Singapore is the world’s fifth most expensive expat city, according to ECA International

, ,

Read related post: Susheel Koul has been selected as JLL’s CEO for work dynamics in the Asia Pacific region

Susheel Koul has been selected as JLL’s CEO for work dynamics in the Asia Pacific region

Singapore has risen eight places to become the 5th most expensive city around the globe for expatriates. This is one of the results of the most recent cost of living study released by ECA International.

“Singapore’s growth is noteworthy. The increased demand for rental properties located in this Lion City, driven by factors like the earlier ease of Covid-19 restrictions in comparison to other important cities in the region but not matched with a similar increase in availability of suitable accommodations,” says ECA International’s regional director for Asia Lee Quane.

Hong Kong dropped from its top position in last year’s ranking by ECA to be ranked as the second the most costly city. It was overtaken by New York this year, ending Hong Kong’s time as the most expensive city.

“Costs for services and goods within Hong Kong rose at multi-year levels, indicating that the city wasn’t exempt from the wave of inflation we’ve witnessed across the globe in the last few years,” claims Quane. But, the city’s prices fell this year as the rise in the cost of everyday goods and services was offset by a decrease in the cost of accommodation as well, he says.

In general, cities within the Asia Pacific region saw their ranking fall this year, however, the South Korean city of Seoul along with Myanmar’s Yangon did not follow the usual pattern to gain a few spots. Seoul increased one position to 9th in the rankings and Yangon increased four spots to 167.

A rise in the cost of housing in Seoul caused by the tightening of rental demand as the primary reason driving the increased price of living. In Yangon the increase was a result of ongoing socio-political issues that have led to significant inflation of daily necessities and services.

/by

In Australia, Hyatt Hotels will open a ‘Caption’ brand hotel

, ,

Read this: The better response to a group sale at Mandarin Gardens

The better response to a group sale at Mandarin Gardens

In conjunction with an affiliated company Hyatt Hotels has signed management agreements in partnership with LFG Property to manage a Caption by Hyatt Hotel in Sydney, Australia. The hotel is anticipated to be completed by 2025. It will be the first of the brand’s name in Australia.

The hotel, which has 174 keys, will be located in Haymarket located in the southern part of Sydney’s CBD close to iconic landmarks like Sydney’s Chinatown, Capitol Theatre, Darling Harbour, Sydney International Convention Centre as well as a variety of universities and the upcoming Tech Central innovation and technology precinct.

An urban and contemporary style will define the hotel’s style The property will have layers of textures, colors and hand-drawn graphic artwork which will be used to decorate the social and dining areas.

The hotel chain from the world uses the Caption brand a ‘luxury and contemporary hotel that offers the ability to be self-guided and flexible of an selected-service property’. Properties operated under the Caption brand are equipped with technologies like digital check-in, electronic keys and mobile-ordering food services.

The first hotel under the brand Caption owned by Hyatt was opened in Memphis in the US in 2022. Hyatt claims it is planning additional openings in Australia, China, Japan and Vietnam in the coming two years. “As an organization that is focused on creating authentic experiences and connections for the modern-day traveler This new venture will create a welcoming environment where both locals and guests will feel comfortable in a setting that is reflective of the personality of the local community,” says David Udell the group president of Asia Pacific for Hyatt.

/by

PLB and EdgeProp announce a technology-sharing agreement to expand their relationship

, ,

Read more: Goldin Financial Global Centre in Hong Kong will be purchased by Mapletree Investments and PAG for US$713 million

Goldin Financial Global Centre in Hong Kong will be purchased by Mapletree Investments and PAG for US$713 million

Property analytics platform EdgeProp Singapore, as well as the news site EdgeProp Singapore, and boutique real estate agency PropertyLimBrothers Realty (PLB), have entered into an MOU in order to enhance the synergies of the two companies.

The two parties will sign an agreement for technology sharing which will grant PLB the access to EdgeProp’s entire range of proprietary property analytics tools. These can be customized to fit the PLB’s platform, giving its agents with access to the latest market information and analysis.

PLB Realty’s co-founder, CEO Melvin Lim says the agency is relying upon property technological innovation (proptech) as well as market analysis tools in order to fuel the future growth of the company. Melvin along with Adrian Lim, the another PLB Co-founder Adrian Lim officially launched themselves as PLB Realty in September 2022.

“For the real estate professionals to be current and well-informed, we need to stay up to current with the latest market trends in order to enhance our services to our clients. At PLB Agents at PLB regularly utilize analytics like price projections and data comparison to provide advice to their clients.” Melvin says. Melvin.

The increasing use of data to help make more informed property choices is the way that the market for the local property market is headed towards, according to EdgeProp Singapore CEO Bernard Tong. He believes that salespeople who incorporate proptech into their offerings are likely to be noticed and provide opportunities for them to be successful in a highly competitive market.

According to Tong Tong, the MOU will allow EdgeProp along with PLB to work together and collaborate in the future including consumer training and talks for professionals in the field of real estate. The EdgeProp team collaborated in close collaboration with PLB to customize their front-facing part of their platform in order to accommodate the needs of their agents, though EdgeProp is still the one who developed the tools.

“We were confident in using EdgeProp’s tools for analytics because of its established and well-known place within the local market as a trusted data provider. I’ve been using some of their tools over the last 10 years,” says Melvin.

When it came to Singapore, EdgeProp was the first to launch Tower View which allows users could view property prices under development through stacks or in relation to storeys. EdgeProp was among the first tools to allow users to view the floor plans of development.

Melvin mentions that the group at PLB who manages the marketing and sales of land properties often utilize EdgeProp’s Inspector tool to help them with areas like lot subdivision land zoning, lot subdivision and other details about land parcels. EdgeProp’s tools are also utilized for their latest launch comparision and educational content created by the media department in house.

“I am pleased that the partnership between our two companies has advanced to the point where it opens up opportunities for collaboration for both parties This MOU was the result from our common goal to educate the public about the use of information to help make more informed property choices,” says Tong.

He also notes that there are numerous similarities and overlaps in the business strategies of both companies in regards to editorial and media coverage. “PLB has created a constant flow of educational videos and one of the strengths of EdgeProp is the range of our editorial and news reportage of market.”

The working environment is changing as people become technologically adept, and agents or portals that are not supported by analytics and data will be more unable to aid buyers and sellers to make informed property choices, according to Tong.

/by

DPU of 2.45 cents for 1HFY2023 is announced by Lendlease Global Commercial REIT

, , ,

Read more: A portfolio manager for the Asia core strategy is hired by PGIM Real Estate

A portfolio manager for the Asia core strategy is hired by PGIM Real Estate

Lendlease Global Commercial REIT (LREIT) has announced an increase in distributable income by 95.9% y-o-y to $56 million for its 1HFY2023 that ended in December, which translates to an annual distribution that was 2.45 cents.

The revenue from the period nearly tripled by more than doubling to $101.7 million, primarily through Jem’s acquisition in Jem in April 2022 and improved operating performance at 313@Somerset. This resulted in a higher income from net property earnings of $76.4 million in 1HFY2023.

At December 31, 2022, the total borrowings of LREIT were $1.45 billion, with an estimated gearing ratio at 39.2%. Approximately 62% of LREIT’s borrowings are sustainability-linked financing, which are expected to generate net interest savings to its unitholders.

The average maturity of debt was 2.6 years, with an average weighted expense at 2.35% per annum. LREIT boasts an interest coverage rate that is 5.5 times.

The portfolio’s committed occupancy was as 99.8% with a weighted average lease expiry (WALE) of 8.3 years by net lettable area (NLA) and 5.3 years of Gross Rental Income (GRI). Leases due to expire for the year were reduced up to 5.9% from 8% prior to that through NLA in addition to 9.6% from 14.5% earlier by GRI.

The inventory of retail properties’ occupancy was at 99.5% as at Dec 31, 2022 . It also had positive retail rental reversion of around 2%.

At the end of the period in the year, both the sales of tenants and visitation rates surpassed pre-Covid-19 levels, growing 5 percent and 2.8 times yearly, respectively. 1HFY2023.

The retail portfolio boasts good tenant retention rates in the range of 72.4% with essential services comprising the bulk of trades , which is around 58% according to GRI.

In addition, the office portfolio of LREIT has seen a positive rate of rental escalation of around 4% and a WALE of 12.4 years as per NLA as well as 15.3 years according to GRI.

“We believe that the retail assets of LREIT will profit from China’s reopening to boost foot traffic as well as sales by tenants to the retailers’ properties,” says CEO of the manager Kelvin Chow.

Units of LREIT were trading at an unchanging 73.5 cents on February 7.

/by

A 538 square foot, one-bedroom unit sold for $2.09 million ($3,876 per square foot) in the condominium on January 4

, , ,

Read more: The Manhattan House reserve price for the collective sale is $280 million

The Manhattan House reserve price for the collective sale is $280 million

The latest prices at 19 Nassim, a luxurious project situated on Nassim Hill in District 10, has pushed the psf price in the area to new heights. The condo recorded the sale of a 538 square foot one-bedroom apartment for $2.09 million ($3,876 per square foot) on January 4the highest price for psf for all condos that reached the highest psf price in Singapore during the time period from Jan 3 through 19.

The highest price for psf at 19 Nassim was set through the sale of a 1,410 square foot three-bedroom house in the amount of $5.29 million ($3,751 per sq ft) on the 8th of October 2021.

On Jan. 4 the 1,475 square foot three-bedroom unit located at 19 Nassim was purchased at $5.63 million ($3,815 per square foot). The sales on Jan 4 represent the first time units within the project were offered by the developer at a price greater than $3,800 per square foot according to the submitted URA conditions.

19 Nassim is a luxurious 101-unit condo built by Keppel Land and is a revamp of their previous development, Nassim Woods. The new development is located in an exclusive Nassim Road residential enclave, which is a neighborhood that has several luxury developments like Nassim Park Residences and the coming Les Maisons Nassim.

19 Nassim is located near The Interpol Global Complex and in close proximity to Singapore’s embassy row on Napier Road. The condominium is also close to Singapore Botanic Gardens, Gleneagles Hospital, Tanglin Mall, and the Orchard Road shopping belt. Nearby transport links include the recently operational Napier as well as Orchard Boulevard MRT Stations located on the Thomson-East Coast Line.

There have been only six transactions so far in 19 Nassim despite the fact that the project was launched to be sold at the end of March. However, it’s possible that, given the exclusive nature that the venture has, certain sales might not be included in the caveats.

Additionally, One Bernam also saw an increase in the psf-price during the review period when a 441 square foot one-bedroom unit was offered through developers to developers to the developer for $1.45 million ($3,295 per square foot) on January 16. This price was higher than the previous record established by the sale of an additional 441 square feet one-bedder at $1.4 million ($3,168 per sq ft) on the 10th of November 2022.

One Bernam is a mixed-use development located at 1 Bernam Street in the Tanjong Pagar district of District 2. The entire project comprises two floors of retail space and 351 condominium units along with 13 apartment units that have been serviced. The project is currently being developed with the Singapore-based MCC Group and Hao Yuan Investment.

The 99-year leasehold development was launched in May 2021. Based on submitted developer sales figures the project was about 40% sold at the time of closing in December 2022.

The prices at the project have been increasing steadily over the last couple of months. As of August 20, 2022 the psf price reached a record high of $2,971 when a 440 square feet one-bedder was sold at $1.31 million. Then, in December of this year, a brand new price for psf was set with the purchase of a 829 square foot 2-bedroom apartment was sold to a buyer for $2.57 million ($3,100 per sq ft).

The only development that has been launched within the vicinity of One Bernam is Sky Everton on Everton Road. The freehold 262-unit development was officially launched in May 2021, and is almost complete, with 99% sales at the end of December 2022. The average selling price for Sky Everton will be around $2,859 psf. One Bernam’s average is around $2,543 per square foot.

On the other hand Sloane Homes located in the District 10’s most sought-after area set a record-breaking price for psf when a 1,249 sq ft, three-bedroom apartment was bought by developers at $3.15 million ($2,526 per square foot) on January 7. The sale came less than one month since the previous record of $2,664 psf , which was set on December 16 when a 1,249 sq . ft three-bedroom home sold for $3.46 million.

In addition, the developer also relocated three other units in Sloane Residences on the 7th of January.

The transactions comprised a pair of adjacent seven43 square feet two-bedders which sold for $1.97 million ($2,659 per square foot) in addition to $1.93 million ($2,598 per square foot) in addition to an additional 1,249 square feet three-bedroom unit which was purchased at $3.23 million ($2,585 per square foot).

Sloane Residences is now fully sold, on the basis of URA restrictions. The development, which was jointly created with Tiong Seng Holdings and Ocean Sky International was granted its temporary occupancy permit last November.

/by

The creation of the Digital Conveyancing Platform (DCP), an internet-based portal that will simplify the current paper-based conveyancing procedure

, , ,

Read also: APAC Realty purchases a 60% share in ERA Vietnam and Eurocapital for $4.9 million

APAC Realty purchases a 60% share in ERA Vietnam and Eurocapital for $4.9 million

The Singapore Land Authority (SLA) has made strides in the creation of the Digital Conveyancing Portal (DCP) the online platform that aims to simplify the legal process of transfer property titles.

Through the DCP, SLA aims to completely digitize conveyancing which is currently based heavily on paper-based, manual procedure. Once fully operational it will DCP will allow property transaction to be processed in a digital manner from beginning to end, the ability to accept electronic payments and submit digitally-generated documents. It will be available to private and public housing in addition to industrial and commercial properties.

Tech Mahindra has been appointed as the vendor who will gradually create to implement DCP in three phases. The first phase will include an Option-to-Purchase (OTP) stage that will allow developer sale, resale , and sub-sale, and is scheduled to complete by 2Q2024.

In the second stage, it will address the completion and pre-completion stages of developer sales transactions, and the third phase will focus on the completion and pre-completion phases for sub-sale or resale transactions. The DCP is anticipated to be fully finished by 2026.

SLA collaborates with HDB to incorporate the DCP workstreams in order to digitize conveyancing processes, which includes the facilitation of electronic payments and digitising legal documents used for HDB property deals, when it is feasible.

In addition to buyers and sellers, SLA also highlights that the DCP can make it easier for the other parties who are involved in the conveyancing process like lawyers as well as realtors, developers along with property purchasers and sellers by reducing amount of time and effort needed to administer the processes involved for conveyancing.

/by

In 2022, prime office rentals will increase 5.5%, exceeding expectations

, , ,

Read also: Transactions in industrial real estate decreased in 4Q2022

Transactions in industrial real estate decreased in 4Q2022

Prime office rents in Raffles Place and Marina Bay grew by 1.7% over a period of time to $10.69 per sq ft in 4Q2022, according the data from Knight Frank. The full-year increase of prime office rental at 5.5%, exceeding Knight Frank’s prediction for three% or 5% at the beginning this year.

According to the firm the rents were influenced by the limited inventory of new office space and the constant demand for co-working and traditional office space. “The office market has turned into an investment market for landlords,” says Calvin Yeo the managing director of occupier strategy and solutions for Knight Frank Singapore.

The occupancy rates in areas like the Raffles Place as well as the Marina Bay precinct stood at 95.5% as of end-2022 The overall occupancy of the CBD has increased by 93.6% to 94.2% in the last quarter. Yeo says this is due to companies searching for offices of high-quality that will allow for the complete return of operations prior to the outbreak.

The reason for this is that more workers are working full-time from their office The proportion of workers working remotely expected to range between 10% to 15% which is lower that the previous 20% previously projected. “The long-term use of hybrid working may not be as widespread and long-lasting in Singapore as it was initially portrayed during the peak of the pandemic” says Yeo. Therefore leasing markets remain active, with office workers looking for higher high-quality space.

Additionally, Knight Frank highlights that more flexibility and choices are offered by co-working spaces located in the CBD. For instance, Trehaus at Funan incorporates preschool and childcare services and preschool services, while Japanese co-working space One&Co is located at Twenty Anson supports Japanese companies expanding into Singapore. “Occupiers who aren’t sure whether to relocate or renew are able to choose an interim co-working spaces, particularly those with smaller spaces,” says Yeo.

For the future, he predicts lower rental growth by 2023 for offices that are prime quality driven by the macroeconomic downturn and the fluctuations in the tech industry which has resulted in the sacking of employees. However, Singapore’s position as a safety-first flight location is likely to help boost the demand for office space, with multinational companies opening their doors in Singapore, or moving operations from other regions of Asia.

Additionally, Yeo notes that despite the layoffs in tech the employment rate have risen because non-tech businesses like those in the financial and banking sectors, are absorbing talents available to build their technology platforms. A report of the Ministry of Manpower states that the rate of unemployment among executives, professionals, managers and technicians fell by 3.4% in 2021 to 2.6% in 2022.

Due to the consistent level of demand, and an insufficient supply of new office space Yeo expects rents to rise approximately 3% over the course of 2023, subject to any major pre-termination or reduction in office space for technology firms.

/by

Susheel Koul has been selected as JLL’s CEO for work dynamics in the Asia Pacific region

, ,

Grand Dunman sales

JLL has appointed Susheel Koul as the company’s CEO for work-related dynamics for Asia Pacific. Koul succeeds Jordi Martin. Martin is set to quit at the end of March after 31 years of service with the company.

Grand Dunman sales with a Gross Maximum Area (GFA) of 88,321 square metres (sq m). Dunman Road GLS residence is expected to house 1,040 residential units and a maximum building height of about 64 metres Singapore height datum.

Koul located in Singapore and has been working for JLL for the last year. Koul has served in a variety of positions at the top of JLL that focused on client service and sales. He was the most recent the division’s president of work-related dynamic within Asia Pacific.

“Susheel has established an outstanding reputation throughout his 22-year tenure at JLL. He has been an experienced adviser to our clients’ most important clients as we assist them to navigate the constantly changing working and workplace environment,” says Neil Murray JLL’s CEO for workplace dynamic.

The business unit for work dynamics of JLL provides a variety of services that cover the entire real estate lifecycle for corporate occupiers. This includes the integration of facilities management and sustainability consultation and construction project management. leasing transaction management.

/1 Comment/by

The better response to a group sale at Mandarin Gardens

, ,

Grand Dunman Dunman Road floor plan

The most recent report of the Collective Sale Committee (CSC) Members of Mandarin Gardens believe they have a good likelihood of convincing around eighty% of owners of the 1,006 unit condominium at Siglap Road in prime District 15 in the east to consent to the collective sale. They are also hopeful of securing that 1.08 million square feet 99-year leasehold site will attract developer interest , despite the dimensions.

Grand Dunman Dunman Road floor plan sits in a total suite area of 25,234.3 with a Gross Maximum Area (GFA) of 88,321 square metres.

The CSC is gathering the responses of the owners of the units in order to begin the collective sale. If they are successful in gaining the 80% majority, the development could be offered for auction for sale at the price set by reserve of $2.88 billion in the coming year. The price does not include the land betterment fee.

This isn’t the only time that the Mandarin Gardens’ owners Mandarin Gardens have attempted a collective sale. The first attempt at a collective sale in 2008 failed because of the Global Financial Crisis. The second attempt came 10 years later in the year the year of 2018. Initial reserve prices were set at $2.478 billion. It was raised by $2.788 billion on November of 2018, when it was discovered that the property was overvalued by $300 million. In February of 2019, the reserve price was raised another time by $2.93 billion, however, at the time the contract for collective sales came to an end in March of 2019 the agreement was signed by there was only the 68% from the landowners had signed the agreement.

Following the failure The owners waited two years before attempting again. This is in compliance of the modified Land Titles Strata Act of 2010. The first retry needs approval of just fifty% of the shares or owners. However, for the subsequent retries, an approval of 80% is required.

The end of the two-year waiting time at the end of the two-year waiting period, some members from Mandarin Gardens who had championed the previous collective sale effort were eager to make another attempt. “We have had a more favorable response from owners this time,” says R Janardhanan who was an CSC participant in this latest attempt at a collective sale. The member was also involved with the earlier collective sale, as well.

/1 Comment/by

Goldin Financial Global Centre in Hong Kong will be purchased by Mapletree Investments and PAG for US$713 million

, ,

Grand Dunman launch price

Mapltree Investments, together with the investment company PAG has entered into an agreement to establish a 50:50 joint venture purchase Goldin Financial Global Centre (GFGC) from receivers for HK$5.6 billion or 713 million dollars ($948 millions).

Grand Dunman launch price equivalent to $1,350 per square feet per plot ratio (psf ppr).

The 28-storey office building situated within Kowloon East, Hong Kong was once the headquarters of the distressed investing holding corporation Goldin Financial Holdings. The building was completed in 2016. It is a lettable total of 886,703 square feet. The building was taken over by receivers in the year 2020.

In the Jan 12 press release, J-P Toppino, president of PAG The acquisition is “very great value at a substantial discount to the replacement cost”. “This deal further increases PAG Real Assets’ footprint in Hong Kong, where we are seeing the continuing post-Covid recovery providing attractive opportunities for PAG Real Assets and our investors,” he says.

Wong Mun Hoong, regional chief executive officer for Australia & North Asia, Mapletree remarks that the deal is an ideal opportunity to acquire an office building that is of the highest quality located in Hong Kong. “With the reopening of Hong Kong’s borders to China and the ease on travel regulations, we are optimistic that Hong Kong will see a revival in the office industry within Hong Kong.”

/by