<ADV> HDB & Commercial 3Q 2023 Reports
Market Updates
In 3Q 2023, HDB resale transactions increased by only 2.8%, despite 3Q usually being one of the busiest periods for the market. This is due to the repeated delays in BTO launches and news on potential changes to housing policies, creating uncertainty for seller and buyers in the HDB resale market which resulted in pullbacks on both sides.
Fewer HDB towns experienced price gains in 3Q 2023 as compared to 2Q 2023, with 17 of 26 HDB towns seeing price gains between 0% and 38.1%. The top 5 most popular HDB towns among buyers in 3Q 2023 are Sengkang, Punggol, Woodlands, Yishun and Jurong West.
Mature estates received greater interest from buyers due to the lack of restrictions on resale. This may have contributed to HDB resale prices increasing by 1.3% in 3Q 2023.
In the coming months, more BTO flats and private homes will be completed. HDB owners who are moving to these new homes will have to sell their existing flats which will increase the supply of resale flats. This may moderate increase in prices of HDB resale flats to around 5% in 2023. HDB resale flat transactions are estimated to be around 27,000 this year.
In 3Q 2023, Singapore's economy demonstrated strengthening growth, expanding by 0.7% year-on-year and 1.0% quarter-on-quarter. The construction and services producing industries experienced year-on-year growth of 6.0% and 1.9% respectively, while contraction in the manufacturing sector narrowed to -5.0% year-on-year.
The available supply of office space tightened by 452,100 sq ft, causing occupancy rate to increase to 90%. Rents for office space in the Central Region strengthened by 4.9% in 3Q 2023. As there are no major completions of office buildings anticipated in 4Q 2023, occupancy rates and rents are expected to remain firm.
Nevertheless, the office market may see more than 3 million sq ft of office space from IOI Central Boulevard Towers, Labrador Tower, Keppel South Central and Paya Lebar Green in 2024. This influx could exert downward pressure on occupancy rates and rents for office space next year.
Other News
UOL and SingLand’s Watten House 57% sold in private preview at average of S$3,230 psf > Read more
11 luxury city condos see price gains amid prime residential market downturn; Ardmore Park front runner > Read more
Raffles Town Club site to be redeveloped into homes after lease expires in Oct 2026 > Read more
Consumer Engagement
Immortalize, Singapore’s most comprehensive elderhood marketplace and information provider, is pleased to announce Singapore’s First Legacy Planning Game Championship. This nationwide competition for Will of Fortune by Immortalize (“WOFI”), is an immersive strategy card game that aims to break down the taboo surrounding legacy planning.
Huttons is proud to be the first and exclusive real estate agency to support this initiative and empower the wider public to learn while planning for their own legacy in real life.
Property Sights Tour | 9 Dec (Sat) 1pm to 5pm
Private condo vs EC, what are their differences and which is a better option for you and your family?
Which could be the smarter financial or investment decision? What are the eligibility criteria for EC and what are the grants available?
Don’t miss out on this opportunity to take your understanding of the latest projects in the West to a deeper level! Hop on to learn about The Myst (assembly point), The Botany at Dairy Farm, The Arden and Altura.
🎯 Tour Highlights:
🔹 Get a firsthand look at 3 Private Residential and 1 Executive Condominium
🔹 Discover the unique features of each property development
🔹 Understand which property aligns with your needs and lifestyle
Light refreshments provided. See you on 9 Dec!
Our Talents
Smashing highlights of the inaugural ActiveSG Corporate Badminton Games on 18 Nov 2023 where 6 teammates of Huttons Shuttlers; Shermaine, Barry, Casey, Edwin, Gates and Jonathan competed in the Mens’ and Mixed Doubles categories.
Congratulations Jonathan and Barry for achieving first runner-up! Well done Huttons team for the amazing effort 💪🏻
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Embark on a career that empowers your dreams! Let Jenny Lalla inspire you and unveil the boundless possibilities awaiting you at Huttons.
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While Huttons has endeavoured to ensure that the information and materials contained herein are accurate and up to date, Huttons is not responsible for any errors or omissions, or for the results obtained from their use or the reliance placed on them. All information is provided "as is", with no guarantee of completeness, and accuracy. In no event will Huttons and/or salespersons thereof be liable in contract or in tort, to any party for any decision made or action taken in reliance on the information in this presentation/document or for any direct, indirect, consequential, special or similar damages.