Condo ETR Bar

Singapore-based City Developments Ltd (CDL) is preparing to unveil its latest property development, Norwood Grand, with a preview on October 4 and its launch scheduled for October 19.

Located on a 99-year leasehold, 155,351 sq ft site, this private condominium consists of four 11-storey blocks with a total of 348 units. These units offer a mix of one-bedroom-plus-study to four-bedroom premium-plus-study options, ranging in size from 495 sq ft to 1,335 sq ft.

The starting prices for these units are $988,000 ($1,996 psf) for a one-bedroom, $1.238 million ($1,984 psf) for a two-bedroom, $1.698 million ($1,923 psf) for a three-bedroom, and $2.238 million ($1,908 psf) for a four-bedroom plus study.

Norwood Grand is situated on Champions Way, off Woodlands Avenue 1, and was acquired by CDL in a government land sale (GLS) tender in September 2023 for $294.889 million ($904 psf per plot ratio). This winning bid was the highest …

CapitaLand Ascott Trust (CLAS) has announced their plans to acquire lyf Funan Singapore, owned by Ascott Serviced Residence Global Fund (ASRGF), at an agreed value of $263 million. ASRGF, which owns Victory SR, will transfer 100% of their interest in lyf Funan Singapore to CLAS, with the latter’s sponsor, The Ascott Limited holding a 50% stake in ASRGF.

This deal was announced in a press release on Oct 1, where CLAS stated that the purchase consideration will be $146.4 million, mainly financed by the proceeds from the divestment of Citadines Mount Sophia Singapore, which was completed in March 2024. This divestment was made to a joint venture between Weave Living, a Hong Kong-based accommodation company, and Blackrock, a global asset manager, for $148 million.

Upon completion of the proposed acquisition, CLAS will enter into a master lease agreement with Ascott for lyf Funan Singapore, subject to approval at an extraordinary …

Mapletree Industrial Trust (MINT) has announced its plan to acquire a multi-storey mixed-use facility with a data centre in Tokyo, Japan for JPY14.5 billion ($129.8 million). This proposed acquisition will expand MINT’s portfolio and increase its effective economic interest to 98.47% in the property. The remaining amount of the purchase consideration will be funded by MINT’s sponsor, Mapletree Investments.

The building, which was built in 1992, occupies approximately 91,200 sq ft of freehold land and has a total gross floor area of 319,300 sq ft. Currently, it is fully leased to a Japanese conglomerate with a weighted average lease to expiry of five years. The lease agreement gives the tenant the option to renew their lease.

According to MINT, the location of the property offers a promising opportunity for future redevelopment and added value. The growth of data centres in West Tokyo has resulted in an increased demand for data …

The third quarter of 2024 has seen a continuing rise in prices for resale HDB flats, marking the 18th consecutive quarter of an upward trajectory. According to the flash estimates released by HDB on October 1, resale prices have increased by 2.5% quarter-on-quarter (q-o-q) in 3Q2024, surpassing the 2.3% q-o-q growth seen in the previous quarter.

This marks the highest quarterly growth since 3Q2022, when resale prices rose by 2.6% q-o-q. Since the beginning of the year, HDB resale prices have risen by 6.8%, showing a faster rate of price growth compared to the 3.8% increase recorded during the same period last year. However, the current rate of price growth is still lower than the 8% spike seen in the first three quarters of 2022.

The surge in HDB resale prices can be attributed to strong demand from buyers as well as a shortage of supply, with fewer new HDB …

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 …