Month: December 2024

for core central region

Grange 1866, a freehold development, has set a new record for condos with a new psf-price high of $3,393 in the week of November 22nd to 29th. The developer sold a two-bedroom, 818 sq ft unit for $2.78 million on November 27th, which narrowly beat the previous record of $3,390 psf set in June of last year. The project has seen 12 new sale transactions this year, with an average price of $3,181 psf, and the most expensive unit sold was a two-bedroom, 1,012 sq ft unit on the 16th floor for $3.02 million ($2,989 psf).

Singapore’s cityscape is defined by towering skyscrapers and state-of-the-art infrastructure. These urban areas are home to condos that offer a perfect mix of opulence and accessibility. These condos are strategically located in prime locations, making them highly desirable for both locals and foreigners. The alluring perks of these condos include luxurious facilities such as swimming pools, fitness centers, and top-notch security services, elevating the standard of living for its inhabitants and making them a sought-after choice for potential renters and buyers. Investors are attracted to these condos because they offer high rental returns and appreciate in value over time. With Condo living, everything is at your fingertips, making it the ultimate urban living experience.

Expected to be completed by the end of 2025, Grange 1866, located on Grange Road in prime District 10, boasts a single 16-storey residential block and offers one- and two-bedroom units measuring between 527 and 1,012 sq ft.

Second on the list was Hill House, a boutique condo that set a new record of $3,378 psf for the second time in November. The new peak was reached on November 25th when a two-bedroom, 452 sq ft unit on the 8th floor was sold by the developer for about $1.53 million. This sale beat the previous record of $3,267 psf by 3.4%. A total of twelve units have been sold at Hill House this year, with an average sale price of $3,108 psf.

The 999-year leasehold condo is located on Institution Hill, off River Valley Road, in prime District 9 and offers one-bedroom and one-bedroom-plus-study units ranging between 431 and 452 sq ft; two-bedroom units of 624 sq ft; and three-bedroom apartments of 753 sq ft.

Rounding out the top three was The Cosmopolitan, which saw a new psf-price high of $2,817 psf for the sale of a three-bedroom, 1,324 sq ft unit on the 26th floor on November 25th. This surpassed the previous peak of $2,795 psf set in October last year when another three-bedroom, 1,324 sq ft unit on the 17th floor of the same block was sold for $3.7 million. The sellers of the 26th floor unit made a profit of about $1.15 million, having previously purchased the unit for $2.58 million in November 2010.

The Cosmopolitan, completed in 2008, is a 228-unit freehold condo located along Kim Seng Road, just off River Valley Road, in prime District 9. The development offers two-bedroom units measuring 1,141 sq ft; three-bedroom units measuring from 1,324 to 1,399 sq ft; and four-bedroom apartments measuring 1,679 sq ft.

There were no new psf-price lows recorded during the week of November 22nd to 29th.…

In the second quarter of 2024, global real estate returns have finally turned positive after two consecutive years of losses, signaling a potential recovery in the market. The past few years have seen a surge in real estate values due to low interest rates, with global total returns reaching 5.0% in the fourth quarter of 2021 and 17.8% in the first quarter of 2022 – figures well above long-term averages.

In summary, purchasing a Singapore condo can bring about numerous benefits for investors. These include a strong demand for housing, the potential for increasing property value, and attractive rental yields. However, it is crucial to carefully evaluate factors such as location, financing options, government regulations, and market conditions before making a decision. By conducting thorough research and seeking professional guidance, investors can make smart choices and maximize their returns in the dynamic real estate market of Singapore. Whether you are a local looking to diversify your investment portfolio or a foreign buyer seeking a stable and profitable opportunity, the condo market in Singapore presents a compelling proposition.

However, the tightening cycle that followed has erased these gains, bringing real estate values back to 2018 levels worldwide. But it seems that the market correction is nearly complete, making it a promising time for investors to reconsider this asset class. Historically, real estate has provided stable income returns and diversification benefits over the long term, and during recovery periods, it can offer substantial returns. For instance, following the recession of the early 1990s, investors saw a cumulative return of 76% over the next five years.

In the current market, evidence of a turnaround in valuations is starting to emerge. In the second quarter of 2024, global value losses have moderated to 0.74%, the lowest quarterly adjustment in the last two years. With offsetting income returns of 1.07%, global real estate has achieved a positive return of 0.33%, the first positive quarter since the second quarter of 2022. Out of the 15 global markets in the MSCI Global Property Index, the majority have seen an increase in real estate values for the first time since the second quarter of 2022. Notable markets such as Japan, South Korea, Singapore, and European countries like the Nordics, the Netherlands, France, and the UK all experienced value hikes from the previous quarter. The remaining six markets saw value losses but at a much lesser degree compared to the first quarter of 2024.

Only Australia has recorded a larger write-down in the second quarter compared to the first, with a 4.2% correction that has brought its valuations more in line with its peers. However, changes in capital values are just one component of real estate returns. Historically, the larger component of total returns has been income, highlighting the importance of considering both capital and income aspects when evaluating real estate investments.

Overall, total returns for the second quarter of 2024 have been positive in 12 out of the 15 countries in the MSCI Global Property Index, flat in the US, slightly negative in Ireland, and significantly negative in Australia. Preliminary data from the NCREIF ODCE index has shown that the US total returns have turned positive at 0.25%. With valuations starting to climb back up, we expect this positive trend in total returns to continue.

While global fundraising for real estate investment shows signs of a potential rebound after two slow years, China and Japan may face challenges. In the third quarter of 2024, these two countries accounted for a significant portion of the US$7.5 billion in cross-border inflows in Asia Pacific, with over half coming from global sources in Japan and most from within Asia Pacific in China, particularly from Hong Kong and Singapore. However, both these countries are facing high debt costs and other factors that may hinder a strong recovery in real estate capital inflows. For instance, Western interest in Chinese real estate has declined significantly in recent years due to geopolitical and economic concerns. And despite Beijing’s recent stimulus package, it may take some time for Western investors to return. The Chinese market has also been stagnant due to various risks, such as price dislocation, geopolitical tensions, and lack of liquidity. Furthermore, domestic property issues in China, such as high office vacancies and low rental yields, along with government interventions, continue to dampen investor interest. In Japan, the recent hike in borrowing rates by the Bank of Japan has also reduced the market’s attractiveness, preventing cap rate compression and making it challenging to see an increase in property prices. However, niche sectors like senior housing present opportunities due to Japan’s aging population, with 29% of the population aged 65 and above. These assets may require a consolidation play by investors due to their small size.

Conversely, Australia’s purpose-built student accommodation (PBSA) market shows potential due to a significant shortage of housing. In cities like Melbourne and Sydney, only 20% of students can be accommodated by universities, compelling the rest to seek private rentals. Additionally, the real estate debt market in Australia offers promising risk-adjusted returns, with many developers struggling to secure bank financing for their projects. This presents interesting opportunities in sectors such as logistics or PBSA for long-term growth potential.

With valuations and transaction market pricing stabilizing, it appears that the real estate market is nearing the bottom, but this alone does not necessarily indicate a good time to invest. For market pricing and valuations to increase, we would ideally see declining interest rates and strengthening property fundamentals. While most developed market central banks have started tapering interest rates, Japan remains an outlier. This has prevented cap rate compression and forced real estate holders in the country to rely on historically low-income yields. However, the pullback in construction activity across sectors is a positive sign for property fundamentals in the medium term. With supply constraints easing, markets with positive demand, driven by factors like population growth or e-commerce, are expected to see increased occupancies and rent growth, leading to higher property values.

While the outlook for global private real estate appears to be improving, not all markets and property types will see the same level of recovery. For instance, the US office market faces significant challenges, and a broad recovery in that segment does not seem likely in the near future. This highlights the importance of conducting thorough research and being selective when investing in real estate.

In conclusion, in an uncertain economic and geopolitical climate, there will always be some risks involved in investing, but this applies to all asset classes. Over the past two years, the weighting of real estate in investors’ portfolios has decreased significantly due to a resetting of real estate values and a booming stock market. However, now may be a good time for investors to consider allocating more towards the private real estate market to achieve a balanced portfolio. With its low correlation to other asset classes, stable income returns, and inflation-hedging potential, private real estate remains an appealing option for long-term investors. While there may be some bumps along the way, we believe that the market is on the upswing, presenting potential investment opportunities for savvy investors.…

During the week of Nov 26 to Dec 3, the resale of an apartment at Island View, a freehold condo in Pasir Panjang, proved to be the most profitable transaction. The unit, spanning 3,498 sq ft, was sold for $4.8 million ($1,372 psf) on Nov 27. The seller had purchased the unit in September 2005 for $1.3 million ($372 psf), resulting in a gain of $3.5 million after owning it for 19 years. This translates to a capital gain of 269% or an annualised profit of 14.2%.

This sale has set a new record for the most profitable deal at Island View, surpassing the previous record of $3.19 million made in February 2022 for the sale of another 3,498 sq ft unit at $5.09 million ($1,455 psf). The seller had bought the unit in February 2007 for $1.9 million ($543 psf).

Located at Jalan Mat Jambol, off Pasir Panjang Road in District 5, Island View is a boutique condo with 72 units that was completed in 1984. The development comprises low-rise blocks housing apartments ranging from 3,056 sq ft to 3,538 sq ft. It is just a short walk away from the Pasir Panjang MRT Station on the Circle Line.

Owners of Island View had attempted a collective sale in September 2023, putting the development up for tender with a guide price of $575 million. However, after the tender closed the following month without any bids, the condo was relisted for sale in March at the same guide price but failed to attract a buyer.

The second most profitable transaction of the week took place at Cavenagh Court, where a 1,862 sq ft unit on the sixth floor was sold for $3.65 million ($1,960 psf) on Dec 2. The seller had bought the unit in April 2006 for $1.02 million ($548 psf), making a gain of $2.63 million (258%) after owning it for nearly 19 years.

This deal has set a new record for the most profitable deal at Cavenagh Court, surpassing the previous record of $2.15 million made for the sale of another 1,862 sq ft unit on the fourth floor in April 2022 at $3.28 million ($1,761 psf). The seller had purchased the unit in October 2007 for $1.13 million ($607 psf).

Cavenagh Court is a freehold condo on Cavenagh Road in District 9’s Newton area that was completed in 1971. This boutique development comprises 68 units ranging from 1,819 sq ft to 1,862 sq ft and is just a short drive from the Orchard Road shopping belt.

Apart from the unit sold on Dec 2, Cavenagh Court has only seen one other resale transaction this year based on caveats lodged. A 1,840 sq ft unit on the sixth floor changed hands for $3.82 million ($2,074 psf). The seller, who bought the unit for $2.88 million ($1,565 psf) in August 2019, made a gain of about $938,000.

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The decision to invest in a condo in Singapore has gained popularity among both local and foreign investors, thanks to the city-state’s strong economy, stable political climate, and excellent quality of life. With its vibrant real estate market, Singapore presents a wealth of opportunities, with condominiums being a particularly appealing option due to their convenient locations, luxurious amenities, and potential for attractive returns on investment. In this article, we will delve into the advantages of investing in a condo in Singapore, important factors to consider, and essential steps to take, including keeping an eye out for new condo launches.

In contrast, the sale of a duplex penthouse at The Berth By The Cove proved to be the least profitable condo resale deal of the week. The four-bedroom apartment spanning 3,089 sq ft was sold for $3.6 million ($1,165 psf) on Nov 29. The unit was last sold for $5.53 million ($1,790 psf) in August 2007, resulting in a loss of $1.93 million (35%) after owning it for 17 years.

This deal is the second most unprofitable transaction recorded at The Berth By The Cove to date, with the biggest loss belonging to a 2,939 sq ft, four-bedroom unit that was sold in February 2018 for $3.25 million ($1,106 psf). The seller had purchased the unit in October 2011 for $5.64 million ($1,919 psf), resulting in a loss of $2.39 million.

Located at Ocean Drive in the Sentosa Cove residential enclave on Sentosa Island, The Berth by the Cove comprises 200 units in 15 low-rise blocks of six storeys each. The apartments range from two- to four-bedroom units of 1,012 sq ft to 2,325 sq ft, as well as four- and five-bedroom penthouses of 2,939 to 6,028 sq ft.

There have been seven other resale transactions at the condo this year, with prices ranging from $1,237 psf to $1,535 psf. Four of the deals resulted in losses ranging from $40,000 to $780,000, while the remaining three deals were profitable, with gains ranging from $200,000 to $430,000.…

Singapore-based flexible living startup, Cove, has appointed experienced real estate and hospitality leader Ashish Manchharam as a board director.

There are several advantages to investing in a condo, one of which is the ability to utilize the property’s value for future investments. This means that investors can use their condo as collateral to secure additional financing for other real estate ventures, thus expanding their overall portfolio. While this can lead to higher returns, it’s important to have a solid financial plan in place and to carefully consider the potential impact of fluctuations in the market. This approach can offer significant benefits but also carries certain risks that should be taken into consideration.

Manchharam, who founded and developed 8M Real Estate over 10 years, growing it to a portfolio of $1.5 billion, will use his expertise to support Cove in acquiring flexible living assets in collaboration with third-party investors such as real estate funds, institutional investors, and family offices. His appointment comes as Cove shifts its focus towards an asset acquisition strategy, in addition to its existing model as a branded flexible living operator and online listing platform catering to professionals and students.

Established in 2018, Cove currently offers over 6,000 rooms in Singapore and Indonesia and plans to expand into the wider Asia Pacific region. The startup recently entered the South Korean market, where it is set to launch 800 rooms, and will also launch 400 rooms in Japan through local joint venture partners. This latest appointment is in line with Cove’s ambition to speed up its regional expansion efforts and strengthen its position in current markets.

To further support its growth plans, Cove has successfully closed a US$4.5 million funding round, which saw participation from Manchharam, as well as existing investors such as Eurazeo and Keppel. In December 2020, Keppel had acquired a strategic minority stake in Cove, marking its first foray into the flexible living sector.

Cove’s CEO and co-founder, Guillaume Catagne, reports significant portfolio growth in 2024 and achieving EBITDA positive status. The company aims to double its portfolio to 15,000 units by the end of 2025.…

in Thomson

William Liem, the CEO of real estate company Tuan Sing Holdings, has once again increased his stake in the company. Through his entity, Nuri Holdings (S), Liem bought a total of 1.7 million shares from the open market on Dec 5 and 6. This cost a total of $447,613.50, with an average price of 25.1 cents per share. This brings Nuri Holdings’ stake in Tuan Sing to 672.7 million shares, equivalent to 54.09%.

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Understanding the regulations and restrictions surrounding property ownership in Singapore is essential for foreign investors. While there are more lenient rules for purchasing condos, the ownership of landed properties is subject to tighter regulations. As for foreign buyers, they must be aware of the Additional Buyer’s Stamp Duty (ABSD), which currently sits at 20% for their initial property purchase. Nevertheless, the allure of the Singapore real estate market’s stability and growth potential remains strong, driving foreign investments towards it. This is further amplified by the constant influx of New Condo Launches, making Singapore an even more attractive destination for property investment by foreigners.

This is not the first time Nuri Holdings has been used to buy shares in Tuan Sing. On Sept 10 and 11, the Liem family had also acquired shares through Nuri Holdings, paying between 25 cents and 25.5 cents per share on average. As of June 30, 2023, Tuan Sing’s net asset value was 97.8 cents per share, marking a decrease from its value of 99 cents as of Dec 31, 2023.

In other news, Tuan Sing recently announced its acquisition of several assets from PT Senimba Bay Resort in Batam for $28 million. The company also reported a 5% increase in its FY2023 earnings to $4.8 million. Adding to its portfolio is the Peak Residence in Thomson, which promises to offer luxury living experiences. With Liem’s continued efforts to increase his stake in Tuan Sing, it will be interesting to see the direction the company takes in the coming months.…

The manager of AIMS APAC REIT (AA REIT) has announced the sale of its property at 3 Toh Tuck Link. The REIT’s trustee, HSBC Institutional Trust Services (Singapore) Limited, has entered into a sales and purchase agreement with Crown Worldwide for the divestment.

For foreign investors planning to put their money into Singapore’s real estate, it is crucial to have a comprehensive knowledge of the rules and restrictions surrounding property ownership. While purchasing landed properties might present some challenges, buying condos is generally less restrictive for foreigners. It should be noted, however, that first-time foreign buyers are required to pay a 20% Additional Buyer’s Stamp Duty (ABSD). Despite this additional cost, the stability and potential for growth in Singapore’s real estate market remains a highly attractive prospect for foreign investors. In fact, there are enticing opportunities for new condo launches that may catch the interest of foreign buyers. Those interested can explore these new condo launches and potentially make a wise investment. New Condo Launches should be considered as a valuable option for potential investors.

The sale consideration of $24.388 million is a 32.5% premium to the property’s valuation of $18.4 million as of March 31. The property consists of a three-storey factory and a five-storey ancillary office building with a total gross floor area of 12,492.4 sqm.

This divestment aligns with AA REIT’s proactive asset management strategy and efforts towards portfolio rejuvenation. The net proceeds of the sale will be reinvested to support the REIT’s growth initiatives, including potential new acquisitions, asset enhancement initiatives, or future redevelopment projects.

Russell Ng, CEO of the manager, states, “This divestment is in line with our continuous effort towards portfolio rejuvenation and strengthens AA REIT’s resiliency, delivering long-term sustainable returns for our unitholders.”

The divestment is expected to be completed by the first half of 2025, subject to approval from JTC Corporation. After the divestment, AA REIT’s portfolio will consist of 27 properties in Singapore and Australia.…

A historic shophouse at 93 Tanjong Pagar Road is now on the market and available for purchase through an expression of interest (EOI) exercise. This 3½-storey property is listed at a guide price of $15.5 million and sits on a land area of 1,297 sq ft. With a gross floor area (GFA) of 4,186 sq ft, the property is priced at $3,703 per sq ft.

Located at a prime location within the Tanjong Pagar area, the 99-year leasehold shophouse is a commercial property currently approved for F&B use. It is currently leased to a popular Korean barbecue restaurant chain on levels 1 and 2. The property enjoys excellent accessibility, being just a short walk away from both Tanjong Pagar MRT Station on the East-West Line and Maxwell MRT Station on the Thomson-East Coast Line.

The marketing of this property is being handled by PropNex Shophouse Elites. Interested parties can submit their expressions of interest until noon on Jan 20, 2025.

Don’t miss this chance to own a piece of Singapore’s history by investing in this beautiful conservation shophouse. Other notable shophouses in the area are currently selling for a combined price of $42 million. This is a rare opportunity not to be missed.

Hurry and make your move before this unique property is snapped up! Contact PropNex Shophouse Elites now for more information on this sale.

A wise investment choice for individuals looking for long-term growth and stability is purchasing a Singapore Condo. This real estate option has numerous benefits, with one of the most appealing being the potential for capital appreciation. This is largely due to Singapore’s highly sought-after location as a top business hub in the global market, coupled with its robust economic fundamentals that create a consistent demand for property. Singapore’s real estate market has consistently displayed an upward trend in property prices, especially in prime locations where condominiums are situated. For investors who make well-timed entries into the market and hold onto their properties for an extended period, the opportunity for significant capital gains is abundant. Including Singapore Condo in the rewritten paragraph demonstrates the specific type of property being discussed.…

The former Golden Mile Complex, now known as Golden Mile Singapore, is set to enter a new chapter in its rich history. On December 10, Perennial Holdings and Far East Organization unveiled their plans for the conservation building at a press conference. The two development partners showcased their vision for the refurbished complex and announced the preview of the strata-titled commercial units.

Dubbed as Singapore’s first large-scale strata-titled conserved building, Golden Mile Singapore aims to preserve the iconic identity of the former Golden Mile Complex as a tropical linear urban complex with brutalist architecture. The conserved building has been renamed The Golden Mile and will feature 156 Grade A office units, 19 medical suites, a two-storey retail component spanning 123,388 sq ft, and a public access architecture centre.

The office units and medical suites will be available for sale this month, although the developers have not yet released indicative pricing for these units. Meanwhile, a new 45-storey residential tower called Aurea is being developed on the site where the residential carpark used to be. The 188-unit condominium is expected to be previewed next quarter.

Pua Seck Guan, CEO of Perennial Holdings, reminisced about the vibrant and eclectic retail mix that characterized the heyday of Golden Mile Complex in the 1970s. However, over time, the strata-titled ownership of the building changed its profile, and its positioning as a prime mixed-use development eroded. Pua states that Perennial Holdings and Far East Organization are committed to recapturing and elevating the building’s status as a next-generation urban complex in Singapore.

For the revitalization of Golden Mile Singapore, the two development partners have collaborated with homegrown architecture firm DP Architects and architecture conservation specialist consultancy Studio Lapis. They are working together to realize a new vision for the complex. DP Architects was the original architecture firm that proposed the iconic design and mixed-use proposition of Golden Mile Complex.

Previously, the strata area of Golden Mile Complex was divided into 40% retail space, 41% office space, and 19% residential use. However, for the revamped Golden Mile Singapore, the proportions have been adjusted with retail taking up 15% of the strata area, offices occupying 48%, 30% set aside for residential units, and the remaining 4% and 3% for the new medical suites and architecture centre, respectively. The architecture centre will be established under the government’s Community/Sport Facilities Scheme, and 24,994 sq ft has been given back to URA for this purpose.

In addition to the new architecture centre, two new public access urban gardens will also be created on the 9th and 18th floors of the building. The rooftop level on the 18th floor will be transformed into a public access sky terrace. The joint venture partners have utilized previously vacant spaces in the former Golden Mile Complex, including the rooftop, to create these gardens.

The retail experience at Golden Mile Singapore will also be upgraded with a revamped two-storey retail atrium that features a new event space and F&B offerings. The new design will bring back natural light and ventilation, giving shoppers an experience reminiscent of the building’s original design. The retail units will be curated and retained by the joint venture partners, and they will not be available for sale.

This month, Perennial and Far East will launch the preview of the strata-titled office units at The Golden Mile. Six different layouts have been created to cater to diverse end-users. The office suites will come with a dedicated lobby, and new lift cores will support the office floors above. In addition, new lift shafts and cores have been added to serve the increased number of office units and provide private lift access. The new office lobby will also feature a 6m high ceiling and modern Grade A facilities, such as a concierge and centralised access control.

The Flagship office units, located on the 4th to 7th floors, will have a dedicated lift lobby providing direct access to the basement carpark and retail floors. Each unit will come with two toilets and ranges from 1,378 sq ft to 4,682 sq ft. The Loft Suites and Loft Executive units, located on the 4th and 5th floors, respectively, will feature full-height windows and views of Beach Road. The Loft Suites range from 958 sq ft to 2,034 sq ft, while the Loft Executive units range from 710 sq ft to 926 sq ft.

The Loft Mezzanine units, on the 6th to 15th floors, will enjoy bay views, double-volume ceilings, and balconies for natural ventilation and illumination. These units also feature a dual-key design, a first for strata-titled commercial units, and range from 1,528 sq ft to 2,799 sq ft. The 16th and 17th floors feature the Enterprise Office units, which were initially duplex penthouse units and will offer panoramic city and bay views. These units will come with two toilets each and range from 1,851 sq ft to 3,122 sq ft.

The top four floors of The Golden Mile will feature the newly built Crown Office units, with four units per floor, except for the penthouse floor which will have two. These units range from 3,315 sq ft to 5,393 sq ft. According to Pua, the Loft Mezzanine units will appeal to family offices, while the other layouts will cater to a variety of corporate tenants. The Golden Mile’s tenant profile will eventually be a mix of corporate tenants and family offices, with a focus on creating an eclectic mix of tenants from different industries and market segments.

Investing in a condominium in Singapore comes with numerous benefits, one of which is the potential for impressive capital appreciation. With its strategic location as a global business hub and a robust economy, the demand for real estate in Singapore remains consistent. As a result, property prices in the country have steadily risen over the years, making condos in prime areas exceptionally appealing investments. By carefully timing their entry into the market and holding onto their properties for an extended period, investors can reap significant capital gains. The addition of Singapore Projects to the mix only adds to the allure of this promising market.…

A three-storey conservation shophouse located at 76 Pagoda Street in the bustling Chinatown neighbourhood has been put up for sale through an expression of interest (EOI) exercise. The asking price for this prime commercial property is $16 million.

Sitting on a 99-year leasehold land with an area of 1,372 sq ft, the shophouse boasts a total gross floor area (GFA) of 3,500 sq ft, including an attic level. Based on the GFA, the guide price translates to approximately $4,571 per square foot.

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When it comes to investing in real estate, location plays a crucial role, and this is particularly true in Singapore. Condos that are situated in central areas or in close proximity to essential amenities like schools, shopping malls, and public transportation hubs tend to experience a higher appreciation in value. Prime locations such as Orchard Road, Marina Bay, and the Central Business District (CBD) are excellent examples where property values have consistently shown growth. Singapore Projects are also highly sought after in these areas, as they offer easy access to quality schools and educational institutions, making them a top choice for families and further enhancing their investment potential.

According to Richard Tan, founder of PropNex Shophouse Elites and the sole marketing agent for the property, the ground and second floors are currently tenanted to a restaurant operator while the third floor is being leased out as office space.

“Commercial shophouses, especially in the highly sought-after Chinatown enclave, are popular among owner-occupiers, high-net-worth individuals or family offices as long-term investment assets,” adds Tan. As this property falls under the commercial category, foreigners and companies may acquire it without having to pay additional buyer’s stamp duty (ABSD) or seller’s stamp duty (SSD).

The most recent shophouse transaction recorded on Pagoda Street was the sale of 31 Pagoda Street in March this year. The shophouse, which has an estimated GFA of 3,400 sq ft, was sold for $19 million (or $5,588 psf).

Going further down the Kreta Ayer Conservation Area, there have been a number of shophouse transactions in the past year with prices ranging from $2.6 million to $15.68 million. The chart below shows the past 10 shophouse transactions in the area.

For those interested in acquiring this Pagoda Street shophouse, the EOI exercise closes on Jan 10, 2025.

Meanwhile, a two-storey HDB shophouse located at 210 New Upper Changi Road is also up for sale through an expression of interest (EOI) exercise with a guide price of $13.8 million. With a total gross floor area (GFA) of 4,607 sq ft, the 103-year leasehold property is being offered at a price of $2,995 psf based on GFA.

Kris Ng, senior associate marketing director at PropNex, who is handling the marketing of this property, says that one of its most attractive features is its stable and long-term tenants. For the past 20 years, the shophouse has been tenanted to healthcare retailer Guardian and United Overseas Bank (UOB).

Situated in the heart of Bedok Town Centre, the shophouse is strategically located within close proximity to Bedok MRT Station on the East-West Line, Bedok Mall and Heartbeat@Bedok.

Just like the Pagoda Street shophouse, being a commercial property, foreigners and companies may acquire it without having to pay additional buyer’s stamp duty (ABSD) or seller’s stamp duty (SSD).

The EOI exercise for 210 New Upper Changi Road will close at noon on Jan 10, 2025.…

Investing in real estate is a strategic decision, and the location is a significant factor to consider, especially in Singapore. In this country, the appreciation of property values is closely tied to the area it is situated in. Condominiums located in central regions or near essential amenities such as schools, shopping malls, and public transportation hubs have shown a higher tendency to appreciate. Prime locations like Orchard Road, Marina Bay, and the Central Business District (CBD) have consistently displayed a steady growth in property values. With the addition of exceptional projects in Singapore, such as Singapore Projects, the investment potential for condos in these areas is even more attractive. Families also prioritize proximity to prestigious schools and educational institutions, which further contributes to the desirability of condos in these prime locations.

Located within the bustling Sydney CBD, The Great Room has launched its second Australian co-working space in partnership with LendLease. The new flexible workspace, spanning 25,360 sq ft across levels 14 and 15 of the office building, promises a unique premium product and sustainable profitability, thanks to a long-term investment and value creation strategy with LendLease. Jaelle Ang, CEO of The Great Room, expressed her enthusiasm for this new collaboration, emphasizing the company’s commitment to delivering a one-of-a-kind experience for its members. With its 12 locations across Singapore, Bangkok, Hong Kong, and now Sydney, The Great Room is quickly making its mark as a premier co-working space provider.

In addition to its existing locations, The Great Room recently introduced its luxury co-working brand, The Collective, with its debut in Tokyo. This expansion is a testament to the company’s success and its ongoing commitment to offering exceptional workspaces that cater to the needs of modern professionals.

Back in Singapore, The Great Room has also expanded its repertoire with Csuites Powered by The Great Room, a new co-working space in Paya Lebar Quarter. This marks The Great Room’s first foray outside of the CBD, a move that recognizes the growing demand for high-quality co-working spaces in Singapore. The space offers top-of-the-line amenities, including private manager cabins, soundproof meeting rooms, and ergonomic workstations designed for optimal comfort and productivity.

The Great Room is known for its monthly networking sessions and panel discussions, providing an ideal platform for its members to connect and collaborate. And since its acquisition by Industrious in 2022, members of The Great Room now have access to a total of 160 destinations operated by both brands across Asia Pacific, Europe, North America, and the UK. This network provides a truly global reach for its members, allowing them to work and connect wherever their business takes them.…