Month: January 2025

A recent announcement states that Meinhardt, a Singapore-based engineering consulting firm, has entered into a partnership with Japan Overseas Infrastructure Investment Corporation for Transport and Urban Development (JOIN). This agreement aims to bring together their expertise in digital and smart city projects for third-world Asean countries.

Through this memorandum of understanding, the two parties seek to promote innovative and sustainable urban solutions by sharing knowledge and resources. JOIN, a Japanese public-private fund focused on supporting infrastructure export projects, will leverage its network and expertise in this collaboration. Meinhardt, a leader in integrated planning, design and project management solutions, will also contribute their experience to the partnership.

The partnership builds on the Memorandum of Cooperation (MOC) signed in November last year between Japan’s Ministry of Land, Infrastructure, Transport and Tourism, and Singapore Cooperation Enterprise. The MOC aims to foster the development of digital and smart cities in Asean and other regions.

By joining forces, Meinhardt and JOIN hope to capitalize on the MOC framework and establish a platform for information sharing, identifying synergies, and collaborating on projects across borders. This will allow them to drive significant impact in the development of digital and smart cities, aiding in the growth and progress of third-world Asean countries.…

Minister for National Development Desmond Lee has announced the completion of the last two previously delayed housing projects from HDB in a press release dated January 20.

The two Build-to-Order (BTO) projects, Punggol Point Cove (Phase 2) and Kempas Residences, signify the successful completion of HDB’s pandemic-delayed housing projects. In total, these 92 projects have provided more than 75,800 new flats to the people of Singapore in the last five years.

In 2024, HDB delivered 22 housing projects, out of which 17 were delayed due to the pandemic. The remaining four projects were finished on schedule, except for one that was postponed due to non-pandemic reasons.

These 22 projects included two Shorter Waiting Time (SWT) projects that were completed within a waiting period of less than three years. These SWT projects, namely Parc Glen at Tengah and Grove Spring at Yishun, consisted of a total of 1,995 flats. The rest of the projects had waiting durations of up to five years. Overall, HDB completed more than 18,000 flats in 2024.

Flat owners of Punggol Point Cove (Phase 2) have been receiving the keys to their new homes since November 2024, while key collection for Kempas Residences began in mid-January this year. HDB is expected to inform the remaining flat owners of their key collection date soon, after completing the final blocks in both projects this month.

Punggol Point Cove (Phase 2) is situated along New Punggol Road and comprises 1,179 units of two-room flexi, three-, four-, and five-room flats across six residential blocks. Due to the pandemic delays, the last block was completed 12 months after its original Probable Completion Date (PCD) earlier this month. As of January 15, 657 households, or 59% of the 1,109 booked units, have collected their keys.

According to HDB, the completion of Punggol Point Cove (Phase 2) marks the end of all flats in the Punggol Point District, including Punggol Point Cove (Phase 1), Punggol Point Woods, and Punggol Point Crown BTO projects, all of which were finished in 2024.

Kempas Residences BTO project has 583 units of two-room flexi, three-, and four-room flats across four residential blocks and is located between Serangoon Road, Lavender Street, and Boon Kheng Road. The final block, which was delayed by six months from its original PCD, was completed in mid-January. As of January 15, 37 households, or about 7% of the 555 booked units, have collected their keys.

Currently, HDB has 110 housing projects under construction, an increase from 95 a year ago, due to the rise in BTO supply in recent years. HDB is on track to complete approximately 17,000 flats across 27 projects in 2025. To explore HDB listings and compare HDB loans and bank loans, visit Ask Buddy.…

CDL Subsidiary Offers to Acquire Remaining Shares of MCK

In a strategic move, City Developments Limited (CDL) is making an offer to buy all the shares it does not already own in New Zealand-listed Millennium & Copthorne Hotels New Zealand Limited (MCK). The offer, valued at NZ$2.25 ($1.72) per share, is being made through CDL’s wholly-owned subsidiary, CDL Hotels Holdings New Zealand Limited (CDLHH NZ).

Upon completion of the offer, CDL intends to delist and privatize MCK, simplifying the ownership structure of the group’s New Zealand entities, according to a January 20 filing. MCK currently owns, leases, or has under franchise 18 hotels in New Zealand, as well as having a stake in CDL Investments New Zealand Limited and interests in properties in Australia through its Kingsgate Group subsidiaries.

As of January 17, CDLHH NZ held a 75.86% stake in MCK, representing 80.02 million shares out of 105.48 million in issue. If CDLHH NZ reaches the threshold to invoke compulsory acquisition provisions under the New Zealand takeovers code, it will acquire all outstanding shares in MCK. Alternatively, CDLHH NZ may choose to redeem non-voting redeemable preference shares issued by MCK.

While the non-voting redeemable preference shares are not part of the offer, CDLHH NZ has expressed its willingness to acquire them at a price of NZ$1.70 (approximately $1.30) per share. The purchase will be made through its broker, Craigs Investment Partners, on the Main Board of the New Zealand Stock Exchange (NZX). As of January 17, CDLHH NZ held 91.34% (48.17 million shares) of MCK’s non-voting redeemable preference shares.

Assuming full acceptance by MCK’s shareholders, CDLHH NZ will pay a total of NZ$57.29 million for the offer. In addition, it expects to pay around NZ$7.77 million to acquire all redeemable preference shares. The offer price takes into account the prevailing and historical market price, as well as the industry and business environment in which MCK operates.

As of June 30, 2024, MCK recorded a net asset value (NAV) of NZ$532.02 million and a net tangible asset value (NTA) of the same amount for the 1HFY2024. The NAV and NTA attributable to MCK shares subject to the offer were NZ$85.62 million each as of June 30, 2024.

The offer is subject to conditions including CDLHH NZ receiving 90% or more of the voting rights in MCK by May 2. CDLHH NZ must also obtain consent under the Overseas Investment Act 2005 and the Overseas Investment Regulations 2005 of New Zealand to own and control all shares in MCK. The implementation and payment of the offer are not expected to have a material impact on CDL’s earnings per share (EPS) or net tangible assets (NTA) for the fiscal year ending December 31, 2025.…

Teo Hong Lim, the executive chairman of Roxy-Pacific Holdings, revealed that 71 out of 113 units at Bagnall Haus, a freehold condominium, were successfully sold on Jan 18 during its first day of launch. This equates to an impressive sales rate of nearly 63%, with an average transacted price of $2,490 per square foot.Furthermore, Teo shared that the majority of buyers were Singaporean citizens, making up over 90% of the total. He elaborated that they consisted of end-users with varying budgets. The take-up rate was strong across all unit types, with the two- and three-bedroom units proving to be the most sought-after. However, Teo also noted that there was demand for the larger five-bedroom units as well.Bagnall Haus is located in the esteemed District 16, along Upper East Coast Road. It is made up of three five-storey blocks and sits on a freehold plot measuring 74,280 square feet. The 113 residential units come in a mix of one-bedroom plus flexi units spanning 495 square feet and five-bedroom units measuring 1,528 square feet.Want to find out more about the latest New Launches? Do a quick search to view transaction prices and available units.Ismail Gafoor, the CEO of PropNex, stated that out of the 71 units sold, about 59% were one- and two-bedroom units that went for prices just below $2.1 million. He added that there was also high demand for the three-bedroom units, with 18 out of 20 units sold at a range of $2.3 million to $2.7 million. The remaining four- and five-bedroom units were transacted at around $3 million to $3.8 million.Gafoor also shared that the pricing was generally within the sweet spot of under $3 million, which appealed to most buyers. He added that the average transacted price of $2,490 per square foot was particularly attractive for a well-situated freehold development. He also pointed out that buyers saw the value in this project, especially when taking into account that some 99-year leasehold new launches in the Outside Central Region, such as Chuan Park, were already going for an average price of $2,579 per square foot upon its launch in November 2024.Find out more about the new condo developments in District 16 by browsing the latest listings for Bagnall Haus properties.Want to get some tips and insights on the latest trend in the market? Check out BuddyCondo and get 10 free reports now!Are you interested in knowing more about condo sale transactions in District 16? Compare the price trend of condo new sales and EC new sales and get a better idea of the market. You can also keep an eye out for the upcoming new launch projects or any available condo rental listings in District 16 to stay updated on the latest developments.Recently launched projects can also offer valuable insights. So if you’re looking to invest in a condo in District 16, it’s definitely worth it to check them out. With its highly desirable location and freehold tenure, Bagnall Haus saw a high number of sales due to the pent-up demand from a 15-year wait for a new project in the area. This, coupled with its proximity to established amenities and reputable schools such as Temasek Primary School within a 1km radius, made it an ideal choice for many buyers.Additionally, Bagnall Haus is within walking distance of the upcoming Sungei Bedok MRT Station, which is an interchange for the Downtown and Thomson-East Coast lines. It is also just one stop from Bedok South MRT Station, which is part of an integrated transport hub that will feature a new bus interchange in the upcoming Bayshore precinct. This transport hub will also be part of a mixed-use development that includes retail and residential components.This development’s potential benefits, coupled with its freehold tenure and rare MRT station proximity, were key drivers in its sales success, according to Mark Yip, the CEO of Huttons Asia. With the latest listings for Bagnall Haus properties, you can ask BuddyCondo to compare condo sale transactions in District 16 , check the price trend of condo new sales versus EC new sales, stay updated on the upcoming new launch projects in the district, and view any available condo rental listings.…

During the week of December 27 to January 3, Commonwealth Towers emerged as the top private non-landed property to hit a new psf-price peak. The 99-year leasehold condo achieved its new record of $2,460 psf on December 27 with the sale of a 904 sq ft, three-bedroom unit on the 40th floor for $2.22 million. This surpasses its previous high of $2,402 psf, which was set just three months ago when a 689 sq ft, two-bedroom unit on the 42nd floor was sold for about $1.65 million in September 2024.

The average resale price for condo units at Commonwealth Towers has been on the rise over the past three years. In 2022, the project recorded 53 transactions at an average psf-price of $1,971. The following year, the average price increased to $2,097 psf across 51 resale transactions. Last year, the development saw 37 resale transactions at an average price of $2,200 psf. This marks an 11.6% increase in average resale prices since 2022.

Read also: The Continuum sees new high of $3,091 psf

The most expensive unit to change hands at Commonwealth Towers in terms of absolute price was a 1,302 sq ft, four-bedroom unit on the 39th floor for $2.96 million, or $2,273 psf. The transaction was recorded in November 2024.

Completed in 2017, Commonwealth Towers is a 99-year leasehold condo with about 87 years remaining on its tenure. Located along Commonwealth Avenue, the development comprises of two 43-storey residential blocks with 845 condo units. The units range from one- to four-bedroom apartments, spanning 441 sq ft to 1,302 sq ft.

The runner-up on the list of private residential projects to see a new psf-price peak during the period is the freehold development Parq Bella. It set a new psf-price high of $2,416 psf on December 31 when the developer sold a 1,076 sq ft, three-bedroom unit on the fourth floor for about $2.6 million. The unit is also the first at the development to transact for more than $2,400 psf. This beats the previous record of $2,385 which was set in August 2023 when a 926 sq ft, two-bedroom fourth-floor unit was sold for about $2.2 million.

Parq Bella is a freehold project located on Tembeling Road in District 15. It has 20 apartments ranging from two to four bedrooms, with floor plans spanning from 926 sq ft to 1,787 sq ft. The project is expected to be completed by December 2026. Last year, Parq Bella saw five new sale transactions at an average price of $2,347 psf. Since its launch in the third quarter of 2023, the project has sold 19 out of its 20 units (95%) at an average price of $2,244 psf, based on caveats lodged as of January 14.

Read also: Is it a Good Deal?: $1.125 million for an almost-new four-room HDB flat along Dawson Road

Another development to make the list is freehold luxury project Klimt Cairnhill. It was the only private residential development to see a new psf-price low during the period. The new psf-price floor of $3,077 was achieved through the developer’s sale of an 829 sq ft, two-bedroom unit on the 24th floor for $2.55 million on January 3.

Klimt Cairnhill is a 138-unit freehold development that achieved 100% sales at an average price of $3,665 psf, based on caveats lodged. The project was previewed in August 2021 and officially launched in January 2023.

Located along Cairnhill Road in Prime District 9, Klimt Cairnhill offers a mix of two- to four-bedroom apartments ranging from 829 sq ft to 2,368 sq ft. There are also two penthouses measuring 4,898 sq ft and 5,920 sq ft. The development is expected to obtain its Temporary Occupation Permit in April of this year.…

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Minister for National Development Desmond Lee and the Housing and Development Board (HDB) have announced plans to launch more than 25,000 new flats in 2025, according to a joint press release with the Ministry of National Development (MND) on January 16.

This includes approximately 19,600 build-to-order (BTO) flats across three sales exercises and over 5,500 sale of balance flats (SBF) in one SBF sale exercise. The units will be a mix of Standard, Plus, and Prime BTO flats under the new classification framework.

The February BTO launch will offer around 5,000 flats in Kallang/Whampoa, Queenstown, Woodlands, and Yishun.

Next month, HDB’s largest-ever Sale of Balance Flats (SBF) exercise will also take place, with over 5,500 flats available in various estates. Approximately 40% of the flats in the SBF exercise are completed units, while the rest are at different stages of construction and will be ready between 2025 and 2028.

In total, there will be more than 10,000 new flats available under the February BTO and SBF exercises.

Since 2021, HDB has launched about 82,700 BTO flats in the last four years from 2021 to 2024. With a planned pipeline of 19,600 BTO flats in 2025, HDB is on track to launch more than 102,300 BTO flats, exceeding its commitment of 100,000 units over five years.

The increase in BTO supply has resulted in a drop in application rates. In 2024, the average application rate for first-time homebuyers for BTO flats across all types was 2.1, compared to 3.7 in 2019 before the pandemic. The average first-timer application rate for three-bedroom and larger flats last year was 2.2, down from 4.0 in 2019.

Minister Lee has stated that HDB will continue to release “a steady pipeline of flats to meet housing demand in the next few years.” Over 50,000 flats will be launched between 2025 and 2027, bringing the total to about 130,000 flats from 2021 to 2027.

Approximately 3,800 of the 19,600 new flats, or about one-fifth of the BTO flats slated for launch in 2025, will be Shorter Waiting Time (SWT) flats with a waiting time of less than three years. This is an increase from the 2,876 SWT flats offered in 2024 and more than the annual committed supply of 2,000 to 3,000 SWT flats.

“The SWT flats will also provide more options for buyers and may attract some demand away from the resale market,” says Lee Sze Teck, senior director of data analytics at Huttons Asia.

In 2025, Lee estimates that about 7,000 HDB flats will reach their five-year minimum occupation period (MOP), making it the lowest supply of resale flats since 2015. “With HDB assuring buyers that they will push out more BTO and SBF flats to meet demand, this will offer more choices for buyers and stabilize the resale market,” he says. “This larger flat supply and SWT flats will address the shortfall in MOP flats.”

Lee from Huttons estimates that HDB resale flat transactions in 2025 will range between 26,000 and 28,000, lower than the 28,876 units recorded last year. Resale flat prices are expected to grow at a slower pace of 5% to 8% this year compared to the 9.6% increase reported in HDB’s flash estimate for 2024.

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Resale flat prices rise 2.5% in 19th straight quarter: HDB 4Q 2024 flash data…

The sale of an impressive three-bedroom penthouse at Orchid Mansion located in District 15 along Amber Road on Dec 31 yielded a whopping profit of $2.58 million, making it the most profitable resale transaction in the week from Dec 31, 2024, to Jan 7, 2025. The sale of the 2,842 sq ft unit on the 21st floor, which is part of Orchid Mansion’s freehold development, took place at a selling price of $4.88 million, translating to a staggering $1,717 psf. This marks a significant increase from its previous purchase price of $2.3 million ($809 psf) in March 2009, resulting in an annualized profit of 4.9% over a span of 16 years.

The sale at Orchid Mansion also sets a new record as the most profitable resale transaction at the development, surpassing the previous highest profit of $1.15 million (72.6%) in July 2022. This was achieved when a three-bedroom unit on the seventh floor measuring 1,507 sq ft changed hands for $2.73 million ($1,812 psf) in July 2022. This unit was previously purchased for $1.58 million ($1,050 psf) in June 2007.

In a separate development, the second most profitable resale transaction during the period occurred at Villa Marina, when a three-bedroom unit measuring 1,625 sq ft was sold for $2.35 million ($1,446 psf) on Jan 3. This translates to a profit of $1.72 million (273%), as the unit was previously acquired for $630,500 ($388 psf) in September 2006, resulting in an annualised profit of 7.6% over 18 years.

This transaction also broke the previous profit record at Villa Marina, which was attained when a four-bedroom unit measuring 1,916 sq ft was sold for $2.3 million ($1,200 psf) on July 16 last year. This unit was previously purchased for $720,416 ($376 psf) back in November 1998, resulting in a profit of $1.58 million (219%).

Villa Marina is a 99-year leasehold development located at 25 Jalan Sempadan in District 15. It comprises a total of 27 low-rise residential blocks with 432 units, including one- to four-bedroom units measuring between 1,087 sq ft to 2,314 sq ft. The freehold Orchid Mansion, on the other hand, is a 20-year-old condo development located at 11 Amber Road in District 15. It offers a mix of two- and three-bedroom units measuring between 1,346 sq ft and 2,002 sq ft, as well as two penthouses of 2,842 sq ft and 2,734 sq ft each.

Meanwhile, the most unprofitable resale transaction of the week involves a 1,130 sq ft unit at Marina Bay Residences. Sold on Jan 2 for $2.1 million ($1,858 psf), the two-bedroom unit on the 17th floor inflicted a loss of $386,000 (16%) on the seller, who had originally purchased the unit for $2.49 million ($2,200 psf) in November 2007. This translates to an annualized loss of 1% over a span of 17 years.

Marina Bay Residences recorded a total of 25 resale transactions in 2024, with 13 of them resulting in losses ranging from $43,600 to $1.25 million. The most unprofitable resale transaction at the development took place on March 22, 2024, when a 1,227 sq ft unit was sold for $2.8 million ($2,282 psf).

Based on data from resale caveats at Marina Bay Residences, the average selling price at the condo last month was $2,242 psf. This is higher than the average price at nearby condos such as The Sail @ Marina Bay ($2,052 psf), Marina Bay Suites ($1,917 psf) and Marina One Residences ($2,133 psf).

Marina Bay Residences is a 99-year leasehold development located at 18 Marina Boulevard and was completed in 2023. The 428-unit condo boasts excellent facilities and amenities, including recently completed upgrades worth $5 million that were carried out from 2022 to 2023. It is part of the prestigious Marina Bay Financial Centre (MBFC), which also includes three Grade-A office towers, the 221-unit Marina Bay Suites and Orchard Mansion. The development is conveniently located near Siglap MRT station on the Thomson-East Coast Line and is surrounded by top schools, including Bedok Green Primary School, CHIJ (Katong) Primary, Ngee Ann Primary School, St Stephen’s School and Tao Nan School.…

CDL Announces $600 Million Worth of Divestments in 2019, Falls Short of TargetCity Developments Limited (CDL) reported that it had successfully divested assets worth more than $600 million last year, as part of its capital recycling strategy. The real estate giant has several other divestments in the pipeline, although this total fell short of the $1 billion target set in early 2024.AdvertisementThe company achieved this through a series of deals across various markets and asset classes, including completed divestments of Ransome’s Wharf site in London, the freehold 8-storey Cideco Industrial Complex in Singapore, and several strata units in Citilink Warehouse Complex, Cititech Industrial Building, Fortune Centre and Sunshine Plaza in Singapore.Read also: CDL-Frasers Property-Sekisui House roll out The Orie in Toa Payoh at prices from $1.28 milHong Leong City Centre, a mixed-use development in Suzhou, is under contract and is expected to be completed in the first quarter of this year (Photo: CDL)CDL also reported that the retail and office components of Hong Leong City Centre (HLCC), a mixed-use development in Suzhou, are currently under contract and expected to be completed in the first quarter of this year.According to group CEO Sherman Kwek, the company’s divestment plans reflect their commitment to accelerating their capital recycling initiatives. While the current market conditions have presented challenges for divestments, the company has managed to achieve a good momentum. He added that they will continue to push forward with their divestment plans in order to optimize their capital management and align their portfolio with their strategic objectives to maximize shareholder value.CDL’s shares closed at $5.05 on Jan 16, marking a 0.2% decline for the day and a 20.97% decline over the past year. Want to see more listings for Sunshine Plaza properties? Ask BuddyThere are several condo rental listings available in District 7. Want to compare the price trends of Condo new sale versus EC new sale? Condo rental transactions in District 7? HDB versus Condo versus Landed properties in terms of price trends? Or see which condo projects have had the most unprofitable transactions in District 7? Ask Buddy for personalized information.Having completed divestments of assets worth over $600 million in 2019, CDL falls short of targetCity Developments Limited (CDL) has announced that it has successfully completed divesting assets worth more than $600 million last year, as part of its effort to effectively recycle and manage its capital. Although the company has several more divestments in the pipeline, this total falls short of its initial target of $1 billion by early 2024. These divestments were achieved through deals across various markets and asset classes, including completed transactions such as the sale of Ransome’s Wharf site in London, the freehold 8-storey industrial building Cideco Industrial Complex in Singapore, and several strata units at Citilink Warehouse Complex, Cititech Industrial Building, Fortune Centre and Sunshine Plaza in Singapore.CDL also reported that the retail and office components of Hong Leong City Centre (HLCC), a mixed-use development in Suzhou, are currently under contract and expected to be completed in the first quarter of this year. The company’s CEO Sherman Kwek stated that these divestment plans reflect their commitment to accelerate their capital recycling initiatives, despite challenging market conditions. The company will continue to push forward with its divestment plans in order to optimize its capital management and align its portfolio with its strategic objectives to maximize shareholder value.CDL’s shares closed at $5.05 on Jan 16, marking a 0.2% decline for the day and a 20.97% decline over the past year. Interested in seeing more listings for Sunshine Plaza properties? Ask Buddy for personalized information.…

A freehold two-storey bungalow situated at 11 Whitley Road is now up for sale through a tender process, with a guide price of $31.88 million. The spacious property sits on an elevated freehold land measuring 15,276.27 square feet, translating to a desirable price of $2,087 per square foot on the land area.

Originally rebuilt in 2016, with the addition of a rear extension, the bungalow boasts a total of five bedrooms, with three of them being en suite. Additionally, the house features two living rooms, two dining rooms, a well-equipped kitchen and a helper’s room.

The large land parcel presents the opportunity for subdivision into eight terraced houses, with each site ranging from 1,614 square feet to 2,389 square feet. Furthermore, it has the potential for a gross floor area (GFA) of up to 21,528 square feet, subject to land betterment charges. Aric Lim, associate district director of Huttons Asia, the exclusive marketing agent for the property at Whitley Road, confirms this.

Senior director of data analytics at Huttons Asia, Lee Sze Teck, comments that this is likely the largest plot of land available on Whitley Road. He adds that the asking price of $2,087 per square foot based on land is highly competitive compared to recent transactions of newly built semi-detached houses on the road, which have been sold for over $3,000 per square foot.

Strategically located about 700 meters from the Novena MRT Station, the property is also in close proximity to popular shopping malls such as Velocity at Novena Square, Square 2, and United Square, as well as Zhongshan Park.

The tender for 11 Whitley Road will close on February 12th, giving interested buyers ample time to submit their offers.…

GuocoLand secures two green financing facilities from DBS Bank and OCBC Bank for $1.135 bilFor the full press release, please see attachment.

GuocoLand has recently secured two green financing facilities from DBS Bank and Oversea-Chinese Banking Corporation. The first facility is worth $1.135 billion and will be used to refinance Guoco Midtown, while the second facility worth $105 million will be used to refinance Midtown Bay.

According to GuocoLand, the $1.135 billion financing facility for Guoco Midtown is their largest green financing to date. The company also added that the two facilities were raised under their Green Finance Framework. So far, GuocoLand has raised a total of $5 billion in green financing, including facilities for other developments such as Guoco Tower, Lentor Mansion, Lentor Modern, Midtown Modern, and the upcoming Upper Thomson Road Development.

Andrew Chew, the Group CFO of GuocoLand, stated that this latest refinancing activity allows the company to optimize their capital structure while staying true to their commitment of creating thoughtfully designed spaces that balance economic, environmental, and social factors.

Shares in GuocoLand closed at $1.45 on Jan 15. The company’s stock has remained flat. To learn more about this news, please refer to the attached press release.…