Approximately 80.0% of the Singapore population lives in HDB and there’s shift towards mixed development where commercial and residential spaces co-exist.
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.
Cooling measures introduced by the Singaporean government has dampened the residential real estate demand, as developers and buyers are subjected to higher tax rates. Higher property prices have created an additional burden on the potential property buyers in Singapore. The changes made by the government include a 5.0% higher Loan-to-Value (LTV) ratio (even for those people buying their first homes) and a 5.0% higher Buyer’s Stamp Duty (ABSD). As a result of which, developers will have to shell out 25.0% more money to cover land tax costs which were previously set at 15.0%, if the land is being purchased for development purposes. Additionally, rising property rates are likely to slow down Singapore’s property market as buyers shy off despite the demand, thus leading to limited new sales in future.
Major focus is on capitalization of existing retail resources in order to improve place making and customer engagement. The retail real estate space is shifting from simply selling to an activity based approach in order to attract customers. This major shift is in response to the growing presence of online channels of shopping which is leading to lower footfalls in malls. These can include attractions such as indoor playground, Nerf experience or Placemaking approaches that capitalize on retail spaces with the intention of creating public spaces that promote people's health, happiness, and well being. Focus of major retails is also shifting towards Pop-up stores to better engage customers in the short-term and utilize the potential spaces in malls.
Co-working spaces are gaining traction in the Singapore real estate market. Within a very short span of time, co-working spaces have grown multiple times and now have become one of the leading and the fastest growing lessees of office properties. Technology enterprises and start-ups are the main occupants of co-working spaces within Singapore. Additionally, it was observed that large scale developers and Corporates are also shifting towards creating co-working spaces which is evident from the fact that all upcoming major office projects contain technology integrated co-working spaces. Easy availability of funds and mass acceptance of these operators is driving the demand for co-working spaces in the country especially in the central region of Singapore.
Major demand driver for the hotel real estate space was tourism which saw a record growth in terms of tourism arrivals from 54.2 million in 2013 to 59.2 million in the year 2018. Singapore depends on tourism for about 4% of its economic output and country is committed towards continuous spending in this sector to improve tourism further. Tourism is mostly for leisure purposes but medical tourism is also coming up in Singapore given its low cost compared to western counterparts. BTMICE is another major factor driving demand for hotel industry. Tourism is the back bone of hotel industry and poses a good growth in the coming future.
Key Segments Covered:-
Singapore Residential Real Estate Market
By Type of Dwelling
Condoniums and Other Apartments
Other Types of Dwellings
By Type of 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
Real Estate Consulting Companies
Third Party Real Estate Companies
Time Period Captured in the Report:-
Historical Period - 2013-2018
Forecast Period - 2019-2023
Major Companies Covered:-
Frasers Property Ltd
Chip Eng Sen
Other Players (Frasers Property Ltd. and City Development Ltd.)
Singapore Real Estate Market
Real Estate Industry In Singapore
Singapore Real Estate Market Revenue
Residential Supply Singapore
Singapore Property Price Market
En-Bloc Sales Market Singapore
Upcoming Retail Projects Singapore
Grade A Office Space Singapore
Major Singapore Hotels Market
Singapore Capitaland Real Estate Market
APAC Realty Real Estate Singapore
Private Retail Real Estate Market Singapore
Housing Development Board Singapore
For more information on the research report, refer to below link:-
Hungary Real Estate Market Outlook to 2022 - by Residential (Dwellings Constructed by Regions, by Builders Type, Holiday Units Constructed by region, Dwellings Leased by Regions, Dwellings Sold by Regions), by Commercial, Retail and Hotel
Ankur Gupta, Head Marketing & Communications