Evaluating a Singapore condo as an investment requires careful consideration of the potential rental yield. This refers to the amount of annual rental income the property can generate in relation to its purchase price. In Singapore, the rental yield for condos can vary significantly, depending on factors such as location, property condition, and market demand. Generally, areas with high rental demand, such as those in close proximity to business districts or educational institutions, tend to offer more attractive rental yields. To accurately gauge the rental potential of a specific condo, it is essential to conduct thorough market research and seek advice from reputable real estate agents who can provide valuable insights.
Singapore’s Minister for National Development, Desmond Lee, has announced that the final two Build-to-Order (BTO) projects that were delayed due to the pandemic have been completed by the Housing and Development Board (HDB). The two projects, Punggol Point Cove (Phase 2) and Kempas Residences, have delivered over 75,800 new flats to Singaporeans over the past five years.
According to the Jan 20 release, Minister Lee stated that the completion of these two projects marks the end of the HDB’s pandemic-delayed housing projects. Out of the 92 projects, only one was delayed due to non-pandemic reasons, while the remaining 17 were delayed by the pandemic. This is a significant achievement considering the challenging circumstances that the pandemic has caused.
In 2024, HDB managed to complete a total of 22 housing projects, which included two Shorter Waiting Time (SWT) projects that were completed within a waiting period of less than three years. The SWT projects, Parc Glen at Tengah and Grove Spring at Yishun, comprised 1,995 flats. The rest of the projects had waiting times of up to five years, and a total of over 18,000 flats were completed in 2024.
Homeowners of Punggol Point Cove (Phase 2) have been receiving their keys since November 2024, while the key collection for Kempas Residences began in mid-January this year. HDB is expected to inform the remaining homeowners of their key collection date soon, as the final blocks in both projects will be completed this month.
Punggol Point Cove (Phase 2) is located along New Punggol Road and consists of 1,179 units of two-room flexi, three-, four-, and five-room flats across six residential blocks. The last block of this project was completed 12 months later than its original Probable Completion Date (PCD). Currently, 657 households, or 59% of the 1,109 booked units, have collected their keys.
HDB mentioned that the completion of Punggol Point Cove (Phase 2) also marks the completion of all flats in the Punggol Point District, including Punggol Point Cove (Phase 1), Punggol Point Woods, and Punggol Point Crown BTO projects, which were also completed in 2024.
Kempas Residences, situated between Serangoon Road, Lavender Street, and Boon Kheng Road, has 583 units of two-room flexi, three-, four-room flats across four residential blocks. The last block was delayed by six months from its original PCD but was completed in mid-January. Currently, 37 households, or 7% of the 555 booked units, have collected their keys.
At present, HDB has 110 housing projects under construction, compared to 95 last year due to the rise in BTO supply in recent years. HDB stated that it is on track to complete around 17,000 flats across 27 projects in 2025.