Month: December 2024

In the upcoming year, three new executive condos (ECs) are scheduled to be launched, with Sim Lian Group’s Aurelle of Tampines leading the way. The development, which consists of 760 units, will be located at Tampines Street 62 and is expected to launch in the first quarter of 2025, most likely after the Lunar New Year. This launch follows the success of the Emerald of Katong, a 846-unit development which is now over 99% sold.

In late 2023, the Sim Lian Group acquired the site at Tampines Street 62 (Parcel B) for $543.28 million, equivalent to $721 psf per plot ratio (psf ppr) through a government land sales (GLS) tender. Due to the increasing construction costs and the harmonization of the gross floor area (GFA) definitions, PropNex CEO Ismail Gafoor believes that Aurelle at Tampines could set a new price benchmark and potentially exceed the $1,600 psf threshold. This forecast is based on the success of Novo Place EC, which was launched in November and achieved an average price of $1,656 psf.

In addition to Aurelle, the Tenet EC, a 618-unit development situated at Tampines Street 62 (Parcel A), will also be launched in the upcoming year. Developed through a joint venture between Qingjian Realty, Santarli Realty, and Heeton Holdings, Tenet has sold 617 units at an average price of $1,384 psf since its launch in December 2022. The site for Tenet, which was acquired by the developers in August 2021 for $442 million ($659 psf ppr), set a record-high psf ppr price for an EC then. It’s worth noting that Tenet was launched before the implementation of the GFA harmonization rule, which applies to GLS sites launched for sale after September 1, 2022.

The strong demand for homes in Tampines and the surrounding estates has given Sim Lian Group the confidence to secure another EC site at Tampines Street 95. In early November, the developer placed the highest bid of $465 million ($768 psf ppr) at the conclusion of the tender in October. This bid set a new record for EC land prices. The planned EC project at Tampines Street 95 is expected to add 560 units, further boosting the supply of ECs in the area. Sim Lian Group has a strong track record of developments in the eastern part of the island.

Apart from the Emerald of Katong and the upcoming EC projects in Tampines, the group has also completed Treasure at Tampines, Singapore’s largest private condominium with 2,203 units, in 2023. Located at Tampines Street 11, Treasure at Tampines is a redevelopment of the former privatised HUDC estate Tampines Court, which Sim Lian purchased for $970 million in 2017. As of December 19, a total of 468 sub-sale and resale transactions have been recorded. Over the past three years, secondary market prices have averaged $1,699 psf and have increased by 25.3% over the average launch price.

Another EC project set to be launched in 2025 is the 560-unit development at Plantation Close in Tengah Town, developed by a joint venture between Hoi Hup Realty and Sunway Developments. These developers are the same ones behind Novo Place EC. During the mid-November launch, Novo Place sold 57% of its units over the opening weekend. In the second round of balloting for second-timers (buyers who had previously purchased a subsidized new or resale HDB flat), 137 more units were taken up, bringing the total sales to 444 units, or 88.1% of the project as of December 16, 2024. With an average price of $1,656 psf, Novo Place set a new benchmark for EC prices. Gafoor of PropNex attributes the “slightly elevated average pricing” at Novo Place to the fact that 80% of buyers opted for the deferred payment scheme, which carries a premium of 3% compared to the normal payment scheme.

Condo investment provides numerous benefits, including the potential to leverage the property’s value for further investments. Some investors utilize their condos as collateral to secure additional financing and expand their real estate portfolio. This approach, while potentially lucrative, also carries risks. As such, it is important to have a solid financial plan in place and to carefully consider the impact of market fluctuations. Additionally, with the introduction of new condo launches, there may be even more opportunities for investors to leverage their properties and diversify their portfolio. However, it is essential to thoroughly research and assess these launches to ensure they align with your overall investment strategy.

Despite the higher benchmark price, Novo Place performed well due to several factors, notes Gafoor. These include the dwindling inventory of unsold EC units and the favorable location of the project. Situated at Plantation Close in Tengah, Novo Place benefits from proximity to the upcoming Tengah Park MRT and Bukit Batok West MRT Stations on the Jurong Region Line, which are expected to be completed by 2029.

Based on caveats lodged on URA Realis, some of the transactions at Novo Place EC have crossed the $1,700 psf threshold. In 2024, Gafoor notes that the three upcoming EC projects (Aurelle of Tampines, the Plantation Close EC, and the Jalan Loyang Besar EC) will collectively add 2,030 units to the market. This represents a doubling in new supply compared to the 1,016 units launched in 2024.

The Lumina Grand, a 512-unit EC situated at Bukit Batok West Avenue 5 and developed by City Developments (CDL), was the first EC launched in 2024. On its launch weekend, 53% of the units were taken up, and as of December 17, 444 units (87%) had been taken up, with an average price of $1,511 psf achieved. Gafoor concludes by saying that ECs, which are a hybrid of public and private housing, remain highly sought after by first-time homebuyers and HDB upgraders, as they are still more affordable than private new launches. In 2024, the median price for new non-landed, 99-year leasehold private homes in the Outside Central Region (OCR) is $2,203 psf (as of December 8, 2024). Based on caveats lodged during the same period, this represents a 44% premium over new EC launch prices.

Overall, with the launch of three new EC projects in the upcoming year, the supply of ECs is set to double in 2025, which in turn is expected to meet the pent-up demand in the market, especially in areas where ECs have not been launched in the past decade, such as Pasir Ris.…

to make biggest gains in 2024Less profitable Sentosa Cove deals affected by smaller capital gains and higher asking prices

Major profits were seen from resale transactions at Ardmore Park, a luxurious condominium located in the Ardmore-Draycott enclave found within the prestigious District 10. As 2024 comes to a close, it has been identified that the freehold development holds the top, second and fourth most profitable deals based on caveats lodged with the Urban Redevelopment Authority (URA) as of 17th December.

The highest profit was achieved by the sale of a 2,885 square foot, four-bedroom unit on the 26th floor of Ardmore Park on the 16th February, where it was sold at $12.9 million, or $4,472 per square foot. This unit was initially purchased from the developer at $5.83 million, translating to a profit of $7.07 million and a 121% gain after 27.5 years of ownership.

The second-largest gain occurred on 24th July when a four-bedroom unit measuring 2,885 square feet on the 18th floor was sold for $12 million, equal to $4,160 per square foot. The seller who originally purchased the unit for $5.2 million in 2000, sold it at a profit of $6.8 million, equivalent to a capital gain of 131% after owning the unit for 23.5 years.

On 22nd April, Ardmore Park saw another 2,885 square foot unit being sold for $12.5 million, or $4,333 per square foot. The previous owner had purchased the unit for $6 million in February 2007 resulting in a profit of $6.5 million or 108% after 17 years of ownership.

Ardmore Park, a freehold condominium with 330 units, has been consistently registering significant gains in recent years. In 2024, three other 2,885 square feet four-bedroom units were sold at the development with the sellers making a profit of $2.65 million, $3 million and $3.05 million respectively. Last year, the condo saw four resale transactions with profits ranging from $2.8 million to $8.16 million.

Aside from Ardmore Park, other mature freehold condos in District 10 also made up a good portion of the top profitable deals this year. Beverly Hill, an 86-unit boutique condo on Grange Road, which was completed in 1983, completed its fifth most profitable resale transaction of a four-bedroom unit with a floor area of 3,778 square feet on the fifth floor for $9.15 million, or $2,422 per square foot on 15th July. The seller made a profit of $5.47 million, or 149%.

Other freehold District 10 condos that rounded up the top profitable deals include Astrid Meadows, a 208-unit condo on Coronation Road West, Regency Park, a 292-unit residential development on Nathan Road, Fontana Heights, a 52-unit condo on Mount Sinai Rise and Wing On Life Garden, an 81-unit development on Bukit Timah Road. These developments which were completed between 1982 and 1990 were all over 30 years old.

Two of the top 10 gains were accounted for by older freehold District 9 condos. The third-highest profit was achieved by the sale of a 3,434 square foot, four-bedroom unit at Yong An Park, situated on River Valley Road. The unit was successfully sold for $8.6 million, or $2,505 per square foot on 12th August, resulting in the seller making a profit of $6.72 million. On 9th January, another sale by the seller saw a 3,057 square foot unit at The Ritz-Carlton Residences Singapore Cairnhill being sold at $16.5 million or $5,397 per square foot, amounting to a profit of $4.89 million.

One of the major benefits of purchasing a condominium in Singapore is the opportunity for considerable capital growth. Due to its prime location as a global business center and strong economic stability, Singapore’s real estate market experiences consistent demand. This has resulted in a continuous rise in property prices, particularly for condos in sought-after areas. Those who make well-timed investments and hold onto their properties for extended periods can reap substantial gains in capital. With the addition of Singapore Projects, the potential for capital appreciation in the city-state only continues to grow.

Sentosa Cove condos make up the majority of the least profitable deals this year, with the sale of a five-bedroom duplex penthouse with a floor area of 3,789 square feet at Marina Collection being the most unprofitable deal this year. On 22nd July, the unit was sold at $6.7 million, or $1,768 per square foot. The seller originally purchased the unit in March 2010 at $9.39 million, incurring a loss of $2.69 million, or 29%.

On 14th August, Seascape, another residential development at Cove Way saw the second-biggest loss this year when the seller of a 2,680 square foot, four-bedroom unit on the 6th floor sold it for $4.5 million or $1,679 per square foot. The seller had purchased the unit for $7.03 million in October 2010, incurring a loss of $2.53 million, or 36%.…

The ultra-wealthy have been dominating the exclusive market of Good Class Bungalows (GCBs) this year, with a significant increase in transactions compared to 2023, according to Han Huan Mei, director of research at List Sotheby’s International Realty.

As of December 20th, the URA Realis records show 22 GCB deals worth $612.05 million. Additionally, another 13 transactions, amounting to over $700 million, were completed this year without being officially recorded, as buyers preferred to remain anonymous. This brings the total estimated value of 35 GCB deals in 2024 to approximately $1.32 billion, surpassing the previous record of $1.186 billion set in 2022.

Comparatively, 2023 saw only 18 GCB transactions, worth $432.5 million – the lowest number of deals recorded since URA Realis began tracking data in January 1995.

“The additional deals in 2024 demonstrate the high level of activity in the GCB market, which goes beyond official transaction data,” says Han. “It also reinforces the status of GCBs as a highly coveted asset that is constantly sought after by ultra-high-net-worth buyers.”

Top deals in GCB market

The highest-priced GCB deal this year was the sale of a property at Tanglin Hill for $93.888 million. The freehold site boasts an area of 15,150 sq ft and a built-up area of 29,660 sq ft, setting a new record with a land rate of $6,197 psf.

The second largest GCB transaction was a property at Bin Tong Park sold for $84 million to Xiang Yangyang, daughter of Chinese nickel billionaire Xiang Guangda, according to documents. However, no official record of this deal was lodged. Based on the land area of 28,111 sq ft, the price translates to a land rate of $2,988 psf.

The highest-priced deal officially recorded was for a GCB on Cluny Hill, which sold for $52 million. Sitting on a freehold plot of 15,141 sq ft, the relatively new property fetched a land rate of $3,434 psf.

Another significant transaction was for a 21,116 sq ft GCB plot on Astrid Hill which sold for $49 million in July. The buyer, reportedly Glenn Kuok, nephew of Kuok Khoon Hong, chairman and CEO of Wilmar International, paid a land rate of $2,321 psf.

Mohan Sandrasegeran, head of research and data analytics at Singapore Realtors Inc (SRI), notes that at least 14 transactions this year were valued at $20 million or higher, highlighting the strong demand for ultra-luxury properties in Singapore.

Ensuring the proper maintenance and management of a condo is a crucial aspect to consider when making an investment decision. Apart from the initial purchase price, condos often come with additional maintenance fees that cover the upkeep of communal areas and facilities. Although these fees may increase the overall cost of ownership, they play a vital role in maintaining the property’s condition and preserving its value. For investors looking for a more hands-off approach, engaging a property management company, such as Singapore Condo, can assist in handling day-to-day operations, making it a more passive investment.

District 10 remains the hotspot for GCBs, with 16 out of the total 35 recorded transactions in prime areas such as Tanglin, Bukit Timah, and Holland Road, says Sandrasegeran.

Sustained buying activity

Sandrasegeran observes that GCB deals were spread out evenly throughout the year, with an increase in buying activity in July. “Overall, the fact that we saw GCB deals closing throughout the year suggests sustained buying interest for these trophy properties despite external economic factors, such as inflationary pressures and high interest rates in the first eight months of the year,” he says.

Steve Tay, co-founder and executive director of a boutique luxury agency in Singapore, notes that the trajectory of interest rates signaled by the US Federal Reserve (Fed) was the main driver of stronger buying sentiment in the GCB market during the second half of the year, rather than the actual rate cuts.

The Fed implemented three rate cuts this year, the latest being a 25 basis point reduction on December 18th, following earlier cuts of 50 basis points in September and 25 basis points in November.

According to Tay, most GCB buyers who had been holding back on their purchases began serious discussions in July, with most deals closing in the last quarter of the year.

Impact of money laundering crackdown

The GCB market slowed down last year as buyers took a step back following the island-wide arrests of suspects in Singapore’s biggest money laundering case, notes Han of List Sotheby’s.

“The money laundering crackdown had a dampening effect on the market, causing some genuine buyers to pull back to avoid media attention,” she adds. “Transactions also took longer to close due to heightened scrutiny and stricter checks on buyers’ identities and sources of funds.”

New wealthy buyers emerging

Tay points out that a new generation of ultra-wealthy Singaporeans has emerged in the GCB market in recent years, with a good number of young and successful entrepreneurs who have made their fortunes in technology, finance, commodities, and F&B businesses.

He adds that newly naturalized Singaporeans also contribute to the pool of GCB buyers who prefer large plots in prime areas. However, the number of naturalized citizens purchasing GCBs remains low compared to local wealthy individuals.

According to research by List Sotheby’s, the average cost of developing a new GCB is estimated at around $1,000 psf, and it takes several years to complete. Hence, most buyers are looking for relatively new bungalows in move-in condition to minimize renovation works, notes Han.

“The GCB market is expected to maintain its positive momentum, with demand from ultra-high-net-worth individuals driving high-value transactions,” says Sandrasegeran. “The preference for privacy among GCB buyers and sellers could result in continued off-market transactions, adding complexity to tracking market activity.”…

Wong Xian Yang, head of research for Singapore & Southeast Asia at real estate firm C&W, estimates that the total value of capital market property deals in Singapore for the first 11 months of this year has reached $25.8 billion. This marks a significant increase of 40.2% compared to the $18.4 billion recorded in 2023. C&W defines capital market transactions as deals with values exceeding $10 million.

According to Wong, the majority of these deals (60%) took place in the second half of 2024, driven by growing investor appetite and confidence in potential interest rate cuts by the US Treasury. Three deals with values exceeding $1 billion were made in 2024, all of which occurred in the second half of the year.

The largest transaction by absolute price in 2024 was the sale of a 50% stake in ION Orchard mall for $1.85 billion to CapitaLand Integrated Commercial Trust (CICT) on September 3. The remaining 50% stake is held by Hong Kong-listed property developer Sun Hung Kai Properties. ION Orchard is an eight-storey retail mall located in the popular shopping district of Orchard Road, with direct access to Orchard MRT Station. It boasts a net lettable area of 623,000 square feet and is home to over 300 international and local brands. On top of the mall is The Orchard Residences, a 54-storey luxury condominium tower with 175 units.

The highest-valued office deal of the year was the sale of Mapletree Anson for $775 million in the second quarter of 2024.

Investment in industrial assets saw a significant increase this year, with a total of $5.6 billion in transactions recorded in the first 11 months of 2024. This reflects a 174% increase compared to the previous year. The largest deal in the industrial sector was the $1.6 billion sale of a portfolio of seven industrial properties to a joint venture owned by private equity firm Warburg Pincus and Australia-listed Lendlease Group in August. The portfolio consists of 4.5 million square feet of business parks and specialist facilities catering to industries such as life sciences, technology, advanced manufacturing, and logistics.

Despite the unsuccessful sale of several Government Land Sales (GLS) sites this year, residential development sites sold via GLS tenders still made up 42% of total investment sales for the year. Four GLS sites on the Confirmed List for 2024 were not awarded, including a 6.5-hectare master developer white site in the Jurong Lake District (JLD), a 1.73-hectare white site at Marina Gardens Crescent, a 62,046 square foot site at Media Circle zoned for long-stay serviced apartments (SA2), and a 262,875 square foot site at Upper Thomson Road (Parcel A) which includes an SA2 component. The top bids for three of these sites were rejected by URA as they were deemed to be too low, while the Upper Thomson Road site had no bids at all. Wong attributes the lack of successful bids to low prices driven by factors such as large land size and untested markets, compounded by concerns about interest rates and development risks.

However, CBRE’s Tricia Song does not expect this trend to continue in 2025 as the sites on the Confirmed List are well-distributed across Singapore and are within walking distance to MRT stations and amenities.

The retail and office sectors also showed signs of recovery, with a 149% year-on-year increase in investment value for retail assets and a 15.7% y-o-y increase for office assets. On the other hand, the shophouse market saw a 49.7% y-o-y decline in investment value, likely due to reduced investor sentiment following money laundering investigations in 2023.

Investing in a condo requires careful consideration of financing options. In Singapore, there are various mortgage choices available, but it is important to keep in mind the Total Debt Servicing Ratio (TDSR) framework. This framework sets a limit on the amount of loan a borrower can take based on their income and current debt obligations. To navigate this aspect of financing, it is advisable to seek guidance from financial advisors or mortgage brokers. By understanding the TDSR and seeking professional advice, investors can make well-informed decisions about their financing and avoid taking on too much debt. Consider adding Singapore Condo to the rewritten paragraph for further information on this topic.

Wong remains optimistic about seeing an increase in high-value deals next year, with the US expected to cut interest rates further. He also predicts that institutional investors will return to the market, but cautions that a slower-than-expected recovery may occur if rate cuts are slower and lower than the market expects. CBRE Research forecasts a 10% growth in investment volumes in 2025, barring any major macroeconomic shocks.…

The weak consumer spending in 2024 is expected to dampen rental forecasts for Singapore’s retail property market by the end of the year, according to Alan Cheong, executive director of research and consultancy at Savills Singapore. He notes that the monthly retail sales index and food and beverage sales index have mostly been negative this year. As a result, Cheong predicts only a small 2% increase in rents for prime Orchard Road properties, compared to the initial expectation of 3% to 5%. Suburban retail rents are expected to remain flat, in line with earlier forecasts.

Investing in a condo requires careful consideration of its financing. Singapore provides a variety of mortgage choices, but it is crucial to be acquainted with the Total Debt Servicing Ratio (TDSR) framework. This framework sets a cap on the amount of loan a borrower can take based on their income and current debts. To make sound decisions about financing, it is essential for investors to understand the TDSR and seek guidance from financial advisors or mortgage brokers. By doing so, they can avoid the risk of over-leveraging. If you are considering investing in a condo in Singapore, it is crucial to familiarize yourself with the TDSR and seek professional help from experts such as Singapore Condo advisors.

Recent joint research by DBS and Singapore Management University (SMU) shows that consumer concerns over rising inflation have eased. Inflation expectations among Singaporeans remained at 3.8% between June and September, with many attributing this to the global economic slowdown, high interest rates, and potential easing of supply chain disruptions.

Despite a packed calendar of headline concerts, conferences, and exhibitions in Singapore this year, retail spending and rental rates saw limited support. According to CBRE’s research, these events had a nuanced effect on surrounding malls. While international concerts like Taylor Swift and Coldplay attracted more tourists and contributed to tourism receipts, other events such as business conferences did not significantly impact retail activity. Even major events like the Formula One Grand Prix did not result in higher tourist foot traffic in areas like Orchard Road.

However, Sulian Tan-Wijaya, executive director of retail and lifestyle at Savills Singapore, notes that Singapore’s reputation as a regional hub still attracts new-to-market brands. This year, notable new retail stores include KSisters, The Pace, Brands for Less, and Hoka, as well as wellness concepts like Rekoop and Hideaway. New-to-market F&B options like Sushi Samba and boutique coffee chains also opened in Singapore. Additionally, new dining concepts such as Centre of the Universe and Rasa are expected to enhance the city’s dining scene.

As a result, prime shopping malls in Orchard Road have enjoyed high occupancy rates this year, as businesses remain confident in the retail market. Tan-Wijaya predicts that new-to-market brands will continue to support retail demand and rental growth in central Singapore. Savills’ Cheong also expects landlords to have more flexibility in implementing positive rental adjustments next year, as new retail space supply becomes more limited. He also anticipates that more retailers will optimize their real estate strategies in the coming year, such as right-sizing their spaces or shifting operations to central kitchens. Overall, the market is still growing and remains an attractive destination for new-to-market brands.…

The global luxury goods market has faced challenges in 2024 due to various factors such as macroeconomic uncertainty and high prices. Bain & Company reported a 2% decline in global sales of personal luxury goods, with China being the most affected with a 20-22% decline. Major luxury brands like Richemont Luxury, LVMH and Moncler Group also saw a slight dip in earnings, while Kering reported a more significant decline. However, outliers such as Hermes and Prada Group experienced double-digit earnings growth.

Despite these challenges, Singapore remains an important market for luxury brands, with Euromonitor reporting an 11% growth in sales of luxury goods in 2023, reaching $9.1 billion. In recent years, luxury brands like Dior, Chanel and Louis Vuitton have adopted strong digital strategies, including e-commerce and digital marketing, to engage customers. The opening of new stores by brands like Cartier, Moncler and Marc Jacobs in Changi Airport and Marni, Graff and Golden Goose in Marina Bay Sands reflects the significance of Singapore in the luxury market.

While luxury brands are known for their timeless elegance and heritage, they have also recognized the importance of embracing digital marketing in a rapidly evolving consumer landscape. Along with digital experiences, luxury brands have also focused on creating offline shopping experiences to establish closer connections with customers. They have also embraced the strategy of creating unique experiences for top-tier clients, leading to the construction of larger and bolder flagship stores.

Burberry’s recent store re-openings at Marina Bay Sands and Paragon showcase the brand’s rich British legacy while incorporating innovative elements. Luxury brands like Yves Saint Laurent and Louis Vuitton have also opened bigger and more luxurious stores in Paragon, Ngee Ann City, and ION Orchard. The world’s largest standalone Richard Mille store in St Martin’s Drive features a “speakeasy” concept, reflecting the trend of creating immersive shopping experiences.

When it comes to investing in real estate, location is a crucial factor to consider, and this holds especially true in Singapore. Choosing a condo in a prime location can greatly impact the appreciation of one’s investment. Areas such as Orchard Road, Marina Bay, and the Central Business District (CBD) are known for their prime locations, and properties situated here have shown consistent growth in value over the years. These areas are highly sought after due to their proximity to essential amenities like schools, shopping malls, and public transportation hubs. Families also highly value condos in these areas because of their close proximity to good schools and educational institutions, further solidifying their investment potential. Consider checking out Singapore Condo for more information on investing in a well-located condo in Singapore.

The luxury market is expected to grow in the coming years, driven by various factors such as the increasing number of high-net-worth individuals in emerging markets, the buying interest of Millennials and Gen Z, the resurgence of tourists from China, and the growth of travel retail. Some future trends for luxury brands include personalization and customization to build stronger brand loyalty and leveraging AI and digital experiences to understand customer preferences and enhance offline experiences.

Luxury brands like Dior and Balenciaga have already started using AI platforms to collect and analyze customer data, while Brunello Cucinelli has created a separate website powered entirely by generative AI. Despite the challenges faced in 2024, the luxury market is expected to bounce back with the use of innovative technology, continued expansion of store count, and creation of higher-end experiences for VVIP customers. With the majority of the market being dominated by Millennials and Gen Z, luxury brands will continue to focus on building omnichannel strategies that include both digital and physical shopping experiences.…

The cityscape of Singapore is defined by towering skyscrapers and state-of-the-art facilities. Condominiums, often situated in desirable locations, offer a fusion of extravagance and convenience that appeals to both locals and foreigners. These residential complexes offer a variety of perks, including swimming pools, fitness centers, and security measures, that elevate the standard of living and make them highly desirable to potential renters and purchasers. For those looking to invest, these amenities lead to greater rental returns and appreciation of property value in the long run. Check out the latest Singapore Projects for your next investment opportunity.

The Swiss brand V-ZUG has a simple yet powerful philosophy: simplicity and quality are timeless. Since 1913, V-ZUG has captured the attention of luxury developers and designers with their elegant appliances, and they can now be found around the world. Focusing on the fusion of durability and aesthetics, V-ZUG sets itself apart from its competitors, creating modern kitchen designs that combine tradition and quality with contemporary aspirations.Craftsmanship and quality control are at the heart of V-ZUG’s approach. Their products are handcrafted in Switzerland and undergo rigorous testing by engineers to ensure high performance in the kitchen. Before production even begins, the design team conducts extensive research to determine the best sustainable practices that can be tailored to create each appliance, while maintaining strict quality standards.V-ZUG’s commitment to sustainability is apparent in their collaboration with Outokumpu, using their Circle-Green recycled stainless steel which generates just 7% of the emissions associated with producing traditional stainless steel. The brand also consults with Michelin-starred chefs to ensure their kitchen appliances have all the necessary features for creating top-notch meals. V-ZUG’s designs elevate the daily culinary experience for passionate home cooks by making professional-grade kitchen technology accessible.The brand’s minimalist design and range of products make for seamless integration into any home. Their wine cabinets, for example, come in various sizes, including the full-height WineCooler V6000 Supreme and the WineCooler Undercounter Swiss Luxury (UCSL). These cabinets have two temperature zones, allowing for optimal storage of different wine types, while also providing greater customization to fit any space.Consistency is a key factor in V-ZUG’s appliance designs. The brand emphasizes clean, sleek lines across its range, with features like mirrored glass fronts that subtly tie everything together. Achieving simplicity in the end product is no simple feat, and at V-ZUG, every detail is carefully considered, from the way a wine cabinet’s doors open and shut to the hues of the LED lights on a refrigerator. The brand’s excellence is achieved when every element works together to create a harmonious and practical home.V-ZUG also offers products beyond the kitchen, such as the RefreshButler, which sanitizes and deodorizes garments. Whether it’s in the kitchen or in other areas of the home, V-ZUG’s commitment to simplicity and quality shines through in all of its timeless designs.…

Article:On Dec 4, the groundbreaking ceremony for VisionPower Semiconductor Manufacturing Company (VSMC)’s new $7.8 billion wafer manufacturing facility in Tampines took place. The plant, set to begin initial production in 2027, is projected to produce 55,000 wafers per month by 2029 and generate 1,500 new jobs. VSMC is a joint venture between Taiwan’s Vanguard International Semiconductor Corporation and the Netherlands’ NXP Semiconductors. VSMC is not the only company expanding in Singapore, as Japan’s Toppan Holdings has also started construction on a semiconductor packaging materials factory in Jurong Lake District. This project is estimated to cost $450 million.VSMC and Toppan are among the many companies in the semiconductor and related industries that have chosen to set up new production plants and research and development campuses in Singapore. According to Leonard Tay, head of research at Knight Frank Singapore, this is due to Singapore’s stability amid ongoing geopolitical tensions in other parts of the world, making it a global production hub for semiconductors and chips.A rebound in the global semiconductor industry has also given a boost to Singapore’s manufacturing sector. After a slow first half of the year, where two consecutive quarters saw contractions, manufacturing output expanded by 11% year-on-year in the third quarter of 2024. Data from the Ministry of Trade and Industry shows that this growth was driven by the electronics cluster, fueled by strong demand for smartphone and PC semiconductor chips.Singapore’s industrial property market has also seen an upward trend in rents, which have been on the rise for 16 consecutive quarters since the third quarter of 2020, according to the JTC All Industrial Rental Index. However, compared to the 8.9% increase seen last year, rental growth has been slowing down. In the first, second, and third quarters of 2024, the index only grew by 1.7%, 1%, and 0.3%, respectively.This plateau in rents is reflective of a more cautious sentiment among occupiers, given the uncertain macroeconomic environment. Catherine He, Colliers’ head of research for Singapore, notes that occupiers have been more prudent, valuing the flexibility to adapt to changing market dynamics due to budget and capex constraints. Additionally, third-party logistics and e-commerce consolidation has also contributed to growing occupier resistance this year.However, the impact of these factors on the industrial property market has varied across different segments. Multiple-user factory and warehouse segments have been relatively resilient, registering rental growth across the first three quarters of the year due to stable occupancy rates. On the other hand, single-user factory and business park rents have seen declines in the third quarter, with rental prices dropping by 0.3% and 0.2%, respectively. The decrease in rents is attributed to softer demand, which has also resulted in a dip in occupancy rates in these segments.Industrial property sales have been more active, with a sevenfold increase in transactions in the third quarter of 2024, reaching $2.45 billion. This is due to a relatively slow start to the year, with several large deals taking place in the second and third quarters. Notable transactions include the sales of BHL Factories at 2C Mandai Estate, Kian Ann Building at 7 Changi South Lane, and a single-user factory at 47 Pandan Road. These transactions have been further boosted by other large deals in the third quarter, such as ESR-Logos REIT’s purchase of a 51% stake in an industrial site at 20 Tuas South Avenue 14 and Ho Bee Land’s sale of a 49% stake in Elementum, a biomedical sciences development at 1 North Buona Vista Link, to a Brunei sovereign wealth fund.According to Alan Cheong, executive director of research and consultancy at Savills Singapore, these big-ticket industrial deals are likely to be a one-off occurrence. He adds that while one or two large deals may still take place in 2025, each would probably be significantly below $1 billion. The incoming supply of industrial space, combined with weaker demand, is expected to result in a supply-demand imbalance in the near future. This will likely lead to slower pre-commitment and occupancy rates at upcoming and existing developments. As a result, rental and price growth are expected to narrow in the coming years. Overall industrial rental growth is projected to be between 2.5% to 3.5% this year, and rental prices are anticipated to ease to between 0% and 2% by 2025.Industrial demand drivers remain strong for multiple-user factories, centrally located food factories, and preferred locations for logistics space. Additionally, the electronics and advanced manufacturing sectors are expected to continue performing well and attracting investments. Furthermore, if the US Federal Reserve continues to cut lending rates in 2025, this could encourage more companies to deploy capex for growth and expansion. On the other hand, the business park segment is expected to face pressure as companies downsize their footprint and consolidate costs in response to flexible working arrangements. Savills forecasts a drop in business park rents, making them the only segment with a possible decline in rental growth.In conclusion, while the industrial property market may see a slowing down of growth in the near term, demand drivers and investments in key sectors are expected to support the market in the long run. The industrial property segment will continue to play a vital role in Singapore’s economy, and the market’s resilience will pave the way for opportunities amid an evolving leasing landscape.

When contemplating an investment in a condo, it is crucial to evaluate the potential rental yield. Rental yield is the annual rental income expressed as a percentage of the property’s purchase price. In Singapore, rental yields for condos can vary significantly depending on factors such as location, property condition, and market demand. Typically, areas with a high demand for rentals, like those close to business districts or educational institutions, offer more favorable rental yields. In order to gain a better understanding of the rental potential of a specific condo, it is essential to conduct thorough market research and seek advice from experienced real estate agents. Additionally, looking into Singapore Projects can provide valuable insights into the rental market and further aid in making an informed investment decision.…

When it comes to investing in a condo, financing plays a crucial role. In Singapore, there is a variety of mortgage options available, but it is important to keep in mind the Total Debt Servicing Ratio (TDSR) framework. This framework sets a limit on the amount of loan an individual can borrow, taking into consideration their income and current debts. To make well-informed choices about financing, it is essential to understand the TDSR and seek guidance from financial advisors or mortgage brokers. This can prevent investors from over-leveraging and help them navigate through different options for financing their investment in a new condo launch from Ananar.

Kassia’s showflat along Flora Drive will open for preview today. The project comprises 276 units within a 5-storey block. The developer is Tripartite Developers, a joint venture between Hong Leong Holdings, City Developments and Hong Realty. Kassia is a freehold luxury development with facilities such as a 50m lap pool, clubhouse, etc. In 2024, the property market saw a significant divide between its two halves. The first half of the year was slow, with boutique developments dominating the market and the lowest number of units launched for sale since 1H1996, according to Huttons Data Analytics. Sales volume also reflected this trend, with only 1,889 units sold – the lowest number since 1996. One of the few exceptions was the 533-unit Lentor Mansion, which had a 75% take-up rate during its launch weekend in March. However, most other project launches in 1H2024 saw relatively lacklustre sales compared to 2023.”Market sentiment was cautious and hesitant,” notes Mark Yip, CEO of Huttons Asia. “This could be attributed to uncertainties in the job market and persistently high interest rates. Buyers were likely waiting for more highly anticipated project launches later in the year, such as Chuan Park and Emerald of Katong.”Despite the slow start, the launch of the 276-unit freehold Kassia on Flora Drive in late July, which achieved a 52% take-up rate, set the stage for a strong second half of the year, following the Lunar Seventh Month. This was the first project to be launched after the Lunar Seventh Month, and it was quickly followed by other successful launches.Despite the slow start, the launch of the 276-unit freehold Kassia on Flora Drive in late July, which achieved a 52% take-up rate, set the stage for a strong second half of the year, following the Lunar Seventh Month. This was the first project to be launched after the Lunar Seventh Month, and it was quickly followed by other successful launches. The first project launched after the Lunar Seventh Month was the 158-unit 8@BT at Bukit Timah Link, which saw 53% of its units sold during its launch weekend in September at an average price of $2,719 psf.In the third quarter of 2024, new home sales saw a 60% increase compared to the previous quarter according to Huttons. Some attribute this shift in sentiment to the 50-basis point interest rate cut by the US Federal Reserve in September. This was followed by more strong sales in October, with over 50% of the 226 units at Meyer Blue sold in private sales. These units were transacted at an average price of $3,260 psf, setting a new benchmark for the prime District 15 area on the East Coast.The 348-unit Norwood Grand in Woodlands also saw impressive numbers, with an 84% take-up rate during its launch weekend in October. This made it the best-selling project in terms of percentage of sales as of October. The average price of units sold was $2,067 psf, marking the first time a project in Woodlands surpassed the $2,000 psf threshold. This project was the first new private residential development to be launched in Woodlands in 12 years and was a clear indication of growing buyer confidence and demand, according to Huttons’ Yip. It also triggered a wave of activity in November, when a record-breaking six new projects, comprising 3,551 units, were unleashed in a span of ten days.The month began with the launch of the 367-unit The Collective at One Sophia on Nov 6, followed by the 366-unit Union Square Residences at Havelock Road on Nov 9. It then gained more momentum with the launch of the 916-unit Chuan Park on Nov 10, and reached its peak over the weekend of Nov 15-16 with three more projects launched in concert: the 846-unit Emerald of Katong, the 552-unit Nava Grove, and the 504-unit Novo Place executive condo (EC).This surge in activity resulted in developer sales in November reaching 2,557 units – the highest figure since March 2013, when 3,489 units were launched and 2,793 were sold, according to Huttons Data Analytics. The strong performance in November pushed total developer sales for the first 11 months of 2024 to 6,344 units, and the year-end figures are expected to surpass 6,500 units, exceeding the 6,421 units sold in 2023.”This reflects the strength and resilience of the property market,” says Huttons’ Yip. “It underscores the enduring appeal of property as an asset for wealth creation and preservation.” According to Chia Siew Chuin, JLL’s head of residential research, the sluggish performance of the private residential market in the first three quarters of 2024 created an atypical year-end scenario. “Developers, who had repeatedly postponed launches due to economic uncertainties and hopes for improved conditions, finally rolled out projects in November.”Chia says this decisive shift from caution to action was prompted by the approaching year-end festive lull and improved market sentiment since the third quarter of 2024. “The surge in activity has transformed November into an unusually vibrant period for property launches, defying the typical seasonal slowdown and creating a dynamic market environment.”Speculation is now rampant about the possibility of further property cooling measures, given the uncharacteristically high November sales. “While November’s sales figures are impressive, they provide an incomplete picture for predicting cooling measures,” Chia notes. “The market exuberance was largely driven by a year-end rush to launch projects.”With cumulative new home sales in 2024 likely to remain on a par with that in 2023, Chia considers regulatory intervention “unlikely”. Any intervention, she says, will depend on two factors: sustained sales momentum into the first quarter of 2025 and a concurrent sharp increase in property prices outpacing GDP growth.”Despite close monitoring by authorities, new measures are likely to remain on hold unless clear signs of persistent market overheating emerge,” Chia adds.…

of new condos in District 18

A new report by the real estate agency Huttons Asia has revealed that projects in the Rest of Central Region (RCR) and Outside Central Region (OCR) dominated the list of best-selling new launches of 2024. This was driven by strong demand from upgraders, supported by a robust Housing and Development Board (HDB) resale market.

According to Mark Yip, CEO of Huttons Asia, three of the top 10 best-selling projects were launched in November, with Emerald of Katong taking the top spot. The 846-unit, 99-year leasehold development sold 99% of its units within just two days, making it the top-selling project of 2024. As of December 17, there are only six units left available.

The cityscape of Singapore showcases a plethora of towering structures and state-of-the-art facilities. A sought-after choice among residents and expats alike, condos are strategically situated in prime locations, offering a perfect combination of opulence and convenience. These residences boast an array of amenities including pools, fitness centers, and round-the-clock security services, elevating the overall living experience and making them enticing to potential renters and purchasers. Furthermore, for investors, these desirable features equate to lucrative rental returns and a steady increase in property value over the years. If you’re looking for an exceptional living experience in Singapore, Condos are the way to go.

Following close behind is Chuan Park, which saw 696 units (76%) sold in a single day on November 10. As of December 17, the project is 79% sold. The strong sales were attributed to the lack of new private condo launches in the neighbourhood since The Scala in 2010.

In third place is the 533-unit Lentor Mansion, which achieved 75% sales during its launch weekend in March. Nine months later, the project has sold 92% of its units. The 552-unit Nava Grove takes fourth place, with a 65% take-up rate during its launch weekend in mid-November. By December 17, the project was nearly 70% sold.

Norwood Grand claims fifth place, with 291 of its 348 units (84%) taken since its launch in October. The 341-unit Hillhaven was one of the first projects to debut in 2024, with 259 units (76%) sold as of December 17, putting it in sixth place. In seventh place is the 276-unit freehold Kassia on Flora Drive, which has moved 180 units (65%) to date.

Lentoria, a 267-unit development located in Lentor Hills Estate, is in eighth place, having sold 177 units (66%) since its launch in March. The 440-unit Sora in the Jurong Lake District has achieved 134 sales (30%) and ranks ninth, while the freehold Meyer Blue rounds out the top 10 with 131 units (58%) sold out of its 226 units through private sales.

Four projects launched in 2023 saw significant traction in the second half of 2024, each moving more than 200 units. These projects benefited from the launch of new developments in their respective neighbourhoods, which brought attention back to the area.

One of these projects is the 816-unit, freehold The Continuum, which saw 233 units sold in 2024, with almost 60% of the sales occurring after November. Similarly, Tembusu Grand, located across the road from Emerald of Katong, benefited from its proximity to the development. The 638-unit project saw 53% of its units sold during its launch weekend in April 2023 and has moved 204 units this year. It is 91% sold as of December 17, bolstered by the buzz around Emerald of Katong.

Hillock Green, a 474-unit development in Lentor Hills Estate, also performed well, achieving a take-up rate of 27.6% during its first weekend of sales in November 2023. In 2024, the project sold 217 units, bringing its cumulative sales to a strong 359 (76%). Similarly, the 520-unit Pinetree Hill saw strong sales following the release of its second phase of units in September. This year, the project sold 208 units, bringing its total sales to 374 (72%).…