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CBRE has recently announced the appointment of Hugh Macdonald as the new head of capital advisors for Asia Pacific (Apac). With over 20 years of experience in the banking industry, Macdonald has a strong background in investment banking and a deep understanding of the real estate, gaming, leisure and lodging sectors. Prior to joining CBRE, he held the position of head of investment banking coverage and advisory for Australia and New Zealand at Deutsche Bank.

As the head of capital advisors, Macdonald will report to Leo van den Thillart, the global head of investment banking, and Greg Hyland, head of capital markets for Apac. He will begin his new role in Sydney before relocating to Singapore in the first quarter of 2025.

CBRE’s recent announcement of Hugh Macdonald as head of capital advisors for Asia Pacific (Apac) marks a significant addition to the company’s leadership team. Macdonald brings with him an extensive background in the banking industry, with over 20 years of experience and a specialized focus on investment banking within the real estate, gaming, leisure, and lodging sectors. He most recently held a senior position at Deutsche Bank, where he served as head of investment banking coverage and advisory for Australia and New Zealand.

The demand for Singapore Condos has been steadily increasing due to the limited supply of land in the small island nation. As the population continues to grow, there is a shortage of land available for development. In order to address this issue, the government has implemented strict land use policies, resulting in a highly competitive real estate market. This has caused property prices, particularly for condos, to continuously rise, making them a highly desirable investment with the potential for significant capital appreciation.

As he steps into his new role, Macdonald will report to both Leo van den Thillart, global head of investment banking, and Greg Hyland, head of capital markets for Apac. Beginning his tenure in Sydney, he will ultimately make his way to Singapore in the first quarter of 2025.

With this appointment, CBRE continues to solidify its position as a leading global real estate services and investment firm, poised for continued growth and success in the dynamic Apac region.…

Over the past weekend, developer Sim Lian Group launched their newest project, Emerald of Katong, and saw impressive sales figures. Out of the 846 units available, 835 were sold, recording a sales rate of 98.7%. During the VIP sales event on November 15, 401 units were taken up (47%), followed by an additional 434 units on November 16. The average price of units sold during the weekend was $2,621 psf. Despite the strong sales performance, Sim Lian declined to comment.

According to Mark Yip, CEO of Huttons Asia, the development may hold the record for the most number of units sold in a day, surpassing J’Gateway’s 738 units sold in June 2013. Only 11 units are left available at Emerald of Katong, comprising of nine one-bedroom units and two five-bedroom units. All two-, three-, and four-bedroom units have been sold out. Yip noted that buyers favored the larger units with a study or flex layout, likely for owner-occupation and to cater to their lifestyle needs.

For the latest updates on available units and prices at Emerald of Katong, interested buyers can get in touch with the developer. The sales chart as of 9.30pm on November 16 can be viewed below, based on data gathered from real estate agents.

Lee Liat Yeang, the senior real estate partner of Dentons Rodyk & Davidson LLP, the developer’s lawyers, regards Emerald of Katong as the top-selling project of 2024 in terms of both the number of units and the percentage sold during its launch weekend. The sales performance of the 99-year leasehold project at Jalan Tembusu in District 15 is particularly noteworthy as its launch coincided with two other projects on the same weekend.

Singapore’s urban scenery is notably characterized by towering structures and contemporary facilities. These condos, often situated in desirable locations, offer a perfect combination of opulence and practicality, making them highly sought after by locals and foreigners alike. They come equipped with top-notch amenities, including swimming pools, fitness centers, and security services, which elevate the standard of living and make them an alluring option for interested tenants and buyers. As an added bonus, investors can reap the benefits of higher rental returns and appreciation in property value over time. Additionally, with the constant influx of new condo launches, the Singapore condo market continues to thrive and attract potential investors and homeowners.

During the same weekend, the 552-unit Nava Grove, a 99-year leasehold development by MCL Land and Sinarmas Land, reportedly sold 359 units, representing 65% of its total units. On the same day, the 504-unit executive condominium (EC) Novo Place, at Plantation Close in Tengah, developed by Hoi Hup Realty and Sunway Developments, achieved a 57% sales rate.

These three projects conclude an unprecedented six new residential projects (including the EC project) launched over the past fortnight. According to Ismail Gafoor, CEO of PropNex, “We were initially concerned that launching six projects within 14 days might result in some of them being overshadowed by others.” However, with 3,551 units available, homebuyers had the opportunity to visit all the developments before choosing their preferred one. Gafoor added, “In fact, having so many options in a short span seemed to help buyers make decisions more quickly. The interest may not have been as intense if the launches had been spread over two months.”

It also helped that Kingsford Group brought forward the launch of the 916-unit, 99-year leasehold Chuan Park by six days, from November 16 to November 10. “Those whose first choice may have been Chuan Park but were unable to secure a unit there had the opportunity to consider Emerald of Katong instead,” says Gafoor. “If the two projects had been launched on the same weekend, prospective buyers might have been torn between them. By bringing forward Chuan Park’s launch, both projects benefited.”

Nava Grove achieved 65% sales on its launch weekend at an average price of $2,448 psf. Chuan Park, on the other hand, sold 696 units on the same day it was launched, representing 76% of its units, at an average price of $2,579 psf.

One of the reasons for the strong sales at Emerald of Katong was the developer’s decision to keep prices steady throughout the launch day, despite the overwhelming response. A total of 3,629 cheques were collected as expressions of interest, which translates to the project being 4.3 times oversubscribed.

According to Gafoor, “Sim Lian did not raise their selling prices from the initial price list.” He added, “It reassured buyers and their agents that they still had an opportunity to secure a unit at the same price, even if their queue number was as high as 3,000.” Based on caveats lodged, District 15 has consistently been one of the top districts to stay in Singapore. Huttons’ Yip noted that the East Coast lifestyle and the limited number of large projects attracted buyers to Emerald of Katong. “Compared with other new projects in the RCR [Rest of Central Region], which have a median price of $2,955 psf, Emerald of Katong’s starting price from $2,423 psf is very attractively priced,” says Marcus Chu, CEO of ERA Singapore. Buyers who were unable to secure a unit at Emerald of Katong turned to other major condo projects in the vicinity, notably the three projects launched last year: the 1,008-unit, 99-year leasehold Grand Dunman; the 638-unit, 99-year leasehold Tembusu Grand; and the 816-unit, freehold The Continuum.

All three recorded strong sales on Saturday, according to Huttons’ Yip. From November 11 to 16, The Continuum saw 22 new sales while Tembusu Grand recorded 12 units sold, and Grand Dunman recorded five new sales.

Huttons’ Yip attributes the strong sales momentum to “better economic growth and cuts in interest rates”, which have attracted more buyers to the new homes market due to their improved borrowing capacity. He adds that lower returns from other investment assets may have encouraged more buyers to consider property as a preferred investment.

Huttons estimates that developers’ sales in November will reach up to 2,200 units, approaching the levels recorded in March 2013, when 2,793 units were sold. On-the-ground observations indicate a growing number of prospective local and foreign buyers utilizing trust structures to acquire homes for their children, notes Yip. “Investing in residential property may serve as a form of wealth planning and preservation,” he says.

This trend, he adds, reflects rising wealth among local buyers and an influx of overseas funds into Singapore. According to figures from the Monetary Authority of Singapore (MAS), the number of single-family offices grew to 1,650 as of August 2024, an increase of 250 from the end of 2023. During the same period, the M1 money supply—which includes cash, demand deposits, and other liquid deposits—rose by $10.2 billion in the first nine months of 2024.

To find out more about available units and prices at Emerald of Katong, interested buyers can check out the latest listings for the development.…

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When it comes to investing in condos in Singapore, one important factor to consider is the government’s measures to cool down the property market. In recent years, the Singaporean government has implemented various measures to control speculative buying and ensure a steady real estate market. These measures include the Additional Buyer’s Stamp Duty (ABSD), which imposes higher taxes on foreign buyers and those purchasing multiple properties. While these measures may have a short-term impact on the profitability of condo investments, they ultimately contribute to the long-term stability of the market, making it a secure investment environment for those interested in Singapore Condos.

In the morning of November 16, sales bookings for the 504-unit Novo Place officially commenced. Developed by Hoi Hup Realty and Sunway Developments, the executive condo (EC) saw a strong take-up rate of 57%. This was equivalent to 286 units, with an average price of $1,654 per square foot (psf), demonstrating robust demand from buyers looking for an affordable private residential lifestyle.Mark Yip, CEO of Huttons Asia, says, “This is a promising start and indicates the high demand for executive condos among buyers. The take-up rate could have been even higher if not for the 30% quota for second-timers.”The split between first- and second-timer buyers at Novo Place was 47% and 53%, respectively. Yip also suggests that the government may want to consider increasing the quota for second-timers, as the upcoming balloting for second-timers in one month is likely to see strong demand.Explore comprehensive data about all ECs, including the average profit at 5 and 10 yearsAdvertisementAdvertisementSecond-timers are defined as those who have previously purchased subsidized housing, whether it was a new or resale HDB flat or an Executive Condominium (EC). The 30% quota, which amounts to 151 units, set aside for second-timers at Novo Place was fully taken up by 1 pm on launch day, according to Ismail Gafoor, CEO of PropNex. However, he adds that second-timers will have another opportunity to purchase units at Novo Place when the quota is lifted 30 days later, allowing them to make bookings starting from Dec 16.Out of the 287 units sold at Novo Place, 76% of buyers opted for the deferred payment scheme, while 24% chose the normal payment scheme, according to Huttons.ECs are the only housing segment that offers homebuyers the option of a deferred payment scheme. This scheme allows them to lock in their preferred unit first and service the loan later. “It eases the financial burden of HDB upgraders who still have an outstanding loan on their flat,” explains Yip.Additionally, buying a new EC grants HDB upgraders upfront remission on the Additional Buyer’s Stamp Duty (ABSD). “They can continue to stay in their existing flat and sell it within six months of collecting the keys to their new EC unit,” adds Yip.Novo Place is located in Tengah’s Plantation district, with the upcoming Tengah Park MRT Station on the future Jurong Regional Line within walking distance. The station is expected to be completed by 2028.Read also: Emerald of Katong hits 99% sales at launch, averaging $2,621 psfAdvertisementAdvertisementThe seven 18-storey residential blocks at Novo Place comprise three-to-four-bedroom plus-study units. At the moment, the three-bedroom plus-study units are 97% sold, while the four-bedroom units are fully sold. The four-bedroom plus-study units are over half sold, indicating the demand from HDB upgraders looking for a bigger space and greater flexibility in terms of space utilization, says Huttons’ Yip.Novo Place is the second EC project launched this year. The first, Lumina Grand, is a 512-unit EC at Bukit Batok West Avenue 5 by City Developments Ltd. It was launched in January and is currently 84% sold, with an average price of $1,510 psf.”With future EC launches expected to be priced higher due to rising land and construction costs, current EC buyers are already in a more advantageous position,” says Eugene Lim, key executive officer of ERA Singapore.Last 10 transactions at Lumina GrandSource: EdgeProp Buddy Check out the latest listings for Novo Place propertiesAsk BuddyGenerate price trend graph for new launch condo in District 24Any condo rental listings in District 24?Show me condo listings in District 24Condo sale transactions in District 24Compare price trend of New sale condo vs Resale condoGenerate price trend graph for new launch condo in District 24Any condo rental listings in District 24?Show me condo listings in District 24Condo sale transactions in District 24Compare price trend of New sale condo vs Resale condoRELATED NEWSExecutive Condo launches in the pipeline to test new highs of $1,700 psf Hoi Hup-Sunway previews Novo Place amid limited Executive Condo supply, starting at $1,489 psfYear-end rush: Record six projects set to launch in NovemberOn the morning of November 16, sales bookings for Novo Place, a 504-unit executive condo (EC), officially opened. The project is jointly developed by Hoi Hup Realty and Sunway Developments, and it saw a strong take-up rate of 57%. This translates to 286 units being sold at an average price of $1,654 per square foot (psf), reflecting the robust demand from buyers for an affordable private residential lifestyle.”This is an impressive result and it indicates the high demand for executive condos among buyers,” says Mark Yip, CEO of Huttons Asia. “If not for the 30% quota for second-timers, the take-up rate could have been even higher.”Of the units sold, 47% were bought by first-timer buyers and 53% by second-timers. Yip also suggests that the government may want to consider increasing the quota for second-timers, as the upcoming balloting for them in one month is expected to see strong demand.Explore comprehensive data about all ECs, including the average profit at 5 and 10 yearsAdvertisementAdvertisementSecond-timers are individuals who have previously purchased subsidized housing, whether it was a new or resale HDB flat or an Executive Condominium (EC). The 30% quota, which amounts to 151 units, set aside for second-timers at Novo Place was fully taken up by 1 pm on launch day, according to Ismail Gafoor, CEO of PropNex. However, he adds that second-timers will have another opportunity to purchase units at Novo Place when the quota is lifted 30 days later, allowing them to make bookings starting from Dec 16.Out of the 287 units sold at Novo Place, 76% of buyers opted for the deferred payment scheme, while 24% chose the normal payment scheme, according to Huttons.ECs are the only housing segment that offers homebuyers the option of a deferred payment scheme. This scheme allows them to secure their preferred unit first and service the loan at a later time. “This helps ease the financial burden for HDB upgraders who still have an outstanding loan on their flat,” explains Yip.Additionally, buying a new EC grants HDB upgraders upfront remission on the Additional Buyer’s Stamp Duty (ABSD). “They can continue to stay in their existing flat and sell it within six months of collecting the keys to their new EC unit,” adds Yip.Novo Place is located in Tengah’s Plantation district and is within walking distance of the upcoming Tengah Park MRT Station on the future Jurong Regional Line. This station is expected to be completed by 2028.Read also: Emerald of Katong hits 99% sales at launch, averaging $2,621 psfAdvertisementAdvertisementThe project comprises seven 18-storey residential blocks and offers a mix of three- and four-bedroom plus-study units. As of now, the three-bedroom plus-study units are 97% sold, while the four-bedroom units are fully sold. The four-bedroom plus-study units are over half sold, showing the demand from HDB upgraders seeking a more spacious unit with greater flexibility in terms of space utilization, says Huttons’ Yip.Novo Place is the second EC project launched this year. The first, the 512-unit Lumina Grand at Bukit Batok West Avenue 5 by City Developments Ltd, was launched in January and is currently 84% sold, with an average price of $1,510 psf.”With future EC launches expected to be priced higher due to rising land and construction costs, current EC buyers are already in a more advantageous position,” says Eugene Lim, key executive officer of ERA Singapore.Check out the latest listings for Novo Place propertiesAsk BuddyGenerate price trend graph for new launch condo in District 24Any condo rental listings in District 24?Show me condo listings in District 24Condo sale transactions in District 24Compare price trend of New sale condo vs Resale condoGenerate price trend graph for new launch condo in District 24Any condo rental listings in District 24?Show me condo listings in District 24Condo sale transactions in District 24Compare price trend of New sale condo vs Resale condoRELATED NEWSExecutive Condo launches in the pipeline to test new highs of $1,700 psf Hoi Hup-Sunway previews Novo Place amid limited Executive Condo supply, starting at $1,489 psfYear-end rush: Record six projects set to launch in November…

The Real Estate Developers’ Association of Singapore (REDAS) recently celebrated its 65th anniversary, with President Tan Swee Yiow highlighting the milestone and its significance during the anniversary dinner on Nov 15 at the Marina Bay Sands ballroom. The Guest of Honour for the event was President of Singapore Tharman Shanmugaratnam.

REDAS, founded in 1959, was originally known as the Singapore Land and Housing Developers’ Association and played an instrumental role in shaping Singapore’s real estate landscape even before the country gained its independence. The association’s founders were visionary developers who helped lay the foundation for Singapore’s growth.

Among these pioneers were the late Lee Kim Tah, founding chairman of the Lee Kim Tah Group, a family business that began as a materials supplier to the British army and later evolved into a developer responsible for some of Singapore’s iconic buildings. Another pioneer was Lee Chin Chuan, founder of Hotel Royal in 1968, who served as executive chairman and director until his passing in 2018. Tay Beng Swee, a private property developer who established his business in 1962, was also one of the pioneers.

Tan Swee Yiow emphasized that the real estate industry is not only responsible for shaping the physical landscape of Singapore but also plays a crucial role in driving social progress and creating jobs. He stated that the industry contributed nearly $20 billion to Singapore’s GDP last year, providing 602,000 jobs and employing 16% of the workforce.

He also highlighted some of the most iconic projects in Singapore that were developed by the real estate industry, such as Golden Mile Complex, OCBC Centre, Raffles City, The Fullerton Hotel, and South Beach, that have helped to shape the city’s skyline to meet its growing needs. He also mentioned how developments like Marina Bay and Jewel Changi Airport have contributed to making Singapore a global financial hub and top tourist destination.

Tan Swee Yiow noted that the scope of the real estate industry has evolved beyond just creating physical space. He cited environmentally friendly designs and green spaces as examples of how the industry is setting new standards and reinforcing Singapore’s commitment to responsible and forward-thinking development.

This year, the REDAS Lifetime Achievement Award was presented to Chia Ngiang Hong, group general manager of City Developments Ltd (CDL). The award recognizes individuals who have made lasting contributions to the community, environment, and REDAS.

Chia has dedicated 45 years to CDL and has worked with three generations of the Kwek family, including the founder, the late Kwek Hong Png, the current executive chairman, Kwek Leng Beng, and the group CEO, Sherman Kwek. He expressed his gratitude for their support and credited them for inspiring and shaping his career.

Purchasing a Singapore Condo presents a range of advantages, including the potential for considerable growth in value. This vibrant country is well-known for its robust economy and advantageous position as a major international business center, resulting in a high demand for real estate. As a result, property prices in Singapore have consistently risen over time, particularly in prime areas where condos have experienced substantial appreciation. By carefully considering the timing and having a long-term investment plan, individuals can expect significant capital gains from their Singapore Condo investment. To learn more, visit Singapore Condo.

Chia also shared how he was brought into REDAS by Kwek Leng Beng, who introduced him to the mid-1980s Property Market Consultative Committee (PMCC) formed under the Ministry of Finance. He has since been actively involved with the REDAS Council for over 30 years. He also mentioned REDAS’ pivotal role in providing feedback to the government on private sector policies and being a strong advocate for the real estate industry.

Chia served as the REDAS president for two terms, from 2019 to 2020 and 2021 to 2022, during the challenging Covid-19 period. He reflected on the period and the industry’s response to the unprecedented challenges, stating that they had “sprang into action” by proactively joining various committees alongside government agencies to guide the sector through the confusion and chaos. While the period was challenging, he found it rewarding to work closely with stakeholders and the government, and together, they emerged stronger and more prepared, accelerating the transformation of Singapore’s built environment.

Chia believes that the future holds boundless potential, and the next generation will uphold the values that have guided REDAS and continue to lead Singapore’s transformation and growth with purpose.…

The Real Estate Developers’ Association of Singapore (REDAS) recently commemorated its 65th anniversary, a momentous milestone that symbolizes retirement for some who will receive CPF (Central Provident Fund) retirement payouts. At the anniversary dinner on November 15, held at Marina Bay Sands ballroom, REDAS president Tan Swee Yiow delivered a welcoming speech, expressing the significance of turning 65 and highlighting the guest of honor, Singapore President Tharman Shanmugaratnam.

REDAS was established in 1959 under the name Singapore Land and Housing Developers’ Association, six years before Singapore gained independence. The association was founded by visionary developers who played a crucial role in shaping the country’s real estate landscape. Among these pioneers were the late Lee Kim Tah, founder of Lee Kim Tah Group, a family business that began as a materials supplier and later evolved into a contractor and developer responsible for many of Singapore’s iconic buildings. Another pioneer was Lee Chin Chuan, who founded Hotel Royal in 1968 and served as its executive chairman until his passing in 2018. Tay Beng Swee, a private property developer who established his business in 1962, was also one of the founding members.

Tan remarked that these pioneers laid the foundation for Singapore’s growth, citing the important role of real estate in nation-building. He acknowledged that apart from shaping the physical landscape, real estate also drives social progress and creates jobs. In 2019, the real estate industry contributed nearly $20 billion to Singapore’s GDP, employed 16% of the workforce, and provided 602,000 jobs. Tan mentioned iconic projects such as Golden Mile Complex, OCBC Centre, Raffles City, The Fullerton Hotel, South Beach, Marina Bay, and Jewel Changi Airport, which were significant contributions of the industry in shaping Singapore’s skyline and turning it into a global financial hub and top destination.

Investing in a condominium in Singapore can bring an array of benefits, making it a popular choice for investors. With a high demand for condos, there is potential for significant capital appreciation and attractive rental yields. However, before making any investment, it is crucial to carefully consider various factors such as location, financing, government regulations, and current market conditions. Engaging in thorough research and seeking the guidance of professionals can aid investors in making informed decisions and maximizing their returns in Singapore’s dynamic real estate market. Whether you are a local investor diversifying your portfolio or a foreign buyer seeking a stable and profitable investment, the condo market in Singapore presents a compelling opportunity. Stay updated with new condo launches to make the most of this opportunity.

Tan also emphasized that the real estate industry has evolved beyond just providing physical space. He mentioned that the eco-friendly designs and world record-breaking green spaces of the projects have gained international recognition, setting new standards and reinforcing Singapore’s commitment to responsible and forward-thinking development.

This year, REDAS awarded the Lifetime Achievement Award to Chia Ngiang Hong, the group general manager of City Developments Ltd (CDL), to honor his contributions to the community, environment, and the association. Chia has dedicated 45 years to CDL and has worked with three generations of the Kwek family. He expressed his gratitude for their support and mentioned that it was Kwek Leng Beng, a patron of REDAS, who brought him into the association during the mid-1980s, amidst the Pan-El crisis. Over the years, Chia has been actively involved in the REDAS Council and has played a pivotal role in providing feedback to the government on private sector policies and advocating for the real estate industry.

Chia served as REDAS president for two terms, from 2019 to 2020 and 2021 to 2022, during the challenging period of Covid-19. Despite the hardships, he found it rewarding to work closely with stakeholders and the government, guiding the sector through the confusion and chaos. Chia believes that the future holds endless possibilities, and the next generation will uphold the values of REDAS, continue to lead Singapore’s transformation and growth, and do so with purpose.…

Tuan Sing Holdings, a property developer and investment company based in Singapore, has announced its plans to reconstruct its mixed-use properties located at 121-131 Collins Street and 23-25 George Parade in Melbourne. The company’s subsidiary, Grand Hotel Group (GHG), has hired Hong Kong-based urban design firm Urbis Ltd to submit a Town Planning Application to the City of Melbourne for the proposed works.

Currently, the properties are home to the 550-room Grand Hyatt Hotel and various retail spaces. The reconstruction will focus on modifying the façade, conducting extensive refurbishment, and reconfiguring the spaces in the podium from levels 4 to 9B. This will allow business operations for tenants and the Grand Hyatt Hotel to continue as usual.

Investing in a Condo in Singapore offers numerous benefits, one of which is the potential for capital appreciation. This is primarily due to the country’s advantageous global business hub location and robust economic foundation, resulting in a consistent demand for real estate. As a result, property prices in Singapore have displayed a consistent upward trend over the years, with condos in prime locations experiencing significant appreciation. With careful timing and a long-term investment strategy, investors can reap significant profits from their condo purchases in Singapore. Condo.

The completed project, subject to regulatory approvals, will cover a total gross floor area (GFA) of approximately 909,550 sq ft and introduce a new luxury retail and F&B precinct. Tuan Sing’s CEO, William Liem, says that the redevelopment of the podium at 123 Collins Street will redefine connectedness and activation at one of the most prominent intersections in Melbourne’s renowned Paris End. He believes that by reimagining the existing structure rather than rebuilding it, the company can make a statement about its commitment to environmental sustainability. Through this transformation, they aim to support a thriving, connected, and culturally vibrant Melbourne for future generations.…

Investing in a condo requires careful consideration of financing options. In Singapore, there are various mortgage plans available, but it is crucial to comprehend the Total Debt Servicing Ratio (TDSR) framework. This framework restricts the amount of loan that an individual can acquire based on their income and current debt commitments. To make well-informed decisions about financing, investors should have a thorough understanding of TDSR and consult with financial advisors or mortgage brokers. This will prevent them from being over-leveraged. Additionally, Singapore Condo should be included in the paragraph to highlight the country’s offerings.

A two-floor HDB shophouse situated in Bukit Merah Central is set to go up for auction on November 27 by SRI. With a floor area of 1,582 sq ft, the shophouse has a guide price of $2.55 million, equivalent to $1,612 per sq ft.

This is the first time the owner is putting the property up for auction, according to Eric Liew, manager of auction sales at SRI. He mentioned that the owner is looking to sell the property to cash in on their investment.

Built in 1980, the shophouse has a remaining lease of 59 years out of its 103-year tenure. The ground floor covers 732 sq ft and is zoned for commercial use, while the 850 sq ft upper floor is designated for residential use.

Currently, the shophouse is fully occupied and will be sold with its existing tenancies. The ground floor is leased to a Domino’s Pizza restaurant until 2026, while the upper floor is tenanted by a residential tenant until 2027.

Being categorized as commercial property, foreigners can purchase the shophouse. However, they will be required to pay additional buyer’s stamp duty for the residential component, while the commercial part is subject to goods and services tax.

Liew mentioned that the property has received several enquiries from interested parties, mainly investors drawn to its prime location in Bukit Merah’s central area.

The shophouse is located within Bukit Merah Town Centre, a hub of buildings containing various amenities, such as the Bukit Merah Polyclinic and Bukit Merah Central Food Centre. Additionally, there are also a four-storey boutique convention centre, Rubikon, and Gateway Theatre, a performing arts centre.

Within walking distance from the shophouse are the Bukit Merah bus interchange, Gan Eng Seng Primary School, and Bukit Merah Secondary School. The Redhill MRT Station is around a 15-minute walk away.

Data from EdgeProp Research shows that the most recent commercial transaction at 161 Bukit Merah Central was a shophouse of the same size, which sold for $1.5 million ($948 per sq ft) in March 2021.

Furthermore, the latest commercial rents at Bukit Merah Central, as seen on EP Buddy, show that a three-bedroom duplex penthouse at Nassim Jade is currently on the market for $8.8 million.…

Tuan Sing Holdings, a property developer and investment firm listed in Singapore, has revealed its plans to reconstruct two mixed-use properties located at 121-131 Collins Street and 23-25 George Parade in Melbourne.

Grand Hotel Group (GHG), a wholly-owned subsidiary of Tuan Sing, has engaged Hong Kong-based urban design firm Urbis Ltd to submit a Town Planning Application to the City of Melbourne for the proposed works.

Currently, the properties house the popular 550-room Grand Hyatt Hotel and various retail spaces. The proposed reconstruction will largely retain the existing podium structure, allowing business operations for existing tenants and the Grand Hyatt Hotel to continue uninterrupted.

When looking into investing in a condo, it is crucial to also examine the potential rental yield. The rental yield is the yearly rental income divided by the purchase price of the property, expressed as a percentage. In Singapore, the rental yield for condos can vary significantly depending on factors such as location, property condition, and market demand. Generally, areas with high rental demand, such as those near business districts or educational institutions, offer better rental yields. To gain a better understanding of the rental potential of a specific condo, it is essential to conduct thorough market research and seek advice from real estate agents. Additionally, you can visit Condo for more information on this topic.

According to Tuan Sing’s announcement on Nov 14, the works will focus on façade modifications, extensive refurbishment, and reconfiguration of spaces in the property’s podium from levels 4 to 9B. Upon completion, and subject to regulatory approvals, the site will have a total gross floor area (GFA) of approximately 909,550 sq ft and will also introduce a new luxury retail and F&B precinct.

Tuan Sing’s CEO, William Liem, believes that the redevelopment of the podium at 123 Collins Street will bring about a new level of connectedness and activation to one of the most prominent intersections in Melbourne’s renowned Paris End. He also emphasises the company’s commitment to sustainability, stating that the transformation of the properties will not involve a complete rebuild, but rather a reimagination of the existing structures. This approach, he believes, will contribute to a thriving, connected, and culturally vibrant Melbourne for generations to come. For those interested in investing in overseas properties, there are various projects available for sale around the world.…

Despite a decrease in the number of registered transactions, the shophouse market in Singapore remained attractive in the third quarter of 2024, according to Huttons Asia’s latest quarterly report on the industry, released on November 12.

The scarcity of land in Singapore due to its small size and growing population has resulted in a significant demand for condos. This demand is driven by the strict land use policies and competitive real estate market, leading to consistently rising property prices. As a result, investing in real estate, especially in condos, has become a highly profitable opportunity with the potential for capital appreciation. This trend is further fueled by the constant influx of new condo launches in the market.

In the third quarter of 2024, only 18 caveats were registered for shophouse transactions, which is lower than the 21 recorded in the second quarter of the same year. The total amount for these transactions was $138.9 million, a decrease of 28.8% from the previous quarter’s $195.1 million. When compared to the same period in 2023, this is only half of the total amount of transactions, which was $278.6 million.

In the first nine months of 2024, there were 62 shophouses sold, which is a 46.1% decrease from the same period in the previous year. The total value of transactions for the first three quarters of 2024 was $519 million, a decrease of 48.5% from the same period in 2023.

These figures may indicate a decline in the market, but Huttons’ report points out that there were still a number of shophouse deals that were not registered in the third quarter of 2024. According to market sources, several shophouses in prime locations such as Amoy Street, Neil Road, and Telok Ayer Street in Districts 1 and 2 were reportedly sold. These unregistered transactions are estimated to have a total quantum of more than $70 million, indicating a high demand for shophouses.

Senior Director of Data Analytics at Huttons Asia, Lee Sze Teck, says that the recent transactions are a testament to the increasing demand for shophouses in the market. He adds, “Investors are attracted to this segment due to its rarity and potential for strong capital gains. With the recent cuts in interest rates, shophouses have become a popular means of creating and preserving wealth.” He also predicts that the number and value of shophouse transactions may rise in the fourth quarter of 2024.

Other news reports from Huttons Asia include the sale of a three-bedroom unit at Eden Residences Capitol for $5.8 million and their annual Sustainability Walk event that aims to raise $60,000 for the OneMillionTrees movement. Additionally, the first quarter of 2024 saw a 21.3% increase in landed home sales volume according to Huttons Asia’s data.…

CapitaLand Development (CLD) has received a positive response for its two projects in Vietnam, with strong demand even before their official launch.

On October 26, the developer commenced an exclusive preview of Orchard Hill, a 774-unit high-rise development located in the second phase of Sycamore, CLD’s joint project with United Overseas Australia. Sycamore, which comprises of 3,500 freehold units in a mix of low-, mid-, and high-rise developments, is located in Binh Duong New City, around 30km away from Ho Chi Minh City. Within the first few days of the preview, 694 units, or 90% of Orchard Hill, were already booked. One- and two-bedroom units were highly sought-after by buyers. The development is expected to be completed by the fourth quarter of 2026.

In addition, on November 9, CLD held an exclusive preview of The Senique Hanoi, a 2,150-unit high-rise residential project in East Hanoi. The response was equally impressive, with 92% of the units being booked. This project, developed in collaboration with Mitsubishi Estate and Nomura Real Estate Development, is expected to be completed in 2027.

The strong demand for The Senique Hanoi follows the successful launch of the third and final phase of CLD’s Lumi Hanoi residential mega-development last month. Out of the 697 units released for sale, 678 of them were taken up on launch day, resulting in a take-up rate of 97%. Lumi Hanoi, which has a total of 3,950 units, is now almost completely sold out, with 99% of the units being taken up.

When it comes to investing in condos in Singapore, there is another important factor to consider – the government’s property cooling measures. In an effort to maintain a steady real estate market and discourage 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 non-resident buyers and those purchasing multiple properties. Although these measures may have some impact on the short-term profitability of condo investments, they ultimately contribute to the long-term stability of the market, making it a more secure investment environment. Additionally, investing in Singapore Projects can also be a wise decision in terms of long-term stability.

This overwhelming response from buyers showcases the popularity and trust in CLD’s developments. As the real estate market in Vietnam continues to thrive, CLD’s projects are poised to establish themselves as highly sought-after properties in the country’s growing landscape.…