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
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
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:-
Related Reports:-
Contact Us:-
Ken Research
Ankur Gupta, Head Marketing & Communications
Sales@kenresearch.com
+91-9015378249
Ken Research
Ankur Gupta, Head Marketing & Communications
Sales@kenresearch.com
+91-9015378249
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