Month: December 2024

Huttons Asia CEO Mark Yip reveals that projects in the Rest of Central Region (RCR) and Outside Central Region (OCR) were the top-selling new launches of 2024, thanks to strong demand from upgraders and healthy HDB resale market. Among the top 10 best-selling projects, three were launched in November and enjoyed high take-up rates.Emerald of Katong took the top spot, with 99% of its units sold within two days of launch in mid-November. This 846-unit, 99-year leasehold development only has six available units as of December 17. Interested buyers can browse for more information on the latest New Launches, including transaction prices and available units. Chuan Park, a 916-unit development, came in second with 76% of its units sold in a single day on November 10. As of December 17, 79% of the project has been sold. This impressive sales figure was attributed to the lack of new private condo launches in the neighbourhood since The Scala in 2010. The third spot on the list went to Lentor Mansion, a 533-unit development that achieved a 75% sales rate during its launch weekend in March. As of December 17, the project has sold 92% of its units. Nava Grove, a 552-unit project, ranked fourth with a take-up rate of 65% during its launch weekend in mid-November. By December 17, nearly 70% of the project has been sold. Meanwhile, Norwood Grand took fifth place, with 84% of its 348 units sold since its launch in October. Sixth place went to Hillhaven, a 341-unit development that has enjoyed a sales rate of 76% since its debut in January. Coming in seventh is Kassia on Flora Drive, a 276-unit freehold project that has sold 65% of its units to date. In eighth place is Lentoria, a 267-unit development in Lentor Hills Estate that has seen its sales climb from 19% on the first weekend to 66%, with 177 units sold as of March. Up next is Sora, a 440-unit project in Jurong Lake District that has recorded 30% sales since its launch. The tenth spot goes to Meyer Blue, a freehold development that sold 58% of its 226 units through private sales. Four projects launched in 2024 have experienced significant sales momentum in the second half of the year, with each moving more than 200 units. These projects have benefited from the launch of new developments in their respective neighbourhoods, which have drawn attention back to the area. The Continuum, an 816-unit freehold development at Thiam Siew Avenue, emerged as the biggest beneficiary of Emerald of Katong’s launch. The project sold 233 units in 2024, with almost 60% of the sales taking place since November, bringing its total take-up rate to 66% since its launch in May 2023. Tembusu Grand, located across the road from Emerald of Katong, also saw a boost in sales thanks to its proximity to the development. The 638-unit project sold 53% of its units during its launch weekend in April 2024. With most units sold after July when market sentiment improved in the third quarter, Tembusu Grand is now 91% sold as of December 17. Another notable performer is Hillock Green, a 474-unit development in Lentor Hills Estate that has achieved a sales rate of 27.6% during its first weekend of sales in November 2023. In 2024, the project has sold 217 units, bringing its total sales to 359 (76%). The project also received a boost from the launches of Lentoria and Lentor Mansion in March, which renewed attention in the Lentor Hills Estate. Lastly, Pinetree Hill, 520-unit development, has seen strong sales since launching its second phase of units in September. This year, the project has sold 208 units, with cumulative sales hitting 374 (72%). It also enjoyed a boost from the nearby launch of Nava Grove in November, which helped drive interest in the District 21 residential enclave.…

Singapore’s built environment is heading towards a significant transformation as we approach 2025. The facilities management (FM) sector is facing mounting pressure to adapt to the changing regulatory landscape, cost constraints, and technological advancements. These three factors will play a crucial role in shaping the future of FM and driving its sustainability: the mandatory energy improvement regime, the impact of rising temperatures on energy costs, and the growing trend towards adaptive reuse in construction.

The Mandatory Energy Improvement regime, which will take effect in the third quarter of 2025, will require energy-intensive buildings to undergo energy audits and implement energy-efficiency improvement measures. This mandate applies to commercial, healthcare, institutional, civic, community, and educational buildings with a gross floor area of over 5,000 sq m. These buildings are expected to reduce their energy usage intensity by 10% from pre-energy audit levels, a target that can be achieved by implementing the right strategies.

To comply with this mandate, asset owners will need to take a long-term view on capital expenditures for energy-efficient systems. The energy audits will provide valuable data on energy consumption patterns, performance gaps, and strategies for prolonging the lifespan of assets, reducing operating costs in the long run, and contributing to a more sustainable built environment. Building owners can also leverage grants to cover the costs of energy efficiency upgrades.

One example of a smart and sustainable facility management model is Temasek Polytechnic, which embarked on a digital transformation of its operations in 2021. By digitizing campus operations and implementing a suite of solutions that integrate facility booking, maintenance work orders, crowd management, and temperature control measures, Temasek Polytechnic has achieved efficiency and sustainability in its operations. This approach can serve as a model for other buildings and facilities to follow. With the help of digitalization, data analytics, and sustainable practices, the FM sector can drive sustainability, reduce costs, and ensure long-term operational success.

The push towards sustainability is also being driven by climate disclosure obligations, which will affect all listed and large non-listed companies with revenues of at least $1 billion and total assets of at least $500 million by 2027. This will lead to increased investments in predictive technology to mitigate the impact of rising temperatures on energy costs. Air conditioning and mechanical ventilation systems are already a significant contributor to operational costs, accounting for around 60% of total energy expenses in many buildings. By optimizing energy systems through energy-efficient solutions such as energy recovery systems or thermal energy storage, building owners can mitigate rising energy costs. City planners and building owners can also utilize web-based geospatial IT to identify flood-prone areas and areas of extreme heat to develop a comprehensive operational plan that considers predicting extreme weather events to mitigate the risk of equipment failure and downtime, optimize chiller plant operations, and reduce operational carbon levels.

The increasing construction costs are also prompting a shift towards adaptive reuse, with the rate of redevelopment in Singapore accelerating over the past five years. This trend is driving the adoption of smart design and engineering practices, including the use of collaborative common data environments to benchmark construction and operational costs. Platforms such as Podium, a proptech platform, are helping to connect developers, designers, and the supply chain to deliver high construction productivity and promote sustainable building practices. By consolidating data from multiple sources, stakeholders can access valuable information on design, engineering plans, construction materials, and components throughout the building cycle. This data can help inform decisions on whether to redevelop or reuse structural elements, thus minimizing embodied carbon levels. Post-construction, Podium can also integrate with other operational platforms to track building performance metrics such as energy, waste, water, indoor air quality, and occupancy trends to drive operational carbon reduction goals.

Smart buildings can mitigate further cost pressures by maximizing the lifespan of capital-intensive equipment, such as ACMVs, lifts, and air handling units. By implementing a data-driven, long-term life cycle approach that prioritizes energy savings, building owners can offset the energy tariffs from the capital expenditure on these assets. Sensors can be deployed to analyze vibrations and detect wear or impending failure of equipment. AI-powered smart monitoring systems can also track the performance of various components in the building’s M&E system and provide granular data to help asset owners make informed decisions on replacements or retrofits. This data-driven approach can help building owners reduce downtime, improve equipment efficiency, and comply with regulations and sustainable financing requirements.

In conclusion, as Singapore’s built environment undergoes transformation, the FM sector must embrace sustainability, digitalization, and data analytics to stay competitive and meet the evolving demands of the industry. With the right strategies and technology, the sector can drive efficiency, reduce costs, and ensure long-term success in the ever-changing landscape.…

after Covid-19 stay-home period

There was a new psf-price record set by the freehold condo The Meyerise in the first week of December 2020. The highest price recorded is just 0.25% higher than the project’s previous record set in October last year. The sellers made a profit of about $1.2 million over a period of eight years since they purchased the property in May 2016. The Meyerise is a popular choice among buyers, as it is conveniently located near amenities such as MRT stations and schools. Another development that achieved a new psf-price high in the week of Nov 29 to Dec 6 is the freehold condo The Imperial. The transaction exceeded the project’s previous record by 2.3%, and the sellers made a profit of about $2.4 million. Sky Vue also saw a new psf-price peak of 5.9%, with the sellers making a profit of about $1 million. There were no new psf-price lows recorded during the period of review.…

The recent sale of a six-bedroom penthouse at JadeScape, a 99-year leasehold condo situated on Shunfu Road, has made headlines as the most profitable condo resale transaction of the week from Dec 3 to Dec 10. The 4,230 sq ft unit located on the 23rd floor was sold for an impressive $10.15 million ($2,399 psf) on Dec 9. This sale comes as no surprise, as the seller had previously bought the unit from the developer in December 2019 for $5.8 million ($1,371 psf), making a jaw-dropping profit of $4.35 million after owning the unit for a mere five years. This equates to a capital gain of 75% for the seller or an annualised profit of 15%.

Based on records, this sale marks the highest profit ever made on a unit at JadeScape. The previous record was held by the sale of a 2,099 sq ft, five-bedroom unit on the 10th floor for $4.42 million ($2,108 psf) on Aug 12. The seller of this unit had originally purchased it from the developer in September 2019 for $3.28 million ($1,562 psf), making a significant profit of $1.14 million.

For those unfamiliar, JadeScape is strategically located at the junction of Marymount Road and Shunfu Road in District 20. The development, which is set to be completed in 2022, boasts a total of 1,206 units spread across seven residential towers. Ranging from one- to five-bedroom apartments of 527 sq ft to 2,099 sq ft, the condo also features two penthouses measuring 4,230 sq ft. Additionally, the condo is within easy walking distance to the Marymount MRT Station on the Circle Line.

Aside from the record-breaking sale at JadeScape, other notable transactions were also made during the week. The second most profitable condo resale deal involved a 1,410 sq ft, three-bedroom unit at The Imperial which was sold for $3.7 million ($2,624 psf) on Dec 5. The seller of this unit had purchased it from the developer for $1.3 million ($925 psf) back in September 2004, making a stunning gain of $2.4 million (184%) after holding the unit for 20 years.

Located on Jalan Rumbia in District 9, The Imperial was completed in 2006 with a total of 187 freehold units spread across five blocks. Options include two-, three- and four-bedders ranging from 980 sq ft to 3,918 sq ft. The condo is conveniently situated within walking distance to Fort Canning MRT Station on the Downtown Line as well as Dhoby Ghaut MRT Interchange, which serves the North-South, North-East and Circle Lines.

On the other hand, the least profitable condo resale deal of the week was the sale of a one-bedroom unit at The Montana for $1.02 million ($1,603 psf) on Dec 6. This unit was previously sold in July 2014 for $1.18 million ($1,863 psf), resulting in a loss of about $165,000 for the seller. However, this loss pales in comparison to the biggest loss ever made on a unit at The Montana, which was for the sale of a three-bedroom unit measuring 1,109 sq ft in May 2003. The seller of this unit had purchased it from the developer in December 1999 for $1.35 million ($1,215 psf), making a loss of about $347,000.

The Montana, a freehold condo located on Jalan Mutiara off River Valley Road in District 10, was completed in 2002 and boasts 108 units spread across a single 12-storey tower. Ranging from one- to four-bedders of 549 sq ft to 2,659 sq ft, the condo is home to other profitable transactions this year, with units sold at prices between $1,930 psf to $2,371 psf and making gains ranging from $80,000 to around $525,000.…