The Singapore property market is showing continued resilience in the face of a deepening recession: In the third quarter of 2020, official figures by the Ministry of Trade and Industry show that Singapore’s GDP contracted by 7% year-on-year.
Yet, in the property sector, there was a burst of activity, with the PropertyGuru Singapore Property Market Index Q4 2020 (PMI Q4 2020) recording a 0.41% increase from 111.9 to 112.4 points. Here are some of the key highlights of the report:
Property prices are stable due to genuine buyers
Despite a sharp decrease in supply, the PropertyGuru Property Price Index (SPPI) only saw a slight gain of 0.41%. This is likely due to the market of genuine buyers. The Government’s macroprudential property cooling measures are proving effective in weeding out speculators.
Robust demand likely driven by HDB upgraders
About 20,000 Housing Development Board (HDB) units will or have already come off their Minimum Occupation Period (MOP) this year. Given low-interest rates and their access to funds (after turning a profit from the sale of their flat), the homeowners of these properties are likely to be large contributors to the robust demand observed.
July and August saw the release of pent-up demand
With new safe distancing measures in place, property transactions now take over a month to complete. This explains the burst of activity observed in July, August and September – with the demand likely coming in from the previous quarter.
Demand is healthy, but buyers more cost-conscious
Although genuine demand is somewhat resilient, buyers seem more cost-conscious amid the pandemic recession. Six out of 10 of the top-selling projects were in the OCR, and almost 40% of the properties transacted were in the $1 million to $1.5 million price range.
Read the overview of the report here, or download the PDF version so you can read it later.
Building with Purpose: Wing Tai Partners with Pathlight School to Showcase Student Art at River Green
Wing Tai Asia (“Wing Tai”) and Pathlight School are delighted to announce their collaboration on a community art initiative at River Green, Wing Tai’s upcoming residential development in the vibrant River Valley area.
This unique initiative will transform the hoardings around the construction site of River Green into a vibrant, sprawling community art canvas, showcasing the talent and creativity of the Pathlight School students. This is the school’s first partnership with a real estate developer to feature its students’ artworks on such a platform and scale.
The collaboration will take the form of an art competition targeted at secondary school and vocational track students of Pathlight School. Launched in early April, it also happens to coincide with Autism Awareness Month. Winning and selected artworks will be adapted and featured on River Green’s hoardings spanning approximately 200 metres, along Kim Seng Linear Park, for the next three years. Additionally, these artworks will be showcased on River Green’s website, with full acknowledgment and recognition given to the students alongside their featured artwork.
Artwork entries will revolve around five themes to capture the spirit and essence of River Green’s surroundings, namely:
Singapore River – Past, Present, Future
Flora and Fauna along Singapore River
Community and Wellness along Singapore River
Vibrancy of River Valley and Singapore River
Architecture and Heritage along Singapore River
The winners of the competition and selected artworks are expected to be announced in July 2025.
Mr Edmund Cheng, Deputy Chairman, Wing Tai Holdings Limited, says, “Art has always been a defining element of Wing Tai’s developments, serving to connect and enrich the community while enhancing the environment. While hoardings typically function as safety and noise barriers, we are excited to transform our hoardings into a vibrant canvas featuring artworks inspired by the River Valley and Singapore River precincts. This initiative offers a unique opportunity to engage with the local community and celebrate the creativity and talent of young budding artists at Pathlight School. We are confident that their work will bring joy and spark curiosity among residents and passersby, creating a shared space for all to experience and appreciate the vibrancy and heritage of River Valley and the Singapore River.”
Adds Mr Cheng, “What’s even more meaningful for us is that this collaboration shines a light on the unique gifts of neurodivergent individuals and the role they can play in society. Wing Tai is glad to do our part towards fostering a more caring and inclusive community through this collaboration with Pathlight School.”
Ms Linda Kho,Senior Principal of Pathlight School, says, “We are grateful for opportunities that provide a platform for students with special needs to shine. Art is a powerful form of self expression that allows our students to express their unique perspectives. This collaboration with Wing Tai not only showcases their talents and builds their confidence, but it also motivates them to continue developing their artistic passion. By spotlighting their abilities, we also hope that there will be greater awareness and appreciation of the strengths of individuals on the autism spectrum, fostering a society that embraces and integrates the autism culture into our lives.”
Nestled in the bustling River Valley area, River Green offers an unparalleled blend of urban living and natural tranquility and is expected to be launched in the second half of 2025.
Dear helpless investor, I am writing to check in on you. It has been a roller coaster week. Are you still intact despite all the ups and downs? You must have been through a lot. Suddenly, you woke up to a disastrous free fall in the stock market. The next day there was a historic... [read more]
If you didn't manage to successfully ballot for a BTO flat during the Feb 2025 BTO launch, we're sorry to hear that. But if you really want to live in the same neighbourhoods, here are some options for alternative resale flats in Yishun, Woodlands, Queenstown, and Kallang/Whampoa.
