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Singapore’s industrial property scene has witnessed a robust uptick, marking its 12th consecutive quarter of expansion as of the third quarter of 2023. A surge in demand across various sectors has underpinned this consistent growth, positioning the industrial real estate market as a resilient component of the city-state’s economic landscape.

Altura map nestled in the sought-after Bukit Batok enclave (Outside Central Region), the Altura EC residence boasts convenient access via the well-established transportation network.

Industrial Real Estate Climbs Amidst Global Uncertainty

The narrative of Singapore’s industrial sector tells a story of resilience and burgeoning demand. As global uncertainties loom, businesses and investors have turned their gaze towards the strategic locale of Singapore, seeking stability and opportunity. This trend is reflected in the robust growth metrics recorded throughout multiple quarters, with the most recent data from the third quarter of 2023 indicating no departure from this upward trajectory.

Key Drivers of Growth

Several factors contribute to the vitality of the industrial property market:

  • Strategic Positioning: Singapore’s strategic geographical location continues to entice logistics and supply chain operators.
  • Technological Adoption: The rapid embrace of technology by manufacturing entities has spurred a renaissance in industrial demand.
  • Business Optimisation: With space being at a premium, businesses are optimising their operations, seeking out efficient and strategically located industrial spaces.
  • Economic Policies: Government incentives and supportive economic policies have cultivated a nurturing environment for industrial growth.

Market Dynamics: A Closer Look

As the bellwether of industry health, rents and prices have not only held steady but have appreciated, echoing the vitality of the sector. High-specification industrial buildings, in particular, have seen an uptick in rental rates, a testament to the shifting focus towards quality and innovation in the industrial realm.

The capital values mirror this growth, with both buyers and renters vying for strategic pieces of industrial real estate, pushing the valuation of these assets northward. The most sought-after regions, unsurprisingly, include those well-connected to transport links and those that are earmarked for future development, indicating a forward-looking investment strategy among stakeholders.

Forecast and Implications

Looking ahead, the market shows no immediate signs of plateauing. The sustained demand is likely to keep the momentum going, with industrial rents and prices potentially charting new heights. For businesses looking to expand or enter the Singapore market, the current climate presents a promising landscape, albeit one where strategic investment decisions are key to long-term success.

As the market evolves, so too must the strategies of those operating within it. Staying abreast of trends, anticipating shifts in demand, and being agile in response to economic cues will be crucial for stakeholders looking to capitalise on this growth phase.

Conclusion

Singapore’s industrial property sector’s endurance is emblematic of its intrinsic strength and the overarching confidence in its economic foundations. As we witness the sector’s 12th successive quarter of growth, the message is clear: the industrial real estate market in Singapore is not just surviving—it’s thriving.

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Decline in Manufacturing Growth Affects Property Sales

The industrial property market in Singapore has experienced a downturn in sales transactions in the third quarter of 2023, primarily due to a slowdown in the manufacturing sector. As key manufacturing segments show reduced growth rates, this has had a ripple effect on industrial sales, signaling caution among investors and occupiers.

Altura Qingjian Realty and Santarli Construction, are the official developers of the much-awaited Altura EC residence.

Industrial Sales Volume and Price Dynamics

Statistics have indicated that there has been a noticeable decrease in industrial sales volume compared to the previous quarter. The decreased demand has also had an impact on prices, with a more cautious approach from buyers leading to a competitive pricing environment. This trend is especially notable in the Business 1 (B1) category of industrial spaces.

Regional Variations in Industrial Demand

Geographically, the industrial property market has shown variations. While certain regions remain resilient, others have seen a significant drop in activity. The impact of the manufacturing slowdown is not uniform across Singapore, suggesting localized factors are also at play in the market’s performance.

Outlook for the Industrial Property Market

Moving forward, market analysts project that the industrial property sector may face continued challenges, especially if the manufacturing sector’s growth continues to stall. This could result in a sustained period of subdued industrial property sales. However, long-term prospects remain dependent on broader economic trends and the potential for recovery in the manufacturing industry.

In summary, the correlation between manufacturing performance and industrial property market health has been strongly evidenced in the 3Q2023 results. Stakeholders in the industrial real estate market are advised to keep a close watch on manufacturing trends for indications of future market directions.

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The Driving Force Behind the Upward Trajectory

Recent studies suggest that investments in multi-family properties within the Asia-Pacific region are on the brink of a significant upswing. Renowned global property consultant, JLL, forecasts a potential doubling of these investments by the close of 2030.

Altura condo for sale is expected to house 375 elegant and spacious family-friendly units.

Key Factors Stimulating Growth

A combination of urbanization, changing living preferences, and favorable governmental policies are shaping this trend. The Asia-Pacific region, known for its dynamic economies and burgeoning urban centers, has witnessed a shift towards more flexible living arrangements, propelling the demand for multi-family properties.

JLL’s Expert Analysis on Investment Patterns

JLL’s intricate research indicates that the current investment volume in multi-family assets within the region is approximately $83 billion. By 2030, they predict this figure to leap to a staggering $165 billion, reflecting the enormous potential in this segment of the property market.

Beneficial Government Policies: A Catalyst for Growth

Governmental bodies across the region have introduced initiatives and policies to foster the development of multi-family properties. These measures, ranging from tax incentives to simplified property acquisition procedures, have eased the path for investors, amplifying the allure of the multi-family property sector.

The Way Forward for Investors

For those pondering the real estate investment landscape in the Asia-Pacific region, multi-family properties emerge as an attractive proposition. The anticipated growth, coupled with supportive governmental policies, makes it an opportune time for investors to delve into this segment and reap substantial rewards.

In conclusion, the Asia-Pacific multi-family property market is poised for exponential growth. The confluence of socio-economic factors, changing lifestyle preferences, and propitious government policies create a fertile ground for investments in this domain. As we approach 2030, the landscape looks promising for both seasoned investors and newcomers alike.

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The EdgeProp Singapore Excellence Awards (EPEA) 2023 featured three distinct categories for the People’s Choice Award, encompassing completed and ongoing residential projects, as well as a novel hospitality segment. This year saw an impressive turnout of 9,000 votes cast by the general public through an accessible online voting system, marking the highest participation in the awards’ seven-year history.

Approximately 50 projects participated in this year’s competition, and the clear winner in the “Uncompleted” category was Tembusu Grand. This exceptional development, the result of a collaboration between two esteemed property developers, City Developments Ltd (CDL) and MCL Land, offers 638 units and is strategically located on Jalan Tembusu, adjacent to Tanjong Katong Road, in the highly sought-after District 15.

Tembusu Grand marks the third successful partnership between CDL and MCL Land, following the triumphant launch of the 405-unit Piccadilly Grand private condo in Farrer Park and the 639-unit Copen Grand executive condo in Tengah last year, both of which achieved full occupancy.

Since its unveiling in early April, Tembusu Grand has garnered an impressive 58% take-up rate as of the end of September, with an average price of $2,462 per square foot. The development benefits from its proximity to the vibrant Tanjong Pagar neighborhood on the East Coast, offering a diverse array of traditional eateries, cafes, bakeries, restaurants, and shopping malls such as I12 Katong and Parkway Parade.

For families with school-age children, the presence of schools like Kong Hwa School and Tanjong Katong Primary School within a 1km radius adds further appeal.

Tembusu Grand’s design, inspired by the graceful shape and texture of Tembusu heritage trees, not only captivated the public but also underscores a commitment to aesthetics and environmentally conscious living, making it an attractive choice for eco-minded homebuyers.

The interior design of Tembusu Grand’s show flats showcases the adaptability and versatility of spaces, catering to a wide range of needs and preferences. Potential buyers can visualize the possibilities of two-, three-, or four-bedroom units, creating a sense of connection with the development.

The project offers a range of outstanding amenities, including a grand arrival and drop-off area, two clubhouses, and a captivating lantern-like clubhouse with expansive glass windows overlooking the 50m infinity swimming pool and lush landscaped grounds. This commitment to luxurious living adds considerable value to the development.

Tembusu Grand proudly holds a Platinum Super Low Energy certification, signifying the highest standard of environmental sustainability under the Building and Construction Authority Green Mark rating. This focus on energy efficiency aligns with modern eco-conscious living, appealing to buyers who prioritize a sustainable lifestyle.

By highlighting these unique features and benefits, the article not only showcases Tembusu Grand’s achievements but also positions it as an attractive choice for potential buyers seeking a combination of aesthetics, versatility, and sustainability in their future homes.

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This year’s EdgeProp Singapore Excellence Awards garnered approximately 9,000 votes from the public, and they have chosen the freehold condominium, MeyerHouse, for the People’s Choice award in the completed residential projects category. Nestled in the affluent residential enclave at 128 Meyer Road in Marine Parade, this development holds a coveted spot in the Katong district and boasts close proximity to the East Coast Park beach. Situated on a spacious one-hectare plot within a landed housing zone, the 56-unit property is a standout.

Jointly developed by UOL Group and Kheng Leong Co, MeyerHouse is nestled in prime District 15 and was completed last year, offering 56 generously-sized units. These units comprise a blend of 10 three-bedroom apartments, each spanning between 1,862 and 2,013 sq ft, and 40 four-bedroom units ranging from 2,820 to 3,315 sq ft.

Additionally, there are six duplex penthouses, each featuring five bedrooms and spanning between 5,662 and 5,683 sq ft. The spaciousness of MeyerHouse’s apartments caters to homeowners seeking privacy and ample living space in Singapore’s land-constrained environment while providing a serene natural backdrop.

MeyerHouse’s exceptional design was recognized with the Design of the Year award at the Singapore Institute of Architects’ Architectural Design Awards 2022.

To maximize privacy and create an exclusive atmosphere for residents, MeyerHouse introduces a dedicated lift and private entrance lobby for each unit, providing direct access from the carpark to their apartments—an innovative feature unique in Singapore. Additionally, dedicated attached private parking spaces are available for occupants of the four-bedroom units and penthouses.

Leveraging its low-rise surroundings and the neighboring natural park, MeyerHouse ensures privacy, even in close proximity to adjacent condos. The property maximizes the separation between units to offer residents a secluded and tranquil living experience away from prying eyes.

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A condo’s design is a procedure that is heavily influenced by the characteristics of a particular site. When planning a project, developers must work within the limitations of a property and come up with designs that maximize effectiveness while also creating homes that are attractive to potential buyers.

The Continuum The Continuum, the forthcoming condo project developed by Hoi Hup Realty and Sunway Developments is a perfect illustration of developers looking for innovative ways to circumvent site restrictions. The development’s site is comprised of two freehold land parcels located that lie on either the other side of Thiam Siew Avenue, a peaceful lane that lies in between Haig Road and Tanjong Katong Road in District 15. Prior to the sale, site was home to prewar bungalows as well as semi-detached houses. The total totaling 263,794 square feet.

The developers have jointly bought the two plots together at $815 million the month of November 2021. The plots are within walking distance of 2 MRT stations – Paya Lebar Interchange MRT Station (for the East-West and Circle Lines) as well as Dakota MRT Station on the Circle Line The sites are within walking distance of facilities in the vicinity of Paya Lebar, Joo Chiat and Katong areas.

There was a lot of speculation about whether they would be able to predict whether the group of developers would open two condos in separate buildings or buy the road to create a bigger, unified site The answer came just a year and an hour later after Hoi Hup and Sunway previewed The Continuum in April.

In collaboration together with P&T Architects, the developers plan was to develop an enormous development with the plots connected via a private overhead bridge for pedestrians. Each plot, which is designed as a self-contained unit and will be home to three residential towers, each with 408 units. They will be referred to as”the North as well as the South condos, each plot will have an entrance, drop-off zone and parking in the basement. Together the two sites will comprise eight16 houses.

The bridge that connects the two sites is constructed through a ramp on the deck that is landscaped located on the North plot, and continues to the clubhouse located on the South plot. The bridge, which weaves through the gardens and a bridge that is elevated over pools, has been intended to become a brand new landmark in the neighborhood.

Tang Kok Thye, associate partner at ADDP Architects and one of the EdgeProp Singapore Excellence Awards (EPEA) judges, regards the bridge as an attractive solution that allows residents to take advantage of both plots’ sprawl.

He attributes the inventiveness that this concept has to the Continuum’s performance during The EPEA in the year that it was held, when it was awarded the award for top development. The Continuum also won the top prizes for Landscape Excellence and marketing Excellence as well as Showflat Excellence.

Hoi Hup Hoi Hup and Sunway shared the EPEA’s first Top Sustainable Developer title. The award category recognizes developers who have the highest score for their development using a sustainability scoring system devised by CPG Corp that follows BCA Green Mark 2021 ratings requirements. Terra Hill, Hoi Hup and Sunway’s condo with 270 units located at Yew Siang Road was the highest-scoring development of the year’s EPEA submissions which was being followed by The Continuum.

The bridge between old and new
Thiam Siew Avenue is named for the late property hotelier and tycoon Wee Thiam Siew. A prominent professional, Wee served as the chairman of the tobacco dealership Ban Leong & Co. He also was the owner of The New 7th Storey Hotel situated on Rochor Road, the Lion City Hotel (situated near the intersection between Geylang as well as Tanjong Katong Roads) and the Hollywood Theatre on Tanjong Katong Road.

Wee built rental homes in Thiam Siew Avenue before the war. After his death in 1972 and the properties on Thiam Siew Avenue were passed on to his heirs. The Wee family then sold the properties comprised of two freehold plots of residential land and 25 houses – in the name of Hoi Hup in addition to Sunway.

Be aware of the past of the property and history, the joint developers retained the name Thiam Siew Avenue and picked one of the bungalows constructed before World War II to conserve. It is dubbed the Thiam Siew House, the bungalow is being renovated into a clubhouse located on the North lot, with amenities like a library as well as the function room.

Thiam Siew House is a striking contrast to the Continuum’s other clubhouse on the South lot. The design was inspired by a glowing lantern The two-storey clubhouse dubbed The Glass House has a contemporary design that features angular lines as well as ceiling-to-ceiling windows. The distinct design of the clubhouses was deliberately chosen to signify that there is a link between the past and the modern at the time of construction.

Many different facilities for lifestyle
Residents can take advantage of numerous condominium facilities on both sites each of which has its own pool, gardens playgrounds, clubhouses and play areas. Each site also features an own roof garden offering amenities such as hot tub, jacuzzi outside lounge, and fitness center. “The sites are shared, but they’re also self-contained.” declares EPEA judge Tang and adds that this allows residents to have easy access on these plots.

It was made sure that every site differs and offers everyone a broader selection of leisure amenities. For instance In North condo, for instance North condominium, Thiam Siew House is the center of attention for an “Heritage Zone” with tranquil landscape and decor that is that is influenced by the rich history of the Katong region. The property also has an “Wellness Zone” surrounding a 33m lap pool that has barbecue and jacuzzi as well as there is a “Fitness Zone” with additional pools with jacuzzis, pools and a multi-purpose lawn.

The South lot has a larger “Play Zone” that includes a multi-purpose recreation court, and the Glass House includes a sound space that is ideal for parties with karaoke. Additionally to that, South condo’s South condo’s two pools have a wide range of water features, including Vichy shower beds, hydrotherapy facilities to 50m lap pools and the children’s splash zone. The wide range of amenities offered throughout the various zones recognizes the different lifestyle requirements of the residents.

Signature and Prestige homes
The developers have thought-provoking plan extends to the style of the residences in The Continuum. The apartments are split by two groups: The Signature and Prestige units. The Signature units start from one-bedroom-plus-study units of 560 sq ft, ranging to four-bedroom apartments of up to 1,518 sq ft. Certain Signature units have an extra foyer or dry kitchen.

The Prestige units are the three-bedroom-plus-study, four-bedroom-plus-utility and five-bedroom units, ranging from 1,227 to 2,282 sq ft. In addition to offering larger homes Prestige units will also come with private lift access, wood flooring in bedrooms, along with marble floor tiles in living and dining rooms. Bathrooms for master bedrooms will be completely decorated with marble with four- and five-bedders that come equipped with walk-in wardrobes.

The units at The Continuum come with a storage space, a tall cabinet near the entrance, which includes the board for distribution and an e-sock rack. Master bedrooms are also designed to accommodate a king-sized bed and come with a closet that is floor-to-ceiling with a mirror that is full height and a side dresser that is built-in. Most common bedrooms can be fitted with one queen-sized bed.

The apartments are fitted with appliances for the kitchen from V-Zug, refrigerators made by Samsung as well as bathroom equipment made by Laufen as well as Gessi. The apartment is also outfitted with smart home features like the video doorbell, as well as smart air conditioners in the living area and the master bedroom. These can be controlled by an app.

Marketing that is well-rounded
Alongside its meticulous design and plan, the judges at this year’s EPEA acknowledged The Continuum for its marketing initiatives. Hoi Hup and Sunway harnessed an integrated marketing strategy that promoted growth of the company through a variety of media, including print, online, radio and television as well as alternative media.

The strategy was coupled with a spectacular sales gallery that showcased the progress. The developers have invested more than six million dollars to construct the gallery that spans two floors. The model in scale is located in the middle of the main hall, which has an imposing ceiling with two volumes. Two showflats are available for Signature units on the first floor. There are also two showflats for Signature models on the ground floor as well as two showflats that are for the Prestige units are located on two floors. A large lounge area that has lots of seating for potential homeowners and agents is accessible.

Through its sales efforts The condo recorded the condo sell 216 (26.5%) units sold in its opening weekend, June 6 and 7. On September 25, caveats filed with URA reveal that 269 units were sold for an average of $2,737 per square foot.

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Perched at the top of a hill, in the forest Kent Ridge Park is luxury freehold condo Terra Hill, that has captured the hearts of judges for it to win the Sustainability Award in the EdgeProp Singapore Excellence Awards (EPEA) 2023. The property is situated in the vicinity of Yew Siang Road in Pasir Panjang The luxury property is a perfect blend of design and environmental sustainability. The eco-friendly facilities and design elements blend with the natural surroundings like the park as well as the neighboring Greater Southern Waterfront. The condo also has a green proportion of 8.40.

Terra Hill is located on the site that was once home to the former Flynn Park condo. It has a net floor space of 314,490 sq feet and includes nine 5-storey blocks that comprise 270 units. They include two- and three-bedroom apartments with a range of 624- 1,335 sq feet; four-bedders ranging from 1 302 to 1,862 square feet plus five-bedroom penthouses that measure 3,035 square feet.

Although construction is still in progress however, over a third of the condominium’s units have been sold. At the time of the official launch of the project on February 25 and 26, joint venture members Hoi Huup and Sunway Developments sold 102 units. Based on caveats filed on Sept. 22nd, the total of 105 units were sold, that the take-up rate is 38% and an average of $2,670 per square foot.

Building sustainable

Associate partner at ADDP Architecture Tang Kok Thye, one of the judges for EPEA 2023 and says: “The sustainability of a project is in its mechanism that are in place, like the air conditioning and lighting system and the way they are used to conserve the energy.” In keeping with this, Terra Hill provides energy-efficient five-ticks air conditioning for its vehicles and in its parking. The condo also has solar panels to reduce the energy consumption of common areas. The condo also includes an e-waste bin to dispose of electronics and electrical gadgets that are no longer in use.

The concept of sustainability is prominently portrayed in the landscape of the development that was developed by the landscape designer STX Landscape Architects. The project takes advantage of the rugged terrain and hillsides to produce a terraced area with five distinct zones of landscape. The site maximizes its location near its Greater Southern Waterfront by dotting the vantage points with 5 distinct spaces for community use that have the lush vegetation that covers its landscape. To add to its lush greenery are lakes that resemble lagoons and streams with water features that cascade across the landscape. The result is a style seamless blend of Terra Hill with its surrounding natural surroundings and features amenities which mimic the natural elements that are found in a forest hill area.

Strong biophilic design

The project was developed by architectural firm P&T Consultants with biophilic principles in mind, influenced by the hills as well as the surrounding natural landscape Hoi Hup Realty’s chief director Koon Wai Leong. He adds that Terra refers to “earth”. “There was a quick recognition of the lush green environment of the land that Terra Hill sits on. We made the decision early to develop an original landscape design by terracing the zones of the landscape from low to high in order to mimic what the landscape is.” However the unusual site was a challenge for our team to manage. “The terrain was an excellent element, but it also created an enormous challenge during the design. There were a lot of resources to be utilised to deal on the sloped terrain.”

Beyond the design Eco-consciousness extends to encouraging the sustainable development of the natural surroundings. This is accomplished by planting native species throughout Terra Hill to create green areas and pathways that connect to the Kent Ridge reserve for birds as well as butterflies and other insects. The species, colors the textures, and shapes of plants have been carefully selected to serve the dual goals of encouraging ecological harmony while also supporting the overall green design for the entire project.

Terra Hill takes “going green” literally when it comes to its selection of natural colors for its homes. Inside, the units feature clean lines and neutral shades, such as warm greys and deep browns as well as some charcoal grey. To complement the natural hues and textures, the right materials were chosen to construct the units, including natural wood and stone. The homebuyers will be able to take advantage of Terra Hill’s inventiveness in the blend of biophilic design and luxurious living once the project is complete and scheduled to take place in 2026.

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Local construction firm Samwoh Corporation has submitted the highest bid to rent an official state-owned property located at 26 Evans Road. Based on the Singapore Land Authority (SLA) the tender to bid on the property had received bids from 25 applicants at the time of closing on the 11th of October on a Wednesday.

The public tender for the 26 Evans Road was launched on the 16th of August on the same day SLA gave the heritage property located between 79 and 95 Hindoo Road, to local construction firm Eco-Energy in collaboration with a local co-living provider Cove Living.

The auction for Hindoo Road property was part of the SLA’s efforts to meet the demand for co-living in Singapore from both tenants and operators. SLA also promoted co-living ideas in its bid for the 26 Evans Road.

The property located at the 26th floor of Evans Road comprises eight different low-rise structures ranging from three to one-storeys as well with 56 carpark lots. The properties are comprised of a gross floor space of 69,593 sq feet are available for lease on 5-year-plus 4 year lease.

On the tender webpage of the SLA website, the monthly rental bids on the property vary from $319,000 to $63,000. The bid will be judged in terms of quality and price. It means the value of the concept and the originality of the idea will be assessed as well as the bid rent for each month.

The second-highest monthly bid price of $265,000, was offered through Cover Projects, a local turnkey solution supplier. Eco-Energy also made a bid of $178,000 per month and real estate management firm LHN Group, who controls the Coliwoo co-living brand, made the bid of $165,000.

A co-living company that has thrown its name into the auction are TAP Colivings, an entity that is owned by the homegrown operator of co-living The Assembly Place, who offered $168,000.

According to SLA the results of the competition of the 26 Evans Road will be announced on the 9th of January next year.

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Noel Building, the freehold development located on 50 Playfair Road in the Tai Seng area, is available for auction with a suggested price of $70 million. The eight-storey building is situated on 2679 square feet of site which is zoned to “Business 1 and White” usage with an area size of 3.5. It is situated 400m away from Tai Seng MRT Station on the Circle Line.

“Sites that are zoned for “Business 1 – White usage are very rare, with just some scattered sites throughout Singapore,” notes Swee Shou Fern director of advisory services for investment for Edmund Tie, which marketing the property. She believes that the property located at 50 Playfair Road offers a unique opportunity for owners looking to create and build their own corporate headquarters. One option could be convert the property into strata factories to allow all-light industrial use.

The site could be developed to provide an area of gross floor space of 93,770 sq feet with the possibility of using all of the space for business 1 as well as light industrial purposes or, alternatively, at minimum 66,978 square feet can be allocated for light industrial uses as well as the remaining 26,791 square feet could be repurposed for “White” usage, says Edmund Tie. Permitted uses in this zoning include cafes, restaurants, shops showrooms offices, associations, and recreation clubs, among others. subject to approval by appropriate authorities.

The price guide of Noel Building works out to the land rate of $776-$986 psf in plot proportions (psf ppr) dependent on the percentage of white and industrial usage.

Swee notes that high-quality strata factories that are located near transportation hubs like MRT and surrounded by amenities are sought-after. “This is evident by the nearby AZ@PayaLebar which was completed in 2014, and in which the cost of factories for strata have increased by about six% between an average $1,389 for square foot in the 2H2022 period and $1,472 for a sq ft for the 1H2023 period,” she says.

Swee says that the most significant transaction that took place for the site that had “Business 1 – White” zone within the private sector was a sale of Citimac which is currently Grantral Mall at MacPherson. The site was bought in bulk in 2017 for $430.1 million ($1,047 psf per ppr) in the year 2017. The deal was mediated through Edmund Tie.

A tender to purchase Noel Building will close on November 22 at 3pm.

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A huge 10,710 square feet penthouse in Goodwood Residence was bought for $32 million, which is $2,988 per square foot. The property, situated on the 12th floor was initially purchased at $15.6 million ($1,457 per sq ft) just 10 years ago.

This amounts to the gross profit being $16.4 million, or approximately annualized return in the range of 8% for the owner who was originally. Gross profits do not include additional costs such as stamp duty, commissions and any taxes that could be imposed. With these added costs, this sale is an important financial win to the buyer. Based on the floorplan originally the penthouse is equipped with 5 bedrooms and a separate wine room, as well as an outdoor terrace that is ideal to host parties. The owner of the property is an Singapore permanent resident of Chinese nationality.

In district 10 located along Bukit Timah Road The Goodwood Residence, which is 210 units in size Goodwood Residence was designed and was completed by GuocoLand in 2013. The site has a plot-to-plot size of 1.62 and is situated on a 24,608 square meter site that is adjacent to Goodwood hill. Of the 65 resales transactions, 53 have been profitable, whereas 12 were not profitable. This suggests that the need for units in this area remains strong and steady.

A major and intriguing aspects of this sale what it tells us about the lack of demand and scarcity of huge, freehold condominiums located in Core Central Region (CCR) regions. In the past twelve months, just two transactions included units that were larger than 10,000 sq feet. Another was an 11,227-square-foot apartment located at the posh Nassim Les Maisons that was purchased for $68 million in the month of October, 2022.