Mr Leong Boon Hoe, Chief Operating Officer of List Sotheby’s International Realty, Singapore, was invited to speak at the Singapore Property Investment Seminar hosted by the group’s Hong Kong office on 15 and 17 November. During the seminar, Mr Leong shared insights about Singapore property market and investment prospects. Besides Mr Leong, Mr Lewis Cha and Ms Veniz Kwong, the company’s Executive Director and Head of Agency and Project Marketing, respectively, also led a team of relationship managers to attend the seminar.
Representatives from Sim Mock Teck & Partners legal firm were also present at the event to share the conveyancing process of Singapore properties and the Singapore Immigration programme. The attendees from Hong Kong were receptive to the seminar and showed great interest in learning more about the Singapore property market. They expressed their appreciation of Singapore's housing policy as well as their admiration of the Singapore Government's involvement to ensure sustainability.
The total housing stock in Singapore is 1,444,246 units, of which 26% are private homes; and where 80% of the private homes are non-landed property that foreign investors can buy into. The property market in Singapore has always attracted investors, who find the market stable and resilient. While cooling measures were introduced throughout the decade, property prices rebound over three quarters and registered a total rise of 9% in 4 quarters after the price index bottomed out in Q2 2017. Currently, the additional buyer’s stamp duty for foreigners is at 20%, up from the 15% previously. The recovery is especially evident in non-landed property, led by a 10% increase in the price index outside the Central region.
Investors remain positive about the Singapore property market. Morgan Stanley predicts that private home prices in Singapore will rise by 2% each quarter until the end of next year.
The investment event also showcased quality developments across three investment hotspots in Singapore – V on Shenton located near Tanjong Pagar (District 2), Park Suites at Holland Road (District 10) and Amber Skye Loft Condo at Amber Road (District 15).
Tanjong Pagar (District 2)
An extension of the financial district, Tanjong Pagar area has undergone major rejuvenation in the past decade. There was also a latest initiative by Singapore’s Urban Redevelopment Authority (URA) to transform it into the Greater Southern Waterfront, providing more land for residential and commercial uses.
Holland Road Area (District 10)
The Holland Road area is part of a traditional prime district which has seen a flurry of land sales activities in recent months. New projects are expected to be developed from these sites within the next five years, which may push prices to a new high.
Amber Road (District 15)
With the proposed Thomson-East Coast Line that will be completed around 2024 in the area, developers have taken an interest to acquire sites in the Amber Road vicinity. The improved connectivity in the transport system is expected to give a boost to the prices of property in the area.