Read more: UOL Group’s first-mover advantage in mature estates Pinetree Hill will be priced starting at $2,236 psf

UOL Group’s first-mover advantage in mature estates Pinetree Hill will be priced starting at $2,236 psf

Singapore-based property technology firm Showsuite has partnered together with Rajah & Tann Technologies (RTTech) which is which is a subsidiary of the legal company Rajah & Tann Singapore, to offer property developers the ability to automate Anti-money Laundering (AML) checking services.

The partnership complies with the new URA regulations which came into force on June 28, part of a strengthened anti-money laundering and combating the financing of terrorist financing (AML-CFT) system. In accordance with the guidelines, property developers must conduct due diligence (CDD) reviews on prospective as well as existing property buyers to identify and stop the financing of terrorism and money laundering activities.

“The new AML standards are very stringent, as they’re burdensome to property developers,” says Showsuite CEO Karamjit Singh. “As Showsuite digitises the expressions of interest along with booking workflows, we stand a the unique chance to assist our clients automate and integrate CDD screenings into this process.”

The digitization of the CDD process can help reduce human expenses and work along with storage and paper costs. “We are thrilled about our collaboration with RTTech that involves API connectivity to ensure that the whole scheduling and CDD process is smooth effortless, stylish and elegant,” Singh adds.

Raymond Lum, the group chief executive officer of RTTech The partnership with Showsuite is part of the company’s digital risk management offerings. “Leveraging AML-CFT tools for managing compliance is among our digital solutions that focus on regulatory and legal issues across all industries.”

Showsuite – which has clients such as GuocoLand, Far East Organization, Hong Leong Holdings, CEL Development, EL Development and Sim Lian Group — provides a real-time, digital platform for transactions on new residences. More than 7,500 real estate agents across Singapore have registered of Showsuite’s platform. It is used in a number of new projects which include the recent launches of The Reserve Residences, Blossoms by the Park, and The Botany at Dairy Farm.

Grand Dunman brochure

Three adjacent conservation shophouses located in 138, 140 and 142 Jalan Besar are being offered for sale as an expression of Interest (EOI) process. The freehold properties are being sold as a whole and come with an estimated price that is $30 million. This is equivalent to $2,908 per square foot of the floor area that currently totals 10,318 square feet.

The shophouses are located on an that covers 4,353 square feet that is zoned as commercial usage. Together, they enjoy an area of 15m across Jalan Besar. The shophouses are located a mere two minutes walk away from Jalan Besar MRT Station.

Grand Dunman brochure is showcasing the property is near every living convenience needed for everyday living, making it the perfect home for people accustomed to first-class life.

CBRE who are marketing the properties The shophouses are currently fully leased and the ground floor is lease to a pet hotel as well as an outlet for Oxo, a luxury Italian brand of sanitaryware Oxo. A co-living company The Assembly Place tenants the upper floors.

The three commercial shops are backed by outstanding features like the freehold ownership, their strategic location with attractive tenant covenants and approuvé uses, claims Clemence Lee CBRE’s executive director of the capital market in Singapore. The shophouses in the vicinity are popular with investors as evidenced by recent notable transactions, including the sale of 109-117 Jalan Besar for $40 million in September 2022, 311 and 309 Jalan Besar for $28 million in May 2022 and the 301 Jalan Besar for $26 million in the month of May.

The EOI process for the shophouses will end August 2 at 3pm.

Grand Dunman site plan

GuocoLand has obtained an $874 million green club loan from DBS Bank, United Overseas Bank (UOB) as well as Oversea Chinese Bank (OCBC)and Sumitomo Mitsui Banking Corporation for refinancing the commercial portion of Guoco Tower.

GuocoLand’s biggest green project to date as stated by GuocoLand’s property group on the 28th of June.

It was secured in the context of its newly-launched Green Finance Framework, which provides GuocoLand and its affiliates the option of fundraising in a variety of ways that are tied with “eligible eco-friendly projects”.

Grand Dunman site plan is expected to house 1,040 residential units and a maximum building height of about 64 metres.

Initiatives to improve the performance of green buildings in Guoco Tower, for example includes enhancements in the effectiveness of the air conditioning as well as the mechanical system for ventilation as well as improvements on the system for building administration in order to better control the tower’s energy use according to GuocoLand.

Guoco Tower is a mixed-use development in Tanjong Pagar, comprising 890,000 square feet of premium grade A office space 100,000 square feet in retail, and 181 luxury residences in Wallich Residence, an exclusive hotel located within the Sofitel Singapore City Centre and 150,000 square feet of Urban Park.

In accordance with the guidelines, GuocoLand has committed to open and transparent reporting of pertinent important information about Green Finance Transactions (GFTs) and the environmental impact that is resulting from green projects that are eligible to be that are financed through the GFTs.

DBS, UOB and OCBC are the green loan advisors to the framework. Moody’s Investors Service was engaged to provide an independent external audit of the structure.

GuocoLand claims that the framework is compatible in accordance with Green Loan Principles of 2023 adopted by the Loan Market Association, Asia Pacific Loan Market Association and the Loan Syndications and Trading Association and GuocoLand’s Green Bond Principles 2021 by the International Capital Market Association (ICMA) and the Asean Green Bond Standards 2018 from the Asean Capital Markets Forum.

The categories eligible under this structure are “likely to be able to contribute to a number goals of the United Nations’ Sustainable Development Goals” GuocoLand adds.

Prior to the creation of the framework GuocoLand had secured green financing that included $750 million and $730 millions of facilities to develop Lentor Modern and Midtown Modern and Midtown Modern, respectively, including the commercial component. With the most recent Green Facility, GuocoLand have secured greater than $2.4 billion in green financing so far.

Andrew Chew, group chief financial officer at GuocoLand Andrew Chew, GuocoLand’s chief financial officers, says: “Our newly-established Green Finance Framework is designed to help support our ongoing efforts to reduce carbon emissions and our efforts to support our contribution to Singapore Green Plan 2030.”

Grand Dunman Dunman Road price

Singapore Science Park (SSP) which is the research and development hub in one-north, is set to begin a new phase of development that will see an additional 1.9 million square feet in gross floor space (GFA) being added in 2025.

Geneo, a brand new $1.37 billion innovation and life sciences cluster was launched by the chief developer and operator of the park CapitaLand Development (CLD) at an event on June 26, which was attended by the Minister of Trade and Industry Gan Kim Yong.

Grand Dunman Dunman Road price is a once-in-a-lifetime opportunity for homeowners and investors to acquire property in a quintessential environment.

The launch falls on SSP’s 40th birthday. SSP that was established in 1982. was the first time it welcomed its tenant Norwegian risk management firm DNV. DNV is still a tenant of SSP along with around 350 other foreign and local companies that are a part of the 55ha park. “Over the past four years, SSP has established itself as one of Asia’s top locations to conduct R&D as well as technology.” claims Jonathan Yap CLD’s CEO. CLD.

He says the fact that 30% from the tenants are of the life science field which spans the value chain that includes incubators, venture capitalists, and accelerators for business to R&D companies. Geneo will be equipped with a custom-built infrastructure to cater to companies in the sector and will incorporate work-live-play components.

Geneo is comprised of three properties located at 1, 5 seven Science Park Drive. The property located at 1, Science Park Drive comprises three buildings connected with an event plaza with 1.2 million square feet of office space and 38,750 sq feet of shopping and F&B facilities. The development, which is a 66/34 joint partnership with CLD with CapitaLand AScendas REIT (CLAR) and CLAR, will be connected via underground with Kent Ridge MRT Station. Kent Ridge MRT Station. The project is expected to be completed by 2025.

The property located at 5 Science Park Drive is an existing business park operated by CLD that was built in the year 2019. The park has a gross floor area of 275,556 square feet and is currently home to the headquarters of Shopee, the online platform for selling products. Shopee that moved there from its former offices in Ascent the building next door located within SSP.

The property located at 7, Science Park Drive, also managed by CLD which is a mixed-use property which is scheduled to be completed by 2024. Along with 310,000 sq feet of office space and a hotel, it will also include Citadines Science Park Singapore, which is a serviced residence that has an hotel license that is operated through The Ascott, a unit of CapitaLand Investment. Its 250 key property will be the SSP’s first accommodation facility and is scheduled to open its doors for guests as of 1Q2024.

Around 861,000 square feet of the space at Geneo will be specifically designed to house biomedical research and development activities. The cluster will be home to CapitaLand’s very first co-working laboratory space located in Singapore with a the flexibility of a shared laboratory that is outfitted with standard laboratory equipment as well as infrastructure.

Seven Science Park Drive property has been awarded the BCA Green Mark Platinum Super Low Energy, the top sustainable rating given from the Building and Construction Authority. This is only the second CapitaLand greenfield project, and also it is the very only SSP property to receive the designation. In addition, two other properties within Geneo have been awarded BCA Green Mark Platinum certification. BCA Green Mark Platinum certification.

When it is completed, Geneo is expected to grow the population of SSP by 75% to 21,000 when the park is operational. This is an increase of 75% from the park’s current size of 12,000.

Grand Dunman response

The auction of the executive condominium (EC) site at Plantation Close closing the 27th of June generated huge interest, with nine tenderers making bids.

This site was the very first to implement an altered concept and the revenue-tender system. In this model, developers have the option to make an alternate bid in addition to an initial Prefabricated Prefinished Volumetric Construction (PPVC) bid. The alternative bid could use other technologies, or a combination of construction methods which result in a specific productivity improvements.

Grand Dunman response 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.

PPVC bids automatically be considered for the tender evaluation. Any alternative bid must be accompanied by the writing up of a proposal to prove the viability of the proposition. The Concept Evaluation Committee chaired by the Building Construction Authority will assess whether the bids submitted by alternative bidders be able to meet the requirements for improving productivity before allowing them to be considered as qualified bids and proceed to the evaluation of the tender.

According to HDB the decision regarding the awarding to the bidder will only be taken after the tenders are assessed, and will be announced at a later date.

In the nine tenderers who bid for the site Two tenderers jointly owned by Hoi Hup Realty and Sunway Developments and an alliance between Qingjian Realty and Santarli Construction offered alternative bids.

The 176,907 sq. ft. EC site located at Plantation Close is expected to yield around 495 units. The plantation close site is not the first EC site that was launched in the near future Tengah town. One site that was released in the town of Copen Grand which was launched in October last year and was completely sold out in the month following. It is a site is also situated near another EC parcel that is part of the Confirmed List for 2H2023 GLS scheme that will produce 560 homes. The site is expected to be operational in November.

“There was a huge demand for Plantation Close,” says Lam Chern. Plantation Close EC site, in spite of the substantial rivalry from the two pending EC projects in Bukit Batok West Avenue 8 as well as Avenue 5 and the neighbouring Plantation Close parcel in the 2H2023 Confirmed List of GLS,” says Lam Chern Woon, head of research and consulting at Edmund Tie.

He believes the high level of attraction to the site may be due because of its proximity to the coming Tengah Park MRT Station on the Jurong Regional Line, which will improve connectivity to commercial hubs like Jurong Lake District, Jurong Innovation District and Tuas Port. Lam says that the success Copen Grand’s success Copen Grand has also likely increased the trust of developers that are bidding for the site.

Tricia Song, CBRE’s head of research Southeast Asia at CBRE, says that the tender submissions for the site surpass the four bids submitted during the previous EC site tender for Bukit Batok West Avenue 5,, which was granted in September 2022 at $336 million ($626psf per share). “But it is in line with previous EC tenders, such as the nine bids submitted for Bukit Batok West Avenue 5 EC site, Bukit Batok West Avenue 9 EC site which was awarded in March 2022 at a cost of $266 million ($662psf per person) and the seven bids submitted for the Tengah Garden Walk first EC site situated in Tengah which was awarded in June 2021 at a cost of $400mil ($603psf per share),” she adds.

She expects Plantation Close’s site to be sold at Plantation Close to receive a maximum bid of $330 million or $670 psf, with a launch target of $1,400 per square foot.

Tenders for Pantation Close EC site closed today, along with offers for the two remaining sites, a mixed-use parcel situated at Tampines Avenue 11 and the site located at Marina Gardens Lane.

Grand Dunman Dunman Road mrt

Tenders were invited for the three government land sale (GLS) sites – a site located at Marina Gardens Lane, a mixed-use site located at Tampines Avenue 11, and an executive condominium (EC) site at Plantation Close in Tengah which was closed on June 27. The three sites were opened for tender in December last year in the GLS 2H2022 programme.

The auction for the site located at Marina Gardens Lane drew four bids. A consortium consisting from Kingsford Huray Development (a unit of the Chinese developer Kingsford Group), Obsidian Development and Polarix Cultural & Science Park Investment made the highest bid, which was $1.034 billion, which translates to the land price of $1,402 per square foot for each plot ratio (psf ppr).

Grand Dunman Dunman Road mrt will have an excellent access to an established transport network within close reach of ammenities.

Its offer was% over the second highest bid that came from the joint venture of GuocoLand as well as Hong Leong Group. The joint venture partners made an offer that was $727.04 million, which is $985 psf per person per day. “The huge variance in bids highlights the challenges in determining fair values for a city-fringe site located in an untested region,” remarks Lee Sze Teck who is the director of research for Huttons Asia.

This 99 year leasehold site located at Marina Gardens Lane, measuring around 131,805 sq feet which is zoned residential and commercial at the first floor. It is estimated to yield 790 residential units, and 8,073 square feet of commercial space. It has a the maximum Gross Floor Area (GFA) of around 738,114 sq feet.

“The Marina Gardens Lane site will offer a unique seafront residential development that includes Singapore’s most famous landmarks Marina Bay Sands and Gardens by the Bay as neighbors,” says a spokesperson for Kingsford. “The development will give homebuyers uninterrupted sea views as well as an advantage for first-movers for Marina South. Marina South precinct,” the company adds.

This site was the very first parcel of land within the Marina South precinct to be offered for auction. It’s situated next to an undeveloped site located at Marina Gardens Crescent which can produce approximately 775 housing units as well as 64,583 sq feet in commercial spaces. The site is scheduled to be launched in the month of April, according to URA’s website.

Eugene Lim, key executive officer of ERA Realty Network, highlights that the offer from the consortium headed by Kingsford is greater than the $1,379 psf per square foot ppr offered to IOI Properties for the Marina View GLS site that was announced in September 2021. ” This indicates that developers believe that condo prices in the region] to continue rise in the near future,” he adds.

In light of the massive amount needed to build this site, Justin Quek, vice-president for OrangeTee & Tie, views the four bids that were received as a good amount. “Developers could have been eager to be the first mover in the new area, because the supply in the Marina South precinct remains low for the moment,” he comments.

Furthermore to that, it is also the site also is the one within this area Marina South precinct which has direct access to the Marina South MRT Station. “The new development, which is mixed-use development connected to the MRT it will be a great appeal to both investors and owners,” says ERA’s Lim. The location of the site, which is adjacent with the Gardens by the Bay will appeal to potential buyers, he claims.

If the site be granted at the highest bid of $1,402 per square foot per The prices of the housing units in the future development could begin at $2,450 per square foot, and then go towards an average of approximately $2,600 to $2,700 per sq ft, according to Leonard Tay, Knight Frank Singapore’s director of research. “Currently, Downtown Core condominium units are priced between $2700 and $3,000 per square foot for the most desirable properties,” he says.

Grand Dunman by Singhaiyi

Three government-owned land sales (GLS) sites – a mixed-use site located at Tampines Avenue 11, and a plot in Marina Gardens Lane and an executive condominium (EC) site at Plantation Close in Tengah closing on the 27th of June. The three sites were opened to tender in December of last year as part of the GLS 2H2022 program.

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

Tampines Avenue 11 Tampines Avenue 11 site received three bids. A consortium of UOL Group, Singapore Land (SingLand)and CapitaLand Development submitted a top offer of $1.206 billion which equates to $885 per plot proportion (psf per plot ratio). The offer is 13.9% higher than the second highest bid, which was through Pine II Commercial and Pine II Residential (units of Allgreen Properties), which made a bid of $1.06 billion, or $777 per sq ft per plot.

The 99-year site located at Tampines Avenue 11 has 545,314 square feet. The land use zone for the planned mixed-use development includes residential and commercial developments that is connected to the bus interchange and a community club and a hawker center.

CapitaLand will be holding the 50% part of the joint venture and UOL as well as SingLand own the other 50%. In a statement to the press the joint venture partners claim that the planned development will feature around 1,190 new homes as well as community and retail amenities of the mixed-use development are expected to meet the demands of the growing residents of Tampines North.

Wong Siew Ying, head of content and research of research and content at PropNex Realty, believes the coming development will provide a new mass market houses to satisfy the soaring need for private houses located in the Outside Central Region. “The integrated development will attract a lot of owner-occupiers as well as HDB upgrading enthusiasts,” she remarks. It will also be connected to the upcoming Tampines North MRT station on the Cross Island Line (CRL).

Leonard Tay, head of research at Knight Frank Singapore, believes that, based upon the joint venture’s proposal of $885 per sq ft per pound The possible prices for residential units in the new development could begin at $1,900 per square foot. With the appeal of mixed-use development with substantial retail elements, he says “there is a good chance that today’s homebuyers would be willing to pay more than the price of S$2,100 per sq ft.” For the Reserve Residences The Reserve Residences, an integrated development developed by Far East Organization at Jalan Anak Bukit approximately 80% of the 732 units of residential homes have been occupied since it was launched in May.

The site located at Tampines Avenue 11 is close to an EC site located at Tampines Street 62 which is open for auction. The site is expected to yield approximately 700 homes. It is near the planned 618-unit EC Tenet. Tenders for the Tampines street 62 plot is due to close on the 18th of July.

Grand Dunman new launch

The preview for Pinetree Hill on June 29 and its grand opening the 15th of July will provide the Pandan Valley and Pine Grove neighborhood located in District 21 an opportunity to breathe new life. “We are basing our plans on the massive demand over the last 14 years” declares UOL Group CEO Liam Wee Sin.

The last development to be introduced in the neighborhood is Trizon. Trizon in 2009. The 289-unit Trizon located at Ridgewood Close was developed by Singapore Land Group and completed in 2012. The most recent deal for the freehold development in District 10 was completed in June when a 267 square feet three-bedder on the 20th floor was sold at $4.176 million ($2,021 per square foot) in accordance with the caveat that was lodged.

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

Pinetree Hill is an 80/20 joint venture between SingLand’s listed property developer UOL Group and its subsidiary SingLand Group.

The idea is “a home on an uphill”, Liam states. The 520-unit private condominium consists of three residential blocks that are elevated 12.6m (equivalent to 4 storeys) above the surface. The blocks comprise only twelve% out of the 24,561 sq feet, 99-year leasehold site leaving an additional 88% to be used for landscaping and facilities.

The units are facing north and south and the site bordered with Ulu Pandan Road, Pandan Valley and Pine Grove. Units facing south towards Pine Grove will have views of Dover Forest, a 5ha greenery and park. North facing units will have unobstructed view of 85ha Clementi Forest, according to Anson Lim, UOL Group general manager (residential marketing).

P&T Consultants is the design architect of Pinetree Hill, while Danish firm Henning Larsen is the landscape architect.

Site Elevated site
The side that faces Ulu Pandan Road is 10m above street level. With the added 12.6m elevation the floor that is lowest in the tower’s rear can be found eight levels higher than the ground. It means that even the units on the bottom floor will be able to see the tree crowns that are in Clementi Forest, says UOL’s Lim.

The 10m slope that runs along Ulu Pandan Road will be heavily landscaped with the three “pinetree nests” or nest-shaped pavilions which will be lit at the night, which makes it an important development feature, says Lim.

Units at Pinetree Hill range from a one-bedroom-plus-study of 538 sq ft to a five-bedroom premium of 1,733 sq ft.

Only 22 units (4%) are one-bedroom-plus-study units, with two-bedroom types ranging from 700 to 915 sq ft making up 226 units (43%). Three-bedders with 969 sq ft to 1,421 sq feet make up the 159 homes (30.7%).

As per the developer according to the developer, around 78% or% (or 407) units in Pinetree Hill comprise one- to three-bedroom units.

Four-bedroom and four-bedroom deluxe apartments with sizes ranging from 1,292 to 1,668 square feet, consist of 90 of them (17.3%), with five-bedroom units with 1,733 square feet, which make up 22, which is (4%). The five and four-bedroom superior units are all equipped with a bathroom and an exclusive lift lobby as well as an open-plan kitchen with sliding doors that open up to the living area and balcony, creating a spacious area for those who wish to entertain in their home. The kitchen also features an island.

Pinetree Hill apartments are priced at $2,236 per square foot. One-bedroom-plus-study starts from $1.248 million ($2,320 psf); a two-bedroom from $1.588 million ($2,269 psf); a three-bedroom from $2.198 million ($2,268 psf); a four-bedroom from $3.173 million ($2,456 psf); and a five-bedroom from $4.268 million ($2,463 psf).

The only penthouse with five bedrooms of 2,874 sq feet in Pinetree Hill has a price at $8 million ($2,784 per square foot).

Neighbourhood renewal
Nearby nearby is Pandan Valley, one of Singapore’s earliest major private condominium complexes. It was completed in 1978. Pandan Valley has seven 14-storey blocks spread over an area of 85,000 square feet freehold site. Its owners 45 year-old private condo tried to make an $2.6 billion sale collectively in September 2018 but they failed to get it off.

“I am a fan of the neighborhood,” says Ai Ling who has lived in Pandan Valley for many years. “It’s green with the [Sungei Ulug Pandan] park connector as well as Holland Village nearby. It is also possible to get a bus ride for Ghim Moh Food Centre or Clementi Mall.”

In Pine Grove, the 170-unit Astor Green and the 254-unit Cavendish Park were completed in 1995 and 1996 respectively. The most notable development is the 660-unit privatised HUDC (Housing and Urban Development Company) estate at Pine Grove, completed in 1984. The owners of Pine Grove tried to negotiate a collective sale for a reserve in the range of $1.86 billion back in the month of February. The sale was revived in July 2019 for $1.7 billion, but it was unable to find buyers.

UOL and SingLand took both the Pinetree Hill site (Pine Grove Parcel A) with a maximum price of $671,500,800 ($1,318 per plot ratio which is also known as the PPR) on June 22, 2022. The price was only $1800 (0.0001%) above the second-highest bidder’s price at the time of closing of the auction.

The next door neighbor adjacent to Pinetree Hill is Pine Grove Parcel B that is set to be launched in August, under the Confirmed List of GLS 2H2023 project. The site located at Parcel B is believed to produce around 560 units. Should it is the case that this GLS site is successful in selling in the auction, it will take between 15 and 18 months before a new residential development is made available to be offered for sale. “A new development located on the site located at Parcel B will be launched by the mid-year or the end of 2025” is the estimate of Liam.

He’s not sure about UOL’s interest in adjacent Parcel B. “There are a lot of other sites that are part of the GLS program,” he says.

‘First-mover advantage’
Another site which UOL and SingLand might be focusing on would be Clementi Avenue 1, which will be launched in August as part of the GLS 2H2023 program. This residential site could result in 500 units, and is situated between two developments by UOL along with SingLand -the Clement Canopy and Clavon.

UOL and SingLand bought one of the original GLS site located at Clementi Avenue 1 in December 2015 for $302.1 million ($615 psf per month). The 505-unit Clement Canopy, which is 505 units in size Clement Canopy was launched in February of 2017. It was completely sold and was completed in March 2019, with an average cost of $1,374 per square foot, in accordance with URA Realis.

Second GLS site located at Clementi Avenue 1 inaugurated in the year 2019. UOL as well as SingLand agreed to pay $491.3 million ($788 psf per ppr) to acquire the site at the time of closing this tender on July of this year. The project was officially launched as the Clavon, a 640-unit project. Clavon by the month of December, 2020, and was sold completely in September 2022 for an average of $1,639 per sq ft. This project was scheduled to completion by 1H2024.

“At The Clement Canopy, when it was first launched and was sold out, the second parcel helped to fill it. site,” says Liam. “It also enabled us to be a leading player in the region.”

In addition, he says “we are the very first on Ang Mo Kio Avenue 1 as well as the first to be in Clementi Avenue 1 and the first in Canberra as well as on Pine Grove”.

He says: “For many years, we’ve shifted to areas where there were too filled with people.”

UOL, SingLand and Kheng Leong Co jointly submitted bids for and were awarded the GLS site located at Ang Mo Kio Avenue 1 in June 2021. The price was $381.381 million ($1,118 per sq ft ppr). Amo Residence, a 372-unit development Amo Residence was launched in July 2022. The previous project that was that was launched in the area was The Panorama in 2014.

As of today, Amo Residence has been 99.5% sold at an average of $2,112 per square foot. The first unit that were sold by Amo Residence was the biggest of three penthouses, 2,497 square feet five-bedroom property that was sold for $6.008 million ($2,406 per square foot). All units have been sold, with the exception of two penthouses that remain.

UOL, SingLand and Kheng Leong Co together in Canberra Drive to develop the 448-unit Watergardens in Canberra. The project was launched by Watergardens at Canberra in the month of August, 2021 and the development was completed in March this year, with an average cost of $1,446 per square foot. The interest in the Canberra neighborhood had increased following the time that Canberra MRT Station opened on the North-South Line in November 2019.

“For Pinetree Hill, we also took advantage of the first-mover advantage” Liam says. “At all times, we tried to avoid areas with a high concentration of sites which could result in fierce competition when the site first opened and then sales.”

Schools, greenery, pricing differential
Based on the cost of land at $1,318 per sq ft ppr, Ismail Gafoor, CEO of PropNex estimates that Pinetree Hill’s costs could range between $2,300 and $2,500 per square foot.

Gafoor says the Pinetree Hills’ proximity to the private residential enclaves in Holland in addition to Mount Sinai in prime District 10 may also attract wealthy families that reside in the area.

Another aspect is the development’s closeness (within one kilometer) of 1km to Henry Park Primary School and Pei Tong Primary School in the words of Mark Yip, CEO of Huttons Asia. He envisions Pinetree Hill enjoying panoramic views of the surrounding greenerythe “Bukit Timah Nature Reserve in the northern part, and an urban skyline in the south”.

As per Ken Low, managing partner of SRI, “At Pinetree Hill you’re getting District 10’s convenience however, at a lower cost that is within the range of”.

Low points for the leasehold Holland Tower, that was listed property developer Wing Tai Holdings bought the entire block in a single transaction for $76.3 million ($1,746 psf per ppr) in March of this year. SRI Capital Market brokered the deal. Based on the sale price the high-end new district 10 development is expected to launch with prices between $3,300 to $3,500 per square foot Low believes. (See the potential condos by using the En block calculation)

“Pinetree Hill’s location within District 21 technically puts it within the city fringe, (or RCR”Rest Central Region”” states Eugene Lim, key executive officer of ERA Realty Network. “But it’s only two blocks away from the most sought-after districts or CCR (Core Central RegionCCR [Core Central Regional. It’s akin living in the CCR with RCR rates.”

Another draw can be found in the lush natural vegetation that surrounds Pinetree Hill. “We are in Clementi Forest, with Botanic Gardens just five minutes from our property,” says Low.

Foreign demand
In addition to the locals In addition to locals, UOL’s Liam thinks that the city is an attractive destination for foreign buyers, including new permanent residents (PRs) as well as foreign buyers not affected from the 60% additional stamp duty on buyers.

The ERA’s Lim says he agrees. The proximity of Pinetree Hill to the CCR is a sign that “It’s similar to an CCR project” Lim says. Even though housing demand is mostly generated by buyers from the local market, Lim expects to see greater demand by Singapore PRs. While foreigners are likely to make up the minority Lim says.

“Pinetree Hill’s location is close to one-north of which is the National University of Singapore and other universities,” UOL Liam says. “It’s located close to Holland Village, Orchard Road, Science Park and the Jurong Lake District.”

With the upcoming Maju MRT station located on the Cross Island Line, Pinetre Hill will be two MRT stations away from to the Jurong Lake District, which could be the second CBD and also a live-work-play-play precinct Adds Liam.

If you drive, it’s only 10 minutes to one-north, and fifteen minutes from Jurong Lake District Liam adds. Shenton Way and the CBD are just 20 minutes away. Therefore, he expects buyers to be to “the eastern and the central parts of Singapore”.

This developer will also offer free transportation to Holland Village and Buona Vista MRT Stations for the initial year following an interim occupation license has been issued, slated for September 2027. Dover as well as Clementi MRT stations are the nearest two MRT stations at the moment.

The government unveiled its 2H2023 GLS program on June 21 and stated that it would be the largest increase in the last decade in terms of supply. Residential development sites that will be released for 2023 add 9,250 units to the stock. “The increasing supply is a way to catch up more than any other thing,” says Liam. “It’s an adjustment post-Covid following a slowdown of the GLS program over the last 3 years.”

As per Liam, the increase in supply has been more moderate as compared to the four years following the Global Financial Crisis of 2008. The last time that brand-new GLS sites were launched in 2009, however between 2010 and 2013 the from 2010 to 2013, new GLS sites were created at a rate of 11,000-16,000 units per year Liam explains.

With more launches of new projects on the horizon, homeowners are looking to develop projects that “create value, have high-quality indoor spaces, and are able to meet the changing needs of their lifestyles” Liam. Liam.

Tampines mixed-use development site
UOL and SingLand along with CapitaLand came out as the highest out of the three offers for residential and commercial site on Tampines Avenue 11 after the tender was closed on the 27th of June. The proposed development will be incorporated into the bus interchange, community club, and hawker center. Additionally, it will be connected with Tampines North MRT Station on the Circle Line.

CapitaLand will have the 50% part of the joint venture and UOL as well as SingLand own the other 50%. Based on the offer of more than $1.206 billion, for the site with an area of gross floor (GFA) of more than 1.36 million square feet which is approximately $885 per square foot for GFA.

The residential part on the site could yield around 1,190 units. This development is the first time that UOL and CapitaLand have collaborated. UOL together with CapitaLand. “We believe there is synergy between the two joint venture participants,” says Liam. “This site will also have an advantage in first-mover, since the previous GLS site given to the Tampines region was in the year 2017. This region Outside Central Region has a very low inventory of housing, especially in Tampines which is an extremely sought-after estate that is mature and sought-after.”

The most recent GLS site that was awarded in 2017 was Tampines Street 86, which is now completely sold as the 816-unit the Tapestry through City Developments.

“Watten House, it’s the follow-up to MeyerHouse’
The inauguration of Pinetree Hill will be followed by the opening of Watten House in 4Q2023. Watten House is a redevelopment of the previously-owned Watten Estate Condo that UOL and SingLand bought together at $550.8 million ($1,723 per sq ft per) in the month of October, 2021. The freehold site located in District 11’s prime area is located within 1km of two highly-rated primary schools, including Nanyang in Singapore and Raffles Girls’.

Watten House is a five-storey, 180-unit development. “It’s expected to become the sequel to MeyerHouse, which is our Masterpiece Collection,” says Liam.

The freehold 56 unit MeyerHouse is scheduled to be completed by March 2022 and has since been 100% sold. The architect responsible for this award-winning design is the well-known WOHA Architects, who collaborated with the internationally renowned designers Yabu Pushelberg and landscape architect Henning Larsen (formerly known as Ramboll Studio Dreiseitl).

After the popularity of MeyerHouse, UOL and SingLand acquired the nearby Meyer Park in an en bloc purchase that was worth $392.18 million ($1,668 per sqf per year) in February of this year.

“What I love most about this Meyer Park site is that it’s one of the few waterfront sites accessible, and it is a freehold property,” Liam says. Liam. “It has unblocked views of the sea towards the south, and perspectives of the Mountbatten Estate’s landed estate to toward the north.”

Meyer Park is also near Tanjong Katong Primary School Kong Hwa School and Eton International Pre-school Mountbatten Road. “This will be the same method that we use to select the different sites,” says Liam.

Read more: 5,160 new residential units were produced from eight confirmed list sites, the most in ten years

5,160 new residential units were produced from eight confirmed list sites, the most in ten years

IOI Central Boulevard Towers, the Grade A office building located in Marina Bay by IOI Properties Group and IOI Properties Group, has been awarded an WiredScore Platinum certification, the highest possible rating in WiredScore’s own certification program, which evaluates the digital capabilities of a building. This is the first office building to be built in the CBD to be awarded this Platinum certification.

Thomasin Crowley, global director of Apac at WiredScore claims that the project provides world-class infrastructure for telecommunications. “IOI Central Boulevard Towers’ WiredScore Platinum certification is an acknowledgement that is well-deserved of their commitment to provide the best mobile and internet services within their property offering seamless digital connectivity solutions that are in line with the most stringent requirements of performance and reliability for today’s tenants,” he remarks.

IOI Central Boulevard Towers also received a high score in the most recently held Asia Pacific Property Awards 2023-2024 which awarded it the highest accolade of five Stars within the categories of Best Mixed Use Development (Singapore) and the The Best Commercial High Rise Development (Singapore) and Best Mixed-Use Architecture (Singapore) categories.

Karen Lau, head of business for IOI Properties Singapore, says the award is an “fantastic accomplishment” to recognize the team’s ability in creating futuristic areas. She that IOI Central Boulevard Towers ticks all the boxes for environmentally-conscious and innovative businesses looking for state-of-the-art workspaces.

Read more: In December 2022, the condo made a first attempt at a collective sale with a target price of $175 million for the building

In December 2022, the condo made a first attempt at a collective sale with a target price of $175 million for the building

In spite of the mixed economic environment however, the outlook for construction in Asia remains positive as per the most recent issue of the International Construction Market Survey. The annual survey conducted by the consultancy company Turner & Townsend charts the average construction costs per sq m for residential, commercial and industrial construction projects in more than 89 markets around the world.

In Asia the demand for property is high in well-established real estate areas such as Singapore, Hong Kong, Japan along with South Korea faces skills shortages as well as rising labor costs which can lead to higher cost of construction.

Tokyo Osaka and Osaka are among Asia’s top cities for construction. Tokyo with a price of USD$4,567 ($6,167) per square meter and Osaka at $4,497 per square millimeter. In the world, Tokyo ranks fifth, and Osaka is ranked sixth in terms of the construction costs.

The cost of construction per square meter for Hong Kong clocked in at $4,292, which puts the city in 11th place in the top ten markets worldwide. In Singapore, the construction cost is US$3,307 for each square meter and ranks 4th in Asia and 31st in the world.

Turner & Townsend highlights that Singapore had the highest rate of cost escalation in construction this year, at 12%. As the market continues confront challenges with capacity for skills as well as high material and labour costs, the company is anticipating that construction costs will be high for the foreseeable future, and with an increase rate of 8% predicted for 2023.

Singapore continues to be supported by a steady stream of construction projects fueled by infrastructure, public housing commercial development, as well as an upcoming biomedical field. Additionally, Japan’s construction industry is supported by a substantial pile of construction-related projects in the build-up towards the World Expo that will be held in Osaka in 2025. Hong Kong and Mainland China will likely to see an increase in their construction industries due to the lifting of Covid-19 restrictions.

The report also points out that the construction industry in emerging markets like India, Indonesia, Malaysia, Vietnam and the Philippines is rising due to substantial investment in real estate as well as increasing expansion of data centres as well as life sciences, manufacturing and.

“Asia’s vast and diverse market economies put it in an ideal position to lead growth in construction and attract investors, especially in the fields of industries, science and technology transportation, healthcare, and real estate developments.” claims Cheryl Lum, director and head of research and data for Turner & Townsend Asia.