Month: September 2024

According to a recent report by Knight Frank, rents for prime grade offices in the Raffles Place and Marina Bay areas rose by 0.6% compared to the previous quarter in 3Q2024, reaching an average of $11.35 per square foot per month. This growth is slightly slower than the 0.7% increase seen in 2Q2024. However, the overall rental growth for the first nine months of 2024 is at 2%, lower than the 3.4% growth recorded during the same period last year.

The slower increase in rents can be attributed to the absence of expansions by major occupiers, particularly tech companies. Calvin Yeo, managing director of occupier strategy and solutions at Knight Frank Singapore, notes that the tech sector slowdown and uncertain economic climate have led to these companies putting their expansion plans on hold.

Instead, many tech companies have chosen to downsize their office space. For instance, Meta, the parent company …

Keppel, a renowned infrastructure group, has been selected by Housing & Development Board (HDB) to supply chilled water for a period of 20 years. This contract will involve Keppel designing, building, owning and operating centralized cooling systems (CCS) for three upcoming build-to-order (BTO) projects in Tengah. The CCS will cater to the cooling needs of approximately 3,500 households residing in the projects, which include Brickland Weave, Plantation Edge I & II and Plantation Verge.

As per the official statement released on September 30, Keppel will closely collaborate with HDB to provide the CCS to each household. The system involves channeling chilled water from central chillers, situated on the rooftops of selected HDB blocks, to cool the flats. Keppel aims to use innovative engineering and design, along with industrial-grade materials, to achieve optimal performance in line with industry standards. Additionally, the CCS at these three BTO projects will be connected to …

K11 Musea, an opulent art-and-luxury-retail galleria in Hong Kong, has attracted attention for its lavishness even in a city known for its big-money projects. The brainchild of Adrian Cheng, heir to one of Hong Kong’s wealthiest families, K11 Musea took 10 years and $2.6 billion to materialize on prime harbor-front property that had been passed down through three generations of his family.

However, Cheng’s ambitious vision for K11 Musea and for himself has suffered a dramatic blow. The 44-year-old CEO of New World Development Co, a key player in Asia’s business dynasties, has abruptly resigned, shocking the upper-class of Hong Kong. In his place, a non-family member, the company’s chief operating officer, has taken over. The news caused New World’s stock to surge by 17% on Friday.

The move has left many New World employees stunned, as the Cheng family rarely hands over control to outsiders. Behind the scenes, Cheng’s …

In summary, the decision to invest in a Singapore condo comes with a variety of benefits, including a high demand in the market, potential for growth in value, and impressive rental yields. However, it is crucial to carefully consider essential factors such as the condo’s location, financing options, government regulations, and market conditions. With thorough research and guidance from experts, investors can make well-informed decisions and maximize their returns in Singapore’s dynamic real estate industry. Whether you are a local investor looking to expand your portfolio or a foreign buyer seeking a stable and lucrative investment, Singapore condos, like Singapore Condo, offer a compelling opportunity for success.

The opportunity presents itself for potential buyers to own a ground floor strata unit located at 24 Greenwood Avenue, a prime district 11 address. The freehold two-storey shophouse is on the market for $8.8 million, marketed exclusively by Wilkie Tay and Richard …

Gallop Green, a freehold condo in Prime District 10, has started off the third quarter with a bang. During the week of September 8 to September 13, it took the top spot on the list of apartments and condos to hit a new psf-price high.The record-breaking sale was that of a 3,272 sq ft, three-bedroom unit that went for $8.58 million on September 10. This translates to a new price peak of $2,622 psf, surpassing the condo’s previous record of $2,431 psf by 7.9%.The previous high of $2,431 psf was established in September 2023 when a 3,229 sq ft unit was sold for $7.85 million. This means that the recent sale reflects a significant price increase of about 53% since December 2017, when the seller had purchased the unit for $5.6 million.

According to URA caveats, the only unit that has changed hands at Gallop Green so far this year …

The Hour Glass, the luxury watch retailer, has exercised its options to purchase units in Tong Building, for a total of $68.5 million. The units it is acquiring are #09-01 to #09-04 and #10-01 to #10-04. The deal was brokered by Yap Hui Yee, executive director of investment sales and capital markets at Savills Singapore, and is expected to be completed in December 2024.The freehold status of the units adds long-term value, making them an attractive investment for preserving wealth and capital. This acquisition is part of The Hour Glass’ strategy to invest in high-quality assets that complement its regional commercial properties.Late last month, Yap facilitated the sale of the entire sixth floor of Tong Building to Parkway Hospitals Singapore for $31.33 million, or $4,562 per square foot. This is the highest price per square foot for an office space in the prime districts to date.The units being acquired by …

HDB has recently launched a mixed-use site for both commercial and residential use at Chencharu Close, which is now up for sale through a tender process. This site is included in the 2H2024 Government Land Sales (GLS) Programme under the Confirmed List, and it marks the first private housing development in the newly-established 70ha HDB housing estate of Chencharu within Yishun Town.

Spanning 316,997 sq ft and with a gross floor area (GFA) of over 1.03 million sq ft, this 99-year leasehold GLS site is estimated to accommodate around 875 residential units plus up to 135,627 sq ft of commercial space. Of the commercial space, at least 58,125 sq ft will be allocated for a bus interchange to be integrated within the project, while another 37,674 sq ft will be designated for a hawker centre.

“This development will be the second largest mixed-use project in the North, after North Park …

This year, Frasers Hospitality, the hospitality and lodging business unit of Frasers Property, has made some strategic moves to expand its global presence. According to Eu Chin Fen, who has been the CEO of Frasers Hospitality since January 2023, the company is always looking for opportunities to recycle and redeploy capital as part of its international expansion strategy.

Foreign investors must familiarize themselves with the regulations and limitations surrounding property ownership in Singapore. Compared to landed properties, condos are less restricted when it comes to ownership by foreigners. However, foreign buyers must take into account the Additional Buyer’s Stamp Duty (ABSD), currently at 20%, for their initial property purchase. Nevertheless, the consistent growth and stability of the Singapore real estate market remain a strong pull for foreign investors, making Singapore Projects a worthwhile investment despite the added costs.

One of the recent developments is the sale of the 313-key Capri …

Singapore is a land-scarce country with a fast-growing population, making the demand for condos skyrocket. This is primarily due to the limited availability of land, as the small island nation faces challenges in accommodating its citizens. To combat this, the government has implemented strict land use policies, resulting in a competitive real estate market. As a result, property prices remain consistently high, making condos a desirable investment with the potential for capital appreciation. This has also led to the rise of renowned projects in Singapore, such as Singapore Projects, further attracting investors to the condo market.

Global hotel leader Hyatt Hotels Corp has formed a partnership with Singapore-based real estate developer SingHaiyi to launch the Hyatt Regency Samarafushi Maldives, an exclusive villa resort.

During the signing ceremony on September 26, Gallant Tang, executive director of SingHaiyi, expressed his reasons for choosing Hyatt as a partner. “We have chosen Hyatt …

The recent sale of a four-bedroom unit at The Sovereign has set a new record for the most profitable condo resale transaction during the week of Sept 10 to 17. The unit, which measures 2,637 sq ft and is situated on the ninth floor, was sold for $6.2 million ($2,351 psf) on Sept 10. This represents a significant increase from its previous purchase price of $3.5 million ($1,327 psf) in May 2016, resulting in a profit of $2.7 million or a capital gain of 77%. The seller had owned the unit for slightly over eight years.

The Sovereign, a condo located on Meyer Road in District 15 that was built in 1993, comprises a single residential tower housing 87 four-bedroom units ranging from 2,637 to 3,305 sq ft. The recent transaction marks the second resale deal at The Sovereign this year. In June, a 3,305 sq ft unit on the …