Month: January 2025

Commonwealth Towers has emerged as the top performer among private non-landed properties, achieving a new psf-price peak during the week of Dec 27 to Jan 3. The 99-year leasehold condo reached its new price high of $2,460 psf on Dec 27, with the sale of a 904 sq ft, three-bedroom unit on the 40th floor for $2.22 million. This surpasses the previous high of $2,402 psf, set just three months prior. The development has been steadily increasing in resale prices for the past three years, with an 11.6% increase since 2022. Other top performers during this period include freehold project Parq Bella, which set a new psf-price high of $2,416 psf upon the sale of a three-bedroom unit for $2.6 million on Dec 31. The only private residential development to see a new psf-price low during this period was Klimt Cairnhill, with the sale of a two-bedroom unit for $2.55 million, or $3,077 psf, on Jan 3. About 95% of the 138-unit freehold development has been sold at an average price of $3,665 psf.

Proper financing plays a vital role in condo investment, particularly in Singapore. In such a market, it is essential to have a good grasp of the Total Debt Servicing Ratio (TDSR) framework, as there are multiple mortgage options to choose from. This regulation limits the loan amount a borrower can take, taking into account their current income and debt obligations. To avoid the potential pitfalls of over-borrowing, investors must have a thorough understanding of the TDSR and seek guidance from financial advisors or mortgage brokers. Working with these professionals, investors can make well-informed decisions about their financing options, especially when considering Singapore projects. It is crucial to keep the TDSR in mind when venturing into such investments, and working with experts can help secure appropriate funding.…

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In a press release jointly issued by the Housing and Development Board (HDB) and the Ministry of National Development (MND) on January 16, Minister for National Development Desmond Lee announced that over 25,000 new flats will be launched by HDB in 2025.

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As an international investor, it is crucial to have a thorough understanding of the regulations and limitations surrounding property ownership in Singapore. While foreigners have relatively lenient access to purchasing condos, there are more stringent restrictions for buying landed properties. Additionally, foreign buyers are required to pay the Additional Buyer Stamp Duty (ABSD), currently set at 20% for their initial property acquisition. Despite these extra expenses, the consistent stability and promising growth of the Singapore real estate market significantly appeal to foreign investors, making properties like Singapore Condos a highly desirable option.

This launch will include approximately 19,600 Build-To-Order (BTO) flats in three sales exercises, as well as more than 5,500 Sale of Balance Flats (SBF) in one SBF sale exercise. The new flats will be classified under the new framework as Standard, Plus, and Prime BTO flats.

The upcoming BTO launch in February will offer around 5,000 flats in Kallang/Whampoa, Queenstown, Woodlands, and Yishun. The HDB will also conduct its largest-ever SBF exercise next month, offering more than 5,500 flats in various estates. About 40% of these flats are already completed, while the rest are expected to be completed between 2025 and 2028.

Overall, more than 10,000 new flats will be made available in these February BTO and SBF exercises. In the past four years, from 2021 to 2024, HDB has launched approximately 82,700 BTO flats. With a planned pipeline of 19,600 BTO flats in 2025, HDB is set to exceed its commitment of 100,000 units over five years.

Minister Lee noted that the increase in BTO supply has resulted in a drop in application rates. In 2024, the average application rate for BTO flats among first-time homebuyers across all flat types was 2.1, compared to the pre-pandemic rate of 3.7 in 2019. For three-room and larger flats, the average first-timer application rate last year was 2.2, down from 4.0 in 2019.

HDB will continue to release a steady pipeline of flats to meet housing demand in the coming years, said Minister Lee. Over 50,000 flats are expected to be launched between 2025 and 2027, bringing the total to about 130,000 flats from 2021 to 2027.

In 2025, about 3,800 of the 19,600 new flats will be Shorter Waiting Time (SWT) flats with a waiting time of less than three years. This is a significant increase from the 2,876 SWT flats offered in 2024 and exceeds the committed annual supply of 2,000 to 3,000 SWT flats.

According to senior director of data analytics at Huttons Asia, Lee Sze Teck, the SWT flats will provide more options for buyers and may also attract some demand away from the resale market.

In 2025, an estimated 7,000 HDB flats will reach their five-year minimum occupation period (MOP), making it the lowest supply of such resale flats since 2015. With HDB assuring buyers that they will push out more BTO and SBF flats to meet demand, this will offer more choices for buyers and stabilize the resale market, said Lee.

He also estimated that HDB resale flat transactions in 2025 will range between 26,000 and 28,000, which is lower than the 28,876 units recorded in 2024. Resale flat prices are expected to grow at a slower pace of 5% to 8% this year, compared to the 9.6% increase reflected in HDB’s flash estimate for 2024.…

A three-bedroom penthouse at Orchid Mansion, a freehold development located in District 15, was recently sold on Dec 31 for a profit of $2.58 million, making it the most profitable resale transaction from Dec 31, 2024 to Jan 7, 2025. The 2,842 sq ft unit, situated on the 21st floor, was purchased for $4.88 million ($1,717 psf). It was previously bought for $2.3 million ($809 psf) back in March 2009. This translates to an annualized profit of 4.9% over a span of nearly 16 years. This sale has also set a new record for the most profitable resale transaction at Orchid Mansion, surpassing the previous record of $1.15 million (72.6%) when a 1,507 sq ft three-bedroom unit on the seventh floor was sold for $2.73 million ($1,812 psf) in July 2022. That unit was previously purchased for $1.58 million ($1,050 psf) in June 2007.Read also: Resale four-bedder at The Arcadia records $3.25 mil profit

Located at 11 Amber Road, Orchid Mansion is a 20-year-old development comprising a 21-storey residential tower with a mix of two- and three-bedroom units ranging from 1,346 sq ft to 2,002 sq ft. The development also features two penthouses, measuring 2,842 sq ft and 2,734 sq ft respectively.

The second most profitable resale transaction for the week was recorded at Villa Marina, where a ground floor three-bedroom unit measuring 1,625 sq ft was sold for $2.35 million ($1,446 psf) on Jan 3. The unit was originally purchased for $630,500 ($388 psf) back in September 2006, resulting in a profit of $1.72 million (273%). This translates to an annualized profit of 7.6% over the span of 18 years. This sale has also surpassed the previous record for the most profitable resale transaction at Villa Marina, which was set when a 1,916 sq ft unit on the fourth floor was sold on July 16 last year for $2.3 million ($1,200 psf). That unit was previously purchased for $720,416 ($376 psf) in November 1998.

Villa Marina is a 99-year leasehold development situated at Jalan Sempadan in District 15. Completed in 1999, the development consists of 27 low-rise residential blocks featuring a mix of one- to four-bedroom units ranging from 1,087 sq ft to 2,314 sq ft. The 460,685 sq ft site is in close proximity to Masjid Kampong Siglap mosque, Siglap MRT station on the Thomson-East Coast Line, East Coast Park and several primary schools, including Bedok Green Primary School, CHIJ (Katong) Primary, Ngee Ann Primary School, St Stephen’s School and Tao Nan School.

Singapore’s cityscape is characterized by towering structures and state-of-the-art facilities. Condos, strategically situated in sought-after locations, offer a perfect fusion of opulence and practicality that appeals to both locals and foreign residents. These condominiums are accompanied by top-notch amenities like pools, fitness centers, and security services, elevating the overall standard of living and making them a desirable choice for prospective renters and purchasers. From an investor’s standpoint, these desirable perks equate to higher rental returns and appreciation in property value over time. With the addition of Condos, the urban landscape of Singapore is elevated to a whole new level.

On the other hand, the most unprofitable resale transaction for the week was recorded at Marina Bay Residences, where a 1,130 sq ft unit on the 17th floor was sold for $2.1 million ($1,858 psf) on Jan 2, resulting in a loss of $386,000 (16%). The unit was originally purchased for $2.49 million ($2,200 psf) in November 2007, translating to an annualized loss of 1% over the span of 17 years.

Marina Bay Residences recorded 25 resale transactions last year, with 13 of them being unprofitable, ranging from losses of $1.25 million to $43,600. The most unprofitable transaction involved a 1,227 sq ft unit being sold on March 22, 2024 for $2.8 million ($2,282 psf).

According to data from EdgeProp Singapore, the average resale price at Marina Bay Residences in December was $2,242 psf, higher than surrounding condos such as The Sail @ Marina Bay ($2,052 psf), Marina Bay Suites ($1,917 psf), and Marina One Residences ($2,133 psf).

Marina Bay Residences, a 428-unit development located on Marina Boulevard, recently underwent a $5 million renovation from Jan 2022 to Sept 2023 to enhance its resident facilities and common areas. It is one of two 99-year leasehold luxury condos located in Marina Bay Financial Centre, which also comprises three Grade-A office towers, Marina Bay Residences and the 221-unit Marina Bay Suites.…

City Developments Limited (CDL) has announced that it divested more than $600 million worth of assets last year as part of its capital recycling strategy, with several other deals in the pipeline.

However, the amount fell short of the company’s initial target of $1 billion, which was set in early 2020. This was due to a decrease in the volume of deals across various markets and asset classes.

Some of the completed divestments include the sale of Ransome’s Wharf site in London, the Cideco Industrial Complex in Singapore, and various strata units at Citilink Warehouse Complex, Cititech Industrial Building, Fortune Centre, and Sunshine Plaza in Singapore.

CDL-Frasers Property-Sekisui House have also recently launched The Orie, a mixed-use development in Toa Payoh, with units starting from $1.28 million.

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Another mixed-use development, Hong Leong City Centre in Suzhou, is under contract and is expected to be completed in the first quarter of this year.

When it comes to purchasing a condo, it is crucial to consider its management and upkeep. Unlike traditional homes, condos usually have maintenance fees that cover the cost of maintaining shared spaces and amenities. Although these fees may add to the overall cost of owning a condo, they also ensure that the property remains well-maintained and retains its value. One way to make the process of owning a condo more effortless and passive is by enlisting the services of a reputable property management company. Therefore, investing in a condo requires careful consideration of both maintenance and management aspects.

CEO of CDL Sherman Kwek says, “The asset divestments reflect our focus on accelerating our capital recycling initiatives. While market conditions have made divestments challenging, we are glad to have achieved good momentum, and we will continue to push forward with our divestment plans.”

He adds, “We aim to optimize our capital management while holistically calibrating our portfolio to ensure alignment with our strategic objectives and to maximize shareholder value.”

However, despite the divestments, CDL’s shares closed at $5.05 on Jan 16, which was a decrease of 0.2% for the day and a decrease of 20.97% in the past year.

To check out more listings for Sunshine Plaza properties, Ask Buddy. You can also find condo rental listings in District 7 and compare the price trends of Condo new sale vs EC new sale, Condo rental transactions in District 7, and HDB vs Condo vs Landed.

Additionally, you can also find the condo projects with the most unprofitable transactions in District 7.…

A bungalow with two storeys, located at 11 Whitley Road, is now available for sale by tender at a guide price of $31.88 million. The property boasts a freehold elevated site spanning 15,276.27 sq ft, which translates to a rate of $2,087 per sq ft on the land area.

Originally rebuilt in 2016, the bungalow has since had a rear extension added to it. Comprising of five bedrooms, three of which have en suite facilities, the house also features two living rooms, two dining areas, a large well-equipped kitchen, and a helper’s room.

When looking into investing in condos in Singapore, one must also take into account the government’s property cooling measures. Over the years, the Singaporean government has implemented several measures to control speculative buying and maintain a steady real estate market. These measures, such as the Additional Buyer’s Stamp Duty (ABSD), impose higher taxes on foreign buyers and those purchasing multiple properties. While these measures may impact the immediate profitability of investing in Singapore condos, they ultimately contribute to the long-term stability of the market, making it a secure investment environment. Singapore Condo should be seriously considered in light of these measures.

According to Aric Lim, associate district director of Huttons Asia, the property’s land parcel has the potential to be subdivided into eight terraced houses, with each site ranging from 1,614 sq ft to 2,389 sq ft. With the possibility of land betterment charges, the gross floor area (GFA) for the redevelopment could reach up to 21,528 sq ft.

Senior director of data analytics at Huttons Asia, Lee Sze Teck, mentions that this is likely the largest plot of land available along Whitley Road. He further notes that the asking price of $2,087 psf based on land is highly competitive when compared to recent transactions of new semi-detached houses in the area, which have been sold for over $3,000 psf.

The location of the property is highly sought-after, being only 700m away from the Novena MRT Station and near popular shopping malls such as Velocity at Novena Square, Square 2, United Square, and Zhongshan Park.

Interested buyers can put in their offers for the property at 11 Whitley Road by February 12, when the tender will close.…

.The latest green initiatives by GuocoLand come in the form of two green facilities secured from DBS Bank and Oversea-Chinese Banking Corporation. The first facility is a substantial $1.135 billion green facility which will be used for the refinancing of Guoco Midtown, the company’s prime mixed-use development. This marks the largest green facility secured by GuocoLand to date, a testament to the company’s commitment towards sustainability and responsible building practices.The second green facility, valued at $105 million, is intended for the refinancing of Midtown Bay, another development under Guoco Midtown. With these latest green financing initiatives, GuocoLand has raised a total of $5 billion in green financing, including facilities for other projects such as Guoco Tower, Lentor Mansion, Lentor Modern, Midtown Modern, and the upcoming Upper Thomson Road Development.According to Andrew Chew, Group CFO of GuocoLand, this refinancing activity allows the company to optimize their capital structure while remaining true to their commitment towards creating thoughtfully designed spaces that consider economic, environmental, and social factors.

Investing in condominiums in Singapore also takes into account the property cooling measures implemented by the government. In efforts to maintain a steady real estate market and discourage speculative buying, the Singaporean government has introduced 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. Although these measures may have an impact on the short-term profitability of condo investments, they ultimately contribute to the long-term stability of the market and create a secure investment environment. Therefore, it is important to carefully consider these measures when making a decision to invest in a condo in Singapore.

As part of its ongoing efforts towards sustainability, property developer GuocoLand has recently secured two green facilities from DBS Bank and Oversea-Chinese Banking Corporation. The first facility, valued at $1.135 billion, will be used to refinance Guoco Midtown, the company’s prime mixed-use development. This marks the largest green facility secured by GuocoLand to date, highlighting the company’s commitment to sustainable and responsible building practices.

In addition, the company also secured a second green facility worth $105 million for the refinancing of Midtown Bay, another project under Guoco Midtown. So far, GuocoLand has raised a total of $5 billion in green financing, including facilities for developments such as Guoco Tower, Lentor Mansion, Lentor Modern, Midtown Modern, and the upcoming Upper Thomson Road Development.

GuocoLand’s Group CFO, Andrew Chew, states that this refinancing activity allows the company to optimize its capital structure while staying true to its commitment towards creating thoughtfully designed spaces that balance economic, environmental, and social factors.

Shares in GuocoLand closed at $1.45 on Jan 15. The company also recently announced that the Porsche Singapore Studio has opened a duplex showroom at Guoco Midtown, further highlighting the development’s appeal and potential. With the future of work coming to life at Guoco Midtown’s new Network Hub, it’s clear that the company is dedicated to creating sustainable and modern spaces for businesses and individuals alike.

Publicis Groupe, a leading global communications and marketing solutions company, has also chosen to lease 55,000 square feet of office space at Guoco Midtown. This is a testament to the development’s strategic location and amenities, cementing its position as a prime choice for businesses looking for a sustainable and well-designed workplace.

Overall, GuocoLand’s commitment to sustainability and green financing initiatives has established them as a leader in responsible development. With their latest projects like Guoco Midtown and Midtown Bay, the company continues to shape the landscape of modern and eco-friendly buildings in Singapore.…

The iconic Roxy Square, a freehold mixed-use development located in the vibrant Katong neighbourhood, is set to be relaunched for collective sale. According to a press release by marketing agent JLL, the development will offer a unique opportunity for developers to acquire a prime site with a range of opportunities.

The development, which comprises 296 shops, 26 apartments, and the 576-room Grand Mercure Roxy Hotel, was previously launched for tender in July 2020 at a minimum price of $1.25 billion. However, the tender closed on Sept 26 without a successful bid.

In light of the current market conditions, the owners of the development have decided to lower the collective sale price by 10.8% to $1.115 billion. This proposed lower price would require at least 80% of the owners’ support to take effect. Currently, over 70% of owners have already expressed their approval.

Under the new price, the development is expected to have a unit land rate of $1,852 psf per plot ratio (ppr). This includes a Land Betterment Charge (LBC) at the gross plot ratio of about 3.86. With an additional 10% bonus gross floor area (GFA) for the residential component and the LBC factored in, the land rate will be $1,804 psf ppr, according to JLL.

Tan Hong Boon, executive director of capital markets at JLL Singapore, notes that the private residential market in Katong has strong underlying support, with recent launches such as Meyer Blue and Emerald of Katong recording impressive sales. This has boosted developers’ confidence in Roxy Square’s potential as a prime development site.

One of the main factors contributing to the development’s appeal is its prime location next to the upcoming Marine Parade MRT Station (Thomson-East Coast Line), with a direct underground connection. Its freehold tenure, established and well-loved heritage locale, and excellent connectivity to amenities further add to its appeal, says Tan.

For international investors, it is vital to familiarize oneself with the guidelines and limitations surrounding property ownership in Singapore. Unlike landed properties, which have stricter regulations, foreigners can generally purchase condos with minimal restrictions. Nevertheless, foreign buyers must pay the Additional Buyer’s Stamp Duty (ABSD) of 20% for their initial property acquisition. Despite this added expense, the stability and potential for growth in the Singapore real estate market remain alluring for foreign investment. If you are interested in investing in Singapore, consider exploring the options available for Singapore Condos.

Completed in 1996, Roxy Square has a gross floor area (GFA) of 668,000 sq ft. Under the 2019 Master Plan, the development is partially zoned for commercial and residential use, with a gross plot ratio of 3.0, along East Coast Road. The portion of the development that fronts Marine Parade Road is zoned for hotel use.

Based on recent planning advice from URA, the entire Roxy Square site can be rezoned for commercial and residential use, and be redeveloped into a high-rise mixed-use development with a height of up to 75m.

A successful redevelopment of the site could potentially yield over 350 residential units, approximately 80,000 sq ft of retail and F&B space, and an additional 172,000 sq ft for office, hotel, or other commercial uses, states JLL. The development also offers accessibility to East Coast Parkway (ECP) and Nicoll Highway and forms part of the Round-Island Route and Park Connector Network.

Tan adds that the proposed reduction in reserve price, if supported by the majority of owners, would enhance the site’s appeal, especially considering the consistent demand for quality residences in the area. This sale will aim to thoughtfully shape a key part of Singapore’s East Coast for the future.

The tender for Roxy Square is set to close on Feb 18 at 3pm.…

for The Arcady at Boon Keng

The Arcady at Boon Keng, a 172-unit freehold condominium, will be completed in 2027 and will become a prominent private residence in the heart of Boon Keng. The project will feature a lush green space along Serangoon Road, with modern architecture that will set it apart from other condominiums in the area. KSH Holdings, SLB Development, and H10 Holdings, trusted local developers, are working together on this project. They have partnered with award-winning architectural firm Park + Associates to create this exceptional residence.

When The Arcady at Boon Keng was launched for sale in January, investors and local buyers were drawn to the efficiently designed one-bedroom plus study units and two-bedroom units. Families were attracted to the spacious units, perfect for a comfortable home, and the project’s abundance of family-friendly amenities.

For discerning buyers, The Arcady at Boon Keng presents a rare opportunity to invest in an affordable freehold development in a central location. It stands out among only a handful of new freehold projects being launched this year.

Creating a Garden Home

The developers and designers of The Arcady at Boon Keng have made a conscious effort to envision the project as an oasis in the bustling city fringe neighborhood. This is why they have adopted a bold architectural form that seamlessly blends into a curated landscape design, creating a rare pocket of tranquil luxury.

Designed by Park + Associates and Ecoplan Asia, the landscape architect, the development features a tiered design with a trail that leads from the Grand Arrival to the ground floor landscape deck, specially designed for this project. This multi-layered design maximizes the space available for lush greenery, while also combining the facilities of a typical three-story development into one convenient “one-stop” area on just two floors at the base of the tower. This efficient use of space can also be seen in other areas, like the 14th floor and the rooftop terrace.

Residents can take a break in the Social Deck while keeping an eye on their children at the Kids Playground or enjoy quality family time at the Family Deck next to the Splash Patio and Family Pool. Water facilities at the development include an infinity pool, spa pool and family pool, which can be seen from the second-storey Sky Terrace. Access to the second-storey Sky Terrace is a few steps away, providing the perfect indoor retreat. Children can have fun in the dedicated kids’ zone at the Party Deck and Kids Club while parents relax at the Chill Out Lounge, which connects to the Botanic Club.

Guests can also be accommodated at the Gourmet Vista on the 14th floor, where they can enjoy a 360-degree panoramic view of the surrounding skyline. The Arcady Club on the 14th floor is perfect for hosting private events with a private chef, while fresh produce can be grown at the community garden on the rooftop, providing a convenient source of organic ingredients.

A single-tower condo is uncommon in Singapore, especially in the Boon Keng neighborhood, that offers both indoor and outdoor facilities dedicated to residents’ diverse needs and lifestyles. With 47 facilities spanning 4,000 sq m, each of the 172 households at The Arcady at Boon Keng will find their own pocket of excitement.

Singapore’s demand for condominiums has significantly increased over the years due to various reasons, one of them being the limited availability of land. Being a small island nation with a growing population, Singapore has been facing challenges in developing new land for constructions. In response, the government has implemented strict regulations on land use, resulting in a highly competitive real estate market with soaring property prices. This has made investing in properties, particularly condominiums, a highly lucrative option as they have the potential for significant capital appreciation. Therefore, there has been a rising trend in investing in condominiums in Singapore.

Spectacular Scenery from the Heart of Boon Keng

The residential tower’s orientation and the units have been thoughtfully considered, resulting in a north-south orientation elevated about 18m above the street level to maximize views. Additionally, the units are tilted away from the main road to significantly reduce traffic noise. The units on higher floors will have stunning views of the Kallang River, while the south-facing units will face the direction of Marina Bay.

Unit Layouts Designed for Families

The layout of each unit has been efficiently designed. Master bedrooms are spacious enough to fit a king-sized bed in all unit types, while common bedrooms can easily accommodate a queen-sized bed.

The project has seen steady sales for its larger units, including three-bedroom units ranging from 969 sq ft, three-bedroom plus study units from 1,281 sq ft, and four-bedroom units at 1,410 sq ft. There are also two penthouses available at 2,433 sq ft and 2,583 sq ft. Families with school-going children and couples will appreciate the convenience of The Arcady at Boon Keng, offering comfortable homes in a well-connected location with an abundance of family-friendly amenities.

The condo is located near Bendemeer Primary School, Bendemeer Secondary School, St Andrew’s Junior School, and Hong Wen School. The nearby amenities include Woodleigh Mall at Bidadari Park Drive and Bendemeer Mall along Bendemeer Road.

According to Ismail Gafoor, CEO of PropNex Realty, one of the project’s marketing agents, “We believe buyers are drawn to The Arcady at Boon Keng because of its convenient location and accessibility. With the Boon Keng MRT Station on the North-East Line being a six to seven minute walk from the project, residents will enjoy a short commute to the city.” He adds, “We have noticed that many home buyers prefer projects that are within walking distance to an MRT Station, as convenience is highly valued given today’s fast-paced lifestyle.”

Mark Yip, CEO of Huttons Asia, agrees that The Arcady at Boon Keng presents a unique opportunity as a freehold property in a central location with easy access to major expressways like the CTE and PIE.

The Arcady at Boon Keng will also benefit from its proximity to the rejuvenated Kallang precinct, which will see new sports and leisure facilities developed as part of the Kallang Alive Masterplan, announced during Prime Minister Lawrence Wong’s inaugural National Day Rally this year. The masterplan aims to bring together several key sporting associations and the Singapore Sports School into one integrated precinct. It will support sports and recreation activities with state-of-the-art facilities and a new 12,000-seat stadium, earmarked as Singapore’s future sports hub.

Affordably Priced Freehold Property

Since its launch in January 2024, all one-bedroom plus study units have been sold, and close to 90% of the two-bedroom units have been booked. The average selling price is approximately $2,570 psf, making its freehold tenure and potential for relatively higher capital appreciation compared to new 99-year leasehold projects an attractive option for buyers and investors.

“The Arcady at Boon Keng’s average transacted price of $2,570 psf is lower than the overall average unit price of about $2,840 psf for new freehold, non-landed private homes in the RCR for 2024,” explains Ismail Gafoor from PropNex Realty. “In fact, it is also slightly lower than the average transacted unit price of new 99-year leasehold projects in the RCR of about $2,600 psf.” He adds, “Overall, we believe that The Arcady at Boon Keng is an attractive option for buyers today. The project is located in a well-established neighborhood in the city fringe, has excellent connectivity, and offers easy access to the PIE. Furthermore, it has a freehold land tenure, making it an ideal choice for legacy planning and wealth preservation.”

Marcus Chu, CEO of ERA, says, “With the scarcity of new home launches in the area, we anticipate HDB upgraders will naturally gravitate toward The Arcady at Boon Keng.” He adds, “With nearly 1,400 upcoming MOP units in the Bidadari HDB estate, the potential pool of buyers for The Arcady at Boon Keng is expanding.”

For interested buyers, the sales gallery, located beside City Square Mall, can be visited by contacting the developers’ appointed marketing agencies below or by visiting their website.…

Savills Singapore has listed a portfolio of prime freehold strata retail units in Lucky Plaza for sale. The well-known mixed-use development, situated at Orchard Road, comprises a residential tower and a six-storey mall complete with a basement.

The portfolio includes 14 retail units, varying in size from 118 to 3,046 sq ft, located across the basement and the first two levels of the mall. In total, they make up 7,266 sq ft of strata area.

According to the marketing agent, the “standout feature” of the offering is a food court spanning seven adjoining strata units, totaling 3,046 sq ft, and accommodating 11 stalls. The remaining retail units are currently tenanted by a mix of businesses including a pub, retail shops, beauty service providers, and a maid agency.

Sophia Lim, Savills Singapore’s director of investment sales and capital markets, expects the retail units to benefit from high foot traffic due to their location in Lucky Plaza. “The basement food court, in particular, benefits from consistently strong crowds daily,” she adds.

The guide price for the food court stands at $25.43 million, while the entire portfolio is available at an asking price of $52.6 million. Individual strata retail units are priced from $1.1 million onwards. Both foreigners and companies are eligible to purchase, and no additional buyer’s or seller’s stamp duty will be imposed.

To summarize, making an investment in a condominium in Singapore has several benefits, including its high demand, potential for increasing in value, and attractive rental earnings. Nevertheless, it is crucial to carefully contemplate factors like the property’s location, financing options, government restrictions, and current market conditions. By conducting thorough research and seeking professional guidance, individuals can make educated decisions and maximize their profits in Singapore’s dynamic real estate sector. Whether you are a local investor aiming to diversify your portfolio or a foreign buyer seeking a secure and lucrative venture, Singapore’s condos offer a compelling opportunity. Additionally, staying updated on New Condo Launches can also provide further insight into potential investment options.

Lim notes that prime strata freehold retail assets are becoming highly sought-after among investors due to their scarcity and URA’s prohibition on further strata subdivision of commercial properties along Orchard Road. She expects the planned revitalisation of the Orchard precinct by URA to provide further upside for Lucky Plaza in terms of rental growth and capital appreciation.…

The Government Land Sale (GLS) site at Tengah Gardens Avenue recently closed its tender on Jan 14, receiving three bids. The top bid of $675 million, or $821 per square foot per plot ratio (psf ppr), was submitted by a consortium led by Hong Leong, including GuocoLand Singapore and CSC Land Group.

The 99-year leasehold site is zoned for “Residential with Commercial at 1st storey” and measures approximately 273,906 sq ft with a maximum gross floor area (GFA) of 821,720 sq ft. According to URA, the site has a potential to yield up to 860 residential units.

If awarded, the Hong Leong-led consortium plans to build an 860-unit condominium, taking advantage of the upcoming Jurong Region Line (JRL) which will enhance connectivity in the area. Loke Kee Yeu, general manager (Projects) at Hong Leong Holdings Limited, believes that the JRL will contribute to the development of the new Tengah estate.

The Tengah Gardens Avenue site is strategically located near the upcoming Hong Kah MRT Station on the JRL. It is only one stop away from the upcoming Tengah Town Centre and offers direct access to the second Central Business District (CBD) at Jurong Lake District.

Despite the accelerated homebuyer activity seen in the latter part of 2024, developers remain cautious in their sentiments, according to Leonard Tay, head of research at Knight Frank Singapore. Another GLS site at Dairy Farm Walk also closed its tender on Jan 14, receiving only two bids.

Tay believes that developers may have focused on existing sites that are scheduled for launch in 2025. He also points out that the tight bid price spread between the three bids (less than 1%) suggests that developers are being more conservative in their bids.

Mark Yip, CEO of Huttons Asia, also notes that developers are mindful of keeping their land bids reasonable to maintain an attractive selling quantum for buyers. He predicts that more developers will opt for joint bids for GLS sites this year to diversify risk, which could be a reason for the consistently low number of bids seen in GLS tenders.

In Singapore, it is crucial for international investors to have a thorough understanding of the regulations and limitations surrounding property ownership. Unlike landed properties with stricter ownership regulations, foreigners are typically allowed to purchase condominiums with fewer restrictions. However, they are still subject to the Additional Buyer’s Stamp Duty (ABSD), which currently stands at 20% for their initial property purchase. Despite this additional expense, the consistent stability and potential for growth in the Singapore real estate market continue to attract foreign investment. Singapore Projects are among the top options for foreign investors looking to enter the market.

According to Marcus Chu, CEO of ERA, another factor contributing to the low number of bids could be the current availability of GLS sites. With seven sites still open for tender and six more to launch in the first half of 2025, developers may be taking a cautious approach and weighing their options amidst moderated interest rates.

Interest in the Tengah Gardens Avenue site may also have been tempered by the availability of another nearby GLS site, notes Justin Quek, CEO of OrangeTee & Tie. He suggests that developers may be considering bidding on a different GLS site along Lakeside Drive and Lakeside MRT, which is scheduled to launch for tender in April 2025.

If awarded, the Tengah Gardens Avenue site will be the first private residential site (excluding Executive Condominiums) in the Tengah HDB township. The first EC project in the estate, Copen Grand, was launched in 2022 and sold out in a month. The winning bid of $400.32 million, or $603 psf ppr, was submitted by joint developers City Developments Ltd (CDL) and MCL Land in May 2021.

The opportunity to launch the first private condominium in the new Tengah estate may have attracted the Hong Leong-led consortium, says ERA’s Chu. He believes that the consortium may see this as an opportunity to replicate their successes in other sites, such as Lentor, Upper Thomson, and Bugis, in Tengah.

As the first private condo, the development could potentially attract a wider range of buyers compared to ECs, which are subject to HDB eligibility criteria and restrictions such as a five-year minimum occupation period (MOP) and a monthly household income ceiling of $16,000. Mohan Sandrasegeran, head of research & data analytics at SRI, believes that the site’s proximity to the future Anglo-Chinese School (Primary) within 2km may also be attractive to families with school-aged children.

If the site is awarded at the top bid of $821 psf ppr, PropNex estimates that the average selling price of the new private condo could be around $2,000 psf. Overall, with the positive performance seen in the real estate market in the past year, developers may continue to cautiously bid for GLS sites, considering factors such as the current supply of sites and moderated interest rates.…