Tag Archives: 2017

Private home sales hit 4-year high in 2017

Home sales in Singapore surged to 10,682 units for the whole of 2017.

Private home sales in Singapore surged 34 percent to 10,682 units for the whole of 2017 compared to 7,972 units during the previous year, according to initial estimates from the Urban Redevelopment Authority (URA).

As a result, take-up of private homes for the entire year reached its highest level since the 14,948 units sold in 2013, indicating that the city-state’s private property market is on the road to recovery.

“New private home sales in 2017 are the strongest in four years. This reflects the upbeat demand that is supporting recovery in the residential market that has also led to prices turning around since mid-2017,” said Ong Teck Hui, JLL’s national director of research and consultancy.

Meanwhile, sales of executive condominiums last year remained stable with 4,025 new units finding buyers versus the 3,999 ECs moved in 2016.

In particular, Qingjian Realty set the record for selling the most number of units last year, moving a total of 1,216 ECs and private homes. This is followed by Frasers Centrepoint (1,145 units), City Developments Limited (1,057 units), Hoi Hup Realty (845 units) and MCC Land (835 units).

The top-selling projects in 2017 include CEL Development’s Grandeur Park Residences with 607 units sold. This is followed by EL Development’s Parc Riviera (605 units), Frasers Centrepoint’s Seaside Residences (564 units), Hoi Hup Realty’s Hundred Palms Residences (531 units) and Qingjian Realty’s iNz Residence (480 units).

“The encouraging sales volume and the pickup in home prices in the second half of 2017 signalled that the private residential market has turned a corner and should continue to recover this year,” noted Tricia Song, Colliers International’s research head for Singapore.

“We estimate that about 25 major private non-landed projects with the potential to yield 15,000 to 16,000 units (excluding ECs) could be put on the market in 2018. We expect home prices to climb by five percent this year, barring any unforeseen events,” she added.

On the other hand, JLL’s Ong reckons that between 9,000 and 10,000 private units could be launched this year, in addition to around 2,000 remaining units in previously launched projects.


Romesh Navaratnarajah, Senior Editor at PropertyGuru, edited this story. To contact him about this or other stories, email romesh@propertyguru.com.sg

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Top 10 stories of 2017

Singapore’s real estate market has turned a new leaf, and with 2017 nearing its end, we take another look at the ten most read stories on PropertyGuru this year.


  1. Real estate experts revealed in March that the expected interest rate hikes by the US Federal Reserve this year will push up the interest rates of housing loans here. In particular, analysts had forecasted that the three-month Singapore Interbank Offered Rate (SIBOR) will reach between 1.45 percent and 1.85 percent by end-2017. Read More


  1. UOB Kay Hian said in September that prices of residential properties in Singapore will hit rock-bottom this year and rise by five to 10 percent in 2018 due to growing home purchases by foreigners and the ongoing en bloc frenzy. Earlier that month, Morgan Stanley also forecasted that home prices will increase by two percent in 2017 and another 10 percent by end-2018. Read More


  1. Australia’s Lendlease sold 215 units out of the 429 available units at Park Place Residences in Paya Lebar Quarter (PLQ) during the first day of launch on 25 March. This made it one of the most successful private condominium launches in Singapore over the last few years. Originally, the developer intended to release only 40 percent of the units, but raised the number due to overwhelming response from buyers who queued from early morning. Read More


  1. Last month, the recently launched PropertyGuru Property Index showed that prices of real estate listings on the website rose by 3.2 percent in Q3 2017, following consecutive declines since Q3 2015. The highest gain of four percent was recorded by properties in the city centre and the surrounding areas. This is followed by suburban areas in western and northern Singapore, where asking prices increased by 2.2 and 2.5 percent respectively. Read More


  1. Reuters reported in July that a three-storey penthouse on the 64th floor of GuocoLand’s Wallich Residence, which is part of Tanjong Pagar Centre, has been launched for sale for $ 100 million. If sold at that price, the said ‘bungalow in the sky’ is expected to the most expensive apartment in Singapore. Read More


  1. Royalville, a freehold development in Bukit Timah Road comprising 93 apartments and 11 shops, was put up for en bloc sale in October, according to marketing agent Edmund Tie & Co. The property had an initial price of about $ 368 million, which translates to $ 1,509 psf per plot ratio based on its large site spanning 174,176 sq ft. Read More


  1. In May, marketing agent Knight Frank announced that the 286-unit Rio Casa in Hougang Avenue 7 has been purchased via collective sale by a joint venture between Oxley Holdings and Lian Beng Group for S$ 575 million. Not only will each owner get about S$ 2 million in gross proceeds, the developers also intend to pay an additional differential premium of around S$ 208 million to the state. Read More


  1. Redbrick Mortgage Advisory Founder and Director Eugene Huang explained in June that properties follow a cycle. Typically, prices increase during launch and peaks when a projects obtains its Temporary Occupation Permit (TOP). Its prices typically depreciate thereafter, but rebounds if it can be redeveloped to achieve a higher gross plot ratio. This is the key reason over the fervour for properties with en bloc potential. Read More


  1. In a bid to update legislation and enhance tax administration, the Finance Ministry announced in September that it plans to make two proposed changes to the Property Tax (Amendment) Bill 2017. These include allowing payers to opt out of digital property tax notices, and improving the information-gathering powers of the Chief Assessor, Property Tax Comptroller and their authorised officers. Read More


  1. In October, property agents revealed that CapitaLand halted the sale of the remaining units in Sky Habitat and Marine Blue, in anticipation of the private housing market’s recovery. GuocoLand also intended to taper the release of units in Martin Modern. This came after Lendlease stopped sales at Park Place Residences, likewise for Qingjian Realty’s Le Quest. Read More


This article was edited by Keshia Faculin.

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S’pore economy to grow up to 3.5% in 2017

Singapore’s gross domestic product (GDP) is forecasted to rise between three percent and 3.5 percent for the whole of 2017, while next year could see a growth of 1.5 percent to 3.5 percent, said the Ministry of Trade and Industry (MTI) on Thursday, 23 November 2017.

For the first three quarters of the year, the economy expanded by 3.5 percent on an annual basis. That for Q3 2017 increased by 5.2 percent, surpassing the 2.9 percent gain in the prior quarter.

On a seasonally-adjusted basis, the city-state’s GDP increased by 8.8 percent during the quarter, exceeding the 2.2 percent uptick in Q2 2017.

“The Singapore economy performed better than expected in the third quarter. Growth was primarily supported by externally-oriented sectors such as manufacturing, finance & insurance, wholesale trade and transportation & storage sectors,” it said.

However, the construction industry declined by 7.6 percent year-on-year compared to the 9.1 percent fall in the preceding quarter due to sluggish building activities in both the private and public sectors. On a seasonally-adjusted basis, it contracted by 5.3 percent versus a drop of 5.9 percent during the second quarter.

Likewise, the accommodation & food services segment dipped by 2.1 percent on an annual basis extending the two percent fall in the previous quarter due to weakness in the industry.  Nevertheless, it rose by 4.1 percent on a seasonally-adjusted basis, reversing the 1.1 percent slide in the preceding quarter.


This article was edited by Keshia Faculin.

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Aspial Corp records $7.51m in earnings in 9M 2017

Aspial Corporation’s net profit soared by more than five-fold to $ 7.51 million in 9M 2017 compared to $ 1.38 million in the same period a year ago, revealed an SGX filing on Wednesday (8 November).

However, the jewellery seller and property developer’s revenue declined by 19 percent from $ 440.85 million to $ 354.95 million over the same period, while the contribution from its real estate business slumped by 42 percent from S$ 235.9 million to $ 136.7 million.

“The revenue for 9M 2017 was mainly contributed by the progress recognition of sales from CityGate and final recognition of sales from Waterfront@Faber as compared to 9M 2016 where there were higher revenue contributions from The Hillford, Waterfront@Faber, Urban Vista and CityGate.”

“Although the group has made good progress in the sales and construction of its overseas projects, unlike in Singapore, it cannot progressively recognise such revenue until the projects are completed and the units delivered to purchasers.”

For Q3 2017, the company’s revenue fell 33.7 percent to $ 109.4 million from $ 164.99 million, while net earnings slumped by 99 percent from $ 12.72 million to $ 70,000.

Nevertheless, Aspial Corp’s total assets by value increased by about 13 percent to $ 1.94 billion in the quarter ended 30 September versus $ 1.72 billion as of 31 December 2016.

“The increase was mainly due to the increase in development properties, cash and bank balances, investment securities, trade and other receivables, property, plant and equipment, properties held for sale, investment in joint ventures and investment properties, partially offset by decrease in inventories, amount due from associates and investment in associates.”

It added that the rise in development properties was mainly attributable to ongoing overseas real estate projects, but was partially offset by a reclassification of such assets to trade receivables as the group had obtained Temporary Occupation Permit (TOP) for Waterfront@Faber in Q2 2017.


This article was edited by Keshia Faculin.

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OUE revenue down 56.6% in Q3 2017

Oakwood Premier OUE Singapore is a 268-unit luxury serviced apartment, located in the heart of Singapore.

Mainboard-listed OUE Limited saw its revenue for the third quarter of 2017 drop 56.6 percent to $ 182 million, due to the absence of $ 205.0 million non-recurring revenue registered on the sale of the extension to Crowne Plaza Changi Airport (CPEX) and lower contribution from the development property division.

The decrease, however, was partially mitigated by higher contribution from its hospitality and healthcare divisions.

In an SGX filing, the company revealed that revenue from its investment properties division and hospitality division increased to $ 67 million and $ 58.6 million, respectively, while revenue from OUE Twin Peaks fell to $ 38.5 million due to fewer sales completed during the period.

Nonetheless, OUE Twin Peaks was fully sold as at October 2017, thanks to the group’s active marketing effort.

Revenue from its healthcare division stood at $ 11.3 million.

Earnings before interest and tax (EBIT) fell 58.3 percent to $ 49.4 million, mainly due to the absence of $ 66.7 million non-recurring gain on disposal of CPEX posted in Q3 2016.

With this, attributable profit plunged 90 percent to $ 10.7 million from $ 107.6 million previously.

Looking ahead, OUE executive chairman Dr Stephen Riady expects the commencement of operations at Downtown Gallery as well as Oakwood Premier OUE Singapore to further increase the group’s “recurring income base and enhance shareholder value, which has always been our focus”.

“We remain committed to delivering stable earnings by identifying new opportunities and exploring potential to unlock synergistic gains,” he added.


This article was edited by Keshia Faculin.

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