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Starting January 1st, ERA Singapore has announced that it will no longer cover the annual Council for Estate Agencies (CEA) license renewal fees for its real estate agents. This practice, which has been in place for the past seven years and continued even during the COVID-19 pandemic, has been a significant way that ERA has supported its agents.

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Investing in a Singapore Condo has become a sought-after option for both local and foreign investors, thanks to the country’s strong economy, stable political climate, and excellent quality of life. This thriving real estate market offers a multitude of opportunities, with condos being a preferred choice due to their convenience, amenities, and potential for attractive returns. In this article, we will delve into the advantages, considerations, and steps to take when investing in a Singapore Condo.

In a statement, ERA stated that this decision will allow the company to allocate their resources towards initiatives that will enhance growth and success for their market-leading salesforce, as well as benefit their clients. However, ERA will still support new agents by covering their renewal fees for the first two years, which is a common industry practice that is designed to help newcomers establish themselves.

Read also: Marcus Chu expects 2025 to be ‘a boom year’ for Singapore’s private housing market

ERA’s decision to discontinue the coverage for renewal fees also addresses the issue of inactive agents shifting between agencies solely for the fee coverage. This move has resulted in a slight decrease of approximately 300 agents, mostly inactive or part-time salespersons with no transactions in the past year.

On the other hand, ERA has managed to attract around 230 new professional agents who have joined the agency on January 1st, showcasing its continued appeal to active and aspiring real estate agents.

CEO of ERA Singapore, Marcus Chu, acknowledges that the CEA is currently reviewing the need to implement a minimum transaction requirement for real estate salespersons. This emphasizes the importance of active participation and continuous professional development in the industry.

Chu also adds, “By reallocating resources towards technology, training, and marketing, we reaffirm our commitment to empowering our core team of results-driven salespersons to excel and deliver exceptional value to clients.”…

On January 1, 2025, real estate firm SRI made a significant announcement regarding the integration of 111 agents from Knight Frank Singapore’s agency business, KF Property Network (KFPN), into their team. This includes the former head of KFPN, Evan Chung.

This addition of 111 agents makes up 40.5% of KFPN’s sales force, which was ranked as the sixth-largest property agency by the Council for Estate Agencies (CEA) as of Jan 1, 2024. With a total of 1,286 agents at the beginning of 2024, SRI was already the fifth-largest property agency. Therefore, with the new recruits from KFPN and the four largest agencies in the industry, SRI now has a sales force of 1,501 agents at the start of 2025.

SRI was founded in 2016 by managing partners Bruce Lye and Benson Koh, as a spin-off from SRI5000, which had been a division of SLP Realty for six years prior. The company started with 120 agents and operated out of a 2,000 sq ft shop unit on Eng Watt Street in Tiong Bahru. Due to its rapid growth, SRI moved into a larger 4,200 sq ft office space at Great World in 2021.

Today, SRI has achieved a significant milestone by reaching nearly 1,500 agents, with a target to expand the team to 2,000 by the end of 2025, according to CEO, Thomas Tan. This expanded sales force is expected to strengthen SRI’s existing business lines, including residential, capital markets, industrial, auctions, and international projects. Tan also notes that many of the new agents from KFPN are involved in high-value deals, which will complement SRI’s luxury property segments such as Good Class Bungalow (GCB) properties.

Despite its growth, SRI continues to position itself as a boutique agency with a strong focus on the luxury residential market. Tan’s goal is to transform SRI into a thought leader in the industry, known for its high standards, specialized expertise, and client-centric approach.

Former KFPN head Evan Chung, who is now joining SRI as a leader, shares that his decision to move was driven by SRI’s commitment to equipping its agents with effective tools, comprehensive support, and expert coaching. He also notes the agency’s open and collaborative culture, which promotes professional growth and excellence as a team. Chung believes that SRI’s offerings across various market segments like residential, commercial, and industrial properties, auctions, and international properties, will benefit their clients greatly.

Singapore’s cityscape is characterized by towering structures and contemporary establishments. Condominiums, typically situated in desirable locations, offer a perfect fusion of opulence and practicality that captivate both locals and foreigners. These residences are equipped with top-of-the-line facilities like pools, fitness centers, and security services, elevating the standard of living and boosting their appeal to potential renters and purchasers. For real estate investors, these amenities equate to greater rental returns and appreciating property prices over the years. With Singapore Condo, the urban landscape of Singapore is truly defined by its luxurious and convenient living options.

Following the departure of Chung and other agents, KFPN’s sales force has decreased to 145 agents, causing their ranking to drop from sixth to eighth-largest agency, based on CEA’s public register figures as of Jan 1. However, Knight Frank Singapore’s CEO, Galven Tan, assures that it’s business as usual at KFPN. He confirms that they are in the process of appointing a new head to lead KFPN, ensuring that the team will continue to thrive and succeed. Tan also adds that they will strategically evaluate the team’s strengths and expertise to position KFPN for future opportunities.…

All You Need To Know About The Upcoming Executive Condo Projects in 2025In 2025, three new executive condo projects are scheduled to launch, with Sim Lian Group’s Aurelle Of Tampines leading the way. Located at Tampines Street 62, the 760-unit development is expected to debut in the first quarter of the year, most likely after the Lunar New Year. This launch follows the successful sale of Emerald of Katong, with only 99% of its 846 units left.The site for Aurelle Of Tampines was secured by Sim Lian Group for $543.28 million in a government land sales tender that concluded in October 2023. This translates to $721 per square foot per plot ratio (ppr). With rising construction costs and the harmonization of gross floor area (GFA) definitions, PropNex CEO Ismail Gafoor believes that Aurelle Of Tampines could set a new price benchmark, potentially surpassing the $1,600 psf threshold. This expectation is based on the success of the Novo Place EC, which was launched in November and achieved an average price of $1,656 psf.Explore comprehensive data about all ECs, including average profit at 5 and 10 yearsThe 760-unit Aurelle Of Tampines is located at Tampines St 62 (Parcel B), which was purchased by Sim Lian in a government land sale for $543.28 million, or $721 psf per plot ratio (Source: EdgeProp Landlens).Next to Aurelle Of Tampines is the 618-unit Tenet EC, developed through a joint venture between Qingjian Realty, Santarli Realty, and Heeton Holdings. Since its launch in December 2024, Tenet has sold 617 units at an average price of $1,384 psf, leaving only one unit remaining as of December 19, 2024.The site for Tenet, located at Tampines Street 62 (Parcel A), was purchased for $442 million ($659 psf ppr) in August 2021. It was the highest psf ppr price for an EC land plot at the time. Notably, Tenet was launched before the implementation of GFA harmonization rule, which applies to GLS sites launched for sale after September 1, 2022.The Tenet EC has only one remaining unit as of December 19, 2024, with 617 units sold at an average price of $1,384 psf. The 618-unit EC is at Tampines St 62 (Parcel A), next to Sim Lian’s upcoming 760-unit Aurelle Of Tampines (Photo: Samuel Isaac Chua/EdgeProp Singapore).With confidence in the strong demand for homes in Tampines and the surrounding estates, Sim Lian Group secured another EC site when it was awarded the Tampines Street 95 GLS site in early November. At the close of the tender in October, Sim Lian submitted the highest bid of $465 million ($768 psf ppr), setting a new high for EC land prices.The new EC project at Tampines Street 95 is expected to add 560 new units, further boosting the EC supply in the area. Sim Lian Group has an extensive track record of developments in the eastern part of the island. Sim Lian also submitted the highest bid of $465 million ($768 psf ppr) for an EC site at Tampines St 95, setting a new land price benchmark for ECs (Source: EdgeProp Landlens).In addition to Emerald of Katong and the upcoming EC projects in Tampines, the group successfully completed Treasure at Tampines in 2023. It is Singapore’s largest private condominium with 2,203 units. Located at Tampines Street 11, Treasure at Tampines is a redevelopment of the former privatised HUDC estate Tampines Court, which Sim Lian purchased in 2017 through en bloc sale for $970 million.As of December 19, Treasure at Tampines, with its 2,203 units, had 468 sub-sale and resale transactions recorded. Since its launch in February 2019, it has been fully sold at an average price of $1,356 psf. The average secondary market price is now $1,699 psf, representing a 25.3% increase over the average launch price.Another EC project slated for launch in 2025 is the 560-unit development at Plantation Close in Tengah Town, developed by a joint venture between Hoi Hup Realty and Sunway Developments. These are the same developers of Novo Place EC.At its mid-November launch, Novo Place sold 57% of its units during the opening weekend. In the second round of balloting for second-timers – buyers who had previously bought a subsidised new or resale HDB flat – another 137 units were snapped up, bringing total sales to 444 units, or 88.1% of the project, as of December 16, 2024. Novo Place achieved an average price of $1,656 psf, setting a new benchmark for EC prices. PropNex’s Gafoor attributes the slightly elevated average pricing at Novo Place to the fact that 80% of buyers opted for the deferred payment scheme, which carries a 3% premium compared to the normal payment scheme.Despite the higher benchmark price, Novo Place performed well thanks to several factors, Gafoor notes. These include the dwindling inventory of unsold EC units and the project’s favourable location. Novo Place is situated at Plantation Close in Tengah and is expected to benefit from the upcoming Tengah Park MRT and Bukit Batok West MRT Stations on the Jurong Region Line, which is expected to be completed by 2029.Based on caveats lodged on URA Realis, some of the transactions at Novo Place executive condo have crossed the $1,700 psf threshold (Source: EdgeProp Landlens).The third EC project to launch in 2025 is located at Jalan Loyang Besar in Pasir Ris, with a joint venture between Qingjian Realty, Forsea Holdings, and ZACD Group purchasing the site for $557 million ($729 psf ppr) in August 2024. The project is expected to yield 710 units.Read also: Novo Place hits 88.1% as 137 units snapped up in second ballotingIn 2013, the last EC launch in Pasir Ris was in 2013 for Sea Horizon at Kian Teck Way. It debuted at an average price of $800 psf. In 2024, the average resale price for caveats lodged was $1,290 psf, reflecting a 61.25% increase over the past decade. As Pasir Ris has not seen a new EC launch in almost 12 years, pent-up demand is expected.After being launched in September 2013 at an average price of $800 psf, the last EC launched in Pasir Ris was Sea Horizon. By 2024, the average resale price for caveats lodged had risen to $1,290 psf, reflecting a 61.25% increase over the past decade (Photo: Google Maps).New EC supply set to double in 2024, with three projects slated for launch — There is a strong demand for executive condominiums (ECs), a hybrid of public and private housing, among first-time homebuyers and HDB upgraders. This is attributed to their affordability compared to private new launches. According to PropNex, the median price of new 99-year leasehold, non-landed private homes in the Outside Central Region (OCR) in 2024 is $2,203 psf (as of December 8, 2024). This represents a 44% premium above new EC launch prices. Check out the latest listings for Aurelle Of Tampines propertiesAsk BuddyTotal number of units in Aurelle Of TampinesUpcoming new launch projects Condo rental transactions in District 18Projects that obtained TOP recentlyRecently launched projectsTotal number of units in Aurelle Of TampinesUpcoming new launch projects Condo rental transactions in District 18Projects that obtained TOP recentlyRecently launched projectsAll You Need To Know About The Upcoming Executive Condo Projects in 2025In 2025, three new executive condo projects are scheduled to launch, with Sim Lian Group’s Aurelle Of Tampines leading the way. Located at Tampines Street 62, the 760-unit development is expected to debut in the first quarter of the year, most likely after the Lunar New Year. This launch follows the successful sale of Emerald of Katong, with only 99% of its 846 units left.The site for Aurelle Of Tampines was secured by Sim Lian Group for $543.28 million in a government land sales tender that concluded in October 2023. This translates to $721 per square foot per plot ratio (ppr). With rising construction costs and the harmonization of gross floor area (GFA) definitions, PropNex CEO Ismail Gafoor believes that Aurelle Of Tampines could set a new price benchmark, potentially surpassing the $1,600 psf threshold. This expectation is based on the success of the Novo Place EC, which was launched in November and achieved an average price of $1,656 psf.Explore comprehensive data about all ECs, including average profit at 5 and 10 yearsThe 760-unit Aurelle Of Tamp

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Securing financing is a vital element when considering investing in a condo. Within Singapore, there is a variety of mortgage choices available, however, it is crucial to be familiar with the Total Debt Servicing Ratio (TDSR) framework. This framework sets a limit on the amount of loan that a borrower can acquire based on their income and current financial liabilities. As a result, it is crucial for investors to comprehend the TDSR and seek guidance from financial advisors or mortgage brokers to make well-informed decisions, to avoid over-leveraging. In addition, considering Singapore Projects can also provide valuable insight into the best financing options available.…

Ardmore Park, a luxury freehold condo in the prestigious Ardmore-Draycott enclave of prime District 10, has been making headlines as one of the top performers in the resale market. According to data from the Urban Redevelopment Authority (URA), it has accounted for the first, second and fourth most profitable condo resale deals of 2024, based on caveats lodged as of December 17.

One of the biggest gains came from the sale of a 2,885 sq ft, four-bedroom unit on the 26th floor. This unit was sold on February 16 for $12.9 million ($4,472 psf), while it was originally purchased from the developer for $5.83 million ($2,022 psf) back in July 1996. This translates to an impressive profit of $7.07 million and a 121% gain after holding the unit for around 27 and a half years.

Another four-bedroom unit measuring 2,885 sq ft on the 18th floor was sold for $12 million ($4,160 psf) on July 24, making it the second-highest gain of the year. The previous owner bought the unit in December 2000 through a sub-sale transaction for $5.2 million ($1,803 psf), profiting $6.8 million or 131% after a holding period of about 23 and a half years.

Ardmore Park also clinched the fourth-most profitable deal of the year, with another four-bedroom unit selling for $12.5 million ($4,333 psf) on April 22. The seller had bought this unit in February 2007 for $6 million ($2,080 psf), making a profit of $6.5 million (108%) after owning it for over 17 years.

This freehold development, located in District 10 and completed in 2001, has consistently registered significant gains in recent years. In 2024 alone, Ardmore Park saw three other units – all 2,885 sq ft four-bedders – change hands and the sellers reaped handsome profits of between $2.65 million and $3.05 million. The year before, four resale transactions for Ardmore Park were recorded, with the sellers making $2.8 million to $8.16 million in profits.

Apart from Ardmore Park, other mature freehold condos in District 10 also made the list of top gains this year. This includes Beverly Hill, a boutique development with only 86 units located on Grange Road that was completed in 1983. On July 15, a four-bedroom unit measuring 3,778 sq ft on the fifth floor changed hands for $9.15 million ($2,422 psf), making it the fifth-most profitable resale deal of the year. The previous owner made a profit of $5.47 million or 149%.

Other freehold condos in District 10 that saw top profitable deals include Astrid Meadows, Regency Park, Fontana Heights, and Wing On Life Garden, which were completed between 1982 and 1990 and are all over 30 years old.

The demand for condominiums in Singapore remains high due to the limited land available in the small island nation. Despite strict land use regulations and a competitive real estate market, property prices continue to rise, making real estate investment, particularly in condos, an appealing opportunity for potential buyers. This trend is further fueled by the constant stream of new condo launches, with new condo launches constantly coming onto the market. As Singapore’s population continues to grow rapidly, the demand for condos shows no signs of slowing down.

Despite the older age of these properties, they still fetched impressive profits for their sellers. This shows the strong demand and value placed on freehold properties in prime locations like District 10.

However, not all condos in Singapore saw big gains this year. The year’s most unprofitable condo resale transaction came from the sale of a five-bedroom duplex penthouse measuring 3,789 sq ft at Marina Collection, a 124-unit condo in Sentosa Cove, on July 22. This unit was originally bought for $9.39 million ($2,479 psf) back in March 2010 but was sold for $6.7 million ($1,768 psf), resulting in a loss of $2.69 million or 29%.

In fact, half of the 10 least profitable condo resale transactions of the year came from Sentosa Cove condos. Another example is the sale of a four-bedroom unit measuring 2,680 sq ft at Seascape for $4.5 million ($1,679 psf) on August 14. This unit was originally bought from the developer in October 2010 for $7.03 million ($2,623 psf), resulting in a loss of $2.53 million or 36%.

The Singapore Luxury Condo Index showed that prices in the Core Central Region (CCR) rose by 1.8% in Q3 2024 – the highest increase among the three regions. This indicates that luxury properties in prime locations are still highly sought-after, and the resale market for them remains strong.

In summary, the resale transactions at Ardmore Park this year demonstrate the potential for capital gains from luxury freehold condos in prime locations like the Ardmore-Draycott enclave in District 10. They also highlight the continued high demand for such properties in the current market.…

List Sotheby’s International Realty’s Director of Research, Han Huan Mei, reports that the Good Class Bungalows (GCBs) market has performed significantly better in 2023 compared to the previous year. As of December 20, 22 GCB transactions were recorded on URA Realis with a total value of $612.05 million. Additionally, there were 13 GCB deals completed without caveats lodged, bringing the estimated total for 2024 to 35 transactions worth $1.32 billion. This surpasses 2022’s record high of $1.186 billion in GCB transactions.

On the other hand, 2023 only saw 18 GCB deals worth $432.5 million, the lowest recorded since URA Realis began tracking data in 1995. However, according to Han Huan Mei, the additional deals in 2024 show that the GCB market has been more active than official transaction data reveals, reinforcing its status as a highly coveted asset among ultra-high-net-worth buyers.

The highest-priced GCB transaction was recorded at Tanglin Hill for $93.888 million, setting a new record with a land rate of $6,197 psf. The second-highest deal was the $84 million purchase at Bin Tong Park by Xiang Yangyang, daughter of Chinese nickel billionaire Xiang Guangda, although no caveat was lodged for the property. Other notable transactions include a GCB on Cluny Hill for $52 million and a 21,116 sq ft GCB plot at Astrid Hill for $49 million.

According to Mohan Sandrasegeran, head of research and data analytics at Singapore Realtors Inc (SRI), at least 14 transactions this year were valued at $20 million or more, highlighting the strong demand for ultra-luxury properties in Singapore. Sixteen of the recorded GCB transactions this year took place in prime District 10, including Tanglin, Bukit Timah, and Holland Road.

When contemplating a condo investment, it is crucial to also evaluate the potential rental yield. The rental yield is the yearly rental income expressed as a percentage of the property’s purchase price. In Singapore, the rental yields for condos can vary significantly depending on factors such as location, property condition, and market demand. Generally, areas with high rental demand, such as those near business districts or educational institutions, tend to offer more attractive rental yields. To gain a better understanding of the rental potential of a specific condo, conducting thorough market research and seeking guidance from real estate agents can be immensely beneficial.

Sustained buying activity throughout the year, with a surge in July, indicates strong demand for GCBs despite external economic factors such as inflationary pressures and high interest rates in the first half of the year, according to Sandrasegeran.

Steve Tay, co-founder and executive director of his boutique luxury agency, attributes the stronger buying sentiment in the GCB market to the trajectory of interest rates signalled by the US Federal Reserve (Fed). Ultra-wealthy Singaporeans, newly naturalised citizens, and successful entrepreneurs in technology, finance, commodities, and F&B businesses are the main contributors to the exclusive pool of GCB buyers.

Han reports that the GCB market slowed down in 2020 due to buyers’ retreat following the island-wide arrests of suspects in Singapore’s largest money laundering case. She adds that the market is expected to continue its positive momentum, driven by demand from ultra-high-net-worth individuals. The preference for privacy among GCB buyers and sellers could also lead to off-market transactions, making it challenging to track market activity.…

Singapore’s capital market property deals reached an estimated $25.8 billion between January and November this year, according to Wong Xian Yang, head of research for Singapore & Southeast Asia at C&W. This marks a 40.2% y-o-y increase from the $18.4 billion recorded in 2023. C&W defines capital market transactions as deals valued at over $10 million.

In the second half of 2024, there was a surge in investor appetite and increased confidence in interest rate cuts by the US Treasury, leading to almost 60% of the capital market deals being transacted.

Three deals exceeding $1 billion were made in 2024, all of which occurred in the second half of the year. The highest-value transaction by absolute price was the sale of a 50% stake in ION Orchard mall for $1.85 billion to CapitaLand Integrated Commercial Trust (CICT) on Sept 3. The seller was CapitaLand Investment (CLI). The remaining 50% stake is held by Hong Kong-listed property developer Sun Hung Kai Properties.

ION Orchard is an eight-storey retail mall in the heart of the shopping belt, directly linked to Orchard MRT Station. It boasts a net lettable area of 623,000 sq ft and is home to over 300 international and local brands. Above the mall is The Orchard Residences, a 54-storey, 175-unit luxury condo tower.

Mapletree Anson was the highest-valued office deal of the year, selling for $775 million in the second quarter of 2024.

Investing in a condo offers a multitude of advantages, including the opportunity to use the property’s value to secure additional investments. In fact, a considerable number of investors utilize their condos as collateral in order to acquire funding for new ventures, effectively expanding their real estate portfolio. This approach can significantly increase profits, but it is also important to have a comprehensive financial plan in place and carefully consider the potential consequences of market fluctuations. As a result, it is advisable to seek assistance from a professional when considering Singapore Condo investments.

There was a surge in investment in industrial assets, with investments reaching $5.6 billion in the first 11 months of 2024, a 174% increase from the previous year. The biggest deal in the industrial sector was the $1.6 billion sale of a portfolio of seven industrial properties by Soilbuild Business Space REIT to a joint venture platform owned by private equity firm Warburg Pincus and Australia-listed Lendlease Group in August.

Soilbuild Business Space REIT is controlled by global asset manager Blackstone and Lim Chap Huat, executive chairman of Soilbuild Group. This transaction was also the second-largest capital market deal in 2024.

Keppel DC REIT acquired two data centres for $1.38 billion, making it the third-highest valued transaction of the year. These data centres, Keppel DC Singapore 7 and 8, are fully contracted to cloud services, internet enterprises, and telecommunications providers.

Despite several Government Land Sales (GLS) sites remaining unsold this year, residential development sites sold via GLS tenders accounted for 42% of total investment sales for the year. Four GLS sites on the Confirmed List for 2024 failed to be awarded due to low bid prices and site-specific concerns.

Investment in the retail sector also saw notable growth of 149% y-o-y, reaching $3.3 billion between January and November this year. The office segment also showed signs of recovery, with $2.37 billion in investment value, a 15.7% y-o-y increase.

On the other hand, shophouse investments fell by 49.7% y-o-y to $584 million, which may be attributed to dampened investor sentiments following money laundering investigations in August 2023.

C&W’s Wong is optimistic about seeing an increase in high-value deals in 2025, with the expected cut in interest rates by the US Fed. CBRE Research also anticipates a 10% growth in investment volumes from 2024 to 2025, barring any macroeconomic shocks.…

Consumer spending has not been as strong as expected, which is likely to have a dampening effect on rental forecasts for the retail property market in Singapore by the end of this year. According to Alan Cheong, executive director of research and consultancy at Savills Singapore, the monthly retail sales index (excluding motor vehicles) and food and beverage (F&B) sales index have mostly been negative throughout this year, indicating weaker consumer spending.

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The popularity of condos in Singapore can be attributed to the scarcity of land in the small island nation. The growing population and limited space for development have resulted in strict land utilization regulations and a competitive real estate industry. As a result, property prices continuously rise, making investing in real estate, specifically condos, a highly profitable opportunity with the potential for significant capital appreciation. This is evident in the demand for Singapore Projects as well.

Cheong predicts that prime retail properties in the Orchard Road area may see a 2% increase in rents by the end of the year, falling short of the initial forecast of 3% to 5% growth at the beginning of the year. Meanwhile, suburban retail rents are expected to remain flat, in line with the initial forecast for this segment.

Research jointly published by DBS and Singapore Management University (SMU) shows that consumer concerns over higher inflation have mostly eased in recent quarters. The headline inflation expectations among Singaporeans remained at 3.8% between June and September. The research, led by SMU’s Sim Kee Boon Institute for Financial Economics, also found that many expect inflation to stabilize in the coming quarters due to the global economic slowdown, high interest rates, and potential easing of supply chain disruptions.

The latest consumer spending data published by the Singapore Department of Statistics revealed a 0.3% year-on-year increase in retail sales (excluding motor vehicles) in October, reversing the 1.5% decline in September. Cheong notes that a more positive scenario for the retail market would be if consumer spending kept pace with inflation, but the fact that it has been relatively low poses financial challenges for businesses in the industry.

Despite a busy schedule of headline concerts, conferences, and exhibitions, retail spending and rental rates in Singapore have not seen significant support. CBRE’s research, released last month, showed that while these events led to higher foot traffic in nearby malls, the impact was mixed. While concerts by international stars like Taylor Swift, Blackpink, Coldplay, and Westlife attracted over 500,000 attendees, contributing between $350 million and $450 million in tourism receipts, other MICE (meetings, incentives, conferences, and exhibitions) events did not have a similar effect on retail activity.

In Singapore, leisure and business events, including the Formula One Grand Prix, the 25th World Congress of Dermatology, and the NRF 2024 and ART SG events, were hosted. According to CBRE, business event attendees tend to stay exclusively at the event venue, while the F1 race, one of Singapore’s top international events, did not significantly boost foot traffic in tourist-centric areas such as Orchard Road.

However, Sulian Tan-Wijaya, executive director of retail and lifestyle at Savills Singapore, notes that Singapore’s position as a regional hub has continued to attract new-to-market brands. She mentions some notable retail stores that opened this year, including KSisters, The Pace, Brands for Less, Hoka, Rekoop, and Hideaway. She also observes the emergence of new F&B concepts, such as Sushi Samba, Blue Bottle, Grey Box, Puzzle Coffee, Centre of the Universe, and Rasa, which will open in December. These new entrants have also boosted demand for retail spaces and supported rental growth, especially in central Singapore.

Cheong also notes that all prime shopping malls along Orchard Road had high occupancy rates this year, as retail businesses had strong confidence in the retail market. He adds that Singapore continues to be a desirable destination for new-to-market brands entering the region, which includes retail, F&B, and lifestyle concepts. Tan-Wijaya predicts the emergence of new wellness concepts and restaurants that offer entertainment, which will enhance the vibrancy of Singapore’s dining scene.

In the coming year, retail landlords may have more flexibility to implement positive rental adjustments as the supply of new retail spaces becomes more limited. This will allow them to strategize and position their malls to remain relevant in the rapidly evolving consumption patterns of both locals and tourists, according to Cheong. He also expects retailers to optimize their real estate strategies, which may include right-sizing their spaces, establishing additional kiosks, closing under-performing branches, or shifting cooking operations to central kitchens. Cheong anticipates strong momentum in the entry of new-to-market F&B brands into Singapore, which will continue through at least the first half of 2025.…

The year 2024 has presented numerous challenges for the global luxury goods market. Uncertainties in the macroeconomy and rising prices among luxury brands have led to a decrease in consumer spending on luxury retail items.

According to a recent Bain & Company report, global sales of personal luxury goods are expected to decline by 2% this year, with the Chinese market experiencing a significant decline of 20-22%. Major luxury brands such as Richemont Luxury, LVMH, and Moncler Group have reported a slight decrease in earnings, while Kering has seen more significant declines. However, outliers such as Hermes and Prada Group, which also includes notable performer Miu Miu, have experienced double-digit earnings growth.

Despite these challenges, Singapore remains a crucial market for luxury brands. Euromonitor reports a growth of 11% in luxury goods sales in 2023, reaching $9.1 billion. In recent years, luxury brands like Dior, Chanel, and Louis Vuitton have adopted robust digital strategies, including e-commerce and digital marketing, to connect with customers.

In response to the ever-evolving consumer behaviors and preferences, luxury brands have recognized the importance of incorporating digital marketing platforms and creating offline shopping experiences to forge a stronger connection with their customers.

In Singapore, luxury brands have continued to open new stores, with Cartier, Moncler, and Marc Jacobs launching new boutiques at Changi Airport, while Marni, Graff, and Golden Goose have also opened new stores at Marina Bay Sands. These brands are renowned for their timeless elegance and heritage, and they have embraced the digital world by creating immersive and memorable experiences for their customers.

Embracing digital marketing platforms is crucial for luxury brands, especially in a world where consumer expectations and preferences are rapidly changing. However, these brands have also recognized the significance of creating unique offline experiences for their top-tier clients. This has led to the trend of flagship stores becoming bigger and bolder, providing customers with an elevated shopping experience.

For instance, Louis Vuitton recently opened its 690 sq m (7,427 sq ft) “apartment concept” space at Ngee Ann City, exclusively dedicated to its “Very Important Clients (VICs)”. Burberry also reopened its renovated stores at Marina Bay Sands and Paragon this year, showcasing the brand’s rich British heritage while embracing innovation. Moreover, Burberry opened a new store on Orchard Road at Wisma Atria in November, featuring a double-height facade.

The increase in store size and the trend of providing unique experiences for top-tier clients is evident among luxury brands. Yves Saint Laurent opened its Saint Laurent duplex store in Paragon last year and a YSL beauty boutique in Raffles City recently, while Richard Mille launched its world’s largest standalone store on St Martin’s Drive. This 7,500 sq ft store incorporates a “speakeasy” concept, featuring a sports bar and dining room.

Looking ahead, spending on luxury goods is expected to grow in 2025 and beyond, driven by factors such as the rising number of high-net-worth individuals globally, the buying interest of Millennials and Gen Z, the resurgence of Chinese tourists, and the growth of duty-free shopping, particularly in Japan.

Investing in a condominium in Singapore offers numerous benefits, with one of the main advantages being the potential for capital appreciation. Given its strategic position as a global business hub and its robust economic foundation, Singapore consistently experiences a high demand for real estate. As a result, property prices in the country have displayed a consistent upward trajectory, with condos in prime locations experiencing significant appreciation. Savvy investors who enter the market at the right time and hold onto their properties for the long term can reap substantial capital gains. Moreover, with the addition of new developments such as Singapore Projects, the potential for capital appreciation is only expected to increase.

To cater to the changing preferences of its target customers, luxury brands will continue to personalize and customize their products and services to establish stronger connections and brand loyalty. Moreover, leveraging AI and digital experiences to understand customer wants and complement offline experiences will be crucial.

Some luxury brands have already embraced AI and digital technology to stay ahead of the competition. Dior’s AI platform, Astra, utilizes data from various sources such as Google reviews, live shopping sessions, and customer surveys to understand customer preferences better.

Additionally, Balenciaga’s Winter 2024 collection at Paris Fashion Week featured an immersive digital canvas, incorporating AI-driven digital distortions. Brunello Cucinelli has also created a separate website powered entirely by generative AI.

Despite 2024 being a challenging year for the luxury goods market, growth is in sight for 2025 and beyond as luxury brands continue to expand their presence, create larger flagship stores, and offer elevated experiences for their top clients. With Millennials and Gen Z forming a significant portion of the target market, luxury brands will continue to incorporate sophisticated digital technology and platforms while developing strong omnichannel strategies that include immersive and interactive physical stores.

Sulian Tan-Wijaya, Executive Director (Retail & Lifestyle) at Savills, highlights the importance of embracing digital platforms and creating unique experiences for customers in the luxury goods market.…

The Swiss brand, V-ZUG, stands firm in its commitment to simplicity and quality with its timeless approach to product design. While the world of interior design is in constant flux with new styles taking the center stage, V-ZUG believes that functionality and elegance will never go out of style. This belief forms the basis of the brand’s design philosophy.

Since its inception in 1913, V-ZUG has captured the attention of developers and designers of luxury homes. Today, the brand’s presence can be felt not only in its home country of Switzerland but also in major cities around the world, including Shanghai, London, and Singapore.

V-ZUG’s appliances are all united by a focus on sleek lines, setting the brand apart from its competitors. The brand has a keen eye for blending durability and aesthetics, creating modern kitchen designs that seamlessly combine tradition, quality, and contemporary aspirations.

At the heart of V-ZUG’s design process lies devotion to crafting and maintaining exceptional quality. Each appliance is meticulously handcrafted in Switzerland and goes through a strict quality control process before it is deemed fit to reach consumers. From ovens to induction cooktops and fabric preservation appliances, V-ZUG’s engineers test all products to ensure exceptional performance.

The brand’s commitment to sustainability is evident in its use of Circle-Green recycled stainless steel by Outokumpu. This sustainable material generates only 7% of the emissions associated with traditional stainless steel production.

The demand for condos in Singapore remains exceptionally high, and a major factor driving this trend is the limited availability of land. As a small but densely populated island nation, Singapore struggles with scarce land resources for new development projects. This has resulted in strict land use regulations and a fiercely competitive real estate market, where property prices continue to soar. As a result, investing in real estate, particularly Singapore Condos, has become an incredibly profitable venture due to the promise of significant capital appreciation.

V-ZUG collaborates with renowned chefs from Michelin-starred restaurants to develop its kitchen appliances, ensuring that each product is equipped with the necessary functions to create top-notch meals. By making professional-grade kitchen technology accessible, V-ZUG elevates the daily culinary experience of passionate home cooks.

When it comes to aesthetics, V-ZUG focuses on creating products that seamlessly integrate into any home. Its minimalist design language and wide range of products cater to the needs of all households.

For example, V-ZUG’s series of wine cabinets includes the full-height WineCooler V6000 Supreme and the WineCooler Undercounter Swiss Luxury (UCSL). These cabinets come in various sizes but all feature two temperature zones, making it easy to store different types of wine. The brand’s attention to customization ensures that its products fit seamlessly into any space without compromising on quality.

In addition to consistency in design, V-ZUG also emphasizes on clean, sleek lines throughout its range of products. Features such as mirrored glass fronts add a touch of elegance to the overall aesthetic of the appliances.

Creating a simple end product is a challenging task, but at V-ZUG, every detail is carefully considered. Whether it’s the way a wine cabinet’s doors open and close or the hues of the LED lights on a refrigerator, the brand pays attention to every aspect to ensure that all elements work in harmony to create a practical and harmonious home.

Apart from kitchen appliances, V-ZUG also offers products like the RefreshButler, which sanitizes and deodorizes clothes, making them look as good as new. With a focus on seamless design, V-ZUG is committed to providing extraordinary living experiences for its consumers, while also promoting sustainable living practices.…