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Kingsley Mansion is a freehold residential project located at 27 Boon Teck Road, off Balestier Road in District 12 It has been revived to be sold collectively through a public tender, as per the July 6 press release by the marketing agent CBRE. At $52 million the estimated value for the site remains the same as the previously announced collective sale tender that was launched for Kingsley Mansion which was opened the 7th of March and ended the 12th of April.

Kingsley Mansion It is a 10-storey, 18-unit development which was completed in the 1980s. The land size of 14,350 sq ft and is designated for residential use, with an average plot ratio of 2.8 and the building height limit that can go up to 26 stories. The property is fronted by around 30m on Boon Teck Road, with an approximate 45m depth.

The estimated price for Kingsley Mansion amounts to an estimated land value of $1,294 per plot ratio (psf ppr). CBRE states that no land improvement cost (LBC) is required to renovate the site to be used for residential purposes at an area ratio of 2.8. When you factor in seven% bonus floor area of balconies, as well as an approximate LBC due of $1.786 million and the land rate is reduced to $1,251 psf per per square foot.

“Well-located residential development sites with a reasonable investment of less than S$100 million available for sale are extremely rare. We expect Kingsley Mansion to attract strong interest from developers seeking to fill their land bank,” states Michael Tay, CBRE’s head of capital markets for Singapore. Tay says the development planned on the site could include as many as 37 apartments.

The public tender for Kingsley Mansion will end on August 2 at 3pm.

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The Monetary Authority of Singapore (MAS) will issue the public consultation document prior to at the close of July proposing measures to enhance security and protection against the risk of money laundering in the fast-growing single family office (SFO) sector.

According to the managing Director Ravi Menon, MAS is looking to make it mandatory for all SFOs to inform the central bank each time they begin operations each year. They will also require the relationship of an MAS-regulated financial institution which is able to conduct checks against money laundering (AML) checks.

The demands are amidst the massive inflows of wealth into Singapore and the country, with Assets under Management (AUM) increasing by an average of 15% between 2017 to 2021. A large portion of this growth was attributed to SFOs opening their doors in Singapore. In the number of SFOs to which received MAS gave tax incentives to grew to 1,100 at the close of 2022, up from 700 in 2021.

Contrary to what many believe, Menon clarifies that the majority of the wealth that flows into Singapore is derived from institutional investors and not family offices, or high-net worth individuals (HNWIs). Individual clients who are not retail (which comprise family offices, customers of private trusts, external asset manager clients, and HNWIs — accounted for just 20% of the rise in total assets managed by Singapore between 2017 and 2021.

SFOs who sought and received tax incentives from MAS had a portfolio of around 90 billion dollars of assets in 2021. That’s just less than% out of $5.4 trillion in assets total that are managed in Singapore the country, he says.

While MAS is attempting to enhance it’s AML policies, Menon notes that family offices in Singapore are already well-protected by the money laundering risk. Most SFOs in Singapore must have an account with the bank in Singapore and thus are under the controls against money laundering by banks in Singapore’s city-state.

Capital can be better utilized for strategic purposes.
The large flows of wealth into Singapore do not have a significant impact on the exchange rate of Singapore as well as the inflation rate in the country, property prices or car prices, Menon says. While wealth is managed in Singapore but the majority of it is accumulated in other countries.

“This means that the money flows are held in foreign currencies, and have any effect upon an SGD change rate. Singapore serves as an intermediary between the flow of these funds,” the expert adds.

In the case of private residential properties the purchase of all foreigners comprised only a small portion of transactions over the last three years averaged at around 4%. In reality, there was no purchase from SFOs during the last three years. In the same way, Menon says SFOs and their foreign employees contribute an “tiny” percentage of the car purchases in Singapore.

In the future, MAS will be adjusting the tax incentives available to SFOs to motivate them to use their capital in a way that will benefit Singapore as well as the entire region and to boost their contributions to social and environmental causes.

The changes are planned for the following five areas.For one, SFOs will be urged to take part with blended financial structures that includes those that aid in the transition of the region towards net zero. The definition of investment eligible for eligibility will be extended in order to encompass blended finance structure as well as concessional capital (which is capital that is willing to accept lower returns or carries higher risk to help spur worthwhile but not as attractive green or transition-related projects) that are invested in these structures will be recognized.

“For each cent of capital concessional that is invested, MAS will recognise it as a minimum of $2 of investment to determine whether the SFO is meeting its investment requirements,” says Menon.

It is expected that the MAS will also recognize the SFOs of climate-related investments around the world in recognition the fact that Climate change has become a worldwide concern and is not constrained by national borders.

To further stimulate SFOs investing in Singapore businesses and in the Singapore equity market MAS is expanding the benefits of tax incentives that will recognize all investments made in not listed Singapore operating companies, instead of investing in private equity only. In addition, MAS will recognise twice the amount invested in Singapore listed equity and also eligible exchange-traded funds as well as unlisted funds that invest predominantly in Singapore-listed stocks.

As time goes on, at minimum an investment specialist employed must be non-family members which will increase the job opportunities for professionals working in Singapore Menon says. Menon. In addition any new SFO applicants will need to fulfill the requirements for business expenses only by spending locally as opposed to previously, when it could be fulfilled by spending abroad. This will allow more benefits to Singapore-based companies and service suppliers.

In addition, MAS will encourage SFOs to participate in charitable activities within Singapore as well as overseas. In addition to recognizing contributions to local charities MAS has also launched the Philanthropy Tax Incentive Scheme (PTIS) to family-owned offices.

The PTIS announcement, made during Budget 2023, will go into effect on January 1st 2024. It will permit qualified donors from Singapore to receive a 100% tax exemption, which is capped to 40% of the donor’s income statutory in the case of overseas donations made through local intermediaries that are qualified.

“We believe that the introduction of PTIS will inspire philanthropic donations to be a routine and professional part of family offices in this country,” says Menon.

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First decrease in three years, private house prices in 2Q2023 decline by 0.4% on a quarterly basis

The Good Class Bungalow Area (GCBA) of Oei Tiong Ham Park situated just off Holland Road in prime District 10 is a cluster consisting of 10 bungalows situated on Jalan Harum. Since May of last year three bungalows located on the street have been sold to new owners.

The latest one, with an exception lodged on July 4 was for a house located on a freehold site with an area of 8,726 square feet which was sold to the value of $22.8 million. The price paid equates to $2,613 psf on the land area. “It is the most expensive price per square foot of an apartment within Oei Tiong Ham Park so far,” says William Wong who is the director of Realstar Premier Group, which is a specialist in landed property deals.

Realstar representatives represented buyers and sellers in the transaction. Martin Goh, associate marketing director at Realstar is believed to represent the seller, but is unable to speak about the deal.

According to the results of a property title search, the purchaser has been identified as Irving Tan Yew who is executive vice-president for worldwide operations for Western Digital. A graduate from Nanyang Technological University Singapore, Tan was honored during the Nanyang Alumni Awards 2022 which took place on November 11, 2022, in Nanyang Auditorium. Nanyang Auditorium.

The bungalow Tan purchased was built in the 70s. It is currently rented. The new owner will remove the old structure and transform the property to create a new home.

Three months before, another home in the same area was purchased to a buyer for $32.8 million, in accordance with a caveat issued on April 11 2023. The double-storey home was built in 1977. It is situated on land of 14,211 square feet. The cost of purchase equates to a land value of $2,308 per square foot.

Up until the latest deal in the beginning of July, which was $2,613, this deal was the record-holder for the most expensive psf value for a bungalow within the GCBA Oei Tiong Ham Park. Realstar is the seller in this transaction. According to an property Title Search, Singaporean professional Ong Iong Sheunn was the buyer.

On May 20, 2022 a neighboring house was sold for $18.18 million, or $2,106 per square foot which is based on an area of 8,633 sq feet. The property is believed to have been constructed fifty years ago. Realstar is believed to represent both the seller and buyer in this transaction.

With the Good Class Bungalow (GCB) prices have risen dramatically and are the most sought-after address in District 10 Nassim Road, which is now at $4,500 per sq ft, “those with a budget of $20-$30 million are no longer able to have the money to buy the expense of a GCB” according to Realstar’s Wong.

Another option, Wong adds, is to purchase smaller bungalows that have dimensions of around 10,000 to 8,000 sq feet within the GCBAs in Oei Tiong Ham Park or in Raffles Park located in District 11. Bukit Timah enclave located in District 11.

In Raffles Park GCBA, a bungalow located at Linden Drive sitting on a freehold site with 11,314 square feet was sold to a buyer for $24million ($2,121 per square foot) in accordance with the caveat filed in June of this year.

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Prices for resale apartments increased 1.4% year over year in 2Q2023

Qingjian Realty (South Pacific) Group and Santarli Realty will preview Altura the executive condo (EC) situated at Bukit Batok West Avenue on the 22nd of July. This is the first brand-new EC located in Bukit Batok in the last decade The developers claim in an official press release.

“As one of the only EC situated in Bukit Batok for 20 many years, Altura will serve as an ideal choice for young families seeking a luxurious living space at a reasonable cost,” remarks Yen Chong who is the deputy general manager at Qingjian Realty.

“We are thrilled to announce another project that has been successful in partnership with Qingjian Realty and trust that homeowners will experience rejuvenation and relaxation in this luxurious home that is intended for the whole family,” comments Lai Kwong Meng, the general manager of Santarli Realty.

The development’s online applications will be available from July 22 until July 31 from 10am until 7pm. Reservations are due the 5th of August. The unit prices will be announced prior to the voting day on August 2.

Altura includes 360 units, which include three, four and five-bedders, ranging between 980 sq feet to 1,711 square feet. Each unit comes with an study corner. Every residence comes with appliances and fittings made by Bosch, Hansgrohe, Roca and Franke.

The development’s facilities include a 50m swimming pool and tennis court, meeting rooms as well as the “Reading Club” which can be utilized by residents to work or study, as well as the gym, to name a few.

Regarding sustainability, Altura was given its BCA Green Mark Gold. Environmentally friendly features at Altura include solar panels on the roof as well as energy-efficient air conditioning and lifting systems and fixtures for sanitary use that are designed to minimize the amount of water wasted.

Altura is located within walking distance to Le Quest Mall. It’s also just 1km from the new Anglo-Chinese Elementary School, that will be move to Barker Road to Tengah from 2030.

Qingjian Realty and Santarli Realty were granted the EC site located on Bukit Batok West Avenue in the month of March 2022 after they made the highest bid of $266 million, or $662 psf/plot ratio, the most expensive price for land that can be gotten to the EC site.

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On the 1.73 acre white site at Maina Gardens Crescent, 775 residential units and 64,560 sq ft of commercial space are anticipated to be built

The construction of the Linq at Beauty World has reached the 16th floor, according to Andrew Tan, CEO of the Singapore-listed construction and engineering company BBR Holdings. BBR Holdings owns an owner and developer for the towering 20 storey Linq Freehold mixed-use project that includes 120 apartments on the top of a two-storey shopping podium. BBR Holdings is aiming to finish the project by 3Q2024.

The 120 residential units within the project, located near the intersection between Jalan Jurong Kechil as well as Upper Bukit Timah Road -which were purchased at an average cost of $2,165 per square foot. The first date of the development’s opening in November of 2020 the project was sold out in 98% of units sold.

The developer kept these strata-titled units prior to the time of launch, in order to oversee the podium after completion. However, Tan has recently changed his decision. “Over the last year, we’ve had numerous unsolicited requests,” he says.

The rejuvenation process of Bukit Timah’s Beauty World- Bukit Timah is in the process of being completed. One of the major factors was the opening the development of The Reserve Residences mixed-use development that is also a transport hub just to the left of Jalan Jurong Kechil. It is bounded with Jalan Anak Bukit and Upper Bukit Timah Road.

732 units reserve Residences launch weekend of May 27-28 witnessed the sale of 520 apartments (71%) sold at an average of $2,460 per square foot. This makes it the most popular project in 2023 so far. The 4th of July marks the end of the year for the project. the 596 unit (81.4%) have been sold at a more expensive average of $2,474 psf.

The aspect the fact that The Linq is a freehold property is a further draw, according to CBRE the executive director for Capital Markets Clemence Lee. He cites Solitaire on Cecil Freehold, a freehold Grade-A strata office development owned by TE Capital Partners and LaSalle Investments located on Cecil Street in the CBD.

In January of this year The 15 floors of office space and two retail/f&b units on the first floor of Solitaire on Cecil were sold within five months. The strata offices have gotten prices ranging from $4,100 to $4,300 per square foot. There are two retail units within the building, and the first one being sold at $5,400 per sq ft and the second for close to $6,000 psf.

Shophouses with freeholds are also very popular with local and foreign investors, says CBRE’s Lee. He says that recent deals for prime leasehold leaseholds with 999 years of tenure or freehold shophouses within areas like the Amoy Street and Boat Quay region have spanned between $5,000 and $8,000 per square foot.

With the increasing demand for commercial freehold properties, BBR has decided to sell its retail podium in The Linq. “We think this is the best opportunity as any to determine what we can offer,” adds Tan. “During this time frame the buyer is able to ensure tenants are secured, and fitting-out work can be completed before the mall is finished and is set to open next year.”

The selling of The Linq’s podium for retail at The Linq The sale of the podium at The Linq will be managed by the exclusive marketing agent CBRE through an express of interest (EOI) exercise which will end on the 16th of August. CBRE is also appointed as the lease agent of the units.

‘High-end F&B destination’
With an 80% from the 55 strata-titled buildings of The Linq approved for restaurant use BBR’s Tan has positioned The Linq’s stage for retail as “a luxurious F&B location”.

20% of retail spaces will be perfect for services like a gym, convenience stores or medical clinics which will cater to the needs of residents of The Linq, adds CBRE’s Lee.

The strata-titled units in this retail platform will be offered at a estimate of $136 million, or approximately $4,583 per square foot, which is in relation to the total size of the strata, which is 29,676 sq feet.

“We believe there’s a need for a upscale dining enclave within the vicinity that is comparable the likes of Cuppage Terrace, Holland Village and Dempsey Hill. Robertson Quay in terms of appearance and ambience,” says Lee. “This will be a complement to the current retail and F&B choices in the immediate vicinity as well as the planned Bukit V retail mall at The Reserve Residences. It will further enhance Beauty World in its position as a lively and exciting location.”

Lee mentions the numerous eateries that are located in the neighborhood. For example there is the Bukit Timah Marketplace and Food Center (built in the year 1976) includes more than 80 food stalls. The place is known for its Ah Zhen Wanton Mee He Zhong Carrot Cake, and Xie Kee Hokkien Mee.

Just across Upper Bukit Timah Road is Cheong Chin Nam Road. This entire road is lined with eateries including Al-Azhar Restaurant, Boon Tong Kee Singapore, Five Star Kampung Chicken Rice & Kitchen, BBQ Box and Mongkok Dim Sum.

“The presence of these eateries indicates that the population of existing eateries is sufficient to support these establishments,” observes Lee. “BBR Holdings’ majority F&B areas in The Linq will bring a an entirely new look to the segment of the market.”

Accessibility to information has increased
Linq Linq is expected to benefit from greater accessibility once an integrated transportation hub has been complete. The development will feature an underground connection to the Beauty World MRT Station on the Downtown Line, the Bukit V mall and a brand-new Air-conditioned Bus Interchange. It will be connected to the Linq will also feature an underground connection to the upcoming Bukit Timah community Building that will be an integrated facility that includes the creation of a neighborhood clubhouse, renovated market and hawker center and an indoor sports facility with a community library, as well as an older facility.

The bus interchange that is air-conditioned located at The Reserve Residences will be connected to the second floor of three storeys Bukit V mall, while Beauty World MRT Station will be connected underground. If it’s completed by 1Q2028 Bukit V will be home to 215,280 square feet in retail area. The building will include an Cold Storage supermarket, F&B products, educational centres as well as medical services.

The mall is located above The Reserve Residences are eight residential towers, as well as 160 apartment units that have been serviced. The project was jointly developed with Far East Organization and Sino Group The mixed-use complex is expected to be completed by the end of 1Q2028.

One MRT station away from Beauty World will be King Albert Park MRT Station It will serve as an interchange point for the Downtown Line and the upcoming Cross Island Line.

Apart from increasing accessibility via the integrated transport hub in Beauty World, the government is also investing more houses into the Bukit Timah-BeautyWorld area to boost its vibrancy.

The population currently living in Bukit Timah Planning Area Bukit Timah planning area is estimated at 78,000 according to census data for the year 2020. Singapore Census of population. The residents living in condominiums or apartments accounts approximately 47.6% of the population as well as 42.1% living in landed housing. Therefore the nearly 89% of the population lives in condos or landed homes. “The Bukit Timah area is an area of high-end living,” CBRE’s Lee concludes. “So it’s beneficial to establish an F&B establishment that is high-end.”

Based on the new private condo developments that have been launched in District 21 as of the year the year 2018. Lee believes that there will be more than 3,300 new condo units being built within the next couple of years. A majority of the new developments have already sold out.

New residential developments
URA also sold three GLS government-owned (GLS) sites zoned for residential development in Bukit Timah (District 21) and the neighboring Hillview district (District 23) in the past year. The site located at Dairy Farm Walk drew seven bids by the time of the auction on March 20, 2022. Sim Lian Group emerged as the winner, with a price of $347.001 million, or $980 per square foot in plots (ppr) in exchange for the site located in District 23.

The following year Sim Lian announced the brand-new condo located on this site known as Botany at Dairy Farm Walk. Botany located at Dairy Farm Walk in March 2023. Nearly the 54% all units are sold up to date, and the median price of $2,060 for a sf.

Two more GLS sites were offered for sale in the region in the area — Bukit Timah Link as well as Hillview Rise. The next door neighbor from The Linq is the GLS site located at Bukit Timah Link. It was auctioned off to five bidders at the closing of the auction. The listed property developer Bukit Sembawang Estates took the site by submitting an offer that was worth $200 million ($1,343 psf per ppr).

Bukit Sembawang’s site located at Bukit Timah Link is able to be transformed into a private condo of 160 units The developer has said it will likely start the project in the middle of next year.

The other site located at Hillview Rise received four bids which led to an alliance between Far East Organization and Sekisui House taking over the site with an offer in the amount of $320.78 million ($1,024 per sq ft ppr) on November. The co- developers are planning to turn Hillview Rise GLS into a new private condo. Hillview Rise GLS site into an exclusive condo with 334 units. The project is scheduled to be launched in the 4th quarter of 2023.

City Developments Ltd (CDL) will unveil the Myst A private condominium with 408 units off Upper Bukit Timah Road on July 8. Prices start at $1,862 per sq ft. It is the renovation of the old Tan Chong Industrial Park, which CDL acquired for $126.3 million as part of a deal signed by April 2022. The project is located a 5 minute walk to Cashew MRT Station on the Downtown Line and three stops from Beauty World MRT Station and the integrated transportation hub.

Capital upside through the rejuvenation
BBR’s Tan believes that the buyer of The Linq’s retail stage The Linq will be able to benefit from capital appreciation as the process of rejuvenation progresses. Tan recalled his experience when he was able to find the Goh and Goh Building which is an industrial freehold building which was put up for sale collectively in the beginning of 2017.

“At at the time, it was clear that the whole region was a bit outdated and there was not much living,” relates Tan. The malls that were nearby including Beauty World Centre and Beauty World Plaza, Bukit Timah Shopping Centre, and Bukit Timah Plaza were all constructed in the 1980s, and were showing their old age.

“However we were aware of the potential of the land considering the MRT station as well as it’s Bukit Timah Nature Reserve as well as the nature parks that are located in the vicinity, as well as the possibility of the land being an exclusive freehold tenure” Tan recalls Tan. “We were, as a result, extremely aggressive in our price for the bid.”

BBR took its bid for the Goh & Goh Building in the course of a tender, with an offer in the amount of $101.5 million in the year 2017. After purchasing the site did BBR be aware of URA’s plans to revive the Bukit Timah-Beauty World region.

“We also participated in an exercise of swapping land,” says Tan. “We exchanged a part of the En bloc site in exchange for state-owned land the front of the site to get a more consistent plot and an enticing frontage that is visible of the road. We sought advice from URA and they advised us in our plan to integrate into The overall master Plan for the region.”

The 2019 Master Plan was revealed, BBR could be able to see the overall strategy of the government for the region. “Our site is located at the center of the development, and was the very first piece of the puzzle of jigsaws.”

Gross and rental yields
CBRE’s Lee estimates the rents in the commercial and F&B spaces in The Linq to be $25 to $30 per month for units with an enviable streetfrontage on the first level. On the second floor, rent can range from $10 per square foot to $15 per month. Therefore, the expected rent will be around $20 per sq ft. If you take the price of the property as an estimate Lee believes that the buyer will earn an average gross rental yield around 4%.

The retail podium is an open space for events in the front. The double-storey ceiling height allows community-based events like dancing or yoga classes to be conducted without the fear of weather conditions that could be hazardous. The building will also bring more traffic into the area, according to BBR’s Tan.

“Retail podiums are generally very tightly held and are not offered for sale,” says CBRE’s Lee. “They are extremely wanted by buyers.”

Since the Linq commercial podium classified as an asset for commercial use, both foreigners and residents can purchase it in one go without paying additional buyer’s or seller’s stamp duty, says Lee.

“The buyer might look into strata sales of units in isolation as a means of exiting for the near future.” Lee says. The size of the units vary between 183 and 1,087 sq feet. Therefore, the investment value of these units is acceptable for individuals or owners-occupiers, he states.

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A new, 395-unit private condo building could be created from Lakeside Towers

Singapore’s property market frequently makes media headlines, however our latest report about the auction of a massive (adjoined) HDB flat in Tiong Bahru for $1.5 million generated a lot of controversy. For those who don’t know that a 1,894 square feet HDB apartment at 50 Moh Guan Terrace in the middle of Tiong Bahru shattered records when it was purchased at $1.5 million, surpassing that previous mark that was $1.418 millions for a five-room HDB located at The 92 Dawson Road. The price is more shocking when you consider that the flat was constructed in 1973 and is leased for less than 49 years. What’s the reason for this astonishing cost? Perhaps there are other aspects that make this price acceptable and affordable?

Examining the price on an PSF basis
Yes indeed, the HDB located in Tiong Bahru clinched the title of being the most expensive HDB in the history of. But, when it comes to the price per square foot (PSF) it isn’t even the most expensive for the block it’s located within. The apartment at 50 Moh Guan Terrace went for $791 per square foot. A another three-room apartment located in the same block was sold at $807 per square foot earlier this year. Be aware that this block is on an lease that is just 49 months. Actually, three year ago, the block was part of a deal which was sold for $896 per square foot. There was no question about the lease back then.

For the most expensive PSF for a property in HDB history, you must examine the Pinnacle @ Duxton situated in Tanjong Pagar, arguably Singapore’s most renowned as well as record-breaking HDB development. The development was completed in April of 2023. an upper-floor four-room apartment on 1C Cantonment Road sold for an astounding $1,369 PSF which is 73% greater on an PSF basis, compared to a $1.5 million apartment at Tiong Bahru. The final cost? A hefty $1.4 million, for a flat of 1,022 square feet. This is because the PSF is for Pinnacle and Duxton flats has consistently exceeded the threshold of $1,000. PSF threshold.

The Rareness of the Jumbo HDB Flats within Central Areas
Another factor that contributes to the price is the shortage of huge HDB flats, particularly in central areas such as Tiong Bahru and Bukit Merah. As of 2023 there had been just 37 deals for HDB flats with more than 1,800 square feet. Of those, 31 were in Woodlands four in Yishun and one at Ang Mo Kio, and one transaction located in Tiong Bahru. This is the one we’re talking about.

Tiong Bahru is one of Singapore’s most sought-after neighborhoods and is known for its rich past beautiful architecture, and an array of boutiques and cafes. It also has an excellent connectivity and is close to the city’s business district. It is also close to the central business district. URA Master Plan 2019 has been allocated Tiong Bahru for further development and revitalization, making properties located in the area attractive investments. The limited availability of these apartments in prime locations adds an additional cost to their prices. In the future, as Singapore’s land gets difficult to come by, these massive flats will be even more sought-after.

HDB remains the most affordable housing asset class in Singapore
It is crucial to consider it as a Tiong Bahru HDB within the wider property market. Despite rising costs, HDBs are still the most affordable housing option in Singapore. For a better understanding, new homes in Tiong Bahru, such as Highline Residences, Regency Suites along with Twin Regency can be found selling for upwards of $2,000 per square foot. A comparable-sized apartment similar to the Tiong Bahru large flat could cost buyers approximately $3.5 million! Some older developments such as Central Green Condominium, Harvest Mansions as well as Meraprime have an average of $1,500 per square foot.

The prices of larger HDBs appear to be adjusting
The Singapore government enacted a series of cooling measures for HDBs from September of 2022. In short, they included the obligation for residential private property owners and their former owners to wait 15 months after they sold their property before they can purchase a flat that is not subsidised for resales. In addition, the Loan-to-Value (LTV) ratio reduced to 85% to%. It is likely that these changes will have the most impact on the most expensive HDBs which are usually the five-room or larger HDBs.

From the end of October 2022 until May 2023, the prices of 5-room HDBs have been unchanged. Contrastingly, prices for 4-room and 3-room HDBs have increased by 2%. Additionally, the number of billion-dollar HDB deals has been constant. After having reached a high of 45 million dollars HDB operations in August 2022. The average number for this year is approximately 35.

Conclusion Remarks

The $1.5 million cost of this Tiong Bahru HDB flat is surely eye-catching, a more thorough study provides insights into the factors that determines the cost. The lack of jumbo HDB flats in areas of high demand, the affordable PSF and the relative cost of HDBs are all factors in pricing trends.

In Singapore, as the property marketplace continues to change as it continues to grow, it’s crucial for homeowners and buyers to keep an attention to the figures that go beyond the headline figures.

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Hong Kong-based Private equity company Gaw Capital Partners has announced the closing date on its seven Asia Pacific (Apac) real estate investment fund called Gateway Real Estate Fund VII. This brings the total amount of equity raised by the fund to a staggering US$3 billion ($4.05 billion).

The fund concentrates on real estate investment opportunities that include office, retail and industrial properties, as well as hospitality, IDC (internet data centres) and life science properties as well as private credit and thematic platforms throughout the Apac region, which includes Greater China, Japan, South Korea, Southeast Asia and India.

Investments that the fund has made through commitments made in previous closings include the purchase of a logistics portfolio within Greater Tokyo, the purchase of Hyatt Regency Hotel in Tokyo and the purchase of an outlet shopping mall located situated in Guangzhou and the purchase of a scientific park located in Shanghai. The fund also created real investment in private credit that is backed by real estate to Hong Kong and Mainland China.

In the press release, Gaw Capital says investors in the fund comprise endowments, sovereign wealth funds pension funds and others who are institutional investors. Investors include those who have previously invested in the Apac Gateway funds.

The closing of the fund is testimony to the confidence of investors of Gaw Capital, says Christina Gaw who is the firm’s managing principal and head of capital markets worldwide and co-chair of alternative investment. Gaw says that while market uncertainties remain, the current market can also present opportunities. “We remain positive about the post-pandemic real market and we are in a good position to take advantage of opportunities that come up from the dry powder we have amassed.”

Grand Dunman e brochure

A recent survey conducted by CBRE has revealed that businesses located in Asia Pacific (Apac) are at the forefront of returning to office, with utilisation levels in the region hitting 65% at the end of March this year. Comparatively with Europe and the US and Europe had a utilization level of fifty%. The survey that ran from March through May included over 130 real estate executives in corporate in Apac from more than 80 businesses.

A majority (48%) of respondents polled said they would prefer to see employees back to work in comparison with forty% of respondents in those in the US while the 43% in Europe. “Corporate management at Apac is focused on bringing employees back to work, since they hold the belief that work in the office can improve collaboration and enhance participation,” the report adds.

Grand Dunman e brochure will enjoy the modern and sophisticated units from the popular property developers, SingHaiyi Group.

The number of employees who work in the office varies throughout the region in the region, with CBRE noting that the markets of Greater China, Korea and Japan have 70% utilization rates% and office usage is still lower than sixty% across the Pacific.

Hybrid work is still the new norm, even though businesses are changing their approach to workers spending more time at work. The study shows an average of 34% of companies in 2023 expect employees to work working full-time in their offices decreasing from 38% in the previous year. There has also been a decrease in the number of companies that allow employees to split their time between working from home and at the office. This has decreased to 28% from 2022, to just 22% the year before.

A growing number of companies are planning to employ employees primarily working from their offices (three or more working days per week) and 32% of companies polled in 2023 aiming to do this, in contrast to 24% by 2022. CBRE believes that a certain amount of flexibility is likely to remain, and anticipates that attendance at offices in Apac will remain 10% or 15% lower than levels pre-pandemic in the near future.

Although leasing strategy is expected to be prudent in the near term in the face of economic uncertainty, CBRE says that 44% of Apac businesses surveyed have plans to expand their office portfolios in the three years ahead, indicating an appetite for expansion. Most of these firms intend to expand their portfolio by 10% to 30%% up to 30%.

Regarding office space requirements 64% of respondents would prefer to work in offices located in buildings that have been certified for environmental governance, social and sustainability (ESG) as well as 52% planned to allocate more than a quarter of the portfolio’s flexible spaces. Flexible space remains a means to improve portfolio agility and companies expect flexible space to comprise one-quarter of their total residential portfolios by the year 2025. That’s increasing from 14% at present,” CBRE’s head of research on occupiers Ada Choi.

Grand Dunman floor plan pdf

A three-storey, conservation shophouse located on the 18th floor of Sago Street in District 1’s Chinatown area is to auction through an expression of Interest (EOI) exercise, with an estimated price that is $10 million. The land is 1,115 square feet, which is zoned for commercial uses, the shophouse is an overall floor space of 3,085 square feet. The estimated price is $3,241 per square foot determined by the floor space.

It is let, according to the marketing agency CBRE. Tenants include the Chinese bakery on the first floor and a beauty salon on the second floor and a club for recreation located on the 3rd floor.

Grand Dunman floor plan pdf fact that the magnificent Dunman Road GLS residence is located a few minutes’ drive from the Central Business District (CBD).

The shophouse is situated opposite it is the Buddha Tooth Relic Temple, an iconic landmark in the Chinatown region. It is less than 100m away from the Maxwell MRT Station (Thomson-East Coast Line) and is also in walking distance to Chinatown (Downtown as well as North-East Lines), Outram Park (East-West, North-East and Thomson-East Coast), Telok Ayer (Downtown Line) and Tanjong Pagar (East-West Line) stations.

Clemence Lee Clemence Lee, director of the capital market in Singapore at CBRE the firm, says Chinatown shops are “prized real property” in addition, the 18 Sago Street represents a “rare opportunity for savvy investors to buy a unique investment asset that is a delicious amount in a desirable place.”

The agent also suggests that there’s a possibility to increase rental yields on the property in the near future tenancy renewals considering that the previous leases were signed prior to the outbreak. “The new owner will be in a good position to profit from potential upsides in rental income and capital appreciation over the medium to long-term.”

The EOI process to the 18th floor of Sago Street will close on August 2 at 3pm.

Grand Dunman condo price

In the wake of 12 quarters consecutively expansion the private housing market edged down in the range of 0.4% q-o-q in 2Q2023 according to estimates from a flash survey published on July 3 by URA the 3rd of July. This reversed 1Q2023, which saw 3.3% q-o-q growth recorded for the 1Q2023 period. This is the first decrease that has been recorded in the last three years, since 1Q2020 when prices fell by 1% per month.

Grand Dunman condo price with a total suite area of 25,234.3 with a Gross Maximum Area (GFA) of 88,321 square metres (sq m).

“It appears that the most recent set of measures to cool the market that were announced on April 26 with the rise in interest rates which reduced affordability, could have stopped the price of homes as those who are investing their money become more price-sensitive and wait in the background before making a decision what their next step will be,” says Leonard Tay who is the head of research for Knight Frank Singapore.

The decrease in 2Q2023’s prices was driven by slower price growth across all segments of the market. Prices for non-landed properties decreased by 0.5% q-o-q, while prices for the landed properties were only 0.1% q-o-q, its the lowest gain in the past two years.

In the private residential non-landed section, the prices are reduced due to those in the Rest of Central Region (RCR) in which prices decreased 2.6% q-o-q in 2Q2023 which was a reverse of 1Q2023. 4.4% growth recorded in 1Q2023. The Core Central Region (CCR) the prices increased 0.3% q-o-q, slowing from 0.8% growth in 1Q2023 The rates within the Outside Central Region (OCR) increased by 1.2%, slowing from the 1.9% growth recorded in 1Q2023.

Lam Chern Woon, head of research and consulting at Edmund Tie, says that prices are competitive for the four major RCR projects that will be launched in the 2Q2023 period — Tembusu Grand, Blossoms by the Park, The Continuum and The Reserve Residences which contributed to the decline in prices across the area. “In this secondary marketplace, homeowners have also encountered the opposition of buyers to price, as the market declined, but financing limitations remained strict,” he adds.

Wong Xian Yang, head of research for Singapore and Southeast Asia at Cushman & Wakefield, claims that his findings are based on caveat data at the time of writing on July 3, RCR new sales median prices dropped 5.8% q-o-q to $2,498 per square foot, down from $2,652 in the 1Q2023. He also explains that the vast majority of new developments were leasehold developments with 99 years of lease that could have pushed the RCR prices down. In the 1Q2023 the new home sales of the RCR fueled in part by freehold Terra Hill, that saw homes sold for a the median price of $2,692 per square foot.

Looking at the estimates of flash for 2Q2023, private home prices have increased by 2.9% in 1H2023 and 27.5% since bottoming in 1Q2020, according to Tricia Song, the head of research on Southeast Asia at CBRE.

Song believes that the effects on the cooling measure will “continue to resonate”. She notes that foreign buyers have cooled substantially, with foreign buyers making up 4% of all condo sales in the 2Q2023, which is down from 7% in 1Q2023 as well as 4Q2022, respectively. Meanwhile, local buying sentiment remains tentative in light of downbeat macroeconomic conditions and elevated interest rates, though demand remains strong for “realistically-priced projects” with attractive locational attributes, she adds.

In any event, Song says home prices have reached their peak and are likely to remain stable in the next couple of quarters. “Barring large-scale retrenchments or prolonged recessions or a major price decline, a significant correction is unlikely due to the small amount of inventory of unsold and generally sound household balance books,” she continues. CBRE maintains the private house price projection for 2023 at 3% for 2023. This is a slight decrease off from 8.6% growth chalked up in 2022.

Edmund Tie’s Lam however, reveals that, despite slower price growth across all segments, the prices of homes not on land within CCR and OCR continue to rise. CCR as well as the OCR continue to show gains. “It is not yet time to determine the point at which we will see the highest for the cycle and we are expecting property prices to fluctuate over the next one to three quarters” the economist says.

Lam anticipates any price increases throughout the remainder of this year to slow down due to coming launches. Lam predicts property prices could increase by up to 3% up to% this year due to the new private home sales of 7,700 to 8,000 units.