Month: September 2024

According to Knight Frank’s research report, prime grade office rents in Singapore’s Raffles Place and Marina Bay precinct increased by 0.6% quarter-on-quarter in 3Q2024, reaching an average of $11.35 per square foot per month. However, this growth was slightly slower than the 0.7% quarter-on-quarter expansion seen in 2Q2024.

The latest data shows that prime office rental growth for the first nine months of 2024 was at 2%, lower than the 3.4% growth recorded during the same period last year. This slower growth can be attributed to a lack of expansions by large occupiers, particularly tech companies. Calvin Yeo, Managing Director of Occupier Strategy and Solutions at Knight Frank Singapore, notes that many tech companies are postponing their expansion plans due to a slowdown in the tech sector and an uncertain economic climate.

Instead of expanding, several tech firms have chosen to downsize their office spaces. For example, Facebook’s parent company, …

Keppel Infrastructure, a division of Keppel Corporation, has been awarded a 20-year contract by the Housing & Development Board (HDB) to provide chilled water supply services. The contract, which includes designing, building, owning, and operating centralised cooling systems (CCS), will cover three upcoming build-to-order (BTO) projects in Tengah. These systems will serve approximately 3,500 households across the developments – Brickland Weave, Plantation Edge I & II, and Plantation Verge.

In a statement released on September 30, Keppel announced that it will collaborate with HDB to deliver the CCS to each home. The system works by transporting chilled water from centralised chillers installed on the rooftops of selected HDB blocks to cool the flats. Keppel also mentions their use of innovative engineering and design features, as well as industrial-grade materials, to ensure industry-standard performance.

Once completed, the CCS at these three BTO projects will be connected to Keppel’s Operations Nerve Centre …

The opulent K11 Musea, known as the “Silicon Valley of Culture,” stands out even in the wealthy city of Hong Kong. Adrian Cheng, a member of one of the city’s wealthiest families, spent 10 years and $2.6 billion to bring his vision for the luxury retail and art hub to life on a prime harbor-front property. However, after just five years, Cheng’s ambitious plans for his family’s New World Development Co and for himself have come to an abrupt halt.

At 44 years old, Cheng has unexpectedly stepped down as the third-generation leader of New World, a major player in the business dynasties of Asia. He has been replaced by an outsider, the company’s chief operating officer, causing a shock among the upper-class society of Hong Kong. This sudden change has raised questions about the state of the city’s real estate market and its impact on the billionaires who dominate …

A freehold, two-storey shophouse located at 24 Greenwood Avenue in the prestigious District 11 is currently on the market for $8.8 million. This particular unit, situated on the ground floor, is a strata unit with approval for restaurant usage, spanning a total area of 1,539 square feet. With an asking price of $5,718 per square foot on the total strata area, the unit is being marketed by Wilkie Tay and Richard Tan, directors of PropNex Shophouse Elites (PSE), the exclusive marketing agent. PSE has recently announced the launch of this property, and according to the company’s press release, the restaurant unit also has access to a 100 square feet outdoor dining area.

The shophouse is also a freehold property, which adds to its allure. The upper floor of the shophouse is designated for residential use and has a separate entrance through its own staircase.

Recent commercial transactions along Greenwood Avenue …

Gallop Green, a freehold condo, has recorded the highest psf-price this week as it hit a new peak in its unit prices. The sale of a 3,272 sq ft, three-bedroom unit on Sept 10 set a new record at $2,622 psf, surpassing its previous high of $2,431 psf by 7.9%.The previous record was set in September 2023 when a 3,229 sq ft unit changed hands for $7.85 million. The new high at Gallop Green was achieved with the sale of a 3,272 sq ft unit for $8.58 million on Sept 10, reflecting a new price peak of $2,622 psf.According to URA caveats, the seller bought the unit in December 2017 for $5.6 million, earning a profit of $2.98 million, or a capital gain of 53%.Located along Woollerton Park in Prime District 10, Gallop Green is a freehold condo completed in 2002. It comprises four blocks housing 53 residential units ranging …

Luxury watch retailer, The Hour Glass, has made a strategic move to acquire units in Tong Building from See Hoy Chan Realty and See Hoy Chan Land for $68.5 million. The company exercised its options to purchase the units, which include #09-01 to #09-04 and #10-01 to #10-04, according to a filing on Sept 26.

The deal was brokered by executive director of investment sales and capital markets at Savills Singapore, Yap Hui Yee. Yap believes that the freehold status of the office floors adds long-term value, making it an attractive choice for those looking to preserve their wealth and capital.

In a separate deal earlier this month, Yap also facilitated the sale of the entire sixth floor of Tong Building to Parkway Hospitals Singapore for a record-breaking price of $31.33 million or $4,562 per square foot (psf). This is the highest psf price for an office space in the …

The Housing & Development Board (HDB) has launched a mixed-use site at Chencharu Close for sale by tender. Located within Yishun Town, the site is estimated to yield about 875 residential units and up to 135,627 sq ft of commercial space.The 99-year leasehold site covers 316,997 sq ft and has a gross floor area (GFA) of over 1.03 million sq ft. It is the first private housing site in the new 70ha HDB housing estate of Chencharu. The site, which is under the Confirmed List of the 2H2024 Government Land Sales (GLS) Programme, will be integrated with a bus interchange and a hawker centre.Residents of the new development will enjoy convenient access to amenities, with the Khatib MRT Station just a short walk away. In addition, there are also sports and recreational facilities nearby, such as Yishun Stadium, Yishun Sports Centre and Lower Seletar Reservoir Park.Young families will find the …

Frasers Hospitality, the hospitality and lodging business unit of Frasers Property, has been expanding its presence abroad while simultaneously shedding some of its Singapore assets. According to CEO Eu Chin Fen, this strategy is part of the company’s international expansion plan.

In September, Atelier Capital Partners, a Hong Kong-based family office, acquired the 313-key Capri by Fraser, Changi City hotel for $170 million. This translates to $543,131 per key. The hotel has been rebranded as Dorsett Changi City Singapore, with DHI, a subsidiary of Hong Kong-listed Far East Consortium International, as the operator. DHI is one of the shareholders in the consortium, along with Heeton Holdings and Fortez Capital.

Frasers Property previously acquired the hotel in 2014 for $203.4 million, but FHT, which had the first right of refusal, declined an offer to purchase the property from its sponsor in March. As a result, Frasers Property sold the asset to …

Hyatt Hotels Corp, a renowned global hospitality company, has joined hands with Singapore-based property developer SingHaiyi to launch the Hyatt Regency Samarafushi Maldives, an all-villa resort.

According to Gallant Tang, executive director of SingHaiyi, the decision to partner with Hyatt was driven by their exceptional reputation and leadership in the hospitality industry. “We are thrilled to collaborate with Hyatt in creating a resort that embodies the core values of the Hyatt Regency brand which are highly valued by guests,” Tang stated at the signing ceremony held on September 26.

The High Commissioner of the Republic of Maldives to Singapore, Mohamed Luveiz, lauded the addition of the new resort to the island state’s portfolio, calling it a significant milestone. In his speech at the signing ceremony, he also emphasized on the rapid expansion of Maldives’ infrastructure, starting with the newly constructed Valena International Airport. He expressed hope that this development will …

The recent resale of a four-bedroom unit at The Sovereign has emerged as the most profitable transaction to date for the development. The 2,637 sq ft unit, located on the ninth floor, sold for $6.2 million on September 10, resulting in a profit of $2.7 million for the seller. This translates to a capital gain of 77%, as the unit was originally purchased in May 2016 for $3.5 million. This marks the second resale deal at The Sovereign this year, following the $8.6 million sale of a 3,305 sq ft unit in June. This unit, located on the 15th floor, fetched a profit of $4 million for the seller, making it the most profitable transaction in the development’s history.The Sovereign, located on Meyer Road in District 15, was built in 1993 and comprises a single residential tower with 87 units. The freehold development offers four-bedroom units ranging from 2,637 sq …