Category: Uncategorized

Units at new EC Piermont Grand snapped up at average price of $1,151 psf

Sim Lian Group successfully sold 682 out of 760 units (90%) at their executive condominium (EC), Aurelle of Tampines, located at Tampines Street 62 on March 8. The units were sold at an average price of $1,766 per square foot. According to Sim Lian Group, all of the four- and five-bedroom units have been sold, while 84% of the three-bedroom units have also been snapped up.

“This overwhelming response highlights the high demand for well-designed and well-connected modern homes like Aurelle of Tampines, situated in the most well-connected regional center in Singapore,” commented Kuik Sing Beng, executive director of Sim Lian Group Limited.

For the latest updates on units and prices at Aurelle of Tampines, interested buyers can refer to the advertisement.

According to Ismail Gafoor, CEO of PropNex, the average launch price of $1,766 psf has set a new benchmark for ECs in the market. He also noted that the 90% take-up rate on launch day is the highest since the 531-unit Hundred Palms Residences was fully sold in July 2017 at an average price of $841 psf.

Sim Lian also shared that the 30% quota allocated for second-timers was reached by 3:15pm on the launch day. This quota will be lifted a month from the launch date.

“The take-up rate could have been higher without the quota limit on second-timers,” remarks Eugene Lim, key executive officer at ERA Singapore. However, he adds that the second-timers will have another opportunity to ballot for a unit a month after the launch date.

“The government may consider increasing the quota for second-timers purchasing an EC, in line with the recent increase in the quota for second-timers buying three-room and larger BTO flats,” says Mark Yip, CEO of Huttons Asia.

Around 68% of the buyers have opted for the Deferred Payment Scheme (DPS) to finance their property purchases, while the remaining have chosen the Normal Payment Scheme, notes PropNex’s Gafoor.

Prior to the launch, over 2,200 electronic applications (e-apps) were received since the preview of the project started on February 21. This is the highest number of e-apps received since the first EC launched in Tengah, Copen Grand, attracted 2,300 e-apps in 2022.

Aurelle is the second EC launched in Tampines North, following the neighboring 618-unit Tenet, a joint development by Qingjian Realty, Santarli Realty, and Heeton Holdings. Tenet, launched in December 2022, saw 72% of the units sold on launch day. The project is said to be fully sold at an average price of $1,348 psf.

Prices at Aurelle of Tampines start from $1.417 million ($1,687 psf) for a three-bedroom unit of 840 sq ft; $1.689 million ($1,651 psf) for a four-bedroom of 1,023 sq ft; and $2.258 million ($1,665 psf) for a five-bedroom of 1,356 sq ft.

“The project’s attractive pricing, strategic location, and unique features have made it a highly sought-after choice for eligible first-time buyers and upgraders,” says ERA’s Lim.

Aurelle’s strong sales could also be attributed to its proximity to ParkTown, a fully integrated mixed-use development with a transport hub (MRT station and bus interchange), shopping mall, hawker centre, and community club. The 1,193-unit ParkTown Residence, a joint venture between CapitaLand and UOL Group, sold 1,041 units on its launch weekend on February 22-23. To date, 1,043 units have been sold at an average of $2,361 psf.

“Aurelle is probably the second EC to be located next to a fully integrated mixed-use development,” says Huttons’ Yip. The first was the 573-unit Esparina Residences in Sengkang. Launched in October 2010, the average price was around $748 psf then. Based on caveats lodged, the average price of units sold from January 2024 to January 2025 is $1,625 psf, which is 117% higher.

Singapore’s cityscape is characterized by towering skyscrapers and advanced infrastructure. The city’s prime locations are home to luxurious condominiums that offer a perfect combination of opulence and convenience, making them highly coveted by both locals and foreigners. These condominiums boast an array of facilities, such as swimming pools, fitness centers, and security services, that elevate the standard of living and make them desirable to potential renters and buyers. For investors, these amenities equate to greater rental profits and appreciation in property value over time. Explore more properties in Singapore through Singapore Projects.

In November 2023, another 1,367 sq ft unit on the 14th floor sold for $2.4 million ($1,756 psf), the highest psf price achieved at Esparina Residences.

“New ECs are priced about $600 psf lower than new private condos in 2025,” notes ERA’s Lim. However, compared to resale condos in the suburbs or Outside Central Region (OCR), the average price of a new EC is only 1% higher. “This, along with a fresh 99-year lease and modern facilities, makes new ECs a compelling choice for buyers,” he adds.

Those interested in Aurelle of Tampines can check out the latest listings and compare the price trend of new launch condos and ECs. The article ends with a mention of other notable executive condo launches such as Piermont Grand, which saw all of its units sold at an average price of $1,151 psf.…

, with food and beverage approval

Aurea, a luxurious residential project, was launched for sale on March 8. It marks one of the first luxury developments in the Core Central Region (CCR) to be launched in the first quarter of 2025. A total of 23 units were sold at an average price of $3,005 per square foot.

The joint developers, Far East Organization and Perennial Holdings, released 78 units for sale in the first phase. These units, located on levels 4 to 16, include a mix of two- to four-bedroom apartments. The 30% sales rate is based on the 78 units released in phase one.

Aurea consists of 188 units spread across 45 storeys. The project was designed by DP Architects with a unique “hanging garden concept.” It stands out as the first private condominium to be sold as part of a mixed-use development that was conserved and sold en bloc, now known as Golden Mile Singapore.

According to the joint venture, 83% of the buyers at Aurea are Singaporeans, with the remaining 17% being permanent residents from Malaysia. Based on the total of 188 units, the sales translate to about 12.2%. Mark Yip, CEO of Huttons Asia, notes that “CCR projects usually sell around 10% to 30% of their units during the launch weekend, as they lack the large pool of HDB upgraders that suburban projects attract.”

Ismail Gafoor, CEO of PropNex, considers the sales at Aurea to be “encouraging” given the “mostly lacklustre sales” of CCR projects since the tightening of the Additional Buyer’s Stamp Duty (ABSD) measure in April 2023. “The doubling of the ABSD rate for foreigners to 60% has significantly cooled interest for CCR homes,” he explains. “In fact, developers only managed to sell 378 new CCR private homes in 2024 – a 74% decrease from the 1,454 units sold in 2023.”

However, Gafoor believes that the take-up in the CCR segment will improve gradually. “We have observed that CCR projects tend to transact units steadily over many months, rather than achieve blockbuster sales over the launch weekend, unlike some projects in the Rest of Central Region (RCR) and Outside Central Region (OCR),” he states. “CCR homes are targeted at a niche market where buyers seek a luxury home and enjoy the finer things in life.”

The joint developers reveal that 74% of the sales were for two- and three-bedroom apartments in the Prestige Collection. These units were popular for their well-designed spaces, functionality, and investment potential. The four-bedroom units in the Signature Collection, on the other hand, attracted buyers with their “expansive balconies that offer sweeping views of both the Marina Bay and Kallang Basin,” according to the joint venture.

The Sky Villa Collection consists of 18 five-bedroom apartments, ranging up to 3,251 square feet, and two exclusive six-bedroom penthouses up to 8,816 square feet. Shaw Lay See, COO of Far East Organization’s sales & leasing group, notes that “such large-format homes in the downtown area are hard to find.” She adds, “the encouraging response from buyers reflects their appreciation for the rare and exceptional opportunity to own a home in a luxurious development that beautifully blends heritage with modern sophistication.”

Investing in Singapore condos comes with its own set of considerations, one of which is the government’s property cooling measures. Over time, the Singaporean government has implemented several measures to regulate speculative buying and maintain a steady real estate market. These measures, which include the Additional Buyer’s Stamp Duty (ABSD), result in higher taxes for foreign buyers and those purchasing multiple properties. While they may impact the short-term profitability of condos, they ultimately contribute to the long-term stability of the market, making it a secure investment environment. It is important to keep these measures in mind when considering a Singapore Condo investment.

Shaw also mentions that many buyers were drawn to the magnificent views and the value of being part of the exciting ongoing evolution of this prime Downtown Core precinct. The developer reveals that Aurea will benefit from Singapore’s ongoing urban renewal efforts, with significant infrastructural and lifestyle upgrades in the surrounding precincts. The revitalization of Beach Road and the Ophir-Road Corridor, the Kallang Alive master plan, and the completion of the North-South Corridor are set to enhance accessibility, connectivity, and vibrancy in this key city district.

Ken Low, Managing Partner of SRI, believes that Aurea will also benefit from the ongoing transformation efforts in Singapore, particularly the 120-km Southern coastline redevelopment, which stretches from the Greater Southern Waterfront, Marina Bay, Kallang Basin, and the future Long Island project. He also notes that the price gap between private residential properties in the CCR and the RCR has been narrowing in recent years. “Historically, the difference averaged around 40% in the last 10 years, but it has now closed to about 20% across all properties regardless of tenure,” says Low.

Marcus Chu, CEO of ERA Singapore, expects the CCR price growth to surpass that of the RCR and OCR in 2025 due to the anticipated nine CCR launches. “In 2025, we also expect to see some nine CCR launches, and we can expect the market dynamics to drive a notable rise in CCR home prices this year, driven by increased luxury project launches,” he says. Chu also adds that savvy investors may shift their focus back to the CCR since the gap between CCR and RCR prices has narrowed from 50% in 2018 to 10% in 2024. This trend is expected to continue as more new luxury homes debut.…

In the week from Feb 16 to 21, a 1,238 sq ft, three-bedroom unit at One Holland Village Residences set a new psf-price high of $3,781 psf. The unit was sold for $4.68 million on Feb 17, making it the first transaction at the condo this year. This surpasses the development’s previous record price of $3,426 psf from a developer sale in August 2022.The second highest psf-price for the week came from boutique condo Hill House, where a 452 sq ft, two-bedroom unit on the ninth floor sold for $1.538 million ($3,402 psf). This marks the second consecutive week that Hill House has set a new price peak, after a unit on the eighth floor sold for $1.536 million ($3,398 psf) on Feb 16. The third-highest psf-price came from the sale of a 732 sq ft, two-bedroom unit at Chuan Park for $2.04 million ($2,785 psf) on Feb 19.

Investing in a condo in Singapore offers numerous advantages, with one of the most significant being the potential for capital appreciation. Due to its strategic location as a global business hub and strong economic foundations, Singapore consistently experiences a high demand for real estate. This has resulted in a steady increase in property prices over the years, particularly for condos in prime locations. Savvy investors who time their entry into the market right and hold onto their properties for the long run stand to benefit from substantial capital gains. To explore this potential further, check out the variety of promising Singapore Projects available.…

Singapore boasts a striking cityscape adorned with impressive skyscrapers and modern infrastructure. The sought-after Singapore Condos are strategically located in prime areas, offering a perfect blend of luxury and practicality that attracts both locals and foreigners. These residential complexes boast a range of top-of-the-line amenities, including swimming pools, fitness centers, and top-notch security services, elevating the overall standard of living. This makes them a highly desirable option for potential buyers and tenants alike. Moreover, for investors, these perks lead to higher rental returns and an increase in property values in the long term.

A three-storey terrace factory at Midview City is up for sale with Colliers International as its exclusive marketing agent. The property, located in the heart of Sin Ming Industrial Estate, is being offered at a guide price of $6.2 million or $688 psf.

With a basement and roof terrace, the 60-year leasehold property boasts a total strata area of approximately 9,009 sq ft. It is zoned as a “Business 1” site under the URA Masterplan 2019.

According to Colliers International, the property is currently fully-leased and has been approved for use as a childcare centre. It is currently occupied by Star Learner preschool and childcare centre.

Midview City, completed in 2012, is a 60-year leasehold light industrial building. It is conveniently located within walking distance of Bright Hill MRT Station on the Thomson-East Coast Line. It is also easily accessible from the Bishan and Upper Thomson residential areas, with two entrances via Sin Ming Lane and Bright Hill Drive.

According to Raphael Lee, director of industrial services at Colliers, this property presents “a rare opportunity” for investors given that it will be sold with the existing preschool operator in place. Plus, as a Business 1 light-industrial property, it is not subject to Additional Buyer’s Stamp Duty (ABSD) and can be purchased by foreigners.

Interested parties can participate in the EOI exercise until April 29 at 3pm through Colliers International.…

.

Rewrite:

Investing in a condo offers many advantages, including the potential for leveraging the property’s value for even more investments. Numerous investors utilize their condos as collateral to secure additional financing for new ventures, thus increasing their real estate portfolio. This approach can boost returns, but it also carries certain risks. Therefore, it’s essential to have a solid financial plan in place and carefully assess any potential impact of market fluctuations. Additionally, with the availability of New Condo Launches, investors can expand their portfolio even further with carefully selected investments.

Investors are showing increased interest in real estate markets in Asia Pacific that are highly liquid, according to Hamish MacDonald, Head and Chief Investment Officer of APAC Real Estate at BlackRock. This year, the property sectors poised to benefit from the region’s economic conditions are accommodations, logistics, and alternative assets. “Australia, Japan, Singapore, and Auckland in New Zealand are the markets in this region with high liquidity this year. This is also the order of priority for BlackRock this year,” says MacDonald. He expects investor sentiment to be more positive this year compared to 2023 and 2022, with institutional investors initiating more discussions about investing and recycling capital in selected real estate markets in Asia Pacific. In Singapore, BlackRock has been focusing on acquiring serviced apartment properties, such as partnering with YTL Corp to purchase Citadines Raffles Place for around $290 million in October last year. This came after the firm joined forces with Hong Kong-based accommodation operator Weave Living to buy Citadines Mount Sophia for $148 million in February 2024. Weave Suites – Hillside, the first Weave Living-operated property, reopened this week as a 175-room hotel. “Our recent acquisitions in Singapore reflect our belief that there is a shortage of new serviced apartments in the city-state, but demand for such accommodation is high,” says MacDonald. He adds that the focus is not on building a portfolio, but instead on targeting specific deals. “We prefer existing properties that we can refurbish and reposition with the help of a partner, as well as add value by introducing new amenities,” he says. According to MacDonald, Singapore continues to attract substantial inflows of capital and highly skilled labour, thanks to the country’s strong business growth. “We are very positive about the opportunities in Singapore.” Regarding Japan, MacDonald says that it will remain a preferred destination for many real estate investors this year. “We are optimistic about the Japanese economy, based on our analysis of domestic pricing power, wage growth, and corporate reform, which collectively support real estate growth.” In recent quarters, a combination of factors, such as wage hikes and increased construction costs, has boosted residential rents in Japan. Daigo Hirai, Head of Japan Real Estate at BlackRock APAC, says that rents in major Japanese cities, such as Tokyo and Osaka, are expected to rise by 7% to 8% this year. Furthermore, tenants are increasingly opting for larger apartments rather than compact studios, according to Hirai. BlackRock intends to collaborate with a seasoned accommodation operator to manage a mixed residential investment strategy that caters to both inbound tourist accommodation needs and domestic rental demands. This will allow BlackRock to expand its investment presence in popular tourist cities such as Kyoto and Fukuoka. “Types of assets that fit this strategy are those located near train stations in residential-commercial districts such as Osaka’s Namba area, as well as smaller developments with up to 50 units,” says Hirai. He adds that the company will be looking at properties in the range of JPY1 billion ($8.93 million) to JPY3 billion to facilitate its exit strategy. “The key to our business in Japan is to deploy specialised teams that can identify potential assets at a significant discount,” says MacDonald, who adds the firm’s focus in Japan is on residential assets. Elsewhere, long-term population growth projections continue to support positive long-term growth in most sectors of the Australian real estate market, according to Ben Hickey, Head of Australia Real Estate at BlackRock. “Most property sectors in Australia are usually characterised by low vacancy rates and undersupply.” Any investment strategy in Australia should take into account whether rent growth can exceed inflation, the ongoing long-term supply-demand imbalance, and a favourable exit strategy, according to Hickey. As a result, the firm is emphasising niche asset types in Australia, such as childcare properties, last-mile logistics assets, life science real estate, and self-storage properties. According to Hickey, these four asset classes are benefiting from long-term population growth in Australia and are “extremely undersupplied” in comparison to the wider regional markets. “This allows us to generate above-average returns with minimal risk; we cannot rely on a favourable interest rate outlook to generate real estate returns.”…

Selecting a favorable location is crucial when it comes to real estate investment and this holds especially true in Singapore. The location of a condominium has a significant impact on its value, making it an important factor to consider. It is common knowledge that properties situated in central areas or near essential amenities like schools, shopping malls, and public transportation hubs have exhibited a consistent increase in value. In Singapore, locations like Orchard Road, Marina Bay, and the Central Business District (CBD) have always been a top choice for investors due to their prime positioning. Furthermore, condos near renowned schools and educational institutions have become highly sought-after by families, making them even more attractive as investments. The constant emergence of new condo launches in these coveted areas only adds to the investment potential of these properties. Therefore, if you are looking to invest in real estate, it would be wise to keep an eye out for new condo launches in these prime locations for a lucrative opportunity. For more information on upcoming condo launches, please visit New Condo Launches.

If you have visited a show flat in recent years, you may have noticed that the unit sizes seem to be smaller. This is understandable, as our perception of size is often influenced by what we are accustomed to.

In the past, the average size of homes in Singapore, whether HDBs or condos, was larger in the 1990s and 2000s. For instance, the average size of a new condo was 1,272 sq ft in 1995, 1,286 sq ft in 2005, and 858 sq ft in 2015. However, as demographics have changed, with the average household size decreasing from four in 1995 to 3.1 in 2024, the average unit size has also decreased.

In fact, over the last 29 years, the average size of condos per capita has shrunk by 5.7%, which is commendable given the limited land space in Singapore. This reduction in size would not have been possible without the intervention of the government. In 2008, a number of condo projects in the Rest of Central Region (RCR) started offering smaller units, with the smallest being 24 sq m (258 sq ft). This significantly reduced the barriers to entry into property investment, with units selling for as low as $375,000.

The popularity of these “Mickey Mouse” units led to an increase in their supply in subsequent years. However, there were concerns about the impact of these smaller units on the overall living environment in Singapore. As a result, the Urban Redevelopment Authority (URA) issued guidelines in 2011, regulating the maximum number of dwelling units (DUs) in a development. The URA required developers to use an average size of 70 sq m to determine the maximum number of DUs in projects outside the Central Area. In some areas with more restricted land space, such as Telok Kurau, Kovan, Joo Chiat, and Jalan Eunos, the average unit size had to be at least 100 sq m. This regulation came into effect in January 2012.

However, despite these efforts, the average DU size continued to decline over the next few years, putting pressure on infrastructure in areas with limited road capacity. In response, the URA tightened their guidelines in January 2019, resulting in an increase in the average DU size by 21.4% from 2015 to 85 sq m. This helped to arrest the decline in average DU size outside the Central Area, which reached a low of 804 sq ft in 2018. By 2024, the average DU size had further increased to 935 sq ft.

However, the Central Area saw an increase in the construction of smaller units, which went against the URA’s goal of making it an attractive area for living, working, and playing. To address this issue, the URA extended their guidelines to the Central Area in January 2023, requiring all projects to have at least 20% of their DUs with a net internal area of at least 70 sq m.

Another guideline change in June 2023 was the harmonization of the strata area and gross floor area (GFA) definition. This meant that certain areas, such as air-conditioning ledges, would now be counted as part of the strata area if they were exclusive to a unit. As a result, some developers chose to omit these ledges in their unit designs, leading to a decrease in the average DU size by 6%.

Across different market segments, the Rest of Central Region (RCR) saw the most significant increase of 19.5% in average size to 944 sq ft. This was likely due to the more stringent control of 100 sq m on the average DU size, which affected the RCR more than other areas. In the Outside Central Region (OCR), the average DU size also improved by 5.8% to 898 sq ft, while in the Core Central Region (CCR), it declined by 11.7% to 1,092 sq ft.

It may take some time before the impact of the guidelines on average DU size in the Central Area is fully felt. However, it is unlikely that the average DU size will go back to its 2015 level. This is because, in recent years, local buyers have made up about 75% of the buyers in the Core Central Region, and they tend to prefer more compact units. To avoid paying Additional Buyer’s Stamp Duty on unsold units, developers have had to reconfigure their designs and layouts, resulting in smaller units.

Despite these changes, it is worth noting that the average DU size in 2024, at 929 sq ft, was still 8.3% larger than in 2015. This is due to the provision of better fittings and features, such as smart home technology and high-end appliances, which are now considered basic in new condo developments. With these improvements, buyers are getting better value for their purchases compared to 10 years ago.

In conclusion, although the average size of units in Singapore has decreased in recent years, it is commendable that the government has taken measures to regulate the size of units and maintain a good living environment. With the latest harmonization of GFA definitions, it is likely that the average DU size may continue to decrease in the future. However, buyers can still expect to get better value for their purchases with the provision of high-end features and appliances in new developments.…

The demand for Condo investments in Singapore has witnessed a remarkable increase, with a growing number of local and international investors showing keen interest. And it’s no wonder why, as Singapore boasts a strong economy, stable political environment, and exceptional living standards. With a diverse real estate market, Condo properties have emerged as a top choice for investors, offering convenience, amenities, and potential for high returns. In this article, we will discuss the perks of Condo investments, crucial factors to consider, and the essential steps that prospective investors need to take to tap into this flourishing sector in Singapore. As the demand for Condo properties continues to soar, this article serves as a valuable guide for those interested in this investment opportunity.

The Ministry of National Development (MND) has recently announced improvements to the Silver Housing Bonus (SHB) and Fresh Start Housing Scheme (Fresh Start) in this year’s Committee of Supply debate. These changes aim to support senior citizens in downsizing and improve access to public housing for lower-income households in HDB rental flats.

Eligibility for the SHB currently requires applicants to be at least 55 years old, have a monthly income below $14,000, own a property with an Annual Value (AV) not exceeding $21,000, and purchase a replacement HDB flat of three rooms or smaller (excluding three-room terrace).

Under the existing SHB scheme, applicants can receive a cash bonus of up to $30,000 by topping up their CPF Retirement Account (RA) with up to $60,000. This amount is prorated at $1 for every $2 top-up made into their RA.

Effective from December 1, 2019, seniors can qualify for the SHB cash bonus if their downsizing results in an overall increase in their CPF RA balance from any source, including CPF housing refunds. This means that those with outstanding loans on their residences using their CPF accounts may no longer need to make a cash top-up to be eligible for the SHB.

Additionally, the SHB has been expanded to include seniors who own higher-valued properties. Applicants who own properties with an AV of more than $21,000 but less than or equal to $13,000 can now qualify for the scheme. This change is estimated to benefit around 15,000 more seniors. The cash bonus received will be prorated at a rate of $1 for every $6 increase in their RA balance, up to $60,000. Successful SHB applicants who right-size to a two-room or smaller HDB flat (including Community Care Apartments) will also receive a non-prorated cash bonus of $10,000.

Seniors can apply for the SHB within a year of their second property transaction. Therefore, seniors who have completed their downsizing after December 1, 2024, can apply for the SHB under the updated scheme on December 1, 2025.

The Fresh Start Housing Scheme, which was launched in 2016, provides financial assistance and social support to Second Timers (ST) families who have previously bought a subsidised HDB flat, with the goal of helping them achieve homeownership.

Under the current scheme, applicants can purchase two-room flexi or three-room standard BTO flats with shorter leases, typically ranging from 45 to 65 years. These leases must last until the youngest owner turns 95, and the flats are subject to an extended Minimum Occupation Period of 20 years, compared to the usual five years.

The enhancements to the scheme include an increase in financial support. Eligible families will now receive $75,000 from the Fresh Start Housing Grant, up from the previous amount of $50,000. The new grant includes an initial disbursement of $60,000 credited to the applicant’s CPF Ordinary Account (OA) before the key collection date, with the remaining $15,000 disbursed over the next five years to support mortgage payments.

Furthermore, the eligibility criteria for the scheme have been expanded to include First-Timer (FT) families. While FT families are not eligible for the Fresh Start Housing Grant as they are eligible for the larger Enhanced CPF Housing Grant (EHG) of up to $120,000, they will still benefit from the reduced cost of shorter-lease BTO units and the social support offered by the programme.

FT families can apply for the Fresh Start scheme starting from April 2025, while the updated Fresh Start Grant amount will be implemented from the July 2025 BTO exercise.…

The Ministry of National Development (MND) has recently announced revisions to the Additional Buyer’s Stamp Duty (ABSD) regime for licensed housing developers. These changes will take effect on March 6th.

One of the main revisions is an extension of the ABSD remission timeline for developers undertaking complex projects. Previously, this timeline was six months, but it has now been extended to 12 months. This move aims to encourage developers to take on urban transformation developments, optimise land use through intensification or integration, rejuvenate older estates, or adopt new construction technologies.

The extended timeline will apply to projects such as en bloc redevelopments that will yield at least 700 units upon completion, and have at least 1.5 times the number of homes of the existing development. Other projects include those with complex technical or instructional requirements, such as projects integrated with major public transport facilities.

Additionally, projects approved under the Strategic Development Incentive (SDI) scheme and those aiming to achieve higher productivity targets through the adoption of new construction technologies, methodologies, or practices will also be eligible for the extended timeline.

Depending on the category, these projects will receive either a six-month or one-year extension. These changes will apply to all residential land acquired on or after March 6th.

Currently, licensed housing developers purchasing residential redevelopment sites are subjected to a 5% ABSD upfront, which is non-remittable, and another 35% ABSD, which is remittable when the developer completes and sells all the units in the project within a five-year timeframe.

The latest revisions come after changes were announced in February last year, which offered a lower clawback rate for residential developments with at least 90% of units sold.

PropNex Realty CEO, Ismail Gafoor, believes that such extensions will give developers more flexibility and may help mitigate development risks. This is especially true for mega projects, as they will have more time to sell units.

Huttons Asia’s Senior Director of Data Analytics, Lee Sze Teck, says that the ABSD revisions will provide a much-needed boost to the en bloc market, especially for larger en bloc projects.

When purchasing a condominium, it is crucial to take into account the maintenance and management of the property. Condos usually require maintenance fees that encompass the maintenance of communal spaces and amenities. Although these fees may increase the overall expense of ownership, they play a vital role in preserving the property’s value and condition. To assist in handling the routine management of their condos, investors can enlist the services of a property management company, making it a less involved investment. Consider checking out Singapore Projects for more information.

However, OrangeTee Group’s Chief Researcher and Strategist, Christine Sun, believes that developers may still face challenges despite the deadline extension. This is due to other factors, such as the willingness of buyers and sellers to negotiate prices.

ERA’s Managing Director of Capital Markets and Investment Sales, Tay Liam Hiap, believes that this could be an opportune time for older projects, like Braddell View and Pine Grove, to explore en bloc opportunities. These projects may yield about 2,000 new homes, which could take longer to sell. Thus, the six to 12-month extension may not be sufficient for developers to sell out their projects.

Overall, while the policy change may not spark a revival in the en bloc market, PropNex’s Ismail Gafoor expects developers to continue to be cautious due to the high cost of redevelopment, ample oncoming private housing supply, and potential policy risks.…

The Land Transport Authority (LTA) is currently conducting feasibility studies for two proposed MRT lines. These new lines, which are expected to be completed in the 2040s, may potentially serve over 400,000 households.

One of the proposed lines, the Seletar Line, is planned to run through Woodlands, Sembawang, Sengkang West, Serangoon North, Whampoa, Kallang, and the Greater Southern Waterfront. Meanwhile, the second line, temporarily named the Tengah Line, aims to supplement the transport network in the west and northwest regions by serving areas such as Tengah, Bukit Batok, Queensway, and Bukit Merah.

Transport Minister Chee Hong Tat mentioned in a speech to parliament on March 5 that the Seletar Line and Tengah Line could potentially be connected, depending on the results of LTA’s feasibility studies. He also announced that LTA will proceed with the West Coast Extension (WCE), which extends the Jurong Region Line (JRL) to connect with the Circle Line (CCL) and Cross Island Line (CRL).

The WCE will be implemented in two phases, with the first phase connecting Pandan Reservoir Station to the CRL by the late 2030s. The second phase aims to connect the West Coast Station to the CCL’s Kent Ridge Station by the early 2040s. This extension will provide residents travelling from the West with time savings of up to 20 minutes when going to the city centre.

When it comes to real estate investments, one factor that cannot be overlooked is location. This rings especially true in Singapore, where the value of condos is greatly influenced by their location. In fact, condos situated in central areas or close to important amenities such as schools, shopping malls, and public transportation hubs have a tendency to appreciate in value. Some prime locations in Singapore, including Orchard Road, Marina Bay, and the Central Business District (CBD), have consistently shown growth in property values over time. This is partly due to their convenient proximity to essential facilities and services. Additionally, condos in these areas are highly sought after by families due to their close proximity to good schools and educational institutions, making them even more attractive as investments. Therefore, when considering investing in real estate in Singapore, one should carefully consider the location and its potential for growth and returns. Condos found in highly desirable areas will likely offer a promising investment opportunity.

In addition to these plans for new MRT lines, Chee also announced the government’s intentions to invest up to $1 billion over the next five years to maintain high-reliability standards for both newer and older train systems. This investment will go towards condition monitoring systems, new technologies to improve rail maintenance, and workforce training programmes for rail workers.

LTA believes that these efforts to expand the rail network, enhance asset management, and train the workforce will ensure convenient, reliable, and resilient public transport for commuters in the future.…

When purchasing a condominium, it is crucial to take into account the maintenance and management of the property. Condos usually have maintenance charges that cover the maintenance of shared spaces and amenities. Though these fees may increase the total ownership cost, they also guarantee that the property remains in excellent condition and maintains its value. Hiring a property management firm can assist investors in dealing with the daily tasks of managing their condos, making it a less hands-on investment. For updates on the latest condo developments, check out our website.

ERA Realty Network, the appointed marketing agent for Elias Green, has announced that the 99-year leasehold condo in Pasir Ris will be launched for collective sale on March 6. The property, which has a guide price of $928 million, is set to be one of the biggest en bloc sales in the area.

Built in 1994, Elias Green occupies a land area of approximately 516,871 sq ft and is zoned for residential use with a gross plot ratio of 1.4. The development comprises several blocks and has a total of 419 apartments with sizes ranging from 1,367 to 1,636 sq ft. With a remaining lease of 65 years, which started in 1991, the property holds great potential for redevelopment.

According to ERA, the guide price of $928 million translates to a land rate of $1,355 psf per plot ratio (ppr). This price includes an estimated land betterment charge of $150.8 million for intensification and a top-up to a fresh 99-year lease. It also takes into account a 10% bonus gross floor area, making it an attractive investment opportunity for developers.

ERA also revealed that the owners of Elias Green are in the process of submitting an Outline Application to the Urban Redevelopment Authority (URA) for a residential development with a gross plot ratio of 1.8. If approved, the potential land rate for the development would be approximately $1,245 psf ppr.

If the collective sale is successful, owners can expect to receive gross sale proceeds between $2.04 million and $2.31 million per unit, depending on unit size. Tay Liam Hiap, managing director of capital markets and investment sales at ERA Singapore, notes that Pasir Ris Town is undergoing significant improvements as part of the Housing and Development Board’s “Remaking Our Heartland” initiative, which will enhance its vibrancy and connectivity.

With the anticipated completion of the Pasir Ris Bus Interchange by 2025 and the future Pasir Ris Integrated Transportation Hub, which will include the Cross Island Line (CRL) scheduled to be operational by 2030, connectivity in the area will be further improved. This makes Elias Green a highly sought-after location for developers.

This will be the second attempt by owners of Elias Green to launch a collective sale, with the first attempt being in 2018 when the property was put on the market for $780 million. The current guide price of $928 million represents a 19% increase from the previous attempt.

The public tender for Elias Green will close on April 22 at 2pm. Interested parties can check out the latest listings for Elias Green properties and other similar offerings, such as condo projects with the most expensive average PSF in District 18, past successful condo rental transactions in the area, most unprofitable landed transactions in the past year, as well as upcoming new launch projects and past condo rental transactions.…