Month: January 2025

The Urban Redevelopment Authority (URA) has given its approval for a template plan for the voluntary conservation of Golden Mile Tower. This is contingent on the successful sale of the 99-year leasehold property in a collective sale and the intention of the developer to redevelop the site.

According to documents cited by EdgeProp Singapore, the authorities have indicated that if the developer chooses to retain the existing cinema block as a conservation area, they may be allowed to increase the site’s gross plot ratio (GPR) from 4.46 to 5.6, based on the current land area of 93,902.5 sq ft. This would result in a higher gross floor area (GFA) of 525,854 sq ft, a considerable increase from the current GFA of 419,142 sq ft. Additionally, voluntary conservation would also grant the developer a higher maximum building height of 164m, compared to the current limit of 145m.

Read also: Cover Projects awarded tender for heritage building at 26 Evans Road AdvertisementAdvertisementThe latest collective sale attempt for Golden Mile Tower was in August last year, with an asking price of $556 million. This was the third en bloc attempt by the owners of the 99-year leasehold development.

Anna Tan, business development director at Tag Realty, the marketing agent for the collective sale of Golden Mile Tower, confirms that the reserve price for the 99-year leasehold development remains unchanged. This translates to a land rate of $1,350 per sq ft, which includes the cost of renewing the land tenure but not land betterment charges.

“By allowing for an increase in the building’s height limit under the voluntary conservation options, developers now have the opportunity to create a distinctive presence in the skyline with the reimagined property. This also opens up options for 5m floor-to-ceiling heights for commercial and hotel spaces, and 3.6m ceiling heights for residential units,” says Tan.

According to EdgeProp’s Landlens tool, Golden Mile Tower is situated next to Golden Mile Singapore, which was recently restored and gazetted for conservation in 2021. Developed jointly by Perennial Holdings and Far East Organization, the commercial units were launched in December last year. The new residential units, located in a 45-storey tower, are expected to hit the market this quarter.

“This is a rare opportunity to redevelop Golden Mile Tower in view of the limited land supply along Beach Road, and the value appreciation due to ongoing rejuvenation efforts such as the launch of Golden Mile Singapore and the nearby Kallang Alive master plan,” says Tan.

Read also: Jetsetters’ customised apartment with epic views at South Beach for $12.25 million AdvertisementAdvertisementShe adds that the redevelopment of Golden Mile Tower presents an opportunity to create a new mixed-use development in a prime location along Beach Road. Its heritage value and potential for future growth make it a unique investment opportunity for both local and international investors.…

A surge of 1,500 visitors flooded the sales gallery of Bagnall Haus at Upper East Coast over the weekend of January 4-5. According to Teo Hong Lim, the executive chairman of Roxy-Pacific Holdings, who is developing the project, many of the visitors were families who are already residing in the East. This shows the strong interest in the new project, which is also one of the first launches of 2025.

Bagnall Haus is a freehold condo with 113 units, built on the site of the former Bagnall Court. Purchased in January 2023 for $115.28 million, the project is strategically located within a five-minute walk from the upcoming Sungei Bedok MRT Interchange Station, as well as the Upper East Coast Bus Terminal.

For those who are interested in the latest new launches, Bagnall Haus offers a wide range of units to cater to different buyers. From one-bedroom plus flexi units starting from 495 square feet to five-bedroom units of 1,528 square feet, there is something for everyone. Prices start from $1.235 million, which translates to $2,495 per square foot. The developer stated that the average indicative price for the project is around $2,450 per square foot.

If you would like to find out more about Bagnall Haus properties, you can search for the latest listings or ask Buddy for assistance. Additionally, you can also compare the price trends of HDB, condo, and landed properties in the area, as well as check out the latest and upcoming new launch projects. With so much to offer, Bagnall Haus is definitely one to keep an eye on.…

and 8 monthsHDB Resale Flats Expected to Keep Their Appeal in The Current MarketHDB resale volume in March up 89.2% y-o-y ending the quarter on a high noteCache Apr May 17 2021″[rewrite_sentence]The latest flash estimates from the HDB showed a 2.5% quarter-on-quarter increase in resale flat prices during the fourth quarter of 2024, marking the 19th consecutive quarter of price growth in the HDB resale segment. This represents a slight slowdown from the 2.7% growth seen in the previous quarter. According to Christine Sun, chief researcher and strategist at OrangeTee Group, while the prices for HDB resale flats have increased by 9.6% in 2024, doubling the 4.9% growth seen in 2023, it is still not as high as the 10.4% increase in 2022 and 12.7% growth in 2021. The latest data from data.gov.sg also showed a decrease in the rate of price growth for some flat types, such as four-room flats which saw a 2.5% increase in price during the fourth quarter of 2024, compared to a 3.4% growth in the previous quarter. Similarly, two-room flats and executive flats also saw a slower rate of growth in the fourth quarter of 2024.”The resale volume for HDBs during the fourth quarter of 2024 declined by 3.6% year-on-year to 6,314 units, which is lower than the 8,142 units seen in the previous quarter. Sun attributed this decline to the release of over 8,500 new flats in the October Build-to-Order exercise, which attracted buyers due to their prime locations and desirable features, as well as the seasonal year-end school holidays where many Singaporeans tend to travel. Wong Siew Ying, head of research and content at PropNex, also attributes the slower pace of growth in the fourth quarter of 2024 to government intervention in August 2024, where the loan-to-value limit for HDB loans was reduced by five percentage points to 75%. However, despite this slowdown, the total resale volume for 2024 was 28,876 units, which is 8% higher than the previous year and second only to the peak of 31,017 units in 2021. On the other hand, the number of million-dollar flat transactions dropped to 283 units in the fourth quarter of 2024, from 331 units in the third quarter of 2024. Overall, the total number of million-dollar transactions reached a record high of 1,033 units in 2024. “The rise in million-dollar transactions can be attributed to the new classification of Plus and Prime BTO flats, which have driven more homebuyers towards central locations,” says Eugene Lim, key executive officer of ERA Singapore, adding that these buyers are not willing to accept resale restrictions such as the 10-year minimum occupation period (MOP), rental restrictions, resale resale income cap on future buyers. OrangeTee expects HDB resale prices to continue rising in 2025, but at a slower pace due to affordability concerns and the availability of BTO flats. However, the number of BTO flats released in the upcoming years will play a big role in price stabilization. In February 2025, HDB will launch its largest sale of balance flats exercise, which is expected to offer more than 5,500 units across various towns. With fewer MOP flats coming on the market, PropNex anticipates that HDB resale prices may rise by 5% to 7% in 2025, while ERA expects a more measured pace of growth at 3% to 6%. Meanwhile, Huttons projects a slower growth rate of 5% to 8%, with the resale volume expected to range from 26,000 to 28,000 units by the end of 2025.…

Is it a Good Deal?: $828,000 for a five-room HDB flat at Kim Tian Road with lease of 79 yearsHDB flash estimates released on Jan 2 revealed a 2.5% q-o-q growth in resale flat prices in 4Q2024, a slight moderation from the 2.7% q-o-q recorded in 3Q2024. This marks the 19th consecutive quarter of price increases in the HDB resale market.In 2024, the HDB resale segment saw a significant increase in prices, with a growth of 9.6%. This is double the 4.9% recorded in 2023. However, it was slightly slower than the 10.4% recorded in 2022, and the 12.7% growth in 2021, according to Christine Sun, chief researcher and strategist at OrangeTee Group.Source: HDBHDB caveat data from data.gov.sg as of 8.15am on Jan 2 showed a deceleration in price growth for certain flat types, notes OrangeTee. For instance, four-room flats saw a q-o-q price increase of only 2.5% in 4Q2024, compared to 3.4% in 3Q2024.Read also: Record-breaking 1,000 HDB resale flats hit $1 mil in 2024Similarly, two-room flats saw a growth of 2% in 4Q2024, a drop from the 3.9% growth recorded in 3Q2024. As for executive flats, the price increase slowed to 1.2% q-o-q in 4Q2024, from 1.7% in the previous quarter.Conversely, five-room flats saw a surge of 3.2% in 4Q2024, exceeding the 1.2% increase reported in 3Q2024.Resale volume declines by 3.6% y-o-y in 4Q2024Resale volume dropped by 3.6% y-o-y to 6,314 units in 4Q2024, from 6,547 transactions in 4Q2023. It also fell 22.5% q-o-q from 8,142 units in 3Q2024.The decline in HDB resale transactions can be attributed to the launch of over 8,500 new flats by HDB during the October Build-to-Order (BTO) exercise, says Sun. These flats are located in prime and desirable areas, making them more attractive to home buyers and diverting demand away from the resale market. The features of these flats, such as scenic views and proximity to MRT stations, likely contributed to this diversion, according to Sun.House viewings and sales activities also tend to decrease during the year-end school holidays, when many Singaporeans travel abroad. As a result, there were fewer transactions in the market during this period.However, Wong Siew Ying, head of research and content at PropNex, believes that the slower pace of growth in 4Q2024 could be attributed to government intervention in August 2024, when the loan-to-value (LTV) limit for HDB loans was reduced by five percentage points to 75%.Wong says that the effects of this intervention are still evident in the weaker sales and slower growth in the HDB resale price index in 4Q2024. She also believes that the lower resale volume during the quarter kept prices in check.Read also: ANALYSIS: HDB towns with the highest number of million-dollar dealsThe total resale volume in 2024 was 28,876 units, which was 8% higher than the 26,735 units recorded in 2023, and 27,896 units in 2022. However, it was still lower than the peak of 31,017 units recorded in 2021.Source: PropNex Research, data.gov.sg (*data up to 31 Dec, retrieved on 2 Jan 2025)Fewer million-dollar transactions in 4Q2024As a result of the decrease in resale transactions in 4Q2024, the number of million-dollar flat transactions also declined to 283 units from 331 in 3Q2024. This brought the total number of million-dollar transactions in 2024 to a record high of 1,033 units, according to OrangeTee’s Sun. She points out that this is more than double the 469 transactions recorded in the previous year.Toa Payoh town led the way in million-dollar resale flat deals in 4Q2024, with 58 transactions. Twenty of these were for four- and five-room units at Alkaff Vista in Bidadari Park Drive, which had recently crossed the five-year minimum occupation period (MOP).* Based on caveats and may differ from actual numbers. Source: HDB, Huttons Data Analytics as of 31 Dec 2024″The new classifications of Plus and Prime BTO flats may have led more buyers to seek out HDB resale homes in central locations,” says Eugene Lim, key executive officer of ERA Singapore. “These buyers are unwilling to accept the restrictions that come with resale flats, such as a 10-year MOP, rental restrictions, the potential for subsidy clawback upon resale, and an income cap for future buyers.”HDB resale prices are expected to continue rising in 2025, but at a slower pace than in previous years, says OrangeTee. “Prices in many areas have already reached new highs, causing concerns over affordability among potential buyers,” adds Sun.She also believes that the ongoing supply of BTO flats will help moderate price growth in the secondary market. However, the extent of this stabilisation will depend on the number of BTO flats that the government plans to release in the coming years.Read also: ANALYSIS: BTO or Resale?AdvertisementIn February 2025, HDB will launch the largest Sale of Balance Flats (SBF) exercise, with over 5,500 flats available in different towns, says Lee Sze Teck, senior director of data analytics at Huttons Asia. “Some prospective resale flat buyers have decided to wait and try their luck,” he adds.Price growth and transaction volume expected to moderateERA expects resale prices to grow at a more measured pace in 2025, due to a reduced supply of flats reaching MOP, which has been a key driver of price growth in recent years, notes ERA’s Lim. As such, he expects growth of 3% to 6% in HDB resale prices, with 26,000 to 27,000 resale units changing hands by the end of 2025.PropNex forecasts a positive performance for the HDB resale market in 2025, supported by robust demand for housing and fewer MOP flats entering the market. Hence, Wong believes that prices will remain stable. “Resale flats will continue to attract a strong level of interest from buyers who have more pressing housing needs, as well as those who are unable to secure a BTO flat, or families with a tighter housing budget.”She projects that HDB resale flat prices will rise by 5% to 7% in 2025, driven by a resale volume forecast of 29,000 to 30,000 units.The supply of BTO flats in 2025 is expected to fall to 17,290 units, a 12% decrease from the supply in 2024, says Huttons’ Lee. “Since we do not have advance information about BTO projects with shorter waiting times, buyers will likely turn to the resale market,” he adds.Furthermore, lower interest rates in 2025 could enable buyers to take on larger loan amounts to purchase new homes, says Lee. “Some buyers may set their sights on either an Executive Condominium (EC) or a resale condo.” He also adds that the number of million-dollar flat transactions could stabilise in the range of 900 to 1,200 units in 2025.Huttons estimates that HDB resale flat transactions will reach 26,000 to 28,000 in 2025, and resale flat prices are expected to grow at a slower pace of 5% to 8%.…

On January 4, property developer Roxy-Pacific Holdings will be giving a sneak peek of the new Bagnall Haus, a freehold project that is located along Upper East Coast Road. This development is the result of Roxy-Pacific’s acquisition of the former Bagnall Court through an en bloc purchase for $115.28 million in February 2023. The prime location of the site is reflected in the land rate of $1,106 psf per plot ratio.

The latest addition to the East Coast property market, Bagnall Haus is a low-rise, five-storey block that boasts 113 apartments and two shop units. The unit mix includes one-bedroom plus flexi units starting at 495 sq ft and five-bedroom apartments spanning 1,528 sq ft. Prices will start from $1.235 million ($2,495 psf) for a one-bedroom plus flexi unit. According to Roxy-Pacific’s executive chairman Teo Hong Lim, the average indicative price for the development is estimated to be around $2,450 psf. The official launch date will be announced following the weekend preview.

Located within a five-minute walk from the upcoming Sungei Bedok MRT Interchange Station for the Thomson-East Coast (TEL) and Downtown (DTL) lines, Bagnall Haus also has quick access to the Upper East Coast Bus Terminal. In addition, the project is situated across the road from the future Bayshore precinct, a commercial and residential mixed-use development site which will provide future residents with a wide range of amenities.

The last private condo launch in the Upper East Coast neighbourhood of District 16 was the freehold boutique apartment project Eastwood Regency by Fragrance Group, which was launched and completed in 2010. The neighbouring Country Park Condo by UOL Group, a 160-unit freehold development, was also launched in 1999 and completed in 2003. Additionally, Ho Bee Land’s Eastwood Centre, a mixed-use development with 48 residential units, was launched in 1996 and completed in 1998.

Residents of Bagnall Haus will have convenient access to various amenities within the vicinity such as the Bedok Food Court and Eastwood Centre, which houses a Cold Storage supermarket, medical and dental clinics, a nail and beauty spa, as well as a pet shop. The development is also surrounded by reputable schools including Temasek Primary and Secondary School, Bedok Green Primary School, and Anglican High School.

For interested buyers, you can check out the latest listings for Bagnall Haus properties or contact Ask Buddy for more information.…

In 2018, the average psf price at Gem Residences was $1,426. At the time of writing, prices at the development range from $1,320 to $1,580, with a median psf price of $1,527. The lowest transacted price for a unit at Gem Residences was $480,000 for a 300 sq ft studio apartment. The highest transacted price was $2.8 million for a 1,356 sq ft four-bedroom unit, which works out to $2,064 psf. The median price for a unit at Gem Residences is $1.18 million, based on the past 29 transactions in 2019.

City Developments Limited (CDL), Frasers Property, and Sekisui House are set to unveil the highly-anticipated The Orie on Friday, January 3, with the official launch scheduled for January 18. Located on Lorong 1 Toa Payoh, at the intersection with Lorong 4 Toa Payoh, The Orie is expected to be a major draw for buyers in Singapore.

The 777-unit private condo is spread across two 40-storey towers and offers a range of unit sizes from one-bedroom plus study apartments of 517 sq ft to five-bedroom units of 1,453 sq ft. The developers have priced the units starting from $1.28 million ($2,476 psf) for a one-bedroom plus study apartment, $1.48 million ($2,500 psf) for a two-bedroom apartment, $2.09 million ($2,459 psf) for a three-bedroom apartment, $2.92 million ($2,401 psf) for a four-bedroom apartment, and $3.48 million ($2,395 psf) for a five-bedroom apartment with an exclusive private lift.

The Orie marks the first new launch of a private condo in Toa Payoh since 2016, when Gem Residences, a 578-unit project, was launched. The joint venture by the three property developers submitted the highest bid of $968 million for the government land sales (GLS) site at Lorong 1 Toa Payoh, with a land rate of $1,360 psf per plot ratio (ppr).

“We are thrilled to start the new year with the launch of The Orie, the first private residential launch in Toa Payoh in over eight years,” says Sherman Kwek, CDL’s group CEO. “Strategically located in the highly sought-after Toa Payoh estate, homebuyers will enjoy its central location and excellent connectivity.”

The Orie is a five-minute walk to Braddell MRT Station on the North-South Line (NSL) and is close to the Toa Payoh Integrated Transport Hub, which connects the Toa Payoh Bus Interchange to Toa Payoh MRT station. The 12-ha integrated development and community hub, set for completion in 2030, will feature a sports centre with swimming pools, indoor sports halls, a football stadium, a polyclinic, and a public library.

Other amenities in the vicinity include the Toa Payoh Town Centre, HDB Hub, SAFRA Toa Payoh, Junction 8 shopping mall, and MacRitchie Reservoir. Families will appreciate the proximity to popular schools such as Pei Chun Public School, CHIJ (Toa Payoh) Primary and Secondary Schools, and First Toa Payoh Primary School.

Healthcare facilities nearby include Toa Payoh Polyclinic, Tan Tock Seng Hospital, Mount Alvernia Hospital, Mount Elizabeth Novena Hospital, and Thomson Medical Centre.

Located within District 12 in the city fringe or Rest of Central Region (RCR), The Orie offers easy access to the CBD and Orchard Road shopping belt, according to Soon Su Lin, CEO of Frasers Property Singapore.

The development features over 40 condominium facilities and units with efficient layouts, premium fittings by Hansgrohe, bathroom wares by Duravit, and high-end home appliances by De Dietrich and Samsung.

Takehisa Yanagi, managing officer and head of international development department, Sekisui House, says that The Orie marks a new partnership between the Japanese developer and CDL, despite having collaborated on projects in Singapore for the past 13 years.

The 578-unit Gem Residences at Lorong 5 Toa Payoh, launched in 2016 and completed in 2020, boasts an average psf price of $1,426 in 2018. At the time of writing, prices at the development range from $1,320 to $1,580, with a median psf price of $1,527. The lowest transacted price for a unit at Gem Residences was $480,000 for a 300 sq ft studio apartment, and the highest transacted price was $2.8 million for a 1,356 sq ft four-bedroom unit, which works out to $2,064 psf. The median price for a unit at Gem Residences is $1.18 million, based on the past 29 transactions in 2019.…

Effective from January 1, ERA Singapore will no longer be covering the annual Council for Estate Agencies (CEA) license renewal fees for its real estate agents, a practice that has been in place for the past seven years. This decision marks the end of a longstanding goodwill gesture by the company, even during the challenging times of the COVID-19 pandemic, as a show of support for its agents.

According to a statement released by ERA, this move will allow the company to redirect its resources towards initiatives that will contribute to the growth and success of its market-leading salesforce, as well as benefit consumers. However, ERA will continue to assist new agents by covering their renewal fees for the first two years, a common industry practice aimed at helping newcomers establish themselves in the field.

In addition to addressing the issue of inactive agents switching between agencies solely for the sake of fee coverage, this decision has also resulted in a reduction of around 300 agents from the firm, mostly comprising of inactive or part-time salespersons with no transactions in the past year.

Despite this, ERA has managed to attract approximately 230 new professional agents who joined the agency on January 1, demonstrating its continued appeal to active and aspiring real estate agents.

In light of the current situation, with the CEA considering the implementation of a minimum transaction requirement for real estate salespersons, Marcus Chu, CEO of ERA Singapore, emphasizes the importance of active participation and continuous professional development in the industry. He states, “It underscores the importance of active participation and continuous professional development in the industry.”

Chu further adds, “By reallocating resources towards technology, training, and marketing, we reaffirm our commitment to empowering our core team of results-driven salespersons to excel and deliver exceptional value to clients.”…

In January 1, SRI, a real estate agency, announced the addition of 111 agents from Knight Frank Singapore’s agency business, KF Property Network (KFPN), including its head, Evan Chung. This accounts for 40.5% of KFPN’s sales force of 274 agents as of January 1, 2024, when it was ranked the sixth-largest property agency by the Council for Estate Agencies (CEA). Meanwhile, SRI had 1,286 agents at the start of 2024, making it the fifth-largest property agency. Along with the recruits from the four largest agencies – PropNex, ERA, Huttons, and OrangeTee & Tie (OTT) – the addition of 111 agents from KFPN has increased SRI’s agency sales force to 1,501 at the beginning of 2025.

Established in 2016 by managing partners Bruce Lye and Benson Koh, SRI is a spin-off from SRI5000, which the duo had started as a division of SLP Realty six years prior. Originally with 120 real estate agents operating from a 2,000 sq ft shop unit on Eng Watt Street in Tiong Bahru, SRI moved to a 4,200 sq ft office space at Great World in 2021 after its sales force surpassed 1,000 agents. Today, SRI has achieved a significant milestone by reaching almost 1,500 real estate agents and is aiming to grow the team to 2,000 by the end of 2025, according to the firm’s CEO, Thomas Tan.

The expanded sales force is expected to strengthen SRI’s existing business lines, which include residential, capital markets, industrial, auctions and international projects. Tan explains that many of the new team members from KFPN bring experience in handling big-ticket deals, which complements SRI’s Good Class Bungalow (GCB) and other luxury property segments.

Despite its growth, SRI continues to position itself as a boutique agency with a strong focus on the luxury residential market. Tan hopes to transform SRI into a thought leader in the industry, known for its high standards, niche expertise, and client-centric approach.

Evan Chung, the former head of KFPN and now a leader at SRI, states that his decision to move was due to SRI’s dedication to equipping its agents with effective tools, comprehensive support, and expert coaching. He also mentions the open and collaborative culture at SRI, which makes them feel supported as professionals and as a team striving for excellence together. Chung believes this will be a great platform to grow their business and serve their valued clients through the offerings across the residential, commercial, and industrial market segments, auctions, and international properties.

Following the departure of Chung and other real estate agents, KFPN’s sales force has decreased to 145 agents, causing its ranking to drop from sixth to eighth largest agency, based on CEA public register figures as of January 1. However, Knight Frank Singapore’s CEO, Galven Tan, says that it’s business as usual at KFPN. He assures that they are in the process of appointing a new head to lead KFPN and will evaluate the team’s strengths and expertise to strategically position them for future opportunities.…