The Reserve Residences launch

In September of last year an area of 4,489 square feet five-bedroom penthouse located on the 51st floor at Marina Bay Residences was auctioned off to a buyer for $19.35 million ($4,311 per sq ft). The buyer isn’t an outsider but is a Singaporean who bought the property as a an estate trust in the name of his son Reign Kong, a newborn and Singapore citizen born on the 19th of August 2021, as per an property record search.

The Reserve Residences launch is expected to yield up to 845 residential units with about 20,000 sqm set aside for commercial use.

The price of psf for the penthouse was the most expensive at Marina Bay Residences in over 10 years. The last time price reached this high was in April 2011 , when an area of 2,368 square feet four-bedroom apartment on the 46th floor sold as a sub-sale $10.343 million ($4,368 per sq ft).

The penthouse was part of a set of five penthouses that span the 50th and 55th levels of the Marina Bay Residences. The penthouse were offered for auction by the owners in february for $138million along with Tristar Properties as the exclusive marketing agency.

After the sale of the penthouse at 51st Floor which was handled by Tristar The portfolio has been rearranged. The 50th floor penthouse below, which was also was part of the original portfolio is to be sold as a single unit. The penthouse with five bedrooms is smaller at 4,478 sq feet and has a price at $19.3 million ($4,310 per square foot) According to Tristar the company that is marketing it as well.

Following the reshuffle new penthouses in the collection comprises three penthouses situated on the second floor (two duplexes and one simplex) in addition to the 11,012 sq feet triplex penthouse that spans the 53rd-55th floors.

“The outcome is a stunning penthouse measuring 23,263 sq feet approximately 8 tennis courts on the top of Marina Bay Residences,” says Tristar associate director Edwin Yip. “It has 360-degree perspectives over Marina Bay and the Singapore skyline.”

Shift in demand
In the last 2 years, demands of ultra-high net worth individuals (UHNWI) looking for homes have also changed because of the pandemic, says Yip. “They are looking to have the ability to live, work, and play aspects in their homes,” he adds. “They are looking to host business gatherings, entertain clients in their home without disrupting the rest of the family.”

To help visualize the space, Tristar collaborated with Gwen Tan Co-founder of the Singapore-based Formwerkz Architecture, who is also the principal and founder designer of the Interior Design division, Studio iF. Tan took the original plans for the penthouses and transformed them into the concept of a “villa that is in the air” with distinct zones for entertainment, work health and family living.

Studio iF has been involved in residential developments ranging from Good Class Bungalows (GCBs) to luxury penthouses and apartments in Singapore and also luxury residences, private clubhouses , and Boutique hotels across China. Tan’s experience with clients across North Asia, especially China has provided her with an insight into their lives and lifestyles.

“The super-rich Chinese are always seeking the best property to purchase, and often they own multiple properties within the same city” she says. “And they are able to live in a different residence every couple of days during each week.”

In China there is no limitation in terms in the dimensions or grandness of houses, according to Tan. To contrast, even GCBs seem small, and the typical apartment and condominium dimensions in Singapore “seem small” in comparison, she claims.

Different zones covering 23,000 square feet
With over 23,000 sq feet in Marina Bay Residences, Tan can take advantage of the spacious floor plates. For instance the 53rd floor is named the “key entertainment zone and also the dining area,” Tan says. Tan. There’s a karaoke space and a private cinema, as well as the foot massage, wellness spa and a sky lounge. The private office is situated on this level. It’s located near the boardroom, the cigar or entertainment room the whiskey lounge, and another wine cellar. A second cellar lies situated between the formal and informal dining rooms and is accessible to both.

“Guests are able to enjoy cocktails prior to dinner as well as the views at Marina Bay from both the formal living area and the formal dining space,” says Tan. “They can enter the penthouse through the 53rd floor without having to disturb other family members who will enjoy their own access on the 53rd level.”

Spa facilities have been developed within the entertainment sector too. “One of the main requirements for Chinese clients is having spa facilities so that they can indulge themselves and their guests whilst chatting about business,” according to Tan. So, she’s created an indoor spa with foot massagethat opens to a lush garden and outdoor jacuzzi to meet the need for both outdoor and indoor areas.

The 54th floor was transformed into the 54th floor’s “party deck” that has an outdoor lounge and bar, which is open to an outdoor dining area on one hand and a pool and a garden that has been landscaped to the opposite. The pool will have an electronic water curtain that serves to act as projection screens to show films, and the lighting in the pool can be adjusted in accordance with the time of the day. The 54th floor will lead to the observation deck at the 55th level, which Tan is planning to use as an outdoor gym.

Master suite with vault that is secret
Eight huge rooms with en suite bathrooms, which include two master junior suites as well as a guest suite and a lavish master suite with around 2,000 square feet that is roughly the size of a typical four bedroom apartment. One of the junior master suites are on the 53rd floor, other en suite bedrooms, comprising the guest room as well as the master suite — reside located on the 52nd floor.

The master suite comes with its own lounge that is perfect to host guests. In addition to the study and bedroom, the room has the master bathroom to be spacious. It’s not just the traditional “his” as well as “hers” vanity tops and shower, but also a separate shower along with a water closet as well as a the walk-in wardrobe. In between the two wardrobes with walk-in closets is a vault that has fingerprint access. It is designed to resemble an inner sacred space, the vault features display shelves as well as storage spaces with compartments for handbags jewellery, watches, jewellery, and other precious items.

This is your family’s exclusive space, complete with the dining area that is its own as well as a living space, tea room, a lounge for the family, and a deck that is landscaped to take in the views. A new staircase inside was designed to connect the 52nd floor with level 53. Access to the lift is private at every level, as well. Services for the back of house such as the helpers’ quarters as well as utility and laundry areas can be found on the 52nd floor. But, the helpers are provided with their own lifts and stairs that lead to the higher levels.

‘Nine 1’s’
The exact style of the penthouse that is modelled on the concept of Studio iF will cost around $11 million. “This is considered to be a major project, and it’s likely to be completed earlier than building the house,” says Tan. Tan anticipates a timeline of approximately 12 months from beginning to completion.

In accordance with Tristar’s Yip it’s cheaper than developing the GCB also. In the present, the cost of developing a new GCB made of top-quality materials is around 1,000 dollars per square foot, which means that one would have to pay at least $23 million if you would build an GCB that is similar in size. This is due to the cost of building materials and labor has gone up , and the supply chain in the world is also being disrupted.

In addition, the cost on the penthouse collection is estimated to amount to “nine 1s” or $111,111 111. Based on the strata space of 23,263 sq feet that’s approximately $4,776 per square foot.

The penthouses will draw those who value the unobstructed views that span 270 degrees from Marina Bay and the Singapore skyline. “At this height you’re in the top tier over all other properties, with unbeatable views and total security,” says Yip.

Based on the profiles of prospective buyers who had looked at Marina Bay’s penthouse collection up to the present, around the 78% came from China, Hong Kong and Taiwan as well as 11% from Hong Kong, China and Taiwan% of buyers coming from Indonesia and Malaysia and the remaining 5% of them from India. Other nationalities like Japan, Korea, Europe as well as Asia, Europe and the US as well as Europe, the US and Middle East make up the remaining. Singaporeans are at least one% of the buyers’ list.

While UHNWI comprised 72% of interested parties The remaining 23% comprised family-owned offices, and five% investment funds according to Tristar. “We are witnessing more of the newly wealthy, families with offices” Yip says. Yip. “They have a higher priority on the view of the property’s owner throughout the lease period of the property and even among Singaporeans in this class.”

Singaporeans are among the top penthouse purchasers
Yip points out the penthouse that is simplex on the 51st floor in Marina Bay Residences that was sold in September of last year, and where the buyer was a Singaporean. “He’s an entrepreneur who is, wealthy self-made entrepreneurs that decided not to buy an GCB,” says Yip. “He loved the view and area. He had rented the property for several years, and even married and had a child. He thought it was time to invest in a home in the area as the feng shui has been beneficial for him.”

In fact, Singaporeans number among the owners of huge penthouses in new condominium developments recently. For example the 8,956 sq ft super penthouse in the 699 unit CanningHill Piers at Clarke Quay was purchased by the owner, a Singapore businessman and citizen at a price of $48 million ($5,360 per square foot) in the weekend before launch in November. The 558-unit condo at Tan Quee Lan Street located off Beach Road was launched in May last year . Its largest penthouse, which measures 3,520 square feet was sold during the very first weekend of the launch at $14.8 million ($4,213 per square foot). The buyer is also believed to be Singaporean. Both CanningHill and Midtown Modern are 99-year leasehold properties.

Similar to the four-28 unit Marina Bay Residences that makes up the Marina Bay Financial Centre integrated development, comes with a lease that runs for 99 years. The project was officially launched in December of 2006, the entire 428 units were sold in three days at an average cost of $1,850 per square foot. The sale was not a recent one. the penthouse for $4,311 per square foot The median price of units that are that were sold by Marina Bay Residences is $2,338 per square foot, calculated based on transactions since September 2021 until date. The project was completed in 2010. Marina Bay Residences has 82 years remaining in its lease, which began in 2005.

One of the most expensive penthouses ever sold includes the super penthouse that measures 21,108 sq feet located at Wallich Residence that fetched $62 million ($2,937 per square foot) in October of 2020. The buyer, an Indonesian, Chinese American business magnate Leo Kuoguan was able to purchase the property from British billionaire businessman James Dyson, who paid $73.8 million for it prior to the year. It’s an 99-year leasehold triplex located on the topmost floors of Singapore’s highest tower, which is 64 stories and 290 meters in height.

The property, Les Maisons Nassim the largest penthouse measuring 12,077 square feet was sold for $75 million ($6,210 per square foot) in October of last year. It is the only Exclusive Les Maisons Nassim is a freehold, low-rise building with only 14 units. In the 54-unit freehold Park Nova located at the intersection of Tomlinson Road and Orchard Boulevard the two most expensive penthouses are among the very first units to sell on the very first day of its launch in the month of May 2021. The largest of 5,899 sq feet sold to $34.438 million ($5,838 per square foot) and the second-highest, of 4,499 sq feet was sold for $26.026 million ($5,784 per sq ft). It is believed that the buyers were mainland Chinese.

Home with integrated home
“Pre-Covid when the rich foreigners were looking at dimensions of 3,000-5,000 sq feet,” says Tristar’s Yip. “Since the outbreak is now in the news, they’re contemplating even larger dimensions that range from 10,000 sq ft up to 20,000 sq ft. We are rearranging the penthouses in Marina Bay Residences to cater to this increasing demand.”

In addition to the views, the design elements implemented through Studio iF makes a difference also, Yip points out. For example the walk-in wardrobe isn’t just a standard walk-in wardrobe that is located in the master bedroom. “It’s a walk-in closet with an amazing view,” says Studio iF’s Tan. “And the vault acts as an undiscovered room inside the room.” The whole 23,263 sq ft area can be customized to meet the needs of the homeowner according to Tan.
Following reconfiguration, the penthouses of Marina Bay Residences will be transformed into a residence with a work space, entertainment and wellness spaces, as well as recreation areas that will accommodate the lifestyle of the prospective owner, says Tan.

Read more: The existing two-storey shophouses in Geylang for sale at $50 mil

The existing two-storey shophouses in Geylang for sale at $50 mil

Designing display units for some of the most exclusive condominiums in Singapore including Swire Properties’ Eden at 2 Draycott Park and Shun Tak Holdings’ Park Nova located at Tomlinson Road — Robert Cheng is the design director at Brewin Design Office is now a part of the development in the CBD and is giving old offices a fresh lease on new life.

One of the buildings is the 61 Robinson. It was constructed in the past by First Capital Corp (now GuocoLand) as their headquarters, the 20-storey structure located at the 61 Robinson Road was called Robinson Centre, and it was completed in 2000.

In September of 2019 the building was acquired from ARA Real Estate Partners Asia II which is a value add fund of ARA Asset Management, for $340 million. ARA then began an asset enhancement of $25 million program that included a minor revamp of the lobby and public areas and the lobby. The asset enhancements were not completed however, ARA sold the property to Singapore-based private equity firm Rivulets Investments, for $422 million in September.

Brewin Design was commissioned to manage the design and redesign of the layout inside the 61 Robinson. The renovations began in December of this year and were scheduled to be completed by the end of 2H2021. But, Covid delayed the completion by around eight months until February this year.

‘Hospitality-inspired environment’
The design in the first Robinson Centre is reminiscent of the Art Deco period, notes Cheng. The new interiors “we have taken inspiration from contemporary elements of a period dating back to the 1920s in New York”, he declares. “Through making use of detail and materials, including a beige color palette of limestone, marble and bronze, we’ve created a warm, welcoming space.”

The post-modern style for the structure was inspired by GuocoLand’s style of development in the construction of large-scale projects Cheng says. The building’s exterior is completely covered in granite The interiors feature a mixture of limestone and onyx and dark marbling.
The ceiling that was originally built for the main lobby was raised to fifteen meters (equivalent to five floors) in the middle, and dropped down to 10m (three levels) to the sides. “Standing at the center of the lobby felt like sitting in the cathedral,”” Cheng explains. Cheng.

The original layout of the principal lobby inspired by the feng shui principle that included a 15m-long water fountain made of yellow onyx marble either side. The retail units at both sides of the lobby looked “disparate and uninspiring”, Cheng adds.

Interior and exterior changes as well as facades
ARA was appointed by ARA Forum Architects as the submission architect, and they were also commissioned to design and build the podium part of the facade. Forum Architects therefore demolished a set of glass panes that were tinted on the façade and replaced them with steel louvers in the shape of angle-shaped facets. They drew inspiration from the geometrical forms seen in the facade of the house.

The whole five-floor car park floor was converted into commercial space with a leaseable area that ranges from 8,000 to 10,000 square feet. The restructuring of the interior space as well as the demolition of parking floor slabs to allow for the construction of a commercial space that could be let on the fourth floor along with the remainder of the interiors and exteriors, was carried out through Brewin Design.

The lobby was given a massive remodel, which saw the previously opaque entryway transformed to completely transparent high-quality glass that measures 4m that runs across the entire 60m of the frontage, with both retail spaces that are on either side.

In order to expand the narrow entrance lobby, the inside flooring was integrated with the public passageway or five-foot path outside, by the flooring material and finishes in receding patterns. “Blending public circulation spaces together with the offices’ private space creates an openness feeling in a place that was previously closed off,” says Cheng.

“New and improved proportions”
Brewin Design redesigned the walls and ceilings in the lobby, creating “new and more proportionate spaces” according to Cheng. The ceiling’s height was reduced down to 10m over the entire 6,000 square feet space for the lobby. “The space did not just become more proportional, it also became more relatable, but it managed to preserve its grandeur and grandeur,” he adds.

The cladding used on the walls inside the lobby was also altered. The lower part of walls (4m) are now completely coated with white Iranian limestone, which is laid out as six horizontal bands of around 80mm thickness. The 10m-high part is an etched copper wall with a vaulted ceiling made of copper.
The lobby’s front is completely covered in glass, the sculpted perimeter wall is now wrapping around the interior of the lobby as well as the exterior wall of the five-foot wide. “The stone wall serves as an anchor to this lobby” claims Cheng. In order to further link the lobby with that five-foot walkway, the floor made of metal with a ripple on it on the entrance of the lobby was recreated as that of the five-foot-wide way to the outside.

Partitioned walls which formerly separated retail spaces from the lobby have been removed. “Instead of segregating these two areas our lobby was designed to allow an increased visual as well as physical link between future F&B or retail F&B operator and the lobby” claims Cheng. “Having Two F&B or retail units open onto the lobby could increase the amount of activity.”

‘Good bones’
ARA bought the building 61 Robinson because they believed it was a good investment because it had “good bones” Cheng says. Cheng. But, ARA wanted to transform the 61 Robinson into a better office building that would give a greater impression of its location and also to distinguish its location from the other structures located on Robinson Road in the CBD. As opposed to the typical Grade A office tower, this building is only 20 stories and floor plates ranging from between 8,000 and 10,000 square feet. Tenants who choose to lease the building include funds, family offices, and small-scale businesses with around 10 employees.

Brewin Design has refreshed the common areas on each floor, including common restrooms. Other renovations within the building include the electrical and mechanical systems, as well as mechanical ventilation and air conditioning systems in order to improve energy efficiency. These conform to the environment as well as BCA Green Mark ratings.
Working on the 61 Robinson, Brewin Design has been approached by “quite some homeowners” across Robinson Road to remodel their properties. Discussions are in progress as per Cheng.

Brewin Design has also been selected by ARA to design the main lobby of the Capital Square office building as well as the quadrangle that is that is in its front. The office building, which is 16 stories tall, was designed through Keppel Land and completed in 1998. ARA acquired the 50% part of the property by acquiring it from Alpha Investment Partners in September 2016.

Improvement of the public square
in February SMFL MIRAI Partners, an affiliate of Sumitomo Mitsui Finance and Leasing as well as Kenedix which is an affiliate of SMFL and an investment fund that is operated by ARA declared that they’d made an investment of $297 million into Capital Square.

In the square that is directly to the left of Capital Square is a 6m-tall rectangular water feature. Brewin Design will be enhancing the area and transform it into a 12m-long water feature that has a slight curvature.

“The area has always been scorching and barren,” relates Cheng. “We are planning to plant trees and greenery to decrease the amount of hard surface.” The current waterfall includes a small reflecting pool that Cheng plans to expand. “Hopefully the increased water surface will assist in cooling the area,” he adds.

The gazebo on the corner, that only covered the pedestrian walkway, is now going to be extended. Cheng plans to put in benches in the area. Cheng hopes that with more shade, greenery and seating the public will be more eager to visit the area. He hopes to finish the improvements to the square and main lobby by the end of December.

In conjunction with the CBD Incentive Scheme introduced in 2019 as part of the URA Master Plan, Cheng expects to see the CBD experiencing a dramatic change in the coming 5 to 8 years. The renovation of the 8 Shenton Way (former AXA Tower), Fuji Xerox Towers and Maxwell House into new mixed-use developments, in addition to the IOI Properties Group’s forthcoming hotel and residential development at Marina View, “will bring new vitality in the CBD” Cheng adds.

Read more: Freehold Chinatown three-storey shophouses are fully leased for $53 mil

Freehold Chinatown three-storey shophouses are fully leased for $53 mil

A freehold semi-detached home situated on Sennett Avenue in District 16 is available on auction at $8.66 million. The two-story property is situated over an elevated, 6,412 square feet parcel and boasts an enviable 14m frontage on Sennett Avenue. The asking price is $1,350 per square foot of parcel.

The sole agent who is marketing this property for the property is Cheong Choon Ghee. She is the senior associate vice-president for List International Realty. The property is in the market for less than two months.

According to Cheong, the home was constructed over 30 years ago, and has been owned by the same person since the period. It is a semi-detached property was constructed in the same time as the semi-detached house of its neighbor The two properties were later sold to members from the family.

In the past, family members wanted to have easier access between the two homes The partition wall was torn down, which resulted in the car-porch that was shared in front.

But there is only one semi-detached homes is being offered to be sold. “In this instance the house which is being put up for sale is owned by one of the families who feels it’s the time to move. their family members living next to them are content staying in their current location,” says Cheong.

The owner of both houses have retained the walls of internal division which separate the two properties It would be an easy task of restoring the front dividing wall in the event of a change in the ownership.

The house on the market is located in a 3-storey mixed-landed housing estate that is bordered with Bedok South Road to the north and Upper East Coast Road to the south. The property and the estate sit alongside Temasek Junior College and close to the Bedok Integrated Transport Hub, as well as the Bedok Mall.

In the mature, land-based housing estate The house is located on the top of a hill which has views of the surrounding landed neighborhood. Cheong claims that the 14m-long width along Sennett Avenue is uncommon among homes in this region. “It is extremely rare to find a comparable-sized plot in this area that has a 14m frontage. The freehold area of 6,410 sq. ft. in this region is hard to locate in the current market,” he says.

Cheong says that the majority of detached plots in this area are between 10 and 11 meters wide, but after taking into account 2m setback on both sides , the maximum width of the building is 6m, which isn’t any different from an inter-terrace’s build dimensions of about 6m, Cheong says.

The 14m wide of the house he’s marketing implies that the buyer will have more space for living according to him, adding: “based on my experience homeowners typically pay close to $4 million in order to remodel or remodel their house according to their needs and lifestyle.”

The huge area of the site will provide the new owner with various architectural options. For instance, a basement carpark is an attractive option, and a contemporary double-volume ceiling above the lounge.

The neighborhood is classified as a three-storey mixed-landed area, meaning that the property could be converted to a three-storey attic property.

“Thus the locational and site characteristics make it attractive to discerning homeowners searching for a new home located in the East Coast area,” Cheong states.
The house is expected to be a magnet for the owner-occupier that is searching for a substantial piece of freehold land on which to build their dream home or an developer who is looking to renovate and then sell the property in the future.

“A new owner could be considering the cost of redevelopment of approximately $2 million to construct an property that is of comparable standard to houses in the neighborhood. But, according to my view that if the homeowner seeks a unique luxury home, it may be priced between $3.5 millions to $4.5 million based on their lifestyle,” says Cheong.

In the last two years, there have been extremely positive price trends in the land segment of District 15. This positive trend in prices has carried over to District 16, where the house which he’s selling is in the report of List International Realty in March 2022.

According to an investigation of trends in prices within the Sennett Avenue area conducted by EdgeProp There has been an upward trend in prices in the last 20 years, with semi detached houses trading higher than houses with inter-terraces.

EdgeProp’s Landlens research tool reveals that a number of houses within the neighborhood have been sold in the last two years. The most recent one was the 65 Sennett Lane. It was sold for $8.65 million ($2,211 per sq. ft.) on March 15 of this year. Another house on 48 Sennett Avenue was auctioned off to the highest bidder for $3.028 million ($1,641 per square foot) on January 6 of this year.

“Although that asking cost of the home (being advertised as a sale) will be higher relative to recent sales for older homes in the region however, it’s comparable to the price rises we’ve observed in District 15 which is adjacent. Buyers who are familiar with about the East Coast area are generally interested in buying a piece of land to redevelop in District 16 too,” says Cheong.

The property has been up for sale for one month, however it has already received more than 50 inquiries from buyers who are interested. Cheong has received around five offers from buyers who are serious. The agent says discussions are still in progress and believes that the property may be sold before the end of the year.

Read also: Leasehold industrial building property will appeal to industrialists in Ang Mo Kio for sale at $27 mil

Leasehold industrial building property will appeal to industrialists in Ang Mo Kio for sale at $27 mil

A freehold industrial building located at 21 New Industrial Road located just off Upper Paya Lebar Road, is up for sale at an estimate in the range of $71million. The property will be sold through a public auction that expires on June 30 as per a press announcement on May 18 from ERA Realty Network, the sole agent to market the property.

The property at 21 New Industrial Road is zoned “Business 1” with the gross plot ratio of 2.5 according to the most recent masterplan. It is located on two roads with one on Lim Teck Boo Road and the other on New Industrial Road.

The property is situated within Bartley as well as Tai Seng MRT Stations on the Circle Line as well as roads that connect it to Upper Paya Lebar Road and Bartley Road East. It is also near to Paya Lebar ipark that houses offices for businesses like Mapletree 18, Breadtalk, Sakae Sushi, and Charles & Keith.

“Singapore is poised to profit from the growth in both local and foreign investments in the industrial and commercial property sectors. It’s not often that you see an industrial development that is freehold and has potential for redevelopment in a city-fringe property being offered on markets,” states Steven Tan the managing director of investment sales and capital markets for ERA Realty.

The owner anticipates a lot of demand by property developers or institutional investors in particular since it is possible that the property could be developed as a strata-titled project or even a multi-user or single-user corporate headquarters.

Read related article: HDB flat at Blk 96A Henderson Road sold for $1.4 mil

HDB flat at Blk 96A Henderson Road sold for $1.4 mil

Thomson View Condominium, which is located at Bright Hill Drive off Upper Thomson Road and will be revived for the public auction on May 12, with the cost of $900 million.

The project was announced for sale in November last year at the same cost, however the tender was closed on January 13 without finding an unsatisfactory buyer. Marcus Oh, managing director at OrangeTee Advisory, attributes this to potential buyers holding off from buying after the announcement of the new property cooling measures in December. OrangeTee is the sole agency for marketing the sales.

Oh thinks that the moment is right for a new collective sale. “We have observed a lot of interest from developers to replenish their shrinking land banks and have decided to put the project up for sale again,” he says.

The Thomson View Condominium is comprised of 200 townhouses, 54 apartments as well as a shop unit. It’s situated on 534,314 square foot site that is designated for residential use and has the gross plot ratio being 2.1.

According to OrangeTee the reserve cost amounts to an average land price of $1,294 per square foot for each plot ratio (ppr) taking into account the additional% of bonus surface space (GFA) for outdoor private areas.

The land price also takes into an estimated differential in the amount of $288.8 million for the purpose of intensification, and an upgrade fee of $332.3 millions for a new 99-year lease.
A feasibility study of pre-application for the amount of units that could be built on the site has been submitted to the review of the Land Transport Authority and is in the process of getting approval.

Thomson View Condominium is within walking distance of Upper Thomson MRT Station on the Thomson-East Coast Line. It is serviced by malls in the vicinity, such as Thomson Plaza as well as Junction 8, as well as F&B and retail establishments along Upper Thomson Road.

Oh says that the site has breathtaking panoramas from The Central Catchment Nature Reserve. “We anticipate that the majority of units of the project to will have the unblocked view from MacRitchie Reservoir, Windsor Nature Park and Peirce Reservoir,” he says.

The public tender to purchase Thomson View Condominium will end at 3pm on the 8th of June.

Read more: An attractive proposition for property developers and institutional investors into a strata-titled re-development

An attractive proposition for property developers and institutional investors into a strata-titled re-development

A 1,216 square foot five-room house located on Henderson Road emerged as the most expensive resales flat in the past few years after it was auctioned at a record amount of $1.4 million earlier this month. The sales of brand new private residences, excluding executive condos (ECs), held the same in April, due to the absence of new projects launches.
A 1,216 square feet five-room house on Henderson Road emerged as the most expensive resale home ever, when it was purchased at record-setting $1.4 million earlier this month as reported by The Business Times.

In Block 96A This unit is situated at the 41st storey of the 48-storey building, offering stunning views of the surrounding area. The flat is fairly new, as the lease began in the year the year 2019.

“With delays to construction caused by COVID, this apartment offers buyers to get their homes quickly. It’s also uncommon to find new five-room apartments in older estates,” said Huttons’ Senior Director of Research Lee Sze Teck.

The area is home to an indoor pool, hawker center, shopping mall and market. Additionally, Tiong Bahru MRT station is a mere five minutes away , and Alexandra primary school is within walking distance.

But, this record-setting price is likely to be surpassed within the next few months, since another five-room apartment within this block has been priced as $1.5 million, according to Lee.

In the first quarter of 2022, 82 million dollars of HDB flats were bought and sold. As per the PropertyGuru Singapore Property Market Report Q2 2022 the asking prices for HDB flats for resales continue to rise during the first quarter of 2022, and reached the highest level ever recorded. However, the increases will likely to slow during the next quarter and/or remain near the peak up until BTO supply is restored.

New private home sales that are not ECs were steady in April. developers having sold 653 houses as compared to 654 units sold in March, despite the absence of new projects being launched according to Urban Redevelopment Authority (URA) statistics.

Christine Sun, Senior Vice President of Research and Analytics at OrangeTee & Tie, stated that sales of new homes “seem to be stabilizing” in the wake of an introduction of cooling measures in December the previous year.

In addition to ECs New home sales including ECs, new home sales 19.5% to 839 units in April, up from the 702 units sold in March.

On a year-to-year basis, home sales for new homes without ECs fell by 48.6% last month.

She pointed out her observation that Rest of Central Region (RCR) was responsible for the majority of the sales, with 44.3% or 289 units. Core Central Region (CCR) was second. Core Central Region (CCR) was second in the list with 31.5% or 206 units and the Outside Central Region was responsible for 24.2% or 158 units.

“This marks the very first time within the last 12 months that the sales of the CCR is greater than that of the OCR,” said Lee Sze Teck the senior director of research at Huttons Asia.

Additionally, the number foreign buyers making new purchases has increased from 25 cases in March up to 59 by April.

As Singapore relaxes Safety Management Measures and reopens its borders, expats are also returning to Singapore. In addition to increasing rents, especially in the privately owned property rental market and leasing private residences. Foreigners who purchase any property located in Singapore are bound by thirty% additional buyer’s stamp duty (ABSD), which acts as a deterrent to people who want to invest in local property.

Three residential sites in the Lentor area have been put up to the public through the Urban Redevelopment Authority The Urban Redevelopment Authority is releasing the sites expected to result in 1,265 housing units.

Notably, two sites are open to bid in the Confirmed List and the third one is open for tender through the Reserve List of the Government Land Sales (GLS) programme for the first quarter of 2022.

The confirmed list sites located at Lentor Central and Lentor Hills Road (Parcel B) span 13,444.3 sq meters and 10,819 sq metres in total. It is also the Reserved List site at Lentor Gardens on the other hand, covers 21,866.7 sq meters.

Huttons Asia’s Senior Director of Research Lee Sze Teck anticipates to see Confirmed List sites to attract low interest – with between three to five bidders , and the highest bid being between $1,050 and $1,000 per sq ft/plot ratio (psf per).

Three sites are located within the Lentor Hills estate and are serviced by the brand new Lentor MRT station, which is located on the Thomson-East Coast Line (TEL). There are many eateries throughout the area, as well as excellent amenities in the area including a grocery store and childcare facilities. As a sustainable neighborhood in the future residents will have the opportunity to relax in the lush greenery of the new linear parks.

Liv@ MB, Bukit Sembawang Estates condominium project, located in the Mountbatten region which has sold more than 75% of its 298 units for an average of $2,387 per square foot according to The Business Times.

Bukit Sembawang noted that Singaporeans living in the immediate vicinity comprised greater than 90% percent of purchasers.

It is situated in Arthur Road near the future Katong Park MRT, the 99-year leasehold building was began previewing on May 6, with estimates ranging from $1.08 million to purchase a single-bedder as well as $3.63 millions for four bedrooms in a deluxe apartment.

“Another major project launched in 2022 has racked up over 70% sales on the day of launch. This is remarkable in the backdrop of the cooling measures that will be in effect in the month of December in 2021. the rising rate of interest, rising inflation and global uncertainty,” stated Huttons Asia CEO Mark Yip.

According to him, the appealing starting price of $2,080 per square foot added value to buyers. He added that the market views the price to be reasonable due to the rise of construction prices.

Liv @ MB is situated close to many prestigious schools including Tanjong Katong Primary School, Chung Cheng High School (Main), Tanjong Katong Girl’s School and Dunman High School, and medical facilities. Residents of the future can anticipate access to shopping centers like KINEX or PLQ Mall quickly and also the numerous local eateries and restaurants.

Kensington Park, an apartment complex of 316 units located in Serangoon Garden, has been offered for sale via public tender, and has a target cost at $1.28 billion, as revealed by the exclusive the marketing agency CBRE.

With the development fee (DC) of around $178.1 million. This cost amounts to the land rate of $1,414 per square foot per plot ratio (psf ppr). The land rate is set to be reduced to $1,371 psf per ppr when taking into account the 7% extra gross floor area of balconies as well as the DC of around $232.1 million.

It is situated at 2,4 7, 8 and located at 2, 4, 6, 8, 10, and 12 Kensington Park Drive, the leasehold development, which is 999 years old, covers an enormous 491,000 square feet site which is designated for “Residential” usage under the master plan for 2019. Plan with an average plot ratio of 2.1 and an upper limit on building height of up to 24 floors.

The auction to purchase Kensington Park closes on 7 July.

In the PropertyGuru Property Market Report Q2 2022, small and medium-sized developments will continue be the most popular in the bloc market. Other projects that are offered for sale include Lakepoint condos as well as Thomson View.

The rising interest rate and the increasing demand for housing could be a problem for homeowners who depend upon rental revenue, according to The Business Times using The Institute of Real Estate and Urban Studies (IREUS) located at the National University of Singapore.

Singapore’s interest rates for its domestic market are heavily influenced by global market trends and, in particular, the US. As inflationary pressures are likely to continue central banks around the globe are being pressured to raise rates of interest to curb price inflation.

The Singapore Interbank Offered Rate ( SIBOR) is a favored standard in the field of loan rates that are floating as well as the mortgage rate are predicted to rise further and put the homeowner who is highly leveraged under pressure.

The strong rental market for homes that are privately owned provides an opportunity for investors renting their properties because the rental income could be used to provide a cushion to help pay for mortgages with higher payment.

However, the private residential rental market’s capacity will be tested when increasing numbers of housing units are anticipated to be completed between 2022 until 2024. Around 10,401 units are scheduled to be completed between Q2 and Q4 2022. There will be 16,978 units in 2023, and another 10,850 units in 2024.

Lee Nai Jiais the Deputy Director at IREUS anticipates that the new supply of workers to be a significant burden on private home rental prices until a massive inflow of foreigners fuels the demand for rental homes.

Changi Airport Group (CAG) announced the fact that Changi Airport Terminal 2 will open in phases starting on May 29 to accommodate the expected increase in passengers’ traffic over the coming months, according to Channel News Asia.

The terminal was shut down to upgrade work in May of 2020. When completed in 2024, the expansion will expand its capacity from five million to 28 million passenger trips every year.

“CAG is delighted to see the rapid growth in travel demand and has been working together with partners in order to accelerate the gradual opening of T2 prior to the June peak in travel to meet this demand” stated Tan Lye Teck, Executive Vice President of Airport Management of CAG.

“The beginning of flights in Terminal 2 will provide more capacity to help our airlines partners, and they are getting ready to serve more passengers in the coming months. Terminal 2 will be reopened in stages over the coming two years, to help Changi’s rebirth as a regional hub for air,” he added.

A three-storey industrial structure situated on 1. Ang Mo Kio Street 63 is on the market via a private treaty worth $27 million, according to the exclusive market agent CBRE.

The project has a huge loading space as well as a parking spaces for the redevelopment of. The development also has an office auxiliary to the building and a food service for staff.

The total floor area of 116,768 square feet, this development is located on an 87,340 sq feet site which is designated for “Business 2” for use in the 2018 Master Plan with a plot ratio of 2.5.

“1 Ang Mo Kio Street 64 will be appealing to industrialists seeking to be part of an established cluster of technology industrialists working who work in advanced manufacturing, high-tech and semi-conductor industries,” said Graeme Bolin the Head of Occupier and Leasing, Industrial and Logistics Services at CBRE.

Locals who want to invest in a property and avoid paying ABSD might consider purchasing commercial property or an overseas property. Are you interested in learning more? Check out our guide to purchasing commercial Property Singapore. Singapore.

Read also: New co-living properties close to Farrer Park MRT is Dash Living on Kinta

New co-living properties close to Farrer Park MRT is Dash Living on Kinta

City Developments (CDL) saw less residential units sold during the 1Q2022 which ended March 31, due to the property cooling measures announced December 16, the previous year. In its 1Q2022 operational report published on the 24th of May the Singapore-listed property company reported an increase of 41% reduction in properties sold , which was just 188 units with the total amount of $477.9 million for the first quarter. Comparatively, the company had 319 units sold during 1Q2021, resulting in a total amount at $513.6 million.

However, CDL is optimistic about the future of their property development business over the remainder in the calendar year including additional residential launches scheduled. “While the volume of transactions is temporary affected, the organization anticipates for the property market to be robust and prices for housing remain steady due to the moderate supply and solid fundamentals that underlie the market,” its operational update says.

This month the group unveiled Piccadilly Grand, its mixed-use, 407-unit joint venture project on Northumberland Road. The project was well-loved over its weekend of launch which saw three hundred units (77%) sold at an average price of $2,150 per square foot. The upcoming launches for the second quarter in the second quarter of this year comprise the 639-unit executive condo development at Tengah Garden Walk, as and the residential portion of 256 units of an integrated development on Anson Road in the CBD.

in January CDL had been the highest bidder along with the joint venture partner MCL Land for a 210,623 square feet Government Land Sales (GLS) site located at Jalan Tembusu. CDL as well as MCL Land submitted the top offer in the amount of $768million ($1,302 per plot, psf). CDL declares that the proposed development for the site will consist of four blocks ranging from 20 to 21 stories with the total number in 640 homes.

CDL has also completed the purchase from Central Square for $315 million in March. The property will be redeveloped along with the CDL’s Central Mall properties into an expanded mixed-use development. CDL completed the off-market purchase of 179,007 square feet site at 798 and 808 Upper Bukit Timah Road for $126.3 million. The site will be transformed into a residential development of 400 units.

The first quarter of the year saw CDL also completed a series of divestments. This included that of Tanglin Shopping Centre for $868 million via an open tender in February and the purchase of Millennium Hilton Seoul for around $1.25 billion. In the last few months, the group sale of the Golden Mile Complex for $700 million, of which CDL is the sole owner of 6.3% of the total shares as well as 34.8% of the strata area it was announced on the 6th of May.

The Reserve Residences brochure

Seven shophouses located at 284-296 Geylang Road are up for auction with a reserve price in the range of 50 million. The properties are available for sale through an express of interest (EOI) exercise that will close on the 18th of June.

The Reserve Residences brochure will feature modern facilities that make living easy for the residents.

The sole agents who market the properties for these properties are PropNex Realty agents Richard Tan Senior Associate Group District director along with Gracelynn Zhu, associate division director.

The properties are situated in Geylang Road in District 14. In accordance with the most recent master plan, all properties are classified under “commercial” with an average plot ratio of 3.0 and include two-storey shops which are situated on a surface of 10,520 square feet.

On the basis of the reserve price the properties could be offered at the land at a cost of $4,752 per square foot, or $2,767 psf , based on the built-up space of 1807 sq feet. The properties are also granted provisional approval to build attic space that could bring the total space to 23,565 square feet.

Commercial offerings in the area include sanitaryware, hardware and interior design companies and gyms, co-working and co-living areas. “Thus this sale opportunity offers a low-risk, secure and appealing redevelopment opportunity for the owner who will follow with the potential for stable rental income,” says Tan.

Due to its commercial zoning due to its commercial zoning, the properties are not subject to additional buyer’s stamp duty , or seller’s stamp duty. They are available for purchase by both foreigners as well as locals.

The Reserve Residences Jalan Anak Bukit floor plan

A pair of shophouses with freehold located at 79 and 81 Pagoda Street is up for auction at a value of $53million. It is expected that the sale of these properties will be conducted through an auction conducted by the sole agent for marketing, Savills Singapore. The tender is due to close on June 30.

The Reserve Residences Jalan Anak Bukit floor plan is a mixed-use, residential and commercial development, and an integrated transport hub.

The three-storey shophouses are situated on the principal Pagoda Street thoroughfare which sees significant footfall. The properties were constructed in the year 1995, and each has the basement as well as an attic floor.

According to a press statement issued from Savills on the 23rd of May the original facade of the shophouses has been preserved while inside, the spaces were redesigned and modernized. For instance, a passengers lift has been constructed for the floor from the ground up to the attic.

The properties are located on a surface of 2,493 square feet. both sites are classified as “commercial” according to the most recent master plan. They are completely let to a respected F&B operator.

“The Chinatown region is now Singapore’s biggest historic precinct,” says Yap Hui Yee, the senior director of capital markets and investment sales for Savills Singapore. “Sitting in an area that is certainly one of Singapore’s top destinations, in conjunction with the recent ease in international travel, this asset is set to reap the benefits of the booming economic mood.”

The sale does not incur any additional stamp duty on the buyer’s behalf or seller’s stamp duties, and is available to foreign or local customers.

The Reserve Residences Jalan Anak Bukit floor plan

A ground-floor retail space at Lucky Plaza has been offered for sale via expressions of interest. The property is offered for sale at an estimated estimate of $15 million according to CBRE who is the sole agent in charge of the sale of the property.

The Reserve Residences Jalan Anak Bukit floor plan site is expected to yield up to 845 residential units with about 20,000 sqm set aside for commercial use.

If the unit is sold for this price that would be around $22,123 psf in the current strata area.

The 678 square feet retail space is situated near the main entrance to Lucky Plaza retail mall and is currently leased to a convenience store. It is a popular destination for shoppers because of its prominent position. According CBRE, the unit is located in a prominent area. CBRE the property has two frontages that runs on Orchard Road and the other in the mall’s inner arcade.

“This is a unique and exciting opportunity for owners and investors to buy the ground floor retail space within an existing mall located on Orchard Road. Orchard road-facing retail freehold properties are typically restricted and rarely available for sale.” states Michael Tay, head of capital markets, Singapore, at CBRE.

Foreigners and locals are able to buy the property and is designated as commercial. No additional buyer’s stamp tax as well as seller’s stamp duties will be assessed upon the purchase.
The property is likely to attract owners who profit from the shop’s prominent area, while investors will benefit from immediate rental opportunities from the property.

The exercise of expression of interest for this property expires on June 16.