Singapore's Housing Market Continues to Strengthen

Posted by Jason Norman on March 28th, 2023

Singapore's real estate market has remained a key driver of the economy, with the government taking proactive measures to ensure that the market remains stable and sustainable. Amidst the global pandemic, Singapore's housing market has been a bright spot, showing resilience and continuing to grow stronger. In this article, we explore the current state of the housing market in Singapore, with a focus on two prominent developments - Watten Estate Condo and Marina View Residences.

The Resilience of Singapore's Housing Market

Despite the economic impact of COVID-19, Singapore's housing market has shown remarkable resilience. In 2020, private home prices rose by 2.2%, according to data from the Urban Redevelopment Authority (URA). This increase followed a 2.7% rise in 2019, indicating a sustained growth trend.

The strength of the housing market can be attributed to several factors. Firstly, Singapore's strong economic fundamentals and political stability make it an attractive destination for foreign investment. Secondly, the government has implemented policies to keep the housing market stable, including the introduction of cooling measures to prevent speculation and the provision of affordable public housing for citizens. Lastly, low interest rates and easy access to credit have facilitated homebuyers' ability to purchase properties.

Watten Estate Condo: A High-End Development

Watten Estate Condo is a luxury residential development located in District 11, one of the most sought-after areas in Singapore. The development comprises 3 blocks of 5-storey apartments and 2 blocks of 3-storey apartments, totaling 104 units. Each apartment features spacious living areas, high ceilings, and a private balcony. The development also features a swimming pool, fitness center, and BBQ pits.

The development's prime location, combined with its high-end features, has made it a popular choice among buyers. According to data from Edgeprop, the average price per square foot (PSF) for units sold at Watten Estate Condo was SGD 2,249 in 2020, a 7% increase from the previous year. This indicates strong demand and reflects the overall growth of the high-end property market in Singapore.

Marina View Residences: A Waterfront Development

Marina View Residences is a waterfront residential development located in the heart of the Marina Bay area. The development comprises 3 towers, each 55 storeys high, with a total of 1,042 units. The development features a range of facilities, including a swimming pool, jacuzzi, gym, and tennis court. The development also offers residents easy access to nearby attractions such as Marina Bay Sands and Gardens by the Bay.

The prime location of Marina View Residences, combined with its waterfront views and comprehensive facilities, has made it a highly sought-after development. According to data from Squarefoot, the average PSF for units sold at Marina View Residences was SGD 2,386 in 2020, a 4% increase from the previous year. This indicates strong demand for high-end waterfront properties in Singapore.

Government Policies Supporting the Housing Market

The Singapore government has been proactive in implementing policies to support the housing market's stability and sustainability. For example, the government introduced the Additional Buyer's Stamp Duty (ABSD) in 2011, which imposes an additional tax on buyers purchasing a second or subsequent property. This policy helps prevent property speculation and stabilizes the housing market.

The government has also introduced measures to increase the supply of public housing, which accounts for over 80% of Singapore's residential properties. The Housing and Development Board (HDB) has launched new initiatives such as the HDB Greenprint, which aims to promote sustainable living in public housing