Singapore Real Estate Report

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Providing expert analysis, independent forecasts and competitive intelligence on the real estate industry.

Report includes: BMI Industry View, Industry SWOT Analysis, Industry Forecasts, BMI's Real Estate Risk Reward Index, Economic Forecasts, Company Profiles and Global, Regional and Country Industry Overviews.

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Singapore Real Estate Report
Product Price
$1,295.00

BMI View: Singapore witnessed a contraction in growth over H1 2015 as the slowing China economy and uneven global market recovery weigh down on investment activity and regional demand. However, the position of Singapore as a global financial hub, coupled with strong economic fundamentals, indicates great potential for the commercial real estate sector in the long-term.

Singapore constitutes an appealing location for investment activity, owing to its thriving services sector and robust financial industry that means the nation can withstand the external pressures exerted by the current global economic woes. We attribute the recent contractions in growth to the trade-orientated sectors, which have been affected by headwinds arising from moderations in regional growth and demand. Access to capital in the nation has been a benefit for investors in prior years, however lending activity is continuing to suffer from governmental restrictions, aimed to gain control of the price appreciations that are staving off potential investments. The implemented restrictions will limit the ability for some firms to enter the market, and could even result in rising vacancies across the real estate sector as corporates look to establish under more cost-effective operating costs overseas.

The office real estate sector will benefit from good demand and moderate supply, with growing interest into the Singapore market coming from China and Hong Kong investors looking for premium and Grade A property. However, there remain some issues with rental policy introduced by new leaseholders, such as obliging clients to sign for longer leases in order to protect investments. This has seen a number of tenants moving to 'fringe' districts, or secondary markets, in order to benefit from cheaper occupancy costs, and we expect this trend to continue over the rest of 2015 and into 2016.

Retail is benefitting from the returning numbers of Chinese tourists, a crucial demographic for the industry thought to contribute to around 40% of sales during peak season, and rising consumer confidence. Currently, there are a number of larger retailers seeking to redistribute to suburban mall developments, again we view this as an attempt to avoid the rising operating costs in prime estates that are rendering business unprofitable for some firms. Nevertheless, the growing interest from international retailers and high-income levels provide good fundamentals for potential growth in the market. As a result, we anticipate stable rentals in the market for the coming forecast period.

Looking ahead, there is an optimistic outlook for the ASEAN nation, as the gradual improvement in the advanced economies should provide support to the lagging trade industry, and therefore lift up the commercial real estate sector as a whole. But there are still pertinent risks to the commercial environment from possible US dollar appreciation, China real estate market corrections and softening global demand. We therefore opine that the long-term will provide the opportunities for real estate players.

BMI Industry View
7
SWOT
9
Political
10
Economic
11
Operational Risk
12
Industry Forecast
14
Office Forecast
14
Table: Office Rental Rates
17
Table: Office Yields
17
Retail Forecast
18
Table: Retail Rental Rates
21
Table: Retail Yields
21
Industrial Forecast
22
Table: Industrial Rental Rates
24
Table: Industrial Yields
24
Residential/Non-Residential Building - Outlook And Overview
25
Table: Residential and Non-Residential Building Industry Data (Singapore 2013-2018)
25
Table: Residential and Non-Residential Building Industry Data (Singapore 2019-2024)
25
Major Projects Table - Residential/Non-Residential Construction And Social Infrastructure
32
Table: Residential/Non-Residential Construction And Social Infrastructure Projects
32
Macroeconomic Forecasts
34
Economic Analysis
34
Industry Risk Reward Ratings
38
Singapore - Risk/Reward Ratings
38
Table: Asia Real Estate Risk Reward Index
38
Rewards
38
Risks
39
Market Overview
40
Competitive Landscape
41
Property Developers
41
Property Managers
43
Demographic Forecast
45
Demographic Outlook
45
Table: Population Headline Indicators (Singapore 1990-2025)
46
Table: Key Population Ratios (Singapore 1990-2025)
46
Table: Urban/Rural Population & Life Expectancy (Singapore 1990-2025)
47
Table: Population By Age Group (Singapore 1990-2025)
47
Table: Population By Age Group % (Singapore 1990-2025)
48
Methodology
50
Industry Forecast Methodology
50
Sources
51
Risk/Reward Index Methodology
52
Table: Real Estate Risk/Reward Index Indicators
53
Table: Weighting Of Indicators
54

The Singapore Real Estate Report features BMI Research's market assessment and independent forecasts of major construction projects in the residential and commercial markets, plus rental prices and yields in major cities. The report critically analyses the prospects for real estate within the broader economic and financial context - both domestic and global - via our econometrically-modelled and clearly explained banking and economic forecasts and follows this through to evaluate the implications for REITs.

BMI's Singapore Real Estate Report provides industry professionals and strategists, sector analysts, business investors, trade associations and regulatory bodies with independent forecasts and competitive intelligence on the real estate industry in Singapore.

Key Benefits

  • Benchmark BMI's independent real estate industry forecasts for Singapore to test other views - a key input for successful budgeting and strategic business planning in the Singaporean real estate market.
  • Target business opportunities and risks in Singapore through our reviews of latest industry trends, regulatory changes and major deals, projects and investments.
  • Assess the activities, strategy and market position of your competitors, partners and clients via our company profiles (inc. SWOTs, KPIs and latest activity).

Coverage

BMI Industry View

Summary of BMI’s key industry forecasts, views and trend analysis covering real estate and construction, regulatory changes, major investments and projects and significant national and multinational company developments.

Industry SWOT Analysis

Analysis of the major Strengths, Weaknesses, Opportunities and Threats within the real estate sector and within the broader political, financial, economic and business environment.

Industry Forecasts Outlook

Historic data series (2010-2013) and forecasts to end-2019 for the domestic real estate industry and for the local and global finance industry.

Indicators Include:

  • Real Estate: Office, retail and industrial real estate yields for all major cities (%); short term forecasts on minimum and maximum real estate rental prices by sub-sector (USD per square metre and local currency per square metre).
  • Construction: Industry value (USDbn); contribution to GDP (%); employment (‘000); real growth (%).
  • economy: Economic growth (%); nominal GDP (USDbn); unemployment (%); interest rates (%); exchange rate (against USD).

BMI’s Real Estate Risk Reward Index

BMI’s Risk Reward Indices provide investors (real estate vendors, construction companies and financial investors) looking for opportunities in the region with a clear country comparative assessment of a market’s risks and potential rewards. Each of the country markets are scored using a sophisticated model that includes more than 40 industry, economic and demographic data points to provide an indices of highest to lowest appeal to investors, with each position explained.

Market Overview

Overview of the real estate sector, including analysis of existing/planned real estate developments and emerging industry trends in the office, industrial and commercial sectors

Market Analysis

Features detailed city-level data and analysis on rental prices, yields, contract terms and real estate availability with separate chapters covering the office, retail and industrial sub-sectors.

Company Profiles*

Examines the competitive positioning and short- to medium-term business strategies of key industry players. Strategy is examined within the context of BMI’s industry forecasts, our macroeconomic views and our understanding of the wider competitive landscape to generate Company SWOT analyses. The latest financial and operating statistics and key company developments are also incorporated within the company profiles, enabling a full evaluation of recent company performance and future growth prospects.

*Company profiles are not available for every country. Those reports instead contain information on the current activities of prominent companies operating in the market.