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 Accelerates Growth Asset Recycling And Management Contracts
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 And Singhaiyi Open Hyatt Regency Villa Resort Maldives
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 …
Four Bedroom Unit Sovereign Sold 27 Mil Profit
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 …
Adrian Cheng Step Down New World Ceo Likely Be Replaced Coo Eric Ma Sources
Sources familiar with the matter say that Adrian Cheng Chi-kong, the chief executive of New World Development and scion of one of Hong Kong’s largest conglomerates, will step down from his position and take on a non-executive role in the company.
Cheng, who was born in 1979, is expected to become the non-executive vice-chairman of New World, giving up his current title of chief executive officer. The company’s chief operating officer, Eric Ma Siu-cheung, a former Hong Kong secretary for development, is likely to be promoted to CEO when New World announces its full-year financial results on Thursday, according to the sources.
A source revealed that Ma had recently directed colleagues to review the financial situation of the company’s subsidiaries for potential restructuring moves.
AdvertisementAdvertisement
New World is expected to report a loss of between HK$19 billion (US$2.44 billion) and HK$20 billion for the financial year ending June 30, which …
Data Centres Electronics Among Sectors Benefit Johor Singapore Special Economic Zone Dbs
The proposed Johor-Singapore Special Economic Zone (JS-SEZ) is expected to bring about significant benefits for industries such as data centres, electronics, and renewable energy, according to DBS research. The JS-SEZ was first announced in October last year during the 10th Singapore-Malaysia Leaders’ Retreat, and a memorandum of understanding was signed in January to work on a full-fledged agreement for the zone, to be finalised by December.
Located in Malaysia’s Iskandar region, the zone is proposed to cover six districts, including Johor Bahru, Iskandar Puteri, Pasir Gudang, Pontian, Kulai, and Kota Tinggi, with a total area of 3,505 sq km.
Initiatives being explored for the zone include special tax arrangements, training incentives, passport-free clearance, and joint promotion events. Specific details on the industries and incentives for the zone are yet to be disclosed, but DBS economist Chua Han Teng believes the data centre sector will be the prime beneficiary, which will, …
Ubi View Industrial Building Sale 21 Mil
A high-quality light industrial building situated at 4 Ubi View in Singapore’s Paya Lebar-Ubi industrial area is now available for sale through an expression of interest (EOI) exercise, announced Brilliance Capital on Sept 26. With five storeys, the building spans approximately 22,321 sq ft in land area and 44,775 sq ft in gross floor area.
The property, held under a 60-year private leasehold (non-JTC) has been zoned under “Business 1” with a plot ratio of 2.0. With a lease starting from January 1999, there are 34 years remaining on the lease. Unlike residential properties, foreigners and companies are eligible to purchase this property without having to pay additional buyer’s or seller’s stamp duty.
The building’s convenient location provides easy access to major expressways such as the PIE and CTE, and it is within walking distance of the Ubi MRT Station on the Downtown Line. As it is a private leasehold …
Luxury Brands Expand Footprint Hong Kong Mall K11 Musea
K11 Group, operator of the popular luxury mall K11 Musea in Hong Kong’s Tsim Sha Tsui district, has announced plans to expand its retail space by over 30,000 sq ft. The expansion is set to include six current brands, including Audemars Piguet, Balenciaga, Brunello Cucinelli, Loewe, Saint Laurent, and Van Cleef & Arpels, as well as the debut of new brand Prada.
According to Richard Cheung, executive vice president of K11 Group, this expansion comes as a result of the success and high sales productivity of the current stores at K11 Musea. He adds, “We are thrilled to see so many leading luxury brands choosing to expand at K11 Musea, especially in the current climate of Hong Kong’s retail sector.”
K11 Group, a subsidiary of New World Development, reported record-breaking footfall at the mall this summer. The group also saw a 10% increase in tourist spending and nearly 30% growth …
Strata Office Unit Samsung Hub Sold 148 Mil Or 4117 Psf
A high-floor strata office unit located in Samsung Hub, a premium grade A office tower in the CBD’s Church Street, has been successfully sold for $14.8 million. According to Knight Frank Singapore, who brokered the deal, the unit spans 3,595 sq ft.
This translates to a price of $4,117 psf. In July, EdgeProp Singapore reported that the same unit was put on the market at a guide price of $4,350 psf or approximately $15.6 million.
Samsung Hub is a 999-year leasehold commercial development with 30 storeys, strategically located in the heart of the CBD. It is situated near prominent financial institutions and corporate headquarters, and is also conveniently close to the Raffles Place MRT Interchange Station (North-South and East-West Lines) and the Telok Ayer MRT Station on the Downtown Line.
The latest transaction at Samsung Hub was for a 2,906 sq ft unit on the 10th floor, which was sold …
Accor Partners Fragrance Group And Global Premium Hotels Open Three New Singapore Properties
Accor, a renowned player in the global hospitality industry, has recently announced a partnership with Fragrance Group and Global Premium Hotels to launch two new properties that will house three hotels. By 2027, all three hotels will be fully operational.
One of the upcoming properties is located at Hoe Chiang Road and will accommodate the largest Mövenpick hotel in the Asia Pacific region with 808 rooms. It will also have a 37-room extension known as Mövenpick Living Singapore, catering to travelers looking for long-term stays.
The other property, situated at Waterloo Street, will be the second hotel under the Handwritten Collection Brand in Singapore. With 502 rooms, it follows the launch of the Hotel Faber Park Singapore – Handwritten Collection in late 2023.
Accor’s COO of premium, midscale, and economy division in Asia, Garth Simmons, expressed, “This signing not only exhibits the strong demand for our brands from owners and …