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. 

Owning a condo in Singapore is often aspirational, with many homebuyers drawn to the unbeatable mix of ample facilities, modern amenities and prime locations that such dwellings offer. These perks come at a cost, but the potential rewards do justify the investment.

In 2024, the private residential price index continued its steady climb, maintaining the momentum of past years with a 3.9% year-on-year increase. Although this uptick translates into pricier purchases for potential buyers, it also reflects a thriving market with promising opportunities for future returns.

To support this view, we have identified condo developments with the highest volume of profitable deals in 2024, based on a collective pool of 1,445 money-making properties with holding periods of four years or less (i.e., an optimal window for benefiting from Seller Stamp Duty exemption while achieving quick gains). Below are key details about these moneymakers in each region, along with bite-sized insights into their successes.

Best-performing Core Central Region (CCR) projects with the most number of profitable deals

Table 1: CCR condominium projects with the greatest number of profitable transactions that have holding periods of no more than 4 years

#1: Kopar at Newton (16 profitable transactions in 2024)

Taking the top spot within the CCR with 16 profitable transactions is Kopar at Newton, a luxury condominium located in District 9. Fresh from obtaining its Temporary Occupation Permit (TOP) last year, Kopar at Newton enjoyed an advantage in the sub-sale market, being particularly appealing to buyers who value newer, move-in-ready homes over resale properties in the same vicinity.

This preference becomes apparent when looking at the numbers: Among Kopar at Newton’s 16 profitable transactions, ten were sub-sale deals, which demonstrates the willingness of buyers to pay for the convenience of immediate occupancy.

#2: Leedon Green (13 profitable transactions in 2024)

Moving down the list, Leedon Green took second place in the CCR with 13 profitable deals, all of which were sub-sales due to its TOP attainment in 4Q 2023. The development also stood out for achieving the highest absolute gains among all regions, with a luxury 4-bedroom unit + private lift (1,496 sq. ft) raking in an impressive $1.15M profit.

In the same vein, Leedon Green’s smallest recorded profit of $92,000 also exceeds the baseline for absolute gains made at other top-performing CCR developments on this list; this may well be due to the development’s location within the prestigious Leedon Heights area and its freehold status in the CCR.

#3: The M (10 profitable transactions in 2024)

Coming in third, with a total of ten profitable transactions, is The M – a premium 99-year leasehold, mixed-use development located on Middle Road. Given its address in District 7, much of The M’s price appreciation can be attributed to its premium location and convenience.

To begin with, the development is located near not one but three key MRT stations: Bugis (East-West, Downtown Lines), City Hall (North-South, East-West Lines), and Esplanade (Circle Line). Likewise, The M also benefits from the Government’s ongoing efforts to transform the surrounding Bugis area into an extension of the Central Business District, which contributes to the desirability of its homes.

Additionally, in recent years, District 7 has also seen various new developments breathing new life into the area. As such, successful projects within the area, like DUO Residences and City Gate, may have also contributed to The M’s price growth since its initial launch in 2020.

Best-performing Rest of Central Region (RCR) projects with the most number of profitable deals

Table 2: RCR condominium projects with the greatest number of profitable transactions that have holding periods of no more than 4 years

#1: Penrose (98 profitable transactions in 2024)

Within the RCR, Penrose secured the top spot for the best-performing residential development, achieving 98 profitable transactions last year. This 99-year leasehold project is situated at Sims Drive, offering a convenient location near the Paya Lebar Precinct and within the broader, desirable District 14 area.

Penrose’s strong profitability may also be traced back to its competitive launch pricing nearly five years ago. In 2020, while the median unit price of new launches in D14 stood at $1,666 psf, the equivalent for Penrose was $1,547 psf; this made the project a compelling value proposition in D14, while also providing first movers a higher margin for appreciation as home prices grew in the area.

Likewise, Penrose’s proximity to Aljunied MRT station, as well as the potential upside from the Kallang Alive Master Plan in the nearby Kallang district, also bodes well for future growth.

#2: Normanton Park (60 profitable transactions in 2024)

Recording a total of 60 profitable transactions last year, Normanton’s Park’s success as a top performer can be attributed to various strengths, including its strong potential to generate passive income through rentals, as well as its status as a mixed-use mega development.

Beyond its 1,862 residential units, the development also features eight commercial units, providing residents with a level of doorstep convenience. As for its leasing viability, Normanton Park is also located in the vicinity of various business nodes, including Science Park, Mapletree Business City, and one-north, which is a live-work-play-learn district of the future.

#3: Jadescape (54 profitable transactions in 2024)

Securing its position as the RCR’s third best-performing condo, Jadescape recorded 54 profitable deals last year – a strong showing for this 99-year leasehold project at Shunfu Road that reached TOP status in 2023.

However, Jadescape’s success isn’t limited to just its volume of money-making transactions. Just a few weeks ago, in January, the development made local headlines following the lucrative sale of a penthouse unit, which netted its sellers a record profit of $ 4.4 million. Likewise, a 2,098 sq. ft. five-bedroom suite also sold for a remarkable $1.06 million profit in a resale transaction.

This string of successes, combined with Jadescape’s attractive locational attributes (e.g., proximity to Marymount and Upper Thomson MRT, as well as the Bishan-Thomson area) cements its status as one of the RCR’s most lucrative projects.

Best-performing Outside Central Region (OCR) projects with the most number of profitable deals

Table 3: OCR condominium projects with the greatest number of profitable transactions that have holding periods of no more than 4 years

#1: Treasure at Tampines (197 profitable transactions in 2024)

Considering that Treasure at Tampines holds the distinction of being among the biggest condo developments in Singapore with 2,203 units, it comes as no surprise that it also clocked the most secondary transactions in the OCR last year – of which 197 were profitable with gains ranging from $25,000 to $981,000.

This 99-year leasehold development along Tampines Lane is also located within close proximity to key amenities and roadways, including the iconic Tampines Round Market and Food Centre, the Pan Island Expressway, and the Tampines South Flyover.

Further contributing to Treasure at Tampines’s convenience (and hence, price growth) are the retail, dining, and entertainment options available at Tampines Mall, Century Square, and Eastpoint Mall, which are roughly 1 km away from its doorstep.

#2: Parc Clematis (92 profitable transactions in 2024)

Though they are situated in districts at almost opposite ends of Singapore, Parc Clematis (District 5 in the west) and Treasure at Tampines (District 18 in the east) share a fair number of commonalities that have contributed to their success.

Like its counterpart, Parc Clematis status as a mega-development lends well to its price growth. In total, the development consists of an impressive 1,450 units – a feature that often translates into higher transaction volumes and a steadier pace of price appreciation.

Additionally, as expected, Parc Clematis offers convenient access to a range of neighbourhood amenities, including Clementi MRT Station, Clementi Mall, NEWest, and Grantral Mall. Its close proximity to the Ayer Rajah Expressway (AYE) also ensures connectivity via car to key destinations across the city, including Raffles Place, Shenton Way, and the Marina Bay Financial District.

#3: The Florence Residences (87 profitable transactions in 2024)

Given that the preceding top performers on this list are both mega-developments, it is hardly unexpected that The Florence Residences is also one. Comprising 1,410 units, this project sits on the former site of Florence Regency – a Housing and Urban Development Company (HUDC) flat that was privatised in 2014 and later sold en bloc three years later.

Moreover, The Florence Residences is just a 5-minute walk (approximately 600m) from Hougang MRT Station, positioning it to benefit significantly from the upcoming Cross-Island Line (CRL). This is the case, as once Phase 1 of the CRL launches in 2030, Hougang MRT Station will become an interchange linking the CRL and the North-East Line, thereby enhancing both the convenience and long-term growth potential of The Florence Residences.

So, what do all these profitable transactions tell us?

A closer examination of these top-performing projects, ranked by the volume of profitable transactions, reveals several key insights.

For starters, properties can yield favourable returns, even with relatively short holding periods of 4 years or less.

Table 4: Breakdown of profitable secondary market transactions in 2024, by market segment

Looking at the total of 1,445 profitable secondary market transactions, this finding is particularly evident among newly TOP-ed properties, which attract buyers due to their move-in-ready condition and the appeal of a brand-new development. Additionally, this pattern is observable across all regions, as seen by the more significant proportion of sub-sales compared to resale transactions among profitable secondary market deals in 2024.

Second, homes in mega developments have greater potential to outperform smaller developments in the same district in terms of price growth.

In turn, this can be attributed to two key factors: the diversity of unit types available in mega developments and the sheer volume of units on offer. These characteristics typically create more transaction opportunities, thus generating higher sales activity, and ultimately, a comparable or greater rate of price appreciation over time.

So, if you’re considering purchasing a new home in a mega development – or for that matter, any new launch in 2025 – do check out our comprehensive list of new launches taking place this year. Alternatively, feel free to reach out to an ERA Trusted Advisor for personalised property recommendations tailored to your specific housing needs and preferences!

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

随着中央区以外（OCR）和其他中央区（RCR）私宅的需求和价格上涨，让曾经房价看起来“遥不可及”的核心中央区（CCR）私宅开始变得具有吸引力，并逐渐进入买家的视野。

新加坡的住房市场分为三个主要区域：

• OCR：涵盖卫星镇，是大多数新加坡人的成长环境
• RCR：位于城市边缘，许多新加坡人希望升级至此
• CCR：传统上被视为新加坡富裕和精英群体的居住地

但如果我告诉你，如今在CCR置业已经并不像你想象的那样遥不可及了，你会感兴趣吗？

CCR的组成

CCR 一直以来被认为是新加坡最富裕和最具声望人士的居住地，其范围涵盖以下邮区：

• 第 9 区（乌节路、里峇峇利）
• 第 10 区（武吉知马、荷兰路、东陵）
• 第 11 区（诺维娜、纽顿）

此外，部分第 1、2、4、6 和 7 邮区的区域也属于 CCR，这些地区包括中央商务区（CBD）、武吉士、丹戎巴葛、港湾区和圣淘沙。其中，部分地段归属 CCR，而另一些则划入RCR。

纳新路（Nassim Road）、经禧（Cairnhill）、雅茂园（Ardmore Park）等地址均位于 CCR，进一步加深了CCR 仅限富人居住的印象。

这一说法对于优质洋房和有地住宅确实成立，但CCR 也不乏价格相对亲民的私宅，甚至可以说，其中一些还有“捡漏”的可能！

CCR 与其他区域的房价差距正在缩小

在土地资源稀缺的新加坡，房产已成为最具投资价值的资产之一，甚至被视为几乎稳赚不赔的财富增长方式。多年来，新加坡各个区域都经历了快速发展，私宅在岛内各地不断涌现。

近些年来，土地价格和建筑成本上涨等因素推动了新私宅价格不断上扬。这一表现在RCR和OCR更为明显。由于可开发土地较多，发展潜力更大，发展商纷纷进驻这些区域破土动工，带动了房价上涨。

与此同时，发展商在新住宅区的开发热潮，进一步推高了需求，从而拉高了市区以外的房价，也使其与CCR的房价差距逐步缩小。

房价指数直观体现出本地房价近些年的增长。自2015年以来，OCR 和 RCR 非有地私宅的 PPI 大幅上涨，截至2025年2月分别达到257.3和223.5，各增长了108.7%和81.4%。相比之下，CCR的价格增长相对温和，增长了35.8%，指数值达到154.8。

这种价格差距在99 年地契非有地私宅的中位数尺价也有所体现，也表明了CCR 与其他区域的房价差距正在缩小。

多年前，CCR 的房价一直在全岛独领风骚，是唯一中位数尺价超过 2000元的地区。然而，在过去10年中，情况发生了变化。我们观察到RCR 和 OCR 房价持续上涨，而 CCR增长趋势则放缓。

其实，自 2023 年以来，RCR 私宅的中位数价格已超过了CCR私宅。这一变化主要因多个高端RCR项目的推出，如艺景峰（The Orie）；以及第15邮区的项目，如嘉乐轩（Emerald of Katong）、莉丰嘉园（Tembusu Grand）和名门世家（Grand Dunman），这些项目的开盘价创新高，同时推动这些地区的交易量。

此外，近期一些位于市区边缘的RCR项目，如誉岭峰（Union Square Residences）、康宁河湾（Canninghill Piers）、松岩轩（Pinetree Hill）和宁芳苑（Nava Grove），也继续推动着RCR房价的增长。

CCR 私宅现在是否值得入场？

去年，OCR 和 RCR 的新私宅价格创下新高，进一步缩小了与 CCR 的价格差距。随着 OCR 和 RCR 的房价持续攀升，CCR 逐渐成为一个被低估的市场。

一个典型的例子是99 年地契的两卧房私宅单位。这些公寓在当前市场中的买家可负担价格介于 180 万至 210 万之间。这个价格区间的私宅深受组屋升级者欢迎。

以下是三个地区的中位数成交价：

由此可见，CCR 仍有可负担的卧房私宅，其价格与其他地区的私宅差距并不大。此外，与 RCR的私宅相比，CCR 项目在卧房私宅的平均面积相对更大。

这让CCR的两卧房私宅成为组屋升级者或 来自OCR私宅买家的选择。之前，这类买家通常会选择 RCR私宅作为升级的首选。然而，当 CCR 的新私宅价格与 RCR 和 OCR 相差无几时，我们可以合理地认为 CCR私宅目前是一个被低估的市场。

地理位置优越

那么，在 CCR 的生活方式又如何呢？

对于CCR地理位置 的优势，这里的居民早已津津乐道。无论是餐饮、购物，还是各种休闲活动，让生活品质大幅提升。

交通基础设施
同时，CCR公共交通便利。作为城市中心，CCR的交通网络四通八达。虽然上下班高峰期的短期交通拥堵可能难以避免，但这里有多条线路可供选择。
此外，随着汤申—东海岸（Thomson-East Coast）地铁线在去年的全面开通，市区的交通更是达到从未有过的便捷，这里可连接岛内全部六条地铁线路。让你无论是探亲访友，还是日常出行都变得轻松无比。

多所热门学校

CCR还有多所热门学校。比如花拉路（Farrer Road）附近的南洋小学（Nanyang Primary School）、西乃山（Mount Sinai）附近的恒力小学（Henry Park Primary School）以及位于里峇峇利（River Valley）的立化小学（River Valley Primary School）。这些热门学校的小一申请率极高，居住在学校一公里内可让孩子提高入校机会。

购物天堂

除了地理位置优越、交通便利，CCR还能让您享受这座城市的主要商圈。这里是新加坡最大的购物区乌节路的所在地，住户可以轻松享受购物乐趣。区域内的购物中心还提供多种丰富多彩的生活和娱乐选择，如电影院、健身房和健身课程，以及在后疫情时代风靡一时的艺术、舞蹈和健康工作室。

丰富多样的餐饮选

CCR应该是全岛餐饮选择最丰富的区域。从本地小吃、高档餐厅，到时尚的葡萄酒酒吧和舒适的咖啡馆，CCR的餐饮选择数不胜数。国际化的城市生活，让这里汇聚了世界各地的美食和文化，等待您的探索。

靠近成熟社区

此外，CCR及其周边区域也是新加坡历史最悠久、文化最丰富的地区。例如牛车水和中峇鲁等地区。居住在CCR，可以轻松前往这些成熟社区，光顾湿巴刹、小贩摊位等，体验更多本土生活。

总结
居住在CCR追求的是一种城市体验，尤其适合那些对生活便利有要求的人。如果您希望将繁华都市只有一步之遥，并且将缩短日常通勤时间作为优先考虑，那么现在可能是进入CCR房地产市场的最佳时机。

如果您想了解更多关于CCR房产的信息，请随时联系ERA的市场顾问，我们将竭诚为您服务。

 

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Singapore’s housing market is divided into three distinct market segments – the Outside Central Region (OCR) with its satellite towns, where most of us grew up in, the Rest of Central Region (RCR) consisting of city fringe towns, where most Singaporeans aspire to upgrade to, and the Core Central Region (CCR) which is traditionally perceived as the home to Singapore’s most affluent and elite. But what if I told you that living in the CCR might not be as out of reach as you think?

Image 1: The CCR consists of the highlighted areas, which include postal districts 9, 10, 11, as well as the Downtown Core and Sentosa

What we know about the CCR

With a reputation as being home to Singapore’s wealthiest and most distinguished, CCR addresses span across District 9 (Orchard, River Valley), District 10 (Bukit Timah, Holland, Tanglin), and District 11 (Novena, Newton), as well as certain areas of Districts 1, 2, 4, 6, and 7. These additional districts contain areas like the CBD, Bugis, Tanjong Pagar, Harbourfront and Sentosa which have certain areas that fall under the CCR, and some in the Rest of Central Region (RCR).

Famous addresses such as Nassim Road, Cairnhill, Ardmore Park, and many more all lie within the CCR, further painting the picture that living in the CCR is reserved for only the most well-to-do. While that is the case for the Good Class Bungalows, and other landed CCR properties, there are in fact other affordable private properties, or dare we say – value buys such as apartments and condominiums to be found all around the CCR!

A Narrowing Price Gap between CCR and Other Regions

In land scarce Singapore, property has become one of the greatest investment assets, and an almost surefire way to grow one’s wealth. Over the years, we have witnessed rapid development across the various regions in Singapore, with private homes popping up in all corners of the island.

Over the years, key cost drivers, such as land prices and construction expenses, have pushed new private home prices upwards. This climb is more noticeable in the RCR, and especially the OCR, where the availability of buildable plots and greater urban growth potential has resulted in more developer activity. In turn, as developers seize fresh opportunities to build new housing estates, this has contributed to growing demand, and hence, growing home prices outside of Singapore’s urban core.

Chart 1: Property Price Index (PPI) growth by market segment

This growth in property prices is best reflected in Singapore’s Property Price Index (PPI).

Since 2015, the non-landed PPI for OCR and RCR properties have grown tremendously, reaching 257.3 and 223.5 respectively in Feb 2025, indicating a 108.7% and 81.4% growth respectively. In contrast, the CCR has seen a more moderate price growth of 35.8%, reaching an index value of 154.8.

This price gap can be further exemplified by a narrowing median price when comparing 99-year leasehold non-landed properties.

Chart 2: Median all sale transaction prices by year for 99y-Leasehold private (non-landed) property

Traditionally, the CCR held the highest median prices islandwide, with no close comparison, being the only market segment with prices over $2,000 psf. However, over the last decade we have observed an upward trend in RCR and OCR home prices, while home prices in the CCR have been growing at an overall more moderate pace.

In fact, since 2023, the median price of RCR homes has exceeded that of CCR homes. This can be attributed to the launch of many high-profile RCR projects in the city fringe such as The Orie, and District 15 projects such as Emerald of Katong, Tembusu Grand and Grand Dunman setting new benchmark launch prices and driving transactions in the region.

Additionally, we are also seeing recent RCR projects launched extremely near the CCR-RCR boundaries such as Union Square Residences, Canninghill Piers, as well as Pinetree Hill and Nava Grove which have continued to spur on the rate of RCR price growth.

Are CCR Properties Now Value Buys?

Last year, we saw new homes in the OCR and RCR reach new benchmark prices that further narrowed down the price gap to the CCR. As the other market segments continue to peak in pricing, the CCR is starting to become an under-valued market, offering homes with similar prices to the other regions.

A great case study representing this is when we look at 2-bedroom condo units for 99-year leasehold condos. These condos are generally affordable (as far as private property is concerned nowadays), ranging from around $1.8m to $2.1m, making them a popular choice for HDB upgraders.

Here are median transaction prices for such condos in the primary market across all three market segments.

Table 1: Median prices of 99-year leasehold 2-bedroom condos

We can observe that there are affordable 2-bedroom CCR options available, going toe-to-toe with similar options available in other market segments. Additionally, we can observe that CCR projects offer larger unit sizes on average for their 2-bedroom units when compared to the RCR.

This frames these CCR 2-bedroom homes as feasible upgrading options for those coming from the HDB or OCR condo market, who would have traditionally turned to the RCR as the next step in their journey. When you can feasibly afford a new CCR home for a similar price quantum as in the RCR and OCR, I think we can safely say that this market segment is currently undervalued.

CCR Homes are Best Known for their Unbeatable Locations

What about the lifestyle factors when it comes to living in the CCR?

There isn’t much to be said about living in the CCR that hasn’t already been touted by its longtime residents. Living in the city centre promises an unparalleled lifestyle of convenience, featuring short commute times to dining, shopping, and other recreational activities.

Transport Infrastructure

The CCR is also extremely well connected by public transport. Being the nucleus of our city-state, the CCR features layers of connectivity. While road traffic will be congested at peak hours with people commuting in and out, there are various bus services ready to take you up, down, across, and out of town.

Additionally, with the Thomson-East Coast line fully opening last year, the region is more connected than ever, with access to all six of the nation’s MRT lines. This makes getting around the city a breeze, making it easy to visit or for family members to visit you, and to attend events and activities.

Many Good Schools in the CCR

There are a number of good schools that are located within CCR neighbourhoods too. Schools like Nanyang Primary School at Farrer Road, Henry Park Primary School at Mount Sinai and River Valley Primary School at River Valley are prominent examples of such schools, where their high application rates and their 1km priority enrolment radius means that having a home with a CCR address grants the best odds for securing a spot in one of these prestigious schools.

Endless Shopping and Activities

Going beyond its advantageous and convenient location, living in the CCR offers residents a unique, one-of-a-kind lifestyle that you cannot find anywhere else. Living in the heart of the city means that you have the entire city’s offerings at your fingertips.

Home to Singapore’s largest shopping district in Orchard Road, residents have nearby access to hours of retail fun. The various shopping malls and shophouses that can be found in the CCR provide a variety of activities to supplement your lifestyle, such as cinemas, state-of-the-art gyms and fitness classes, as well as art, dance, and wellness studios which have taken the post-pandemic world by storm.

A Whole World of Dining Options

In terms of dining options, the CCR boasts arguably the widest array of dining options of the entire island. From local eateries, and swanky restaurants to chic wine bars and cozy cafes, you are spoilt for choice when it comes to dining in the CCR. Given the metropolitan nature of city living, there is food from all cultures and cuisines waiting for you to explore.

Close Proximity to Mature Estates

Furthermore, the CCR and its surrounding areas also consist of some of Singapore’s oldest and most culturally rich neighbourhoods and estates. These include areas such as Chinatown and Tiong Bahru. With Singapore’s robust infrastructure, those staying in the CCR can visit these mature estates to patronise wet markets, hawker stalls, and much more.

Conclusion

Ultimately, living in the CCR is all about chasing a certain lifestyle, and for those we desire absolute convenience. If you find the prospect of having all the bustling city has to offer at your doorstep, and if short commute times for your daily activities are a priority for you – then now might just be the perfect time to enter the CCR market.

If you would like to find out more about CCR properties, do not hesitate to reach out to an ERA trusted advisor 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. 

Previously, we touched on how the extension of the Central Business District Incentive (CBDI) and Strategic Development Incentive (SDI) schemes matter in the CBD’s revival, serving as catalysts for the redevelopment of older buildings in the city. In much the same way, we believe that Marina South – the extension to Singapore’s CBD – will play a pivotal role in transforming our country’s landscape.

The evolution of the CBD

1800s
Singapore’s first commercial district traces its humble beginnings to the early 19th century, where it took shape along the banks of the Singapore River. Strategically located along the Maritime Silk Road, the Singapore River quickly established its presence as one of the important free ports facilitating trades between China, India and Southeast Asia.

During this period, shophouses were built along Boat Quay, Clarke Quay, and Raffles Place to support the thriving trade and growing business community. Banks and related businesses gravitated towards the area, shaping it into Singapore’s first commercial district.

By the early 1900’s, Singapore’s growing importance as a major port led to overcrowding in its commercial district. A lack of urban planning saw shops, houses, and factories all cramped into the same area. This led to issues like road congestion and pollution that gave rise to health and environmental concerns.

This slew of problems prompted the Singapore Government to undertake a major urban renewal program in the 1960’s and 70’s, aimed at creating a more systematic approach towards transforming Singapore’s built environment.

Through the Land Acquisition Act and the Government Land Sales (GLS) or Sale of Sites programme introduced in 1966 and 1967 respectively, the Singapore government was able to address the issues of fragmented land ownership and the need for a more regulated process for land acquisition by the private sector. Together, these changes set the stage for the development of our modern CBD.

Rethinking CBD with modern skyscrapers

With the government’s urban planning efforts laying the foundation, the next phase of development focused on modernising the CBD with high-rise office buildings. Hong Leong Building (1976), OCBC Centre (1976), UOB Plaza (1972) and Singapore Land Tower (1980) were some of the first skyscrapers in Singapore’s CBD that are still standing to this very day.

Far beyond shaping Singapore’s skyline, these office buildings played a pivotal role in meeting the real estate demands essential for supporting the growth of Singapore’s financial centre.

In the early 2000’s, Singapore continued to solidify its status a regional financial hub, leading to a significant increase in demand for office space since. As demand for offices grew, commercial properties have reported a strong growth trajectory amid tight vacancies. These assets have also proven to be valuable investment opportunities for institutional investors and private entities seeking stable returns and long-term capital appreciation.

Beyond offering excellent office infrastructure, the CBD is also supported by an extensive transport network that reaches all parts of Singapore. More importantly, it plays the role of a hub that serves Singapore’s business ecosystem by facilitating networking and trade.

In the 2024 Global Financial Centre Index, Singapore placed fourth out of 133 global financial centres, cementing its status as one of the world’s leading financial hubs. This could drive the demand for more office space within the CBD. With office space in the existing CBD becoming increasingly constrained and demand for sustainable developments rising, Marina South presents a timely expansion for Singapore’s business district.

Marina South: Birth of Singapore’s new sustainable mixed-use neighbourhood

Marina South is set to evolve into a mixed-use residential neighborhood, featuring retail, hotels, offices, and amenities, all within a 10-minute walk. Through the GLS programme, Marina South is currently undergoing a Master Plan transformation in the hands of URA.

In 2023, a consortium led by developer Kingsford Group put in a top bid of $1,402 per square foot per plot ratio (psf ppr) for a site at Marina Gardens Lane, which will be developed into a new residential project. Set to yield 937 units, the development is expected to launch in 2025, thus setting the stage for one of Marina South’s pioneering projects.

Subsequently, in January 2024, a white site at Marina Gardens Crescent received a single bid from a GuocoLand-led consortium at $984 psf ppr. URA rejected the bid, opting instead to hold onto the site for a fair price instead of accepting an undervalued offer.

This decision reaffirms URA’s commitment towards upholding and preserving the value of Singapore’s land.

In Conclusion

As Singapore continues to draw international businesses and talent, Marina South will play a pivotal role in shaping the future of Singapore’s urban landscape. Offering more than just a modern, sustainable, and people-centric environment that supports our city-state’s economic growth, Marina South also sets the stage for a vibrant new residential district – one that Singaporeans can be the first to call home.

Interested to know more about what the estate offer to prospective homeowners and tenants? Speak to any ERA Trusted Advisor today to find out more!

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. 

What is one-north and why it was planned

Since the 1990s, Singapore’s economic growth was shifted towards high value chain industries that rely on a high-skilled workforce. Structural reforms were made to promote innovation, enterprise and entrepreneurship. The Biomedical as well as Information and Communications Technology (ICT) industries were among the new key economic drivers that the Singapore government is pursuing. Investments were made to attract world-class research talents and infrastructure development. In addition, more emphasis was placed on creating an environment that allows for start-ups to grow and thrive.

Hence, in the 2000s, JTC Corporation (JTC) was tasked to undertake the development of one-north as Singapore’s research and development (R&D) and high technology cluster. One-north was envisioned to have eight distinct precincts, each playing a unique role, forming a hub for the respective industry clusters.

Unlike other business parks that are specialised for a single manufacturing industry, one-north supports a dynamic ecosystem. This helps foster better collaboration, which is key for firms in the research and knowledge sectors.

Over the last 20 years, Singapore government has consistently invested about 1% of GDP annually in R&D – an investment proven to have borne fruit. Over two decades ago, Singapore’s biotech ecosystem was led by the construction of Biopolis, which has successfully served as a platform for biotech talent to gather and share knowledge.

 

In the 2010s, emphasis was placed on the work-live-play concept. Wessex Estate, for instance, offers homes that are tenanted to staff working nearby, including the iconic conserved black-and-white bungalows. As one-north’s workforce grew, co-living spaces, serviced apartments, hotels and condominiums were introduced into other precincts to facilitate community bonding. With further development, the ‘learn’ component was added, with the addition of INSEAD Asia Campus in Ayer Rajah, ESSEC business school and Unilever’s training centre in Nepal Hill.

Currently, as a prominent research hub and a business centre for over 400 leading companies and 800 start-ups with 50,000 knowledge workers employed, one-north has attracted upwards of $8 billion worth of investments.

As a hub for high technology, innovation and a thriving startup ecosystem, it is little wonder why one-north has drawn comparisons with Silicon Valley, the world’s leading innovation hub that draws significant venture capital investments.

Biomedical, sciences and research

Biopolis, the first cluster developed in one-north, primarily supports biomedical R&D. Dedicated to promoting collaborations between private and public scientific communities, it houses research institutes with labs for pharmaceutical and biotechnological companies.

The development also includes spaces catered to private institutes with specialised capabilities, such as those focusing on neuroscience, immunology, and pre-clinical trials. Wilmar International has since chose to locate their global headquarters in Biopolis, while Procter & Gamble Singapore also opened its $250 million innovation centre in 2014.

Most recently, in December 2023, Biopolis Phase 6 (Named Elementum) was completed. This biomedical science building adds a 12-storey development catering to the demand for semi- or fully furnished laboratories, along with integrated community areas. As such, smaller firms supporting these Multi-national Corporations in the upstream and downstream supply chain can establish themselves there for better synergy.

In addition, firms in the ICT, physical sciences and engineering industry are housed mainly in Fusionopolis. Mainly serving as a R&D hub, there are various organisations, high-tech companies and government agencies housed there. Examples include Linden Research, the makers of the 3D virtual online world, Thales Technology Centre, A*Star and the Info-communications Media Development Authority (IMDA). Razer SEA has also set up their headquarters there.

Tech, sciences, media and start-ups

Mediapolis plays a vital role in Singapore’s infocomm and media ecosystem. It houses studios including those in Mediacorp Campus and Infinite Studios, a 1.2-hectare soundstage facility. It also includes ALICE@Mediapolis, a privately-developed, green and smart multi-tenanted business park and office space for start-ups and as a base for established media firms.

Grab also opened its 9-storey headquarters located across Mediapolis. With an area of more than 42,000 square metres, the new Grab HQ houses approximately 3,000 employees, an R&D centre, and the first GrabMerchant centre.

The neighbouring precincts, Launchpad and Ayer Rajah are home to start-ups, incubators and firms specialising in emerging industries. LaunchPad, also known as the cradle of Singapore’s blossoming start-up scene, allows for the test-bedding of ideas. Clustering similar firms together creates a synergistic effect, allowing like-minded budding entrepreneurs to thrive within their own eco-system. With a vibrant economy of diverse startups, incubators, venture capitalists and ecosystem partners, they can scale-up their business more easily. Some firms that have benefited from this and grown significantly are Carousell, 99 Group, Shopback and IglooHome.

 

Amenities and Institutes of Higher Learning

Within the one-north precinct, there are two MRT stations – Buona Vista and one-north. There are also amenities near both MRT stations, Biopolis, Media Circle and Rochester Park to cater to residents’ needs.

The National University of Singapore (NUS) and Singapore Polytechnic are in the vicinity of one-north. With an emphasis placed on knowledge-sharing and collaboration, firms, especially those doing research and these tertiary institutions can foster industrial-academia collaboration.

Singapore Science Park

Lying within the greater one-north community is the Singapore Science Park. Home to over 350 multinationals, companies, and laboratories, it is amongst Asia’s most prestigious addresses for biomedical, R&D and technology development. Its close proximity to key research and tertiary institutions and Singapore’s technology start-up community caters to the needs of companies such as Defence Science Organisation National Laboratories, TÜV SÜD PSB, AT&T, Institute of Microelectronics and Crimson Logic.

The Singapore Science Park is also currently undergoing rejuvenation, transforming it from a business park into a work-live-play precinct. Most recently, the first phase of Geneo was completed in December 2023 and Citadines Science Park Singapore has begun operations in February 2024. When Geneo is fully completed in 2025, the total working population in SSP is expected to reach about 21,000, up from 12,000 currently.

While there was much fanfare around one-north and the Singapore Science Park development, companies there struggled to attract talent, largely due to an underdeveloped transport network and a shortage of nearby housing.

Private Homes in one-north

Currently, there are only five condominiums in the entirety of one-north, with two of them being new launches – Blossoms By The Park (275 units, launched 2023) and The Hill @ One-North (142 units, launched 2024).

One-North Residences (405 units) and The Rochester Residences (366 units) were both launched in 2007, while One-North Eden (165 units) was launched in 2021. Buyers would have all made significant gains, in line with one-north’s development on a precinct level. Based on median price psf of all transactions, One-North Residences price growth was the most significant, rising 72.1% since launch. More recently, property prices at one-north Eden have grown 29.3% since its launch in 2021.

Chart 1: Price performance of condos in one-north

Source: URA as of 24 Feb 2025, ERA Research and Market Intelligence

 

More New homes to be added to support the workforce

One-north has been primarily seen as a workplace, housing local and foreign firms With just five condominiums in the precinct, the Urban and Redevelopment Authority (URA) realised the need to inject more housing. A larger stay-in population that can support the workforce will help spruce up the estate, creating a vibrant work-live-play-learn environment. The area will also be connected by cycling paths and covered walkways/linkways to improve first-mile connectivity.

Having more housing units in one-north will also cater to the large tenant pool of lecturers, researchers, foreign students and expats working in the firms there. This can provide a steady stream of rental income.

The next area for residential development in one-north will be in Media Circle, a part of Mediapolis. Thus far, URA has released three non-landed residential sites in there. One has been awarded (now Bloomsbury Residences), and other two are open for tender. In total, these three future developments will yield up to 1,185 units. Thereafter, depending on the demand, there could be more sites being sold. They could potentially be mixed-used developments.

 

Making sense of the recent land bids trend in Media Circle

The site at Media Circle (Parcel A) recently closed with three bids, with the highest coming from a joint venture between QingJian Realty, Forsea, and Hoovasun. The winning bid of $1,037 psf ppr is about 13% lower than the $1,191 psf ppr they secured for a site last year. It was a good defensive move and buffered in headroom for more options to respond to any changes in market conditions in the future Another reason for the lower bid is that, unlike Bloomsbury Residences, the commercial component of Media Circle (Parcel A) will be part of the development’s common area and will eventually fall under the care of the MCST. Nonetheless, the lower land price may not translate to lower selling price as considering higher-for-longer interest rates and and rising construction cost.
Furthermore, having both sites developed simultaneously by the same developers will allow for better alignment of design intentions with the surroundings, resulting in a more seamless and cohesive integration.

In conclusion

New residential developments being injected into the precinct will further add to the rejuvenation. It could transform Media Circle into a vibrant mixed-use district. A larger live-in population would mean that the transport infrastructure will also be upgraded to cater to the residents there. We could see more feeder buses that comes frequently to take residents to amenities and the MRT stations.

Moving forward, it was announced during Budget 2025 that the government will refresh the public biosciences and med-tech research infrastructure in the greater one-north area. This will mean more investments to provide state-of-the-art facilities, promote collaboration within Singapore’s research community, and enable faster translation of research into commercial solutions. These investment commitments will ensure that one-north and Science Park will continue to develop into a thriving work-live-play-learn business park anchored by large high-tech firms.

Expanding the residential offerings in one-north will accommodate the growing workforce. This provides an opportunity to investors to acquire a home here to capitalise on potential future growth, and the large tenant pool for passive rental income.

Interested to know more about what the estate offer to prospective homeowners and tenants? Speak to any ERA Trusted Advisor today to find out more!

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. 

While it won’t happen overnight, Lentor will eventually shed its image as a quiet district in northeastern Singapore. Recent years have seen the release of multiple Government Land Sales (GLS) sites, which have drawn in developers. Between 2022 to 2024, at least five new residential projects were launched in Lentor, representing some 2,400 new private homes being brought to market.

Table 1: Past and upcoming new launches in Lentor

This steady influx of new housing options, including the much-anticipated launch of Lentor Central Residences this year, highlights the area’s long-term prospects as a liveable location with both green spaces and modern amenities. Even so, the possibility of condo sales in Lentor reaching a saturation point was raised after Lentoria’s debut in March last year.

But is the new launch market in Lentor truly at its limit? Or is there still the potential for fresh inventory to draw interested buyers?

A timeline of new launches in Lentor

In September 2022, the Lentor neighbourhood saw its first launch in Lentor Modern – an integrated mixed-use development with 605 units by Guocoland, which achieved a highly successful take-up rate of 84% on its launch day.

Following that, Lentor Hills Residences was launched in July 2023 nearly a year later. Jointly developed by Hong Leong Holdings, Guocoland and TID, the development sold 298 units (or approximately 50%) of its 598 units during its debut weekend.

Subsequently, Hillock Green (474 units) was launched four months later, followed by Lentoria (267 units) and Lentor Mansion (533 units) in March 2024. While Hillock Green and Lentor Mansion both saw take-up rates of 27.6% and 75% respectively, Lentoria saw a more measured response of nearly 20%.

These varied performances, along with slower reception at a number of more recent Lentor launches, raised concerns about buyer fatigue and market saturation within the area. However, this perspective might not hold true, as there are several reasons suggesting otherwise.

Why Lentor’s new launch market hasn’t reached its limit  

Reason #1: New launches in Lentor, both past and present, have seen strong take-up since their debut

Perhaps the most telling sign that oversupply concerns are unwarranted is the presently low stock of new non-landed private homes in Lentor. Among the five developments that have been launched thus far, Lentor Modern is completely sold out, with another two approaching 100% take-up, namely Lentor Hills Residences and Lentor Mansion.

Table 2: New launches in Lentor and units sold

Meanwhile, despite slower initial sales, both Hillock Green and Lentoria have made significant strides in their sales progress, with 85.9% and 70.8% of their units respectively sold as of 13 February 2025.

Moreover, as of 13 February 2025, 2,318 units or 93.6% of the 2,477 homes launched for sale across the five Lentor projects have already been taken up. Hence, with only a limited number of units left, Lentor’s market has sufficient room for future launches, which will also likely be sustained by the strong buyer demand and interest seen thus far.

Table 3: Breakdown of available inventory at Lentor new launches by room type

A closer look at available condo units in existing Lentor launches also reveals that one- and two-bedders are mostly sold out, with three- and four-bedroom homes making up a larger percentage of remaining inventory.

However, this observation does not suggest a lack of demand for three or four-bedders in Lentor. When looking at relevant unit totals across each development, it becomes clear that a significant portion has already been sold. For example, Lentoria’s 24 remaining three-bedroom units accounts for just 34% of the original supply.

Relating to this, slower sales for larger units can be attributed to buyer behaviour. Aspiring owner-occupiers, such as HDB upgraders, often delay buying their desired three- or four-bedroom units until closer to completion.

By timing their purchases this way, this group of buyers is able to move in faster, avoid paying rent in the interim, and potentially sidestep ABSD, making it a practical and more cost-effective path towards private homeownership.

Reason #2: Stock is low, not just in Lentor but also District 26

Examining the possibility of a supply glut in Lentor through the broader lens of District 26 and its inventory of non-landed private homes (excluding ECs) also reveals that the risk of oversupply is unlikely. With just 2,966 units available as of 4Q 2024, District 26 currently has the third-lowest inventory of non-landed private homes among local districts, thus supporting the view that supply in the area is still tight.

Chart 1: Stock of Non-Landed Private Homes (Excluding ECs) as of 4Q 2024

Reason #3: New homes in Lentor have been moving at a steady pace

Low inventory in Lentor and District 26 aside, yet another indication that Lentor isn’t at risk of oversupply is the steady transaction activity of various new launches in Lentor.

Barring exceptions, such as months coinciding with new project debuts or seasonal slowdowns, sales of new private homes in Lentor have maintained a steady rhythm.

Chart 2: Monthly sales of new non-landed private home units for Lentor projects

For instance, in 2024, following the launches of Lentoria and Lentor Mansion in March, overall monthly sales of new condos in Lentor hovered between 50 to 70 units. The only outliers were June and December, when buying activity typically slows down during the school holiday periods – a common trend in Singapore’s property market.

This consistency also suggests that there is genuine demand for new private homes in Lentor, even after the initial surge of excitement generated by new launches. Hence, with fresh inventory set to be introduced in the coming months, it is likely that both buyer demand and new homes sales in Lentor will keep up their momentum.

Why are homebuyers gravitating towards Lentor?

If the past sales performances of the above developments are anything to go by, Lentor is indeed shaping up to become a vibrant residential enclave, capable of drawing in today’s buyers. This naturally raises the question: why?

The answer lies mainly in Lentor’s location within Ang Mo Kio.

Considering its status as a mature estate, a significant portion of Ang Mo Kio’s housing stock consists of older properties, such as aging HDB flats from the 90’s and older condos built in the early 2000’s. Consequently, for aspiring HDB upgraders or landed property right-sizers looking for newer homes, Lentor represents a compelling opportunity of moving into a rejuvenated neighbourhood, while still being close to familiar amenities, schools and healthcare services.

Moreover, the promise of enhanced transport links, such as Lentor MRT station and the upcoming North-South Corridor, further elevates Lentor’s appeal in the eyes of homebuyers. This is in addition to Lentor’s existing connectivity to major arterial roads and expressways, such as the Central Expressway and Seletar Expressway, meaning that residents will enjoy even greater accessibility to the rest of Singapore in the future.

What can homebuyers look forward to in Lentor and District 26?  

Homebuyers keen on purchasing a new private condo in Lentor will be pleased to know that there will be at least one new project making its debut in the neighbourhood this year.

Located within the same residential cluster as its predecessors, Lentor Central Residences is the sixth and newest addition to the area’s diverse lineup of offerings. The 99-year leasehold development comprises of 477 units and shares many of the same locational attributes as nearby developments, like Hillock Green as well as a yet-to-be tendered site at Lentor Gardens.

Proximity to Lentor MRT station aside, Lentor Central Residences is also within reach of various recreational amenities. For instance, residents can easily access green spaces like Thomson Nature Park and sports facilities such as Yio Chu Kang Stadium & Sports Complex.

Additionally, the Lentor area is well-served by reputable schools, including Anderson Primary School, Presbyterian High School, and CHIJ St. Nicholas Girls’ School, making it ideal for families seeking convenience and suitable education options for their children.

Buyers exploring new options in District 26 can also consider the upcoming, but as-of-now unnamed condo project at Upper Thomson Road (Parcel B) estimated to launch in 2Q 2025. The 940-unit development, which will be jointly developed by GuocoLand and Hong Leong Holdings, represents a first-mover opportunity as it sits on the first land parcel to be released for high-rise residential development in the Springleaf precinct.

Could Lentor be at risk of an oversupply in new private homes in the future?

With a growing number of new launches in the area, concerns about a potential oversupply in Lentor might once again be raised down the road. However, for now, the consistent demand shown at new launches strongly suggests otherwise.

So long as future launches are adequately paced to meet current market demand, Lentor is well-positioned to maintain its mass appeal to a wide buyer audience – from HDB upgraders to families seeking new homes – without significant fear of excessive surplus.

Keen on knowing more about Lentor Central Residences or other exciting opportunities in the area? Reach out to one of our ERA Trusted Advisers today for expert insights and all the details you need to make an informed decision!

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. 

This article was written in collaboration with Tay Liam Hiap, Managing Director of Capital Markets and Investment Sales.

市区重建局（URA）日前宣布将中央商业区奖励计划（CBD Incentive Scheme，简称CBDI）和策略发展项目奖励计划（Strategic Development Incentive Scheme，简称SDI）延长至2030年。这项计划于2019年推出，旨在推动楼龄至少20年的旧建筑重新开发，以提升中央商业区活力。

新加坡的城市发展日新月异，但其中仍不乏一些老旧商业建筑。在鳞次栉比的摩天大厦中，显得有些不那么协调，也已无法满足现代需求。随着建筑老化，维护成本也逐渐增加。落后的通风系统导致空气质量不佳，还可能影响员工健康。这一系列的问题，让地区焕新迫在眉睫。同时，租户也越来越青睐工作环境更舒适的优质办公空间。

两项奖励计划目标相同，但方式不一

中央商业区奖励计划适用于竣工至少20年以上的办公楼，且仅限位于安顺路（Anson Road）、丝丝街（Cecil Street）、罗敏申路（Robinson Road）、珊顿大道（Shenton Way）和丹戎巴葛的指定区域（Tanjong Pagar precincts）。为了保障这些重新开发的质量，项目需满足最低地段面积（site area）要求，即1000至2000平方米，也不允许分层出售。申请成功的项目可获得额外25%至30%的总楼面面积（gross floor area，简称GFA）。

图表1: 安顺

 

图表2：丝丝街

图表3：罗敏申路、珊顿大道和丹戎巴葛的指定区域

此外，政府近期公布的中央商业区奖励计划2.0也进行了更新，允许安顺路和丝丝街的办公楼可将长住型服务公寓作为混合用途开发的一部分。

自2019年计划推出以来，17份申请中的14份已获得原则性批准。其中，铂海综合大厦（Newport Plaza）即前富士施乐大厦（Fuji Xerox Towers）原址、The Skywaters即安盛保险大厦（AXA Tower）原址、海德大厦（Realty Centre）、珊顿大厦（Shenton House）、安顺路51号（51 Anson Road）以及和昌路15号（ 15 Hoe Chiang Road）都已获得批准。随着该计划的延长，源美大厦（GB Building）、同荣大厦（Tong Eng Building）、Cecil Court和春叶大厦（Springleaf Tower）等建筑也有望在未来加入重新开发的行列。

相比之下，策略发展项目奖励计划则是为鼓励在指定区域的旧建筑重建，地区涵盖乌节路、中央商业区奖励计划区域之外的中央商业区以及滨海中心（Marina Centre）地区。要符合此项计划的要求，无论是商业项目还是混合用途发展项目，申请建筑同样须已建成至少20年。更重要的是，重建项目必须涉及至少两个相邻的土地。

目前，12份申请中已有7份获得了原则性批准，包括誉岭峰（Union Square Residences）即中央商场（Central Mall）和市中广场（Central Square）原址、乌节路的新酒店开发项目即华峰大厦（Faber House）原址和奥迪安大厦（Odeon Towers）资产增值项目，以及voco酒店、福临购物中心（Forum The Shopping Mall）和旅店置业大厦（HPL House）的重建。

图表4：福临购物中心

奖励计划推行的局限和挑战

然而，要获得此项奖励计划也非一帆风顺，挑战之一是要在邻近地块寻找愿意共同参与重新开发的合作方，这导致一些项目夭折。其中，远东购物中心（Far East Shopping Centre）就因此而未通过。看到这些挑战和限制后，可能会让部分业主望而却步。
另一方面，尽管这些计划提供了丰厚的奖励措施，但并非所有业主都愿意参与。具体原因除高昂的开发成本外，施工带来的不便以及与其他利益相关者意见不一致等因素也消弱参与意愿。同时，许多分层地契的旧商业建筑，需经过漫长的集体出售流程，包括争得不少于八成业主同意的要求。
目前，这些旧建筑因租金较低，吸引了那些渴望留在中央商业区的中小型企业。同样，老旧的分层地契零售商场也以较低租金吸引着传统的小店铺，实惠的租金帮助它们留住为长期客户，这些客户更倾向光顾熟悉的购物环境。
然而，随着城市区域化战略的推进，中小企业可能最终会搬迁至中央商业区附近的区域，这有利于它们控制运营成本。同时，电子商务的发展和人口结构的变化，使越来越多的年轻消费者习惯通过网络和社交媒体平台购物，这可能导致传统小店铺逐渐失去市场竞争力。

图表5：远东购物中心

实施建筑项目重建与时俱进

去年9月，新加坡推行的强制能耗改善（Mandatory Energy Improvement）制度，要求总楼面面积超过5000平方米的商业建筑须进行能效审计和改进措施。这可能会促使一些旧建筑的业主考虑重新开发，尤其是那些租约即将到期的建筑。

同时，因可持续性发展报告要求的提升，公司租赁旧建筑不利于其满足可持续性指标，这也可能使它们逐步撤离。旧建筑租赁需求的下降，将影响业主整体收益率。因此，现在或许是时候考虑重新开发，以适应未来的需求。

随着更多建筑参与中央商业区奖励计划，预计中央商业区将出现更多的住宅项目。截至2024年底，第一邮区（莱佛士坊、丝丝街、滨海湾）和第二邮区（安顺、丹戎巴葛）已有超过9000个住宅单位。随着铂海综合大厦、The Skywaters、和昌路15号和51号安顺路项目的竣工，安顺-丹戎巴葛地区预计将新增超过1000个住宅、酒店和零售单位。与此同时，更新的中央商业区奖励计划2.0允许部分重建项目把商业用途与长住型服务公寓结合，这为中央商业区内的居民提供了更多住宅选择，以满足不断增长的需求。

总体来说，两项奖励计划的延长，反映了市区重建局推动本地关键战略区域的决心。中央商业区转型将进一步提升其作为居住区的吸引力，并为投资者提供资本增值机会。然而，这些计划的实施仍依赖于业主们的合作与积极参与，来克服短期挑战。重新开发这些建筑，将有助于他们的资产适应未来需求，同时推动新加坡城市的可持续发展。

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. 

This article was written in collaboration with Tay Liam Hiap, Managing Director of Capital Markets and Investment Sales.

The Central Business District Incentive (CBDI) and the Strategic Development Incentive (SDI) schemes were first launched in 2019 by URA to encourage the redevelopment of older buildings in the CBD and strategic areas. One may ask: why is there the need for such schemes?

Singapore’s landscape is always changing. The CBD’s skyline, despite its modernity is still dotted with clusters of older commercial buildings that have since outlived their glory days. These developments may be less relevant to modern-day needs and may be in stark contrast to the sleeker, more modern commercial buildings. As these commercial buildings age, maintenance costs can get increasingly expensive, and poor ventilation or air quality could contribute to the sick building syndrome, impacting the well-being of occupants. All of these factors are driving the ongoing flight-to-quality trend as tenants seeks prime spaces which offer a better, more comfortable working environment.

Why the need for these schemes?

To address this, the CBDI scheme and the SDI scheme were introduced in 2019 to encourage owners to redevelop older buildings into mixed-use developments aimed at transforming the CBD into a vibrant 24/7 mixed-use district.

Same motivation but different approaches

CBDI scheme

The CBDI scheme is confined to office developments, that are at least 20 years from completion, and are within the selected parts of the Anson, Cecil Street and, Robinson Road Shenton Way, Tanjong Pagar precincts. To safeguard the quality of these redevelopments, the sites are required to meet a minimum site area (1,000 to 2,000 sqm) and are not allowed to be strata subdivided. Successful proposals could be granted an additional 25% to 30% Gross Floor Area (GFA).
In 2025, the CBD incentive scheme 2.0 was updated to allow office buildings in the Anson and Cecil Street precincts the new option to include long-stay service apartments as part of their mixed-use developments.

Picture 1: Anson

 

Picture 2: Cecil Street

Picture 3: Robinson Road, Shenton Way & Tanjong Pagar

Since its launch, 14 out of the 17 CBDI applications were granted in-principle approval. This includes projects such as Newport Plaza (former Fuji Xerox Towers), The Skywaters (former AXA Tower), Realty Centre, Shenton House, 51 Anson Road and 15 Hoe Chiang Road.
Following this extension, could we see developments such as GB Building, Tong Eng Building, Cecil Court, and Springleaf Tower take advantage of the scheme and undergo redevelopment in the new future?

SDI scheme

Separately, the SDI scheme is designed to encourage redevelopment of older buildings in strategic areas including Orchard Road, wider CBD areas that fall outside the designated zones for the CBDI scheme, and Marina Centre. To qualify for the SDI scheme, a development must be at least 20 years after completion, be either a commercial or mixed-use development, and more importantly, the redevelopment must involve at least two adjacent sites.
So far, the SDI Scheme has granted seven in-principle approval for 12 applications. These include Union Square (former Central Mall & Central Square), new hotel development (former Faber House and asset enhancement of Odeon Tower), and the redevelopment of voco Hotel, The Forum Mall and HPL House.

Picture 4: Forum The Shopping Mall

The requirements for the SDI scheme are stringent, and finding an adjacent site that is willing to undergo joint redevelopment can be challenging. For that reason, the Far East Shopping Centre was unable to obtain approval to redevelop under the SDI scheme. This underscores the challenges and limitations of the SDI scheme, which can discourage some older developments from pursuing redevelopment.

Picture 5: Far East Shopping Centre

Why are there not more owners taking up the schemes?

Despite the attractive incentives, not all building owners are ready to take the plunge and participate in these schemes. There is a myriad of reasons, but the more commonly cited ones includes the high cost and inconvenience of redevelopment, the complexity of the scheme (particularly in the case of the SDI scheme), and conflicting views among stakeholders regarding redevelopments. For others, it boils down to complacency, as their older assets continue to generate attractive yields since many of them were acquired years ago.
Moreover, many of the older commercial buildings in the CBD are strata-titled and the redevelopment option will entail a lengthy collective sale process whereby 80% of owners’ consensus is required.

But with a shift in demographic trends and evolving real estate needs, it may make more sense for older developments to embark on redevelopment to avoid becoming obsolete or displaced in the medium term.

The Mandatory Energy Improvement (MEI) regime implemented in September 2024, which requires energy audits and energy efficiency improvement measures to be carried out for commercial buildings with more than 5,000 sqm of gross floor area, may also prompt owners of older commercial buildings to consider the redevelopment option, especially for buildings with short remaining lease tenures.

For now, these older buildings carve their niche by offering attractive office rental rates for smaller companies who want to stay within the CBD precinct. Likewise, older strata-titled retail malls served as a haven for mom-and-pop shops where affordable rents allow them to service their long-time customers who value familiarity.
But eventually, as the broader decentralisation strategy gains stronger traction, smaller companies may see more value in relocating to regional centres which are within a short commute to the CBD. E-commerce and shift in demographic could also see the irrelevance of mom-and-pop shops, as young shoppers are increasing purchasing items through websites and social media platforms.

Furthermore, as sustainability reporting becomes more stringent, companies may avoid leasing older buildings completely due to the negative impact on their sustainability metrics.
Over time, rental demand for older buildings may decline, impacting the overall yield. Perhaps it is time to consider redevelopment and future-proofing their assets.

Could CBD become the up-and-coming residential enclave as more are projected to participate in the CBDI scheme?

As more developments participate in the CBDI scheme, we can expect to see more residential homes within the CBD. As at end-2024, District 1 (Raffles Place, Cecil, Marina, People’s Park) and District 2 (Anson, Tanjong Pagar), has over 9,000 homes.

With the completion of Newport Plaza, The Skywaters, 15 Hoe Chiang Road and 51 Anson Road, the Anson-Tanjong Pagar area could see more than 1,000 new homes, hotels and retails offerings. At the same time, with the enhanced CBDI scheme 2.0, selected redevelopment sites can opt to redevelop as commercial spaces with long-term service apartments. These initiatives will expand the residential offerings in CBD to accommodate the growing workforce. Opportunistic investors may view this as a chance to acquire a home in CBD to capitalise on potential future growth.

Picture 5: Newport Plaza

In conclusion

The extension of the CBDI and SDI schemes reflects URA’s commitment to drive rejuvenation in key strategic areas. The transformation of CBD into a vibrant mixed-use district will further enhance its appeal as a residential enclave and present astute investors the opportunity to capitalise on potential future growth. But the success of these schemes hinges on the willingness and collaboration from these owners to drive the redevelopment. Looking beyond the inconvenience, redeveloping these buildings could help owners future-proof their assets, ensuring long-term growth while supporting sustainability efforts in the Singapore urban landscape.

 

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