 2023
The specific ABSD rates increases are as follows:
a. Raise ABSD rate from 17% to 20% for Singapore Citizens (SCs) purchasing their 2nd residential property;
b. Raise ABSD rate from 25% to 30% for SCs purchasing their 3rd and subsequent residential property, and Singapore Permanent Residents (SPRs) purchasing their 2nd residential property;
c. Raise ABSD rate from 30% to 35% for SPRs purchasing their 3rd and subsequent residential property;
d. Raise ABSD rate from 30% to 60% for foreigners purchasing any residential property; and
e. Raise ABSD rate from 35% to 65% for entities or trusts purchasing any residential property, except for housing developers.
The revised ABSD rates will apply to all residential properties acquired on or after 27 April 2023.
There will be a transitional provision, where the ABSD rates on or before 26 April 2023 will apply for cases that meet all the conditions below:
a. The Option to Purchase (OTP) was granted by sellers to potential buyers on or before 26 April 2023;
b. This OTP is exercised on or before 17 May 2023, or within the OTP validity period, whichever is earlier; and
c. This OTP has not been varied on or after 27 April 2023
Information compiled by Huttons Asia - the largest private real estate agency in Singapore
The rate hike for foreigners was much larger than that for locals to achieve an effective dampener on investments from abroad because in the past one year, there has been an increase in the proportion of foreigners buying residential properties in Singapore. From a low of 3.1% in 1Q 2022, this proportion has increased steadily to hit 6.9% in 1Q 2023. This is the highest since 1Q 2018 when the proportion was 7.3%.
"The increased interest from foreigners towards residential property in Singapore, as an asset class, continues to be strong and such early preventive measures are necessary as the rapid rise of property prices will add stress to Singaporeans who are looking to buy residential property principally for their own occupation” said real estate market watcher Kiwi Lim.
Foreigners are likely to rent for the moment while they apply for their permanent residency or citizenship. Anecdotally there are foreigners who rent with an option to purchase the home once they become PR or citizen. The rental market is expected to pick up in the coming months and rents are estimated to rise more than 8% in 2023.
Upcoming mass market and city fringe residential condo projects are likely to go ahead with their launches as the buyers are predominantly Singaporeans and PRs. The high-end market which is targeted at more foreigners may hold back for the time being for the market to absorb the impact of the announcement, e.g. Newport Residences which is expected to be launched this Sat on 29 April.
"The increased interest from foreigners towards residential property in Singapore, as an asset class, continues to be strong and such early preventive measures are necessary as the rapid rise of property prices will add stress to Singaporeans who are looking to buy residential property principally for their own occupation” said real estate market watcher Kiwi Lim.
Foreigners are likely to rent for the moment while they apply for their permanent residency or citizenship. Anecdotally there are foreigners who rent with an option to purchase the home once they become PR or citizen. The rental market is expected to pick up in the coming months and rents are estimated to rise more than 8% in 2023.
Upcoming mass market and city fringe residential condo projects are likely to go ahead with their launches as the buyers are predominantly Singaporeans and PRs. The high-end market which is targeted at more foreigners may hold back for the time being for the market to absorb the impact of the announcement, e.g. Newport Residences which is expected to be launched this Sat on 29 April.
Information compiled by Huttons Asia - the largest private real estate agency in Singapore
The majority of buyers are sensitive to changes in ABSD which means rental and EC markets are likely to see more demand after this announcement. HDB owners who are married couples thinking of buying a second property may likely sell off their HDB flat and rent in the interim before buying two properties under each person's name.
With the latest increase of Additional Buyer Stamp Duty (ABSD) rates, buyers will be more interested in dual-key units like the 4 bedroom dual-key units at Piccadilly Grand - a fully integrated city fringe condo offering ultimate convenience.
A dual-key condo is a type of condominium unit that has two separate entrances, allowing for two separate living spaces within the same unit. This can be useful for people who want to have a separate living area for guests, renters, or family members, while still having the privacy of their own living space. The two living spaces is separated by a wall with different floor plans and amenities. These dual-key condo units are divided into two sub-types, typically sharing a common foyer area and many of these dual-key condos come with a mini kitchen in one sub unit and a full kitchen in another larger unit.
An increase of between 3 per cent and 5 per cent in rates may cause a knee jerk effect lasting from 3 months to 6 months before the market bounce back again. This latest announcement of ABSD increase may also push buyers towards non-residential properties, e.g. offices, industrial factories or commercial strata shops like the freehold shops in The Promenade at Pelikat which can be used for F&B takeaway / bakery / education / retail in the matured estate of Kovan. Investors may be excited with the prospect of property investing with no ABSD, no SSD and no fuss rental as the tenant usually do their own renovations at own cost and are obligated to reinstate back to original state when they leave.
As investment numbers both by locals and by foreigners rise for residential real estate properties in Singapore, the ABSD rate hikes will likely affect about 10% of all private residential property transactions - involving foreign investors as well as those buying their second and subsequent property.
With the latest increase of Additional Buyer Stamp Duty (ABSD) rates, buyers will be more interested in dual-key units like the 4 bedroom dual-key units at Piccadilly Grand - a fully integrated city fringe condo offering ultimate convenience.
A dual-key condo is a type of condominium unit that has two separate entrances, allowing for two separate living spaces within the same unit. This can be useful for people who want to have a separate living area for guests, renters, or family members, while still having the privacy of their own living space. The two living spaces is separated by a wall with different floor plans and amenities. These dual-key condo units are divided into two sub-types, typically sharing a common foyer area and many of these dual-key condos come with a mini kitchen in one sub unit and a full kitchen in another larger unit.
An increase of between 3 per cent and 5 per cent in rates may cause a knee jerk effect lasting from 3 months to 6 months before the market bounce back again. This latest announcement of ABSD increase may also push buyers towards non-residential properties, e.g. offices, industrial factories or commercial strata shops like the freehold shops in The Promenade at Pelikat which can be used for F&B takeaway / bakery / education / retail in the matured estate of Kovan. Investors may be excited with the prospect of property investing with no ABSD, no SSD and no fuss rental as the tenant usually do their own renovations at own cost and are obligated to reinstate back to original state when they leave.
As investment numbers both by locals and by foreigners rise for residential real estate properties in Singapore, the ABSD rate hikes will likely affect about 10% of all private residential property transactions - involving foreign investors as well as those buying their second and subsequent property.
