Edgeprop Singapore%E2%80%99S First Property Market Outlook Event 2025 Draws Strong Crowd Elta
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MCL Land and CSC Land Group acquire Clementi Ave 1 site for $491 mil, to launch project early 2019
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On Sunday, Feb 16, the possibility of new property cooling measures, incoming housing supply from government land sale (GLS) sites and Build-To-Order (BTO) launches, as well as announcements in Budget 2025 impacting the real estate market, were some of the top discussion points at EdgeProp Singapore’s Property Market Outlook event.
The event, organised by EdgeProp Singapore, was held at the sales gallery of the new 501-unit Elta project, jointly developed by MCL Land and CSC Land Group. The sales gallery was open for public preview from Feb 7.
A panel of three industry experts, moderated by EdgeProp Singapore CEO Bernard Tong, discussed these topics. The panel comprised 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.
In January, the government hinted at the possibility of implementing more property cooling measures, stating that it was not yet time to roll back on existing measures. The panelists noted that this could have an impact on the residential market, as developers saw a 256% increase in sales of new private residential units (excluding executive condos) last month.
According to Cheong, if new cooling measures are implemented, the government is likely to choose an intervention that will apply uniformly across the residential market. The panel also discussed the possibility of measures targeting the HDB resale market, which forms the “floor” of the housing market in Singapore. If prices in this market continue to rise, it could add upward pressure on prices in the private housing segment, noted Wong. He suggested that the government may consider adjusting the seller’s stamp duty (SSD) and introducing tougher loan restrictions.
However, Tong highlighted that the government is also injecting a strong supply of GLS and BTO projects into the market to meet housing demand. This includes 10 sites on the Confirmed List for the 1H2025 GLS programme, which could yield 5,000 new homes, and 19,600 BTO flats to be offered by HDB in 2025.
Under the new BTO classification, newly launched Prime and Plus BTO flats will take around 14 years to enter the resale market. Therefore, the impact of these developments on prices will only be felt much later on, explained Cheong. Wong added that prices in the resale market tend to follow project completions and HDB estates reaching their minimum occupation period (MOP), rather than the pipeline of GLS sites up for tender each year. “Project completions, not GLS supply, are more likely to affect prices,” he said.
Despite this, all three panelists acknowledged that the recent successes in the new launch market indicate strong buyer confidence for projects expected to hit the market this year. For instance, Elta attracted around 4,500 visitors during the first three days of its public preview. Other new launches this year, such as The Orie and Bagnall Haus, also saw high selling rates of 86% and 63%, respectively.
The panelists also discussed the potential impact of Budget 2025 announcements on the property market this year. Song noted that Singapore has experienced a relatively robust economic recovery since the recession caused by the Covid-19 pandemic. As 2025 is an election year, he believes that Singaporeans can expect more government handouts funded by surpluses generated from healthy government revenue collections over the past three years.
During the event, Tong also presented a session of EdgeProp’s Master Plan Master Class, covering upcoming transformation plans in Clementi and Jurong East. He highlighted that the completion of the second phase of the Cross Island Line (CRL) will add a new MRT station (West Coast) and turn the existing Clementi station into an interchange. “Historically, MRT interchanges have had a positive impact on surrounding property prices,” he said.
The transformation plans in Clementi include the redevelopment of Clementi Stadium and the installation of more than 6.6km of cycling paths in the area. According to Tong, housing demand in Clementi is also expected to benefit from the development of the Jurong Lake District, as well as the creation of new jobs in the nearby Tuas megaport, Tuas Biomedical Park, Jurong Island, and Jurong Innovation District.
Data from EdgeProp Singapore shows that the average age of existing condos in Clementi is about 17 years. According to Tong, recent new projects in Clementi have seen strong capital gains over the years. This includes Clavon (24% increase since launch) and The Clement Canopy (43% increase in price since launch), both of which are located next to Elta.
This data is available through EdgeProp Singapore’s suite of property tools, which can help owners, buyers, and sellers understand market and price trends. These tools provide information on HDB resale prices, analytics of profitable transactions, and upcoming GLS sites. Ask Buddy for the latest listings for Elta properties, to compare price trends of HDB, condo, and landed properties, and to view transaction data for profitable condo transactions in the past year.