A new 40-story building will replace JCube and increase housing supply in the Jurong Lake District. - (The Business Times)→

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A 40-story residential and commercial development will be built in place of Jurong East's JCUBE, a leisure and entertainment center.

The action follows CapitaLand Development's (CLD) announcement on Tuesday that it had received preliminary approval from Singapore's Urban Redevelopment Authority to revamp the JCube property. CLD is the development arm of CapitaLand Group (Feb 7).

Observers predict that the residential flats of the new complex, which will include commercial space on the first and second stories, will cost between S$2,000 and S$2,100 per square foot (psf). It is expected to be finished in 2027.

Read the whole article on The Business Times

Singapore's Real Estate Sector Prepares For Rising Chinese Demand (Bloomberg)→

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With the reopening of the second-largest economy in the world, Singapore's real estate market is preparing for a surge in demand from Chinese buyers. Since Beijing announced it was ending its three-year global isolation, real estate agencies in the city-state have noticed an increase in inquiries from mainland Chinese consumers, according to industry watcher OrangeTee & Tie. There has been an increase in inquiries about immigration to Singapore since the border reopened.

Chinese buyers made up 6.9% of foreign purchases of private apartments last year, the highest percentage since before the pandemic, according to OrangeTee & Tie data, making them the largest foreign buyer group in Singapore since 2016. According to Christine Sun, senior vice president of research and analytics for the organization, the number of homes purchased by Chinese people this year may rise by more than 10% as a result of increased supply.

Read the full article on Bloomberg.

4 Potential HDB resale trends for 2023 (The Straits Times)→

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SINGAPORE - After reaching record highs in 2022, the Housing Board resale market may be slowing down. In spite of the record prices, housing demand was strong as prices rose to new highs in many areas. Given the drop in sales volume and softening of prices in the most recent quarter, the most recent round of property restrictions appears to be working to cool the housing market.

Read the full article in The StraitsTimes

Condo, HDB rents climb again in December; slight easing possible in 2023 as supply rises - (The Strait Times)→

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Rent for Housing Board flats and condominiums in Singapore kept rising in the month of December, thus keeping the whole of 2022 a landlords' market. Analysts are pointing out that there may be a minor relief from tenant's expense when more units become available in 2023.

In December, rental prices for condominiums saw an increase of 3%, faster than the 2.8% recorded in November, with those located in central Singapore having a growth rate of 3.9%, as per data revealed on Tuesday by property portals 99.co and SRX. Furthermore, HDB rents also went up by 2.8%, surpassing the 2.5% growth rate seen in November.

Click the title to read the full article on The Strait Times