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SG Properties, 480 Lorong 6, Toa Payoh (2026)

25/12/2024

If you’ve been considering buying a home across the Causeway, you’ve probably seen plenty of ads showcasing luxury condos and sprawling landed homes in Johor, all pitched as great investments.
The property market in Malaysia’s southernmost state has been picking up. The overhang – or unsold units – has been shrinking, thanks to stronger buying interest driven by rapid economic developments in the area.
“After almost a decade of slowdown, the market is finally on the rebound,” said Mr. Samuel Tan, founder and CEO of Olive Tree Property, a real estate consultancy in Johor Bahru.
Data from Malaysia’s National Property Information Centre (Napic) shows that Johor’s residential property overhang dropped to 3,030 units in Q3 2024 – a 33% improvement from 4,500 units in the same period last year. This puts Johor third in the country for unsold properties, behind Kuala Lumpur and Perak. Back in 2023, Johor topped the list.
High-rise developments like serviced apartments – categorized as commercial properties by Napic – are also seeing better sales. Unsold units fell from over 16,000 during the pandemic in 2021 to 11,810 as of Q3 2024.
Buyers Should Tread Carefully
While the numbers look promising, experts urge caution in a market that’s still finding its footing.
The Johor government has been pushing to revitalise the state. In September, the launch of Forest City’s Special Financial Zone (SFZ) aimed to stimulate economic activity. At the same time, plans for the Johor-Singapore Special Economic Zone (JS-SEZ), which will ease cross-border movement, are progressing. A formal agreement between Singapore and Malaysia is expected in January 2025.
This renewed activity has lifted spirits in the property market.
Ms. Lindy Tan, chairwoman of the Real Estate and Housing Developers’ Association Johor, said, “Positive market sentiment and strong government efforts to drive investment and growth are boosting interest in Johor properties.”
Malaysians working in Singapore are leading the charge, driven by the upcoming RTS Link and the cost savings of owning in Johor versus renting in Singapore.
Take Jason Lam, a 35-year-old recruitment consultant from Johor who works in Singapore. He recently moved from a rented room in Yishun to a three-bedroom apartment in Meldrum Heights, just five minutes from the future Bukit Chagar RTS station.
“I think many Malaysians working in Singapore will want to jump on this opportunity before prices go up,” he said.
But not everyone is convinced the boom is sustainable.
Mr. Albert Chou, advisory executive associate director at OrangeTee, cautioned buyers: “Don’t just go with the hype from government projects. The overhang issue shows that we need better planning. Developers have built too many units that are still waiting for buyers, leading to a saturated market.”
As the Johor property market rebounds, it seems there’s potential – but also the need for prudence.

24/12/2024

Singapore authorities could be forced to implement more "aggressive" real estate cooling measures if the current surge in homebuying continues unabated into early next year, according to a warning from Barclays. The financial institution’s analysts, Brian Tan and Audrey Ong, highlighted concerns in a note on Monday, citing a recent resurgence in private property sales.

Property Market Reignites

The private property market witnessed a blockbuster November, with more than 2,400 new private homes sold, according to preliminary data from the Urban Redevelopment Authority (URA). This marked the highest monthly sales in over a decade and raised the likelihood of a revival in property prices, Barclays noted.

The analysts warned that failure to respond decisively could suggest that policymakers are not fully committed to controlling property prices. They drew comparisons to the 2017-2019 period, when cooling measures had limited impact as buyers continued to drive up prices.

Official Response and Concerns

Singapore’s central bank recently noted that the easing of domestic lending rates has boosted sentiment in the private property market. In its annual financial stability review, the government pledged to "remain vigilant to market developments."

Over the past three years, authorities have introduced three rounds of cooling measures, including a 2023 doubling of stamp duty for most foreign buyers to 60%, one of the highest rates globally. Despite these measures, the renewed surge in demand has sparked concerns that further action may be needed.

Potential Impact of Tax Rebate

Barclays also pointed out that a recently announced 2025 property tax rebate for owner-occupied homes could inadvertently fuel investor sentiment. While the rebate is intended to address cost-of-living concerns, it may be misinterpreted as a sign that the government is easing its stance on property cooling measures.

"Real estate investors may retroactively interpret the announcement as a signal that the government is easing on the brakes," Tan and Ong wrote. They added that optimistic market players could leverage such interpretations to further drive speculative activity.

Outlook

As the private property market shows signs of overheating, all eyes are on policymakers to decide whether additional curbs will be necessary. The next few months will likely be critical in determining whether existing measures suffice or if Singapore’s government will need to introduce more stringent interventions to rein in the homebuying frenzy.

23/12/2024

Demand for Branded Residences Soars in Asia-Pacific

The Asia-Pacific region is witnessing a surge in demand for branded residences, with only about 120 such properties currently available. Joanne Kua, managing director of Malaysian developer KSK Land, highlights that luxury property buyers view these residences as a step up from conventional high-end properties. KSK Land is the developer behind 8 Conlay in Kuala Lumpur, one of Southeast Asia's latest branded residences.

8 Conlay: A Landmark Development

Located in the prime Kuala Lumpur City Centre (KLCC), 8 Conlay is an integrated development by KSK Land. The project includes a nine-storey retail podium, two high-rise residential towers (Towers A and B) with 1,062 apartments, and the Kempinski Hotel Kuala Lumpur, marking the first Kempinski-branded hotel in the city.

The residential component, "YOO8 serviced by Kempinski," features interiors designed by renowned designers. Tower A’s interiors are by Hong Kong-based Steve Leung, while Tower B showcases designs by UK’s Kelly Hoppen for YOO, a firm co-founded by John Hitchcox and Philippe Starck.

Tower A, launched in early 2016, has seen over 75% of its 564 units sold, with remaining units reserved for "bumiputra" homeowners. Tower B, comprising 498 units, launched in September last year and has achieved a 30% sales rate. The entire development is slated for completion by the end of next year.

Affordability and Differentiation

Approximately 25% of buyers at 8 Conlay are Malaysians, with the majority of foreign buyers hailing from China, Hong Kong, Japan, and Singapore. According to Kua, branded residences appeal to buyers due to the service and lifestyle associated with premium brands like Kempinski, known for its old-world glamour.

At 8 Conlay, units range from one- to three-bedroom layouts spanning 700 to 1,300 sq ft, with prices averaging RM3,350 psf ($1,102 psf). Kua notes that luxury property prices in KLCC remain more affordable compared to cities like Singapore and Bangkok, offering competitive quality and service.

"Developers must carve out a niche to stand out as buyers seek unique offerings," says Kua. This approach has contributed to the strong sales momentum at 8 Conlay, underscoring the rising popularity of branded residences in the region.

Challenges in the High-End Market

Malaysia’s property market has grappled with unsold high-end residential units for several years. At the end of 2018, unsold inventory had risen by 30% year-on-year to 32,313 units, with high-end homes accounting for 43% of the stock. Kua emphasizes the importance of differentiation in overcoming this challenge.

Global Comparisons

Branded residences are synonymous with luxury hotel brands such as Four Seasons, Ritz-Carlton, St Regis, Kempinski Hotels, and Mandarin Oriental. In Singapore, notable developments include the St Regis Residences and The Ritz-Carlton Residences, with prices averaging $2,427 psf and $3,461 psf, respectively.

Elsewhere in the region, The Residences at Mandarin Oriental Bangkok has achieved an 85% sales rate, with prices starting at THB47 million ($2.12 million or $1,515 psf) and reaching up to THB450 million ($20.3 million or $4,961 psf) for a penthouse.

Focus on Health and Wellness

A growing trend in upscale developments is the integration of health and wellness components. KSK Land’s next project in Klang Valley will incorporate these elements, reflecting a shift towards healthier lifestyles. "We used to focus on green buildings and sustainability, but now the conversation is about embedding wellness into residences," says Kua.

For now, KSK Land’s priority remains the RM4.5 billion 8 Conlay project, which Kua believes will cement the company’s legacy in upscale integrated residential developments. "This makes KSK Land an ideal partner given its ability to innovate and deliver," she adds.

21/06/2023

In an optimistic turn of events, developers in Singapore managed to sell 1,038 private homes in May, indicating a 17% increase from the previous month. Although this is lower than the 1,355 units sold in the same month last year, it still marks the highest monthly number of private home sales in a year, as highlighted by Christine Sun, the Senior Vice-President of Research and Analytics at OrangeTee & Tie.

The Urban Redevelopment Authority (URA) recently released these figures, which exclude executive condominium (EC) units, based on its survey of licensed housing developers. The report also revealed that May witnessed a significant surge in the launch of new private homes, with 1,595 units hitting the market. This is almost double the 798 units launched in April and nearly 30% more than the 1,240 units released in May of the previous year.

The boost in private home sales during May can be primarily attributed to the introduction of two prominent developments: the freehold project known as The Continuum and the 99-year leasehold condominium named The Reserve Residences. Combined, these two developments accounted for a noteworthy 72.1% of all sales made during the month, according to Lee Sze Teck, the Senior Research Director at Huttons.

This surge in private home sales reflects positive momentum in the Singapore property market, as developers continue to offer new projects and buyers display confidence in their investments. It remains to be seen how this trend will evolve in the coming months and whether the market will maintain its upward trajectory.

20/06/2023

In recent times, the allure of condominium living has been closely associated with the appealing array of amenities provided, including swimming pools, gardens, gyms, clubhouses, playgrounds, and car park facilities.

However, a notable change may be on the horizon as an increasing number of condominiums consider implementing charges for the usage of car park facilities, much like the existing practice of charging for function rooms or tennis courts.

With mounting costs of utilities and labor, condominium management corporations are recognizing the potential value in collecting revenue from car park usage. Additionally, there is an inherent fairness in having residents who own cars contribute towards the maintenance and utilization of car park spaces.

This has led to the question of whether new condominium developments might follow the example of Hong Kong and China, where selling individual car park spaces is a common practice. Doing so could provide developers with additional revenue to bolster potentially slender profit margins. Similarly, if car park spaces are sold by the management corporation, the proceeds could be utilized to finance improvement projects within the development.

While the concept of selling individual car park spaces within a condominium development may initially appear unconventional, it could be argued that the fairest approach to allocating limited spaces in developments with insufficient parking is to auction them to the highest bidders.

Furthermore, the possibility of implementing differential pricing based on the location of car park spaces within a condominium development should also be considered, allowing for variations in pricing that align with the desirability and convenience of certain spaces.

As the condominium landscape continues to evolve, it is becoming increasingly apparent that the traditional notion of inclusive amenities may undergo transformation. With the potential for charging for car park facilities gaining traction, both developers and management corporations are contemplating new strategies to navigate the changing dynamics of condominium living.

22/05/2023

AT LEAST eight new condominium projects, mostly in the prime Core Central Region (CCR), have offered discounts in April and May to draw buyers, The Business Times has learnt.

A two-bedroom unit in the 64-unit One Draycott was advertised at S$2.2 million, half a million less than its original price of S$2.7 million. According to caveats filed, the District 10 project built by Selangor Dredging Bhd has sold 19 units since its launch in 2018, at prices ranging from just under S$2.3 million (for a 732 square feet unit) to S$3.5 million (1,345 sq ft).

03/05/2023

On Saturday (Apr 29), the first launch of Blossoms By The Park condominium units took place after new cooling measures were implemented earlier this week. The 275-unit development in one-north saw more than 70% of its units sold by 6pm at an average price of S$2,423 (US$1,814) per square foot.

According to developer EL Development, about 96% of the buyers were Singaporeans and permanent residents while the remaining 4% were foreigners on the first day of sales.

26/04/2023

Guocoland was recently awarded their third parcel of land in Lentor Hills Estate but rather than celebrating, the boardroom at Guocoland and Hong Leong must be wondering why no other developers are bidding for land in this estate.

25/04/2023

On Monday (Apr 24), official figures revealed that Singapore's inflation decreased in March, with the exception of energy costs, as anticipated by economists. Headline inflation was reported at 5.5% year on year, a drop from 6.3% in February, matching Bloomberg's poll median estimate of private-sector economists. The decline in private transport inflation led to the slowest rate of increase in 11 months. Meanwhile, core inflation, which excludes accommodation and private transport, reached an eight-month low of 5%, down from 5.5% in February. This was slightly below the expected forecast of 5.1% by economists, with lower inflation noted in services, food, and retail and other goods sectors.

25/04/2023

About 0.5 per cent of private residential properties transacted in the period from 2018 to 2021 involved “99-to-1”, or similar, purchase arrangements, where the owners sold a partial interest in the property to another buyer within a short period of time, said Mr Chee, Senior Minister of State for Finance. Buyers who bought private properties using the “99-to-1” purchase arrangement can come forward voluntarily to make good any underpayment of taxes, and the taxman will, in general, look at such cases more favourably :)

18/04/2023

HDB resale flat market activity picked up in March, as buyers returned to the market seeing the slight respite in resale price growth in the previous month, and as the increase in CPF Housing Grant amounts for eligible first-timer buyers help to improve affordability and lower the monthly mortgage payable.

SG Properties

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