Grand Dunman showflat

According to the flash estimates published by HDB on July 3rd Resale flat prices increased 1.4% q-o-q in 2Q2023 which was higher than the 1% increase recorded in the 1Q2023 quarter. This also marks the third consecutive period of increase. However, it’s lower than the typical annual growth rate at 2.5% recorded in 2022, HDB states.

Grand Dunman showflat offers investors and homebuyers a once-in-a-lifetime chance to purchase real estate in a classic setting.

Flat transaction volumes for sales declined to 3.9% q-o-q in 2Q2023 to 6,409 units, 4.6% lower y-o-y and the lowest volume seen in the past three years following 3Q2020.

The higher rate of increase in resale flat rates in the 2Q2023 period is accompanied by a higher demand due to the increased incentives for first-time buyers, according to Christine Sun, senior vice director of research and analysis of OrangeTee & Tie.

In the Singapore’s Budget 2023 which was announced in February, families who buy four-room or smaller apartments at first will be eligible to receive a boost in Central Provident Fund housing grants of $80,000. This is an increase from $50,000 prior to. If you’re looking to purchase five-room flats, the grants have been raised to $50,000 from $40,000 before.

Due to the increased grant, the demand of private property downgraders could be channeled to four-room apartments, according to Sun. This is due to the fact that people over 55 years old can be exempt from the 15-month waiting period that is applicable to private property buyers who purchase a resales flat, if they decide to purchase four-room or smaller flats. According to the ERA’s Lim In 2Q2023 the proportion of four-room HDB sold transactions was 48.4%, higher than the 45.3% recorded in 1Q2023.

However, even though the grants have provided buyers an increase in their home budgets however, there’s an unbalanced price between buyers and sellers, which is the reason for the low volume of transactions in the last quarter, according to Lee Sze Teck, senior director of research at Huttons Asia. Teck suggests that a few buyers might opt to go to a Build-to-Order (BTO) flat as HDB has boosted the availability of flats, with a shorter wait period.

In 2Q2023 the estimated 90 resales of flats were purchased for more than a million dollars that Lee states was 12.6% lower than the flats that sold for 103 million dollars in during the prior quarter. The most expensive flat sold was a adjoining flat in Moh Guan Terrace, which changed hands for record $1.5 million in the month of June.

Despite the record-breaking sale, Lee notes that most of the million-dollar flats took place within the $1 million to $1.1 million price range. “Buyers might be rationalising a premium to purchase an HDB flat, but more are opting for flats with four rooms,” he says.

In the future, as increasing numbers of BTO flats are built in the near future The number of resales flats available for sale could increase since owners moving into an BTO flat will have to sell their existing property, Lee says. “The rise in the amount of launches for private residential properties could result in more HDB upgraders choosing to sell their homes prior to moving in order to not have to pay an additional 20% ABSD (additional stamp duty for buyers) at the beginning.”

In the meantime, some sales of flats for resales could be shifted towards market BTO market, since HDB continues to offer new flats in various estates. In August, during the BTO exercise 7,700 BTO flats are put up for sale, and 6300 BTO apartments will be sold in November.

Due to the rise for both BTO and resale flat supplies, Lee anticipates resale flat price growth to be moderate. He anticipates that the year-long price increase to be not over 5% which is based on an estimated amount of between 24,000 and 26,000.

Grand Dunman map

The government has opened two sites to be sold in the 1H2023 Government Land Sales (GLS) Programme. The first is two white site located at Marina Gardens Crescent and a commercial and residential site located in Media Circle in the precinct of one-north.

Grand Dunman map is situated in one of the attractive neighbourhoods in Singapore.

This 1.73ha white site located at Marina Gardens Crescent is estimated to produce 775 homes and 64,560 square feet of commercial space. It has a an average gross plot ratio of 4.2. The new development will connect to the planned Marina South MRT Station on the Thomson-East Coast Line, and near the Marina South Pier Station on the North-South Line.

The newly-launched site is located next to another site located on Marina Gardens Lane that was granted to a Kingsford Group-led consortium of developers on the 27th of June. The site is classified as “residential and commercial on the 1st storey”. The tender that was accepted for the site was $1.034 billion, resulting in an average land value of $1,402 for each plot (ppr).

“As as with similar to the (Marina Gardens Lane site) we anticipate developers to be wary of (Marina Gardens Crescent) site.” (Marina Gardens Crescent) site, given that the higher additional buyer’s stamp tax (ABSD) rates for foreigners and investors as well as the absence of schools in the area could affect the demand for homes that are planned for this,” says Wong Siew Ying the director of content and research of PropNex Realty.

She also says there is a queue of private residential developments located in downtown CBD as well as the downtown area have yet to come on the market. The upcoming projects in the region comprise Newport Residences, Skywaters Residences and Marina View. Marina View, which was given in September 2021.

However the developer who is able to secure the site will have a first-mover advantage in providing the needed commercial amenities that will help support the growing working and resident people in the region, according to Justin Quek, deputy CEO of OrangeTee & Tie.

He says that there are there are no new GLS sites within the Marina South precinct were announced in the 2H2023 GLS program. “This suggests that it will take some time before the next site is offered to tender,” he says.

“While developers will likely take their price source of this Marina Gardens Lane plot that ended on the 27th of June We estimate that the most expensive bid for this plot could be in the range of $1,400-$1,500 per square foot, based on the appealingness of this parcel because it is the only white site located in this area. Marina South area,” Quek says. Quek.

Wong has a similar prediction suggesting that the site could draw three bids, with the highest offer of $1.14 billion, or an land price of $1,450 per square foot ppr.

Another GLS site was inaugurated in Media Circle in the one-north precinct. The 114,420 square feet site is an average plot-to-plot proportion to 2.9 and is classified as “residential which includes commercial space at the 1st storey”. It is expected to produce 355 residential units as well as 4,304 square feet of commercial spaces. The development site shares a lot with several black-and-white bungalows on Portsdown Road.

The GLS site might attract less established developers who are reluctant to risk the risks of building a bigger site According to Wong. She also says that a few new sites on 2H2023 on the 2H2023 GLS list are medium-sized to large size with more than 500 homes each.

Lee Sze Teck, senior director of research at Huttons Asia, says the new development will profit from a strong demand for tenants that comes from the businesses that are located nearby in Mediapolis.

But, he also notes that the site is also quite distant from public transportation and amenities. The closest MRT station is located at one-north Station located about 980m away. So, he anticipates this site to be closed with at least five bids and a highest price of not more than $1,100 per psf per. However, Quek estimates this site could attract seven to 10 bids, and the highest bid could be between $1,150 and $1,250 per psf per.

The auction for the sale of Media Circle and the Marina Gardens Crescent site and Media Circle site will close on the 18th of January, 2024.

Grand Dunman architect

The group sale of Lakeside Towers has been relaunched with the same reserve value of $350 million using JLL acting as sole agent for marketing.

Lakeside Towers The property is an 99-year leasehold property that has 144 units within two 20-storey towers located at 9G as well as 9H Yuan Ching Road, next to Jurong Lake Gardens. The Property was put up to be sold earlier in the year, and an auction close in April. The site has attracted a variety of inquiries and an offer that was lower than the owners’ reserve value of $350 million.

Grand Dunman architect expressed his optimism about the high visitor numbers, saying, “The turnout has been very uplifting, and we anticipate robust sales.”

With their confidence in the sale that resulted and the confidence of their buyers, the Lakeside Towers Collective Sale committee initiated a second tendering process with similar reserve prices of $350 million in the words of Tan Hong Boon, executive director of JLL.

According to the new 2019 Master Plan, the 153,237 square feet site is designated residential with GPR of 2.1. (GPR) in the range of 2.1. However, the as-built gross floor area corresponds to an GPR 2.36. 2.36.

For the reserve value that is $350m, the unit land rate is approximately $1,244 per plot percentage (psf ppr) at the GPR base of 2.36 after adjusting for an estimated lease top-up fee without any land betterment fee.

If you take into account the bonus of 10% bonuses GFA is taken into account fully then the land rate would be around $1,198 psf per ppr. This includes of the lease top-up fee and the land betterment fee.

The site could be developed into a brand new 395-unit private condominium, according to JLL’s Tan. The property is directly connected to Jurong Lake Gardens, and it is only a ten minute walk to Jurong Lake and the Lakeside MRT Station. It is close to Jurong Point Shopping Centre and the Jurong East MRT interchange station.

The previous Lakeside Apartments next the Lakeside Towers was successfully sold in a single transaction to the well-established registered property developer Wing Tai Holdings in May 2022. $273.88 millions ($1,250 to $1,260 psf per ppr). Wing Tai intends to will start its new condominium development in the course of this year.

Park View Mansions is a 99-year leasehold condominium on Yuan Ching Road, is right next to Lakeside Apartments. The site was bought as a bloc in the amount of $260million ($1,023 psf per ppr) from a group consisting comprising Chip Eng Seng, SingHaiyi Group, KSH Holdings and Ho Lee Group in July 2022. The consortium is planning to develop the site into an exclusive condo of 440 units.

On June 22nd, URA launched the tender for the 6.8-ha master developer white site available for sale in order to start the process of development within the new 120-ha precinct. The site is located in the center of Jurong Lake District. It will offer premium homes as well as offices and recreation facilities within the newly green and car-lite neighborhood.

Lakeside Towers will benefit from the vast masterplan that is being developed by the government to transform the area into the second CBD JLL’s Tan. “Supported by the strong growth prospects, developers can confidently bid for this site to benefit from the rising demand for housing and investment opportunities in the area,” says JLL’s Tan.

This tender process for Lakeside Towers closes on Thursday the 10th of August.

Grand Dunman condo review

The co-living market in Singapore is rapidly growing beyond its infancy stage into a more mature market. A report on the sector released by JLL says that post-pandemic the co-living market in Singapore has grown more solid with a wider variety of occupier profiles, which includes expatriates as well as locals.

The report, which is titled “Co-living in Singapore is here to remain” provides an overview of the present co-living scene in Singapore and the key actors and shakers within the industry, the investment flows that are fueling the growth and the obstacles that co-living stakeholders have to face.

Grand Dunman condo review received a total of two bids, the winning 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 is based on a report from JLL named “Co-living in Singapore co-living: living communally at your leisure” The report offered a look at the rapidly growing co-living market as a possible alternative to traditional housing alternatives in Singapore.

Co-living isn’t a distinct design type in Singapore. In URA’s land use policies, co-living areas employ residential, serviced apartment or hotel property kinds. Therefore, co-living is a concept in the guidelines for planning as a marketing term that is used to describe developments with communal areas and living spaces that provide various programs for community bonding and social interaction.

The minimum duration of stay for any co-living space in Singapore is determined by the specific property types and zonings they belong to. The shortest period is for co-living properties that are classified as hotels that can be rented at a cost per day. They must be the minimum size of 118 square feet.

Co-living spaces in the space of a serviced apartment must are required to have a minimum staying for seven days and an area of at least 377 square feet. Residents who live in co-living spaces within residential property are required to adhere to the most lengthy minimum period of at least 3 months, and the unit’s minimum size being 377 sq feet.

Product evolution

In Singapore the co-living market has been able to adapt to changes in preferences for consumers and their expectations regarding accommodation. This has led to changes in the design and layout of modern co-living rooms and apartments, according to Chia Siew Chuin, director of research in residential, JLL Singapore.

“There is a trend toward more private rooms that come with a kitchenette with washer-dryer, ensuite bathroom, and television. This is in part driven by a growing importance placed on hygiene, personal health and well-being and the desire for more privacy and comfort in co-living communities,” she says.

A good example is the latest entry Weave Living that launched its first co-living offering on the island of Singapore during March. It launched Weave Suites -situated in Midtown in the storied Kampong Glam neighborhood. This 65 room serviced property is situated in a contiguous row of 17 two-storey shops in Jalan Sultan.

Apart from offering the option of six layouts for units The rooms are largely private with living areas that are fitted out however, there is an emphasis on communal areas and amenities like a fully-equipped kitchen as well as gym facilities and a hot desk located on the ground floor.

Chia says that private spaces tend to be more expensive than conventional co-living arrangements, which usually include more shared spaces as well as facilities, but fewer rooms that are self-sufficient.

In general the operators are quick to recognize the requirements of guests. “We anticipate that co-living services will remain evolving as operators strive to satisfy the ever-changing demands and preferences of their the residents of their communities,” says Chia.

Consolidation in the sector

However the image of operators has drastically changed over the past few months, says Tan Ling Wei, senior vice president, investment sales Asia Pacific, at JLL Hotels & Hospitality Group. “The Singapore co-living market has seen significant changes in the last years as mergers and acquisitions are being a standard strategy for companies looking to increase their market share and connect with potential customers who are not yet there,” the executive says.

For instance the Hong Kong-based co-living company Dash Living bought over local operator Easycity in the year 2020. It was a move of strategic importance which allowed the company based outside of Singapore to enter Singapore. Singapore market.

Local company The Assembly Place also acquired The Assembly Place also purchased the property belongings of Libeto which is a different Co-living company based in Singapore, which was founded in 2020. The deal also included properties that are managed by its co-living division, Commontown Singapore, totalling approximately 120 rooms. This assisted The Assembly Place consolidate its market share as well as expand its offerings in terms of accommodation.

Another brand from the country, Hmlet, was acquired by European co-living firm Habyt by 2020. It was a deliberate move by Habyt, a European company to expand into the Asia Pacific market and become an international player that is more competitive.

“Overall the trend toward consolidation within the co-living market can be explained by the necessity for companies to gain economies of scale while remaining at the top of their game in a rapidly expanding and changing industry,” Chia says. Chia.

She says that as the demands for living spaces in co-living continue rise More mergers and acquisitions are likely on the horizon for companies looking to increase their presence and offerings for accommodation.

Stakeholders and players

In the JLL report according to the JLL report, there are around 20 active co-living operators on the Singapore market, and around 9,000 co-living units in the market for accommodation. This number includes strata units leased by proprietors to operators of co-living who control on their own behalf.

JLL research shows that the three biggest co-living companies in Singapore according to the the number of units under management as well as on the horizon include: real estate management company LHN Group’s brand Coliwoo The Assembly Place, a start-up company; The Assembly Place; and another brand that is homegrown Bespoke Habitat.

In total they represent approximately fifty% of the overall supply of co-living in Singapore. Other noteworthy companies are Hmlet, Cove, Dash Living and Myposhpad. Furthermore, the presence of co-living brands funded with traditional developers or hospitality companies creates a fierce competition in this market. A good example is the lyf brand from The Ascott.

All in all, Chia says that the Singapore co-living market is “increasingly competitive and creative, which bodes well for people seeking affordable and flexible housing alternatives”.

She says JLL is tracking nearly 800 additional co-living units scheduled to be launched between 2Q2023 until 3Q2023, and anticipates as high as 2,100 new co-living units will be on into the market by the end of the year.

In the present, the government appears to be in favor of the development of the co-living market. In March, the Singapore Land Authority (SLA) has launched a tender to secure renewal of a five-year lease on an owned by the government property located at between 79 and 95 Hindoo Road in March. The property is comprised of 18 apartments located in a 1920’s two-storey building. It is situated in a 14186 square feet lot that has a gross floor area of 18,367 sq feet. It has been renovated to residential (co-living) usage.

The tender ended on April 26, and the result is expected to be published at the end of July. The website of the SLA website there were 16 bids submitted and bid rents range from $7,250 per month up to the highest that of $688,000 a month that was submitted by construction company Eco Energy.

Other state-owned properties currently used to co-live include Hmlet Cantonment, located at 150 Cantonment Road, and Coliwoo Keppel located at 1557 Keppel Road.

The majority of co-living providers have decided to stay in their Central Region and some city-fringe areas like River Valley, Geylang and Little India, due to their closeness and proximity to CBD. These areas are more attracted by young professionals, who are more price-conscious but also appreciate convenience, according to Chia.

Demand-driven drivers

According to JLL the increase in demand for co-living is due to short-term market disruptions and interventions of the federal government. “The regulations and pandemic are causing a temporary demand for co-living owing to temporary imbalances in Singapore’s housing market dynamic,” says Chia.

Examples include construction delays caused by pandemics that drive need for interim leases from residents of the area and those who are long-term residents. “Co-living leases are a popular temporary option as they provide tenants flexibility with the option of renewing their leases monthly,” says Chia, noting that this source of demand will likely be temporary as the majority of construction projects affected due to delays are scheduled to be completed at the end of the year.

Rising rental rates and high interest rates are weighing out some homeowners and renters. The research conducted by JLL suggests the fact that residential property rates in Singapore have increased by around 20.1% over the past two years, and rents in prime areas have risen by 42.5% over the same time.

Furthermore an “prohibitive” additional stamp duty on overseas buyers implies that those who had planned to purchase a house in Singapore could be forced to continue living in rental homes at a minimum in the short-term Chia says. Chia.

“Co-living helps fill the void in the rental market that is crowded and is now a popular alternative that provides an affordable and flexible living arrangements for those who are unable to sign long-term rental contracts,” she says.

Rising allocation of investment

In Singapore the co-living market has demonstrated robust cashflow stability as well as operational resilience, able to ride out the pandemic says Tan. “The potential of the market of co-living in Singapore is far beyond the scope of temporary demand-driven factors. Structure shifts suggest that demand for co-living apartments will continue to rise over the medium-to-long time,” she says.

For instance, the attitudes toward homeownership are slowly shifting to the side of renting, especially among couples and younger professionals. Additionally, a rise in the number of expatriates is likely to help bolster an improved short-term housing market, according to Tan.

This is why the industry is attracting more attention and capital allocations from investors like private equity funds family offices as well as real estate developers co-living operators, and funds for institutional investors.

The majority of co-living owners and investors are expected to earn impressive operating margins of up to 65% or 85% because of the relatively low ratio of staffing and an industry that is characterized by extremely minimal vacancies, according to Tan. “Despite the steady income and low levels of vacancy, many investors still see co-living as a part of their value-add strategies for investing, with an expected internal return of between 15% to 18%,” she says.

This attitude to investing is a result of the relatively new state of co-living in Singapore. “The absence of any existing construction-to-rent buildings also means investors will have to be willing to take on the risk of conversion in order to transform commercial buildings such as hotels to co-living areas,” says Tan.

However, as the market grows over the next few years, JLL expects co-living assets to fetch a higher yield that ranges between% to 5% as compared against traditional office properties, which tend to be stable at around 3.5% to 4%.

“As the market matures which is resulting in stability in efficiency and liquidity anticipate the returns that have been stabilised for co-living assets to be akin to the expectations typical office asset returns” Tan adds. Tan.

New challenges are on the horizon

To reduce the risk of the investment in co-living spaces, Tan says that many private equity investors are looking for low-performing hotels in the region that they can transform into co-living facilities or seeking to co-invest with regional and local operators.

Converting hotels with poor performance into co-living spaces has proven effective for Hong Kong and investors there are now looking to Singapore to replicate the same model, in which they see huge growth opportunities, according to Tan.

Joint ventures have made a impression in Singapore including the launch of Weave Living in March. The operator based in Hong Kong purchased the property which was formerly known as Clover Hotel Clover via an 80/20 joint venture with the mainboard-listed builder SLB Development.

But the absence of the right assets, in addition to a hazy legal and regulatory framework could hamper this business in the future Chia believes. Chia.

Chia explains that the absence of greenfield development sites in Singapore implies that operators have to transform commercial shops, buildings and hotel assets into co-living properties. The acquisition of residential properties for expansion isn’t financially viable because of the capital value of Singapore Chia says. Chia.

Players like Figment have established themselves as a caller to restore historic shophouses and lease the buildings for residential use. LHN Group has boosted its portfolio through acquisitions of commercial properties and, in turn, co-living conversions.

In the end, it’s not clear what the government’s plans are for the regulatory and legal structures that govern co-living properties. The mandatory minimum stay durations, which are dependent on land zoning and also limits on the size of kinds of housing may need to be revised to accommodate the growth of the co-living market in this regard, according to Chia.

In the future, she believes she believes that, as the industry grows and more players enter the market the possibility of further consolidation and standardisation are likely to be observed, which will result in higher efficiency and scale.

“The wind-chills that drive medium- and long-term rental demand, increased transparency of the regulatory system as well as a better awareness and acceptance of co-living as a feasible housing option can further boost the confidence of investors and draw an even larger and varied pool of potential capital and buyers,” says Chia.

Read more: Three freehold shophouses on Jalan Besar are for sale for $30 million

Three freehold shophouses on Jalan Besar are for sale for $30 million

SingHaiyi Group will preview its 1,008-unit Grand Dunman condo on July 1st, and the official launch date is one week later the 15th of July.

“Grand Dunman was the very first mega-development that exceeds 1,000 units this year” declares Mark Yip, CEO of Huttons Asia.

In the district 15 area, which is the most desirable located in the East, Grand Dunman will be the third launch of a project in the year. First was the 6-unit 99-year leasehold Tembusu Grand by City Developments Ltd (CDL) and MCL Land. The weekend of the opening in April 54% of units sold for an average of $2,465 per square foot. Based on caveats that were lodged by URA Realis, 362 units (close to 57%) have been snapped up.

In the Continuum The Continuum, which was launched in the beginning of May 229 units have already been sold for an average of $2,734 per square foot. The freehold, 816-unit condo is a renovation of homes on Thiam Siew Avenue by joint venture owners Hoi Hup Realty and Sunway Group.

“We are fortunate to be having the opportunity to see the debut of The Continuum and Tembusu Grand,” says Raymond Chia the director of SingHaiyi Group. “We will need to determine interest in the preview period before deciding regarding the pricing. We will however price the project with care so that those who are looking for a place in the east can be able to consider Grand Dunman.”

Chia Chia, who is currently the chief executive officer of the Chip Eng Seng Chia, who is the Chip Eng Seng Group CEO, took over the position as SingHaiyi Group CEO on April 1st. His appointment came after property developer SingHaiyi’s withdrawal from Singapore Exchange’s principal board on January 31, 2022. He also delisted from the delisting of Chip Eng Seng Corporation removal on April 11 2023. Both companies have common shareholders — Celine Tang, her spouse Gordon the tycoon Gordon Tang.

Chia is the chief executive in both of the firms, Chia intends to pool departments like administration, human resource and business development in order to create efficiency gains. Chia says that the other departments, like project management are still operating independently.

“There is no redundant,” he says. “It’s more about the exchange of knowledge and experience.”

Chia adds: “We will keep them separated for the time being. The teams are busy working on their own projects.”

Joint ventures
Before the Tangs privatized Chip Eng Seng, they acquired the Lim family’s 29.73% stake in the company for $201 million on October 2018. Celine Tang was then appointed the chairman non-executive for Chip Eng Sing.

This was the time that Chip Eng Seng and SingHaiyi began to unite to offer bids on sites together. For example, the former Maxwell House en block site was acquired at $276.8 million from a group of Chip Eng Seng, SingHaiyi and Chua Investments in May 2021.

On December 20, 2021 Chip Eng Seng and SingHaiyi joined together with the listed firms KSH Holdings and SLB Development and construction company Ho Lee Group to purchase Peace Centre and Peace Mansion located at 1. Sophia Road for $650 million. The price is equivalent to $1,388 psf for each plot ratio (psf ppr).

The acquisition took place in April of 2022. Chip Eng Seng and SingHaiyi bought 21% stake in 8 Shenton Way (formerly AXA Tower). It is the developer of the mixed-use project is part of a joint venture with Alibaba Group and Perennial Holdings.

The brand new 99-year leasehold, mixed-use project situated on the site will rise to 305m above the ground, making it the highest skyscraper in Singapore. The project was designed in collaboration with SOM (Skidmore Owings Merrill) which is the same architecture firm behind Guoco Tower, which is 64 stories tall. Wallich Residence as well as the Guoco Tower, which is currently the highest tower located in Singapore in terms of 290 m.

The 63-story tower of Perennial Holdings and Alibaba is situated at the junction between Anson as well as Prince Edward Roads. It will house 215 luxurious residences, including a super penthouse located on the highest floor. The luxurious residences are referred to as Skywaters Residences.

‘Transformer apartments’
The leasehold of 99 years Maxwell House in Tanjong Pagar will be transformed as TMW Maxwell. The new development is 20 stories high and includes a three-storey podium as well as eleven commercial buildings. The upper floors will be 324 homes. TMW Maxwell is targeted for launch in the 3rd quarter of 2023.

“The location for our TMW Maxwell project is very different from Skywaters Residences,” says Chia. “Given the location of TMW Maxwell close to the rows of shophouses that are conservation-friendly on Tanjong Pagar Road, we will concentrate on the local lifestyle.”

Close by are Maxwell Food Centre which houses bars, restaurants and clubs located in Chinatown, Ann Siang and Tanjong Pagar, Ann Siang and Chinatown regions. “The units will be constructed as transformer homes with the ability to be used for many usages,” says Chia. “In the daytime the furniture is used for working. Later in the evening it can be transformed into a venue to entertain your guests. At night, it can become the bedroom of your dreams.”

Solo bid
In at the Grand Dunman site, SingHaiyi offered the highest of 2 bids to secure the 27,622 sq. ft 99-year leasehold site in the Government Land Sales tender that was closed on June 20, 2022.

SingHaiyi’s offer for the deal was $1.284 billion ($1,350 PSF price per share), 20.3% above the $1.067 billion ($1,122 per psf) offered through CDL, Hong Leong Group and TID.

The development will comprise seven residential blocks that are 18 stories. The apartments vary from one-bedroom units with 442 sq ft up to six-bedroom, dual-key units. “We are able to serve an array of owners and investors,” says Gary Lim SingHaiyi’s senior director of marketing and sales.

Additionally, there are 5 strata-titled commercial buildings situated on the first floor in Grand Dunman, which SingHaiyi plans to keep to manage the mix of tenants.

The units in Grand Dunman will be north-south facing. These facing Dunman Road will have views of the swimming pools as well as landscaping. The ones facing south will have views of the estate that is a landed property which is located on Mountbatten Road and Meyer Road towards the ocean beyond, according to SingHaiyi’s Lim. He also says to the Dakota MRT Station is a two-minute walk from Grand Dunman.

According to Huttons”Yip,” according to Huttons’ Yip, the CBD as well as the Sports Hub are just minutes away via train or automobile. Grand Dunman is also within 1km of schools that are popular, such as Kong Hwa Primary School and Tanjong Katong Primary School.

Nearby MRT station and schools
With the cost of land at $1,350 per square foot per acre to Grand Dunman, Ismail Gafoor the PropNex’s CEO, PropNex believes that SingHaiyi will probably cost the project “very similar to or slightly more in comparison to Tembusu Grand”.

Nearly half of the units located at Grand Dunman are one- or two-bedroom homes, which will appeal to buyers and investors who not had the opportunity to purchase the smaller units in Tembusu Grand, notes Gafoor. One-bedroom units start at 452 square feet, while two-bedroom units starting at 667 sq feet. Three-bedrooms can be as large as 980 sq feet. There are 34 dual-key two-bedroom units of 721 sq ft and 775 sq ft and 36 three-bedroom dual-key units that range between 1,044 and 1,055 sq feet.

As per Eugene Lim, ERA Realty Network’s chief executive officer Grand Dunman’s location near its proximity to the Dakota MRT Station sets it distinct from the two other condo developments. “As this is the case, we may not be seeing a market saturation in District 15 even a bit,” he says. “We expect a high demand for two-bedroom apartments since they’re desired by many buyers.”

The ERA’s Lim says that properties located within walking distance of MRT stations are highly sought-after because of their ease of use and accessibility. “Grand Dunman is likely to draw a mix of homeowners, investors as well as HDB upgrades,” he adds.

“The million-dollar HDB flats that were resold in the Geylang estate during 1H2023, as per HDB’s classifications were inside the Dakota precinct” Lim observes. “This is a good thing for HDB homeowners who are considering moving to private condominiums in the same neighborhood.”

‘Rare plot’
The Grand Dunman site is a unique plot It is an extremely rare plot, according to Ken Low, SRI managing partner. “The two condos that are available in the area include Waterbank in addition to Dakota Residences,” he declares. Waterbank at Dakota, which has 616 units Waterbank in Dakota was opened in 2010, and was sold and completed by 2013.

The apartments at Waterbank have high rental yields due to its location in the city’s fringe and its close proximity the Dakota MRT Station, says Low of SRI. He anticipates Grand Dunman enjoying similar attributes.

Inside Grand Dunman are two tiers of units. There is a gold-colored block with 100 units that are comprised of large three- to five-bedroom apartments. Three-bedroom units within this block start at 1,475 sq ft, four bedroom units start at 1,787 sq ft and five-bedroom units starting at 2,131 sq feet.

There are only 10 penthouses within the entire development. Five-bedroom penthouses span from 2,336 to 2,756 square feet, while six-bedroom penthouses vary from 3,057 up to 3,068 sq ft.

Grand Dunman aims to achieve an Green Mark Platinum Super Low Energy rating. The development is estimated to use 65% of the project uses prefabricated volumetric construction that is prefinished and prefabricated. Its developer will install solar panels onto the roofs and fan-like ceilings in the living areas of each unit and double-glazed windows in west-facing units.

Due to its efficiency in energy use, SingHaiyi is providing Samsung refrigerators to all units at Grand Dunman. They will also provide units with Gessi showers and taps in the bathrooms as well as Kohler toiletries, due to their commitment to environmentally sustainable methods in its manufacturing process.

Upcoming launches
One month after SingHaiyi bought its Grand Dunman site, Chip Eng Seng together alongside KSH Holdings and SingHaiyi, jointly purchased Park View Mansions located on Yuan Ching Road in July 2022 for $260 million ($1,023 psf per ppr). The 99-year leasehold condominium site is located on Lakeside Gardens in Jurong.

A month earlier, in the month of May 2022 Wing Tai Holdings purchased Lakeside Apartments in Jurong for $273.9 million ($1,250 to 1,260 psf per ppr).

On a basis of psf’s ppr, Chia reckons, the Chip Eng Seng consortium’s land price is 20% less. Therefore, Chia plans to begin the redevelopment of the old Park View Mansions sometime at the close of the year or during 1Q2024.

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The purchase of a three-bedroom apartment at De Royale was the most profitable resale deal in the week from June 13-20. The 1,259 sq ft apartment was purchased at $2.2 million ($1,747 per square foot) in June 15. This is much higher than $757,918 ($602 per sq ft) it sold for back in October of 2006. The seller made a profit of $1.44 million (190.2%), which is equivalent to an annualized gain in the range of 6.6% over almost 17 years.

It is the second-highest-profitable resale of a property at De Royale to date. The most lucrative deal is that of the 3,240 square feet four bedroom penthouse, which went under the hammer at $2.89 million ($895 per sq ft). The penthouse was bought at $1.43 million ($442 per sq ft) on March 5, 2005. This means that the seller earned an income from $1.6 million (123%), which amounts to an annualised gain that was 6% over the course of 13 years.

Royale Royale is a condo that is freehold situated on Jalan Rama Rama, off Balestier Road in District 12. The Balestier region is served via Thomson Road, the Pan Island Expressway, Balestier Road and Thomson Road.

De Royale was developed by local property group Hoi Hup Realty, and it was completed in. The entire development comprises twin 36-storey blocks with a mix of two-bedroom-plus-study units to four-bedroom penthouses. They range from 1,055 to 3,240 square feet.

Based on a compilation of URA restrictions from EdgeProp Singapore, the prices for De Royale have moved up gradually since the completion of the project. As an example, typical cost was $1,175 per psf in June 2013, and increased to $1,593 this month.

This puts De Royale as the second highest priced condo within the vicinity, behind The freehold Skysuites 17 located at 17 Jalan Rajah, which commands the highest average cost of $1,789 per square foot. Condos around it have less expensive average selling prices, like Casa Fortuna ($1,471 per square foot) located on Ah Hood Road, D’Mira ($1,433 psf) located on Boon Teck Road, and The Verve ($1,420 per square foot) located on Jalan Rajah.

The second highest-profitable sale during the week took place on Tanglin Park in District 10. The 1,109 square feet two-bedroom house sold for $2.6 million ($2,341 per square foot) on 13 June. This property was bought at $1.22 million ($1,100 per sq ft) during February of 2000. In the end, the seller earned $1.38 millions (112.7%), which is equivalent to an annualized income in the range of 3.3% over 23 1/2 years.

In comparison, the most profitable resale at Tanglin Park is for a 2,067 sq ft, three-bedroom-plus-study unit that changed hands for $4.5 million ($2,177 psf) in October 2010. The unit was purchased for $2.04 million ($985 per square foot). The seller earned profits that was $2.47 millions (121%), which is equivalent to an annualized gain that was 5.4% over 15 years.

It is situated at the corner at the intersection of Tanglin Road and Ridley Park located at the corner of Ridley Park and Tanglin Road, 274 units Tanglin Park was built by Mainboard-listed property firm City Developments, and completed in 1989. The freehold condo consists of 12 residential blocks of five stories that comprise a variety of twoto four-bedroom homes which range from 1,023 sq ft to 2,067 square feet.

Tanglin Park is located in the exclusive Tanglin residential area. The nearby facilities include the expansive Dempsey Hills shopping and lifestyle enclave as well as malls as well as Hotels in the vicinity of Tanglin Road. Queenstown Primary School lies located within 1km of the condominium as well as nearby schools like Alexandra Primary School, Crescent Girls’ School and Queenstown Secondary School.

The top of the list of non-profitable deals during this week is the sale of two units in Marina Bay Residences. Two-bedders with 1,055 square feet was purchased at $2.4 million ($2,275 per sq ft) in June 13. It was previously sold for $2.88 million ($2,731 per sq ft) in April of 2010. The seller incurred an estimated loss of 481,000 dollars (17.5%), or an annualized cost in the range of 1.4% over 13 years.

On June 13 one of the three beds was purchased at $3.78 million ($2,310 per square foot). It was bought at $4 million ($2,450 per square foot) during November 2007. This means that the seller was left with an cost of 229,040 (5.7%), or an annualized decrease that was 0.3% over 15 1/2 years.

Eight resales transaction within Marina Bay Residences so far this year. Six have led to losses that range from $90,000 up to $481,080.

Marina Bay Residences is a 55-storey 428-unit condominium located on Marina Boulevard in District 1. The building is among five towers comprising three Grade-A office towers as well as two residential towers which form Marina Bay Financial Centre. The development also comprises Marina Bay Link Mall in the basement that connects Raffles Place and Marina Bay MRT Interchange Stations.

There’s only a handful of condos along this section that is Marina Boulevard: The Sail @ Marina Bay, Marina Bay Suites, V on Shenton Marina One Residences, and V on Shenton.

Based on a calculation of resale caveats compiled by EdgeProp Singapore, Marina Bay Residences and Marina One command the highest average prices in the region at $2,187 per square foot and $2,379 per sq ft in the respective cases. In addition, The Sail @ Marina Bay offers units for an average of $1925 per square foot, while units in Marina Bay Suites fetch an average of $1,919 for a psf.

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The top condo that set new price-psf records between June 9 and 16 was The Atria in Meyer. Its 1,475 sq ft three-bedroom unit located on the 2nd first floor in the freehold condominium located at Meyer Road was sold for $3.12 million ($2,116 per square foot) in June 12. The transaction is an increase past the prior record that was set in the year before, when an 1,615 square foot two-bedder at the 13th floor sold at $3.35 million ($2,075 per square foot) on April 8.

Atria located at Meyer is an 158-unit project that was completed in. The condo is a 24-story block, with two-to four-bedroom units that range from 1,044 sq ft up to 2,949 sq feet.

The condo is located in located in the Marine Parade area in the highly sought-after District 15. It’s also one of several condos located along Meyer Road that face East Coast Park as well as the sea. Other condos along this area comprise The Seafront located on Meyer, Hawaii Tower The upcoming Meyer Mansion, Meyer Park and The Meyerise.

The above transactions were the sole two transactions at The Atria at Meyer where units have been resold at more than $2,000 per sq.f. However, the condominium has seen an increase in average transaction costs over the last 20 years. Based on a compilation of caveats made by EdgeProp Singapore, the average price was around $875 per square foot in June 2003 increasing to $1,181 per square foot during June of 2013. In June 2013, the median price for this condo stood at $2,043.

This price increase puts The Atria at Meyer on the same level as some of the freehold condos in the vicinity. For instance, The Seafront on Meyer is averaging price of $2,083 per square foot, however, resales in Hawaii Tower are going for approximately $1,760 per square foot. The forthcoming luxury project Meyer Mansion commands the most expensive price to date at $2,747 psf.

The second-highest price psf peak that was set this week is the 420 square feet one-bedroom apartment at Sturdee Residences. The 17th floor unit was purchased for $888,000 ($2,115 per square foot) the 15th of June. The previous high of psf at the condo was a unit of 420 sq feet, a one-bedroom unit located on the 26th floor that was sold for $870,000 ($2,072 per square foot) on April 21.

Sturdee Residences is a 99-year leasehold condominium located situated on Beatty Road in District 8. The 305-unit condominium was built in the name of SL Capital, a subsidiary of the local property development firm Sustained Land. It is located near to Farrer Park MRT Station, the project is a 30 storey twin-tower building that has a mixture of one to five bedroom units that span between 420 and 1,830 square feet.

Prior to the time that the project was launched the project was launched, the project had 122 models (40%) were sold at a preview for VIPs on April 23rd on the 23rd of April, the 23rd of April. The units were offered at an average cost of $1,550 per square foot. A further 10 units were purchased during the launch of public sales in April. The whole project was 97% sold by January 2018% sold by the end of January 2018.

Price increases for Sturdee Residences has been steady over the last few years, increasing from $1,660 per sq ft in June 2020 to $2,051 per square foot in the month of June. Rents average around $6.40 per month. which means that the majority of tenants in the condo have a rent yield of around 3.9%.

On the other hand only one condo closed the week with the new low for psf. The 2,045 sq ft five-bedroom apartment located on the ground floor of Amber Park was sold by the developer, City Developments Ltd (CDL) with a value of $4.5 million ($1,956 per square foot) on the 16th of June. The previous record low was selling a 1,722 sq. ft five-bedder located on the 5th floor $3.5 million ($2,226 per square foot) on October 24, 2021.

592 units Amber Park was jointly built by mainboard-listed property the group CDL as well as Hong Realty. It is a freehold property located in Amber Gardens in District 15. The project has a mix of units ranging from one-bedroom-plus-study units of 463 sq ft, to a six-bedroom-plus-study penthouse of 5,005 sq ft.

Amber Park was initially launched to the public on May 5, 2019 and sold around 115 units for an average of $2,425 per square foot. At the time the developers had only 150 units available for sale. Since since then the sales have been steady, with the condo having sold approximately 99.5% of its units through April this year.

However, the sale that took place on June 16 is the first time that a unit in Amber Park has been sold by the developers at less than $2,200 per square foot. The developers purchased a 2,142 square ft, five-bedroom apartment at the top of the building for $5million ($2,334 per square foot) on the 18th of May this year.

Resale caveats also include at minimum six sub-sales. These range from the purchase of a 463 square foot apartment to $1.24 million ($2,679 per sq ft) the 3rd of May of this year to the purchase of a 743 sq.ft property to $2.1 million ($2,827 per sq ft) the 3rd of April, this year.

Comparatively, Amber Park still holds one of the most expensive average prices of condominiums within the Amber Park neighbourhood. According to EdgeProp Singapore analytics, Amber Park has an average cost of $2,515 per square foot. This is more expensive than neighboring Condos One Amber ($2,045 per sq ft) as well as the Esta ($2,123 per square foot). The latest project that is now completed will be Amber Sea on Amber Road, where prices average $2,628 per sq ft.

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The Singapore listed UOL Group and its subsidiary Singapore Land Group opened the sales gallery for the company’s latest project, 520 units Pinetree Hill at Pine Grove, at 10 am today. When the gallery closed at 5.30 after, attendance was around 1,500 people. The sales gallery at Pine Grove remains open until 8 p.m. tonight.

“We are thrilled with the large participation,” says Anson Lim General Manager (residential marketing) at UOL Group. “Buyers tend to be drawn by the location and quality of the selection of goods including the spacious and well-designed units to the facilities for communal use.”

According to UOL The preview will run for the next two weekends with the official launch set on July 15.

The developer has revealed the units in Pinetree Hill will be priced starting at $2,236 per square foot. It also has released the prices for all unit types which includes premium units:

The penthouse that has five bedrooms and an elevator that is private and covers 2,874 sq feet is about $8 million ($2,784 per sq ft). The penthouse boasts the benefit of a 29.3m frontage, which is more spacious than the majority of Good Class Bungalows which average 18.5m according to Lim. “The buyer can add the sixth room,” he adds.

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A four-bedroom-plus-study duplex penthouse at Seascape, a condo in Sentosa Cove, will be put up for auction on July 20 with a guide price of $7.8 million. This is an owner’s auction and is being handled by Mok Sze Sze, managing partner of the auction house Singapore Realtor’s Inc (SRI) who will handle the auction.

The penthouse is 4133 square feet and the price guide is $1,887 per square foot for the floor. “It is a very attractive price for a penthouse with more than the size of 4,000 square feet in Seascape,” says Mok.

Based on caveats that were lodged by the developer, the most recent time a unit with more than 4,500 sq feet changed hands at the building was November 2021. A four-bedroom, 4,069 sq ft apartment located on the 4th floor purchased to a buyer for $9.98 million ($2,453 per square foot).

The lower floor of the penthouse features an expansive eating and living space and a huge balcony with views of the ocean as well as wet and dry cooking areas, an exclusive sun deck and pool as well as a room for helpers and two bedrooms with en suite bathrooms and an area for powder. The second floor is the master suite that includes a study as well as an exclusive balcony with another bedroom with an en-suite. The apartment also has an exclusive lift lobby.

Mok states that the penthouse being auctioned is leased until February 28, 2025. the owner would like for a buyer to purchase the property in the meantime, despite the lease. The future buyer with an immediate income from rental.

Seascape is a 99-year leasehold condominium along Cove Way, constructed in the year 2011, by Ho Bee Land and IOI Properties Group. They also co-developed the luxurious condo Cape Royal close door, which was finished in 2013.

The Seascape comprises 151 units. Seascape includes two residential blocks of eight stories that comprise an assortment of four and three-bedroom homes ranging from 2,164 sq ft to 4,069 square feet. Additionally, there are 18 penthouses for four bedrooms that range from 3,380 sq ft to 4,252 sq ft plus two 5-bedroom homes, which span 6,631 and 9,665 sq ft, respectively.

The most recent unit to change ownership at Seascape is an area of 3,380 square feet, duplex penthouse. It was purchased at $5.5 million ($1,627 per square foot) on the 28th of April. Based on caveats filed the seller purchased the property at the expense of developer for $9.6 million in November of 2011 that is the $4.1 million loss from the deal.

SRI’s Mok states that units at Seascape will appeal to those looking for the lifestyle of a resort, thanks to the area’s natural surroundings and unobstructed ocean views. The community offers residents a peaceful and tranquil environment, with facilities are only two minutes away. Retail and F&B services are offered in close by Quayside Isle, and one Degree fifteen Marina Sentosa Cove. The VivoCity shopping mall located at HarbourFront Walk is a 10-minute drive from the area.

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The rents for prime offices in the CBD region saw a marginal increase in the 2Q2023, based upon properties which were tracked by consultants. In a press announcement, CBRE notes that effective gross rents for Grade A offices located in the central CBD region registered 0.4% growth q-o-q to increase to $11.80 per square foot per month. The company also states that the vacancy rate for this segment were low, at 4% which is supported by steady net absorption and a lack of new supply.

The 2Q2023 growth brings an increase in the rental rate for Grade A CBD offices up to 0.9% for 1H2023. David McKellar, CBRE co-head of office services in Singapore is of the opinion that the office market overall is experiencing a steady demand, driven from the marine industry as well as private wealth and asset management firms legal firms, law firms, professional service providers and public agencies. In the quarter, there was a renewed increase in the demand for leasing from flexible workspace providers who have seen higher occupancy rates at their centers.

In the 2Q2023 report on the office sector, Knight Frank Research found that the rents for prime offices it studies located in Raffles Place and Marina Bay precinct rose 1.2% between q-o -q, resulting in an average of $10.96 per square foot per month. The report also states that this boosted rental growth at 2.5% in the first second quarter of 2023 despite escalating tensions in the geopolitical arena, pressures from inflation and the prevailing economic uncertainty.

Knight Frank reports that occupancy rates for Raffles Place and Marina Bay were healthy, registering as 95.8% and 94.4% and 94.4%, respectively, during 2Q2023 in the midst of businesses continuing to look for quality space located in the CBD.

CBRE reports that people remain cautious in the current high-interest rate environment as well as a slowing in economic growth forecasts. The report also notes that the shadow office space is “quite excessive” and is likely to grow in the second half in the coming year. CBRE’s director of research for Singapore as well as Southeast Asia, Tricia Song states that those working in the fields of technology, cryptocurrency and consumer banking could be tempted to give up office space because of the challenging business conditions.

CBRE believes grade A CBD office rents to stay fairly flat throughout the remainder of the year, but will begin to rise in 2024. “With an increasing trend of moving to higher quality offices, in an ever-shrinking supply of quality office spaces within the CBD, the Core CBD (Grade A) rents are positioned to grow over the long term,” adds Song.

Knight Frank is taking a more optimistic view of the future in the near-term, stating that Singapore’s employment market is still tight, with an unemployment rate of 71.7% in 1Q2023, more than the pre-pandemic average which was 65.9%, while overall unemployment was low, in the range of 1.8%.

With a tight supply of office space within downtown CBD as well as occupancy rates bolstered by the flight-to-safety and quality trends, Knight Frank foresees potentially higher rents than what was previously predicted. The company expects prime office rents to rise between 3% to five% in the coming year. This is which is an increase over the 3% growth forecast in 2022.