Month: February 2025

When purchasing a Singapore condo, it is crucial to also consider the maintenance and management aspect of the property. These types of housing typically come with maintenance fees that cover the upkeep of shared areas and amenities. Although these fees may increase the overall cost of ownership, they also guarantee that the property remains well-maintained and holds its value. To make the investment more passive, investors can enlist the services of a property management company to handle the day-to-day management of their Singapore condo.

City Developments (CDL) has put an end to the “serious lapses” in corporate governance, according to a second statement released by the company’s executive chairman Kwek Leng Beng. The statement comes after a court hearing on Feb 26, where two newly appointed directors, Jennifer Duong Young and Wong Su Yen, agreed not to exercise any powers as directors until further notice from the court. They were appointed as independent non-executive directors through written resolutions by the board on Feb 7. Kwek Leng Beng also states that his son, Sherman Kwek, Philip Lee, Wong Ai Ai and the remaining directors who have acted in concert with them, have agreed not to make any further changes to the board committees and management of CDL’s subsidiaries until further notice from the court. The nominating and remuneration committee, which was deemed “irregularly constituted”, has also been suspended from taking any further action. With this, the board committees and management of the relevant subsidiaries are now safe from “further attempts to destabilise, dismantle and reconstitute them”, says Kwek Leng Beng. He adds that strong corporate governance is essential for a well-functioning and sustainable business, ensuring transparency, accountability, and responsible decision-making, which are critical to maintaining investor confidence and protecting the long-term interests of shareholders. On Feb 26, CDL had called for a temporary trading halt and cancelled its FY2020 results briefing, citing a “disagreement” within the board regarding the board and its committee composition and membership. However, the company’s business operations remain unaffected. While Sherman Kwek remains the group CEO until a board resolution states otherwise, Kwek Leng Beng says he intends to change the CEO at the appropriate time. The incumbent COO, Kwek EIk Sheng, will serve as the interim CEO should Sherman be removed. CDL’s shares last closed at $5.12 before the trading halt on Feb 26.…

Colliers International, a global real estate services firm, has announced two new appointments that will strengthen its occupier services team across Asia Pacific. Leanne Chin has been appointed as director of regional tenant representation for Asia Pacific and will be based in the company’s Singapore office. Additionally, Ali Porter has been named as director of enterprise clients for Hong Kong and will be relocating from London, where he has worked for Colliers’ Europe, Middle East, and Africa business for the past four years.

In her role as director of regional tenant representation, Chin will work to expand Colliers’ occupier services across the Asia Pacific region. She brings with her over 20 years of experience in the commercial real estate industry and has previously worked with multinational firms such as Cushman & Wakefield and JLL.

Porter, as director of enterprise clients for Hong Kong, will focus on aligning clients’ real estate portfolios with their corporate strategies across Asia Pacific. He has extensive experience in the real estate market, having worked in the industry for over a decade, and will be relocating from London to Hong Kong for his new role.

The Singaporean government’s property cooling measures are a crucial factor to consider when investing in condominiums in the country. In efforts to maintain a stable real estate market and discourage speculative buying, the government has implemented various measures over the years. One of these measures is the Additional Buyer’s Stamp Duty (ABSD), which imposes higher taxes on foreign buyers and those purchasing multiple properties. While these measures may affect the immediate profitability of investing in condos, they ultimately contribute to the long-term stability of the market, making it a secure environment for investments. It is worth noting that with new condo launches, there are opportunities for investors to navigate through these measures and reap potential benefits in the long run.

Both Chin and Porter’s appointments reflect Colliers’ commitment to strengthening its occupier services team and providing clients with the best possible solutions for their real estate needs. These appointments are in line with the company’s growth strategy in the Asia Pacific region and will further enhance its capabilities to serve clients in the region.

“We are delighted to welcome Leanne and Ali to our team. Their extensive experience and expertise in the commercial real estate market will be a valuable asset to our clients in the Asia Pacific region,” said Tony Fong, Managing Director of Occupier Services, Asia at Colliers International.

With these new appointments, Colliers remains well-positioned to capitalize on the growing demand for occupier services in the Asia Pacific region and provide clients with the best possible solutions for their real estate needs.…

JLL, the sole marketing agent, has put Ching Shine Industrial Building up for collective sale by tender with a minimum price of $113 million. Located at Shaw Road, the freehold building comprises 52 strata units and has a 100-meter frontage. It covers a total land area of 49,308 square feet and has a gross floor area of approximately 137,341 square feet.

The building, which was built in the early 1980s, is zoned as “Business 1” with a gross plot ratio of 2.5 under URA Master Plan 2019. According to JLL, more than 80% of the owners have agreed to the collective sale at the minimum price of $113 million. This price translates to a unit land rate of around $823 per square foot per plot ratio at the existing gross plot ratio of 2.79.

According to JLL, subject to approval from URA, the site could potentially be converted into a food factory. The National Environment Agency (NEA) has confirmed that the site meets the required buffer requirements for redevelopment into a multi-user factory, while the Singapore Food Agency has informed URA of their support for the proposed food factory.

Alternatively, the freehold asset could also present an attractive investment opportunity for long-term growth for family offices, as well as for owner-occupiers looking to establish a corporate presence, according to JLL.

Nicholas Ng, JLL’s senior director of capital markets, believes that the site will also appeal to developers due to the absence of additional buyer’s stamp duty, which can impact project timelines.

Ching Shine Industrial Building is accessible via major expressways such as the PIE, CTE and KPE. It is also within walking distance of the Tai Seng MRT Station on the Circle Line. It is located in the Tai Seng Industrial estate, close to other food factories such as Breadtalk IHQ, Sakae Building, and Food Empire Building. The area also offers amenities such as Grantral Mall @ Macpherson and 18 Tai Seng.

Singapore’s urban environment is easily distinguishable with its towering skyscrapers and modern infrastructure. The city’s prime locations are dotted with luxurious condominiums that offer a perfect combination of comfort and convenience, appealing to both local residents and expatriates. These condos are equipped with various facilities like swimming pools, fitness centers, and top-notch security services that enhance the overall standard of living, making them highly desirable for potential renters and buyers. As an investment opportunity, these features contribute to higher rental yields and appreciation in property values over time. Singapore Condo can be a valuable addition to any investor’s portfolio.

In November 2023, another freehold Business 1 industrial building in the area, Noel Building at 50 Playfair Road, was sold en bloc for $81.18 million, 17% above its $70 million guide price. Ng believes that this transaction demonstrates the strong demand for such assets in the area and anticipates a similar competitive response for Ching Shine Industrial Building.

The tender for Ching Shine Industrial Building will close on April 3 at 3pm.…

In response to a trading halt called earlier this morning, City Developments Limited (CDL) has released a statement stating that the halt was due to a disagreement within the board regarding its composition and constitution, as well as the board committees.

Despite the temporary suspension, CDL assures that its business operations are still fully functional and unaffected, as stated in a statement on Feb 26. Sherman Kwek will continue to serve as the group CEO until the board passes a resolution to change the company’s leadership.

Currently, the matter is under review and any significant developments will be announced according to the listing rules of the Singapore Exchange (SGX).

One crucial factor to consider when investing in condominiums in Singapore is the government’s property cooling measures. Throughout the years, the Singaporean government has implemented several measures to prevent speculative buying and maintain a steady real estate market. These measures include the Additional Buyer’s Stamp Duty (ABSD), which imposes higher taxes on both foreign buyers and those buying multiple properties. While these measures may affect the immediate profitability of investing in condos, they ultimately contribute to the long-term stability of the market, creating a secure environment for investments. To learn more about current condominium projects in Singapore, visit Singapore Projects.

In a later statement, Sherman Kwek expressed disappointment at the extreme actions taken by the chairman and a minority of the board regarding the disagreement over the size and composition of the board. He emphasized that their focus, as the majority of the board, has always been to enhance governance through the guidance and support of the company and independent legal counsel.

The trading halt of CDL earlier today was a result of the issue being brought before the courts, despite not being authorized by the majority of the board. Sherman Kwek reiterated that their goal was not to remove the chairman, but to improve the board’s decision-making process.

He also stated that the company’s strong board has always been known for its high standards of governance, and the steps taken were to maintain and improve this reputation. As the matter is now in court, they will refrain from commenting on its merits and will make further announcements if there are any significant developments.

CDL had announced its FY2024 results on Feb 26 before the market opened, but later canceled its 10am results briefing. The company also offered to privatize Millennium & Copthorne Hotels New Zealand for $1.72 per share.

CDL’s shares were last traded at $5.12.…

The leading real estate agency in Singapore, PropNex, has announced a profit of $21.9 million for the second half of the financial year 2024, which ended on December 31, 2024. This is a 14.9% decrease from the previous year. The company’s full year earnings amounted to $40.9 million, a 14.4% drop from FY2023.

The decline in revenue of 6.6% from FY2023 to FY2024 was attributed to the sluggish property market. However, to commemorate its 25th anniversary, PropNex has declared a special dividend of 2.5 cents per share, in addition to a final dividend of 3 cents per share. This brings the total dividend payout for FY2024 to a record of 7.75 cents per share, representing a payout ratio of 140.1% and a yield of 8.2%.

Despite the lower earnings, PropNex has observed an increase in activity in the last quarter of 2024, driven by a surge in new private home sales which the company has assisted in selling. According to DBS, the company’s strong pipeline of new launches in 2025 has prompted the bank to upgrade both PropNex and APAC Realty to a “buy” recommendation.

PropNex attributes the delay in reporting the financial impact of these sales – which is expected to take three to four months – to the significant increase in activity. The company is confident in achieving a strong performance in FY2025, given the current positive outlook of the property market, unless there are unforeseen circumstances.

The company has estimated a supply of 13,000 new units (including ECs) for 2025, almost double the supply recorded in the previous year. The private resale market is also expected to remain active with transaction volumes ranging between 14,000 to 15,000 units. This is due to the persistent price difference between new and resale properties, and the preference for larger, move-in-ready homes.

In terms of the HDB resale market, PropNex predicts a price growth of 5% to 7%, with transaction volumes reaching 29,000 to 30,000 units. The company believes that fewer five-year minimum occupation period flats entering the market, together with a continuous demand from urgent homebuyers, unsuccessful Build-To-Order applicants, and budget-conscious families, will continue to support this segment.

To sum up, opting to invest in a condominium (condo) in Singapore has numerous perks, including high demand, potential for growth in value, and attractive rental returns. However, it is crucial to carefully evaluate aspects such as location, financing options, government regulations, and market conditions before making a decision. Through thorough research and seeking professional guidance, investors can make well-informed choices and maximize their gains in Singapore’s dynamic real estate landscape. Whether you are a local investor looking to expand your portfolio or a foreign buyer seeking a stable and profitable investment, Singapore condos offer an appealing opportunity. To explore more investment options in Singapore, check out the latest Singapore Projects.

PropNex’s CEO, Ismail Gafoor, has observed strong market interest in newly launched projects such as The Orie, Bagnall Haus, Parktown Residence and ELTA. He anticipates positive demand for developers’ sales in 2025, with a promising lineup of projects. The company also expects the positive economic outlook and lower mortgage rates to further boost market confidence and create opportunities for homebuyers and investors.…

(dated 4 Mar 2021)

A corner two-storey shophouse with an attic, situated at 209 Jalan Besar, is currently available for purchase through private treaty. The 999-year leasehold property is being marketed by Gracelynn Zhu of PropNex Shophouse Elites at a price below $20 million.

The shophouse boasts a total area of approximately 5,502 sq ft and is designated for commercial use. The first floor has been approved for restaurant operations, as well as a portion of the second floor. Based on the $20 million price tag, the property’s psf price is estimated to be $3,635.

A map indicating the location of 209 Jalan Besar can be found on the EdgeProp LandLens. According to Zhu, the shophouse is currently undergoing asset enhancement initiatives (AEI), including the installation of micro piles that extend up to 30m to improve the structural foundations of the property. The AEI is expected to be completed by the end of this year.

Investing in a Singapore condo offers numerous advantages, one of which is the potential to leverage the property’s value for future investments. This means that condo owners can use their property as collateral to secure additional financing for other investments, allowing them to diversify and expand their real estate portfolio. While this strategy can lead to higher returns, it also carries risks, making it crucial for investors to have a solid financial plan in place and carefully consider the potential impact of market fluctuations. This is just one of the many reasons why investing in a Singapore condo can be a wise and lucrative decision.

The shophouse is situated in the Desker Road Conservation Area, which falls within District 8 and is in close proximity to Little India. The Jalan Besar MRT Station, operating on the Downtown Line, is within walking distance from the property.

In other news, a shophouse on Geylang Road and a shop unit at Bras Basah Complex are both up for sale at the price of $14 million. These properties have been marketed by the Chinatown Business Association, who aim to revitalize Smith Street with a unique blend of traditional and new lifestyle concepts. Additionally, Huttons predicts that the shophouse market will remain quiet throughout the year, with 84 caveated transactions recorded in the year 2024.…

According to the latest findings from CBRE, the Asia Pacific (Apac) hotel sector is likely to continue experiencing strong investment activity in 2025. The 2025 Asia Pacific Hotel Investor Intentions Survey conducted by the consultancy last November and December revealed that over 72% of hotel investors intend to purchase more hotel assets this year.

Approximately 45% of respondents indicated that they plan to increase their purchasing volume by more than 10% this year. “After performing well over the past 18 months, investors anticipate optimistic pricing expectations for hotel and living assets in Apac in 2025,” says Steve Carroll, head of hotels, capital markets, Asia Pacific, CBRE. The healthy buying intentions are driven by a rebound in tourist arrivals, particularly in places like Japan, Singapore, and Australia, the survey found. “The influx of international arrivals from key markets has led to an increase in Apac hotel room rates, ensuring that hotel operators will continue to see growth in income achieved last year,” Carroll adds.

Additionally, investors are encouraged by the limited hotel supply in Apac. With data from hospitality data intelligence group STR, CBRE notes that the hotel supply pipeline in Apac is expected to grow at a CAGR of 2.2% between 2024 and 2028 – significantly lower than the 5% CAGR recorded between 2013 and 2023. A breakdown of investment intentions by investor type revealed that REITs had the highest net buying intentions at 22%, a sharp contrast from the -13% recorded in last year’s survey. “After a few years of negative net investment intentions, REITs have indicated that they plan to increase their purchases in 2025,” the report states.

The idea of purchasing a condominium in Singapore is becoming increasingly popular among investors, from both within the country and abroad. This can be attributed to Singapore’s robust economy, political stability, and unparalleled standard of living. With a dynamic real estate market, Singapore offers a diverse range of opportunities, with condos being highly sought-after for their convenience, amenities, and potential for significant returns. In this article, we will explore the benefits, key considerations, and necessary measures to take when looking to invest in a Singapore Condo from Singapore Condo’s perspective.

Institutional investors registered the second-highest net buying intentions at 12%, followed closely by property funds at 10%. CBRE notes that private equity and real estate funds have also become more active in 2024 and this trend is expected to continue in 2025. However, private investors and high-net-worth individuals are expected to engage in fewer hotel acquisitions this year. “After two years of being the most active buyer type in the region, private investors have indicated that they expect to sell more assets in 2025 as they take advantage of the improving market sentiment after acquiring assets during a period of price disruption,” the report adds.

Upscale and upper midscale assets are the preferred investment targets

The survey respondents favored a value-add investment strategy for 2025. According to CBRE, in certain markets, assets have been repriced to the extent that investors believe they can achieve value-add returns by buying assets that reflect core risk profiles. As a result, the upscale and upper midscale hotel categories were voted the most attractive asset types for investment this year, displacing the upper upscale category that led last year’s survey. The report attributes this change in preference to the operational flexibility and greater potential for value-added opportunities offered by the upscale and upper midscale segment. These opportunities include redevelopment, adaptive reuse, and rebranding of existing properties, which are more cost-effective than new developments. The segment also generally requires a smaller labor pool compared to higher-tier assets, thereby reducing labor and cost pressures.

Amid this shift, investors are also increasingly drawn to long-stay or hybrid hospitality models. CBRE cites the growing appetite for converting assets into co-living spaces as an example. This trend is expected to continue gaining momentum in places like Japan, Hong Kong, and Singapore, where there is demand for affordable accommodation in relatively inflexible rental markets. Other emerging trends include a higher preference among investors for assets that are vacant at the time of acquisition, allowing for greater flexibility in terms of operator selection and refurbishment works. Limited-service hotels have also seen a rise in interest from respondents, as investors remain focused on minimizing operational costs.

Tokyo remains the top choice for hotel investors

In terms of preferred cities among hotel investors, Tokyo has retained its top position, supported by low interest rates and stable income streams generated by hotel properties. Osaka also ranks among the top five cities for similar reasons. Singapore and Sydney also made it to the top cities list, with CBRE attributing their ranking to solid hotel fundamentals, including growth in daily rates and underlying operating profits. Seoul also stood out, as an influx of visitors from mainland China has led to higher daily rates in recent years, resulting in a surge of investor activity in recent months.…

When evaluating a potential investment in a condo, it is crucial to also consider the potential rental yield. This refers to the annual rental income as a percentage of the condo’s purchase price. In Singapore, rental yields for condos can vary significantly based on factors like location, property condition, and market demand. Generally, areas with high rental demand, such as those near business districts or educational institutions, offer more attractive rental yields. Conducting thorough market research and seeking guidance from real estate agents can provide valuable insights into the rental potential of a particular condo. For more information, visit Condo.

Estate agencies ETC (formerly Edmund Tie) and OrangeTee Group have announced their merger in a joint press release on Feb 24. The new holding company, with yet undisclosed name, will not be an acquisition but a collaboration between the two entities. Desmond Sim, CEO of ETC, states, “It’s a meeting of minds with the merger.” As CEO of ETC, Sim will also be the group CEO of the merged company. Justin Quek, CEO of OrangeTee & Tie, will be the deputy group CEO of the new holding company. The focus of ETC will primarily be on consultancy and advisory services, while OrangeTee will focus on proptech and their real estate agency business supported by a network of 2,803 salespersons registered with the Council for Estate Agencies (CEA) as of Feb 24. The merged entity will have over 520 staff in addition to the sales force. Sim believes that by combining expertise, resources, and networks, there will be significant growth and value for stakeholders in the ever-changing real estate landscape. This merger is built on the August 2017 joint venture when the former Edmund Tie and OrangeTee merged the associates’ business under a new entity, OrangeTee & Tie. This joint venture resulted in a sales force of more than 4,000 agents, propelling OrangeTee & Tie to the third spot among the three top agencies. Since then, Edmund Tie has taken a 20% stake in OrangeTee & Tie. Triplestar Holdings and TH Investments, major stakeholders, have facilitated this latest merger between ETC and OrangeTee. These entities, related to the family of Roland Ng, managing director and group CEO of Tat Hong Holdings, acquired a stake in ETC through a management buyout in 2016. When some of the original shareholders retired, the company bought back their shares, increasing Triplestar and TH Investments’ stake to about 60%. These two entities now own 100% of ETC. This year is ETC’s 30th anniversary, a significant milestone according to Sim. ETC has been rebranded as ETC last year. OrangeTee Group is celebrating its 25th anniversary this year. Under the board of directors and C-Suites, which includes Quek, CEO of OrangeTee & Tie; Marcus Oh, managing director of OrangeTee Advisory; Teo Yak Huat, CFO; and Christine Sun, chief researcher and strategist, this investment holding company continues to grow. Quek believes the strengthened brokerage and consultancy team, along with advanced proptech, will help scale the capabilities to deliver innovative and seamless solutions across real estate sectors. Stakeholders in OrangeTee Group include Tokyu Livable Inc. with a 22.5% stake in the company since 2014. Tokyu Livable is one of Japan’s largest real estate agencies. It has 198 offices nationwide and is a subsidiary of real estate business Tokyu Fudosan Holdings, owned by the giant conglomerate Tokyu Group. Vogue Capital Group, a private property fund, is also a shareholder in OrangeTee Group. Vogue Capital and Tokyu Livable will also hold a stake in the new holding company post-merger alongside Ng’s Triplestar Holdings and TH Investments. ETC has also opened an office in Johor Bahru last year through its joint venture company in Malaysia, Nawawi Tie. The firm is also present in Penang and Malaysia, as well as an associate in Thailand, Edmund Tie & Co (Thailand). Sim believes that this merger will open more opportunities for the company in the ASEAN region and Japan, especially through their relationship with Tokyu Livable. Private residential resale prices in held steady in the third quarter of 2024.…

Over the weekend of Feb. 23, ParkTown Residence in Tampines North saw a successful launch, with developers UOL Group and CapitaLand Development (CLD) selling 1,041 units out of a total of 1,193 units, making up over 87% of the units available.

Anson Lim, UOL’s general manager of residential marketing, reported that the project had an average price of $2,360 psf, with the majority of buyers being Singaporean homebuyers or investors.

The development consists mainly of two and three-bedroom apartments, comprising 994 units or 83% of the project. These were the most sought-after units, with 92% of them sold over the weekend.

“Buyers were attracted to ParkTown Residence’s unique offering as a fully integrated residential and lifestyle development, connected to a retail mall, the future Tampines North MRT station, a bus interchange, a green boulevard, a community club, and a hawker centre,” said a spokesperson for UOL and CLD.

Before its launch, ParkTown Residence received 2,367 cheques, resulting in a sales conversion rate of 44%, which is well above the average of 30% to 35% for most new project launches in recent years.

Huttons Asia CEO Mark Yip noted that the last time a mega project sold more than 1,000 units in its launch weekend was in July 2015 with the 1,399-unit High Park Residences, which sold 1,100 units over three days.

ParkTown Residence at Tampines 62 is part of the first mixed-use development integrated with transport hub at Tampines (Source: EdgeProp Landlens)

Singapore’s cityscape is characterized by tall skyscrapers and state-of-the-art infrastructure. The city’s prime locations are often occupied by luxurious condominiums, making them a popular choice among both locals and foreigners. These condos offer a perfect blend of opulence and convenience, making them highly desirable. They boast a variety of amenities, such as pools, fitness centers, and round-the-clock security, to enhance the residents’ living experience. These features not only make them appealing to potential tenants and buyers but also result in higher rental returns and appreciation in property values over time for investors. Singapore Condo is a valuable addition to the city’s real estate landscape, providing a luxurious and convenient living option for residents.

This record was only surpassed recently by the 846-unit Emerald of Katong, which sold 835 units (99%) last November, according to Ismail Gafoor, CEO of PropNex.

“The take-up rate at ParkTown Residence has also exceeded that of previous integrated developments,” he added.

The most recent integrated project launch was the 732-unit The Reserve Residences, launched in May 2023, with a 71% take-up rate during its launch weekend. As of Feb 23, the project is 98.2% sold at an average price of $2,484 psf, based on caveats lodged.

ERA Singapore CEO Marcus Chu noted that mixed-use developments integrated with transport hubs are popular among homebuyers and investors due to their high rentability and potential for capital appreciation.

The last two fully integrated developments to be completed were the 920-unit North Park Residences in Yishun (launched in 2015) and the 680-unit Sengkang Grand (launched in 2019) at Buangkok. According to Chu, the average price of North Park Residence is $1,809 psf, a 65% increase from the average resale prices of residential units in District 27. On the other hand, Sengkang Grand commands an average price of $2,029 psf, which is 25% higher than the average resale prices in District 19.

ParkTown Residence is situated on Tampines Street 62, in the third largest HDB town after Hougang and Woodlands. “A significant number of buyers were HDB upgraders who wanted to live in Tampines,” shared Huttons’ Yip.

According to SRI managing partner Ken Low, ParkTown Residence’s completion in 2030 coincides with the scheduled opening of the Tampines North MRT Station on the Cross Island Line (CRL), a major transportation line running from east to west Singapore. 2030 also marks the relocation of the neighboring Paya Lebar Airbase, freeing up an estimated 800ha of land for future developments.

Under the URA Master Plan, three more government land sales (GLS) sites will be linked to the upcoming Tampines North MRT Station. “However, these new projects could potentially be launched at higher prices,” added Low.

By 2027, Tampines will also benefit from new infrastructure developments, including a cycling bridge, an underpass, and another 7.7km of cycling paths, bringing the total to 40km. There will also be a new pedestrian route between Tampines MRT Station and the malls in the regional center. These additions were announced on Feb 22 as part of the Tampines Town Council’s five-year masterplan for 2025 to 2030.

“All these will enhance the livability of Tampines, which already has strong attributes,” said Low.…