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EdgeProp Singapore’s Property Market Outlook event on Feb 16 sparked discussions on various topics such as the possibility of new property cooling measures, upcoming housing supply from government land sale (GLS) sites and Build-To-Order (BTO) launches, as well as the potential impact of Budget 2025 announcements on the real estate market. The event, organized by EdgeProp Singapore, featured a panel of three industry experts: Alan Cheong from Savills Singapore, Wong Xian Yang from Cushman & Wakefield, and Song Seng Wun from CGS International. The panel discussion was moderated by EdgeProp Singapore CEO Bernard Tong.
The event took place at the Elta sales gallery, a new 501-unit project jointly developed by MCL Land and CSC Land Group. The sales gallery opened for public preview on Feb 7.
In January, the government hinted at the possibility of implementing more property cooling measures, stating that it was not yet time to roll back on existing measures. This news came as developers sold 1,083 new private residential units (excluding executive condos) last month, marking a 256% increase from the previous year.
According to Cheong, if future cooling measures are implemented, the government is likely to choose an intervention that will apply uniformly across the residential market. The panelists also discussed the possibility of new measures targeting the HDB resale market.
Wong pointed out that the HDB resale market plays a significant role in the overall housing market in Singapore. A surge in price growth in this sector could add upward pressure on prices in the private housing segment. He suggested that the government may consider adjusting the seller’s stamp duty (SSD) and introducing tougher loan restrictions.
However, Tong noted that the government plans to inject a strong pipeline of GLS and BTO supply into the market to meet housing demand. The first half of the 2025 GLS programme consists of 10 sites on the Confirmed List, which could yield 5,000 new homes. Additionally, the HDB plans to offer 19,600 BTO flats in 2025.
Cheong mentioned that under the new BTO classification, newly launched Prime and Plus BTO flats will take about 14 years to enter the resale market. Therefore, the impact of these developments on prices will only be felt much later on. Wong also added that prices in the resale market tend to follow project completions and HDB estates completing their minimum occupation period (MOP), rather than the pipeline of GLS sites up for tender each year. He noted that project completions, rather than GLS supply, are more likely to affect prices.
However, all three panelists agreed that the recent successes in the new launch market indicate strong buyer confidence for projects that will hit the market this year. Elta, for instance, drew about 4,500 visitors during the first three days it was open to the public. Other new launches this year, such as The Orie and Bagnall Haus, also experienced strong selling rates of 86% and 63%, respectively.
The panel also discussed Budget 2025 and its potential impact on the property market this year.
Song suggested that Singapore has seen a relatively strong economic recovery since the Covid-19 pandemic-induced recession. With 2025 being an election year, he believes that Singaporeans can expect more handouts funded by government surpluses from healthy revenue collections in the past three years.
The panelists also fielded questions from the audience. Some participants questioned whether the residential property market is currently in a “euphoric” phase.
Cheong commented that the sense of market exuberance is likely to subside as developers strategically time the launch of new projects. He also pointed out that several launch-ready projects are located in neighborhoods that have not seen a new launch in several years. According to Cheong, this means that demand tends to build up over time. He also mentioned that investors should consider the market’s historical trends before making any investment decisions.
Some investors also asked for the panelists’ opinion on the rental market, which has slowed since its peak two years ago. Cheong pointed out that while the total number of expatriates in Singapore has declined in the past year, 2024 saw an uptick in the volume of rental transactions. This can be attributed to falling rents, which encouraged some renters to stop flat-sharing and find their own accommodation. However, this positive trend may be offset by layoffs in technology and finance companies this year, which could moderate rental price growth.
During the event, Tong also held a session on EdgeProp’s Master Plan Master Class, covering upcoming transformation plans in Clementi and Jurong East.
He noted that the completion of the second phase of the Cross Island Line (CRL) will add a new MRT station (West Coast) and turn the existing Clementi station into an interchange. Tong also mentioned that historically, MRT interchanges tend to have a positive impact on surrounding property prices. Other transformation plans in Clementi include the redevelopment of Clementi Stadium and the installation of more than 6.6km of cycling paths throughout the area.
Tong also observed that housing demand in Clementi could benefit from the progressive development of the Jurong Lake District and the new jobs created in the nearby Tuas megaport, Tuas Biomedical Park, Jurong Island, and Jurong Innovation District.
EdgeProp Singapore’s data showed that the average age of existing condos in Clementi is around 17 years. Tong noted that recent new projects in Clementi have reaped strong capital gains over the years. For instance, prices at Clavon have increased by 24% since its launch, while The Clement Canopy has seen a 43% price growth since its launch. Both these projects are located near Elta.
EdgeProp Singapore’s suite of property tools provides information on market and price trends, including HDB resale prices, analytics of profitable transactions, and upcoming GLS sites. Attendees were encouraged to check out the platform’s latest listings for Elta properties, as well as utilize tools such as Ask Buddy, a comparison tool, and Price Trend Graphs for new launch and resale condos, and landed properties.