Singapore’s property market continues to be a hot topic, with ongoing discussions about price trends, new launches, and the impact of government policies. Forum discussions reveal a mix of optimism and caution, with many actively seeking opportunities for investment and home ownership. Recent data and user experiences provide valuable insights into the current state of the market.
Key Insights
- New Launches Driving Demand: Recent new launches like The Orie and Lentor developments are experiencing strong interest, indicating a continued demand for new properties in well-located areas. For example, The Orie saw over 2000 cheques collected, reflecting high buyer interest.
- RCR is the New Sweet Spot: The Regional Core Region (RCR) is gaining popularity as a desirable location, with prices of new launches in the RCR now competing with those in the Outside Central Region (OCR). This suggests a shift in buyer preferences towards more centrally located properties.
- Importance of Entry Price: Discussions highlight that the entry price remains crucial for profitability, with some projects seeing significant price appreciation for early buyers. For instance, some buyers in JadeScape saw profits of over $800k in just a few years.
- Layout Preferences Evolving: There is an ongoing debate about the ideal layout of units, especially 3 and 4 bedroom units. The demand for functional spaces and practical layouts is increasing. For example, the 850 sqft 3-bedroom compact units in Orie are attracting attention for their value.
- Impact of Government Policies: Discussions also cover the potential impact of property tax and cooling measures, and the varying Additional Buyer’s Stamp Duty (ABSD) rates for Singaporeans, Permanent Residents (PRs), and foreigners. Some forum users suggest that PRs should be given incentives to boost the population.
Recent Developments
Recent transactions in December 2024 show a rise in prices, particularly in the D15 area, with some units selling for $3-5 million. New launches are also seeing strong sales, with many units being taken up quickly. The Orie, for instance, achieved 86.36% sales on its launch day, indicating a robust market appetite. There’s also been a continued interest in integrated developments, and there are concerns about the impact of the property harmonisation.
Community Experiences
Forum users shared diverse experiences and opinions on the current market. Some users expressed concerns about the quality of some developments, particularly those by certain developers. Others shared their success stories, highlighting the importance of choosing the right location and entry price. Here are some user quotes:
“Same case as when Sengkang/Punggol was first introduced… Look at even their HDB resale prices now. 4 room flat already touching 800k and people are still buying.”
Celibrium (22 December 2024)
“I only quote from exact source and figure, nothing personal… I know u bought eok and I’m not even saying it’s a lousy project. Chill chill.”
Zanahoria (22 December 2024)
“Parents save, children spend. Maybe that’s the natural progression of life in Singapore… if we are saying food is expensive, the luxuries in life are even more so.”
drkcynic (31 December 2024)
“I just know for the time being, those who bought 1 year ago are still quite safe. 2025 seems like no signs of property price slowing down despite all the talks of oversupply 1.5 year ago.”
Zanahoria (04 January 2025)
“The beauty of singapore property is even the sales is poor in the beginning for some Projects, somehow the next project will help the current project to sell eventually… Just need to observe a few simple rules, eg buy big development, avoid dreamy or ultra lux homes, go for ocr/rcr with proper layout, good amenities and you are good to go.”
Zanahoria (04 January 2025)
Practical Takeaways
Based on the forum discussions, here are some actionable takeaways for those interested in the Singapore property market:
- Do Your Research: Investigate the location, developer, and specific unit layouts before making a purchase. Pay attention to the entry price and potential resale value.
- Consider RCR Properties: The RCR offers a good balance of location and price, with many new developments in this area.
- Focus on Practicality: Prioritise practical layouts and functional spaces over just size. Look for units with good ventilation and storage.
- Be Aware of Market Trends: Keep track of current sales and price trends to identify potential opportunities and make informed decisions.
- Seek Professional Advice: Consult mortgage brokers to secure the best loan rates and consider the impact of interest rate fluctuations.