Month: December 2024

The government is making efforts to ensure that there is a sufficient supply of private residential units to meet the high demand for housing and maintain market stability. This is evident in the 1H2025 GLS Government Land Sales (GLS) programme, where a total of 8,505 units will be offered in both the Confirmed List and Reserved List.

The Confirmed List will feature ten plots, with nine of them being residential sites and three executive condo (EC) plots. The remaining plot will be a residential cum commercial site. These ten sites have the potential to yield around 5,030 residential units, including 980 EC units. This is in line with the 5,050 units offered in the Confirmed List of the 2H2024 program, but it is significantly higher than the average supply in previous GLS programs from 2021 to 2023.

In addition to the Confirmed List, the Reserved List will also be offering four private residential sites, one commercial site, three White sites, and one hotel site. These sites have the potential to yield an additional 3,475 private residential units and 199,900 sqm (2.15 million sq ft) of commercial space.

Compared to the 2H2024 program, the Reserve List in 1H2025 will offer higher residential unit yield of 3,475 units, up from 3,090 units. This brings the total private housing supply in 1H2025 to 8,505 units, similar to the 8,140 units offered in the 2H2024 program.

This increase in supply over the past three years has contributed to the stabilization of the private residential market, as shown by the moderation in property price momentum. According to the URA private residential property price index, price growth has slowed to 6.8% in 2023 from 10.6% in 2021 and 8.6% in 2022. It is expected that private residential prices will continue to see modest gains in 2024, with a cumulative increase of 1.6% in the first three quarters of the year.

One important factor to consider when looking into investing in a condo is its potential rental yield. This refers to the annual rental income generated in relation to the property’s purchase price. In Singapore, rental yields for condos can differ greatly based on various factors such as location, condition of the property, and market demand. Generally, areas with high rental demand, such as those near business districts or educational institutions, tend to yield better rental returns. It is crucial to conduct thorough market research and seek advice from real estate agents to gain a better understanding of the rental potential for a specific condo, especially for Singapore projects. This will help in making an informed decision when considering an investment in a condo.

In response to the intense competition among developers for EC sites and rising land prices, the government has increased the supply of EC sites in the 1H2025 Confirmed List, with three plots having the potential to yield 980 units. This is different from the previous GLS programs since 2019, where only one EC site was offered in each half-yearly land sales program. This increased supply of EC sites is expected to ease the competition among developers and help moderate EC land costs and prices, according to PropNex CEO Ismail Gafoor.

Seven new plots have been introduced in the 1H2025 GLS program, including a site at Lakeside Drive near the Jurong Lake Gardens in Jurong Lake District, Dunearn Road in the new housing precinct in Bukit Timah Turf City, and Telok Blangah Road on the former Keppel Golf Course site. The site of the former Singapore Indian Fine Arts Society on Dorsett Road, off Rangoon Road, will also be launched for sale in 1H2025, with the potential to yield about 430 units. Furthermore, a residential and commercial site at Hougang Central, which can yield a new mixed-use development with 835 residential units and over 400,000 sq ft of commercial space, will also be offered for sale. This site will likely be integrated with the Hougang MRT Station on the Northeast Line.

Of note, the URA has provided more flexibility for the Upper Thomson Road (Parcel A) site, which saw no bidders when its tender closed in June 2024. The site was previously intended to have a mix of residential units and long-stay serviced apartments, but the URA has now stated that serviced apartments are not mandated for the site and can be allowed with approval from technical agencies.

It was an unprecedented year for GLS tenders, as for the first time, the URA did not award the tender for three plots – Marina Gardens Crescent, the Jurong Lake District master developer site, and plots in Media Circle for long-stay serviced apartment use. The URA rejected the bids offered because they were considered too low. These sites are now listed on the 1H2025 Reserve List.

Overall, the majority of the sites in the 1H2025 GLS program are located near MRT stations and new housing precincts, which can be attractive for developers and homebuyers alike. Examples include the mixed-use site in Hougang Central, which can yield 835 units and will be connected to the Hougang MRT station, and the Telok Blangah Road and Dunearn Road sites, which are located within minutes’ walk to the MRT stations. Another notable site is the Lakeside Drive site, situated next to the Lakeside MRT station, Jurong Lake Gardens, and the Jurong East commercial hub.…

British property developer St William, a division of London-listed real estate corporation Berkeley Group, is currently promoting a new residential project in London called Regent’s View. The development, which features 555 units and is located in the London borough of Tower Hamlets in Zone 2, was created through an innovative adaptive reuse scheme that transformed a decommissioned Victorian-era gasholder site into a modern mixed-use development.

Regent’s View has already received worldwide recognition, winning the “Best Future Residential Project” award at the World Architecture Festival (WAF) in 2024. The prestigious architectural awards were held in Singapore at Marina Bay Sands on November 6–8.

St William was initially established in 2014 as a joint venture between Berkeley Group and London’s National Grid. The goal was to redevelop 24 decommissioned industrial sites owned by National Grid into new residential and community spaces. In March 2022, Berkeley Group acquired National Grid’s stake in St William for GBP412.5 million ($705 million), giving it full ownership of several brownfield sites across London for their long-term landbank. Currently, St William is working on approximately six of these sites.

Regent’s View is one of these ongoing projects. The 4.5-acre site, located along the banks of Regent’s Canal, was formerly known as the Bethnal Green Gasholders and has been a local landmark since the 1850s when several Victorian-era gasholders were built to supply gas to homes in the district. The decommissioned gasholders were officially closed in 2012, but the iconic frames have been an integral part of the borough’s landscape for over 200 years. The largest gasholder frame is 146 ft tall and has a 200 ft diameter.

Due to structural decay, all but two of the gasholder frames were slated for demolition. However, St William and their architectural partner, RSHP, have made the decision to incorporate them into the new residential project as a unique architectural feature.

Graham Stirk, senior director at RSHP, explains, “Our design for Regent’s View honors the site’s industrial heritage. By preserving the historic gasholder frames, we can create a distinctive urban environment that is not commonly seen. This approach is reinforced by using an industrial architectural style that will define a one-of-a-kind place to live and enjoy.”

Regent’s View will consist of five new contemporary residential buildings, ranging from six to 13 stories, surrounding a landscaped park. Two of the buildings will feature restored gasholder structures within their design.

The project will provide 555 private and affordable homes and 45,000 sq ft of ground floor commercial and community space, including a newly accessible 100m stretch of Regent’s Canal. This will be the first time in over 150 years that the public will have access to this part of the canal, and the area will feature new F&B options.

Preserving an Icon

The development of Regent’s View has not been without controversy. When residents learned in 2019 that the site was being considered for redevelopment, over 8,000 people signed a petition to preserve it. Ultimately, the Tower Hamlets council voted seven-to-one in favor of the project.

It took St William nearly five years, from 2018 to 2022, to develop a concept and incorporate the gasholder frames into the design, as well as gain support from the local community. Dean Summers, divisional managing director at St William, explains that a significant amount of time was spent engaging with residents to find ways to preserve the gasholder frames, meet affordable housing requirements, and revitalize the canal front through placemaking activities.

Summers says, “Affordable housing is a top priority for many local councils across London’s boroughs, and we were happy to work closely with them on the adaptive reuse of this industrial site. Our strong relationship allowed us to allocate 35% of the units for affordable housing.”

The design of the residential buildings and how the gasholder frames could be incorporated was also closely scrutinized, as was the permeability of the site to encourage public access. Nearly 100m of previously inaccessible canal frontage will be reactivated with F&B and other amenities.

Investing in a condominium in Singapore offers numerous advantages, one of which is the potential for capital appreciation. With its strategic position as a global business hub and strong economic foundations, Singapore has maintained a constant demand for real estate. The property market in Singapore has consistently shown an upward trend over the years, especially in prime locations where condominiums have seen significant appreciation. Savvy investors who purchase properties at the opportune timing and hold onto them for a considerable period of time can reap substantial capital gains. Furthermore, with the consistent launch of new condos such as New Condo Launches, the potential for capital appreciation in Singapore’s real estate market continues to thrive.

“It was important to us and the developers that the development of Regent’s View contributes to the placemaking and revitalization of the neighborhood,” says Tracy Meller, senior director at RSHP. She adds that the architects utilized the circular shapes of the gasholder frames to create a softer contrast to the edges of the site. “This design encourages people to naturally flow through the site, across the central landscaped courtyard, and towards the canal front.”

The ground floors of the five buildings will be used for non-residential purposes. The two largest gasholder buildings along the waterfront will feature public-facing commercial amenities like cafes, bars, and restaurants. The ground floors of the other three buildings will offer resident-exclusive spaces, such as a concierge and facilities.

Regent’s View is not the only industrial brownfield site with heritage gasholder frames that St Willliam is developing. As part of the landbank they acquired through their previous partnership with National Grid, they are also working on a 23-acre plot in the Newham borough, where they are creating a 2,000-unit mixed-use project.

They are also collaborating with RSHP to develop the design plans for the site, which was formerly home to the now-defunct Bromley-By-Bow Gasworks. The site boasts seven Victorian-era gasholders and is home to the largest collection of surviving gasholders from this era in the world. Development of the Bromley-By-Bow gasworks site is expected to begin next year.

Regent’s View Goes International

Last year, St William launched the sale of The Wright Building, a six-story block at Regent’s View featuring a mix of one- to three-bedroom units ranging from 628 sq ft to 1,247 sq ft. The Wright Building is now over 70% sold, with prices ranging from GBP675,000 ($1.15 million) to GBP1.63 million. This block is expected to be completed next year.

In September, St William launched the sale of another six-story block called The Westwood Building. It features one- and three-bedroom units ranging from 584 sq ft to 1,247 sq ft. Nearly 90% of the units in The Westwood Building are one-bedroom, and the developers anticipate that it will be highly appealing to international investors.

Prices at The Westwood Building start at GBP585,000 for a one-bedroom unit and go up to GBP1.68 million for a three-bedroom unit.

Summers explains that over 50% of international buyers are based in Asia. He says, “We have seen a lot of interest from international buyers, especially those looking for a home for their children who are attending university or a professional residence close to London’s financial centers.”

Summers adds that the next phase of sales at Regent’s View will see units in the 13-story block facing the canal go on sale in the second half of 2025.

He says, “Our third phase of sales will include some of the largest units at Regent’s View, like our three-bedroom units, and we expect it to generate very strong interest because most of the F&B amenities will be on the ground floor, and most units will offer views of either the waterfront or the landscaped courtyard.”

The strong interest shown in Regent’s View so far also shows that more international buyers are considering new projects in London’s Zone 2 neighborhoods, says Summers.

“As the price of properties in central London continues to rise, savvy investors are turning to properties in Zone 2 for higher rental premiums,” he says.…

A three-bedroom unit located at Gambier Court, a boutique condominium on Kim Yam Road in the prime District 9 of River Valley, will be listed for sale through an auction by Knight Frank Singapore on December 12. The unit is expected to fetch a price of $2.6 million. With a floor area of 1,485 sq ft, this translates to $1,755 psf.The current owner of the unit purchased it for $1.8 million ($1,212 psf) in October 2018, according to caveats lodged. This owner’s sale marks the second time the unit will be put up for auction. On November 26, it was previously listed with a higher guide price of $2.64 million ($1,778 psf) but did not attract any offers.

Tricia Tan, the director of auction and sales at Knight Frank, shared that the owner has decided to sell the unit in order to move closer to their children’s school. The property will be sold with vacant possession. The unit is situated on the eighth floor and boasts three bedrooms and a study area. While initially a four-bedroom apartment, a previous owner converted it into a three-bedder, offering the future owner a more spacious layout that would be suitable for both local and expat families with children.

The balcony of the unit faces northeast, providing unobstructed views of the sea and Singapore River (Photo: Knight Frank Singapore). Gambier Court, a 99-year leasehold condo completed in 1999, consists of just 21 units divided into 18 apartments within a 10-storey block and three strata-landed units set in conserved shophouses. The apartments come in a variety of sizes, ranging from two to four bedrooms and measuring between 936 sq ft to 2,530 sq ft. The three strata-landed units are two-storey properties with an attic, with sizes ranging from 2,562 sq ft to 2,885 sq ft.

Conveniently situated within walking distance of Fort Canning MRT Station on the Downtown Line, Gambier Court also offers residents close proximity to a diverse range of dining and shopping options such as the new lifestyle hub, New Bahru at Kim Yam Road (formerly Nan Chiau High School), Robertson Quay, UE Square, and Clarke Quay. Realis caveats reveal that the most recent transaction at the condo involved a 1,485 sq ft four-bedder unit on the seventh floor, which was sold for $2.5 million ($1,683 psf) in December 2022. The seller had initially purchased the unit for $1.9 million ($1,279 psf) in August 2016, resulting in a net profit of $600,000. Take a look at the latest listings for properties at Gambier Court.

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Between Nov 19 and Nov 22, freehold condo Gallop Gables made headlines with a new psf-price high of $2,299 psf. A 2,669 sq ft four-bedroom unit on the second floor was sold for $6.14 million on Nov 20, making a gain of $1.64 million for the seller who bought the unit for $4.5 million in July 2017. This transaction beats the previous high of $2,108 psf set in February this year. Another freehold condo, Sims Edge, also made a new record of $1,907 psf during the period in review. A one-bedroom unit on the 13th floor sold for $780,000 on Nov 22, making a profit of $116,193 for the seller who bought it for $663,807 in April 2019. The scala, a 99-year leasehold condo in District 19, also achieved a new psf-price record of $2,064 psf from the sale of a 1,259 sq ft four-bedroom unit on the 12th floor for $2.6 million on Nov 20. Before this, the condo’s psf-price high was $1,969 psf. Overall, no new psf-price lows were recorded during the period in review. Property Hunter can help you with this request. Just hit “Ask Buddy” on https://www.edgeprop.sg/property-asking-buddy/shopping-for-you

According to recent data, Gallop Gables, a freehold condo located on Farrer Road in District 10, has topped the list of condos with new per square foot (psf) price highs for the period of November 19 to 22. A unit on the second floor, measuring 2,669 sq ft and boasting four bedrooms, sold for $6.14 million on November 20, setting a record of $2,299 psf. This is a significant increase from the previous high of $2,108 psf, which was achieved in February of this year. The seller, who purchased the unit for $4.5 million ($1,686 psf) in July 2017, made a profit of $1.64 million on the sale.

In second place is The Scala, a 99-year leasehold condo in District 19, which saw a new psf-price high of $2,064 psf from the sale of a 1,259 sq ft four-bedroom unit on the 12th floor for $2.6 million on November 20. The seller, who bought the unit for $1.66 million ($1,318 psf) in October 2012, made a profit of $940,000.

Sims Edge, another freehold condo, topped off the list with a new record of $1,907 psf from the sale of a 409 sq ft one-bedroom unit on the 13th floor for $780,000 on November 22. The seller, who bought the unit for $663,807 ($1,623 psf) in April 2019, made a profit of $116,193.

The scarcity of land in Singapore is a crucial factor contributing to the high demand for condos in the country. As a small island with a booming population, Singapore struggles with limited space for development. As a result, strict land use regulations and a fiercely competitive real estate market have caused property prices to soar. This has made investing in real estate, specifically condos, a highly attractive option due to the potential for significant capital appreciation. Condos have become a sought-after investment due to the limited availability of land in Singapore.

No new psf-price lows were recorded during the period in review.…

Bungalow at Kingsmead Road sold for $7.5 mil gainEditorial TeamHere is the rewritten article:

During the week of November 19 to 26, the most profitable condo resale transaction was the sale of a four-bedroom unit measuring 2,885 sq ft at Ardmore Park. The 14th-floor unit changed hands for $11.25 million, equivalent to $3,900 per square foot (psf) on November 22. The seller had previously purchased the unit in September 2016 for $8.2 million, or $2,843 psf. This resulted in a substantial profit of $3.05 million, reflecting a capital gain of 37%, or an annualized return of 4.6% over a holding period of approximately eight years.

This deal comes just two months after another unit with the same size and number of bedrooms on the 23rd floor was sold for $12.7 million, or $4,402 psf, on October 1. The seller of that unit had bought it in September 2010 for $9.7 million, which translates to a gain of $3 million on the sale. This represents a capital gain of 30.9%.

Ardmore Park is a freehold condo located in prime District 10, in the prestigious Ardmore Park area. Completed in 2001, the luxury condo has three 30-storey towers and a total of 330 units. The typical units at the condo are four-bedroom apartments measuring 2,885 sq ft, but it also has six 8,740 sq ft duplex penthouses.

In addition to the units sold on November 22 and October 1, there have been four other profitable resale transactions at Ardmore Park this year. All of these units were four-bedroom apartments measuring 2,885 sq ft and were sold for prices ranging from $4,108 psf to $4,472 psf. The sellers made profits ranging from $2.65 million to $7.07 million.

The second most profitable condo resale deal during the week was the sale of a four-bedroom unit at Goldenhill Park Condominium. The 1,539 sq ft unit on the 16th floor changed hands for $3.43 million ($2,228 psf) on Nov 21. The seller, who had purchased the unit from the developer in May 2001 for $1.14 million, netted a gain of $2.29 million. This translates to a return of 201% over a holding period of 23½ years.

This sale is the second-highest gain recorded to date on a unit at Goldenhill Park Condominium. The record belongs to a 2,928 sq ft four-bedroom penthouse that was sold for $4.3 million ($1,469 psf) in February 2022. The seller of that unit had bought it from the developer in April 2001 for approximately $2 million, resulting in a gain of $2.3 million.

Goldenhill Park Condominium is a freehold development located on Mei Hwan Drive, off Ang Mo Kio Avenue 1 in District 20. Completed in 2004, the condo has 390 units ranging from two- to four-bedroom apartments measuring between 926 sq ft and 2,928 sq ft. It is conveniently located near the Lorong Chuan MRT station on the Circle Line.

There have been five other profitable resale transactions at Goldenhill Park Condominium this year, with units selling for prices ranging from $2,082 psf to $2,246 psf and resulting in profits ranging from $760,000 to $1.91 million.

Meanwhile, the most unprofitable condo resale deal during the week was the sale of a four-bedroom unit at The Oceanfront @ Sentosa Cove. The 2,831 sq ft unit on the 10th floor changed hands for $4.7 million ($1,660 psf) on Nov 20. The seller had bought the unit in May 2007 for $5.8 million ($2,050 psf), resulting in a loss of $1.1 million, or 19%, after owning the unit for 17½ years.

The Oceanfront @ Sentosa Cove is a 99-year leasehold condo located in the exclusive Sentosa Cove residential enclave. Completed in 2010, the waterfront condo has five towers ranging from 12 to 15 storeys high and a total of 264 units. Residences include two-, three- and four-bedders measuring from 1,216 sq ft to 4,284 sq ft, as well as penthouses measuring from 2,745 sq ft to 8,095 sq ft.

The advantages of investing in a condominium extend beyond just having a property to call your own. With a condo investment, you have the opportunity to leverage the value of the property to acquire further investments. This can be done by using your condo as collateral to secure additional financing for new investments, allowing you to expand your real estate portfolio. However, this tactic also carries risks, making it essential to have a solid financial plan in place and carefully assess the potential effects of market fluctuations. As a helpful resource, you can also keep an eye on new condo launches for potential investment opportunities.

According to caveats lodged, there have been six other resale transactions at The Oceanfront @ Sentosa Cove this year, with units selling for prices ranging from $1,500 psf to $1,999 psf. Four of these deals were unprofitable, resulting in losses ranging from $30,000 to $519,000. The other two deals were profitable, with the sellers making gains of approximately $268,000 and $1.7 million, respectively.…

Habyt, a leading co-living operator, has recently launched its newest accommodation space at 5 Kadayanallur Street in Tanjong Pagar. The new space, called Kada at Maxwell, features 18 rooms and is the flagship location for Habyt’s new concept, Habyt Flex. This marks a strategic expansion for the company, as it moves beyond its traditional offering of long-term co-living options.

In August, Habyt Asia Pacific CEO Jonathan Wong announced the company’s plans to add more short-term living options to its portfolio. The first properties under the Habyt Flex concept, Habyt Novena (39 rooms) and Habyt Kallang (27 rooms), were launched in August. Other properties under this concept include Habyt Cantonment and Owen House by Habyt.

Kada at Maxwell offers a range of room options, including en suite studios and two- to three-bedroom units, all with fully equipped kitchenettes. Guests have the choice to book rooms on a nightly, weekly, or 12-month basis.

The dining area of a Studio Deluxe at Habyt’s Kada at Maxwell.

According to Wong, Kada at Maxwell exemplifies Habyt’s commitment to redefining flexible living in Singapore and marks the shift towards the next phase of evolution for Habyt Asia Pacific. Room rates at Kada at Maxwell start at $180 per night.

Located within a preserved 1920s colonial building, Kada at Maxwell adds a touch of historic charm to the modern co-living experience. This three-storey building, designed by Swan & Maclaren, was one of the first modernist buildings in Singapore and was originally built to house the St Andrew’s Mission Hospital for Women and Children.

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The Oasis Lounge at Kada.

The property is managed by the Singapore Land Authority (SLA) and a public tender for its lease was launched in September 2023. The tender evaluated bids based on price and concept quality and SLA encouraged bidders to consider creative lifestyle concepts.

After careful consideration, the site was awarded to Bethesda Medical, which submitted a monthly rental bid of $103,000, the third-highest bid price after Wan Dormitory ($160,000) and The Working Capitol ($108,240). SLA cited Bethesda’s strong focus on community building and connecting people with businesses as the key factor that set their concept apart.

The first floor of Kada at Maxwell will feature 10 F&B offerings, while the second floor will house a gym by Limitless, a wellness center in partnership with Shiruki Studio, and a co-working space. The third floor is home to Habyt’s Kada at Maxwell.

Residents of Kada at Maxwell will have unlimited and complimentary access to the property’s health and wellness amenities, including a performance gym, cold plunge, infrared saunas, hot tubs, and foot baths.

“By combining modern comforts with the timeless allure of a heritage building, we are offering guests a unique lifestyle experience that goes beyond traditional accommodation,” says Wong.…

On Dec 3, URA announced the launch of tenders for two residential Government Land Sale (GLS) sites, namely Holland Link and Chuan Grove, under the Confirmed List of the 2H2024 GLS Programme. These 99-year leasehold sites are expected to be completed by the second half of 2024.

The Holland Link site, located at Holland Link off Bukit Timah Road in District 10, spans 185,141 sq ft and has a maximum gross floor area (GFA) of approximately 257,225 sq ft. According to URA estimates, this site can potentially yield around 230 housing units.

This site is the first GLS plot to be launched in the upcoming Holland Plan precinct, which will be one of URA’s three new precincts alongside Bayshore and Kampong Bugis. Marcus Chu, CEO of ERA Singapore, notes that this residential area is expected to house 2,500 new homes. The launch of the Holland Link site presents an opportunity for developers to seize first-mover advantage by injecting the first 230 units into the pipeline.

Furthermore, the site is strategically located within a 2km radius of several schools such as Methodist Girls’ School (Primary and Secondary), Henry Park Primary School, Pei Hwa Presbyterian Primary School, and National Junior College. This is a significant advantage for families with young children who are looking for priority admission into these schools, adds Chu.

The Holland Link site is also in close proximity to the Brizay Park Good Class Bungalow area. As a result, Mark Yip, CEO of Huttons Asia, predicts that future developments in the Holland Plain precinct will likely focus on low-density private residential properties.

In terms of expected bids, Yip anticipates between one and two bids for the Holland Link site, with a top bid of $1,200 to $1,300 psf per plot ratio (psf ppr). Similarly, Chu predicts a muted response to the site, stating that there are currently seven residential sites open for tender, which could lead to saturation in the tender process. He believes that the Holland Link site could receive up to three bids.

When it comes to purchasing a condominium in Singapore, there are numerous advantages to be gained. These include a high demand for such properties, potential for increasing in value, and attractive rental returns. Nevertheless, there are several crucial factors to consider before making a decision, such as location, financing options, government regulations, and market conditions. It is important for investors to conduct thorough research and seek guidance from professionals to ensure they make well-informed choices and maximize their profits in the ever-changing real estate market of Singapore. Whether you are a local investor looking to diversify your investments or a foreign buyer seeking a stable and profitable option, the new condo launches in Singapore offer a compelling opportunity for all. These new condo launches can be found at Janome Specials.

The Chuan Grove GLS site, located at Lorong Chuan in District 19, covers a land area of 170,409 sq ft and has a maximum GFA of 511,232 sq ft. It is estimated to potentially yield around 555 new housing units. This site is situated within 400m of Lorong Chuan MRT Station, which is one stop away from the Bishan MRT Station (interchange with the North-South Line) and the Serangoon MRT Station (interchange with the North-East Line).

According to Chu, future developments on the Chuan Grove site are likely to attract HDB upgraders from nearby areas. Over the next four years, an estimated 3,815 Build-to-Order (BTO) units sized four-room and larger are set to fulfil their Mandatory Occupation Period (MOP) in Toa Payoh. This could potentially drive HDB flat owners in older estates to seek upgrades, especially with the increasing number of million-dollar flats in neighbouring Serangoon, Bishan, and Toa Payoh.

Chu also mentions that developers could be encouraged by Chuan Park’s successful sales performance, with 76% of the development’s 916 units sold at an average price of $2,579 psf during its launch weekend. He expects bids for the Chuan Grove site to range from $571 million to $600 million, which translates to a land rate upwards of $1,200 psf ppr. On the other hand, Yip predicts a total of three to five bids, with a top bid between $1,150 and $1,250 psf ppr.

The tenders for both the Chuan Grove and Holland Link sites will close at noon on July 8, 2025, and July 29, 2025, respectively.…

The Urban Redevelopment Authority (URA) has recently released two residential Government Land Sale (GLS) sites under the Reserved List of the 2H2024 GLS Programme on Dec 3. These sites, namely Holland Plain and River Valley Green (Parcel C), are now open for application and will be launched for tender if a developer indicates a minimum price that is approved by the government. In the event that more than one developer submits a minimum price which is close to the reserve price set by the government, the Reserved List site may also be considered for tender launch.

The Holland Plain GLS site has an area of approximately 169,175 square feet and a maximum gross floor area (GFA) of about 304,522 square feet. It has the potential to yield 280 residential units and is a 99-year leasehold site located next to the Holland Link GLS site which was launched for tender on Dec 3. The site is estimated to be able to accommodate around 230 residential units.

Mark Yip, CEO of Huttons Asia, believes that the chances of the Holland Plain site being triggered for sale are low, as developers are likely to wait and see the response to the Holland Link GLS site first before making a move. The tender for the Holland Plain site will only close in July 2025.

On the other hand, the River Valley Green (Parcel C) site is situated next to the Great World MRT Station on the Thomson-East Coast Line. This 99-year leasehold site covers an area of 123,964 square feet with a maximum GFA of 433,882 square feet. It has the potential to yield approximately 470 new housing units.

Yip predicts that the chances of this site being triggered for sale are also low, especially since there is an existing tender for the neighboring River Valley Green (Parcel B) plot that will close in February next year. The site can accommodate 580 units, including 220 long-stay serviced apartments.

Apart from that, there are also three other recently awarded GLS sites located near the River Valley Green (Parcel C) site. River Valley Green (Parcel A) was awarded to Winchamp Investment, a subsidiary of Wing Tai Holdings, in June after the developer submitted the top bid of $464 million, or $1,325 per square foot per plot ratio (psf ppr). The site will be developed into a residential development comprising of more than 400 units.

Ensuring proper financing is a crucial factor when investing in a condo. In Singapore, there are various mortgage choices available, but it is crucial to understand the Total Debt Servicing Ratio (TDSR) framework. This framework sets a limit on the amount of loan a borrower can obtain, taking into account their income and current debt obligations. It is imperative for investors to familiarize themselves with the TDSR and seek guidance from financial advisors or mortgage brokers. This will aid in making informed decisions about financing options and prevent over-leveraging.

In April, Zion Road (Parcel A) was awarded to a joint venture between City Developments and Mitsui Fudosan, as they submitted the sole bid of $1.107 billion ($1,202 psf ppr). The joint venture announced that they will be exploring a mixed-use project at the site, which will consist of approximately 740 residential units, a retail podium, and a block with 290 rental apartment units.

At the same time, Allgreen Properties won the bid for Zion Road (Parcel B) in August for $730.09 million ($1,304 psf ppr). The site has the potential to yield around 610 residential units.

Given the upcoming supply from these three sites, Yip believes that there is little incentive for developers to trigger the River Valley Green (Parcel C) site for sale.…