Singapore Real Estate Market is Characterized by High Levels of Competition, Limited Demand for Newer Properties and Rising Commercial Activities: Ken Research


Approximately 80.0% of the Singapore population lives in HDB and there’s shift towards mixed development where commercial and residential spaces co-exist.

Analysts at Ken Research in their latest publication “Singapore Real Estate Market Outlook to 2023 – By Residential Real Estate Market (New Sales, Re-Sales and Sub-Sales), By Retail Real Estate Market (Private and Public Retail Space), By Office Real Estate Market (Private and Public Office Space) and By Hotel Real Estate Market (Gazetted and Non-Gazetted Hotels)believe that introducing green and sustainable buildings, increasing co-working operators, establishing tie-ups between real estate agents and real estate companies, focusing towards affordable housing, REITS and developing innovative browser experience will collectively drive the Singapore real estate market demand in the near future along with a CAGR of 3.6% towards residential space; 1.0% towards retail space; 4.3% towards office space and 3.3% towards hotel real estate during the forecast period of 2019-2023.

Cooling measures introduced by the Singaporean government has dampened the residential real estate demand, as developers and buyers are subjected to higher tax rates. Higher property prices have created an additional burden on the potential property buyers in Singapore. The changes made by the government include a 5.0% higher Loan-to-Value (LTV) ratio (even for those people buying their first homes) and a 5.0% higher Buyer’s Stamp Duty (ABSD). As a result of which, developers will have to shell out 25.0% more money to cover land tax costs which were previously set at 15.0%, if the land is being purchased for development purposes. Additionally, rising property rates are likely to slow down Singapore’s property market as buyers shy off despite the demand, thus leading to limited new sales in future.

Major focus is on capitalization of existing retail resources in order to improve place making and customer engagement. The retail real estate space is shifting from simply selling to an activity based approach in order to attract customers. This major shift is in response to the growing presence of online channels of shopping which is leading to lower footfalls in malls. These can include attractions such as indoor playground, Nerf experience or Placemaking approaches that capitalize on retail spaces with the intention of creating public spaces that promote people’s health, happiness, and well being. Focus of major retails is also shifting towards Pop-up stores to better engage customers in the short-term and utilize the potential spaces in malls.

Singapore Real Estate Market

Co-working spaces are gaining traction in the Singapore real estate market. Within a very short span of time, co-working spaces have grown multiple times and now have become one of the leading and the fastest growing lessees of office properties. Technology enterprises and start-ups are the main occupants of co-working spaces within Singapore. Additionally, it was observed that large scale developers and Corporates are also shifting towards creating co-working spaces which is evident from the fact that all upcoming major office projects contain technology integrated co-working spaces. Easy availability of funds and mass acceptance of these operators is driving the demand for co-working spaces in the country especially in the central region of Singapore.

Major demand driver for the hotel real estate space was tourism which saw a record growth in terms of tourism arrivals from 54.2 million in 2013 to 59.2 million in the year 2018. Singapore depends on tourism for about 4% of its economic output and country is committed towards continuous spending in this sector to improve tourism further. Tourism is mostly for leisure purposes but medical tourism is also coming up in Singapore given its low cost compared to western counterparts. BTMICE is another major factor driving demand for hotel industry. Tourism is the back bone of hotel industry and poses a good growth in the coming future.

Key Segments Covered:-

Singapore Residential Real Estate Market

By Type of Dwelling

HDB Dwellings

Condoniums and Other Apartments

Landed Properties

Other Types of Dwellings

By Type of Sale

New Sale



Singapore Retail Real Estate Market

By Private and Public Retail Space

Singapore Office Real Estate Market

By Private and Public Office Space

Singapore Hotel Real Estate Market

By Gazetted and Non-Gazetted Hotels

Key Target Audience:-

Real Estate Developers

Independent Investors

Real Estate Consulting Companies

Third Party Real Estate Companies

Independent Architects

Government Associations

Government Agencies

Time Period Captured in the Report:-

Historical Period – 2013-2018

Forecast Period – 2019-2023

Major Companies Covered:-


Frasers Property Ltd

UOL Group

City Developments

APAC Realty

Chip Eng Sen

Roxy-Pacific Holdings

Other Players (Frasers Property Ltd. and City Development Ltd.)


Singapore Real Estate Market

Real Estate Industry In Singapore

Singapore Real Estate Market Revenue

Residential Supply Singapore

Singapore Property Price Market

En-Bloc Sales Market Singapore

Upcoming Retail Projects Singapore

Grade A Office Space Singapore

Major Singapore Hotels Market

Singapore Capitaland Real Estate Market

APAC Realty Real Estate Singapore

Private Retail Real Estate Market Singapore

Housing Development Board Singapore

For more information on the research report, refer to below link:-

Singapore Real Estate Market

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Qatar Real Estate Market Outlook 2021 – Economic Diversification and FIFA World Cup 2022 to Support Infrastructure Development

Middle East Real Estate Market Outlook to 2019 – Demand for Destination Retail and Affordable Housing to Shape Future

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Ken Research
Ankur Gupta, Head Marketing & Communications