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S$81 million was the final price, 16% over the asking price, for the freehold industrial site on Playfair Road

S$81.18 million was paid for a freehold property The Continuum Condo at 50 Playfair Road in the Tai Seng Industrial Estate.

This is roughly 16 percent over the estimated price of The Continuum when the site was put up for collective sale in mid-October 2023.

According to the site’s only marketing agency, Edmund Tie & Company, this equates to a land charge of The Continuum Balance Unit Chart per square foot per plot ratio.

No offer came in below the asking price. The government entity did not reveal how many proposals were submitted.

According to Swee, the total sales profits for each unit are estimated to be between S$1.65 million and S$6.22 million.

The property has a site size of around 2,489 square metres, is located between Playfair Road and Harper Road, and is within walking distance of the Tai Seng MRT station.

The land is designated “Business 1 – White” with a plot ratio of 3.5 per the 2019 Master Plan of the Urban Redevelopment Authority.

stock exchanged in Singapore The percentage of ownership held by Noel Gifts International is 543% (10 units). The corporate gift retailer said in September that its 10 outstanding units have a net asset value of S$14.7 million as of the end of June 2023.

stock exchanged in Singapore The percentage of ownership held by Noel Gifts International is 543% (10 units). The corporate gift retailer said in September that its 10 outstanding units have a net asset value of S$14.7 million as of the end of June 2023.

In the fiscal year ending in June of 2023, Noel Gifts recorded net rental proceeds of S$358,000 from the units.

With Thursday’s (November 23) closing price of S$0.20 per share, Noel Gifts has a market value of S$20 million.

Suggested Article: Singapore has opened the first luxury bus-turned-hotel in Southeast Asia; have a peek around

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Singapore has opened the first luxury bus-turned-hotel in Southeast Asia; have a peek around

One dollar can get you around on a bus in Singapore, but sleeping overnight would set you back $398.

Repurposing retired city buses into high-end hotel rooms like The Florence Residences, The Bus Collective is the first of its kind in Southeast Asia.

Twenty buses formerly held by SBS Transit, Singapore’s public transport provider, were refurbished for use in the hospitality industry as part of the initiatives like Florence Residences site plan.

The website for this resort hotel is already accepting reservations in anticipation of its December 1 grand opening.

The Bus Collective is situated on an area of 8,600 square metres in Changi Village, Singapore.

The Changi Village Hawker Centre, the Changi East Boardwalk, and the Changi Chapel & Museum are all easily accessible from the property.

The resort hotel offers seven different accommodation types, each with its own set of perks. Some rooms have a bathtub and king-sized bed for an additional SG$398 ($296) per night.

The spokeswoman said that the resort hotel does not provide any on-site recreational activities, but that visitors may book guided excursions led by The Bus Collective via the hotel’s experience centre.

Biking around Pulau Ubin, a small island off the coast of Singapore, is one of the trips on offer. The SG$99 per person price tag for this excursion covers your round-trip ferry fare to and from the island. You may also go sailing at the Changi Sailing Club or on a guided food tour.

Micker Sia, managing director of WTS Travel, told CNBC that the company and its partners intended to demonstrate how tourism, nature, and ecology can work together to be a “catalyst for creating unique and exciting new experiences.”

He went on to say that the project will “set a new standard for sustainable luxury” and “establish a precedent for eco-conscious practises in construction and hospitality.”

Sia told CNBC that the future of The Bus Collective included expansion outside Singapore. Future expansion and new ideas are something we are really interested in investigating, so count on us to remain flexible. We think it might be a hit in other parts of the Asia-Pacific area, and Sia has expressed this belief.

Suggested Article: Minor International launches Kiara Reserve, Phuket’s newest condo

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Minor International launches Kiara Reserve, Phuket’s newest condo

Minor International, which is based in Thailand, and Kajima Corporation, which is based in Japan, have opened their third branded home project in Phuket, Thailand. Kiara Reserve is the name of their new branded home namely Normanton park in Layan Bay, Phuket. This is their fifth project together.

So far, they have finished two other named residence projects, Avadina Hills by Anantara and Layan Residences by Anantara, along with Normanton park price and recreation facilities.

Minor International was founded in 1978. Its first resort was the Royal Garden Resort Pattaya, which was on the beach in Pattaya. It’s called Avani Pattaya Resort & Spa now. In the past 50 years, the company has grown into a foreign conglomerate that works in real estate, hotels, and recreation. It has more than 530 hotels, villas, and private apartments in 63 different countries.

Its hospitality arm, Minor Hotel Group, is in charge of building and running its hotels and resorts. Minor Hotel Group has a number of hospitality names, such as Anantara Hotels, Resorts & Spas. Minor Food Group, a part of the Thai company, is in charge of the restaurants and food and beverage businesses. Minor Corporation is in charge of the retail trade business.

The post-pandemic desire for branded homes has also changed. He adds new branded houses are no longer coupled with a hotel, as was the case when the idea originated here.

“This shows that consumers understand the standalone appeal of a branded residence, as well as the assets’ ability to drive premium rents and prices in this region,” he adds. Domestic demand has always been robust for our Thailand and Malaysia projects, accounting for up to 80% of purchasers. However, European and Asia Pacific buyers have been contacting us more recently.

Most international purchasers still choose freehold branded houses, and Tamthai believes up to half of its developments sell to foreign buyers.

Suggested Article: Solitaire on Cecil sold three storeys for $162.8 mil, a record $4,325 psf

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Solitaire on Cecil sold three storeys for $162.8 mil, a record $4,325 psf

Three stratum floors totaling 37,857 square feet at Solitaire on Cecil, an impending freehold 20-story office skyscraper by TE Capital Partners and LaSalle Investment Management, sold for $162.8 million.

The purchaser is a Singaporean family office run by ultra-high-net-worth individuals. The transaction intermediary was Savills Singapore.

One of the largest sales in absolute value since January 2022 was the selling of the three strata office floors of The Continuums and The Continuums Floor Plan on Cecil. The psf price of $4,325 for the sale of level 20 in the CBD’s commercial office market is now the standard.

Six of Solitaire on Cecil’s fifteen office floors have already been purchased. Galven Tan, deputy managing director of Savills investment sales & capital markets, notes that “most buyers are high-net-worth individuals and local and foreign family offices.” Even more Chinese organizations are showing interest and want to see the show.

Solitaire on Cecil’s two ground-floor café/restaurant spaces have also been leased out, with one selling for over $5,400 psf and the other said to have fetched about $6,000 psf.

Suggested Article: Property Experts Expects Healthy Property Demand In 2023

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Property Experts Expects Healthy Property Demand In 2023

Projecting a “very healthy and balanced” need for the residential property industry following year, PropertyGuru’s Chief Executive Officer Hari Krishnan stated the company has no plans of cutting any work. On the other hand, Singapore saw brand-new personal residence sales, excluding executive condos (ECs), decreased 17.3% to 259 systems in November from 312 devices in October.

PropertyGuru’s chief executive officer Hari Krishnan claimed the business anticipates “really healthy and balanced” demand for the residential or commercial property market following year, reported The Business Times.

As a matter of fact, PropertyGuru’s earnings is “broadening” even as the international economic situation deals with a possible recession.

Significantly, the business posted a net income of $3.8 million in Q2 FY2022, making it the initial Singapore-grown startup to come to be profitable after detailing in the United States– although on a quarterly basis just. However, it signed up a bottom line of $7.4 million in Q3 FY2022. Nevertheless, this was still a renovation considered that the business tape-recorded a bottom line of $9.6 million in the previous year.

Meanwhile, the business’s adjusted earnings prior to interest, tax obligations, depreciation and amortisation (EBITDA) enhanced from $3 million in Q2 to $5.7 million in Q3.

Krishnan said this much better mirrors the company’s performance because it is an asset-light organization.

He likewise revealed that PropertyGuru has no plans to cut any type of work.

“We understand just how to handle our money reserves, we understand just how to handle our staff, and also therefore we will certainly not be doing layoffs,” he claimed, including that the firm would rather reduce investments if the business were to decrease.

Singapore saw new private house sales, excluding executive condos (ECs), declined 17.3% to 259 units in November from 312 systems in October. On a yearly basis, brand-new house sales dove 83.3%.

Huttons Asia noted that the number is even reduced contrasted to the sales registered in April 2020 when the breaker was imposed and Property Agent Recruitment will also improve.

Edmund Connection’s Head of Study and Consulting Lam Chern Woon connected the softer sales energy to a number of elements– specifically, “a significantly tight financing atmosphere, a year-end time-out in homebuying tasks, as well as the marketplace keeping back for brand-new task launches next year”.

The Core Central Area (CCR) accounted for 57% of the complete sales in November, while the Rest of Central Area (RCR) and Outdoors Main Area (OCR) composed 28% as well as 15%, specifically.

Suggested Article: Zillennial couple rejects executive apartment & opts for 5-room Pasir Ris resale without COV instead


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Zillennial couple rejects executive apartment & opts for 5-room Pasir Ris resale without COV instead

Like numerous young pairs, Nigel (26), as well as Charlene (25), had actually tried choosing the BTO path for their first home (” We pursued a Tampines BTO and also an SBF, both of which we did not obtain good numbers …”).

The couple, both civil servants, intended to have their own area immediately, so they began trying to find a resale level on building portals such as 99. co in June 2021. A month later on, they proceeded with house viewings.

The process of shortlisting the systems was pretty easy for them as they were really clear on their standards as well as location.

The couple’s must-haves were:

  • Open kitchen area.
  • Three bedrooms and also two washrooms.
  • A large living room area.
  • Located in Pasir Ris, close to Nigel’s parents (they’re additionally knowledgeable about the amenities in the neighborhood).
  • Fairly not as well far from the MRT.
  • An edge level.
  • Leedon Green Price List.

Not found on flooring that’s also low to ensure that the rubbish chute downstairs does not encounter the home windows straight (like those apartments on the third flooring).
” Yet at the same time, it was somewhat discouraging when your houses we shortlisted were not offered,” the couple showed us.

5– area and also executive flats weren’t the only flat types they were considering. They had also widened their choices to 4-room flats.

” As long as the price was right for the dimension of the house, together with the other standards, we were down for it.”.

Nigel and Charlene, that share their home-ownership trip on their shared Instagram account, then remembered watching a 4-room flat that the couple were alright with size-wise. Yet the format didn’t permit them to turn their open kitchen fantasizes right into a fact. Even if they had actually wanted to, they needed to invest additional to hack and erect the walls.

” It additionally had a passage (that no one uses), so the light coming through the flat had not been brilliant sufficient.”.

The couple had actually also checked out low-floor systems on the 3rd floor, despite those running out their preliminary requirements.

” There was one 5-room executive house; it’s very huge, and the price listed was just S$ 530k. The room was even larger than what we have now.”.

The dealbreaker? It was dealing with the rubbish chute. Its windows were likewise dealing with the hallway and also the opposite block. They likewise felt that having too much room may not be good after all.

” And in some way, it just really did not offer us enough of the ‘Yes! This is it!’ ambiance to counter the low floor.”.

Also Read: 7200 BTO flats completed in 1H 2022, up 15% from last year, Singapore

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7200 BTO flats completed in 1H 2022, up 15% from last year, Singapore

The variety of Build-to-Order (BTO) apartments finished in the very first fifty percent of 2022, enhanced by 15% to 7,219 systems in 1H 2022. Meanwhile, Singapore and New York tied for the highest development in the prime domestic rental fees along with the Bazi Analysis Singapore fees, with a rise of 8.5% in the initial fifty percent of 2022.

The variety of BTO apartments finished in the first half of 2022 boosted by 15% to 7,219 systems from 6,275 systems over the very same period last year, reported CNA mentioning the Housing and Advancement Board (HDB).

The completed apartments were spread throughout 6 BTO tasks– Senja Heights, Senja Ridges, Senja Valley, Northshore Edge, Dakota Breeze, and Fernvale Glades.

The original conclusion dates of all six projects were prolonged as a result of the pandemic.

HDB kept in mind that 3 of them were finished over a month ahead of their modified probable conclusion days as communicated to flat buyers around 3 to 9 months ago.

HDB attributed the progression in 1H 2022 to the stable recuperation in the construction sector because of the enhancing migrant workforce and also COVID-19 scenario as well as the “strong assistance and support provided to the sector”.

Till the BTO supply is recovered, young family members remain to be funneled in the direction of the HDB resale market. HDB resale flat costs are presently at an all-time high, with buyers favoring bigger level kinds. Those that are waiting to accumulate their keys and wish to live beside their family members continue to rent out, sustaining the HDB rental markets.

New York register highest rental growth in 1H 2022 and more


Singapore and New york city are linked for the greatest development in the prime domestic lease, with a rise of 8.5% in the initial half of 2022, disclosed to a Savills report.

London follows close behind with rent climbing 7.7%. Also on the leading five listings are Lisbon as well as Miami.

Regardless of boosted global unpredictability and also increasing interest rates, prime household rent outpaced funding worth development, rising by approximately 3.1% versus a 2.4% hike in capital worths, claimed the record.

It is kept in mind that the hike in the lease is fuelled by various variables consisting of the return of global traveling as well as the greater prioritization of residence due to adaptable job patterns.

“An absence of inventory will certainly remain to fuel development in the near term, particularly for the type of residences prime tenants are demanding: centrally located, quality devices with larger floor plates. For these residential or commercial properties, the Covid lockdown rental deal is definitely a distant memory,” claimed Paul Tostevin, Head of Savills World Research.

With this, Alan Cheong, Head of Savills Research and Consultancy Singapore, expects rents for non-landed luxury household units within the city-state to finish 2022 with a 20% year-on-year boost.

Currently, tight rental supply, as well as reduced residential opening rates, are contributing to unfaltering rental price growth in the private property rental markets. As more condos are expected to obtain their Temporary Line of work Permit (TOP) and projects are completed in 2022, and beyond, it is anticipated to help modest costs.

Related Post: GCB sales volume to ease in 2022, increase in property auction listings and more

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GCB sales volume to ease in 2022, increase in property auction listings and more

After a durable efficiency in 2021, the Excellent Class Bungalow (GCB) market is expected to see a drop in sales volume this year. On the other hand, the residential property auction market is anticipated to register a walking in listings, although the success rate is anticipated to decline.

1. GCB sales quantity to reduce in 2022, yet prices anticipated to remain firm

Market spectators anticipate the sales quantity forever Course Bungalows (GCBs) to alleviate this year as much of the supply has been removed from the marketplace after the strong sales momentum signed up in between Q4 2020 as well as Q3 2021, reported Winning Move Properties.

However, GCB rates are still expected to enhance, albeit at a slower pace, in the middle of the solid demand for such homes. Newsman Realty Taking Care Of Supervisor KH Tan sees GCB prices increasing by at the very least 10% in the next twelve months.

” A lot of vendors have strong holding power and also are not in a thrill to sell. They will certainly consider offering only if they obtain deals at present prices levels or greater,” claimed List Sotheby’s International Realty’s Senior Affiliate Vice-President Steve Tay, the as priced estimate by BT.

2021 was a year where we saw an uptick in the variety of GCBs that changed hands, with a string of top-level purchases made by numerous tech Chief executive officers and their families– most purchase GCBs to stay in them. With the restricted GCB supply as well as the chance of growth rates, those that plan to acquire GCBs are most likely to buy should they discover an appropriate residential property, keeping demand solid.

2. Auction listings to increase amid rising rates of interest


A lot more properties are anticipated to be noted for public auction this year as the prolonged credit rating support procedures by the federal government end, and rates of interest approach.

Nevertheless, the auction success price can alleviate from the 4.8% success rate registered in 2021, with homes taking longer to market, reported Business Times citing Lee Nai Jia, Deputy Supervisor of the Institute of Real Estate and also Urban Researches at the National College of Singapore.

Knight Frank data revealed that auction listings, consisting of repeat listings yet leaving out homes marketed beyond public auction, increased 35.4% year-on-year to 670 in 2021

The rate of interest is likely to climb in 2022 slowly. Amid boosting home mortgage prices, MAS has alerted Singapore families about expanding home mortgage financial debt. This may dampen interest among potential purchasers seeking to buy financial investment buildings as they look to work out monetary vigilance.

3. Non-landed private house sales dive 57.4% in 2021.

Singapore saw transaction quantity for non-landed personal homes, leaving out executive condominiums (ECs), boost 57.4% to 28,795 devices in 2021, regardless of persisting flareups of COVID-19 variants as well as changing limitations, revealed Knight Frank in a record.

The walk comes also as deal quantity for Q4 2021 declined 20.1% to 6,375 devices from the previous quarter.

At the same time, Cushman & Wakefield exposed that Singapore’s property market attracted virtually $26.2 billion of investment sales in 2021, up 10.4% from the previous year, reported Singapore Organization Evaluation. On a quarterly basis, investment quantity moderated to about $7.4 billion in Q4 2021, with the personal domestic market accountancy for 38% of overall financial investment sales.

In 2015, greater than 20,000 HDB apartments met their Minimum Occupation Duration (MOP). Consequently, a significant variety of HDB upgraders marketed their homes, getting either larger HDB apartments non-landed personal properties. With more than 31,000 HDB apartments readied to meet their MOP in 2022, demand is most likely to linger, specifically for entry-level, brand-new launch projects.

Read: City Developments Limited (CDL) to acquire Central Square for $315mil

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City Developments Limited (CDL) to acquire Central Square for $315mil

City Advancement Limited (CDL) is readied to redevelop its Central Shopping center homes, including its surrounding location, right into a large-scale mixed-use development, it revealed on Thursday (2 December).

This comes after the recommended procurement of Central Square for $315 million.

Notably, CDL’s wholly-owned subsidiary, CDL Constellation, has actually participated in a put and also telephone call option arrangement to acquire Central Square from Far East Friendliness Realty Investment Company (Far East H-REIT) for $313.2 million along with the reversionary leasehold passion from OPH Waterfront for $1.8 million.

Positioned at 20 Havelock Road, Central Square is a 99-year leasehold commercial and also residential advancement, consisting of a serviced residence along with business rooms including retail and also workplace units. It has a continuing to be lease period of about 72 years.

CDL revealed that the purchase includes “a motivation settlement of up to $18 million over the purchase factor to consider, based on particular conditions being satisfied by 31 December 2023, consisting of getting preparation authorization for domestic usage”.

In an SGX declaring, Far East H-REIT kept in mind that the divestment consideration for the building represents a 57.9% premium on the $198.3 million independent evaluation since 31 December 2020 as well as a 70.8% premium on its $183.3 million initial purchase rate in August 2012.

CDL currently owns the Central Mall site, which spans 81,660 sq ft. It comprises the freehold seven-storey Main Shopping center (workplace tower) and a cluster of preservation shophouses nestled on a 99-year leasehold site that features a remaining lease of concerning 71 years.

Upon conclusion of Central Square’s procurement in Q1 2022, CDL intends to redevelop all the sites under the Strategic Growth Reward (SDI) System of the Urban Redevelopment Authority (URA).

” The Summary Approval acquired for the redevelopment of the existing websites right into a mixed-use development permits commercial, friendliness and serviced apartment or condo elements, potentially yielding a gross flooring location (GFA) uplift of 67% to approximately 735,500 sq ft from the existing GFA of 441,650 sq ft,” said CDL.

CDL Team chief executive officer Sherman Kwek shared that Central Square’s purchase crystallizes the group’s plan of attack “to form precinct’s change right into a new as well as vibrant way of living center”.

” This uncommon placemaking opportunity enhances our role in rejuvenating the Singapore River precinct and also straightens with our enhancement approach to unlock the unexposed value of our matured assets,” he stated.

” With the enlarged site namely 1953 condo, we can take a multi-faceted technique to the planning and also the layout of the entire location and also shape the general public realm to increase value for all stakeholders in this district.”

He included that it likewise noted their 3rd restoration campaign within the Central Area.

CDL, together with CapitaLand Advancement, is likewise redeveloping the previous Liang Court website into an integrated job.

It has additionally begun the redevelopment of the former Fuji Xerox Towers at 80 Anson Road.

The recommended redevelopment will certainly include a 45-storey mixed-use integrated project, of which 40% will be allotted for retail as well as workplace functions, 35% for a property as well as 25% for serviced homes.

The domestic part, making up around 256 systems, is set for launch in 2H 2022.

Read: Midtown Modern saw overwhelming demand during launch Sells 61% Of Units

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Midtown Modern saw overwhelming demand during launch Sells 61% Of Units

Downtown Modern saw a frustrating need during its launch, with 340 units or 61% of the advancement’s 558 devices sold over the weekend break launch.

Especially, around 90% of all one- as well as two-bedroom units as well as near 50% of all three-bedroom devices were moved during the launch.

8 four-bedroom devices were also marketed in addition to one of both penthouses.

“The rate per sq ft (psf) attained by Midtown Modern varied from $2,401 psf to $3,501 psf, with systems cost an average rate close to $2,800 psf,” claimed GuocoLand.

With this, a one-bedroom system fetched $1.17 million and $5.63 million for a four-bedroom unit.

The five-bedroom penthouse, which spans 3,520 sq ft, went for $14.83 million or $4,213 psf.

“The overwhelming demand for Midtown Modern can be credited to the development’s one-of-a-kind attributes which are unreplicable– direct access to Bugis MRT interchange station, becoming part of the transformative Guoco Midtown, as well as complete apartment centers with greater than one hectare of gardens as well as forest right in the heart of the city,” said Dora Chng, General Manager, Residential at GuocoLand Singapore.

Singaporeans made up 85% of the complete purchasers, while permanent citizens and immigrants composed the staying 15%.

GuocoLand noted that the purchasers profile consist of “a mix of owner-occupiers and investors throughout various demographics, from singles or couples that favored the one-bedroom as well as smaller two-bedroom systems, to family members that were excited with the extremely efficient and liveable larger two-bedroom (that includes 2 rooms, 2 bathrooms as well as a utility room) and also three-bedroom systems”.

The majority of the owner-occupier customers come from smaller household dimensions or are of more youthful age, who located the two-bedroom and three-bedroom device layouts “really thoughtfully designed for liveability”, stated Chng.

As a matter of fact, a few of the investor-buyers likewise expressed their objective to ultimately relocate into Midtown Modern when they age.

“We are anticipating bigger families ahead as they improve acquainted with the advancement,” included Chng.

Ready to be finished in 2024, Midtown Modern is a joint endeavor between GuocoLand, Hong Leong Holdings Limited as well as Hong Realty (Private) Limited developer of the fastest growing condo namely Parc Central, so see Parc Central Residences Price List and view Parc Central Residences Showflat.

It opened up for a sneak peek on 6 March, with the program gallery situated at Kallang Flight terminal Means.

Suggested Read: 3 Tips on Property Investing for Non-Millionaires