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

Co-living space at Lyf Farrer Park with an art focused debuts in May

, , ,

Read also: SRI ventures into international project marketing on a two-day private event on May 18 to 19 to showcase a residential tower at White City Living

SRI ventures into international project marketing on a two-day private event on May 18 to 19 to showcase a residential tower at White City Living

Lyf Farrer Park officially launched on May 25, which marks it as the 3rd Lyf (pronounced as “life”) space to be opened in Singapore.

Created by millennials, it is designed to announce the new ways living. Lyf Farrer Park takes in the vibrant culture and arts scene in the Farrer Park/Little Indian district. The park filled the interior with colorful murals created by local artists.

With a focus on creating an experience for the community through interactions with others and social interaction Lyf offers common spaces to provide the opportunity to build relationships and natural interactions. Residents are granted access CONNECT, a large open-plan workspace that covers the entire first floor. Fourth floor you will find an outdoor lawn with swings, a barbecue area that has barbecue pits, a communal kitchen as well as a jungle gym.

Since millennials are the primary market, neon signs and eclectic furniture are created to give off a fun and youthful feeling.

“The population of residents of Lyf generally ranges from 25 to 45years old,” states Genevieve Khua, deputy director at Lyf Singapore she adds that many of them are entrepreneurs with start-ups, and utilize Lyf as a way for networking and meeting new people. “After the outbreak tenants are looking for bigger social spaces since they aren’t looking to be too cramped in.”

There are 244 rooms at Lyf Farrer Park with three distinct room types. One hundred and eighty of rooms are “one of one unique” rooms. This is the norm across every Lyf properties and comprises of one bed and a bathroom. There are also 45 “side to side” rooms that have double beds and furniture similar to. Each room is sixteen square feet in area. Facilities for the pantry are shared in order to maximize use of space in the rooms. They are in a common space across the floors.

Furthermore there are fifteen “two of unique” rooms, which are larger with 313 square feet. They comprise two bedrooms, an open kitchen and dining space, which allows for more flexibility , and is perfect for families.

Bars and restaurants are located on the upper floors and accessible to all visitors. In the Elephant Room bar-cum-cafe uses freshly-sourced ingredients from the local Tekka Market in the neighbourhood. The new locally-owned F&B model, The East Side, will offer freshly prepared pizzas and beer brewed to order.

Events, workshops and walking tours are curated specifically for the residents of Lyf by Lyf team to increase the spirit of community. For instance, during the Lyf Farrer Park’s official opening cocktails and soap-making classes were offered as a preview of what residents can expect to enjoy during their time there.

Since its soft launch in February, the Lyf Farrer Park has surpassed 90% occupancy by June’s end as per Khua. The majority of residents are staying for long periods which comprise 65% of all residents. The long-term resident profile is comprised of executives who relocate to Singapore and couples of a younger age seeking temporary accommodations in the event of construction and BTO delays.

However, as border controls decrease, there has been an increasing trend towards short-term stays and they are expected to rise in the near future, Khua says. Short-term residents are mostly composed of singles and couples. Lyf Farrer Park also sees an increasing number of residents who are from India and who come here for business or leisure reasons. This is probably because of its proximity to Little india.

The typical daily rate is $140-$150 per night for stay of less than seven nights . The rates range from $100-$95 per night for extended stays lasting more than a full month.

Presently the occupancy rates for all Singapore’s Lyf properties are on average 85%. Lyf Funan sees a higher proportion of short-term stay stays because it is the sole property in Singapore that holds a hotel licence with the name. Lyf one-north enjoys a large share of entrepreneurs, entrepreneurs, and e-commerce students because of its position in the micro-market for technology and the private schools that are close by.

Lyf is a brand of co-living operated through The Ascott, CapitaLand’s serviced residential subsidiary. The Ascott also manages Citadinesand Ascott Residences and Somerset Serviced Residences. Somerset Serviced Residences, catering an array of residents from independent travelers to C-suites and millennials. Ascott hopes to have at least 150 Lyf living properties to be operational worldwide by 2030, despite the high demand for.

Lyf Funan began as the very first next-generation co-living brands to launch in 2019. It was followed by Lyf one-north that began operations in the last quarter of last year. The two brands are controlled by Ascott Residence Trust.

/by

Dunman Road GLS site with highest bid of $1.284 bil by SingHaiyi

, , ,

Read more: Triplex penthouse with a 270-degree view of Marina Bay for $111.11 mil

Triplex penthouse with a 270-degree view of Marina Bay for $111.11 mil

The Pine Grove (Parcel A) auction attracted 5 bids that of the land sold by government (GLS) site for Dunman Road had only two bids. The highest offer of $1.284 billion or $1,350 per plot for a plot (psf ppr) was made by SingHaiyi Group while the second place was won by the consortium of City Developments Ltd (CDL), Hong Leong Group and TID with the highest bid that was $1.067 billion ($1,122 per plot ratio psf).

“Today’s tender’s closing illustrates that developers remain cautious when it comes to purchasing residential sites particularly larger ones such as the lackluster participation in tenders,” says Ong Teck Hui, JLL senior director of research and consulting. “This happens despite small inventory that is not sold and the recent successes of Piccadilly Grand and Liv@MB.”

The highest bid of $1,350 per sq ft per ppr has been 20.3% higher than the lower bid of $1,122 per psf, which suggests the restrained effort to be competitive by the less bidder. “This tender indicates that billion-dollar sites aren’t popular in the present market because they’re risky due to the capital expenditure and the risk of selling over 1,000 units before the five years required to qualify for ABSD [additional buyer’s Stamp Dutyremission]” Lee says. Lee.

The difference in percentage between these two bids is the largest for an residential GLS tender in the past, since the tender was closed for GLS site located at Jalan Jurong Kechil, which ended in September of 2018, according to Nicholas Mak, ERA Realty Network director of research and consulting. The Jalan Jurong-Kechil GLS tender, there was a gap between the highest bid and second-highest offer of 31.3%, he adds.

It is possible that the Dunman Road site could be transformed into a new residential development with around 1,040 units.

The price of $1,350 per the ppr offered by SingHaiyi is approximately 4% over the $1,302 psf per-percentage paid to CDL to acquire the GLS site located at Jalan Tembusu, also in District 15 in January of this year. This Jalan Tembusu site, which could yield around 64 units, had attracted eight bids as of the closing of the auction.

Two significant developments are that are in the pipeline to opening in District 15 including that of the Jalan Tembusu GLS site as well as the freehold Thiam Siew Avenue site purchased in a single transaction through a joint venture of Hoi Hup Realty and Sunway Developments in November. The site could be converted into a brand new 820-unit condominium development.

As per Tricia Song, CBRE head of research for Southeast Asia, the low quantity of bids on this site despite its appealing locational characteristics reflect “its massive size and competitiveness” from the new developments in Jalan Tembusu and Thiam Siew Avenue.

Song estimates that the proposed residential development on Dunman Road could be launched at between $2,200 and $2,300 per.

/by

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

, , ,

The Reserve Residences enbloc

In the post-pandemic era, even though there is a boost in economic growth however, the rise in inflation and the increase in rates of interest is a major concern due to the increased chance of being in a global recession. The bright side is that recessions are good investments According to Francis Tan, investment strategist at UOB Private Banking, at EdgeProp Singapore’s Mid-Year Property Market Outlook on May 21.

The Reserve Residences enbloc which includes 700 homes as well as 150 service apartments and 220,000 square meters in retail.

Singapore’s interest rates are increasing with the rises in US Federal Reserve rates, but at a slower rate, Tan notes. But Singapore’s inflation rate stands at the highest for 10 years. “In the current high inflation environment investors are seeking strategies to invest in assets that protect themselves against inflation” He says.

In Singapore the Singaporean household is in possession of $1.16 trillion in residential property assets on their balance sheet overallfar ahead of the deposits of other investment classes (see the chart below) “Singapore household balance sheet” (assets )”).

Despite the uncertainty in global markets as well as the rising interest rates and property cooling measures taken in December however, there was no cooling of the property market in December. Singapore property market is shown resilience according to Ismail Gafoor, CEO of PropNex. In the last eight quarters, starting from 1Q2020 until 1Q2022, the URA Private residential property price index (PPI) has increased by 14.1%.

In the 1Q2022 period, while the private price index for residential properties was in the upwards of 0.7% q-o-q, the land-based property value index was increasing 4.2%. In the non-landed section, suburban condos located in the Outside Central Region (OCR) nevertheless showed an increase of 2.2% increase q-o-q, and the city-fringe, (also known as Rest of Central Region (RCR) and prime condos (Core Central Region or CCR) decreased by 2.7% and 0.1% and 0.1% respectively.

Private property that is not landed property sale in CCR was recorded at 2,466 units in 2021the highest level for more than 8 years as per PropNex. For the initial four months in 2022 approximately 551 units of units in the CCR were sold, according to Gafoor. Singaporeans as well as permanent residents (PRs) constitute the largest buyer group in the CCR with 89.9% of buyers in 2021 in 2022, and 88.5% in the first four months of 2022. In 2011, a decade earlier, Singaporeans and PRs accounted for 61.1% of buyers in the CCR.

The latest wave of property cooling measures, which took effect on December 16, notably thirty% extra buyer’s stamp tax (ABSD) for foreign buyers may have dampened the demand, says Gafoor.

The rising rental rates, which have reached a record high of $4.45 per month per sq ft in the 1Q2022 quarter — the highest rate in more than a decade have also sparked interest from investors towards the CCR as Gafoor says.

The gap between prices for new homes that are not landed for the CCR and the average price of the RCR has also decreased in the last year. In the 1Q2022, prices in the CCR were up 3.4% y-o-y, while prices in the RCR and OCR increased by 7% or 9.2% respectively over the same time frame as he explains.

/1 Comment/by

Parkroyal Collection the first Parkroyal Collection hotel opened in Kuala Lumpur

, ,

The Reserve Residences floor plan

Parkroyal Collection Hotels and Resorts,a brand of the Pan Pacific Hotels Group, is making its Malaysian debut with the launch of Parkroyal Collection Kuala Lumpur on June 1st. This marks the brand’s first release beyond Singapore.

URA is officially will examine the plans in order to determine if the layout of the Reserve Residences floor plan.

The hotel’s 527 rooms are located inside the Bukit Bintang area. It is an urban mixed-use complex that is which is owned by the Singapore listed UOL Group, the parent company of Pan Pacific Hotels. The hotel was previously known as used as the ParkRoyal Kuala Lumpur hotel. In the year 2020 the hotel was shut down and the property was renovated extensively.

Alongside the brand-new Parkroyal Collection Kuala Lumpur, it also houses an Pan Pacific Services Suites Kuala Lumpur which is scheduled to begin operations in 2H2022 and will feature the 210 suites targeted for guests who stay longer.

Parkroyal Collection is Pan Pacific Hotels’ sustainability-focused offering that incorporates “iconic design with a sense of responsibility and care towards the environment and self”, according to the group’s website. In Singapore Pan Pacific Hotels has two locations: Parkroyal Collection Marina Bay and Parkroyal Collection Pickering.

The architecture and design of Parkroyal Collection Kuala Lumpur were directed by DP Architects and FDAT, the design firm that is behind Parkroyal Collection Marina Bay. The biophilic-inspired design of the hotel has eco-friendly features like eco-friendly bathroom facilities Biodegradable packaging, biodegradable toiletries, and a system for managing food waste.

The hotel also has an all-day dining restaurant that makes use of local, sustainably-sourced ingredients and a wellness area that includes an exercise room, spa and fitness studio, as in addition to a pool.

/1 Comment/by

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

, , ,

The Reserve Residences showflat location

The word on the street is that there was a Chinese buyer has recently purchased 20 units as part of a large purchase at the luxury condominium CanningHill Piers. The price of the purchase is estimated to be more than 85 million dollars for these apartments. The deal was negotiated through agents of ERA Realty Network.

The Reserve Residences showflat location indicates The Jalan Anak Bukit condominium which is a mixed-use property which is expected to benefit from the creation of vibrant residential and commercial areas.

The units are located on various floors that range from the sixth through the 23rd floors. They mostly comprise three and four-bedroom units within various stacks. The units comprise six three bedroom ones that measure 1,259 square feet in addition, five are all three bedroom ones of 1,130 sq feet. The rest are four-bedroom apartments of 1,959 sq feet.

All oneand two bedroom apartments at CanningHill Piers are said to be sold. The recent bulk purchase has brought the number of units sold in CanningHill Piers up to 639 units. The condominium project is nearly the 92% sold. The project was announced last November.

The site is located in Clarke Quay and located on to the Singapore River, CanningHill Piers is a joint project by City Developments and CapitaLand Development. The development comprises two 48-storey towers and a 24-storey residential tower that is connected via an elevated bridge.

A redevelopment of the old Liang Court, CanningHill Piers is part of an integrated development which includes CanningHill Square, with F&B and retail stores; the hotel that has 475 rooms owned operated by Moxy in conjunction with Marriott International; and 192 serviced apartments that fall under the Somerset brand of Ascott, the serviced-apartment part of CapitaLand.

In the time that CanningHill Piers was launched last November, 538 pieces (77%) were taken during one weekend with a total value of $1.18 billion. The median price of the units sold was approximately $3000 per square foot. The penthouse with the sole penthouse, which was 8,955 square feet located at the top of 48th was bought at $48 million ($5,583 per square foot).

/1 Comment/by

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

, , ,

The Reserve Residences condo price

Two prime locations for a residential public housing (PLH) projects have been announced in the current month of Build-To-Order (BTO) along with Sale of Balance Flats (SBF) exercises. Flats for sale are currently open and are open up to June 2.

The Reserve Residences condo price currently available are revealed by URA in the form of an opening tender.

These two PLH project comprise Bukit Merah Ridge as well as Ghim Moh Ascent. They are the fourth and third projects to launch within the framework of. In a statement on May 27 the Housing and Development Board (HDB) declared that the sales exercise for May comprises 6,535 flats. It has 4,83 BTO flats scattered across five projects , which encompass both mature and non-mature estates. The estates include Bukit Merah Queenstown, Toa Payoh, Jurong West and Yishun. In addition, 1,952 flats were offered as part of the SBF sale exercise.

HDB declares that the projects located in Jurong West and Yishun come with waiting times that are significantly shorter of approximately 3.8 years. Additionally, they are located in non-mature estates that tend to have lower applications rates.

“The high demand for HDB flats for resales and the skyrocketing HDB price for resales led to the Singapore government to substantially increase the number of flats that are being built. This has resulted in the amount of BTO flats being launched in May 2022 is 13.8% higher than that of February 2022.” states Nicholas Mak, head of research and consulting for ERA Realty.

Research conducted by PropNex Realty expects the two PLH projects to have a waiting period of 60 months in contrast, others BTO projects have waiting times between 55 and 39 months.

Upcoming projects
HDB states that it will be able to offer it could be able to offer up to 20% of its PLH plans — the future HDB flats that are constructed in prime areas to be subject to a 10-year minimum occupancy duration (MOP) and in which additional subsidies are to be recouped by the government on their resales the funds offered by the current exercise will be put aside for families who are first timers and the maximum of 2% will be reserved for families with second-time children under the Married Child Priority Scheme. The allocations are equivalent to two-thirds of what is the normal quota.

The typical preferred quotas of other BTO apartments in estates that are mature can be as high as 30% for families who are first-time buyers and three% for second-time families. The lower quoted, according to HDB it will open up greater opportunities for Singaporeans who don’t have relatives in the area to settle in these areas.

Bukit Merah Ridge will be renamed. Bukit Merah project will be known as Bukit Merah Ridge. It is one of the 1,669 developments that will comprise of four and three-room flats. HDB declares that the sale cost (excluding the grant) of a three-room apartment there will be $377,000 and four-room apartments will cost $540,000.

Second PLH project, Ghim Moh Ascent, is situated within Queenstown. The development of 867 units will consist of two- and three-room apartments. The price (excluding grants) of a three-room apartment will be $369,000 . A four-room apartment will cost $511,000. Ghim Moh Ascent will also be located in The Health District @ Queenstown, which HDB claims is an “first-of-its-kind” initiative aimed to improve “the well-being and health of the residents throughout their life phases.”

Huttons Asia expects that the total number of applicants for the two PLH projects could be higher than 10 percent, based on the two earlier launched PLH projects that showed that the subsidy recoveries and the longer timeframe for MOP “are not deterrents… The additional subsidies will make purchasing an apartment in a mature estate simpler. The lengthy completion time is not likely to discourage prospective buyers,” the real estate agency states.

Million-dollar flats located in the area
The most recent PLH projects are situated in estates which have seen multiple million-dollar HDB sales recently. According to the data of ERA in January of this year, there have been 34 HDB flats that were resold in Bukit Merah as well as 52 flats resold in Queenstown which have been sold at a price of one million, or even more. By contrast the era of 28 million dollars, just 28 million HDB flats for resale were sold at Kallang and Whampoa in the area which is where the second PLH project is situated.

“New BTO flats in prime locations are extremely difficult to come across and their long-term potential for investment far exceeds the strict criteria that must be met by the owners of PLH model flats,” says Christine Sun who is the senior vice-president of analysis and research of OrangeTee & Tie. She also says that unsuccessful applicants in the last two PLH model flats could try this time, given that the dates for the launch are fairly close.

In the meantime, ERA Realty’s Mak believes that the government might be attempting to draw buyers to the resales market through the strategically placed BTO plans (in this sales campaign). “Each household who decides to purchase a BTO flat will mean that one less households that will purchase the resale flat. If more buyers are attracted by these BTO developments, this can slow down the HDB price and demand for resales until they reach a more manageable pace of growth.” He says.

Two additional BTO exercises are scheduled to be completed later in the year. This August HDB is expected to offer around 4,900 flats within estates like Ang Mo Kio, Bukit Merah, Choa Chu Kang, Jurong East, Tampines and Woodlands.

In November, an additional 9500 flats will be made available in estates like Bukit Batok Kallang as well as Whampoa, Queenstown and Yishun. But, the amount of flats available in the November sale may change prior to the official launch date. All in all, HDB says it is in the process of launching as many as 23,000 new flats this year.

/1 Comment/by

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

, , ,

The Reserve Residences at Jalan Anak Bukit

The Singapore Residential Price Index (SRPI) rose in 1.2% m-o-m in April based on estimates from flash published on May 30, increasing from the 0.2% growth logged in the month prior. The figures from April indicate an increase of 7.9% y-o-y increase.

The Reserve Residences at Jalan Anak Bukit convenient location and the neighbourhood’s lush greenery with laid-back charm, the future owners can look forward to great living spaces.

The SRPI is tracked by the Institute of Real Estate and Urban Studies (IREUS) located at NUS. National University of Singapore (NUS) tracks price changes of residential private properties within Singapore. The index is primarily based on 759 residential developments which were completed between October 2003 until September 2021.

Prices for properties that are not small units and small units, across each of the Central and non-Central regions saw m-o -m rises. In April, the most desirable properties located in Central region, including Districts 1 through 4 and 9 to 11, Central region, which is located between Districts 4 through 1 as well as 9-11, recorded an increase of 0.6% growth m-o-m compared to 0.4% increase in March and properties located outside the central areas experienced an 1.6% increase m-o-m, more over what 0.1% growth logged in March.

In addition, the prices of small properties experienced a one% increase in the month of March, a rebound in comparison to that 0.1% decline recorded in March. IREUS define small properties as having the floor area of 506 square feet or less.

/1 Comment/by

SRI ventures into international project marketing on a two-day private event on May 18 to 19 to showcase a residential tower at White City Living

, , ,

The Reserve Residences by Far East

SRI as well as UK property developer St James, Lamborghini Singapore and real estate agent Downtown International, held a two-day exclusive event from May 18-19, to present Cassini, a brand new property in the London’s White City Living.

The Reserve Residences by Far East has awarded a tender for the development of the site to a partnership with Sino Group.

According to a press release issued by SRI the event is SRI’s first venture into marketing international projects. “We are thrilled about the future and look forward to continuing collaborations with other highly regarded international developers including St James,” says Tony Koe, CEO of SRI. “We are determined to build an expert team that can handle the sale of investment properties particularly in the Australian, UK and the USA market”, Koe adds.

White City Living is a development of St James, a member of The Berkeley Group. The development is located within West London, in the northern portion of Shepherd’s Bush, the development includes more than 2,300 houses. The development will also contain commercial properties as well as eight acres of open green landscape as well as a brand-new five-acre park for the public.

In the private event, more than 60 guests were offered an inside look at Cassini the 35-storey residential tower in White City Living offering a variety of one three-, two- and three-bedroom units which range from 549 square feet. The apartments on the lower levels will enjoy an enviable view of the White City Living’s Central Gardens and Water Gardens and those on the higher levels will be able to enjoy stunning views of the city. The guests also had the chance to drive the Huracan STO, the latest Lamborghini model, at the time of the event.

/1 Comment/by