Future Of Real Estate: What We Hope To See In 2020 In Singapore
2020 is here, as crazy as that sounds. The year 2020 sounds and looks like a year from some dystopian film, yet here we are.
Over the years the real estate scene in Singapore has evolved so much, no thanks also to the constant intervention from the Government.
2019 was really no different.
From the confirmation of the Master Plan 2019, to crazy penthouse and GCB deals, not to mention the unrest in Hong Kong having an impact, there has been a ton that we have written on in 2019.
We’ve also covered 45 different condos in 2019, and it’s fair to say that we have experienced and seen enough to have a good feel for what works and what doesn’t.
So as our first post of 2020, we figured this would be a good time to pen down some of the changes we hope to see in the future of real estate in Singapore.
Here goes.
Market commentary like this is only useful if you can translate it into what it means for your own purchase: your entry price, holding period and exit options.
That’s where many buyers get stuck. General market insights rarely tell you whether a specific unit, at a specific price, is the right decision for your circumstances.
Over time, that’s also why we decided to work with agents who shared the same data-driven and advisory-led approach behind our editorial, consultants who could help readers think through decisions more objectively, rather than simply push transactions.
Today, the team has worked with more than 2,000 clients across over $5B in property transactions.
Future of Real Estate in Singapore 2020
1. Condo Facilities To Keep Up With Trends
It’s pretty clear after reviewing so many different condos in Singapore that there are certain trends that have been followed throughout the different time periods.
For example, many of the old condos built in the 1980s (Pandan Valley/Maplewoods) usually have facilities like squash courts or circular-shaped pools.
Which is something that fell out of trend in the developments that were built in the 1990s.
In the present age, you’ll find sleek glass filled exteriors and infinity pools to be all the rage.
To be honest, condos have never looked better in Singapore.
But here’s the downside, the units are getting smaller and smaller.
Not Hong Kong sized alarming levels yet, but let’s be honest, it is getting quite cramped.
Thankfully, the Government’s new ruling on the minimum size of apartments should go some way to help.
So because the apartments are small, it makes complete sense to have common facilities that can be shared.
One fantastic example to highlight is the shared kitchens at the Parc Clematis.
Or rather, what they term as co-kitchens.
With how convenient it is to get food nowadays thanks to food delivery (Grab/Deliveroo), it’s no surprise that kitchens in smaller apartments will start to get more sparsely used.
Which is the perfect scenario for the usage of shared kitchens.
This is quite brilliant in our opinion because it is a much more efficient way of maximising the facilities available.
We can envision a future where some small apartments might not even come with kitchens anymore.
So in the event you would still like to do some cooking, you could always use the shared kitchen space.
Basically, as our lifestyles in Singapore slowly start to change, it’s great that developers are starting to realise that.
Hopefully, we will see more of such concepts in newer launches in the future of real estate in Singapore.
2. No More Plain Vanilla
It’s no secret that Singaporeans are known to be quite risk averse.
Which has trickled down to the “play-it-safe” showflats that you see today.
Generally, showflats are designed to be able to appeal to the largest possible pool of buyers possible.
This means showflat models with rather safe designs, neutral colours, and generic layouts.
Seeing the number of new launches since 2019, it’s about time that we see more eye-catching showflat models that can stand out from the rest.
To be fair, we are seeing some glimpses already from places like Sengkang Grand Residences.
But we think more can be done.
For example, let’s take some inspiration from the US.
At One Manhattan Square, the developer sought Anna Karlin to design 11 model units with bright hues and interesting furniture.
One of them had a living room splashed in bright pink paint, with soft curves from the seating to match.
Another dubbed “Private Quarters” had dark wood with an unusual red ceiling.
In short, the designs were meant to reflect the lives of 11 different characters.
We’ll be the first to admit that some of these might be too out of this world for most Singaporeans.
But the idea is that in order to stand out, you have to stand out to be memorable.
It certainly will grab your attention, and even if it’s not your style you will be able to appreciate the effort taken to be different.
3. Eco-friendly Climate Change
Arguably the most important topic at the National Day Rally in 2019 was the effect of climate change in Singapore.
As an island state, we cannot stress enough that climate change is very real and the effects can be seriously damaging.
Impact on water supplies.
Rising sea levels.
And the list goes on…
Which is why the future of real estate in Singapore can and must have a big role to play in helping out with climate change.
There are current initiatives and awards like the Green Mark Awards that have helped spur on green projects.
Take the Tree House condo for instance, with its heat-reducing laminated green-tinted windows.
Even HDB has gotten into the game, with 1 in 2 HDB rooftops to have solar panels installed by 2020.
With technological advancements in recent years with regards to efficiency and power generation, we hope to see more private projects take this on in 2020 and beyond too.
4. Virtual Reality
Since it’s the year 2020, it’s about time that VR (virtual reality) catches on in Singapore.
The 2010s will be remembered as the decade that personal screens became a widespread reality around the world.
This decade will be the one that we will see much of our lives recreated right inside the screen.
A digital world that is able to replicate offline environments in almost lifelike detail.
It’s no wonder that VR has immense potential to transform how the future of real estate is done in Singapore.
VR tours could mean you can view showflats without ever leaving the comforts of home.
It could even speed up the real estate buying process because you are able to view more places at once.
Developers could also look towards building smaller showflats, and showcase more models in VR instead.
So rather than the current situation of only being able to see the popular 2 or 3 bedroom showflat models, VR allows you to view all models that will be built.
This gives you a much, much better idea of what exactly you are purchasing.
Final Thoughts
That concludes our thoughts on the future of real estate in Singapore. If you have any thoughts or points that you would like to add do feel free to reach out to us at stories@stackedhomes.com or leave a comment down below!
Commentary like this is useful for understanding the broader market. The harder part is applying those ideas to a specific property, budget or decision you’re actually considering.
That’s often where a second opinion becomes valuable.
If you’d like to discuss how this applies to your own circumstances, you can reach out for a one-to-one consultation here.
And if you simply have a question or want to share a thought, feel free to write to us at stories@stackedhomes.com. We read every message.
Frequently asked questions
What new condo facilities might we see in Singapore in the future?
How might the design of showflats in Singapore change to attract buyers?
What role will eco-friendly initiatives play in Singapore's future real estate development?
How will virtual reality impact property viewing and buying in Singapore?
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