In August 2023, Singapore's real estate market displayed an unexpected resilience. Despite hurdles like rising interest rates and fresh regulatory measures, the sector achieved significant growth. But as the landscape continues to evolve, so does its narrative. Amidst this prosperity, speculations and scandals surrounding elite properties hint at possible disciplinary actions from the government.
So, the burning question remains: how exactly is the market performing till date? Let’s find out!
Hot Topics in the Singapore Property Market August 2023
1. PM Lee Hsien Loong announces new classification of new HDB’s BTO flats.
At the National Day Rally on 20 August 2023, Prime Minister Lee Hsien Loong announced a new classification of flats (Standard, Plus, Prime) to better reflect the locational attributes of HDB’s BTO projects, effective 2H 2024. Read more >>
2. Developers sales in Singapores real estate market surge in July, reaching highest level in nearly two years.
The rebound was driven by four new launches and strong demand for 2- and 3-bedroom units. Sales in the RCR and OCR saw significant growth. The proportion of Singaporean buyers accounted for the majority of purchases. Read more >>
3. CEA investigates property agents involved in money laundering case, potential disciplinary action awaits.
At least 105 properties worth $831 million have been issued with prohibition of disposal orders, and police have seized about $1 billion in assets, including properties, vehicles, luxury goods, and gold bars. The CEA mandates property agents to report suspicious activities, with non-compliance risking fines and license revocation. Read more >>
4. URA releases two residential sites in Clementi and Pine Grove for sale under 2H2023 GLS Programme.
The URA has launched two residential sites in Clementi Avenue 1 and Pine Grove for sale, with a potential yield of 1,065 units, as part of the 2H2023 GLS Programme's Confirmed List, closing on 7 November 2023. Read more >>
5. Cushman & Wakefield offers freehold industrial units in Citilink Warehouse Complex near Pasir Panjang MRT station.
Cushman & Wakefield is selling 57 freehold industrial units in Citilink Warehouse Complex, ranging from 88 sqm to 1,863 sqm, priced from under $1m to $20m, situated near Pasir Panjang MRT with connectivity to seaports. Read more >>
New Launches in August 2023
1. TMW Maxwell (Launched 12 August 2023)
Location: 31 Tras Street, D02,
TOP: 2028
Tenure: 99 Year
Number of units: 324
Price range: S$ 2,800 - S$ 3,376 PSF
2. Altura (EC) (Launched 5 August 2023)
Location: 119 Bukit Batok West Avenue 8, D23
TOP: 2027
Tenure: 99 Year
Number of units: 360 units
Price range: S$ 1,197 - S$ 1,633 PSF
3. The LakeGarden Residences (Launched 5 August 2023)
Location: 82 Yuan Ching Road, D22
TOP: 2027
Tenure: 99 Year
Number of units: 306 units
Price range: S$1,748 - S$2,341 PSF
Price Indexes
*Index value is 1 at year 2008
1. Residential Price Index
2. Commercial Price Index
Residential Snapshot
1. Top 5 Districts with highest Month on Month (M-o-M) Index
2. Top 5 most popular projects (Condo) in August 2023
3. Top 5 most popular projects (HDB) in August 2023
4. Top 5 highest transacted price (Condo) in August 2023
5. Top 5 Transactions by Annualised Capital Gain/Loss in August 2023
Residential Listings (Condo, HDB, Landed) March - August 2023
*New Listing: the total number of listings that are newly added in that particular time period​
