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 …

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 …