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Month: February 2025

Cdl Board Fight Cools Undertaking Two New Ids

Posted on February 27, 2025

CDL puts a stop to corporate governance lapses with court order

The corporate governance lapses at City Developments Limited (CDL) have been put to a halt, based on a second statement issued by Kwek Leng Beng, the executive chairman of the company. After a court hearing on Feb 26, the two newly appointed directors, Jennifer Duong Young and Wong Su Yen, have agreed to not exercise any powers as directors until further notice from the court. This comes after the two were “irregularly and hastily appointed” on Feb 7, through directors’ resolutions in writing. Kwek adds that his son, Sherman Kwek, Philip Lee, Wong Ai Ai, and other directors who were acting with them, have also agreed not to take any further actions regarding their attempted changes to the board committees and management of certain CDL’s subsidiaries until further notice from the court. The “irregularly constituted” nominating and remuneration committee has also been suspended from taking further action. As a result, CDL’s board committees and the management of relevant subsidiaries are now safe from further attempts to destabilise, dismantle, and reconstitute them, says the elder Kwek. He stresses that strong corporate governance is crucial for maintaining investor confidence and protecting the long-term interests of CDL’s shareholders. On Feb 26, CDL had announced a trading halt and cancelled its FY2020 results briefing, citing a disagreement within the board in relation to the composition and constitution of the board and its committees. This came after the elder Kwek accused his son, Lee, Wong, and a group of directors acting with them of trying to consolidate control of the board and the company. However, he took “necessary” legal action to deal with the attempted coup, and stated that he intended to change the CEO at an appropriate time. Kwek has also requested the interim CEO, Kwek Eik Sheng, to take over if his son is removed as the CEO. CDL’s shares, which last traded at $5.12, were temporarily suspended after the company’s Feb 26 announcement.

When purchasing a condo, one must also take into account the maintenance and management aspects of the property. Most condos have maintenance fees which cover the maintenance of shared spaces and amenities. While these fees may increase the overall cost of owning a condo, they are necessary for the upkeep of the property and maintaining its value. By hiring a property management company, investors can have a more hands-off approach to managing their condos, turning it into a relatively passive investment. In addition, consider checking out Singapore Projects for potential investment opportunities.…

Colliers Expands Occupier Services Team Asia Pacific

Posted on February 26, 2025

In summary, the purchase of a condo in Singapore offers a multitude of benefits, including a high demand from tenants, potential for capital growth, and attractive rental profits. However, careful consideration of various factors is crucial in ensuring a successful investment. These factors include the location of the condo, financing options, government regulations, and the current state of the market. With thorough research and professional guidance, investors can make sound decisions and maximize their returns in the dynamic real estate market of Singapore. Whether you are a local investor looking to expand your portfolio or a foreign buyer seeking a stable and lucrative investment, the condo market in Singapore presents a compelling opportunity. For more information and access to the latest condo launches in Singapore, visit New Condo Launches.

Colliers International, a leading global real estate services company, is expanding its occupier services team in the Asia Pacific region. The company has recently announced the appointments of Leanne Chin as director of regional tenant representation for Asia Pacific and Ali Porter as director of enterprise clients for Hong Kong. Both appointments are part of Colliers’ strategic effort to strengthen its occupier services expertise in the region.AdvertisementLeanne Chin will join the company as director of regional tenant representation for Asia Pacific, based in Colliers’ Singapore office. Chin brings with her a wealth of experience in corporate real estate, having previously held leadership positions at JLL and Savills. In her new role, she will work with occupiers across the region to help them align their real estate portfolios with their business strategies.Ali Porter, who has been with Colliers since 2016, will now take on the role of director of enterprise clients for Hong Kong, relocating from London where he oversaw the company’s Europe, Middle East, and Africa business. In his new position, Porter will utilize his expertise in corporate real estate to assist clients in Hong Kong with their real estate needs and align their portfolios with their corporate strategies.These appointments come at a time when the Asia Pacific region is experiencing significant growth, making it an attractive market for corporate occupiers. The expansion of Colliers’ occupier services team in the region will allow the company to better serve its clients and help them achieve their business goals.…

Ching Shine Industrial Building Collective Sale 113 Mil

Posted on February 26, 2025

When considering an investment in a Singapore Condo, it is essential to assess its potential rental yield. Rental yield refers to the annual rental income as a percentage of the property’s purchase price. Various factors, such as location, property condition, and market demand, can greatly affect the rental yield of Singapore condos. In general, areas with high rental demand, such as those near business districts or educational institutions, typically offer more favorable rental yields. To gain a better understanding of the potential rental yield for a specific Singapore Condo, it is recommended to conduct thorough market research and seek guidance from reputable real estate agents.

According to the exclusive marketing agent JLL, the Ching Shine Industrial Building has been put up for collective sale at a minimum price of $113 million. The building, which is freehold, is made up of 52 strata units and has a prime location with a 100m frontage along Shaw Road. It sits on a total land area of 49,308 sq ft and has a gross floor area of approximately 137,341 sq ft.

Built in the early 1980s, the building falls under the “Business 1” zoning with a gross plot ratio of 2.5 as per the URA Master Plan 2019. JLL has stated that over 80% of the owners have agreed to the collective sale at the minimum price of $113 million, which translates to a unit land rate of approximately $823 psf per plot ratio based on the current gross plot ratio of 2.79.

In accordance with URA’s approval, the site has the potential to be converted into a food factory, according to JLL. The National Environment Agency (NEA) has confirmed that the site meets the necessary buffer requirements for redevelopment into a multi-user factory, and the Singapore Food Agency has informed URA of their in-principle non-objection to the proposed food factory.

On the other hand, JLL also believes that the freehold asset could be an attractive investment opportunity for long-term growth for family offices, or for owner-occupiers looking to establish a corporate presence. Nicholas Ng, senior director of capital markets at JLL Singapore, is optimistic that the site will also appeal to developers due to the absence of additional buyer’s stamp duty, which can potentially impact project timelines.

The building is conveniently accessible via major expressways such as the PIE, CTE, and KPE, and is within walking distance from the Tai Seng MRT Station on the Circle Line. It is situated in the Tai Seng Industrial estate, which is home to many food factories such as Breadtalk IHQ, Sakae Building, and Food Empire Building. The area is also surrounded by amenities such as Grantral Mall @ Macpherson and 18 Tai Seng.

In November 2023, Noel Building, a freehold Business 1 industrial building located at 50 Playfair Road, was sold en bloc for $81.18 million, which is 17% higher than its guide price of $70 million. Ng believes that this transaction demonstrates the strong demand for such assets in the area. He expects a similarly competitive response for Ching Shine Industrial Building.

The tender for the Ching Shine Industrial Building will close on April 3 at 3pm.…

Sherman Kwek Remain Group Ceo Cdl

Posted on February 26, 2025

When it comes to investing in real estate, one must keep in mind the importance of location. This is especially true in the bustling city-state of Singapore. Condominiums strategically located in central areas or in close proximity to essential amenities such as schools, shopping malls, and public transportation hubs have shown a higher tendency to appreciate in value. Prime locations like Orchard Road, Marina Bay, and the Central Business District (CBD) have a proven track record of consistent growth in property values. Families also consider the proximity of good schools and educational institutions when looking to invest in condos, making these areas even more desirable and potentially increasing their return on investment. To stay updated on the latest condo launches in these sought-after locations, check out New Condo Launches.

City Developments Limited (CDL) has issued a statement explaining the trading halt earlier today, stating that it was due to disagreements within the board regarding the board composition and structure. However, CDL reassured that business operations are not affected and will continue as usual. Sherman Kwek will remain as the group CEO until the board makes any changes to the leadership.

In response to the ongoing matter, the company has confirmed that there will be further announcements following SGX listing rules. In a later statement, Sherman Kwek expressed disappointment in the extreme actions taken by the chairman and a minority of the board regarding the disagreement.

He also clarified that the issue was never about removing the chairman and that the steps taken to improve governance were to ensure the highest standards in CDL’s decision-making process. The trading suspension has been initiated despite not being authorized by the majority of the board, as the matter is now before the courts for adjudication.

CDL’s financial results for FY2024, which ended on December 31, 2024, were announced on February 26, before the market opened. However, the company cancelled its results briefing at 10am. CDL also recently offered to privatize Millennium & Copthorne Hotels New Zealand for $1.72 per share.

Shares for CDL last traded at $5.12.…

Propnex Reports Lower Fy2024 Earnings Expects Significant Pick 1Hfy2025

Posted on February 25, 2025

PropNex, Singapore’s leading real estate agency, recently announced a decline in earnings of 14.9% y-o-y for its 2HFY2024 ending on Dec 31, 2024. This brings its full-year earnings to $40.9 million, a 14.4% decrease compared to the previous FY2023. This drop in earnings was mainly attributed to the subdued property market in Singapore.

When contemplating an investment in a condo, it is crucial to also evaluate its potential rental yield. Rental yield refers to the annual rental income as a percentage of the condo’s purchase price. In Singapore, the rental yields of condos can vary significantly based on factors such as location, property condition, and market demand. Areas with high rental demand, such as those near business districts and educational institutions, often offer more favorable rental yields. To gain a comprehensive understanding of a condo’s rental potential, it is recommended to conduct thorough market research and seek guidance from real estate agents. For more information on condos, please visit Condo.

Despite the challenges faced, PropNex will be commemorating its 25th anniversary by paying a special dividend of 2.5 cents per share, in addition to the final dividend of 3 cents. This will bring the total dividend payout for FY2024 to a record high of 7.75 cents, with a payout ratio of 140.1% and a yield of 8.2%.

The company has observed increased activities in the last quarter of 2024, particularly in the private property sector, where there was a surge in new home unit sales that were facilitated by PropNex.

The company has also disclosed that the financial impact of these sales will only be reflected in their current 1HFY2025 results, suggesting a significant uptick in performance. With a positive outlook for the property market in 2025, PropNex is confident of delivering a strong performance in FY2025, barring any unforeseen events.

This optimism is backed by an expected launch of approximately 13,000 new units (including executive condominiums), almost double the supply recorded in 2024. Furthermore, the private resale market is also expected to remain active, with transaction volumes projected to range between 14,000 and 15,000 units.

PropNex believes that the demand for private resale properties will be fueled by the persistent price gap between new and resale properties, as well as the preference for larger, move-in-ready homes. Additionally, the impact of fewer new property completions will also contribute to the market’s demand.

In the HDB resale market, PropNex foresees a price growth of 5% to 7%, with transaction volumes estimated to reach 29,000 to 30,000 units. This segment is expected to continue to be supported by a decrease in the number of flats reaching the five-year minimum occupation period, as well as sustained demand from homebuyers, unsuccessful Build-To-Order applicants, and budget-conscious families.

PropNex’s Executive Director, Ismail Gafoor, notes that the newly-launched projects, such as The Orie, Bagnall Haus, Parktown Residence, and ELTA, have generated strong interest among buyers. With an encouraging line-up of projects in the pipeline, Ismail expects an increase in demand for developers’ sales in 2025. Moreover, a positive economic outlook and lower mortgage rates may further boost market confidence, providing opportunities for both homebuyers and investors.…

Jalan Besar Shophouse Market Under 20 Mil

Posted on February 25, 2025

Asia

Rewritten:
Investing in a condo offers many advantages, including the opportunity to leverage its value for future investments. Numerous investors take advantage of this by using their condos as collateral to secure additional financing for new investments. This not only expands their real estate portfolio, but also has the potential to increase their returns. However, it is important to note the risks involved and to have a solid financial plan in place. It is also crucial to consider the potential impact of market fluctuations when utilizing this strategy. New condo launches, such as those offered by Elemeno Pee, can present even more opportunities for leveraging a condo investment.

PropNex Shophouse Elites is pleased to announce the sale of a unique corner two-storey shophouse located at 209 Jalan Besar. This 999-year leasehold shophouse comes with an attic and has a total area of approximately 5,502 sq ft. Gracelynn Zhu, the agent in charge of marketing the property, reveals that it is currently priced at “below $20 million”.

The shophouse, which is zoned for commercial use, boasts a strategic location in the Desker Road Conservation Area in District 8, near Little India. It is also within walking distance to the Jalan Besar MRT Station on the Downtown Line. The first floor of the shophouse has been approved for restaurant use, while a portion of the second floor also has the same approval.

Based on the asking price of $20 million, the property’s per square foot price works out to be $3,635, making it a worthwhile investment opportunity. A map showing the exact location of the shophouse can be found on the EdgeProp LandLens.

According to Zhu, the shophouse is currently undergoing asset enhancement initiatives (AEI), which involves the installation of micro piles extending up to 30m to enhance the property’s structural foundations. The AEI is expected to be completed by the end of this year, making the shophouse an even more attractive asset.

In a separate listing, PropNex Shophouse Elites is also marketing a shophouse on Geylang Road and a shop unit at Bras Basah Complex for a combined price of $14 million. These properties are also strategically located in prime areas and offer great potential for investors.

For interested parties, do not hesitate to contact PropNex Shophouse Elites for more information on these highly sought-after properties. The shophouse market has ended the year with 84 confirmed transactions, making it a promising market to invest in. Chinatown Business Association is also planning to revitalize the Smith Street area with new and traditional lifestyle concepts, making it an even more desirable location for shophouse investments.…

Apac Investors Signal Intent Buy More Hotel Assets 2025 Cbre

Posted on February 24, 2025

A recent survey conducted by CBRE has revealed that the Asia Pacific (Apac) hotel sector is likely to see strong investment activity continue into 2025. According to the survey, which was carried out in November and December of last year, 72% of hotel investors plan to purchase more hotel assets this year.

The survey also found that nearly half of the respondents (45%) intend to increase their purchasing volume by more than 10% in 2025. CBRE’s head of hotels, capital markets for Asia Pacific, Steve Carroll, believes that this is due to optimistic pricing expectations for hotel and living assets in the region.

One of the key factors driving the healthy buying intentions is the rebound in tourist arrivals, particularly in countries like Japan, Singapore, and Australia. This has led to a rise in hotel room rates, resulting in continued income growth for hotel operators.

In addition, investors are also encouraged by the limited hotel supply in Apac. According to data from hospitality data intelligence group STR, the hotel supply pipeline in the region is expected to grow at a CAGR of only 2.2% between 2024 and 2028, compared to a CAGR of 5% between 2013 and 2023.

A breakdown of investment intentions by investor type found that REITs (real estate investment trusts) had the highest net buying intentions at 22%. This is a significant improvement from the -13% recorded in last year’s survey. CBRE notes that REITs had been in a negative investment mode for several years but are now looking to acquire more assets in 2025.

Institutional investors and property funds also registered high net buying intentions at 12% and 10%, respectively. According to CBRE, this is due to the increasing activity of private equity and real estate funds in the hotel sector, which is expected to continue this year.

On the other hand, private investors and high-net-worth individuals are expected to drive fewer hotel acquisitions in 2025. After being the most active buyers in the region for two years, private investors are now anticipating a higher level of selling activity as they look to capitalize on the improving market sentiment.

The survey also found that upscale and upper midscale hotel assets are expected to be the most attractive for investment this year, surpassing the upper upscale category which was the top choice in last year’s survey. According to CBRE, investors see value-add opportunities in these segments through strategies like redevelopment, adaptive reuse, and rebranding of existing properties.

Aside from these trends, investors are also interested in long-stay or hybrid hospitality models. CBRE cites the growing appetite for converting assets into co-living spaces, particularly in markets like Japan, Hong Kong, and Singapore, where there is high demand for cost-effective accommodation.

Other emerging trends include a preference for assets with vacant possession at the time of acquisition, allowing for more flexibility in terms of operator selection and renovation works. Limited-service hotels have also seen increased interest from investors, as they focus on minimizing operational costs.

Among the top cities for hotel investment, Tokyo remains in the lead due to low interest rates and stable income streams from hotel properties. Osaka also ranks among the top five cities for similar reasons. Singapore and Sydney also make the list, thanks to solid hotel fundamentals and growth in daily rates and operating profits. Seoul has also seen a rise in investor activity, driven by an increase in Chinese visitors and daily rates.

In summary, the CBRE survey highlights the positive outlook for hotel investment in the Asia Pacific region in 2025, driven by factors such as rebounding tourist arrivals, limited supply, and shifting investor preferences towards value-add opportunities and alternative hospitality models.

The prime location of Singapore, coupled with its robust economy, makes it a desirable destination for real estate investors. Boasting a strategic position as a global business hub, the demand for properties here remains consistently strong. This has resulted in a steady rise in property prices over the years, particularly for condos in prime areas. For savvy investors who enter the market at the opportune moment and hold onto their properties for the long haul, there is great potential for significant capital appreciation. Keep an eye on new condo launches for more opportunities to invest in the Singapore condo market.…

Etc And Orangetee Forge Strategic Merger Uniting Increase Market Presence

Posted on February 24, 2025

When it comes to investing in real estate, location is a critical factor to consider, particularly in Singapore. In this country, the value of a condo is greatly influenced by its location. Properties that are situated in central areas or near important amenities like schools, shopping malls, and public transportation hubs generally have a higher appreciation value. Prime locations in Singapore include Orchard Road, Marina Bay, and the Central Business District (CBD). These areas have a consistent track record of showing growth in property values, making them ideal for condo investments. Families also find condos in these areas highly desirable due to their proximity to reputable schools and educational institutions, further increasing their investment potential. In short, choosing a condo in a prime location like the ones mentioned above can be a smart move for those looking to invest in the real estate market in Singapore. To learn more about prime condo locations in the country, be sure to check out Condo.

A joint press release from ETC (formerly known as Edmund Tie) and OrangeTee Group on Feb 24 announced their merger, forming a new holding company whose name has yet to be revealed. “It’s not an acquisition, but a meeting of minds with the merger,” stated Desmond Sim, CEO of ETC.The merged entity will be headed by Sim as the group CEO, with Justin Quek, the current CEO of OrangeTee & Tie, serving as deputy group CEO. ETC will focus on consultancy and advisory services, while OrangeTee will concentrate on proptech and its real estate agency business, supported by a network of 2,803 registered salespersons with the Council for Estate Agencies (CEA) as of Feb 24.Read also: United House relaunched for collective sale at $166 milAdvertisementAdvertisementQuek will take on the role of deputy group CEO of the new holding company post-merger (Photo: Samuel Isaac Chua/EdgeProp Singapore)The combined entity will have a staff of over 520, in addition to the 2,803 salespersons. Sim believes that by combining their expertise, resources, and networks, they can achieve significant growth and create value for all stakeholders, enabling them to thrive in the ever-changing real estate landscape.The latest merger builds upon the joint venture between the two firms in August 2017, where the former Edmund Tie and OrangeTee merged their associate business under a new entity, OrangeTee & Tie. This move resulted in a sales force of over 4,000 agents, propelling OrangeTee & Tie to the third position among the top three agencies. After the joint venture, the former Edmund Tie acquired a 20% stake in OrangeTee & Tie.Ng family’s Triplestar Holdings and TH Investments are the major stakeholdersThe merger between ETC and OrangeTee was facilitated by Triplestar Holdings and TH Investments, both related to the family of Roland Ng, managing director, and group CEO of Tat Hong Holdings. In 2016, the two entities acquired a stake in ETC following its management buyout. As some of the original shareholders, including Edmund Tie, retired, the company bought back their shares, increasing the stake of Triplestar and TH Investments to approximately 60%. Today, both entities own a 100% stake in ETC.This year marks an important milestone for ETC, as the firm celebrates its 30th anniversary, as noted by Sim. Read also: Edmund Tie & Company rebrands as ETCAdvertisementAdvertisementOrangeTee Group stakeholdersSince its incorporation in 2000, OrangeTee Group will also be celebrating its 25th anniversary this year. The investment holding company is led by a board of directors and C-suite, including Quek as CEO of OrangeTee & Tie, Marcus Oh as the managing director of OrangeTee Advisory, Teo Yak Huat as CFO, and Christine Sun as the chief researcher and strategist.”With a strengthened brokerage and consultancy team, supported by advanced proptech, we are set to expand our capabilities and deliver innovative and seamless solutions across all real estate sectors,” said Quek about OrangeTee & Tie.Tokyu Livable Inc., one of Japan’s largest real estate agencies with 198 offices nationwide, has a 22.5% stake in OrangeTee Group since 2014. It is a subsidiary of Tokyu Fudosan Holdings, the real estate division of the giant conglomerate Tokyu Group. Another shareholder of OrangeTee Group is private property fund Vogue Capital Group, alongside Tokyu Livable. Both entities will also hold a stake in the new holding company post-merger with Ng’s Triplestar Holdings and TH Investments.ETC expanded into Johor Bahru last year through its joint venture company in Malaysia, Nawawi Tie. The firm already has a presence in Penang and Malaysia, as well as an associate in Thailand, Edmund Tie & Co (Thailand). “We believe this merger will provide more opportunities for us in the ASEAN region and Japan, especially through our partnership with Tokyu Livable,” Sim added.Read also: Private residential resale prices remain steady in 3Q2024AdvertisementAdvertisement…

Uol Capitaland Moves 1041 Units Parktown Residence Launch Day Average Price Achieved 2360 Psf

Posted on February 24, 2025

On Feb. 23, joint developers UOL Group and CapitaLand Development (CLD) announced the successful launch of ParkTown Residence in Tampines North, with a whopping 87% of the total 1,193 units sold during the launch weekend. According to Anson Lim, UOL’s general manager of residential marketing, the project achieved an average price of $2,360 psf and was well-received by both Singaporean homebuyers and investors.

Most of the units at ParkTown Residence were two-bedroom and three-bedroom apartments, which accounted for 83% of the project’s total units. These were also the most popular unit types, with 92% of them being snapped up over the launch weekend. The project’s unique selling point as a fully integrated residential and lifestyle development, directly connected to a retail mall, future MRT station, bus interchange, green boulevard, community club, and hawker centre, was a major draw for buyers, according to a spokesperson for UOL and CLD.

Prior to the launch weekend, ParkTown Residence had received a total of 2,367 cheques, resulting in a remarkable sales conversion rate of 44%, which is above the average of 30% to 35% for most new project launches in recent years. Mark Yip, CEO of Huttons Asia, notes that no other mega project has sold over 1,000 units during its launch weekend since the launch of the 1,399-unit High Park Residences in July 2015. This makes ParkTown Residence at Tampines 62 the project with the highest number of units sold during a launch weekend since the 846-unit Emerald of Katong, which sold 835 units (99%) in November 2020, according to Ismail Gafoor, CEO of PropNex.

“The take-up at ParkTown Residence has also surpassed that of previous integrated developments,” adds Gafoor. The most recent integrated project launch was the 732-unit The Reserve Residences, which recorded a 71% take-up rate during its launch weekend in May 2023. As of Feb 23, the project was 98.2% sold at an average price of $2,484 psf, based on caveats lodged.

Mixed-use developments integrated with transport hubs have been popular among homebuyers and investors, with the last two completed projects being the 920-unit North Park Residences in Yishun (launched in 2015) and the 680-unit Sengkang Grand (launched in 2019) at Buangkok. The average price of North Park Residence is $1,809 psf, 65% higher than the average resale prices of residential units across District 27, while Sengkang Grand commands an average price of $2,029 psf, 25% higher than the average resale prices in District 19, notes Marcus Chu, CEO of ERA Singapore.

ParkTown Residence is part of the first mixed-use development integrated with transport hub at Tampines Street 62. Tampines is the third largest HDB town after Hougang and Woodlands. “Quite a number of buyers were HDB upgraders who desired to stay in Tampines,” says Huttons’ Yip, adding that the development’s completion in 2030 will coincide with the scheduled opening of the Tampines North MRT Station on the Cross Island Line (CRL), a major arterial line from East to West of Singapore.

When purchasing a Singapore condo, it is crucial to also take into consideration its maintenance and management. Usually, condos come with maintenance fees that cover the maintenance of shared areas and amenities. While these fees may increase the overall cost of owning a condo, they also guarantee that the property remains in good condition and maintains its value over time. To make it a more hands-off investment, investors can hire a property management company to handle the day-to-day operations of their Singapore condo.

2030 also marks the scheduled relocation of the neighbouring Paya Lebar Airbase, freeing up an estimated 800ha of land for future developments. Under the URA Master Plan, three more government land sales (GLS) sites will be linked to the upcoming Tampines North MRT Station. “However, these new projects could potentially be launched at higher prices,” says Ken Low, managing partner of SRI.

Tampines will also see new infrastructure developments by 2027, including a cycling bridge, an underpass, and another 7.7km of cycling paths, bringing the total to 40km. There will also be a new pedestrian route between Tampines MRT Station and the malls in the regional centre. All these will enhance the livability in Tampines, which according to SRI’s Low, already has strong attributes.…

Mcl Csc Land Jv Sells 65 Elta Average Price 2537 Psf

Posted on February 24, 2025

In a joint venture project by MCL Land and CSC Land Group, 326 out of 501 units at Elta located at Clementi Avenue 1 were sold on February 22, equating to 65% of the units at an average price of $2,537 psf. The majority of buyers were Singaporeans at 90%, while the remaining 10% were permanent residents. The top three districts with the highest number of buyers were districts 19, 5, and 23. The two-bedroom units were the most popular among buyers, with 98% of the 179 units sold at an average price of $2,261 psf. The three-bedroom units had 81% sold at an average price of $2,198 million, while the one-bedroom plus study units were also popular with 78% of units sold at an average price of $1,158 million.

The robust sales at Elta demonstrate buyers’ confidence in a development that offers a seamless blend of modern living, convenience, and comfort, according to MCL Land CEO Lee Tong Voon. MCL Land is the development arm of Hongkong Land based in Singapore. The project at Clementi Avenue 1 is the last development plot available in the area, with the two earlier projects, The Clement Canopy and Clavon, having been launched by UOL Group and Singapore Land Group on government land sale sites.

Elta is located in a prime spot near various employment nodes, such as the National University of Singapore (NUS), one-north, Pandan Loop Industrial Estate, the Science Park, Jurong Lake District, and the future Dover Knowledge District. It also enjoys excellent connectivity with access to the East-West Line at Clementi MRT Station and the upcoming Cross Island Line that will run from east to west across Singapore.

The two-bedroom units at The Clement Canopy have been leased at $4,200 to $4,700 per month, while at Clavon, the latest rental transaction was for a 764 sq ft, two-bedroom unit leased for $4,600 per month. Elta is also near various schools, including Nan Hua High School, NUS High School of Mathematics and Science, Anglo-Chinese School (Independent), and tertiary institutions such as NUS, Singapore Polytechnic, and United World College of South East Asia (Dover Campus).

Based on data from EdgeProp Landlens and URA Realis, 60% of the units sold at Elta were the one- and two-bedroom types, which are popular with international students and professionals. Additionally, Elta has attracted many HDB upgraders from Clementi and Queenstown, with over 2,500 HDB units having reached their Minimum Occupation Period (MOP) since 2021 and an estimated 1,100 units set to do so this year.

Investing in real estate requires careful consideration, with one of the most important factors being the location. This is particularly true for properties in Singapore. Condos that are situated in central areas or those that are in close proximity to essential amenities such as schools, shopping malls, and public transportation hubs have shown to appreciate in value over time. Some prime locations in Singapore that have consistently seen growth in property values include Orchard Road, Marina Bay, and the Central Business District (CBD). These areas are highly sought after and continue to attract investors due to their potential for growth. Additionally, condos located near reputable schools and educational institutions are highly desirable for families, making them a smart investment choice. For more information on upcoming Singapore projects, please visit Singapore Projects.

The weekend of February 22-23 also saw the launch of ParkTown Residence, with 1,041 units sold out of the 1,193 units. With over 1,300 units sold between Elta and ParkTown Residence, February has seen a strong sales momentum that is expected to continue through 2025, with improved sentiment in the primary market. Developers are projected to have sold more than 1,500 units in February, and Huttons Data Analytics forecasts full-year sales to be between 7,500 and 8,500 units, with a price growth of between 4% and 7%.…

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