Month: October 2024

Katong Plaza reduces en bloc reserve price to $188 mil

Singapore-based Fragrance Group has acquired Katong Plaza in Marine Parade for $180 million. This translates to a land rate of $1,809 per square foot per plot ratio (psf ppr), inclusive of the land betterment charge.

The freehold mixed-use development, located at 1 Brooke Road, comprises 132 strata retail units and 14 residential apartments. Owners of the retail units will receive proceeds ranging from $502,000 to over $6 million, while residential owners will get between $2 million and $5.1 million, according to Terence Lian, Huttons Asia’s head of investment sales who brokered the deal.

When contemplating an investment in a condo, it is crucial to evaluate its potential rental yield. Rental yield refers to the annual rental income as a percentage of the property’s purchase price. In Singapore, condos can offer varying rental yields based on factors like its location, overall …

Edmund Tie has launched the collective sale of United House, a freehold commercial building located at 20 Kramat Lane just off Orchard Road. The reserve price for the sale is set at $166 million and the collective sale is being managed by Edmund Tie.

This is the fourth attempt at a collective sale for United House, with the previous three failing to meet the requirement of 80% owners’ consent in both strata area and share value, according to Edmund Tie.

The site covers an area of 12,838 sq ft and has a plot ratio of 4.9, with commercial use being allowed under the Master Plan. Edmund Tie estimates that the site could be redeveloped into a 10-storey commercial building with a gross floor area (GFA) of up to 62,900 sq ft.

This translates to a land rate of $3,025 psf per plot ratio (ppr) if the site is redeveloped into …

Colliers International, a leading global real estate services and investment management company, has announced the appointment of Nicholas Menville as Executive Director and Head of Industrial Clients in Singapore. With over 19 years of experience in the commercial real estate industry, Menville brings a wealth of knowledge and expertise in transaction, leasing, development, and project management across various sectors, including industrial, logistics, data centres, offices, and residential buildings.

Menville comes to Colliers from Omega RE, a boutique real estate advisory firm, where he held the position of Managing Director. He has also held senior roles at BNP Paribas Real Estate, Disneyland Paris, and French construction company Bouygues Group.

In his new role at Colliers, Menville will report to Bastiaan van Beijsterveldt, the company’s Managing Director for Singapore. His extensive experience and in-depth knowledge of the industry make him a valuable addition to Colliers’ team, and he is expected to contribute …

An expression of interest (EOI) has been launched by Savills Singapore for a two-storey commercial shophouse at 15 Ann Siang Road. The property, which holds a 999-year leasehold, is situated on a plot of approximately 1,302 sq ft and boasts an estimated gross floor area of 2,476 sq ft. It is currently on the market for $12.38 million, which equates to $5,000 psf based on floor area.

Recent commercial transactions along Ann Siang Road, compiled by EP Buddy, show the notable properties in the area. (Source: URA, EdgeProp Singapore)

Designated for commercial use, the ground floor of the shophouse is presently rented out to a food and beverage outlet, while the upper floor remains mostly unused. According to Savills, the lease agreement for the ground floor unit is set to end shortly, giving potential buyers the chance to negotiate a rent review.

The shophouse is conveniently located within walking distance …

Sheng Siong Group to Acquire Portfolio of Properties from Jelita Property

Sheng Siong Group, a major supermarket operator, has announced its plans to acquire a portfolio of properties from Jelita Property, an investment holding company under Hong Kong-based retail company DFI Retail Group (DFI). The portfolio includes eight freehold strata retail units at Siglap V, a mixed-use development on First Street, and an HDB shop unit at 181 Lorong 4 Toa Payoh.

When considering investing in Singapore, it is crucial for foreign investors to have a thorough understanding of the regulations and limitations surrounding property ownership. In contrast to landed properties with stricter rules, foreign buyers face less restrictions when purchasing condos. However, they are still subject to the Additional Buyer’s Stamp Duty (ABSD), which currently stands at 20% for their initial property acquisition. Despite this additional expense, the reliable and promising growth potential of the Singapore real estate market …

A rare opportunity has arisen to purchase a corner strata retail unit at Lucky Plaza shopping mall along the prestigious Orchard Road. The freehold unit, spanning 8,848 sq ft, is the third largest within the popular shopping mall and is now available for sale through private treaty. JLL, the exclusive marketing agent for the property, has announced an indicative price of $32 million, which translates to $3,617 psf on the strata area.

The unit, situated on the sixth floor, boasts direct lift and escalator access. It is currently fully leased to two separate retail operators and will be sold with existing tenancies in place. As the property is not subject to additional buyer’s stamp duty or seller’s stamp duty, foreigners and entities are eligible to purchase it.

Investing in a Condo in Singapore comes with a plethora of advantages, including a high demand, potential for increase in value, and favorable …

City Developments Ltd (CDL), a property developer listed on the Singapore stock exchange, will be showcasing its latest project, Norwood Grand, on October 4, with the official launch taking place on October 19.

This exclusive condominium features 348 units spread across four 11-storey blocks on a 99-year leasehold, spanning a total land area of 155,351 square feet. The units range from one-bedroom-plus-study to four-bedroom premium-plus-study, with sizes ranging from 495 square feet to 1,335 square feet.

When contemplating an investment in a condo, it is crucial to also evaluate the potential rental yield. The rental yield refers to the annual rental income as a percentage of the condo’s purchase price. In Singapore, condo rental yields can vary significantly based on factors like location, the property’s condition, and market demand. For instance, areas near business districts or educational institutions tend to have a higher demand for rentals, resulting in better rental …

CapitaLand Ascott Trust (CLAS) has announced that it will be purchasing lyf Funan Singapore from Ascott Serviced Residence Global Fund (ASRGF) for a property value of $263 million. ASRGF owns Victory SR, which holds a 100% stake in lyf Funan Singapore. The acquisition is part of CLAS’s growth strategy and is expected to have a positive impact on its future revenue.

The purchase consideration for the deal is $146.4 million, which will be largely funded by the proceeds from the divestment of Citadines Mount Sophia Singapore in March 2024. The remaining amount will be financed by a joint venture between Hong Kong-based accommodation company Weave Living and global asset manager Blackrock, who purchased the service residence on Wilkie Road for $148 million in October.

Upon completion of the acquisition, CLAS will enter into a master lease agreement with Ascott for lyf Funan Singapore. This will be subject to approval at …

Mapletree Industrial Trust (MINT) has revealed plans to acquire a multi-storey mixed-use facility in Tokyo, Japan for JPY14.5 billion ($129.8 million). The proposed acquisition will be carried out through a conditional trust beneficiary interest purchase and share agreement with Nagayama Tokutei Mokuteki Kaisha, a third-party vendor. Under this structure, MINT will hold an effective economic interest of 98.47% in the property, with a total cost of JPY14.9 billion. The remaining balance of the purchase consideration will be covered by MINT’s sponsor, Mapletree Investments.

Built in October 1992, the building stands on a freehold land area of approximately 91,200 sq ft. It has a gross floor area of about 319,300 sq ft, including a data centre, back office, and training facilities, as well as an adjacent accommodation wing that has the potential to be redeveloped into a multi-storey data centre. The facility is currently fully leased to a Japanese conglomerate with …

When purchasing a Singapore condo, it is crucial to take into account the maintenance and management of the property. Usually, condos have maintenance fees that cover the maintenance of common areas and facilities. Although these fees may increase the total cost of ownership, they play a significant role in keeping the property in good condition and maintaining its value. An effective approach for investors is to engage a property management company to handle the daily management of their condos, allowing for a more passive investment.

The Housing and Development Board (HDB) has reported that resale flat prices in the third quarter of 2024 continued their upward trend, marking the 18th consecutive quarter of growth. According to the flash estimates released on October 1, HDB resale prices rose by 2.5% from the previous quarter, a faster pace compared to the 2.3% increase in the second quarter of the year. This …