Read more: Chia Siew Chuin is appointed by JLL as the head of residential research for Singapore

Chia Siew Chuin is appointed by JLL as the head of residential research for Singapore

Keppel Corporation, on Dec 19 announced it was planning to purchase Samhwan Building, a freehold 15-storey office building within Seoul, South Korea, for a cost that is KRW220 billion ($228.7 million).

Keppel Land Limited, Keppel Asia Macro Trends Fund IV (KAMTF IV) and KB Bank Discretionary Fund, have entered into shareholder’s contracts (SHA) in conjunction with the joint venture corporation (JVCo), Gaenari (IV) as part of the acquisition proposal.

KAMTF IV and KB Bank Discretionary Fund are administered through Alpha Investment Partners Limited and Keppel Investment Management Co., Ltd respectively. Alpha Investment Partners and Keppel Investment Management Co. are wholly owned companies that are part of Keppel Capital Holdings.

In the SHA, Keppel Land and KAMTF IV will subscribe for shares in the JVCo and will hold an interest in the JVCo’s shareholding of around 55.93% and 44.07% respectively. Each of Keppel Land as well as KAMTF IV will also extend shareholders’ loans of around US$113.2 millions ($153.8 millions) towards the JVCo and make an additional commitment to fund approximately US$4.84 million, according to their shareholding interests in the purchase of the property.

Following the successful completion of the deal and is expected to take place at close of the month Keppel Land will hold a 39.5% effective interest in Samhwan Building, while the remaining 31.1% and 29.4% effective stakes will be purchased through KAMTF IV and KB Bank Discretionary Fund respectively.

After the property is purchased and the necessary regulatory approval has been obtained, Keppel will conduct asset enhancement initiatives (AEIs) including an extension horizontally, which will extend the building’s office space. The renovation of the building’s spaces is also planned in order to increase the value of the property.

Samhwan Building currently has a total gross floor area (GFA) of 31,403 square metres. It is situated at the heart of Seoul’s downtown business district (CBD) located in Jongno-gu and is surrounded by Korean palaces that are on The UNESCO World Heritage List. The building has breathtaking views of the surrounding area. It’s a walk of three minutes to the Anguk Station on the Seoul Subway line 3, and just 30 minutes from the other important business areas that include Gangnam as well as Yeouido within Seoul.

Keppel in its announcement the company has stated that they is incorporating sustainability-related features like high-performance building facades, energy efficient heating and cooling systems as well as smart lighting systems. Indoor environmental monitoring, as well as intelligent building controls to increase the efficiency and performance.

“Keppel Land is thrilled expanding in South Korea through the acquisition of Samhwan Building in partnership with the private funds that are part of Keppel Capital. The partnership investment will not only leverage Keppel’s strengths in real estate services and asset management, but it will also strengthen Keppel’s asset-light business model, which makes use of the growth of third-party funds,” says Louis Lim the CEO of Keppel Land.

“When the refurbishment work is completed, Samhwan Building will be an iconic symbol of South Korea of Keppel Land’s Sustainable Urban Renewal capabilities, that utilize digital technology to retrofit, secure the future and extend the life span of commercial buildings.” Lim adds.

“As the financial and business center for South Korea, Seoul has witnessed a growing demand for high-quality office space within the city. We are thrilled to partner with Keppel Land in the purchase of Samhwan Building, a uniquely situated prime asset within the business district in the center, that is well-positioned to meet the growing demand. Keppel Capital has managed close to $3.4 billion in assets, with a gross floor space of 6.2 million square feet within South Korea since 2004, and we’re confident that our knowledgeable team and active asset management in the field and our robust value-creation strategies will allow us to create positive returns for our funds and clients,” says Christina Tan the Keppel Capital’s CEO. Keppel Capital.

The shares of Keppel Corp closed at $7.33 on December 16.

Read more: Putting Charming Garden up for auction for $175 million

Putting Charming Garden up for auction for $175 million

Office rents for Grade A offices in the CBD have been higher than the levels that were recorded in 2021, based on the data collected from CBRE Research. In a December 16 announcement, the company states that Core CBD Grade-A office rental rates have risen to $11.70 per month, psf at the end of 2022. The full-year growth in rent is at 8.3%, exceeding the 3.8% growth recorded in 2021.

The growth rate was helped by the expansion to Guoco Midtown, which boosted the island’s net absorption to 1.15 million sq feet by 2022, which is 3.6 times more over 2021’s total net absorbtion that was 0.32 mil sq feet. The islandwide vacancy rate also decreased by 6.3% as of end-2021 to 5% at 2022’s end. The net absorption for 2022 is 17.9% higher than the 10 year average annual net absorbance of 0.97 mil sq ft in the period between 2013 and 2022. CBRE.

David McKellar, CBRE’s co-head of office services Singapore David McKellar, CBRE’s co-head of office services, Singapore market’s growth comes on backdrop of the continued momentum for returning to office. “The gradual relaxation of policies that were in place since the end of April also prompted tenants to take positive action to adapt their needs for real estate in their businesses,” he explains.

Yet, CBRE notes that office market sentiment is beginning to “turn cautious” towards the closing of 2022. Demand has slowed from larger occupiers, specifically those from the tech sector. “With these recent layoffs as well as the hiring cutbacks from the tech industry some tech firms have already begun to consider having a smaller footprint in order to lower the cost of real estate,” remarks Tricia Song who is the head of research for Southeast Asia at CBRE.

Song expects that the shadow space will be able to grow from 0.2 million square feet in 3Q2022 to 0.7 million square feet next year. Some tech firms have offered offices on an early surrender basis. In the past 2 years, technology firms have contributed around 40% between 40 and 50% from the overall demand for gross leasing in Singapore.

Song adds that the pace of office rent growth has decreased. In the 4Q2022 period, Core CBD Grade A office rents climbed 0.9% q-o-q, easing from the 2.7% q-o-q growth registered in the previous quarter. Therefore, CBRE has cut its 2023 rental forecast. It is now predicting Core CBD Grade A office rents to rise by one% annually in comparison to its earlier estimate of 4% 5-% growth.

The rate of vacant properties could increase in 2023 , on the result of lower demand. McKellar suggests that landlords with empty spaces or “immediate time availability” might need to think about terms that are more competitive in order to stand out from more competitors in 1H2023.

With the current softer market conditions, office owners may reconsider their needs for office space. “In Particular, the shift towards quality will continue because companies are more aware of their employees’ wellbeing and health after the pandemic,” CBRE states.

Despite the uncertainty in the near-term, CBRE believes office rental growth prospects for the long time frame are optimistic as the demand is “relatively minimal”. Additionally, Singapore’s position as a regional business and technology centre within Asia Pacific will continue to help the market.

Grand Dunman condo floor plan

The proposal that was made by Chip Eng Seng’s chairperson, Celine Tang, along with her husband, Gordon Tang, to acquire additional shares of the company that they don’t currently hold, was declared unconstitutional on the 14th of December.

Grand Dunman condo floor plan to house 1,040 residential units and a maximum building height of about 64 metres Singapore height datum.

By 6 pm at the time of writing, Tangs had received valid acceptances for 405.68 millions shares which is 51.73% of the total number of shares issued. This figure also includes acceptances from the Tangs”concert parties” totalling approximately 386.37 million shares which is 49.27% of the total number of shares issued by Chip Eng Seng.

“Accordingly the deal is now unconditional in all aspects,” says United Overseas Bank (UOB) that acts for the Tangs on their behalf through their business Tang Dynasty Treasure.

If an offer becomes or is declared to be unconditional The offer must be open to acceptance until at the very least fourteen more days. The expiration date for the offer is extended until 5.30pm on the 19th of January beginning on Jan 5.

The Tangs first announced their plans to purchase more shares of Chip Eng Seng that they did not already have on November 24,.

If they earn greater than 90% percent of shares of the company, they’ll be entitled to purchase the remaining shares and then delist the company.

If they earn over 90% percent of shares of the company, they’ll take advantage of their right to buy the remaining shares and then delist the company.

Grand Dunman condo price

Hybrid Work Solutions label IWG has announced that it is selling the master franchise it operates located in Japan to Mitsubishi Estate Co (MEC). According to a December 12 press release issued by IWG, MEC is acquiring the master franchise from TKP Group by purchasing 100% of the shares of Regus Japan Holdings K.K. which manages the 172 flexible workspaces in Japan.

Grand Dunman condo price offer being 20.3% higher than the lowest offer of $1.06 billion from City Developments, Hong Leong Holdings and TID, and Hong Realty.

This master franchise contract will provide MEC with the exclusive rights to utilize IWG trademarks in Japan including Regus Spaces and Regus Spaces. IWG will offer support and services to MEC which include accessibility to the brand’s portfolio of brands as well as its its global network as well as a marketing and sales platforms and operational infrastructure as well as technology in exchange for a regular platform fee that is linked to the system’s revenue in Japan.

In addition to operating the existing centers The agreement also will also include a development plan that IWG declares will “add significant” to its existing network in Japan. “We are delighted to announce Mitsubishi Estate Group as our new strategic partner in Japan,” adds Mark Dixon who is the CEO and founder of IWG. “A commitment of this magnitude made by one of biggest real estate firms is a testament to the irreversible shift to hybrid technology and its growing recognition across the globe.”

MEC is among Japan’s biggest real estate companies and has a portfolio that includes retail, offices, residential and logistics, hotels and airport operations. MEC also is an international company, which spans the US and Asia, the UK as well as Asia.

The deal is expected close in February 2023 contingent on Japanese Antitrust approval.

Grand Dunman sales gallery

In the Jurong Lake District (JLD) Singapore’s biggest business district that is not in the city center A 6.8 acres white site is scheduled to be released to an owner developer. It comprises three parcels of land connecting with the Jurong East MRT interchange station with the planned Jurong Lake District Station on the Cross Island Line.

Grand Dunman sales gallery to house 1,040 residential units and a maximum building height of about 64 metres Singapore height datum.

“The idea is to have an individual developer to masterplan the site and implement city-level, district-wide urban strategies (such as district cooling systems) that are integrated into the mixed-use development,” according to URA.

The white site located in Jurong Lake District can yield more than 1.6 million square feet of office space and 1,760 residential units for private use and 807,300 square feet total gross floor space (GFA) of other uses like the hotel, retail, or community use.

“The current GLS program saw the government increase the supply of office space substantially, the highest increase since 2016 and the biggest in the decentralised area,” says Tricia Song the head of research at CBRE Southeast Asia.

Recent greenfield sites with large office component that were sold through GLS were located in the CBD in CBRE’s Song: Guoco Midtown site that was sold on October 17, 2017 for $1.622 billion, or S$1,706 for plots (psf ppr) and yielding more than 700,000 square feet of office space. Also, that of the IOI Central Boulevard Tower site that was sold in Nov . 16, 2016 for $2.569 billion, or $1,689 psf per plot ratio, which yields 1.26 million square feet in office spaces.

The planned mixed-use development is planned to be gradually built within the next 5-10 years in order to satisfy market demands. But, the winner is required to construct at least 70,000 square meters (753,480 sq feet) GFA of office space and 600 housing units for private residents in the initial phase of development, but can choose to gradually reduce the remaining units depending on the market demand.

“The white site located in JLD is expected to act as a catalyst to the next phase of development within the precinct and actually for Singapore in that it will spur new economic activity and brings additional homes and jobs to the region,” says Ismail Gafoor the PropNex’s CEO. PropNex. “The government has decided to go with the master developer method to develop the site. We believe this could be a tender with two envelopes that will include design and concept as well as the cost of the bid to be utilized in the sale.”

The 600 residents in the first phase this integrated project will have close proximity to amenities such as shopping malls and a library for the region, Jurong East MRT interchange station and bus interchange as with attractions like Jurong Lake Gardens, the new Science Centre and other new tourism developments, says Leonard Tay, head of research at Knight Frank Singapore.

JLD currently has substantial amount of office, retail and residential developments that have been built since 2008. “By 2028, a brand new Jurong Region Line station and an Integrated Transport Hub comprising offices as well as community spaces, retail and other facilities will be constructed close to an MRT station for Jurong East” CBRE’s Song. “JLD is expected to be a leading sustainability district, with zero emissions for all new developments in the year 2045.”

The size of the project will result in that the land costs would exceed $2 billion, or at most $1300 per square foot, according to Song. Based on the anticipated launch date in June of 2023 in GLS and an assumption of that there is a three to six-month duration for the tender, most likely time to complete office space is likely to be in 2028.

“With the current focus on office decentralisation, there is likely to be a shortage of greenfield office sites within the CBD accessible through GLS. GLS soon,” says Song. “Going ahead the CBD will undergo a rejuvenation thanks to old office buildings being transformed as mixed-use projects.”

Apart from JLD The other white site listed on the 1H2023 Confirmed List is located at Marina Gardens Crescent in Marina South close to Gardens by the Bay. The site located at Marina Gardens Crescent is adjacent to that at Marina Gardens Lane launched for sale on December 5 under the 2H2022 GLS program.

It is believed that the Marina Gardens Crescent site can be constructed up to 775 housing units, with the retail component being limited to 6000 sq m (64,584 sq feet). “We anticipate that this site to be influenced from the responses to the previous site which will be closed for tender on June 27, 2023.” CBRE’s Song.

Grand Dunman in Dunman Road

Frasers Property has named Paolo Bevilacqua as the group’s head of sustainability. Prior to his appointment in the new position he was the director general of Real Utilities, an energy and utilities company that is operated by Frasers Property Australia. Prior to that, he was the general manager of sustainable development for sustainability at Frasers Property Australia. He has been part of Frasers Property Australia since.

Grand Dunman in Dunman Road is a 99-year leasehold property is situated in one of the attractive neighbourhoods in Singapore.

Bevilacqua will remain located at Sydney, Australia, reporting to chief corporate officer Chia Khongshoong from Singapore. In his new position as Fraser’s Property’s chief executive officer, he will further develop Fraser’s Property’s environmental governance, socio-economic and management (ESG) agenda by working closely with the executive team as well as the business units as well seeking strategic partnerships with other stakeholders who are in line with the group’s ESG goals.

Bevilacqua’s appointment as well as the appointment of the group’s head of sustainability job is an “opportune moment” to allow Frasers Property to elevate its attention to ESG issues, writes Chia in a Dec . 6 press announcement. “Paolo has been working as the head of an entire group taskforce in the past couple of years, which means his familiarity in the sustainability efforts of Frasers Property’s initiatives and their progress, along with his vast knowledge of the energy and real estate sectors makes him the perfect person to lead and steer our ESG initiatives,” he adds.

Grand Dunman by Singhaiyi

JLL recently announced that it has appointed Chia Siew Chin as the head of residential research in Singapore. Chia will succeed Ong Teck Hui who is set to retire at the end of the year and will be directly reporting the head of JLL’s research department and consulting Tay Huey Tay Ying.

Grand Dunman by Singhaiyi Group submitted the winning bid of $1.284 billion, equivalent to $1,350 per square feet per plot ratio (psf ppr).

Chia is joining JLL as a consultant from CapitaLand Development, where she was in charge of strategy and research, providing insight into structural, macroeconomic and important real developments in the real estate industry. She also held positions of leadership in CBRE as well as Colliers.

In a press release, announcing this appointment JLL declares that in her newly-created position, Chia will drive thought direction on Singapore’s housing property market, and will oversee the provision of residential advisory services to clients of JLL. Chia will also be JLL’s spokesperson on Singapore’s residential property market. Singapore property market. property market.

“Siew Chuin brings a wealth of knowledge in real estate consulting as well as research for JLL,” says Chris Archibold the country head of JLL Singapore. “Her vast knowledge and expertise in this field will help JLL improve its research capabilities, and will allow us to improve market insight.”

Grand Dunman condominium

Charming Garden, an 999-year leasehold property located at King’s Road, off Farrer Road in District 10 The development is scheduled to go on the collective sale through an open auction, according to the press release issued on December 5 from the marketing agent Colliers. The project is expected to have a base price of $175 million which is equivalent to $2,096 per plot ratio (psf ppr) that is $2,074 per sq ft on the property’s land.

Grand Dunman condominium is a 99-year leasehold property is situated in one of the attractive neighbourhoods in Singapore. It sits in a total suite area of 25,234.3 with a Gross Maximum Area (GFA) of 88,321 square metres (sq m).

The development is located in 140 and 138 King’s Road, Charming Garden was built in the 1980s, and includes 32 apartments. The residential development is set on an 84,357 square foot elevated site. Colliers states that the site reconstruction will be an area of gross floor (GFA) that is not more than the existing verified GFA of approximately 83,491 square feet. This site is not qualified to be part of bonuses under the GFA scheme and there is there is no land Betterment Charges are applicable.

Tang Wei Leng, Colliers director of management and director of investment and capital markets in Singapore is of the opinion that this site will be appealing to developers as well as ultra-high-net-worth people due to its leasehold tenure of 999 years and its location at “one among Singapore’s more sought-after residential enclaves that is mostly landed housing”. The High-end Bungalow areas such as Victoria Park, Cornwall Gardens and Belmont Park.

The property is located within the 1km radius from Nanyang Primary School. It is only five minutes from the Farrer Road MRT Station on the Circle Line. Nearby facilities comprise Empress Road Market and Food Centre as well as Singapore Botanic Gardens. Singapore Botanic Gardens.

The public bid to bid on Charming Garden will end on the 17th of January, 2023at 3pm.