Singapore Residential: Supportive policies, property agency reforms

Research evidence excerpt

Singapore Residential: Supportive policies, property agency reforms

Global Research

28 July 2026ab

Singapore Residential Equities

SingaporeSupportive policies, property agency reforms

Real Estate

Terence Lee, CFA

Mixed effects for property brokers, generally positive for property developers Analyst

The Ministry of National Development announced policy changes for the housing terence.lee@ubs.com

market. We think the themes can be summarised as supporting homeownership and +65-6495 3570

price stability particularly within the public HDB market, urban rejuvenation through Michael Lim

enbloc policy changes and reforms to enhance the quality of service provided by Analyst

property agents. Directionally, we consider property-policy changes to be positive; with michael-h.lim@ubs.com

the HDB prices seeing mild dips across the past quarters, and the enbloc market +65-6495 5902

generally quiet in recent years. In terms of stock implications, property developers can Grace Lim

benefit to the extent of new enbloc participation. For property brokers, we see mixed Economist

impact, stronger anticipated post-enbloc and HDB volumes may be negated by weaker grace-k.lim@ubs.com

network effects from a smaller agent force. Though, positive effects are near term, and +65-6495 5965

negative effects more medium term (2-3 years later). We have Buy ratings on CDL, UOL

and PropNex.

(1) Rekindling of the enbloc market = more saleable inventory for developers

The government is lengthening the completion and sell-by deadline of large 700+ unit

enbloc projects from 5-5.5 years to 6-7 years. An en bloc sale refers to the collective sale

by multiple owners of separate units in a strata-titled development. These are typically