Singapore real estate industry was witnessed to gain the maturity majorly because the country serves as an international business hub, tourism center and effective residential housing requirement in the country. The country began with selling land parcels for commercial enhancement and itself became the greatest housing developer. Shortage of space and high requirement has allowed Singapore to evolve into an updated real estate infrastructure pioneer with mixed innovations, environment friendly constructions and architectural marvels at the core of real estate. Being an international business hub, Singapore’s commercial real estate space sees key foreign investments and gain significant revenues from the existence of international players in the market. The effective growth in tourism enables revenue surge for retail as well as hotel real estate. The effective growth in population and tourist influx into the country has enabled Singapore to become one of the most expensive real estate markets across the world with majority of population living across the Government’s HDB properties.
According to the report analysis, ‘Singapore Real Estate Market Outlook to 2023 – By Residential Market (New Sales, Re-Sales and Sub-Sales), By Retail Market (Private and Public Retail Space), By Office Market (Private and Public Office Space) and By Hotel Market (Gazetted and Non-Gazetted Hotels)’ states that the real estate industry within Singapore is further classified by high levels of competition, an increasing requirement for newer properties and commercial activities along with augmenting the population in the country. Competition stage within the country’s real estate space was witnessed to be moderately concentrated along with the existence of key players such as CapitaLand, Frasers Property Ltd, UOL Group, City Developments, APAC Realty, Chip Eng Seng and Roxy-Pacific Holdings and other small players.
Furthermore, the hotel space within Singapore real estate industry was observed to augment during the review duration 2013-2018 propelled by tourism arrivals. The country’s hotel real estate industry entails a combination of gazetted and non-gazetted hotels. Hotels in Singapore are further classified into Luxury, Upscale, Mid-tier and Economy. Singapore has 9 foremost hotel areas with CBD and Orchard road carrying key 5-star hotels, Sentosa Island and River District carry 4-star and 5-star hotels , Heritage District mostly carries 3-star hotels with a few 5-star hotels, Little India, Chinatown, North Downtown and Airport area prominence more on budget, 2-star and 3-star hotels.
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In terms of total room revenue, hotel space within Singapore real estate industry is further predicted to develop during the forecast period 2019-2023. The market revenues are further anticipated to augment on account of growing demand and supply of rooms. Gazetted hotels are projected to lead the supply of rooms as non-gazetted hotels show signs of stagnancy.
Furthermore, the retail estate market within Singapore was witnessed to take a fall throughout the review period 2013-2018. Occupancy of retail space in fringe area enumerated highest decline majorly owing to the completion of new retail space such as Macpherson Mall and Raffles Holland V in the region. Retail real estate in Singapore is developing with customer engagement and is further moving towards an activity-based method to tackle offline market space. The market has been observing the technology integration in existing and forthcoming projects.
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Ankur Gupta, Head Marketing & Communications