Month: September 2024

According to a research report by Knight Frank, prime grade office rents in the Raffles Place and Marina Bay precinct have shown slight growth in the third quarter of 2024, with an increase of 0.6% quarter-on-quarter to reach an average of $11.35 per square foot per month. However, this is a slower pace compared to the 0.7% expansion in the second quarter of 2024.

When it comes to investing in a condominium, securing proper financing is crucial. Fortunately, Singapore has various mortgage options available. However, it is imperative to familiarize oneself with the Total Debt Servicing Ratio (TDSR) framework, which sets a cap on the amount of loan an individual can take based on their income and current debt commitments. It is recommended to work with financial advisors or mortgage brokers to understand the TDSR and make informed decisions about financing, as over-leveraging can be avoided. For the latest updates …

Keppel Corporation’s infrastructure division has been recently awarded a lucrative contract by the Housing & Development Board (HDB) to supply chilled water for a period of 20 years. This contract will see Keppel responsible for the entire process – from initial design to construction, ownership and operation of centralised cooling systems (CCS) at three upcoming build-to-order (BTO) projects in Tengah. This agreement will cater to approximately 3,500 households across the projects, namely Brickland Weave, Plantation Edge I & II and Plantation Verge.

Keppel announced this exciting development in a recent press release on September 30. According to the company, they will be working closely with HDB to ensure efficient and effective delivery of CCS to each home. The system works by transferring chilled water through pipelines from centralised chillers installed on the rooftops of selected HDB blocks to cool the flats. Keppel plans to incorporate innovative engineering and design elements, …

In the fast-paced world of Hong Kong, known for its big-money and opulence, K11 Musea stands out as a true marvel. Aptly named the “Silicon Valley of Culture,” this grandiose art and luxury retail galleria was brought to life by Adrian Cheng, scion of one of the city’s wealthiest families. It took him 10 years and a whopping $2.6 billion to turn his vision into reality on the prime harbour-front property that had been passed down within his family for generations.

But just five years after its completion, Cheng’s ambitious dream for his family’s business, New World Development Co, and for himself, has come crashing down. Shocking the elite circle of Hong Kong, the 44-year-old Cheng has suddenly stepped down as the third-generation leader of the company, leaving the reins in the hands of a non-family member who is currently the chief operating officer. This unexpected move caused shares of …

PropNex Shophouse Elites (PSE) has recently launched the sale of a ground floor strata unit in a freehold two-storey shophouse located at 24 Greenwood Avenue in prime District 11. The unit has an asking price of $8.8 million and covers a total strata area of 1,539 square feet, which translates to a price of $5,718 per square foot.
The exclusive marketing agent for this property is Wilkie Tay and Richard Tan, directors at PSE. The unit is currently approved for use as a restaurant and also includes a 100 square foot outdoor dining area, as stated in a press release by PSE.
The upper floor of the shophouse is designated for residential use and has a separate entrance accessible by a staircase. Recent commercial transactions in the area have shown strong demand for shophouses, especially in the Greenwood Avenue vicinity.
According to Richard Tan, the founder of PSE, the ground …

The sale of a three-bedroom unit at Gallop Green for $8.58 million on Sept 10 has set a new psf-price record at the development. This reflects a price of $2,622 psf, surpassing the previous record of $2,431 psf by 7.9%.The previous high was established in September 2023 when a 3,229 sq ft unit changed hands for $7.85 million.Interestingly, the seller of the unit sold on Sept 10 had purchased it in December 2017 for $5.6 million. This means that the seller made a profit of $2.98 million, or a capital gain of 53%.Gallop Green, a freehold condo along Woollerton Park in Prime District 10, comprises four blocks housing 53 residential units ranging between 2,917 sq ft and 5,102 sq ft.The development has only seen one unit change hands so far this year. Last year, there were two resale transactions at the development. Besides the 3,229 sq ft unit that set …

The Hour Glass, a luxury watch retailer, has exercised its options to purchase units in Tong Building for a total of $68.5 million. The purchase includes units #09-01 to #09-04 and #10-01 to #10-04, as announced in a filing to the Singapore Exchange on Sept 26. The deal was brokered by Yap Hui Yee, executive director of investment sales and capital markets at Savills Singapore. Yap believes that the freehold status of the office floors adds significant long-term value, making it an attractive investment for those looking to safeguard their wealth and capital. In a separate transaction earlier this month, Yap was also responsible for the sale of the entire sixth floor of Tong Building to Parkway Hospitals Singapore for a record-breaking price of $31.33 million, or $4,562 per square foot. This transaction has solidified Orchard Road’s position as a premier medical hub, according to Savills.Each level of the property …

Singapore

When it comes to investing in a Singapore Condo, financing plays a crucial role. There are various mortgage plans available in Singapore, but it is important to understand the Total Debt Servicing Ratio (TDSR) framework. This framework limits the amount of loan a borrower can take, considering their income and current debt obligations. Investors should familiarize themselves with the TDSR and seek guidance from financial advisors or mortgage brokers to make well-informed decisions about their financing options. This will help them avoid the risk of being over-leveraged.

HDB has recently launched a mixed-use site for sale by tender along Chencharu Close. This site, which falls under the Confirmed List of the 2H2024 Government Land Sales (GLS) Programme, is the first private housing site to be developed in Chencharu, a new 70ha HDB housing estate in Yishun Town.

The 99-year leasehold GLS site covers an area of 316,997 sq …

Investing in a condominium in Singapore offers numerous benefits, with one of the most notable being the potential for capital appreciation. This is largely due to Singapore’s strategic location as a global business hub and its strong economic foundations, which have created a constant demand for real estate. As a result, property prices in the country have consistently risen, especially in prime locations where condos are located. By investing in the market at the opportune time and holding onto the property for an extended period, investors can reap significant returns in terms of capital gains. For updated information on new and upcoming condo launches in Singapore, you can visit Mentorship Online.

Frasers Hospitality, a division of Frasers Property, has been actively expanding its global presence by divesting some of its properties in Singapore while simultaneously increasing its presence overseas. According to Eu Chin Fen, the CEO of Frasers Hospitality …

The renowned hospitality company, Hyatt Hotels Corp, has joined forces with Singapore-based property developer SingHaiyi, to launch the Hyatt Regency Samarafushi Maldives; an all-villa resort. The signing ceremony for this partnership took place on September 26 and was attended by executive director of SingHaiyi, Gallant Tang.

Tang expressed the company’s reasoning behind choosing to collaborate with Hyatt, stating, “We have selected Hyatt because of its established reputation and leadership in the hospitality industry. We are excited to work with Hyatt to create a resort that embodies the highly appreciated elements of the Hyatt Regency brand.”

According to Mohamed Luveiz, High Commissioner of the Republic of Maldives to Singapore, the upcoming resort will be a valuable addition to the island state’s portfolio. “Maldives’ infrastructure is rapidly expanding, starting with the Valena International Airport,” he stated in his speech at the signing ceremony. “With the new runway already in use, a recently-opened …

The record-breaking sale of a four-bedroom unit at The Sovereign took place during the week of Sept 10 to 17, making it the most profitable condo resale deal during that period. The 2,637 sq ft unit on the ninth floor sold for $6.2 million ($2,351 psf) on Sept 10, marking a significant increase from its previous purchase price of $3.5 million ($1,327 psf) in May 2016. This translates to a profit of $2.7 million (77%) for the seller, who owned the unit for slightly over eight years.

This was the second resale transaction that The Sovereign has seen this year. In June, a 3,305 sq ft unit on the 15th floor was sold for $8.6 million ($2,602 psf). The seller, who bought the unit in February 2010 for $4.6 million ($1,392 psf), made a gain of $4 million, the highest profit ever recorded for a unit at The Sovereign.

Located …