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CapitaLand Development (CLD) has received an overwhelmingly positive response for its two recently previewed projects in Vietnam. The developer kicked off an exclusive preview of Orchard Hill on Oct 26, a 774-unit high-rise development that forms the second phase of Sycamore, CLD’s joint venture project in Binh Duong New City. Located about 30km from Ho Chi Minh City, Sycamore offers a mix of low-, mid-, and high-rise developments with 3,500 freehold units.

Since the preview of Orchard Hill, 694 units, or 90% of the development, have been snapped up, with one- and two-bedroom units being the most popular choices. The project is expected to be completed by 4Q2026. On Nov 9, CLD held an exclusive preview of The Senique Hanoi, a high-rise residential project with 2,150 units in East Hanoi. With a take-up rate of 92%, the project has seen strong interest from buyers. The Senique Hanoi is being jointly developed by CLD, Mitsubishi Estate, and Nomura Real Estate Development, and is scheduled to be completed in 2027.

When considering investing in condominiums in Singapore, another important factor to take into account is the government’s property cooling measures. Throughout the years, the Singaporean government has implemented various measures to discourage speculative buying and maintain a steady real estate market. These measures include the Additional Buyer’s Stamp Duty (ABSD), which imposes higher taxes for foreign buyers and those purchasing multiple properties. While these measures may have an impact on the immediate profitability of condo investments, they also contribute to the long-term stability of the market, creating a more secure investment environment.

This marks another successful launch for CLD following the 97% take-up rate for the third and final phase of Lumi Hanoi, which was launched last month. Of the 697 units released for sale under this phase, 678 were snapped up on launch day (Oct 5), reflecting a high take-up rate of 97%. With the latest addition, the 3,950-unit Lumi Hanoi is now 99% sold.…

CapitaLand Integrated Commercial Trust (CICT) has successfully sold 21 Collyer Quay, a prime office building in Raffles Place, for a total of $688 million. The transaction, which was disclosed in a filing to the Singapore Exchange on Nov 12, involved the sale of the 999-year leasehold building to an external party. The selling price of the property equates to approximately $3,230 per square foot, based on its net lettable area of 213,000 square feet.

According to the manager of CICT, the sale price was determined through a willing-buyer-willing-seller approach, in line with an independent evaluation carried out by Savills. Taking into consideration the sale price and the building’s net property income for the year ending Sept 30, 2024, CICT is expected to achieve an exit yield of less than 3.5%. The sale is expected to generate net proceeds of approximately $681.7 million.

Situated in the Central Business District, 21 Collyer Quay is a 21-storey office building. At present, it is fully occupied by WeWork, a co-working operator that took over the lease of the building from HSBC in 2021, after the latter relocated to Marina Bay Financial Centre Tower 2. In September 2022, WeWork officially opened its flagship location at the building following a comprehensive design and renovation of the space.

The demand for condos in Singapore remains strong due to the limited land availability in this small island nation. With a fast-growing population, Singapore continues to face challenges in finding space for development. As a result, strict land use regulations have been put in place and the real estate market has become highly competitive, driving property prices up. This has made investing in real estate, particularly in condos, a profitable opportunity with the potential for significant capital appreciation. For more information, check out Singapore Condo.

As reported, following WeWork’s filing for bankruptcy in the US in November 2023, the company confirmed in April this year that it had reached an agreement on the terms of its leases with its Singapore office landlords, and intends to continue operating from its current properties in the country in the foreseeable future. On CICT’s website, it is stated that WeWork Singapore is bound by a seven-year lease for 21 Collyer Quay that expires in 2028.…

When it comes to investing in real estate, one of the most critical factors to consider is the location of the property. This is especially true for the booming real estate market in Singapore. The location of a condo can significantly impact its value and potential for growth. Condos situated in central areas or in close proximity to important amenities such as schools, shopping malls, and public transportation hubs are highly desirable and tend to experience a higher appreciation in value. Prime locations in Singapore, such as Orchard Road, Marina Bay, and the Central Business District (CBD), have consistently displayed strong growth in property values. Additionally, condos near reputable schools and educational institutions are in high demand, making them even more attractive investments. To truly maximize your investment potential, carefully considering the location of a condo before making a purchase is crucial. For more information about condos and real estate investments in Singapore, visit Condo.

SINGAPORE (EDGEPROP) – Despite a decline in caveated transactions, 3Q2024 saw continued interest in the shophouse market, according to the latest quarterly report by Huttons Asia. Published on Nov 12, the report revealed that 18 caveats were lodged for shophouse transactions in 3Q2024, a slight decrease from the 21 caveated deals in the previous quarter. The total transacted quantum of the caveated shophouses, however, recorded a 28.8% decrease from $195.1 million in 2Q2024 to $138.9 million in 3Q2024. This is substantially lower when compared to 3Q2023’s transacted quantum of $278.6 million.In the first nine months of 2024, caveats show that 62 shophouses were sold, which is a notable 46.1% drop from the caveated shophouse transactions during the same period last year. The total value of transactions for this period in 2024 stands at $519 million, which is approximately 48.5% lower than the same period in 2023.According to Huttons Asia’s senior director of data analytics, Lee Sze Teck, the decline in transaction figures does not accurately represent the demand for shophouses. He confirms that there were a number of shophouse deals in 3Q2024 that went un-caveated. “According to market sources, several shophouses along Amoy Street, Neil Road, and Telok Ayer Street in Districts 1 and 2 were reportedly sold,” he adds. The estimated quantum for these shophouses exceeds $70 million, which clearly indicates the strong demand for shophouses in the current market.Lee attributes the surge in shophouse demand to their scarcity and potential for strong capital gains, especially in the past few months. Additionally, with the recent interest rate cuts, these properties are becoming increasingly popular as a wealth creation and preservation asset. Based on this trend, Lee expects the transaction volume and quantum of shophouses to continue to rise further in 4Q2024.…

The latest report by OrangeTee Research & Analytics reveals that private resale home prices remained stable in the third quarter of 2024 despite the prevailing high-interest rate environment. According to data from the Urban Redevelopment Authority (URA), the average resale prices for landed and non-landed private residential homes (excluding executive condos) held steady at $1,713 per square foot (psf) from the second quarter to the third quarter of 2024. However, there were some fluctuations in average resale prices across different regions.

The Core Central Region (CCR) saw a 1.6% increase in average resale prices from $2,145 psf in the second quarter to $2,181 psf in the third quarter of 2024. This is a reversal of the 3.6% decline seen in the second quarter. In the Rest of Central Region (RCR), there was a 1.4% increase in average resale prices, rising from $1,837 psf to $1,863 psf in the same period. This is a moderation from the 3.1% growth seen in the second quarter. On the other hand, the average price of resale homes in the Outside of Central Region (OCR) dropped by 0.4% from $1,495 psf to $1,489 psf in the third quarter, a turnaround from the 3.5% growth recorded in the second quarter.

Despite the fluctuation in prices, there was robust demand for resale homes. URA recorded a total of 3,860 resale homes sold in the third quarter, a 1.5% increase from the 3,802 units sold in the second quarter. Resale transactions accounted for 71.9% of the 5,372 residential sales (including new sales and subsale) in the third quarter, a decline from the 77.4% market share recorded in the second quarter, which was the highest on record. In the first nine months of 2024, a total of 10,351 resale homes were sold, reflecting a 21.8% year-on-year increase from the 8,498 units transacted in the same period in 2023.

Investing in a condominium in Singapore has become a popular choice for many due to its numerous benefits. These include high demand, potential for growth in value, and attractive rental returns. However, it is crucial to carefully consider various factors before making any investment decisions. Location, financing options, government regulations, and market conditions are among the key factors to consider. By conducting thorough research and seeking professional advice, investors can make informed choices and maximize their investments in Singapore’s dynamic real estate market. Whether you are a local investor looking to diversify your portfolio or a foreign individual seeking a stable and profitable investment, the opportunity presented by Singapore Projects is highly compelling. With its favorable conditions and promising potential, investing in a condominium in Singapore is a wise choice for those seeking a lucrative venture.

The increase in resale transactions can be attributed to the substantial increase in housing supply, with close to 30,000 private homes completed over the past two years. As the supply grows, it provides buyers with more options to choose from in the secondary market. Additionally, with new private home prices remaining high, buyers may turn to the resale market for more affordable options.

Recent launches in the OCR have shown a premium in prices compared to the average resale prices in the region. For instance, Norwood Grand, a new condo launched in October, has sold 293 units at an average price of $2,086 psf, which is 39.5% higher than the average resale price in the OCR. Similarly, Meyer Blue, a recent launch in the RCR, sold 122 units at an average price of $3,252 psf, which is 74.5% higher than the average resale price in the region.

The recent interest rate cuts by the US Federal Reserve may also spur luxury home sales as borrowing costs decrease. However, high-net-worth investors are less likely to base their purchase decisions on mortgage rates. But for buyers who have been cautious due to high interest rates, the lower rates may encourage them to enter the market.

Looking ahead, OrangeTee expects resale prices to continue growing in the next few years due to the projected decrease in supply. With an estimated 5,300 private homes to be completed in 2025, there will be a significant decrease from the 9,100 units expected to be completed this year. Barring any major economic crises or unforeseen circumstances, OrangeTee predicts positive prospects for resale homeowners.…

Investing in a condo in Singapore holds many benefits, one of the most prominent being the potential for capital appreciation. This is largely due to the country’s advantageous position as a global business hub and its solid economic foundation, which results in a constant demand for real estate. The property market in Singapore has displayed a consistent rise in prices, with condos located in prime areas experiencing significant appreciation. By purchasing a property at the optimal time and holding onto it for the long run, investors can reap the rewards of substantial capital gains. Explore more lucrative opportunities for investment in Singapore with Singapore Projects.

. As reported on Sunday, November 10, developer Kingsford Group successfully sold 696 units (76%) of their 916 units at Chuan Park. The average price for these units was recorded at an estimated $2,579 per square foot. According to a spokesperson for Kingsford, these units ranged in size from two-bedroom, two-bedroom+study, to three-to-five-bedroom units. The majority of home buyers (93%) were Singaporeans, followed by permanent residents and foreigners, making up the remaining 7%. Ismail Gafoor, CEO of PropNex, stated that 92% of the units sold were two- and three-bedroom units, with four- and five-bedroom units making up the remaining 8%. The transacted prices for all units ranged from $1.6 million for two-bedders to $4.3 million for a five-bedroom unit. “Generally, we think the developer has priced the project sensitively in view of the overwhelming demand, including from prospective buyers within District 19,” he added. The CEO of ERA Singapore, Marcus Chu, also noted that two- and three-bedroom units were the most popular among buyers in their 30s and 40s. He observed that many of these buyers were upgrading from older HDB flats or condominiums in nearby areas. On the other hand, older buyers who were downsizing from landed properties preferred the larger four- and five-bedroom units. Chuan Park’s sales at the close of Nov 10 (Source: Property Agents) Chuan Park has emerged as the top-selling project of 2024 in terms of the number of units sold, surpassing the 400 units (75%) sold at the 533-unit Lentor Mansion in March. However, by percentage of units sold, Norwood Grand, which was launched in October, is still the highest at 84% or 292 out of 348 units. “Besides being the best-selling project of 2024, Chuan Park is also the fastest-selling since J Gateway, which sold all 738 units on its first day of launch in 2013,” says Mark Yip, CEO of Huttons Asia. This success marks another significant achievement for Kingsford. In January 2021, their 1,862-unit Normanton Park project sold about 600 units on the first weekend of its launch. Remarkably, all units were entirely sold within 18 months. Kingsford acquired the 99-year leasehold, 400,500 sq ft Chuan Park site for $890 million in July 2022. The site, adjacent to Lorong Chuan MRT Station, marks the first private condominium launch in the area since the 468-unit The Scala’s debut in August 2010. The project has five blocks – three 22-storeys and two 19-storeys – and two commercial units spread across a 99-year leasehold site of 400,500 sq ft. The 916 units range from two- to five-bedrooms, ranging from 700 sq ft to 1,841 sq ft. Prices started from over $1.5 million for a two-bedroom, upwards of $2.1 million for a 915 sq ft three-bedroom, $3.1 million for a 1,335 sq ft four-bedroom, and $3.7 million for a 1,550 sq ft five-bedroom. Chuan Park is nestled within an affluent private residential enclave, surrounded by the Serangoon Gardens, Li Hwan, and Tai Hwan landed housing estates, as noted by PropNex’s Gafoor. Although classified within the Outside Central Region (OCR), Chuan Park is near the boundary of the Rest of Central Region (RCR). Ken Low, the managing partner of SRI, highlights that it is near “million-dollar HDB estates”, including Serangoon, Toa Payoh, Ang Mo Kio, Bishan, and the emerging Bidadari Estate. ERA’s Chu estimates there are around 126,000 HDB flats and 54,000 private residential units in “the Golden Triangle of Ang Mo Kio/Bishan, Toa Payoh and Serangoon around Chuan Park”, he adds. According to ERA’s research, 233 HDB flats were sold for over $1 million in the first 10 months of the year in the nearby HDB estates of Ang Mo Kio, Bishan, Toa Payoh and Serangoon. “These HDB owners are in a good financial position to upgrade to private residential properties should they wish to,” Chu adds. Chuan Park is next to the Lorong Chuan MRT Station and is surrounded by the landed housing estates of Serangoon Gardens, Tai Hwan and Li Hwan (Source: EdgeProp Landlens) Chuan Park’s launch was among the most anticipated this year, according to Huttons’ Yip. The preview period from Deepavali Day (Oct 31) to Nov 7 attracted over 20,000 visitors, with more than 2,800 cheques collected from interested buyers ahead of the sales launch on Nov 10. Initially scheduled for Nov 16, Chuan Park’s launch was brought forward to Nov 10. “Bringing forward Chuan Park’s launch has allowed investor and homebuyer demand to spread across various new developments,” says SRI’s Low. Read also: Year-end rush: Record six projects set to launch in November Three other projects are set to launch on Nov 16: the 552-unit Nava Grove at Pine Grove, off Ulu Pandan Road; the 846-unit Emerald of Katong on Jalan Tembusu in the East; and the 504-unit executive condo Novo Place in Tengah in the West. Low anticipates that the robust sales at Chuan Park will carry over to the upcoming launches next weekend, building on the existing interest in these projects. “We are also seeing buyers gravitate towards other ongoing new launches,” he adds. “This momentum provides a welcome boost to an otherwise subdued 2024 market.” The recent interest rate cuts by the US Federal Reserve—a 50-basis point reduction on Sept 18 and a 25-basis point cut on Nov 8, with further cuts anticipated next year—have boosted confidence and demand in the real estate market. “There will be increased affordability as banks lower their stress test rates,” notes SRI’s Low. “Additionally, homebuyers will benefit from savings on monthly mortgage payments due to reduced interest rates.” The improved market sentiment has encouraged even those homebuyers who were hesitant during the first nine months of the year to return, says PropNex’s Gafoor. However, he does not expect all upcoming project launches to see similarly strong sales. “In addition to the development’s specific attributes, factors such as location, proximity to MRT stations, nearby new launches, and price sensitivity play a crucial role in a project’s sales performance.” Take a look at the latest Chuan Park listings for properties.…

When contemplating a condominium investment, it is crucial to also evaluate the potential rental yield. Rental yield refers to the yearly rental income in relation to the property’s purchase price. In Singapore, condo rental yields can fluctuate greatly 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 more attractive rental yields. To gain a clearer understanding of the rental potential of a specific condo, it is advisable to conduct thorough market research and seek guidance from real estate agents. For more information on Singapore Projects, please visit Singapore Projects.

Colliers International has recently made two new additions to its leadership team in Asia Pacific (Apac) and Japan. Alex Worthington has been appointed as the director of Asia Pacific capital markets, key client account management, and investor intelligence, while Akira Kuno will assume the position of deputy managing director & co-head of capital markets in Japan.

Reporting to Chris Pilgrim, Colliers’ managing director of global capital markets in Apac, Worthington will be responsible for leading and enhancing key account management for the region’s largest institutional investors. Pilgrim believes that Worthington’s appointment will bolster the company’s multi-service revenue growth and strengthen long-term relationships across Apac.

Previously, Worthington served as a client relations specialist at technology consulting firm Palo IT. He brings with him extensive experience from his eight-year tenure at JLL Singapore.

Meanwhile, Kuno comes into his new role with 34 years of experience in Japan’s real estate and financial industries. He has a proven track record of real estate investment transactions amounting to over JPY1 trillion ($8.65 billion), according to Colliers.

In his new position, Kuno will work closely with Yukihiro Ogasawara, Colliers’ managing director and chairman of Japan, to drive the ongoing expansion of the company’s capital markets business in the country. Ogasawara believes that Kuno’s leadership, extensive market knowledge, and entrepreneurial spirit will benefit their clients in achieving their investment objectives and contribute to the company’s growth strategy in the coming years.

Colliers has also recently made other key appointments in its Hong Kong and Singapore teams, including the appointment of Nicholas Menville as Head of Singapore-based industrial clients. These appointments reflect the company’s commitment to strengthening its capabilities and expertise in key markets in the region.…

Chenghong (Shanghai) Investment, a subsidiary of City Development Limited (CDL), along with its Chinese partner Lianfa Group, has successfully won the tender for a mixed-use development site in Shanghai’s Xintiandi area in the Huangpu district. The acquisition cost for the 27,994 square metre (sqm) site is RMB8.94 billion ($1.66 billion).

The government land tender for the site closed on October 28, with the award being announced on November 1. This amounts to a cost of RMB117,542 ($21,827) per sqm plot ratio (psm ppr), equivalent to $2,027 per square foot per plot ratio (psf ppr). The reason for the acquisition is that there have been no other residential site transactions in the prime Xintiandi area this year.

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In comparison, a residential site in Jing’an District was sold for RMB114,000 psm ppr in September this year, while another residential site in Xuhui District was transacted at RMB 131,000 psm ppr in August, through normal public tender.

In Singapore, the Cuscaden Reserve site was sold for $2,377 psf ppr and the Watten Estate Condominium collective sale was transacted for $1,723 psf ppr.

The mixed-use development site in Xintiandi comprises of two plots of land, separated by a public road in the middle, with a total gross floor area (GFA) of 76,027 sqm. CDL states that the future development can allocate up to 77% of the GFA for residential use, with at least 19% dedicated to commercial purposes and 4% reserved for public amenities. The lease for the residential portion is 70 years, while for the commercial portion, it is 40 years.

Chenghong Shanghai holds a 51% controlling stake, equivalent to RMB4.56 billion, in the joint venture (JV) acquisition. The remaining 49% equity interest in this JV is held by a wholly-owned subsidiary of Lianfa Group.

CDL group CEO, Sherman Kwek, says that this rare acquisition in Shanghai’s prominent Xintiandi area showcases the Group’s trust in China’s long-term growth prospects. “We are expanding our presence in this dynamic and heavily-populated nation by targeting key tier 1 and tier 2 cities for iconic placemaking opportunities,” he says.

“Following our acquisition in Suzhou last year, the acquisition of this prime land plot in Shanghai will further increase our residential land bank in China. We are honoured to collaborate with Lianfa Group, and together, we look forward to creating a landmark that will redefine the landscape,” adds Kwek.

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As of June 30, CDL recorded a net gearing of 116% based on historical cost and an interest cover ratio of two times. However, as the group also includes the fair value of investment properties, its net gearing stood at 69.2% as at June 30. This new investment is expected to raise its pro forma net gearing by 3.3% to 72.5%.

As of 1HFY2024, the group’s total assets, including fair value of investment properties and hotels, amounted to $33 billion, with China accounting for 10%. With the new acquisition, the pro forma segmentation will increase to 14%.

On November 1, shares in CDL closed 2 cents higher, or 0.39% up, at $5.22. This is compared to its net asset value of $10.12.

This story first appeared in The Edge Singapore. RELATED NEWS CDL buys Delfi Orchard en bloc for $439 mil

City Developments announces new launches, lower interest cover in 1QFY2024 update

CDL to divest freehold strata units at Cititech Industrial Building and Citilink Warehouse Complex for $149 mil…

Sim Lian Group has announced that it will be showcasing its latest development, the Emerald of Katong, on November 1st, with sales starting on November 16th. The 99-year leasehold condominium is located on Jalan Tembusu, just off Tanjong Katong Road and a mere five-minute walk from Tanjong Katong MRT Station on the Thomson East Coast Line.

The development offers a range of units, from one-bedroom-plus-study apartments to spacious five-bedroom homes, with sizes ranging from 484 sq ft to 1,561 sq ft. The Emerald of Katong is one of the first projects to be launched under the new gross floor area harmonization initiative, which excludes air conditioner ledges from the strata area. This not only maximizes the usability and efficiency of the space, but also creates a more comfortable living experience for residents, according to Sim Lian Group.

“Our goal is to provide a home where residents can enjoy maximum comfort, improved connectivity, and a strong sense of community in the modern Peranakan district of Katong,” commented Kuik Sing Beng, executive director of Sim Lian Group.

Prospective buyers can now search for the latest information on New Launches and find out about the transaction prices and available units.

The Emerald of Katong is situated on Jalan Tembusu (Parcel B), a site that was acquired by Sim Lian for $828.8 million, or $1,069 psf per plot ratio, in July of last year. The development is located next to the highly sought-after Tembusu Grand, a 638-unit condominium by City Developments and MCL Land. The 99-year leasehold project was launched in April of last year, and to date, 82% of the units have been sold at an average price of $2,459 psf. Interested buyers can also check out the latest listings for the Emerald of Katong on various property websites.

For those looking to compare the Emerald of Katong with other new launches in the area, there are several tools available online, including a price trend graph, a list of projects with the most expensive average PSF, and information on recent condo rental and sale transactions in District 15. These resources can help buyers make an informed decision when it comes to investing in the Emerald of Katong or any other properties in the district.…