Archive for category: Real Estate

A 99-year leasehold commercial site which is bounded by Hoe Chiang Road and Lim Teck Kim Road in the Downtown Core will be relaunched to tender for a collective sale on May 17 as per a press statement issued by the marketing agent PropNex Realty.

The Myst condo price was acquired for S$126.3 million, the residential development is 16,630 sq ft and is in a prime location. It has a plot ratio of 2.1, is zoned residential, and is set to offer 1, 2, 3, and 4-bedroom units.

The site includes two rows of commercial structures as well as a small piece of land in between, has an estimated reserve at $216 million. The price remains the same as the tender that was that was launched on January 19, for this site. The tender was closed on March 22 without bids.

The reserve price is an estimated land price of $2,610 psf/plot percentage (ppr) for office developments, with a land betterment fee (LBC) in the amount of $55million. The buyer has also the option of redeveloping the site to be a hotel development and set the land price at $2,671 per square foot ppr including what is estimated to be the LBC which is $61.3 million, according to PropNex.

The buildings are located at 1-9 Hoe Chiang Road (odd numbers only) and 2-10 Lim Teck Kim Road (even numbers only). Together with the land that remains that lies on the site, the whole site comprises an estimated surface of approximately 18,540 square feet. The land is designated for commercial use and has an overall proportion of 5.6.

Tracy Goh, PropNex’s head of collective and investment sales She explains that the commercial zone that is on the site ensures that it is not subject to the additional buyers stamp duty (ABSD). Furthermore, the primary office market is robust, with rents increasing 5.1% q-o-q in 1Q2023. Goh anticipates that the stable office market as well as the ABSD increases announced as part of the most recent series of measures for cooling to bring about increased interest in investing within commercial property segment.

So, she anticipates the site located at Hoe Chiang Road and Lim Teck Kim Road to generate attention from potential buyers, particularly due to its location and duration. “Currently there aren’t other commercial sites to be sold within this CBD,” she adds. The site is located within walking distance to Tanjong Pagar MRT Station (East-West Line) and two stations that are scheduled to open in the near future which include Cantonment as well as Prince Edward Road stations on the Circle Line – which are expected to be operational by 2026.

Goh says that the site isn’t subject to restrictions on an strata subdivision for commercial property within the CBD, which gives buyers more freedom to develop the land into a office building that is strata-titled. “The restrictions regarding strata subdivisions are likely to limit the availability of office spaces in the city centre and this will boost the demand and the cost of these office space.”

Tenders for this site closes on May 31st at 2pm.

Within the Gallop Road-Wollerton park in the Gallop Road-Wollerton Park Good Class Bungalow (GCB) region there is a GCB located at the intersection of Gallop Park Road and Farrer Road is being offered for sale as an expression of interests (EOI) exercise for an estimated value of $22 million. The GCB is situated on an elevated plot of land with a total area of 14,844 sq feet which means the estimated cost is $2,156 per square foot.

The Myst Condo Upper Bukit Timah in a desirable location close to amenities of all kinds.

The current owners constructed the two-story house on the site more than twenty years ago. The property is built up to a total area of 6000 sq feet. The first floor is a huge living area that overlooks a pool in the front. A dining room and an enormous kitchen are linked to a laundry room and a helper’s area. The second floor houses three bedrooms with ensuite bathrooms as well as two other bedrooms which share a Jack and Jill bathroom.

Through the years the owners let the property to various tenants, a majority of whom were foreigners, according to Kimberly Lai of JNA Capital Markets (a team of JNA Real Estate), who are marketing the property. The GCB is currently not leased as the property owners are trying for a way to market the property that is vacant.

Lai says that the land’s vast area, along to the aging of the current home, make the site the perfect candidate to redevelop. “It’s an excellent site for those who want to build a new house that maximizes the land,” she says. With the consent of the appropriate authorities, the new house could be two stories and an attic.

Costs of construction and pricing
In order to help potential buyers see the full potential of the property, JNA Real Estate consulted with a builder to create plans for a brand new house. “We were looking to show potential buyers the possibilities and how the house would optimally leverage the features of the location,” Lai says. The concept also seeks to address concerns about noise levels due to the location close to Farrer Road, which is one of the major thoroughfares.

The proposed development is an area of built-up (inclusive that of the swimming pool as well as a parking lot) of 20500 square feet and includes a brand new two-storey house with an attic which is an overall floor space of approximately 10,000 square feet. The house is located in the middle of the plot, farthest away from the street, with the swimming car porch and pool relocated to the eastern part of the plot. This is also closest to the highway. “This implies that the house is situated with an increased setback that will reduce the noise from the road and provide the privacy of residents,” Lai adds.

The floor plan was the C-shaped layout was selected that allows the majority of rooms to look out over the central courtyard, which serves as the central feature. The communal areas of the house, which include the formal dining and living area, will be situated on the first floor. Meanwhile, those on the second floor will be home to the living spaces of the family. The new house can be able to accommodate up to 13 bedrooms.

Based on the blueprints drawn, Lai says the new house could cost anywhere from $6-7 million based on the materials utilized. “The prospective buyer could take these plans and implement them, thereby reducing time with site design and working closely with architects on the designs,” she adds.

For those who want to skip the hassle of building their new residence, Lai says they have the option of topping the amount that they pay the seller in order to cover the cost of developing the site and construction of the new home. The price of buying the property with a new construction will be around $40 million which is equivalent to $2,695 per square foot on the land. “It’s an appealing price for a brand-new home situated in a GCB region within District 10,” Lai adds.

The most recent sale in the Gallop Road-WoollertonPark GCB region occurred in March, when a bungalow located on Woollerton Drive that had a land size of 8,646 square feet was sold to a buyer for $24.4 million ($2,822 per square foot). Prior to this there was the GCB located on Gallop Park Road that belonged to the late daughter-in-law of Khoo Kay Hian, the founder of the stockbroking firm Kay Hian and Co, was sold for $35.5 million ($2,723 per sq ft) in March 2022.

The Trophy asset
Lai believes that the GCB located at Gallop Park Road will draw significant interest prospective buyers to include families who are looking for a luxury property in a prestigious neighborhood. She also says she believes the property is within walking distance of top schools, including Nanyang primary school, St Margaret’s School (Secondary) and Hwa Chong Institution.

Other amenities in the vicinity, such as other nearby facilities, including Singapore Botanic Gardens located just a 5-minute walk away, enhance the attraction of the location. Shopping centers within the area are Serene Centre and Coronation Shopping Plaza The Farrer Road MRT Station (on the Circle Line) as well as the Botanic Gardens MRT Station (Circle and Downtown Lines) offer convenient transportation choices.

Lai expects that interest will come from new Singapore citizens, pointing out that the GCBs located within Gallop Park and Woollerton Park have a tendency to draw buyers from China as well as Indonesia. “Given the proximity to Botanic Gardens and the surrounding GCB areas such as Cluny Hill, Nassim Road and Cluny Park, they see the houses here as a part of a highly sought-after neighborhood,” she says.

Lai believes that this set that is interested buyers will be open to purchasing a home for the price of $40 million, with redevelopment included. “They may prefer this route which is less hassle-free particularly if they’re unfamiliar with the planning and construction procedures in the area,” she says.

The EOI exercise for the property is due to close in June 15, 11.59pm.

Joint venture with its partners as well as sister firms Far East Organization and Sino Group will be presenting Sino Group and Far East Organization will preview Reserve Residences at Jalan Anak Bukit off Bukit Timah on the 12th of May and will officially launch the project one week following on May 27.

“As this will be the first integrated mixed-use development that includes a transport hub located in the middle of Bukit Timah, there will be an advantage over District 21-related developments,” says Shaw Lay See who is the COO of the leasing and sales division for the Far East Organization. “However we are conscious of the need to provide value to our clients. We will therefore price our products very competitively and to be in line with market prices.”

The Myst for sale has a plot ratio of 2.1, is zoned residential, and is set to offer 1, 2, 3, and 4-bedroom units.

Shaw claims prices will start at $2,300 per sq ft. One-bedroom apartments that measure 441 square feet are priced at $1.11 million ($2,517 per square foot) and two-bedroom units start at $1.45 million. Three-bedroom units will begin at $2.2 million, while four-bedroom units will go higher than $3 million.

The mixed-use development is planned to be merged with a transport hub that will have direct access the Beauty World MRT Station via an underground connection and a brand new bus interchange that is air-conditioned at the second floor of the planned three-storey mall Bukit V.

The design was created by Singapore’s acclaimed architect company WOHA Architects, the mixed-use development covers an expansive 32,185 square meters (346,439 sq feet) site. It is comprised of eight residential blocks, each with 732 units as well as apartments that are serviced comprising 160 units.

WOHA created It was designed by WOHA Reserve Residences as a collection of low- mid and high-rise blocks that range from 11to 32 stories. There are four distinct collections spread across eight blocks of residential housing The Reserve Residences, with 502 units that range from one to three bedrooms; Horizon Collection, with 167 units that have three and four-bedrooms that offer stunning view; Creekside Collection, with 48 exclusive units that range from three- and four-bedrooms (levels 6 to 11) as well as Treetops Collection, with 15 top units with five and four-bedrooms, penthouses and duplexes with panoramic views over The Bukit Timah Natural Reserve, or expansive view from the Bukit Timah region.

There are only five penthouses at the top in the Treetops Collection (Level 32) and range in size of 231 sqm (2,486 sq feet) and 261 sqm (2,809 sq feet).

The complex has more than 70 facilities spread across seven levels of The Reserve Residences. The facilities include everything from the 50m lap pool to an aqua gym complete with spa as well as a jogging path of 600m as well as a dog park with dining and relaxation pavilions at level 33 that have view of Bukit Timah Nature Reserve. Bukit Timah Nature Reserve as well as its surrounding.

Workpods in the Level 17 Sky Garden provide open views of the neighbourhood. Apart from the communal facilities located on 5th and 4th levels, you can find additional amenities in levels 12th 17th, 17th and 33rd levels.

Far East Organization and Sino Group China Group and Far East Organization won The Reserve Residences’ site which is leasehold for 99 years site located at Jalan Anak Bukit, with the bid for $1.03 billion on August 20, 2021. The tender was a two-envelope process with a price and concept. Five bids were submitted by the 50:50 partners. that were received and were designed from different architects.

“This development is a follow-up to our success in launching One Holland Village, another large-scale mixed-use community that demonstrates the ability of Far East Organization to revitalize and transform areas to create vibrant communities that are loved by the residents as well as the general people who visit,” says Shaw.

The 296-unit One Holland Village Residences has 93% sold and is scheduled to be completed by the end of in the coming year. The project reached a price per square foot highest of $3,426 after the 27th floor, 4,088 sq ft unit was sold for $7.155 million in August. The second-highest psf value of $3,391 was achievable in February when one square foot, three-bed unit on the 26th floor. that was purchased to a buyer for $4.198 million.

Reserve Residences Reserve Residences is not the first mixed-use project that has transportation hub which Far East Organization has developed. The second development is Watertown located at Punggol Central, which was launched at the end of 2012, and finished in. The 992-unit Watertown condominium is located on the four-storey mall Waterway Point. It is directly connected via Waterway Point, which is connected to the MRT, LRT station, and bus interchange.

The benefits of a mixed-use integrated development
The ease of access and convenience offered by mixed-use developments that are connected to transportation hubs cannot be overstated, claims Propnex President Ismail Gafoor. In the event that the price of $2,300 per square foot at The Reserve Residences can be considered to represent 15% more expensive than the cost of a separate condominium, that’s the price of $2,070 per square foot Gafoor says. “That’s similar to the cost of a new suburban condominium within The Outside Central Region (OCR) in the present,” he adds. “But the Reserve Residences is located in the city’s fringe as well as the Rest of Central Region (RCR).”

Gafoor anticipates The Reserve Residences to achieve sales of “40% to 50%” due to the fact that more than 50% of apartments are one- or two-bedders that will draw investors’ attention. “Being an integrated project located within the Bukit Timah region of District 21 is a major draw.”

Based on the launch costs of mixed-use, completed developed developments that are integrated, PropNex’s analysis indicates that these developments could have price increases that range from 14.7% to 29.3% in comparison to residential properties.

In terms of rent prices, the distinction is more stark when it comes to mixed-use integrated developments with rents ranging between 21.1% to 61.5% according to Gafoor.

“The Reserve Residences will be the first and only release of a mixed use project connected to a transport hub in 2023.” declares Huttons Chief Executive Officer Mark Yip. In Singapore there are just 9 integrated transportation hubs (ITHs). According to the Land Transport Authority (LTA) describes them as air-conditioned bus stations that are connected to MRT stations, as well as adjoining commercial developments such as shopping malls. Six of them have been completed; Three are under construction which includes The Reserve Residences. “Buyers like developments connected to hubs of integrated transportation for their ease of use and the rarity, capital appreciation, and rentability” says Yip.

Although prices are at The Reserve Residences may start at $2,300 however, the range of prices will be quite wide due to the fact that units are available at the fourth level and go up to the 32nd floor and the wide range of units with various views, according to SRI director of operations Ken Low.

“Melting Pot made of Bukit Timah’
In the same vicinity as Jalan Jurong Kechil are two other developments: the freehold 120-unit It is called the Linq @ Beauty World by BBR Holdings and the upcoming 99-year leasehold condominium located at Bukit Timah Link owned by Bukit Sembawang Estates.

In November of last year, Bukit Sembawang paid $200 million ($1,343 psf/plot percentage) in exchange for 99 years leasehold 49,633 sq feet site as part of a land tender. The site could yield up to 160 housing units. The plan is to opening before the end of this year.

Since the site located at Bukit Timah Link is located in near the Beauty World MRT Station exit The SRI’s Low anticipates the developer to set the price for the construction as “no less than $2600 per square foot”.

Linq @ Beauty Linq @ Beauty will be a revamp of the previously-owned Goh & Goh Building by BBR Holdings. It is a mix of residential units, as well as retail and commercial space. It will be connected via underground with the Beauty World MRT Station. The day of its launch in November 2020 the first day of launch, 120 homes (96%) of the 120 units sold for an average of $2,165 per square foot, based on caveats filed. The last unit was sold for $2,378 per sq ft in December 2021.

In March the 431 sq ft one-bedroom apartment at The Linq was sold through a sub-sale of $1.18 million ($2,741 per square foot). The buyer purchased the property for $1.007 million ($2,339 per square foot) and the capital gain that was 17.2% in just over two years and four months.

The Reserve Residences and these new developments will bring a new energy to the area once they are completed as per Low. A further renewal is possible in the event that the strata-titled owners of old mixed-use developments, such as Bukit Timah Plaza (completed in the year 1976) as well as Beauty World Plaza (completed by the year 1982) have success in their collective sales.

The project is scheduled to be completed by 1Q2028 It is expected to be completed by 1Q2028. Reserve Residences are expected to become “the melting pot of The Bukit Timah” says Low. “There aren’t any major shopping centers in the area in the moment,” he says. “In the near future you’ll have the best of both worldsthat is, a blend of the traditional and the brand new.” The new Bukit V will feature more than 20000 sqm (215,280 square feet) that will be retail spaces including the Cold Storage supermarket, F&B services, educational centers as well as medical facilities. Bukit Timah Market and Food Centre, Beauty World Centre (a mall that was built by the government in 1984) and Bukit Timah Plaza will be in walking distance.

Locals to boost demand
Based on the demographics of buyers who attended new projects launched within OCR and RCR, based on the profile of buyers at new project launches in OCR and RCR in the last three years, it appears that at least 90% of buyers were Singapore residents, according to Eugene Lim, key executive officer and director of market research and intelligence at ERA Realty Network. Lim adds the fact that Singapore permanent residents (PRs) represented the majority of buyers, ranging from 5% up to 7.5% of buyers, foreigners had a tiny percentage of less than five%.

“We believe that locals will be the main driver of demand in the Reserve Residences,” says Lim. “Given that the latest cooling measures primarily impact foreign investors, it’s unlikely to affect selling at The Reserve Residences.”

The Residences at the Reserve Residences is located within 1km of popular schools like Methodist Girls’ School and Pei Hwa Presbyterian Primary School. Highly regarded schools like Raffles Girls’ Primary School, Nanyang Girls’ High School, Hwa Chong Institution, Anglo-Chinese School (Independent), National Junior College and the National University of Singapore are only a few minutes away.

“Given this project lies close to many high-quality schools within the Bukit Timah belt, a lot of families will find the development appealing,” says Christine Sun who is the senior vice president of research and analytics for OrangeTee & Tie.

Apart from family members, Sun expects units at The Reserve Residences to attract investors interested in renting out their properties for a longer period of time. “Such integrated developments are a great option for tenants because they can travel quickly to other areas of Singapore as the development is connected to an important transport hub such as an MRT station as well as an interchange for buses.”

Read this: Head of Asia Pacific sustainability consultancy at JLL

The Tanah Merah/Bedok district located in District 16 is strategically placed to capitalize on a variety of urban transformation plans in the eastern part of Singapore that range from new housing plans for the Bayshore region across the East Coast, to a new town that replaces Paya Lebar Airbase in the future.

District 16 which includes Bedok and areas of the Upper East Coast, and the entire neighborhood that comprise Eastwood as well as Kew Drive, is a well-loved choice for residents as well as foreigners. District 16 is home to a great mixture of land-based estates and condos, and several older HDB towns.

Furthermore there are several schools within the vicinity, as well as three MRT lines increase the availability of public transportation to residents living there, according to Bernard Tong, CEO of EdgeProp Singapore. Tong was sharing his thoughts about District 16 and the possible housing options for the district during the EdgeProp Master Plan Masterclass webinar which was held on April 29.

Stations for MRT are being built, Bayshore residential precinct

Regarding MRT connections, there’s two current lines split the district in two parts -two lines namely the Downtown Line where Bedok North and Bedok Reservoir stations are in addition to the East-West Line in which Bedok as well as Tanah Merah stations are. Most importantly, Bedok MRT Station is part of the Bedok Integrated Transport Hub that combines Bedok Mall Bedok residences, and an air-conditioned bus interchange to create an integrated area.

A few stations far from Bedok there is Tanah Merah, which is getting a makeover by the completion on the Sceneca mixed-use development built by MCC Land. The development comprises 268 units of Sceneca Residence as well as the 20,000 square feet Sceneca Square retail mall. It will bring a new mall to the people living in the vicinity of Tanah Merah MRT Station.

In toward East Coast area, the construction of the Fourth Phase of the Thomson-East Coast Line that runs beginning at Founders’ Memorial station in the Marina Bay area to Bayshore station on Upper East Coast Road -that will improve access to CBD, Upper Thomson and Woodlands. The line is expected to become operational in the next year, as per LTA.

The construction of Bayshore MRT Station fits into the master plan for developing a new community of residences in the Bayshore region. URA declares that this 60ha area will include mixed of both public and private housing, as well as a new main street and green corridor as well as community amenities.

The areas surrounding Bedok along with Tanah Merah are close to Paya Lebar Airbase, which is set to be gradually relocated in the 2030s. The new area will be greater than five times the size of Toa Town of Payoh in the HDB to allow for further expansion. In addition moving the airbase could result in the lifting of height limitations for District 15 and 16 which could lead to further development.

A new mixed-use development is being developed to revive Tanah Merah

The Tanah Merah neighbourhood, the construction of the Sceneca mixed-use development is likely to revitalize the area by adding modern amenities like F&B choices, and open spaces. Typically, integrated and mixed-use developments are well-loved new ventures which attract buyers as well as investors looking to take advantage of the latest amenities and housing choices which are close to the MRT station.

In the Lentor district of District 26 the 605 unit Lentor Modern is the only integrated development within the Lentor Hills estate. The development was sold at 84% sold at the time it was launched in September. The same is true for Sky Eden at Bedok, which is a mixed-use development with 158 units located in Bedok Central, sold 75% of its units when it first launched in September. The development is located 280m from Bedok MRT Station.

Sceneca Residence likewise enjoyed strong buyers when it put up for sale on January 14 -it was the first brand new launch to be launched during the first quarter of. The development saw 60% of the units sold on the first day of its launch, and amounted to an average of $2,072 when it was launched.

According to the most recent Master Plan, the only new development site in District 16 designated as mixed-use is above the upcoming Bedok South MRT Station. The station is part Phase 5 of Thomson-East Coast Line, due in 2025.

With EdgeProp’s suite property analysis tools and tools, EdgeProp’s Tong revealed that the gap in price between resales properties within District 16 are decreasing in comparison to the average price of resales throughout Central Region. Rest of Central Region.

Additionally, in the vicinity of Tanah Merah MRT Station, around 90% of resales transactions within a mile from the station in March 2022 to March 2023, were profitable. As per EdgeProp’s Landlens tool, the condominium with the highest percentage of transactions that were profitable is the Glades 726-unit project located near Tanah Merah station.

Read also: Release of the Lentor Gardens property and the Lentor Central GLS site

Global real property development, investment as well as property management company Hines released a press release that they have purchased five multi-family properties in Japan. The properties are located in Tokyo as well as Kyoto and include the 290 units which cover 100,107 square feet.

The transaction was arranged through Hines Asia Property Partners (HAPP) which is the company’s principal combined Asia Pacific core-plus fund, which brings the total number of multi-family rental assets within its portfolio up to 16. The HAPP investment is the second in multi-family properties in Asia Pacific, following its acquisition of 11 multi-family assets in Japan in the year prior. The 11 properties comprised more than 400 units, or 150,694 square feet spread over Tokyo, Nagoya and Fukuoka.

The multi-family rental market is a major part of Japan is a dependable non-discretionary market within the Asia region. It is stabilizers when paired with a core-plus approach according to Chiang Ling Ng, chief investment officer, Asia, at Hines. “It is expected to be a defensive sector during an inflationary cycle and with a positive leveraged yield the new acquisitions will keep adding to our expanding footprint across the region, enabling us to provide a top-quality portfolio for our clients.”

The recent acquisitions reflect the continuing efforts of HAPP’s “living strategy of aggregation” to Japan. HAPP hopes to grow by $1 billion ($1.33 billion) of value of assets through the strategy over 3 to 5 years. The newly acquired properties are managed by the company’s Cavana brand that targets urban dwellers in the major Japanese cities. Cavana concentrates on sustainability efforts and plans to introduce tenant engagement initiatives to help the tenants to reduce their use of water, recycle materials, and decrease the carbon footprint of their properties.

There is a reason why the Japanese multi-family market continues to be an attractive investment option due to its resiliency in income, steady yield, the abundance of investment-grade assets that are available, and attractive returns adjusted for risk, states Jon Tanaka, country head of Japan at Hines. “Our most recent assets are located in central locations throughout Tokyo and Kyoto They are well-connected to the major CBDs and are in line with our approach of focusing on quality acquisitions. We are continuing to secure properties that we expect to provide steady income for HAPP and also highlight the Cavana label as a sign of excellence.”