Archive for category: Real Estate

Read this: Creditors have listed the Hong Kong office property Cheung Kei Center for sale

JTC has granted its tender to the industrial site located at Tampines North Drive (Plot 7) to Soon Hock Property Development for an amount that was offered in the amount of $113.9 million.

It was announced on January 31st, the tender ended on March 28, and there were four bids accepted.

The site is spread over 20,305.7 sq meters (218,569 sq feet) and an average plot ratio of 2.5. This site is also subject to a thirty-year tenure. It is zoned to Business 2 or heavier industrial use.

Altura enbloc for the charming Altura EC residence is a rare opportunity for investors and homeowners to own an affordable property in a prime location in district 23 of Singapore.

The month of April saw developers have sold 887 brand new residential residences (excluding executive condominiums, also known as ECs) as per data published from URA in May. The figure represents an increase in the range of 80.3% m-o-m and 37% year-over-year. It also marks the four-month streak of expansion, and the most significant monthly sales since September 2022, when 987 new homes for sale were sold.

The increased sales are on the following two significant launches that took place in the Rest of Central Region (RCR) in the last month -the 638-unit Tembusu Grand development by City Developments Ltd (CDL) and MCL Land along Jalan Tembusu as well as the 275-unit Blossoms at the Park EL Development along Slim Barracks Rise.

Tembusu Grand, which launched on auction on the 8th of April, sold three hundred and fifty-four units (56%) at a median price of $2,463 per square foot in the month of April. Blossoms in the Park which went on sale April 29 was sold out of 205 (74.5%) at a median price of $2.427 psf. The project was the first sale launch following the announcement of most recent property cooling measures, which went into effect on the 27th of April.

Together they together accounted for 559 units, which is the equivalent of 63% of the sales in April. RCR projects accounted for the majority of private home sales in April which included 628 houses sold in the region. “The 628 units that were sold in the RCR was the highest number of units sold in this market in the last the last 11 years (since the market closed in 2022 with 893 homes),” observes Wong Siew Ying who is the head of content and research for PropNex Realty.

In addition to Tembusu Grand and Blossoms by the Park and Blossoms by the Park, other RCR projects included among the projects that had the most sales included CDL as well as MCL Land’s Piccadilly Grand on Northumberland Road that sold 14 units for the median price of $2,045 per square foot. Riviere, a condominium from Frasers Property on Jiak Kim Street was the last of its 10 units sold for the median price of $2,954 per square foot.

Within the Core Central Region (CCR) the CCR, 208 private homes are sold through April accounting for 23% of all sales. The most popular CCR project in April is The Atelier, Bukit Sembawang Estates which is a 120-unit freehold development located on Makeway Avenue, where 46 units were sold for $2,658 per square foot. Leedon Green and Pullman Residences Newton were next with 19 units sold in each development with a median of $2,838 per square foot and $3,215 per square foot, respectively.

Lee Sze Teck, senior director of research at Huttons Asia, notes that the CCR new home sales are among the highest since August 2022. This comes due to increased transactions by foreign buyers. In April buyers from abroad buyers home purchases nearly tripled to 70. This is the most similar deals since the beginning of May in 2022. “Geopolitical tensions could have led to more foreigners purchasing properties that are safe and secure, such as Singapore,” Lee adds.

The Outside Central Region (OCR) had just 51 units sold in April, an increase of more than 78% in m-o-m, aided by the absence of any new launches and a lack of un-sold inventory. The top-selling brands in the region are The Botany at Dairy Farm (12 units sold for the median price of $2,087) along with Gazania. Gazania (10 units that were sold for the median price of $1,755 per pound).

While in the EC segment there were 22 units delivered in April. That’s which is on an equal basis with the 21 units that were sold in March. The sales were driven by North Gaia, with the Yishun EC moving 18 units at a median cost of $1,271 per square foot.

The impact of cooling measures
PropNex’s Wong discusses the new projects have been launched since the new cooling measures came into effectin particular Blossoms in the Park, and The Continuum The 816-unit freehold condominium by Hoi Hup Realty as well as Sunway Property on Thiam Siew Avenue -and have been able to achieve solid sales of more than 200 units per. The Continuum was launched on May 6 recorded 206 (27%) units sold over the course of its opening weekend, with an average of $2,732 per square foot.

Additionally, Wong points out that despite the increase in the the additional buyer’s tax (ABSD) rate for foreign buyers up to 60%, Blossoms by the Park was able to acquire eight units by foreigners. The Continuum saw one. In all, foreign buyers represented 8% of all sales in April, which was the same as the month prior to.

But Wong believes that foreign demand for homes may slow over the next couple of months when foreign buyers evaluate the new rules. “It isn’t quite there and we’re not sure, but that the ABSD rate hike is likely to be affecting the demand for foreign investment,” she adds. This could cause a decline in foreign investors’ demand, especially in the CCR that tends to draw greater interest from foreign investors.

Contrarily, Huttons’ Lee believes that the interest of foreigners in the luxury housing market in Singapore is still strong. “Interest hasn’t slowed substantially following these cooling steps. Foreigners are still scheduling appointments to visit luxurious houses,” he says.

Eugene Lim, key executive officer and director of research and market information for ERA Realty Network, concurs and says that buyers remain attracted by Singapore’s stability in administration and robust currency. “For those with a good net worth that are wealthy, they might eventually take a look at the overall costs for property possession within Singapore (which is comprised of the property cost as well as buyer’s stamp duty and ABSD) instead of focus on the excessive ABSD price,” he opines.

In any event, new homes for sale in the upcoming month are likely to be dependent on the home buying market from Singaporeans as well as Singapore permanently resident. “New home sales in the month of May 2023 are expected to be quite robust due to the anticipated release of The Reserve Residences (the 732-unit condominium owned by Far East Organization and Sino Group located at Jalan Anak Bukit) attracted a great deal of interest,” predicts PropNex’s Wong.

A semi-detached home on Vaughan Road off Upper Serangoon Road will be put on the market on 25 May with a suggested value at $5.5 million. This is an owner’s auction as per Mok Sze Sze who is the managing associate SRI Auction. SRI Auction, who is in charge of the sale. This property is to be auctioned off along with vacant possession.

Altura launch price is an affordable property in a prime location in district 23 of Singapore. Whether young or an old couple, after a safe, quiet cul-de-sac environment away from the fast-paced city life, Altura EC is the ultimate destination.

The property is located on a freehold land area of 5,647 sq feet and has the property having a 10.4m-wide frontage on Vaughan Road. On the basis of land size the price guide amounts to $973 per sq ft. The property is zoned to allow two-storey mixed land uses under the Master Plan 2019. Based on caveats that were lodged in the land, the property has been sold July 2013 when it was sold for $4.7 million ($832 per square foot).

The house is two stories high and has the roof terrace, and was completed in the year 1985. It houses six bedrooms and a total area of around 77,000 square feet. Because of the old home’s condition and the vast space this site is perfect for redevelopment as per SRI’s Mok. “Subject to approval by authorities in the area the buyer may renovate the property and construct a brand new detached house in the site,” she remarks.

The two-storey home forms part of Vaughan Garden, a mixed-use land-based residential estate located in District 13. In the spring of this year it was reported that the property next to it — a two-storey semi-detached home was auctioned off in an auction conducted by SRI to the tune of $6.3 million ($948 per square foot) on Feb. 28. This property came from an estate.

Prior to that, three properties located in Vaughan Garden were sold last year. Three of the properties were terraced homes. In July of last year one of the houses on Lorong Biawak with a land size of 3,168 sq ft was sold for $4.63 million ($1,461 per square foot). In August, a second property located in Lorong Biawak with a land area of 3,182 sq feet was sold to the tune of $5.26 million ($1,653 per sq ft). In December of last year, a house that had a land size of 3,067 sq feet was bought at $5.25 million ($1,712 per sq ft).

Mok believes that the site to attract a lot of attention because of its freehold status potential for redevelopment and its position close to the amenities. For instance the site is only a short walk from The Nex shopping mall in Serangoon Central, connected to the Serangoon MRT Station on the North-East and Circle Lines. “There are also numerous restaurants and other services in the vicinity of Upper Serangoon Road,” she says.

The property will be appealing to families with children in school due to its close proximity to numerous schools, including Yangzheng Primary School, Zhonghua Secondary School and Nanyang Junior College — all of which are located along Serangoon Avenue 3.

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

Altura in Bukit Batok West Ave 8 at the heart of Bukit Batok Town and sits on a 12,4449.3 sq m site with a maximum Gross Floor Area (GFA) of 37,348 sq m.

“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 as the COO of Far East Organization. leasing and sales division of the Far East Organization. “However we are aware that we must give our customers value. Therefore, we price our products very competitively and that is in line with the market.”

Shaw states that prices will begin at $2,300 per square foot. One-bedroom apartments with 441 square feet will cost $1.11 million ($2,517 per square foot) and two-bedroom units will start from $1.45 million. Three-bedroom units will begin at $2.2 million, while four-bedroom units will cost more than $3 million.

The mixed-use development is planned to be merged with a transportation hub that will have direct access the Beauty World MRT Station via an underground link as well as an air-conditioned bus interchange located on the second level of the mall that is set to be three stories high. 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 that have 732 units as well as apartments that are serviced that have 160 units.

WOHA developed It was designed by WOHA Reserve Residences as a collection of low-, mid and high-rise blocks that range from up to 32 storeys. There are four collection options across the eight blocks of residential housing The Reserve Residences, with 502 units ranging from one to three bedrooms; Horizon Collection, with 167 units that have three and four-bedrooms that offer breathtaking perspectives; Creekside Collection, with 48 exclusive units that range from three- and four-bedrooms (levels 6 to 11) as well as Treetops Collection, with 15 superior units that include five and four-bedrooms, penthouses and duplexes that have view of Bukit Timah Nature Reserve. Bukit Timah Natural Reserve, or panorama perspectives from the Bukit Timah region.

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

The complex has more than 70 amenities spread over seven levels in The Reserve Residences. The facilities vary from a 50m lap pool, an aqua gym that has a spa as well as a jogging path of 600m along with a dog run, with dining and relaxation pavilions at level 33. They have panoramic views over The Bukit Timah Nature Reserve as well as its surroundings.

Workpods in the Level 17 Sky Garden provide open views of the neighbourhood. Alongside the communal facilities located on level 4 and 5, there’s further facilities in levels 12th level, the 17th and the 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 situated at Jalan Anak Bukit, with the bid in the amount of $1.03 billion on August 20, 2021. The auction was a two-envelope method that was based on the concept and price. Five bids were submitted by the 50:50 partners. they 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 capabilities of Far East Organization to rejuvenate and transform space into vibrant communities loved by both residents and the people who visit,” says Shaw.

The 296-unit One Holland Village Residences is currently 93% sold and is scheduled to be completed in the coming year. The project reached a price per square foot highest of $3,426 after a 27th-floor 4,088 sq ft unit sold for $7.155 million in August. The second highest price per square foot of $3,391 was recorded in February, when the 1,238 square feet three-bedder located on the 26th floor. It which was bought to a buyer for $4.198 million.

Reserve Residences Reserve Residences is not the first mixed-use project that has transportation hub developed by the Far East Organization has developed. The second one is Watertown located in Punggol Central, which opened 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 the mixed-use development that is integrated with the transport hub can’t be overstated, claims Propnex Chief Executive Officer Ismail Gafoor. If we assume that the initial price of $2300 psf for The Reserve Residences can be considered to represent an average of 15% over the cost of a separate condominium, that’s a cost of $2,070 per sq ft Gafoor says. “That’s comparable to the price of a new suburban condominium located in 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% apartments are two- and one-bedders which are sure to draw the attention of investors. “Being an integrated project located within the Bukit Timah belt in District 21 is an advantage.”

Based on the launch costs of certain mixed-use developed developments that are integrated, PropNex’s analysis indicates that these developments could have price increases that range from 14.7% to 29.3% when compared with the nearby residential developments.

In terms of rent prices, the distinction is even more striking when it comes to mixed-use integrated developments offering rents that range between 21.1% to 61.5% as per Gafoor.

“The Reserve Residences will be the first and only release of a mixed use project that is integrated with a transportation hub by 2023,” declares Huttons President Mark Yip. All across 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, and adjacent commercial developments such as shopping malls. Six are completed, and Three are under construction and include The Reserve Residences. “Buyers prefer developments that are connected to hubs of integrated transportation for their ease of use and the rarity, capital appreciation, and rentability” Yip adds Yip.

Although prices for The Reserve Residences may start at $2,300 per square foot however, the range of prices will be quite wide due to the fact that units are available at the fourth level and go up through the 32nd level, and the range of types of apartments with different views, according to SRI the managing partner Ken Low.

“Melting pot made of Bukit Timah’
Right across Jalan Jurong Kechil are two other developments: the freehold 120-unit the Linq @ Beauty World by BBR Holdings and the upcoming 99-year leasehold condominium in Bukit Timah Link, which is 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, 49633 sq feet site as part of a land tender. The site could potentially yield 160 housing units. The project is scheduled to completion before the end of this year.

Since the site located at Bukit Timah Link lies in near the Beauty World MRT Station exit The SRI’s Low hopes for the developer to market the construction in the range of “no less than $2,600 per sq ft”.

Linq @ Beauty Linq @ Beauty will be a revamp of the previously-owned Goh & Goh Building by BBR Holdings. It will comprise homes, retail and commercial space. It will also be connected by underground access to Beauty World MRT Station. The first day of the launch in November 2020 the first day of launch, 120 apartments (96%) of the 120 units sold for an average of $2,165 per square foot, based upon caveats that were lodged. The final unit was sold for $2,378 per sq ft in December 2021.

In March of this year the 431 square foot one-bedroom unit in The Linq was sold through a sub-sale of $1.18 million ($2,741 per square foot). The buyer bought the unit at $1.007 million ($2,339 per square foot) which was 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 after completion 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) or Beauty World Plaza (completed in the year 1982) have success in their collective sales.

In the 1Q2028 timeframe, it is planned to be finished It is expected to be completed by 1Q2028. Reserve Residences are expected to become “the melting point for The Bukit Timah” says Low. “There aren’t any major shopping centers in the area at present,” he says. “In the near future you’ll get the most desirable of both worldswhich is a mixture of the traditional and the brand new.” The new Bukit V will include more than 20000 sqm (215,280 square feet) that will be retail spaces along with 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 constructed by the government in 1984) and Bukit Timah Plaza will be in walking distance.

Locals to fuel demand
Based on the profiles of buyers in new projects launched at both the OCR and RCR in the last three years, it appears that at least 90% of buyers were Singapore citizens, 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 five% up to 7.5% of buyers, foreigners had a tiny proportion of less than five%.

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

The reserve Residences is located within a mile 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 short distance away.

“Given it is close to many high-quality schools within the Bukit Timah belt area, lots of families will find this project appealing,” says Christine Sun, senior vice-president of research and analytics at OrangeTee & Tie.

Apart from households, Sun expects units at The Reserve Residences to attract investors who are looking to secure the possibility of a long-term rent income. “Such connected developments draw tenants because they can travel conveniently to other parts of Singapore as the development is connected to the major transportation hubs such as an MRT station as well as an interchange for buses.”

Cheung Kei Center, a Grade A office located situated in Kowloon, Hong Kong, is available for sale via tender according to Savills appointed by the receivers of the building to sell the property. The building was owned previously by Cheung Kei Group, a private investment firm owned by Chinese billionaire Chen Hongtian, also the chairman of the group. Cheung Kei Group purchased the property in December 2016 in exchange for HK$4.5 billion.

Altura main contractor Qingjian Realty and Santarli Construction, are the official developers of the much-awaited Altura EC residence. This is after the duo submitted the highest bid amounting to $266 million, equivalent to $661.67 per square foot per plot ratio (psf ppr).

However, creditors seized it in March following the company failed to pay the loan. Chen was also stripped of ownership of two residences he owned personally which included the 9,200 square feet luxury property situated on The Peak he had purchased for record HK$2.1 billion in the year 2016.

Cheung Kei Center comprises an office building as well as a two-storey retail villa, which totals around 279,000 square feet in commercial area. The building also houses the capacity of 155 parking spaces for cars. The structure, which was originally dubbed One HarbourGate East Tower – forms part of The One Harbourgate complex, which was constructed through Wheelock Properties, completed in the year 2016.

Savills has announced that a market assessment done by the building’s first owner in 2012 puts the value of the property at $7 billion in Hong Kong dollars ($1.18 billion). The auction to purchase Cheung Kei Center will close on August 28.