The report titled “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)” provides
a comprehensive analysis of the real estate space within Singapore. The report
covers various aspects including introduction, business models, supply and
demand for residential, retail, office and hotel market. The report provides Singapore
residential real estate market segmentation by new sales, sub-sales and
re-sales, office segmentation by public and private office space, retail market
by public and private retail space and hotels by gazette and non-gazetted
hotels; comparative landscape, growth drivers, trends and developments, issues
and challenges, snapshot on co-working spaces and malls, property buying
process and the regulatory framework of the industry. The report concludes with
future projections for all the segments and analyst recommendations
highlighting the major opportunities and cautions.
Introduction
Singapore real estate industry
was observed to attain maturity majorly because the country serves as a global
business hub, tourism center and effective residential housing demand in the
country. The country started with selling land parcels for commercial
development and itself became the largest housing developer. Lack of space and
high demand has allowed Singapore to evolve into a modern real estate
infrastructure pioneer with mixed developments, environment friendly
constructions and architectural marvels at the core of real estate. Being a
global business hub, Singapore’s commercial real estate space sees major
foreign investments and gain significant revenues from the presence of
international players in the market. Increasing tourism allows revenue surge for
retail as well as hotel real estate. Growing population and tourist influx into
the country has allowed Singapore to become one of the most expensive real
estate markets in the world with majority of population living in Government’s
HDB properties.
Singapore
Residential Real Estate Market
After three years of
continuous decline in the prices during 2014-2017, the residential real estate
market gained some growth momentum in 2018 with residential property price
index rising during 2017-2018. The market noticed strong recovery till first
half of 2018 but cooling measures such as curb on foreign ownership and revised
guidelines on ABSD and LTV have led to dampened demand in the second half of
2018. One of the main drivers of residential demand is the growing population with
majority of the Singaporean population living in HDB flats and condominiums.
Landed properties and other planned sales by the Singapore government and the
developments submitted for approval were collectively witnessed to capture the
remaining market.
Despite the cooling measures
and uncertain external environment, prices for private residential properties
continued to increase during 2018. Buyers’ sentiments were more subdued as they
adopted a “wait and see” approach after the policy changes and given external
environment. On the other hand, higher availability of cheaper resale apartment
/ flats as well as condos in Singapore has been driving the resale market.
Resale flats are cheaper as individual owners may not be able to hold on to an
investment property if they face a fund crunch or not able to afford the EMIs.
The residential real estate market is expected to grow at a positive CAGR over
the forecast period 2019-2023. The 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 additional
demand for urban real estate including residential housing.
Singapore
Retail Real Estate Market
The retail estate market
within Singapore was observed to take a fall during the review period
2013-2018. Occupancy of retail space in fringe area registered highest decline
majorly due to the completion of new retail space such as Macpherson Mall and
Raffles Holland V in the region. Retail real estate in Singapore is evolving
with customer engagement and is further moving towards an activity based
approach to tackle offline market space. The market has been witnessing
technology integration in existing and upcoming projects.
Private retail space within
Singapore real estate market was observed to dominate in terms of available
area in the year 2018. The private retail space includes limited large scale
players capturing majority of the market. Some of the leading real estate
players include operating within the country’s retail space including
Capitaland, City Development, Frasers Property Ltd., UIC, UOL and United
Engineers. All the major malls and retail outlets in Singapore are owned by
Private retail players. This includes the retail space in the famous Orchard
area of Singapore which is a retail hub and completely owned by private
players. Whereas on the other hand, HDB and Government Occupancy make up the
public retail real estate space which captured limited share and mostly
consists of retail outlets within the HDB projects.
Singapore
Office Real Estate Market
Singapore office real estate
market in terms of rental revenue was witnessed to increase during the review
period 2013-2018. The net absorption rate of Grade A offices within Singapore
office space was good during 2013-2014 majorly in the CBD (central business
district) area. Leasing demand further continued to rise from a wide range of
industries coupled with the rising trend of co-working operators which has
significantly contributed towards market revenue. Major deals in the CBD
included the sale of 55 Market Street and the office component of OUE Downtown.
Private office space within
Singapore real estate market was observed to clearly establish itself as market
leader in terms of available area during the year 2018. Tech and Co-working
firms continue to drive majority of the private office space supply. Singapore
office real estate market is further projected to grow during the forecast
period 2019-2023. Rents are projected to maintain an upward trajectory as
supply pipeline dries up. Solid pre-commitments for new development are a
healthy sign of vacancy going down in the upcoming years. Co-working spaces and
large technology firms are further expected to drive the office space demand
and the Singapore government’s decentralization strategy will take off some
pressure from CBD area.
Singapore Hotel Real Estate
Market
The
hotel space within Singapore real estate industry was witnessed to grow during
the review period 2013-2018 driven by tourism arrivals. The country’s hotel
real estate industry contains a combination of gazetted and non-gazetted
hotels. Hotels in Singapore are further categorized into Luxury, Upscale,
Mid-tier and Economy. Singapore has 9 major hotel areas with CBD and Orchard
road carrying major 5-star hotels, Sentosa Island and River District carry 4-star
and 5-star hotels , Heritage District mostly carries 3-star hotels with a few
5-star hotels, Little India, Chinatown, North Downtown and Airport area
emphasis more on budget, 2-star and 3-star hotels.
In
terms of total room revenue, hotel space within Singapore real estate industry
is further expected to grow during the forecast period 2019-2023. The market
revenues are further anticipated to increase on account of increasing demand
and supply of rooms. Gazetted hotels are expected to lead the supply of rooms
as non-gazetted hotels show signs of stagnancy.
Comparative
Landscape in Singapore Real Estate Market
The
real estate industry within Singapore is further characterized by high levels
of competition, an increasing demand for newer properties and commercial
activities along with rising population in the country. Competition stage
within the country’s real estate space was observed to be moderately
concentrated along with the presence of major players such as CapitaLand,
Frasers Property Ltd, UOL Group, City Developments, APAC Realty, Chip Eng Seng
and Roxy-Pacific Holdings and other small players.
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.)
Key Topics Covered in the Report:-
Executive
Summary
Research
Methodology
Singapore
Real Estate Market Overview and Genesis
Singapore
Real Estate Market Business Model
Singapore
Residential Real Estate Market, 2016-2023
Singapore
Retail Real Estate Market, 2013-2023
Singapore
Office Real Estate Market, 2013-2023
Singapore
Hotel Real Estate Market, 2013-2023
Major
Investment Pockets in Singapore Real Estate Market
Trends
and Developments in Singapore Real Estate Market
Issues
and Challenges in Singapore Real Estate Market
Regulation
Framework in Singapore Real Estate Market
Comparative
Landscape in Singapore Real Estate Market
Property
Buying Process in Singapore Real Estate Market
Analyst
Recommendations for Singapore Real Estate Market
For more information on the research report, refer to below link:-
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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
