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Report: Average home prices in Singapore could rise by 17% over 2018-2021

Investment volumes to remain strong for Singapore, while home prices are forecast to rise.

The prospects for the Singapore property market are bright, with investment volumes to remain strong and home prices forecast to rise, revealed a 2018 Asia Pacific Property Outlook report released by Colliers International on Wednesday (10 January).

On the back of strong economic growth seen in 2017, property investment sales in the city-state are likely to remain robust this year.

There was a slew of transactions in 2017 which amounted to an estimated $ 40.2 billion, up 54 percent from the previous year. The majority (54 percent) were residential deals due to the strong demand for sites via public tender and the collective sale market. According to Colliers, this was the highest annual investment sale value since the 2007 property boom.

“This positive momentum should carry into 2018, with a strong start anticipated in the residential sector,” said Tricia Song, Singapore research head at Colliers International. “As at January 10, there are 11 residential collective sale tenders closing in the next five weeks, including City Towers in District 10, and four GLS (Government Land Sales) tenders due on January 30.”

The property consultancy also expects private home prices to recover further due to demand from displaced sellers of collective sale projects and the large capital gains.

“Average home prices may rise by 17 percent over 2018-2021, supported by higher GDP growth, falling physical completions and ongoing collective sale deals,” noted Colliers.


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

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Slight rise in number of property agents this year

There are now 28,571 registered property agents in Singapore.

The number of registered property agents in Singapore rose slightly to 28,571 as at 1 January 2018, up from 28,397 during the same period last year, according to data released by the Council for Estate Agencies (CEA) on Thursday (4 January).

This is still lower than the 29,262 registered agents seen at the start of 2016.

While CEA issued 66 new property agency licences and 1,344 new property agent registrations throughout 2017, a total of 44 property agency licences and 2,028 property agent registrations lapsed after 31 December.

Chia I-Ling, director, policy & licensing at CEA, said: “The increase in the number of registered agents could be due to a positive outlook on the real estate market.”

Lim Yong Hock, key executive officer of PropNex Realty, said: “In today’s market, increasing number of younger individuals are drawn to the real estate segment as the profession is no longer deemed as a “mid-career switch” option, but instead a long term rewarding career.

“In PropNex, we have fresh graduates and professionals who were doing really well in their previous careers joining us, drawn by their passion for properties and opportunities presented in the industry.”

CEA data also shows that the number of licensed property agencies fell to 1,269 as at 1 January from 1,286 a year ago.

The largest property agency in Singapore is PropNex Realty with 6,684 agents, followed by ERA Realty Network with 5,882 agents and OrangeTee & Tie (3,898).

10 largest property agencies

Source: Council for Estate Agencies

The number of salespersons at PropNex shot up by 21 percent from 5,510 last year, mainly attributed to a merger with Dennis Wee Group (DWG) in June.

“We are indeed witnessing a change in the real estate industry scene where many small to mid-sized firms might choose not to continue operating on their own and will instead consolidate their business with the bigger players,” noted Lim. 

Said Chia. “As the industry continues to evolve, CEA encourages property agents to upskill and leverage technology to keep pace with the changing business environment and meet increasing consumer expectations.”

Lim revealed that PropNex has invested more than $ 10 million in the last five years to provide a range of trainings and development programmes for salespersons to raise their knowledge, skills and service standards, in order to remain relevant in the industry.

PropertyGuru is organising an Agent Summit 2018 on 16 January. Find out more about the future of real estate agents and technology. To register, please click here.

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

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URA launches tenders for Sengkang Central, Hillview Rise sites

Aerialview of Hillview Rise site. (Photo: URA)

The Urban Redevelopment Authority (URA) has launched two sites at Sengkang Central and Hillview Rise for sale by public tender, with the bids to be evaluated under a concept and price revenue tender system.

The sites, which come under the confirmed list of the second half 2017 Government Land Sales (GLS) programme, can potentially yield around 1,235 housing units.

Zoned for commercial and residential use, the site at Sengkang Central has an area of 37,284.8 sq m and a maximum gross floor area (GFA) of 78,299 sq m.

URA noted that the mixed use development “is envisioned as an integrated community hub to meet the needs of some 20,000 residents in Buangkok”.

“The development is also a focal point and identity marker for the Buangkok neighbourhood. Hence, thoughtfully designed public spaces which are well integrated with transport and community uses will be key to the success of the development,” it added.

Meanwhile, the Hillview Rise site features a sizeable residential GFA of around 40,030 sq m “with a regular configuration that provides the economies of scale to maximise productivity gains”.

“The site is therefore a suitable test bed for innovative construction technologies or methods.”

The tender for the Hillview Rise site will close on 3 May 2018 while the tender for the Sengkang Central site will close on 21 June 2018.


This article was edited by Keshia Faculin.

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Private home prices to rise by 3-7% in 2018

Prices of residential properties here are expected to increase by three percent to seven percent next year, reported the Singapore Business Review.

According to Analyst Vijay Natarajan from RHB Research, the anticipated price growth is driven by the city-state’s stable job market and robust buying optimism of locals. Another key factor is the en bloc fever that has resulted in sellers, who have received ample cash, needing to buy houses to replaces the ones they sold.

The research house pointed out that the forecasted price hike comes after prices in the city-state hit rock-bottom. The 0.7 percent quarterly rise in the Urban Redevelopment Authority’s (URA) Residential Property Price Index in Q3 2017 is a good indicator that residential values have bottomed out, it said.

Natarajan also noted that recent land bids by developers have factored in a price hike of 10 percent to 40 percent, assuming home builders are targeting typical profit margins of between 10 percent and 15 percent.

But the high bids could limit their profit margins. The recovery of the local housing sector could also be impacted by stiff competition for land, the sluggish rental market with a vacancy rate of 8.4 percent, and potential supply-side curbs by the government.

Looking ahead, RHB Research expects home sales to rise to 7,893 units and 8,696 units by 2018 and 2019 respectively. However, both figures are lower than Singapore’s 10-year average demand of 9,978 units per annum and 10-year average annual supply of 11,472 units.


This article was edited by Keshia Faculin.

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