Month: September 2024

Accor, a renowned global hospitality brand, has recently opened its newest property, Novotel Nara, in Nara, Japan. The hotel boasts 264 luxurious rooms and is conveniently located just an eight-minute walk from Shin-Omiya Station and a short five-minute cab ride from Nara Station. Guests can easily visit popular attractions such as the Todai-ji Temple and Kasuga Taisha Shrine, both of which are UNESCO World Heritage sites. Nara is also just a short train ride away from Kyoto and Osaka, making it an ideal location for tourists.

The hotel offers various amenities, including a rooftop terrace on the eighth floor, a cozy lounge area, and an all-day dining restaurant. For business travelers, there are conference facilities, two banquet rooms, and a fitness center. The hotel also features a public bath and a wellness lounge, providing guests with a relaxing and rejuvenating experience.

General Manager Makoto Kaita warmly welcomes guests to Novotel …

Research conducted by Savills has revealed that Singapore has secured the fourth spot among Asia Pacific (Apac) cities in terms of leasing activity in the legal sector for the first half of 2024. The top three positions were taken by Shanghai, Beijing, and Hong Kong, respectively.

Ashley Swan, the executive director of commercial at Savills Singapore, stated that legal firms in Singapore have been fairly active in a stable leasing market. Some of these firms have taken on new premises with modernized ways of working in order to attract and retain top talent.

Investing in a condominium in Singapore has emerged as a favored option for both local and foreign investors, given the country’s thriving economy, political stability, and exceptional quality of life. The real estate market in Singapore presents a plethora of potential opportunities, with condos standing out for their convenient location, luxurious amenities, and promising returns. In fact, …

When purchasing a Singapore condo, it is crucial to take into account the maintenance and management of the property. Condominiums usually come with maintenance fees that cover the upkeep of communal areas and amenities. While these fees may increase the overall cost of ownership, they also guarantee that the property is well-maintained and retains its value. To make the investment more passive, hiring a property management company can assist investors in managing the day-to-day operations of their Singapore condo.

A double-storey HDB shophouse situated at Block 177 Toa Payoh Central has been made available for sale through an expression of interest (EOI) exercise with a guide price of $5.88 million. The shophouse is a corner unit, boasting a double frontage with a leasehold tenure of 78 years, and 46 years remaining. The ground-floor commercial unit measures around 635 square feet while the residential unit on the upper floor …

The entire sixth floor of the Tong Building on Orchard Road has recently been sold for a whopping $31.33 million, based on a caveat filed on September 3rd. This sale marks the highest price per square foot (psf) for a prime district office space to date, with a unit price of $4,562 psf. The deal was brokered by Yap Hui Yee, executive director of investment sales and capital markets at Savills Singapore.

Tong Building is a freehold, 19-storey strata office building located at the intersection of Orchard Road and Mount Elizabeth. Built in 1978 by TG Development, it boasts a prime location next to Paragon shopping mall and the Mount Elizabeth Hospital and Medical Centre.

Investing in a condo not only has its perks, but it also allows investors to leverage its value for other investments. Using their condo as collateral, many investors secure more financing to expand their real …

“A record-breaking sale of an entire floor at Tong Building on Orchard Road took place on September 3, with the total purchase price reaching $31.33 million. The deal, brokered by Yap Hui Yee, executive director of investment sales and capital markets at Savills Singapore, marks the highest price per square foot achieved for an office space in the prime district to date. The entire strata office floor, spanning 6,867 sq ft, was sold for $4,562 psf.

Tong Building, a 19-storey freehold office building at the corner of Orchard Road and Mount Elizabeth, was built in 1978 by TG Development. The prime location, next to Paragon shopping mall and Mount Elizabeth Hospital and Medical Centre, makes it a highly desirable commercial property.

According to a property title search, the buyer of the office floor at Tong Building is Parkway Hospitals Singapore, a subsidiary of Bursa Malaysia-listed private healthcare provider IHH Healthcare. …

as JV partnerCommentary: The rental market is waking up from its COVID-19 slumber

Singapore-based real estate investment firm 8M Real Estate has recently acquired Sceneca Square, the retail podium of Sceneca Residence at Tanah Merah Kechil Link in the eastern region. The purchase price of the acquisition was $64 million, which translates to $3,161 psf based on the net lettable area of 1,881 sqm (20,247 sq ft). The deal was brokered by Sakal Real Estate Partners.

This acquisition marks a change in investment strategy for 8M Real Estate, which has primarily focused on investing in shophouses in the prime CBD area since its inception in 2014. Under former founder and CEO Ashish Manchharam, 8M had invested in over 30 shophouses across 72 shop lots, with assets under management of more than $1.3 billion. However, Manchharam exited the company in October 2023, having sold his stake to Hong Kong-based real estate …

The latest Land Betterment Charge (LBC) rates for the period of 1 Sep 2024 to 28 Feb 2025 have been released by the Singapore Land Authority. These rates have seen an increase for most use groups, including commercial, residential (landed), and hotel and hospital use groups. However, the residential (non-landed) use group experienced a decline in LBC rates.

The average LBC rates for the non-landed residential use group decreased by 5.4%, which is a reversal from the 0.1% increase in March. According to Chua Yang Liang, head of research and consultancy for Southeast Asia at JLL, this decline can be attributed to the “overhanging property cooling measures, a high interest rate environment, and rising global geopolitical risks have resulted in a loss in investor and developer appetite in this market”.

Overall, it is estimated that there has been an average decline of 13% in land values across the island, mainly …

A valuable portfolio consisting of a freehold conservation shophouse on 61 Rowell Road and two strata retail units at the City Gate mixed-use development on Beach Road has been put up for sale at $10 million. This exciting opportunity is currently being marketed exclusively by directors of PropNex Shophouse Elites, Wilkie Tay and Sunny L.

The assets are available for purchase as a whole or separately. If sold separately, the shophouse has a guide price of $7 million, while the two commercial spaces have a guide price of $3 million. Located in Rochor, District 8, the shophouse is a two-storey building with a mezzanine and is part of the Desker Road conservation area. It has a total area of 2,200 square feet, subject to a site survey, which translates to a guide price of $3,181 per square foot. The shophouse has undergone renovations, including the addition of a spacious open …

The recent sale of a four-bedroom unit at Four Seasons Park was the most profitable condo resale transaction in the week of Aug 20 to 27. The unit, located on the 20th floor and measuring 2,260 sq ft, sold for $7.8 million ($3,451 psf) on Aug 26. The seller, who purchased the unit in September 2020 for $4 million ($1,770 psf), gained a profit of $3.8 million after owning the unit for approximately four years. This equates to a capital gain of 95% or an annualized profit of 23.8%.

This sale marks the first resale transaction at Four Seasons Park in the current year and is also the most profitable deal the condo has seen in the past two years. However, it falls short of the highest profit ever recorded at the development. That honor goes to the sale of a penthouse measuring 6,157 sq ft for $17.88 million ($2,904 …