Keppel REIT to acquire K Tower in Seoul for $530.6 milM indicated that homegrown global asset manager and operator, Keppel, will shift its focus to other brownfield redevelopment projects after the completion of Keppel South Central. Keppel South Central, a 33-storey commercial tower, was announced to be completed by Keppel last month. The president of Keppel’s real estate division in Singapore, Samuel Ng, stated that the redevelopment of Keppel South Central is a “showpiece” for the company. Keppel South Central was previously known as the Keppel Towers and Keppel Towers 2, 27 and 13-storey office buildings respectively, completed in 1991 and 1993.Keppel reported that nearly 50% of Keppel South Central’s office and retail space is either leased or in active negotiations. An established financial services group has signed on as the first anchor tenant, leasing two whole floors. Office tenants are expected to move in from June. The building also offers retail and event spaces on the ground floor, health and wellness spaces on levels five and six, a landscaped terrace on the 18th floor and end-of-trip facilities on Basement 1.The newly renovated property has been designed to match the standards of other Grade-A offices in the Central Business District (CBD). It features facial recognition access, 5G Wi-Fi, and an indoor air-quality management system. The office space is also adaptable to accommodate modern work needs, with designated floors being fitted with micro ACUs (air conditioning units) to provide localised cooling when needed. This optimises energy usage when specific areas are occupied.Additionally, Keppel has incorporated retail and event spaces on the ground floor, wellness spaces on the second floor, and a swimming pool on the fifth floor. These amenities were not previously available in the aging Keppel Towers. They bring the building in line with the expectations of Grade-A office tenants. Ng also mentioned Keppel’s efforts to engage the community through a mobile application that allows building management to connect with users directly, allowing for events to be tailored to their interests.Keppel South Central has also been certified by BCA as a Green Mark Platinum Super Low Energy building. Keppel’s energy efficiency initiatives are expected to save 6.2 million kilowatt hours (kWh) annually – equivalent to powering 1,300 homes in Singapore. These improvements include treated external windows to minimise heat transfer into the building and a smart building management system to optimise energy usage. These same technologies were previously used at Keppel Bay Tower, which became Singapore’s first zero-energy commercial building in 2020.Keppel is focused on replicating the success of Keppel South Central in the Asia Pacific region as part of its Sustainable Urban Renewal (SUR) strategy. According to Ng, the region has a considerable number of office buildings built in the 1990s or earlier that will fail the standards for Grade-A office space unless they are upgraded. As more companies aim for entirely green-certified properties by 2030, the demand for sustainable office retrofitting will rise. In Singapore, aging office buildings are typically redeveloped to recycle prime commercial land in the CBD. Tay, Head of Research at Knight Frank Singapore, noted that the completion of projects like Keppel South Central increases the supply of fresh office space, which is limited in the core CBD area.To fund the redevelopment of brownfield projects in the region, Keppel announced the first close of its flagship Keppel Sustainable Urban Renewal Fund (KSURF), with over $2.3 billion in total funds under management. The fund will target properties across various segments, including commercial, living, life sciences, hospitality, and logistics, in Singapore, South Korea, Japan, Australia, and first-tier cities in China. As Keppel has the capability to execute renewal works in-house, the company is well-positioned to stand out from other asset managers. Keppel intends to acquire assets, complete enhancement works, stabilise occupancy, and divest them within the fund’s seven-year tenure. Keppel has already applied its SUR initiative to eight projects in five countries. Completed projects include Park Avenue Central, a mixed-use office and retail development in Shanghai; The Kube, a four-storey office building also in Shanghai, and Saigon Centre, a mixed-use office and retail development in Ho Chi Minh City. Three projects are yet to be completed, namely: Ocean Financial Centre, a 43-storey Grade-A office tower in Raffles Place; Inno88 Tower, a 367,210 sq ft office building in Seoul; and Kohinoor, a 1.1 million sq ft office block in Maharashtra, India.
Investing in a condo is a top choice for many investors in Singapore, both locals and foreigners alike. This trend is not surprising, given the country’s strong economy, political stability, and exceptional quality of life. The real estate market in Singapore is teeming with opportunities, and among them, condos stand out as a highly desirable option due to their convenience, amenities, and potential for high returns. In this article, we will delve into the advantages, considerations, and essential steps to take when investing in a condo in Singapore.