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Emerald of Katong, a newly launched development by Sim Lian Group, saw a strong sales performance during its launch weekend. Out of a total of 846 units, 835 were sold (98.7%) in just two days. The VIP sales on Nov 15 saw 401 units (47%) snapped up, followed by another 434 units on Nov 16. The average price of units sold over the weekend was $2,621 psf. When asked for comment on the sales, Sim Lian declined.

According to Mark Yip, CEO of Huttons Asia, the launch of Emerald of Katong likely holds the record for the most number of units sold in a day, beating J’Gateway’s previous record of 738 units in June 2013. As of now, there are only 11 units still available at Emerald of Katong, nine of which are one-bedroom units and two are five-bedroom units. All two-, three-, and four-bedroom units have been sold out. Yip noted that buyers seemed to prefer the larger units with a study or flex layout, likely purchasing for owner-occupation and needing the extra space to suit their lifestyle needs.

For the latest details on available units and prices at Emerald of Katong, interested buyers can check with the real estate agents. Emerald of Katong sales chart as of 9.30pm, Nov 16 (Sources: Real estate agents)

Lee Liat Yeang, the real estate senior partner of Dentons Rodyk & Davidson LLP, the developer’s lawyers, regards Emerald of Katong as the top-selling project of 2024. This is in terms of both the number of units sold and the percentage sold during its launch weekend. The sales performance of the 99-year leasehold project at Jalan Tembusu in District 15 is particularly impressive as it was launched alongside two other projects on the same weekend.

Nava Grove, a 99-year leasehold development by MCL Land and Sinarmas Land, reportedly sold 359 units out of 552 units on Nov 16, representing 65% of its total units. On the same day, Novo Place, a 504-unit executive condominium (EC) at Plantation Close in Tengah, by joint developers Hoi Hup Realty and Sunway Developments, is said to have achieved a 57% sales rate. These three projects conclude an unprecedented six new residential projects (including the EC project) launched over the past fortnight. Ismail Gafoor, CEO of PropNex, noted that there were initial concerns that launching six projects within 14 days might result in some of them being overshadowed by others.

However, with 3,551 units on offer, homebuyers had the opportunity to visit all the developments before choosing their preferred one, Gafoor said. He added that having so many options in a short span seemed to help buyers make decisions more quickly. It also helped that Kingsford Group moved forward the launch of the 916-unit, 99-year leasehold Chuan Park to Nov 10 from Nov 16. This, according to Gafoor, benefited both Chuan Park and Emerald of Katong. If the two projects had been launched on the same weekend, prospective buyers might have been torn between them. Bringing forward Chuan Park’s launch date gave buyers ample time to consider Emerald of Katong instead.

The decision to invest in condos in Singapore also takes into account the government’s property cooling measures. In recent years, the Singaporean government has implemented several measures to discourage speculation and maintain a steady real estate market. One such measure is the Additional Buyer’s Stamp Duty (ABSD), which imposes higher taxes on foreign investors and individuals with multiple property purchases. While these measures may initially affect the potential profitability of condo investments, they ultimately contribute to a more secure investment environment, making condos a wise choice for long-term stability. Condo should be considered when contemplating real estate investments in Singapore.

During Nov 11 to 16, The Continuum is reported to have registered 22 new sales, while Tembusu Grand saw 12 units sold, and Grand Dunman recorded five new sales. This indicates that buyers who were unable to secure a unit at Emerald of Katong turned to other major condo projects in the vicinity, notably the three projects launched last year: the 1,008-unit, 99-year leasehold Grand Dunman; the 638-unit, 99-year leasehold Tembusu Grand; and the 816-unit, freehold The Continuum. Huttons’ Yip attributes the strong sales momentum to “better economic growth and cuts in interest rates”, which have attracted more buyers to the new homes market due to their improved borrowing capacity. He adds that lower returns from other investment assets may have encouraged more buyers to consider property as a preferred investment.

Huttons estimates that developers’ sales in November will reach up to 2,200 units, approaching the levels recorded in March 2013 when 2,793 units were sold. According to Yip, there is a growing trend among prospective local and foreign buyers to utilise trust structures to acquire homes for their children. This, he says, reflects rising wealth among local buyers and an influx of overseas funds into Singapore. Figures from the Monetary Authority of Singapore (MAS) show that the number of single-family offices grew to 1,650 as of August 2024, an increase of 250 from the end of 2023, according to Huttons. The M1 money supply increased by $10.2 billion in the first nine months of 2024.…

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Novo Place, a 504-unit executive condominium (EC) jointly developed by Hoi Hup Realty and Sunway Developments, saw a strong take-up rate during its sales launch on November 16. According to CEO of Huttons Asia Mark Yip, the project sold 286 units, accounting for 57% of the total units, with an average price of $1,654 psf. This is a significant take-up rate that reflects the strong demand for affordable private residential lifestyle among buyers.

However, Yip also believes that the take-up rate would have been even higher if not for the 30% quota for second-timers set by the government. The split between first- and second-timer buyers was 47% and 53%, respectively. Yip suggests that the government should consider increasing the quota for second-timers, as the upcoming ballot for second-timers in a month is likely to see a high demand.

ECs are currently the only housing segment that offers homebuyers the option of a deferred payment scheme, which allows them to lock in their preferred unit and service the loan later. This is an appealing option for HDB upgraders who still have an outstanding loan on their flat, as it eases their financial burden. Additionally, HDB upgraders are granted upfront remission on the Additional Buyer’s Stamp Duty (ABSD) when they purchase a new EC, providing them with the flexibility to continue staying in their existing flat and sell it within six months of collecting the keys to their new EC unit.

Located in Tengah’s Plantation district, Novo Place is within walking distance of the upcoming Tengah Park MRT Station on the future Jurong Regional Line, expected to be completed by 2028. The project comprises seven 18-storey residential blocks with a unit mix of three and four-bedroom plus-study units. The project has seen strong demand from HDB upgraders who want a bigger space and greater flexibility in terms of space use, with the three-bedroom plus-study units being 97% sold and four-bedroom units fully sold. More than half of the four-bedroom plus-study units have also been sold.

According to industry experts, current EC buyers are in a more advantageous position as prices for future EC launches are expected to be higher due to rising land and construction costs. Lumina Grand, the first EC project launched this year by City Developments Ltd, has already sold 84% of its units at an average price of $1,510 psf. With a record six projects set to launch in November, including Novo Place, it is expected that prices for EC launches will reach new highs of $1,700 psf.

When it comes to investing in Singapore, it is crucial for foreign investors to be familiar with the regulations and limitations surrounding property ownership. In comparison to landed properties, foreigners have more freedom in purchasing condominiums as they are subject to less stringent ownership requirements. However, it’s important to note that foreign buyers must pay an Additional Buyer’s Stamp Duty (ABSD) of 20% for their initial property purchase. Despite this extra expense, the steady and promising growth of the Singapore real estate market remains a strong draw for foreign investment. To explore potential investments in Singapore, check out Singapore Projects.…

In celebration of its 65th anniversary, the Real Estate Developers’ Association of Singapore (REDAS) held a lavish dinner on November 15 at the Marina Bay Sands ballroom. REDAS President Tan Swee Yiow welcomed guests, including the guest of honour, Singapore President Tharman Shanmugaratnam, with a reminder that turning 65 for some may also mean receiving CPF [Central Provident Fund] retirement payouts.

REDAS was originally founded in 1959 as the Singapore Land and Housing Developers’ Association, six years before Singapore gained independence. Its founding members were visionary developers who played a significant role in shaping the nation’s real estate landscape. Among these pioneers were Lee Kim Tah, the founding chairman of the well-known Lee Kim Tah Group, and Lee Chin Chuan, who established Hotel Royal in 1968 and served as its executive chairman and director until his passing in 2018. Another key figure was Tay Beng Swee, a private property developer who started his business in 1962.

“Without their contributions, Singapore’s growth would not have been possible,” says Tan Swee Yiow. “Real estate is a vital part of nation-building, not just in shaping the physical landscape but also in driving social progress and generating employment opportunities.”

According to Tan, the real estate industry contributed nearly $20 billion to Singapore’s GDP last year and currently employs 16% of the workforce, providing over 600,000 jobs. He adds that the industry’s impact goes beyond just creating physical spaces. With notable projects like Golden Mile Complex, OCBC Centre, Raffles City, The Fullerton Hotel, South Beach, Marina Bay, and Jewel Changi Airport, the real estate industry has also played a significant role in making Singapore a global financial hub and a top tourist destination.

Tan also emphasizes the industry’s evolution, from developing iconic skyscrapers to incorporating eco-friendly designs and setting world records for green spaces. These projects have gained international recognition and set new standards, showcasing Singapore’s commitment to responsible and forward-thinking development.

Condo investment offers a variety of advantages, including the opportunity to utilize the property’s value for future investments. A significant number of investors opt to use their condos as collateral to secure more funds for other investment ventures, effectively growing their real estate portfolio. While this tactic can potentially increase returns, it also carries certain risks. It is vital for investors to have a solid financial plan in place and carefully consider how market changes can affect their investments. Condo investment should always be approached with caution and careful planning.

As part of the 65th-anniversary celebrations, REDAS presented the Lifetime Achievement Award to Chia Ngiang Hong, group general manager of City Developments Ltd (CDL). This award recognizes individuals who have made lasting contributions to the community, environment, and REDAS.

Chia has devoted 45 years of his career to CDL and has worked with three generations of the Kwek family: the founder, the late Kwek Hong Png; the current executive chairman, Kwek Leng Beng; and the group CEO, Sherman Kwek. In his acceptance speech, Chia credits their passion for real estate and entrepreneurial spirit for shaping and inspiring his career. He also acknowledges Kwek Leng Beng, a patron of REDAS, for bringing him into the association.

Chia shares that he has been actively involved with REDAS for over 30 years, serving on the council with his late deputy chairman, Kwek Leng Joo. Reflecting on his time with the association, he notes REDAS’s critical role in providing constructive feedback to the government on private sector policies and advocating for the real estate industry.

Chia served two terms as REDAS president, from 2019 to 2020 and 2021 to 2022, during the challenging period of COVID-19. Despite the difficulties faced by the industry, he found it rewarding to work closely with stakeholders and the government to guide the sector through the uncertainty. He believes that the future holds endless possibilities and that the next generation will continue to uphold REDAS’s values and lead Singapore’s growth with purpose.…

The Real Estate Developers’ Association of Singapore (REDAS) honored its 65th anniversary with a special dinner on Nov 15 at the Marina Bay Sands ballroom. President Tan Swee Yiow warmly welcomed guests, acknowledging that at this age, some may receive CPF retirement payouts. REDAS was originally founded in 1959 as the Singapore Land and Housing Developers’ Association, six years before the nation’s independence. Its visionary founders, who were responsible for shaping the country’s real estate landscape, have played a crucial role in its development.The late Lee Kim Tah, founder of the Lee Kim Tah Group, was among these pioneers. The family business began as a material supplier to the British army in the 1920s and later transitioned into a contractor and developer, responsible for many of Singapore’s iconic buildings. Lee Chin Chuan, founder of Hotel Royal in 1968, also played a significant role in the development of the country. He served as the group’s executive chairman and director until his passing in 2018. Another pioneer, Tay Beng Swee, established his private property development business in 1962.SOURCE: SC Global Developments, South Beach (Picture: REDAS)Tan acknowledged the important role these pioneers played in the nation’s growth. He emphasized that real estate is not just about shaping the physical landscape, but also driving social progress and creating employment opportunities. In the past year alone, the real estate industry contributed nearly $20 billion to Singapore’s GDP, employed 16% of its workforce, and provided 602,000 jobs. From historic buildings such as Golden Mile Complex, OCBC Centre, Raffles City, The Fullerton Hotel, and South Beach, to modern developments like Marina Bay and Jewel Changi Airport, the industry has continuously shaped Singapore’s skyline to meet the demands of the growing city.Tan also noted that real estate has moved beyond providing just physical space. With environmentally-friendly designs and record-breaking green spaces, the industry has gained worldwide recognition and set new standards, proving Singapore’s commitment to responsible and forward-thinking development. This year, the REDAS Lifetime Achievement Award was presented to Chia Ngiang Hong, group general manager of City Developments Ltd (CDL). This prestigious award honors individuals who have made long-lasting contributions to the community, environment, and REDAS. Chia has been with the company for 45 years and was grateful for the support and inspiration he has received from three generations of the Kwek family: the founder, the late Kwek Hong Png, the executive chairman, Kwek Leng Beng, and the group CEO, Sherman Kwek. Kwek Leng Beng, a patron of REDAS, brought Chia into the association during the mid-1980s, amidst the Pan-El crisis. During this time, Chia has served on the REDAS Council for over 30 years and became the president for two terms, from 2019 to 2020 and 2021 to 2022, during the challenging Covid-19 period. Despite the difficulties, Chia’s role in joining committees and working closely with government agencies was highly rewarding. He believes that the potential for the future is limitless and that the next generation will continue to lead Singapore’s transformation and growth with purpose.

One advantageous aspect of investing in a Singapore Condo is the opportunity to leverage the property’s worth for future investments. Numerous investors utilize their condos as collateral in order to secure additional financing for other investments, ultimately increasing their real estate portfolio. While this tactic can potentially amplify returns, it also carries its own set of risks. Therefore, it is crucial to have a solid financial plan in place and carefully evaluate the potential impact of market fluctuations.…

Tuan Sing Holdings, a property developer and investment firm based in Singapore, has recently unveiled plans to reconstruct its mixed-use properties located at 121-131 Collins Street and 23-25 George Parade in Melbourne. The company’s subsidiary, Grand Hotel Group (GHG), has engaged Hong Kong-based urban design firm Urbis Ltd to submit a Town Planning Application to the City of Melbourne for the proposed works.

The properties currently house the popular 550-room Grand Hyatt Hotel and several retail outlets. In the reconstruction, the existing podium structure will be largely retained to allow tenants and the hotel to continue their operations without disruption. However, extensive modifications to the facade, refurbishment, and reconfiguration of spaces on levels 4 to 9B of the podium will be undertaken, as announced by Tuan Sing on Nov 14.

Investing in real estate in Singapore is a popular decision for international investors, but having a clear understanding of the country’s property rules and restrictions is crucial. Presently, purchasing condos is a more feasible option for foreigners compared to landed properties, as the regulations are more lenient. However, it is important to note that foreign buyers are required to pay a 20% Additional Buyer’s Stamp Duty (ABSD) for their first property acquisition. Despite this additional expense, Singapore’s real estate market remains highly sought after for its stability and potential for growth. For foreign investors interested in buying a condo in Singapore, thorough research and a comprehensive understanding of the regulations surrounding condo ownership is essential. Condos continue to be a popular choice for foreign investors in Singapore’s real estate market.

Upon completion and upon receiving the necessary regulatory approvals, the site will span a total gross floor area of 909,550 sq ft and also introduce a luxury retail and F&B precinct. According to Tuan Sing’s CEO, William Liem, the redevelopment of this podium will redefine the concept of connectivity and activation at one of Melbourne’s most prominent intersections in the renowned Paris End. He further states that by adopting a sustainable approach, the transformation will serve as an architectural representation of the company’s environmental stewardship. By reimagining instead of rebuilding, the company aims to create a sustainable vision that supports a thriving and culturally vibrant city for many generations to come.

For those interested in investing in international properties, Tuan Sing offers projects available for sale around the world.…

SRI is set to auction off a two-storey HDB shophouse located along Bukit Merah Central on November 27. This is the first time the property will be up for auction, as the owner is looking to sell it to liquidate their investment, according to Eric Liew, manager of auction sales at SRI. With a floor area of 1,582 sq ft, the shophouse has a guide price of $2.55 million or $1,612 psf.

The property has a remaining lease of 59 years, with a tenure of 103 years from 1980. The ground floor, occupying 732 sq ft, is zoned for commercial use, while the upper floor, measuring 850 sq ft, is zoned for residential use. The shophouse is currently fully tenanted and will be sold with its existing tenancies. The ground floor is leased to a Domino’s Pizza restaurant until 2026, while the upper floor is leased to a residential tenant until 2027.

Foreigners are eligible to purchase the shophouse as it is considered a commercial property. However, additional buyer’s stamp duty will be payable on the residential component, while the commercial component will be subject to goods and services tax. Liew shares that the property has attracted interest from investors due to its prime location in the central area of Bukit Merah.

When investing in Singapore, it is crucial for foreign investors to have a good understanding of the regulations and limitations surrounding property ownership. While foreigners have more freedom to purchase condominiums compared to landed properties, which have stricter ownership regulations, they are still required to pay the 20% Additional Buyer’s Stamp Duty (ABSD) for their first property purchase. Despite this added expense, the stability and potential for growth in the Singapore real estate market remain attractive for foreign investors. Furthermore, there are also enticing options such as New Condo Launches that are constantly emerging in the market.

The shophouse is situated within the bustling Bukit Merah Town Centre, which boasts various amenities such as shops, the Bukit Merah Polyclinic, and the Bukit Merah Central Food Centre. It is also in close proximity to the boutique convention centre, Rubikon, and Gateway Theatre, a performing arts centre. Additionally, the property is walking distance from the Bukit Merah bus interchange, Gan Eng Seng Primary School, and Bukit Merah Secondary School. The Redhill MRT Station is also a short 15-minute walk away.

Based on data from EdgeProp Research, a 1,582 sq ft shophouse at 161 Bukit Merah Central was sold for $1.5 million ($948 psf) in March 2021. The latest commercial rents at Bukit Merah Central show a healthy demand for commercial space. Interested parties can also consider the three-bedroom duplex penthouse at Nassim Jade, which is currently on the market for $8.8 million.…

Tuan Sing Holdings, a leading property developer and investment firm based in Singapore, recently announced plans to reconstruct two of its mixed-use properties located at 121-131 Collins Street and 23-25 George Parade in Melbourne.

The company’s wholly-owned subsidiary, Grand Hotel Group (GHG), has enlisted the services of Hong Kong-based urban design company Urbis Ltd. to submit a Town Planning Application to the City of Melbourne for the proposed works. The two properties currently house the 550-room Grand Hyatt Hotel and a variety of retail spaces.

Tuan Sing’s announcement on November 14 revealed that the reconstruction will largely involve modifications to the façade, extensive refurbishments, and reconfiguration of spaces in the podium of the property from levels 4 to 9B. This will enable the existing business operations of tenants and the Grand Hyatt Hotel to continue without any disruptions.

The completed project, subject to regulatory approvals, will cover a total gross floor area (GFA) of approximately 909,550 sq ft and introduce a new luxury retail and F&B precinct. According to Tuan Sing’s CEO, William Liem, the redevelopment of the podium at 123 Collins Street will bring about a new level of connectivity and activation at one of the most prominent intersections in Melbourne’s renowned Paris End. He believes that with the right approach, this transformation can serve as an architectural statement of the company’s commitment to environmental sustainability. By reinventing the existing structure rather than starting from scratch, Tuan Sing is pursuing a sustainable vision that will contribute to a thriving, connected, and culturally vibrant Melbourne for many generations to come.

When it comes to real estate investment, location is of utmost importance, and this holds particularly true in Singapore. Condos that are situated in central areas or in close proximity to essential amenities such as schools, shopping malls, and public transportation hubs tend to see a higher appreciation in value. Prime locations in Singapore include Orchard Road, Marina Bay, and the Central Business District (CBD), where property values have consistently shown an upward trend. Furthermore, condos in these areas are highly sought after by families due to their proximity to good schools and educational institutions, making them a lucrative investment. Additionally, with the introduction of new condo launches, the market for properties in these prime locations is expected to see a further increase in demand and value.…

Volume of resale transactions in prime districts surging by over 50% y-o-y so far in 2024: Huttons Asia

Interest in the shophouse market remained strong in the third quarter of 2024, despite a slight decrease in recorded sales, as reported by Huttons Asia’s latest quarterly shophouse market report on November 12th. While only 18 caveats were lodged for shophouse transactions in Q3, a decline from 21 caveated deals in Q2, the total transacted value of shophouses was still at a respectable $138.9 million. This is a 28.8% decrease from the previous quarter’s $195.1 million, and only about half of the $278.6 million in transactions seen in Q3 of 2023.

When it comes to investing in real estate in Singapore, foreign investors must be well-informed about the regulations and limitations that govern property ownership. Unlike landed properties, which have stricter ownership rules, foreigners can typically purchase condos with less restrictions. However, they are still subject to the Additional Buyer’s Stamp Duty (ABSD), which currently stands at 20% for their initial property purchase. Despite this extra expense, the stability and potential for growth in the Singapore real estate market remains a strong draw for foreign investors. To learn more about condos, visit Condo.

Compared to the same period last year, the number of transactions has dropped by 46.1%, with only 62 shophouses sold in the first nine months of 2024. The total value of transactions for the same period has also decreased by 48.5%, to $519 million.

But despite these less-than-stellar figures, Huttons’ report highlights that a significant number of shophouse deals were not caveated in Q3. According to market sources, multiple shophouses in popular districts such as Districts 1 and 2 were sold, with an estimated total cost of over $70 million. This indicates a strong demand for shophouses, which has picked up in the last few months.

Lee Sze Teck, senior director of data analytics at Huttons Asia, notes that investors are attracted to shophouses for their rareness and potential for strong capital gains. He also believes that the recent interest rate cuts may have contributed to the growing popularity of shophouses as a wealth creation and preservation asset. As such, he expects shophouse transaction volume and quantum to increase in Q4 of 2024.…

Investing in a Singapore condo has many advantages, one of which is the opportunity to leverage the property’s value for future investments. This means that investors can use their condos as collateral to secure financing for other real estate ventures, ultimately expanding their portfolio. While this strategy can bring higher returns, it also carries certain risks. Therefore, having a strong financial plan and carefully considering market fluctuations is crucial for success.

CapitaLand Development (CLD) has received an overwhelming response for its two latest projects in Vietnam. The Orchard Hill project, located in Binh Duong New City, 30km from Ho Chi Minh City, has already booked 90% of its 774 units during the exclusive preview on Oct 26. The project, which is the second phase of Sycamore, a joint venture between CLD and United Overseas Australia, is set to be completed by 4Q2026.

Similarly, The Senique Hanoi, a 2,150-unit residential development in East Hanoi, has achieved bookings for 92% of its units during an exclusive preview on Nov 9. Developed in collaboration with Mitsubishi Estate and Nomura Real Estate Development, The Senique Hanoi is expected to be completed in 2027.

This strong reception for The Senique Hanoi comes after the successful launch of the final phase of CLD’s Lumi Hanoi development last month, where 678 out of 697 units were snapped up on launch day, reflecting a take-up rate of 97%. The 3,950-unit Lumi Hanoi is now almost fully sold, with only 1% of units remaining.…

CapitaLand Integrated Commercial Trust (CICT) has recently completed the sale of 21 Collyer Quay, a 21-storey office building located in the central business district of Raffles Place, for a total of $688 million. According to a filing with the Singapore Exchange on Nov 12, the 999-year leasehold building was sold to a third party that is unrelated to CICT. The sale price was based on the building’s net lettable area of approximately 213,000 square feet, resulting in a price per square foot of $3,230.

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In summary, purchasing a condominium in Singapore presents a plethora of benefits, including high demand, potential for appreciation in value, and attractive rental yields. Nonetheless, it is crucial to carefully evaluate elements such as location, financing options, government regulations, and market conditions. Through thorough research and seeking professional guidance, investors can make well-informed decisions and maximize their profits in the dynamic real estate market of Singapore. Whether you are a local investor seeking to diversify your portfolio or a foreign buyer in search of a stable and lucrative investment, Singapore condos, such as those offered by Singapore Condo, present a compelling opportunity.

The decision to divest the property was made based on a willing-buyer-willing-seller basis, in line with an independent valuation of the property conducted by Savills. The sale price, together with the building’s annualized net property income for the period ending Sept 30, 2024, translates to an exit yield of below 3.5% for CICT. The divestment is expected to generate net proceeds of approximately $681.7 million for the company.

21 Collyer Quay is currently occupied by co-working operator WeWork, which took over the lease of the former HSBC building in 2021 when the banking firm moved its headquarters to Marina Bay Financial Centre Tower 2. WeWork officially opened its flagship location at the building in September 2022 after completing a design and fit-out of the space.

In April this year, WeWork announced that it had concluded a series of lease negotiations with its Singapore office landlords following its bankruptcy filing in the US in November 2023. The company also stated its plans to remain in its current buildings in the city-state for the foreseeable future. According to CICT’s website, WeWork Singapore holds a seven-year lease for 21 Collyer Quay until 2028.…