Month: February 2025

The most profitable resale transaction in the period of Jan 14 to 28 was recorded at Palm Spring, with the sale of a three-bedroom unit fetching a record profit of $3.19 million. The 1,884 sq ft unit on the fourth floor was sold for $4.4 million, translating to a profit of 264%. This is the highest profit achieved at Palm Spring so far, surpassing the previous record of $2.56 million when a 1,970 sq ft unit was sold for $3.94 million in April 2023. The sale also reflects a consistent increase in prices at the development over the past 20 years, with the average transacted price hitting $2,342 psf last month, up from $973 psf in January 2005. The freehold condo, situated in prime District 10, is conveniently located near Stevens and Newton MRT Interchanges. Meanwhile, the second most profitable resale transaction during the period was at Orchard Bel Air, where a four-bedroom unit on the 12th floor sold for $4.65 million. The unit was bought for $1.65 million in 2001, resulting in a profit of $3 million or 182%. The only other condo in the vicinity is the neighbouring 99-year leasehold development, Cuscaden Reserve, with an average price of $3,043 psf. The third most unprofitable transaction was seen at Marina Bay Suites, with the seller incurring a loss of $1.15 million when a 1,625 sq ft unit was sold for $3.1 million. The consecutive streak of unprofitable deals at the 99-year leasehold condo has seen prices falling from $2,502 psf in 2015 to $1,921 psf this month. Other nearby condos with 99-year leases have higher resale prices, such as The Sail @ Marina Bay, Marina Bay Residences, Marina One and V on Shenton.

Investing in a condominium in Singapore offers a great opportunity for capital appreciation. The country’s advantageous location as a major business hub, along with its solid economic foundations, create a constant demand for real estate. Throughout the years, the property prices in Singapore have consistently increased, particularly for condos in prime areas. For investors, timing plays a crucial role in entering the market and holding onto their properties for the long haul can result in significant capital gains. With the addition of the latest Singapore Projects, the potential for capital appreciation is even greater.…

What you need to know about Executive CondominiumsGovernment may have to re-think planned prime residential site launches in H1 2021 as demand diminishes

A three-bedroom unit measuring 1,281 square feet is set to go under the hammer at SRI’s upcoming auction on February 26. Located at Watertown, the residential portion of the integrated development Waterway Point in Punggol, the unit is a mortgagee sale and has a guide price of $2.4 million, which translates to approximately $1,874 per square foot (psf). The same unit was previously listed at SRI’s January auction with the same guide price and received one bid. However, it was withdrawn due to the bid being below the reserve price.

The 13th-floor unit features a combined living and dining area, an open-concept kitchen, a utility room, and a toilet, as well as a south-facing balcony overlooking one of the condo’s 20 swimming pools. There is also an ensuite master bedroom, two additional bedrooms, and a common bathroom.

According to URA caveats, the owners purchased the unit from the developers for around $1.8 million ($1,281 psf) in October 2013. As of February 4, only one unit at Watertown has changed hands so far this year – a two-bedroom unit spanning 958 square feet that was sold for $1.7 million ($1,775 psf) on January 19. In 2020, the condo recorded 41 resale transactions with an average price of $1,700 psf.

Eric Liew, manager of auctions and sales at SRI, remarks that larger units in the development are in higher demand and can achieve higher psf prices. Out of the 41 resale transactions at Watertown last year, 10 involved larger units with three or more bedrooms, and were sold for an average price of $1,854 psf, which is around 9% higher than the condo’s overall average transacted price for the year.

Liew adds that interest in Watertown mostly comes from HDB upgraders looking for a good deal and those planning to use the unit as their primary residence due to its proximity to Punggol MRT Station.

Watertown is a 992-unit condo spanning 11 residential towers on top of the six-story Waterway Point shopping mall. It offers one- to two-bedroom units ranging from 533 to 1,003 sq ft and three- and four-bedroom units ranging from 821 to 1,582 sq ft.

Investing in a condominium offers various advantages, one of which is its potential for further investment opportunities. A lot of investors utilize their condos as a form of collateral in order to secure additional financing for new investments, effectively broadening their real estate portfolio. This approach has the potential to boost returns, but it also entails risks that must be carefully considered. It’s important to have a solid financial plan in place and to carefully assess the potential effects of market fluctuations on these investments. With condo investment, one can leverage the property’s value to unlock more opportunities for growth and diversification.

Waterway Point is directly connected to Punggol MRT Station, which is on the North East Line, and Punggol LRT Station. Developed jointly by Far East Organization, Frasers Centerpoint, and Sekisui House, it was completed in 2017.

Several primary schools are also located in the vicinity, including Edgefield Primary School at Edgefield Plains, Oasis Primary School at Punggol Drive, Punggol Green Primary School at Punggol Walk, Compassvale Primary School at Compassvale Street, and Punggol Cove Primary School at Sumang Walk.…

The government has recently announced an extension of five years for the Central Business District Incentive (CBDI) and Strategic Development Incentive (SDI) schemes. These schemes were introduced in November 2019 and the decision was unveiled by Minister of National Development, Desmond Lee, at the Real Estate Developers’ Association of Singapore (Redas) annual Spring Festival lunch on February 7.

The CBDI scheme aims to encourage the conversion of older office buildings in certain areas of the Central Business District (CBD) into mixed-use developments. These areas include Tanjong Pagar, Robinson Road, and Shenton Way. The purpose of this scheme is to increase the number of homes, enhance the CBD’s live-in population, and introduce a diverse range of uses in the traditionally commercial-focused district.

Assessing the potential rental yield is an important factor to consider when investing in a condominium. This refers to the annual rental income as a percentage of the property’s purchase price. In Singapore, the rental yields for condos can vary considerably, depending on various factors such as location, property condition, and market demand. Typically, areas with high rental demand, such as those near business districts or educational institutions, offer better rental yields. To gain valuable insights into the rental potential of a particular condo, it is crucial to conduct thorough market research and seek guidance from real estate agents. You can also visit websites like Singapore Condo for reliable information on the rental market.

On the other hand, the SDI was introduced to encourage the redevelopment of older developments in strategic areas to bring about transformational changes in the surrounding urban environment. These strategic areas include Orchard Road, the Central Business District, and Marina Centre.

According to the Urban Redevelopment Authority (URA), 14 out of 17 CBDI proposals and seven of the 12 SDI proposals submitted to the government have been granted in-principle approval. Currently, four CBDI projects in the Anson-Tanjong Pagar area are under construction, including Newport Plaza and Skywaters Residences.

However, with the five-year extension of the CBDI and SDI, there will be refinements made to both schemes, as announced by Minister Lee. The CBDI will now include commercial developments in Anson and Cecil, and developers and property owners who submit proposals for buildings in these areas will have the option to retain their commercial zoning, with 40% dedicated to non-commercial use, if the redevelopment includes long-stay serviced apartment units.

In order to be eligible for the CBDI, developers seeking to redevelop in Anson and Cecil must provide at least 200 residential units or allocate their entire non-commercial floor area for long-stay serviced apartments, whichever is lower. Previously, office buildings redeveloped under the CBDI were only allowed to retain their existing commercial zoning if 40% of the new floor area was set aside for non-commercial use.

According to Lee, by promoting the continual renewal of aging buildings in the city centre and introducing more residential units, these incentives aim to transform the CBD into a vibrant live, work and play environment. Marcus Chu, CEO of ERA Singapore, adds, “These incentives aim to make the CBD a place to work, live and play by enabling the continual renewal of the many aging buildings in the city centre, and with the injection of more residential units.”

Moreover, the revamped CBDI and SDI schemes will now include new sustainability requirements. All new CBDI and SDI applications will now need to include a sustainability statement that assesses the feasibility of retrofitting part or all of the existing building.

Lee also highlights that while the government supports revitalisation and rejuvenation through redevelopment, it does not want to see wasteful demolition and excessive rebuilding, especially if the buildings are relatively young or are still in good condition. Several projects being redeveloped under the CBDI or SDI schemes have already exceeded the mandated sustainability requirements, such as Union Square, a mixed-use development on Havelock Road, which is incorporating a district cooling system.…

Perennial Holdings and Far East Organization have revealed their plans for a new luxury apartment tower called Aurea, which will be part of the Golden Mile Singapore mixed-use development. The tower, designed by DP Architects, will have 188 units spread across 45 storeys and occupy a site area of 144,908 sq ft. It will be connected to the neighbouring commercial building, The Golden Mile, via a link bridge.

Formerly known as the Golden Mile Complex, The Golden Mile has been conserved for its architectural heritage and was the first building to undergo collective sale and conservation. Acquired by Perennial Holdings and Far East Organization for $700 million in May 2022, the building now features a mix of retail space, medical suites, and offices.

Aurea, with its prime address on Beach Road, is located in District 7 of the Downtown Core and the Core Central Region (CCR). According to Shaw Lay See, chief operating officer at Far East Organization’s sales & leasing group, the project is expected to attract interest from individuals and families who value the exclusivity of a prime Downtown Core address.

The project’s preview will be available by appointment from Feb 22, with the official launch taking place on Mar 8. Prices for the apartments will start from $2,750 psf.

When considering purchasing a condo, it is crucial to factor in the upkeep and management of the property. Condominiums usually require maintenance fees that cover the maintenance of common areas and amenities. While these fees may increase the overall cost of owning the condo, they also ensure that the property remains in excellent condition and retains its value. Employing a property management firm can also assist investors in managing the day-to-day operations of their condo, making it a more hands-off investment.

The apartments at Aurea consist of a variety of unit types. There are 112 two- and three-bedroom units ranging from 635 sq ft to 1,001 sq ft, 56 four-bedroom units from 1,442 sq ft to 1,798 sq ft, and 18 five-bedroom units from 2,863 sq ft to 3,251 sq ft. Additionally, there are two exclusive penthouses – a six-bedroom duplex of 5,608 sq ft and a six-bedroom triplex of 8,816 sq ft. The larger four-bedroom units and penthouses feature private lift access, with the triplex penthouse also having a private pool. Marcus Chu, CEO of ERA Singapore, says that these larger units will cater to the affluent lifestyles of CCR homebuyers.

Additionally, 60% of the apartments at Aurea are made up of two- and three-bedroom units, which are expected to be popular among both homebuyers and investors, according to Chu.

Residents of Aurea can enjoy a range of facilities, including two infinity pools on levels three and 33, a gym, a bouldering wall, spa facilities, an indoor lounge, and multiple dining pavilions for hosting guests. The sky terraces on levels 17 and 33 are expected to provide stunning views of the CBD skyline, Marina Bay, and the Kallang waterfront. Ken Low, managing partner at SRI, says that today’s homebuyers are looking for more than just a great location – they also want a home that enhances their daily lives and offers convenient access to amenities. He believes that Aurea delivers on all these fronts.

The commercial units at The Golden Mile, which include 156 strata office units and 19 medical suites, were launched for sale in December 2024. The joint venture partners intend to retain ownership of the two-storey retail atrium to curate the tenant mix. According to Ismail Gafoor, CEO of PropNex, the iconic former Golden Mile Complex has significant potential, especially for office space, which could attract buyers. He notes that buyers today prioritize quality projects with easy access to amenities and MRT stations. An overhead bridge links The Golden Mile to the Nicoll Highway MRT Station on the Circle Line.

Located just 1km from the Kallang Alive Precinct, Bras Basah-Bugis district, and a 10-minute drive from the CBD, Golden Mile Singapore offers easy access to major roadways such as Nicoll Highway, East Coast Parkway (ECP), and Kallang-Paya Lebar Expressway (KPE).

The last launch in the Beach Road neighborhood of District 7 was the 558-unit Midtown Modern in 2021. All units have been sold as of Dec 2024 at an average price of around $2,825 psf, with the project expected to obtain TOP this year. The launch of Midtown Modern was preceded by the 522-unit The M in 2020, which is now 100% sold at an average price of $2,528 psf and was completed in March 2024. Midtown Bay, a 219-unit project at Guoco Midtown, was completed last year, and 63% of the units have been taken up since its debut in 2019 at an average price of $3,090 psf.

Given Aurea’s location, upscale residences, and the conservation of Golden Mile’s architectural heritage, Gafoor estimates that apartment prices could go beyond $3,000 psf. He predicts that the project will attract significant interest from homebuyers and investors, as most units at past launches in the district have been sold. Aurea is expected to be completed in 2Q2029.…

On February 6, Perennial Holdings and Far East Organization revealed their plans for Aurea, a luxurious apartment tower located within the Golden Mile Singapore mixed-use development on Beach Road. The tower, designed by DP Architects, will have 188 units spread across 45 storeys and occupy a site area of 144,908 square feet. A link bridge will connect the tower to the neighbouring commercial building, The Golden Mile, which offers a mix of retail space, medical suites, and offices.

The Golden Mile, formerly known as Golden Mile Complex, has been conserved for its architectural heritage. It was the first collective sale and conservation of a building in Singapore. Perennial Holdings and Far East Organization acquired the building en bloc for $700 million in May 2022.

The project is part of prime District 7 in the Downtown Core and falls within the Core Central Region (CCR) due to its address on Beach Road. According to Shaw Lay See, chief operating officer at Far East Organization’s sales and leasing group, Aurea is expected to attract interest from discerning individuals and families who appreciate the exclusivity of a prime Downtown Core address.

Aurea’s invitation-only preview is scheduled to begin on February 22, with the official launch on March 8. The apartments will be priced from $2,750 per square foot. For example, a two-bedroom apartment of 646 square feet at Aurea may cost $1.92 million ($2,972 psf).

The residences in Aurea consist of various unit types, including two- and three-bedroom apartments ranging from 635 to 1,001 square feet (112 units), four-bedroom units from 1,442 to 1,798 square feet (56 units), and five-bedroom units from 2,863 to 3,251 square feet (18 units). The development also features two exclusive penthouses: a six-bedroom duplex measuring 5,608 square feet and a six-bedroom triplex spanning 8,816 square feet. The larger four-bedroom units and penthouses have private lift access, and the triplex penthouse comes with a private pool. According to ERA Singapore’s CEO, Marcus Chu, these units cater to the affluent lifestyles of CCR homebuyers.

Read also: URA suggests voluntary conservation of Golden Mile Tower’s iconic cinema block

Meanwhile, the two- and three-bedroom units make up 60% of the apartments at Aurea and are expected to attract both homebuyers and investors, according to Chu.

Residents at Aurea can enjoy facilities such as two infinity pools (on levels three and 33), a gymnasium, a bouldering wall, spa facilities, an indoor lounge, and multiple dining pavilions. Sky terraces on levels 17 and 33 will offer panoramic views of the CBD skyline, Marina Bay, and the Kallang waterfront. Ken Low, managing partner at SRI, says that today’s homebuyers look for more than just a prime location. They want a home that enhances their daily lives with convenient access to amenities and facilities that inspire. According to Low, Aurea meets all these expectations.

The commercial units at The Golden Mile were launched for sale in December 2024. Joint venture partners Perennial and Far East intend to retain ownership of the revamped two-storey retail atrium and curate the tenant mix. According to Ismail Gafoor, CEO of PropNex, the “iconic Golden Mile Complex” has a lot of potential, particularly for office space, which may attract buyers. Gafoor adds that buyers today prioritize high-quality projects close to MRT stations with easy access to essential amenities. The Golden Mile is linked to Nicoll Highway MRT Station on the Circle Line via an existing overhead bridge.

Read also: Jetsetters’ customised apartment with epic views at South Beach for $12.25 mil

Aside from proximity to major expressways such as Nicoll Highway, East Coast Parkway, and Kallang-Paya Lebar Expressway, Golden Mile Singapore is only one kilometre away from the Kallang Alive Precinct, the Bras Basah-Bugis district, and a 10-minute drive from the CBD.

Investing in a condo also brings the advantage of being able to leverage its value for other investments. Numerous investors utilize their condos as security to obtain extra funding for new investments, thus broadening their real estate collection. While this tactic can potentially increase returns, it also comes with its own set of risks. Therefore, it is essential to have a solid financial strategy in place and carefully consider the potential consequences of market changes before diving into this venture. Additionally, incorporating a condo into this approach can offer even more potential for growth and success.

The last launch in the Beach Road neighbourhood of District 7 was Midtown Modern, consisting of 558 units, in 2021. As of December 2024, all units have been sold at an average price of approximately $2,825 psf, and the development is expected to obtain its TOP sometime this year.

The M, consisting of 522 units, was launched in the same neighbourhood in 2020. The entire development has been fully sold at an average price of $2,528 psf and was completed in March 2024.

Guoco Midtown’s Midtown Bay, with 219 units, was completed last year. As of February 5, approximately 63% of the units have been taken up at an average price of $3,090 psf since it was launched in 2019.

Given its location, upscale residences, and the Singaporean architectural heritage of Golden Mile, PropNex’s CEO, Gafoor, estimates that prices of apartment units at Aurea could exceed $3,000 psf. He adds that as many units in past launches in the district have been sold out, Aurea may benefit from pent-up demand for new homes in the area and attract significant interest among potential homebuyers and investors.

Aurea is expected to be completed in the second quarter of 2029. To learn more about Aurea properties, check out the latest listings.…

MCL Land and CSC Land Group are teaming up to reveal their newest residential development, Elta. This 501-unit property is situated in the prime location of Clementi and will be available for preview on Feb 7, with public sales launching on Feb 22.

Sitting on a land site of approximately 144,788 sq ft, Elta is a 99-year leasehold development that boasts of two 39-storey residential buildings. It offers a variety of units ranging from one-bedroom-plus-study to five-bedroom units, with sizes ranging from 506 sq ft to 1,776 sq ft. The developers have confirmed that Elta will be following URA’s harmonisation guidelines.

Interested buyers can find out more about available units and prices of Elta by visiting their official website. Indicative pricing for the units starts from $1.158 million ($2,289 psf) for one-bedroom plus study units, $1.388 million ($2,261 psf) for two-bedroom units and $2.198 million ($2,374 psf) for three-bedroom units. Four and five-bedroom units are also available with indicative pricing starting from $2.798 million ($2,363 psf) and $3.888 million ($$2,189 psf) respectively.

The showflat at Prince Charles Crescent will feature three layouts, including a two-bedroom plus study that can be transformed into a compact three-bedroom, a four-bedroom dual-key unit, and a five-bedroom unit designed for multi-generational living.

Elta is conveniently located near Clementi MRT Station on the East-West Line and is surrounded by a variety of dining and shopping options such as The Clementi Mall, 321 Clementi, and Grantral Mall. Families with school-age children will also appreciate the proximity of renowned schools such as Clementi Primary School, Pei Tong Primary School, Nan Hua Primary and High School, Anglo-Chinese School (Independent), and NUS High School of Math and Science.

When it comes to investing in Singapore Condo, it is crucial for foreign investors to familiarize themselves with the regulations and limitations that govern property ownership. In Singapore, foreigners have more flexibility in purchasing condominiums compared to landed properties, which have stricter ownership rules. However, foreign buyers are required to pay the Additional Buyer’s Stamp Duty (ABSD) of 20% for their first property purchase. Despite this added expense, the stability and potential for growth in the Singapore real estate market continue to attract foreign investment.

Mr. Lee Tong Voon, CEO of MCL Land, shared his excitement for the project, “Elta is designed to offer elevated living, with its high-rise towers strategically positioned to provide breathtaking views of the city, Pandan Reservoir, and the sea.” Meanwhile, Mr. Qian Liang Zhong, chairman of China Construction (South Pacific) Development Co (CCDC), which is the parent company of CSC Land Group, highlighted the convenience of living in Clementi, “Clementi is a popular and vibrant town that effortlessly blends traditional shops and modern amenities, adding convenience to the community.”

Elta will also feature 50 facilities spread across five zones, including a 50-meter lap pool, gymnasium, tennis court, and gardening corner. The development is expected to receive its temporary occupation permit in 2028. Interested buyers can check out the latest listings for Elta on their official website or consult with property agents on Ask Buddy. They can also compare price trends of different property types and check out rental listings in District 5.…

“A prime warehouse cum factory located in the industrial district of Gul Circle is now available for sale through an expression of interest, with a starting price of $42 million. This is an exclusive listing by Knight Frank Singapore, the property’s sole marketing agent.The property boasts of a JTC leasehold five-storey single-user factory and warehouse, with an additional mezzanine comprising four floors. Its impressive total gross floor area measures approximately 245,955 sq ft.Located on a spacious 105,648 sq ft site with a remaining lease of 15 years and 11 months (as of February 1st), the property is zoned as a Business 2 site under the URA Master Plan 2019. Its strategic location provides easy access to major expressways AYE and PIE, as well as Joo Koon MRT station, making it an attractive choice for businesses and investors.According to Knight Frank Singapore, the property is designed to cater to the needs of modern industrial operations, with its high ceilings for storage and operations, cold rooms, and heavy floor loading capabilities for various industries. Additionally, the warehouse also features nine 40-foot loading and unloading bays, equipped with dock levelers, as well as four cargo and service elevators.The expression of interest exercise for this coveted property will close on March 18 at 3pm. Those interested may seize this rare opportunity to own a top-of-the-line warehouse cum factory in a prime location. Don’t miss out on this chance!”

It is crucial for international investors to have a thorough understanding of the regulations and limitations surrounding property ownership in Singapore. In general, foreigners have more flexibility when purchasing condos compared to landed properties, which have more stringent ownership guidelines. However, it is important to note that foreign buyers are still required to pay the Additional Buyer’s Stamp Duty (ABSD), currently set at 20% for their initial property purchase. Despite this added expense, the reliable stability and promising growth potential of the Singapore real estate market continue to attract foreign capital. This makes investing in a Singapore Condo a favorable choice for international investors.…

According to a February research report by Colliers, the prices and rents of industrial properties in Singapore are expected to slow down this year due to an increase in supply and a weaker demand. The firm predicts an annual growth rate of 0% to 2% in both rental and price for 2025, compared with the 3.5% growth rate recorded last year.

The latest data from JTC for the fourth quarter of 2024 indicates that the industrial market is losing momentum, as stated by Colliers. The JTC All Industrial rental index has recorded growth for the 17th consecutive quarter, rising by 0.5% quarter-on-quarter (q-o-q) and resulting in a total growth of 3.5% for the year. However, this is a significant decrease from the 8.9% rental growth seen in 2023. The price index also grew by 0.5% q-o-q in the fourth quarter of 2024, a decline from the 1.2% growth in the previous quarter. Last year, industrial property prices rose by 2.1%, which is less than half of the 5.1% increase seen in the previous year.

With over 2.5 times the supply of industrial space expected to come on stream this year, Colliers anticipates a surge in supply before it tapers off starting from 2026. This has resulted in an imbalance in the supply and demand for industrial properties, with certain segments of the market experiencing slower pre-commitment rates for upcoming supply or completed projects with lower occupancy. As a result, rental growth is likely to remain dampened.

When it comes to investing in real estate, location is a key factor that cannot be underestimated. This is especially true for Singapore, where the right location can greatly impact the value of a property. Condominiums that are located in central areas or near important amenities, such as schools, shopping malls, and public transportation hubs, tend to have a higher appreciation in value. Prime locations in Singapore, such as Orchard Road, Marina Bay, and the Central Business District (CBD), have consistently shown growth in property values. In addition, being in close proximity to reputable schools and educational institutions makes these condos highly sought-after by families, further increasing their investment potential. Singapore Condos are a prime example of properties that offer a desirable location and great investment potential.

Additionally, the caution amongst occupiers, brought about by persistently high interest rates and rising operating expenses, is expected to further impact demand. Moreover, the heightened trade protectionism has created uncertainties in the global market, possibly affecting business confidence and investment decisions.

On the other hand, Colliers is optimistic about the growth in demand for industrial properties, particularly in the semiconductor, logistics, and advanced manufacturing sectors. It also foresees a gradual increase in industrial leasing activities as policies become clearer and market sentiments improve, supported by the ongoing upturn in the chip cycle.

In light of the projected moderation in rents and the increase in supply, this year could be a good opportunity for tenants, as there will be more options available in the market. The upcoming industrial developments, equipped with modern specifications, may attract businesses to relocate from older manufacturing spaces to newer projects, according to Nicolas Menville, the executive director and head of industrial clients in Singapore for Colliers.…

In summary, purchasing a condominium in Singapore comes with various benefits, including a strong demand, potential for appreciation in value, and attractive rental yields. However, it is crucial to carefully evaluate factors such as the location, financing options, government regulations, and market conditions before making a decision. Through thorough research and seeking expert advice, investors can make well-informed choices and maximize their profits in Singapore’s ever-evolving real estate market. Whether you are a local investor looking to diversify your portfolio or a foreign buyer in search of a stable and lucrative investment, Singapore projects offer a compelling opportunity. With the help of Singapore Projects, investors can tap into the vibrant real estate market and maximize their returns.

Many investors believe that the Tan Boon Liat Building, situated at 315 Outram Road, is a prime industrial property with great potential for growth. Recently, it has been put up for collective sale through a public tender with a reserve price of $1.15 billion. The freehold site, covering two separate plots of land totaling approximately 175,655 square feet, is located next to the upcoming Havelock MRT Station on the Thomson-East Coast Line (TEL).

The building currently consists of 15 storeys and is popular for its home decor and furniture stores. It has been reported that the Urban Redevelopment Authority (URA) has issued an Outline Planning Advice on Jan 22, suggesting that the site be rezoned to “Residential with Commercial at 1st storey”, with a plot ratio of 4.9, as opposed to the current 3.1. This translates to a 50% increase in the total gross floor area (GFA), according to the property’s advisor and marketing agent, Cushman & Wakefield.

The advisory also mentions the possible alienation of some remnant state land plots, which could be combined with the main plot. This is estimated to add about 20,451 square feet to the site, subject to final approval. With the additional plots and any potential bonus GFA, Cushman & Wakefield has estimated a total GFA of over 1.06 million square feet. The first storey could potentially accommodate a commercial GFA of 16,146 square feet.

Apart from the commercial space, a minimum GFA of about 161,459 square feet has been allocated for Serviced Apartments II (SA2), with a minimum stay of three months. The new development can have a maximum height of 180m and a minimum of 130m. Considering the reserve price, land betterment charges, and the premium for the remnant state land and residential bonus GFA, the estimated land rate is around $1,888 per square foot per plot ratio.

Recent industrial sales transactions at Tan Boon Liat Building (Source: EdgeProp Buddy)

Senior director of capital markets at Cushman & Wakefield, Christina Sim, believes that the property will attract developers due to its freehold tenure and proximity to the upcoming TEL, making it desirable for homebuyers. She adds that the biggest advantage is the lack of Additional Buyer’s Stamp Duty (ABSD) on the potential purchase, as the original zoning was “Business 1.”

The tender for the site is set to close on March 18 at 3pm.…

The sale of the largest penthouse at Park Nova has set a new record for the development, according to a recent caveat lodged on the URA Realis database. The five-bedroom unit on the 20th floor, spanning 5,899 sq ft, was sold by the developer for $38.888 million, or $6,593 psf, on Jan 21. This transaction has surpassed both the previous record for absolute price and psf-price at Park Nova.

Before this, a 4,499 sq ft penthouse sold in May 2021 for $26.026 million ($5,784 psf), holding the record for both absolute price and psf-price. This sale also makes it the second-highest psf-price ever registered for a condo unit in Singapore, after the unit at The Marq on Paterson Hill in 2011, which sold for $20.54 million, or $6,650 psf.

The recent transaction is believed to be part of a collection of properties linked to a $3 billion money laundering case, which were reported to be put up for sale. The penthouse was previously said to have been sold in 2021 for $34.438 million ($5,838 psf).

The penthouse is the third unit at Park Nova that the developer has sold within a month, according to caveats. On Jan 17, a four-bedroom apartment on the 19th floor, measuring 2,906 sq ft, was sold for $16.59 million ($5,708 psf). Before that, on Dec 27, 2024, another four-bedroom unit on the 18th floor, spanning 2,896 sq ft, was sold for $15.99 million ($5,522 psf).

Located at the junction of Orchard Boulevard and Tomlinson Road in District 10, the 54-unit Park Nova is a freehold luxury condo developed by Hong Kong’s Shun Tak Holdings. It received its temporary occupation permit in November last year. Interested buyers can browse the latest listings of Park Nova properties or ask Buddy for assistance. They can also compare the price trends of condo and executive condo new sales, generate price trend graphs for new launch condos in District 10, and access project summaries for Park Nova condo.

The scarcity of land is a major contributing factor to the soaring demand for condos in Singapore. As a small but densely populated island, Singapore has limited space for new developments. This has resulted in strict land use regulations and a fiercely competitive real estate market where property prices continue to rise. As a result, investing in real estate, particularly in newly launched condos, has become an attractive venture with the potential for significant capital gains. New Condo Launches further adds to the allure of this profitable investment opportunity in Singapore.…