Month: February 2025

for contributions in building the country

The previous statement issued by City Developments (CDL) regarding “serious lapses” in corporate governance has been resolved, according to a second statement released by CDL’s executive chairman Kwek Leng Beng. In a court hearing on Feb 26, it was decided that the new directors, who were appointed on Feb 7 in an “irregular and hasty” manner, would not have any powers as directors until further notice from the court. The two new directors are Jennifer Duong Young and Wong Su Yen, who were appointed as independent non-executive directors through written resolutions by the directors. In addition, Kwek Leng Beng’s son, Sherman Kwek, Philip Lee, Wong Ai Ai and other directors working with them have agreed not to take any further action regarding their attempts to change the board committees and management of certain CDL subsidiaries until further notice from the court. The nominating and remuneration committee, which was “irregularly constituted”, has also been suspended from taking action. With this resolution, CDL’s board committees and management of relevant subsidiaries will be safe from any further attempts to disrupt and restructure them, according to the elder Kwek. He emphasizes the importance of strong corporate governance, which ensures transparency, accountability, and responsible decision-making, to maintain the trust of investors and protect the interests of shareholders in the long term. On the morning of Feb 26, CDL surprised the market by calling for a trading halt and canceling its FY2024 results briefing, which was scheduled for later that day. In a media statement released at 1.51pm, CDL explained that the suspension of trading in its shares was due to a disagreement among the board members regarding the composition and constitution of the board and its committees. However, the company’s business operations remained unaffected and fully functional, with Sherman Kwek still serving as group CEO. In his previous statement, Kwek Leng Beng accused his son, Lee, Wong, and a group of directors working with them, of trying to gain control of the board and the group. He also stated that he had filed court papers on Feb 25 to resolve the issue. The elder Kwek further stated that he is willing to explore all legal options to protect the interests of CDL and its shareholders. However, he stated that the current COO, Kwek EIk Sheng, will serve as the interim CEO in the event that Sherman is removed from his position. CDL’s share price was last at $5.12 before the trading halt on Feb 26.…

Colliers International, a leading real estate services and investment management company, is further strengthening its team across Asia Pacific with the addition of two new appointments. The company announced on Feb 25 that it has appointed Leanne Chin as the new Director of Regional Tenant Representation for Asia Pacific. Chin will be based in Singapore, the company’s regional hub.

Chin brings with her more than 15 years of experience in the real estate industry, having worked with top global and regional landlords, investors and occupiers. With her new role at Colliers, she will be responsible for expanding the firm’s tenant representation services across the region, providing strategic advisory and transaction management to corporate clients.

In addition to Chin’s appointment, Colliers has also announced the appointment of Ali Porter as the new Director of Enterprise Clients for Hong Kong. Porter is relocating from London, where he spent the last four years working with Colliers’ Europe, Middle East and Africa business. In his new role, he will work closely with occupiers to align their real estate portfolio with their corporate strategies across Asia Pacific.

These appointments come at a time when the company is focused on strengthening its occupier services capabilities in the region. Through these appointments, Colliers aims to better serve its expanding client base and provide them with innovative and tailored solutions to meet their real estate needs.

Colliers has been making strategic appointments across the region in recent months, including the recent announcement of new leadership appointments for its Asia Pacific and Japan business. These latest appointments are in line with the company’s goal to continue driving growth in the region and providing exceptional services to its clients.…

In response to its request for a trading halt earlier this morning, City Developments Limited (CDL) has released a statement explaining that the halt was due to a disagreement within the board regarding the board’s composition and committees.

Despite the temporary suspension, CDL reassures that its business operations continue to run smoothly and remain unaffected. The current CEO, Sherman Kwek, will continue in his role until there is a board decision to change company leadership.

The company will provide further updates if there are any significant developments on this issue, in accordance with the listing rules of the Singapore Exchange (SGX).

In a subsequent statement, Sherman Kwek expresses disappointment at the extreme actions taken by the chairman and a minority of the CDL board in response to their disagreement over the size and makeup of the board. He clarifies that the majority of the board, with guidance from the company and independent legal counsel, has been focused on implementing measures to enhance governance.

CDL’s trading suspension earlier today was due to the matter being brought before the courts, despite not being authorized by the majority of the board. Kwek emphasizes that this issue has never been about removing the chairman, but rather about ensuring the company maintains the same high standards of governance that it has been known for and that board decision-making is robust.

As the matter is now subject to adjudication in the courts, Kwek states that the company will refrain from commenting on the specifics of the case and will issue further updates if there are any significant developments.

CDL had announced its FY2020 results on Feb 26 before the market opened but later cancelled its 10am results briefing. The company also announced its intention to privatize Millennium & Copthorne Hotels New Zealand for $1.72 per share.

Shares in CDL were last traded at $5.12. This article originally appeared on .…

According to JLL, the Ching Shine Industrial Building has been put up for collective sale through tender, with the sole marketing agent setting the minimum price at $113 million. The freehold building, located on Shaw Road, consists of 52 strata units and boasts a 100-meter frontage. The site spans 49,308 square feet and has a gross floor area of approximately 137,341 square feet.

Dating back to the 1980s, the building is zoned for “Business 1” use under the URA Master Plan 2019, with a gross plot ratio of 2.5. More than 80% of the owners have given their consent for the collective sale at the minimum price set by JLL, which equates to a unit land rate of around $823 per square foot per plot ratio at the existing gross plot ratio of 2.79.

JLL has also stated that with URA approval, the site could potentially be converted into a food factory. The National Environment Agency (NEA) has confirmed that the site meets the buffer requirements for redevelopment into a multi-user factory, while the Singapore Food Agency has given in-principle non-objection to the proposed food factory. Alternatively, the freehold asset could also offer an attractive investment opportunity for family offices seeking long-term growth or owner-occupiers looking to establish a corporate presence.

Senior Director of Capital Markets at JLL Singapore, Nicholas Ng, believes that the site would also appeal to developers due to the absence of Additional Buyer’s Stamp Duty, which can impact project timelines. The property is easily accessible via major expressways such as the PIE, CTE and KPE, and is within walking distance from Tai Seng MRT Station on the Circle Line. It is situated within the bustling Tai Seng Industrial Estate, surrounded by other food factories such as Breadtalk IHQ, Sakae Building, and Food Empire Building, as well as amenities like Grantral Mall @ Macpherson and 18 Tai Seng.

In November 2023, Noel Building, a freehold Business 1 industrial building at 50 Playfair Road, was sold en bloc for $81.18 million, 17% above its $70 million guide price. Ng believes this transaction highlights the strong demand for such assets in the area and expects a similarly competitive response for Ching Shine Industrial Building.

The tender for Ching Shine Industrial Building will close on April 3 at 3pm.…

PropNex, the largest real estate agency in Singapore, has recorded earnings of $21.9 million for its second half of the fiscal year 2024, which ended on December 31st, 2024. This is a decrease of 14.9% compared to the previous year. The full-year earnings for FY2024 were $40.9 million, a decrease of 14.4% compared to the preceding fiscal year.

The company attributes this decline to the slow property market in Singapore. The revenue for FY2024 was 6.6% lower than FY2023 due to the subdued property market. Despite this, PropNex plans to celebrate its 25th anniversary by paying a special dividend of 2.5 cents per share, in addition to the final dividend of 3 cents per share. This will bring the total dividend payout for FY2024 to a record of 7.75 cents, with a payout ratio of 140.1% and a yield of 8.2%.

Although the earnings for the year were lower, PropNex experienced an increase in activity during the last quarter of 2024, mainly driven by a surge in new private home units sold by the company. It is expected that the financial impact of these sales will be reflected in the next quarter’s numbers, which suggests a significant improvement in performance.

PropNex is confident of a strong performance in FY2025, thanks to the positive outlook for the property market and an estimated 13,000 new unit launches (including ECs). This is almost double the supply recorded in 2024. Additionally, the private resale market is expected to remain active, with transaction volumes ranging between 14,000 to 15,000 units. This is due to the price gap between new and non-landed resale properties, the preference for larger, move-in-ready homes, and the limited supply of new properties.

In the HDB resale market, price growth is expected to be between 5% to 7%, with transaction volumes reaching 29,000 to 30,000 units. This is due to fewer five-year minimum occupation period flats entering the market and sustained demand from urgent homebuyers, unsuccessful Build-To-Order applicants, and budget-conscious families.

According to Ismail, several newly-launched projects such as The Orie, Bagnall Haus, Parktown Residence, and ELTA have generated strong interest in the market. PropNex also anticipates a positive demand for developers’ sales in 2025, with a promising line-up of projects. The positive economic outlook and lower mortgage rates could further boost market confidence, providing opportunities for both home buyers and investors.…

A two-storey shophouse with an attic situated at 209 Jalan Besar is currently being offered for sale through private treaty. Gracelynn Zhu, of the PropNex Shophouse Elites team, is the marketing agent for this 999-year leasehold property, which is being priced at “below $20 million”.

The shophouse spans a total area of approximately 5,502 sq ft and is designated for commercial use. The first floor is approved for a restaurant while a portion of the second floor also allows for restaurant usage. With a price tag of $20 million, the psf price for this property works out to $3,635 on the floor area.

The location of 209 Jalan Besar can be seen on the map (Source: EdgeProp LandLens). Zhu mentions that this shophouse is currently undergoing asset enhancement initiatives (AEI), which includes the installation of micro piles. These piles extend 30m and serve to improve the property’s structural foundations. The AEI is expected to be completed by the end of this year.

This shophouse is situated in the Desker Road Conservation Area, within District 8 and in close proximity to Little India. The Jalan Besar MRT Station, which is part of the Downtown Line, is just a short walk away.…

According to a recent CBRE survey, the Asia Pacific (Apac) hotel sector is expected to see continued strong investment activity in 2025. The survey, which was conducted last November and December, found that over 72% of hotel investors plan to acquire more hotel assets this year. Of those, around 45% are looking to increase their purchasing volume by more than 10%.

Steve Carroll, head of hotels, capital markets, Asia Pacific, CBRE, explains that investors are optimistic about the pricing expectations of hotel and living assets in the region in 2025, following their strong performance over the past 18 months. The rebound in tourist arrivals in key markets such as Japan, Singapore, and Australia has also contributed to this positive outlook. The increase in international visitors has led to an uptick in hotel room rates, ensuring a continuation of the income growth achieved by hotel operators last year.

The survey also highlights the limited hotel supply in Apac as a driving factor for the healthy buying intentions of investors. Data from hospitality data intelligence group STR shows that the hotel supply pipeline in Apac is projected to grow at a CAGR of 2.2% between 2024 and 2028, significantly lower than the 5% CAGR seen between 2013 and 2023.

In terms of investor types, REITs had the highest net buying intentions at 22%, a sharp contrast to last year’s survey, which saw a -13% net buying intention. Institutional investors and property funds followed closely at 12% and 10%, respectively. CBRE notes that private equity and real estate funds are expected to remain active this year.

However, private investors and high-net-worth individuals are expected to drive fewer hotel acquisitions in 2025. After being the most active buyer type in the region for the past two years, private investors now anticipate a higher level of selling activity this year as they look to take advantage of the improving market sentiment after acquiring assets at a discount.

The survey also shows a shift in preference towards the upscale and upper midscale hotel categories for investment in 2025, overtaking the upper upscale category that was ranked highest in last year’s survey. CBRE attributes this to the operational flexibility and greater potential for value-added opportunities in the upscale and upper midscale segment, including redevelopment, adaptive reuse, and rebranding of existing properties. This segment also has a leaner labour pool, resulting in lower labour and operational costs.

Investors are also showing increased interest in long-stay or hybrid hospitality models, with a growing appetite for converting assets into co-living spaces. This trend is expected to gain momentum in markets like Japan, Hong Kong, and Singapore, where there is demand for affordable accommodation in relatively inflexible rental markets.

Other emerging trends identified in the survey include a preference for assets with vacant possession at the time of acquisition, allowing for more flexibility in terms of operator selection and refurbishment works. Limited-service hotels are also gaining more interest from investors as they aim to minimize operational costs.

Among the top cities preferred by hotel investors, Tokyo remains in the lead due to low interest rates and stable income streams generated by hotel properties. Osaka also made it to the top five due to similar reasons. Singapore and Sydney also ranked high, supported by solid hotel fundamentals such as growth in daily rates and underlying operating profits. Seoul also stood out, with more visitors from mainland China driving daily rates in recent years, leading to increased investor activity in recent months.…

On Feb 24, ETC and OrangeTee Group made a joint announcement that they would merge to form a new holding company, whose name is yet to be disclosed. According to Desmond Sim, CEO of ETC, this is not an acquisition, but a coming together of two companies with a shared vision.

Sim will serve as the group CEO of the merged entity, while Justin Quek, current CEO of OrangeTee & Tie, will be the deputy group CEO. This merger will see ETC focusing mainly on consultancy and advisory services, while OrangeTee will concentrate on proptech and its real estate agency business, which is supported by a network of 2,803 salespersons registered with the Council for Estate Agencies (CEA) as of Feb 24.

The combined company will have more than 520 employees and 2,803 salespersons. Sim believes that by combining their expertise, resources, and networks, they can achieve significant growth and create value for all stakeholders, allowing them to prosper in the ever-changing real estate industry.

This merger builds on the joint venture between the two companies in August 2017, when the former Edmund Tie and OrangeTee merged their associates’ business under a new entity, OrangeTee & Tie. This move led to a sales force of over 4,000 agents, propelling OrangeTee & Tie to become one of the top three agencies in Singapore. As part of the joint venture, the former Edmund Tie acquired a 20% stake in OrangeTee & Tie.

The latest merger was made possible by Triplestar Holdings and TH Investments, both related to the family of Roland Ng, managing director and group CEO of Tat Hong Holdings. They acquired a stake in ETC in 2016 after a management buyout. When some original shareholders, including Edmund Tie, retired, the company bought back their shares, increasing Triplestar and TH Investments’ stake to about 60%. Today, these two entities hold a 100% stake in ETC.

This year marks a significant milestone for ETC as they celebrate their 30th anniversary. In line with this, ETC has also rebranded as ETC to commemorate this special occasion.

OrangeTee Group was incorporated in 2000 and will be celebrating its 25th anniversary this year. It is an investment holding company led by a board of directors and supported by C-suites, including Quek, CEO of OrangeTee & Tie; Marcus Oh, managing director of OrangeTee Advisory; Teo Yak Huat, CFO; and Christine Sun, chief researcher & strategist. Quek believes that with a stronger brokerage and consultancy team, coupled with advanced proptech, they are equipped to deliver innovative and seamless solutions across all real estate sectors.

Some of the stakeholders in OrangeTee Group include Tokyu Livable Inc., which acquired a 22.5% stake in the company in 2014. Tokyu Livable is one of Japan’s largest real estate agencies with 198 offices nationwide and is a subsidiary of Tokyu Fudosan Holdings, a real estate business under the Tokyu Group. Private property fund Vogue Capital Group is also a shareholder of OrangeTee Group.

Both Tokyu Livable and Vogue Capital will also have a stake in the new holding company post-merger, along with Ng’s Triplestar Holdings and TH Investments. ETC has already established a presence in Malaysia through its joint venture company Nawawi Tie, and has an associate company in Thailand, Edmund Tie & Co (Thailand). Sim believes that with this merger, more opportunities can be explored in the ASEAN region and Japan, especially through their relationship with Tokyu Livable.

In conclusion, the merger between ETC and OrangeTee Group presents a promising future for both companies, allowing them to expand their capabilities and tap into new markets.…

Joint developers UOL Group and CapitaLand Development (CLD) have recently announced that they sold 1,041 units or over 87% of the total 1,193 units at ParkTown Residence in Tampines North during its launch weekend on Feb. 23.

According to Anson Lim, UOL’s general manager of residential marketing, the project achieved an average price of $2,360 per square foot (psf). The majority of buyers were either Singaporean homebuyers or investors.

The two-bedroom and three-bedroom apartments were the most popular unit types, with 994 units (83%) snapped up over the weekend.

“Buyers were attracted to ParkTown Residence’s unique status as a fully integrated residential and lifestyle development, directly connected to a retail mall, the future Tampines North MRT station, a bus interchange, a green boulevard, a community club and a hawker centre,” says a spokesperson for UOL and CLD.

Prior to its launch, ParkTown Residence had already collected 2,367 cheques, translating to a sales conversion rate of 44%, which is well above the average of 30% to 35% for most new project launches in recent years.

Mark Yip, CEO of Huttons Asia, notes that the last mega project to sell more than 1,000 units in its launch weekend was the 1,399-unit High Park Residences, which sold 1,100 units over three days in July 2015.

ParkTown Residence at Tampines 62 is part of the first mixed-use development integrated with transport hub at Tampines (Source: EdgeProp Landlens)

In comparison, ParkTown Residence has moved the most units over a launch weekend since the 846-unit Emerald of Katong, which sold 835 units (99%) last November, says Ismail Gafoor, CEO of PropNex.

“The take-up at ParkTown Residence has also surpassed that of previous integrated developments,” he adds.

The most recent integrated project launch was the 732-unit The Reserve Residences, which recorded a 71% take-up rate during its launch weekend in May 2023. It is currently 98.2% sold at an average price of $2,484 psf, based on caveats lodged as of Feb 23.

Meanwhile, Marcus Chu, CEO of ERA Singapore, notes that mixed-use developments integrated with transport hubs are popular with homebuyers and investors due to their good capital upside potential and high rentability.

Read also: Sim Lian to preview Aurelle of Tampines on Feb 22 at prices from $1,651 psf

The last two fully integrated developments to be completed were the 920-unit North Park Residences in Yishun (launched in 2015) and the 680-unit Sengkang Grand (launched in 2019) at Buangkok. According to ERA’s Chu, North Park Residence commands an average price of $1,809 psf, 65% higher than the average resale prices of residential units across District 27, while Sengkang Grand has an average price of $2,029 psf, 25% higher than the average resale prices in District 19.

Located at Tampines Street 62, ParkTown Residence is part of the first mixed-use development integrated with a transport hub in Tampines, the third largest HDB town in Singapore after Hougang and Woodlands. “A significant number of buyers were HDB upgraders who desired to stay in Tampines,” says Huttons’ Yip.

The completion of ParkTown Residence in 2030 will coincide with the scheduled opening of the Tampines North MRT Station on the Cross Island Line (CRL), a major arterial line running from east to west of Singapore, says Ken Low, managing partner of SRI. 2030 is also the scheduled relocation of the neighboring Paya Lebar Airbase, which will free up an estimated 800 hectares of land for future developments.

Under the URA Master Plan, three more government land sales (GLS) sites will be linked to the upcoming Tampines North MRT Station. “However, these new projects could potentially be launched at higher prices,” says Low.

In addition, Tampines will benefit from new infrastructure developments by 2027, including a cycling bridge, an underpass, and another 7.7km of cycling paths, bringing the total to 40km. There will also be a new pedestrian route between Tampines MRT Station and the malls in the regional center. These additions were recently announced on Feb 22, as part of the Tampines Town Council’s five-year masterplan for 2025 to 2030.

Read also: PARKTOWN Residence: Upscale living with seamless connectivity and exceptional convenience

“All of these will further enhance the liveability in Tampines, which already has strong attributes,” says SRI’s Low. So if you’re interested in purchasing a unit at ParkTown Residence, be sure to check for the latest listings and available units and prices. You can also use Ask Buddy to generate a price trend graph for new launch condos in District 18, compare price trends for HDB, condo, and landed properties, and explore recently launched projects.…

On February 22, joint venture partners MCL Land and CSC Land Group achieved a significant milestone when they successfully sold 326 out of the 501 units at their joint project, Elta, located at Clementi Avenue 1. This translates to a commendable 65% sales figure, with an average selling price of $2,537 per square foot.

The majority of the buyers, at 90%, were Singaporeans, while the remaining 10% were permanent residents. The district breakdown of buyers showed that the highest number of buyers came from districts 19 (primarily Hougang, Serangoon, Sengkang, Punggol and northeast region), 5 (Buona Vista, Clementi, Dover and Pasir Panjang) and 23 (Bukit Batok, Bukit Panjang, Choa Chu Kang, Hillview and Dairy Farm).

Among the various unit types, the two-bedrooms were the most popular, with 98% of the 179 units sold at prices starting from $1.388 million, which works out to be $2,261 per square foot. The three-bedroom units also saw a high take-up rate, with 81% of the 108 units being taken up at prices starting from $2.198 million. The one-bedroom plus study units were also popular, with 78% of the 135 units sold at prices starting from $1.158 million.

For those interested in Elta, be sure to check out the latest availability and prices for units.

What’s more noteworthy is that over 60% of the units sold were the one- and two-bedroom units, with prices below $2.2 million. According to Ismail Gafoor, CEO of PropNex, this shows that buyers have strong confidence in a development that offers a fusion of modern living, convenience and comfort.

MCL Land CEO Lee Tong Voon also expressed his delight in the sales performance, citing it as a testament to the project’s ability to seamlessly integrate modern living with convenience and comfort. MCL Land is a Singapore-based development arm of Hongkong Land.

Elta is the third and final private condominium to be launched on a government land sales (GLS) site at Clementi Avenue 1. According to Gafoor, this is also the first new launch in the Clementi area since December 2020, when the 640-unit Clavon was put on the market.

The two earlier projects at Clementi Avenue 1 were The Clement Canopy, a 505-unit development, and Clavon, a 640-unit development developed jointly by UOL Group and Singapore Land Group. With no further development plots available in the Clementi town centre, Ken Low, managing partner of SRI, notes that the strong sales at Elta can also be attributed to the track record of the previous projects at Clementi Avenue 1, which have had zero unprofitable transactions.

Based on caveats lodged, the average selling price of The Clement Canopy has increased by 45% to $1,922 per square foot since its launch in February 2017. Similarly, the average selling price at Clavon has seen an increase of 27% to $2,086 per square foot since its debut in December 2020.

Looking for your dream home in the Clementi area? Check out EdgeProp’s comprehensive listings for Elta.

The popularity of the Clementi area as a residential location is also reflected by the strong rental demand from tenants, particularly among international students and professionals, notes Low.

For instance, two-bedroom units at The Clement Canopy, ranging from 624 to 732 square feet, have been leased at $4,200 to $4,700 per month, or $5.60 to $6.42 per square foot per month in January and February, based on data from EdgeProp Landlens and URA Realis. At Clavon, the latest rental transaction was for a 764 square feet, two-bedroom unit leased for $4,600, or $6.02 per square foot per month.

Elta’s proximity to various employment nodes, such as the National University of Singapore (NUS), one-north, Pandan Loop Industrial Estate, the Science Park, Jurong Lake District, and the future Dover Knowledge District, has also been a key factor in its popularity. Moreover, with the existing Clementi MRT Station on the East-West Line, the upcoming Cross Island Line, which will run from east to west across Singapore, will also have a station at Clementi. This enhanced connectivity is expected to attract a wider pool of quality tenants, which bodes well for investors.

Mark Yip, CEO of Huttons Asia, adds that the development’s proximity to various nature parks, including Clementi Woods Park, West Coast Park, and Kent Ridge Park, is also a draw for residents who appreciate easy access to green spaces.

According to ERA Singapore’s CEO, Marcus Chu, Elta has also seen strong interest from HDB upgraders in the Clementi and Queenstown area. This is because over 2,500 HDB units reached their minimum occupation period (MOP) in 2020, with another 1,100 units expected to do so this year. Additionally, with the presence of primary, secondary, and tertiary schools in the vicinity, families with children can enjoy the convenience of staying in the same area for a good 15 years, which is the duration of a child’s education.

Given all these factors, Qian Liang Zhong, chairman of CSC Land Group, a subsidiary of China Construction (South Pacific) Development Co., is confident in the continued popularity of Clementi as a highly sought-after residential destination for both homebuyers and investors.

The weekend of February 22-23 also saw the launch of ParkTown Residence, a 1,193-unit development, which achieved sales of 1,041 units. Together, the sales of Elta and ParkTown Residence surpassed the total number of new home sales for the entire month of January (1,083 units). This indicates a positive start for the primary market in 2021, and Gafoor predicts that the momentum seen at the end of 2020 will continue into the new year, with the primary market remaining relatively lively and improved sentiment.

Huttons Data Analytics estimates developers’ sales for February to exceed 1,500 units. This brings the total sales for the first two months of 2021, estimated to be between 2,500 and 2,700 units, equivalent to 39% of the total new sales of 6,469 units for the entire 2020, observes Huttons. As such, the agency has revised its full-year projection for 2021 to between 7,500 and 8,500 units, from its earlier estimate of 7,000 to 8,000 units. Huttons also forecasts a price growth of between 4% and 7% for the entire 2021.…