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Singapore Real Estate Market is Expected to Grow at a Forecasted CAGR of 3.6% towards residential space, 1.0% towards retail space, 4.3% towards office space and 3.2% towards the country’s hotel real estate space by 2023: Ken Research

Press release   •   Jul 31, 2019 15:21 IST

Singapore residential market is set to test a strong supply of private residential properties as more and more ongoing projects will go on-stream by the year ending 2020 and the housing supply is expected to touch 50,000 units.

Approximately 4.0 million sq ft of net Lettable retail space from major malls within Singapore is scheduled for completion between 2016 and 2020 therefore, averaging 808,000 sq ft of new major retail space per year.

The Singapore Tourism Board (STB) launched BOOST (Building On Opportunities to Strengthen Tourism) i.e. a USD 90.0 million initiative which is aimed at increasing the tourist influx within Singapore.

Business Travel, Meetings, Incentive Travel, Conventions and Exhibitions (BTMCE) are some of the major sources of revenue for the country’s hotel industry.

Analysts at Ken Research in their latest publication “Singapore Real Estate Market Outlook to 2023 – By Residential Real Estate Market (New Sales, Re-Sales and Sub-Sales), By Retail Real Estate Market (Private and Public Retail Space), By Office Real Estate Market (Private and Public Office Space) and By Hotel Real Estate Market (Gazetted and Non-Gazetted Hotels)believe that introducing green and sustainable buildings, increasing co-working operators, establishing tie-ups between real estate agents and real estate companies, focusing towards affordable housing, REITS and developing innovative browser experience will collectively drive the Singapore real estate market demand in the near future along with a CAGR of 3.6% towards residential space; 1.0% towards retail space; 4.3% towards office space and 3.3% towards hotel real estate during the forecast period of 2019-2023.

Residential segment will continue to see moderate increase in prices as the sector faces continuous low demand side pressure. Prime properties at preferred locations are still expected to be the hotspot locations with high asking price. A greater migration to the central Singapore, growing population and swelling middle class are creating a desperate need for urban real estate including residential housing. Real estate as an asset class is changing at a very rapid pace along with the emergence of mega real estate managers which are building and investing in real estate on a large scale, especially in the case of housing where HDB plays a vital role in terms of investment. The real estate landscape within Singapore is becoming more widespread and complex, with a wider range of risk and return over long term. Along with a number of highly-anticipated projects such as Gem Residences (located in the RCR) and Stars of Kovan (in OCR) lined up for launch, new sales transaction activity is expected to swing towards the mid-tier and mass-market segments.

An influx of new retail spaces in the near future is further anticipated to compound on the downward trend of retail rents as the pipeline is already accounted by tenant pre-commitments. On the other hand, demand for suburban retail spaces is further expected to remain constant as shopping malls in Singapore remain supported by the increasing resident population. Additionally, F&B component is increasing with new options including the Hototogisu Ramen, Mavrx Coffee Bar and Tim Ho Wan. Despite the lower rents for anchor tenants, some malls include more than one supermarket as these shops provide convenience and necessity, which E-commerce often lacks, hence creating a compelling reason to visit the mall. The trend is expected to drive retail sales in the near future.

Co-working spaces and large technology firms in Singapore are further set to drive office demand in the near future. Singapore is emerging as a technology hub as most of technology firms are choosing the lion’s city to gain first mover advantage. Small as well as medium size start-ups are moving to Singapore for the ease of business and attracting talent in the country.

Singapore hotel real estate space overall has clear skies but major headwinds in near sight are slowing Singapore economy and shift towards serviced apartments and Airbnb. Apart from that, BTMICE spending rose by 10% in 2018 and is poised for sustainable growth in future considering Singapore’s growing presence as a business Hub.

Key Segments Covered:-

Singapore Residential Real Estate Market

By Type of Dwelling

HDB Dwellings

Condoniums and Other Apartments

Landed Properties

Other Types of Dwellings

By Type of Sale

New Sale

Re-Sale

Sub-Sale

Singapore Retail Real Estate Market

By Private and Public Retail Space

Singapore Office Real Estate Market

By Private and Public Office Space

Singapore Hotel Real Estate Market

By Gazetted and Non-Gazetted Hotels

Key Target Audience:-

Real Estate Developers

Independent Investors

Real Estate Consulting Companies

Third Party Real Estate Companies

Independent Architects

Government Associations

Government Agencies

Time Period Captured in the Report:-

Historical Period - 2013-2018

Forecast Period - 2019-2023

Major Companies Covered:-

CapitaLand

Frasers Property Ltd

UOL Group

City Developments

APAC Realty

Chip Eng Sen

Roxy-Pacific Holdings

Other Players (Frasers Property Ltd. and City Development Ltd.)

Keywords:-

Singapore Real Estate Market

Singapore Real Estate Market Analysis

Singapore Real Estate Industry

Real Estate Industry In Singapore

Singapore Real Estate Market Revenue

Singapore Residential Real Estate Market

Singapore Retail Real Estate Market

Singapore Office Real Estate Market

Singapore Property Price Market

New Sales Singapore Residential Market

Cooling Measures Singapore Real Estate Market

Urban Redevelopment Authority Singapore

En-Bloc Sales Market Singapore

Upcoming Retail Projects Singapore

Types Of Office Spaces Singapore

Major Co-Working Operators Singapore

Co-Working Spaces Rents Singapore

APAC Realty Real Estate Singapore

Frasers Property Real Estate Market Singapore

For more information on the research report, refer to below link:-

Singapore Real Estate Market

Related Reports:-

Hungary Real Estate Market Outlook to 2022 - by Residential (Dwellings Constructed by Regions, by Builders Type, Holiday Units Constructed by region, Dwellings Leased by Regions, Dwellings Sold by Regions), by Commercial, Retail and Hotel

Qatar Real Estate Market Outlook 2021 - Economic Diversification and FIFA World Cup 2022 to Support Infrastructure Development

Middle East Real Estate Market Outlook to 2019 - Demand for Destination Retail and Affordable Housing to Shape Future

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Ken Research

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