OrangeTee & Tie held its annual business convention, the OrangeTee Elevate Convention 2024, at Suntec Convention Centre on April 12. (Picture: OrangeTee & Tie)
Singapore’s housing market has witnessed a dynamic shift in consumer trends with a much younger buyer demographic now among the most active group of homebuyers. At the same time, we anticipate another major shift as our aging population continues to grow in the coming years, says Justin Quek, CEO of OrangeTee & Tie.
This was part of his opening remarks at the agency’s annual business convention, the OrangeTee Elevate Convention 2024, at Suntec Convention Centre on April 12. Attending as the guest of honour was Desmond Lee, Minister for National Development and Minister-in charge of Social Services Integration.
During the convention Orange Tee unveiled a revamped research hub and market analytics suite. Additionally, it signed a Memorandum of Understanding with I Quadrant, a leading educational platform specialising in real estate investing, to enhance its upskilling initiatives and agent productivity.
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In his speech, the minister shared the government’s broad urban planning approach to optimise land use in Singapore. “Careful stewardship of our limited land, and our commitment to planning for the long-term future has been our longstanding approach. As land pressures grow increasingly acute and trade-offs become harder for us to navigate, these values become even more critical,” says Lee.
The upcoming Tengah HDB town is a rare instance of a new town developing from a green field site – the first in 20 years, the minister says. “Instead, we will be redeveloping and rejuvenating existing developed areas to provide new housing opportunities for Singaporeans – both young Singaporeans setting up their first home, as well as older Singaporeans who are also looking for an appropriate kind of housing,” says Lee.
Other areas that the government is studying, or has earmarked for future redevelopment, include Bukit Timah Turf City, Pearl’s Hill, Chencharu in Yishun, and Gillman Barracks in Telok Blangah. “Besides allowing Singaporeans to live closer to the city centre, we hope to build on the character and charm of former colonial buildings (at Gillman Barracks), as well as the easy access to green and recreational spaces like the Southern Ridges and Labrador Nature Park Network,” says Lee.
The Ministry of National Development (MND) has embarked on a public engagement exercise for the Draft Master Plan 2025, following the previous Long-Term Plan Review in 2022.
“MND will be launching the first of a series of Recreation Master Plan roving exhibitions this Sunday (April 14) at Westgate, showcasing island-wide and regional opportunities for recreation, the arts, sports, heritage, and well-being. The exhibition will be roving to seven more locations in the heartlands in the coming months,” says Lee.
Real estate agencies like OrangeTee & Tie will be a vital stakeholder as Singapore’s housing market continues to evolve in the coming years, says Quek, adding: “2024 is our year. It is the year where OrangeTee effects the changes needed to stay relevant and valuable to our clients and agents”.
Read also: New private homes, flats reaching MOP to decline; prices to moderate: OrangeTee & Tie
He says that the agency must lean into its large pool of experience and ‘tenured’ sales force, even as the profile of homebuyers becomes younger. “Thus, it is essential for us to innovate and keep the salesforce relevant to the dynamic buyer demographic,” says Quek. “We can achieve this by increasing our exposure and engagement in the exploratory stages of the modern consumer, as the journey of home ownership and investment starts much earlier today”.
Singapore’s aging population also demands tailored solutions that cater to their unique aspirations and concerns. “The narrative of upgrading and making more money is unlikely to be in the headspace for them, and we must be ahead of the curve to help them maneuver what could potentially be a golden chapter of their lives,” says Quek.
He adds that the agency will be looking at building more platforms for mentorship and transference of knowledge across its different generations of associates.
“While the focus of most traditional agencies has been traditionally on prospecting and transactions, the sales cycle and consumer today require a different approach. The modern customer is more empowered today with an abundance of data and insights and may at times know even more than agents,” says Quek.