Residential property sales in Singapore’s primary market sprang back to life in 2017, during which it saw the highest transaction volumes in four years. Sales of non-landed private residential properties rose from 7,618 units in 2016 to 9,745 units in 2017, inching closer to the 14,711 units in 2013, according to URA data.
The pick-up in residential property sales was due to a culmination of factors, such as pent-up demand from buyers seeking to invest in properties, said Edmund Tie & Company in its 4Q2017 Housing Report.
Furthermore, given that the Additional Buyer’s Stamp Duty (ABSD) is likely to stay, many buyers have decided to enter the market as they were no longer willing to wait on the side-lines, the real estate agency said. Buyers also took the fine-tuning of the Seller’s Stamp Duty (SSD) as a sign that the market was bottoming out.
The prospects of a price recovery and better leasing environment have buoyed foreign demand. According to data from URA and Edmund Tie & Company, the number of purchases by foreigners that are Non-Permanent Residents (NPR) rose by 44.7% to 1,549 homes in 2017, account for roughly 7.1% of total home sales for the year.
In addition, private residential properties are considerably cheaper in Singapore as compared to other gateway cities such as Hong Kong and Shanghai. Most buyers who are NPRs purchased homes in the prime districts or close to the Central Business District (CBD).
Based on EdgeProp’s analysis, below are the top 10 Singapore condos with the highest level of foreign interest between January 2017 and February 2018, by comparing the number of units at the development and the number of units sold. For this article, only new sales transactions involving foreigners who are NPRs were considered.
Top 10 Singapore condos with highest foreign interest
Foreign buyers accounted for 59% of new sales transactions from Jan 2017 - Feb 2018
D7 - Fraser Street
Average price: $2,373 psf
Tenure: 99 years
Completion date: 2017
No. of units: 660
Duo Residences is the first project to be launched by M+S, a joint venture between Singapore’s Temasek Holdings and Malaysia’s Khazanah Nasional. Its initial launch was well-received by the public with 468 units or 87% out of the 540 units released initially sold.
As well as a five-star hotel, office space and retail podium, Duo comes with 660 high-end residential units. It sits in the vibrant precinct of Bugis and is surrounded by a myriad of food and shopping options. The development is also linked to the Bugis MRT station. Browse units at Duo Residences here.
2) WALLICH RESIDENCE AT TANJONG PAGAR CENTRE
Foreign buyers accounted for 56% of new sales transactions from Jan 2017 - Feb 2018
D2 - Wallich Street
Average price: $3,594 psf
Tenure: 99 years
Completion date: 2017
No. of units: 181
GuocoLand built the tallest tower in the country with Tanjong Pagar Centre, which stands 290m high. The integrated development includes the 38-storey Guoco Tower and Wallich Residence, which occupies up the 39th to 64th floors.
At the peak of the tower is a super penthouse spanning more than 21,000 sq ft, with an asking price of $108 million. The project is designed by Skidmore, Owings and Merrill, the architectural firm behind world-famous skyscrapers such as the Burj Khalifa in Dubai to Trump International Hotel & Tower in Chicago, in the United States.
The development is located right next to the Tanjong Pagar MRT. Check out units at Wallich Residence at Tanjong Pagar Centre here.
3) V ON SHENTON
Foreign buyers accounted for 52% of new sales transactions from Jan 2017 - Feb 2018
D1 - Shenton Way
Average price: $2,478 psf
Tenure: 99 years
Completion date: 2017
No. of units: 510
V on Shenton is a redevelopment of the former UIC Building by property group United Industrial Corp. The integrated development consists of a 54-storey condominium tower with 510 units and a 23-storey Grade-A office tower. Both towers are linked by a seven-storey podium. The first two storeys house a mix of retail and F&B outlets, and the five storeys above will be the car park.
The residential component of V on Shenton comes in unit sizes ranging from studios that start from 441 sq ft, one-bedroom units from 484 sq ft, two-bedders from 883 sq ft, and three-bedders from 1,356 sq ft. Penthouses start from 3,315 sq ft.
The project is located just a stone’s throw from Shenton Way MRT station. Find units at V on Shenton here.
Foreign buyers accounted for 50% of new sales transactions from Jan 2017 - Feb 2018
D9 - Lloyd Road
Average price: $2,886 psf
Tenure: Freehold
Completion date: 2016
No. of units: 76
Nestled in prime District 9, TG Development’s Lloyd Sixtyfive shows that even low-rise boutique developments can turn heads. The 76-unit project designed by award-winning Mok Wei Wei of W Architects features a deliberately understated facade that belies the lush greenery and swimming pools within. It stands at just 10 storeys.
The development is located just minutes’ walk from the shopping belt on Orchard Road and is 341m away from Somerset MRT station. Check out units at Lloyd Sixtyfive.
Foreign buyers accounted for 44% of new sales transactions from Jan 2017 - Feb 2018
D1 - Marina Way
Average price: $2,367 psf
Tenure: 99 years
Completion date: 2017
No. of units: 1,042
Another project by M+S, Marina One Residences comprises twin residential towers of 1,042 units, two premium-grade office towers with a total of 1.88 million sq ft, and a retail podium of about 140,000 sq ft. At the heart of the development is a central park which, at 65,000 sq ft, is equivalent in size to a soccer field.
In early February, a 1,528 sq ft, three-bedroom unit on the 29th floor of one of the twin 34-storey towers at Marina One Residences was sold for $4.59 million ($3,004 psf). This is the second time that prices at the development breached the $3,000 psf threshold. Last May, a 2,250 sq ft, four-bedroom unit on the 32nd floor was sold for $7.1 million ($3,157 psf).
Marina One Residences is located right next to the Marina Bay MRT station. Browse units at Marina One Residences here.
Foreign buyers accounted for 40% of new sales transactions from Jan 2017 - Feb 2018
D15 - Carpmael Road
Average price: $1,662 psf
Tenure: Freehold
Completion date: 2020
No. of units: 15
This freehold development by Lim Wen Heng Construction sits on Carpmael Road near Paya Lebar MRT station. Due for completion in mid 2020, Carpmael 38 will comprise 15 units and stand six storey high.
Future residents will be able to access the nearby Paya Lebar square and One KM mall, located just a short walk from the development. Find units at Carpmael Thirty-Eight here.
7) NEW FUTURA
Foreign buyers accounted for 39% of new sales transactions from Jan 2017 - Feb 2018
D9 - Leonie Hill Road
Average price: $3,243 psf
Tenure: Freehold
Completion date: 2017
No. of units: 124
This exclusive development along Leonie Hill Road is designed by world-renowned architectural firm Skidmore, Owings & Merrill LLP (SOM). The project comprises twin 36-storey towers sitting on an 87,000 sq ft site. Typical units are a mix of two-, three- and four-bedrooms, with five-bedroom penthouses. Two-bedroom units start from 1,098 sq ft, three-bedrooms are 1,830 sq ft and four-bedroom units are from 2,250 sq ft.
The project’s developer, City Developments Ltd (CDL) announced that it sold 18 units New Futura on the first day of private review on Jan 18. The number of units sold translated to over 70% of 25 units released. The units were priced at an average of $3,200 psf.
The luxury development is located just 386m from Great World MRT station. See units at New Futura here.
Foreign buyers accounted for 30% of new sales transactions from Jan 2017 - Feb 2018
D9 - Wilkie terrace
Average price: $2,156 psf
Tenure: Freehold
Completion date:
No. of units: 81
This exclusive seven-storey project comes with a brand new concept of “triple-key” living. Nestled in the quiet and prestigious enclave of Wilkie Road, Liv on Wilkie comprises just 82 units and offers ann urban getaway from the hustle and bustle of the city.
The development is located just 424m from Rochor MRT station. Browse Liv on Wilkie units here.
Foreign buyers accounted for 29% of new sales transactions from Jan 2017 - Feb 2018
D9 - Cairnhill Road
Average price: $2,578 psf
Tenure: 99 years
Completion date: 2016
No. of units: 268
Towering at 122 metres with 30 storeys, Cairnhill Nine is one of the tallest buildings in the Orchard Road district. It is part of an integrated development that also comprises luxurious serviced residence Ascott Orchard Singapore.
The CapitaLand development is located just a few minutes’ walk from Orchard as well as Somerset MRT stations. It comprises 268 residential units available in a good mix of layouts and sizes ranging from 591 square feet to 3,864 square feet. Unit types include one-bedroom, one-bedroom+guest, two-bedroom, two-bedroom+guest, and four-bedroom units, as well as penthouses. Find Cairnhill Nine units here.
Foreign buyers accounted for 25% of new sales transactions from Jan 2017 - Feb 2018
D4 - Keppel Bay Drive
Average price: $2,169 psf
Tenure: 99 years
Completion date: 2016
No. of units: 367
The 366-unit project was designed by world-renowned architect Daniel Libeskind. According to developer Keppel Land, its vision had always been to develop Corals into a luxury waterfront residential development to enhance Keppel Bay’s reputation as “Singapore’s future world-class waterfront precinct”.
Inspired by the project’s location along the southern coastline of Singapore, the 11 residential blocks of Corals at Keppel Bay are arranged as meandering coastal reefs. The blocks have an organic façade, and are arranged as such that every unit will enjoy views of the waterways.
On October 23 2017, the development won the People’s Choice award at the inaugural EdgeProp Singapore’s Excellence Awards. Browse units at Corals at Keppel Bay here.