SINGAPORE PROPERTY MARKET (Q4 2022 REPORT)
𝐒𝐈𝐍𝐆𝐀𝐏𝐎𝐑𝐄 𝐏𝐑𝐎𝐏𝐄𝐑𝐓𝐘 𝐌𝐀𝐑𝐊𝐄𝐓:
🔴 (𝐐𝟒 𝟐𝟎𝟐𝟐 𝐑𝐄𝐏𝐎𝐑𝐓)
Prices for most segments are generally increasing but at a decreasing rate. Transaction volume of residential units has reduced given the shortage of new launches in 2022 and diminishing balance unsold units. Furthermore, the interest rate hike and cooling measures have triggered some buyers to sit on the fence.
Up to 23,000 BTO flats will be launched this year, an increase of about 35% from 2021. Some 14,000 to 15,000 new private homes across 50 projects are expected to be launched in 2023 and this could attract buyers back into the market.
About 32,100 new home units, including ECs, are expected to be completed in 2023 and 2024, which is around two times the 15,900 units completed in 2021 and 2022. HDB plans to complete 20,000 BTO flats in 2023. This could ease the residential supply in the immediate term.
Analysts share that after China relaxed border controls in January 2023, more Mainland Chinese buyers and investors are expected to return to Singapore, given Singapore's strong and stable currency.
Refer to the infographics below for more information. Scan the 𝗤𝗥 𝗖𝗢𝗗𝗘 (𝗥𝗲𝗱 𝗕𝗼𝘅) bit.ly/Upcoming-New-Launchesto register on our VIP waitlist for New Launches.
"𝘛𝘰𝘶𝘤𝘩𝘪𝘯𝘨 𝘓𝘪𝘷𝘦𝘴, 𝘊𝘰𝘯𝘯𝘦𝘤𝘵𝘪𝘯𝘨 𝘗𝘦𝘰𝘱𝘭𝘦 𝘛𝘩𝘳𝘰𝘶𝘨𝘩 𝘙𝘦𝘢𝘭 𝘌𝘴𝘵𝘢𝘵𝘦."
Associate Senior Marketing Director
Huttons Asia Pte Ltd