Archive for category: Property Management

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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.

Read also: 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.