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Singapore Property
HOME OWNERSHIP AND INVESTMENT
There are different types of property in Singapore and 80 percent of the population stay in HDB flats also known as public housing. The rest of Singaporeans reside in private residential such as condominiums, walk up apartments and landed properties.
Singaporeans like to invest in new launch projects and resale private condos. Other real estate asset classes include the commercial retail shops and industrial units B1 or B2 which are not subject to Additional Buyer Stamp Duty (ABSD).
MCL Land and CSC Land Group are set to preview their latest residential project, Elta, on Friday, February 7. Located in Clementi Avenue 1, the 99-year leasehold development comprises 501 units housed in two 39-storey towers, with prices starting from S$1.16 million for a one-bedroom unit.
Unit Pricing and Size Breakdown
The pricing details for the various unit types at Elta are as follows:
One-bedroom units (506 square feet) start at S$1.16 million (S$2,288 per square foot or psf).
Two-bedroom units (614 to 807 sq ft) start at S$1.39 million (S$2,260 psf).
Three-bedroom units (926 to 1,023 sq ft) start at S$2.2 million (S$2,373 psf).
Four-bedroom units (1,184 to 1,507 sq ft) start at S$2.8 million (S$2,363 psf).
Five-bedroom units (1,776 sq ft) start at S$3.89 million (S$2,189 psf).
Land Acquisition and Developer Partnership
Elta sits on a 144,788 sq ft site that was secured through a state tender in November 2023 for approximately S$633.45 million (S$1,250 psf per plot ratio). The site attracted six bids, with MCL Land and CSC Land Group emerging as the highest bidders. This marks their first joint development, with MCL Land, a subsidiary of Hongkong Land, holding 51% ownership, and CSC Land Group, a subsidiary of China Construction (South Pacific) Development Co, holding the remaining 49%.
Prime Location and Nearby Developments
Elta is strategically positioned within District 5, offering convenient access to key amenities:
Walking distance to Clementi Bus Interchange and Clementi MRT Station.
Close proximity to reputable schools and the National University of Singapore (NUS).
Adjacent to previous government land sale projects, including Clement Canopy (505 units, launched in 2017) and Clavon (640 units, launched in 2020) by the UOL Group. Both projects have since been fully sold.
Market Trends and Competitive Pricing
Clavon, the most recent launch in District 5, sold 442 units (approximately 70% of the project) during its weekend launch in December 2020. Units were priced between S$1,480 and S$1,850 psf according to URA caveat.
Recent subsale transactions at Clavon in 2023 recorded prices ranging from S$1,800 to S$2,300 psf. Additionally, the median resale condo price in District 5 over the past six months stood at S$1,855 psf.
Sales Timeline and Completion
Elta will begin accepting bookings on February 22, 2025, and is projected for completion by 2028.
With its convenient location, competitive pricing, and strong developer backing, Elta is expected to attract strong interest from both investors and homeowners alike.
Prime Minister Lawrence Wong reaffirmed the government's commitment to keeping public housing affordable for Singaporeans during a dialogue session on January 21. He assured that new Build-to-Order (BTO) flats will continue to be priced in relation to income levels rather than the resale market, ensuring accessibility for the majority of citizens.
Addressing concerns over housing affordability, Mr. Wong noted that while reports of million-dollar HDB flats might cause anxiety, these prices must be viewed in the context of rising incomes. He pointed out that more than 80 per cent of first-time homebuyers today can finance their flats with Central Provident Fund (CPF) contributions, requiring little to no cash payments. This contrasts with earlier generations who, despite facing lower housing prices, had to allocate a significant portion of their take-home pay toward mortgages.
To address rising property prices, the government has been ramping up the supply of both public and private housing. These measures are expected to help stabilize the property market over time, although the effects will take some time to materialize. Mr. Wong emphasized that the government remains vigilant in ensuring that BTO flats remain affordable for Singaporeans.
HDB has various housing grants to benefit buyers in their flat purchases.
Enhanced CPF Housing Grant (EHG): Up to $120,000 for eligible first-time buyers.
Step-Up CPF Housing Grant: $15,000 to help families upgrade from smaller flats to larger ones.
Proximity Housing Grant (PHG)
As property resale prices continue their upward trajectory, Singapore’s Minister for National Development, Desmond Lee, has signaled that the government is open to implementing further cooling measures if necessary. However, he emphasized that existing policies must be given time to take effect before new measures are introduced.
Current Measures and Their Impact
Since December 2021, Singapore has introduced four rounds of cooling measures to curb property price inflation. The most recent measure, implemented in August 2024, reduced the loan-to-value (LTV) limit for Housing Board (HDB) flats from 80% to 75%. This move was aimed at tempering demand in the higher-end resale market, affecting roughly 10% of buyers.
Another significant regulation, the 15-month wait-out period for private property owners before purchasing non-subsidized HDB flats, was introduced on September 30, 2022. This policy successfully curtailed demand from wealthier buyers, as the proportion of private home owners purchasing million-dollar HDB flats dropped from 34% in early 2022 to about 12% by the end of 2024.
Despite calls from industry players to lift the wait-out period, Mr. Lee confirmed that it will remain in place until market conditions stabilize. In parallel, the government continues to increase housing supply to ease market pressures, with 100,000 Build-to-Order (BTO) flats set to be delivered between 2021 and 2025. Private housing supply is also being expanded, with 8,505 private homes to be released under the Government Land Sales programme in the first half of 2025.
Addressing Market Psychology and Affordability Concerns
Despite these interventions, HDB resale prices surged by 9.6% in 2024, nearly doubling the previous year's growth rate of 4.9%. Mr. Lee attributed this spike to temporary supply constraints, the appeal of centrally located properties, and a "sentiment-driven psychology" in the market. Reports of record-breaking million-dollar transactions have fueled expectations among both buyers and sellers, potentially exacerbating speculative behavior.
To counter affordability concerns, the government has introduced greater transparency through recent transaction data on the HDB portal and the HDB Flat Eligibility (HFE) letter, which helps buyers assess their financial capacity before purchasing a flat. Additionally, financial assistance for first-time and lower-income buyers has been strengthened. The Enhanced CPF Housing Grant, increased in August 2024, now provides up to S$120,000 for families and S$60,000 for singles purchasing their first HDB flat.
Striking a Delicate Balance
Mr. Lee acknowledged that while demand-side cooling measures are crucial, they must be balanced against broader economic conditions. High interest rates, trade uncertainties, and geopolitical challenges necessitate a cautious approach to avoid overcorrecting and triggering a sharp downturn in the property market.
"We are not averse to putting in new measures if necessary, because we need to ultimately make sure there's no property bubble, whether it's on the private side or the public housing side," he emphasized.
With Singapore's property market at a crossroads, the government remains vigilant in its efforts to balance housing affordability with economic stability, ensuring that homeownership remains accessible for future generations.
In a bid to address rising cost-of-living concerns, the Ministry of Finance (MOF) and Inland Revenue Authority of Singapore (Iras) have introduced a one-off property tax rebate for owner-occupiers of residential properties in 2025. This measure aims to provide relief amidst shifting property tax rates and market dynamics.
Rebate Details for HDB and Private Property Owners
HDB Flat Owners: A 20% property tax rebate will be extended to owners, capped at S$1,000.
Private Property Owners: A 15% rebate, similarly capped at S$1,000, will apply to these properties.
The rebate accompanies broader changes to the Annual Value (AV) bands for owner-occupied residential property tax rates, effective Jan 1, 2025. The revised structure is designed to ensure lower or similar property taxes for most homeowners, provided their AVs remain unchanged.
OWNER-OCCUPIER RESIDENTIAL TAX RATES (%)
PORTION OF ANNUAL VALUE (S$)
FROM JAN 1, 2024 TO DEC 31, 2024
FROM JAN 1, 2025 ONWARDS
0
0 - 8,000
0 - 12,000
4
>8,000 - 30,000
>12,000 - 40,000
6
>30,000 - 40,000
>40,000 - 50,000
10
>40,000 - 55,000
>50,000 - 75,000
14
>55,000 - 70,000
>75,000 - 85,000
20
>70,000 - 85,000
>85,000 - 100,000
26
>85,000 - 100,000
>100,000 - 140,000
32
>100,000
>140,000
Impact on Homeowners
Over 90% of owner-occupied private properties and all HDB flats are expected to benefit from reduced property taxes. For example:
Owners of HDB flats will see their monthly property tax payments reduced significantly.
Three-room flats: From S$4.10 to S$1.90.
Five-room flats: From S$17.90 to S$15.40.
Private property owners, such as those with two- and three-bedroom units, could save between S$214 and S$1,000 with the rebate.
However, owners of luxury properties may see higher taxes as adjustments aim to ensure equitable contributions across the tax system.
Rental Market Trends and Their Influence
Singapore’s property market has witnessed a divergence in rental trends:
HDB Rentals: Increased demand from upgraders and limited supply has driven rents higher. Huttons Asia predicts a 4% rise in HDB rents for 2024.
Private Rentals: A contraction in demand, partially attributed to a 3,000 reduction in Employment Pass holders in the first half of 2024, has stabilized private rental prices.
Looking ahead, the completion of private homes is set to drop by over 40% in 2025, potentially sustaining rental prices despite the slowing demand.
Changes to AV Bands and Social Support Schemes
The government has also revised AV thresholds to enhance access to social-support schemes:
The second AV tier will increase to cover properties with AVs between S$21,000 and S$31,000, up from the current S$21,000 to S$25,000.
This change allows more than three-quarters of residential properties, including lower-value private homes, to qualify for support.
Owners of one- and two-room HDB flats will continue to pay no property tax, while those in larger flats will remain taxed at a 4% marginal rate.
Market Implications and Investor Sentiment
Property analysts believe these measures, while offering relief, will not deter property investments.
Singapore’s residential property market remains attractive due to its potential for capital appreciation, which outweighs incremental tax increases.
The adjustments also align with broader fiscal trends: in FY2023, property tax revenue contributed 7.4% of total government revenue, amounting to S$5.9 billion, up from S$5.1 billion in FY2022.
Conclusion
The 2025 property tax rebate and AV adjustments reflect the government’s commitment to easing financial pressures on homeowners while ensuring the tax system remains progressive. By supporting lower-income households and maintaining market attractiveness, these initiatives strike a balance between economic relief and long-term fiscal sustainability.
Singapore’s private home market experienced a significant revival in November, driven by a series of high-profile project launches, pent-up demand, and improving consumer sentiment. According to property data from the Urban Redevelopment Authority (URA) released on December 16, developers sold an impressive 2,557 new private homes during the month. This marks a staggering 246.5% increase from the 738 units sold in October and more than triple the 784 units sold in November 2023.
Strongest Sales Since 2013
The November figures represent the highest monthly sales since March 2013, when 2,793 units were sold. Including executive condominiums (ECs), total sales reached 2,891 units, with developers launching 3,375 units for sale.
In contrast, November 2023 saw just 800 units sold from 970 launched. The uptick in activity over the past two months is evident, with developers selling a combined 3,295 units in October and November, outperforming the 3,049 units sold during the preceding nine months.
The year-to-date sales as of November stood at 6,344 units. This figure positions the market to surpass 2023’s 15-year low of 6,421 units sold.
A Wave of New Launches
JT Chia, Managing Director of Propertyforsale, attributed the surge to an unprecedented six project launches in November, including five condominium projects and one EC. These new launch projects accounted for a significant portion of sales, with the 916-unit Chuan Park selling nearly 80% of its units and the 846-unit Emerald of Katong almost fully sold.
These two projects emerged as November’s best-sellers, achieving median prices of S$2,627 per square foot (psf) for Emerald of Katong and S$2,586 psf for Chuan Park.
The easing interest rates, following two rate cuts by the U.S. Federal Reserve since September, further bolstered buyer enthusiasm.
Timing and Market Dynamics
Developers appeared eager to launch projects quickly, capitalizing on strong demand and aiming to beat the festive lull in December and January.
Property Outlook for 2025
The government’s land sales (GLS) program for the first half of 2025 is expected to yield approximately 5,030 new private homes, including 980 EC units.
Challenges on the Horizon
While optimism prevails, potential headwinds loom.
The protectionist U.S. trade policy under a second Donald Trump presidency might result in a higher inflation environment. As such, the number of interest rate cut could reduce.
Property analysts remain cautiously optimistic, predicting steady demand and sustained interest in well-located, high-quality developments. The resurgence in November underscores the resilience of Singapore’s private housing market, setting a promising tone for the year ahead.
A stable HDB resale price will provide support for private home transactions.