Singapore Real Estate Market by Area, Mode Of Booking and Type - Forecast and Analysis 2024-2028

Singapore Real Estate Market Forecast 2024-2028

The Singapore Real Estate Market size is forecast to increase by USD 50.74 billion, at a CAGR of 4.45% between 2023 and 2028. The market's growth is influenced by several factors, including the rising demand for industrial infrastructure in Singapore, the increasing aggregate private investments, and the growing government support for affordable housing. These factors underscore the importance of infrastructure development in driving economic growth and meeting the needs of a growing population. The emphasis on industrial infrastructure reflects Singapore's role as a regional hub for trade and commerce, while government support for affordable housing addresses the need for accessible housing options for its residents. Our report examines historical data from 2018 - 2022, besides analyzing the current and forecasted market scenario.

Furthermore, CapitaLand Ltd provides comprehensive real estate solutions, encompassing large-scale projects for residential, commercial, retail, and entertainment spaces. Genting Singapore Ltd. specializes in real estate offerings, delivering hotels, casinos, theme parks, and various entertainment facilities through its renowned brand, Resorts World Sentosa.

Market Forecasting and Size

Market  Forecast 2024-2028

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Market Dynamics

The market is driven by its status as a modern and vibrant global financial hub, attracting growth and investments. The challenges include limited land availability, and influencing property prices. The industry embraces sustainable and smart developments, incorporating eco-friendly features and cutting-edge technologies. Integrated living in well-planned neighborhoods and mixed-use developments is a trend. The government's policies, including those of the Housing and Development Board (HDB), shape the market. Adapting to challenges like land scarcity remains crucial for continued growth and economic health in Singapore's real estate sector. Our researchers studied the market research and growth data for years, with 2023 as the base year and 2023 as the estimated year, and presented the key drivers, trends, and challenges for the market.

Key Market Driver - Growing demand for industrial infrastructure in Singapore

The escalating demand for industrial infrastructure in Singapore propels the expansion of the market in Lion City with government policies. This upsurge in demand urges investors to diversify their real estate portfolios, focusing on industrial properties. Singapore provides a dynamic business environment marked by political stability, robust governance, and business-friendly policies. 

Furthermore, the presence of research institutes, technology parks, and innovation hubs fosters collaboration and technology adoption in industrial sectors, attracting businesses aiming to leverage innovation for a competitive edge. Additionally, the increasing adoption of cutting-edge technologies such as green spaces, smart infrastructure, robotics, artificial intelligence, and data analytics enhances productivity and competitiveness in the real estate industry, driving demand for infrastructure that supports digitalization and automation capabilities. Hence, such factors are driving the market growth during the forecast period. 

Significant Market Trends - Increasing marketing initiatives in the real estate industry

Companies in the regional market are deploying the integrated marketing communication strategy by using communication channels including newspapers, magazines, and social media to sell their products and services. In addition, many companies create TV advertisement campaigns, followed by a marketing campaign that includes Internet pre-roll, a wide-reaching social media and blogging program, and an interactive website.

Moreover, the creative strategy improves brand authenticity and recognition and generates consumer interest in companies' products. In addition, social media is an intrinsic part of a marketing strategy, with visual content being a key driver for customer engagement and the development of online brand communities. Furthermore, these tools allow prospective buyers or tenants to explore properties remotely, providing an immersive experience that helps them visualize the layout, design, and features of the property before arranging for physical viewings. Hence, such factors are driving the market growth during the forecast period.

Major Market Challenge - Regulatory uncertainty in the real estate industry

Several real estate companies generally like to function, operate, and develop real estate infrastructure in a regulatory environment that is mainly free from highly changing regulatory compliance requirements and development standards. In addition, changing regulatory norms can add high cost, time, risk, and uncertainty to completing development projects and can also pose new challenges and operating restrictions on existing properties.

Moreover, the Singaporean government periodically implements property cooling measures to curb speculation, stabilize property prices, and prevent asset bubbles. In addition, these measures include additional buyers' stamp duties (ABSD), loan-to-value (LTV) limits, and sellers' stamp duties (SSD). Furthermore, while effective in controlling property speculation, these measures can also hamper the demand from investors and homebuyers, leading to reduced transaction volumes and a slower market. Hence, such factors are hindering the market growth during the forecast period.

Market Segmentation by Area, Mode Of Booking, and Type

Area Segment Analysis:

The residential segment is estimated to witness significant growth during the forecast period. The residential segment in the market in Singapore comprises buying and selling of living arrangements that are generally used for residential purposes, such as buildings, single-family homes, apartments, townhouses, and other types. In addition, the increasing demand for apartments and condominiums in Singapore drives the demand for the market in Singapore.

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The residential segment was the largest segment and was valued at USD 89.36 billion in 2018. Moreover, Singapore has a robust and diverse economy with significant levels of employment and income. In addition, the country's economic stability and prosperity attract both local and foreign buyers to invest in residential properties, fueling demand for housing. Furthermore, residential properties in Singapore are seen as attractive investment assets due to their potential for capital appreciation and rental income. In addition, low-interest rates, favorable tax policies, and a transparent legal framework support the growth of the residential segment in the market in Singapore. Hence, such factors are fuelling the growth of this segment which in turn drives the market during the forecast period.

Mode Of Booking Segment Analysis:

Based on the mode of booking, the market has been segmented into sales and rental, and lease. The sales segment will account for the largest share of this segment. The sales segment comprises the transactions involving the buying and selling of residential, commercial, or industrial properties. In addition, the strong economic growth and stability in Singapore significantly contribute to the increase in demand for real estate properties in Singapore. Moreover, positive economic indicators, such as gross domestic product (GDP) growth and low unemployment rates,  stimulate property sales as individuals and businesses seek to invest in real estate assets. In addition, Singapore's growing population and urbanization trends drive demand for housing and commercial properties. Hence, such factors are fuelling the growth of this segment which in turn drives the market growth during the forecast period.

Who are the Major Market Companies?

Companies are implementing various strategies, such as strategic alliances, partnerships, mergers and acquisitions, geographical expansion, and product/service launches, to enhance their presence in the market.

Far East Organization: The company offers real estate solutions such as luxury condominiums, affordable housing, office buildings, retail space, integrated developments, hotels, and serviced residences under the Orchard Hotel Group and The Ritz Carlton brands; shopping malls, and neighborhood centers.

We also have detailed analyses of the market’s competitive landscape and offer information on 20 market companies, including:

C and H Properties Pte Ltd., CBRE Group Inc., Century 21 Real Estate LLC, City Developments Ltd, EL Development Pte Ltd, ERA Franchise Systems LLC, Frasers Property Ltd., GLP Pte Ltd., GuocoLand Ltd., Huttons International Pte Ltd., OrangeTee and Tie Pte Ltd., Pinnacle Estate Agency Pte. Ltd., PropNex Ltd., Propseller Pte. Ltd., SNREALESTATE SG, The Edge Property Pte Ltd, and UOL Group Ltd.

Technavio market forecast an in-depth analysis of the market and its players through combined qualitative and quantitative data. The analysis classifies companies based on their business approaches, including pure-play, category-focused, industry-focused, and diversified. Companies are specially categorized into dominant, leading, strong, tentative, and weak, based on their quantitative data analysis.  

Segment Overview

The market analysis and report forecasts market growth by revenue and provides a market growth analysis of the latest trends and growth opportunities from 2018 to 2028. 

• Area Outlook
  • Residential
  • Commercial
  • Industrial
• Mode Of Booking Outlook 
  • Sales
  • Rental and lease

Market Analyst Overview

The market in Singapore reflects the city-state's blend of modernity, vibrant culture, and a breathtaking skyline. Known for resilience and adaptability, Singapore has evolved from a trading post to a global financial hub. Sustainable and smart developments with eco-friendly features showcase cutting-edge technologies. Amid limited land availability on this small island nation, the economic health influences the residential market, governed by Housing and Development Board (HDB) policies. Private condominiums, landed properties, and executive condominiums shape the real estate landscape. The Central Business District (CBD) thrives with multinational corporations, fostering co-working spaces and flexible office arrangements.

Furthermore, Singapore's retail and hospitality sectors leverage smart solutions. Government policies, technological advancements, and smart home initiatives drive innovation. Economic uncertainties, geopolitical factors, and global events impact the market, prompting sustainable development practices. Affordable housing projects align with green building initiatives, promoting community well-being. As Singapore looks to the future, logistics, industrial real estate, and outbound investment sales gain prominence. Large technology firms influence the office sector, while co-working spaces thrive. The Singapore Tourism Board's BOOST initiative bolsters the Business Travel, Meetings, Incentive Travel, Conventions, and Exhibitions (BTMCE) sector. The market, spanning commercial, industrial, and residential segments, showcases Singapore's prowess in fostering a dynamic and forward-looking environment.

Moreover, Singapore, often referred to as the Lion City, stands as a beacon of modernity with its vibrant culture and breathtaking skyline. The real estate industry in this small island nation has witnessed remarkable growth, overcoming challenges with resilience and adaptability. Positioned as a global trading post and financial hub, Singapore prioritizes sustainable developments, incorporating eco-friendly features and cutting-edge technologies. The city-state faces limited land availability, prompting innovative solutions like smart developments and integrated living. Well-planned neighborhoods showcase seamless communities, meeting the demands of a diverse population. The market spans from government-regulated Housing and Development Board (HDB) properties to private condominiums, landed properties, and executive condominiums.

Market Scope
Report Coverage	Details
Page number	143
Base year	2023
Historic period	2018-2022
Forecast period	2024-2028
Growth momentum & CAGR	Accelerate at a CAGR of 4.45%
Market Growth 2024-2028	USD 50.74 billion
Market structure	Fragmented
YoY growth 2023-2024(%)	4.15
Competitive landscape	Leading Companies, Market Positioning of Companies, Competitive Strategies, and Industry Risks
Key companies profiled	C and H Properties Pte Ltd., CapitaLand Ltd., CBRE Group Inc., Century 21 Real Estate LLC, City Developments Ltd, EL Development Pte Ltd, ERA Franchise Systems LLC, Far East Organization, Frasers Property Ltd., Genting Singapore Ltd., GLP Pte Ltd., GuocoLand Ltd., Huttons International Pte Ltd., OrangeTee and Tie Pte Ltd., Pinnacle Estate Agency Pte. Ltd., PropNex Ltd., Propseller Pte. Ltd., SNREALESTATE SG, The Edge Property Pte Ltd, and UOL Group Ltd.
Market dynamics	Parent market analysis, Market growth inducers and obstacles, Fast-growing and slow-growing segment analysis, COVID-19 impact and recovery analysis and future consumer dynamics, and Market condition analysis for the forecast period.
Customization purview	If our report has not included the data that you are looking for, you can reach out to our analysts and get segments customized.

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What are the Key Data Covered in this Market Research Report?

• CAGR of the market during the forecast period
• Detailed information on factors that will drive the growth of the market between 2023 and 2028
• Precise estimation of the market growth and trends and its contribution to the market in focus on the parent market
• Accurate predictions about upcoming market trends and analysis and changes in consumer behavior
• Market growth and forecasting across Singapore
• A thorough market analysis and report of the market’s competitive landscape and detailed information about companies
• Comprehensive market report analysis of factors that will challenge the growth of market  companies

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