RC411 Condo

The retail podium of Frasers Property Singapore’s mixed-use development, Sky Eden@Bedok, is now available for sale via an expression of interest (EOI) exercise with an asking price of $45.2 million. Located in Bedok Central, the 12 strata retail units occupy a combined area of 11,193 sq ft, translating to a guide price of $4,038 psf.

Potential buyers have the option to purchase the units collectively as a portfolio, individually, or in clusters, according to marketing agent CBRE. The units range in size from 398 sq ft to 1,313 sq ft, with prices starting from $1.91 million to $5.55 million. All units have been approved for F&B use.

Sky Eden@Bedok, currently under construction, is a 99-year leasehold development with 158 residential units across two 16-storey towers situated on a retail podium. It is conveniently located a short walk from the Bedok Integrated Transport Hub, which includes Bedok MRT Station and a bus interchange linked to Bedok Mall.

Launched in September 2022, Sky Eden@Bedok was the first private residential launch in Bedok Town Centre in a decade. All residential units have since been snapped up. The development is slated to receive its temporary occupation permit in the fourth quarter of 2025.

Michael Tay, CBRE’s head of capital markets for Singapore, highlights that the retail units at Sky Eden@Bedok are the first private commercial properties available for sale in the highly sought after Bedok Town Centre. He also believes that the reasonable price point will appeal to a diverse range of investors, such as boutique real estate funds, family offices, high net worth individuals, and F&B owner-occupiers looking to establish their presence in this tightly held residential enclave.

Interested parties can submit their offers for the retail podium until April 3 at 3pm. To stay updated on the latest listings for Sky Eden@Bedok properties, visit Ask Buddy. The site also features 2-bedroom floor plans, the site plan and diagrammatic chart, recent TOP projects, and the total number of units in Sky Eden@Bedok.…

The Home Improvement Programme (HIP) has selected 29,000 HDB flats for its latest round of upgrading. The Housing and Development Board (HDB) announced in a press release on February 16 that a budget of $407 million has been set aside for these works.

Located in various areas such as Bedok, Bukit Batok, Bukit Merah, Bukit Panjang, Chua Chu Kang, Hougang, Jurong West, Pasir Ris, Queenstown, Sengkang, Tampines, Toa Payoh and Woodlands, these selected flats will undergo essential improvements to address common maintenance issues that occur due to wear and tear in older flats. Minister for National Development Desmond Lee stated that since the introduction of HIP in 2007, 494,000 flats, which is equivalent to nine in 10 eligible flats, have been chosen for the programme. Among these, around 381,000 flats have already undergone upgrades.

The HIP programme aims to ensure the basic safety needs of residents by repairing spalling concrete and fixing ceiling leakages caused by wear and tear. The costs of these essential improvements are fully borne by the government for Singapore citizen households. Optional upgrades, like improvements to bathrooms and toilets, a new entrance door and grille gate, and a new refuse chute hopper, are also available. These are subsidised by the government, and Singapore citizen households may have to pay as low as 5% of the cost, depending on their flat type.

In addition to HIP, the Enhancement for Active Seniors (Ease) programme has been offered since 2012. Under Ease, flat owners can opt to install senior-friendly fittings, such as grab bars, ramps, and slip-resistant tiles for toilets and bathrooms. The government covers up to 95% of the costs for Singapore citizen households.

According to HDB, approximately $4 billion has been allocated for HIP since its launch, and around $150 million for Ease as of March 31, 2014. Interested buyers and sellers can check out the latest listings for HDB properties and review past sale and rental transactions. They can also compare HDB loans and bank loans and track the price trends of HDBs, condos, and landed properties.…

Clemence Lee, CBRE’s executive director of capital markets, is currently marketing a strata-titled unit at Bukit Timah Plaza mall with an asking price of $9.8 million ($2,890 psf). This reflects a 12% discount from the previous listing price of $11 million in 3Q2022.

Situated in the basement two of the mall, the 3,391 sq ft unit is approved for restaurant use and has a 20m frontage facing the central plaza. Lee mentions that the unit is already fully leased and will be sold within the existing tenancy. It comes with a 99-year lease from 1976, giving it a remaining lease of 50 years.

The pricing for this unit is in line with the last two transactions for units in the same basement two area: A 441 sq ft unit sold for $1.43 million ($3,240 psf) in March 2024 and an 850 sq ft unit sold for $2.5 million ($2,940 psf), based on caveats lodged.

Bukit Timah Plaza, a mixed-use development completed in 1979, comprises a four-storey retail mall and two apartment blocks with 269 residential units at Sherwood Towers. It is known to be one of the most popular malls in Bukit Timah, with one of the largest Fairprice Finest supermarkets in Singapore, covering an impressive 44,000 sq ft, according to CBRE.

The mall is conveniently located within walking distance of Beauty World MRT Station and King Albert Park MRT Station on the Downtown Line. It is also surrounded by many private residential developments, with an estimated population of about 37,000.

Additionally, the mall is in close proximity to several reputable educational institutions, including the Singapore Institute of Technology (SIT), Singapore Institute of Management (SIM), Ngee Ann Polytechnic, Methodist Girls’ School, and Pei Hwa Presbyterian Primary School.

The area around Bukit Timah Plaza is currently undergoing a rejuvenation, with many new mixed-use, integrated developments in the works. These include the upcoming The Reserve Residences and the redevelopment of the former Bukit Timah Market and Food Centre, set to be completed by late 2029.

Interested buyers can express their interest in this unit starting from March 19. Don’t miss out on the chance to own a premium property in Bukit Timah Plaza and Sherwood Towers. Check out the latest listings for these properties today.…

A pair of adjacent strata retail units at Peninsula Plaza, with a combined area of 1,119 sq ft, are currently on the market for $10.9 million. These 999-year leasehold units, located on the ground floor, boast a strategic position on North Bridge Road, offering high visibility and accessibility. The asking price of $10.9 million translates to $9,741 psf based on the strata area, making it an attractive investment opportunity. The two units are currently tenanted until 2026, providing investors with a 3% gross rental yield at the guide price of $10.9 million.Savills Singapore associate director of investment sales & capital markets, Nick Chan, who is managing the sale on a private treaty basis, notes that these units have arguably the best street frontage within the development and benefit from consistent footfall.The last transaction of a ground-floor retail unit in the building took place in August 2022, with a 452 sq ft unit fetching $4.08 million ($9,025 psf) according to the lodged caveat.Peninsula Plaza, built in 1980, is a 999-year, 30-storey mixed-use commercial building comprising a six-storey retail podium and a 24-storey office tower. It boasts a prime location on North Bridge Road, Coleman Street and Coleman Lane, and has a covered link to the City Hall MRT Interchange Station, making it easily accessible for commuters.Since the Urban Redevelopment Authority (URA) announced restrictions on strata subdivision of commercial properties in the CBD and Orchard corridors in March 2022, Savills’ Chan notes a growing demand for strata-titled units with 999-year and freehold tenure. Take a look at our latest listings for properties in Peninsula Plaza for more information.…

Brand New Land’s team had a clear vision of incorporating Good Class Bungalow (GCB) elements into luxurious semi-detached homes. To bring this vision to life, they turned to Pau Loh, the managing director of Tellus Design and a well-established name in the GCB design scene. With a relationship spanning over 30 years, together they created a collection of 4 semi-detached homes in Bukit Timah and Upper Bukit Timah, each incorporating thoughtful elements from the best GCB practices.

These semi-detached homes, located at 23 & 23A Maple Avenue and 25 & 25A Jalan Selanting, bear the affectionate name of “The Great Trees Collection”. Ranging in land size from 2,790 to 3,130 sq ft, each home comes fully equipped with a lift, swimming pool, and gourmet kitchen provisions. Staying true to Brand New Land’s philosophy of delivering value to their clients, prices for these homes are set within the bank valuation range, leaving room for potential upside for buyers.

GCB Design Elements

One of the key GCB design elements incorporated into these semi-detached homes is the use of dedicated zones. Inspired by large bungalow homes, each of these homes has separate areas for receiving guests, dining, gourmet cooking, and entertainment. This allows for intimate gatherings and private moments within the same roof.

The entrance area at 23 Maple Avenue offers a view of the pool and greenery, while 25 Jalan Selanting has private corners perfect for intimate conversations. The second-floor view from 23 Maple Avenue seamlessly connects with the first floor, while still maintaining the privacy of separate living zones. The Sky Terrace at 25 Jalan Selanting serves as an entertainment zone offering a magnificent view of the Bukit Timah Nature Reserve.

Ceremonial Entrances

The experience of coming home and stepping into your own space is something that Brand New Land holds dear. To bring this special experience to their community, each semi-detached home has a ceremonial entrance framed by lush greenery, the soothing sounds and reflection of water, and warm and rich façade materials. This design element celebrates the transition from the outside world to the comfort of home.

Luxe Architecture, Rich Materials

Taking inspiration from Loh’s signature style, the homes have wide overhanging eaves and deep recesses to create shelter and cool the interiors. The use of horizontal design elements, such as the wraparound golden sand façade treatment and horizontal planters, adds to the spacious and luxurious aesthetic.

The wraparound golden sand façade treatment at 25 Jalan Selanting serves as the anchor for the timber-effect screens, creating an artistic play of shadows. The generous use of nature-inspired cladding elements at 23 Maple Avenue adds a touch of quiet luxury. Inside, the homes are adorned with rich timber grain, precious marble, and German bath fittings, creating an environment of understated luxury.

Collaboration with Arclinea Singapore

Brand New Land has partnered with luxury kitchen specialist Arclinea Singapore to create gourmet kitchen experiences in these homes. Both brands share the common goal of inspiring everyday connections in extraordinary kitchen spaces. With a predominantly GCB clientele, Arclinea brings a special touch to the kitchens of 25 Jalan Selanting and 23 & 23A Maple Avenue.

“Our vision for this collection is to bring the best GCB design principles into our semi-detached homes,” says Alvina Teh, Co-Founder and Director of Brand New Land Group. “We are fortunate to have Pau Loh, a skilled and experienced architect, working with us to make this vision a reality. We are excited for the future possibilities that these homes will bring to the lives of those who live in them.”

To view these homes, please contact 8893 7602. For more information and updates on upcoming launches, visit www.brandnewland.com.sg and follow Brand New Land on Instagram (@brandnewlandgroup), Facebook (@brandnewlandgroup), YouTube, and LinkedIn. If you are interested in working with the group or have land that can be redeveloped, please email comehome@brandnewland.com.sg.

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Opportunity to purchase a rare, freehold retro bungalow on Gilstead Road for $16.99 million. Bioskin CEO Mathilda Koh acquires a bungalow on Cove Drive for $14.155 million. A rise in private home ownership among individuals under 35 years old.…

A highly sought-after 99-year leasehold HDB shophouse in the bustling area of 214 Serangoon Avenue 4 will be available for auction at SRI’s upcoming auction on 26 February. The two-storey shophouse features living quarters on the second floor and has a total floor area of about 1,668 sq ft. It has been listed with a guide price of $1.98 million, which translates to approximately $1,187 psf on the floor area.

This is the second time that this property will be auctioned by SRI, with the previous attempt having a higher guide price of $2.08 million, but no buyers were found. According to Jansen Kee, assistant manager of auctions at SRI, the shophouse enjoys a prime location in front of a bus stop, providing it with excellent visibility from the road.

The current shophouse is currently tenanted and is generating an estimated gross rental yield of 6.2%, based on the guide price, according to Kee. He further explains that the unit will be sold together with its existing lease, which is set to expire in 2026. This means that the new owner will immediately earn a steady stream of rental income after the purchase.

Kee notes that the listed guide price for this HDB shophouse is one of the lowest for this type of property in the area, making it an attractive value proposition for both investors and owner-occupiers.Through URA records, the most recent commercial shophouse transaction in Serangoon was a 999-year leasehold shophouse situated along Lichfield Road. The property, which comprises of two storeys and spans a land area of 2,319 sq ft, was sold for $4 million ($1,725 psf) last month.

The auctioned shophouse is located within a cluster of HDB flats near the Serangoon Gardens landed residential estate and directly across the road from the Serangoon Swimming Complex and Serangoon Sports Centre. This provides the area with a constant flow of foot traffic. Car park lots are available behind the shophouse. Those interested can also compare the prices and rental yields of other properties in the Serangoon Garden Estate area using the Ask Buddy feature on 99.co.…

A luxurious, four-bedroom duplex apartment at the prestigious freehold condo, 3 Orchard By-The-Park, has been put up for sale through an expression of interest exercise (EOI). The unit, which boasts an impressive 3,800 sq ft of living space, comes with a guide price of $15.8 million. Marketing agent Huttons Asia has revealed that the per square foot (psf) price works out to approximately $4,158.

This unit features a generous ceiling height of 4m, and a private lift for added convenience. Three of the four bedrooms also come with ensuite bathrooms, providing utmost comfort and privacy for its residents. The unit underwent a significant renovation three years ago, with a whopping $700,000 spent on the revamp, according to Huttons.

3 Orchard By-The-Park, located on Orchard Boulevard, was completed in 2017. The development, designed by renowned Italian architect Antonio Citterio, comprises three 25-storey towers and a total of 77 units. These range from two to four-bedroom units, spanning from 1,066 sq ft to 3,800 sq ft, as well as luxurious penthouses of 6,555 sq ft to 6,900 sq ft.

Residents at 3 Orchard By-The-Park can enjoy the convenience of being near Orchard Road, Singapore’s premier shopping destination. Families with young children will appreciate the proximity to top schools such as Anglo-Chinese School (Junior), Anglo-Chinese School (Primary), ISS International School (Elementary & Middle school Campus), and Singapore Chinese Girls’ School (Primary). The upcoming Orchard Boulevard MRT Station (Thomson-East Coast Line) is also a short walk away.

Recent transactions at 3 Orchard By-The-Park show a strong demand for the development, with units selling at an average price of $3,850 to $4,100 psf. The EOI for this exclusive unit will close on March 5 at 4pm. For more information and to view the latest listings for 3 Orchard By-the-park, visit EdgeProp Buddy. You can also compare the price trend of new sale condos versus resale condos, and check the rental yield for the development.…

The shophouse market has remained quiet in 2024, with only 84 caveated transactions, according to Huttons Asia. In their latest quarterly research report, the agency states that this number is below the average of 200 deals per year between 1995 and 2023.

“While many buyers did not submit caveats, the number of shophouse deals in 2024 is likely the lowest since 1998,” says Lee Sze Teck, senior director of data analytics at Huttons Asia.

In terms of volume and value, the 84 caveated transactions in 2024 had a total worth of $683.6 million, marking a decline of 38.9% from the $1.1 billion recorded in the previous year. However, Lee notes that there were also significant shophouse transactions that were not caveated in 2024, including properties on Amoy Street, Neil Road, North Bridge Road, and Telok Ayer Street estimated to have sold for over $200 million.

The largest shophouse transaction in 2024 was the sale of The Rail Mall by Paragon REIT for $78.5 million in June. This set a new record for the highest shophouse deal, surpassing the $74.8 million paid for a row of shophouses along Jalan Sultan in March 2022, according to Lee.

The Rail Mall shophouses were valued at $62 million in December 2023, resulting in an estimated gain of $16.5 million for the seller, he adds.

While most shophouse deals in 2024 were for smaller quantums, with over half of the caveated deals falling between $5 million and $15 million, almost half of the transactions took place in District 8. Lee attributes this to the area’s desirable location on the fringe of the city and lower prices compared to Districts 1 and 2.

At the same time, shophouse rents across the island fell for the second consecutive quarter, dropping 2.6% quarter-on-quarter to $6.47 psf per month in the fourth quarter of 2024. However, for the entire year, shophouse rents were up by 1.7%.

In conclusion, the shophouse market has remained relatively subdued in 2024, with the number of caveated transactions below the yearly average and rental rates experiencing a decline. Nevertheless, the sale of The Rail Mall has set a new record for the biggest shophouse deal, and the attractive location of District 8 continues to draw buyers to the area.…

CBRE’s report on the Singapore market outlook for 2025 highlights the potential for divergent outcomes in the real estate market due to an uncertain macroeconomic outlook. While easing inflation and interest rates may provide some relief, slowing economic growth could dampen property demand. The Ministry of Trade and Industry is projecting a 1-3% GDP growth for 2025, down from the 4% growth in 2024.

CBRE’s managing director, Moray Armstrong, notes that various factors such as geopolitical tensions, a new US administration with a nationalistic economic agenda, and the upcoming release of the URA Master Plan 2025 could potentially impact the market. However, despite these uncertainties, opportunities remain for those who can capitalize on emerging trends.

CBRE’s head of research for Singapore and Southeast Asia, Tricia Song, remains optimistic about the property market, with limited new supply and stable demand supporting its stability and resilience. She predicts that the market will continue to be popular with investors.

The recent surge in developer sales volume, which saw a threefold increase in the last quarter of 2024, is expected to sustain momentum into 2025 due to improved buying sentiment. CBRE anticipates a potential launch of 12,000 to 14,000 new units this year, almost double the number launched in 2024. This is projected to result in 7,000 to 8,000 units being sold in 2025, supporting price growth of 3-6% and rental rate growth of 1-3%.

In the office market, the uncertain economic outlook and hybrid work arrangements are expected to dampen leasing volumes. However, limited new supply over the next three years is projected to keep vacancy rates low. CBRE predicts rental growth of 2% for 2025, in line with GDP projections. The limited new supply in the retail market is also expected to support rental growth of 2-3%.

The industrial sector saw subdued expansion demand in 2024 due to cost pressures and supply chain disruptions. However, a bumper supply of 5 million sq ft of warehouse space is expected to be completed in 2025, with at least 60% already pre-committed. CBRE predicts flat rental rates for prime logistics properties in 2025.

The real estate investment volume in Singapore is expected to continue growing in 2025, although at a slower pace. Investor sentiment and appetite are bolstered by the recent interest rate cuts, according to CBRE’s latest Asia Pacific Investor Intentions Survey. The majority of investors expect to purchase the same or more in 2025 compared to 2024, with the industrial and logistics sector remaining the most preferred. However, ongoing uncertainties could lead investors to be more selective in their investments, with a 10% y-o-y growth projected for 2025.…

The sale of the three-bedroom unit at Palm Spring on Jan 20 was the most profitable resale transaction during the period of Jan 14 to 28. According to records, the unit, which measures 1,884 sq ft and is located on the fourth floor, was sold for $4.4 million, achieving a per square foot price of $2,336. The previous owner had purchased the unit back in August 2005 for $1.21 million, which translates to a price per square foot of $642. This means that the seller made a profit of $3.19 million, a significant 264% increase from the purchase price. When calculated on an annualised basis, this translates to a profit of 6.8% over the nearly 20-year period. This resale transaction has also set a new record at Palm Spring for the most profitable sale to date, surpassing the previous record of $2.56 million (185%) set in April 2023 when a 1,970 sq ft unit on the first floor was sold for $3.94 million ($2,000 psf). This unit was originally purchased for $1.38 million ($701 psf) in January 2003.EdgeProp Singapore – a website that provides information on Singapore’s property market – has recorded a consistent increase in prices at Palm Spring over the past 20 years. In January 2021, the average transacted price was approximately $2,342 psf, a considerable increase from $1,439 psf in January 2015. The average price was even lower at $973 psf back in January 2005. Last year, two units at Palm Spring were sold – a 947 sq ft unit for $2.19 million ($2,312 psf) in September and a 1,496 sq ft unit for $3.36 million ($2,246 psf) in October. These transactions resulted in profits of $990,000 and $2.24 million, respectively.Palm Spring is a freehold condominium located on Ewe Boon Road in prime District 10. It was completed in 1997 and is currently 28 years old. The condo boasts a prime location, being close to both Stevens MRT Interchange on the Downtown (DTL) and Thomson-East Coast Lines, as well as Newton MRT Interchange on the North-South Line and DTL. Another plus point is its freehold tenure, which many consider to be a premium in Singapore’s property market.In comparison, the second most profitable resale transaction during this period was the sale of a four-bedroom unit at Orchard Bel Air, which made a profit of $3 million (182%) when it was sold on Jan 15 for $4.65 million ($1,440 psf). The 3,229 sq ft unit is situated on the 12th floor and was purchased back in May 2001 for $1.65 million ($511 psf). This translates to an annualised profit of 4.5% over a period of almost 24 years.Orchard Bel Air is a 99-year leasehold condo on Orchard Boulevard in prime District 10. Completed in 1984, the condo has approximately 54 years left on its land tenure. Next to Orchard Bel Air is a government land sale (GLS) site on Orchard Boulevard that was awarded to UOL-SingLand last February with a winning bid of $428.28 million, a land rate of $1,617 psf per plot ratio. Orchard Bel Air holds the record for the most profitable transaction in its vicinity, with the sale of a 6,512 sq ft penthouse unit on the 25th floor that brought in $8.3 million ($1,275 psf) when it was sold in January 2013. This unit was originally bought for $3.83 million ($588 psf) in March 2006, giving its seller an impressive profit of $4.47 million.Over the past 24 years, Orchard Bel Air has seen a steady increase in prices, with an average transacted price of $3,043 psf. In comparison, its neighbouring 99-year leasehold condo, Cuscaden Reserve, commands an average price of $3,043 psf.Marina Bay Suites was the site of the most unprofitable transaction over the period of Jan 14 to 28. On Jan 24, the seller of a 1,625 sq ft unit on the 58th floor incurred a loss of $1.15 million (27%) when it was sold for $3.1 million ($1,907 psf). The previous transaction occurred in May 2012, when the unit was sold for $4.25 million ($2,614 psf). This means that the seller experienced an annualised loss of 27% over nearly 13 years. This deal is the latest in a series of unprofitable transactions at Marina Bay Suites, with 14 consecutive loss-making deals recorded in the past nine months. The losses from these deals range from $40,000 to $2.5 million. Marina Bay Suites is a 99-year leasehold condo that is part of the larger Marina Bay Financial Centre mixed-use development at Central Boulevard and Marina Boulevard. The 221-unit Marina Bay Suites comprises a 66-storey residential tower with a mix of three- and four-bedroom units. The average selling price at Marina Bay Suites has decreased from $2,502 psf in January 2015 to $1,921 psf as of January. In comparison, other nearby 99-year leasehold condos, such as The Sail @ Marina Bay ($2,047 psf), Marina Bay Residences ($2,242 psf), Marina One ($2,103 psf) and V on Shenton ($2,027 psf), command higher resale prices.This concludes the summary of the most profitable and unprofitable resale transactions over the period of Jan 14 to 28.…