At the same time, the lower interest rate environment and resilient underlying demand for private new homes are also fuelling the strong pre-sales figures in Singapore’s residential projects, which in turn offer robust income visibility for developers in the years to come.
Referencing the latest 3Q data by Urban Redevelopment Authority on Oct 24, developers launched 4,191 private residential units (excluding executive condos) for sale in 3Q, compared against just 1,520 units for sale in the previous quarter.
Meanwhile, developers managed to sell 3,288 units (excluding executive condos) in 3Q2025, compared with just 1,212 units sold in the previous quarter.
All in all, these positive developments in the real estate sector are providing a significant tailwind for the overall property sector and, by extension, some of the listed property developers.
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Bukit Sembawang Estates
Listed back in 1968, Bukit Sembawang Estates (Bukit Sembawang) is focused on property development, investment and other property-related activities. Some of the well-known residential developments include Luxus Hills, Nim Collection and The Atelier.
According to its latest annual report, Bukit Sembawang’s substantial shareholders include LRG Property Investment, which owns 29% of the company and Lee Rubber Company, which owns 13%.
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Unlike some developers that need to replenish their landbank constantly, Bukit Sembawang comfortably stands pat on 122,143 sq m of 999-year leasehold land and 87,636 sq m of 99-year leasehold residential land. These landbanks include a significant amount of agricultural land from its legacy as a rubber plantation company.
For its most recent full-year result, Bukit Sembawang recorded a minor decline in revenue of 2% y-o-y to $555.0 million, mainly due to lower revenue recognised for The Atelier, which obtained TOP back in May 2024. However, this was partially mitigated by higher revenue attributable to a higher percentage of completion for Pollen Collection and LIV@MB.
Despite the lower topline, the higher gross profit recognised on the various development projects enabled Bukit Sembawang to report earnings of $114.3 million, up by more than 60%.
Looking ahead within the next six to 12 months, Bukit Sembawang will focus on the sales of 8@BT and Pollen Collection, while also preparing for the launch of Nim Collection Phase 4, the new residential development, and continuing the development planning for Luxus Hills Phase 10.
Bukit Sembawang will also monitor the construction progress of the ongoing projects to ensure timely completion. For the upcoming launches, the company will adopt a prudent and measured approach, aligning with prevailing market conditions and buyer sentiment.
City Developments
Listed on the Singapore Exchange since 1963, City Developments (CDL) has a diversified portfolio comprising residential properties, offices, hotels, serviced apartments, student accommodations, retail malls, and integrated developments. Some of the recent new launches include Zyon Grand, The Orie and Union Square Residences.
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In CDL’s FY2024 annual report, Hong Leong Investment is the largest shareholder in the company with a 49.3% stake.
CDL’s landbank amounts to 4.0 million sq ft, with 70% freehold and/or on long leasehold, while the remaining 30% are 99-year leasehold & below.
In the recent 1HFY2025 results, CDL reported an 8% y-o-y growth in revenue to $1.7 billion and a 3.9% y-o-y increase in patmi to $91.2 million. The increase was mainly driven by improved performance in the property development segment, with full profit recognition from the sale of its fully sold Copen Grand, as well as its executive condo joint venture. Other projects that contributed to the earnings include The Myst, Norwood Grand, as well as JV projects CanningHill Piers, Tembusu Grand, The Orie and Kassia.
While maintaining a steady pace of property development, CDL has also stepped up its capital recycling initiatives, with over $1.5 billion worth of contracted divestments announced in 1HFY2025. With the completion of the sale of its 50.1% stake in the South Beach mixed-use development to IOI Properties, that will be another $465.0 million boost to the divestment gains.
Following a high-profile board saga earlier this year, executive chairman Kwek Leng Beng says the company’s leadership is now aligned and focused on effective execution and value creation. CDL’s priority is now to deliver on the various commitments, such as strengthening the balance sheet, unlocking potential in the portfolio and redeploying capital into higher-yielding opportunities.
Meanwhile, CEO Sherman Kwek says that the company has become prudent in new investments while pushing forward with capital recycling. The company has since secured over $1.5 billion in contracted divestments, with more coming in the pipeline. He is aware that the operating environment is fluid, but that the potential easing of interest rates could offer some upside as it continues to pursue capital recycling and fund management initiatives.
Frasers Property
Frasers Property is a multinational developer of real estate products and services. Listed on the Singapore Exchange since 2014 and headquartered in Singapore, Frasers Property’s businesses operate across five asset classes, mainly commercial & business parks, hospitality, industrial & logistics, residential and retail.
Some of the recent residential projects launched are Sky Eden@Bedok, Rivière and 8@Mount Sophia.
Frasers Property is also the sponsor of two real estate investment trusts, Frasers Centrepoint Trust and Frasers Logistics & Commercial Trust, focusing on retail and industrial & commercial properties, respectively.
Frasers Property is tightly held by the Sirivadhanabhakdi family of Thailand, via their vehicle TCC Assets, with a stake of 86.9%.
In its most recent 1HFY2025 ended March, Frasers Property recorded a nearly 150% y-o-y increase in its attributable profit to $142.2 million, thanks to higher residential contributions from Singapore. Furthermore, the absence of an impairment recorded in 1HFY2024 and the reversal of tax provisions also contributed to the jump in the company’s attributable profit.
“Amid global uncertainties, we remain vigilant and proactive in assessing the health of our business and financial position, and we are confident Frasers Property is well-positioned to navigate these challenges. We will stay focused on strengthening our balance sheet, improving risk-adjusted returns and ensuring our operating model remains agile and fit for purpose,” says CEO Panote Sirivadhanabhakdi in his earnings commentary.
To create and sustain value, the company intends to increase its development exposure while strengthening its recurring and fee income. To optimise returns on capital over time, the company will also focus on unlocking value via capital recycling and capital partnership activities.
GuocoLand
GuocoLand is a leading real estate company that focuses on property investment and property development. Listed on the Singapore Exchange since 1978, GuocoLand develops, invests in, and manages a portfolio of high-quality commercial and mixed-use assets providing stable, recurring rental revenue with potential for capital appreciation.
Some of the residential projects that GuocoLand recently launched include Faber Residence, Springleaf Residence and Lentor Mansion.
In terms of GuocoLand’s shareholding structure, the company’s chairman, Quek Leng Chan, is the largest shareholder, holding a 71.9% stake in the company.
In its most recent FY2025 ended June, GuocoLand achieved revenues of $1.9 billion, 5% higher y-o-y. The higher topline was a result of contributions from both its property development and property investment segments.
Singapore remains the key driver of GuocoLand’s performance, achieving revenue of $1.52 billion, or approximately 80% of the total revenue, across both segments.
Meanwhile, GuocoLand registered an operating profit of $299 million for FY2025, down 7% y-o-y. The drop in operating profit was mainly due to an allowance for foreseeable losses made on China development properties, given the persistent headwinds in the real estate sector.
Group CEO Cheng Hsing Yao said: “Both our twin engines of property development and property Investment in Singapore have contributed to our strong performance for FY2025, despite pervasive macroeconomic uncertainties. We expect our businesses in Singapore to stay resilient going forward.”
Besides cheering the well-received residential launches, DBS suggests further upside from another angle. “Given its growing portfolio of commercial assets, a potential conversion into a ‘stapled security’ could serve as a significant share price catalyst,” says DBS.
UOL Group
UOL Group is a leading Singapore-listed property and hospitality group with total assets of about $23 billion. The company has a diversified portfolio of development and investment properties, hotels and serviced suites in Asia, Oceania, Europe, North America and Africa.
Some of the recent residential launches by UOL include Skye at Holland, Upperhouse at Orchard Boulevard and Parktown Residence.
UOL’s largest shareholder is the Wee family, which owns a nearly 30% stake in UOL. The Wee family also owns substantial stakes in various listed companies such as UOB, Haw Par and UOB KayHian.
Another substantial shareholder in UOL is Silchester International Investors LLP, which owns approximately a 5.3% stake in UOL. Silchester International Investors LLP is a London-based investment management company that is known to own substantial stakes in other Singapore-listed blue-chip companies, such as Venture Corp and ComfortDelGro.
In its latest half-year result, UOL’s revenue rose by 22% y-o-y to $1.55 billion mainly due to higher revenue across most business segments, including property development, property investments and hotel operations.
Net attributable profit was up 58% y-o-y to $205.5 million and was due to the strong performance from property development and property investments, and other gains from the disposal of Parkroyal Yangon.
“Our strong results reflect the resilience of our diversified portfolio and the continued confidence in Singapore as a stable and trusted market, even in times of heightened uncertainty,” says group CEO Liam Wee Sin.
“The Singapore residential market is fundamentally supported by genuine housing needs rather than speculation, but launch performances are increasingly dependent on microlocational strengths and strong product differentiation.”
