Edgeprop Singapore’s Property Market Outlook event took place on Sunday, Feb 16, and discussed the possibility of new property cooling measures, the incoming housing supply from government land sale (GLS) sites and Build-To-Order (BTO) launches, as well as Budget 2025 announcements that could impact the real estate market. The panel of three industry experts included Alan Cheong, executive director of research and consultancy at Savills Singapore; Wong Xian Yang, head of research, Singapore and Southeast Asia at Cushman & Wakefield; and Song Seng Wun, Singapore economic advisor at CGS International. The event, moderated by EdgeProp Singapore CEO Bernard Tong, took place at the Elta sales gallery, a new 501-unit project jointly developed by MCL Land and CSC Land Group that opened for public preview on Feb 7. The government had indicated in January that it may implement more property cooling measures and that it is not yet time to roll back on existing measures, as developers saw strong sales in January with a 256% increase in new private residential units (excluding executive condos) sold on a yearly basis. The panelists discussed the possibility that new measures could target not only the private but also the HDB resale market. The HDB resale market is seen as the “floor” of the housing market in Singapore, and any surge in price growth there will add upward pressure on prices in the private housing segment, says Wong. The government may consider adjusting the seller’s stamp duty (SSD) and introduce tougher loan restrictions, while also injecting a strong pipeline of GLS and BTO supply into the market, as seen in the 1H2025 GLS programme that consists of 10 sites on the Confirmed List which could yield 5,000 new homes, as well as HDB’s plan to offer 19,600 BTO flats in 2025. Cheong notes that with the newly launched Prime and Plus BTO flats, it will take around 14 years for them to enter the resale market, and the impact on prices will be felt much later on, suggesting that prices for resales tend to follow the rate of project completions and HDB estates fulfilling their minimum occupation period (MOP). All three panelists note that the recent successes in the new launch market indicate strong buyer confidence for projects hitting the market this year. New projects such as Elta, The Orie and Bagnall Haus saw strong selling rates at launch, with 4,500 visitors during Elta’s first three days of being open to the public. Song of CGS notes that prospective buyers of new projects still believe they can make a profit when they sell their properties in the future, attributing this to a stronger job market and the increased confidence of property owners to upgrade. The panel also discussed the potential impact of Budget 2025 on the property market, with Song noting that Singapore has seen a strong economic recovery since the Covid-19 pandemic-induced recession. As it is also an election year, he believes we can expect more government surpluses and handouts for Singaporeans. The panel took questions from the audience, with some participants questioning whether the residential property market is currently in a “euphoric” phase. Cheong suggests that the sense of market exuberance will likely subside, with developers strategically timing their project launches. He adds that there are several launch-ready projects in neighbourhoods without new launches over several years, and that demand tends to build up over that time. Some investors asked for the panelists’ views on the rental market, which has slowed since its peak two years ago. Cheong notes that while the total number of expatriates in Singapore declined over the past year, 2024 still saw a higher volume of rental transactions. He adds that falling rents could have encouraged some renters to stop flat-sharing and find their own accommodation, but this could be offset by layoffs in technology and finance companies. During the event, Tong also presented a session on EdgeProp’s Master Plan Master Class, discussing upcoming transformation plans in Clementi and Jurong East. The completion of the second phase of the Cross Island Line (CRL) is expected to add a new MRT station (West Coast) and will turn the existing Clementi station into an interchange, which is seen to have a positive impact on surrounding property prices. Transformation plans in Clementi include the redevelopment of the Clementi Stadium and over 6.6km of cycling paths throughout the area. Data from EdgeProp Singapore shows that the average age of existing condos in Clementi is about 17 years, while Tong notes that recent new projects in Clementi have seen strong capital gains over the years, such as Clavon and The Clement Canopy, which have seen an uptick of 24% and an increase of 43% in prices since launch, respectively. These statistics come from EdgeProp Singapore’s suite of property tools that help owners, buyers, and sellers understand market and price trends, including HDB resale prices, analytics of profitable transactions and upcoming GLS sites.
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