Singapore Real Estate 2024: A Peek into Housing Trends

The landscape of real estate in Singapore is poised for intriguing shifts in 2024, with various factors shaping the housing market. Let’s take a closer look at which areas are likely to make waves, which areas will be more less volatile, in the realms of HDB BTO, HDB resale, condominium new launches, private resale and the rental market.

HDB BTO – Blooming Opportunites

HDB flats remain the majority of Singaporean’s preference when it comes to housing and Built-to-Order (BTO) flats continue to capture consumers’ attention, especially first-time homebuyers. The Housing and Development Board’s commitment to sustainable urban planning and community-centric designs remains unwavering. In 2024, we can expect an emphasis on green spaces, smart home features, and enhanced connectivity in newly launched BTO projects.

In the Feb 2024, about 4100 flats will go out for balloting in exciting areas like Queenstown, Bedok, Hougang, Punggol, Woodlands and Choa Chu Kang. In 2H2024, we expect the Bayshore projects to be launched as well. Some of these launches, due to its location, is expected to fall under the Prime Location Housing model.

However, even though we at Haus of Pride are super excited about these BTO launches, we feel as a whole, it is catered more for families, as Singles are still bounded by rules such as minimum age (i.e. 35 year old), and the 2-room flexi restriction and income ceiling of $7,000. However, if you do fall into this category, these BTO launches are indeed excellent options for you!

HDB Resale – Navigating the Secondhand Market

The resale market for HDB flats remains a dynamic arena where the charm of heritage meets the practicality of established neighborhoods. In 2024, we anticipate a continued demand for resale units, driven by the desire for larger living spaces and the allure of mature estates. Even though prices have gone up quite a fair bit in 2021 to 2023, we expect prices to plateau or rise marginally in the new year.

Buyers should stay vigilant for units that have undergone strategic renovations, enhancing both aesthetic appeal and functionality and check the estimated valuation price, so you do not have to fork out too much cash upfront for COVD. Additionally, the Government has also announced more incentives for first-time buyers in 2023, which will definitely come in handy for those who requires it.

For sellers, please do not expect drastic increases in house prices anymore. The good times are over and we are now in a buyer’s market. You can still choose to list your property at sky high prices but be prepared for it to be sitting there with little movement.

Condominium New Launches – Skyline Transformations

In 2023, there was a whole slew of back-to back new launches that had us realtors begging for more breathing space. In 2024, Singapore’s ever-changing skyline is set for more transformations with a slew of condominium new launches! The more immediate new launches include SORA at Jurong Lake, Hillhaven at Hillview, Chuan Park Residences at Lorong Chuan and Skywaters Residences at Shenton area.

Developers are likely to focus on creating lifestyle-centric spaces that cater to the diverse needs of residents. Look out for projects that integrate wellness features, co-working spaces, and smart-home technologies. These elements are becoming increasingly integral to the modern living experience. From high-tech security to rooftop gardens, the upcoming condominium launches are bound to redefine luxury living in the Lion City.

In terms of new land sales sites in 1H2024 at Queenstown, Pasir Ris and River Valley, we are of the opinion that demand may be a bit more lukewarm, as evidenced in the recent Lentor sites. This could be due to tighter profit margins due to increase manpower and construction cost in a post-COVID world.

Private Resale – A Symphony of Choices

The private resale market is expected to reflect the broader economic landscape in 2024. As Singapore embraces the new normal, remote work trends may influence the desirability of suburban or well-connected locations over central districts.

As with the HDB resale market, it is no longer a sellers’ market. Buyers are king now. With higher interest rates, buyers are more price-sensitive now. Listing your unit at a realistic price is the key if you are a genuine seller.

Buyers and sellers alike should stay informed about market trends and pricing dynamics. Engaging with experienced real estate agents can provide valuable insights into the best strategies for navigating the private resale market, ensuring a successful transaction in a competitive environment.

Rental – Supply and Demand Imbalance

With more than 28,600 brand new condominium/private residential units expected to ready for occupation in 2024, the crazy days of 50% rental renewal price hikes will likely be a thing of the past, that much is clear. Demand on the other hand may not rise as fast as supply, with more job cuts anticipated by tech and larger MNCs, adding more downward pressure on rental prices.

In a post-COVID world, a rise of remote work and the increasing desire for flexibility, the rental market is witnessing a shift towards bigger units which means more space. We see more 1+study and 2 bedders moving more quickly and getting snapped up faster than studio or 1 bedders.

In conclusion, 2024 promises to be an exciting chapter for Singapore’s real estate scene, albeit a more subdued and a mixed bag. Whether you’re eyeing a brand-new BTO flat, exploring the charm of HDB resale units, indulging in the luxury of condominium living, or navigating the private resale market, staying informed about evolving trends is the key to making savvy real estate decisions in the New Year. To end off 2023, us at Haus of Pride wishes one and all, a very Happy New Year!! Eat more, drink more and stay healthy, and most importantly, give your loved ones and big bear hug! Cheers to 2024!

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