Month: September 2024

Adrian Cheng Chi-kong, the third-generation leader of one of Hong Kong’s largest conglomerates, is set to relinquish his role as the CEO of New World Development and will be taking on a non-executive position within the company, according to sources familiar with the matter.

Born in 1979, Cheng will become the non-executive vice-chairman of New World, stepping down from his current role as CEO. The company’s chief operating officer, Eric Ma Siu-cheung, who previously served as Hong Kong’s Secretary for Development, is expected to be promoted to the CEO position when New World announces its full-year financial results on Thursday.

“Ma has recently instructed colleagues to review the financial situation of the subsidiaries for restructuring moves,” a source said.

Investing in a Singapore Condo goes beyond just the initial purchase. It is essential to also consider the maintenance and management aspects of the property. Often, these condos come with additional …

Edgeprop Singapore – The proposed Johor-Singapore Special Economic Zone (JS-SEZ) is set to bring significant economic benefits to the data centre, electronics, and renewable energy sectors, according to a report by DBS.

The JS-SEZ, which aims to promote cross-border economic activities between Singapore and Malaysia, was first announced in October last year during the 10th Singapore-Malaysia Leaders’ Retreat. Both countries signed a memorandum of understanding in January to work on a comprehensive agreement for the zone, which is expected to be finalised before the next leaders’ retreat in December.

The JS-SEZ will be situated in Malaysia’s Iskandar region. Johor Chief Minister Onn Hafiz Ghazi has proposed that the zone cover six districts – Johor Bahru, Iskandar Puteri, Pasir Gudang, Pontian, Kulai and Kota Tinggi – spanning a total area of 3,505 sq km.

Among the initiatives under consideration for the zone are special tax arrangements, training incentives, passport-free clearance to …

Located in the highly sought-after Paya Lebar-Ubi industrial area, 4 Ubi View is a five-storey light industrial building that offers high specifications and a strategic location. The property is now available for sale through an expression of interest (EOI) exercise, fully marketed by Brilliance Capital on Sept 26.

This impressive building boasts a land area of approximately 22,321 sq ft and a gross floor area of 44,775 sq ft. It is a private leasehold property (non-JTC) with a “Business 1” zoning and a plot ratio of 2.0. The lease is for 60 years from January 1999, leaving 34 years remaining. Being a non-residential property, foreigners and companies are eligible to purchase without incurring additional buyer’s or seller’s stamp duty.

The building is conveniently accessible via major expressways such as the PIE and CTE and is also within walking distance of the Ubi MRT Station on the Downtown Line.

Investing in …

K11 Musea, a popular mall located in the bustling Tsim Sha Tsui area of Hong Kong, is gearing up for a major expansion of its luxury retail space set to span over 30,000 sq ft. In a recent press release, K11 Group, the operator of the mall, announced that six well-known brands – Audemars Piguet, Balenciaga, Brunello Cucinelli, Loewe, Saint Laurent and Van Cleef & Arpels – will be revamping and expanding their existing stores over the next four years. The expansion will also include a new store by incoming brand Prada.

Richard Cheung, executive vice president of K11 Group, expressed his excitement about the expansion, stating, “We are thrilled that many leading luxury brands have chosen to expand at K11 Musea, especially given the current retail climate in Hong Kong. This can largely be attributed to the impressive performance and high sales productivity of these brands at their current …

A prime office unit situated at Samsung Hub, a top-rated office tower located on Church Street in the central business district (CBD), has been transacted for $14.8 million. According to Knight Frank Singapore, who facilitated the deal, the unit occupies a high floor and covers a total area of 3,595 square feet. This equates to a price of $4,117 per square foot.

As previously reported by EdgeProp Singapore in July, a unit of the same size at Samsung Hub was on the market at a guide price of $4,350 per square foot, or approximately $15.6 million.

Samsung Hub is a 999-year leasehold commercial development comprising 30 storeys. It is strategically located in the CBD in close proximity to major financial institutions and corporate headquarters. The office is also conveniently situated near the Raffles Place MRT Interchange Station (serving the North-South and East-West Lines) and the Telok Ayer MRT Station (serving …

Accor, a renowned global hospitality brand, has recently announced a collaboration with Fragrance Group and Global Premium Hotels to launch two new properties that will house a total of three hotels. These hotels are slated to be open to the public by 2027.

One of the properties will be situated on Hoe Chiang Road and will boast 808 rooms, making it the largest Mövenpick hotel in the Asia Pacific region. In addition to this, the property will also offer Mövenpick Living Singapore, a 37-room accommodation that caters to travelers looking for extended stays.

The cityscape of Singapore is defined by towering skyscrapers and contemporary infrastructure. Singapore Condos, strategically located in desirable neighborhoods, offer a perfect combination of opulence and ease, making them a popular choice among locals and foreigners. These luxurious abodes boast a plethora of amenities, including swimming pools, fitness centers, and top-notch security services, elevating the standard of …

As of September, Marriott International has nearly 4,000 properties distributed across 79 countries and territories.Marriott International announced on Sept 23 that it has launched two luxurious serviced apartments, namely Marriott Executive Apartments Bangkok Sukhumvit 101 and Marriott Executive Apartments Bangkok Sukhumvit 50, in the bustling city of Bangkok, Thailand.The lavish Marriott Executive Apartments Bangkok Sukhumvit 101 features a total of 140 well-appointed units, including elegant studios and spacious one- to two-bedroom apartments. The property, which is strategically located in the South Sukhumvit business district, is close to various prominent attractions such as the Bangkok International Trade and Exhibition Centre as well as True Digital Park, the largest technology and start-up hub in Southeast Asia.Guests can choose from a variety of luxurious accommodations, ranging from cozy studios (377-420 sq ft), elegant one-bedroom suites (484-592 sq ft) to expansive two-bedroom apartments (767-1,087 sq ft). The modern and stylish furnishings, coupled with the …

In the third quarter of 2024, the gross effective rent for Grade A offices in Singapore’s Central Business District (CBD) stayed unchanged at $11.50 psf per month, based on data from JLL published on Sept 23. This is a drop from the 0.7% q-o-q growth in the second quarter and the 1.4% q-o-q growth in the first quarter.

The rental growth has matched the second consecutive quarter of increasing vacancy rates for Grade A offices in the CBD, reaching 8.3% q-o-q in 3Q2024. The main reason for this rise is the completion of the IOI Central Boulevard Towers (IOICBT). JLL notes that due to this uptick in vacancy, tenants are becoming more resistant to rent increases. If the IOICBT is excluded, the CBD Grade A vacancy rate would have stayed relatively tight, similar to the post-pandemic low of 5.3% in 1Q2024.

However, the global economic slowdown and the ongoing delay …

Property investment has always been a reliable and consistent source of wealth for Singapore’s affluent. With its thriving property market, Singapore has consistently attracted investors to its commercial and residential spaces thanks to its position as a global financial hub. While real estate continues to be a fundamental component of building wealth, savvy investors are turning to alternative assets such as equities and cryptocurrencies to diversify their portfolios and enhance their property holdings.

Real estate has always been the go-to investment for the wealthy in Singapore, providing a stable and long-term value appreciation. As a global financial hub, the country’s prosperous property market continuously attracts investors to its commercial and residential spaces. While real estate remains a key component of wealth-building, knowledgeable investors are now looking towards alternative assets like equities and cryptocurrencies to complement their property holdings and diversify their portfolios.

Brokerage firms such as Tiger Brokers are pivotal …

When purchasing a condominium, it is crucial to also factor in the property’s maintenance and management. Usually, condos come with maintenance fees that encompass the maintenance of shared spaces and amenities. Although these fees may increase the overall cost of owning a condo, they guarantee that the property stays well-maintained and maintains its value over time. Hiring a property management firm can also aid investors in managing their condos on a daily basis, turning it into a more hands-off investment. If you want to invest in a condo in Singapore, you can explore options through Singapore Projects.

There will be a new SRI property auction on Sept 25, featuring a 1,593 sq ft strata office unit at Havelock II, located at 2 Havelock Road. This unit is currently owned by an individual and has a guide price of $2.63 million. The price per square foot (psf) is $1,651, based …