Singapore Real Estate Market is Expected to Grow at a Forecasted CAGR of 3.6% towards residential space, 1.0% towards retail space, 4.3% towards office space and 3.2% towards the country’s hotel real estate space by 2023: Ken Research

• Singapore residential market is set to test a strong supply of private residential properties as more and more ongoing projects will go on-stream by the year ending 2020 and the housing supply is expected to touch 50,000 units.
• Approximately 4.0 million sq ft of net Lettable retail space from major malls within Singapore is scheduled for completion between 2016 and 2020 therefore, averaging 808,000 sq ft of new major retail space per year.
• The Singapore Tourism Board (STB) launched BOOST (Building On Opportunities to Strengthen Tourism) i.e. a USD 90.0 million initiative which is aimed at increasing the tourist influx within Singapore.
• Business Travel, Meetings, Incentive Travel, Conventions and Exhibitions (BTMCE) are some of the major sources of revenue for the country’s hotel industry.

Residential segment will continue to see moderate increase in prices as the sector faces continuous low demand side pressure. Prime properties at preferred locations are still expected to be the hotspot locations with high asking price. A greater migration to the central Singapore, growing population and swelling middle class are creating a desperate need for urban real estate including residential housing. Real estate as an asset class is changing at a very rapid pace along with the emergence of mega real estate managers which are building and investing in real estate on a large scale, especially in the case of housing where HDB plays a vital role in terms of investment. The real estate landscape within Singapore is becoming more widespread and complex, with a wider range of risk and return over long term. Along with a number of highly-anticipated projects such as Gem Residences (located in the RCR) and Stars of Kovan (in OCR) lined up for launch, new sales transaction activity is expected to swing towards the mid-tier and mass-market segments.

An influx of new retail spaces in the near future is further anticipated to compound on the downward trend of retail rents as the pipeline is already accounted by tenant pre-commitments. On the other hand, demand for suburban retail spaces is further expected to remain constant as shopping malls in Singapore remain supported by the increasing resident population. Additionally, F&B component is increasing with new options including the Hototogisu Ramen, Mavrx Coffee Bar and Tim Ho Wan. Despite the lower rents for anchor tenants, some malls include more than one supermarket as these shops provide convenience and necessity, which E-commerce often lacks, hence creating a compelling reason to visit the mall. The trend is expected to drive retail sales in the near future.

Co-working spaces and large technology firms in Singapore are further set to drive office demand in the near future. Singapore is emerging as a technology hub as most of technology firms are choosing the lion’s city to gain first mover advantage. Small as well as medium size start-ups are moving to Singapore for the ease of business and attracting talent in the country.

Singapore hotel real estate space overall has clear skies but major headwinds in near sight are slowing Singapore economy and shift towards serviced apartments and Airbnb. Apart from that, BTMICE spending rose by 10% in 2018 and is poised for sustainable growth in future considering Singapore’s growing presence as a business Hub.

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.

For more information on the research report, refer to below link:
https://www.kenresearch.com/manufacturing-and-construction/real-estate/singapore-real-estate-market/215823-97.html

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
 Re-sale
 Sub-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:
• CapitaLand
• Frasers Property Ltd
• UOL Group
• City Developments
• APAC Realty
• Chip Eng Sen
• Roxy-Pacific Holdings
• Other Players (Frasers Property Ltd. and City Development Ltd.)

Key Topics Covered in the Report
• Executive Summary
• Research Methodology
• Singapore Real Estate Market Overview and Genesis
• Singapore Real Estate Market Business Model
• Singapore Residential Real Estate Market, 2013-2023
• Singapore Retail Real Estate Market, 2013-2023
• Singapore Office Real Estate Market, 2013-2023
• Singapore Hotel Real Estate Market, 2013-2023
• Major Investment Pockets in Singapore Real Estate Market
• Trends and Developments in Singapore Real Estate Market
• Issues and Challenges in Singapore Real Estate Market
• Regulation Framework in Singapore Real Estate Market
• Comparative Landscape in Singapore Real Estate Market
• Property Buying Process in Singapore Real Estate Market
• Analyst Recommendations for Singapore Real Estate Market

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Evolution of the retail sector has transformed the Kingdom's landscape from small unorganized retail outlets and line shops to the development of large scale shopping malls with international brands, entertainment zones and world class hypermarkets. The primary reason for this trend is because retailers have realized the higher footfall from regional and super regional malls as a result of integrated spaces and shift in consumer shopping experience towards leisure and entertainment.

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Government’s aim to diversify the economy has attracted the development of manufacturing and services sector to open their businesses in Saudi Arabia creating a substantial demand for office spaces in the country. Programs such as Vision 2030 were launched in April 2016 and National Transformation Program (NTP) was launched in June 2016 with an aim to develop different sectors of the economy and country is expected to give positive boost to the economy. Riyadh will continue to lead the office real estate market in Saudi Arabia followed by Jeddah.

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