Singapore private home prices to increase in 2024, plus more updates

For PropertyGuru’s real estate news roundup, Singapore private home prices to increase by 3 to 4 percent in 2024. In other stories, the vision for Bacolod to become a “super city” received a boost with the construction of a PHP12-billion, 21-hectare township. Saudi Arabian banks granted higher residential mortgage loans, a 21 percent increase versus the previous month.

Singapore private home prices to increase by 3-4 percent this year

According to JLL in Real Estate Asia, the planned launches of several major projects in Singapore should see developers’ sales for 2H24 improve from the 1,889 units sold in 1H24. These projects include Sora (440 units), Kassia (276 units), The Chuan Park (916 units), Emerald of Katong (847 units) and The Collective at One Sophia (367 units).

However, until interest rate cuts materialise and economic conditions improve, prospective homebuyers are expected to stay cautious and selective as they await the lineup of new project launches.

Barring unforeseen circumstances, JLL Research expects developers to sell 4,000 – 6,000 new units in 2024, lower than the 7,000 – 8,000 units initially anticipated and below the 6,421 units sold in 2023.

Still, private home prices which have risen by 2.3 percent in 1H24, are projected to increase by 3 to 4 percent in 2024, milder than the 6.8 percent increase in 2023. Although home prices have escalated significantly and buyers are now more resistant to higher price levels, there is potential for moderate growth.

21-hectare township to help develop Bacolod in the Philippines into a ‘super city’

The vision for Bacolod to become a “super city” received a boost with the construction of the 21-hectare Saluda township in Barangay Bata here.

Phinma Property Holdings Corp. and local partner JEPP Real Estate Co. broke ground on Friday to establish the PHP12 billion convergence of residential, commercial, retail and abundant open spaces along the Bacolod-Silay Airport Access Road.

Raphael Felix, Phinma Properties president and chief executive officer, said their vision aligns with Mayor Alfredo Abelardo Benitez’s goal to make Bacolod the best place for living, working, and playing.

“We are happy to be part of Bacolod’s journey to become a supercity through Saludad. The residential developments, leisure amenities, commercial spaces, and other features of the township will undeniably attract more residents, as well as opportunities for growth in the city,” Felix said in PNA.

Saudi residential mortgage loans jump to 11-month high in January

Banks in Saudi Arabia granted residential mortgage loans worth SAR7.54 billion (USD2 billion) to individuals in January 2024, marking an 11-month high according to the data issued by the Kingdom’s central bank. The January figures represent a 21 percent increase or SR1.3 billion more than the previous month’s loans.

According to Arab News, the uptick could be attributed to several government initiatives such as improving access to finance, introducing new and affordable housing options to the market, and implementing operational efficiencies in the housing sector. The Saudi government has taken several measures to strengthen the sector’s infrastructure and enhance the governance of the housing program.

The Property Report editors wrote this article. For more information, email: [email protected].