Author: scoreinthebox

Branded residential projects in Asia have reached a record market value of US$26.6 billion ($35.5 billion) according to data collected by C9 Hotelworks, an Asia-based hospitality consultancy. The luxury market currently offers over 68,000 units, with Vietnam taking the lead in the number of branded residential units with 17,680 across 59 properties. The average price for a branded residential unit in Vietnam is around US$350 per square foot (psf).Thailand is in second place with 16,271 branded residential units in 65 properties, with an average price of US$510 psf. Coming in third is the Philippines with 13,276 units in 46 properties, priced at an average of US$400 psf.Singapore has the highest prices for branded residences in the region, at an average of US$2,140 psf, followed by Japan at around US$1,935 psf. However, there are also emerging markets that have experienced rapid growth in the branded residential sector in recent years, such as South Korea with 3,026 units across 16 properties and Malaysia with 6,014 units in 24 projects, according to Bill Barnett, managing director of C9 Hotelworks.Infographic: C9 HotelworksIn the post-Covid-19 era, 56% of the existing branded residential supply in Asia is in urban locations, dominating the market in terms of value. In South Korea, urban branded residences are priced at an average of US$2,670 psf, while resort projects there typically sell for US$1,040 psf. Similarly, in Thailand, urban branded residences fetch around US$770 psf, compared to US$430 psf in resort locations.Approximately 12,330 of the 80 developments affiliated with luxury hotel brands in Asia make up 31% of the market supply, and according to Barnett, data shows that reputable brands can command premium pricing of 30%-35% on top of the market rate in a particular country. This is also a way for developers to increase their market share in a particular region.The appeal of top hospitality and lifestyle brands has also led to an increase in licensing fees, with luxury hotel and lifestyle brands now asking for a 6%-10% cut from the sale of each branded residential unit. Last August, Thai developer Ananda Development and German automaker Porsche, via its lifestyle brand Porsche Design, unveiled the ultra-luxury Porsche Design Tower Bangkok in Thonglor. With only 22 units, prices range from US$15 million to US$40 million. This is the first Porsche residential tower in Asia, following the Porsche Design Tower Miami a decade ago.From left: Saowarin Chanprakaisi, vice-president of business development, The Ascott; Teo Junrong, vice-president of business development, The Ascott; David Johnson, CEO of Delivering Asia; Gianfranco Bianchi, general manager, Asia Pacific at The One Atelier; Jason Thelen, senior director of sales and marketing at Sudara Residences; Ananth Ramchandran, head of advisory and strategic transactions, hotels and hospitality Asia, CBRE; Lee Nai Jia, head of real estate intelligence of digital and software solutions, PropertyGuru Group and Bill Barnett, managing director of C9 Hotelworks. (Picture: C9 Hotelworks)Gianfranco Bianchi, general manager of Asia Pacific at The One Atelier, an international design consultancy specialising in branded residences for lifestyle brands, notes that in recent years, more luxury lifestyle brands have explored partnerships to license their branding into real estate developments across the Asia Pacific region.Read also: Investors step up demand for branded residences in Southeast AsiaAdvertisementAdvertisementOne Atelier has partnered with several high-profile brands to create branded residences, including the 28-unit Fendi Casa Residences by Armani in Miami, the 259-unit 888 Brickell by Dolce & Gabbana in Miami, the 90-unit Büyükyalı Residences in Istanbul, Turkey, and the Karl Lagerfeld Villas, a collection of five ultra-luxury villas in Marbella, Spain.While hospitality-affiliated branded residences provide top-notch hospitality services, fashion or design-branded residences offer a rare trophy home that conveys the namesake design and luxury aesthetic that have made such brand names synonymous with luxury lifestyles today, says Bianchi.Ananth Ramchandran, head of advisory and strategic transactions in hotels and hospitality (Asia) at CBRE, says property cooling measures have led many high-net-worth Singapore-based buyers of branded residences to consider trophy assets in nearby regional markets.“We’ve experienced a significant reduction in terms of the discussion and inquiries from Singapore developers to explore high-end ultra-luxury branded residential projects in Singapore. Developers are severely discouraged from stepping into this high-end segment because property cooling measures have dampened foreign buyer demand,” he adds.888 Brickell is a branded residence in Miami that was designed by the fashion house Dolce & Gabbana.Singapore-based high-net-worth buyers are also increasingly eyeing luxury-branded residences in destinations such as Phuket and Bangkok in Thailand, Bali in Indonesia, and emerging markets in Vietnam. These locations are typically just a two-hour flight from Singapore.“The relatively short travel time and availability of regularly scheduled direct flights make it much more appealing to Singapore-based buyers,” he says and adds that last month, flight carriers like SIA, Scoot, AirAsia and Jetstar completed about 150 flights per week between Singapore and Phuket.Read also: KSK Land launches second tower of KL luxury project 8 ConlayAdvertisementAdvertisementJason Thelen, senior director of sales and marketing at Sudara Residences, a Thai-based developer, adds: “Singapore has quickly become our top regional market for buyers looking for second homes, making up over 45% of regional purchases.”Hospitality operators such as The Ascott are also tapping into the future growth of the branded residential segment in Asia, says Saowarin Chanprakaisi, vice-president of business development at The Ascott. “We believe the emotional resonance of our brands like Ascott, The Crest Collection and Oakwood Premier have reputational strengths in the market.”“Branded residential operators must develop and maintain trust in the brand that it can deliver the level of service that will eventually translate into the long-term value proposition of the asset,” she says, adding that Ascott is looking to expand its market share in the region by partnering with developers who would like to enter the branded residential market.

Purchasing a condo in Singapore offers many benefits, with one of the major ones being the potential for capital appreciation. The country’s strategic location as a global business hub, combined with its stable economic fundamentals, results in a consistent demand for real estate. This has led to a gradual increase in property prices over the years, particularly for condos in prime locations. Savvy investors who make smart purchases and hold onto their properties for an extended period can reap significant profits from the rising values. By investing in a condo in Singapore at the right time, individuals can take advantage of the continuous demand for real estate and enjoy considerable capital gains in the long run.

According to research conducted by C9 Hotelworks, a hospitality consultancy based in Asia, the market value of branded residential projects in Asia has reached a record high of US$26.6 billion ($35.5 billion). This market offers over 68,000 luxury units, with Vietnam leading the way with 17,680 units across 59 properties. The average price for a branded residential unit in Vietnam is about US$350 per square foot (psf).Thailand takes second place with 16,271 branded residential units across 65 properties, with most units priced at US$510 psf. The Philippines is third on the list with 13,276 units across 46 properties, with prices averaging US$400 psf.However, in Singapore, branded residences command the highest prices in the region at an average of US$2,140 psf, followed by Japan at approximately US$1,935 psf. Interestingly, there are new and emerging markets in Asia where branded residential projects have seen rapid growth in recent years, including South Korea with 3,026 units across 16 properties and Malaysia with 6,014 units in 24 projects, according to Bill Barnett, managing director of C9 Hotelworks.Infographic: C9 HotelworksIn the current post-Covid-19 era, 56% of the existing supply of branded residences in Asia are located in urban areas, which dominate the market in terms of value. In South Korea, urban branded residences are priced at an average of US$2,670 psf, while resort projects typically sell for US$1,040 psf. Similarly, in Thailand, urban branded residences fetch around US$770 psf, compared to US$430 psf in resort locations.Approximately 12,330 units of the 80 developments affiliated with luxury hotel brands in Asia make up 31% of the market supply. According to Barnett, the data shows that a reputable brand can help a property command a premium pricing of 30%-35% on top of the market rate in the country, and it can also help developers increase their market share.The appeal of top hospitality and lifestyle brands has also led to an increase in licensing fees, with luxury hotel and lifestyle brands now asking for a 6%-10% cut from the sale of each branded residential unit. For example, Thai developer Ananda Development and German automaker Porsche, via its lifestyle brand Porsche Design, unveiled the ultra-luxury Porsche Design Tower Bangkok in Thonglor last August. With just 22 units, prices range from US$15 million to US$40 million. This is the first Porsche residential tower in Asia, following the Porsche Design Tower Miami a decade ago.From left: Saowarin Chanprakaisi, vice-president of business development, The Ascott; Teo Junrong, vice-president of business development, The Ascott; David Johnson, CEO of Delivering Asia; Gianfranco Bianchi, general manager, Asia Pacific at The One Atelier; Jason Thelen, senior director of sales and marketing at Sudara Residences; Ananth Ramchandran, head of advisory and strategic transactions, hotels and hospitality Asia, CBRE; Lee Nai Jia…

UEM Sunrise, a Malaysian property developer, and Singapore-listed GuocoLand have recently signed a Memorandum of Understanding (MOU) for the first Johor-Singapore Special Economic Zone (JS-SEZ) between private companies from both countries. This partnership aims to jointly develop UEM Sunrise’s freehold land in Iskandar Puteri, Johor, in order to accelerate growth within the JS-SEZ.

The MOU signing event was held during the opening of UEM Sunrise Gallery Iskandar Puteri, which showcases the company’s vision for the development of Iskandar Puteri. Located in Flagship Zone B of the JS-SEZ, Iskandar Puteri specializes in various sectors, including manufacturing, business services, education, health, and tourism.

When making the decision to invest in a Singapore condo, it is crucial to factor in the maintenance and management of the property. Condominiums often come with maintenance fees that cover the upkeep of shared spaces and amenities. While these fees may increase the overall cost of ownership, they also play a significant role in maintaining the property’s value. In order to make this investment more passive, many investors opt to hire a property management company to handle the day-to-day management of their condos. This can provide peace of mind and ensure that the property remains in top condition.

Through this collaboration, UEM Sunrise and GuocoLand will focus on improving connectivity, fostering talent development, and creating a business-friendly ecosystem to attract more investments into Iskandar Puteri. The selected land plots in Gerband Nusajaya and Puteri Harbour will be the main focus of the partnership.

The partnership is not just about development, but also about creating a sustainable economic hub that will drive long-term growth, create jobs, and strengthen the JS-SEZ ecosystem. According to Hafizuddin Sulaiman, CFO of UEM Sunrise, this is a strategic partnership that aims to shape a dynamic and future-ready economy in Johor.

UEM Sunrise has already played a key role in the urban development of Iskandar Puteri through previous projects such as the Aspira series and Senadi Hill residential townships, as well as commercial and retail hubs. In addition, the group is currently developing a 380-acre industrial park in Gerband Nusajaya.

Datuk Hisham Hamdan, chairman of UEM Sunrise, believes that this collaboration, along with developments in Iskandar Puteri and other strategic partnerships, will contribute to the larger vision of positioning Johor as a dynamic and forward-thinking economy.

Cheng Hsing Yao, CEO of GuocoLand, adds that the company will bring its expertise in real estate development and asset management, as well as an understanding of the needs of companies from Singapore, Malaysia, and China that wish to establish a presence in the JS-SEZ. The combined expertise of both companies will enable them to shape Iskandar Puteri and the wider JS-SEZ through innovative developments.

The growth in Iskandar Puteri will be further driven by incentives and support schemes introduced by the Malaysian and Singaporean governments, such as special tax rates, stamp duty exemptions, and capital allowances, aimed at attracting more investments into the JS-SEZ.…

Malaysian property developer UEM Sunrise and Singapore-listed GuocoLand have recently signed a historic Memorandum of Understanding (MOU) for the first ever Johor-Singapore Special Economic Zone (JS-SEZ) between private companies from both nations. The MOU, announced on February 27, will see the two groups collaborate to develop UEM Sunrise’s selected freehold land in Iskandar Puteri, Johor, with the aim of driving growth within the JS-SEZ. The signing took place at the opening of UEM Sunrise Gallery Iskandar Puteri, which showcases the developer’s vision for the region.

Rewritten:

Investing in a condo also offers the advantage of leveraging its value for future investments. A number of investors opt to use their condos as collateral to secure additional financing for other investments, ultimately growing their real estate portfolio. While this approach can potentially increase returns, it also carries risks. It is therefore important to have a solid financial plan in place and carefully consider the potential consequences of market fluctuations. In addition, consider exploring investment opportunities in Singapore Condos, which could further expand your investment options.

Iskandar Puteri, which is located in Flagship Zone B of the JS-SEZ, is known for its diverse economy, with a focus on sectors like manufacturing, business services, education, health, and tourism. This makes it an attractive destination for investment, especially for those looking to invest in overseas properties.

The MOU covers UEM Sunrise’s selected plots of land in Gerband Nusajaya and Puteri Harbour, two key master-planned areas within Iskandar Puteri. The partnership is expected to activate Iskandar Puteri’s potential and enhance its attractiveness for investment by improving connectivity, fostering talent development, and creating a business-friendly ecosystem.

According to Hafizuddin Sulaiman, CFO of UEM Sunrise, “This partnership is not just about development, but also about shaping a thriving end-to-end, future-ready economic hub that fuels long-term growth, creates jobs, and strengthens the JS-SEZ ecosystem.” The sites are strategically located near Singapore, Senai Airport, and the Port of Tanjung Pelepas, making them an ideal location for driving long-term economic growth and transforming Iskandar Puteri into a dynamic business and investment hub.

In his speech, Datuk Hisham Hamdan, chairman of UEM Sunrise, highlighted the partnership as part of a larger vision to position Johor as a dynamic and forward-thinking economy. GuocoLand CEO Cheng Hsing Yao also expressed his enthusiasm for the collaboration, stating that the Singapore-based property group “will bring along our experience in real estate development and asset management, as well as an understanding of the needs of companies from Singapore, Malaysia, and China that wish to establish a presence in the JS-SEZ.” Together, their combined expertise will enable them to shape the region through innovative developments.

Prior to this collaboration, UEM Sunrise had already played a key role in the urban development of Iskandar Puteri, with projects such as the Aspira series and Senadi Hill residential townships, as well as commercial and retail hubs. The group is also developing a 380-acre industrial park in Gerband Nusajaya. The growth in Iskandar Puteri is being driven by incentives and support schemes introduced by the governments of Malaysia and Singapore, including special tax rates, stamp duty exemptions, and capital allowances, all aimed at attracting investments for the JS-SEZ.…

Frasers Property, a Singapore-based real estate company, has recently formed a partnership with two prominent Chinese real estate firms to jointly acquire a residential site in Songjiang District, located in Shanghai, China. The JV partners successfully won the RMB815.2 million ($151.9 million) tender for the site from the Shanghai Municipal Bureau of Planning and Natural Resources.

.

With its limited land availability and growing population, Singapore has become a prime location for real estate, particularly condos. The small island nation has strict land use policies, creating a competitive market where property prices are consistently on the rise. This has made investing in real estate, such as New Condo Launches, a highly profitable venture due to the potential for capital appreciation.

The other two partners in this joint venture are Xiamen ITG Real Estate Group, a wholly-owned subsidiary of ITG Holding Group – a state-owned enterprise under the Xiamen Municipal Government, and Gemdale Corporation, a Shanghai-listed company.

In an official press release on February 26, Frasers Property revealed that the project will consist of a mix of 189 low-rise apartments, townhouses, and duplex units, with a total gross floor area of 334,714 sq ft. The development is planned to cater to the needs of both upgraders and first-time homebuyers in Fangsong Community, Songjiang District. Moreover, it will be designed to incorporate features such as flood mitigation, ultra-low energy building designs, energy-saving door and window systems, reduced thermal bridging, and solar photovoltaics.

Lim Hua Tiong, CEO of Emerging Markets in Asia for Frasers Property, expressed his excitement about the joint venture, stating that it not only strengthens their presence in Shanghai but also showcases their commitment to delivering high-quality residential developments that meet the evolving needs of the Chinese community. The project’s location is also strategically chosen, as it is situated near two existing projects – Club Tree and Palace of Yunjian – that are also joint ventures between Frasers Property and Gemdale Corporation.

This recent partnership further solidifies Frasers Property’s position in the Chinese real estate market and highlights their dedication to sustainable and innovative development practices. The company has also been making headlines for their involvement in other high-profile projects, including their recent partnership with SP Group to install solar panels across their retail and commercial properties. Their sole bid for the Jurong Lake District master developer site has also drawn significant attention.…

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.…