The Surprising Changes In Singapore Property Market Trends In 2024

Maybe there’s a use for those shuttered stores in old, empty malls.

Integrated and mixed-use projects aren’t a new concept in Singapore; but here’s a spin we’re seeing in the US: turning some of those closed-down stores into small, single-bedder units. 

Granted, 250 sq. ft. is not something you can start a family in; but for singles and retirees, it’s a location that can provide a lot of convenience. Plus, it’s a bonus for the remaining stores in the mall, who now have a renewed (and more permanent) customer base). 

As an interesting twist, a lot of the residents are also finding it quite communal, which is not something I would have expected of mall spaces. But given the shared use of facilities, and the highly self-contained layout, I guess that would be inevitable. 

Could it work in Singapore though? 

Well, not to the same extent that we’d see in the US: our malls aren’t as gigantic, even if they are still sizeable. And Singapore’s very successful HDB programme (we have a 90 per cent home ownership rate) creates less urgency for this type of innovation. I also don’t know if Singaporeans are happy to live with certain quirks, such as the windows being on the inside of the building. Mall spaces are built with shopfronts after all, and only a handful of spaces have exterior windows. 

But I think there could be some niche demand for this. For example, those who don’t want or can’t get HDB flats for eligibility reasons, or those who own a business in that particular mall. There’s also the possibility of these small units being rental options, for short-term stays. It could be a win-win situation for older malls, as they now have more maintenance contributions from otherwise empty units, as well as a semi-permanent customer base. 

To even attempt such a move though, there’d need to be significant regulatory moves; these range from zoning issues, to clarifications on taxes, stamp duties, and how maintenance fees would be redistributed. 

On the topic of trends, I’ve noticed they’re often a stunner to people who bought their homes long ago

If you only study the property market twice in your life (most people I know have only ever bought a home twice), every expert looks like a liar. Because assuming a gap of about 10 to 15 years between your previous and current home purchase, passing trends may have caused a complete U-turn from what you heard previously. 

Case in point: HDB flats being near condos. 

When I told some residents at Bayshore Park they were lucky, because of the new Bayshore estate, some responded with horror. Because if you go back around a decade, having HDB flats near your condo was not considered a good thing. Snobbish, I know, but unashamed exclusivity used to be a trend. 

Places far from HDB enclaves were seen as more prestigious: fewer towers to block your view, and better ability to pretend you were living in an overpriced landed area, smearing caviar over your prata or whatever.

But today, having an HDB enclave near your condo is a great thing. Ask any realtor if you don’t believe me: not only does it provide a huge supply of potential HDB upgraders (great for resale), people have started to realise “exclusivity = nowhere to get a bowl of mee pok after 10 pm.” 

Another example is a former fascination with balconies as luxurious features. Even HDB started trying to include these in flat designs at one point; and the terrace style condos – with their humongous balconies that are basically backyards in the sky – used to be a hot item. These days as units get smaller, buyers tend to just want a bigger living room, and tell me they’ll sit out on the balcony never. As one home buyer so eloquently explained to me last week: “Only crazy Europeans want to sit outside and burn in the sun.”

Then there’s the love for high-ceiling, loft-style units. In the ‘00s these were in all the interior design magazines. I used to have to write about so many loft units (yes, yours truly used to write for magazines too, when they still existed), I exhausted a thesaurus explaining the same feature. 

Today, the awe of a high ceiling is replaced with a “Tsk. Very hard to clean.” 

That said, I can’t be sure of whether this is down to changing tastes and preferences, or if it’s just down to the cost of land and changing regulations that have caused this shift. 

We hardly see penthouses today too, most of the time, it’s just the top floor with a higher ceiling than usual. And even if we do get a penthouse, they are typically just bigger with a larger balcony. Back in the day, penthouse units used to come with large patios (sometimes even with more outdoor space than indoor), and these would typically come with luxuries like a jacuzzi. 

Or how about walk-up apartments? Once considered ugly, shabby, unsellable, etc., but now the crown jewel of the hipster housing segment. There are so many complete U-turns we’ve seen, it can feel like a whole different country’s housing market, to those house hunting after a long period. So it’s good to bear in mind that, whatever you’re told as buyers like today, it may not hold true by the time you’re selling.

Meanwhile in other property news:

• Find yourself the biggest, cheapest, three-bedders at well under $1.5 million. They may not be the newest or prettiest, but it’s what’s on the inside that counts. 
• At the prices of even mass-market condos today, maybe it makes sense to just buy a premium resale flat instead. Give it a quick think. 
• The government keeps rolling out site, after site, after site. Here’s 10 more we’re already expecting in the first half of next year. 
• What can you buy with $11.3 million? A freehold landed property in Katong perhaps, to last for generations to come. Just think of it as paying the next two generations’ mortgages, I guess.

Weekly Sales Roundup (02 December – 08 December)

Top 5 Most Expensive New Sales (By Project)

Top 5 Cheapest New Sales (By Project)

Top 5 Most Expensive Resale

Top 5 Cheapest Resale

Top 5 Biggest Winners

Top 5 Biggest Losers

Transaction Breakdown

For more on the Singapore property market, follow us on Stacked.