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Straits Times
3 hours ago
- Business
- Straits Times
Local buyers are key to recovery of prime district condo market
Find out what's new on ST website and app. The strong weekend showing also comes after two years of tepid sales of new prime district condos, which plummeted to a record low of 46 units sold in the second quarter of 2025. SINGAPORE – When Malaysia's IOI Properties began pre-sales for its 683-unit, 99-year leasehold condo W Residences Marina View in Singapore's Central Business District on July 13, only two units were reportedly booked. It was a sign of how foreign buyers, deterred by hefty taxes on their property purchases, were still giving the luxury housing segment a miss. But just a week later, two new prime district condos, UpperHouse at Orchard Boulevard and The Robertson Opus in Unity Street – the only 999-year residential project launch in District 9 this year – collectively sold 303 units over their July 19 launch weekend. This is above the 253 new units sold in the third quarter of 2023 after foreign buyers were slapped with a 60 per cent additional buyer's stamp duty (ABSD) in April 2023. The strong weekend showing also comes after two years of tepid sales of new prime district condos, which plummeted to a record low of 46 units sold in the second quarter of 2025, according to PropNex. The dry spell afflicting prime district condos appears to be lifting, with UpperHouse and The Robertson Opus poised to boost prime district transactions to a two-year quarterly high in the third quarter this year. These units have become more appealing as the price gap between prime district condos and those in the city fringe has narrowed substantially. As a result, they offer better value to local buyers, who were primarily behind the weekend's strong showing at the two launches. The gap between the median price per square foot (psf) of new homes in the prime district and city fringe areas has narrowed from a high of 56.5 per cent in 2018 to a mere 1.9 per cent in the first half of 2025, Huttons Asia chief executive Mark Yip noted. Furthermore, the three-month compounded Singapore Overnight Rate Average, or Sora rates, have dipped below 2 per cent in July 2025, lowering borrowing costs, he added. An artist's illustration of The Robertson Opus in Unity Street. PHOTO: FRASERS PROPERTY, SEKISUI HOUSE As a result, more than 93 per cent of new non-landed private homes in the prime district in the first half of the year were bought by Singapore Permanent Residents and Singaporeans. PropNex chief executive Kelvin Fong noted that the average $3,350 psf price transacted at UpperHouse is among the most competitive prices for a luxury condo launch in the prime Orchard Road area. In comparison, the 54-unit freehold Park Nova luxury condo in Tomlinson Road recorded a median price of $4,979 psf when it first launched in May 2021. On a quantum basis, transacted prices of UpperHouse's one-bedders began at nearly $1.4 million, while two-bedders ranged from $2.1 million to $2.7 million. At The Robertson Opus, some 41 per cent of its 348 units were sold on July 20. The units fetched an average price of $3,360 psf. Transacted prices of its one-bedders (495 sq ft) ranged from $1.59 million to $1.67 million, while two-bedders (689 to 721 sq ft) sold for between $2.17 million and $2.63 million, according to PropNex. In comparison, W Residences – which will sit atop the 360-room five-star W Singapore hotel – said it is offering selected units at special preview prices starting from just above $3,20 0 psf. That means prices of the cheapest one-bedroom units (538 sq ft to 570 sq ft) start at above $1.8 million. When asked how it plans to boost demand, IOI Properties said on July 22 that 'interest has been encouraging, with units already reserved or under negotiation'. A spokesman added that further release plans will be evaluated when the preview ends. With several more prime district and centrally located projects expected to be launched in the coming months, developers may become more strategic in their marketing plans and pricing, ERA key executive officer Eugene Lim said. This can be seen in the starting prices for River Green in the prime district of River Valley, and the nearby city fringe condo Promenade Peak at Zion Road. River Green's starting price of $2,846 psf and Promenade Peak's starting price of $2,680 psf appear to be a sweet spot for buyers of centrally located new launches. Both projects, which will launch on Aug 2, saw robust demand during July previews. Two more centrally located condos could begin pre-sales in October: prime district project Skye at Holland, and Zyon Grand at Zion Road, a city fringe project. Whether the rebound in new prime district condo sales can be sustained will depend on the take-up rates of the upcoming prime district and centrally located new launches. Mr Nicholas Mak, chief research officer at said this also hinges on whether prices of the new prime district launches are within 'an acceptable price range' – which appears to be the lower end of the $3,000 psf range for 99 year-leasehold launches, and between $3,250 and $3,500 psf for freehold developments. With the hefty ABSD still in place for residential property purchases by foreign buyers, the only way to keep local buyers interested in prime district properties is to ensure that prices are accessible to them , especially in the face of growing economic uncertainty.
Straits Times
2 days ago
- Business
- Straits Times
UpperHouse, The Robertson Opus see firm sales at launch; Otto Place EC at Tengah sells 58.5% of units
Find out what's new on ST website and app. UpperHouse is the best-selling CCR project since The M launched in 2020, with nearly all three-bedroom units were sold and one-third of the four-bedders taken up. SINGAPORE - Two new projects in the core central region (CCR) – UpperHouse at Orchard Boulevard and The Robertson Opus – launched over the weekend, drawing firm demand with both moving more than 40 per cent of their units. The launches of UpperHouse (301 units) and The Robertson Opus (348 units) mark the largest supply injection in the CCR since additional buyers' stamp duty (ABSD) measures were tightened in 2023, said PropNex chief executive officer Kelvin Fong. UpperHouse, by UOL Group and Singapore Land Group, sold 162 units or more than 53.8 per cent on July 19, at an average price of $3,350 per square foot (psf). The 99-year leasehold project offers units from one-bedroom and study to four-bedroom suites. Mr Fong added that one-bedders were priced at nearly $1.4 million, while two-bedders ranged from about $2.1 million to $2.7 million. Anson Lim, UOL's senior general manager of residential marketing, noted 'healthy take-up across all unit types'. The Bespoke Collection – 31 four-bedders with private lift and parking – had a 30 per cent take-up, with a high-floor unit selling for $7.66 million, or $3,724 psf. UpperHouse is the best-selling CCR project since The M launched in 2020, said Huttons Asia CEO Mark Yip. Nearly all three-bedroom units were sold, and one-third of the four-bedders were taken up, indicating 'strong owner-occupier demand'. Singaporeans and permanent residents made up 99 per cent of buyers, with the rest being foreigners. The project drew a mix of owner-occupiers and long-term investors. Top stories Swipe. Select. Stay informed. 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UOL's chief corporate and development officer Yvonne Tan attributed the strong showing to the narrowing price gap between CCR and rest of central region (RCR), and the attractive premium between freehold and leasehold luxury products. Huttons data shows that the median psf price gap between CCR and RCR narrowed from 56.5 per cent in 2018 to 1.9 per cent in the first half of 2025. 'There is potential for a strong upside once the gap between CCR and RCR home prices widens,' said Mr Yip. Mr Fong also noted that the average price of $3,350 psf makes UpperHouse one of the most competitively priced new launches near Orchard Road. He compared this to Park Nova's new units which averaged at about $6,150 psf this year and Cuscaden Reserve which fetched an average price of more than $3,100 psf for the resale units transacted in the first four months of 2025. Located in District 10, UpperHouse sits along Grange Road and Orchard Boulevard, opposite Orchard Boulevard MRT and near River Valley Primary School. UOL and SingLand acquired the 7,013.4 square metre site last year for $428.3 million or $1,617 psf per plot ratio (ppr) – 30 to 40 per cent lower than the $2,377 psf ppr fetched by a nearby Cuscaden Road site in 2018. Steady take-up at The Robertson Opus The Robertson Opus is a mixed-use project and a redevelopment of Frasers' serviced residence Fraser Place Robertson Walk and its adjoining commercial area, Robertson Walk. PHOTO ILLUSTRATION: FRASERS PROPERTY, SEKISUI HOUSE Of the 348 units available in the mixed-use The Robertson Opus, 143 were sold at an average price of $3,360 psf. This works out to a take-up rate of 41 per cent, said developers Frasers Property and Sekisui House on Sunday. The 999-year development comprises one to four-bedroom units across five blocks. Studio units start from $1.37 million, one-bedders from $1.58 million, two-bedders from $2.17 million, three-bedders from $3.1 million, and four-bedders (1,539 sq ft) from $5.09 million. 'There has been healthy demand across all the unit types, with the three-bedroom and four-bedroom premium units under the Legacy Collection being the most popular and almost sold out,' said the developers. The buyers comprise professionals purchasing for their own stay or investment – 83 per cent are Singaporeans, 16 per cent are permanent residents mainly from China and Indonesia, and the rest are foreigners from the US and Switzerland. The Robertson Opus, which also includes a retail podium on the first floor and basement, is a redevelopment of Frasers' serviced residence Fraser Place Robertson Walk and its adjoining commercial area, Robertson Walk – undertaken by Frasers Property and Japanese developer Sekisui House in a 51:49 joint venture. Given the steady take-up at both launches, PropNex's Mr Fong expects third-quarter developers' sales in the CCR to rebound. 'To be sure, the units sold at UpperHouse at Orchard Boulevard during the private preview alone has already far exceeded the 46 CCR new units sold for the whole of Q2 2025.' Despite the recent hike in seller's stamp duty rates, demand for luxury homes remains resilient, supported by buyers focused on capital stability and wealth diversification, said Mohan Sandrasegeran, head of research and data analytics at Singapore Realtors. 'These factors point to a strategic reset in the CCR market. With strong fundamentals, supportive policies, and improving economic signals, the luxury housing segment is well-positioned to regain momentum.' Brisk sales at Otto Place EC The 600-unit Otto Place at Plantation Close in Tengah is located near two MRT stations and Princess Elizabeth Primary School. PHOTO ILLUSTRATION: HOI HUP REALTY, SUNWAY DEVELOPMENTS Also over the weekend, executive condo (EC) Otto Place sold 351, or 58.5 per cent of its 600 units at its launch, said developers Hoi Hup Realty and Sunway Developments. The average price of its units sold under the normal payment scheme was $1,700 psf. Otto Place features unit sizes starting at 872 sq ft for three-bedroom deluxe types, priced from $1.41 million ($1,617 psf), up to 1,195 sq ft for four-bedroom plus study luxury units, which went for $2.18 million ($1,824 psf). More than 70 per cent of the larger units were sold. Located in Tengah's Plantation District, Otto Place is near two MRT stations and Princess Elizabeth Primary School.
Business Times
5 days ago
- Business
- Business Times
CBD homes can be the dark horse that shines
When the 1,111 unit 99-year leasehold The Sail @ Marina Bay - the first major condo project in the Central Business District (CBD) - was launched for sale in 2004, demand was brisk. Fast forward to today, buyers appear to be fairly lukewarm to private homes in the CBD. Some units of developments with initial land leases of 99 years such as Marina Bay Suites, One Shenton and V on Shenton have been transacted recently at below S$2,000 per square foot (psf) - lower than that of prices fetched by some resale condo units further out from the city centre in Tiong Bahru and Queenstown. The tough Additional Buyer's Stamp Duty regime is hurting buying of multiple homes by Singapore citizens and permanent residents (PRs) as well as the purchase of any home by non-PR foreigners. The ABSD rates for buying a second or subsequent home are 20-30 per cent for a local and 30-35 per cent for a PR. A non-PR homebuyer pays 60 per cent ABSD. ABSD does not apply to a local buying a first home, while a PR purchasing a first home pays 5 per cent ABSD. Indeed, with a private housing market now dominated by Singaporeans buying their first homes, some new condo launches in the suburbs and city fringe have flourished. Key selling points for projects that have seen strong take-up include proximity to MRT stations, retail amenities and reputable schools. A NEWSLETTER FOR YOU Tuesday, 12 pm Property Insights Get an exclusive analysis of real estate and property news in Singapore and beyond. Sign Up Sign Up Potential buyers might do well to pay greater attention to CBD homes. After all, the Urban Redevelopment Authority has in recent years been moving away from a downtown dominated by offices, to one which is more mixed use and lively after office hours. Today, a home dweller in the CBD can easily access public transport, shops, F&B outlets, hawker centres, parks, cultural amenities, conserved shophouses and so forth. W Residences Marina View Amid a flurry of new condo launches, might a project in the vicinity of Marina Bay - the centrepiece of Singapore's urban transformation - such as W Residences Marina View - Singapore be a dark horse that shines? The developer IOI Properties is part of Kuala Lumpur-listed IOI group, one of Malaysia's biggest conglomerates, and has been steadily growing its Singapore footprint. In the Marina Bay area, it also built IOI Central Boulevard Towers, a mixed-use development with two Grade-A office towers and a seven-storey retail podium. The 99-year leasehold luxury W branded residence project is now in the early phase of private previews, with 'special preview prices' from just over S$3,200 psf for a limited number of units. In perspective, two upcoming new condo launches in the River Valley area have prices that are not far off the above price. Prices for Wing Tai Holdings' River Green start from S$2,846 psf, while prices for Allgreen Properties' Promenade Peak could be around S$3,000 psf. The 683-unit W Residences Marina View, with easy access to the Shenton Way MRT station on the Thomson-East Coast Line, has 171 one-bedders, 310 two-bedders, 103 three-bedders, 32 four-bedders, 64 five-bedders, and three penthouses. Part of a 51-storey mixed-use development, the homes will be perched atop the new 360-room five-star W Singapore – Marina View hotel. CBD housing demand There are first-time local private homebuyers who buy mainly for investment, such as a person whose spouse owns their owner-occupied home and a young adult living with parents. For this profile of buyers, a one-bedder or two-bedder at W Residences Marina View could make sense. Rental demand for CBD homes is supported by easy access to Grade A CBD offices, which are the option of choice for many leading businesses across diverse sectors as well as the increasing liveability of the CBD. An added edge for a landlord of a unit at W Residences Marina View could come from the residences being operated by Marriott International. The project's residents will have access a high level of services for their lifestyle needs. In addition, smaller configuration condo homes in the CBD, especially in developments that are well crafted and have great common facilities, may attract owner-occupiers who are high-earning singles or couples without children. Meanwhile, some owner-occupiers might be drawn to living in large premium condo homes in the Marina Bay vicinity and other parts of the CBD. Think of wealthy PR households who may not be able to buy landed housing here and need not live close to sought-after local schools. Or older well-heeled local couples whose children have grown up and moved out from their home, who could be moving from say a landed home to a large format centrally-located condo unit with ample space for entertainment and hobbies. In short, a four-bedroom unit of about 2,250 square feet (sq ft) or a five-bedder of about 2,809 sq ft at W Residences Marina View might appeal to affluent homebuyers looking for a high quality abode to live in. Sure, CBD living is not everyone's cup of tea. And even as the CBD transforms into a more vibrant live, work and play destination, its undoubted strength is as a host of premier work spaces for leading businesses. Nonetheless, don't underestimate the appeal of homes in the CBD. The unique selling points of such homes include their easy access to luxury shopping at The Shoppes at Marina Bay Sands, top attractions like Gardens by the Bay and Marina Bay Sands, great recreational spaces like Marina Barrage as well as leading arts venues and museums. Moreover, a CBD that is quieter at nights and on weekends relative to the bustle of weekday mornings and afternoons could be a plus for residential dwellers who are largely at home during weekday nights and weekends. Ultimately, in a resilient and steady Singapore private housing market, betting on a dark horse in CBD homes may deliver relative outperformance in the long run.
AsiaOne
04-07-2025
- Business
- AsiaOne
Seller's stamp duty rates for private homes raised; holding period increased from 3 years to 4, Singapore News
SINGAPORE — Sellers of private homes will have to pay higher seller's stamp duty (SSD) rates of between four per cent and 16 per cent if they sell a residential property less than four years after the date of purchase. The SSD is currently payable by those who sell a residential property within three years of purchase, at rates of between four per cent and 12 per cent. The Ministry of National Development, Ministry of Finance and Monetary Authority of Singapore announced the longer holding period and higher rates, which will kick in on July 4, in a statement late at night on July 3. The authorities said that in recent years, the number of private residential property transactions with short holding periods has increased sharply. "In particular, there has been a significant increase in the sub-sale of units that have not been completed," they said. A sub-sale refers to the sale of a unit to another buyer before the unit is completed. "Therefore, the Government will revert to the pre-2017 SSD holding period of four years and raise the SSD rates by four percentage points for each tier of the holding period." The SSD was introduced in 2010 as a deterrent against flipping property for profit. It was relaxed in 2017, when sellers no longer had to pay SSD if they sell a residential property after a holding period of three years. Before that, SSD was payable if they sold a property after owning it for less than four years. The latest changes will apply to all residential property bought from midnight on July 4. They do not affect Housing Board flat owners, owing to the minimum occupation period of at least five years for such flats. A report by property firm OrangeTee Group in April showed that sub-sales gained traction in 2024, jumping to 1,306 transactions, up from 178 in 2020. Sub-sales accounted for 6.6 per cent of overall non-landed home sales in 2024. This is the latest measure targeting the private property market. In April 2023, additional buyer's stamp duty (ABSD) rates were raised for Singaporeans and permanent residents buying their second and subsequent properties. The rate for foreigners buying any residential property was also doubled from 30 per cent to 60 per cent. The hikes were aimed at preventing property prices from being pushed up by investors, and prioritising Singaporeans buying homes for owner-occupation. ABSD rates for home buyers and developers were earlier raised in December 2021. [[nid:719344]] This article was first published in The Straits Times . Permission required for reproduction.
New Paper
03-07-2025
- Business
- New Paper
Judge rejects woman's claim to 99% share of Bukit Timah condo mostly paid for by ex-boyfriend
A couple who bought a Bukit Timah condominium unit and registered their ownership in the ratio of 99:1 broke up less than a year later, and ended up tussling in court over the property. Mr Jake Ngor, 35 - who held the 1 per cent share despite contributing most of the $1.865 million purchase price of the Hillcrest Arcadia unit - sued Ms Millie Wong, 38, who insisted that she owned 99 per cent of the property. Mr Ngor said the property was registered in the 99:1 ratio mainly to quell Ms Wong's fear and insecurity that he may be unfaithful to her, as well as to avoid paying additional buyer's stamp duty (ABSD) if they were to buy a second property. In a written judgment on June 30, the High Court rejected Ms Wong's assertion that she owned 99 per cent of the property. Senior Judge Lee Seiu Kin said Mr Ngor did not intend to "immediately and unconditionally" benefit Ms Wong with his financial contributions towards the property. Justice Lee found that Mr Ngor had intended to benefit Ms Wong only if he cheated on her. However, there was no evidence or even any suggestion that Mr Ngor had been unfaithful to Ms Wong. It necessarily followed then that there was no common intention for her to own 99 per cent of the property, said the judge. After considering each owner's financial contributions, he found that Mr Ngor owns a 54.22 per cent beneficial interest in the property. A beneficial interest refers to the right to benefit from an asset, even if another person is the registered owner. In Singapore, when there is evidence that a person contributed to the purchase of a property, the law presumes that the contributor holds a proportionate beneficial interest in the property, unless there is evidence to the contrary. In other words, the registered owner is holding the property, or a part of it, on trust for the contributor. Justice Lee also considered whether Mr Ngor's claim should be denied on grounds of illegality. The judge noted that this case is the first of its kind in dealing with the novel question of whether someone who owns 1 per cent of a property in a 99:1 arrangement should be blocked from asserting a case on grounds of a trust because the deal would have been illegal. The pair admitted that they planned for Mr Ngor to transfer and pay taxes on his 1 per cent share to Ms Wong when they decide to buy a second property. Justice Lee said there was no nefarious intention or knowledge that this would be an unlawful act. Moreover, the plan was never carried out. The judge made it clear that this strategy should not be confused with the "99-to-1" arrangements, where buyers who stagger a single transaction into multiple transactions to evade ABSD have been penalised by the taxman. Mr Ngor, a wealth manager, and Ms Wong, a financial consultant, began a romantic relationship shortly after they met in mid-2018. Early on in their relationship, they talked about their future and plans to purchase properties. In December 2019, they exercised an option to purchase the Hillcrest Arcadia unit. The purchase was completed in March 2020, and the property was rented out throughout the couple's relationship. They serviced the monthly mortgage with their Central Provident Fund monies and the rental proceeds. Cracks soon developed in their relationship, largely fuelled by Ms Wong's insecurity, which led to the couple's separation in November that year, said Mr Ngor. Despite their break-up, the pair continued to talk amicably about matters relating to the property. In 2022, they discussed the sale of the property. However, in December 2022 and January 2023, she started ignoring his messages. On Jan 18, 2023, Ms Wong sent him a long message, asserting that she owned the entirety of her 99 per cent legal share in the property. He filed the lawsuit in July 2023, seeking a beneficial interest in the property proportionate to his financial contributions. According to the judgment, Mr Ngor, who was represented by Mr Tito Isaac, argued that he and Ms Wong "did not understand the concept of beneficial ownership and simply decided to co-own the property in layman's terms without any discussion on their actual beneficial interests". He contended that he intended to let Ms Wong have 99 per cent of the property only in two situations: If he cheats on her, or if they decide to buy another property. Mr Ngor said that outside these two scenarios, it made no financial sense for him, as a young man starting out in his career, to make an outright gift of such an expensive property. He argued that Ms Wong holds the property on trust for him in proportion to his financial contributions. Ms Wong, who was represented by lawyer Terence Tan, contended that there was no trust arising in Mr Ngor's favour. She said she was extremely insecure and needed assurance from Mr Ngor of his commitment to the relationship, and he showed his sincerity by agreeing to register her as a 99 per cent owner of the property. Ms Wong argued that they did not distinguish between legal and beneficial ownership, and treated her registered 99 per cent interest as equivalent to her actual ownership of the property. Hillcrest Arcadia was put up for collective sale for $920 million in April 2025. The tender closed on May 22 with no bids, and the potential sale has moved into private treaty talks.
