Month: December 2024

A cluster of four freehold conservation shophouses located at 762, 764, 766, and 768 North Bridge Road is currently up for sale through an expression of interest (EOI) with a guide price of $37 million. These properties sit on two plots of land measuring 5,766 sq ft, equating to an average land rate of $6,417 per square foot.

The first plot comprises of 762 and 764 North Bridge Road, which share a land area of 2,891 sq ft and a built-up area of 4,917 sq ft (including a mezzanine level). The remaining two shophouses, 766 and 768 North Bridge Road, are situated on an adjoining plot of 2,875 sq ft with a built-up area of 4,657 sq ft (including a mezzanine level).

Isabel Sim, associate senior marketing director at Huttons Asia, is exclusively marketing these properties. She highlights that each shophouse’s usable area can be expanded by extending the rear to create an outdoor terrace on the second floor, subject to relevant approvals. This extension is estimated to increase the usable area by 1,000 sq ft for each land plot.

At present, the shophouses are tenanted by a fitness retail shop, a convenience store, and massage and reflexology services. As commercial properties, buyers will be exempt from Additional Buyer’s Stamp Duty (ABSD), making them an attractive investment opportunity for both local and foreign buyers seeking potential capital gains and stable rental yield, says Sim.

Strategically located in the historic Kampong Glam Conservation enclave, all four shophouses have prominent frontage along North Bridge Road and enjoy high visibility and footfall. The area is a short walk away from Bugis MRT Interchange, providing easy access to the East-West and Downtown Lines, as well as Nicoll Highway MRT Station along the Circle Line.

Kampong Glam is known for its central location, rich historical significance, and vibrant commercial environment, making it a popular destination for both locals and tourists. It is home to iconic landmarks such as Sultan Mosque and the Malay Heritage Centre, which sits on the former Istana Kampong Glam grounds.

The EOI exercise will close on January 10, 2025, at noon. For further details, interested parties can reach out to Isabel Sim at 81802707, associate senior marketing director at Huttons Asia (R065855G).

Investing in real estate is a significant decision, and choosing the right location can make all the difference. This is particularly true in Singapore, where the location plays a critical role in determining the value of a property. Condominiums located in central areas or close to necessary amenities, such as schools, shopping centers, and public transportation, have shown a consistent appreciation in value. Prime locations such as Orchard Road, Marina Bay, and the Central Business District (CBD) have experienced a steady growth in property values. Families seeking top-rated schools and educational institutions also find these areas highly desirable, making condos in these locations an even more lucrative investment. In addition, Singapore Projects can further enhance the value and potential of these properties.…

Undoubtedly, investing in a condo in Singapore comes with a multitude of advantages. The country’s strong economy and steady growth have resulted in a high demand for real estate, making it a lucrative market for investors. Moreover, Singapore’s government has implemented policies to maintain a stable and sustainable property market, providing a sense of security for investors. Another significant benefit of owning a condo in Singapore is the potential for capital appreciation. With the continuous development and urbanization of the city, properties are expected to increase in value over time, offering attractive returns for investors.

Additionally, investing in a condo in Singapore can also bring in steady rental income. The country’s rental market is strong, thanks to its large expatriate population and a steady influx of foreign workers. Condos are particularly popular among renters due to their modern amenities and convenient locations. As a result, investors can expect to earn attractive rental yields, adding to the overall profitability of their investment.

However, it is crucial for investors to carefully consider various factors before making a purchase. Location is a crucial aspect to consider, as it can greatly affect the demand and value of a condo. Areas with good transportation links, proximity to business districts, and nearby amenities are often more desirable and can command higher rental rates. Additionally, investors should also research financing options and government regulations, as they can impact the affordability and profitability of a property.

Furthermore, staying updated on the current market conditions is essential for making informed investment decisions. It is advisable to seek professional advice from real estate experts and consultants who can provide valuable insights and assist in identifying profitable opportunities. A wise and well-informed investment strategy can help maximize returns and mitigate risks in Singapore’s dynamic and ever-evolving real estate market.

Whether you are a local investor looking to diversify your portfolio or a foreign buyer seeking a stable and profitable investment, Singapore’s condo market offers a compelling opportunity. With the country’s strong economic growth and government support, investing in a condo in Singapore is a wise and strategic choice for long-term investment success. To discover potential projects in Singapore, visit Singapore Projects and explore the various options available. Conducting thorough research and seeking professional guidance can lead to a successful and rewarding investment journey in Singapore’s real estate market.

Hill House hits new high of $3,267 psfIf you’re looking for a luxury freehold development in prime District 10, Grange 1866 is definitely worth considering. In the week of Nov 22 to 29, it topped the list of condos that saw a new psf-price high, with a new record of $3,393 psf. The previous record of $3,390 psf was set by the developer in June last year, and this new peak was achieved through the sale of an 818 sq ft, two-bedroom unit for $2.78 million on Nov 27.This marks the 14th-floor unit as the most expensive unit to transact at the development by absolute price so far this year. In total, there have been 12 new sale transactions at Grange 1866 in 2021, with an average price of $3,181 psf. The highest-priced sale at the development this year was for a 1,012 sq ft, two-bedroom unit on the 16th floor, which was sold for $3.02 million ($2,989 psf).Occupying a prime location along Grange Road, Grange 1866 is a freehold development expected to be completed by the end of 2025. The single 16-storey residential block features one- and two-bedroom apartments ranging from 527 and 1,012 sq ft.In second place for new psf-price highs recorded in the week of Nov 22 to 29 was Hill House, a boutique condo located on Institution Hill, off River Valley Road, in prime District 9. The development achieved a new psf-price high for the second time in November, with the latest peak clocking in at $3,378 psf. This was achieved through the sale of a 452 sq ft, two-bedroom unit on the 8th floor for about $1.53 million on Nov 25.The latest sale surpassed the previous record of $3,267 psf by 3.4%. The previous record was set on Nov 11, when another two-bedroom unit of the same size on the fifth floor was sold for about $1.48 million.The developer has sold 12 units at Hill House since the beginning of this year, with the units transacting at an average price of $3,108 psf. The most affordable unit in terms of psf-price that transacted at the development in 2021 was a 753 sq ft, three-bedroom unit on the fourth floor that was sold for $2.21 million ($2,934 psf) on Oct 28.Expected to be completed in 2026, the 72-unit boutique development has one- and one-bedroom-plus-study units between 431 and 452 sq ft, as well as two-bedroom units of 624 sq ft and three-bedroom apartments of 753 sq ft.The final condo on the list for new psf-price highs was The Cosmopolitan. The 999-year leasehold condo set a new record when a 1,324 sq ft, three-bedroom unit on the 26th floor was sold for $3.73 million, or $2,817 psf, on Nov 25. This marked a 0.7% increase from the previous peak of $2,795 psf achieved in October last year when another 1,324 sq ft, three-bedroom unit on the 17th floor of the same block was sold for $3.7 million.The sellers of the 26th-floor unit had purchased the unit for $2.58 million, or $1,950 psf, in November 2010, making a profit of about $1.15 million. Completed in 2008, the 228-unit freehold condo is situated along Kim Seng Road, just off River Valley Road, in prime District 9. Units at The Cosmopolitan range from one-bedroom units measuring 1,141 sq ft to three-bedroom units between 1,324 and 1,399 sq ft, and four-bedroom apartments of 1,679 sq ft.The condo is within a 1km radius of River Valley Primary School and within walking distance of Great World MRT Station on the upcoming Thomson-East Coast Line. Nearby dining and retail options are available at Great World City.As of this writing, there were no new psf-price lows recorded during the period in review. For more information on these developments, search for the latest New Launches, to find out the transaction prices and available units.…

After two years of consecutive losses, the global real estate market finally saw a positive turn in the second quarter of 2024, hinting at a potential recovery. The surge in real estate values during the era of low interest rates had led to a significant increase in global total returns, with figures reaching 5.0% q-o-q in the last quarter of 2021 and 17.8% y-o-y in the first quarter of 2022, well above long-term averages.

When it comes to investing in Singapore condos, another important factor to consider is the government’s property cooling measures. In an effort to prevent speculative purchasing and maintain a steady real estate market, the Singaporean government has implemented several measures over the years. These include the Additional Buyer’s Stamp Duty (ABSD), which imposes higher taxes on foreign buyers and those acquiring multiple properties. While these measures may have an impact on the short-term profitability of condo investments, they ultimately contribute to the long-term stability of the market, making Singapore condos a secure investment opportunity. If you are interested in learning more about Singapore condos, websites like Singapore Condo offer valuable information and resources for potential investors.

However, with the tightening cycle that followed, these gains were wiped out, and real estate values returned to 2018 levels globally. But we believe that the correction in the market is almost complete, making it an opportune time for investors to consider revisiting this asset class. Real estate has a history of providing stable income returns and diversification benefits over the long term, and it has the potential to generate robust returns during recovery periods. For example, after the recession in the early 1990s, investors saw a cumulative return of 76% over the next five years.

Evidence of a turnaround in valuations can be seen in the second quarter of 2024, where global value losses moderated to 0.74%, the lowest quarterly adjustment in the past two years. This was balanced by income returns of 1.07%, resulting in a positive return of 0.33%, the first positive quarter since 2Q2022.

Among the 15 global markets in the MSCI Global Property Index, a slight majority saw an increase in real estate values for the first time since 2Q2022. Eight markets, including Japan, South Korea, Singapore, Southern Europe, the Nordics, the Netherlands, France, and the UK experienced value increases from the previous quarter. Six markets saw a moderation in value losses, ranging from 0.3% to 1.5%, all of which were an improvement from the first quarter of 2024. Only Australia recorded a larger write-down in the second quarter than in the first, with a 4.2% correction that brought valuations more in line with its peers. However, it is important to note that changes in capital values are just one component of real estate returns. Historically, the larger component of total returns has been income, highlighting the crucial role it plays in driving overall performance in the real estate sector. Thus, investors need to consider both capital and income aspects when evaluating real estate investments.

When looking at total returns, which combine both income and capital returns, 12 out of 15 countries in the MSCI Global Property Index saw positive returns in the second quarter of 2024. The US saw flat returns at –0.09%, while Ireland saw a slight decline at –0.22%, and Australia saw a significant decline at –3.07%. However, preliminary data from the NCREIF ODCE index, a capitalisation-weighted, gross-of-fee, time-weighted return index, showed total returns in the US turning positive at 0.25%. With values on the rise, we expect the positive trajectory in total returns to continue.

Looking at Asia Pacific, while there are signs of a potential rebound in real estate investment globally after two slow years, China and Japan may face some challenges. In the third quarter of 2024, China and Japan accounted for 27% and 15% of the US$7.5 billion ($10.04 billion) in cross-border inflows in Asia Pacific. However, both countries may encounter obstacles due to high debt costs and other factors that could hinder a strong rebound in real estate capital inflows. For instance, interest in Chinese real estate from the West has significantly declined over the past few years due to geopolitical and economic concerns, which are unlikely to dissipate anytime soon. In addition, China’s domestic property crisis continues, with high office vacancies, low rental yields, and ongoing issues with failing developers and government interventions. Meanwhile, in Japan, rising interest rates have prevented cap rate compression, meaning property prices have not increased, forcing real estate holders to rely on historically low-income yields. However, the senior housing niche remains attractive due to Japan’s ageing population, with 29% of the population aged 65 or over. These assets require an amalgamation play by investors.

Australia, on the other hand, offers promising opportunities in the purpose-built student accommodation (PBSA) market, where there is a significant housing shortage. Furthermore, real estate debt in Australia offers appealing risk-adjusted returns, with funding gaps in construction, pushing developers to seek alternative sources of financing. Sectors like logistics or PBSA could present long-term growth opportunities for investors.

The stabilising of fundamentals in the real estate market, including valuations and transaction market pricing, suggests that the market may have bottomed out. However, this alone does not indicate an attractive entry point for investors. For market pricing and valuations to increase, we would ideally see declining interest rates and strengthening property fundamentals. Most developed market central banks have started to taper interest rates, which should put downward pressure on financing rates, discount rates, and property capitalisation rates, thereby driving up the value of real estate assets. Additionally, the pullback in construction activity across sectors suggests that property fundamentals will improve in the medium term. With supply obstacles gradually diminishing, markets with positive demand due to population growth or structural changes, such as e-commerce, are poised to see increased occupancies in the medium term. This, in turn, will drive up rents and property values, presenting opportunities for investors to gain from increased occupancies and rents.

While the global private real estate market outlook appears to be improving, not all markets and property types will perform equally well. For example, the US office market still faces significant challenges, and a broad recovery in that segment seems unlikely in the near term. This underscores the need for research and selectivity when investing in real estate.

In an uncertain economic and geopolitical environment, additional risks are inevitable, but this applies to all asset classes. Over the past two years, the weight of real estate in investors’ portfolios has decreased significantly due to resetting real estate values and a soaring stock market. In such a situation, investors may consider increasing their allocations to the private real estate market to achieve a strategic weighting. In the long run, private real estate offers low correlations to other asset classes, strong income returns, and some degree of inflation hedging. Though there may be bumps along the way, we believe the market is on an upward trajectory, providing excellent investment opportunities for savvy investors.…

The sale of a unit at the freehold condo, Island View, in Pasir Panjang, has been recorded as the most profitable resale transaction during the week of November 26 to December 3. The unit, which spans 3,498 square feet, was sold for $4.8 million on November 27, which translates to $1,372 per square foot. The seller had originally purchased the property in September 2005 for $1.3 million, equating to $372 per square foot. After holding onto the unit for almost 19 years, the seller was able to make a profit of $3.5 million, resulting in a capital gain of 269% or a yearly profit of 14.2%.

This transaction has now become the most profitable deal to have taken place at Island View, surpassing the previous record of $3.19 million profit from the sale of another 3,498 square foot unit for $5.09 million ($1,455 per square foot) in February 2022. The seller of this unit had purchased it in February 2007 for $1.9 million ($543 per square foot).

Island View is a boutique condo located on Jalan Mat Jambol, off Pasir Panjang Road in District 5. Comprised of low-rise blocks and completed in 1984, it consists of 72 units ranging from 3,056 square feet to 3,538 square feet. Its convenient location within walking distance of the Pasir Panjang MRT Station on the Circle Line adds to its appeal.

The collective sale attempt by owners of Island View was launched in September 2023, with a tender opening at $575 million. However, the property was relisted for sale in March this year with no bids received. The second most profitable condo resale deal of the week took place at Cavenagh Court, with a unit spanning 1,862 square feet on the sixth floor selling for $3.65 million on December 2. The seller had originally purchased the unit in April 2006 for $1.02 million, resulting in a profit of $2.63 million after almost 19 years of ownership.

This transaction has now set a new record for a unit at Cavenagh Court, surpassing the previous top profit of $2.15 million from the sale of another 1,862 square foot unit on the fourth floor for $3.28 million ($1,761 per square foot) in April 2022. The seller had purchased this unit in October 2007 for $1.13 million ($607 per square foot).

Cavenagh Court is a freehold condo located on Cavenagh Road in District 9’s Newton area. It was completed in 1971 and consists of 68 units ranging from 1,819 square feet to 1,862 square feet. Its proximity to the Orchard Road shopping district is one of its key selling points.

Apart from these two transactions, Cavenagh Court has only seen one other resale this year, with a 1,840 square foot unit on the sixth floor selling for $3.82 million ($2,074 per square foot). The seller had acquired the property in August 2019 for $2.88 million ($1,565 per square foot), resulting in a profit of around $938,000.

On the other end of the spectrum, the sale of a duplex penthouse at The Berth By The Cove has been recorded as the least profitable condo resale deal of the week. Selling at $3.6 million ($1,165 per square foot) on November 29, the four-bedroom apartment spanning 3,089 square feet was purchased in August 2007 for $5.53 million, resulting in a loss of $1.93 million after around 17 years of ownership.

This transaction is now the second most unprofitable deal recorded at The Berth By The Cove to date, with the largest loss belonging to a 2,939 square foot unit. It was sold for $3.25 million ($1,106 per square foot) in February 2018, resulting in a loss of $2.39 million for the seller who had purchased the unit in October 2011 for $5.64 million ($1,919 per square foot).

It is crucial for international investors to have a thorough understanding of the rules and restrictions surrounding property ownership in Singapore. While owning landed properties in Singapore is subject to strict regulations, foreign buyers typically face fewer limitations when purchasing condos. However, they must still pay the Additional Buyer’s Stamp Duty (ABSD) of 20% for their first condo purchase. Despite this additional cost, the stability and potential growth of the Singapore real estate market continue to attract foreign investment. Therefore, if you are considering investing in a condo in Singapore, familiarizing yourself with the regulations and limitations is essential in making an informed decision. Condos in Singapore are a popular choice for international investors due to the reliable and promising real estate market.

The Berth by the Cove is a condo located on Ocean Drive in the Sentosa Cove residential enclave on Sentosa Island. Completed in 2006, it consists of 200 units spread over 15 low-rise blocks of six storeys each. Its apartments range from two to four-bedrooms measuring between 1,012 square feet to 2,325 square feet. Additionally, there are also four- and five-bedroom penthouses spanning 2,939 to 6,028 square feet.

There have been seven other resale transactions at this condo this year, with sale prices ranging from $1,237 per square foot to $1,535 per square foot. Four of these deals were unprofitable, resulting in losses of between $40,000 and $780,000 for the sellers. On the other hand, the remaining three transactions were profitable, netting gains of $200,000 to $430,000 for the sellers.…

Ashish Manchharam, a real estate and hospitality veteran, has been appointed as a board director for Singapore-founded flexible living platform Cove. With over 10 years of experience in the industry, Manchharam founded and built 8M Real Estate into a successful portfolio of $1.5 billion before exiting the company in 2023. In early 2024, he established Elevate Capital, which focuses on lifestyle-driven real estate investments.

Manchharam’s expertise and experience will be instrumental in helping Cove acquire flexible living assets in collaboration with third-party investors such as real estate funds, institutional investors, and family offices. His appointment is in line with Cove’s growth strategy to expand through asset acquisition, in addition to its existing asset-light model as a branded flexible living operator and online listing platform. Cove caters to professionals and students and currently has over 6,000 rooms in Singapore and Indonesia. It plans to extend its reach to the wider Asia Pacific region, with 800 rooms to be launched in South Korea and 400 rooms in Japan.

Ultimately, purchasing a condo in Singapore brings with it a multitude of benefits. This includes a high demand for rental properties, the potential for long-term capital appreciation, and attractive rental yields. However, it is crucial to thoroughly evaluate certain factors before making any investment decisions. These factors include the condo’s location, financing options, government regulations, and current market conditions. By carefully conducting research and seeking professional advice, investors can make well-informed choices and capitalize on the dynamic real estate market in Singapore. Whether you are a local investor seeking to diversify your portfolio or a foreign buyer looking for a stable and lucrative investment, condos in Singapore offer a compelling opportunity to achieve your investment goals.

The company has recently closed a US$4.5 million funding round, with Manchharam and existing investors Eurazeo and Keppel participating. Keppel had previously acquired a strategic minority stake in Cove in December 2020. Cove’s CEO and co-founder Guillaume Catagne shares that the company achieved significant portfolio growth in 2024 and became EBITDA positive. It aspires to double its portfolio to 15,000 units by the end of 2025.…

Monday, Dec 5 and Tuesday, Dec 6 saw William Liem, CEO of Tuan Sing Holdings, increasing his company’s stake by purchasing a total of 1,745,300 shares through his entity Nuri Holdings (S). With these latest purchases, Liem’s stake in Tuan Sing now stands at 672.7 million shares, or 54.09% of the company’s total shares.As reported on Sept 10 and 11, the Liems had also bought shares through Nuri Holdings, paying an average of 25 cents to 25.5 cents per share. And with Tuan Sing’s net asset value at 97.8 cents per share as of June 30, it’s clear that the Liem family sees great value and potential in the company’s future growth.AdvertisementIn fact, Tuan Sing has recently announced its acquisition of several assets from PT Senimba Bay Resort in Batam for $28 million, as well as the purchase of Fraser Residence River Promenade for $140.9 million. These strategic moves are expected to boost the company’s earnings, which have already seen a 5% increase to $4.8 million in FY2023.Step into the high life at Peak ResidenceWith a strong leadership and a series of smart investments, it’s clear that Tuan Sing is set for even greater success in the future. As the company continues to expand its portfolio and explore new opportunities, investors can be confident in its growth potential and long-term stability.

When it comes to real estate investing, one important aspect to consider is location. This is especially true in the context of Singapore. Condominiums located in central areas or near essential amenities such as schools, shopping malls, and public transportation hubs have a higher potential for appreciation in value. Prime locations like Orchard Road, Marina Bay, and the Central Business District (CBD) have consistently shown growth in property values. The presence of reputable schools and educational institutions in these areas also adds to the desirability of condos, making them a valuable investment option for families. Hence, it is no surprise that Singapore Condo properties are highly sought after in these prime locations.…

The manager of AIMS APAC REIT (AA REIT) has announced that the REIT’s trustee, HSBC Institutional Trust Services (Singapore) Limited, has signed a sales and purchase agreement with Crown Worldwide for the sale of its property located at 3 Toh Tuck Link. This sale will see the property being divested for $24.388 million, which is a 32.5% premium to its valuation of $18.4 million as of March 31.

The demand for Singapore Condos continues to rise due to the limited land availability in the small island nation. With a rapidly growing population, Singapore faces challenges in finding suitable land for development. As a result, strict land use policies are in place, making the real estate market highly competitive, and driving up property prices. As a result, investing in real estate, particularly condos, has become an attractive option for potential buyers, with the promise of significant capital appreciation.

The property, which consists of a three-storey factory and a five-storey ancillary office building with a total gross floor area of 12,492.4 sqm, was deemed to be a strategic divestment for AA REIT. The net proceeds from the sale will be reinvested to support the REIT’s growth initiatives, including potential new acquisitions, asset enhancements initiatives, or future redevelopment projects.

According to Russell Ng, CEO of the manager, this divestment is in line with their proactive asset management strategy and their continuous efforts to rejuvenate their portfolio. This will ultimately strengthen AA REIT’s resilience and deliver sustainable returns for its unitholders in the long term.

The transaction is expected to be completed by the first half of 2025, subject to approval from JTC Corporation. Following the divestment, AA REIT’s portfolio will consist of 27 properties in Singapore and Australia.…

Casuarina Cove penthouse up for auction at $3 milTong Eng Group’s Serangoon Road shophouses up for sale at $37 mil

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Investing in a condominium in Singapore is a wise decision that can yield impressive returns over time. This bustling country is renowned as a major business hub, with a robust economy that consistently drives the demand for real estate properties. As a result, the value of properties, particularly those in prime condominium locations, has continuously risen. Timing is crucial in entering this market, as those who acquire condominiums at the right time and hold onto them can expect significant capital appreciation in the future. Therefore, for individuals seeking to build wealth through real estate, investing in a condominium in Singapore is a highly advantageous move.

A historic shophouse located at 93 Tanjong Pagar Road is now available for purchase through an expression of interest (EOI) exercise. The guide price for the property is set at $15.5 million and it spans 3½ storeys, with a land area of 1,297 sq ft and a gross floor area (GFA) of 4,186 sq ft. This equates to a price of $3,703 per sq ft on the GFA.

The shophouse, which is on a 99-year leasehold, is currently being used for commercial purposes with approval for F&B use. It is currently occupied by a popular Korean barbecue restaurant on the first and second levels. Conveniently located, the property is just a short walk away from the Tanjong Pagar MRT Station on the East-West Line and the Maxwell MRT Station on the Thomson-East Coast Line.

Marketing for the property is being handled by PropNex Shophouse Elites, and the EOI will close at noon on January 20, 2025.

In other property news, several conservation shophouses on Telok Ayer Street are being put up for sale at a price of $42 million. Additionally, there are also other properties for sale, including a freehold shophouse on Race Course Lane for $8.8 million, an Upper Paya Lebar Road shophouse for $8.8 million, and a penthouse at Casuarina Cove for $3 million. Tong Eng Group is also selling their set of shophouses on Serangoon Road for $37 million.…

The partnership between Perennial Holdings and Far East Organization has unveiled the next chapter of the Golden Mile Complex’s history. The conservation building, now renamed The Golden Mile, will feature 156 Grade A office units, 19 medical suites, a two-storey retail component, and a public access architecture centre. This development, known collectively as Golden Mile Singapore, is the first large-scale strata-titled conserved building in Singapore, preserving its iconic identity as a tropical linear urban complex with brutalist architecture.

At a press conference on Dec 10, the partners also announced the preview of the strata-titled commercial units, which will be available for sale this month. The office units and medical suites will be marketed by the developers, but no indicative pricing has been released yet. In addition, a new 45-storey residential tower, called Aurea, will be developed on the site where the residential carpark used to be. The condominium, which consists of 188 units, is expected to be previewed in the next quarter.

Perennial Holdings CEO, Pua Seck Guan, recalls the bustling retail scene that was characteristic of the Golden Mile Complex in the 1970s. However, with the change in ownership over the years, the building’s prime mixed-use development status faded. The partners are determined to revive and elevate the building’s status as a next-generation urban complex in Singapore.

Partnering with homegrown architecture firm DP Architects and architecture conservation specialist consultancy Studio Lapis, Perennial and Far East have a new vision for Golden Mile Singapore. DP Architects was the original architecture firm that proposed the building’s iconic design and mixed-use concept.

Previously, the strata area at Golden Mile Complex was divided into 40% retail, 41% office, and 19% residential use. The refreshed Golden Mile Singapore, including Aurea, will see retail occupying 15% of the strata area, offices taking up 48%, and residential use 30%. The remaining 4% will be used for medical suites and 3% for the architecture centre. The rooftop, previously a vacant space, will be converted into a sky garden on the 18th floor, with public access urban gardens on the 9th and 18th floors.

The revamped two-storey retail atrium will feature natural light and ventilation, creating a street shop-style shopping experience. The retail units will be owned and curated by the joint venture partners, and are not available for sale. This is a strategic move, as the locale is not known as a major retail hub in Singapore. Pua believes that the retail units will complement the offices and residential units, and not be a major component of The Golden Mile.

The strata-titled office units at The Golden Mile will be launched this month. There are six different layouts catering to a variety of end-users. The Flagship office units on the 4th to 7th floors will have a dedicated lift lobby and access to the basement carpark and retail floors. The units come with two toilets and range from 1,378 sq ft to 4,682 sq ft.

Loft Suites and Loft Executive units on the 4th and 5th floors respectively, will have full-height windows with views overlooking Beach Road. The Loft Suites range from 958 sq ft to 2,034 sq ft, while the Loft Executive units span from 710 sq ft to 926 sq ft. The Loft Mezzanine units on the 6th to 15th floors are designed with a double-volume ceiling and balcony for natural ventilation and illumination. These units also feature a dual-key design, with units ranging from 1,528 sq ft to 2,799 sq ft. The 16th and 17th floors feature the Enterprise Office units, each with two toilets and panoramic views of the city and bay. These units range from 1,851 sq ft to 3,122 sq ft.

Investing in Singapore’s real estate market requires a thorough understanding of the regulations and limitations surrounding property ownership. While foreigners can easily purchase condominiums, restrictions are placed on the ownership of landed properties. Additionally, foreign buyers must also pay the ABSD, currently set at 20% for their initial property purchase. Despite these extra expenses, the stability and potential growth of the Singapore real estate market remains a strong draw for foreign investors. To explore lucrative opportunities, interested parties can consider Singapore Projects.

Finally, the newly built Crown Office units will take up the top four floors, with four units per floor except for the penthouse floor with two units. These units range from 3,315 sq ft to 5,393 sq ft. Pua believes the Loft Mezzanine units will appeal to family offices, as The Golden Mile aims to attract a mix of tenants from different industries and market segments.

The Golden Mile complex will feature a revamped two-storey retail atrium, with new F&B offerings and event space. The retail experience will be returned to its original design, with natural light and ventilation. A new office lobby, lifts, and facilities such as a concierge and access control will also be added. The joint venture partners are determined to create a vibrant ecosystem of tenants at The Golden Mile, with the aim of elevating the building’s status as a next-generation urban complex in Singapore.…

A stunning three-storey conservation shophouse located at 76 Pagoda Street in the vibrant Chinatown district is currently on the market for $16 million. The property, which boasts a prime location and a 99-year leasehold, sits on a 1,372 sq ft plot of land and offers a generous gross floor area (GFA) of 3,500 sq ft, including an attic level. With an estimated GFA price of $4,571 psf, this shophouse presents an attractive investment opportunity.

Marketing agent Richard Tan of PropNex Shophouse Elites believes that the shophouse’s strong appeal is due to its location in the highly sought-after Chinatown enclave. He adds that shophouses in this area are highly sought after by owner-occupiers, high-net-worth individuals, and family offices as long-term investment assets. As a commercial property, foreign buyers and companies are eligible to acquire it without incurring additional buyer’s stamp duty or seller’s stamp duty.

Currently, the ground and second floors of the shophouse are leased to a popular restaurant operator, while the third floor serves as an office space. This allows for stable rental income for potential buyers. The most recent shophouse transaction on Pagoda Street was the sale of 31 Pagoda Street in March, which was sold for $19 million ($5,588 psf).

It is imperative for international investors to familiarize themselves with the rules and boundaries of property ownership in Singapore. In terms of buying real estate, foreigners are generally allowed to acquire condominiums with relative ease compared to landed properties, which have stricter ownership requirements. However, foreign purchasers are required to pay the Additional Buyer’s Stamp Duty (ABSD) at a rate of 20% for their first property purchase. Despite this additional cost, the stability and potential for growth in the Singapore real estate market continue to attract foreign investment. This is evident from the ongoing interest in Singapore Projects by overseas investors, as seen on websites like Singapore Projects.

In a separate transaction, a two-storey HDB shophouse at 210 New Upper Changi Road is also up for sale via an expression of interest (EOI) exercise with a guide price of $13.8 million. The property, which has a 103-year leasehold and a GFA of 4,607 sq ft, reflects a price of $2,995 psf based on GFA. According to Kris Ng, senior associate marketing director at PropNex, this property stands out for its long-term, stable tenants, namely healthcare retailer Guardian and United Overseas Bank (UOB), both of which have occupied the space for the past two decades.

Located in the bustling Bedok Town Centre, the shophouse is close to Bedok MRT Station, Bedok Mall, and Heartbeat@Bedok, making it a highly desirable location for businesses. As it is also a commercial property, foreign buyers and companies can acquire it without having to pay additional buyer’s stamp duty (ABSD) or seller’s stamp duty (SSD).

The EOI exercise for both properties will close on Jan 10, 2025, at noon. Interested buyers can check out EdgeProp Singapore for the latest listings and price trends in commercial and industrial properties.…