Month: January 2025

CapitaLand Ascott Trust (CLAS) recently made a significant move by acquiring two freehold limited-service hotels in Japan for a total of JPY 21 billion ($178.5 million). The hotels, named ibis Styles Tokyo Ginza and Chisun Budget Kanazawa Ekimae, are located in the country’s capital and Kanazawa respectively. This acquisition was made at an 8.3% discount to the independent valuation.

On a FY2024 pro forma basis, the addition of these two hotels is expected to result in a distribution per stapled security (DPS) accretion of 1.6%. Additionally, the blended net operating income (NOI) yield of the two hotels is projected to be 4.3% in FY2024. To mitigate currency fluctuations, the acquisition was funded through JPY-denominated debt and the proceeds from CLAS’ divestment of four properties in Japan.

Ibis Styles Tokyo Ginza is situated in the heart of the city’s shopping and entertainment district. With 224 units, the hotel is in close proximity to Ginza Six, a popular high-end retail mall, and the well-known Uniqlo global flagship store. The iconic Ginza Wako clock tower is also just a 10-minute walk away.

On the other hand, Chisun Budget Kanazawa Ekimae is located in Kanazawa, a city in the northwest of Japan known for its historical attractions, traditional gardens, and cultural landmarks. Guests staying at this 392-unit hotel will have easy access to popular destinations such as Kanazawa Castle, Kenrokuen Garden, and the geisha and samurai districts featuring preserved architectural designs from Japan’s Edo period.

This latest acquisition brings CLAS’ total investments in the last 12 months to approximately $530 million. These investments are expected to yield higher returns compared to CLAS’ divested properties, thus strengthening the trust’s income distribution.

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In Singapore, investing in condos is a popular choice, but there are important factors to consider, such as the government’s property cooling measures. As part of efforts to maintain a stable real estate market and prevent speculative buying, the Singaporean government has implemented various measures over the years. One of these measures is the Additional Buyer’s Stamp Duty (ABSD), which imposes higher taxes on foreign buyers and those purchasing multiple properties. While these measures may affect the short-term profitability of condo investments, they also contribute to the long-term stability of the market, making it a more secure investment environment. Furthermore, with New Condo Launches constantly being introduced, there are ample opportunities for investors to make informed decisions and potentially increase their returns in the long run.

In 2024 alone, CLAS completed multiple acquisitions, including a rental housing property in Fukuoka, Japan called Teriha Ocean Stage in January, the remaining 10% stake in Standard at Columbia, a student accommodation property in the United States in June, and the acquisition of lyf Funan Singapore in December.

Over the course of 2024, CLAS divested properties worth over $500 million, resulting in a net gain of about $74 million. This has allowed the trust to swiftly redeploy the proceeds into higher-yielding assets, fully replacing the income from the four divested properties.

Serena Teo, CEO of CLAS’ manager, states that this acquisition is a part of the trust’s strategy to enhance the quality of its portfolio and provide stable returns to Stapled Securityholders. She adds, “The FY2024 NOI yield of the two hotels is 230 basis points higher than the blended exit yield of approximately 2.0% for the four previous divestments in Japan. By swiftly redeploying divestment proceeds into these higher-yielding assets, we have fully replaced the income from the four divested properties.”

As of now, CapitaLand Ascott Trust’s closing unit price stands at 90 cents.…

Mapletree Investments has expanded its presence in Europe with the acquisition of a logistics property in the UK and 10 warehouses in Spain. The total value of the acquisitions is estimated at EUR315.1 million ($444.5 million) and the properties, which cover a combined area of about 256,000 square meters, will be included in the group’s second European logistics-focused fund.

This move is in line with Mapletree’s strategy to deepen its focus in the logistics sector and expand its global footprint, the company said in a statement released on Jan 27. The fund will be launched at “an appropriate time after achieving sufficient scale”.

According to the release, logistics continues to be a highly attractive sector with strong demand from both occupiers and investors. The rise of e-commerce has further increased demand for logistics properties, with companies making efforts to secure and expand their supply chains, explains Ralph van der Beek, CEO of Mapletree’s European commercial and logistics arm.

Van der Beek also adds that the group expects these assets to deliver stable and recurring returns over the long term.

The UK property, situated in Derby Commercial Park, is well-connected to major roads such as the M1, A50, and A6. It is also located near the city centre and the East Midlands Airport. According to Mapletree, the tenant at the property has recently renewed its long-term lease.

Meanwhile, the properties in Spain are located across the first rings of Barcelona, Valencia, and Madrid, in core logistics hubs that provide immediate access to the city centre via various transportation modes. These assets are expected to benefit from third-party logistics providers and manufacturers who are highly committed to the properties due to their proximity to production facilities and investments made in automation and fit-outs on site.

With the recent acquisitions, Mapletree now has a total of 80 logistics assets in eight countries.

Mapletree Investments has increased its presence in Europe with the acquisition of a logistics property in the UK and 10 warehouses in Spain. The combined value of the acquisitions amounts to approximately EUR315.1 million ($444.5 million) and the properties cover a total area of about 256,000 square meters. These assets will be included in the group’s second European logistics-focused fund.

This move is aligned with Mapletree’s strategy to deepen its focus in the logistics sector and enhance its global footprint. The company released a statement on Jan 27, indicating that the fund will be launched “at the right time after achieving significant scale”.

Mapletree highlights that logistics remains a highly attractive sector with strong demand from occupiers and investors. The growing e-commerce industry has also increased the need for logistics properties, as companies strive to secure and expand their supply chains. Ralph van der Beek, CEO of Mapletree’s European commercial and logistics arm, explains that the group looks forward to generating stable and recurring returns from these assets over the long run.

The UK property, located in Derby Commercial Park, has easy access to major roads such as the M1, A50, and A6. It is also situated near the city centre and the East Midlands Airport. According to Mapletree, the tenant at this property has recently renewed its long-term lease.

Meanwhile, the 10 properties in Spain are situated across the first rings of Barcelona, Valencia, and Madrid, in core logistics hubs that provide immediate access to the city centre via various transportation modes. These assets are expected to benefit from the demand of third-party logistics providers and manufacturers who have shown strong commitment to the properties due to their proximity to production facilities. These investors have also made significant investments in automation and fit-outs on site.

Since the acquisition of these properties, Mapletree now owns a total of 80 logistics assets across eight countries.

Mapletree Investments has increased its presence in Europe with the purchase of a logistics property in the UK and 10 warehouses in Spain. The combined value of these acquisitions is estimated at EUR315.1 million ($444.5 million), with a total area of 256,000 square meters. These assets will form part of the group’s second European logistics-focused fund.

This strategic move reflects Mapletree’s focus on expanding its global footprint and deepening its presence in the logistics sector, as stated in a release on Jan 27. The fund is expected to be launched at an appropriate time, once it achieves sufficient scale.

According to Mapletree, logistics remains a highly attractive sector, with strong demand from both occupiers and investors. The growth of e-commerce has further increased the demand for logistics properties, as companies work to secure and expand their supply chains. CEO of Mapletree’s European commercial and logistics arm, Ralph van der Beek, emphasizes the group’s anticipation for stable and recurring returns from these assets in the long term.

The UK property, located in Derby Commercial Park, has excellent connectivity to major roads such as the M1, A50, and A6. It is also within close proximity to the city centre and the East Midlands Airport. The property’s tenant recently renewed its long-term lease, according to Mapletree’s statement.

Having a good understanding of property ownership regulations and limitations in Singapore is essential for international investors. While landed properties may have stricter rules, foreigners have more options when it comes to purchasing condos with fewer restrictions. However, they must take into consideration the Additional Buyer’s Stamp Duty (ABSD), which is currently set at 20% for their first property purchase. Despite this additional cost, the Singapore real estate market offers stability and potential for growth, making it a highly attractive destination for foreign investors. Condos are especially popular among foreign buyers due to their accessibility and flexible ownership options. Condo also offers a variety of amenities and features that make it a desirable choice for property ownership in Singapore.

The 10 properties in Spain are situated in core logistics hubs across the first rings of Barcelona, Valencia, and Madrid, with immediate access to the city centre through various transportation modes. These assets are expected to benefit from third-party logistics providers and manufacturers, who have shown significant commitment to the properties due to their proximity to production facilities. These investors have also made considerable investments in automation and fit-outs on site.

With these recent acquisitions, Mapletree’s total number of logistics assets has now reached 80 across eight countries.…

Please revise the provided article about the luxury condo Turquoise at Sentosa Cove to improve its clarity and flow.Turquoise, a 91-unit waterfront luxury condo at Sentosa Cove, is currently offering three duplex penthouses for sale at $23 million. These are the largest of the 10 penthouses in the 99-year leasehold development.
The largest penthouse, encompassing 7,987 square feet and boasting five bedrooms, is priced at $12 million ($1,502 per square foot). It occupies the sixth floor and features a wine cellar, kitchen, living area, four en suite bedrooms, two utility rooms, and a balcony on the lower level. The upper level houses the master bedroom suite, which includes a private infinity pool, pool deck, and outdoor shower.
The second-largest penthouse for sale at Turquoise is a four-bedroom unit spanning 3,746 square feet and listed at $5.99 million ($1,599 per square foot). Its upper floor opens up to a large open-air terrace with a built-in jacuzzi and stunning views of Sandy Island and Sentosa’s southern waterfront.
The final penthouse available is a three-bedroom duplex spanning 3,111 square feet with a price guide of $5 million ($1,607 per square foot). These three penthouses share similar features, including private lift lobbies, wet and dry kitchens, floor-to-ceiling windows, open balconies, and en suite bathrooms in each bedroom.
Residents of Turquoise have access to a range of amenities including a gym, barbecue pits, a swimming pool, a steam room, and 21 private berths for residents who own boats. Developed by Ho Bee Land, the condo was completed in 2010 and offers a mix of three- and four-bedroom apartments, as well as penthouses and sky villas.
Interestingly, the developer still owns the largest penthouse in the development and has listed it for sale at $12 million. According to URA caveats, the second-largest penthouse was purchased by a Korean national in 2007 for approximately $9.5 million ($2,545 per square foot). The third penthouse was bought by an African national for just over $8 million ($2,579 per square foot) in the same year.

Investing in a condominium offers numerous advantages, one of which is the opportunity to leverage the property’s value for potential future investments. Some investors opt to use their condos as collateral to secure additional financing for new investments, thus diversifying their real estate portfolio. While this approach can lead to significant returns, it’s essential to have a solid financial plan in place and carefully consider the potential impact of market fluctuations. You may also explore new opportunities in Singapore Projects to further enhance your investment strategy.

The foreign buyers were attracted to these waterfront homes for their investment value and as holiday homes when the project first launched, according to Michele Cabasug, a senior associate vice president at List Sotheby’s International Realty.
The four-bedroom penthouse was leased out before being put on the market for sale, with the most recent tenant paying $18,000 per month for a two-year lease. This translates to a gross rental yield of 3.6% for a new buyer who purchases the unit for $5.99 million.
After the Global Financial Crisis in 2008, the number of transactions at Turquoise decreased and prices have softened. The project was initially sold at an average price of $2,596 per square foot between October 2007 and February 2008. Between 2008 and 2012, units were sold at an average price of $2,471 per square foot.
However, in February 2021, a four-bedroom unit measuring 2,400 square feet was sold at a record low of $1,165 per square foot. This prompted the developer to release its remaining 16 units at promotional discounts ranging from $500,000 to $750,000 per unit, at prices ranging from $1,290 to $1,536 per square foot.
Last year, the average price for units sold at Turquoise was $1,427 per square foot across four recorded resale transactions. Cabasug notes that the two foreign owners at Turquoise are looking to sell their properties after holding on to them for almost 18 years as they pursue other investment opportunities.
If sold at the listed prices, the current owners of the four-bedroom and three-bedroom penthouses would stand to lose about 36.8% and 37.5% respectively, when compared to their purchase prices.
Since the project’s launch in 2007, there has been a shift in the buyer profile at Turquoise. While initially 59% of buyers were foreign nationals, Singaporeans now make up the majority of transactions at 57.4%. Another 32.3% are permanent residents, with only 8.8% being foreign buyers. The last resale transaction was to a company.
According to Cabasug, most potential buyers in the Sentosa market are now looking for primary residences, rather than holiday homes. This is reflected in their buyer profiles, with many being Singaporean families or retirees seeking a slower pace of life. The increased prevalence of working from home has also made Sentosa a more attractive option for some buyers.
The developer, Ho Bee Land, was among the first to venture into Sentosa Cove and developed several other projects in the area, including The Berth by the Cove, The Coast, Seascape, and Cape Royale. They have also developed the bungalows at Coral Island and Paradise Island, two of Sentosa’s four man-made islands.…

Securing financing is a crucial factor to consider when investing in a condominium. In Singapore, there are various mortgage choices available, but it is crucial to understand the Total Debt Servicing Ratio (TDSR) framework. This framework restricts the amount of loan that a borrower can take based on their income and current debt commitments. Familiarizing oneself with the TDSR and seeking guidance from financial advisors or mortgage brokers can assist investors in making well-informed decisions about their financing options, preventing them from becoming overextended. Furthermore, checking out the Singapore Projects can also provide valuable insights for potential investors.

Prime District 9 freehold condo, The Botanic on Lloyd, has set a new record for psf-price for private non-landed developments. The sale of a four-bedroom unit on the second floor for $5.13 million, or $2,493 psf, on Jan 7 surpassed the previous high of $2,339 psf by 6.6%. Completed in 2006, The Botanic on Lloyd is a boutique development comprising 60 apartments and six townhouses. Transactions at the 66-unit development have been few and far between, with an average of one transaction per year for the past decade. The previous transaction at the condo was recorded in October 2024, when a 3,584 sq ft, four-bedroom unit was sold for $6.88 million ($1,919 psf). Meanwhile, freehold development The Cape achieved the second-highest psf-price for the period in review. The boutique condo saw a new record of $2,284 psf for the sale of a 1,313 sq ft, three-bedroom unit on the 15th floor on Jan 10. The new psf-price peak inched past the previous record of $2,265 psf, set in November 2012. Completed in 2014, The Cape consists of one- to three-bedroom units across a single residential block. In District 15, which comprises the East Coast and Marine Parade estates, Tembusu Grand was the only private residential development to record a new psf-price low between Jan 3 and Jan 11. The new price trough came from the sale of a 1,399 sq ft, three-bedroom unit on the 20th floor for $3.04 million, or $2,174 psf, on Jan 11. The previous record low of $2,193 psf was set in November 2024. Launched in April 2023, Tembusu Grand has since sold 584 units (91.5%) at an average price of $2,444 psf. It is expected to obtain its Temporary Occupation Permit in 2028.…

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Investing in a condominium or condo in Singapore has emerged as a highly sought-after option for both local residents and foreign investors. This can be attributed to the country’s strong economy, stable political atmosphere, and exceptional quality of life. The real estate market in Singapore presents a plethora of possibilities, with condos standing out for their various advantages such as convenience, amenities, and potential for significant returns on investment. For those considering investing in a condo in Singapore, it is worth exploring the benefits, important factors to consider, and necessary steps to take, especially with the constant launch of new condo developments.

HDB resale prices saw a 2.6% increase in the fourth quarter of 2024, marking the 19th consecutive quarter of price growth in the resale market according to data published by HDB on Jan 24. This brings the cumulative price increase in the public housing market to 9.7% over the course of the year. The yearly increase in prices almost doubled the 4.9% registered in 2023.

The surge in resale prices in the last quarter was slightly lower than the 2.7% increase recorded in the third quarter of 2024. According to Mohan Sandrasegeran, head of research and data analytics at SRI, the strong growth in resale prices throughout 2024 can be largely attributed to the limited supply of flats that reached their Minimum Occupation Period (MOP) during the year. This tight supply put upward pressure on prices, especially for newer flats and larger flat types like five-room and executive units that cater to growing families.

Among the various flat types in the HDB resale market, five-room flats saw the highest price growth in the fourth quarter of 2024, with the average resale price jumping 2.2% quarter-on-quarter (q-o-q) to $754,097. Resale prices for four-room flats also increased by 2.2% q-o-q to $652,544 in the same period.

The Central Area saw the highest increase in prices, growing 25.6% q-o-q, followed by Toa Payoh (12.1%), Tampines (6.9%), Bishan (6.7%), and Bedok (6.1%), according to Christine Sun, chief researcher and strategist at OrangeTee Group. About 285 HDB resale flats were sold for $1 million or more in the last quarter of 2024, bringing the total number of million-dollar HDB resale transactions for the whole year to 1,035. More than 90% of these transactions occurred in mature estates, with the Kallang/Whampoa estate recording the highest number at 156 units, followed by Toa Payoh (144 units) and Bukit Merah (135 units).

Resale transactions in the HDB market fell 21.1% q-o-q from 8,142 units sold in the third quarter of 2024 to 6,424 units sold in the fourth quarter. This dip can be attributed to seasonal factors such as the year-end holiday and festive season, says Lee Sze Teck, senior director of data analytics at Huttons Asia. He adds that the lower interest rate environment may also have encouraged some buyers to consider the private residential market or the Executive Condominium (EC) market. Additionally, some prospective buyers may have opted to ballot for a flat in the latest Build-to-Order (BTO) sales exercise held in October 2024, says Sandrasegeran. The BTO exercise saw HDB launch 15 projects comprising 8,573 flats under the new location-based classification framework, with singles now allowed to buy two-room flexi BTO flats in all locations for the first time.

Despite the quarterly dip, the overall resale transaction volume for 2024 increased by 8.4% y-o-y from 26,735 units sold in 2023 to 28,986 units sold in 2024. This marks the largest number of yearly resale transactions since 2021, when 31,017 flats were sold. According to transaction data compiled by Huttons Asia, Sengkang, Woodlands, Punggol, Tampines, and Yishun were the top five most popular HDB towns among buyers in 2024, accounting for about 35.9% of all HDB resales in the year.

Looking ahead, about 6,976 flats are expected to reach the end of their MOP this year, a 41.6% decrease from the 11,952 flats in 2024. Sandrasegeran attributes this to the relatively fewer BTO flats completed in 2020 during the Covid-19 pandemic. HDB has since announced plans to launch over 25,000 new flats across three BTO sales exercises in 2025, comprising 19,600 BTO flats and more than 5,500 flats under the Sale of Balance Flats (SBF) exercise. Approximately 3,800 of the 19,600 BTO units will be designated as Shorter Waiting Time (SWT) flats, with wait times of less than three years. Sandrasegeran forecasts that resale prices in the HDB market for 2025 could increase by 3.5% to 5.5%, with resale transaction volume ranging between 26,000 and 27,000. But Lee projects a more optimistic price increase of between 5% and 8% across the year.…

Investing in a condo offers various advantages, including the opportunity to leverage its value for further investments. It has become a common practice among investors to utilize their condos as collateral to secure additional financing for new investments, thereby diversifying their real estate portfolio. As a result, this approach can potentially amplify profits but also entails certain risks. Therefore, it is important to have a solid financial strategy in place and carefully analyze the potential effects of market fluctuations before making any investment decisions.
Additionally, keeping an eye on new condo launches, such as those listed on One Mind One Energy, can also be beneficial for investors looking to expand their portfolio and take advantage of emerging opportunities in the market.

Radisson Collection, an upscale hotel brand owned by the Radisson Hotel Group, has recently debuted a luxurious seafront property in the charming city of Galle, Sri Lanka. The newly opened Radisson Collection Resort, Galle is not only the brand’s first hotel in the Southeast Asia and Pacific region but also the fourth property of the group in Sri Lanka.

Offering a total of 106 guest rooms and suites, all of which boast breathtaking ocean views, the hotel provides the perfect blend of luxury and comfort for its guests. Among its many amenities, guests can enjoy a beachfront pool, a kids’ club that offers round-the-clock nanny services, and a variety of dining options, including the renowned Ozen, a fusion restaurant with Asian and Japanese influences, and the popular seafood dining spot Catch Restaurant. For those looking for some entertainment, the hotel also features Taboo Beach Club, a trendy beachfront area complete with sun loungers and daybeds with bottle service.

Located on the southwest coast of Sri Lanka, Galle has plenty to offer visitors. The city is home to Galle Fort, a 17th-century fortress that is recognized as a Unesco World Heritage site. In addition, Galle boasts numerous historic temples, impressive colonial structures, and various wildlife centers, including a sea turtle hatchery.

In other exciting news, Sri Lankan hotelier Teardrop Hotels has recently introduced luxury villa rentals in Galle, further enhancing the city’s appeal as a top holiday destination. And with the recent expansion of the Radisson Hotel Group’s portfolio in China and India, it is evident that the group is committed to providing travelers with exceptional experiences in some of the most sought-after destinations in the world.…

Meinhardt, a Singapore-based engineering consulting firm, has recently entered into a memorandum of understanding (MOU) with Japan Overseas Infrastructure Investment Corporation for Transport and Urban Development (JOIN). As per the press release issued on January 17, the two organizations have joined hands to explore and implement digital and smart city projects in underdeveloped ASEAN countries.

The MOU aims to promote innovative and sustainable solutions for urban development through the exchange of knowledge and resources between Meinhardt and JOIN. The cooperation between the two parties will benefit from JOIN’s extensive network and expertise in supporting Japanese infrastructure exports, as well as Meinhardt’s leadership in integrated planning, design, and project management solutions.

JOIN is a public-private fund in Japan that facilitates investments in overseas infrastructure projects for Japanese companies. This collaboration with Meinhardt comes after the Memorandum of Cooperation (MOC) signed between Japan’s Ministry of Land, Infrastructure, Transport and Tourism and Singapore Cooperation Enterprise in November 2020, with the goal of promoting the development of digital and smart cities in ASEAN and other regions.

The demand for Singapore Condos is steadily rising due to several factors, with one of the major contributors being the limited supply of land in the country. Being a small island nation with a rapid population growth, Singapore faces a scarcity of land for development. This has led to stringent land use policies and a highly competitive real estate market, where property prices are constantly on the rise. Consequently, investing in real estate, particularly in Singapore Condos, has become a highly desirable opportunity, given their potential for significant appreciation in value. With Singapore Condo being a valuable asset in this scenario, it is no wonder that it is highly sought after by investors.

Utilizing the framework provided by the MOC, Meinhardt and JOIN will have a platform to share vital information, identify areas of synergy, and work together on projects, starting from the initial stages. This collaboration is expected to have a meaningful impact on cross-border sustainable development efforts.…

Minister for National Development Desmond Lee has announced the successful completion of two long-awaited housing projects by the Housing and Development Board (HDB), as stated in a press release on January 20th.

When it comes to investing in condos in Singapore, there is an important factor to consider – the government’s property cooling measures. In an effort to maintain a stable real estate market and prevent speculative buying, the Singaporean government has implemented various measures over the years. One of these measures is the Additional Buyer’s Stamp Duty (ABSD), which imposes higher taxes on foreign buyers and those purchasing 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, creating a safer investment environment. To discover more about potential Singapore Projects, investors should take these measures into consideration when contemplating a condo investment in Singapore.

These two Build-to-Order (BTO) projects, namely Punggol Point Cove (Phase 2) and Kempas Residences, mark the finalization of all pandemic-delayed housing projects by HDB. Over the past five years, a total of 92 projects have been delivered, providing more than 75,800 new flats for the residents of Singapore.

In 2024, HDB has completed a total of 22 housing projects, 17 of which were delayed due to the pandemic. The remaining four projects were completed on time, except for one which faced non-pandemic related delays.

Out of these 22 projects, two were Shorter Waiting Time (SWT) projects, completed within a waiting period of less than three years – Parc Glen at Tengah and Grove Spring at Yishun, comprising of 1,995 flats. The rest of the projects had waiting times of up to five years, resulting in the completion of over 18,000 flats in 2024.

The keys to Punggol Point Cove (Phase 2) have been handed over to flat owners since November 2024, while the key collection for Kempas Residences started in January this year. HDB is expected to notify the remaining flat owners of their key collection date soon, following the completion of the final blocks within both projects this month.

Punggol Point Cove (Phase 2) is located along New Punggol Road, with a total of 1,179 units of two-room flexi, three-, four- and five-room flats across six residential blocks. After pandemic delays, the project’s last block was completed 12 months from its original Probable Completion Date (PCD) earlier this month. As of January 15, 657 households or 59% of the 1,109 booked units have collected their keys. HDB states that the completion of Punggol Point Cove (Phase 2) marks the end of all flats in the Punggol Point District, including Punggol Point Cove (Phase 1), Punggol Point Woods and Punggol Point Crown BTO projects, completed in 2024.

Kempas Residences BTO project, located between Serangoon Road, Lavender Street and Boon Kheng Road, comprises 583 units of two-room flexi, three-, and four-room flats across four residential blocks. The last block, delayed by six months from its original PCD, was also completed in mid-January. As of January 15, 37 households or around 7% of 555 booked units have collected their keys.

Currently, there are 110 HDB housing projects under construction, an increase from 95 a year ago due to the rise in BTO supply in recent years. HDB is on track to complete about 17,000 flats across 27 projects in 2025.…

Singapore real estate giant City Developments Limited (CDL) has announced its plans to acquire Millennium & Copthorne Hotels New Zealand Limited (MCK) through its subsidiary, CDL Hotels Holdings New Zealand Limited (CDLHH NZ). The proposed offer is for a price of NZ$2.25 (approximately $1.72) per share, which represents a significant premium for MCK shareholders.

CDL has stated that upon the completion of this offer, it intends to delist and privatize MCK in order to simplify the ownership structure of its New Zealand entities. Currently, MCK owns, leases or franchises 18 hotels in New Zealand and also has interests in properties in Australia through its Kingsgate Group subsidiaries.

As of the close of trading on January 17, CDLHH NZ already holds 80.02 million MCK shares, which represents a significant 75.86% stake, based on 105.48 million MCK shares in issue. In the event that CDLHH NZ reaches the necessary threshold to invoke compulsory acquisition under the New Zealand takeovers code, it will acquire all outstanding MCK shares. Additionally, CDLHH NZ has expressed its willingness to purchase the non-voting redeemable preference shares issued by MCK at a price of NZ$1.70 (approximately $1.30) each.

In total, if the offer is fully accepted, CDLHH NZ will pay NZ$57.29 million for the MCK shares and an additional NZ$7.77 million for the redeemable preference shares. The offer price takes into consideration various factors, including the current and historical market price of MCK shares, as well as the industry and business environment that MCK operates in.

Based on MCK’s financial results for the first half of fiscal year 2024 (ended June 30, 2024), its net asset value (NAV) and net tangible asset value (NTA) stood at NZ$532.02 million and NZ$85.62 million, respectively. CDLHH NZ’s offer price is in line with these values.

The high demand for condos in Singapore reflects the limited availability of land in this small island nation. As the population continues to grow at a rapid pace, the government has implemented stringent land use policies, resulting in a competitive real estate market with rising property prices. As a result, investing in real estate, particularly in Singapore condos, has become a lucrative opportunity with the potential for substantial capital appreciation. With the scarcity of land in Singapore, Singapore condos have become one of the most sought-after property types in the country.

The offer is subject to certain conditions, including CDLHH NZ receiving 90% or more of the voting rights in MCK by 5pm on May 2, as well as obtaining consent under the Overseas Investment Act 2005 of New Zealand and the Overseas Investment Regulations 2005 of New Zealand. However, the implementation and payment of this offer is not expected to have a significant impact on CDL’s earnings per share (EPS) or net tangible assets (NTA) for fiscal year 2025, which ends on December 31.…

Recently launched projects

Teo Hong Lim, executive chairman of property developer Roxy-Pacific Holdings, has announced that the launch of Bagnall Haus, a freehold condominium, on Jan 18 was a huge success with sales of 71 out of 113 units. That translates to a remarkable sales rate of almost 63%, with units fetching an average price of $2,490 psf.

According to Teo, the majority of buyers were Singaporeans, comprising over 90% of the total. He added that most of these buyers were end-users with varying budgets. The strong take-up rate was evident across all unit types, with the two- and three-bedroom units proving to be the most popular. However, there was also significant demand for the larger five-bedroom units.

When looking into purchasing a condo, it is crucial to take into account the maintenance and management of the property. Maintenance fees are typically included in condo ownership and cover the maintenance of shared spaces and amenities. Although these fees may increase the overall cost of ownership, they also guarantee that the property stays in good condition and maintains its value. For investors seeking a more hands-off approach, hiring a property management company can assist with the daily upkeep of their condos, making it a more passive investment. Additionally, keeping an eye on new condo launches can provide opportunities for potential investments.

Situated along Upper East Coast Road in District 16, Bagnall Haus consists of 113 residential units spread across three five-storey blocks on a freehold site covering an impressive 74,280 sq ft. The units are a mix of 495 sq ft one-bedroom plus flexi units and 1,528 sq ft five-bedroom units.

For the latest New Launches, visit our website to learn more about the transaction prices and available units.

Ismail Gafoor, CEO of PropNex, reports that out of the 71 residential units sold at Bagnall Haus, about 59% were one- and two-bedroom units. The average selling price for these units was just under $2.1 million. Gafoor adds that the three-bedroom units were also in high demand, with 18 out of 20 snapped up at prices ranging from $2.3 million to $2.7 million. The remaining four- and five-bedroom units were sold for approximately $3 million to $3.8 million.

“We believe that the pricing, which is generally below $3 million, is very attractive to most buyers,” says Gafoor.

The average transacted price of $2,490 psf is also considered very competitive for a well-located freehold development, notes Gafoor. “Buyers saw the value in this project, especially when some 99-year leasehold new launches in the Outside Central Region (OCR) such as Chuan Park were launched in November 2024 with an average price of $2,579 psf.”

In addition to the 71 residential units sold, both 172 sq ft strata-titled shop units on the ground floor of Bagnall Haus have also been snapped up at $688,000 each ($4,000 psf).

“Most of the buyers were owner-occupiers,” says Marcus Chu, CEO of ERA Singapore. He explains that although some were homeowners of older landed properties looking to downsize into newer and more manageable apartments, others were families from the neighbourhood seeking to upgrade to a freehold property.

Chu notes that Bagnall Haus benefits from its proximity to established amenities and well-regarded schools, including Temasek Primary School, which is within a 1km radius.

Read also: Bagnall Haus: a rare freehold project steps from Sungei Bedok MRT, one stop from Bayshore’s transformation

The development is within walking distance of the upcoming Sungei Bedok MRT Station, an interchange for the Downtown and Thomson-East Coast lines. It is just one stop from Bedok South MRT Station, which will be part of an integrated transport hub featuring a new bus interchange within the upcoming Bayshore precinct. This transport hub will also be part of a mixed-use development incorporating retail and residential components.

“The pent-up demand, stemming from a 15-year wait for a new project in the area, along with its freehold tenure, have helped drive sales at Bagnall Haus,” says Mark Yip, CEO of Huttons Asia. “It is also rare to find a freehold project right next to an MRT station. Buyers recognized the potential benefits of the upcoming transformation of the Bayshore precinct.”…