The commercial property at 100 Jalan Sultan has been reopened for collective sale

, , ,

The Reserve Residences ebrochure

Sultan Plaza will end the public tender on the 26th of October at 3 pm, according to the agent for marketing Teakhwa Real Estate. The commercial site located at 100 Jalan Sultan, off Beach Road, was relaunched to be sold collectively for the third time on Sept . 9 with a reserve price of $325 million, which is less than the reserve of $360 million in the previous bid.

The Reserve Residences ebrochure of the upcoming development The Reserve Residences is a mixed-use, residential and commercial development, and an integrated transport hub.

In a press announcement, Teakhwa Real Estate stated that the date of closing for the tender would be decided “only when there is confirmation of interest from potential buyers” or when the owners with an the 80% mandating has been received to sell at a less reserve value.

At the time of the launch the owners who held around eighty% of the strata as well as 72% by value of shares had signed the supplemental agreement that would lower the reserve of $360 million down to $325 millions.

The marketing agency now claims that it’s “close to” reaching the goal. “We only require one or two units more to get to the mark of 80% that will be achieved within the next few days,” the firm adds in a statement on Sept. 28.

/by

Mercatus portfolio seen as ‘strongest contender’ by CICT

, , ,

DBS Group Research analysts Rachel Tan and Derek Tan have kept “buy” on CapitaLand Integrated Commercial Trust (CICT) since they see the REIT benefiting from the reopening of borders between the United States and internationally.

The Reserve Residences condo floor plan is a mixed-use, residential and commercial development, and an integrated transport hub. The site is expected to yield up to 845 residential units with about 20,000 sqm set aside for commercial use.

It is viewed as a major proxy for the reopening of play.

“We think CICT could provide an average of 6-% 2-year dividend for each unit (DPU) compound annual growth rate (CAGR) which is one of the fastest growth rates of its competitors,” the analysts write.

Due to the growing momentum of Singapore’s office market, CICT is in a good position to benefit from the Singapore offices market analysts believe that CICT is in a good position to benefit from the rise of office space due to its position as one of the biggest Singapore REIT (S-REIT) that also has central commercial assets in Singapore.

Additionally, CICT is one of the few S-REITs with the possibility of acquiring newly complete top Singapore office assets, such as half of the 50% share in CapitaSpring and potential additional commercial Singapore assets that are in the pipeline of sponsors.

In the Mercatus portfolio, analysts are of the opinion that CICT as the “strongest competitor” in the local retail sector.

“[TheMercatus portfolio Mercatus portfolio could be beneficial to CICT by providing a wider runway of assets, as it expands the base of malls in Singapore that can withstand the rigors of suburban life. located in Singapore,” they write.

In their report, analysts have maintained their price target of $2.70 that is an P/NAV of 1.3x at 1 Standard deviation (s.d.) of CICT’s historic range.

“Despite the risk of headwinds in the near future We are among the first companies to be looking forward to its potential growth following the optimisation of its portfolio and efforts to recycle assets,” the analysts write.

“The major risks we see in our opinion are a downturn in the economy, along with a lengthy recovery, and a low-grade of sentiment. Recessions due to new outbreaks of the pandemic could impede the recovery of CICT” they conclude.

Units of CICT were trading one cent lower or 0.47% down at $2.11 on August 15.

/by

Redevelopment and extension of Woodlands Checkpoint, are also eligible for the new housing options

, , ,

The Reserve Residences Jalan Anak Bukit price

On July 2nd, HDB announced additional rehousing alternatives for those who own flats that are part of the Selective En bloc Redevelopment Scheme (SERS). The additional options include 1)) The Lease Buyback Scheme to seniors on the SERS site that allows them to purchase a replacement apartment on a short lease later; and 2.) provide larger or three-room flats with a lease of 50 years instead of 99 years and on designated replacement sites that will be able to cover residents until they reach the age of 95.

The Reserve Residences Jalan Anak Bukit price psf offer at $1,028,333. This is $10,650.23 per month.

“This may be the very first time HDB offers flats for 50-year leases,” says Nicholas Mak, ERA head of research and consulting department.

The two other alternatives will be available to those who qualify beginning with Blocks 562 through 565 Ang Mo Kio Ave 3 as well as those of Blocks 212-218 of Marsiliing Crescent/Lane (for the expansion and redevelopment for the extension and redevelopment Woodlands Checkpoint), whose flats were announced as available for purchase the 7th of April and May 26 respectively.

Both of these options can help lower the cost of replacement flats, which will make them less expensive, decreasing the worries of some senior citizens about having to increase their funds to buy another flat of comparable size at the new site,” says Wong Siew Ying, PropNex head of content and research.

Older homeowners don’t need to be concerned about mortgage concerns as they may not have to pay funds for their new home as per Christine Sun, OrangeTee & Tie senior vice president of research and analytics. Certain people may face difficulties when applying for a mortgage due to their age and job status (some may retire or work part-time) when they consider the option of swapping their home for a new apartment by renewing their 99-year lease, she says.

“The shorter lease with a shorter term of 50 years may also be a viable option for older singles with plans to pass on their properties as inheritance to anyone else,” Sun says. Sun. “Therefore it could be more financially beneficial to incur a lower or no upfront expense right now.”

Homeowners who are younger and middle-aged, and at least 45 who qualify for a mortgage to fund the purchase of their home, might also think about this option, according to Sun. “Since they purchased the apartments directly from HDB with subsidised, generous rates, they may be able to make an income in the near future as the value of resales will probably be greater than the cost of the purchase,” she says. “These homeowners are able to sell their unit and move to a new property in the future.”

The advantage of flats that are leasehold for a shorter period is that they may provide some financial benefits immediately for the owners, particularly when the flats with a 50-year lease are priced significantly lower than 99-year leasehold units, says the ERA’s Mak.

As there is no precedent for such flats in the event that owners of flats on lease for 50 years decide to sell them to the resale market following their Minimum Occupation period (MOP), “they will be subject to a price-finding process in which some flats could possibly be priced incorrectly in the short run,” adds Mak.

The cost of a 50 year lease flat is not even half the price of flats that have 99 years of lease according to Lee Sze Teck, Huttons senior director of research. “It isn’t an exact line to evaluate the remaining lease period,” he says. The decrease in the value of the flat’s resale will be much more steep as the lease’s remaining duration reaches 35 years, says he. The decrease is even more dramatic when the lease is shorter than thirty years remaining to run.

The flats will decrease in value faster than neighbouring flats with longer leases and longer leases, says Lee. Buyers of 50-year lease flats may find themselves in a position to be in the near future, particularly in the event that they choose to do an option to buy back their lease later: “There may not be enough time for them to return the property to HDB,” says Huttons’ Lee.

If the owner decides to sell the new flat after the five-year minimum occupancy duration (MOP) is completed, “the replacement flat – with an outstanding rent balance of around 45 years as at this date, but is only 5 years old may be attractive than some of the older resales of flats in the vicinity,” says PropNex’s Wong. “Its freshness could appeal to buyers who might prefer the lease being shorter.”

Capital appreciation can decrease dramatically in the event that the owner of the lease-to-own flat for 50 years decides to let it go after having lived in it for longer than 20 years, warns Wong. With a shorter lease term and a smaller pool of possible buyers could shrink, and it could be harder for the prospective buyer to secure financing for the property, she adds.

The number of buyers on the open market is restricted, particularly if the use of CPF (Central Provident Fund) money is severely restricted because of the lease being short Lee says Huttons’ Lee. This can affect the resale value of the property as well, he says. “If residents are planning to leave the property for their kids, they must select those with 99 years leases.”

PropNex’s Wong so expects the majority residents of SERS residents to opt for the 99-year lease option. “It offers a greater chance of capital appreciation because of the lease’s length when it comes to reselling in the near future, as compared to flats that have short leases,” she says.

Flats with a 50 year lease are a threat to 99-year lease flats that are in the same neighborhood, according to Huttons’ Lee. “The price for resales of the 50-year lease flats is lower , and could be used by buyers to gauge the worth of the 99-year lease flats” Lee adds.

However buyers who purchase their apartments on a 50 year lease for a lower price will likely enjoy an incredibly higher yield on rent, “possibly exceeding 10%” in comparison with their lease-hold 99 years neighbors according to ERA’s Mak. “Such apartments with leases that are shorter may draw potential investors” Mak adds. “If there is a rising number of these flats are rented out to international tenants, this can impact the demographics and social cohesion of the area.”

As the stock of flats age and lease decline begins the problem faced by residents of Ang Mo Kio residents will be more prevalent, says Huttons’ Lee. “The new policy on SERS could be seen as a first test to test the acceptance of the policy prior to being implemented for VERS [Voluntary Early Development Scheme”” Lee adds. “VERS residents could encounter similar situations, so it is crucial to ensure that the policy for VERS correct for it to get going with flying colors.”
If the two additional alternatives announced by HDB are received well, they could be a good model to use to be used in future exercises, and even for VERS, says the ERA’s Mak.

/by

3-bedroom unit at The Esparis with mortgagee sale for $1 mil

, , ,

The Reserve Residences developer

A three-bedroom apartment located at The Esparis condo situated on Pasir Ris Drive was auctioned off at an auction held by Huttons Group on June 16. A mortgagee sale that was held on the property was sold for $1 million, or 2% over its initial price, according to James Wong, head of auctions and sale at Huttons.

The Reserve Residences developer of two reputable developers, the upcoming The Reserve Residences will feature modern facilities that make living easy for the residents.

The Esparis is an 99-year leasehold property from City Developments that was completed in the year 2006. There are 274 units in the condominium. It is located within a short drive of the amenities such as Pasir Ris East Community Club, White Sands and Downtown East malls and Pasir Ris Park.

The space sold is 1,184 square feet and is located on the middle floor. Five bidders took part in the auction to purchase the property. The auction that was successful for the unit at The Esparis is not too many months after an auction team and sales department from Huttons was put together. Since its inception at the beginning of March the initial group comprised of four members with the leadership of Wong has grown to six. “We are proud to be an auction house with a small-scale, boutique feel that draws on the strength of Huttons associates of 4,380 to promote their properties,” Wong says.

Looking in the future, Wong views that mortgagee sales will likely increase during the remainder of the year when relief measures for borrowers come to an end and interest rates rise. “Owners are becoming more open to auctions as a method of selling their properties in the past and will be our primary market segment. We anticipate a growing auction market for 2022 and beyond,”” He says.

/by

Macly Group developer bought Freehold East Court apartment for $19.9 mil

, , ,

The Reserve Residences Jalan Anak Bukit review

East Court, an apartment with freehold situated on Koon Seng Road in District 15’s Joo Chiat area, is being sold through a private agreement with developer Macly Group for $19.875 million. The option to sell the property was exercised on the 20th of June as per William Gan, managing director at WGR Property Consultants, who was the broker for the deal. The price of the sale is an average land price of $1,063 for each plot.

The Reserve Residences Jalan Anak Bukit review of land area of 3.22 ha, the parcel situated at the junction of Jalan Jurong Kechil and Upper Bukit Timah Road enjoys a strategic location close to Beauty World MRT Station.

East Court is an affordable walk-up which was built in 1986. It is situated on a site that covers 13,351 square feet with an average plot ratio of 1.4. The eight units that are available in the development are located in one block of four stories, which ranges in size from 1500 sq ft to 1,700 sq feet.

Macly is believed to be planning to transform Macly is reportedly planning to transform the site to create a 5-storey building that will include 19 homes. This freehold site is situated close to shopping centers and restaurants in the vicinity of Joo Chiat Road. It is also a quick drive away from various malls, including Parkway Parade, i12 Katong, Katong Shopping Centre and Katong V. Other nearby facilities comprise East Coast Park, Dunman Food Centre 85 Marine Parade Central Market.

/by

The Good Class Bungalow at Queen Astrid Park was rented out for $200,000 a month

, , ,

Read related article: A mixed-use development venture partners MCC Land and HY Realty at the sales gallery of One Bernam

A mixed-use development venture partners MCC Land and HY Realty at the sales gallery of One Bernam

A look at the Singapore housing market has proven to be a paradise for the extremely wealthy with rents and prices reaching new heights. Recently, a Good Class Bungalow (GCB) located in Queen Astrid Park is being leased to one of the Chinese national for the rate of $200,000 per month or $2.4 million per year.

The access is by Sixth Avenue and Coronation Road West It is accessible via Coronation Road West and Sixth Avenue. The GCB located at Queen Astrid Park sits on an elevated freehold site that covers 25,439 square feet and is completely hidden from view from the street. The GCB is a new construction.

“It’s it’s the Chinese who rent GCBs at this level,” says Jacqueline Wong the executive director of Savills Private Office. “Some wait for Singapore permanent residency or citizenship prior to purchasing their own house.”

The word on the street is that the proprietor of the newly completed GCB created by Guz Wilkinson who is the principal and director Guz Wilkinson, principal and founder of Guz Architects, received an unannounced rental price of $380,000 per monthly for the property. The owner however turned down the offer because the plan was to relocate into the recently completed home, which has been named “Water Courtyard House”. The offer was uninvited by an Chinese resident.

“It’s the huge and luxurious houses that attract these prices,” notes Savills’ Wong. “Due to the absence of new inventory as of late, these GCBs might not be new, but they must be of an elegant design with clean lines , and was created by an internationally acclaimed architect.”

‘Private clubhouse’

In the land-scarce Singapore having a huge GCB is the most prestigious status symbol. “It’s something that Chinese especially the rich residents of Fujian province, are looking to have,” says a real estate agent who specializes in the market for luxury homes and who asked to remain anonymous.

Not only are Chinese ready to shell out these expensive rents, they’re also willing to shell out millions to renovate these magnificent homes, according to the broker. Beyond being a place to live, GCBs are considered to be “private clubhouses” for entertaining their guests.

It is essential to have a KTV room that has a top-of-the-line sound system. The budget for the room is one million dollars. Another necessity is a putting course. “We don’t have a putting green, but a tournament grade green like the one Tiger Woods himself would use,” says the broker. “That is minimum $300,000, which includes every piece of equipment. And the championship-golf-course grass requires a gardener to tend to it at least twice a week.”

The highest rent for housing recorded by URA Realis this year is $150,000 per month for the GCB located at Dalvey Estate, sitting on an area of 22600 to 22,500 sq ft. It was sold in April of this year (see the table). Another one is one GCB located at Jalan Asuhan, which is off University Road, which was let for $120,000 in March. The GCB is situated on the site that covers between 26,100 and 26,200 square feet. because of its size agents believe it’s one of two GCBs on the top at the top of Jalan Asuhan that were designed by Aamer Architects and was completed in the year 2017.

Monthly luxury condo rents for luxury homes reaching $100,000

It’s not only GCBs as well as luxury condos, which have seen rents increase to astronomical levels. In Draycott Park is Eden which is a single, 22-storey residential tower that was designed by Thomas Heatherwick and developed by Hong Kong developer Swire Properties. The 20 units of Eden that have freeholds, were bought in a single transaction through the Tsai family of the snack food giant Want Want China for $293 million in April last year. The construction was completed in the year 2019.

The apartments located at Eden are believed to have an the same layout, including four bedrooms with en suite bathrooms and a built-up areas of 3,035 square feet. Based on URA rental figures five units that are connected at Eden with a floor space of between 15,100 and 15,200 square feet were let for $80,000 per month during month of February. It was the top of the list for rent for condos in 2022.

The second highest rent per month of $60,000 was achievable in The Marq on Paterson Hill. It was 6,200 to 6,300 square 4 ft apartment that had four bedrooms and a lap pool located at The Signature Tower. The freehold, 66-unit The Marq located on Paterson Hill was developed by SC Global Developments and completed in the year 2011.

The towers include two inside The Marq’s development: one is the Signature Tower, where typical units are between 6,200 and 6,300 sq ft and have an outdoor lap pool on the balcony. The other is The Premier Tower, where typical units range from 3,200 to 3,300 sq ft with four-bedders. The monthly rental for a 6,300 square foot unit in The Signature Tower of The Marq located on Paterson Hill is $100,000 today.

What can $45,000-$48,000 buy you?

In the 510-unit V in Shenton at Marina Bay, there are six penthouses. The largest among them is the 7,255 square feet penthouse with five bedrooms at the 52nd level. The penthouse has the monthly rent of $48,000.

The development was jointly developed with Singapore Land Group, the 99-year leasehold development is situated at Shenton Way. The project was completed in the year 2017.

In Sentosa Cove, a four-bedroom apartment of 4,800 square feet located on the top floor of the luxurious condo Seven Palms was let out for $45,000 per month. This is the highest rental rate for a condo in Sentosa Cove to date. It was believed that the deal would be mediated by senior associate vice-president Steve Tay’s staff at List Sotheby’s International Realty. The 41-unit 99-year leasehold condo, which was developed through SC Global Developments, was completed in the year 2010. Every unit has a stunning sea view, and the complex comes with its own beach club.

Human resource departments of the corporate HR teams of MNCs are required to alter their budgets for rental to meet the current situation of increasing rents. “Many MNCs have moved the regional offices of their companies from Hong Kong to Singapore, because there aren’t any travel restrictions in Singapore,” says Savills’ Wong. This has fueled the demand for homes at the top of the market for housing. It appears that rents will keep on to grow.

/by

Freehold mixed-use property in Newton for sale at $20 mil

, , ,

Read more: Parkroyal Collection the first Parkroyal Collection hotel opened in Kuala Lumpur

Parkroyal Collection the first Parkroyal Collection hotel opened in Kuala Lumpur

A five-storey freehold property situated in 200 Bukit Timah Road in District 9’s Newton precinct is available for sale via the expression of interest (EOI) procedure. The suggested value for this property is estimated at twenty million which amounts to $2,295 per square foot on Gross Floor Area (GFA) as per the agent for marketing CBRE.

The property is one of the few residential and commercial property that covers the land of 2,083 square feet, and an overall GFA of 8,715 sq feet. It has elevator access on all five levels. It also has a car park for private use with five parking spaces.

The whole property is currently being leased to a veterinary center that has staff quarters. This means it will provide a buyer with a quick rental income. The 200 Bukit Timah is a short stroll of The Newton MRT Interchange Station on the North-South and Downtown Lines. It is also located near facilities such as the Novena Square, Square 2 and United Square shopping malls, Newton Food Centre and healthcare complex Health City Novena.

Michael Tay, head of capital markets in Singapore at CBRE is of the opinion that this property will be able to reap potential rental and capital gains in the future that are backed by the ongoing revitalization of Orchard Road and Novena areas. There is a lot of investor interest in the property as well as owners looking for an ideal building for naming and sign rights.

The successful buyer could explore various options to increase the value of the property subject to approvals from the appropriate authorities. This could include making use of the property to serve as F&B establishments, showrooms gymnasium, commercial schools, or co-living for various reasons, in addition to others.
The EOI application to submit 200 Bukit Timah will close on July 27th at 3pm.

/by

The 22-storey office building bought by CapitaLand Investment in Melbourne for over A$320 mil

, , ,

Read also: CanningHill Piers 696-unit is linked by a sky bridge with a 24-storey and 48-storey tower

CanningHill Piers 696-unit is linked by a sky bridge with a 24-storey and 48-storey tower

CapitaLand Investment (CLI) has purchased a freehold office within Melbourne’s CBD in its regional fund that is a core plus, CapitaLand Open End Real Estate Fund (COREF). In a study from the Australian Financial Review, the building was sold at less than $320 millions ($317 millions). CLI bought it from CBRE Investment Management, which bought the building in the year 2017 for $250 million.

COREF’s debut purchase in Australia and fourth acquisition within Asia Pacific, with total investment of around $900 millions ($1.24 billion) since the fund’s inception on August 1st of last year.

The office building, which is 22 stories tall, is situated on 120 Spencer Street, opposite the Southern Cross train station. It is a net lettable space of 344,445 square feet and has a current committed to office occupancy at 97.5%, with a weighted average lease duration that is 6.7 years. The tenant base of the property includes WeWork along with Central Queensland University.

In the last five years over the past five years, the property has seen a total of A$30 million worth of renovations, which included the recent installation of efficient mechanical and engineering equipment that is energy efficient. Since November last year the building has been operating completely on green energy.

Paul Toussaint, CLI’s managing director for Australia Paul Toussaint, CLI’s managing director for Australia, says that the is one of CLI’s main markets with a lot of potential for growth. “CLI has invested around A$1.5 billion across five high-quality assets held in the country by its listed and private funds over the past one year,” He says.

Kevin Chee, CLI’s managing director of private funds states that COREF’s entrance into Australia is in line with its plan of gaining exposure to geographic institutions-grade, income-generating assets across the developed markets of Asia Pacific.

/by

Keppel Bay Tower is undergoing the WiredScore and SmartScore certifications

, , ,

Read more: PLH projects in Bukit Merah and Queenstown of 867-unit development will comprise 3 and 4 room flats

PLH projects in Bukit Merah and Queenstown of 867-unit development will comprise 3 and 4 room flats

WiredScore the company that developed the digital technology and intelligent building ratings systems WiredScore and SmartScore is pleased to announce the following: Keppel REIT, Shaw Towers Realty and PAG are the three first developers and building owners developers of Singapore to accept WiredScore and SmartScore certifications. WiredScore and SmartScore certifications.

The move follows WiredScore’s launch in its Asia office located in Singapore in March, as part of the company’s global expansion. Three landlords currently have a building that is seeking approvals -for example: Keppel REIT’s Keppel Bay Tower 386,000 sq feet office building on Harbourfront as well as Shaw Towers Realty’s Shaw Tower, an 33-story building located situated on Beach Road currently undergoing redevelopment which is controlled by Lendlease in addition to PAG’s 400,000 sq feet StarHub green construction situated in Paya Lebar.

“Being the three first property owners and developers to sign up towards our accreditations for Singapore, Keppel REIT, Shaw Towers Realty and PAG acknowledge the importance of the best in class technological connectivity and experience for users,” declares Thomasin Crowley the global director of APAC of APAC for WiredScore.

/by

US$200 mil JV jointly acquired by Weave Living and PGIM Real Estate

, , ,

Read more: The Singapore Residential Price Index (SRPI) increased by 1.2% m-o-m from the 0.2% growth in April

The Singapore Residential Price Index (SRPI) increased by 1.2% m-o-m from the 0.2% growth in April

Weave Living and global real estate asset manager PGIM Real Estate have announced the creation of a 200 million US ($275 million) joint venture to investigate possibilities in the rental industry in this region.

PGIM will own 90% in the joint venture, while Weave Living will hold the remaining 10% and will be responsible for the development and operation of assets that are part of the joint venture.

The parties have concluded their acquisition process of initial property under the new joint venture -the 435-key property which was previously the Rosedale Hotel, located in Hong Kong’s Kowloon region.

According to a joint press release from Weave Living and PGIM, the property will undergo a major renovation in the coming 12 months. The renovation will involve an overhaul of the 435 units in order to offer flexible, living options for residents. After completion the project will be Weave Living’s biggest property to date.

The 111,000 sq ft property will include communal spaces such as work-from-home amenities as well as wellness areas kitchens, and recreational spaces. It will also feature green features like solar panels that generate electricity that will power across the 19,000 square feet of communal spaces in the property and an 4,000 sq. ft. rooftop terrace.
Outside that of the Kowloon property, Weave Living and PGIM declare that their joint venture plans to continue to look for opportunities in the rental housing sector within the region’s most important gateway cities.

The collaboration that exists between Weave Living and PGIM reflects an understanding of the two companies, with a particular focus on the desire to place ESG (environmental social, economic and governance) at the top of the list as stated by Bennett Theseira, head of Asia-Pacific at PGIM Real Estate. “Weave Living’s pledge to reduce its waste and carbon footprint in order to encourage sustainable living is in line with our fundamental investment strategies,” he adds.

Sachin Doshi the founder and group chief executive officer for Weave Living, says the firm is confident that it can grow the brand further through the alliance with PGIM. “As as we’re aware this is the first occasion that a long-term, global, and core investor has established itself in the rapidly growing and institutionalizing multi-family living industry that is Hong Kong, and we are delighted to announce that Weave Living has secured this opportunity through collaboration with PGIM to build our most recent property,” he remarks.

/by