MCL Land and CSC Land to open showflat for Elta on Feb 7Get the latest information on ELTA units hereThe prospect of new cooling measures, the release of new homes from government land sale (GLS) sites and the launch of Build-To-Order (BTO) flats, as well as potential announcements from Budget 2025, were hot topics of discussion at EdgeProp Singapore’s Property Market Outlook event, held on Sunday, Feb 16. The panel, moderated by EdgeProp Singapore CEO Bernard Tong, consisted of three industry experts: Savills Singapore’s executive director of research and consultancy, Alan Cheong; Cushman & Wakefield’s head of research for Singapore and Southeast Asia, Wong Xian Yang; and CGS International’s economic advisor for Singapore, Song Seng Wun.The event, organised by EdgeProp Singapore, took place at the sales gallery of Elta, a 501-unit development jointly developed by MCL Land and CSC Land Group. The public preview of the sales gallery began on Feb 7, giving interested buyers a chance to explore the project’s available units and prices.In January, the government made clear that it was open to implementing further cooling measures and that it was not yet time to roll back existing measures. Last month, developers sold 1,083 new private residential units (excluding executive condominiums), a 256% increase compared to the same period last year.If new cooling measures are to be implemented, it is likely that the government will choose an intervention that will apply evenly across the residential market, according to Cheong. The panelists also speculated that new measures could target the HDB resale market.The HDB resale market serves as a “floor” for the housing market in Singapore, and a rise in price growth could exert upward pressure on prices in the private housing segment, according to Wong. He is of the opinion that the government may consider adjusting the seller’s stamp duty (SSD) and introducing tougher loan restrictions.Tong, on the other hand, pointed out that the government is planning to inject a significant amount of GLS and BTO supply into the market to meet housing demand. The 1H2025 GLS program includes ten sites on the Confirmed List, which could yield 5,000 new homes, and HDB is expected to offer 19,600 BTO flats in 2025.Under the new BTO classification, newly launched Prime and Plus BTO flats will take about 14 years to enter the resale market, and the impact of these developments on prices will only be felt much later on, according to Cheong. Wong adds that prices in the resale market tend to follow project completions and HDB estates completing their Minimum Occupation Period (MOP) rather than the pipeline of GLS sites up for tender each year. “In terms of prices, project completions, rather than GLS supply, are more likely to affect prices,” says Wong.Despite this, all three panelists note that the recent successes in the new launch market indicate strong buyer confidence in projects launching this year. Elta drew around 4,500 visitors during its first three days of being open to the public. Other new launches so far this year include The Orie and Bagnall Haus, which saw strong selling rates of 86% and 63% at launch, respectively.Read also: Budget 2025: Over 50,000 new HDB flats to be launched in the next three yearsSong of CGS believes that potential buyers of new projects are still confident that they can make a profit when they eventually sell their properties. He attributes this to a stronger job market, as higher-paying jobs have increased property owners’ confidence to upgrade.The panel also discussed Budget 2025 and its potential impact on the property market for this year.Song noted that Singapore has seen relatively strong economic recovery despite the Covid-19 pandemic-induced recession. With 2025 being an election year, he believes that Singaporeans can expect more handouts funded by government surpluses, which have been aided by healthy government revenue collections over the past three years.The panelists also took questions from the audience. Some participants questioned whether the residential property market is currently in a “euphoric” phase.Cheong commented that the feeling of market exuberance is likely to subside as developers strategically time the launch of new projects. He says that several launch-ready projects are in neighborhoods that have not seen a new launch in several years. “If a specific location does not see a new launch in around five or six years, demand tends to build up over that time,” he says.Some investors asked the panelists for their opinions on the rental market for this year, which has slowed down since reaching its peak two years ago. Market data indicates that the total number of expatriates in Singapore has declined in the past year; however, 2024 saw an increase in rental transactions, according to Cheong.Read also: February 2025 BTO: Fewer available flats compared to October BTOHe also notes that falling rents have likely encouraged some renters to stop sharing flats and find their own accommodations. However, this is offset by layoffs among technology and finance companies this year, which could moderate rental price growth this year.During the event, Bernard Tong also gave a presentation on EdgeProp’s Master Plan Master Class, covering upcoming transformation plans in Clementi and Jurong East.He noted that with the completion of the second phase of the Cross Island Line (CRL), Clementi will have a new MRT station (West Coast) and the existing Clementi station will become an interchange. “Historically, MRT interchanges tend to have a positive impact on surrounding property prices,” says Tong.Transformation plans in Clementi include the redevelopment of Clementi Stadium and the installation of more than 6.6km of cycling paths throughout the area. Housing demand in Clementi is also expected to rise due to the progressive development of the Jurong Lake District, new jobs created in the nearby Tuas megaport, Tuas Biomedical Park, Jurong Island, and Jurong Innovation District.Data compiled by EdgeProp Singapore shows that the average age of existing condos in Clementi is about 17 years. Tong observes that recent new projects in Clementi have seen strong capital gains over the years. This includes Clavon (24% increase since launch) and The Clement Canopy (43% price growth since launch) – both projects are located next to Elta.The data is from EdgeProp Singapore’s suite of property tools, which can help owners, buyers, and sellers better understand market and price trends, such as HDB resale prices, analytics of profitable transactions, and upcoming GLS sites. Interested parties can check out Elta properties and their latest listings through EdgeProp’s platform, Ask Buddy.
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