Singapore real estate industry was witnessed to attain maturity majorly owing to the country serves as an international business hub, tourism center and effective residential housing requirement in the country. The country started with selling land parcels for commercial enhancement and itself became the greatest housing developer. Shortage of space and high requirement has enabled Singapore to evolve into a modern real estate infrastructure pioneer with the mixed developments, environment friendly constructions and architectural marvels at the essential of real estate. Being an international business hub, Singapore’s commercial real estate space sees key foreign investments and obtain the significant revenues from the existence of international players in the market. The effective growth in tourism allows revenue surge for retail as well as hotel real estate. The efficient augment in population and tourist influx into the country has enabled the Singapore to become one of the most expensive real estate markets across the world with majority of population living in Government’s HDB properties.
According to the report analysis, ‘Singapore Real Estate Market Outlook to 2023 – By Residential Market (New Sales, Re-Sales and Sub-Sales), By Retail Market (Private and Public Retail Space), By Office Market (Private and Public Office Space) and By Hotel Market (Gazetted and Non-Gazetted Hotels)’ states that the real estate industry within Singapore is further classified by high levels of competition, an augmenting the demand for newer properties and commercial activities along with growing population across the country. Competition stage within the country’s real estate space was witnessed to be moderately concentrated along with the existence of key players such as CapitaLand, Frasers Property Ltd, UOL Group, City Developments, APAC Realty, Chip Eng Seng and Roxy-Pacific Holdings and other small players.
The hotel space within Singapore real estate industry was observed to grow throughout the review period 2013-2018 propelled by tourism arrivals. The country’s hotel real estate industry entails a combination of gazetted and non-gazetted hotels. Hotels in Singapore are further classified into Luxury, Upscale, Mid-tier and Economy. Singapore has 9 foremost hotel areas with CBD and Orchard road carrying key 5-star hotels, Sentosa Island and River District carry 4-star and 5-star hotels , Heritage District mostly conveys 3-star hotels with a few 5-star hotels, Little India, Chinatown, North Downtown and Airport area accent more on budget, 2-star and 3-star hotels.
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In terms of the total room revenue, hotel space within Singapore real estate industry is further projected to grow throughout the forecast duration of 2019-2023. The market revenues are further projected to augment on account of growing demand and supply of rooms. Gazetted hotels are predicted to lead the supply of rooms as non-gazetted hotels present the signs of stagnancy.
Not only has this, the retail estate market within Singapore was witnessed to take a fall during the review duration of 2013-2018. Occupancy of retail space in fringe area recorded highest decline majorly owing to the completion of new retail space such as Macpherson Mall and Raffles Holland V in the region. Retail real estate in Singapore is developing with customer engagement and is further moving towards the activity-based method to tackle offline market space. The market has been observing the technology integration in prevailing and forthcoming projects.
For More Information, refer to below link: –
Singapore Real Estate Market Research Report
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