Singapore Market Outlook 2025
Animated publication
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CBD City Fringe Suburban
2.5
2.0
10-year Historical Net Demand
Tighter supply from 2025 to 2027
1.5
sf)
1.0
0.5
Net Leasable Area (million
0.0
2024
2025
2026
2027
2028
IOI Central Boulevard Towers (Completed) 1,242,000 sf
Keppel South Central 646,000 sf
The Skywaters 721 ,000 sf
Newport Tower 180,000 sf
Clifford Centre 434,000 sf
Shaw Tower 435,000 sf
~72% committed
Tanglin Shopping Centre Redevt. 118 ,000 sf
Com centre 672,000 sf
Office tower in Jurong East ITH 408,000 sf
Punggol Digital District 358,000 sf
Paya Lebar Green 334,700 sf
Labrador Tower (Completed) 686,000 sf
Solitaire On Cecil 190,000 sf
65% pre-committed (incl business park space)
~16% pre-committed
~75% committed
One Sophia 215,000 sf
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Keppel South Central
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Remaining available space at IOI Central Boulevard Towers
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CCR and RCR new sale price gap
20%
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50%
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32
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Completions Completions
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A slew of events and developments in the pipeline bodes well for Singapore tourism
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37
Government Land Sales (GLS) dominates but enbloc deals may pick up
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-5%
-12%
+1%
-8%
Private wealth continues to invest
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1,000
12,000
1,400
6000
1,200
10,000
800
1,000
4000
8,000
800
600
600
6,000
2000
400
400
4,000
Sales Volume ($m)
$PSF on land
200
Highest $PSF achieved
200
Shophouse Volume ($m)
2,000
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0
2017 2018 2019 2020 2021 2022 2023 2024 YTD
Islandwide Strata Office Sales Volume
CBD Shop House Volume
CBD Shop House Average Prices
Highest $PSF Achieved*
China slowdown and office supply glut
Global Financial Crisis
Dot-com Burst and SARS outbreak
250
European Debt Crisis
Covid-19
12
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200
10
8
Divergence between office prices & rents
150
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6
100
4 Monetary Policy (%)
Office Price and Rent Index
50
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2
0
0
2000Q1
2001Q1
2002Q1
2003Q1
2004Q1
2005Q1
2006Q1
2007Q1
2008Q1
2009Q1
2010Q1
2011Q1
2012Q1
2013Q1
2014Q1
2015Q1
2016Q1
2017Q1
2018Q1
2019Q1
2020Q1
2021Q1
2022Q1
2023Q1
2024Q1
2025Q1
Singapore SORA overnight
US Fed Funds
Singapore Office Price
Singapore Office Rents
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