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Singapore Budget 2018

Singapore Budget 2018

Changes In Buyer's Stamp Duty For Purchase Of Residential Properties

Singapore's Finance Minister Heng Swee Keat announced in his Budget 2018 speech on 19 February 2018 that the top marginal Buyer's Stamp Duty (BSD) rate for residential properties will be raised with effect from 20 February 2018. This rate will apply to the portion of residential property value in excess of $1 million. This new rate applies to all residential properties, which includes private and public homes as well as residential land.

How will this change affects property buyers?

Singapore Luxury Homes H2 2017

Allure Of Luxury Homes

2017 was a window of opportunity for astute investors to enter the luxury market. After three years of "famine", luxury home sales picked up and clocked a 48% increase from 2016's volume to 433 units. The surge in sales could be attributed to pent up demand, positive market sentiment since the beginning of 2017 and more realistic price levels after three years of decline.

Luxury homes is currently a good value proposition because prices are still at attractive levels and the stock of luxury homes remains limited. New launches in 2018 include New Futura, 3 Orchard-By-The-Park and South Beach.

Can the sales momentum of luxury homes be sustained in 2018?

Residential Market Watch Q4 2017

Residential Property: Time To Buy Or Wait?

The private residential market ended 2017 on a stronger note with the price index at 1.1% above 2016 levels and 42% gain in sales volume. 10,566 new homes were sold, 43% higher than the 7,972 units sold in the whole of 2016. Resale volume totalled 14,043 units, 78% higher than the 7,901 units sold in 2016.

Taking into account the pent up demand and the return of foreign investors, new sales volume in 2018 could reach 12,000-13,000 units. In addition, fresh demand will be generated by some of the 13,000 households affected by en bloc sales. If interest in the luxury segment is sustainable, it could set the pace for prices to rise by 4% to 6% through the year.

Is this the time to buy or wait?

Cloud Busters

Abode In The Sky

Skyscrapers came about from as far back as the 1880s in Chicago and New York, starting off as commercial buildings and evolving into residential as well as mixed-use properties. Such developments provide a variety of real estate development choices for developers, offering greater flexibility in terms of tenant mix, massing and design flow. From the late 80s to the mid 90s, Singapore's urban skyline was famously marked by One Raffles Place Tower 1, Republic Plaza and United Overseas Bank Tower 1. The most recent addition is Tanjong Pagar Centre, a mixed-use property which includes Wallich Residence and is now crowned the tallest building in Singapore at 290m.

What are "tall", "supertall" and "megatall" buildings? Why is there a race to build the tallest building in the world? Which country has the most supertall buildings? How does height affect lifestyle offering, status symbol and property prices? What are some of the challenges faced by builders of skyscrapers?

Residential Market Watch Q3 2017

First Shoots Of Spring?

The Q3 2017 URA private residential price index finally showed a positive q-o-q change of 0.7% after 15 consecutive quarters of decline. Developers reportedly sold 2,663 new homes in Q3 2017. The secondary market also registered 4,030 sales, 5% more than the 3,828 homes sold in the previous quarter. Notable sales included a 10,300-sq ft penthouse on the 35th/36th levels of Sculptura Ardmore which was sold at $60.00 mil/ $5,825 psf, and a 7,287-sq ft penthouse on the 23rd level of Gramercy Park, sold for $21.86 mil/ $3,000 psf.

Are we out of the woods yet?

Residential Market Watch Q2 2017

Light At The End Of Tunnel?

Sentiments in the residential market remained fairly positive in Q2 2017. The URA residential price index for Q2 2017 continued to descend for the 15th consecutive quarter but registered the smallest q-o-q decline of 0.1%. While this is the longest downcycle for the residential property market, its magnitude of correction is the smallest at 11.6%.

A total of 3,077 new homes were sold in Q2 2017, higher than the 2,962 units sold in Q1 2017. Likewise, the improving sales volume was also seen in the secondary market with 3,828 units sold in Q2 2017, 71% higher than the 2,240 units sold in Q1 2017. Within the prime sector, the developments which sold the most units in H1 2017 were Leedon Residence, Gramercy Park and Ardmore Three. There was a 27% y-o-y increase in the number of permanent residents and foreigners who bought homes in Core Central Region. Buyers from China and Malaysia were the top two groups of investors.

Is the residential market about to see light soon?

Singapore Residential Luxury Bungalows 1H2017

Besides luxury apartments, Good Class Bungalows (GCBs) and the bungalows in Sentosa Cove are the trophy assets of the rich and well-heeled in Singapore. What are Good Class Bungalows and what makes them so appealing? How different are the bungalows in Sentosa Cove from GCBs? Following some three years of tepid sales and declining prices, List Sotheby's International Realty, Singapore observed that buying interest in GCBs and Sentosa Cove bungalows had improved in the first half of 2017.

What is the implication of this on the wider market? Is the return of interest to the luxury market in H1 2017 a precursor to the recovery of the Singapore residential market after 15 quarters of price decline and low sales volume?

For enquiries on research, please contact HAN Huan Mei, Associate Director, Research at +65 65401121 or email