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Commonwealth Towers has once again made headlines, this time for topping the list of private non-landed properties with the highest psf-price during the week of December 27 to January 3. The 99-year leasehold condo hit a new record price of $2,460 psf on December 27 when a 904 sq ft, three-bedroom unit on the 40th floor was sold for $2.22 million.

This new record surpassed the previous high of $2,402 psf, which was set just three months ago when a 689 sq ft, two-bedroom unit on the 42nd floor was sold for approximately $1.65 million in September 2024.

The average resale price of condo units at Commonwealth Towers has been steadily increasing for the past three years. In 2022, the project recorded 53 transactions with an average psf price of $1,971. The following year, the average price rose to $2,097 psf across 51 resale transactions. Last year, the development saw 37 resale transactions with an average price of $2,200 psf. This represents a 11.6% increase in average resale prices since 2022.

By absolute price, the most expensive unit sold at Commonwealth Towers was a 1,302 sq ft, four-bedroom unit on the 39th floor for $2.96 million, or $2,273 psf. This transaction was recorded in November 2024.

Completed in 2017, Commonwealth Towers is a 99-year leasehold condo with about 87 years remaining on its tenure. It comprises of two 43-storey residential blocks housing 845 condo units, ranging from one- to four-bedroom apartments spanning 441 sq ft to 1,302 sq ft.

Taking second place on the list is freehold project Parq Bella, which also set a new psf-price high of $2,416 psf when a 1,076 sq ft, three-bedroom unit on the fourth floor sold for about $2.6 million on December 31. This unit was also the first at the development to transact for over $2,400 psf.

This beats the previous record of $2,385 psf, set in August 2023 when a 926 sq ft, two-bedroom unit on the fourth floor was sold for approximately $2.2 million.

Parq Bella, a freehold project located on Tembeling Road in District 15, has 20 apartments ranging from two to four bedrooms, with floor plans spanning from 926 sq ft to 1,787 sq ft. The project is expected to be completed by December 2026.

The boutique project recorded five new sale transactions last year at an average price of $2,347 psf. Since its launch in 3Q2023, Parq Bella has sold 19 of its 20 units (95%) at an average price of $2,244 psf based on caveats lodged as of January 14.

Investing in a Singapore Condo requires careful consideration of financing options. There are several mortgage plans available, but it is crucial to understand the Total Debt Servicing Ratio (TDSR) framework. This framework sets limits on the loan amount a borrower can take based on their income and current debt obligations. To ensure responsible borrowing, it is highly recommended to seek guidance from financial experts or mortgage brokers. With their help, investors can make well-informed decisions and avoid overextending their finances. It is important to keep in mind the TDSR framework when considering different mortgage plans while investing in a Singapore Condo. Therefore, it is advisable to work closely with professionals to avoid any potential financial strain.

Finally, freehold luxury project Klimt Cairnhill was the only private residential development to see a new psf-price low during the period in review. The new psf-price floor came from the developer’s sale of an 829 sq ft, two-bedroom unit on the 24th floor for $2.55 million on January 3, which translates to $3,077 psf.

This two-bedroom unit was the final unit sold at Klimt Cairnhill, a 138-unit freehold development that achieved 100% sales at an average price of $3,665 psf, based on caveats lodged. The project was previewed in August 2021 and officially launched in January 2023.

Klimt Cairnhill has a mix of two- to four-bedroom apartments ranging from 829 sq ft to 2,368 sq ft, as well as two penthouses of 4,898 sq ft and 5,920 sq ft. The development is expected to obtain its Temporary Occupation Permit in April this year.…

estimateFollowing the announcement by Minister for National Development Desmond Lee, the Housing and Development Board (HDB) will be launching more than 25,000 new flats in 2025. This is in line with the joint press release by HDB and the Ministry of National Development (MND) on Jan 16. These new flats are expected to meet the growing housing demand in Singapore and will include a mix of standard, plus, and prime Build-To-Order (BTO) flats under the new classification framework.As per the joint press release, the new flats will be launched through three sales exercises for approximately 19,600 BTO units and one Sale of Balance Flats (SBF) exercise for over 5,500 units. The BTO units will be launched in the February sales launch at popular districts including Kallang/Whampoa, Queenstown, Woodlands, and Yishun. The new flats will offer first-time homebuyers a range of options to choose from, including completed units and units that are currently under construction with expected completion dates set between 2025 and 2028.In total, more than 10,000 new flats will be made available in the February BTO and SBF exercises. Over the last four years, from 2021 to 2024, HDB has launched a total of about 82,700 BTO flats. With the planned pipeline of 19,600 BTO flats in 2025, HDB is set to exceed its commitment of launching 100,000 units over a span of five years.AdvertisementCMOREClosing in on a record price: 5-room DBSS unit at Parc Lumiere on the market for $1.25 millionWith the accelerated ramp-up in BTO supply, the application rates have dropped significantly. In 2024, the average application rate among first-time homebuyers for BTO flats across all flat types was 2.1, a drop from the pre-pandemic rate of 3.7 in 2019. Among the three-room and larger flats, the average first-timer application rate in 2024 was 2.2 as compared to 4.0 in 2019.Minister Lee has stated that HDB will continue to release a steady stream of new flats to meet the housing demand in the coming years. The pipeline is set to bring the total number of flats launched between 2025 and 2027 to over 50,000, making the total number of new flats available to about 130,000 from 2021 to 2027.Speaking on the topic of Shorter Waiting Time (SWT) flats, Minister Lee estimated that about 3,800 of the 19,600 new flats, or one-fifth of the BTO flats planned for launch in 2025, will have a waiting time of less than three years. This is a significant increase from the 2,876 SWT flats offered in 2024 and also exceeds the annual supply of 2,000 to 3,000 SWT flats that was initially committed.“The introduction of more SWT flats will provide homebuyers with more options and may also divert some demand from the resale market,” commented Lee Sze Teck, senior director of data analytics at Huttons Asia.Read also: ANALYSIS: HDB towns with the highest price growth In 2025, approximately 7,000 HDB flats are expected to reach the minimum occupation period (MOP) of five years, which is the lowest supply of resale flats since 2015. With the assurance from HDB that they will be launching more BTO and SBF flats to meet the demand, this will provide homebuyers with more choices and help to stabilize the resale market. In addition, this higher supply of flats and SWT flats will also address the shortage of flats that have reached the MOP stage.Leading property agency Huttons expects the number of resale flat transactions in 2025 to range between 26,000 and 28,000, which would be slightly lower than the 28,876 transactions recorded in 2024. They also anticipate a slower growth in resale flat prices this year, estimated to be between 5% to 8%, as compared to the 9.6% increase reported in HDB’s flash estimate for 2024.

The bustling cityscape of Singapore is characterized by towering skyscrapers and state-of-the-art infrastructure. Condominiums, strategically situated in sought-after locations, offer the perfect combination of opulence and convenience, making them a popular choice for both locals and foreigners. These upscale residences are equipped with an array of facilities, including swimming pools, fitness centers, and top-notch security services, elevating the standard of living for residents and making them a desirable option for potential renters and buyers alike. For investors, the inclusion of these amenities translates into attractive rental yields and a steady increase in property values over time. One such sought-after option is a Singapore Condo, offering an unrivaled level of sophistication and modern living.…

A three-bedroom penthouse at Orchid Mansion, a freehold development located on Amber Road in District 15, was recently sold for a whopping $4.88 million on Dec 31, resulting in a record-breaking profit of $2.58 million (112%). This transaction, which took place during the period of Dec 31, 2024, to Jan 7, 2025, marks the most profitable resale deal thus far.

The luxurious 2,842 sq ft unit, situated on the 21st floor, was sold at a rate of $1,717 psf. It had been previously bought in March 2009 for $2.3 million, equating to $809 psf. This impressive transaction translates to an annualized profit of 4.9% over a span of 16 years. Additionally, this sale has also surpassed the previous record at Orchid Mansion, which was set at $1.15 million (72.6%), when a 1,507 sq ft three-bedroom unit on the seventh floor was sold for $2.73 million ($1,812 psf) in July 2022. This particular unit had been bought for $1.58 million ($1,050 psf) back in June 2007.

Meanwhile, the second most profitable resale transaction recorded during this period occurred at Villa Marina, where a 1,625 sq ft unit was sold for $2.35 million ($1,446 psf) on Jan 3. The ground floor unit, comprising of three-bedrooms, was previously purchased for $630,500 ($388 psf) in September 2006. With profits of $1.72 million (273%), this sale resulted in an annualized profit of 7.6% over an 18-year period. It also broke the previous record at Villa Marina, which was set at $1.58 million (219%), when a 1,916 sq ft unit on the fourth floor was sold for $2.3 million ($1,200 psf) on July 16 last year. This unit had been purchased for $720,416 ($376 psf) in November 1998.

Villa Marina, a 99-year leasehold development situated at Jalan Sempadan in District 15, is a sprawling project with a total of 27 low-rise residential blocks. It features a mix of one- to four-bedroom units, ranging from 1,087sq ft to 2,314 sq ft. Furthermore, the condo is conveniently located near Siglap MRT station on the Thomson-East Coast Line, as well as East Coast Park. Additionally, several primary schools are situated within a 1km radius, such as Bedok Green Primary School, CHIJ (Katong) Primary, Ngee Ann Primary School, St Stephen’s School and Tao Nan School.

On the other hand, the most unprofitable resale transaction during this period was the sale of a 1,130 sq ft unit at Marina Bay Residences, which caused the seller to suffer a loss of $386,000 (16%). This two-bedroom unit, situated on the 17th floor, was sold for $2.1 million ($1,858 psf), despite being purchased for $2.49 million ($2,200 psf) back in November 2007. This results in an annualized loss of 1% over 17 years.

It is interesting to note that Marina Bay Residences recorded a total of 25 resale transactions last year, of which 13 resulted in unprofitable transactions, inflicting losses ranging from $1.25 million to $43,600. The most unprofitable resale transaction at Marina Bay Residences involved a 1,227 sq ft unit which sold for $2.8 million ($2,282 psf) in March 22, 2024.

When purchasing a condo, it is crucial to also take into account the maintenance and management aspect of the property. Condominiums typically come with maintenance fees that encompass the maintenance of shared areas and amenities. While these fees may increase the overall cost of owning a condo, they are necessary for keeping the property well-maintained and preserving its value. For investors, hiring a property management company can be a wise choice as they can handle the day-to-day management tasks, making it a less hands-on investment. Additionally, checking out the latest New Condo Launches can provide opportunities for investors to expand their portfolio.

Based on a tabulation of resale caveats at Marina Bay Residences, the average resale price at the condo last month was $2,242 psf, which is higher than the average price at surrounding condos such as The Sail @ Marina Bay ($2,052 psf), Marina Bay Suites ($1,917 psf), and Marina One Residences ($2,133 psf).

Marina Bay Residences, a 428-unit development located on Marina Boulevard, had recently undergone a $5 million revamp from January 2022 to September 2023 to enhance resident facilities and common spaces throughout the 15-year-old condo. It is one of two 99-year leasehold luxury condos situated in Marina Bay Financial Centre (MBFC). This mixed-use development comprises of three Grade-A office towers, Marina Bay Residences and Marina Bay Suites – a 221-unit 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.…