Elemeno Condo

The demand for condos in Singapore remains at an all-time high due to a significant factor – the scarcity of land. As a small island nation with a continuously expanding population, Singapore is facing a challenge in finding enough space for development. This dilemma has resulted in strict land use regulations and a real estate market that is intensely competitive, driving property prices to soar. As a result, investing in real estate, with a focus on condos, has become an appealing opportunity for potential buyers seeking potential capital appreciation. At Singapore Projects, we understand the allure of this promising investment and offer a wide range of projects for interested parties to explore.

City Developments announced that it had successfully divested assets worth over $600 million in the previous year as part of its capital recycling efforts, with further divestments in the pipeline. However, this figure did not meet the company’s initial target of $1 billion, which had been set in early 2020 due to a slowdown in market activity.

Among the completed divestments were the Ransome’s Wharf site in London, the freehold Cideco Industrial Complex in Singapore, and various strata units at Citilink Warehouse Complex, Cititech Industrial Building, Fortune Centre, and Sunshine Plaza in Singapore.

Read also: CDL-Frasers Property-Sekisui House launch The Orie in Toa Payoh with prices starting from $1.28 million.

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Under contract and expected to be completed this quarter is the divestment of the retail and office components of Hong Leong City Centre (HLCC), a mixed-use development in Suzhou.

“The asset divestments reflect our focus on accelerating our capital recycling initiatives. Although market conditions have made divesting challenging, we are pleased to have maintained good momentum and will continue to move forward with our divestment plans,” stated group CEO Sherman Kwek.

He added, “We aim to optimize our capital management while also strategically aligning our portfolio to achieve our goals and enhance shareholder value.”

City Developments’ shares closed at $5.05 on Jan 16, a decrease of 0.2% for the day and 20.97% over the past year.…

A bungalow with two storeys situated at 11 Whitley Road has been listed for sale through a tender process with a starting price of $31.88 million. The property boasts a freehold elevated site spanning 15,276.27 sq ft, equating to a land rate of $2,087 per sq ft.

This bungalow was recently reconstructed in 2016, with a rear extension added for additional space. It features five bedrooms, including three en suite, as well as two living rooms, two dining rooms, a well-equipped kitchen, and a helper’s room.

Investing in a Condo in Singapore has become a highly sought-after option for both local and foreign investors, thanks to the country’s thriving economy, political stability, and exceptional quality of life. With its lucrative real estate market, Singapore provides a myriad of opportunities, with condos being a top choice for their convenience, amenities, and potential for impressive returns. In this article, we will delve into the advantages, factors to consider, and steps to take when investing in a Condo property in Singapore.

According to Aric Lim, associate district director of Huttons Asia, the exclusive marketing agent for the Whitley Road property, the land parcel has the potential to be subdivided into eight terraced houses. Each site could range from 1,614 sq ft to 2,389 sq ft, and the gross floor area (GFA) could reach up to 21,528 sq ft, depending on any applicable land betterment charges.

Lee Sze Teck, senior director of data analytics at Huttons Asia, notes that this is one of the largest plots of land available along Whitley Road. He also adds that the guide price of $2,087 psf based on land is highly competitive, especially when compared to recent sales of new semi-detached houses in the same area that have gone for over $3,000 psf.

The property is conveniently located about 700m from the Novena MRT Station and is in close proximity to popular malls such as Velocity at Novena Square, Square 2, United Square, and Zhongshan Park.

The tender for 11 Whitley Road is set to close on Feb 12.…

GuocoLand, one of Singapore’s leading property developers, has recently announced securing two green facilities from two major banks in the country. The first green facility, amounting to $1.135 billion, will be used to refinance its iconic development, Guoco Midtown. This marks the largest green facility secured by GuocoLand to date. The second green facility is worth $105 million and will be used to refinance Midtown Bay, another development by the company.

These green facilities have been obtained through GuocoLand’s Green Finance Framework, which reflects the company’s commitment to incorporating sustainability into their developments. With these latest additions, the company has secured a total of $5 billion in green financing, including facilities for other developments such as Guoco Tower, Lentor Mansion, Lentor Modern, Midtown Modern, and its upcoming Upper Thomson Road Development.

According to Andrew Chew, Group CFO of GuocoLand, this refinancing activity allows the company to optimize their capital structure while remaining true to their commitment of creating thoughtfully designed spaces that balance economic, environmental, and social factors. This aligns with the company’s vision of sustainable development and responsible business practices.

When it comes to real estate investments, location is a crucial factor that cannot be overlooked. This is especially true in Singapore, where the value of properties is greatly influenced by their geographical positioning. Condos located in central areas or in close proximity to important amenities such as schools, shopping malls, and public transportation hubs tend to have higher appreciation rates. Prime locations in Singapore, such as Orchard Road, Marina Bay, and the Central Business District (CBD), have consistently shown significant growth in property values. Furthermore, condos in these areas are highly sought after by families due to their proximity to reputable schools and educational institutions, making them even more desirable for investment. To maximize investment potential, consider investing in a well-located condo in Singapore.

Shares of GuocoLand closed at $1.45 on Jan 15, maintaining its steady performance. The company has also recently made headlines for opening a duplex showroom at Guoco Midtown and leasing 55,000 sq ft of office space to Publicis Groupe, a global advertising and public relations company, in the same development. With its commitment to sustainability and innovation, GuocoLand is paving the way towards a greener and more sustainable future.…

The Freehold mixed-use development, Roxy Square, located in Katong, will be relaunched for collective sale, as announced by the marketing agent JLL.According to the press release, the development comprises of 296 shops, 26 apartments and a 576-room Grand Mercure Roxy Hotel. It was previously launched for tender in July last year at a minimum price of $1.25 billion and the tender closed on Sept 26.In the latest development, JLL announced that the owners of the development are currently in the process of signing a supplemental agreement to lower the collective sale price by 10.8% to $1.115 billion. For the new price to be effective, it would require at least 80% of the owners’ support. Currently, over 70% of the owners are in favour of the proposed lower price, according to JLL. The new price translates to a unit land rate of $1,852 per square foot per plot ratio (psf ppr), which includes a Land Betterment Charge (LBC) at the gross plot ratio of about 3.86. Factoring in an additional 10% bonus gross floor area (GFA) for the residential component and the LBC, the land rate comes up to $1,804 psf ppr, according to JLL.Executive director of capital markets, Tan Hong Boon, from JLL Singapore, says that the private residential market in Katong has strong underlying support, with recent launches such as Meyer Blue and Emerald of Katong showing impressive sales, thus boosting developers’ confidence in Roxy Square’s potential. He adds that the development’s appeal is further enhanced by its strategic location next to Marine Parade MRT Station (Thomson-East Coast Line), with a direct underground connection. The freehold tenure, established and well-loved heritage locale, and excellent connectivity to amenities add to its appeal, Tan further added.Completed in 1996, Roxy Square has a gross floor area (GFA) of 668,000 sq ft. Under the 2019 Master Plan, the development is partially zoned for commercial and residential use, with a gross plot ratio of 3.0, along East Coast Road. However, the portion of the development that fronts Marine Parade Road is zoned for hotel use, according to the marketing agent.Based on the latest planning advice from URA, the entire Roxy Square site may potentially be rezoned for commercial and residential use, and be transformed into a high-rise mixed-use development with a height of up to 75m, adds JLL. The redevelopment of the site could potentially yield over 350 residential units, approximately 80,000 sq ft of retail and F&B space, and an additional 172,000 sq ft for office, hotel, or other commercial uses. Moreover, the development also offers easy accessibility to East Coast Parkway (ECP) and Nicoll Highway and forms part of the Round-Island Route and Park Connector Network.Commenting on the matter, Tan from JLL further says, “The proposed reduction in reserve price, if supported by the majority owners, enhances the site’s appeal, especially considering the area’s consistent demand for quality residences. This sale will aim to thoughtfully shape a key part of Singapore’s East Coast for the future.”The tender for Roxy Square, situated between Holiday Inn Express Singapore Katong and Katong Plaza, is set to close on Feb 18 at 3pm.

When investing in Singapore, it is crucial for foreign investors to be well-informed of the regulations and limitations regarding property ownership. While condo purchases are generally more accessible for foreigners compared to landed properties, the latter has stricter ownership guidelines. Additionally, foreign buyers are required to pay the ABSD of 20% for their first property purchase. Nevertheless, the stable and promising growth of the Singapore real estate sector remains a magnet for foreign investment. Consider exploring Singapore Projects for potential investment opportunities.…

The Arcady at Boon Keng, a 172-unit freehold condominium, is set to become the newest landmark private residence in the Boon Keng area upon its completion in 2027. Developed by trusted local developers KSH Holdings, SLB Development, and H10 Holdings, in collaboration with award-winning architectural firm Park + Associates, this modern condominium boasts a unique architectural design that will make it stand out in the neighbourhood.

Since its launch for sale in January, The Arcady at Boon Keng has received positive response from investors and local buyers, who were drawn to its efficiently designed one-bedroom plus study and two-bedroom units. Families were also impressed by the spacious units and wide range of family-friendly amenities offered by the project.

The Arcady at Boon Keng presents a rare opportunity for discerning buyers to invest in an affordable freehold development in a city-fringe neighbourhood. It is one of only a handful of new freehold projects launching this year.

A garden home in the city

The Arcady at Boon Keng has been thoughtfully designed to be an urban oasis in the bustling city fringe neighbourhood. The developers and designers have carefully curated the landscape design, resulting in a tiered design that creates a dense green space along Serangoon Road.

This multi-layered approach has allowed for the efficient use of space, with three-storeys worth of facilities condensed into just two floors at the base of the tower. The second storey Sky Terrace boasts a range of facilities for residents, including an infinity pool, spa pool, and family pool. Families can also enjoy the Social Deck, Kids Playground, Family Deck, and Splash Patio on the ground floor, while parents can relax at the Chill Out Lounge, Botanic Club, and Gourmet Vista on the 14th floor.

With 47 facilities spread over 4,000 sq m, residents will have plenty of options for leisure and relaxation within the development. The Sky Terrace also offers a stunning 360-degree panoramic view of the surrounding skyline, making it the perfect spot for hosting guests.

Spectacular scenery from the heart of Boon Keng

The Arcady at Boon Keng boasts a north-south orientation, which is elevated about 18m above the street level to maximize views. The units are also tilted away from the main road, reducing traffic noise. Residents on higher floors will enjoy breathtaking views of the Kallang River, while those in south-facing units will face the direction of Marina Bay.

Efficient unit layouts designed for families

The Arcady at Boon Keng offers units that are efficiently designed with families in mind. Master bedrooms in all unit types can easily accommodate a king-sized bed, while common bedrooms can accommodate a queen-sized bed. The project has seen steady sales of its three-bedroom units, three-bedroom plus study units, and four-bedroom units, as well as two penthouses.

The condo is conveniently located near several primary and secondary schools, including Bendemeer Primary School, Bendemeer Secondary School, St Andrew’s Junior School, and Hong Wen School. It is also within walking distance of Bendemeer Mall and Woodleigh Mall, providing residents with easy access to a range of amenities.

A rare opportunity for an attractively priced freehold property

Since its launch in January, all the one-bedroom plus study units have been sold, and close to 90% of the two-bedroom units have been snapped up. With an average selling price of $2,570 psf, The Arcady at Boon Keng offers a rare opportunity to purchase a freehold property in a central location at a competitive price. With the planned development of new sports and leisure facilities in the Kallang precinct, this project is poised for significant capital appreciation in the future.

According to Ismail Gafoor, CEO of PropNex Realty, “The Arcady at Boon Keng is attractively priced relative to its location near the city and the MRT station, which is about six to seven minutes’ walk away.” He added, “The project’s convenient location, connectivity, and freehold status make it an ideal choice for legacy planning and wealth preservation.”

“The Arcady at Boon Keng is a great investment opportunity, given its location, connectivity, and upcoming developments in the Kallang precinct,” said Mark Yip, CEO of Huttons Asia.

Investing in a condo is a major decision, and securing financing plays a crucial role in this process. In Singapore, there are various mortgage choices available, but it is crucial to have a thorough understanding of the Total Debt Servicing Ratio (TDSR) framework. This framework sets a limit on the amount of loan that a borrower can obtain, depending on their income and current debt obligations. To avoid over-leveraging, it is essential for investors to familiarize themselves with the TDSR and seek guidance from financial advisors or mortgage brokers when exploring their financing options.

“The project is perfect for HDB upgraders, with nearly 1,400 units from the Bidadari HDB estate set to complete their Minimum Occupation Period soon,” added Marcus Chu, CEO of ERA. “The potential pool of buyers for The Arcady at Boon Keng is vast, making it an attractive option for homebuyers.”

Potential buyers can visit the sales gallery, located beside City Square Mall, or contact the developers’ appointed marketing agencies for more information.…

Portfolio of Lucky Plaza freehold strata retail units up for sale at $52.6 mil

The retail landscape in Singapore is about to welcome a new addition to its offerings – a portfolio of freehold strata retail units in Lucky Plaza has been put up for sale at a total of $52.6 million.

When considering property ownership in Singapore, it is crucial for foreign investors to have a thorough understanding of the regulations and restrictions in place. Unlike landed properties, which have stricter ownership rules, foreigners are generally allowed to purchase condos with fewer limitations. However, it’s important to note that they will be subject to the Additional Buyer’s Stamp Duty (ABSD), currently set at 20%, for their first property purchase. Despite this additional cost, the stability and growth potential of the Singapore real estate market continue to attract foreign investment. In fact, the market’s constantly evolving landscape also offers new opportunities for investors, such as the New Condo Launches currently available. This further highlights the appeal of Singapore’s real estate market to foreign buyers.

Marketed by Savills Singapore, this mixed-use development located at Orchard Road comprises a residential tower and a six-storey mall with a basement. The portfolio up for sale includes 14 retail units spread across the basement and the first two levels of the mall, with sizes ranging from 118 to 3,046 sq ft. In total, these units make up 7,266 sq ft of strata area.

According to Savills Singapore, the highlight of this offering is the food court, which spans seven adjoining strata units totalling 3,046 sq ft and houses 11 stalls. The remaining retail units are currently tenanted by a range of businesses such as a pub, retail shops, beauty service providers, and a maid agency.

The location of Lucky Plaza on Orchard Road is a major selling point for this portfolio, as it is expected to benefit from high foot traffic. Sophia Lim, Director of Investment Sales and Capital Markets at Savills Singapore, states that the food court, in particular, enjoys consistently strong crowds on a daily basis.

The guide price for the food court stands at $25.43 million, while the entire portfolio is available for an asking price of $52.6 million. Interested buyers can also purchase individual strata retail units, which are priced from $1.1 million onwards. Both foreigners and companies are eligible to purchase, and no additional buyer’s or seller’s stamp duty will be imposed.

Lim notes that prime strata freehold retail assets are highly sought-after among investors due to their scarcity and the Urban Redevelopment Authority’s (URA) prohibition on further strata subdivision of commercial properties along Orchard Road. She adds that the planned revitalisation of the Orchard precinct by URA will bring about further upside for Lucky Plaza in terms of rental growth and capital appreciation.…

The recent tender for the Government Land Sale (GLS) site at Tengah Gardens Avenue has closed, with three bids received. The top bid of $675 million, submitted by a Hong Leong-led consortium, was $821 psf per plot ratio (ppr). The 99-year leasehold site, zoned for “Residential with Commercial at 1st storey”, spans approximately 273,906 sq ft and has a maximum gross floor area (GFA) of 821,720 sq ft. According to URA, the site has the potential to yield up to 860 residential units.

If awarded, the Hong Leong-led consortium plans to build an 860-unit condo, taking advantage of the upcoming Jurong Region Line (JRL) that will enhance connectivity in the area. Loke Kee Yeu, general manager (Projects) at Hong Leong Holdings Limited, believes that the JRL will contribute to the development of the new Tengah estate.

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In summary, condominiums in Singapore present an appealing investment opportunity due to several advantages. These include high demand, potential for capital appreciation, and attractive rental yields. However, before diving into the market, it is crucial to carefully consider various factors such as location, financing options, government regulations, and current market conditions. Conducting thorough research and seeking professional advice can help investors make well-informed decisions and maximize their returns in Singapore’s ever-evolving real estate landscape. Whether you are a local investor looking to diversify your portfolio or a foreign buyer seeking a stable and profitable investment, condos in Singapore are a worthwhile consideration.

The Tengah Gardens Avenue site is strategically located near the upcoming Hong Kah MRT Station on the JRL, making it just one stop away from the upcoming Tengah Town Centre and providing a direct route to the second CBD at Jurong Lake District.

The top bid of $821 psf ppr for the Tengah Gardens Avenue site was only 0.73% higher than the second-place bid of $815 psf ppr, submitted by Chinese developer Kingsford Group. Local developer Sim Lian Group submitted the third and final bid of $812 psf ppr. This close bid price spread of less than 1% suggests that developers are adopting a more cautious approach in their bids, despite the increased homebuyer activity seen towards the end of 2024.

According to Leonard Tay, head of research at Knight Frank Singapore, developers may be focusing on existing sites that are scheduled for launch in 2025, leading to the low number of bids for the Tengah Gardens Avenue site. Mark Yip, CEO of Huttons Asia, believes that developers are also mindful of keeping their land bids reasonable to maintain an attractive selling quantum for buyers. He also expects to see more joint bids from developers this year as a means of diversifying risk.

The availability of other nearby GLS sites may have also reduced the bidding interest for the Tengah Gardens Avenue site. Justin Quek, CEO of OrangeTee & Tie, notes that developers could be considering bidding on a different GLS site along Lakeside Drive and Lakeside MRT, scheduled to launch in April 2025.

If awarded, the Tengah Gardens Avenue site will be the first private residential site (excluding Executive Condominiums) in the Tengah HDB township. The first EC in the estate, Copen Grand, was launched for sale in 2022 and sold out within a month. The 639-unit project was jointly developed by City Developments Ltd (CDL) and MCL Land, who secured the EC site with a winning bid of $400.32 million, or $603 psf ppr, in May 2021.

ERA’s Marcus Chu believes that the Hong Leong-led consortium may have been attracted to the opportunity to launch the first private condo in the new Tengah estate, following their successful forays into other sites in Lentor, Upper Thomson, and Bugis.

With the site situated within 2km of the future Anglo-Chinese School (Primary), PropNex CEO Ismail Gafoor believes that the site’s proximity to the school could be very appealing to families with school-aged children. If the site is awarded at the top bid of $821 psf ppr, PropNex estimates that the average selling price of the new private condo could reach around $2,000 psf.…

A rare opportunity to own a freehold 15 loft-room hotel at 739-1 Geylang Road in District 14 is now available for sale at $14 million. This 2-storey property, along with a newly constructed 4-storey rear extension, sits on a 1,273 sq ft site and boasts an approved gross floor area (GFA) of up to 3,186 sq ft. What sets this hotel apart is its permanent ‘Hotel’ zoning and usage approval, a highly coveted designation for new conservation shophouses conversion in Singapore, making it an excellent long-term investment with operational flexibility.

Conveniently located within a 5-minute walk of the Paya Lebar MRT station, which services both the East-West and Circle lines, the hotel offers unparalleled connectivity to various parts of Singapore. The property, designed with a sophisticated Japandi theme, is currently under construction and expected to receive its Temporary Occupation Permit (TOP) in Q2 2025. The sale price includes all construction and renovation costs, making it an ideal turnkey investment for those looking to enter or expand their presence in the hospitality sector.

For investors, this hotel presents an attractive proposition as the current owner, an experienced hotel operator, is open to a sale and leaseback arrangement. This opportunity provides immediate rental income and operational continuity. Eva Lau, Senior Marketing Director of ERA Realty Network Pte. Ltd., believes that the hotel will appeal to owner operators as the major renovations will allow for a smooth commencement of operations.

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Location is a vital factor to consider when it comes to investing in real estate, especially in Singapore. The value of Singapore Condos is greatly influenced by their location, with those situated in central areas or in close proximity to important amenities like schools, shopping malls, and public transportation hubs experiencing a higher appreciation in value. In particular, prime locations such as Orchard Road, Marina Bay, and the bustling Central Business District (CBD) have consistently seen a steady growth in property prices. The availability of quality educational institutions also adds to the appeal of these Condos, making them a highly coveted investment option for families. With all these factors in play, it’s no surprise that Singapore Condo is a top choice for savvy real estate investors.

The demand for hospitality assets in Singapore has been steadily increasing over the past year. Recent transactions include LHN Group’s acquisition of Pasir Panjang Inn, a 16,626 sq ft site, for $30 million. Another noteworthy sale was an 8-storey hotel at 12 Lorong 12 Geylang listed for $120 million last year. Additionally, Hotel JJH, a 25-room property at 747 North Bridge Road, is currently on the market for $38 million. These transactions highlight the high demand for well-located, high-quality hospitality assets, making them one of the most desirable commercial shophouse usage classes in Singapore.

For more information, please contact Eva Lau at 92785688. Eva Lau is a Senior Marketing Director at ERA Realty Network Pte. Ltd. (R062169F). In other related news, the Village Hotel Sentosa remains a crowd favourite, while a freehold hotel in Chiang Mai is available for sale at $24.3 million. Banyan Tree has recorded $31.7 million in FY2023 earnings and has declared a dividend of 1.2 cents.…

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JLL, a real estate consulting firm, has recently named James Cameron as the new head of energy and infrastructure for Asia Pacific in its capital markets business line. This new position, based in Singapore, was created to strengthen the company’s presence in this region. Cameron’s main responsibility will be to establish a team in Asia Pacific, bringing JLL’s EMEA Energy & Infrastructure business in line with their global capital advisory capability. This move will allow them to better serve local and international developers and investors.

According to JLL, Cameron’s appointment aligns with the long-term capital needs required for the development of infrastructure and renewable energy projects to address the challenges of decarbonization, digitalization, economic growth, and rapid urbanization.

To summarize, there are many benefits to investing in a condo in Singapore, including the high demand for these properties, potential for increased value over time, and attractive rental yields. However, it is crucial to carefully consider various factors, such as the location of the property, financing options, government regulations, and the current market conditions. By conducting thorough research and seeking advice from industry professionals, investors can make well-informed decisions and maximize their returns in Singapore’s dynamic real estate market. Whether you are a local investor seeking to diversify your portfolio or a foreign buyer looking for a stable and profitable investment, Singapore’s condos offer a compelling opportunity. To explore more options in the Singapore real estate market, visit Singapore Projects.

Stuart Crow, JLL Asia Pacific’s CEO of capital markets, stated that they see significant potential to utilize their expertise in mobilizing multiple sources of capital and their successful track record in advising renewable energy transactions globally to serve clients within energy and infrastructure across Asia Pacific.

Cameron will work closely with JLL’s capital markets, investment banking, and debt advisory teams in the region, with a focus on identifying and securing capital raising and transaction advisory opportunities for large infrastructure and renewable energy projects. These opportunities will cater to a diverse group of investors such as institutional investors, private equity firms, asset managers, infrastructure and renewable energy operators and developers, high-net-worth individuals, and family offices.

With over 25 years of experience in the real asset capital markets, Cameron previously held the position of global head of commercial real estate at Standard Chartered Bank. He has a strong background in mobilizing different forms of private and public equity and financing for infrastructure projects globally and in the region.

Crow expressed confidence in Cameron’s capabilities, stating, “James’ experience in this exciting space is unmatched regionally, and we’re extremely confident in his ability to establish JLL’s leadership position through his expertise and client relationships.”…

Acquiring a condominium in Singapore can yield various benefits, one of which is the potential for capital appreciation. Being a prominent international business hub with a stable economic foundation, the demand for real estate in Singapore remains constant. This has led to a consistent increase in property prices, particularly in prime locations where condominiums are located. Intelligent investors who strategically purchase and retain their properties for extended periods can enjoy significant returns on their investments. To stay ahead in the market, it is crucial to stay updated with the latest New Condo Launches.

A pair of Good Class Bungalows (GCBs) located at 52 and 54 Belmont Road in the prestigious Belmont Park GCB area are now available for sale through expression of interest (EOI). It is believed that the owners of these GCBs are related.

Sitting on a combined freehold land area of 41,741 sq ft, these properties have an indicative price of $88.8 million, which works out to be $2,128 psf on the land area. The two plots have a 44m frontage along Belmont Road and an average depth of 66m, as stated by the marketing agent, Sakal Real Estate Partners.

According to Lennon Koh, senior director at Sakal, “We believe this site would appeal to families looking to build a new home for multigenerational living or extended families living together.” He also added that this property could also be of interest to developers looking to enter the exclusive GCB market.

Recent transactions on Belmont Road show a GCB occupying a land area of 19,549 sq ft was sold last December for $40 million ($2,046 psf), based on caveats lodged with URA. In July 2024, a pair of adjacent GCB plots on Belmont Road were sold for $131.4 million or $3,000 psf based on the combined land area of 43,790 sq ft. In April, a GCB at Bin Tong Park with a land area of 28,111 sq ft fetched $84 million ($2,988 psf).

Steven Ming, managing director at Sakal, is confident that the Belmont Road GCBs will receive strong interest due to their prime location and the consistent demand for GCBs. He points out that the estimated total value of GCB transactions in 2024 was $1.32 billion, surpassing that of 2023 ($433 million) and 2022 ($1.18 billion), with the expectation of even more transactions in 2025.

The EOI exercise for the GCBs is set to close on March 13 at 3pm.…