Singapore residential market is set to test a strong supply of private residential properties as more and more ongoing projects will go on-stream by the year ending 2020 and the housing supply is expected to touch 50,000 units.
Approximately 4.0 million sq ft of net Lettable retail space from major malls within Singapore is scheduled for completion between 2016 and 2020 therefore, averaging 808,000 sq ft of new major retail space per year.
The Singapore Tourism Board (STB) launched BOOST (Building On Opportunities to Strengthen Tourism) i.e. a USD 90.0 million initiative which is aimed at increasing the tourist influx within Singapore.
Business Travel, Meetings, Incentive Travel, Conventions and Exhibitions (BTMCE) are some of the major sources of revenue for the country’s hotel industry.
Analysts at Ken Research in their latest publication “Singapore Real Estate Market Outlook to 2023 – By Residential Real Estate Market (New Sales, Re-Sales and Sub-Sales), By Retail Real Estate Market (Private and Public Retail Space), By Office Real Estate Market (Private and Public Office Space) and By Hotel Real Estate Market (Gazetted and Non-Gazetted Hotels)” believe that introducing green and sustainable buildings, increasing co-working operators, establishing tie-ups between real estate agents and real estate companies, focusing towards affordable housing, REITS and developing innovative browser experience will collectively drive the Singapore real estate market demand in the near future along with a CAGR of 3.6% towards residential space; 1.0% towards retail space; 4.3% towards office space and 3.3% towards hotel real estate during the forecast period of 2019-2023.
Residential segment will continue to see moderate increase in prices as the sector faces continuous low demand side pressure. Prime properties at preferred locations are still expected to be the hotspot locations with high asking price. A greater migration to the central Singapore, growing population and swelling middle class are creating a desperate need for urban real estate including residential housing. Real estate as an asset class is changing at a very rapid pace along with the emergence of mega real estate managers which are building and investing in real estate on a large scale, especially in the case of housing where HDB plays a vital role in terms of investment. The real estate landscape within Singapore is becoming more widespread and complex, with a wider range of risk and return over long term. Along with a number of highly-anticipated projects such as Gem Residences (located in the RCR) and Stars of Kovan (in OCR) lined up for launch, new sales transaction activity is expected to swing towards the mid-tier and mass-market segments.
An influx of new retail spaces in the near future is further anticipated to compound on the downward trend of retail rents as the pipeline is already accounted by tenant pre-commitments. On the other hand, demand for suburban retail spaces is further expected to remain constant as shopping malls in Singapore remain supported by the increasing resident population. Additionally, F&B component is increasing with new options including the Hototogisu Ramen, Mavrx Coffee Bar and Tim Ho Wan. Despite the lower rents for anchor tenants, some malls include more than one supermarket as these shops provide convenience and necessity, which E-commerce often lacks, hence creating a compelling reason to visit the mall. The trend is expected to drive retail sales in the near future.
Co-working spaces and large technology firms in Singapore are further set to drive office demand in the near future. Singapore is emerging as a technology hub as most of technology firms are choosing the lion’s city to gain first mover advantage. Small as well as medium size start-ups are moving to Singapore for the ease of business and attracting talent in the country.
Singapore hotel real estate space overall has clear skies but major headwinds in near sight are slowing Singapore economy and shift towards serviced apartments and Airbnb. Apart from that, BTMICE spending rose by 10% in 2018 and is poised for sustainable growth in future considering Singapore’s growing presence as a business Hub.
Key Segments Covered:-
Singapore Residential Real Estate Market
By Type of Dwelling
HDB Dwellings
Condoniums and Other Apartments
Landed Properties
Other Types of Dwellings
By Type of Sale
New Sale
Re-Sale
Sub-Sale
Singapore Retail Real Estate Market
By Private and Public Retail Space
Singapore Office Real Estate Market
By Private and Public Office Space
Singapore Hotel Real Estate Market
By Gazetted and Non-Gazetted Hotels
Key Target Audience:-
Real Estate Developers
Independent Investors
Real Estate Consulting Companies
Third Party Real Estate Companies
Independent Architects
Government Associations
Government Agencies
Time Period Captured in the Report:-
Historical Period – 2013-2018
Forecast Period – 2019-2023
Major Companies Covered:-
CapitaLand
Frasers Property Ltd
UOL Group
City Developments
APAC Realty
Chip Eng Sen
Roxy-Pacific Holdings
Other Players (Frasers Property Ltd. and City Development Ltd.)
Keywords:-
Singapore Real Estate Market
Singapore Real Estate Market Analysis
Singapore Real Estate Industry
Real Estate Industry In Singapore
Singapore Real Estate Market Revenue
Singapore Residential Real Estate Market
Singapore Retail Real Estate Market
Singapore Office Real Estate Market
Singapore Property Price Market
New Sales Singapore Residential Market
Cooling Measures Singapore Real Estate Market
Urban Redevelopment Authority Singapore
En-Bloc Sales Market Singapore
Upcoming Retail Projects Singapore
Types Of Office Spaces Singapore
Major Co-Working Operators Singapore
Co-Working Spaces Rents Singapore
APAC Realty Real Estate Singapore
Frasers Property Real Estate Market Singapore
For more information on the research report, refer to below link:-
Related Reports:-
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Ken Research
Ankur Gupta, Head Marketing & Communications
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