下文由ERA公关经理岳开新翻译

尽管全球局势动荡，但新加坡经济稳定确保本地住宅市场有足够韧性来应对挑战。

2025年4月2日，美国总统特朗普在美国解放日（Liberation Day）发布了一项超出预期的关税政策，震惊全球市场。根据这一政策，除了对所有进口商品征收10%的统一基准关税外，部分国家将面临更高的关税。

美国此举的动机明确：通过调整价格竞争力，推动国内外商品之间的公平竞争，从而吸引制造业回流美国，并提振国内消费。自2001年以来，美国制造业在全球产出的占比已从28.4%下降至2023年的17.4%，而2024年，美国商品贸易逆差已达到1.2万亿美元。

在受影响的国家中，中国是这场贸易战加剧的主要目标，除了此前已施加的20%关税外，还需再承受34%的额外关税。同时，一些东南亚国家也受到重创。例如，柬埔寨（49%）、老挝（48%）和越南（46%）是受新关税影响最为严重的市场之一。尽管新加坡不在高关税国家名单中，但我们的对美出口同样会受到10%基准关税的影响。

全球股市暴跌，美国经济可能因通货膨胀和他国报复性关税而受创

新关税政策实施后的第一个交易日，投资者的恐慌情绪引发了全球股市的暴跌，并激发了市场对经济衰退的担忧。

美国这一强硬举措迅速引发了贸易伙伴的报复性关税对策。例如，中国几乎在第一时间对所有美国进口商品加征了34%的关税。

与此同时，美国国内进口成本的上升可能加剧通货膨胀，进一步加重消费者和企业的负担。全球范围内，这可能导致贸易需求放缓，从而拖累整体经济增长。

市场的担忧会影响新加坡住宅市场吗？

在这一轮新关税中，美国对新加坡进口商品设定了10%的关税，低于其他亚太国家。此外，新加坡决定不采取报复性关税，以避免贸易战升级。尽管新关税政策带来的不确定性会对全球经济增长产生压力，而新加坡作为一个高度依赖贸易的国家，难免会受到一定影响。

但从另一个角度看，本地的房产投机可能会减少，购房者将更多地倾向于刚需和长期计划。

短期内，尽管全球经济不确定依旧存在，且贸易战升级的风险可能会抑制住宅市场的需求，但从中长期的展望来看，ERA仍保持谨慎乐观的态度。ERA认为，新加坡住宅市场本身并不具投机性，坚实的经济基本面将为中长期投资者提供稳定的增长机会。

高通胀和经济增长放缓，或使美联储最多实施四次降息

根据芝加哥商品交易所集团（CME）的调查，分析师认为美联储可能在今年实施最多四次降息，主要由于贸易关税引发的更高通货膨胀和经济增长放缓。如果这一预期成真，联邦基金利率可能会降至3.25%至3.50%之间。这将有助于进一步缓解房贷利率，减轻购房者的房贷负担。

需求放缓及进口成本下降有望使建筑成本上涨趋于缓和

如果中国决定将其过剩产能转向其他国家，并以更低的价格进行出口，可能会导致亚太地区面临通缩压力。具体到建筑行业，由于中国房地产市场的放缓，国内需求减弱，钢筋价格已有所下滑。此外，美国对钢材进口加征25%关税，进一步打击了钢材需求，尤其是削弱了中国钢铁的出口。

在这样的背景下，亚太地区可能面临廉价钢材大量涌入的风险，这将有助于降低建筑材料成本。然而，建筑材料成本的下降是否能够有效缓解房价压力仍需观察。即使未来建筑成本下降，对房价的影响可能有限，因为新加坡的房价受多种因素影响，包括土地成本、劳动力成本等。

新加坡作为避风港，预计将持续吸引外国投资，这有助于保障就业并支撑住房需求。

新贸易关税的实施预计将有效遏制企业的“中国加一”（China Plus One）策略，该策略旨在降低对中国制造的依赖，并减轻贸易战带来的影响。受新政策影响，区域内许多低成本制造业可能因更高的贸易关税面临挑战。

然而，新加坡与美国始终保持着平衡互利的合作关系。2024年，美国对新加坡的货物贸易顺差达到了28亿美元，这进一步巩固了新加坡作为美国可信赖贸易伙伴的地位，可能使新加坡免于面临更苛刻的关税政策。

在当前形势下，寻求避风港与增长机会的区域投资者预计将继续被新加坡稳定的社会环境以及透明、开放的经济政策所吸引。这将推动外国直接投资（FDI）的持续流入，促进整体经济发展，并创造更多就业机会，进一步支撑住宅与商业地产的需求。同时，新加坡作为国际金融中心的地位以及健全的法律体系，在全球经济不确定性加剧的背景下，更加巩固了其作为投资首选地的吸引力。

新加坡多元化的经济结构和广泛的多边贸易伙伴关系有助于缓解经济冲击

新加坡多元化的经济结构和广泛的贸易伙伴网络将有效减轻个别国家贸易关税的影响。截至目前，新加坡已签署27项自由贸易协定，并将继续推动并维护与志同道合国家之间的开放、公平和自由贸易关系。

住宅市场的降温措施为应对外部冲击提供了灵活应对空间

自2010年至2024年，新加坡政府共推出了13轮降温措施，以稳定住宅市场并确保价格的可持续增长。

这些措施包括在2023年4月实施的60%的额外买家印花税（ABSD），旨在打击外国买家的投机性投资。此外，政府对购买二套房的买家征收较高的ABSD，以抑制房产的过度积累，帮助平抑房价增长，维护市场稳定。

总结

综上所述，尽管面临全球经济挑战，ERA依然对新加坡住宅市场在中长期保持积极展望。

新加坡政府已经为此奠定了坚实的基础，包括签署广泛的自由贸易协定、发展先进的基础设施以及培养高素质劳动力。这些努力为新加坡吸引持续的外国投资创造了有利条件，而外国投资是推动新加坡长期经济增长的关键驱动力，并为本地创造了大量就业机会。

住房方面，政府采取务实的措施，既能有效跟上需求增长，又能避免过度投机性资产积累。政府始终将保障住房可负担性作为核心目标，并通过可持续的价格增长实现这一目标。此外，政府实施的多轮降温措施为应对外部经济冲击提供了充足的空间，能够迅速作出反应。

总之，新加坡房地产市场建立在韧性、远见和审慎治理的基础上。ERA相信，在持续的政策支持和强劲的需求推动下，新加坡的住宅市场将继续展现增长潜力和长期价值，为购房者提供机会，也为投资者创造回报。

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The world may be “shook”, but the firm economic fundamentals ensure that the Singapore’s residential market is well-positioned to weather the storm.

On Liberation Day, 2 April 2025, President Donald Trump shook the world by unveiling a higher-than-expected Reciprocal Tariff Policy. In addition to a sweeping 10% baseline trade tariff on all imports, selected countries will face steeper trade tariffs under the policy.

The implementation of this tariff policy holds clear motivations. US manufacturing has declined from 28.4% of global output in 2001 to 17.4% in 2023, while United States goods trade deficit has reached US$1.2 trillion in 2024. Through this move, President Donald Trump aims to level the playing field on pricing, which in turn, could bring manufacturing jobs back to United States and boost domestic consumption.

While China, the primary target in the deepening trade war faces a 34% tariff on top of the earlier imposed 20%, several smaller Southeast Asia Markets are also deeply impacted. Cambodia (49%), Laos (48%) and Vietnam (46%) are among the markets that are worst hit by the new tariffs. Despite not on the list of countries affected by higher tariffs, Singapore will still be subjected to the 10% baseline tariffs on our exports to the United States.

Chart 1: Asia Pacific Markets impacted by higher trade Tariffs imposed by United States

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Source: The White House, ERA Research and Market Intelligence

Global stock markets plunge, while the United States could potentially face whiplash from rising inflation and retaliatory tariffs

As the trade war intensifies, uncertainty and fear among investors sent global stock markets plunging on the Monday following the implementation of the Reciprocal Tariff Policy on 5 April 2025. More importantly, these developments have sparked fears of a broader economic downturn.

This aggressive move by the United States could provoke retaliatory tariffs from trade partners, such as China, which almost instantaneously retaliated with a 34% levy on all US imports.

Meanwhile, domestically, rising import costs may fuel inflation and put further pressure on consumers and businesses in United States. Globally, this could spell slower trade demand, which could translate to slower growth.

For now, the market may be gripped by heightened volatility, but what can we expect for the Singapore residential market?

Singapore will face a moderate impact due to the lower baseline 10% trade tariff and has decided against retaliatory tariffs. However, other countries may choose to retaliate and further intensify the ongoing trade war. This heightened volatility will weigh on global economic growth, and on Singapore’s growth, given our heavy reliance on trade.

On a more positive note, residential homebuyers tend to be less speculative, often taking a medium- to long-term view of the market and are more likely to be driven by genuine housing needs.

Although uncertainty persists and the risk of an escalating trade war may dampen near-term demand in the residential market, ERA maintains a cautiously optimistic medium- to long-term outlook. ERA believes that Singapore’s residential sector is non-speculative and will continue to offer growth opportunities for investors with a medium- to long-term perspective, supported by several key fundamentals.

•  Fed could implement up to four rate cuts due to potentially “higher inflation and slower growth”

Analysts surveyed by CME Group suggest the Federal Reserve could implement up to four rate cuts in 2025, potentially driven by higher inflation and slower growth resulting from trade tariffs. Should this materialise, the federal funds rate could fall to between 3.25% and 3.50%. This could lead to a further moderation in mortgage interest rates which will help ease housing costs.

Chart 2: Analysts view on probabilities of changes to the Fed rates

Source: CME FedWatch

• Construction cost may ease with cheaper imports ahead as demand slows

The region may face significant deflationary pressures if China decides to divert its export surpluses and flood the market with cheaper exports. Specific to the construction sector, the slowdown in China’s real estate market has led to weaker domestic demand and softer prices for steel rebar. The 25% US import tariffs are a double whammy on steel demand and could further dampen export demand for Chinese producers.

There could be a risk of a flood of cheaper steel exports in the region, driving down construction material costs. Could this mark the beginning of moderating construction material costs, thereby helping to ease housing prices? Although this might seem plausible, moderating construction costs ahead could have muted impact on housing prices, since Singapore home prices are influenced by a variety of factors including land and labour cost.

Chart 3: Steel Rebar Prices on a steady decline since late 2021 on the back of sluggish demand

Source: tradingeconomics.com

• Singapore’s safe haven status could continue to attract foreign investments seeking growth in the region, ensuring job opportunities which can support driving housing demand

The imposition of trade tariffs is set to effectively curb the ‘China Plus One’ strategy, which is widely adopted by companies to reduce reliance on China and mitigate the impact of the trade war. Consequentially, many of the regional low-cost manufacturing hubs could face challenges due to higher trade tariffs.

Singapore, however, maintained a balanced and mutually beneficial partnership with the United States, as reinforced by the U.S. goods trade surplus with Singapore, which stood at US$2.8 billion in 2024. This underscores our position as a trusted trade ally and has likely shielded us from harsher tariff measures.

Investors in the region seeking safe havens and growth could look to Singapore, drawn by it’s relative stability, transparent and open economy. This could drive a steady influx of Foreign Direct Investment (FDI) which is instrumental in supporting job opportunities and contribute to the overall economic development of Singapore. This in turn could support demand for residential and commercial properties in Singapore. Singapore’s status as a financial hub and its robust legal framework further enhances its attractiveness in times of economic uncertainty.

Chart 4: Steady increase in Foreign Direct Investment

Source: Singstat, ERA Research and Market Intelligence

• Singapore’s diversified economy and extensive multilateral trade partners can help mitigate economic shocks

Singapore’s diversified economy and broad network of trade partners will mitigate the impact of individual countries’ trade tariffs. Till date, Singapore has 27 free trade agreements and will continue to pursue and uphold open, fair, and free trade among like-minded countries.

• Proactive cooling measures in the residential market provide flexibility to navigate against external shocks

Between 2010 and 2024, the Singapore government introduced 13 rounds of cooling measures aimed at maintaining a stable residential market and ensuring sustainable price growth.

These measures included the significant 60% Additional Buyer’s Stamp Duty (ABSD) implemented in April 2023, targeting speculative investment from foreign buyers. Additionally, the higher Additional Buyer’s Stamp Duty (ABSD) on second homes is intended to discourage accumulation of multiple properties, helping to moderate home price growth and maintain market stability. All of this contributes to sustaining the intrinsic value of residential properties in Singapore.

Chart 5: Cooling Measures for Singapore Residential Market

Source: URA, HDB, MND, ERA Research and Market Intelligence

In conclusion

There you have it – and this is why ERA maintains a positive medium- to long-term outlook for Singapore’s residential market, even in the face of global headwinds.

Much of the groundwork has been laid by our government prior. This includes establishing extensive free trade agreements, developing sophisticated infrastructure, and nurturing a highly educated workforce. These efforts form a firm foundation that continues to attract sustained foreign investment, a key driver of Singapore’s long-term economic growth, as well as creating job opportunities.

When it comes to housing, the government takes a pragmatic approach to keep pace with demand, while being careful to discourage excessive accumulation of property assets for speculative purposes. Instead, the focus remains deeply rooted in ensuring that homes stay accessible for Singaporeans through sustainable price growth. Furthermore, the multiple rounds of cooling measures offer plenty of room for the government to respond swiftly should the property market face external shock.

In summary, Singapore’s property market is built on a foundation of resilience, foresight, and prudent governance. ERA believes that with sustained policy support and strong demand drivers, Singapore’s residential market will continue to present resilient growth potential and long-term value for both homeowners and investors.

Disclaimer

This information is provided solely on a goodwill basis and does not relieve parties of their responsibility to verify the information from the relevant sources and/or seek appropriate advice from relevant professionals such as valuers, financial advisers, bankers and lawyers. For avoidance of doubt, ERA Realty Network and its salesperson accepts no responsibility for the accuracy, reliability and/or completeness of the information provided. Copyright in this publication is owned by ERA and this publication may not be reproduced or transmitted in any form or by any means, in whole or in part, without prior written approval. 

下文由ERA公关经理岳开新翻译

拥有一套公寓是许多本地人的追求，购房者被其良好设施、现代化便利以及黄金地段所吸引。尽管购房成本不菲，但其潜在的回报通常能证明其物有所值。

2024年，私宅价格指数持续稳步上升，全年同比增长3.9%。一方面，这意味着购房者的入场成本更高，但同时也表明市场依然活跃，未来的投资回报前景乐观。

为了验证这一趋势，并考虑到 卖方印花税（SSD） 的影响，我们筛选出了 2024 年盈利交易量最高的公寓项目，这些项目的持有期均不超过 四年。

以下是去年各个地区利润最高的公寓数据。

核心中央区（CCR）利润最高的项目

#1：纽顿铜源

CCR中排名第一的是纽顿铜源，这座豪华公寓位于第9邮区，去年共有 16 笔盈利交易。由于该项目 2023 年刚获得临时入伙准证（TOP），在转售市场上更具吸引力，特别受到 偏好全新即刻入住 的买家青睐。

这一趋势也在数据中得到验证：16 笔盈利交易中，有 10 笔为楼花交易（sub-sale），表明买家愿意支付额外溢价，以换取即刻入住的便利。

#2：绿墩雅苑

紧随其后的是绿墩雅苑，共 13 笔盈利交易。这些交易全部为楼花交易（sub-sale），因为项目已于 2023年第四季获得TOP。

项目的亮点不仅仅是交易量，其中 一个四卧房单位（带私人电梯，1496 平方英尺）更是 创下了 CCR 最高盈利纪录，利润达 115 万元。

此外，绿墩雅苑的 最低盈利单位利润（9万2000 元） 也高于其他项目。这可能因项目的位置位于绿墩岭（Leedon Heights）高端住宅区，并且属于永久地契。

#3: The M

排名第三的是The M，这个99年地契的高端综合开发项目位于密陀路（Middle Road），去年共录得 10 笔盈利交易。

The M 的价格增长主要因其优越的地理位置和便利性，项目坐落在第7邮区，靠近武吉士（东西线、滨海市区线）、政府大厦（南北线、东西线）和滨海中心（环线）三大核心地铁站。

此外，The M 还受益于政府推动武吉士地区转型的政策，使其成为中央商务区延伸区的一部分，这进一步提升了项目的吸引力。

值得一提的是，第7邮区近年来迎来了多个新项目，为地区注入了活力。例如，双景岭（Duo Residences）和 City Gate 等优质项目，这也有助于The M 自 2020年推出以来 的价格增长。

其他中央区（RCR）利润最高的项目

#1: Penrose

PENROSE 位于 第 14 邮区，去年共录得 98 笔盈利交易，成为 RCR 表现最亮眼的公寓项目。该项目位于 沈氏通道（Sims Drive），靠近 巴耶利峇A（Paya Lebar）商圈。

Penrose 的强劲盈利能力得益于近五年前具有竞争力的开盘价格。2020年，第14邮区新项目的中位数单位价格约为 每平方英尺1666元，而 Penrose 的开盘价格仅为每平方英尺1547元，这一价格优势为早期买家提供了更大的升值空间。随着整体房价上涨，他们也享受了更高盈利。

此外，Penrose 靠近阿裕尼（Aljunied）地铁站，再加上“活力加冷总蓝图”（Kallang Alive Master Plan） 规划带来的潜在升值空间，让这个项目未来的增长前景更加看好。

#2：鑫悦府

鑫悦府是去年 RCR 表现第二佳的公寓项目，共有 60 笔盈利交易。这主要因其强劲的租赁投资潜力以及综合型大型开发项目的定位。

除了 1862 套私宅单位，鑫悦府还有 八个商业单位，这为居民提供了便捷的生活设施，提升了整体居住体验。

租赁吸引力方面，项目靠近多个重要商业区，其中包括科学园（Science Park）、丰树商业城（Mapletree Business City）、纬壹（one-north），这里是集生活、工作、娱乐和学习于一体的未来产业园区。

这些因素共同增加了鑫悦府的租赁需求及长期投资价值，使其成为 RCR 区内最具吸引力的项目之一。

#03 顺福轩

顺福轩在2024年以54笔盈利交易名列三甲。这个99年地契的项目位于顺福路（Shunfu Road），于 2023年获得TOP。

除交易量突出外，项目在今年 1月也因一笔创纪录的顶层单位（Penthouse）交易登上本地新闻头条，该单位为卖家带来了 440 万元 的惊人利润。此外，一个 2098 平方英尺的五卧房豪华单位也在转售交易中获得106 万元的可观收益。

顺福轩一系列的高盈利交易，再加上优越的地理位置，如靠近玛丽蒙（ Marymount） 和 汤申上段（Upper Thomson） 地铁站，以及碧山—汤申（Bishan-Thomson）区域），使项目成为RCR 最具投资价值公寓之一。

中央区以外（OCR）利润最高的项目

#1: 聚宝园（Treasure at Tampines）

因聚宝园是新加坡霸级规模私宅之一，共2203 个单位，所以去年获得 OCR 最高的转售交易量并不令人意外。其中，有197 笔交易实现盈利，利润介于 2万5000元 至 98万1000元。

这座 99年地契的私宅位于 淡滨尼巷（Tampines Lane），地理位置优越，毗邻多个重要设施和交通要道，其中包括淡滨尼圆巴刹与熟食中心（Tampines Round Market & Food Centre）、泛岛高速公路（PIE）和淡滨尼南高架桥（Tampines South Flyover）。

此外，聚宝园的便利性进一步提升了房价的增值潜力。居民可以方便前往淡滨尼广场（Tampines Mall）、世纪广场（Century Square）和东福坊（Eastpoint Mall），这些商场距离公寓仅约 1 公里，为他们提供了丰富的购物、餐饮和娱乐选择。

#2: 锦泰门第（Parc Clematis）

尽管锦泰门第位于西部的第5邮区，地理位置上与东部第18邮区的聚宝园几乎成犄角之势*，但它们的多个相似处，推动其房价增长。

首先，锦泰门第作为霸级项目，同样受益于规模优势。公寓拥有1450 个单位，这类大型项目通常有更高的交易量，从而可推动房价稳定上涨。

此外，锦泰门第优越的地理位置 也是吸引买家的重要因素之一。项目邻近多个设施，其中包括金文泰地铁站、金文泰广场（Clementi Mall）、NEWest、君超广场（Grantral Mall）。

同时，项目也靠近亚逸拉惹高速公路（AYE），出行便捷，可快速抵达莱佛士坊（Raffles Place）、珊顿道（Shenton Way）及滨海湾金融区（Marina Bay Financial District）等重要商业中心。

#3: 悦湖苑 

榜单中前两名均为霸级项目，位居季军的悦湖苑 也不例外，共1410 个单位，原址曾是中等入息公寓（HUDC）Florence Regency，它于2014年私有化，并于2017年集体出售。

悦湖苑 距离后港地铁站仅约 600 米，步行 约5 分钟，预计这可让项目在即将到来的 跨岛线（Cross Island Line，简称CRL）中受益。

当 跨岛线第一阶段于2030年通车后，后港地铁站将成为换乘枢纽，连接 跨岛线与东北线（North-East Line，简称NEL），这将极大提升悦湖苑居民出行的便利性，同时，提高其长期增值潜力。

我们可从上述盈利交易中了解到什么？

对这些按盈利交易项目进行深入分析，可以得出以下几个重点：

首先，即使持有期较短（四年或以下），房产仍能带来可观回报。

这一趋势在刚获得TOP的私宅中表现的尤为明显。这些房产可立即入住且全新，吸引了大量买家，从而推动了更高的盈利交易量。

这种现象在其他地区也均有所体现，去年盈利的转售项目中，楼花交易比例高于普通转售交易，进一步印证了新TOP项目的投资吸引力。

其次，同一地区中，大型综合开发项目（Mega Developments）在价格增长方面往往优于中小型项目。

这主要是两个关键因素：大型综合开发项目可提供的多样化户型选择以及庞大的单位供应量，这通常会产生更多的交易，从而带动销售，并实现更高的资产增值。

那么，如果您正在考虑在大型综合开发项目中购置新房，或者计划在 2025 年购买任何新推出的项目，欢迎查看我们整理的2025 年新楼盘详情。

此外，您也可以随时联系 ERA Trusted Advisor，获取量身定制的房产推荐，满足您的住房需求和偏好！

本文件中的信息仅供参考，不构成对信息的准确性、完整性或可靠性的保证。使用者应自行核实相关信息，并根据具体情况向独立的专业人士（如估价师、财务顾问、银行从业人员及律师）寻求专业意见。ERA及其销售人员对于因使用本信息而导致的任何直接或间接损失概不负责。此外，本文件受著作权法保护，ERA拥有其著作权。未经事先书面许可，任何个人或机构不得以任何形式或手段对本文件进行复制、传播或用于商业用途。

Here’s your chance to snap up a flat in popular locations such as Toa Payoh, Bukit Merah, and more!

Just last month, on 17 February, HDB wrapped up its very first Build-to-Order (BTO) exercise of the year. However, compared to the preceding exercise in October 2024, February 2025’s launch received fewer-than-expected responses, largely due to it being overshadowed by a Sales of Balance Flats (SBF) exercise that took place concurrently.

Moreover, with just five projects across four towns that primarily focused on supplying flats to new townships, it comes as no surprise that Feb 2025’s exercise largely flew under the radar of most Singapore buyers, who often have strong preferences about where they live.

Many Singaporeans are also creatures of habit, preferring to live in older estates that they grew up in or know well.

If this resonates with you, there’s reason to rejoice! The upcoming BTO launch in July 2025 will feature projects in familiar towns, such as Toa Payoh, Bukit Merah, and Tampines. Combined with even more options in newer satellite towns, this will bring the upcoming supply of new flats to 5,430 units across eight BTO projects when July comes around. Below, a closer look at these offerings! 

Bukit Merah – Two projects featuring 1,080 units in total

Source: HDB

Consisting of two separate projects one road away from each other, these flats are located in the Redhill estate, within 5 minutes’ walk of the MRT. Given its choice location near the city centre and access to transport and amenities, it is almost certain the pair of projects will be under the Prime category.

Source: HDB

It’s a no-brainer that this is going to be one of the most popular projects. Mature estates are usually high in popularity as there are plenty of amenities such as malls, dining options and schools catering to its residents. Plus, Bukit Merah has a fantastic central location – the nearby Redhill MRT puts residents within arm’s reach of both the CBD, as well as the Buona Vista business districts within 10 minutes each!

Furthermore, with the last Bukit Merah BTO flats being completed in 2018, we will certainly see high application rates for these flats.

Bukit Panjang – Featuring 620 units

Source: HDB

This project shares a few similarities with the pair of Sengkang projects in the previous BTO launch. They are located near LRT stations within satellite towns and generally have fewer amenities – with more to come as the project develops.

As a result, it is more than likely that this would be a Standard flat project.

The essential amenities are taken care of in the immediate neighbourhood, with two primary schools, and a neighbourhood centre, as well as two parks. However, a 10-minute trip to Bukit Panjang town centre would be required if residents require to visit a mall, or to access the Downtown Line.

Clementi – Featuring 750 units

Source: HDB

This Clementi project packs 750 units and will be located about a 5-minutes’ walk from Clementi MRT station. It will be located across the road from a condo estate, and is bordered by two schools, and a polyclinic.

The location speaks for itself – Clementi is the most sought-after location in the west, comfortably scoring the best property resale prices in the region. It is a mature estate with lots of amenities and conveniences, while also having to closest distance to the city centre. It is located only 5 minutes from Buona Vista and Jurong East via MRT, granting it easy access to nearby transit options and more amenities.

Based off these attributes, it is likely that this would be a Plus project. The longer 10-year MOP and other resale restrictions might moderate demand for these flats, but we should still expect them to be popular, especially among the westies.

Sembawang – Featuring 750 units

Source: HDB

This project as Sembawang is situated in an up-and-coming area, bringing 750 units across all unit sizes to the estate.

Given the 15-minute walking distance and general lack of amenities in the area so far, this is highly likely to be a Standard project.

We might see this project starting at an affordable price point, as we have recently witnessed HDB flats in developing areas to have attractive prices, such as in the Chencharu project launched in the recent February BTO exercise.

Tampines – Featuring 380 units

Source: HDB

Classified under Tampines town, this project is located more at Simei and Upper Changi Road. Offering a limited and enticing 380 units, this project is the first BTO launch in Simei in 10 years and is sure to be hotly contested.

The location is quiet, being located next to a private housing estate.

There is a slew of amenities planned for this development, and the project is adjacent to Upper Changi MRT station, granting residents a direct route to the city via the Downtown line.

If these happens to be Standard flats, we will definitely expect fierce competition for the 380 available units.

Toa Payoh – Featuring 720 units

Source: HDB

This Toa Payoh project is one of the highlights of the BTO launch. It is located off Toa Payoh Lorong 1, near Caldecott MRT station. With the opening of the Thomson-East Coast Line last year, homes near Caldecott MRT have been in high demand, due to the fast access the MRT brings them to work nodes such as Buona Vista and one-north (12 mins), as well as Orchard (10 mins) and the CBD (15-20 mins).

The project will be served by amenities in Toa Payoh, which come aplenty. Additionally, the project will be within a 1km radius of CHIJ Toa Payoh Primary School, a location that Singaporeans are very much willing to pay for.

Based off the resale performance for newer flats in Toa Payoh, which often surpass $900,000 or even $1m in transaction prices, it is almost definite that this would be a Prime project.

Woodlands – Featuring 1,130 units

Source: HDB

Located in the far north, this project will be a part of the Woodlands masterplan and transformation, expanding the regional centre to Woodlands North.

The project is the largest of the launch, with 1,130 units. Residents will be able to commute to central Singapore via the Woodlands North MRT, or the North-South Corridor.

There will be 410 5-room units available here, a layout size that is getting increasingly rarer. Those looking to secure a 4-room or 5-room home at a reasonable price and are willing to wait for the town to fully flourish in the long run could find this Woodlands north project enticing.

Shorter Waiting Time (SWT) flats

As the HDB has promised an increase in the number of SWT flats (flats with a construction timeline of under 3 years), we are likely to see them featured again in this exercise.

Based on the allocation of SWT flats that we have seen in previous exercises, the BTO projects at Sembawang, Woodlands, and Bukit Panjang will be the most likely candidates. These are mainly developing estates that generally see lower rise building construction, trends that are common in previous SWT projects such as West Brickville at Bukit Batok in last year’s October BTO launch.

SWT flats are a great option for buyers with more urgent homebuying needs and allows them to secure a home in a shorter period, making them a popular option among families that already have or are planning to have children in the near future.

Additionally, these shorter wait times, alongside lower prices could incentivise people to consider moving into these newer estates.

In summary

From prime flats in hotly contested areas to affordable SWT flats, the eight options in store for potential BTO applicants in July this year will certainly make a buzz. We can expect to see livelier application rates compared to the recent exercise, as those who have failed to secure their units in either the BTO or SBF exercise might fancy their chances then.

If you would like to know more about which BTO project might be suitable for you and your eventual property goals, do not hesitate to reach out to an ERA Trusted Advisor today! And with that – may the odds be ever in your favour.

Disclaimer

This information is provided solely on a goodwill basis and does not relieve parties of their responsibility to verify the information from the relevant sources and/or seek appropriate advice from relevant professionals such as valuers, financial advisers, bankers and lawyers. For avoidance of doubt, ERA Realty Network and its salesperson accepts no responsibility for the accuracy, reliability and/or completeness of the information provided. Copyright in this publication is owned by ERA and this publication may not be reproduced or transmitted in any form or by any means, in whole or in part, without prior written approval. 

Are Executive Condominiums (ECs) still an affordable option for home buyers today? They may not be since as explained in our last EC article,  buyers are constrained by the amount of loan which they can take up for their EC purchase. This is largely due to the income cap, stringent Mortgage Servicing Ratio (MSR) and Total Debt Servicing Ratio. Even with a monthly income of $16,000, buyers may qualify for a loan of up to $1 million, requiring them to cover the excess EC cost with cash and/or CPF. Amid rising EC prices, and a cap in loan quantum, EC buyers will now have to shell out a larger cash outlay.

Despite so, many Singaporeans continue to gravitate towards ECs as they are perceived to be more value-for-money compared to private condos. In 2024, the median transaction price of a new Outside Central Region (OCR) condominium unit (900–1,000 sqft) was 42% higher than that of a similar executive condominium (EC) unit. Even at the lower price point, residents can enjoy similar lifestyle with security and full-fledged facilities such as swimming pools, gyms and function rooms.

Table 1: Price comparison between a new EC and OCR condo (900 – 1,000sqft) in 2024

Source: URA as of 22 Feb 2025, ERA Research and Market Intelligence:

Moreover, the lower purchase price will also translate to a smaller loan quantum, which in turn reduces interest costs. Eligible First-timer buyers may also receive up to $30,000 in grants to offset their down payment.

Impressive Sales Performances In Recent EC Launches

Lumina Grand, sold 53% of its units at an average price of $1,464 psf during its launch weekend. Similarly, Novo Place sold 57% of its 504 units at an average price of $1,654 psf at its launch in Nov-2024. When it opened for the second round of balloting for second timer buyers, Novo Place moved another 137 units, bringing it total sale to 88%.

Based on URA caveats, there were a total of 1,185 new EC transactions in 2024. With a limited number of EC launches each year, buyers turn to remaining EC supply. As of end-Jan 2025, the market saw the balance EC supply fall to merely 138 units.

What makes ECs so Attractive?

Despite the higher upfront costs, buyers are not deterred mainly for two reasons. The lower price aside, EC buyers do not need to dispose their existing home before their EC purchase. HDB upgraders do not incur the Additional Buyers’ Stamp Duty (ABSD) when buying a new EC.

Moreover, EC buyers may opt for the Deferred Payment Scheme (DPS) at a cost, where they only need to pay a deposit and deferred their loan till after the EC has been completed. In this way, the buyers will not need to service two mortgages while waiting for the new home.

With no ABSD payable and the availability of the DPS, HDB owners find it easier to upgrade to new ECs.

Why are ECs Becoming Increasingly Expensive?

Firstly, like other property developments, construction and labour costs have been rising. This problem was exacerbated by the Covid-19 pandemic, with tighter supply for goods worldwide. Higher inflation rate has added to developers’ cost. Construction firms also have to compete for a tighter pool of workers with more public (such as the Cross-Island Line and HDB Build-to-Order flats) and private sector construction projects.

Secondly, land costs have also risen, with the continued strong demand for new ECs.

With the continued strong demand for new ECs, Developers were seen bidding more aggressively for EC sites. Between 2015 and 2024, the average EC land costs have risen 164%, from $287 psf ppr to $733 psf ppr. To illustrate a more recent example, the Tengah Garden Walk EC site, subsequently launched as Copen Grand, was awarded to a joint venture between City Development Group and MCL Land, at $603 per square foot per plot ratio (psr ppr) in 2021.

In Feb-2024, another EC site at Plantation Close was awarded to Hoi Hup Realty Pte Ltd and Sunway Developments Pte. Ltd. for $701 psf ppr, which works out to 16% higher than the Copen Grand site.

Chart 1: Land cost of ECs since 2015

Source: URA, HDB, ERA Research and Market Intelligence

Thirdly, the harmonisation rule which took effect from 1 June 2023 means, developers are no longer allowed to sell non strata areas (e.g. void spaces and air-con ledges). As a result, developers have adjusted their selling price to account for the reduced sellable area, consequentially lead to a higher psf pricing.

Table 2: Existing launched ECs in the market

Source: ERApro as of 4 Feb 2025

However, fret not about  the few remaining stock in the market, or the lack of new EC launches in the East. In 2025, there are three EC slated for launch with two in the East and one in the West.

Here are the EC Launches in 2025:

Aurelle of Tampines

Source: URA Space

Estimated launch: Preview in Feb 2025

Planning Region/Area: East/Tampines

Distance to Nearest MRT Station: 5-min walk to the upcoming Tampines North MRT Station

Number of Units: 760

Developer: Sim Lian Land Pte Ltd and Sim Lian Development Pte Ltd

The first EC launch of 2025, Aurelle of Tampines will be highly anticipated. This is the first EC launch in Tampines since Tenet. Neighbouring Aurelle of Tampines, Tenet sold 72% of its 618 units at its launch in December 2022.

People living in the east will be drawn to Aurelle of Tampines, notwithstanding that Tampines is a well-established town with amenities. By the time buyers can collect their keys, there will be four shopping malls and two community hubs in Tampines. The transport infrastructure is also comprehensive. Internally, it is served by various feeder bus services and will have four MRT stations.

Tampines is also a regional centre and has two industrial estates within, while being near to other commercial nodes nearby at Changi Business Park, Changi Aviation Park and Changi Airport.

Located in the core of Tampines North, a new estate within Tampines, Aurelle of Tampines will be within a 5-minute walk from the upcoming Tampines North Integrated Transport Hub. There will be seamless connection between the MRT station, the air-conditioned bus interchange, a community club, a hawker centre, and a new mall (Parktown Tampines).

Tampines North MRT Station, on the upcoming Cross-Island Line, is one, three and six stops from Pasir Ris, Hougang and Ang Mo Kio Interchange respectively. This gives owners easy access to other parts of Singapore.

Plantation Close GLS

Source: URA Space

Estimated launch: 2Q 2025

Planning Region/Area: West/Tengah

Distance to Nearest MRT Station: 7-min walk to upcoming Tengah Park MRT Station

Number of Units: est. 560

Developer: Hoi Hup Realty Pte Ltd and Sunway Developments Pte Ltd

Located in Tengah, an up-and-coming estate designed for smart, sustainable living, Plantation Close EC residents will enjoy ample recreational and green spaces in their neighbourhood.

The upcoming EC site sits beside Novo Place EC, a short walk from the future Tengah Park MRT. Residents will have easy access to Jurong Lake Gardens, the Innovation District, and Nanyang Technological University via the Jurong Regional Line. Drivers benefit from direct access to the Pan-Island Expressway.

For amenities, residents can visit Plantation Plaza, a one-stop hub with a supermarket, food court, F&B outlets, enrichment centres, and service shops for residents’ everyday needs.

Given these advantages, it’s no surprise Novo Place has sold 90.9% of its units within three months of its launch. Those who missed out on their desired unit can consider this new EC, which shares the same developer.

However, while offering similar features, this EC is slightly farther from Tengah Park MRT and sits next to the PIE.

Jalan Loyang Besar GLS

Source: URA Space

Estimated launch: 4Q 2025

Planning Region/Area: East/Pasir Ris

Distance to Nearest MRT Station: 3 bus stops to Pasir Ris MRT Station

Number of Units: est. 710

Developer: CNQC Realty (Progressive) Pte Ltd, Forsea Residence Pte Ltd, and ZACD Laserblue Pte Ltd

Jalan Loyang Besar EC, located in Pasir Ris, offers unmatched convenience just opposite Downtown East, Pasir Ris Park, the beach, and several schools. With E!Hub @ Downtown East across the road, families have easy access to enrichment centres, play areas, preschools, and childcare services. The mall also features two supermarkets, eateries, and a cinema. Pasir Ris Sports Centre and Hawker Centre are just 700m away.

For connectivity, the EC is two bus stops or a 1km walk to Pasir Ris MRT interchange, linking the East-West and upcoming Cross-Island Lines.

Families with school-going children benefit from two primary schools within 1km—Casuarina and Pasir Ris Primary—plus four secondary schools, a junior college, and an international school nearby.

With no EC launches in Pasir Ris since 2013, pent-up demand from east-side residents is likely.

Have any of these new ECs piqued your interest? If so, speak to an ERA Trusted Adviser today.

Disclaimer

This information is provided solely on a goodwill basis and does not relieve parties of their responsibility to verify the information from the relevant sources and/or seek appropriate advice from relevant professionals such as valuers, financial advisers, bankers and lawyers. For avoidance of doubt, ERA Realty Network and its salesperson accepts no responsibility for the accuracy, reliability and/or completeness of the information provided. Copyright in this publication is owned by ERA and this publication may not be reproduced or transmitted in any form or by any means, in whole or in part, without prior written approval. 

Abundance of BTO flats to ease HDB resale market

It’s that time of the year again: Chinese New Year, where relatives suddenly grow an interest in your personal and love life. And for attached twenty-somethings like us, it’s also the time of the year when they suddenly become real estate analysts: especially regarding your Build- to-Order choices.

You start to hear takes like:

“Eh, last year the Holland V one like not bad eh!” or “February got one Queenstown one, near MRT and school, why not apply that one?”

Which are valid takes – but you see, the thing is both of us decided to apply for a standard flat instead. Knowing well and fully the outstanding benefits of the other Plus and Prime flats, we decided it was in our best interest to choose a Standard flat.

The two writers today, Egan Mah and Ethan Hariyono, applied for the projects in towns that we grew up in – Pasir Ris and Serangoon/Sengkang respectively. These are satellite housing towns and are therefore Standard projects, as compared to the centrally located, city fringe towns that often fall under the Prime or Plus category – and here’s why.

Standard, Plus, Prime: What’s the Difference?

Before we dive into the details, here’s a quick overview of how the current BTO system works.

From October 2024, HDB Build-to-Order (BTO) flats were reclassified into three categories – Standard, Plus and Prime flats. Plus and Prime flats are those located in ‘choicier’ (e.g. good connectivity, proximity to amenities, and the city centre. Some may come with unique features, such as waterfront living, and ‘choiciest’ locations (e.g. centrally located, well-served by comprehensive amenities and have excellent transport connectivity) respectively.

However, these two flat classes differ from Standard flats, which hold restrictions that we are most familiar with (when it comes to BTO flats). Plus and Prime models come with more stringent resale conditions such as a 10-year Minimum Occupation Period (MOP) rather than the conventional five years, a subsidy recovery upon resale, and owners are not allowed to rent out the whole flat.

New Standard flats in Pasir Ris, launched in Oct 2024

Uncertainty of what can happen in 10 years

A 10-year MOP means that you are ‘stuck’ living in the same place for 10 years. While this may bring about conveniences as it could be near your current workplace or family now, but these could change in future. Spatial, household, and lifestyle needs could change too.

Egan: While you do not have to sell after the MOP, that option and flexibility to do so is worth having. 10 years is a long time and many things could change. You may have additional household members or want to live nearer your future workplace. These are factors that may be beyond your control. I may be working in the east now but possibly in the west in future so there may be some inconveniences.

Ethan: At my current age (25), I do not currently have plans to have children in the next five-plus years. Therefore, distance to a school, or being in the most optimal central location is not my priority. I would rather be able to save more money in the short term and use it for other purposes (travel, renovation, etc.) while still having the flexibility of relocating or upgrading in five years if my lifestyle choices happen to change. This is why I felt like I should go with a Standard flat.

Not just about location (centrally located)

Egan: They say for real estate, location is key. However, HDB has defined choice locations as those being centrally-located (i.e. near the city centre/CBD). Especially today, where most if not all HDB towns are self-sufficient towns. The internal public transport networks such as feeder bus and the Light Transit Rail (LRT) will get residents around and to the MRT station. Most needs can be met by the amenities the town has. Thus, there is no need to live near the CBD if you do not mind the daily commute to work. Even more so when Singapore have been decentralising workplaces. To me, familiarity to the place I grew up in and living near my parents is more important.

Ethan: There is an element of familiarity and comfort when choosing to stay in an environment you grew up in, and it makes the whole prospect of dropping half a million dollars into your first home a lot less daunting.

Prime flats located in Tanjong Rhu

Exclusive: 5-room size and shorter wait times

Ethan: As with Egan, I applied for a 5-room flat, which was only offered as part of the Standard housing model. 5-room flats are getting increasingly rarer, which would come to play if I ever choose to sell the house. Furthermore, there is little to complain about when it comes to having extra space to live (other than the extra cleaning required). It grants a degree of flexibility when it comes to designing your house, regardless of your needs. It is a more comfortable space for a growing family, and it also offers more room for your hobbies or other lifestyle needs – like if you enjoy hosting people.

Egan: Another thing to take note is also the project-specific traits. For both projects that I applied for, the waiting times were less than three years (possibly why they were so popular as well).

Affordability

Standard flats also come with a lower price tag. While we both applied for a 5-room flat, we did compare prices of a 4-room Standard and a Prime flat.

Table 1: Price of BTO flats launched in October 2024

Source: HDB

Of the BTO projects that we both considered, the price range of those in Plus and Prime areas are considerably more expensive. It would have made more financial sense to apply for a larger standard flat rather than a smaller ‘Plus’ or ‘Prime’ flat.

“The Next Step”

Egan: Of course, many Singaporeans aspire to own and live in a private property, me included. This would mean embarking on this path of ‘Asset Progression’, where we upgrade to the next higher tier of property when we have the chance to. For a young couple, it would mean selling your BTO flat upon reaching the Minimum Occupation Period, when flats are still new. Cashing out on the profits made, we would then go on to buy a condominium.

Ethan: Hence, HDB introduced Prime and Plus flats, that come with more stringent resale conditions that eventually caps the prices of HDBs in future. This is done to ensure that HDBs continue to be affordable public housing. The conditions include a 10-year minimum occupation period, rather than standard flat’s 5-years. Resale buyers of these flats also have a household income ceiling of $14,000.

Egan: The opportunity cost of the five additional years could make it more difficult for potential upgraders. Firstly, the private property prices may become out of reach. Secondly, upon fulfilment of the MOP, most buyers would be in their mid-forties. (Considering a couple at 28 successfully getting a BTO flat, 4 years of construction and 10 years of living there). Furthermore, there are subsidy claw back on the future selling price of Prime and Plus flats (currently up to 9% and 6% respectively)

Parktown Residences – New launch condos are an option for HDB upgraders when they fulfil the 5-year MOP

Conclusion

Ultimately, property – especially your first home is an important and crucial milestone in one’s life. Each flat type comes with their own clear advantages and differences. Given that HDB flats require you to occupy them for at least 5 years, it is in your best interest to select a flat that is best suited for your lifestyle, and in a location that you are okay with.

At the end of the day, given the heavily subsidised nature of HDB flats, the majority of BTO homes have been profitable in recent years.

However, as twenty-somethings and analysts working in the real estate industry, we have purposefully opted for a Standard flat, given the flexibility it offers.

Need professional advice to help you weight the pros and cons between a BTO and resale flat? Reach out to an ERA Trusted Adviser today!

Disclaimer

This information is provided solely on a goodwill basis and does not relieve parties of their responsibility to verify the information from the relevant sources and/or seek appropriate advice from relevant professionals such as valuers, financial advisers, bankers and lawyers. For avoidance of doubt, ERA Realty Network and its salesperson accepts no responsibility for the accuracy, reliability and/or completeness of the information provided. Copyright in this publication is owned by ERA and this publication may not be reproduced or transmitted in any form or by any means, in whole or in part, without prior written approval. 

Singapore’s real estate landscape continues to grapple with a myriad of challenges. These issues, ranging from affordability concerns to older housing with decaying leases, underscore the urgent need for policies that align with the aspirations of Singaporeans while ensuring sustainable growth in the property market. As we approach Budget 2025, ERA wish to share our wish-list of changes to tackle these challenges ahead.

Today’s market is reflective of genuine buyers’ demand. The continued residential property price growth is indicative of deeper concerns around the real estate market. The 2024 ERA’s “My Dream Home Survey” revealed that while 79% of respondents are satisfied with their current housing arrangements, many still aspire to upgrade but remain concerned about affordability.

A basic roof-over-our head is already a “given”. Many Singaporeans have strong aspirations to upgrade to private homes. Meanwhile, rising private home prices (pushed up by increasing land and development costs) are fuelling concerns around future upgrading possibilities. Singaporeans also desire the flexibility to stay in their preferred locations, without being priced out to less ideal locations.

In the HDB resale market, Singaporeans are concerned about decaying leases and as such, most buyers would naturally prefer flats with longer remaining leases. Consequentially, with demand skewed towards “younger” or newer HDB resale. This may have continued to push up resale HDB prices despite pushed up year after year; despite the government increasing the BTO supply. Indirectly this may also have led to the increasing number of million-dollar flat transactions.

It has been a challenging year for residential enbloc and the new home segment. The bumper supply of GLS sites since 2023 offered developers ample supply of residential sites and enbloc sites have become comparatively less attractive due to the complexities and time taken.

With the higher cost of replacement homes, further aggravated for foreign owners who are subject to the 60% ABSD on their home purchase, enbloc sellers demand for increasingly higher prices during the enbloc attempts. However, this hampers the success of enbloc sales and over time, hampers the rejuvenation of the housing landscape as residential projects continue to age.

ERA’s wishlist for Budget 2025

ABSD Regime: Differentiate between Single Property Upgrader and Multi-Property Investor

Our ABSD regime is mature and operationally well-run. It may be an opportune time to look at how we can differentiate between a single property upgrader and multi-property investors. Can we allow homebuyers upgrading or downgrading with no intention of holding onto two properties to not pay ABSD?
The existing ABSD remission applies only to married couples and seniors; and one needs to pay ABSD upfront then apply for refund later.
So, for a Singaporean family that genuinely want to upgrade from their HDB flat to a $2 million private residential property (and eventually just own that one private residential property), the current ABSD regime requires them to sell their HDB flat before buying the private residential property or pay $400,000 ABSD first should they decide to buy first then sell.
This is totally impractical and unrealistic; and many Singaporeans do see this as the government stifling their upgrading aspirations. They are genuine upgraders and not multi-property investors.
We hope the government would consider to relook at the ABSD mechanics to enable more Singaporeans to fulfil their upgrading dreams.

ABSD for Foreigners:

Reduction of the ABSD for foreign buyers to between 30% and 60%.
The market feels the current 60% ABSD is too high and if the government feels that 30% is too low, perhaps we can find a middle ground.
This will help to support the foreigner population that have decided to reside and invest in Singapore. Those who are unable to secure PR status will need to pay 60% ABSD if they wish to purchase a home, making it very challenging for them to stay in Singapore long-term.

Executive Condominiums:

Relook at the EC model as it is becoming unsustainable with rising prices.

Based on the maximum household income ceiling of $16,000, EC buyers can only borrow a maximum of around $1 million from the banks. With new EC prices ranging $1.3m to $1.8m, most new EC buyers have to come up with significant cash to fund their purchase. This may lead to unnecessary actions like getting the parents to chip in or taking additional unsecured loans.
As any further adjustments in the eligibility criteria like raising the income ceiling may just be kicking the can down the road (new EC prices continuing to rise due to rising land and development costs); it may be worthwhile to consider scrapping or tweaking the EC scheme altogether.

Enbloc Rules:

Allow older 99-yrs development with less than 60 years lease remaining to lower the mandatory consensus for collective sales, from 80% to 70%.
This will encourage rejuvenation of older strata developments which may be increasingly becoming an eyesore or even have safety risks as the physical condition of the development deteriorate over time.

HDB Leases:

Allow older HDB flats to upgrade their leases by 20 or 30 years.

This would provide buyers with more resale options and address concern around decaying leases. With more resale options that have longer leases available, this may slow down the pace of price growth in the long term.

Whilst we understand the government’s concern over rising home prices, it is important to note that the rising prices were cost driven and not fuelled by speculation or excessive buying by foreigners. We hope our government will be sensitive and supportive of the Singaporean aspirations to upgrade and consider to relook at removing unnecessary road-blocks.

Disclaimer

This information is provided solely on a goodwill basis and does not relieve parties of their responsibility to verify the information from the relevant sources and/or seek appropriate advice from relevant professionals such as valuers, financial advisers, bankers and lawyers. For avoidance of doubt, ERA Realty Network and its salesperson accepts no responsibility for the accuracy, reliability and/or completeness of the information provided. Copyright in this publication is owned by ERA and this publication may not be reproduced or transmitted in any form or by any means, in whole or in part, without prior written approval.

February 2025 will see the first of three Build-to-Order (BTO) launches of the year, as well as the yearly Sale of Balance Flat (SBF) exercise. This launch will offer about 5,000 BTO flats, as well as 5,500 SBF flats, totalling a supply of over 10,000 flats in this joint exercise.

Interested applicants will require an approved HDB Flat Eligibility (HFE) Letter in order to participate in this exercise.

For those who have a valid HFE letter, they will be able to choose from five projects across Kallang/Whampoa (800 units), Queenstown (1,110 units), Woodlands (1,540 units), and Yishun (two projects of 840 and 670 units). Likewise, a HFE letter will be required to apply for flats under the SBF exercise.

They will likely be a mix of Standard (Yishun and Woodlands) and Prime (Kallang/Whampoa and Queenstown) flats, based on their location. It is unlikely that any of these projects will be classified under Plus. Therefore, if you are looking for a Plus flat, there will likely be a greater number of them launched in latter parts of the year.

Let’s go over these projects, as well as their location attributes and unit mixes.

Kallang Whampoa – 800 units

Source: HDB

This project is located within the upcoming Tanjong Rhu area, which saw its first BTO flats in the June 2024 BTO launch. Similar to the previous project in this area, we expect this to be a Prime project.

There will be a mix of 2-room flexi, 3-room and 4-room units, typical of Prime projects.

Located a 7-minute walk from Tanjong Rhu MRT station, the main Plus point of this project would be the easy, sub 10-minute commute to the Central Business District (CBD) via the Thomson-East Coast Line. Additionally, the higher floor units will have access to views of East Coast Park facing the south, as well as downtown and the Marina Reservoir to the north-west.

Additionally, there are plans to construct amenities to transform Tanjong Rhu into a new housing estate.

The previous projects at Tanjong Rhu received 3,963 applicants for 1,296 units, with a 2.1 first timer and 22.3 second-timer application rate for 4-room flats, which make up a majority of these Prime flats. We can expect to see similar demand for this project, following the success of the prior launch.

It is also worth noting that singles will be able to apply for 2-room units here, following the change in policies allowing singles to apply for Prime location 2-room flats that took place in the October 2024 BTO launch.

While the application rates for the exercise have yet to be revealed, it is likely that there is a strong and healthy demand for these Prime 2-room units, due to the oversubscribed nature of the flat type.

Queenstown – 1,110 units

Source: HDB

The other likely Prime project in this launch is this Queenstown BTO project, offering 2-room flexi, 3-room and 4-room units.

Off the bat, we can expect a much stronger demand for this project among Prime flat buyers as compared to the Tanjong Rhu development. This is due to Queenstown being a mature estate – looking at the map we can see that the project site is surrounded by amenities, such as a neighbourhood centre and library nearby.

Another major Plus for this site is that it falls within the 1km priority enrolment distance for both Queenstown and New Town Primary Schools. Compared to the Tanjong Rhu project which does not have the same benefits, couples planning to have kids are likely more inclined to apply for this project, especially given the lengthy 10-year minimum occupation period that they are obligated to stay for.

The previous BTO project that took place at Queenstown was Holland Vista, which saw a staggering 2,233 applicants for 228 4-room units. This consisted of a 6.6 application rate for first-timers, and 72.8 for second-timers.

We can expect a strong demand for this project, given its proximity to the nearby MRT station, as well as the access to nearby primary schools and a variety of amenities. This extends to the 2-room flexi units, where singles are likely to be drawn to the central location and conveniences.

Woodlands – 1,540 units

Source: HDB

This BTO project, which happens to be the largest among the February bunch, is located in Woodlands North, in the Marsiling area, and near the causeway.

The project will be standard project, offering a mixture of 2-room flexi, 3-room, 4-room and 5-room units.

As the area has yet to be developed, there is a lack of amenities in the area, which affected the application rates for the project in Marsiling during the June 2024 BTO launch. The launch received 581 applications for 429 units for 4-room, and 406 applicants for 362 units in 5-room.

The project is about a 5-minute walking distance from Woodlands North MRT station once walkways are paved, which will grant commuters a direct line into the city centre, albeit with a commuting time of about 45 minutes.

Given the large number of units available, there should be muted demand for this project – as it the most undeveloped and far out location of all the launches.

If you are looking to increase your chances at securing a BTO, this might be the project to gun for.

Yishun (Chencharu) – 840 and 670 units

Source: HDB

The last BTO launch that took place in this new estate of Chencharu was in the June 2024 BTO launch, which saw 1385 applicants for 420 4-room units, and 1,609 applicants for 390 5-room units respectively.

Being an entirely new housing zone, there are no nearby facilities. The project will come with amenities such as eating houses and shops, as well as a childcare centre. The surrounding area will be redeveloped to introduce amenities like a park, nursing home, and place of worship.

As this development is to be built as part of an upcoming estate, the area currently suffers from a lack of connectivity. It is a 15-minute walk from Khatib MRT station.

We will also see new bus services providing transit options from this estate to other parts of Yishun, providing further access to amenities for residents.

There should be a healthy response for these standard flats, from the positive previous response and the future development plans of the region – something the HDB has promised about in a recent announcement.

Disclaimer

This information is provided solely on a goodwill basis and does not relieve parties of their responsibility to verify the information from the relevant sources and/or seek appropriate advice from relevant professionals such as valuers, financial advisers, bankers and lawyers. For avoidance of doubt, ERA Realty Network and its salesperson accepts no responsibility for the accuracy, reliability and/or completeness of the information provided. Copyright in this publication is owned by ERA and this publication may not be reproduced or transmitted in any form or by any means, in whole or in part, without prior written approval. 

 Some Singaporean couples have successfully own two properties. But careful long-term planning is a must.

For many Singaporean families, the pinnacle of housing aspiration is to own at least two properties in their lifetime – one serving as the roof over their heads, and the other, a means to generate consistent cashflow.

To achieve this, some Singaporean families have embraced the FIRE movement, aiming to achieve Financial Independence and Retire Early by cutting back on non-essential expenses. Others, particularly Baby Boomers and Gen-Xers, have successfully achieved dual-home ownership by capitalising on property booms over the years.

However, amid rising home prices today, is this dream still attainable for Gen Z and younger Millennials?

Below, we explore how some Singaporeans have successfully own more than one property in Singapore—whether it’s an HDB flat and a private home, two private properties, or a combination of residential and commercial/industrial properties.

1.    Owning an HDB flat and a Private Home

HDB BTO versus resale flat

For many first-time homebuyers, their housing journey typically begins with an HDB flat, the most prevalent form of public housing in Singapore. More importantly, Singaporeans will have to decide between buying a new or resale HDB flat, even though both options allow them to benefit from first-timer subsidies. So how do they choose?

Build-to-Order (BTO) flats are essentially brand-new HDB flats meant for Singaporeans only. They are offered at subsidised prices and come with a fresh 99-year lease. But buyers will need to ballot for the opportunity to purchase a BTO flat, and due to intense competition, not all first-timers are successful in securing a BTO flat.

In addition, “Plus” and “Prime” BTO flats are subject to a longer 10-year Minimum Occupation Period (MOP) and more stringent resale criteria. It is also important to note that “Plus” and “Prime” flats cannot be rented out entirely even after MOP.

Meanwhile, resale flats are sold on the secondary market, typically by another homeowner and their prices are determined through negotiation. Currently, these flats are subject to a 5-year MOP. After this period, owners are allowed to rent out the entire unit, making such homes ideal for those seeking passive income from a second property.

Some couples have bought HDB flat by registering ownership in one partner’s name, while listing the other as an essential occupier. After completing their MOP, the essential occupier spouse proceeds to purchase a second property.

That said, in this scenario, each party must be able to secure sufficient loan to finance the purchase of their corresponding property.

For others, they have bought their next private property after meeting their MOP and paying ABSD.

Alternatively, after meeting the MOP, HDB flat owners can now consider buying their next private home. HDB flat owners can keep their existing HDB flat while buying a second residential property, but they will need to pay the ABSD.

2.    Owning Two Private Properties

a.      Paying ABSD to own two private properties as a couple

A Singapore couple with an existing private property will be able to hold two properties concurrently, provided they pay ABSD on their second home. Scenario 1 above outlines the implications of this strategy.

b.      Decoupling and buying two private properties

Alternatively, couples can choose to decouple and purchase two private properties on the onset. The prerequisite, however, is that both parties will have to secure loans for their respective purchase.  This also ensures each spouse has individual ownership of their property.

Otherwise, if both spouses share joint ownership on a property, they may consider decoupling. This process involves one party selling their share of the property to the other. The purchasing party must also have sufficient CPF funds and/or resources to afford their partner’s share. Once completed, the selling party is free to purchase another property without incurring ABSD.

3.    Owning a Private Property and a Commercial/Industrial Property

If you are looking to co-own a residential property and want to avoid ABSD entirely, you might want to consider investing in a commercial or industrial property instead. The key difference is that mortgage loans for such properties can only be financed with cash, not through CPF, which is commonly used for residential properties.

Owning a commercial or industrial property as an investment property is relatively straightforward, and not as daunting as many people believe it to be. There are plenty of strata commercial and industrial units available in the market that cater to various budgets.

An investor with good credit status may be granted up a loan amounting to 80% of the property’s value, with the remaining 20% payable in cash as a deposit.

For example, if a freehold second-floor retail unit is priced at $1 million, and the buyer can secure an 80% loan, they will need to place a $200,000 deposit for the property. Supposing the shop is currently tenanted, the buyer will have immediate cash flow to support the loan payments.

In closing

So, there you have it—three strategies for how a Singaporean couple can achieve their property dream of owning at least two properties concurrently. That said, there are other factors to consider. In the event of a dispute, how will the assets be distributed? Additionally, one must be careful in assessing the impact of higher property taxes against the financial viability of their investments.

In short, the dream of owning multiple properties is still attainable for Singaporean couples. But before you take the plunge, be sure to consult with your professional ERA salespersons and bankers to effectively plan and execute your roadmap to dual property ownership.

Disclaimer

This information is provided solely on a goodwill basis and does not relieve parties of their responsibility to verify the information from the relevant sources and/or seek appropriate advice from relevant professionals such as valuers, financial advisers, bankers and lawyers. For avoidance of doubt, ERA Realty Network and its salesperson accepts no responsibility for the accuracy, reliability and/or completeness of the information provided. Copyright in this publication is owned by ERA and this publication may not be reproduced or transmitted in any form or by any means, in whole or in part, without prior written approval.