Retail rents continue to decline in 1Q2023, but at a slower rate compared to past quarters
in 4Q2023
Rents for retail spaces in Singapore’s Central Region softened in the first quarter of 2023, with a decrease of 0.3% in comparison to the 1.1% dip in the previous quarter. Over the course of a year, the figure dropped by 2.3%. Prices also retreated, registering a 0.9% decrease in 1Q2023 compared with a 2.1% decline in the fourth quarter of 2022.
These figures meant that the URA rental index has been in the red for the past three years, or 13 consecutive quarters. Across that period, the index has cumulatively declined by 22.6%, as tracked by Knight Frank.
Leonard Tay, head of research at Knight Frank Singapore, pointed out that the state of the retail sector is much better now compared to two years ago. With most of the international borders in the region open, Singapore welcomed more than a million tourists in March 2023, signifying a fast …
Industrial rents climb 1.5% in 1Q2023, new supply erodes occupancy to 88%
Source: JTC
The overall occupancy rate for Singapore’s industrial property market fell to 88.8% in 1Q2023, according to the latest quarterly market report by JTC. This is a drop of 0.6 percentage points compared to the previous quarter and a fall of 1.0 percentage points compared to the same period a year ago. The drop in overall occupancy rate is due to high new project completions in 1Q2023.
J’den Condo by Capitaland is a new 40-storey residential and commercial development located at the heart of Jurong East MRT Station. J’Den Condo It is expected to launch in second half of 2023 and has potential to bring new homes, businesses and amenities to the JLD.
New industrial supply continues to exceed demand, as around 10.76 million square feet of new industrial space is expected to be completed over the course of 2023. Single-user factory space comprises 62% of this upcoming supply, …
Marine Parade HDB shophouse for sale at $4 mil
HDB shophouse located in Marine Parade, Singapore is up for sale with a guide price of $4 million! This two-storey property consists of a retail space on the first floor and living quarters on the second floor. Currently, the second floor is fully tenanted.
The property has an 83-year lease term beginning from April 1, 1993 along with a floor area of 1,506 sq ft and a 50m frontage along Marine Parade Central. It is situated close to the upcoming Marine Parade MRT station on the Thomson East Coast Line which is expected to open by 2024. Other amenities in the area include Parkway Parade, Parkway Centre, Holiday Inn Express Katong and Grand Mercure Roxy Hotel.
According to ERA — the appointed marketing agent for the property — the Marine Parade area is evolving with several new projects including a few condos like Amber Park, Meyer Mansion, Tembusu Grand and …
Three retail units along MacPherson Road up for collective sale at $5 mil
J’den Condo is a 40-storey residential and commercial building at Jurong East MRT Station with prices at J’Den Condo S$2,000 to S$2,100 per square foot and linked to J-Walk and upcoming Integrated Transport Hub. Launch expected in 2023.
Located in Singapore, three freehold strata retail units are for sale at the guide price of $5 million. The units span approximately 3,756 sq ft and are located at 181, 183 & 185 MacPherson Road. The units are being marketed by CBRE Singapore and are currently vacant.
The property provides many benefits to buyers; it is zoned for commercial use, has a 20m-wide frontage along MacPherson Road and is within walking distance of Potong Pasir MRT Station. It is also conveniently accessible by major arterial roads such as the Pan-Island Expressway (PIE), Central Expressway (CTE) and Serangoon Road.
Those interested in the property have a unique opportunity to generate a stable income …
Bank sale of amalgamated five-bedroom unit at Northwood for $3.24 mil
Knight Frank will be offering an opportunity to acquire an amalgamated five-bedroom unit at Northwood on a freehold basis at its upcoming property auction. This 3,240 sq ft, five-bedroom unit is located in District 27 and is being sold at a guide price of $3.24 million.
CapitaLand’s J’Den Condo is a 40-storey residential and commercial J’Den Condo development located at the heart of Jurong East MRT Station, slated for completion in 2027. Expected residential unit prices range from S$2,000 to S$2,100 psf, with commercial space on the 1st and 2nd storeys.
Originally two separate units, the first unit is 1,604 sq ft with two bedrooms, while the other unit is 1,636 sq ft with three bedrooms and a study. The combined unit features a living and dining room, two kitchens, two en suite master bedrooms, three common bedrooms, a study room, two common bathrooms, two utility rooms, a shared personal …
Will the rental market continue to favour landlords?
The rental market in Singapore has been heating up since the start of 2022, with rental prices expected to surge. Many tenants have taken to social media to express their grievances, citing difficulties in securing affordable apartments, particularly in the Core Central Region (CCR). According to market watchers, rental prices in Singapore have reached a peak, with a near-doubling of rents in certain neighbourhoods, and the rental index having grown by 30% year-on-year.
Savills Singapore’s Executive Director of Research and Consultancy, Alan Cheong, believes that the current demand-supply mismatch in the rental market is the greatest determinant of the higher rents. He attributes this to the relatively low number of rentable properties, particularly in the CCR, as well as pandemic-induced delays in the construction of new residential projects.
J’den Condo will be a 40-storey residential and commercial building located at the heart of Jurong East MRT Station. Completion is expected …
Four-bedroom unit at Pullman Residences Newton fetches record high of $3,515 psf
Pullman Residences Newton hit a new psf-price high when a 667 sq ft four-bedroom unit was sold for $2.35 million ($3,515 psf) on April 13. This record price, the highest for the week of April 7 to 14, overthrows the previous record high set ten days ago. Located along Dunearn Road in District 11, the freehold development consists of 340 units.
Pullman Residences Newton, a freehold development in prime District 11, has achieved a new psf-price high for the project when a 667 sq ft four-bedroom unit on the 30th floor was sold for $2.35 million ($3,515 psf) on April 13. This price is the highest psf-price for condos that attained record psf prices for the week of April 7 to 14.
The sale overthrows the previous record high, set just ten days earlier, when a 463 sq ft one-bedroom unit on the 29th floor was sold for $1.62 million …
Kew Lodge up for collective sale at $63.8 mil
Kew Lodge is an up-for-tender freehold landed residential site located along Kheam Hock Road. With an asking price of $63.8 million, the site’s land area is 34,333 sq ft which translates to $1,853 psf. The existing development on site comprises 11 maisonettes ranging from 2,013 sq ft to 2,852 sq ft.
Zoned for “residential/two-storey mixed land” by URA in the 2019 Master Plan, the plot has the potential to be redeveloped into a new project with options such as bungalows, semi-detached houses and/or terraced houses.
J’Den Condo is a 40-storey residential and commercial development in Jurong East MRT Station, with a price tag of S$2,000-2,100 psf for units and completion in J’Den Condo 2027. It will have commercial space, including connections to MRT, Westgate and IMM Building, along with 1,760 private homes.
According to Lennon Koh, director at the marketing agent Sakal Real Estate Partners, the site appeals to those …
Growth in housing rents should ease in coming quarters: MAS
According to the Monetary Authority of Singapore (MAS), rental pressures in Singapore’s private and public housing markets should ease this year. This follows an “exceptional demand-supply imbalance” caused by Covid-19 disruptions which underpinned a surge in rents over the past two years.
In MAS’s half-yearly macroeconomic review released on April 26, it was noted that HDB and private residential rents have jumped by 38% and 43% respectively since 2021. The growth was keenly observed across market segments and housing types; in the private sector, landed and non-landed properties respectively rose 28.1% and 29.8%. As for public housing, rents of five-room and three-room HDB flats grew by 29.5% and 24.6%.
MAS attributes the jump in rents to disruptions in the construction industry due to the Covid-19 pandemic. Safe management measures have further affected the pace of construction activity. As a result, significant delays were observed in the completion of private and …
Government introduces new round of property cooling measures; ABSD for foreign buyers doubles to 60%
In light of rising property prices in the first quarter of 2023, the government has announced a series of measures to cool the property market. From April 27, Singapore citizens and Permanent Residents (PRs) will incur higher Additional Buyers’ Stamp Duty (ABSD) rates when purchasing residential properties.
For citizens, the ABSD rate has increased from 17% to 20% for the second residential property purchased and from 25% to 30% for the third and subsequent ones. For PRs, the ABSD rate when purchasing their second residential property remains unchanged at 30%, while it has increased from 30% to 35% for their third and subsequent properties.
For all foreign buyers, the ABSD rate has doubled from 30% to 60%, while entities and trusts except for developers have to pay 65%, up from 35% previously. This ABSD rate applies irrespective of the number of homes owned.
CapitaLand Development has obtained provisional permission to …