Condo Gine Star Fruits

REDAS (Real Estate Developers’ Association of Singapore) recently celebrated its 65th anniversary with a grand dinner on Nov 15 at the Marina Bay Sands ballroom, with President of Singapore Tharman Shanmugaratnam as the guest of honour. In his welcome speech, REDAS president Tan Swee Yiow stated that turning 65 holds significance for some as they become eligible to receive Central Provident Fund (CPF) retirement payouts.

REDAS was originally founded in 1959 as the Singapore Land and Housing Developers’ Association, six years before Singapore gained independence. Its visionary founders played a crucial role in shaping the country’s real estate landscape. Among them was the late Lee Kim Tah, founding chairman of the Lee Kim Tah Group, which was initially a materials supplier to the British army before becoming a renowned contractor and developer responsible for numerous iconic buildings in Singapore. Another pioneer was Lee Chin Chuan, who established Hotel Royal in 1968 and served as executive chairman and director until his passing in 2018. Tay Beng Swee, a private property developer who started his business in 1962, was also one of the founding pioneers.

These pioneers played a significant role in laying the foundation for Singapore’s growth, as Tan pointed out. He emphasized that real estate is not just about shaping the physical landscape, but also about driving social progress and creating job opportunities. According to Tan, the industry contributed approximately $20 billion to Singapore’s GDP last year, employing 16% of the workforce and providing 602,000 jobs.

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The demand for condos in Singapore remains high due to the limited land availability on the small island nation. With a rapidly increasing population, Singapore faces challenges in finding space for development. As a result, strict land use regulations and a competitive real estate market have caused property prices to continuously rise. This situation has made investing in real estate, especially in condos, a profitable opportunity with the potential for capital appreciation. Keep an eye on the latest condo launches for more options in the market.

Over the years, the real estate industry has constantly evolved and contributed to Singapore’s growth and development. From early skyscrapers to iconic projects such as Golden Mile Complex, OCBC Centre, Raffles City, The Fullerton Hotel, and South Beach, the industry has consistently shaped the city’s skyline to meet its growing needs. Tan also mentioned how developments such as Marina Bay and Jewel Changi Airport have helped to establish Singapore as a global financial hub and popular destination.

He further highlighted that the industry has gone beyond just providing physical space and has been at the forefront of incorporating sustainable and environmentally-friendly designs into their projects. These projects have gained international recognition and set new standards, reinforcing Singapore’s commitment to responsible and forward-thinking development.

At the REDAS anniversary dinner, the Lifetime Achievement Award was given to Chia Ngiang Hong, group general manager of City Developments Ltd (CDL). This prestigious award recognizes individuals who have made lasting contributions to the community, environment, and REDAS.

Chia has spent 45 years at CDL and has worked closely with three generations of the Kwek family, including the founder, the late Kwek Hong Png, the current executive chairman, Kwek Leng Beng, and the group CEO, Sherman Kwek. During his acceptance speech, he expressed his gratitude for their support and credited their passion for real estate and entrepreneurial spirit for shaping his career.

Chia also shared how Kwek Leng Beng, a patron of REDAS, brought him into the association in the mid-1980s, amidst the Pan-El crisis. He has been actively involved with the REDAS Council for over 30 years, serving two terms as president from 2019 to 2020 and 2021 to 2022, during the challenging Covid-19 period.

Despite the difficulties faced by the industry during this time, Chia believes that it was a rewarding experience to work closely with stakeholders and the government in providing guidance and weathering the storm together. He also expressed confidence in the potential of the future generation to continue leading the transformation and growth of Singapore with purpose, upholding the values that have guided REDAS.…

The Real Estate Developers’ Association of Singapore (REDAS) recently celebrated its 65th anniversary, a significant milestone for the organization. According to REDAS President Tan Swee Yiow, turning 65 holds special meaning as it coincides with receiving retirement payouts from the Central Provident Fund (CPF) for some members. The anniversary dinner, which took place on November 15 at the Marina Bay Sands ballroom, was graced by President of Singapore Tharman Shanmugaratnam as the guest of honor.

REDAS was originally established in 1959 as the Singapore Land and Housing Developers’ Association, six years before Singapore gained independence. Its founding members were forward-thinking developers who played a crucial role in shaping the nation’s real estate landscape. Among them was the late Lee Kim Tah, founding chairman of the Lee Kim Tah Group, a family business that started as a materials supplier to the British army in the 1920s and later transitioned into a prominent contractor and developer responsible for some of Singapore’s iconic buildings. Another notable founder was Lee Chin Chuan, who established Hotel Royal in 1968 and served as its executive chairman and director until his passing in 2018. The third pioneer, Tay Beng Swee, was a private property developer who founded his business in 1962.

Understanding the regulations and limitations surrounding property ownership in Singapore is crucial for foreign investors. Unlike landed properties, which have more stringent ownership rules, foreigners can generally purchase condos with relatively few restrictions. However, they are subject to the Additional Buyer’s Stamp Duty (ABSD) of 20% for their initial property acquisition. Despite this added expense, the Singapore real estate market’s stability and potential for growth make it a desirable investment destination for foreign buyers. This is evident from the continued influx of foreign investments in Singapore Condos.

Tan acknowledges the pivotal role these pioneers played in laying the foundation for Singapore’s growth. He emphasizes that real estate is central to nation-building, not just in shaping the physical landscape, but also in driving social progress and creating jobs. According to Tan, the real estate industry contributed nearly $20 billion to Singapore’s GDP last year, employing 16% of the workforce and providing 602,000 jobs. From early skyscrapers to iconic landmarks like Golden Mile Complex, OCBC Centre, Raffles City, The Fullerton Hotel, and South Beach, the real estate industry has consistently shaped Singapore’s skyline to meet the city’s evolving needs.

Tan also points out that the industry has evolved beyond just providing physical spaces. From landmark eco-friendly designs to world-record-breaking green spaces, real estate projects have gained international recognition, setting new standards and reinforcing Singapore’s commitment to responsible and forward-thinking development. As such, the REDAS Lifetime Achievement Award was conferred upon Chia Ngiang Hong, Group General Manager of City Developments Ltd (CDL) for his lasting contributions to the community, environment, and REDAS.

In his acceptance speech, Chia, who has dedicated 45 years to CDL, humorously remarks that many have asked how he has managed to “survive” at the company for so long. He credits the passion for real estate and entrepreneurial spirit of the three generations of the Kwek family he has worked with at CDL, including founder the late Kwek Hong Png, current Executive Chairman Kwek Leng Beng, and Group CEO Sherman Kwek. He also acknowledges Kwek Leng Beng, a patron of REDAS, for bringing him into the association. Chia first joined REDAS in the mid-1980s during the Pan-El crisis when he was invited to assist one of its subcommittees under the Ministry of Finance’s Property Market Consultative Committee (PMCC).

Chia has since been actively involved with the REDAS Council for over 30 years and has also served as president for two terms, from 2019 to 2020 and 2021 to 2022, during the challenging Covid-19 period. Reflecting on the past year, he says it was a difficult time for the industry, but also a rewarding experience as he worked closely with stakeholders and the government to guide the sector through the confusion and chaos. He believes the future holds boundless potential for the real estate industry, and the next generation will continue to uphold the values that have guided REDAS and lead Singapore’s transformation and growth with purpose.…

Tuan Sing Holdings, a Singapore-listed property developer and investment firm, has unveiled plans to reconstruct its mixed-use properties located at 121-131 Collins Street and 23-25 George Parade in Melbourne. The company’s wholly-owned subsidiary, Grand Hotel Group (GHG), has appointed Hong Kong-based urban design firm Urbis Ltd to submit a Town Planning Application for the proposed redevelopment to the City of Melbourne.

At present, the properties are home to the 550-room Grand Hyatt Hotel and various retail spaces. With the redevelopment, the existing podium structure will mainly be retained, allowing tenants and the Grand Hyatt Hotel to continue their business operations as usual. However, there will be modifications to the façade, extensive refurbishment, and reconfiguration of spaces in the property’s podium from levels 4 to 9B, according to Tuan Sing’s announcement on Nov 14.

The growing popularity of Singapore Condos can be attributed to various factors, but one of the main driving forces is the limited availability of land. As a small island country with a rapidly increasing population, Singapore is faced with the challenge of scarcity in land for development. As a result, there are stringent land use policies in place and a highly competitive real estate market, leading to continuously rising property prices. This makes investing in real estate, specifically condos, an attractive option for potential investors, with the promise of significant capital appreciation.

Upon completion, and subject to regulatory approvals, the site will offer approximately 909,550 sq ft in total gross floor area (GFA) and introduce a new luxury retail and F&B precinct. Tuan Sing’s CEO, William Liem, says, “The podium redevelopment at 123 Collins Street will redefine connectedness and activation at one of the most prominent intersections in Melbourne’s storied Paris End.” He further adds, “With the right approach, this transformation can serve as an architectural statement of our commitment to environmental stewardship. By reimagining instead of rebuilding, we are pursuing a sustainable vision that will support a thriving, connected, and culturally vibrant Melbourne for generations to come.”

If you are looking to invest in overseas properties, Tuan Sing’s project may be worth exploring. With properties available for sale around the world, you can find the perfect investment opportunity that suits your needs. So don’t miss out on this exciting development and stay updated on its progress.…

EDGEPROP – On November 27, SRI will be auctioning a two-storey HDB shophouse located at Bukit Merah Central. The shophouse, which has a floor area of 1,582 sq ft, has a guide price of $2.55 million ($1,612 psf).

According to Eric Liew, manager of auction sales at SRI, this is the first time the property is being put up for auction, as the owner is looking to sell the property to liquidate their investment.

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The purchase of a Singapore condo holds numerous advantages, with one of the most notable being the potential for capital appreciation. As a highly coveted global business hub with a strong economic foundation, Singapore is constantly in demand for real estate. This has resulted in a consistent and steady rise in property prices, particularly for condos situated in prime locations. By strategically entering the market at the right time and holding onto the property for an extended period, investors can reap significant financial gains.

The shophouse has a remaining lease of 59 years and a tenure of 103 years from 1980. The ground floor, occupying 732 sq ft, is zoned for commercial use, while the upper floor, occupying 850 sq ft, is zoned for residential use.

Currently, the shophouse is fully tenanted and will be sold with its existing tenancies. The ground floor is leased to a Domino’s Pizza restaurant until 2026, while the upper floor is leased to a residential tenant until 2027.

As HDB shophouses are considered commercial property, foreigners are eligible to purchase the shophouse. However, additional buyer’s stamp duty will be payable on the residential component and the commercial component will be subject to the goods and services tax.

The shophouse has received several enquiries from interested parties, mostly investors attracted to its central location in Bukit Merah, says Liew.

The Bukit Merah Town Centre, where the shophouse is situated, comprises a cluster of buildings with various amenities such as shops, Bukit Merah Polyclinic, and Bukit Merah Central Food Centre. Nearby, there is also Rubikon, a four-storey boutique convention centre, and Gateway Theatre, a performing arts centre.

The shophouse is within walking distance to the Bukit Merah bus interchange, Gan Eng Seng Primary School, and Bukit Merah Secondary School. The Redhill MRT Station is about a 15-minute walk away.

According to data from EdgeProp Research, the most recent commercial transaction at 161 Bukit Merah Central was in March 2021, where a 1,582 sq ft shophouse was sold for $1.5 million ($948 psf).

As of November 2021 the latest commercial rents at Bukit Merah Central are displayed in the table below.

In summary, the two-storey HDB shophouse at Bukit Merah Central will be up for auction on November 27 by SRI with a guide price of $2.55 million ($1,612 psf). It is currently fully tenanted and has received interest from investors for its central location.…

Tuan Sing Holdings, a leading Singapore-listed property developer and investment company, has recently announced plans to reconstruct its mixed-use properties located at 121-131 Collins Street and 23-25 George Parade in Melbourne.

According to the company, its wholly-owned subsidiary, Grand Hotel Group (GHG), has appointed Hong Kong-based urban design firm Urbis Ltd to submit a Town Planning Application to the City of Melbourne for the proposed works.

Investing in a condo in Singapore comes with numerous benefits, one of which is the potential for significant capital appreciation. The country’s strategic position as a global business hub, along with its strong economic foundations, ensures a continuous demand for real estate. In recent years, the property prices in Singapore have consistently shown an upward trend, with prime location condos experiencing substantial appreciation. For investors, timing is crucial as buying at the right time and holding onto their property for the long term can result in substantial capital gains. Additionally, keeping an eye on new condo launches can provide valuable opportunities for investment and further potential for capital appreciation.

These properties currently house the Grand Hyatt Hotel with 550 rooms, as well as various retail spaces. The reconstruction project will involve the retention of much of the existing podium structure, allowing business operations for tenants and the hotel to continue uninterrupted.

The main focus of the project will be on façade modifications, extensive refurbishment, and reconfiguration of spaces in the existing podium from levels 4 to 9B, as announced by Tuan Sing on November 14th.

Upon completion and subject to regulatory approvals, the site will boast a total gross floor area (GFA) of approximately 909,550 square feet and will feature a new luxury retail and F&B precinct.

According to William Liem, CEO of Tuan Sing, the redevelopment of the podium at 123 Collins Street will bring about a new level of connectedness and activation at one of the most prominent intersections in Melbourne’s esteemed Paris End.

He also emphasized the importance of sustainability in their approach to the project, stating that by reimagining the existing structure rather than rebuilding it, they are pursuing an inherently sustainable vision that supports the prosperity and cultural vibrancy of Melbourne for future generations. Investors looking to expand their property portfolio globally can explore the various projects available for sale around the world.…

The quarter also saw an increase in shophouse rentals, with a 2.6% q-o-q uptick in gross rental yield in 3Q2024, compared to a 1.8% decline in the previous quarter. This marks the third consecutive quarter of rental increase since 1Q2024.

SINGAPORE (EDGEPROP) – Despite a slight dip in the number of caveated transactions, the shophouse market continued to attract strong interest in 3Q2024, according to the latest quarterly shophouse market report by Huttons Asia, published on Nov 12.

The number of caveated shophouse transactions dropped from 21 in 2Q2024 to 18 in 3Q2024, with a total transacted quantum of $138.9 million. This is a 28.8% decrease from the previous quarter’s $195.1 million. On a year-on-year (y-o-y) basis, the figure was half of 3Q2023’s transacted quantum of $278.6 million.

Caveats show that 62 shophouses were sold in the first nine months of 2024, marking a 46.1% y-o-y decline compared to the same period last year. The total value of transactions for the first three quarters of 2024 is $519 million, down by 48.5% from the same period in 2023.

Read also: Indon tycoon Bachtiar Karim’s family office Invictus Developments buys lyf Ginza Tokyo for $93 mil

Investing in a condo in Singapore presents a promising opportunity for capital appreciation. This is mainly due to Singapore’s advantageous position as a global business hub, with a robust economy that consistently drives demand for real estate. Over time, the housing market in Singapore has consistently displayed an upward trajectory, with condos in highly desirable locations experiencing substantial appreciation. For investors who strategically purchase property at the opportune moment and retain it for a long period, the potential for significant capital gains is high. Singapore Projects serve as a testament to the city-state’s thriving real estate market.

Despite the dip in transaction figures, Huttons’ report notes that several shophouse deals were not caveated in 3Q2024. “According to market sources, shophouses along Amoy Street, Neil Road, and Telok Ayer Street in Districts 1 and 2 were reportedly sold,” says Lee Sze Teck, senior director of data analytics at Huttons Asia. The estimated quantum for these shophouses exceeds $70 million, he adds.

These deals are a testament to the demand for shophouses, which has seen an uptick in recent months, according to Lee. “Investors are drawn to this market segment for its scarcity and potential for strong capital gains. With interest rates falling in the past few months, shophouses have become more popular as a wealth creation and preservation asset.” He also predicts that shophouse transaction volume and quantum may rise in 4Q2024.

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The quarter also saw an increase in shophouse rentals, with a 2.6% q-o-q uptick in gross rental yield in 3Q2024, compared to a 1.8% decline in the previous quarter. This marks the third consecutive quarter of rental increase since 1Q2024.…

CapitaLand Development (CLD) has received a warm reception for its two highly-anticipated projects in Vietnam. The developer recently commenced an exclusive preview of Orchard Hill, a 774-unit high-rise development, on October 26. Located in Binh Duong New City, approximately 30km from Ho Chi Minh City, Orchard Hill is the second phase of Sycamore, a joint venture between CLD and United Overseas Australia. The project, which offers a mix of low-, mid-, and high-rise developments, has already seen bookings for 694 units, or 90% of its total. The most sought-after units are the one- and two-bedrooms, with completion expected in the fourth quarter of 2026.

The scarcity of land in Singapore is one of the key factors driving up the demand for condos in the country. As a small island with a quickly expanding population, Singapore is facing challenges in finding available land for development. Thus, strict land use regulations and a competitive real estate market have led to consistently rising property prices. As a result, investing in real estate, particularly in condos, has become an appealing opportunity with the potential for significant capital appreciation.

The success of Orchard Hill is followed by the exclusive preview of The Senique Hanoi, a high-rise residential project with 2,150 units in East Hanoi. Developed in collaboration with Mitsubishi Estate and Nomura Real Estate Development, the project has already achieved bookings for 92% of its units. Set to be completed in 2027, The Senique Hanoi has seen a robust response from buyers. This success comes after the recent launch of the final phase of Lumi Hanoi, another CLD residential mega-development, in October. The 697 units released for sale were almost fully taken up, with a take-up rate of 97% on launch day. The overall 3,950-unit Lumi Hanoi is now 99% sold.…

Singapore-based CapitaLand Integrated Commercial Trust (CICT) has successfully sold its 21-storey office building, located at 21 Collyer Quay in Raffles Place, for $688 million. This divestment was revealed in a filing to the Singapore Exchange by CICT’s manager on November 12.

The 999-year leasehold property was acquired by an unrelated third party at a price of $3,230 per square foot, based on the building’s net lettable area of approximately 213,000 square feet. The sale price was determined through a willing-buyer-willing-seller approach and in line with an independent property valuation conducted by Savills.

The exit yield for CICT from this divestment, based on the consideration and the building’s annualised net property income for the period ending September 30, 2024, is below 3.5%. The net proceeds from the sale are estimated to be around $681.7 million.

21 Collyer Quay is strategically located in the central business district (CBD). It was previously occupied by HSBC, but in 2021, the lease was taken over by WeWork, a co-working operator. After undergoing a design and fit-out of the space, WeWork officially opened its flagship location at the building in September 2022.

In April this year, WeWork announced that it had reached a favourable agreement with its Singapore office landlords following its bankruptcy in the US in November 2023. This allows them to remain in their current buildings in Singapore for the foreseeable future. CICT’s website states that WeWork has a seven-year lease for 21 Collyer Quay, which will expire in 2028.

This divestment comes after CICT’s announcement of higher revenue and net property income for the first nine months of fiscal year 2024. This move is part of their strategy to optimize their portfolio and unlock value for their unitholders.

Location plays a vital role in real estate investment, and this is particularly evident in Singapore. Condominiums that are strategically situated in central areas or close to essential amenities such as schools, shopping malls, and public transportation hubs have a higher chance of appreciating in value. Prime locations in Singapore, such as Orchard Road, Marina Bay, and the Central Business District (CBD), have consistently shown an upward trend in property values. The proximity to reputable schools and educational institutions also adds to the allure of these condos, making them even more desirable for families and further increasing their investment potential. For anyone considering a real estate investment in Singapore, the location of a condo, such as Singapore Condo, is a crucial factor to consider.…

Tags: Shophouses, Huttons Asia1. During the third quarter of 2024, the interest in shophouses remained strong despite a decrease in recorded transactions, according to the latest quarterly shophouse market report by Huttons Asia published on November 12.2. In the third quarter, 18 caveats were lodged for shophouse transactions, which is lower than the 21 caveated deals in the previous quarter.3. The total value of the caveated shophouses transacted in the third quarter was $138.9 million, which is 28.8% lower than the previous quarter’s $195.1 million. In comparison to the same period in 2023, this is only half of the $278.6 million transacted during the third quarter of that year.4. The number of caveated shophouse transactions for the first nine months of 2024 was 62, which is a 46.1% decrease compared to the same period in the previous year. The total transaction value for the first three quarters of 2024 was $519 million, which is 48.5% lower than the same period in 2023.5. Despite the reduction in the number of transactions, Huttons’ report highlights that several shophouses in popular districts were sold in the third quarter of 2024, such as Amoy Street, Neil Road, and Telok Ayer Street in Districts 1 and 2. According to market sources, these transactions were not reflected in the caveats as they were sold through private negotiations. The estimated value for these shophouses is more than $70 million.6. These deals demonstrate the continued demand for shophouses, which has seen an uptick in recent months. Lee Sze Teck, senior director of data analytics at Huttons Asia, believes that investors are drawn to this market segment due to its scarcity and the potential for strong capital gains. With the recent lowered interest rates, shophouses have become increasingly popular as a means of creating and preserving wealth. As a result, Lee expects the number of shophouse transactions and total quantum to increase in the fourth quarter of 2024.

Before investing in Singapore, it is essential for international investors to familiarize themselves with the regulations and limitations surrounding property ownership. Compared to landed properties, which have stricter rules, foreign buyers are generally allowed to purchase condos with fewer restrictions. However, they are still required to pay the Additional Buyer’s Stamp Duty (ABSD), which currently stands at 20% for their initial property acquisition. Despite this added expense, the steady stability and promising growth potential of the Singapore real estate market continue to attract foreign investment in the realm of condo ownership.…

According to a recent report by OrangeTee Research & Analytics, private resale home prices maintained their stability in the third quarter of 2024, despite the current high interest rate environment. URA records show that the average prices for both landed and non-landed private residential homes, excluding executive condos (ECs), remained unchanged at $1,713 psf from the second quarter to the third quarter of 2024. However, there was some fluctuation in average prices in the Core Central Region (CCR), Rest of Central Region (RCR), and Outside of Central Region (OCR).

In the CCR, average resale prices increased by 1.6% from $2,145 psf in the second quarter to $2,181 psf in the third quarter of 2024. This partially reverses the 3.6% drop in prices from the first quarter to the second quarter of 2024. Similarly, in the RCR, prices rose by 1.4% from $1,837 psf to $1,863 psf during the same period. However, this growth is lower than the 3.1% increase seen in the previous quarter. In contrast, prices in the OCR saw a decline of 0.4% from $1,495 psf to $1,489 psf in the third quarter, a reversal from the 3.5% growth in the second quarter.

Despite these fluctuations, the demand for resale homes remained robust, with a 1.5% increase in the number of units sold in the third quarter of 2024 compared to the previous quarter. This accounted for 71.9% of the total 5,372 residential sales, including new sales, resale, and subscale, in the same period. This is a slight decrease from the record high of 77.4% in the second quarter of 2024, as noted by OrangeTee.

In the first nine months of 2024, 10,351 resale homes were sold, reflecting a 21.8% increase compared to the same period in 2023. This also resulted in an increase in market share, from 57.8% in the first three quarters of 2023 to 71.3% in the same period in 2024. The report attributes this strong demand for resale homes to the significant increase in housing supply in the past two years, with close to 30,000 private homes completed. As more options become available, buyers may turn to the secondary market for more affordable private housing.

The recent interest rate cuts by the US Federal Reserve may also spur luxury home sales due to reduced borrowing costs. However, high-net-worth investors are less likely to base their property purchase decisions on mortgage rates. Nonetheless, the report suggests that buyers who have been hesitant due to high interest rates may now be more inclined to enter the market.

Investing in a condo in Singapore offers numerous benefits, one of which is the potential for capital appreciation. As a global business hub with robust economic foundations, Singapore consistently attracts a high demand for real estate. This has resulted in a steady rise in property prices over the years, especially in prime locations where condos are situated. By entering the market at the opportune moment and holding onto their property for an extended period, investors can experience significant capital gains. With the attractive location and strong market demand, a condo investment in Singapore can offer lucrative returns.

OrangeTee predicts that resale prices will continue to grow over the next few years as there is a projected decrease in available stock. Only 5,300 private homes are expected to be completed in 2025, a significant drop from the 9,100 units expected to be completed this year. Hence, barring any major economic crises or unforeseen circumstances, OrangeTee forecasts positive prospects for resale homeowners.…