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The sale of a three-bedroom unit at Palm Spring has made history as the most profitable resale transaction between Jan 14 and 28. According to records, the 1,884 sq ft unit on the fourth floor was sold for $4.4 million ($2,336 psf) on Jan 20. The seller had originally purchased the unit for $1.21 million ($642 psf) in August 2005, making a profit of $3.19 million (264%) on the sale. This translates to an annualised profit of 6.8% over a period of almost 20 years.

This sale has also set a new record for the highest profit attained in a resale transaction at Palm Spring, surpassing the previous record of $2.56 million (185%) for a 1,970 sq ft unit on the first floor, which was sold for $3.94 million ($2,000 psf) in April 2023. The unit was initially bought for $1.38 million ($701 psf) in January 2003.

Palm Spring, a freehold condominium located in the prestigious District 10, has consistently seen an upward trend in prices over the past 20 years. According to data from EdgeProp Singapore, the average transacted price in January was around $2,342 psf, a significant increase from $1,439 psf in January 2015. In January 2005, the average price was only $973 psf.

Interestingly, last year saw two units at Palm Spring being sold. In September, a 947 sq ft unit changed hands for $2.19 million ($2,312 psf), resulting in a profit of $990,000. In October, a 1,496 sq ft unit was sold for $3.36 million ($2,246 psf), making a profit of $2.24 million.

The pressing demand for condominiums in Singapore can be attributed to the country’s limited land supply. As a small island nation experiencing rapid population growth, Singapore struggles with a scarcity of available land for development. As a result, strict land use policies have been implemented, creating a highly competitive real estate market where property values continue to rise. This makes investing in real estate, particularly in Singapore condos, an attractive opportunity for potential investors, as the potential for capital appreciation is high.

Palm Spring, which boasts 167 units and was completed in 1997, is situated on Ewe Boon Road and is just a stone’s throw away from Stevens MRT Interchange on the Downtown (DTL) and Thomson-East Coast Lines, as well as Newton MRT Interchange on the North-South Line and DTL.

Apart from this record-breaking sale at Palm Spring, the second most profitable resale transaction during the same period was the sale of a four-bedroom unit at Orchard Bel Air. This transaction resulted in a profit of $3 million (182%) when the 3,229 sq ft unit on the 12th floor was sold on Jan 15 for $4.65 million ($1,440 psf). The unit was bought for $1.65 million ($511 psf) in May 2001, translating to an annualised profit of 4.5% over a span of almost 24 years.

The most profitable resale transaction at Orchard Bel Air, however, is still held by a 6,512 sq ft penthouse unit on the 25th floor that was sold for $8.3 million ($1,275 psf) in January 2013. The unit was originally bought for $3.83 million ($588 psf) in March 2006.

Orchard Bel Air, a 99-year leasehold condominium situated on Orchard Boulevard in prime District 10, was completed in 1984 and has approximately 54 years left on its land tenure. Right next to it is a government land sale (GLS) site on Orchard Boulevard that was awarded to a UOL-SingLand joint venture in February 2021 for $428.28 million or $1,617 psf per plot ratio.

On the other hand, the most unprofitable transaction during the period in review occurred at Marina Bay Suites, where the sale of a 1,625 sq ft unit on the 58th floor resulted in a loss of $1.15 million (27%) when it was sold on Jan 24 for $3.1 million ($1,907 psf). The unit had previously been sold for $4.25 million ($2,614 psf) in May 2012, resulting in an annualised loss of 27% over a period of close to 13 years.

This transaction is the latest in a series of unprofitable deals at Marina Bay Suites, with 14 consecutive loss-making transactions reported in the past nine months. Losses during this period ranged from $40,000 to $2.5 million.

Marina Bay Suites is a 99-year leasehold condominium that is part of the six-tower Marina Bay Financial Centre mixed-use development located at Central Boulevard and Marina Boulevard. This 221-unit development, consisting of a 66-storey residential tower with a mix of three- and four-bedroom units, was completed in 2010.

A comparison of resale prices by EdgeProp Singapore shows that the average selling price at Marina Bay Suites has been on a declining trend, falling from $2,502 psf in January 2015 to $1,921 psf as of January 2023. Surrounding 99-year leasehold condominiums command higher resale prices, such as The Sail @ Marina Bay ($2,047 psf), Marina Bay Residences ($2,242 psf), Marina One ($2,103 psf), and V on Shenton ($2,027 psf).…

A sizeable three-bedroom unit located on the 13th floor of Watertown, the residential component of the Waterway Point integrated development in Punggol, is set to go up for auction on Feb 26 by SRI.

This is a mortgagee sale with a guide price of $2.4 million, which works out to be about $1,874 per square foot (psf). The same unit was previously put up for auction by SRI in January with the same guide price, but only received one bid. As the bid did not meet the minimum reserve price, the property was withdrawn.

The unit, spanning 1,281 square feet, consists of three bedrooms and is located on the 13th floor. It features a combined living and dining area, an open-concept kitchen, a utility room and toilet, and a south-facing balcony overlooking one of the condo’s 20 swimming pools. There is also an ensuite master bedroom, two additional bedrooms, and a common bathroom.

Based on Urban Redevelopment Authority (URA) caveats, the unit was originally purchased from the developers for approximately $1.8 million ($1,281 psf) in October 2013.

As of Feb 4, Watertown has only seen one transaction so far this year, which is a two-bedroom unit spanning 958 sq ft that was sold for $1.7 million ($1,775 psf) on Jan 19. In 2020, the condo recorded a total of 41 resale transactions at an average price of $1,700 psf.

Investing in a condo requires careful consideration of financing options. In Singapore, there is a variety of mortgage choices available, but it is crucial to understand and adhere to the Total Debt Servicing Ratio (TDSR) framework. The TDSR sets limits on the amount of loan a borrower can take based on their income and current debt obligations. To make well-informed decisions about financing, it is recommended to seek guidance from financial advisors or mortgage brokers. Working with professionals can prevent investors from over-leveraging and help them navigate their options when investing in a condo. Condo is a valuable investment, and understanding the TDSR is vital for successful financing.

According to Eric Liew, manager of auctions and sales at SRI, larger units in the development tend to command a stronger demand and can fetch higher psf-prices. Out of the 41 resale transactions at Watertown last year, 10 involved larger units with three or more bedrooms, which were sold at an average price of $1,854 psf. This is about 9% higher than the condo’s overall average transacted price for the year.

Liew noted that the majority of interested buyers were HDB upgraders looking for a bargain, as well as those intending to use the unit as their primary residence due to its close proximity to Punggol MRT Station.

Watertown is an exclusive condo with 992 units spread across 11 residential towers built on top of the six-storey Waterway Point shopping mall. It offers one- to two-bedroom units with sizes ranging from 533 to 1,003 sq ft, and bigger units with three to four bedrooms, which range from 821 to 1,582 sq ft.

The Waterway Point mall is directly integrated with Punggol MRT Station on the North East Line and is also connected to Punggol LRT Station. Completed in 2017, Waterway Point is a joint development by Far East Organization, Frasers Centrepoint, and Sekisui House.

The condo is surrounded by numerous primary schools situated in the area, including Edgefield Primary School at Edgefield Plains, Oasis Primary School at Punggol Drive, Punggol Green Primary School at Punggol Walk, Compassvale Primary School at Compassvale Street, and Punggol Cove Primary School at Sumang Walk.…

The government has announced the extension of the Central Business District Incentive (CBDI) and Strategic Development Incentive (SDI) schemes for another five years. These schemes were first introduced in November 2019 and the decision to extend them was revealed by Desmond Lee, Minister of National Development, at the Real Estate Developers’ Association of Singapore (Redas) annual Spring Festival lunch on Feb 7.

The CBDI scheme aims to encourage the conversion of older office buildings in certain areas of the Central Business District (CBD) into mixed-use developments. These areas include Tanjong Pagar, Robinson Road, and Shenton Way. The goal is to bring more homes into the CBD, increase the population living in the area, and introduce a greater mix of uses in this traditionally commercial-centric district.

On the other hand, the SDI was introduced to promote the redevelopment of older developments in strategic areas, to bring about transformative changes within the surrounding urban environment. These strategic areas include Orchard Road, the Central Business District, and Marina Centre.

According to the Urban Redevelopment Authority (URA), 14 out of 17 CBDI proposals and 7 out of 12 SDI proposals have been granted in-principal approval.

Currently, four CBDI projects in the Anson-Tanjong Pagar area are under construction, including Newport Plaza, a mixed-use development on 80 Anson Road, which consists of the 246-unit Newport Residences and 198 serviced apartments. Another project, Skywaters Residences, includes 190 luxury residential units within a larger mixed-use development on 8 Shenton Way. Other CBD projects include two commercial developments at 15 Hoe Chiang Road and 51 Anson Road.

Minister Lee has stated that the five-year extension of these schemes will come with some refinements. The CBDI scheme will now be extended to include commercial developments in Anson and Cecil, and developers and property owners submitting proposals for buildings in these areas will have the option to retain their commercial zoning (with 40% non-commercial use) if the redevelopment includes long-stay serviced apartment units.

Under the new requirements, CBDI applicants looking to redevelop in Anson and Cecil will need to provide at least 200 residential units or set aside their entire non-commercial floor area for long-stay serviced apartments, whichever is lower. Previously, office buildings redeveloped under the CBDI were allowed to retain their existing commercial zoning if 40% of the new floor area was used for non-commercial purposes.

Marcus Chu, CEO of ERA Singapore, says, “By allowing for the continual renewal of aging buildings in the city centre and introducing more residential units, these incentives aim to make the CBD a place to work, live, and play.”

Additionally, the revamped CBDI and SDI schemes will include new sustainability requirements. All new CBDI and SDI applications will be required to include a sustainability statement that assesses the feasibility of retrofitting part or all of the existing building.

Investing in a condominium in Singapore offers many benefits, one of which is the potential for capital appreciation. This country’s location as a global business hub and strong economic foundation contribute to a constant demand for real estate. As a result, property prices in Singapore have continually risen, with prime location condos experiencing notable appreciation. Savvy investors who time their purchases well and hold onto their properties for the long haul can enjoy significant gains. By exploring new and upcoming Singapore projects, investors can potentially maximize their capital appreciation potential.

Minister Lee explains, “While we support revitalisation and rejuvenation through redevelopment, we do not want wasteful demolition and excessive rebuilding, especially if the buildings are relatively young or still in good shape.” He adds that several projects currently being redeveloped under these schemes are already exceeding the mandated sustainability requirements, such as Union Square, a mixed-use development at Havelock Road, which is incorporating a district cooling system.…

On February 6th, Perennial Holdings and Far East Organization revealed their plans for Aurea, a luxurious apartment tower as part of the Golden Mile Singapore mixed-use development. The development, designed by DP Architects, will feature 188 units spread across 45 storeys with a site area of 144,908 sq ft. It will also have a link bridge connecting it to the neighboring commercial building, The Golden Mile, which has been conserved for its architectural significance. This marked the first collective sale and conservation of a building in Singapore when it was purchased by Perennial Holdings and Far East Organization for $700 million in May 2022.

Located in the prime District 7 in the Downtown Core, Aurea and The Golden Mile are part of the Core Central Region (CCR). According to Shaw Lay See, Chief Operating Officer of Far East Organization’s sales & leasing group, the exclusive address is expected to attract discerning individuals and families who appreciate the exclusivity of a prime Downtown Core address.

The preview for Aurea, which is by appointment only, will start on February 22nd with the official launch on March 8th. Prices for the apartments start at $2,750 psf, with two-bedroom units at 646 sq ft starting from $1.92 million ($2,972 psf).

The units in Aurea consist of a variety of layouts, including two- and three-bedroom apartments ranging from 635 sq ft to 1,001 sq ft, four-bedroom units from 1,442 sq ft to 1,798 sq ft, five-bedroom units from 2,863 sq ft to 3,251 sq ft, and two exclusive penthouses – a six-bedroom duplex spanning 5,608 sq ft and a six-bedroom triplex of 8,816 sq ft. The larger units will feature private lift access, and the triplex penthouse will also have a private pool, catering to the affluent lifestyles of CCR homebuyers, according to Marcus Chu, CEO of ERA Singapore.

On the other hand, the smaller two- and three-bedroom units make up 60% of the apartments in Aurea, which are expected to appeal to both homebuyers and investors, adds Chu.

Residents of Aurea can enjoy the various facilities such as two infinity pools, a gymnasium, a bouldering wall, spa facilities, an indoor lounge, and multiple dining pavilions to host guests. The sky terraces on levels 17 and 33 will offer stunning views of the CBD skyline, Marina Bay, and Kallang waterfront.

According to Ken Low, Managing Partner at SRI, today’s homebuyers are looking for more than just a great location – they want a home that enhances their daily lives with thoughtful design and inspiring facilities. Aurea aims to cater to these needs and more.

The 156 strata office units and 19 medical suites at The Golden Mile were launched for sale in December 2024. Perennial and Far East Organization, the joint venture partners, plan to retain ownership of the revamped two-storey retail atrium to curate the tenant mix. According to PropNex CEO Ismail Gafoor, the iconic former Golden Mile Complex has the potential to attract buyers, especially for its office space. He adds that buyers today prioritize quality projects with convenient access to essential amenities and an MRT station. The Golden Mile is linked to the Nicoll Highway MRT Station via an overhead bridge.

The last launch in the Beach Road neighborhood of District 7 was Midtown Modern, a 558-unit development in 2021, with all units sold at an average price of $2,825 psf. The project is expected to obtain TOP sometime this year. Its launch was preceded by the neighboring 522-unit The M in 2020, also 100% sold at an average price of $2,528 psf and completed in March 2024. Another development in the area, Midtown Bay at Guoco Midtown, was completed last year, with about 63% of its 219 units taken up as of February 5th, at an average price of $3,090 psf.

When considering investing in Singapore condos, it is crucial to take into account the government’s property cooling measures. In an effort to maintain a stable real estate market and deter speculative buying, the Singaporean government has implemented various measures over the years. One such measure is the Additional Buyer’s Stamp Duty (ABSD), which imposes higher taxes on foreign buyers and individuals purchasing multiple properties. While these measures may have a short-term impact on the profitability of condo investments, they also contribute to the long-term stability of the market, creating a safer investment environment. It is essential to be aware of these measures when considering investing in Singapore condos.

Given Aurea’s location, upscale residences, and The Golden Mile’s iconic status, PropNex’s CEO Gafoor predicts that the apartment units could see prices exceed $3,000 psf. He also believes that there will be a high level of interest from prospective homebuyers and investors due to the pent-up demand for new homes in the area.

Aurea is expected to be completed in the second quarter of 2029. Interested buyers can check out the latest listings for Aurea properties or ask Buddy for more information.…

On February 6, Perennial Holdings and Far East Organization announced their plans for Aurea, a new luxury apartment tower that will be a part of the Golden Mile Singapore mixed-use development along Beach Road.

Designed by DP Architects, the 45-storey Aurea tower will have a total of 188 units and will occupy a site area of 144,908 sq ft. The tower will be connected to the neighboring The Golden Mile, a commercial building with a mix of retail space, medical suites, and offices, by a link bridge.

The Golden Mile, formerly known as Golden Mile Complex, holds historical significance and has been conserved for its architectural heritage. It was also the first collective sale and conservation of a building. In May 2022, Perennial Holdings and Far East Organization acquired the building en bloc for $700 million.

Aurea, with its prime location on Beach Road, will be a highly sought-after address in the Downtown Core, part of the Core Central Region (CCR). “We anticipate strong interest from discerning individuals and families who appreciate the exclusivity of a prime Downtown Core address,” says Shaw Lay See, the Chief Operating Officer for Far East Organization’s sales & leasing group.

The assessment of potential rental yield is a crucial factor to consider when looking into investing in a condo. Rental yield refers to the annual rental income as a percentage of the property’s purchase price. In Singapore, the rental yields for condos can vary significantly, depending on various factors such as location, property condition, and market demand. Generally, areas with high rental demand, such as those near business districts or educational institutions, offer better rental yields. Hence, conducting thorough market research and seeking advice from real estate agents can provide valuable insights into the rental potential of a specific condo. For more information on Singapore projects, please visit Elemeno-Pee.com.

The preview for Aurea, with appointments only, will start on February 22, and the launch is set to take place on March 8. The units will be priced at $2,750 psf.

At this price, a two-bedroom apartment of 646 sq ft at Aurea will start from $1.92 million ($2,972 psf).

The residences at Aurea consist of a variety of unit types. It has 112 two- and three-bedroom apartments ranging from 635 sq ft to 1,001 sq ft, 56 four-bedroom units ranging from 1,442 sq ft to 1,798 sq ft, and 18 five-bedroom units ranging from 2,863 sq ft to 3,251 sq ft. There are also two exclusive penthouses: a six-bedroom duplex spanning 5,608 sq ft and a six-bedroom triplex of 8,816 sq ft.

In addition to a private pool, the larger four-bedroom units and penthouses also feature private lift access. These units are designed to cater to the luxurious lifestyles of CCR homebuyers, says Marcus Chu, CEO of ERA Singapore.

Read also: URA suggests voluntary conservation of Golden Mile Tower’s iconic cinema block

At the same time, the two- and three-bedroom units make up 60% of the apartments at Aurea. These units are expected to appeal to both homebuyers and investors, adds Chu.

Residents of Aurea will have access to a range of facilities, including two infinity pools on levels three and 33, a gym, a bouldering wall, spa facilities, an indoor lounge, and multiple dining pavilions for hosting guests. The sky terraces on levels 17 and 33 offer panoramic views of the CBD skyline, Marina Bay, and the Kallang waterfront.

“Today’s homebuyers are looking for more than just a great location,” says Ken Low, managing partner at SRI. “They want a home that enhances their daily lives – one that is easy to get around, thoughtfully designed, and offers facilities or spaces that inspire. Aurea delivers on all these aspects.”

The 156 strata office units and 19 medical suites at The Golden Mile were launched for sale in December 2024. The joint venture partners, Perennial and Far East, plan to retain ownership of the two-storey retail atrium to curate the tenant mix.

“The former Golden Mile Complex is an iconic landmark. The potential of the commercial space, especially the office space, will likely attract buyers,” says PropNex CEO Ismail Gafoor.

He also adds that today’s buyers prioritize high-quality projects that are close to an MRT station and offer convenient access to essential amenities. With an existing overhead bridge linking The Golden Mile to the Nicoll Highway MRT Station on the Circle Line, residents will have easy access to major roadways like Nicoll Highway, East Coast Parkway (ECP), and Kallang-Paya Lebar Expressway (KPE). Golden Mile Singapore is also only 1km away from the Kallang Alive Precinct, the Bras Basah-Bugis district, and a 10-minute drive from the CBD.

The last launch in District 7’s Beach Road neighbourhood was the 558-unit Midtown Modern in 2021. All the units at Midtown Modern have been sold as of December 2024 at an average price of about $2,825 psf, and the project is expected to obtain TOP sometime this year.

Midtown Modern was preceded by The M, a neighboring 522-unit development in 2020. The entire development was sold off at an average price of $2,528 psf and was completed in March 2024.

The 219-unit Midtown Bay at Guoco Midtown was also completed last year. Since its debut in 2019, about 63% of the units have been taken up as of February 5 at an average price of $3,090 psf.

Given Aurea’s prime location, upscale residences, and the historical significance of Golden Mile, PropNex’s CEO Gafoor believes that the apartment units could potentially cross $3,000 psf in price.

“As most of the units in past launches in the district have been sold, we believe Aurea may attract healthy interest among prospective homebuyers and investors, owing to the pent-up demand for new homes in the area,” says Gafoor.

The expected completion for Aurea is in 2Q2029. Check out the latest listings for Aurea properties.…

MCL Land and CSC Land Group have announced the launch of Elta, a new residential development located in Clementi. The property will be open for preview starting from Feb 7, with public sales set to begin on Feb 22.

Spanning across approximately 144,788 sq ft of land, Elta is a 501-unit 99-year leasehold development situated along Clementi Avenue 1. The project features two 39-storey residential buildings, consisting of a variety of unit types ranging from one-bedroom-plus-study units to five-bedroom units, with sizes ranging from 506 sq ft to 1,776 sq ft. According to the developers, the project will be built in accordance with URA’s harmonisation guidelines.

Interested buyers can find out more about available units and prices for ELTA. Indicative pricing for the units starts from $1.158 million ($2,289 psf) for one-bedroom plus study units, $1.388 million ($2,261 psf) for two-bedroom units and $2.198 million ($2,374 psf) for three-bedroom units. Four and five-bedroom units are priced from $2.798 million ($2,363 psf) and $3.888 million ($$2,189 psf) respectively.

The showflat for the development, located at Prince Charles Crescent, will showcase three layouts: a two-bedroom plus study which can be transformed into a compact three-bedroom, a four-bedroom dual-key unit, and a five-bedroom unit suitable for multi-generational living.

Elta’s prime location offers easy access to public transport, with Clementi MRT Station on the East-West Line just a short walk away. The project is also surrounded by a range of dining and shopping options, including The Clementi Mall, 321 Clementi, and Grantral Mall. Families with children will appreciate the proximity to schools such as Clementi Primary School, Pei Tong Primary School, Nan Hua Primary and High School, Anglo-Chinese School (Independent) and NUS High School of Math and Science.

CEO of MCL Land, Lee Tong Voon, says, “Elta is designed to offer an elevated living experience, with its high-rise towers strategically oriented to provide stunning views of the city, Pandan Reservoir, and the sea.” Qian Liang Zhong, chairman of China Construction (South Pacific) Development Co (CCDC), adds, “Clementi is a popular and vibrant town that combines traditional shops with modern amenities, providing convenience for its residents. We are excited to bring this new development to the community.” CCDC is the parent company of CSC Land Group.

With a total of 50 facilities spread across five zones, Elta offers a range of amenities for its residents, including a 50-metre lap pool, gymnasium, tennis court, and gardening corner. The project is expected to obtain its temporary occupation permit in 2028. For more information, check out the latest listings for Elta, Condominium properties.

One crucial factor to consider when investing in condos in Singapore is the government’s property cooling measures. In order to maintain a stable real estate market and prevent speculative buying, the Singaporean government has implemented various measures over the years. These include the Additional Buyer’s Stamp Duty (ABSD), which imposes higher taxes on foreign buyers and those purchasing multiple properties. While these measures may have an impact on the short-term profitability of condo investments, they also contribute to the long-term stability of the market, making it a more secure investment environment. Additionally, Singapore Projects should be taken into account when considering condo investments in the country.…

with 30-year tenure

Knight Frank Singapore has been exclusively appointed as the marketing agent for the sale of a high-specification warehouse cum factory in Gul Circle. The property is available for sale via an expression of interest, with a guide price of $42 million.

Spanning over a total gross floor area of approximately 245,955 sq ft, the property comprises a five-storey single-user factory and warehouse with a mezzanine of four floors. It sits on a JTC leasehold site of 105,648 sq ft with a remaining tenure of 15 years and 11 months as of Feb 1. The site is zoned as a Business 2 area under the URA Master Plan 2019.

The property is designed to cater to modern industrial requirements, with features such as high ceilings for storage and operations, cold rooms, and heavy floor loading capabilities to accommodate diverse industries. It also boasts nine 40-footer loading and unloading bays with dock levelers, as well as four cargo and service elevators.

Conveniently situated near major expressways such as Ayer Rajah Expressway (AYE) and Pan-Island Expressway (PIE), as well as the Joo Koon MRT station, the property boasts excellent connectivity.

Investing in a condo has become a highly sought-after option in Singapore, attracting both local and foreign investors. This is mainly due to the nation’s flourishing economy, stable political environment, and exceptional quality of life. With its thriving real estate market, Singapore presents a plethora of opportunities, and condos emerge as an attractive choice for their convenience, facilities, and potential for lucrative returns. In this article, we will delve into the advantages, factors to consider, and crucial steps to take when investing in a condo in Singapore.

Knight Frank Singapore has highlighted that this high-specification warehouse cum factory is a rare opportunity for companies looking for a modern and strategic industrial space. The expression of interest closes on March 18 at 3pm. To learn more, please visit Knight Frank’s website.…

Thu, Colliers published a research report in February stating that industrial property prices and rents in Singapore are expected to moderate this year. This is due to higher supply and weaker demand.

The firm forecasts industrial rental and price growth to moderate to between 0% to 2% in 2025, a significant decrease from the 3.5% growth recorded for both in 2024.

According to Colliers, JTC’s 4Q2024 data revealed a market that is “losing steam”. The JTC All Industrial rental index saw its 17th consecutive quarter of growth in 4Q2024, rising 0.5% q-o-q. However, this is a substantial decline from the 8.9% rental growth seen in 2023. Similarly, the price index rose 0.5% q-o-q in 4Q2024, down from the 1.2% growth in the previous quarter. In 2024, industrial property prices increased by 2.1%, less than half of the 5.1% increase seen in 2023.

The higher influx of industrial space this year, coupled with cautious occupiers due to high interest rates and rising operating costs, is expected to continue damping rental growth. The report also notes that global trade protectionism has brought uncertainty into the market, potentially affecting business confidence and investment decisions.

Investing in a condo requires thoughtful consideration of not only the property itself, but also its maintenance and management. Unlike single-family homes, condos typically come with maintenance fees that cover the cost of maintaining the common areas and facilities. While these fees can increase the overall cost of ownership, they also guarantee that the property remains in good condition and maintains its value. To make the investment more manageable, many investors choose to engage a property management company to handle the day-to-day operations of their condo. This makes it a more passive investment, allowing investors to reap the benefits of ownership without the added stress of managing the property themselves.

However, Colliers predicts continued support in industrial demand from sectors such as semiconductors, logistics, and advanced manufacturing. It also anticipates a gradual increase in industrial leasing activities as policies become clearer and market sentiments improve, boosted by the ongoing upturn in the chip cycle.

Nevertheless, Colliers believes that this could be a good year for tenants, with more options coming into the market due to the increase in supply and the expected moderation in rents. The availability of new industrial developments with modern specifications could also attract businesses to relocate from older manufacturing spaces to newer projects, according to Nicolas Menville, executive director and head of Colliers’ Singapore industrial clients division.

In conclusion, Colliers advises readers to keep an eye on the market development of industrial properties and compare current and past listings and transactions to better understand the trends and outlook.…

Tan Boon Liat Building, a popular industrial property located on Outram Road, is currently up for sale by public tender. The reserve price for the building is set at $1.15 billion and it is a freehold site. The property is situated next to the Havelock MRT Station on the Thomson-East Coast Line (TEL) and covers two separate land plots that are meant for “Business 1” use. Together, the land plots have a total area of 175,655 square feet. The main highlight of the 15-storey building is its wide range of furniture and home decor shops that have made it a popular destination among shoppers.Map showing Tan Boon Liat Building (Source: EdgeProp LandLens)According to Cushman & Wakefield, which is acting as the property’s advisor and marketing agent, the Urban Redevelopment Authority (URA) has issued an Outline Planning Advice on Jan 22 suggesting a rezoning of the site to “Residential with Commercial at 1st storey” with a plot ratio of 4.9, as opposed to its current plot ratio of 3.1. This would result in a 50% increase in the total allowable gross floor area (GFA), according to Cushman & Wakefield.Read also: Roxy Square relaunched for collective sale; owners eyeing $1.115 bil price tag AdvertisementAdvertisementIn addition, the URA has recommended the amalgamation of a few remnant state land plots with the main plot. These state land plots are estimated to cover an area of 20,451 square feet, subject to final survey and approval by the relevant authorities.Cushman & Wakefield has estimated that the potential GFA of the site, including the state land plots and bonus GFA entitlement, would be over 1.06 million square feet. The commercial GFA on the first storey can be expanded to approximately 16,146 square feet.Meanwhile, as part of the residential allocation, a minimum GFA of around 161,459 square feet must be kept aside for Serviced Apartments II (SA2) which require a minimum three-month stay. The allowable heights for the new development range from 130m to 180m.According to the reserve price, which includes land betterment charges on rezoning, the estimated premium payable on the remnant state land and the 10% bonus GFA applicable to the residential portion, the land rate is estimated to be around $1,888 psf per plot ratio.Recent industrial sales transactions at Tan Boon Liat Building (Source: EdgeProp Buddy)Christina Sim, senior director of capital markets at Cushman & Wakefield, believes that the site will be attractive to developers due to its freehold tenure and its proximity to the TEL, which will be a major appeal to potential homebuyers.She further adds that the major advantage of this site is the fact that there will be no Additional Buyer’s Stamp Duty (ABSD) applicable, as the site was originally zoned as “Business 1”.Read also: River Valley Apartments launched for collective sale at $56 milAdvertisementAdvertisementThe tender for the site will close on March 18 at 3pm. Ask BuddyCompare price trend of Condo new sale vs EC new saleMost unprofitable landed transactions in past 1 yearCondo projects with most unprofitable transactionsPast Condo sale transactionsUpcoming new launch projectsCompare price trend of Condo new sale vs EC new saleMost unprofitable landed transactions in past 1 yearCondo projects with most unprofitable transactionsPast Condo sale transactionsUpcoming new launch projects

Purchasing a condominium in Singapore offers an opportunity for potential capital growth, making it a wise investment decision. Due to its advantageous position as a prominent business hub and robust economic foundation, Singapore consistently experiences a high demand for real estate. This has resulted in a steady rise in property prices, especially for condos situated in strategic locations. For investors who make well-timed purchases and hold onto their properties for an extended period, significant capital gains can be expected. To stay updated on new condo launches in Singapore, visit Elemeno-Pee.…

The recent sale of the largest penthouse at Park Nova has set a new record for the development, with a transaction price of $38.888 million, or $6,593 per square foot (psf). This five-bedroom unit located on the 20th floor covers a spacious 5,899 sq ft and was sold by the developer according to a caveat dated Jan 21 on the URA Realis database.

This sale marks the highest price ever recorded for a unit at Park Nova, both in terms of absolute price and psf rate, based on caveats lodged. Previously, the records for both were held by a 4,499 sq ft penthouse that sold in May 2021 for $26.026 million ($5,784 psf).

The transaction also sets the second-highest psf price ever registered for a condo unit in Singapore, with the top spot currently held by a unit at The Marq on Paterson Hill. In 2011, a 3,089 sq ft, four-bedroom unit on the 20th floor of the development was sold for $20.54 million, or $6,650 psf.

The recent sale of the Park Nova penthouse on Jan 21 is believed to be part of a collection of properties linked to a $3 billion money laundering case that have been put up for sale. The unit was previously reported to have sold in 2021 for $34.438 million ($5,838 psf).

Caveats show that this is the third unit at Park Nova that the developer has sold within a month. On Jan 17, a four-bedroom apartment spanning 2,906 sq ft on the 19th floor was sold for $16.59 million ($5,708 psf), and on Dec 27, a 2,896 sq ft four-bedder on the 18th floor was sold for $15.99 million ($5,522 psf).

Investing in real estate is a strategic decision that requires careful consideration of various factors, and one of the most crucial ones is location. This applies particularly to the real estate market in Singapore. Condominiums located in central areas or in close proximity to important amenities such as schools, shopping centers, and transportation hubs have a higher potential for value appreciation. Prominent locations like Orchard Road, Marina Bay, and the CBD have consistently shown growth in property values. Families seeking quality education for their children also prefer condos in these areas, making them even more lucrative investments. With the addition of Singapore Projects, the real estate market in these prime locations is expected to continue its upward trend.

The 54-unit Park Nova is a freehold luxury condo located at the junction of Orchard Boulevard and Tomlinson Road in prime District 10. Developed by Hong Kong’s Shun Tak Holdings, the development received its temporary occupation permit in November last year. Interested buyers can check for the latest listings of Park Nova properties and ask EdgeProp Buddy for the site plan and diagrammatic chart, price trend of new launch condo in District 10, total number of units, and project summary of Park Nova condo.

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[UPDATE] Average price of luxury condos in 2022 dips 7% y-o-y…