Month: September 2024

According to Knight Frank’s research report, the average prime grade office rents in Raffles Place and Marina Bay precinct have slightly increased by 0.6% q-o-q in the third quarter of 2024, reaching $11.35 psf per month. This is a slower growth compared to the 0.7% q-o-q expansion seen in the previous quarter. The prime office rental growth in the first nine months of 2024 has been recorded at 2%, which is lower than the 3.4% growth in the same period last year.

This slowdown in rents can be attributed to the absence of expansions by large occupiers, particularly in the tech sector. Calvin Yeo, managing director of occupier strategy and solutions at Knight Frank Singapore, explains that many tech companies are putting their plans for expansion on hold due to the slowdown in the sector and the uncertain economic climate.

Instead, there has been a trend of multiple tech firms …

Keppel, a leading infrastructure company, has been selected by the Housing & Development Board (HDB) to provide the chilled water supply for three upcoming build-to-order (BTO) projects in Tengah. This 20-year contract will involve designing, building, owning, and operating centralised cooling systems (CCS) for the Brickland Weave, Plantation Edge I & II, and Plantation Verge developments. The CCS will serve approximately 3,500 households across these projects.

According to Keppel’s statement on September 30, the company will work with HDB to deliver the CCS to each home. The system operates by transporting chilled water from centralised chillers, located on the rooftops of selected HDB blocks, to cool the homes. Keppel will utilise innovative engineering, design features, and industrial-grade materials to ensure industry-standard performance.

Once completed, the CCS at these BTO projects will be connected to Keppel’s Operations Nerve Centre (ONC) for remote control and real-time performance monitoring.

“We are delighted to …

In the bustling metropolis of Hong Kong, known for its opulence and wealth, there is one glittering marvel that stands above the rest. K11 Musea, touted as the “Silicon Valley of Culture,” is a lavish art and luxury retail galleria that has captured the attention of locals and tourists alike.

It took Adrian Cheng, a scion of one of the city’s wealthiest families, a decade and a staggering $2.6 billion to realize his vision for the ornate property located on the harbourfront. Passed down from his grandfather to his father and finally to him, the project was a daring dream for Cheng and his family’s company, New World Development Co.

However, just five years after its completion, Cheng’s ambitious project and his role as the third-generation leader of New World have come crashing down. In a shocking move that has surprised Hong Kong’s upper class, the 44-year-old has abruptly stepped …

The freehold two-storey shophouse at 24 Greenwood Avenue in prime District 11 is offering its ground floor strata unit for sale at $8.8 million. This restaurant-approved unit spans 1,539 sq ft and is priced at $5,718 psf on the total strata area. The property is being marketed by Wilkie Tay and Richard Tan, directors at PropNex Shophouse Elites (PSE), who are the exclusive marketing agents of the property.

According to a press release by PSE, the restaurant unit also comes with a 100 sq ft outdoor dining area. The upper floor of the shophouse is zoned for residential use and has a separate entrance through a staircase.

Recent commercial transactions in the area have been promising. This has been observed by the EP Buddy and Urban Redevelopment Authority (URA) data. Richard Tan, who is also the founder of PSE, says that the ground floor unit for sale is currently tenanted …

Ygk Garden33 freehold units- Transaction prices for the week of Sept 7 to Sept 13: No transactions.Check out Ygk Garden Profile, Gallery, Maps, ReviewsUpdated transaction data for Gallop Green has been updated for the review period from Sept 1 to Sept 20, where 11 units changed hands at an average price of $2,194 psf. The apartment has 53 units and its units range between 2,917 sq ft and 5,102 sq ft. The development near Nanyang Primary School and Raffles Girls’ Primary School was completed in 2002. Check out Gallop Green Profile, Gallery, Maps, ReviewsAdvertisementUpdated transaction data for The Belvedere has been updated for the review period from Sept 1 to Sept 20, where six units changed hands at an average price of $2,226 psf. The apartment has 167 units and its units range between 1,012 sq ft and 2,949 sq ft. The development near the upcoming Katong Park MRT Station …

Luxury watch retailer The Hour Glass has exercised their purchase options for units in Tong Building for $68.5 million. The company will be acquiring units #09-01 to #09-04 and #10-01 to #10-04 in the building as stated in a recent bourse filing on Sept 26. The deal was facilitated by Yap Hui Yee, executive director of investment sales and capital markets at Savills Singapore. Yap comments that the freehold status of the office floors adds significant long-term value, making it a compelling investment choice for those looking to preserve their wealth.

In a separate transaction earlier this month, Yap also brokered the sale of the entire sixth floor of Tong Building to Parkway Hospitals Singapore for $31.33 million, which amounts to $4,562 per square foot. This is currently the highest price per square foot for an office space in the prime districts.

Each level of the property has a strata …

As one contemplates investing in a condo, it is crucial to evaluate its potential rental yield. This is essentially the annual rental profit expressed as a percentage of the property’s buying price. In Singapore, the rental yields for condos can vary significantly based on factors such as location, property condition, and market demand. It is observed that areas in close proximity to business districts or educational institutions typically offer higher rental yields. Undertaking thorough market research and seeking guidance from real estate agents can offer valuable insights into the rental prospects of a particular condo. Additionally, checking out Singapore Projects can also aid in making an informed decision.

HDB has recently launched a mixed-use site in Chencharu Close for sale by tender. This site is part of the 2H2024 Government Land Sales (GLS) Programme and is the first private housing site in Chencharu, a new 70ha HDB housing estate in …

Frasers Hospitality, the hospitality and lodging business unit of Frasers Property, has been strategically shedding some of its Singapore assets while expanding its presence abroad this year. According to Eu Chin Fen, the newly appointed CEO of Frasers Hospitality since January 2023, the company is always looking for opportunities to recycle and redeploy capital in order to grow its international footprint in the coming years. Earlier this year, a consortium led by Hong Kong-based family office Atelier Capital Partners acquired the 313-key Capri by Fraser, Changi City hotel for $170 million, which translates to $543,131 per key. The property has since been rebranded as the Dorsett Changi City Singapore, with Dorsett Hospitality International (DHI) as the operator. DHI is a subsidiary of Hong Kong-listed Far East Consortium International, one of the shareholders in the consortium, along with Singapore-listed Heeton Holdings and Singapore family office Fortez Capital.

In addition, Frasers Property …

The prestigious global hospitality company, Hyatt Hotels Corp, has joined forces with Singapore-based property developer SingHaiyi to launch the luxurious Hyatt Regency Samarafushi Maldives. At the signing ceremony on September 26, executive director of SingHaiyi, Gallant Tang, expressed his enthusiasm for this partnership. “We have chosen Hyatt due to its long-standing reputation and leadership in the hospitality industry,” he states. “We are thrilled to collaborate with Hyatt to create a resort that embodies the exceptional qualities that the Hyatt Regency brand is renowned for.”

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Investing in a condominium in Singapore offers numerous benefits, one of which is the potential for capital appreciation. This is due to the country’s advantageous placement as a major business center, along with its robust economic foundations, creating a constant need for real estate. In recent years, property prices in Singapore have consistently risen, with condos in highly sought-after areas experiencing significant appreciation. Those who …

A four-bedroom unit at The Sovereign was recently sold for a record-breaking profit of $2.7 million. The sale on Sept 10 marked the biggest resale transaction at the condo during the week of Sept 10 to 17. The 2,637 square feet unit on the ninth floor was sold for $6.2 million, which translates to $2,351 psf. The unit was previously purchased in May 2016 for $3.5 million ($1,327 psf), yielding a profit of 77% for the seller who owned the unit for just over eight years.

This unit was the second resale deal to take place at The Sovereign this year. In June, a larger 3,305 sq ft unit on the 15th floor was sold for $8.6 million ($2,602 psf). The seller had bought the unit in February 2010 for $4.6 million ($1,392 psf), resulting in a profit of $4 million, the highest ever recorded for a unit at The …