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On November 16, sales bookings officially began for the highly anticipated Novo Place, a 504-unit executive condo (EC) jointly developed by Hoi Hup Realty and Sunway Developments. The response was strong, with 286 units, or 57%, sold at an average price of $1,654 psf.

According to Mark Yip, CEO of Huttons Asia, this is a testament to the robust demand for affordable private residential options. However, the take-up rate could have been even higher if not for the 30% quota for second-timers. Yip suggests that the government should consider increasing this quota in order to meet the potential demand.

The split between first-timer and second-timer buyers was 47% and 53%, respectively. “Second-timers” refers to those who have previously purchased subsidized housing, be it a new or resale HDB flat or an EC.

Ismail Gafoor, CEO of PropNex, noted that the 30% quota set aside for second-timers at Novo Place was fully taken up by 1 pm on launch day. However, these buyers will have another chance to secure a unit when the quota is lifted in 30 days’ time, starting from December 16.

Of the 287 units sold, 76% of buyers opted for the deferred payment scheme, while the remaining 24% went for the normal payment scheme, according to Huttons. This unique feature of ECs allows homebuyers to secure their preferred unit and pay for it later, easing the financial burden for HDB upgraders who still have an outstanding loan on their existing flat.

Additionally, HDB upgraders enjoy upfront remission on the Additional Buyer’s Stamp Duty (ABSD) when purchasing a new EC. This means they can continue to stay in their current flat and sell it within six months of collecting the keys to their new EC unit.

Novo Place is located in Tengah’s Plantation district, within walking distance to the future Tengah Park MRT Station on the upcoming Jurong Regional Line. The station is expected to be completed by 2028.

The EC project comprises seven 18-storey residential blocks and offers a mix of three- to four-bedroom plus-study units. The three-bedroom plus-study units are 97% sold, while the four-bedroom units are fully sold. More than half of the four-bedroom plus-study units have also been sold. This reflects the demand from HDB upgraders seeking more space and flexibility in terms of their living arrangements, according to Yip.

Novo Place is the second EC project to be launched this year, following the 512-unit Lumina Grand at Bukit Batok West Avenue 5 by City Developments Ltd in January. The latter is currently 84% sold at an average price of $1,510 psf.

According to Eugene Lim, key executive officer of ERA Singapore, with the rising land and construction costs, future EC launches are expected to be priced higher, making current buyers more fortunate to have secured a unit at Novo Place.

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One of the advantages of investing in a condo is the opportunity to leverage the property’s value for future investments. This means that investors can use their condo as collateral to secure additional financing for new investments, allowing them to grow their real estate portfolio. By utilizing this strategy, investors can potentially increase their returns, but it is important to note that it also comes with certain risks. Therefore, it is vital to have a solid financial plan in place and carefully consider the potential effects of market fluctuations. In addition, keeping an eye on New Condo Launches can provide investors with even more opportunities to expand their investment options.

In conclusion, the strong sales results of Novo Place and other recent EC launches are a testament to the sustained demand for this housing segment, with prices expected to continue rising. As a result, six projects are set to be launched in November alone, making this year’s end a record-breaking one for the EC market.…

The Real Estate Developers’ Association of Singapore (REDAS) recently celebrated its 65th anniversary with a grand dinner at the Marina Bay Sands ballroom. The event was graced by guest of honour President of Singapore, Tharman Shanmugaratnam, and attended by industry professionals.

In his welcome speech, Tan Swee Yiow, president of REDAS, highlighted the significance of the milestone. “Turning 65 may mean receiving CPF [Central Provident Fund] retirement payouts for some, but for REDAS, it signifies 65 years of dedication to Singapore’s real estate landscape,” he said.

REDAS was founded in 1959 as the Singapore Land and Housing Developers’ Association, six years before Singapore gained independence. The association’s founders were visionary developers who played a crucial role in shaping the nation’s real estate landscape.

Among these pioneers were the late Lee Kim Tah, the founding chairman of the eponymous Lee Kim Tah Group, and Lee Chin Chuan, who founded Hotel Royal in 1968. Another pioneer, Tay Beng Swee, established his private property development business in 1962.

“These pioneers helped lay the foundation for Singapore’s growth,” said Tan. “Real estate is central to nation-building—not only shaping the physical landscape but also driving social progress and creating jobs.”

According to Tan, the real estate industry contributed nearly $20 billion to Singapore’s GDP last year, employing 16% of the workforce and providing 602,000 jobs. “From early skyscrapers to iconic projects like Golden Mile Complex, OCBC Centre, Raffles City, The Fullerton Hotel, and South Beach, our industry has consistently shaped Singapore’s skyline to meet the city’s growing needs,” he continued.

Tan also noted that the industry has evolved beyond physical space. “From landmark eco-friendly designs to world record-breaking green spaces, our projects have gained international recognition, setting new standards and reinforcing Singapore’s commitment to responsible and forward-thinking development.”

When it comes to investing in real estate, the location is a crucial factor to consider. This is especially important in Singapore, where the location of a condo can greatly impact its value. Condos situated in central areas or near key amenities such as schools, shopping malls, and public transportation hubs tend to appreciate in value more. Some prime examples of highly sought-after locations in Singapore include Orchard Road, Marina Bay, and the Central Business District (CBD). These areas have consistently shown growth in property values, making them prime choices for investment. Additionally, being in close proximity to reputable schools and educational institutions makes condos in these areas even more desirable for families, further increasing their investment potential. If you’re looking to invest in real estate in Singapore, be sure to choose a condo in a prime location like Condo.

At the anniversary dinner, the REDAS Lifetime Achievement Award was presented to Chia Ngiang Hong, group general manager of City Developments Ltd (CDL). This award recognises individuals who have made lasting contributions to the community, environment, and REDAS.

In his speech, Chia expressed gratitude to the Kwek family, who he has had the privilege of working with for 45 years. “Their passion for real estate and entrepreneurial spirit have profoundly inspired and shaped my career,” he said.

Chia also shared his journey with REDAS, which began during the Pan-El crisis in the mid-1980s when he was invited to assist one of the Property Market Consultative Committee’s subcommittees. He served on the REDAS Council for over 30 years and served as president for two terms, from 2019 to 2020 and 2021 to 2022.

During his tenure, the industry faced challenges due to the Covid-19 pandemic. “In response, we sprang into action, proactively joining various committees alongside government agencies to guide the sector through the confusion and chaos,” he said. While the period was challenging, Chia found it rewarding to work closely with stakeholders and the government. “Together, we weathered the storm, emerging stronger and more prepared, and accelerating the transformation of our built environment,” he added.

Chia believes that the next generation will continue to uphold the values that have guided REDAS and lead Singapore’s transformation and growth with purpose. He sees boundless potential for the industry in the future.…

Tuan Sing Holdings, a property developer and investment firm listed in Singapore, has announced its plans to reconstruct two of its mixed-use properties in Melbourne city. These properties, located at 121-131 Collins Street and 23-25 George Parade, will be redeveloped by the company’s subsidiary, Grand Hotel Group (GHG). To achieve this, Tuan Sing has appointed Hong Kong-based urban design firm Urbis Ltd to submit a Town Planning Application to the City of Melbourne.

The current buildings on the site house the popular Grand Hyatt Hotel and various retail spaces. The reconstruction project aims to retain much of the existing podium structure, ensuring that all tenants and the hotel can continue their usual operations. The focus will be on making modifications to the façade, extensive refurbishment, and reconfiguration of spaces in the podium levels 4 to 9B. According to Tuan Sing’s announcement on November 14, the completed project will have a total gross floor area of about 909,550 sq ft, subject to regulatory approvals. It will also introduce a new luxury retail and F&B precinct.

Tuan Sing’s CEO, William Liem, believes that this redevelopment will redefine connectivity and activation at one of Melbourne’s most prominent intersections in the historic Paris End. He also emphasizes the company’s commitment to environmental stewardship by pursuing a sustainable approach to the transformation. Instead of completely rebuilding the properties, the company aims to reimagine and repurpose them to create a thriving, connected, and culturally vibrant Melbourne for future generations.

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Due to the limited availability of land, there is a high demand for condos in Singapore. Being a small island nation with a rapidly growing population, Singapore faces the challenge of finding space for development. As a result, strict land use regulations and a fiercely competitive real estate market are in place, leading to consistently rising property prices. This has made investing in real estate, especially condos, a lucrative option with the potential for significant capital appreciation. With the numerous Singapore Projects available, the demand for condos is only expected to continue to rise in the future.

For those interested in investing in overseas properties, this project presents an exciting opportunity. With its prime location and plans for a luxury retail and F&B precinct, the reconstructed properties at 121-131 Collins Street and 23-25 George Parade are sure to generate significant interest and yield impressive returns.…

Investing in a condominium in Singapore presents numerous benefits, with capital appreciation being a major advantage. The country’s prime position as a global business hub and its robust economy contribute to a consistent demand for real estate. This has resulted in a steady increase in property prices in Singapore, particularly in prime locations. As a result, savvy investors who enter the market at the opportune moment and hold onto their properties for the long haul can reap substantial capital gains. Check out Singapore Projects for more opportunities.

EDGEPROP – A HDB shophouse located at Bukit Merah Central will be up for auction on November 27, managed by SRI. With a floor area of 1,582 sq ft, the shophouse has a guide price of $2.55 million, or $1,612 psf.

Owned by a private individual, this is the first time the property is being put up for auction, as indicated by Eric Liew, SRI’s manager of auction sales. The owner’s intention is to sell the property to release their investment.

With a remaining lease of 59 years, the property’s tenure is 103 years from 1980. The lower level of the property, which covers 732 sq ft, is zoned for commercial use, while the upper level, which spans 850 sq ft, is zoned for residential use.

The shophouse is currently fully tenanted and will be sold with its existing tenancies. The commercial space on the lower level is leased to Domino’s Pizza until 2026, while the residential space on the upper level is leased until 2027.

Eligible for purchase by foreigners as it is a commercial property, the residential component of the shophouse will be subject to additional buyer’s stamp duty, while the commercial component will be subject to goods and services tax.

Interested parties have already made enquiries about the property, according to Liew, mainly investors attracted by its central location in Bukit Merah.

Situated within Bukit Merah Town Centre, the shophouse is within a cluster of buildings with various amenities, including the Bukit Merah Polyclinic, Bukit Merah Central Food Centre, and a boutique convention center, Rubikon, and performing arts center, Gateway Theatre.

The property is within walking distance to the Bukit Merah bus interchange, Gan Eng Seng Primary School, and Bukit Merah Secondary School. The Redhill MRT Station is approximately a 15-minute walk away.

According to data compiled by EdgeProp Research, the most recent commercial transaction at 161 Bukit Merah Central was the sale of a 1,582 sq ft shophouse for $1.5 million, or $948 psf, in March 2021.

The latest commercial rental rates at Bukit Merah Central are shown below:

– EP Buddy…

When it comes to investing in real estate, location is a critical factor to consider, and this is especially true in Singapore. Condominiums located in central areas or in close proximity to important amenities such as schools, shopping centers, and public transportation hubs are known to have a higher potential for appreciation in value. Prime locations in Singapore, such as Orchard Road, Marina Bay, and the Central Business District (CBD), have consistently shown growth in property values. Families also find these areas desirable due to the availability of good schools and educational institutions, further enhancing the investment potential of condos in these locations. For those looking for a lucrative investment opportunity in Singapore, Singapore Condos in these prime areas are definitely worth considering.

Tuan Sing Holdings, a property developer and investment firm listed on the Singapore Stock Exchange, has announced its plans to revitalize two of its mixed-use properties in Melbourne. The company’s wholly-owned subsidiary, Grand Hotel Group (GHG), has engaged Hong Kong-based urban design firm Urbis Ltd to submit a Town Planning Application to the City of Melbourne for the redevelopment of 121-131 Collins Street and 23-25 George Parade.

The existing properties currently house the 550-room Grand Hyatt Hotel and various retail spaces. In the proposed reconstruction, much of the existing podium structure will be retained, allowing business operations for tenants and the hotel to continue without interruption. The focus of the works will be on façade modifications, extensive refurbishment, and reconfiguration of spaces in the podium levels 4 to 9B, as announced by Tuan Sing on Nov 14.

Upon completion, the site will offer a total gross floor area (GFA) of 909,550 sq ft, subject to regulatory approvals. The redevelopment will also introduce a new luxury retail and F&B precinct, enhancing the areas’ vibrancy and appeal.

William Liem, CEO of Tuan Sing, expressed his vision for the project, stating that the podium redevelopment at 123 Collins Street will redefine connectedness and activation at one of Melbourne’s most prominent intersections in the historic Paris End. He also emphasized the company’s commitment to environmental stewardship, aiming to create an architectural statement that supports sustainable growth and a culturally vibrant Melbourne for years to come.

For those interested in investing in overseas properties, Tuan Sing’s project in Melbourne offers an exciting opportunity to be a part of a thriving and connected community. With a focus on sustainable development and preserving the city’s history, this reconstruction aims to create a vibrant and culturally rich environment for generations to enjoy.…

articleSINGAPORE (EDGEPROP) – Despite a decline in shophouse transactions in 3Q2024, Huttons Asia’s latest quarterly shophouse market report published on Nov 12 revealed that interest in the shophouse market remained strong.The report noted that while there were only 18 caveats lodged for shophouse transactions in 3Q2024, a decrease from 21 in 2Q2024, the total transacted quantum of $138.9 million was still relatively high. This was only a 28.8% drop from the previous quarter’s $195.1 million. However, when compared to 3Q2023’s transacted quantum of $278.6 million, it was only half of the figure.Roughly 62 shophouses were sold in the first nine months of 2024, according to caveats, which indicates a 46.1% decrease from the same period in 2023. Additionally, the total value of transactions was $519 million in the first three quarters of 2024, which is 48.5% lower compared to the same period in 2023.The report also highlighted several shophouse deals in 3Q2024 that were not caveated, according to market sources. These transactions occurred in popular areas such as Amoy Street, Neil Road, and Telok Ayer Street in Districts 1 and 2. The estimated quantum for these shophouses is over $70 million, indicating strong demand for shophouses despite the decline in caveated transactions.Senior Director of Data Analytics at Huttons Asia, Lee Sze Teck, believes that the interest in shophouses is due to their scarcity and potential for significant capital gains. He also believes that the recent interest rate cuts have contributed to shophouses becoming increasingly popular as a wealth creation and preservation asset. He predicts that shophouse transaction volume and quantum may increase in 4Q2024.

Investing in a Singapore Condo requires careful consideration of financing options. Fortunately, Singapore offers a variety of mortgage choices; however, it is crucial to familiarize oneself with the Total Debt Servicing Ratio (TDSR) framework. This framework sets limits on the amount of loan a borrower can acquire based on their income and existing debt obligations. To make wise financing choices and avoid excess debt, investors should gain a strong grasp of the TDSR and seek guidance from financial advisors or mortgage brokers.…

Understanding the regulations and restrictions surrounding property ownership in Singapore is crucial for foreign investors. While purchasing condos is typically more accessible for foreigners compared to landed properties, there are still certain limitations. One of these is the Additional Buyer’s Stamp Duty (ABSD) which stands at 20% for foreign buyers making their first property purchase. Despite this added expense, the Singapore real estate market’s stability and growth potential remain highly appealing for foreign investment. In fact, the market continues to attract foreign buyers, with new condo launches being a popular choice. New Condo Launches offer great opportunities for foreign investors to tap into the thriving Singapore property market.

In recent previews, CapitaLand Development (CLD) has received overwhelming interest for two of its projects in Vietnam. The developer held an exclusive preview for Orchard Hill, a 774-unit high-rise development on October 26. This project is the second phase of Sycamore, a joint venture between CLD and United Overseas Australia, which includes 3,500 freehold units in Binh Duong New City, 30km from Ho Chi Minh City. Since the preview, 694 units, or 90%, of Orchard Hill have already been booked with the one- and two-bedders being the most popular. The project is expected to be completed by 4Q2026.

On November 9, CLD also held an exclusive preview of The Senique Hanoi, a 2,150-unit high-rise residential project in East Hanoi. The response has been equally strong with bookings for 92% of units. The Senique Hanoi is a collaboration between CLD, Mitsubishi Estate, and Nomura Real Estate Development, and is scheduled to be completed in 2027.

This positive reception for The Senique Hanoi follows the success of the launch of the third and final phase of CLD’s Lumi Hanoi residential development last month. During the launch, 678 of the 697 units released for sale were taken up, reflecting a take-up rate of 97%. The 3,950-unit Lumi Hanoi is now 99% sold.…

It is crucial for international investors to have a thorough understanding of the laws and limitations surrounding property ownership in Singapore. Fortunately, foreigners are generally permitted to buy condos with fewer restrictions in comparison to landed properties, which have more stringent ownership regulations. It should be noted, however, that foreign buyers are required to pay the Additional Buyer’s Stamp Duty (ABSD) of 20% for their initial property purchase. Despite this added expense, the reliability and potential for growth in the Singapore real estate market remain highly appealing to foreign investors. So, it’s no wonder that many continue to invest in condos in Singapore.

In a filing to the Singapore Exchange on November 12, CapitaLand Integrated Commercial Trust (CICT) announced the completion of the divestment of 21 Collyer Quay. The 21-storey office building, located in the Central Business District, was sold for a total price of $688 million to an unrelated third party. The transaction was based on a willing-buyer-willing-seller basis and was in line with the independent valuation conducted by Savills, which determined the building’s value at $3,230 psf based on its net lettable area of around 213,000 sq ft.

According to CICT’s manager, the sale price resulted in an exit yield of below 3.5%, based on the building’s annualised net property income for the period ended September 30, 2024. The net proceeds from the divestment are expected to be approximately $681.7 million.

21 Collyer Quay was formerly occupied by HSBC before being taken over by co-working operator WeWork in 2021. After a design and fit-out of the space, WeWork officially opened its flagship location at the building in September 2022. However, in November 2023, WeWork filed for bankruptcy in the US, raising concerns about its future in Singapore. In April this year, WeWork announced that it had reached a series of lease negotiations with its Singapore office landlords and plans to remain in its current buildings for the foreseeable future. As stated on CICT’s website, WeWork has a seven-year lease for 21 Collyer Quay until 2028.…

Huttons Asia: Interest in shophouse market remains strong despite decline in caveated transactionsThe shophouse market continues to attract interest from investors, despite a decrease in caveated transactions in the third quarter of 2024, according to the latest quarterly report published by Huttons Asia on November 12. Only 18 caveats were lodged for shophouse transactions in 3Q2024, indicating a drop from the 21 caveated deals in the previous quarter. However, the transacted quantum of these shophouses still amounted to $138.9 million, which is a decline of 28.8% from the previous quarter’s $195.1 million. Compared to the transacted quantum of $278.6 million in 3Q2023, the amount for 3Q2024 was only half.The figures for the first nine months of 2024 show that 62 shophouses were sold, indicating a 46.1% decrease from the same period in the previous year. The total value of transactions for this period was $519 million, which is 48.5% lower than the same period in 2023.According to Lee Sze Teck, senior director of data analytics at Huttons Asia, although the number of transactions decreased in 3Q2024, this may not reflect the actual level of interest in the shophouse market. Market sources have revealed that a number of shophouses in Districts 1 and 2, such as along Amoy Street, Neil Road and Telok Ayer Street, were reportedly sold. The estimated quantum for these properties is over $70 million.Investors are drawn to the shophouse market due to its scarcity as well as its potential for strong capital gains. With the recent interest rate cuts, shophouses have become increasingly popular as an asset for wealth creation and preservation. Lee is optimistic that shophouse transaction volume and quantum will increase in 4Q2024.

Investing in a condominium is a significant decision that requires careful consideration, especially when it comes to financing. In Singapore, there is a range of mortgage options available, but it is essential to keep in mind the Total Debt Servicing Ratio (TDSR) framework. This framework sets a limit on the amount of loan an individual can take based on their income and existing debt obligations. Therefore, it is crucial for investors to have a thorough understanding of the TDSR and seek guidance from financial advisors or mortgage brokers to make informed financing decisions. This is especially important to avoid over-leveraging, which can have significant consequences. Seeking advice from experts, such as New Condo Launches, can provide valuable insights on financing options for potential investors.…

According to a new report by OrangeTee Research & Analytics, private resale home prices have remained steady in the third quarter of 2024 despite the current high-interest rate environment. Data from the Urban Redevelopment Authority (URA) shows that the average resale prices for landed and non-landed private residential properties, excluding executive condos (ECs), have remained unchanged at $1,713 per square foot (psf) from the second quarter to the third quarter of 2024. However, there have been some fluctuations in average resale prices within the Core Central Region (CCR), Rest of Central Region (RCR), and Outside of Central Region (OCR).

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In addition to the perks previously mentioned, investing in a condo also allows the opportunity to leverage the property’s value for future investments. In fact, numerous investors utilize their condos as collateral to secure additional financing for new ventures, ultimately broadening their real estate holdings. This approach has the potential to greatly increase profits, but it is essential to have a solid financial plan in place and carefully assess the potential consequences of market fluctuations. Furthermore, keeping an eye on New Condo Launches can also provide valuable investment opportunities.

The report also reveals that average resale prices in the CCR have increased by 1.6% from $2,145 psf in the second quarter to $2,181 psf in the third quarter of 2024. This marks a partial reversal from the 3.6% quarter-on-quarter (q-o-q) price drop recorded in the first quarter and second quarter of 2024. Similarly, prices in the RCR have seen a growth of 1.4% from $1,837 psf to $1,863 psf during the same period. This is a moderation from the 3.1% q-o-q price growth seen in the previous quarter. On the other hand, the average price of private residential resale homes in the OCR has decreased by 0.4% from $1,495 psf to $1,489 psf in the third quarter, marking a turnaround from the 3.5% growth in resale prices seen in the second quarter.

Despite the high-interest rate environment, the demand for resale homes remains robust. In the third quarter, URA recorded 3,860 resale homes sold, representing a 1.5% q-o-q increase from the 3,802 units sold in the second quarter of 2024. Resale transactions also made up 71.9% of the total 5,372 residential sales, including new sales, resale, and subsale, in the third quarter. However, this is a decrease from the record high of 77.4% market share recorded in the second quarter. According to OrangeTee, this is due to an increase in housing supply, with close to 30,000 private homes completed in the past two years, providing more options for potential buyers. With new private home prices remaining high, some buyers may turn to the secondary market for more affordable options.

One example is the recently launched Norwood Grand condo in the OCR, which has sold 293 units at an average price of $2,086 psf since its launch in October – a 39.5% premium over the average price in the region. Similarly, the newly launched Meyer Blue in the RCR has sold 122 units at an average price of $3,252 psf in the same month, representing a 74.5% increase from the average resale unit price in the RCR. OrangeTee also predicts that recent interest rate cuts by the US Federal Reserve may spur luxury home sales due to lower borrowing costs.

The report also notes that buyers who may have been more cautious due to high interest rates may now be more inclined to enter the market. OrangeTee expects resale prices to continue to grow over the next few years due to a projected decrease in available stock. As there are only around 5,300 private homes expected to be completed in 2025, there is likely to be a shortage of supply, which may drive up resale prices. However, the report also states that this growth is subject to major economic crises or unforeseen circumstances. Overall, OrangeTee remains positive about the prospects for resale homeowners in the coming years.…