Month: January 2025

On the weekend of Jan 11 to 12, One Bernam, a mixed-use development with 351 residential units located in Tanjong Pagar, launched a promotional sale of 87 units. The 99-year leasehold apartment tower, developed by MCC Land and Hao Yuan Investment, was first introduced to the market in May 2021. As of Jan 10, over 75% of the units have been sold at an average price of $2,585 psf, based on caveats lodged.

For the weekend promotion, all remaining units, including one-bedroom to three-bedroom units and penthouses, were sold at discounted prices. Interested buyers can check the latest New Launches to find out transaction prices and available units.

Prices for one-bedroom units, ranging from 441 sq ft to 463 sq ft, received discounts of $323,000 to $438,000, with units selling at prices ranging from $1.295 million ($2,934 psf) to $1.328 million ($2,869 psf). Meanwhile, two-bedroom apartments, ranging from 700 sq ft to 732 sq ft, were offered at discounted prices of $437,000 to $668,000, with units selling at prices between $1.752 million ($2,394 psf) to $1.78 million ($2,544 psf). The two-bedroom plus study units, ranging from 807 sq ft to 872 sq ft, also received discounts ranging from $380,000 to $800,000. These units were sold at prices ranging from $2.139 million ($2,581 psf) to $2.158 million ($2,475 psf).

Three-bedroom units, measuring 1,421 sq ft, received discounts of $616,000 to $830,000, with units selling at $3.496 million ($2,461 psf) to $3.526 million ($2,482 psf).

According to Marcus Chu, CEO of ERA Singapore, the strong sales performance indicates a high level of interest in the property as a stable and high-potential asset. He also notes that 78% of the purchasers bought their units as investments, with 87% of the buyers being Singaporeans, with 70% between the ages of 31 and 50.

Following the overwhelming response over the weekend, only three penthouses are still available for sale, bringing total sales to 99%. These include two three-bedroom penthouses, measuring 1,744 sq ft and 1,948 sq ft, and a five-bedroom penthouse measuring 4,306 sq ft.

As the project is expected to obtain a Temporary Occupation Permit (TOP) in March 2026, investors can look forward to generating rental income that can support their loan instalments, Chu believes. Based on data from EdgeProp Landlens, average monthly rents for existing apartment projects in the area, such as Altez, Eon Shenton and 76 Shenton, range from $6.90 psf to $7.40 psf.

Looking ahead, Chu notes that the current reduction in competition from foreign buyers due to the hike in Additional Buyer’s Stamp Duty (ABSD) imposed in 2023 presents more opportunities for local buyers to enter the market. He believes that local demand will continue to be the key driver for properties in the Central Core Region (CCR), with competitive pricing making these developments an attractive and stable investment choice. Interested buyers can check out the latest listings for One Bernam properties, or compare the price trend of HDB, condo, and landed homes. They can also browse through recently launched projects and projects that have recently obtained TOP, and find out more about the tenure of One Bernam and the buyer profile for this development.…

The Real Estate Developers’ Association of Singapore (Redas) has announced the election of its new management committee for the 2025/2026 term. This comes after the unanimous re-election of President Tan Swee Yiow, who will be serving his second consecutive term in the role. Tan, who is also the Chairman of Keppel Reit Management, expressed his gratitude for the opportunity to continue serving as President and stated that the new management committee constitutes a diverse range of representatives from different sectors, scales, and areas of expertise within the industry.The new management committee includes Immediate Past President Chia Ngiang Hong, Group General Manager of City Developments, as well as First Vice President Kwee Ker Wei, Director of Pontiac Land Group. Additionally, Second Vice President Marc Boey, Executive Director of Project Services at Far East Organization, has also been elected. Other members include Honorary Secretary Chong Hock Chang, Group Director of Projects and Marketing at Ho Bee Land; Honorary Treasurer Neo Soon Hup, COO of UOL Group; Honorary Assistant Secretary Chew Peet Mun, Managing Director of Investment and Development at CapitaLand Development Singapore; and Honorary Assistant Treasurer Tho Leong Chye, Managing Director of Allgreen Properties.Chia Ngiang Hong, Immediate Past President of Redas, extended his congratulations to the new management committee and stated that President Tan’s unanimous re-election is a testament to his exceptional leadership and the trust placed in him by the Redas community. President Tan expressed his confidence in the diverse composition of the management committee, stating that it will enable the association to effectively drive initiatives with a meaningful impact on the broader built environment ecosystem.…

In December 2024, a unit measuring 3,767 square feet at The Arcadia was sold for a record-breaking price of $4.75 million, making it the most profitable resale transaction between December 10 and December 31. The owner of the 4-bedroom unit, located on the 7th floor, was able to celebrate the new year with a massive profit of $3.25 million, or 217%. This means the property was sold for $1,261 per square foot. According to caveats, the previous owner had purchased the unit for $1.5 million, or $398 per square foot, back in 1998. This translates to an annualised profit of 4.5% over a span of 26 years.

Last year, there were a total of five units at The Arcadia that changed hands, ranging from 3,714 square feet to 3,821 square feet. These units were sold for profits ranging from $60,000 to $3.25 million. The second most profitable resale transaction occurred on October 10, 2014, when a 3,778 square feet unit on the fourth floor was sold for $4.6 million, or $1,218 per square foot. This provided the seller with a $60,000 profit.

In terms of the most profitable transaction to date at The Arcadia, that record belongs to a 7,503 square feet penthouse on the 10th floor that was sold for $10 million, or $1,333 per square foot, in 2010. The penthouse was originally purchased for $5.5 million, or $733 per square foot, in 2007. This means the seller made a $4.5 million profit, or 81%, which is equivalent to an annualised profit of around 19% over a span of three years.

The Arcadia is a 99-year leasehold condo located along Arcadia Road in prime District 11. The development, which has 164 units, was completed in 1983 and has approximately 54 years left on its land tenure. The property is situated in a highly coveted area surrounded by landed estates and Good Class Bungalows. It is also close to top schools such as Raffles Girls Primary School, Hwa Chong Institution, and National Junior College.

The second most profitable resale transaction that took place between December 10 and December 31, 2024, was a unit measuring 2,077 square feet at Tanglin Hill Meadows. The 3-bedroom unit, which was sold on December 10, went for $4.5 million, or $2,166 per square foot. The previous owner had bought the unit for $1.8 million, or $866 per square foot, in 1999. This resulted in a profit of $2.7 million, or 150%, which is equivalent to an annualised gain of 3.6% over a span of 26 years.

This also means that this transaction holds the record for the most profitable resale transaction at Tanglin Hill Meadows, surpassing the previous record of $2.28 million, or 157%, when a 2,002 square feet unit was sold for $3.73 million, or $1,863 per square foot, back in 2010. The unit had been purchased for $1.45 million, or $724 per square foot, in 2005, resulting in an annualised profit of approximately 21% over five years.

Tanglin Hill Meadows is a freehold condo located along Tanglin Hill in prime District 10. Completed in 1997, the development has 20 units and is nestled within the Ridley Park Good Class Bungalow Area.

On the other hand, losses continue to mount at Seascape, a 99-year leasehold condo in Sentosa Cove. The most recent loss was incurred by the seller of a 2,174 square feet unit on the seventh floor, who lost $1.97 million, or 33%, when the unit was sold on December 18. The 3-bedroom unit was sold for $3.98 million, or $1,830 per square foot, after being purchased for $5.95 million, or $2,736 per square foot, in 2011. This means the seller incurred an annualised loss of 2.5% over a span of 13 years.

This marks the third transaction at Seascape that resulted in a loss in 2024. All of these transactions recorded losses ranging from $1.75 million to $2.53 million. The second-largest loss-incurring transaction occurred on August 14, 2024, when a 2,680 square feet unit was sold for $4.5 million, or $1,679 per square foot.

The completed in 2012, Seascape has 151 units and overlooks the South China Sea. The 8-storey development offers 3-bedroom and 4-bedroom units measuring 2,164 square feet to 4,069 square feet. The penthouses are larger, ranging from 3,380 square feet to 4,252 square feet, while the sky villas measure between 6,631 to 9,666 square feet.…

A stunning Good Class Bungalow (GCB) located in Victoria Park has just hit the market with a jaw-dropping price tag of $61 million. This seven-bedroom bungalow was completed just three years ago and is situated at the end of Victoria Close, a peaceful cul-de-sac with only 10 houses.

According to Jervis Ng, associate group district director at PropNex Realty and the agent in charge of this sale, the number of houses in this exclusive enclave is limited by government regulations, just like any other gazetted GCB area in Singapore. In order to increase the number of houses in this area, a larger plot of land measuring more than 30,000 square feet would have to be subdivided.

Ng, who is also the founder of JNA Real Estate, a property team under PropNex, explains that this is to preserve the exclusivity and privacy that is highly valued by ultra-high-net-worth individuals and their families. “Many of them are willing to pay a premium in order to enjoy this kind of lifestyle,” he says.

In recent months, Ng has observed a trend in which newly naturalised Singaporeans are starting to enter the GCB market, which has had a positive effect on buying sentiment. He believes that this particular GCB would be especially appealing to these new Singaporeans, who may have grown up in countries like China, India, or Indonesia and are now looking for a luxurious trophy home in Singapore.

The Victoria Park GCB area boasts of many illustrious residents, including Chinese business magnate and co-founder of Alibaba Group, Jack Ma, and Tang Wee Kit, a descendant of the Tang family, who is known for founding Tangs department store.

Ng adds that this bungalow has been well maintained by its owners, hence it still looks as good as new. It features a contemporary interior design with top-of-the-line materials and finishes.

A sleek bar counter with seats is perfect for entertaining guests.

He goes on to explain that the property sits on a 18,988 square feet land, and the owners had worked closely with the architect to make the most of the land area. With a total built-up area of 25,300 square feet, this GCB boasts of seven en-suite bedrooms, three helpers’ rooms, and a basement carpark that can accommodate up to seven cars.

The basement level also houses an entertainment room fitted out as a home cinema, which can be turned into a guest room if needed. Additionally, the property also comes with a private gym and a 20-metre lap pool.

As this bungalow is situated on a hilltop, most of the rooms offer stunning views of the surrounding low-rise neighbourhood, according to Ng.

The spacious living room is perfect for large families.

In recent years, the number of GCB resale transactions in the Victoria Park GCB area has been relatively low. According to caveats, the site for this GCB was purchased for $18.2 million in September 2016, which works out to a land rate of $959 per square foot. The most recent sale along Victoria Park Close was for a 15,253 square feet plot that went for $28.33 million in May 2021, translating to a land rate of $1,857 per square foot. Prior to that, a 29,956 square feet plot was sold for $40 million ($1,335 per square foot) in April 2017.

Meanwhile, along Victoria Park Road, there has not been any GCB transaction in recent years, with the last recorded sale being a 32,077 square feet plot that went for $48 million ($1,496 per square foot) in November 2011.

Ng believes that factors such as anticipated lower interest rates, sustained demand from ultra-high-net-worth buyers, and the limited supply of GCBs will help drive transaction activity in the GCB market this year. He predicts that GCB transaction volume will increase by 10% to 15% compared to last year, barring any major external economic disruptions.

In 2021, a total of 35 GCB transactions were recorded, with a total transaction volume of $1.32 billion, which is a significant increase from the previous record of $1.186 billion that was achieved in 2020.…

by expression of interest

Effective immediately, local real estate advisory firm Edmund Tie & Company will be known as ETC. The company has also unveiled a new logo as part of its rebranding exercise.

According to Desmond Sim, CEO of ETC, the decision to officially change the name was driven by its people. This move highlights the company’s commitment to listening and valuing the insights, voices, and ideas of its employees.

“Our new name, ETC, has long been a familiar abbreviation among our clients and staff,” says Sim. “This rebranding exercise is a reflection of how far we have come as a united company and showcases our determination to shape the future of real estate, both locally and regionally.”

The rebranding comes on the heels of the company’s 30th anniversary. Founded in 1995, ETC offers a comprehensive range of services covering all aspects of a real estate asset’s lifecycle, from advisory and investment to management and divestment.

In other real estate news, Marina Bay Residences has recently undergone a $5 million revamp to enhance the living experience for its residents and deliver premium rental value. Additionally, three food-factory units at Pandan Loop are currently on the market for $11 million. Meanwhile, Noel Building in Tai Seng has been sold for $81.18 million, 17% above the guide price, and the industrial GS Building in Balestier was sold for $67 million through an expression of interest process.…

A luxurious Good Class Bungalow (GCB) located in the prestigious Dalve Estate-Nassim Road enclave is currently on the market, being offered for sale through an expression of interest (EOI) exercise with an indicative price of $60 million. As stated in a press release by Cushman & Wakefield on Jan 8, the price amounts to $2,742 per square foot (psf), taking into account the large land area of 21,881 square feet.

Executive director of capital markets at Cushman & Wakefield, Shaun Poh, highlights the appeal of the freehold plot being situated on elevated ground, making it an ideal location for redevelopment. Poh states, “It presents a perfect opportunity for buyers looking to build their dream multi-generational home from scratch, or for developers to transform the plot into a luxurious, state-of-the-art GCB catered to the needs of discerning individuals.”

The property boasts a prime location, being adjacent to the renowned Singapore Botanic Gardens and just a short drive away from the bustling Orchard Road shopping district. It also provides easy access to esteemed educational institutions such as Singapore Chinese Girls’ School, Anglo-Chinese School (Primary), Nanyang Primary School, St Joseph’s Institution, and Hwa Chong Institution.

Poh further emphasizes the highly sought-after nature of the neighborhood, particularly among ultra-high net worth individuals, as evidenced by the recent transactions at Nassim Road and Tanglin Hill, which saw record-breaking land rates of $4,500 psf and $6,200 psf, respectively.

The EOI for this exclusive property will close on Feb 11 at 3pm, providing interested parties with ample time to consider the potential of this one-of-a-kind GCB.…

A luxurious residential project in Manhattan’s Upper West Side, 720 West End Avenue, will be showcased to potential Singapore buyers on the weekend of Jan 11 and 12. Developed by Glacier Equities and InterVest Capital Partners, the project offers 131 residences, ranging from one- to five-bedroom homes, townhouses, duplexes, and penthouses with private terraces. The units, which vary from around 500 sq ft to over 3,700 sq ft in size, start from US$1.015 million ($1.38 million) for a one-bedroom residence.

Originally designed by renowned New York architect Emery Roth in 1927 as the Hotel Marcy, this pre-war building has been restored to its former glory. Its Renaissance Revival-style façade, featuring intricate architectural details, has been preserved by the developers. In addition, two floors have been added to accommodate the penthouse duplexes, while the interiors have been revamped under the guidance of designer Thomas Juul-Hansen.

The development boasts over 30,000 sq ft of amenities, including a fitness centre, private bar and dining room, library and co-working spaces, outdoor terraces and courtyards, private parking, and bike storage. Savills Singapore will be presenting the project to Singapore buyers at voco Orchard Hotel on Jan 11 and 12. The event will also feature a seminar on the New York real estate market at 3pm on both days.…

resort apartments sold out

Ayana Bali, a 90ha integrated resort in Bali, Indonesia, has recently released its latest residential offering, the Alamanda Tower. The tower consists of 26 one- and two-bedroom residences that are available for long-term lease, with a minimum stay of one month.

Alamanda Tower is a part of Ayana Residences, a collection of residential properties located within the Ayana Bali estate. Situated along the coastline of Jimbaran Bay, Ayana Bali comprises four hotels (Ayana Resort Bali, Ayana Segara Bali, Ayana Villas Bali, and Rimba by Ayana Bali), the renowned Ayana Spa, a golf putting course, a secluded beach, multiple event venues, and 30 dining outlets.

Residents of Alamanda Tower will have access to three rooftop pools, as well as the facilities at the community center in Ayana Residences. These amenities include a gym, a lap pool, sauna and steam room. Other services provided to residents include a dedicated concierge team, bi-weekly housekeeping, a buggy service within Ayana Bali, and a discount on dining and select spa services.

The one-bedroom units at Alamanda Tower measure 1,173 sq ft and are priced starting from around IDR70 million ($5,896) per month. Two-bedroom units without a pool measure 1,647 sq ft and start from approximately IDR100 million per month, while the two-bedroom units with a private pool range from 2,045 to 2,648 sq ft and start at around IDR120 million per month.

The Ayana Bali estate is managed by Ayana Hospitality, a company that also operates properties in Jakarta and Labuan Bajo. With this latest offering, Ayana Bali continues to attract investors and buyers looking for resort-style living in the tropical paradise of Bali.…

Surbana Jurong Group has recently announced the appointment of Professor Cheong Koon Hean to its board of directors. According to a press release on January 6, the company believes that her addition to the board will significantly enhance Surbana Jurong’s capabilities in delivering innovative, resilient, and sustainable solutions for the built environment.

Previously, Cheong was the CEO of the Housing and Development Board (HDB) from 2010 to 2020, and also served as the CEO of the Urban Redevelopment Authority (URA) from 2004 to 2010. Currently, she holds the position of Chair at the Lee Kuan Yew Centre for Innovative Cities, and is a Professor of Practice at the Singapore University of Technology and Design. In addition, she serves as the Chair of the Centre for Liveable Cities Advisory Panel under the Ministry of National Development.

Aside from her new role at Surbana Jurong, Cheong is also a board member of the National University of Singapore and the CapitaLand Group. She also serves as Singapore’s non-resident ambassador to Finland.

In line with Surbana Jurong’s commitment to creating smart and sustainable buildings, Cheong’s extensive experience and expertise will play a crucial role in driving the company towards a greener future.…

River Valley Apartments, a freehold condominium located on River Valley Road in the prestigious District 10, is now available for collective sale through public tender. According to a press release issued by Knight Frank Singapore on January 6th, the exclusive marketing agent for the development, the asking price is set at $56 million.

Built in the 1950s, this four-storey development boasts 24 units and rests on a freehold land area of approximately 12,408 square feet, zoned for residential use with a gross plot ratio of 2.8. It is conveniently situated just 500 meters away from the upcoming Great World MRT Station on the Thomson-East Coast Line. Residents of River Valley Apartments can also enjoy easy access to nearby amenities such as the Great World City and Valley Point Shopping Centre. Families with young children can also take advantage of the close proximity to River Valley Primary School and Alexandra Primary School, both located within a 1km radius.

Based on EdgeProp LandLens, the site has the potential for redevelopment into a boutique residential development with 37 new units, each approximately 915 square feet in size. The guide price of $56 million translates to a land rate of approximately $1,622 per square foot per plot ratio (psf ppr), which includes a nominal land betterment charge. With the 7% bonus gross floor area allowance for balconies, the price translates to approximately $1,583 psf ppr.

Knight Frank Singapore’s head of capital markets (land and collective sale), Chia Mein Mein, points out that the site is in close proximity to three Government Land Sale (GLS) sites that were sold last year. In April 2024, a joint venture between City Developments and Mitsui Fudosan acquired the Zion Road (Parcel A) site for $1.107 billion ($1,202 psf ppr). In June 2024, Wing Tai Holdings successfully bid on the GLS site at River Valley Green for $463.99 million ($1,325 psf ppr). Two months later, Allgreen Properties secured the Zion Road (Parcel B) site for $730.9 million ($1,304 psf ppr) in August.

Chia further elaborates, “Despite the tepid sales activity in the Central Region, the interest in the River Valley and Zion Road location highlights the continued appeal of this area to developers. They may believe that when these projects are ready for launch, there will be strong demand for prime products after a period of subdued activity.”

According to Knight Frank’s estimation, owners of the units at River Valley Apartments, which range from 947 to 1,238 square feet, can potentially receive minimum sale proceeds of around $2 million to $2.6 million if the collective sale is successful.

The latest sales transactions at River Valley Apartments, according to EdgeProp Buddy, are as follows:

– Condo projects with the most profitable transactions
– Past condo rental transactions
– Condo sale transactions in District 10
– Unprofitable transactions in River Valley Apartments
– Price trend chart for River Valley Apartments

The collective sale tender for River Valley Apartments will close on February 18th at 3pm. Interested parties can also check out the latest listings for River Valley Apartments properties on the Ask Buddy feature.…