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Roxy-Pacific Holdings, a renowned property developer, is set to present the much-anticipated preview of Bagnall Haus this Saturday, Jan 4. This freehold development is a transformation of the former Bagnall Court, which was acquired by Roxy-Pacific in February 2023 through an en bloc purchase of $115.28 million. With a land rate of $1,106 psf ppr, the project comprises of a low-rise, five-storey building consisting of 113 residential units and two commercial units. Apartments range from one-bedroom plus flexi, starting at 495 sq ft, to five-bedroom units of 1,528 sq ft. The starting price for a one-bedroom plus flexi is $1.235 million, at a rate of $2,495 psf.

According to Roxy-Pacific’s executive chairman, Teo Hong Lim, the average indicative price for Bagnall Haus will be approximately $2,450 psf. The exact launch date of the project will be announced after the weekend preview. Interested parties can search for the latest New Launches to view the available units and transaction prices.

Bagnall Haus is strategically located just a five-minute walk away from the upcoming Sungei Bedok MRT Interchange Station, which will serve the Thomson-East Coast (TEL) and Downtown (DTL) lines upon its completion in 2028. It is also conveniently situated within a five-minute walk to the Upper East Coast Bus Terminal. Additionally, the project is situated across the road from a future commercial and residential mixed-use development, which is part of the upcoming Bayshore precinct. As a result, residents of Bagnall Haus will have access to the future amenities and facilities in the Bayshore area, as stated by Teo.

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Purchasing a Singapore Condo presents numerous benefits, one of which is the potential for capital appreciation. This small island country’s advantageous position as a global business hub, combined with its thriving economy, results in a constant demand for real estate. As years pass, Singapore’s property prices have displayed a consistent upward trend, with condos in prime locations experiencing significant appreciation. Those who enter the market at the opportune time and hold onto their properties for an extended period can reap the rewards of considerable capital gains. Singapore Condo is certainly a smart investment option for those seeking long-term financial growth.

The last private condominium launched in this District 16 neighborhood was Eastwood Regency, a 75-unit freehold development by Fragrance Group. It was launched in January 2010 and completed the same year. The neighboring Country Park Condo, a 160-unit freehold development by UOL Group, was launched for sale in 1999 and completed in 2003. Another neighboring project, Eastwood Centre, a 99-year leasehold mixed-use development with 48 residential units, was launched in 1996 by Ho Bee Land and completed in 1998.

Bagnall Haus offers convenient access to various amenities within its vicinity, such as the upcoming Bedok Food Court and the nearby Eastwood Centre, which houses a Cold Storage supermarket, a medical clinic, a dentist, a nail and beauty spa, and a pet shop. Families with school-going children will also appreciate the proximity to renowned schools like Temasek Primary and Secondary School, Bedok Green Primary School, and Anglican High School. Those interested in Bagnall Haus properties can check out the latest listings or ask Buddy for more information on condo rental listings in District 16. They can also compare the price trend of HDB, condo, and landed properties, as well as the total number of units available in Bagnall Haus.…

Singapore’s leading property developers CDL, Frasers Property and Sekisui House are set to unveil the preview of their latest 777-unit residential development, The Orie. Located at Lorong 1 Toa Payoh, at the intersection with Lorong 4 Toa Payoh, the private condo will be open for preview on Friday, Jan 3, followed by its official launch on Jan 18.The development, which boasts a prime location in the vibrant Toa Payoh estate, will offer a mix of one- to five-bedroom apartments spread across twin 40-storey towers. Prices start at $1.28 million ($2,476 psf) for a 517 sq ft one-bedroom plus study unit, with two-bedroom units priced from $1.48 million ($2,500 psf) for a 592 sq ft unit. Furthermore, three-bedroom units are priced at $2.09 million ($2,459 psf) for an 850 sq ft apartment, while four-bedroom units are priced at $2.92 million ($2,401 psf) for a 1,216 sq ft unit. Lastly, five-bedroom units with an exclusive private lift will be priced at $3.48 million ($2,395 psf) for a 1,453 sq ft apartment.Property seekers can visit the New Launches website to view the latest updates on available units and transaction prices for The Orie.AdvertisementAdvertisementThe Orie marks the first new private condo launch in the area since 2016 when the 578-unit Gem Residences was launched, and it is set to be completed in 2020. The site for The Orie was secured by a joint venture between three major property developers – City Developments Limited (CDL), Frasers Property and Sekisui House – which jointly submitted the highest bid of $968 million for the Government Land Sales (GLS) site at Lorong 1 Toa Payoh. The venture between the three developers is divided equally, with a 50:25:25 split between CDL, Frasers Property and Sekisui House.”We are thrilled to kick off the New Year with the launch of The Orie, the first private residential launch in Toa Payoh in over eight years,” says Sherman Kwek, CDL’s group CEO. He adds, “The Orie is situated in the bustling Toa Payoh estate and offers residents optimal connectivity and accessibility to key amenities.”The Orie is just a five-minute walk away from Braddell MRT station on the North-South Line (NSL), making it a convenient location for commuters. The development is also near the Toa Payoh Integrated Transport Hub, which connects the Toa Payoh Bus Interchange to the Toa Payoh MRT station. A new 12-ha integrated development and community hub slated for completion in 2030 will also be located in close proximity. The hub will feature a sports centre with swimming pools, indoor sports halls, football stadium, polyclinic, and public library in addition to other facilities.The Orie will be a 777-unit development in Toa Payoh, offering a mix of one- to five-bedroom apartments (Source: EdgeProp Landlens)The Orie offers more than just convenient access to public transportation and amenities, as for families with young children, several reputable schools in the neighbourhood include Pei Chun Public School, CHIJ (Toa Payoh) Primary and Secondary Schools, and First Toa Payoh Primary School. Additionally, residents will have access to various amenities such as the Toa Payoh Town Centre, HDB Hub, SAFRA Toa Payoh, Junction 8 shopping mall and MacRitchie Reservoir.Healthcare facilities in the vicinity include the Toa Payoh Polyclinic, Tan Tock Seng Hospital, Mount Elizabeth Novena Hospital, Mount Alvernia Hospital, and Thomson Medical Centre.Situated within District 12, within the Rest of Central Region (RCR), The Orie is easily accessible to the CBD and Orchard Road shopping belt, making it a desirable location for property seekers, adds Soon Su Lin, CEO of Frasers Property Singapore.The Orie offers over 40 condominium facilities and features units with efficient layouts, high-quality fittings by Hansgrohe, bathroom wares by Duravit, and premium home appliances by De Dietrich and Samsung. Furthermore, the development boasts a super low energy design, making it an energy-efficient option for both residents and the environment.Sherman Kwek adds that The Orie marks “a new partnership” between CDL and Japanese developer Sekisui House. However, this will not be their first collaboration in Singapore, as the two have collaborated on several projects over the past 13 years.Latest transactions at Gem ResidencesAside from its prime location and convenient amenities, The Orie will also entice potential buyers with its excellent location, with the 578-unit Gem Residences located nearby. Launched in 2016, this development was completed in 2020 and boasts a favourable location in Toa Payoh. This has made it a popular choice among property seekers, with several transactions recorded for the development thus far. The latest listings for The OrieConversely, those looking for updates on The Orie and available units can also visit the Buddy section on EdgeProp for more information. Here, visitors to the site will find a project summary for The Orie, a comparison of price trends between new sale condo and resale condo, recently launched projects, recent projects to obtain TOP, among other information. Additionally, those looking for property listings in District 12, where The Orie is situated, can do a quick search on EdgeProp.

City Developments Limited (CDL), Frasers Property and Sekisui House are set to launch their latest 777-unit residential development, The Orie, in Toa Payoh on Jan 18, with a preview set for Jan 3.

The private condo is located at Lorong 1 Toa Payoh, at the intersection with Lorong 4 Toa Payoh, and boasts a prime location in the vibrant Toa Payoh estate. It offers a mix of one- to five-bedroom apartments spread across twin 40-storey towers.

Units are priced from $1.28 million ($2,476 psf) for a 517 sq ft one-bedroom plus study, $1.48 million ($2,500 psf) for a 592 sq ft two-bedroom, $2.09 million ($2,459 psf) for an 850 sq ft three-bedroom, $2.92 million ($2,401 psf) for a 1,216 sq ft four-bedroom, and $3.48 million ($2,395 psf) for a 1,453 sq ft five-bedroom with exclusive private lift.

The Orie marks the first new launch of a private condo since 2016, when the 578-unit Gem Residences was launched, with the project completed in 2020.

The joint venture between the three major developers submitted the highest bid of $968 million, translating to a land rate of $1,360 psf per plot ratio (ppr) for the site.

“We are excited to usher in the New Year with the launch of The Orie, the first private residential launch in Toa Payoh in over eight years,” says Sherman Kwek, CDL’s group CEO. “Nestled in the vibrant and highly sought-after Toa Payoh estate, homebuyers will benefit from its central location and excellent connectivity.”

The appeal of putting your money into a condo in Singapore has not gone unnoticed, as more and more local and foreign investors are pouring in. This boom can be attributed to the country’s thriving economy, stable political climate, and excellent standard of living. With a thriving real estate market, Singapore offers a plethora of opportunities, and among them, condominiums stand out as a top choice due to their convenience, amenities, and potential for high returns. For anyone interested in investing in Singapore, it’s crucial to consider Singapore Projects. In this article, we will discuss the advantages, key factors to keep in mind, and steps to take when investing in a Singapore condo. Singapore Projects is a must-visit resource for this topic.

The Orie is just a five-minute walk to Braddell MRT Station on the North-South Line (NSL). It is near the Toa Payoh Integrated Transport Hub, which connects Toa Payoh Bus Interchange to Toa Payoh MRT station. The new 12-ha integrated development and community hub is slated for completion in 2030. It will have a sports centre with swimming pools, indoor sports halls and other sports facilities, a football stadium, a polyclinic, and a public library.

The 777-unit The Orie is the first new launch in Toa Payoh in over eight years (Source: EdgeProp Landlens)

Other amenities nearby include the Toa Payoh Town Centre, HDB Hub, SAFRA Toa Payoh, Junction 8 shopping mall and MacRitchie Reservoir.

For families, schools in the neighbourhood include Pei Chun Public School, CHIJ (Toa Payoh) Primary and Secondary Schools and First Toa Payoh Primary School.

Read also: ANALYSIS: HDB towns with the highest number of million-dollar deals

Healthcare facilities nearby include Toa Payoh Polyclinic, Tan Tock Seng Hospital, Mount Alvernia Hospital, Mount Elizabeth Novena Hospital and Thomson Medical Centre.

Situated within District 12 in the city fringe or Rest of Central Region (RCR), The Orie provides easy access to the CBD and Orchard Road shopping belt, notes Soon Su Lin, CEO of Frasers Property Singapore.

The super low energy development has over 40 condominium facilities, units with efficient layouts, quality fittings by Hansgrohe, bathroom wares by Duravit, and premium home appliances by De Dietrich and Samsung.

The Orie marks “a new partnership” between Japanese developer Sekisui House and CDL, says Takehisa Yanagi, managing officer and head of international development department, Sekisui House. However, he adds that Sekisui House and Frasers Property have collaborated on projects in Singapore for the past 13 years.

Latest transactions at Gem Residences

The 578-unit Gem Residences at Lorong 5 Toa Payoh was launched in 2016 and and completed in…

From January 1st, ERA Singapore will no longer cover the annual license renewal fees for its real estate agents, a practice that has been in place for the past seven years. Despite the challenges posed by the COVID-19 pandemic, the company has continued to support its agents through this gesture, showcasing its unwavering commitment to their success.

According to a statement released by ERA, this decision will enable the company to allocate resources towards initiatives that will enhance growth and success for its leading sales team, as well as benefit consumers. However, new agents will still receive support as ERA will cover their renewal fees for the first two years, a common industry practice that aims to assist newcomers in establishing themselves.

Investing in a condominium in Singapore has emerged as a favored option for both local and foreign investors, thanks to the country’s flourishing economy, political stability, and exceptional quality of life. With its flourishing real estate market, Singapore presents a plethora of investment prospects, and condos take the lead with their convenient locations, top-notch amenities, and potential for attractive returns. In this article, we will delve into the advantages, factors to keep in mind, and essential steps one must take while considering investing in a condo in Singapore. For more information on Singapore projects, please visit elemeno-pee.com.

ERA’s decision also addresses the issue of inactive agents shifting between agencies solely to take advantage of the fee coverage. This has led to a modest reduction of approximately 300 agents, primarily those who are inactive or part-time with no transactions in the past year.

On the other hand, ERA has welcomed 230 new professional agents who joined the agency on January 1st, further demonstrating its appeal to active and aspiring real estate agents.

Marcus Chu, CEO of ERA Singapore, acknowledges that the Council for Estate Agencies (CEA) is reviewing the need to implement a minimum transaction requirement for real estate salespersons. This highlights the significance of active participation and continuous professional development in the industry.

Chu emphasizes, “By reallocating resources towards technology, training, and marketing, we recommit to empowering our core team of results-driven salespersons to excel and provide exceptional value to clients.” This move reflects ERA’s dedication to constantly improving and adapting to better serve the needs of its clients and agents.…

In summary, purchasing a condominium in Singapore presents a plethora of advantages, such as a strong demand, potential for increased value, and appealing rental yields. Nevertheless, it is crucial to carefully assess various factors, including the location, financing options, government regulations, and current market conditions. By conducting thorough research and seeking expert advice, potential investors can make well-informed decisions and maximize their returns in Singapore’s ever-evolving real estate market. Whether you are a local investor seeking to diversify your portfolio or a foreign buyer in search of a stable and profitable investment, the condominium projects in Singapore, such as those offered by Singapore Projects, provide a compelling opportunity worth considering.

On Jan 1, SRI, a real estate agency, made an announcement regarding the joining of 111 agents from Knight Frank Singapore’s agency business, KF Property Network (KFPN), led by its head, Evan Chung.

This move by the 111 agents is significant as it accounts for 40.5% of the 274 sales force at KFPN, which was ranked the sixth-largest property agency by the Council for Estate Agencies (CEA) as of Jan 1, 2024. With the addition of these agents, SRI’s agency sales force has increased to 1,501, making it the fifth-largest property agency at the start of 2025. This includes recruits from the four largest agencies in Singapore – PropNex, ERA, Huttons, and OrangeTee & Tie (OTT).

SRI was co-founded by managing partners Bruce Lye and Benson Koh in 2016, as a spin-off from SRI5000, which was established by the duo as a division of SLP Realty six years earlier. Starting with just 120 real estate agents and a modest 2,000 sq ft shop unit in Tiong Bahru, SRI has grown to become one of the top agencies in the country with a sales force of over 1,000. To accommodate its growth, SRI moved to a larger 4,200 sq ft office space at Great World in 2021.

The CEO of SRI, Thomas Tan, states that the agency has achieved a significant milestone by reaching close to 1,500 real estate agents and aims to expand the team to 2,000 by the end of 2025. This expanded sales force is expected to strengthen SRI’s existing business lines, which include residential, capital markets, industrial, auctions, and international projects. Tan also highlights the addition of the new agents from KFPN, describing them as being involved in big-ticket deals, which will complement SRI’s focus on luxury segments such as Good Class Bungalows (GCBs) and other high-end properties.

Despite its growth, SRI continues to maintain its position as a boutique agency with a strong emphasis on the luxury residential market. Tan shares his vision of transforming SRI into a thought leader in the industry, known for its high standards, niche expertise, and client-centric approach.

Former head of KFPN, Evan Chung, who now joins SRI as a leader, explains his decision to move, citing the agency’s dedication to providing effective tools, comprehensive support, and expert coaching for its agents. He also praises the open and collaborative culture at SRI, which makes them feel supported as professionals and as a team striving for excellence. Chung believes that SRI’s platform will be a great opportunity to grow their business and serve their clients in the residential, commercial, and industrial market segments, as well as auctions and international properties.

With the departure of Chung and other real estate agents, KFPN’s sales force has decreased to 145 agents, and its ranking has dropped from the sixth to the eighth-largest agency, based on CEA public register figures as of Jan 1. However, Knight Frank Singapore’s CEO, Galven Tan, reassures that it is business as usual at KFPN. He mentions that they are in the process of appointing a new head to lead KFPN and evaluate the team’s strengths and expertise to position the agency strategically for future opportunities.…

Sim Lian Group’s new executive condo development, Aurelle of Tampines, is set to lead the lineup of three new ECs launching next year. Slated for launch in the first quarter of 2025 after the Lunar New Year, the 760-unit project at Tampines Street 62 follows the success of the 846-unit Emerald of Katong which is now over 99% sold.

Purchased in a government land sales (GLS) tender in October 2023, the site for the 760-unit Aurelle of Tampines, located at Tampines Street 62 (Parcel B), was secured for $543.28 million, translating to $721 psf per plot ratio (psf ppr). With rising construction costs and the harmonisation of gross floor area (GFA) definitions, PropNex CEO Ismail Gafoor believes that Aurelle at Tampines could potentially set a new price benchmark, potentially surpassing the $1,600 psf threshold. This is following the success of the Novo Place EC, launched in November, which achieved an average price of $1,656 psf.

When contemplating a Condo as a potential investment, it is crucial to carefully assess the potential rental yield. Rental yield refers to the annual rental income expressed as a percentage of the Condo’s purchase price. In Singapore, the rental yields of Condos can vary greatly, depending on factors such as its location, overall condition, and the demand within the market. As a general rule, areas with a high rental demand, such as those near business districts or universities, tend to offer better rental yields. To make a well-informed decision, conducting thorough market research and seeking guidance from real estate agents is crucial in understanding the rental potential of a specific Condo. Therefore, before making an investment in a Condo, it is crucial to evaluate its rental yield.

In October 2021, Sim Lian Group acquired the site next to Aurelle which is now Tenet EC, a 618-unit development developed in a joint venture between Qingjian Realty, Santarli Realty and Heeton Holdings. Launched in December 2022, Tenet has sold 617 units at an average price of $1,384 psf, with only one unit remaining as of Dec 19, 2024. The site for Tenet, located at Tampines Street 62 (Parcel A), was purchased in August 2021 for $442 million, marking a record-high psf ppr price for an EC land plot at that time. Notably, Tenet was launched before the implementation of the GFA harmonisation rule, which applies to GLS sites launched for sale after Sept 1, 2022.

Confident in the strong demand in Tampines and the surrounding estates, Sim Lian Group secured another EC site when it was awarded the Tampines Street 95 GLS site in early November. With a winning bid of $465 million ($768 psf ppr), Sim Lian Group has set a new high for EC land prices. The new EC project at Tampines Street 95 is expected to add 560 new units, further boosting the EC supply in the area. Sim Lian Group has a successful track record of developments in the eastern part of the island.

Apart from the Emerald of Katong and the upcoming EC projects in Tampines, the group has also completed Treasure at Tampines, Singapore’s largest private condominium with 2,203 units, in 2023. Located at Tampines Street 11, Treasure at Tampines is a redevelopment of the former privatised HUDC estate Tampines Court, which Sim Lian purchased en bloc for $970 million in 2017. Launched in February 2019, the 2,203-unit Treasure at Tampines was entirely sold within three years at an average price of $1,356 psf. As of Dec 19, a total of 468 sub-sale and resale transactions have been recorded. Secondary market prices now average $1,699 psf, representing a 25.3% increase over the average launch price.

Another upcoming EC project set for launch in 2025 is the 560-unit development at Plantation Close in Tengah Town, developed by a joint venture between Hoi Hup Realty and Sunway Developments, who are also the developers of Novo Place EC. Launched in mid-November, Novo Place has sold 57% of its units over the opening weekend. In the second round of balloting for second-timers — buyers who had previously purchased a subsidised new or resale HDB flat — another 137 units were taken up, bringing total sales to 444 units, or 88.1% of the project as at Dec 16, 2024. With an average price of $1,656 psf, Novo Place has set a new benchmark for EC prices. PropNex’s Gafoor attributes the “slightly elevated average pricing” to the fact that 80% of buyers opted for the deferred payment scheme, which carries a 3% premium compared to the normal payment scheme. Despite the higher benchmark price, Novo Place performed well due to several factors according to Gafoor, including the dwindling inventory of unsold EC units and the project’s favourable location. Located at Plantation Close in Tengah, Novo Place benefits from proximity to the upcoming Tengah Park MRT and Bukit Batok West MRT Stations on the Jurong Region Line, which are expected to be completed by 2029.

For the third EC launch potentially happening in late 2025, a 710-unit development at Jalan Loyang Besar in Pasir Ris is expected to be developed by a joint venture between Qingjian Realty, Forsea Holdings, and ZACD Group. The site for this EC project was purchased for $557 million ($729 psf ppr) in August 2024. The last EC launched in Pasir Ris was Sea Horizon, which debuted in September 2013 at an average price of $800 psf. By 2024, average resale prices for caveats lodged had risen to $1,290 psf, reflecting a 61.25% increase over the past decade. As Pasir Ris has not seen a new EC launch in nearly 12 years, there is expected to be pent-up demand for the upcoming EC project.

With the upcoming EC projects, including the Aurelle of Tampines, Plantation Close EC, and Jalan Loyang Besar EC, a total of 2,030 new units will be added to the market in 2025. This represents a doubling in new supply compared to the 1,016 units launched in 2024. The first EC launched in 2024 was Lumina Grand at the end of January. Located at Bukit Batok West Avenue 5, the 512-unit EC is developed by City Developments (CDL). On its launch weekend, 53% of the units were taken up. As of Dec 17, 444 units (87%) had been taken up. The average price achieved to date is $1,511 psf. With ECs remaining highly sought after by first-time homebuyers and HDB upgraders who find them more affordable than private new launches, PropNex estimates that the median price for new non-landed, 99-year leasehold private homes in the Outside Central Region (OCR) in 2024 is $2,203 psf (as of Dec 8, 2024). This is 44% higher than the average price for new ECs launched during the same period.…

The luxury condo in Ardmore Park saw some of the highest profits in 2024. According to data from URA, the freehold development accounted for the first, second, and fourth most profitable condo resale deals this year. These sales took place between Jan 1 and Dec 10, and were based on caveats lodged with URA as of Dec 17.One of the units that garnered the biggest gains was a four-bedroom, 2,885 sq ft unit on the 26th floor at Ardmore Park. It was sold on Feb 16 for $12.9 million, which translates to $4,472 per square foot (psf). The unit was initially purchased from the developer for $5.83 million in July 1996, at a rate of $2,022 psf. After a holding period of about 27 and a half years, the seller raked in a profit of $7.07 million, which amounts to a staggering 121% gain.The second-highest profit was seen five months after, on July 24, when another four-bedder measuring 2,885 sq ft on the 18th floor changed hands for $12 million ($4,160 psf). It was purchased by the seller in December 2000 in a sub-sale transaction for $5.2 million at a rate of $1,803 psf, which means that the profit they made was $6.8 million, equating to a 131% capital gain. The seller had owned the unit for around 23 and a half years.AdvertisementAnother 2,885 sq ft unit, a four-bedroom configuration, sold for $12.5 million ($4,333 psf) on April 22, making it the fourth-biggest gain this year. The unit was purchased from the developer in February 2007 for $6 million ($2,080 psf), which earned the seller a 108% profit, having owned the unit for over 17 years. The luxurious condo in Ardmore Park has been consistently registering remarkable gains in recent years, with three other units of the same type sold this year. Previous transactions were made for gains between $2.65 million and $3.05 million. Last year, there were four resale transactions in the development that clocked profits between $2.8 million and $8.16 million.Read also: The Skywaters leads, while Ardmore Park, 32 Gilstead dominate luxury condo dealsThe list of top gains this year was mostly dominated by mature freehold condos in District 10, other than Ardmore Park. The fifth-most profitable resale transaction was recorded at Beverly Hill, a boutique condo that has 86 units on Grange Road. A four-bedder spanning 3,778 sq ft unit on the fifth floor changed hands for $9.15 million, translating to $2,422 psf, on July 15. The seller clocked a 149% gain, amounting to $5.47 million.More freehold District 10 condos that raked in the top gains include Astrid Meadows on Coronation Road West (208 units), Regency Park on Nathan Road (292 units), Fontana Heights on Mount Sinai Rise (52 units), and Wing On Life Garden on Bukit Timah Road (81 units). These condos, which were completed between 1982 and 1990, are now over 30 years old.Older freehold District 9 condos were responsible for two of the top 10 gains this year. The third-highest gain was made at Yong An Park, which is located on River Valley Road. The sale of a 3,434 sq ft, four-bedroom unit achieved a profit of $6.72 million when it transferred ownership for $8.6 million. Another condo project, The Ritz-Carlton Residences Singapore Cairnhill, clocked in at fourth place, with the sale of a 3,057 sq ft apartment at $16.5 million, making a gain of $4.89 million. The unit fetched $5,397 psf on Jan 9.In contrast, Sentosa Cove condo projects accounted for almost half (5) of the 10 least profitable condo resale transactions this year. Buyers of Marina Collection, a 124-unit condo on Cove Drive, made the biggest loss this year when a five-bedroom duplex penthouse measuring 3,789 sq ft sold for $6.7 million ($1,768 psf) on July 22. The seller had initially bought the unit in March 2010 for $9.39 million ($2,479 psf) and incurred a loss of $2.69 million (29%).Read also: Sluggish start to 2024 ends in decade-high home sales at year’s endAdvertisementThe second-highest loss, which amounts to $2.53 million, was made at Seascape on Cove Way. A four-bedroom unit on the sixth floor measuring 2,680 sq ft sold for $4.5 million ($1,679 psf) on Aug 14. In October 2010, the seller had paid $7.03 million ($2,623 psf) for the unit.Ardmore Park, the 330-unit freehold condo in District 10, saw three of the biggest condo resale gains this year (Picture: Samuel Isaac Chua/)Check out the latest listings for Ardmore Park, Condominium propertiesAsk BuddyCompare price trend of New sale condo vs Resale condoTenure of Ardmore ParkCondo projects with most unprofitable transactions in District 10Compare price trend of HDB vs Condo vs LandedTotal number of units in Ardmore ParkCompare price trend of New sale condo vs Resale condoTenure of Ardmore ParkCondo projects with most unprofitable transactions in District 10Compare price trend of HDB vs Condo vs LandedTotal number of units in Ardmore Park

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Real estate transactions at Ardmore Park, a premier luxury condo located in the prestigious Ardmore-Draycott enclave in prime District 10, yielded some of the most significant profits in 2024. Based on data from the Urban Redevelopment Authority’s (URA) caveats lodged as of December 17, the freehold development accounted for three of the top four most profitable condo resale deals that took place between January 1 and December 10.

The highest profit was generated from the sale of a 2,885 sq ft unit with four bedrooms on the 26th floor of Ardmore Park on February 16 for $12.9 million, equivalent to $4,472 per square foot (psf). The unit was originally purchased from the developer in July 1996 for $5.83 million, or $2,022 psf. This translates to a profit of $7.07 million, or 121%, after holding the property for about 27 and a half years.

When it comes to investing in real estate in Singapore, the location is a crucial factor to consider. In order to ensure a successful condo investment, the right location is paramount, especially if it is in a central area or near important amenities like schools, shopping centers, and public transportation hubs. Prime locations such as Orchard Road, Marina Bay, and the Central Business District (CBD) have consistently seen an increase in property values, making condos in these areas highly desirable. Their proximity to these key locations adds to their investment potential, making them a popular choice among families as well. This is due to the availability of good schools and educational institutions, further boosting the value of condos in these prime locations. Therefore, when making a condo investment in Singapore, it is crucial to carefully select the location in order to maximize its potential for long-term growth. So, be sure to consider the location carefully when investing in a condo in Singapore.

In second place was the sale of a 2,885 sq ft four-bedroom unit on the 18th floor on July 24 for $12 million, or $4,160 psf. The seller had bought the unit in December 2000 through a sub-sale transaction for $5.2 million, or $1,803 psf, resulting in a profit of $6.8 million, or 131%, after owning the unit for approximately 23 and a half years.

Another four-bedroom unit at Ardmore Park, spanning 2,885 sq ft, made the fourth-largest profit this year when it changed hands for $12.5 million, or $4,333 psf, on April 22. The seller had bought the unit in February 2007 for $6 million, or $2,080 psf. This translates to a gain of $6.5 million, or 108%, after owning the property for a little over 17 years.

Ardmore Park, a freehold condo with 330 units in District 10, has consistently recorded significant gains from resale transactions in recent years. In 2024, three other units of the same size were sold, with the sellers earning profits of $2.65 million, $3 million, and $3.05 million respectively. Last year, the condo saw four resale deals, with the sellers making profits ranging from $2.8 million to $8.16 million.

Apart from Ardmore Park, other mature freehold condos in District 10 dominated the list of top gains this year. The fifth-highest profit was recorded at Beverly Hill, a boutique condo with 86 units on Grange Road. On July 15, a four-bedroom unit measuring 3,778 sq ft on the fifth floor changed hands for $9.15 million, or $2,422 psf. The seller made a gain of $5.47 million, or 149%.

Additional freehold condos in District 10 that made it to the list of top profitable deals include Astrid Meadows on Coronation Road West (208 units), Regency Park on Nathan Road (292 units), Fontana Heights on Mount Sinai Rise (52 units), and Wing On Life Garden on Bukit Timah Road (81 units). These properties were built between 1982 and 1990, making them over 30 years old.

Two older freehold District 9 condos were also among the top 10 gains this year. The third-highest profit was made from the sale of a 3,434 sq ft four-bedroom unit at Yong An Park on River Valley Road for $8.6 million, or $2,505 psf. The seller made a profit of $6.72 million, or 147%. The sale of a 3,057 sq ft apartment at The Ritz-Carlton…

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In the highly exclusive world of the ultra-rich, the Good Class Bungalows (GCBs) market has had a remarkable performance this year when compared to the previous year, according to Han Huan Mei, the Director of Research at List Sotheby’s International Realty.

Based on the caveats lodged with URA Realis as of December 20th, there have been 22 GCB transactions totaling an impressive $612.05 million. Furthermore, another 13 GCB deals, estimated to be worth over $700 million, were completed this year without caveats lodged, as buyers preferred to maintain their anonymity. This brings the total number of GCB transactions in 2024 to 35, with an estimated value of $1.32 billion, surpassing the previous record of $1.186 billion set in 2022.

In comparison, 2023 had only 18 GCB transactions, with a total value of $432.5 million. This was the lowest number of deals recorded since URA Realis began tracking this data in January 1995.

“This increase in deals during 2024 demonstrates the strong activity in the GCB market, which goes beyond what is shown in the official transaction data,” says Han. “It also solidifies the coveted status of GCBs as highly sought-after assets among the ultra-high-net-worth buyers.”

Notable GCB Deals

The top spot goes to the sale of a GCB at Tanglin Hill for a staggering $93.888 million. The property, situated on a freehold land measuring 15,150 sq ft, boasts a built-up area of 29,660 sq ft. This transaction sets a new record with a land rate of $6,197 psf.

The second-highest GCB transaction was a purchase at Bin Tong Park for $84 million by Xiang Yangyang, daughter of Chinese nickel billionaire Xiang Guangda, according to a document search. No caveat was lodged for this property, but based on the land area of 28,111 sq ft, the price equates to a land rate of $2,988 psf.

The highest-priced deal, based on caveats lodged, was for a GCB on Cluny Hill that was sold for $52 million. The property sits on a freehold plot of 15,141 sq ft and is relatively new, which contributed to the high land rate of $3,434 psf.

Another significant transaction was the sale of a 21,116 sq ft GCB plot at Astrid Hill for $49 million ($2,321 psf) in July. The property was reportedly purchased by Glenn Kuok, nephew of Kuok Khoon Hong, chairman and CEO of Wilmar International. The purchase price translates to a land rate of $2,321 psf.

Mohan Sandrasegeran, head of research and data analytics at Singapore Realtors Inc (SRI), points out that at least 14 transactions this year were valued at $20 million or more, highlighting the strong demand for ultra-luxury properties in Singapore.

District 10 Remains Top Choice

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According to Sandrasegeran, District 10 continues to be the most sought-after district for GCBs, with 16 out of the 35 recorded transactions taking place there. This includes prime areas such as Tanglin, Bukit Timah, and Holland Road.

Consistent Buying Activity

Sandrasegeran notes that GCB transactions were evenly spread throughout the year, with buying activity picking up from July onwards. “Overall, the fact that we saw GCB deals closing throughout the year suggests sustained interest in these prestigious properties, despite external economic factors such as high inflation and interest rates in the first eight months of the year,” he says.

Steve Tay, the co-founder and executive director of his boutique luxury agency in Singapore, says that the trajectory of interest rates, signaled by the US Federal Reserve (Fed), rather than the actual rate cuts, was the main driver of the increased buying sentiment in the GCB market during the second half of the year.

The Fed reduced the rates three times this year, with the most recent being a 25 basis point (bp) cut on December 18th, following earlier cuts of 50 bp in September and 25 bp in November.

Tay notes that most GCB buyers who had been hesitant about their purchases became more serious from July onwards, and most deals were closed in the last quarter of the year.

Market Slowdown in 2023

The GCB market experienced a slowdown last year as buyers pulled back following the island-wide arrests of suspects in Singapore’s biggest money-laundering case, according to Han of List Sotheby’s.

“The crackdown on money laundering had a dampening effect on the market, causing some genuine buyers to hold back to avoid media attention,” she adds. “Transactions also took longer to close due to increased scrutiny and stricter checks on buyers’ identities and sources of funds.”

Emerging Wealthy Buyers

In recent years, a new generation of ultra-wealthy Singaporeans has emerged in the GCB market, with a significant number of young and successful entrepreneurs who have made their fortunes in technology, finance, commodities, and F&B businesses, says Tay.

He adds that both the ultra-wealthy and newly naturalized Singaporeans contribute to the exclusive pool of GCB buyers who prefer large plots in prime districts. However, the number of naturalized citizens buying GCBs remains low compared to wealthy locals, according to Tay.

According to research by List Sotheby’s, the cost of building a new GCB from scratch is estimated to be around $1,000 psf, and it takes several years to complete. Therefore, most buyers prefer relatively new bungalows in move-in condition to minimize renovation works, observes Han.

“The GCB market is expected to maintain its positive momentum, driven by demand from ultra-high-net-worth individuals,” says Sandrasegeran of SRI. “The preference for privacy among GCB buyers and sellers could result in more off-market transactions, making it more challenging to track market activity.”…

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The latest data from C&W has revealed that the total value of property deals in Singapore’s capital market has hit $25.8 billion between January and November this year. This is a significant increase of 40.2% compared to the $18.4 billion recorded in 2023. C&W defines capital market transactions as deals that exceed $10 million in value.

According to Wong Xian Yang, the head of research for Singapore & Southeast Asia at C&W, nearly 60% of the capital market deals were made in the second half of 2024. This surge in activity can be attributed to the growing interest from investors and increased confidence in the US Treasury’s plan to cut interest rates.

Out of the total capital market deals made in 2024, three deals worth over $1 billion were transacted in the second half of the year. The largest deal by absolute price was the sale of a 50% stake in ION Orchard mall for $1.85 billion to CapitaLand Integrated Commercial Trust (CICT) on September 3. The remaining 50% stake is held by Hong Kong-listed property developer Sun Hung Kai Properties.

ION Orchard, a popular eight-storey retail mall located in the city’s shopping belt and directly linked to the Orchard MRT Station, was the highest-valued deal of the year. It boasts a net lettable area of 623,000 sq ft and houses more than 300 international and local brands. Above the mall, there is also a luxury condo tower called The Orchard Residences, which has 175 units spread across 54 storeys.

Another notable trend in Singapore’s capital market this year was the surge in investment activity in the industrial sector. According to Wong, investments in this sector reached $5.6 billion in just the first 11 months of 2024, marking a 174% increase from the previous year. The biggest deal in this sector was the $1.6 billion divestment of a portfolio of seven industrial properties by Soilbuild Business Space REIT to a joint venture owned by private equity firm Warburg Pincus and Australia-listed Lendlease Group in August. The portfolio included 4.5 million sq ft of business parks and specialist facilities across various industries.

The second-highest capital market deal of the year was the sale of two data centres to Singapore-listed Keppel DC REIT for $1.38 billion. The seller was a joint venture between Keppel and Cuscaden Peak Investments. These data centres, known as Keppel DC Singapore 7 and Keppel DC Singapore 8, are fully contracted to cloud services, internet enterprises, and telecommunications providers.

Despite the overall success in the capital market this year, there were four Government Land Sales (GLS) sites that went unawarded. These sites, which were on the Confirmed List for 2024, include a 6.5ha master developer white site in the Jurong Lake District, a 1.73ha white site at Marina Gardens Crescent, a 62,046 sq ft site at Media Circle, and a 262,875 sq ft site at Upper Thomson Road. The main reason for the failure to be awarded was the low bid prices due to site-specific concerns and higher interest rate concerns.

However, experts are anticipating a more significant number of capital market deals in 2025. According to C&W’s Wong, with the US Fed expected to cut interest rates further next year, there is a positive outlook for investment sales volumes in the coming year. Additionally, as overall borrowing costs remain higher than pre-pandemic levels, asset owners may look to divest and rebalance their portfolios, leading to more assets being brought to the market. CBRE Research also forecasts a 10% growth in investment volumes from the previous year, barring any significant economic shocks.…

Consumer spending in 2024 has been weaker than expected, which will likely result in lower rental forecasts for Singapore’s retail property market by the end of the year. Alan Cheong, executive director of research and consultancy at Savills Singapore, reports that the y-o-y change in the monthly retail sales index (excluding motor vehicles) and food and beverage (F&B) sales index has mostly been negative throughout the year. As a result, Cheong forecasts a 2% increase in rents for retail properties in the prime Orchard Road submarket for the full year, falling short of the initial 3% to 5% expectations at the beginning of the year.

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However, Cheong expects suburban retail rents to remain flat through the end of the year, in line with his original rental forecast for this segment. According to research jointly published by DBS and the Singapore Management University (SMU), consumer concerns over higher-than-expected inflation have mostly moderated in recent quarters. The research also found that most Singaporeans expect inflation to stabilise in the coming quarters due to the global economic slowdown, high interest rates, and potential easing of supply chain disruptions.

Meanwhile, retail spending data from the Singapore Department of Statistics revealed a 0.3% y-o-y increase in retail sales (excluding motor vehicles) in October, reversing the 1.5% y-o-y decline in September. Cheong notes that consumer spending keeping pace with inflation would be a more positive outcome for the retail market. However, the fact that it has been relatively low means it could pose financial challenges to businesses in the industry.

Despite a packed calendar of headline concerts, conferences, and exhibitions in Singapore this year, retail spending and rental rates saw limited support, according to research by CBRE. While concerts by international stars like Taylor Swift, Blackpink, Coldplay, and Westlife attracted over 500,000 attendees, contributing between $350 million and $450 million in tourism receipts, other MICE events had a nuanced effect on retail activity. Business event attendees tend to stay exclusively at the event venue, and even the Formula One Grand Prix, which generates an annual average of $125 million in tourist receipts, did not significantly boost foot traffic in Orchard Road.

However, Sulian Tan-Wijaya, executive director of retail and lifestyle at Savills Singapore, notes that Singapore’s status as a regional hub continues to attract noteworthy new-to-market brands. Notable new retail stores include KSisters, The Pace, Brands for Less, and Hoka, as well as new F&B concepts like Sushi Samba and coffee chains like Blue Bottle, Grey Box, and Puzzle Coffee. New restaurant concepts with entertainment, like Centre of the Universe, just opened in the CBD area, while another new player, Rasa, is set to open in December. These new entrants have bolstered demand for retail spaces and supported rental growth, particularly in central Singapore.

Tan-Wijaya also observes the emergence of new wellness concepts and restaurants offering entertainment, which are expected to enhance the vibrancy of Singapore’s dining scene. As a result, all prime shopping malls along Orchard Road have enjoyed relatively high occupancy rates this year, as retail businesses have strong confidence in the retail market. Cheong adds that Singapore remains an attractive destination for new-to-market brands entering the region, spanning retail, F&B, and other lifestyle concepts.

Looking ahead, retail landlords may have more flexibility next year to implement positive rental adjustments as the supply of new retail spaces becomes more limited. This will allow them to strategize and position their malls to remain relevant in the rapidly evolving consumption patterns of both locals and tourists. Similarly, Cheong expects more retailers to take advantage of this opportunity to optimize their real estate strategies, including right-sizing their spaces, establishing additional kiosks, closing under-performing branches, or shifting cooking operations to central kitchens.

“There is strong momentum in the entry of new-to-market F&B brands into Singapore, and this trend is expected to continue in the first half of 2025,” says Cheong, adding that there is also expected to be an increase in the entry of new wellness concepts and restaurants offering entertainment. In conclusion, while weaker-than-expected consumer spending may dampen rental forecasts for Singapore’s retail property market this year, the entry of new-to-market brands and the emergence of new concepts may provide support for the overall market in the coming years.…