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HEAR FROM PAST CLIENTS

Join thousands of customers who made their move with SRI

Larry is a very professional and experienced real estate agent. He is very honest and straight forward in providing his valuable advice to me.

He chose to go the extra miles to assist me to coordinate with contractors to resolve new tenant's requests before handling over when i politely requested.

In short, I will not hesitate to recommend Larry to my family, friends, business partners and associates.

EG
Eshwari Guga

Nesh Ganesan & Maha Lakshmi's communication and negotiation skills were outstanding, ensuring a smooth transition.

I highly recommend them for their professionalism and commitment to delivering top-notch service for all!

EG
Eshwari Guga

It has been a pleasure working with Nick to sell our house. He is knowledgable, understanding and helpful.

Our family is very satisfied with Nick's attentiveness and competency shown through the entire sale process.

Thank you Nick!

JF
Jasmine Fu

I would like to extend my appreciation and thanks to your agent Garry Lew for handling my transactions.

He is definitely an asset to your company. His dedication and willingness to success is admirable

PL
Philip Lee Khin Sen

Appreciate Garry's great effort and meticulous planning for the sale and purchase of our new home!

MC
Mr Chiew

I have always felt that i can never thank Maha and Ganesh enough. I was awestruck by their professionalism and thank you once again for helping me find a home.

RV
Revathi

Thanks to William's professional services, my partner and I were able to purchase our first home and are now living happily ever after.

AT
At, HDB DBSS Buyer, Bedok

William is proactive, warm, and reliable. He is always on the ball and provided timely updates during the same.

You can always trust him to get things done at any time of the day

CL
JK & Ber. Citylights

I have a very pleasant experience dealing with Richard who listens well, communicates clearly, and pays great attention to details in all aspects, making the entire process from viewing to contract negotiation to handover smooth sailing and hassle free.

A Truly exemplary real estate professional!

WP
Mr Goh W P

Wayne works tirelessly for the needs of his clients and often uses data to help us make informed decisions. His service orientation and friendly disposition helped us to secure good offers for our home.

BG
Benjamin Gan
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insigts

GLS Commentary 2H2024 GLS Programme

Moderation in GLS Supply The second half of 2024 sees a moderation in the Government Land Sales (GLS) programme after seven consecutive increases since 1H2021. The number of residential units on the confirmed list has been adjusted from 5,450 units in the first half of 2024 to 5,050 units in the second half, marking a 7.3% reduction. This adjustment reflects a strategic response to current market conditions, aiming to balance supply with demand amidst three consecutive quarters of increasing uncompleted unsold private residential units, which grew from 16,929 units in Q4 2023 to 19,936 units in Q1 2024. Strategic Adjustments The authorities' decision to moderate the GLS supply is influenced by recent property market cooling measures and a cautious sentiment among developers. This measured approach ensures that the supply of private residential units aligns with the housing requirements of the population without oversaturating the market. Additionally, the reserve list supply has been reduced by 10.7%, from 3,460 units in 1H2024 to 3,090 units in 2H2024. The combined supply from both the confirmed and reserve lists totals 8,140 units, an 8.6% decrease. Notable GLS Sites Key GLS sites on the confirmed list include: Chencharu Close: Set in Yishun, this site will contribute to the development of 10,000 new homes by 2040, with at least 80% for public housing. It is expected to be a mixed-use integrated development, enhancing connectivity and providing a comprehensive living environment. Media Circle (Parcels A and B): Located within the One-north precinct, known for its focus on knowledge-intensive sectors, these sites aim to support the local workforce by providing housing options close to workplaces. This aligns with the area’s role in fostering innovation and economic growth. Bayshore Road: With the opening of the Bayshore MRT station, this site has transitioned from the reserve list to the confirmed list. It is part of a broader transformation of the Bayshore area, including new Build-To-Order (BTO) flats and enhanced amenities, making it a highly attractive location. Reserve List Sites A significant site on the reserve list is an Executive Condominium (EC) at Woodlands Drive 17. This marks the first EC site in Woodlands since the Northwave project in 2016, highlighting a key development for the area. Market Outlook The strategic moderation of the GLS supply aligns with current market dynamics, ensuring a balanced supply that meets demand. The real estate market in Singapore is closely tied to various factors, including economic conditions, market fluctuations, and regulatory changes. The authorities' measured approach aims to provide a stable and sustainable housing market, supporting economic stability and growth. Overall, the 2H2024 GLS Programme reflects a cautious yet strategic response to evolving market conditions, ensuring that the supply of residential units aligns with demand while supporting the ongoing development of key areas in Singapore. This approach underscores the importance of adapting to market trends and maintaining a balanced real estate market.

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insigts

GLS Commentary: Tender Results on Upper Thomson Road (Parcel A) & River Valley Green (Parcel A)

River Valley Green (Parcel A) Tender Overview The top bid for River Valley Green (Parcel A) was submitted by Winchamp Investment Pte. Ltd. (Wing Tai Holdings) at $464.0 million, translating to $1,325 per square foot per plot ratio (psf ppr). This bid was 4.3% higher than the second-highest offer by Hong Realty (Private) Limited (Hong Leong Group), indicating strong interest and confidence in the site's potential. The River Valley Green site is expected to yield approximately 380 units. Location and Appeal The site's prime location near the Central Business District (CBD), Clarke Quay, Robertson Quay, and the Great World MRT station on the Thomson-East Coast Line (TEL) enhances its attractiveness. It is also close to several educational institutions, including River Valley Primary School, Outram Secondary School, Zhangde Primary School, and Singapore Management University (SMU). These factors make the site a desirable residential area, appealing to developers looking to capitalize on high demand for housing in well-connected neighborhoods. Market Projections Based on data from URA Realis, the average unit prices for new non-landed properties in the Core Central Region (CCR) were around $3,190 psf in the first five months of 2024. Consequently, it is anticipated that the new launch prices for the development on River Valley Green (Parcel A) will range between $3,000 psf to $3,200 psf, reflecting the premium market positioning and expected demand for high-quality residential properties in this area. Upper Thomson Road (Parcel A) Tender Outcome No bids were received for Upper Thomson Road (Parcel A), indicating that it is likely to be included in the second half of the 2024 Government Land Sales (GLS) programme. The lack of bids reflects a more cautious approach by developers since the implementation of property cooling measures in April 2023. Strategic Considerations Developers are adopting a measured approach, thoroughly evaluating potential sites for market demand, project feasibility, and long-term investment returns. This strategy aims to ensure the success and sustainability of their projects. The need for more time to assess the viability of Upper Thomson Road (Parcel A) likely contributed to the absence of bids in this round. Outlook The strategic moderation in GLS supply, combined with cautious investment strategies, aligns with current market conditions. This approach ensures a balanced supply that meets demand without oversaturating the market, supporting stable and sustainable growth in Singapore's real estate sector.

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insigts

The Shophouse Segment: Market Dynamics and Outlook

Overview of Singapore's Shophouse Market Shophouses in Singapore, significant for their historical and architectural value, are a crucial part of the country's urban planning. Constructed during the 1800s and 1900s, these buildings have been renovated for modern uses while preserving their distinct architecture. Approximately 6,500 conserved shophouses exist in Singapore, mainly located in historic districts such as Balestier, Beach Road, Geylang, Boat Quay, Chinatown, Kampong Glam, and Little India. These areas offer various uses, from commercial and residential to mixed-use, making shophouses valuable assets. Impact of Tourism on Shophouse Demand Singapore's tourism sector showed a strong recovery in 2023, with international visitor arrivals reaching 13.6 million, about 71% of 2019 levels. The hotel industry's performance, with Average Room Rate (ARR) and Revenue per Available Room (RevPAR) surpassing 2019 levels, reflects robust tourism activity. In Q1 2024, international visitor arrivals totaled 4.35 million, a 25.6% increase from the previous quarter. Key markets driving this growth included China, Indonesia, and Malaysia. Shophouse Transactions and Values The demand for conservation shophouses boosted the number of transactions from 14 units in 4Q2023 to 21 units in 1Q2024. The total value of these transactions increased by 67.9%, from $107.6 million to $180.7 million. Notable transactions included the sale of a freehold shophouse at 31 Pagoda Street for $19.0 million and three adjoining shophouses in Geylang for $18.7 million. Rental Market Dynamics In 1Q2024, the volume of shophouse rental transactions moderated by 4.7% from the previous quarter, totaling approximately 864 transactions. However, the total leasing value increased marginally by 1.1% to $9.7 million, the highest quarterly rental value since 1Q2023. Median monthly rentals for shophouse transactions increased to $6.43 psf in 1Q2024 from $6.36 psf in 4Q2023. Future Outlook and Strategic Shifts The demand for shophouses is expected to remain strong, driven by positive tourism trends and the implementation of mutual 30-day visa-free travel between China and Singapore. International visitor arrivals are projected to reach 15 to 16 million in 2024, with tourism receipts estimated at $26.0 to $27.5 billion. The restoration of flight connectivity and positive travel demand trends provide a stable foundation for growth. Additionally, property cooling measures introduced in April 2023, such as increased Additional Buyer's Stamp Duty (ABSD) rates, have made commercial properties like shophouses more attractive investments. Shophouses that are entirely commercial are not subject to ABSD, benefiting foreign investors and Singaporeans who already own property. Conclusion The report highlights the resilience and attractiveness of Singapore's shophouse market. Despite potential global economic headwinds, the positive economic recovery and robust tourism sector are expected to sustain demand for shophouses. Investors, including family offices, are likely to continue considering shophouses as viable investment options. The unique historical and architectural value of shophouses, combined with their limited supply, ensures their continued appeal in Singapore's real estate market.

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