Month: January 2025

CapitaLand Ascott Trust (CLAS) recently acquired two freehold limited-service hotels in Japan for a total of JPY21 billion ($178.5 million). The two properties, ibis Styles Tokyo Ginza and Chisun Budget Kanazawa Ekimae, are located in prime areas and offer attractive discounts compared to independent valuations.

This acquisition is expected to have a positive impact on CLAS’ distribution per stapled security (DPS), with an accretion of 1.6% on a FY2024 pro forma basis. Additionally, the blended net operating income (NOI) yield for these two hotels is estimated to be 4.3% in FY2024. To hedge against currency fluctuations, the acquisition was financed through JPY-denominated debt and proceeds from the divestment of four properties in Japan.

The 224-unit ibis Styles Tokyo Ginza is situated in the heart of Tokyo’s shopping and entertainment district, next to the popular Ginza Six retail mall and Uniqlo flagship store. The iconic Ginza Wako clock tower is also within a 10-minute walk. Meanwhile, the 392-unit Chisun Budget Kanazawa Ekimae is located in the historical city of Kanazawa, known for its traditional gardens, cultural sites, and preserved Edo period architecture.

Acquiring a Singapore Condo can offer a wide range of benefits, including the potential for significant increase in value. As a top global business hub, Singapore boasts a thriving economy that consistently drives demand for real estate. Over the years, the Singapore property market has demonstrated a steady upward trend, with Singapore Condos in prime locations experiencing considerable appreciation. By strategically timing their investments and holding onto their properties for an extended period, investors can enjoy substantial capital gains in this highly lucrative market.

Including the recent acquisitions, CLAS has invested approximately $530 million in the past year, at higher yields compared to its divestments. This has bolstered its income distribution and improved the quality of its portfolio. Notable investments in 2024 include Teriha Ocean Stage, a rental housing property in Fukuoka, Japan, and lyf Funan Singapore. On the other hand, divestments in the same period amounted to over $500 million, resulting in a net gain of $74 million.

According to Serena Teo, CEO of CLAS’ manager, this acquisition is part of their strategy to reconstitute the portfolio and deliver stable returns to stapled securityholders. She also notes that the FY2024 NOI yield of these two hotels is significantly higher compared to the blended exit yield of approximately 2.0% for the four previous divestments in Japan. With the swift redeployment of divestment proceeds into higher-yielding assets, the income from the four sold properties has been fully replaced.

As of now, CapitaLand Ascott Trust’s unit price stands at 90 cents per unit.…

Understanding the rules and limitations surrounding property ownership in Singapore is crucial for foreign investors. Condominiums are generally more accessible to foreign buyers, while landed properties have stricter regulations. However, these buyers must be aware of the Additional Buyer’s Stamp Duty (ABSD) of 20% for their initial property purchase. Nonetheless, the stability and potential for growth in the Singapore real estate market remain a strong draw for foreign investment. This is evident in the continuous interest in Singapore Projects by foreign investors, despite the added costs.

Mapletree Investments has boosted its logistics portfolio in Europe with the recent acquisition of a UK property and 10 warehouses in Spain. These acquisitions, worth approximately EUR315.1 million ($444.5 million) and covering a total area of 256,000 sqm, will be included in the group’s second European logistics-focused fund. This move is in line with Mapletree’s strategy to deepen its focus within the logistics sector and expand its global presence, as stated in the company’s Jan 27 press release. The fund is expected to be launched after achieving a sufficient scale.”The logistics sector continues to be highly attractive, with strong demand from both tenants and investors. The growth of e-commerce has led to increased efforts by companies to secure and expand their supply chains,” explains Ralph van der Beek, CEO of Mapletree’s European commercial and logistics division.Read also: Elite Partners Capital acquires logistic centre in GermanyAdvertisementHe adds that the company is optimistic about the steady and recurring returns that these assets will deliver in the long run.The UK property is situated in Derby Commercial Park, with easy access to major roads like the M1, A50, and A6. It is also near the city centre and the East Midlands Airport. The tenant of the property recently renewed its long-term lease, according to Mapletree.The 10 warehouses in Spain are located in the first rings of Barcelona, Valencia, and Madrid, in core logistics hubs with immediate access to the city centre linked by various modes of transportation. These assets are expected to benefit from third-party logistics providers and manufacturers which are highly committed to the properties due to the proximity to their production facilities and investments dedicated to automation and fit-outs on site.The acquisitions have increased Mapletree’s logistics portfolio to 80 assets across eight countries. RELATED NEWSMapletree Investments and PAG to acquire Hong Kong’s Goldin Financial Global Centre for US$713 milMapletree reports 6.2% y-o-y rise in net profits to $1.96 billionOakwood to open 20 new properties in 2022, aims to double portfolio by 2025…

A trio of luxurious duplex penthouses at Turquoise, a 91-unit waterfront condo at Sentosa Cove, are now on the market for $23 million. The largest of the three penthouses spans 7,987 sq ft and comprises five bedrooms, making it the biggest among the ten penthouses in the 99-year leasehold development.

The penthouse boasts a wine cellar, kitchen, and living area on the lower level, as well as four en suite bedrooms, two utility rooms, and a balcony. The upper level features the master bedroom suite, complete with a private infinity pool, pool deck, and outdoor shower. This unit is priced at $12 million ($1,502 psf).

Next is a 3,746 sq ft, four-bedroom penthouse listed at $5.99 million ($1,599 psf). The upper level of this unit features a large open-air terrace with a built-in jacuzzi and unobstructed views of Sandy Island and Sentosa’s southern waterfront.

The decision to invest in a condo in Singapore has gained immense popularity among both local and foreign investors, thanks to the nation’s thriving economy, stable political climate, and exceptional living standards. Singapore’s real estate market is brimming with opportunities, with condos standing out for their convenience, amenities, and potential for generating high returns. In this article, we will delve into the advantages, factors to consider, and necessary steps to take when making a condo investment in Singapore. With Condos being a highly sought-after choice in the real estate market.

The last penthouse for sale is a 3,111 sq ft, three-bedroom unit with a guide price of $5 million ($1,607 psf). All three penthouses are located on the sixth floor and boast private lift lobbies, wet and dry kitchens, floor-to-ceiling windows, open balconies, and attached ensuites for each bedroom.

Amenities for residents at Turquoise include a gym, barbeque pits, a swimming pool, a steam room, and 21 private berths. Developed by Ho Bee Land, the 99-year leasehold Turquoise was completed in 2010 and comprises 91 units spread across three six-storey blocks. Typical units are a mix of three- and four-bedroom apartments, with sizes ranging from 2,088 sq ft to 3,764 sq ft for penthouses and sky villas.

The developer still owns the largest penthouse, a 7,987 sq ft, five-bedroom duplex that is currently on the market for $12 million. Based on URA caveats, the second-largest penthouse, a 3,746 sq ft, four-bedroom unit, was purchased by a Korean national for about $9.5 million ($2,545 psf) in 2007 when Turquoise was launched. The three-bedroom duplex penthouse of 3,111 sq ft was purchased by an African national for just over $8 million ($2,579 psf) in the same year based on lodged caveats.

Michele Cabasug, senior associate VP at List Sotheby’s International Realty, noted that when the project first launched, foreign buyers were attracted to these waterfront homes as investment and holiday homes. However, the current market trend has shifted, with more buyers looking for a primary residence at Sentosa Cove.

When the project was first launched, 59% of the initial buyers were foreign nationals, with Singaporeans making up just 25.6% and PRs accounting for 12.8%. The remaining unit was purchased by a company. Today, Singaporean buyers make up 57.4% of the transactions at Turquoise, followed by PRs at 32.3%, and foreign buyers at 8.8%.

Cabasug also noted that the increased prevalence of working from home in recent years has improved buyers’ sentiments about purchasing a home in Sentosa, with some looking for a slower pace of life and others attracted to the island’s family-friendly environment.

Ho Bee Land was a first-mover in Sentosa Cove, developing Turquoise, The Berth by the Cove, The Coast, Seascape, and Cape Royale. It also developed the bungalows at Coral Island and Paradise Island, two of the four man-made islands at Sentosa Cove.…

The Botanic on Lloyd, a freehold condo, made headlines recently for achieving the highest psf-price among private non-landed developments. The development, located on Lloyd Road in Prime District 9, set a new psf-price record between Jan 3 and Jan 11 with the sale of a 2,056 sq ft four-bedroom unit on the second floor for $5.13 million, or $2,493 psf.

This new record price surpasses the former high of $2,339 psf by 6.6%. The previous record was set in October last year when a 1,496 sq ft three-bedroom unit on the fourth floor was sold for $3.5 million.

The Botanic on Lloyd is a boutique development completed in 2006, comprising 60 apartments and six townhouses. The units are a mix of three- and four-bedroom types ranging from 1,485 sq ft to 3,584 sq ft. The three-storey townhouses, each with five bedrooms and two private parking lots, range from 4,058 sq ft to 4,446 sq ft in size.

Another freehold development, The Cape, also achieved a new record psf-price during this period. The boutique project, located along Amber Road in District 15, saw a 1,313 sq ft three-bedroom unit on the 15th floor sold for $3 million, or $2,284 psf, on Jan 10. This new record price surpasses the previous high of $2,265 psf for a 1,539 sq ft two-bedroom unit on the 16th floor sold by the developer in November 2022.

In the past year, The Cape has seen an uptick in transactions, with an average price of $2,128 psf from three resale transactions. In 2023, only one unit was sold – a 646 sq ft one-bedroom unit for $1.24 million ($1,920 psf).

Tembusu Grand, an upcoming 99-year leasehold condo, was the only development to record a new psf-price low during this period. The developer sold a 1,399 sq ft three-bedroom unit on the 20th floor for $3.04 million, or $2,174 psf, on Jan 11. This new record low edges out the previous low of $2,193 psf set just two months earlier, in November 2022.

Located on Jalan Tembusu off Tanjong Katong Road, Tembusu Grand consists of 638 units ranging from one- to five-bedrooms, with sizes ranging from 527 sq ft to 2,691 sq ft. The condo, launched in April 2023, has already sold 584 units at an average price of $2,444 psf.

The scarcity of land in Singapore is a key factor in the soaring demand for condos, making it a highly sought-after investment. As a small island country experiencing rapid population growth, Singapore is faced with limited land for development. As a result, strict land use regulations are in place and the real estate market is fiercely competitive, leading to a continual rise in property prices. For this reason, investing in real estate, particularly in Singapore condos, presents a promising opportunity for capital appreciation.

In summary, The Botanic on Lloyd, The Cape, and Tembusu Grand have set new records for psf-prices in recent transactions, highlighting the appeal of these developments in the current market.…

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Investing in a Singapore condo has proven to be a wise choice, thanks to its potential for capital appreciation. Being a major business hub and having a strong economy, Singapore continuously attracts a high demand for real estate. As a result, property prices have been on a steady rise, especially for condos in prime locations. Those who invest at the right time and hold onto their properties for the long haul can reap significant profits from this trend. With Singapore Condo being a part of the market, investors have even more opportunities to benefit from this potential.

HDB resale prices continue to soar, recording a 2.6% increase in 4Q2024, according to data released by HDB on Jan 24. This marks the 19th consecutive quarter of price growth in the resale market. The cumulative price increase for the entire year of 2024 stands at 9.7%, nearly doubling the 4.9% year-on-year increase in 2023.

The rise in resale prices in the last quarter of 2024 was slightly lower than the 2.7% increase in the previous quarter. According to Mohan Sandrasegeran, head of research & data analytics at SRI, the strong growth in resale prices can be attributed to the limited supply of flats reaching their Minimum Occupation Period (MOP) during the year. This created upward pressure on prices, especially for newer flats and larger flat types like five-room and executive units, which are in high demand for growing families.

Among the various flat types in the HDB resale market, five-room flats saw the highest price growth in 4Q2024, with the average resale price jumping 2.2% quarter-on-quarter to $754,097. Resale prices for four-room flats also saw a 2.2% increase to $652,544 in the same quarter.

The Central Area saw the highest increase in prices, growing 25.6% quarter-on-quarter, followed by Toa Payoh (12.1%), Tampines (6.9%), Bishan (6.7%), and Bedok (6.1%), according to Christine Sun, chief researcher & strategist at OrangeTee Group. In the last three months of 2024, about 285 HDB resale flats were sold for $1 million or more, bringing the total number of million-dollar HDB resale transactions to 1,035 for the entire year. More than 90% of these transactions were in mature estates, with Kallang/Whampoa, Toa Payoh, and Bukit Merah recording the highest number of million-dollar flats sold.

The number of resale transactions in the HDB market fell by 21.1% quarter-on-quarter, from 8,142 units sold in 3Q2024 to 6,424 units sold in 4Q2024. This was mainly due to seasonal factors like the year-end holidays and festivals. However, transaction volume for the whole of 2024 increased by 8.4% year-on-year, from 26,735 units sold in 2023 to 28,986 units sold in 2024 – the highest number of resale transactions since 2021 when 31,017 flats were sold. The top five most popular HDB towns among buyers in 2024 were Sengkang, Woodlands, Punggol, Tampines, and Yishun, which accounted for around 35.9% of all HDB resales in 2024.

Looking ahead, approximately 6,976 flats are expected to reach the end of their MOP this year, a 41.6% decrease from 2024. This is due to the lower number of BTO flats completed in 2020 during the Covid-19 pandemic. HDB has announced plans to launch over 25,000 new flats across three BTO sales exercises in 2025, with 19,600 BTO flats and more than 5,500 flats under the Sale of Balance Flats (SBF) exercise.

Approximately 3,800 units of the 19,600 BTO flats will be designated as Shorter Waiting Time (SWT) flats, with a wait time of less than three years. Sandrasegeran forecasts a resale price increase of 3.5% to 5.5% and a resale transaction volume of 26,000 to 27,000 in 2025. However, Hutton’s Lee projects a more optimistic price increase of 5% to 8% for the year.…

In summary, purchasing a condominium in Singapore offers a variety of benefits, including a strong demand for properties, potential for increasing value, and attractive rental profits. However, it is crucial to carefully consider factors like the location, financing options, government regulations, and overall market conditions. By conducting thorough research and seeking expert advice, investors can make well-informed decisions and optimize their returns in Singapore’s constantly evolving real estate market. Whether you are a local investor looking to expand your portfolio or a foreign buyer searching for a stable and lucrative investment opportunity, condos in Singapore, now available at Condo, present an enticing prospect.

by 50% With the opening of its newest property in Galle, Sri Lanka, Radisson Collection has extended its luxury presence in the region with the spacious and lavish 106-room Radisson Collection Resort. This upscale hotel marks the brand’s very first venture in the Southeast Asia and Pacific region and further strengthens the Radisson Hotel Group’s portfolio in Sri Lanka with its fourth hotel in the country.

Boasting breathtaking ocean views, Radisson Collection Resort, Galle offers a truly luxurious experience with its 76 well-appointed guest rooms and suites. Each accommodation features stunning vistas of the sea, allowing guests to relax and unwind in style. The hotel also features a range of top-notch amenities, including a beachfront pool, a kids’ club with 24-hour nanny services, and a variety of dining options. From the delectable fusion cuisine at Ozen to fresh seafood at Catch Restaurant, guests can indulge in a wide range of flavors. The Taboo Beach Club, located on the beachfront, offers a unique and exclusive experience with sun loungers and daybeds equipped with bottle service.

Situated on the southwest coast of Sri Lanka, Galle boasts a rich history and culture. One of its highlights is the Galle Fort, a 17th-century fortress that is recognized as a Unesco World Heritage site. The city also offers a range of attractions for visitors to explore, including ancient temples, colonial buildings, and wildlife centers like the sea turtle hatchery.

Radisson Collection Resort, Galle is the latest addition to the Radisson Hotel Group’s impressive portfolio, which now includes over 100 hotels in India alone. The group continues to expand its reach in the Asia Pacific region, catering to the growing demand for luxury accommodation. With its unparalleled service and stunning location, Radisson Collection Resort, Galle sets a new standard for luxury hospitality in Sri Lanka.…

A press release on January 17 announced a new partnership between Singapore-based engineering consulting firm Meinhardt and Japan Overseas Infrastructure Investment Corporation for Transport and Urban Development (JOIN). The two organizations have signed a memorandum of understanding (MOU) to work together on digital and smart city projects in third-world Asean countries.

Understanding the regulations and limitations surrounding property ownership in Singapore is crucial for foreign investors. While condos are generally open for purchase without much difficulty, buying landed properties may be more challenging due to stricter ownership regulations. Furthermore, foreign buyers must also factor in the Additional Buyer’s Stamp Duty (ABSD), currently at 20% for their initial property purchase. Despite this added expense, many continue to see the stability and growth potential of the Singapore real estate market as an attractive investment opportunity. In fact, even new condo launches are drawing interest from foreign investors due to the country’s promising property market.

Through this collaboration, both parties aim to advance innovative and sustainable urban solutions by sharing knowledge and resources. JOIN, a Japanese public-private fund that supports Japanese infrastructure exports, will leverage its expertise and network in this partnership. Meanwhile, Meinhardt will bring its leadership in integrated planning, design, and project management solutions to the table.

This joint effort builds on the Memorandum of Cooperation (MOC) signed by Japan’s Ministry of Land, Infrastructure, Transport and Tourism and the Singapore Cooperation Enterprise in November 2019. The MOC aims to promote the development of digital and smart cities in Asean and other regions.

According to Meinhardt, the MOU provides a platform for information sharing and collaboration on projects from the early stages, with the goal of driving positive impact across borders. With this partnership, the two organizations hope to bring their collective expertise to deliver successful digital and smart city projects in third-world Asean countries.…

Evaluating a Singapore condo as an investment requires careful consideration of the potential rental yield. This refers to the amount of annual rental income the property can generate in relation to its purchase price. In Singapore, the rental yield for condos can vary significantly, depending on factors such as location, property condition, and market demand. Generally, areas with high rental demand, such as those in close proximity to business districts or educational institutions, tend to offer more attractive rental yields. To accurately gauge the rental potential of a specific condo, it is essential to conduct thorough market research and seek advice from reputable real estate agents who can provide valuable insights.

Singapore’s Minister for National Development, Desmond Lee, has announced that the final two Build-to-Order (BTO) projects that were delayed due to the pandemic have been completed by the Housing and Development Board (HDB). The two projects, Punggol Point Cove (Phase 2) and Kempas Residences, have delivered over 75,800 new flats to Singaporeans over the past five years.

According to the Jan 20 release, Minister Lee stated that the completion of these two projects marks the end of the HDB’s pandemic-delayed housing projects. Out of the 92 projects, only one was delayed due to non-pandemic reasons, while the remaining 17 were delayed by the pandemic. This is a significant achievement considering the challenging circumstances that the pandemic has caused.

In 2024, HDB managed to complete a total of 22 housing projects, which included two Shorter Waiting Time (SWT) projects that were completed within a waiting period of less than three years. The SWT projects, Parc Glen at Tengah and Grove Spring at Yishun, comprised 1,995 flats. The rest of the projects had waiting times of up to five years, and a total of over 18,000 flats were completed in 2024.

Homeowners of Punggol Point Cove (Phase 2) have been receiving their keys since November 2024, while the key collection for Kempas Residences began in mid-January this year. HDB is expected to inform the remaining homeowners of their key collection date soon, as the final blocks in both projects will be completed this month.

Punggol Point Cove (Phase 2) is located along New Punggol Road and consists of 1,179 units of two-room flexi, three-, four-, and five-room flats across six residential blocks. The last block of this project was completed 12 months later than its original Probable Completion Date (PCD). Currently, 657 households, or 59% of the 1,109 booked units, have collected their keys.

HDB mentioned that the completion of Punggol Point Cove (Phase 2) also marks the completion of all flats in the Punggol Point District, including Punggol Point Cove (Phase 1), Punggol Point Woods, and Punggol Point Crown BTO projects, which were also completed in 2024.

Kempas Residences, situated between Serangoon Road, Lavender Street, and Boon Kheng Road, has 583 units of two-room flexi, three-, four-room flats across four residential blocks. The last block was delayed by six months from its original PCD but was completed in mid-January. Currently, 37 households, or 7% of the 555 booked units, have collected their keys.

At present, HDB has 110 housing projects under construction, compared to 95 last year due to the rise in BTO supply in recent years. HDB stated that it is on track to complete around 17,000 flats across 27 projects in 2025.…

City Developments Limited (CDL) has announced that its wholly-owned subsidiary, CDL Hotels Holdings New Zealand Limited (CDLHH NZ), will make a public offer to acquire all the remaining shares of New Zealand-listed Millennium & Copthorne Hotels New Zealand Limited (MCK) at a price of NZ$2.25 ($1.72) per share.

Upon completion of the offer, CDL plans to delist and privatise MCK, which will simplify the ownership structure of the group’s New Zealand entities, according to a Jan 20 filing.

MCK currently owns, leases or franchises 18 hotels in New Zealand, as well as having interests in properties in Australia through its subsidiaries.

As of Jan 17, CDLHH NZ holds 80.02 million shares in MCK, representing a 75.86% stake based on 105.48 million MCK shares in issue. If CDLHH NZ reaches the threshold to invoke compulsory acquisition provisions under the New Zealand takeovers code, it will compulsorily acquire all outstanding shares in MCK. It may also choose to redeem non-voting redeemable preference shares issued by MCK.

The offer does not include non-voting redeemable preference shares, but CDLHH NZ is willing to acquire those at NZ$1.70 or roughly $1.30 per share. The purchase will be made through its broker, Craigs Investment Partners, on the Main Board of the New Zealand Stock Exchange (NZX). As of Jan 17, CDLHH NZ holds 91.34% or 48.17 million of the non-voting redeemable preference shares in MCK.

As an investor, securing appropriate financing is a crucial step in purchasing a Singapore condo. While there are various mortgage options available in Singapore, it is important to navigate the Total Debt Servicing Ratio (TDSR) framework. This framework sets a limit on the amount of loan a borrower can obtain, based on their income and existing debt obligations. To ensure wise financial decisions and prevent over-leveraging, investors should work closely with financial advisors or mortgage brokers who have a thorough understanding of the TDSR. With their guidance, investors can make informed decisions about their financing options for a Singapore condo.

If the offer is fully accepted by MCK’s shareholders, CDLHH NZ will pay a total of NZ$57.29 million. It also expects to pay approximately NZ$7.77 million for all redeemable preference shares it seeks to acquire.

The offer price for MCK’s shares and redeemable preference shares takes into consideration the prevailing and historical market price, as well as the industry and business environment in which MCK operates. As of June 30, 2024, MCK had a net asset value (NAV) of NZ$532.02 million and a net tangible asset value (NTA) of the same. The NAV and NTA attributable to the MCK shares subject to the offer were approximately NZ$85.62 million each as of June 30, 2024.

The offer is conditional upon CDLHH NZ receiving 90% or more of the voting rights in MCK by 5 pm on May 2. It is also subject to CDLHH NZ obtaining consent under the Overseas Investment Act 2005 of New Zealand and the Overseas Investment Regulations 2005 of New Zealand to own and control all shares in MCK.

The implementation and payment of the offer is not expected to significantly impact CDL’s earnings per share (EPS) or net tangible assets (NTA) for the fiscal year ending Dec 31, 2025.…

Teo Hong Lim, the executive chairman of property developer Roxy-Pacific Holdings, proudly declared that Bagnall Haus, a freehold condominium, had managed to sell 71 units out of the total 113 units on January 18, the very first day of its launch. This translates to a sales rate of almost 63%, with an average transacted price of $2,490 per square feet.

During the launch, the majority of buyers were Singaporeans, making up more than 90% of the total buyers. Most of these buyers were end-users with varying budgets, according to Teo. The take-up rate was strong across all unit types, with special interest in the two- and three-bedroom units. However, there was also demand for the larger five-bedroom units, further highlighting the appeal of the development.

Bagnall Haus is situated along Upper East Coast Road in District 16 and consists of 113 residential units spread across three five-storey blocks on a freehold site of 74,280 square feet. The units are a mix of one-bedroom plus flexi units measuring 495 square feet and five-bedroom units measuring 1,528 square feet. For more information on the latest new launches, you can search for them to find out about the transaction prices and available units.

Ismail Gafoor, the CEO of PropNex, shared that out of the 71 residential units sold at the launch, approximately 59% of them were one- and two-bedroom units that were sold for prices just below $2.1 million. He also added that the three-bedroom units were highly sought after, with 18 out of 20 of them being sold at prices ranging from $2.3 million to $2.7 million. The remaining four- and five-bedroom unit types were sold at around $3 million to $3.8 million each.

Gafoor also mentioned that the pricing was generally in the sweet spot of under $3 million, which appealed to a wide range of buyers. The average transacted price of $2,490 per square foot was also seen as compelling for a well-located freehold development. This was evident by the fact that some 99-year leasehold new projects in the Outside Central Region (OCR) had already reached an average price of $2,579 per square foot when they were launched in November 2024. The fact that more than half of the units sold were one- and two-bedroom units that fetched prices just below $2.1 million served as further proof of Bagnall Haus’s attractive pricing.

Besides the 71 residential units sold at the launch, both strata-titled shop units on the ground floor of Bagnall Haus were also snapped up quickly, with each unit measuring 172 square feet fetching $688,000 each ($4,000 per square foot).

Marcus Chu, the CEO of ERA Singapore, revealed that majority of the homebuyers were owner-occupiers. Some of them were homeowners of older landed properties who were looking to downsize into newer and easier-to-manage apartments, while others were families from the neighbourhood seeking to upgrade to a freehold property.

Chu added that Bagnall Haus enjoyed its close proximity to established amenities and reputable schools, including Temasek Primary School, which was within a 1-kilometer radius.

Singapore, being a small island nation brimming with a rapidly expanding population, is facing a pressing issue of limited land availability. As a result, the demand for condos in the country has skyrocketed. This is due to the strict land use policies in place and the cutthroat real estate market where property prices continue to soar. Thus, an investment in real estate, specifically condos, proves to be a highly profitable venture with the potential for capital appreciation. One can explore the attractive opportunities offered by various Singapore projects.

Furthermore, the development is within walking distance of the upcoming Sungei Bedok MRT Station, an interchange for the Downtown and Thomson-East Coast lines. It is just one stop from Bedok South MRT Station, which will be part of an integrated transport hub featuring a new bus interchange within the upcoming Bayshore precinct. This transport hub will also be part of a mixed-use development incorporating retail and residential components.

According to Mark Yip, the CEO of Huttons Asia, the pent-up demand for a new project in the area, after a 15-year wait, combined with the freehold tenure, helped drive sales at Bagnall Haus. He also added that it was uncommon to find a freehold project right next to an MRT station. Buyers recognized the potential benefits of the upcoming transformation of the Bayshore precinct, which added to the appeal of the development.…