CapitaLand Ascott Trust (CLAS) has recently announced its plans to acquire lyf Funan Singapore, a serviced residence, from Ascott Serviced Residence Global Fund (ASRGF) at a property value of $263 million. ASRGF, the current owner of Victory SR which holds a 100% interest in lyf Funan Singapore, will be selling the property to CLAS. The sponsor of CLAS, The Ascott Limited, holds a 50% stake in ASRGF.

In a press release dated October 1, CLAS stated that the purchase consideration for this deal will amount to $146.4 million and will be primarily financed through the proceeds from the divestment of Citadines Mount Sophia Singapore, which was completed in March 2024. It was also mentioned that a joint venture consisting of Hong Kong-based accommodation company Weave Living and global asset manager Blackrock had previously purchased the serviced residence on Wilkie Road for $148 million.

Upon completion of this acquisition, CLAS will …

Mapletree Industrial Trust (MINT) has announced its proposal to acquire a mixed-use facility in Tokyo, Japan for JPY14.5 billion ($129.8 million). The acquisition will be carried out through a conditional trust beneficiary interest purchase and share agreement with Nagayama Tokutei Mokuteki Kaisha, an unrelated third-party vendor. MINT will have an effective economic interest of 98.47% in the property, with an acquisition cost of JPY14.9 billion. The remaining balance of the purchase consideration will be funded by MINT’s sponsor, Mapletree Investments.

The cityscape of Singapore boasts modern architecture and towering skyscrapers. Condos, strategically situated in desirable locations, offer a perfect mix of opulence and practicality, making them a sought-after choice for both locals and foreigners. These condominiums are equipped with top-notch facilities including pools, fitness centers, and security, elevating the standard of living and making them an appealing option for potential renters and buyers. For investors, these added benefits result in …

The rules and regulations surrounding property ownership in Singapore are crucial for foreign investors to comprehend. Buying condos in Singapore is generally more straightforward for foreigners, as compared to landed properties which have more stringent ownership guidelines. Nevertheless, foreign buyers must adhere to the Additional Buyer Stamp Duty (ABSD) of 20% for their first property purchase. Despite this added expense, the reliability and potential for growth in the Singapore real estate market remain a strong draw for foreign investment. For further information, please visit Singapore Condo.

The upward trend in HDB resale flat prices continued in the third quarter of 2024, marking the 18th consecutive quarter of growth. According to the flash estimates released by HDB on October 1, prices rose by 2.5% when compared to the previous quarter, which saw a 2.3% increase in prices.

This quarter recorded the fastest growth in prices since 3Q2022, which saw a …

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 …