Edgeprop Singapore%E2%80%99S First Property Market Outlook Event 2025 Draws Strong Crowd Elta
MCL Land and CSC Land to preview 501-unit Elta at Clementi Ave 1, Elara on Jan 30Check out the latest listings for Elta propertiesAsk BuddyMost unprofitable condo transactions in past 1 yearAdvertisementAdvertisementCompare price trend of HDB vs Condo vs LandedGenerate price trend graph for new launch condo in District 5Compare price trend of New sale condo vs Resale condoLanded transactions with the highest profits in the past yearView more storieshttps://www.edgeprop.sg/property-asking-price-3-feature/re-possibility-new-property-cooling-measures-gls-supply-and-budget-2025-impact-real-estate-market
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The property market in Singapore has been a hot topic of discussion, with speculations about the potential for new cooling measures, the impact of upcoming housing supply from government land sale (GLS) sites and Build-To-Order (BTO) launches, as well as the expected announcements in Budget 2025. These topics were the focal points of the EdgeProp Singapore’s Property Market Outlook event held on Sunday, February 16.
Led by a panel of industry experts including Alan Cheong, executive director of research and consultancy at Savills Singapore; Wong Xian Yang, head of research, Singapore and Southeast Asia at Cushman & Wakefield; and Song Seng Wun, Singapore economic advisor at CGS International, the discussion was moderated by EdgeProp Singapore CEO Bernard Tong.
Held at the Elta sales gallery, a new 501-unit project jointly developed by MCL Land and CSC Land Group, the event provided insights into the current state of the property market and what to expect in the future.
In January, the government hinted at the possibility of implementing additional cooling measures, stating that it was not yet time to roll back on existing ones. This led to a 256% year-on-year jump in the sale of new private residential units (excluding executive condos) in the month of January.
According to Cheong, if new cooling measures are to be implemented, they are likely to be applied uniformly across the residential market. However, the panelists also discussed the possibility of measures targeting the HDB resale market.
Wong pointed out that the HDB resale market sets the baseline for the housing market in Singapore, and any significant price growth in this segment can lead to upward pressure on prices in the private housing segment. He further speculated that the government may consider adjusting the seller’s stamp duty (SSD) and implementing stricter loan restrictions.
On the other hand, Tong noted that the government is planning to inject a substantial supply of GLS and BTO units into the market to meet the growing housing demand. The 1H2025 GLS programme comprises 10 sites on the Confirmed List, which can potentially yield 5,000 new homes. Additionally, HDB plans to offer 19,600 BTO flats in 2025.
According to Cheong, the newly launched Prime and Plus BTO flats will take approximately 14 years to enter the resale market, and their impact on prices will only be felt much later. Wong added that the prices in the resale market are mainly influenced by the completion of projects and the expiry of the minimum occupation period (MOP) for HDB estates, rather than the pipeline of GLS sites that are up for tender each year. He stated that “project completions, rather than GLS supply, are more likely to affect prices.”
Despite this, all three panelists agreed that the recent success of new projects in the market indicates a strong buyer confidence for projects scheduled to launch this year. For instance, Elta attracted around 4,500 visitors during the first three days of its public preview. Other recent new launches like The Orie and Bagnall Haus have also experienced high selling rates of 86% and 63%, respectively.
In terms of Budget 2025, the panelists discussed the potential measures that could impact the property market this year. According to Song, Singapore has shown strong economic recovery since the recession caused by the Covid-19 pandemic. With 2025 being an election year, he believes that Singaporeans can expect more government-sponsored initiatives funded by the healthy surpluses from the past three years.
The panel also took questions from the audience, with some participants questioning whether the residential property market is currently in a “euphoric” phase. Cheong responded that the sense of market exuberance is likely to subside as developers strategically time the launch of new projects. He added that several launch-ready projects are located in areas where no new launches have occurred in several years, leading to pent-up demand.
Investors also inquired about the rental market for this year, which has been sluggish since its peak two years ago. According to Cheong, the decline in the total number of expatriates in Singapore over the past year was offset by an increase in rental transactions in 2024. He attributed this to lower rents, leading to renters choosing to find their own accommodation instead of flat-sharing. However, he stated that job losses in certain sectors, such as technology and finance, could moderate rental price growth in the upcoming year.
During the event, EdgeProp’s CEO Bernard Tong also presented a session on the upcoming transformation plans in Clementi and Jurong East as part of EdgeProp’s Master Plan Master Class. He highlighted the completion of the second phase of the Cross Island Line (CRL), which will add a new MRT station (West Coast) and turn the existing Clementi station into an interchange. He added that historically, MRT interchanges have had a positive impact on surrounding property prices.
The transformation plans in Clementi include the redevelopment of Clementi Stadium and the introduction of 6.6km of cycling paths throughout the area. These developments, along with the upcoming Jurong Lake District and new job opportunities in the nearby Tuas megaport, Tuas Biomedical Park, Jurong Island, and Jurong Innovation District, are expected to fuel housing demand in the area.
Tong also noted that recent new projects in Clementi have experienced strong capital gains over the years, with developments like Clavon (24% price increase since launch) and The Clement Canopy (43% price growth since launch) being located next to Elta.
The data used for these insights was compiled by EdgeProp’s suite of property tools, which provide information on market trends and prices, including HDB resale prices, analytics of profitable transactions, and upcoming GLS sites.