2024 has proven to be a difficult year for the global luxury goods industry. The ongoing macroeconomic uncertainty and rising prices of luxury brands have caused consumers to cut back on their spending.

According to a recent report by Bain & Company, the sales of personal luxury goods are expected to decline by 2% globally this year. In China, the largest market for luxury goods, the decline is estimated to be as much as 20-22%. Companies like Richemont Luxury, LVMH, and Moncler Group have reported a slight decrease in earnings, while Kering has seen more significant declines.

However, outliers like Hermes and Prada Group, which also owns Miu Miu, have seen double-digit earnings growth, bucking the trend for the rest of the industry.

Despite these challenges, Singapore remains an important market for luxury brands. According to Euromonitor, sales of luxury goods in the country grew by 11% in 2023, reaching …

V-ZUG is a Swiss brand that values simplicity and quality above all else in its approach to product design. While the world of interior design is constantly changing with new trends, V-ZUG stands out for its timeless philosophy.

For over a century, V-ZUG has been a favorite among developers and designers of luxury homes. Its appliances can now be found all around the globe, from its home base in Switzerland to cities like Shanghai, London, and Singapore.

The brand’s focus on sleek lines is evident in all of its appliances, which seamlessly blend durability and elegant design. This has set V-ZUG apart from the competition and has made it a staple in modern kitchen designs, where tradition and quality meet contemporary aspirations.

At the core of V-ZUG’s approach is a commitment to craftsmanship and quality control. All of its products are handcrafted in Switzerland and undergo extensive testing by engineers …

On December 4, VisionPower Semiconductor Manufacturing Company (VSMC) held a groundbreaking ceremony for its new $7.8 billion wafer manufacturing facility in Tampines. The plant, which is expected to start initial production in 2027, will produce 55,000 wafers per month by 2029 and create around 1,500 jobs. VSMC is a joint venture between Taiwan’s Vanguard International Semiconductor Corporation and the Netherlands’ NXP Semiconductors, with a 60:40 stake.

However, VSMC is not the only company expanding in Singapore. In March, Japan’s Toppan Holdings began construction on a factory in Jurong Lake District that will produce semiconductor packaging materials. The project, estimated to cost $450 million, is expected to be completed in the near future.

According to Knight Frank Singapore’s head of research Leonard Tay, many chipmakers and related businesses are setting up manufacturing plants and research and development campuses in Singapore in order to strengthen their supply chain resilience. He states that …

Huttons Asia CEO Mark Yip says the first half of 2024 was sluggish in the property market, with the lowest number of units launched for sale since 1H1996. Sales volume mirrored this trend, with just 1,889 units sold — the lowest since 1996. However, the tides began to turn in the second half of the year, with strong sales momentum following the Lunar Seventh Month. Projects like Kassia on Flora Drive and 8@BT at Bukit Timah Link saw high take-up rates, and the 348-unit Norwood Grand in Woodlands even set a new benchmark for the area by surpassing the $2,000 psf threshold. November saw a record-breaking six new projects launched, bringing developer sales for the year to over 6,300 units, surpassing the sales in 2023. Some speculate on the possibility of further cooling measures, but Chia Siew Chuin, head of residential research at JLL, believes this is unlikely unless there …

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The Rest of Central Region (RCR) and Outside Central Region (OCR) have dominated the list of best-selling new launches in 2024, driven by high demand from upgraders and a strong HDB resale market, according to Mark Yip, CEO of Huttons Asia.

November saw three of the top 10 best-selling projects being launched, with Emerald of Katong emerging as the top-selling project of 2024. Within just two days of its launch on Nov 15-16, the 846-unit, 99-year leasehold development sold 99% of its units, leaving only six available units as of Dec 17. Homebuyers can now search for the latest New Launches to find out about transaction prices and available units.

Next on the list is Chuan Park, a 916-unit development that sold 696 units (76%) on its launch day on Nov 10. As of Dec 17, the project has been 79% sold. The surge in sales can be attributed …

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In the coming years, Singapore’s built environment is expected to undergo significant changes. The facilities management (FM) sector must adapt to increasing regulatory demands, cost pressures, and advancements in technology. Three key factors will shape the future of FM and promote sustainability: the mandatory energy improvement regime, rising energy costs due to rising temperatures, and the growing trend of adaptive reuse in construction.

Mandatory energy audits and efficiency improvements will be required for existing energy-intensive buildings starting in 3Q2025. This requirement applies to commercial, healthcare, institutional, civic, community, and educational buildings with a gross floor area of over 5,000 sq m. By implementing the right strategies, buildings can reduce their energy usage intensity by 10% from pre-energy audit levels. This is an achievable goal and can help building owners save on operating costs in the long run.

To incentivize asset owners to make the necessary …

leads to 5% growth in prices for condos in Nov: Flash estimate

New Price Highs for Three Private Condos in Nov 29 to Dec 6

The Meyerise, Freehold Condo

The Meyerise achieved a new psf-price peak of $2,771 psf when a 1,270 sq ft unit was sold for $3.52 million. (Photo: Samuel Isaac Chua / EdgeProp Singapore)

In the world of real estate investing, location is often the key factor that can make or break a property’s potential. This is especially true in Singapore, where the right location can significantly impact a condo’s value. Condominiums situated in central areas or in close proximity to important amenities such as schools, shopping centers, and public transportation hubs have shown a tendency to appreciate more in value. Iconic areas like Orchard Road, Marina Bay, and the Central Business District (CBD) have a reputation for consistently driving property values upwards. Moreover, condos located near …

The full list of profitable condo resale transactions for the week of Dec 3 to Dec 10, based on caveats lodged with URA:
A six-bedroom penthouse at JadeScape, a 99-year leasehold condominium located on Shunfu Road, was sold for a hefty profit, making it the most profitable condo resale transaction during the week of December 3 to December 10. The 4,230 sq ft unit on the 23rd floor was sold for $10.15 million ($2,399 psf) on December 9. The seller had purchased the unit from the developer in December 2019 for $5.8 million ($1,371 psf), resulting in a whopping profit of $4.35 million after owning the unit for just five years. This translates to a capital gain of 75% for the seller, or an annualized profit of 15%.

According to caveats lodged, this is the largest gain ever recorded for a unit at JadeScape. The previous record was held by …

SINGAPORE (Feb 11): CapitaLand Ascendas REIT (CLAR) has announced its plans to acquire a Class A logistics property, the DHL Indianapolis Logistics Center, from Exel Inc. d/b/a DHL Supply Chain (DHL USA) for a total of $150.3 million. The acquisition will be 4.1% below the independent market valuation of the property as of Jan 1, 2025. The total cost of acquisition, including transaction fees, expenses and an acquisition fee of $1.5 million paid to the manager, will amount to $153.4 million. The manager intends to use a combination of internal resources, divestment proceeds and/or existing debt facilities to finance the acquisition, as stated in a press release on Dec 17. Following the acquisition, DHL USA will enter into a long-term leaseback arrangement for the entire gross floor area (GFA) of the property until December 2035, with options to renew for an additional two five-year terms. This 11-year lease term, with …

Huge sale for Wee Hur as it sheds its PBSA assets for A$1.6 bil

Investing in a Condo in Singapore offers numerous benefits, one of which is the potential for capital appreciation. As a thriving global business hub with a stable economy, Singapore consistently experiences a high demand for real estate. This has led to a steady rise in property prices over the years, particularly for condos located in prime areas. Those who invest in the market at the opportune time and hold on to their properties for an extended period can expect significant gains in their capital. The Condo market in Singapore offers a lucrative opportunity for investors to see a healthy return on their investment.

Wee Hur Holdings has recently announced that it has reached a binding agreement with Greystar to sell its portfolio of purpose-built student accommodation (PBSA) assets consisting of seven properties. These assets, located in …