Investment

Performance

• Singapore’s investment sales hit S$5.8 billion in 1Q 2025, with landmark deals signalling strong market appetite. With Government Land Sales momentum and a S$20-24 billion forecast, investors are poised to seize prime opportunities in a thriving market.
• Six Government Land Sales (GLS) sites were awarded during the quarter, significantly contributing S$3.6 billion to total investment sales. Developers have regained confidence in the market, buoyed by strong take-up rates at recent new launches. However, they remain measured in their land acquisition strategies, mindful of rising development costs and lingering economic uncertainties.

Outlook

• Total investment sales in Singapore’s real estate market is projected to reach S$20-24 billion in 2025, driven by sustained demand and strategic opportunities. However, elevated global interest rates and stabilised, yet high borrowing costs in Singapore will continue to influence market dynamics. Rising construction and labour costs are expected to further pressure developers’ margins, reinforcing their cautious approach to land acquisitions.
• Government Land Sales will remain a pivotal driver, with upcoming tenders for well-located residential and mixed-use sites anticipated to attract competitive bids, bolstering market activity.

Office

Performance

• Singapore’s office rents edged up 0.3% QoQ, marking a reversal from two consecutive quarters of decline. Islandwide office occupancy rates dipped 0.3 percentage points to 94.5% in 1Q 2025.
• In the CBD, net absorption reached a healthy 214,000 sq ft, on the back of the 192,000 sq ft of office space from Keppel South Central, as occupiers continued to show a clear preference for premium and Grade A office spaces. In the non-CBD markets, net absorption also strengthened, rising by 146,000 sq ft, led by strong take-up in the City Hall/Bugis area and Bras Basah, which recorded 90,000 sq ft and 41,000 sq ft, respectively.
• Shadow space saw its first decline after four quarters of consecutive increase. The decrease in shadow space is attributed to the take up of CBD area office spaces, underscoring a preference for corporate offices in central locations.

Outlook

• In 2025, rental growth for CBD premium and Grade A office spaces is expected to see a modest increase, supported by a limited new supply pipeline — with only Shaw Tower and Newport Tower anticipated to achieve TOP by late 2025.

Industrial

Performance

• Singapore’s industrial property prices rose 1.5% QoQ in 1Q 2025, driven by a 1.9% increase in multiple-user factory prices. Occupancy held steady at 89.0% island-wide.
• Rental rates for the warehouse/logistics segment rose 0.3% to S$1.88 per sq ft, while the multiple-user factories and central region Business Parks and Hi-tech industrial spaces remain unchanged.

Outlook

• About 6.4 million sq ft of new industrial space is expected over the next three quarters, with warehouses, multiple-user factories, and business parks making up 32%, 29% and 10% of the supply respectively.

Retail

Performance

• Singapore’s retail sector kicked off 2025 steadily, with tourist arrivals holding firm at 4.3 million—signalling a strong return to pre-pandemic levels. Despite the slight dip in occupancies, resilient suburban demand and rising prime rents reflect a market bracing for growth.
• Singapore’s island-wide retail occupancy rate fell to 93.2% from 93.8% in 4Q 2024, with central area retail spaces seeing the most significant declines, as leasing demand turned more selective amid shifting consumer preference within the Food and Beverage sector.

Outlook

• While the retail sector continues to grapple with inflation-driven rises in construction, labour, and operating costs—factors that may lead to upward pressure on rents and challenge cost-sensitive retailers—the outlook remains promising.
• A robust line-up of MICE events and concerts is set to fuel the tourism rebound, which is expected to drive stronger footfall and bolster demand for prime retail spaces.

Residential

Performance

• Singapore’s residential property prices rose 0.8% QoQ in 1Q 2025, led by a 1.0% increase in non-landed home prices, with the non-landed RCR posting the strongest growth at 1.7%.
• In the rental market, prices edged up 0.4%, supported by stable demand and rising transaction volumes.
• Transaction volume was recorded at 7,261 units in 1Q 2025, a 1.3% QoQ decrease from the 7,433 units in 4Q 2024.

Outlook

• With the residential market largely driven by domestic purchasers, buyer sentiment is expected to remain favourable in 2025. The residential property price index is anticipated to moderate, as overall housing supply rises with the ramp-up of Government Land Sales — a trend that should help support market stability and sustain healthy transaction activity.

Click for the full 1Q 2025 Singapore DIGEST

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Singapore, 13 May 2025 – ETC (宜迪产业咨询公司), as the sole marketing agent, is pleased to launch for sale by tender a freehold 11-storey commercial building strategically located along Tras Street, within Singapore’s Central Business District (CBD).

The tender will close on 26 June 2025 at 3pm.

Positioned prominently on a corner plot with main street frontage along Tras Street, the building occupies a site area of 619.5 sq m (approximately 6,668 sq ft) and has a total gross floor area of 3,606.34 sq m (approximately 38,818 sq ft), reflecting an equivalent plot ratio of 5.82. The subject property also has six carpark lots.

According to 2019 Master Plan, the site is zoned for ‘Commercial’ use with a plot ratio of 5.6 and permissible building height of up to 35 storeys.

The guide price is S$88.8 million, which works out to S$2,288 per sq ft on the gross floor area. Open to both local and foreign buyers, the property is not subject to Additional Buyer’s Stamp Duty or Seller’s Stamp Duty, as it is zoned for commercial use under the Master Plan 2019.

Ms Swee Shou Fern (徐晓芬), Head of Investment Advisory at ETC, says, “Office buildings in prime central locations with a price quantum of under S$150 million are well-sought after but rarely available for sale. Therefore, this is a rare opportunity to acquire a centrally located freehold commercial building in the CBD — complete with naming rights, strong street presence, abundance of amenities in the vicinity and excellent accessibility. The property’s versatility offers multiple pathways in terms of use – whether as a corporate headquarters, an investment asset with rental income, or a redevelopment or asset enhancement opportunity. Notably, as the property lies outside the strata restriction zone, there’s added potential for strata sales post-enhancement.”

There were only two office buildings within the S$150-million quantum that were traded in the last two years. Prinsep House at 31 Prinsep Street was sold to local Lim family which controls Midview Group at S$142 million or S$2,109 per sq ft on its gross floor area in April 2024. Separately, Liberty House at 51 Club Street was sold to Chinese individual Zhang Nie at S$92.2 million or S$3,193 per sq ft on its gross floor area in April 2023.

She adds, “We expect strong interest from end-users, investors and developers, especially as demand for well-located freehold commercial assets continues to outstrip supply amid Singapore’s evolving CBD landscape. The successful buyer will stand to benefit from URA’s ongoing plans to rejuvenate the CBD into a vibrant, 24/7 mixed-use district, with major upcoming developments such as Keppel South Central, Newport Plaza, One Bernam and The Skywaters.”

The property enjoys excellent connectivity, just 300 metres from Tanjong Pagar MRT Station and approximately 400 metres from the upcoming Prince Edward Road MRT Station, slated for completion in 2026. Major expressways such as the Ayer Rajah Expressway (AYE), Central Expressway (CTE), and Marina Coastal Expressway (MCE) are also nearby, offering excellent connectivity.

A wide range of amenities are available in the area — from retail offerings at 100AM, Icon Village and Tanjong Pagar Plaza, to an array of restaurants, cafés, and hawker centres. The neighbourhood also features banks, fitness studios, wellness centres, and established hotels such as Amara Singapore, Oasia Hotel Downtown, and Carlton City Hotel Singapore.

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Singapore, 13 May 2025 – ETC (宜迪产业咨询公司), as the sole marketing agent, is pleased to launch for sale a 4-storey single-user B1 industrial property located at 26 Ubi Road 4. The sale will be conducted via expression of interest (EOI), which will close on 10 June 2025, 3pm.

Completed in 2020, the property sits on a 32,294-sq-ft site with a balance JTC leasehold tenure of about 25 years. The building has a substantial gross floor area of 61,372 sq ft and is thoughtfully designed to modern industrial specifications – featuring a glass-clad passenger lift, high ceilings suitable for light manufacturing and warehousing, and an ancillary office space.

According to the URA Master Plan 2019, the site is zoned for “Business 1” use with a gross plot ratio of 2.0.

The indicative price is S$20 million, which reflects approximately S$619 per sq ft on the land area.

Ms Ong Mei Fen (翁美芬), Senior Director of Business Space & Retail at ETC, says, “This is a rare opportunity to acquire a modern, high-specification B1 industrial asset in a prime city-fringe location. We expect strong interest from both investors and end-users, given the limited supply of quality industrial properties and sustained demand from sectors such as manufacturing, logistics and technology.”

She adds, “Industrial assets in mature nodes like Ubi continue to attract attention due to their strategic location and accessibility. The property offers flexibility for a variety of industrial and office uses – from light manufacturing and R&D to warehousing and last-mile logistics. Buyers may occupy the building for their own operations in this well-established industrial estate.”

The building also comes with exclusive naming rights, subject to authorities’ approval, providing enhanced brand visibility – a valuable perk for owner-occupiers looking to establish a flagship presence in the east.

Located in the vibrant Paya Lebar-Ubi industrial precinct, the property is within a 5-minute walk of Ubi MRT station (Downtown Line) and is easily accessible via major expressways, including the Pan Island Expressway (PIE) and Kallang-Paya Lebar Expressway (KPE). The surrounding area hosts a strong mix of light manufacturing, logistics firms, tech companies, and motor showrooms, creating a dynamic and synergistic business environment.

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Separate land titles and a 999-year tenure, as well as approval for ‘Hotel’ use which is a privileged status no longer available for new applications in the vicinity

Singapore, 8 May 2025 – ETC (宜迪产业咨询公司), as the sole marketing agent, is pleased to launch for sale a row of five adjoining three-storey conservation shophouses located along Temple Street, in the heart of Singapore’s culturally rich Chinatown. The sale will be conducted via an Expression of Interest exercise which will close on Tuesday, 8 July 2025, 3pm.

Strategically positioned within the Kreta Ayer Conservation Area and just steps from Chinatown MRT interchange, the five shophouses – each with its individual land title – collectively span a land area of 559.2 sq m (approximately 6,017 sq ft) and has a total built-up area of 1,402.3 sq m (approximately 15,095 sq ft). Currently operating as a 42-key boutique hotel, The Inn at Temple Street, the property holds a 999-year leasehold tenure – a coveted trait in Singapore’s tightly held shophouse market.

Under URA’s Master Plan 2019, the subject property is zoned for “Commercial” use, allowing for a wide range of uses including retail, F&B, wellness concepts, hospitality and office. Notably, it holds existing planning approval for hotel use – a privileged status, as URA no longer permits new applications for hotels, serviced apartments or hostels in the area. This unique feature enhances its investment appeal, particularly for buyers exploring hospitality or lifestyle concepts.

The subject property has a guide price of S$90 million. Open to both local and foreign buyers, the property is not subject to Additional Buyer’s Stamp Duty (ABSD) nor Seller’s Stamp Duty (SSD).

Ms Swee Shou Fern (徐晓芬), Head of Investment Advisory at ETC, says, “The subject property offers a compelling blend of historical charm, prized hotel approval, near freehold-equivalent tenure and five separate land titles – a robust combination that’s nearly impossible to replicate in Singapore’s tightly held shophouse market. Its prime position within high foot traffic, culturally significant precinct makes it an exceptional opportunity for investors, operators, or boutique developers looking to create a landmark presence in the bustling Chinatown.”

The five individual land titles provide flexibility for the incoming buyer, who may choose to reconfigure the property into standalone shophouses. Alternatively, the asset can be creatively repositioned – from a private members’ club or upscale wellness retreat to curated retail or experiential lifestyle concepts.

Ms Swee adds, “The subject property’s strategic corner position enhances its street visibility and branding potential. The buyer may consider featuring a statement mural on its side façade, subject to authorities’ approval, to create a distinctive landmark presence, an increasingly valuable differentiator in placemaking strategies in today’s visually driven and experience-led market.”

Last renovated in 2011, the subject property provides a solid foundation for asset enhancement. Subject to relevant authorities’ approvals, the internal layout could be reconfigured to increase key count or optimise operational efficiency, further strengthening returns for hospitality investors or hotel operators.

Located just 100 metres from Chinatown MRT Interchange, the subject property enjoys superb connectivity. It is surrounded by a vibrant mix of heritage landmarks, tourist attractions, dining establishments and cultural institutions – all of which contribute to strong foot traffic and sustained commercial vibrancy.

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Dual potential for redevelopment or adaptive reuse, catering to diverse investor profiles

Singapore, 15 April 2025 – ETC (宜迪产业咨询公司) is pleased to offer for collective sale – MacPherson Industrial Complex, a prime freehold industrial property located at 5 Lorong Bakar Batu, within the well-established MacPherson industrial estate.

As the sole marketing agent, ETC invites all interested parties to submit their offer via the tender, which will close on 22 May 2025 at 3pm.

An 8-storey building, MacPherson Industrial Complex sits on a regular-shaped freehold land parcel of approximately 4,590.3 sq m (approximately 49,410 sq ft). With a wide 98-metre frontage along Lorong Bakar Batu, the site enjoys prominent road visibility and convenient vehicular access.

Under URA Master Plan 2019, the site is zoned for “Business 1” use, with a plot ratio of 2.5. The site can be redeveloped up to its existing gross floor area of 11,613.07 sq m (approximately 125,002 sq ft), reflecting an equivalent plot ratio of 2.53.

While the site offers redevelopment potential, the existing 8-storey building also offers an attractive alternative for adaptive reuse – providing a faster, more cost-efficient option for investors and end-users looking to optimise time and capital.

The asking price for MacPherson Industrial Complex is S$88.8 million, which translates to a land rate of S$710 per sq ft per plot ratio. The opportunity is open to foreigners with no restrictions and there will be no Additional Buyer Stamp Duty (ABSD) payable.

Ms Swee Shou Fern (徐晓芬), Head of Investment Advisory at ETC, says, “This is a compelling opportunity for investors, developers and end-users alike. With its city-fringe location, wide road frontage and freehold tenure, the site presents strong potential for retrofitting or redevelopment. Given the tightening supply of quality freehold industrial assets and robust interest in city-fringe sites, we expect strong demand for this property.”

Ms Swee continues, “ETC’s recent successful sales of 50 Playfair Road and GS Building – both of which have now been redeveloped – reflect continued appetite for quality industrial assets. Although these deals were concluded in 2023, they remain relevant benchmarks in today’s market, where demand for freehold, well-located industrial sites continue to be strong.”

50 Playfair Road was sold to Apex Asia at S$895 per sq ft per plot ratio in November 2023, now developed as FoodPoint @ Tai Seng. GS Building located at Lorong Ampas was sold to JVA Venture Pte Ltd at S$727 per sq ft per plot ratio in February 2023, now developed as an 6-storey industrial building, Space 18. Earlier this month, Shine Ching Industrial Building located at Shaw Road was sold at S$824 per sq ft per plot ratio.

The site is well-connected to other parts of Singapore via Central Expressway (CTE), Pan-Island Expressway (PIE) and Kallang-Paya Lebar Expressway (KPE) and is conveniently located approximately 600 metres from Potong Pasir MRT Station on the North East Line. It is also close to lifestyle and dining amenities along MacPherson Road and Tai Thong Crescent, as well as retail offerings at The Venue Shoppes, Poiz Centre and Grantral Mall.

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Landed homes

• The luxury landed home segment saw 36 transactions in 2H 2024, a decline from 43 units in 1H 2024. Despite the lower sales volume, total transaction value rose to S$1.02 billion, up from S$0.85 billion 1H 2024. For the full year, 79 luxury landed homes changed hands, with a combined transaction value of S$1.87 billion.
• Luxury detached houses continued to be the key driver of transactions, contributing approximately 75.0% of total landed luxury home transactions in 2H 2024. Meanwhile, luxury semi-detached and terrace houses fell to 9 transactions in 2H 2024, down from 11 in 1H 2024.
• A total of 18 GCBs were sold in 2H 2024, contributing S$780.6 million to the luxury landed housing home market. For the whole of 2024, GCBs sales reached S$1.14 billion, a 126.6% increase from the S$0.50 billion recorded in 2023. Investor confidence is expected to strengthen, particularly in the GCB market. Transaction volumes are likely to increase, bringing upward pressure on prices on luxury landed properties.

Non-landed homes

• The non-landed luxury home segment recorded 16 transactions in 2H 2024, a slight dip from 17 units in 1H 2024. However, total transaction value declined more significantly, falling 19.0% HoH to S$216.9 million in 2H 2024, down from S$267.6 million in 1H 2024.
• The recent interest in primary sales suggests an upward shift in market pricing. While transaction volume is likely to remain muted, new Singapore Permanent Residents (SPRs) could provide some uptick in activity.

Foreign demand

• Total foreign demand for luxury homes continued its downward trend in 2H 2024, with total transaction quantum sliding from S$171.7 million in 1H 2024 to S$166.6 million. This also results in a drop in the average transaction quantum per unit, falling to S$15.1 million in 2H 2024 from S$17.2 million in 1H 2024. Despite the lower transaction value, foreign demand by volume showed an uptick to 11 units in 2H 2024 from the 10 units in 1H 2024.
• It has also been observed that there continues to be a clear preference for homes in prime locations among foreign buyers, particularly those near key lifestyle and retail hubs.
• Non-permanent resident (NPR) remained largely absent from the luxury home market in Singapore, with only 2 purchases recorded in 2H 2024. For the full year of 2024, NPRs accounted for just 3 luxury home purchases, highlighting the high barriers set by the ABSD on luxury homes for this buyer segment.

Click for the full Prestige Homes 2H2024

This will be the final issue of the Prestige Homes report, as we evolve our market insights offerings following the merger announcement of ETC and OrangeTee. We appreciate your support.

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A ground-floor strata unit spanning Level 1 and 2 with prominent street frontage, and a strata office floor for sale

Singapore, 10 March 2025 – ETC, as the exclusive marketing agent, is offering for sale, prime commercial space at GB Building located at 143 Cecil Street. The portfolio comprises:

i. A prominent ground-floor strata unit that spans Level 1 and 2; and
ii. A strata office floor

within the 26-storey office building.

The sale will be conducted by way of an expression of interest exercise; interested parties are invited to submit their offers by 15 April 2025 at 3pm.

The ground-floor commercial space has a strata area of 1,214 sq m (approximately 13,067 sq ft), featuring an impressive 45-m full-glass frontage along the bustling Cecil Street. The strata office floor occupies an area of 1,170 sq m (approximately 12,594 sq ft).

The guide price for the ground-floor unit is S$45 million, which works out to approximately S$3,443 per sq ft on the strata area. Meanwhile, the guide price for the strata office floor is S$25 million, which works out to S$1,985 per sq ft on strata area.

Interested parties have the flexibility to purchase the properties individually or collectively. As commercial properties, there is no Additional Buyer’s Stamp Duty or Seller’s Stamp Duty payable and no restriction on foreign ownership.

Ms Swee Shou Fern (徐晓芬), Head of Investment Advisory at ETC, says, “Ground-floor commercial units in the CBD are highly sought-after due to their prominent street frontage and high footfall. The last ground-floor unit transacted nearby was at Prudential Tower for S$4,636 per sq ft in August 2024, making the ground-floor unit at GB Building a relative attractively priced opportunity.”

“The unit has also been approved for ‘Restaurant & Bar with Live Entertainment’ use, which enhances its appeal, aligning with the increasing interest in dynamic and experiential F&B concepts. This presents an exciting opportunity for investors and end-users looking to tap into the growing nightlife and experiential dining scene,” adds Ms Swee.

Meanwhile, office floors within GB Building have seen strong trading activities, with sales recorded in 2024 at S$10.88 million (S$1,978 per sq ft) and S$10.7 million (S$1,980 per sq ft).

Ms Swee continues, “Both units for sale are currently tenanted, offering the incoming purchaser immediate rental cashflow. The units are ideal for end-users who are looking to rightsize and/or consolidate operations into one central location for greater efficiency, as well as investors seeking to capitalise on the limited supply of strata commercial units in the CBD.”

GB Building is a 26-storey office development occupying a prime corner plot at the junction of Cecil Street and McCallum Street. Strategically positioned in the heart of the CBD, it offers excellent connectivity with three MRT stations (Tanjong Pagar, Telok Ayer, Shenton Way) running on four train lines within a 300-m radius. The area is a bustling financial and business hub, surrounded by corporate offices, banks, dining options, and amenities.

Investment

• Singapore’s investment sales witnessed a dip in 4Q 2024 to S$6.5 billion. Nonetheless, total sales rose 28.7% YoY to S$25.2 billion for 2024 compared to 2023.

Office

• Singapore’s office market experienced an increase in overall occupancy to 95.0% in 4Q 2024, driven by demand in the CBD. Both Premium and Grade A rents in the CBD remained stable for 2024.

Industrial

Singapore’s industrial property index saw a 3.5% YoY growth in 2024. Island-wide occupancy rates held steady at 89.0% in 4Q 2024, with warehouse rising to 91.5% and Business Parks declining to 77.9%. Warehouse rents grew 1.0% QoQ, while Business Park rents fell 1.0% QoQ.

Retail

• Singapore’s retail sector remains resilient, bolstered by the recovery of tourism, high occupancy rates, and steady leasing demand. Singapore’s retail sector remains a prime destination for global brands and investors.

Residential

• Singapore’s residential market saw a rise in transaction volume to 21,950 units in 2024, driven by strong primary sales in 4Q 2024. Rental rates fell 1.9% YoY, but transaction volume grew 4.7% YoY, indicating market stabilisation.

Click for the full 4Q 2024 Singapore DIGEST

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Zoned for “3-storey mixed landed housing”, vacant plot offers buyer the flexibility to develop it into various landed housing configurations

Singapore, 18 February 2025 – ETC (宜迪产业咨询公司) as the sole marketing agent, is pleased to offer for sale a rare freehold land parcel located at Jalan Jamal / Elite Park Avenue, in the highly coveted District 15. The site is available for sale through a tender exercise, which will close on Tuesday, 18 March 2025 at 3pm.

The regular-shaped freehold site spans approximately 3,300.7 sq m (approximately 35,528 sq ft), with dimensions measuring approximately 45 m by 68 m.

Under Master Plan 2019, the site is zoned for “3-storey mixed landed housing”. Currently a vacant site, the land parcel offers the successful buyer the flexibility to develop it into various landed housing configurations – including detached, semi-detached and/or terrace houses.

The asking price for the land parcel is S$38 million, which works out to a land rate of approximately $1,070 per sq ft.

Ms Swee Shou Fern (徐晓芬), Head of Investment Advisory of ETC, says, “Freehold land parcels of this scale in the coveted District 15 are rarely available for sale. What makes this site even more appealing is that it is a vacant plot of regular shape, offering developers a true blank canvas to create a bespoke landed housing project – without the constraints of existing structures or the need for demolition – in one of Singapore’s most desirable residential districts.”

Ms Swee adds, “Given the strong performance and steady capital appreciation of landed properties in District 15, we anticipate strong interest from developers looking to capitalise on this rare opportunity.”

Statistics from the Urban Redevelopment Authority’s Real Estate Information System indicate that property prices of landed homes in District 15 have recorded a compounded annual growth rate (CAGR) of 5.2% from 2015 to 2024. This surpasses the 4.3% CAGR observed for landed homes islandwide, highlighting this district’s resilience and strong growth potential.

Nestled within a sought-after landed housing enclave, the site offers an ideal blend of exclusivity, tranquility, and convenience. Just 180 meters from East Coast Road, future residents will enjoy easy access to a wide range of dining, retail, and lifestyle options, including popular malls such as Parkway Parade, Siglap V, i12 Katong, and East Coast Park.

The site also boasts excellent accessibility to other parts of the island. Siglap MRT Station on the Thomson-East Coast Line is a short walk away, while several public buses ply along East Coast Road. The East-Coast Parkway (ECP) expressway nearby provides seamless connectivity to other expressways including Marina Coastal Expressway (MCE), Pan Island Expressway (PIE), Kallang-Paya Lebar Expressway (KPE), and Ayer Rajah Expressway (AYE).

Nearby reputable educational institutions include Tao Nan Primary School, St Stephen’s School, CHIJ Katong (Primary), Tanjong Katong Primary School, Dunman High School, Chung Cheng High School, Victoria Junior College, among others..

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