According to the latest data from the Urban Redevelopment Authority of Singapore, the trend of office space market price declines in Singapore in 3Q2022 tightened significantly, with a 2.7% YoY decline, better than the 5.1% YoY decline in the previous quarter.
Meanwhile, office space rents in Singapore continued their upward trend, rising by 2.1% in 3Q2022, with a cumulative increase of 6.3% in the office rent index for the first 3 quarters.
With prices trending towards a trough but rents continuing to grow, the rent to sales ratio for office space in Singapore appears to be on the verge of reaching a new high at this stage.
At the same time, the acquisition of commercial property in Singapore is subject to Buyer's Stamp Duty (BSD) of only (3% of the property price - S$5,400) and a 7% GST (Goods and Services Tax), with no Additional Buyer's Stamp Duty (ABSD) to pay.
For foreign individuals and companies, the acquisition cost of commercial properties is directly reduced by 23-28% compared to private residences, but the acquisition threshold is not necessarily significantly higher.
The trend of office space rental growth in Singapore since mid-2022, and increased office space occupancy, will continue through 2023.
As a representative of premium office space, Woods Square is ideally located in the heart of the beautiful and lush Woodlands area, just a few minutes' walk from Woodlands MRT Station on the Thomson-East Coast Line, which will soon be connected to the new Thomson-East Coast Line. This MRT station will be directly connected to Johor Bahru, Malaysia along with the Johor Bahru-Singapore Rapid Transit System.
Recently, the Johor Bahru MRT has also received good news: the Malaysian part of the MRT is in full swing with piling on land and sea, and is expected to have completed more than 30% of the construction progress, and is expected to be officially opened to traffic on January 1, 2027.
Upon opening, passengers will only have to clear customs once per trip, and each trip over the embankment is expected to take only about 6 minutes, significantly reducing commuting time between Woodlands and Johor, Malaysia, two areas separated by water.
According to Singapore's development master plan, Woodlands will become a regional hub with approximately 697,000 square meters (7.5 million square feet) of commercial space, creating a projected 100,000 new jobs and further driving demand for commercial real estate in the Woodlands area.
Woods Square was chosen as the "Star of the North" by the Singapore Development Master Plan because of the future prospects of the area.
Woodlands is not only expected to become the largest commercial hub in the north of Singapore, but will also be home to a medical campus, town square, schools, recreational areas and other new facilities; and in five to ten years, it will have the opportunity to become a vibrant community where people can live, work, and play.
The area holds the ecosystem of the northern part of Singapore, including farms, Republic Polytechnic, St. Norco food district, etc. It is also close to industrial areas such as Sembawang Newtown and Sungai Kaju, where half of the four major chip factories in Singapore are built.
Based on the above mentioned advantages, the importance of Woodlands to Singapore is self-evident. In the future, it will not only be connected to Johor Bahru, the southernmost city in Malaysia, through the Johor Bahru MRT, which is under construction, but will also provide a quick access to the Singapore-Malaysia border.
Such a promising area in the future will need more quality commercial centers and mixed-use commercial projects to support the development of the area, and Woods Square is one of the representatives.
Woods Square is a joint venture between Far East Organization, Far East Orchard Ltd. and Sekisui Housing Corporation, and its significance is not only to meet the demand for quality commercial properties in the Woodlands area, but also to fill the gap of "strata leases" for mixed-use commercial projects in the area, which can be leased or purchased.
Woods Square was awarded the International Property (Asia Pacific) Awards in June 2021 for its excellent design. "Best Office Space Development in Singapore"!
Woods Square has 4 buildings with office units ranging from 46 to 465 sqm (500-5000 sq ft), with duplexes and high ceilings, allowing for free spacing.
Woods Square meets the differentiated office space needs of established, growing or start-up companies with a mix of traditional premium office space and innovative SOLO office space for companies from all industries.
With a mix of work and leisure facilities, a rooftop discussion area, swimming pool and gym, 39 retail and dining options, and a childcare center, Woods Square will be convenient for all who work and live in the building.