RC411 Condo

CapitaLand Ascott Trust (CLAS) has recently made a significant acquisition in Japan, purchasing two freehold limited-service hotels for a total of JPY21 billion ($178.5 million). The hotels, which are ibis Styles Tokyo Ginza and Chisun Budget Kanazawa Ekimae, are strategically located in Tokyo and Kanazawa respectively. This acquisition was made at an 8.3% discount to an independent valuation.

On a pro forma basis for FY2024, the addition of these two hotels is expected to increase the distribution per stapled security (DPS) by 1.6%, while also providing a blended net operating income (NOI) yield of 4.3%. In order to mitigate currency fluctuations, the acquisition was financed through JPY-denominated debt as well as proceeds from the divestment of four properties in Japan by CLAS.

The ibis Styles Tokyo Ginza is situated in the bustling shopping and entertainment district of the capital city. The 224-unit hotel is conveniently located next to Ginza Six, a popular high-end retail mall, and is within walking distance of the iconic Ginza Wako clock tower. Additionally, the well-known Uniqlo global flagship store is just a stone’s throw away.

Meanwhile, the Chisun Budget Kanazawa Ekimae, with 392 units, is situated in Kanazawa, known for its historical attractions and traditional landscaped gardens. Guests can easily access popular landmarks such as the Kanazawa Castle, Kenrokuen Garden, and various geisha and samurai districts, which showcase Japan’s rich cultural heritage from the Edo period.

With the addition of these two properties, CLAS has completed investments of over $530 million in the past 12 months. These acquisitions have been made at higher yields compared to CLAS’ divestments, thereby enhancing its overall income distribution to stakeholders.

Some other notable investments made by CLAS in 2024 include the Teriha Ocean Stage, a rental housing property in Fukuoka, as well as the acquisition of the remaining 10% stake in Standard at Columbia, a student accommodation property in the United States. In December, CLAS also completed the acquisition of lyf Funan Singapore.

In the same year, CLAS divested over $500 million worth of properties, resulting in a net gain of about $74 million. This strategic portfolio reconstitution strategy has allowed CLAS to increase the quality of its portfolio and deliver stable returns to its stakeholders, according to Serena Teo, CEO of CLAS’ manager.

“The FY2024 NOI yield of the two hotels is 230 basis points higher than the blended exit yield of approximately 2.0% for the four previous divestments in Japan. By swiftly redeploying divestment proceeds into these higher-yielding assets, we have fully replaced the income from the four divested properties,” she explains.

As of now, CapitaLand Ascott Trust is trading at 90 cents per unit.…

Mapletree Investments has expanded its logistics portfolio by acquiring its first logistics property in the UK and 10 warehouses in Spain for a total of EUR315.1 million ($444.5 million). These acquisitions, encompassing a total of 256,000 sqm, will be included in the group’s upcoming second European logistics-focused fund. This is part of the company’s strategic plan to further strengthen its foothold in the logistics sector and expand its global reach, according to a press release issued on Jan 27.

The fund is slated to be launched once it has achieved a significant size. “Logistics remains an attractive sector which has always seen strong demand from both occupiers and investors. E-commerce continues to thrive and companies are increasingly focused on securing and expanding their supply chains,” explains Ralph van der Beek, CEO of Mapletree’s European commercial and logistics arm.

He adds that the group is optimistic about the stable and recurring returns these assets will bring in the long term. The UK property is situated in Derby Commercial Park, with easy access to major roads such as the M1, A50 and A6. It is also conveniently located near the city centre and the East Midlands Airport. The tenant at the property has just renewed their lease for a long-term period, according to Mapletree.

Meanwhile, the assets in Spain are spread across the first rings of Barcelona, Valencia and Madrid, and are situated in prime logistics hubs with immediate access to the city centres via various modes of transportation. These assets are expected to benefit from third-party logistics providers and manufacturers, who have shown strong commitment to these properties due to their proximity to their production facilities and investments in automation and fit-outs on site.

With these recent acquisitions, Mapletree now has a total of 80 logistics assets in eight different countries.…

Rewritten:

At Sentosa Cove, the luxurious waterfront condo Turquoise has recently listed three duplex penthouses for sale at a price of $23 million. The largest of the three is a five-bedroom, 7,987 square foot unit which is also the largest among the ten penthouses in the 99-year leasehold development.

The five-bedroom penthouse boasts a wine cellar, kitchen, living area, four en suite bedrooms, two utility rooms, and a balcony on the lower level. The upper level features the master bedroom suite, with a private infinity pool, pool deck, and outdoor shower. This unit is being offered at $12 million ($1,502 per square foot).

The second-largest penthouse at Turquoise is a four-bedroom, 3,746 square foot unit listed at $5.99 million ($1,599 per square foot). The upper floor of this penthouse features a large open-air terrace with a built-in jacuzzi and stunning views of Sandy Island and Sentosa’s southern waterfront.

The final penthouse for sale is a three-bedroom, 3,111 square foot unit with a guide price of $5 million ($1,607 per square foot). All three penthouses are located on the sixth floor and feature private lift lobbies, wet and dry kitchens, floor-to-ceiling windows, open balconies, and attached ensuite bathrooms in each bedroom.

Turquoise offers residents a range of amenities, including a gym, barbeque pits, a swimming pool, a steam room, and 21 private berths for residents. Developed by Ho Bee Land, the 99-year leasehold development was completed in 2010 and features 91 units spread across three 6-storey blocks. The typical units are a mix of three and four-bedroom apartments, with sizes ranging from 2,088 to 3,050 square feet. The penthouses range from 3,111 to 7,987 square feet, while the sky villas are 6,900 to 7,987 square feet.

The developer still owns the largest penthouse, which is the current unit on the market for $12 million. According to URA caveats, the second-largest penthouse was purchased by a Korean national for about $9.5 million ($2,545 per square foot) in November 2007, during the initial launch of Turquoise. The three-bedroom penthouse was purchased by an African national for just over $8 million ($2,579 per square foot) in December 2007, also during the initial launch.

According to senior associate VP Michele Cabasug from List Sotheby’s International Realty, foreign buyers initially purchased these waterfront homes for investment and as holiday homes. The current owner of the four-bedroom penthouse has been leasing the unit for the past two years for $18,000 per month, and the current market rental rate for the unit is still $18,000. This means that a new buyer purchasing the unit at $5.99 million will enjoy a gross rental yield of 3.6% if they choose to lease out the unit.

During the initial launch period, the developer sold 39 units at an average price of $2,596 per square foot. After the Global Financial Crisis in 2008, prices at Turquoise have softened, with units changing hands at an average price of $2,471 per square foot between 2008 and 2012. In February 2021, prices hit a new low of $1,165 per square foot when a four-bedroom unit was sold for $2.8 million.

In April of the same year, the developer released its remaining 16 units for sale at promotional discounts ranging from $500,000 to $750,000 per unit and prices ranging from $1,290 to $1,536 per square foot. The developer reported that these were primarily lower-floor units.

In 2020, the average price of units sold at Turquoise was $1,427 per square foot across four recorded resale transactions. According to Cabasug, the two foreign owners at Turquoise are now motivated to sell their properties after holding onto them for nearly 18 years, as they intend to pursue other investment opportunities.

The four-bedroom penthouse owner would lose approximately $3.5 million, or 36.8% below the purchase price, if the unit is sold. Similarly, the three-bedroom penthouse owner would lose around $3 million, or 37.5% below the purchase price. Last year, the average price of units sold at Turquoise was $1,427 per square foot across four recorded resale transactions.

Cabasug notes that the buyer profile at Turquoise has shifted, with more buyers looking to purchase a primary residence rather than a holiday home. When the project first launched, 59% of the 39 buyers were foreign nationals, with Singaporeans accounting for 25.6% of purchases. Since its completion in 2010, 57.4% of transactions at Turquoise have been by Singaporeans, 32.3% by PRs, and only 8.8% by foreign buyers. The last resale transaction was to a company.

Cabasug adds that many potential buyers in the Sentosa market intend to reside in their properties, with some being empty nesters or retirees seeking a slower pace of life, and others young families with drivers to take their children to school. She also notes that the increased prevalence of working from home has improved buyers’ sentiments about purchasing a home in Sentosa, and there are more first-generation PRs or new citizens who are used to a slower pace of living.

Ho Bee Land was a first-mover in Sentosa Cove, developing Turquoise, The Berth by the Cove, The Coast, Seascape, and Cape Royale. The developer also developed the bungalows at Coral Island and Paradise Island, two of the four man-made islands at Sentosa Cove.…

Rewritten:

The Botanic on Lloyd, a freehold condo, has set a new record for the highest psf-price among private non-landed developments for the period between Jan 3 and Jan 11. Its new price peak was achieved through the sale of a 2,056 sq ft, four-bedroom unit for $5.13 million, or $2,493 psf on Jan 7. This surpasses the previous record of $2,339 psf by 6.6% which was set in October last year for a 1,496 sq ft, three-bedroom unit.

Transactions at the 66-unit development have been infrequent over the past decade, with an average of one transaction per year. The last unit to change hands before the October 2024 sale was a 3,584 sq ft, four-bedroom unit which sold for $6.88 million ($1,919 psf) in January 2022. This was also the most expensive unit to be sold at the condo in terms of absolute price.

Completed in 2006, The Botanic on Lloyd is a boutique development consisting of 60 apartments and six townhouses. The units range from three to four bedrooms and are sized between 1,485 sq ft and 3,584 sq ft. The townhouses, which span three storeys and come with five bedrooms and two private parking lots each, range from 4,058 sq ft to 4,446 sq ft.

Another freehold development, The Cape, also achieved a new record psf-price during the period in review. A 1,313 sq ft, three-bedroom unit on the 15th floor was sold for $3 million, or $2,284 psf on Jan 10. This narrowly surpasses the previous record of $2,265 psf set in November 2012 for a 1,539 sq ft, two-bedroom unit on the 16th floor.

The average price of apartments at The Cape has been increasing over the past year with a rise in transactions. In 2023, the condo recorded three resale transactions at an average price of $2,128 psf. In 2023, only one unit was sold – a 646 sq ft, one-bedroom unit which sold for $1.24 million ($1,920 psf).

Located along Amber Road in District 15, The Cape is a freehold development completed in 2014. It consists of one- to three-bedroom units ranging from 570 sq ft to 1,539 sq ft.

Tembusu Grand, an upcoming condo, recorded a new price low of $2,174 psf on Jan 11. The sale of a 1,399 sq ft, three-bedroom unit on the 20th floor for $3.04 million set this new record. This is lower than the previous record of $2,193 psf set in November 2024 for a similar unit on the same floor.

The 638-unit Tembusu Grand is a 99-year leasehold project situated on Jalan Tembusu in District 15. It offers a range of unit types from one to five bedrooms, with sizes ranging from 527 sq ft to 2,691 sq ft. Launched in April 2023, the condo has sold 584 units (91.5%) at an average price of $2,444 psf as of Jan 20. It is expected to obtain its Temporary Occupation Permit in 2028.…

“HDB resale prices maintained their upward trend in the fourth quarter of 2024 with a 2.6% increase, making it the 19th consecutive quarter of positive growth, based on data released by HDB on 24 January. This brings the total price increase for the year to 9.7%. The quarterly increase is slightly lower compared to the 2.7% rise in the previous quarter. According to Mohan Sandrasegeran, Head of Research & Data Analytics at SRI, the strong growth in resale prices in 2024 can be attributed to the limited supply of flats reaching their Minimum Occupation Period (MOP).” Lee Sze Teck, Senior Director of Data Analytics at Huttons Asia, notes that five-room flats recorded the highest growth in resale prices in the fourth quarter of 2024, with an average increase of 2.2% to $754,097. The Central Area saw the largest increase in prices, rising 25.6% compared to the previous quarter. In contrast, transaction volumes dropped by 21.1% quarter-on-quarter, with 6,424 units sold in the fourth quarter of 2024. This could be due to seasonal factors such as the year-end holidays and festive season, as well as the lower interest rate environment enticing some buyers to look at the private residential and Executive Condominium markets. HDB also launched a record 15 Build-to-Order (BTO) projects in October 2024, offering 8,573 flats under the new location-based classification framework. The BTO sales exercise saw the sale of 1,035 flats priced at $1 million or more, with the majority of sales occurring in mature estates. Looking ahead, around 6,976 flats are expected to reach the end of their MOP in 2025, representing a 41.6% decrease compared to 2024, as a result of fewer BTO flats being completed in 2020 during the pandemic. However, HDB has plans to launch over 25,000 new flats in 2025, with 19,600 BTO flats and 5,500 flats under the Sale of Balance Flats (SBF) exercise planned. This aims to address the ongoing demand for housing, particularly for home seekers looking for a shorter waiting time for a new flat. Sandrasegeran forecasts a 3.5% to 5.5% increase in resale prices for 2025, with a resale transaction volume ranging between 26,000 and 27,000. On the other hand, Lee projects a more optimistic price increase of between 5% to 8% for the year.…

A prime residential development site located at Jalan Naung has been put up for sale through an expression of interest (EOI) with a price tag of $8.38 million. The land, which is situated off Upper Serangoon Road in District 19, is zoned for residential use in the URA Master Plan 2019. Spanning a total area of 5,408 sq ft and with a 999-year leasehold, the asking price works out to be $1,550 psf on the land area.

The land is being exclusively marketed by Brilliance Capital, and the firm has stated that the site has the potential to be developed into a detached house, a pair of semi-detached houses, or a strata mixed-landed development, subject to obtaining necessary approvals from the relevant authorities. The site is strategically located within walking distance to the Hougang MRT Station and Hougang Central Bus Interchange, making it extremely convenient for residents to travel around Singapore. It is also within a 10-minute drive to popular lifestyle hubs such as NEX, Hougang Mall and Heartland Mall.

In addition, the site is surrounded by reputable schools including CHIJ Our Lady of the Nativity, Holy Innocents’ Primary School, Montfort Junior School, and Punggol Primary School, all within a 1km radius.

According to Sammi Lim, founder and executive director of Brilliance Capital, the land parcel is owned by a single seller, which helps to streamline the acquisition process and ensures a hassle-free transaction for potential buyers. Lim also anticipates strong interest from a wide range of developers, including boutique firms, larger setups, aspiring developers, and end-users looking to build their dream home.

She also highlights that it is rare for a plot with such versatile development options to be made available for sale in the market, catering to different needs and preferences, including multi-generation development. The EOI exercise for this prime land parcel will close on March 6 at 3pm.…

A residential development site along Jalan Naung, with a total area of 5,408 sq ft and a 999-year leasehold, has been listed for sale through expression of interest (EOI) with an asking price of $8.38 million.The land, which falls under the residential zoning category in URA Master Plan 2019, is situated in a mixed-landed area with a three-storey height restriction. The land is off Upper Serangoon Road in District 19.According to Brilliance Capital, the sole marketing agent for the land, the potential development options for the site include a single detached house, a pair of semi-detached houses, or a strata mixed-landed development, subject to approvals from the relevant authorities. The asking price of $8.38 million translates to $1,550 psf on the land area.The location of the site is highly desirable, with Hougang MRT Station and Hougang Central Bus Interchange within walking distance. NEX, Hougang Mall and Heartland Mall, popular lifestyle hubs, are all just a 10-minute drive away.Schools in the vicinity within a 1km radius include CHIJ Our Lady of the Nativity, Holy Innocents’ Primary School, Montfort Junior School and Punggol Primary School. This makes the site an ideal location for families with young children.Brilliance Capital points out that the vacant plot of land is owned by a single seller, which will streamline the acquisition process and ensure a smooth transaction for potential buyers. Sammi Lim, the founder and executive director of Brilliance Capital, is confident that the site will attract strong interest from a variety of developers, from boutique firms to larger setups, as well as aspiring developers and end-users looking to build their dream home.She says, “It is rare to come across such a versatile land parcel on the market, offering multiple development options to cater to different needs and preferences, including multi-generation development.” The EOI exercise for the land parcel will close on 6th March 2021 at 3pm.…

A prime residential site situated at Jalan Naung has been listed for sale through an expression of interest (EOI) with an asking price of $8.38 million. The attractive plot of land, which spans 5,408 sq ft and holds a 999-year leasehold, is located off Upper Serangoon Road in District 19. As per the URA Master Plan 2019, the site falls under the residential zoning within a three-storey mixed-landed area. The asking price translates to approximately $1,550 per square foot (psf) based on the land’s area.

According to Brilliance Capital, the sole marketing agent for the property, the land has the potential to be developed into a detached house, a pair of semi-detached houses, or a strata mixed-landed development, subject to obtaining the necessary approvals from the relevant authorities. The site is conveniently situated within walking distance of Hougang MRT Station and Hougang Central Bus Interchange. Moreover, the vicinity also offers various lifestyle hubs such as NEX, Hougang Mall, and Heartland Mall, all within a 10-minute drive.

For families with school-going children, the location is ideal as it falls within a 1 km radius of CHIJ Our Lady of the Nativity, Holy Innocents’ Primary School, Montfort Junior School, and Punggol Primary School.

Brilliance Capital expects a strong response from developers, ranging from boutique firms to larger corporations, as well as aspiring developers and end-users looking to build their dream home. The founder and executive director of Brilliance Capital, Sammi Lim, stated, “It is a rare opportunity for such a desirable piece of land to be available for sale, particularly one that offers various development options to cater to different preferences and needs, including multi-generational living.”

The property is owned by a single seller, which streamlines the acquisition process and ensures a hassle-free transaction for potential buyers. The EOI exercise for the land parcel will close on March 6 at 3pm. Interested parties are urged to submit their bids before the deadline.…

Expressions of interest (EOI) are currently being accepted for the sale of a desirable residential development site at Jalan Naung. The property, listed at $8.38 million, boasts a prime location and potential for various development options.

This 999-year leasehold land parcel, spanning 5,408 sq ft, is located in District 19 and falls under the residential use category in the Urban Redevelopment Authority (URA) Master Plan 2019. The strategic location off Upper Serangoon Road, within a three-storey mixed-landed area, makes it an attractive investment opportunity.

Brilliance Capital, the sole marketing agent for the land, reports that the property can potentially be developed into a detached house, a pair of semi-detached houses, or a strata mixed-landed development, subject to relevant authorities’ approval. The asking price of $1,550 psf on the land area is considered competitive in the current market.

The site’s enviable location adds to its appeal, as it is a short walking distance from the Hougang MRT Station and the Hougang Central Bus Interchange. Popular lifestyle hubs such as NEX, Hougang Mall, and Heartland Mall are also within a convenient 10-minute drive.

Families with children will appreciate the proximity to reputable schools, with CHIJ Our Lady of the Nativity, Holy Innocents’ Primary School, Montfort Junior School, and Punggol Primary School all within a 1km radius.

According to Brilliance Capital’s founder and executive director, Sammi Lim, the land is privately owned by a single seller, making the acquisition process smooth and hassle-free for potential buyers. Lim expects strong interest from a diverse range of developers, including boutique firms, larger setups, and aspiring developers, as well as end-users looking to build their dream home.

This rare opportunity in the market, which offers various development options to cater to different needs and preferences, including multi-generation living, is expected to generate significant interest. The EOI exercise for the land parcel is set to close on March 6th at 3 pm. Interested parties are encouraged to submit their bids before the deadline.…

Radisson Collection, a renowned luxury hotel brand operating under the Radisson Hotel Group, has recently made its debut in the Southeast Asia and Pacific region with the opening of a stunning seafront property in Galle, Sri Lanka. This 106-key resort, known as the Radisson Collection Resort, Galle, is the fourth property of the group in Sri Lanka.

Boasting 76 guest rooms and suites, all offering breathtaking views of the ocean, the Radisson Collection Resort, Galle provides its guests with an unparalleled experience. The hotel features a variety of amenities, including a refreshing beachfront pool, a kids’ club offering 24-hour nanny services, and several dining options such as the Asian-Japanese fusion restaurant Ozen and the seafood restaurant Catch. The Taboo Beach Club, an entertainment area located by the beach, offers sun loungers and daybeds with bottle service.

Located on the southwest coast of Sri Lanka, Galle has long been a popular tourist destination. The city’s main attraction is the magnificent Galle Fort, a 17th-century fortress declared a Unesco World Heritage site. Visitors can also explore the city’s rich heritage by visiting historic temples and colonial structures, or get up close to nature at wildlife centres like the sea turtle hatchery.

In addition to this exciting opening, Teardrop Hotels’, a Sri Lankan hotelier, has recently launched luxury villa rentals in Galle, providing tourists with yet another option for luxurious accommodation in this charming city. With the recent expansion of the Radisson Hotel Group’s portfolio in China and India, it is clear that the group is committed to providing exceptional hospitality experiences to travelers all over the world.…