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Retiree Mr Chong has given financial assistance to his three sons when they were buying their homes. His eldest son bought a private condo, while his two younger sons bought executive condos (ECs). According to him, buying an EC during launch is an obvious choice. “Even if you buy shortly after the five-year MOP [minimum occupation period], it’s still a good entry price,” he says. Mr Chong has experienced both scenarios. His second son purchased a three-bedroom unit at Hundred Palms Residences, a 531-unit development that was launched in July 2017. “He wanted a four-bedroom unit, but they were quickly taken,” shares Mr Chong. The project by Hoi Hup Realty received 2,000 e-applications and was fully sold on the first day of launch at an average price of $841 per square foot (psf). The EC, located on Yio Chu Kang Road, was completed in 2019. Based on caveats lodged in January and February 2025, the average price of units sold was $1,769 psf, representing a 110% increase in eight years. Check out the latest listings for Hundred Palms Residences properties Mr Chong says that based on the selling price of $1.95 million or $1,849 psf for a 1,055 sq ft three-bedroom unit that was sold at Hundred Palms in February, his second son’s EC unit has appreciated by about $1 million since he purchased it during launch. Such substantial capital gains may have encouraged many people to upgrade to private housing, according to Mr Chong. In 2018, when Mr Chong’s youngest son decided to buy his own home, Mr Chong sold his 1,260 sq ft three-bedroom unit at The Interlace, which had been their family home for the last ten years. In 2021, the Chongs bought a 1,399 sq ft four-bedroom dual-key resale unit at Twin Fountains, a 418-unit EC in Woodlands. The EC was jointly developed by Frasers Property and Lum Chang, and was launched in 2013 and completed in 2016. ECs are only available to buyers who are Singaporean citizens or permanent residents (PRs) at launch and after a five-year MOP. Foreigners can only purchase ECs in the resale market after the 10th year of obtaining Temporary Occupation Permit (TOP). The dual-key unit provides Mr Chong with privacy as he stays in the one-bedroom studio while his son and family stay in the three-bedroom apartment. Each apartment has its own separate entrance despite sharing the main entrance. The 418-unit Twin Fountains, jointly developed by Frasers Property and Lum Chang, was completed in 2016. Even though they paid $1,000 psf for the unit in 2021, which was then considered a new high, Mr Chong points out that recent resale prices are even higher. Check out the latest listings for Twin Fountains properties According to a caveat lodged in February, the most recent transaction of a 1,206 sq ft four-bedroom unit went for $1.62 million or $1,344 psf. “Even if you missed the boat, like my youngest son, and we bought in at $1,000 psf, resale prices at Twin Fountains have since gone up by 30%,” adds Mr Chong. Referring to the launch of Norwood Grand, City Developments’ 348-unit private condo at Champions Way in Woodlands last October, Mr Chong says that the condo’s average selling price, which is 53.8% higher than the latest resale price at Twin Fountains, has set a new benchmark for Woodlands. He adds that the announcement of revitalization and new infrastructure, including the Johor Bahru-Singapore Rapid Transit System (RTS) with the Singapore terminus in Woodlands North, has created more interest in the northern region. According to ERA Singapore’s Key Executive Officer, Eugene Lim, rising EC prices and limits on loan quantum have resulted in EC buyers needing to put in a larger cash outlay. For ECs, the monthly household income ceiling is $16,000. Buyers must meet the Mortgage Servicing Ratio (30% cap) and Total Debt Servicing Ratio (55% cap) requirements if they take out a loan. Based on a 30-year-old EC buyer with a household income of $16,000 and a maximum loan tenure of 30 years, the maximum loan amount they can take is around $1 million, estimates ERA’s Mr Lim. Despite the higher upfront costs, buyers are still undeterred by the higher prices of ECs, says Mr Lim. This is because there is still a 42% median price gap between similarly sized homes in the EC market and 99-year leasehold private condos in the Outside Central Region (OCR), he adds. Read more: How many years is an Executive Condominium? “Hence, in terms of absolute price, buyers, particularly HDB upgraders, still see value in ECs,” says Mr Lim. According to him, ERA’s forecast of an average annual take-up of 3,000 to 5,000 EC units is based on its forecast of an average of 5,000 to 8,000 new EC units coming on the market each year. “Although the three EC projects expected to launch this year are strategically spaced out across different locations — Tampines, Pasir Ris, and Tengah — and will cater to the housing needs of Singaporeans across the island,” says Mr Lim. He adds that the median price gap between new ECs and new private condos in the OCR has narrowed in recent years. According to URA Realis data collated by OrangeTee Research, the gap has narrowed from 49.4% in 2023 to 44.2% in 2024 and to 43.6% in January 2025. Sun notes that this narrowing gap is due to EC prices rising faster at 9.6% from 2023 compared to the OCR’s 5.3% increase in non-landed property prices over the same period. There is still a 42% median price gap between similarly sized homes in the EC market and 99-year leasehold private condos in the Outside Central Region. Credit: Samuel Isaac Chua/EdgeProp SG According to Christine Sun, OrangeTee Group’s chief researcher and strategist, the median price gap between new ECs and new private condos in the OCR has narrowed in recent years. Based on data sourced from URA Realis, the gap has narrowed from 49.4% in 2023 to 44.2% in 2024 and to 43.6% in January 2025. According to OrangeTee’s Ms Sun, this narrowing gap is due to EC prices going up faster over 9.6% from 2023 compared to the OCR’s 5.3% growth in non-landed property prices over the same period. However, despite the rising cost of ECs and caps on loan quantum, the demand for ECs remains strong due to their affordability and lower psf prices compared to 99-year leasehold private condos in the same region, according to Mr Lim. Mr Lim states that in addition to the lower prices compared to new private condos, EC buyers do not need to sell their current property before buying, and HDB upgraders do not have to pay additional buyers’ stamp duty (ABSD) when purchasing a new EC. He goes on to say that employing the Deferred Payment Scheme (DPS) could raise the purchase price slightly. With the DPS, buyers only need to pay a deposit, and their loan will be deferred until after the EC is completed. “This way, buyers will not have to service two mortgages while waiting for the new house to be completed,” explains Mr Lim. “With no ABSD payable and the availability of the DPS, HDB owners find it less difficult to upgrade to a new EC.” Meanwhile, PropNex’s chief executive officer, Ismail Gafoor, expects the median price for new ECs to “again cross $2,200 psf.” Check out the latest listings for Twin Fountains properties…

According to research by C9 Hotelworks, a hospitality consultancy firm based in Asia, the market value of branded residential projects in Asia has reached a record high of US$26.6 billion ($35.5 billion). Currently, there are over 68,000 luxury units available, with Vietnam leading the market in terms of the number of branded residential units. The country has 17,680 units across 59 properties, with an average price of about US$350 per square foot (psf). Thailand comes in second place with 16,271 units across 65 properties, where most branded residential units are priced at US$510 psf. The Philippines is next on the list with 13,276 units across 46 properties, priced at approximately US$400 psf.

Singapore, however, commands the highest prices in the region for branded residences, with an average of US$2,140 psf for these luxury properties. It is followed by Japan, where prices are around US$1,935 psf.

C9 Hotelworks’ managing director, Bill Barnett, revealed that there are also emerging markets where branded residences have seen significant growth in recent years, such as South Korea with 3,026 units across 16 properties and Malaysia with 6,014 units across 24 projects.

In the post-Covid-19 era, urban-located branded residences make up 56% of the market supply in Asia, with these luxury urban projects dominating the sector in terms of market value. For instance, urban branded residences in South Korea are priced at US$2,670 psf, significantly higher than the average price of US$1,040 psf for resort projects in the country. Similarly, in Thailand, urban branded residences fetch an average of US$770 psf, while resort properties are priced at US$430 psf.

The branded residential market in Asia comprises about 12,330 units across 80 developments associated with luxury hotel brands, accounting for 31% of the market supply. According to Barnett, the data shows that having a reputable brand associated with a property can help it command a premium price of between 30% to 35% above the market rate in the country, and increase market share for the developer.

Barnett also shared that the popularity of top hospitality brands and luxury lifestyle brands has led to an increase in licensing fees, with some luxury hotel and lifestyle brands asking for a 6% to 10% share in the sale of each branded residential unit. For instance, Thai developer Ananda Development and German luxury brand Porsche collaborated to launch the ultra-luxury Porsche Design Tower Bangkok in Thonglor last August. The 22-unit tower, which will be completed in 2028, is the first Porsche residential tower in Asia, following the Porsche Design Tower Miami launched a decade ago. Prices for units at the Bangkok development range from US$15 million to US$40 million.

Gianfranco Bianchi, general manager of Asia Pacific at The One Atelier, an international design consultancy specialising in branded residences for lifestyle brands, noted that in recent years, more luxury lifestyle brands have been exploring partnerships to license their branding to real estate developments across the Asia-Pacific region. Some of the high-profile brands One Atelier has collaborated with include Fendi Casa Residences by Armani in Miami, the 259-unit 888 Brickell by Dolce & Gabbana in Miami, the 90-unit Büyükyalı Residences in Istanbul, Turkey and the Karl Lagerfeld Villas in Marbella, Spain.

While hospitality-affiliated branded residences provide top-notch hospitality services, fashion or design-branded residences offer a rare trophy home that embodies the namesake design and luxury aesthetic that have made these brands synonymous with luxury living, says Bianchi.

Ananth Ramchandran, head of advisory and strategic transactions in hotels and hospitality (Asia) at CBRE, revealed that property cooling measures in Singapore have led to a decrease in interest from high-net-worth buyers in the country for branded residences. As a result, many are looking to nearby regional markets such as Phuket and Bangkok in Thailand, Bali in Indonesia, and emerging markets in Vietnam. These locations are usually just a two-hour flight from Singapore, making them more attractive to Singapore-based buyers.

According to Ramchandran, flight carriers such as Singapore Airlines, Scoot, AirAsia and Jetstar have completed about 150 flights per week between Singapore and Phuket last month.

Jason Thelen, senior director of sales and marketing at Sudara Residences, a Thai-based developer, added that Singapore has become the top regional market for buyers looking for second homes, making up over 45% of regional purchases. Hospitality operators, such as The Ascott, are also looking to tap into the future growth of the branded residential segment in Asia, says Saowarin Chanprakaisi, vice-president of business development at The Ascott. She believes that the emotional resonance of brands like Ascott, The Crest Collection and Oakwood Premier, have reputational strengths in the market.

Chanprakaisi adds that branded residential operators have to develop and maintain trust in the brand to deliver the level of service that ultimately translates into the long-term value proposition of the asset. As such, Ascott is seeking to expand its market share in the region by partnering with developers looking to enter the branded residential market.…

UEM Sunrise and GuocoLand have recently signed an MOU under the Johor-Singapore Special Economic Zone (JS-SEZ) between Malaysia and Singapore private companies. The MOU aims to accelerate growth within the JS-SEZ by jointly developing UEM Sunrise’s selected freehold landbank in Iskandar Puteri, Johor. The signing ceremony of the MOU was held at UEM Sunrise Gallery Iskandar Puteri, a showcase of the group’s vision of Iskandar Puteri.

Iskandar Puteri, which forms Flagship Zone B of the JS-SEZ, specializes in various sectors, including manufacturing, business services, education, health and tourism. This collaboration is expected to cover UEM Sunrise’s selected plots of land in Gerband Nusajaya and Puteri Harbour, two key master-planned areas within Iskandar Puteri. The joint effort aims to activate Iskandar Puteri’s potential and enhance its attractiveness for investment. It will focus on improving connectivity, fostering talent development and creating a business-friendly ecosystem as drivers for sustainable economic benefits in Johor.

“This partnership is not just about development, but also about shaping a thriving end-to-end, future-ready economic hub that fuels long-term growth, creates jobs and strengthens the JS-SEZ ecosystem,” says Hafizuddin Sulaiman, CFO of UEM Sunrise. The sites are strategically located near Singapore, Senai Airport and the Port of Tanjung Pelepas, making it a prime location for long-term economic growth and positioning Iskandar Puteri as a robust business and investment hub.

Datuk Hisham Hamdan, Chairman of UEM Sunrise, believes that the JS-SEZ, developments in Iskandar Puteri, and strategic partnerships are all part of a larger vision to position Johor as a dynamic and forward-thinking economy. This collaboration will bring along GuocoLand’s experience in real estate development and asset management, as well as an understanding of the needs of companies from Singapore, Malaysia and China that wish to establish a presence in the JS-SEZ.

Together, the combined expertise of UEM Sunrise and GuocoLand will enable them to shape Iskandar Puteri and the wider JS-SEZ through innovative developments. UEM Sunrise has already played a crucial role in Iskandar Puteri’s urban development with existing developments such as the Aspira series and Senadi Hill residential townships, and commercial and retail hubs including an upcoming 380-acre industrial park in Gerband Nusajaya.

The growth in Iskandar Puteri is set to be spurred on by incentives and support schemes introduced by the governments of Malaysia and Singapore, which aim to increase investments for the JS-SEZ. These measures include special tax rates, stamp duty exemptions and capital allowances. With this partnership between UEM Sunrise and GuocoLand, it is expected that Iskandar Puteri will continue to flourish as a prime investment destination.…

During the period of Jan 28 to Feb 4, several noteworthy resale transactions closed, despite coinciding with this year’s Chinese New Year festivities. The most profitable deal took place at Palisades condominium, where a unit measuring 3,983 sq ft was sold for $4 million ($1,004 psf) on Feb 4.The previous record at Palisades was set three years ago, when a 3,294 sq ft unit was sold for $3.4 million ($1,032 psf). It had been bought in 1996 for $1.53 million ($465 psf), resulting in a profit of $1.87 million (122%) or an annualized gain of 3.1% over 25 years.During this period, there were only five resale transactions at Palisades, all of which were profitable. The most unprofitable deal, on the other hand, was a studio at Vida condominium, which incurred a loss of $116,000 (10%) on Feb 4. The unit, measuring 527 sq ft, was bought in 2009 for $1.15 million ($2,192 psf) and sold for $1.04 million ($1,972 psf) in 2022.In terms of profitability, the second most noteworthy resale took place at Ardmore II, where a four-bedroom unit was sold for $6.85 million ($3,385 psf) on Feb 3. The seller raked in a profit of $2.12 million (45%), with an annualized gain of 2.1% over 18 years.Over the past few years, resale prices at Ardmore II have been on the rise, from approximately $2,623 psf in January 2015 to about $3,390 psf at the beginning of this year.All these impressive resale transactions indicate a strong market and highlight the potential for profitable investments in the Singapore condominium scene.

Resale transactions at Singapore condos remained active from Jan 28 to Feb 4, despite coinciding with the Chinese New Year celebrations. One of the most noteworthy deals was the sale of a 3,983 sq ft unit at Palisades condominium for $4 million ($1,004 psf) on Feb 4.

This second-floor unit was first purchased for $1.7 million ($427 psf) in August 2009, making the seller a profit of $2.3 million (135%) or an annualized gain of 5.7% over 15.5 years. This makes it the most profitable resale transaction at Palisades to date.

The previous record for the most profitable deal at Palisades was set three years ago when a 3,294 sq ft unit on the eighth floor was sold for $3.4 million ($1,032 psf). The unit was initially bought in 1996 for $1.53 million ($465 psf), resulting in a profit of $1.87 million (122%) or an annualized gain of 3.1% over 25 years.

According to EdgeProp Singapore’s data, there have been only five resale transactions at Palisades over the past three years, all of which have been profitable. On the other hand, the most unprofitable deal during this period was the sale of a studio at Vida, a freehold condo in prime District 9. The unit, measuring 527 sq ft on the 12th floor, was sold for $1.04 million ($1,972 psf) on Feb 4, resulting in a loss of $116,000 (10%) for the seller. The unit was purchased for $1.15 million ($2,192 psf) in May 2009.

Vida also holds the record for the most unprofitable resale transaction to date, which involved a 840 sq ft unit on the 10th floor that sold for $1.73 million ($2,061 psf) in August 2022. The unit was bought for $2.33 million ($2,774 psf) in July 2007, resulting in a loss of $598,920 (25%) or an annualized loss of 1.9% over 15 years.

Despite these unprofitable transactions, resale prices at Vida have been on a decline in recent years, falling from a peak of around $2,277 psf in August 2015 to about $2,058 psf last month.

Comparatively, the second most profitable resale during this period took place at Ardmore II, where a four-bedroom unit changed hands for $6.85 million ($3,385 psf) on Feb 3. The unit was bought for $4.72 million ($2,333 psf) in November 2006, resulting in a profit of $2.12 million (45%) and an annualized gain of 2.1% over 18 years.

Resale prices at Ardmore II have been on an upward trend over the past few years, climbing from approximately $2,623 psf in January 2015 to about $3,390 psf at the beginning of this year.

Ardmore II is a freehold luxury condo located on Ardmore Park in prime District 10. Its nearby developments include the Shangri-La Singapore hotel, Treetops Executive Residences, Ardmore Park, and Sculpture Ardmore. It is also in close proximity to Tanglin Road and the Orchard Road shopping belt.

In summary, the resale market for Singapore condos has been active, with several noteworthy transactions taking place during the period of Jan 28 to Feb 4. These deals highlight the potential for profitable investments in the Singapore condo scene.…

Malaysia’s leading property developer UEM Sunrise and Singapore’s GuocoLand have recently signed the first Memorandum of Understanding (MOU) between private companies from both countries for the Johor-Singapore Special Economic Zone (JS-SEZ). The MOU, announced on February 27, will see the two companies jointly develop UEM Sunrise’s selected freehold land in Iskandar Puteri, Johor, to accelerate growth in the JS-SEZ. The signing ceremony coincided with the opening of UEM Sunrise Gallery Iskandar Puteri, a showcase of the company’s vision for Iskandar Puteri.

Iskandar Puteri, which falls under Flagship Zone B of the JS-SEZ, specializes in various sectors including manufacturing, business services, education, health, and tourism. With this MOU, UEM Sunrise and GuocoLand aim to enhance the attractiveness of Iskandar Puteri for investment by focusing on improving connectivity, fostering talent development, and creating a business-friendly ecosystem.

The MOU covers UEM Sunrise’s selected plots of land in Gerband Nusajaya and Puteri Harbour, two key master-planned areas within Iskandar Puteri. These sites are strategically located near Singapore, Senai Airport, and the Port of Tanjung Pelepas, making it an ideal location for driving long-term economic growth and positioning Iskandar Puteri as a robust business and investment hub.

UEM Sunrise CFO Hafizuddin Sulaiman commented that this partnership is not only about development but also about shaping a thriving end-to-end economic hub that fuels long-term growth, creates jobs, and strengthens the JS-SEZ ecosystem. The company sees this collaboration as an opportunity to contribute to the larger vision of positioning Johor as a dynamic and forward-thinking economy.

GuocoLand CEO Cheng Hsing Yao added that the company will bring along its experience in real estate development and asset management, as well as an understanding of the needs of companies from Singapore, Malaysia, and China that wish to establish a presence in the JS-SEZ. The partnership will enable the two companies to shape Iskandar Puteri and the wider JS-SEZ through innovative developments.

UEM Sunrise has been playing a key role in the urban development of Iskandar Puteri with existing developments such as residential townships, commercial and retail hubs, and an upcoming industrial park in Gerband Nusajaya. The growth of Iskandar Puteri is expected to be driven by incentives and support schemes introduced by the governments of Malaysia and Singapore, including special tax rates, stamp duty exemptions, and capital allowances.…

Frasers Property, in collaboration with two prominent Chinese real estate groups, has successfully acquired a prime residential site in Songjiang District, Shanghai. The joint venture (JV) partners secured the site for RMB815.2 million ($151.9 million) through a competitive tender process organized by the Shanghai Municipal Bureau of Planning and Natural Resources.

The JV partners, which include Xiamen ITG Real Estate Group and Shanghai-listed Gemdale Corporation, plan to develop the site into a diverse mix of 189 low-rise apartments, townhouses, and duplex units. The project will have a total gross floor area of 334,714 sq ft, according to a press release on Feb 26.

In addition to providing desirable living spaces, the project will incorporate innovative design elements such as flood mitigation measures, ultra-low energy building designs, and solar photovoltaics. This eco-friendly approach, which includes energy-efficient thermal insulation, door and window systems, and reduced thermal bridging, demonstrates the commitment of the JV partners towards sustainable development.

The development is set to cater to the needs of upgraders and first-time homebuyers in the sought-after Fangsong Community, located in the affluent Songjiang District. This prime residential neighborhood is adjacent to two existing successful projects, Club Tree and Palace of Yunjian, which were joint ventures between Frasers Property and Gemdale Corporation.

Lim Hua Tiong, CEO of emerging markets in Asia at Frasers Property, affirms that this JV partnership strengthens the company’s foothold in Shanghai while reflecting their dedication to delivering high-quality residential developments that cater to the evolving needs of the Chinese community.

In related news, Frasers Property recently reported a decline in earnings during the first half of FY2024 due to UK impairment. The company also collaborated with SP Group to install solar panels across its retail and commercial properties, showing its commitment to sustainable practices. Additionally, the company submitted a bid for the master developer site in Jurong Lake District as the sole consortium of giant developers.…

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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.…