Month: January 2025

PropNex estimates that the average selling price of the new private condo could be around $2,000 psf if the Tengah Gardens Avenue site is awarded to the top bidder. This is a 0.73% increase from the second-placed bid of $815 psf ppr from Chinese developer Kingsford Group. The third and final bid was submitted by local developer Sim Lian Group at $812 psf ppr.

The tender for the GLS site at Tengah Gardens Avenue closed on January 14th with three bids received. Leading the pack was a consortium led by Hong Leong, which includes GuocoLand Singapore and CSC Land Group, with the highest bid of $675 million, or $821 per square foot per plot ratio (psf ppr).

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

Should the site be awarded to the Hong Leong-led consortium, their plans include the development of an 860-unit condominium, capitalizing on the enhanced connectivity from the upcoming Jurong Region Line (JRL), which is in close proximity. Loke Kee Yeu, the general manager (Projects) at Hong Leong Holdings Limited, believes that the JRL will contribute to the continued growth of the new Tengah estate.

The Tengah Gardens Avenue site is strategically situated near the upcoming Hong Kah MRT Station on the JRL, offering convenient access to the future Tengah Town Centre and a direct route to the second Central Business District at Jurong Lake District.

Although it was a tight race, the top bid of $821 psf ppr for the Tengah Gardens Avenue site was only 0.73% higher than the second-place bid of $815 psf ppr, submitted by Chinese developer Kingsford Group. The third and final bid of $812 psf ppr was made by local developer Sim Lian Group.

Despite the recent surge in homebuyer activity towards the end of 2024, developers have remained cautious in their approach, says Leonard Tay, the head of research at Knight Frank Singapore. This could be seen in the limited interest for another GLS site at Dairy Farm Walk, which only received two bids.

Tay suggests that developers may have chosen to focus on existing sites that are already slated for launch in 2025. He also points out that the close range of bid prices between the three bids (less than 1%) indicates that developers are adopting a more conservative approach in their bids.

According to Mark Yip, the CEO of Huttons Asia, developers are mindful of keeping their land bids reasonable, in order to maintain an attractive selling price for potential buyers. He also predicts that, in an effort to diversify risk, more developers may submit joint bids for GLS sites this year. This could possibly explain the consistently low number of bids for GLS tenders, which has remained around three.

Another factor contributing to the limited interest may be the current availability of GLS sites, suggests Marcus Chu, the CEO of ERA. With seven sites still open for tender and another six scheduled to be launched in the first half of 2025, developers are taking a more measured approach, weighing their options amid moderated interest rates.

Chu also points out that the nearby GLS site along Lakeside Drive and Lakeside MRT may also have affected the level of interest in the Tengah Gardens Avenue site. Developers may be considering bidding on that particular site, which is scheduled for tender in April 2025, instead.

Should the site be awarded at the top bid of $821 psf ppr, it will be the first private residential site (excluding Executive Condominiums) in the Tengah HDB township. The first EC, Copen Grand, was launched for sale in 2022 and saw all 639 units sold in just one month. The joint developers, City Developments Ltd (CDL) and MCL Land, had secured the site with a winning bid of $400.32 million, or $603 psf ppr, in 2021.

The opportunity to launch the first private condominium in the new Tengah estate may have been a key factor in attracting the Hong Leong-led consortium, says Chu of ERA. He believes that, having already made a name for themselves with developments in Lentor, Upper Thomson, and Bugis, this project presents a great opportunity for them to do the same in Tengah.

As the first private condominium, the development could also potentially attract a wider range of buyers than Executive Condominiums, 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, the head of research & data analytics at SRI, agrees that the site’s proximity to the future Anglo-Chinese School (Primary) within 2km could be a huge draw for 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 condominium could be around $2,000 psf. This is a slight 0.73% increase from the second-placed bid of $815 psf ppr from Chinese developer Kingsford Group. The third and final bid of $812 psf ppr was submitted by local developer Sim Lian Group.

The urban landscape of Singapore is characterized by towering skyscrapers and cutting-edge infrastructure. Prime strategically situated within the city are the epitome of luxury and functionality, making them highly sought after by both locals and foreigners. These residential complexes boast a plethora of amenities, such as swimming pools, fitness centers, and top-notch security systems, elevating the standard of living and attracting potential tenants and buyers. For investors, these desirable features translate to higher rental profits and a steady increase in real estate values. With the addition of Condo, the appeal and value of these properties are further enhanced.…

A 15-room hotel with loft-style rooms is now for sale in District 14. Located at 739-1 Geylang Road, this charming 2-storey building with a newly added 4-storey extension sits on a 1,273 sq ft plot and offers a GFA of 3,186 sq ft. The property is freehold, making it an excellent investment opportunity.

What sets this hotel apart is its rare and highly sought-after ‘Hotel’ zoning and usage approval, a valuable designation for new conservation shophouses conversions in Singapore. This status adds to the property’s appeal and provides long-term flexibility for potential buyers. Additionally, the hotel’s prime location, just a 5-minute walk from the Paya Lebar MRT station, provides easy access to different parts of the city. The Paya Lebar MRT is a dual-line station, serving both the East-West line and the Circle line, making it a convenient transportation hub for guests.

The hotel is currently under construction and is expected to receive its Temporary Occupation Permit (TOP) in Q2 2025. The sale price includes all construction and renovation costs, making it a turnkey investment for interested parties. This makes it an ideal opportunity for those looking to enter or expand their presence in the hospitality sector.

Regarded as a bustling metropolis, Singapore is renowned globally for its impressive cityscape adorned by towering skyscrapers and modern infrastructure. The city is well-known for its luxurious condominiums situated in prime locations that cater to the needs of both locals and foreign residents. These residential spaces provide the perfect blend of opulence and convenience, offering a high standard of living with a plethora of amenities. From state-of-the-art swimming pools to well-equipped gyms and top-notch security services, these condos are highly sought after by potential buyers and renters. Property investors are also drawn to these upscale living spaces, as they offer the potential for high rental returns and property value appreciation over time. To add to the appeal, the prestigious National Athletic Combine, found at nationalathleticcombine.com, provides an exciting opportunity for condo residents to maintain their fitness levels and stay healthy.

For investors, this hotel offers a unique opportunity. The current owner, an experienced hotel operator, is open to a sale and leaseback arrangement. This means that they are willing to lease the property back from the new owner, providing immediate rental income and operational continuity. Senior Marketing Director of ERA Realty Network Pte. Ltd., Eva Lau, believes that this hotel will appeal to owner-operators who are looking for a quick and seamless start to their operations.

The demand for hospitality assets in Singapore has been on the rise. Some recent notable transactions include the Pasir Panjang Inn, a 16,626 sq ft site purchased by LHN Group for $30 million, and an 8-storey hotel at 12 Lorong 12 Geylang, listed for sale at $120 million last year. Additionally, Hotel JJH, a 25-room property at 747 North Bridge Road, is now on the market for $38 million. These transactions highlight the growing interest in well-located and high-quality hospitality assets, which are considered highly desirable commercial shophouse usage classes in Singapore.

For more information, contact Eva Lau | 92785688, Senior Marketing Director (R062169F), ERA Realty Network Pte Ltd.…

Global real estate consulting firm JLL has announced the appointment of James Cameron as the head of energy and infrastructure for Asia Pacific within its capital markets business line. The newly created role will be based in Singapore, according to the firm’s Jan 14 press release.

Cameron will be responsible for building a team in the Asia Pacific region to complement JLL’s EMEA Energy & Infrastructure business and create a global capital advisory capability. This move is aimed at better serving local and international developers and investors, with a focus on long-term capital requirements for infrastructure and renewable projects.

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JLL believes that Cameron’s appointment is timely in light of the ongoing challenges of decarbonisation, digitalisation, economic growth, and rapid urbanisation. This new role will see him take on the task of mobilising private and public equity and financing across the global and regional infrastructure market.

Stuart Crow, JLL Asia Pacific’s CEO of capital markets, believes there is a significant opportunity for JLL to leverage its unique expertise in mobilising multiple sources of capital and its unrivalled track record in advising renewable transactions globally. He says, “We see significant opportunity to leverage our unique expertise in mobilising multiple sources of capital and JLL’s unrivalled track record in advising renewables transactions globally to serve clients within energy and infrastructure across Asia Pacific.”

Cameron brings over 25 years of real asset capital markets experience to his new role at JLL. Previously, he was the global head of commercial real estate at Standard Chartered Bank, where he was responsible for mobilising private and public equity and financing across the global and regional infrastructure market.

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When investing in a condo, one of the most significant factors to consider is financing. Fortunately, Singapore provides a variety of mortgage choices for investors to choose from. However, it is crucial to have a good understanding of the Total Debt Servicing Ratio (TDSR) framework. This framework sets limits on the amount of loan a borrower can take based on their income and existing debt obligations. To make informed decisions about financing and to prevent over-leveraging, it is advisable to work with financial advisors or mortgage brokers. Additionally, keeping an eye on new condo launches can also offer potential investment opportunities.

Going forward, Cameron will work closely with JLL’s capital markets, investment banking, and debt advisory teams across the region. His focus will be on origination of capital raising and transaction advisory opportunities for large infrastructure and renewable projects, serving a wide range of clients from institutional investors to private equity, asset managers, strategic infrastructure and renewables operators and developers, high net-worth individuals, and family offices.

Crow adds, “James’ experience in this exciting space is unmatched regionally and we’re extremely confident in his ability to establish JLL’s leadership position through his expertise and client relationships.” With the appointment of Cameron, JLL is set to strengthen its position as a leading advisor in the energy and infrastructure market in Asia Pacific.…

Two adjoining Good Class Bungalows (GCBs) situated at 52 and 54 Belmont Road in the highly desirable Belmont Park GCB area have been put up for sale through an expression of interest (EOI). According to sources, the owners of these GCBs are believed to be related.

The properties, which are both freehold, sit on a generous combined land area of 41,741 square feet. The indicative price for the two GCBs is set at $88.8 million, which translates to approximately $2,128 per square foot of land. The plots boast a 44-meter frontage along Belmont Road and an average depth of 66 meters, as reported by the marketing agent Sakal Real Estate Partners.

Due to the limited land resources in Singapore, there is a constant demand for condos in the country. Being a small and densely populated island, Singapore faces challenges when it comes to developing new land. To address this issue, strict land use policies have been put in place, creating a highly competitive real estate market. As a result, property prices continue to rise, making condo investments a highly profitable option due to the potential for capital appreciation. This has made condos a sought-after choice among investors in Singapore.

A map displaying 52 Belmont Road, shaded in grey (Source: EdgeProp Landlens) suggests that the site would be ideal for families looking to build a new home that accommodates multi-generational living or extended family members. “Aside from individual homeowners, this property also presents an excellent opportunity for developers looking to enter the exclusive GCB market,” shares Lennon Koh, senior director at Sakal.

In a recent URA transaction, another GCB on Belmont Road was sold in December 2020 at $40 million for a land area of 19,549 square feet, which equates to a respectable $2,046 per square foot. Sakal reveals that a pair of neighboring GCB plots on Belmont Road were purchased for $131.4 million in July 2024, amounting to $3,000 per square foot based on the combined land area of 43,790 square feet. In the same neighborhood, another GCB at Bin Tong Park fetched $84 million in April for a land area of 28,111 square feet, bringing the price per square foot to $2,988.

Steven Ming, managing director at Sakal, believes that these GCBs on Belmont Road will attract a lot of interest due to their prime location and the strong demand for GCBs. “In 2024, the estimated total value of GCB transactions amounted to $1.32 billion, surpassing the values of both 2023 and 2022, which were $433 million and $1.18 billion, respectively. We anticipate that there will be even more transactions in 2025,” he predicts.

The EOI for these GCBs on Belmont Road will conclude on March 13 at 3pm.…

Real estate advisory company JLL has announced the appointment of James Cameron as the head of energy and infrastructure for Asia Pacific, as part of its capital markets business line. The role, newly created by the firm, will be based in Singapore, according to a press release on Jan 14.

Singapore’s cityscape boasts impressive skyscrapers and state-of-the-art architecture. Condos, situated in highly sought-after locations, offer a combination of opulence and practicality that appeals to both locals and foreigners. These residences are equipped with a variety of facilities, including swimming pools, fitness centers, and security services, which elevate the overall living experience and make them a desirable choice for renters and buyers. From an investment standpoint, these desirable attributes equate to greater rental returns and appreciation in property value over the long term. Condos are a popular choice for those looking for a luxurious and convenient living option in Singapore’s urban landscape.

Cameron will be responsible for establishing and leading a team in the Asia Pacific region. His appointment will complement JLL’s existing Energy & Infrastructure business in Europe, Middle East and Africa, creating a global capital advisory capability that will cater to the needs of both local and international developers and investors.

Cameron’s appointment is in line with the long-term capital requirements needed to support the development of infrastructure and renewable energy projects, in light of the challenges posed by decarbonisation, digitalisation, economic growth and rapid urbanisation.

Stuart Crow, CEO of Capital Markets for JLL Asia Pacific, believes that there is a great opportunity to leverage the unique expertise of the company in mobilising various sources of capital, along with its unmatched track record in advising renewable energy projects globally. This will enable JLL to serve clients within the energy and infrastructure sector across Asia Pacific.

Cameron will work closely with JLL’s capital markets, investment banking, and debt advisory teams across the region. His focus will be on identifying opportunities for capital raising and transaction advisory for large infrastructure and renewable energy projects, catering to institutional investors, private equity firms, asset managers, strategic infrastructure and renewable energy operators and developers, high net-worth individuals, and family offices.

With over 25 years of experience in real asset capital markets, Cameron was previously the Global Head of Commercial Real Estate at Standard Chartered Bank. He has a wealth of knowledge in mobilising various forms of private and public equity and financing for infrastructure projects on a global and regional scale.

Crow is confident in Cameron’s abilities to establish JLL’s leadership position in this dynamic space, through his expertise and strong client relationships. With Cameron’s unparalleled experience in this field, JLL is poised to provide excellent service to its clients in the energy and infrastructure sector across Asia Pacific.…

Over the weekend of January 11 to 12, One Bernam, the mixed-use development in Tanjong Pagar, offered 87 units for sale at special prices. The development, which consists of 351 residential units, is a 99-year leasehold project jointly developed by MCC Land and Hao Yuan Investment. It was first launched in May of 2021, and based on caveats lodged as of January 10, over 75% of the units have already been sold at an average price of $2,585 per square foot.

During the weekend promotion, the discounted prices applied to all remaining 87 units, including one-bedroom to three-bedroom units and penthouses. Interested buyers can visit the project’s website to check the latest transaction prices and available units.

Investing in a condominium in Singapore is an increasingly preferred option among both domestic and international investors, thanks to the country’s resilient economy, stable political climate, and exceptional quality of life. The real estate market in Singapore presents a myriad of possibilities, with condos emerging as a top choice due to their convenience, amenities, and potential for lucrative returns. If you are considering investing in a condo in Singapore, this article will delve into the advantages, factors to keep in mind, and steps to follow. To make the most informed decision, be sure to also check out Singapore Projects.

The one-bedroom units, ranging from 441 square feet to 463 square feet, were offered at discounted prices of $323,000 to $438,000, with units selling at prices between $1.295 million ($2,934 per square foot) and $1.328 million ($2,869 per square foot). Two-bedroom apartments, sized from 700 square feet to 732 square feet, saw discounts ranging from $437,000 to $668,000, with units priced at $1.752 million ($2,394 per square foot) to $1.78 million ($2,544 per square foot). The two-bedroom plus study units, measuring 807 square feet to 872 square feet, had discounts ranging from $380,000 to $800,000 and were sold at prices between $2.139 million ($2,581 per square foot) to $2.158 million ($2,475 per square foot).

The three-bedroom apartments, totaling 1,421 square feet, were discounted by $616,000 to $830,000, with the units selling at $3.496 million ($2,461 per square foot) to $3.526 million ($2,482 per square foot). As of now, only three penthouses are available for sale, bringing the total sales to 99%. These include two three-bedroom penthouses measuring 1,744 square feet and 1,948 square feet, and one five-bedroom penthouse measuring 4,306 square feet.

According to Marcus Chu, CEO of ERA Singapore, the strong sales performance reflects the high interest in the property as a stable and high-potential asset. He adds that 78% of the buyers purchased their units as investments, and 87% of the buyers were Singaporeans, with 70% aged between 31 and 50.

Following the overwhelming response over the weekend, only three penthouses are currently available for sale, bringing total sales to 99%. It includes two units of three-bedroom penthouses with sizes of 1,744 sq ft and 1,948 sq ft, while the remaining unit is 4,306 sq ft in size and comprises five bedrooms.

The project is scheduled to obtain a Temporary Occupation Permit (TOP) in March 2026, which means investors are expected to start generating rental income, which could support their loan instalments, according to Chu. Based on EdgeProp Landlens data, average monthly rents of existing apartment projects in the area, such as Altez, Eon Shenton and 76 Shenton, command rental rates ranging from $6.90 psf to $7.40 psf.

Chu also notes that the reduced competition from foreign buyers due to the hike in Additional Buyer’s Stamp Duty (ABSD) imposed in 2023 has opened up more opportunities for local buyers to enter the market. He believes that local demand will continue to be the key driver for Central Core Region (CCR) properties moving forward, with competitive pricing making these developments a desirable and stable investment choice. Interested buyers can check out the latest listings and ask about prices and units available at One Bernam through the project’s website. They can also compare the price trend of new sale condos versus resale condos and view upcoming new launch projects. Additionally, they can take a look at any condo rental listings in District 2 and explore the buyer profile for One Bernam.…

The Real Estate Developers’ Association of Singapore (Redas) recently announced the election of its new management committee for a two-year term. The election took place during the Annual General Meeting held on Jan 9, during which members unanimously re-elected Tan Swee Yiow, the Chairman of Keppel Reit Management, as President, marking his second consecutive term in the role.

Expressing his gratitude, Tan said he was “honoured” to be re-elected and that the new management committee represented a diverse range of sectors, scales, and expertise within the real estate industry. The new management committee includes Immediate Past President Chia Ngiang Hong, Group General Manager of City Developments; First Vice President Kwee Ker Wei, Director of Pontiac Land Group; Second Vice President Marc Boey, Executive Director of Project Services at Far East Organization; Honorary Secretary Chong Hock Chang, Group Director of Projects and Marketing at Ho Bee Land; Honorary Treasurer Neo Soon Hup, Chief Operating Officer of UOL Group; Honorary Assistant Secretary Chew Peet Mun, Managing Director of Investment and Development at CapitaLand Development Singapore; and Honorary Assistant Treasurer Tho Leong Chye, Managing Director of Allgreen Properties.

The cityscape of Singapore boasts a striking display of towering skyscrapers and advanced infrastructure. One of the most sought-after residential options in this bustling metropolis is the Singapore Condo. These lavish living spaces are strategically situated in prime locations, offering a perfect fusion of opulence and convenience that appeals to both locals and foreigners alike. With an array of amenities such as pools, fitness centers, and top-notch security services, these condos elevate the standard of living and are highly desirable to potential renters and buyers. For real estate investors, these features translate into lucrative returns and a promising increase in property value over time. If you’re looking for the ultimate urban living experience in Singapore, Singapore Condos are the ideal choice.

In addition, Chia Ngiang Hong, the Immediate Past President of Redas, congratulated the new management committee and expressed confidence in Tan’s leadership, citing his unanimous re-election as a testament to his exemplary leadership and the trust placed in him by the Redas community.

Looking forward, Tan believes that the diverse composition of the 2025/2026 Redas management committee will enable the association to drive initiatives with a meaningful impact on the broader built environment ecosystem. This includes topics such as the implementation of Environmental, Social, and Governance (ESG) practices and green premiums, both of which were discussed at the recent RICS-REDAS conference. In addition, the Land Transport Authority (LTA) has announced the implementation of an AI chatbot and streamlined road approval processes, addressing concerns raised by developers. Developers have also suggested a separate land zoning to meet the projected demand for senior accommodation in Singapore.…

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One of the most profitable resale transactions in the final weeks of December was the sale of a 3,767 sq ft unit at The Arcadia. The owner of the four-bedroom unit on the seventh floor saw a handsome profit of $3.25 million (217%), with the property selling for $4.75 million ($1,261 psf) on Dec 10. Records show that the unit was initially purchased for $1.5 million ($398 psf) in 1998, resulting in an annual profit of 4.5% over a span of 26 years.

In 2024, five units at The Arcadia ranging from 3,714 sq ft to 3,821 sq ft were sold for profits ranging from $60,000 to $3.25 million. The most recent sale in October last year saw a 3,778 sq ft unit on the fourth floor sold for $4.6 million ($1,218 psf), earning the seller a profit of $60,000.

The highest record profit at The Arcadia belongs to a 7,503 sq ft penthouse on the 10th floor, sold for $10 million ($1,333 psf) in 2010. This property was acquired for $5.5 million ($733 psf) in 2007, resulting in a profit of $4.5 million (81%) and an annual profit of 19% over three years.

The Arcadia is a 99-year leasehold condominium located in prime District 11, along Arcadia Road. Completed in 1983, the development has 164 units and about 54 years remaining on its land tenure. Its strategic location near landed estates, Good Class Bungalows and prestigious schools such as Raffles Girls Primary School, Hwa Chong Institution and National Junior College make it a desirable property.

Another profitable sale in the last weeks of 2024 was at Tanglin Hill Meadows, where a 2,077 sq ft unit was sold on Dec 10 for $4.5 million ($2,166 psf). The three-bedroom unit was initially purchased for $1.8 million ($866 psf) in 1999, resulting in a profit of $2.7 million (150%) and an annualized gain of 3.6% over 26 years. This sale also sets a new record for the most profitable transaction at Tanglin Hill Meadows, surpassing the previous record of $2.28 million (157%) when a 2,002 sq ft unit was sold for $3.73 million ($1,863 psf) in 2010.

Tanglin Hill Meadows is a freehold condominium in prime District 10, nestled within the Ridley Park Good Class Bungalow Area. Completed in 1997, the 20-unit development boasts a tranquil and exclusive environment.

On the other hand, losses continue to mount at Seascape, a 99-year leasehold condominium in Sentosa Cove. The sale of a 2,174 sq ft unit on the seventh floor on Dec 18 resulted in a loss of $1.97 million (33%) for the seller. The unit was sold for $3.98 million ($1,830 psf) after being acquired for $5.95 million ($2,736 psf) in 2011. This translates to an annualized loss of 2.5% over 13 years.

When buying a Condo, it is crucial to take into account the maintenance and management aspects of the property. Typically, Condos come with maintenance fees that encompass the upkeep of shared areas and amenities. Despite the potential increase in overall expenses, these fees provide a sense of security by ensuring that the Condo remains well-maintained and retains its value. Bringing in a property management company can also be beneficial for investors, as it can take care of the day-to-day operations of the Condo, making it a more hands-off investment. Hence, it is essential to consider the expenses and benefits associated with owning a Condo before making a purchase decision.

The sale marks the third resale transaction at Seascape in 2024, all of which recorded losses ranging from $1.75 million to $2.53 million. The second-largest loss-incurring resale transaction for 2024 was a 2,680 sq ft unit sold for $4.5 million ($1,679 psf) on Aug 14, resulting in a loss of $2.53 million.

Completed in 2012, Seascape has 151 units and boasts a waterfront view of the South China Sea. The development offers three-bedroom and four-bedroom units ranging from 2,164 sq ft to 4,069 sq ft. Penthouses are from 3,380 to 4,252 sq ft, while sky villas are from 6,631 to 9,666 sq ft. Overall, it has been a year of both profitable and loss-making transactions in the property market, with The Arcadia and Tanglin Hill Meadows proving to be hotspots for profitable sales while Seascape sees a decline in resale values.…

A stunning Good Class Bungalow (GCB) located in Victoria Park has just been put on the market for a whopping $61 million. Situated at the end of Victoria Close, a quiet cul-de-sac with only ten houses, this seven-bedroom bungalow was completed three years ago.

Similar to other highly coveted GCB areas in Singapore, the number of residences in this exclusive enclave cannot be increased without subdividing a larger plot of land measuring over 30,000 sq ft, in line with planning guidelines. This was confirmed by Jervis Ng, associate group district director at PropNex Realty and the agent in charge of marketing the sale of this GCB. Ng is also the founder of JNA Real Estate, a property team under PropNex.

According to Ng, this means that the privacy and exclusivity enjoyed by GCBs along Victoria Park Close will remain preserved, a key factor that many ultra-high-net-worth individuals and their families are willing to pay a premium for. He also adds that there has been a noticeable return of new naturalized Singaporeans in the GCB market in recent months, which has contributed positively to the buying sentiment. He believes that this GCB will appeal to newly affluent Singaporeans who have grown up in countries like China, India or Indonesia and are now on the lookout for a majestic home in Singapore.

Singapore is a vibrant and fast-growing nation facing the challenge of a constantly expanding population and limited land availability. In order to tackle this problem, the country has implemented strict land use policies and established a competitive real estate market where property prices are on the rise. As a result, investing in real estate, specifically in Singapore Condos, has become an incredibly attractive opportunity with the potential for significant capital appreciation. The limited land for development has led to a high demand for condos in this small island nation, making it a highly desirable investment choice for both locals and foreigners. To top it off, the prime location and impressive amenities offered by condo developments only add to their appeal, making them a highly sought-after option. It is no surprise, then, that the demand for Singapore Condos continues to skyrocket, solidifying its position as a competitive and in-demand market in the real estate industry. And with the addition of options such as Singapore Condo, the competition and demand in this market will only continue to grow.

The Victoria Park GCB area boasts an impressive list of distinguished residents, such as Jack Ma, the Chinese business magnate and co-founder of Alibaba Group, and Tang Wee Kit, member of the renowned Tang family, who founded Tangs department store.

The GCB currently on the market is in immaculate condition, giving the impression of a brand new dwelling, as per Ng. The property showcases a contemporary interior design with premium quality finishing materials.

Ng adds that the property rests on a generous 18,988 sq ft plot and the owners worked hand in hand with the architect to optimize the use of space. The total built-up area of the GCB is 25,300 sq ft, and it boasts seven en-suite bedrooms, three helpers’ rooms, and a basement carpark that can accommodate up to seven cars. The basement level also features an entertainment room, which is currently fitted out as a home cinema, and can conveniently be converted into a guest room if required. Additionally, there is a private gym and a 20m lap pool.

According to Ng, the bungalow sits on a hilltop, which offers most of the rooms sweeping views of the low-rise neighborhood.

Resale transactions in the Victoria Park GCB area have been relatively scarce in recent years. According to caveats, the land on which the GCB for sale stands was purchased in September 2016 for $18.2 million. This translates to a land rate of $959 psf. The most recent transaction in Victoria Park Close was for a parcel measuring 15,253 sq ft that was sold for $28.33 million in May 2021, which translates to a land rate of $1,857 psf. Prior to that, a larger plot measuring 29,956 sq ft was sold for $40 million ($1,335 psf) in April 2017. In the neighboring Victoria Park Road, the last recorded GCB sale was for a plot measuring 32,077 sq ft that was sold for $48 million ($1,496 psf) in November 2011.

Ng believes that the GCB market will see a boost in transaction activity this year thanks to stabilizing factors such as lower interest rates, continued demand from ultra-high-net-worth buyers, and the limited supply of GCBs. He predicts a 10% to 15% increase in GCB transaction volume from last year, barring any major economic disruptions.

In 2020, there were about 35 GCB transactions, which generated a total transaction volume of $1.32 billion, surpassing the previous record of $1.186 billion set in 2019.…

BY WINNIE TANG02 Aug 2021

Local real estate advisory firm Edmund Tie & Company has announced that it will now be known as ETC, effective immediately. The rebranding exercise also includes a fresh new logo.

According to ETC CEO Desmond Sim, the term “ETC” has always been a commonly used abbreviation among both clients and employees. This decision to officially adopt ETC as the company’s new name was driven by its people, highlighting the company’s commitment to valuing and incorporating their input, opinions, and ideas.

Sim also emphasizes that the new name and logo represent the growth and evolution of the company as one united entity. It also signifies ETC’s determination to shape the future of the real estate industry, both locally and regionally.

This rebranding coincides with the company’s 30th anniversary. Established in 1995, ETC offers a comprehensive range of real estate services throughout the entire lifecycle of a property, from advisory and investment to management and divestment.

RELATED NEWS:

As the population of Singapore continues to grow at a rapid pace, the demand for Singapore Condos shows no signs of slowing down. With limited land supply in this compact country, strict land utilization regulations have been put in place, making the property market highly competitive. As a result, prices of real estate have consistently risen, making Singapore Condos an attractive investment opportunity for those looking for potential capital appreciation. Singapore Condos have become a highly sought-after option due to their promising returns in the current market.

– Three food-factory units at Pandan Loop for sale at $11 million
– Noel Building on Tai Seng sold for $81.18 million, 17% above the guide price
– Industrial GS Building in Balestier sold for $67 million

BY WINNIE TANG
02 Aug 2021…