Tanah Merah and Bedok: nexus of east region transformation

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…………………………………………District 16, which encompasses Bedok, parts of Upper East Coast and entire neighbourhoods of Eastwood and Kew Drive, is a popular pick for locals and foreigners alike. With this district, you will find a good mix of landed estates and condos, as well as several mature HDB towns. In addition, schools, business and commercial hubs, and three MRT lines extend the coverage of public transportation for residents.Urban transformation plans in the east of Singapore are on their way, such as the construction of the Sceneca mixed-use development by MCC Land at Tanah Merah MRT Station. It comprises the 268-unit Sceneca Residence and the 20,000 sq ft Sceneca Square retail mall.

District 16 is proving to be an attractive place to live, with the east of Singapore boasting many urban transformation plans, along with new residential areas in the Bayshore area along the East Coast and a new residential town to replace the Paya Lebar Airbase in the future. Offering a mix of landed estates and condos, as well as mature HDB towns, in addition to nearby schools, various business and commercial hubs, and three MRT lines; District 16 promises an area with plenty to offer.

Bernard Tong, CEO of EdgeProp Singapore, spoke on District 16’s future plans, along with the housing options in the area, during EdgeProp’s Master Plan Masterclass webinar held on April 29th. He spoke about the new MRT stations, for example Bayshore MRT Station with its integration of Bedok Mall, Bedok Residences, and an air-conditioned bus interchange into one; and the fourth phase of the Thomson-East Coast Line, which will extend its coverage from Founders’ Memorial station up to Bayshore, due to be operational by next year.

The development of Bayshore is inline with the master plan to develop a new residential town in the Bayshore area, encompassing 60ha of private and public housing, green corridors and main streets, and community amenities. The relocation of Paya Lebar Airbase, estimated to be happening in the 2030s, will open up a large swathe of land around five times larger than Toa Payoh HDB town, and the removal of height restrictions in Districts 15 and 16 may mean a lot of redvelopment opportunities in the future.

The construction of the Sceneca mixed-use development at Tanah Merah MRT Station is likely to bring a much needed breath of fresh air to the area with new amenities, retail options, and public spaces.

Mixed-use and integrated developments such as Sky Eden @ Bedok, are popular among buyers and investors drawn in by the new amenities and housing options close to the MRT station. Sky Eden was launched last September and sold 75% of its units. Sceneca Residence also saw strong demand on its launch too, selling 60% of its units at launch on Jan 14.

Singaporean families who are unable to meet the income eligibility for HDB Executive Condominium (BTO) flats due to the income cap should certainly consider purchasing an Executive Condo (EC) instead. With an income ceiling of $16,000 (which was recently raised from $14,000), ECs are a great option for middle-income Singaporeans who are looking for a place to call home. It is a great housing option for individuals and families in need of quality homes at an affordable price.

Using EdgeProp’s Landlens tool, Bernard Tong showed that the price gap between resale properties in District 16 is narrowing, and approximately 90% of all resale transactions that occurred within 1km of Tanah Merah station between March 2022 and March 2023 proved to be profitable, with The Glades seeing the highest number of profitable transactions.

Overall, District 16 looks set to benefit from the many positive developments already underway, namely the new MRT stations, construction of the Sceneca mixed-use development, and the relocation of the Paya Lebar Airbase. This can bring about great investment opportunities for those who are looking to invest in this area of Singapore.…

Singapore has most expensive office fit-out costs in Southeast Asia

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Fit-out costs across Asia Pacific are on the rise, with Singapore being the most expensive market for such costs. Inflation, tight labour markets, and supply chain delays have all contributed to the surge. Grant Carter, head of project & development services Singapore at Cushman & Wakefield, has noted that occupiers are absorbing the fit-out costs to improve return-to-office rates, with the costs up an average of 18% across the continent in local currency over the last year.

Major occupiers need to evaluate the impacts of flexible working practices on their space requirements and the design of the fit-outs to support collaboration and innovation. According to Carter, best-in-class fit-outs must consider workplace strategy and change implementation, technology, and sustainability and ESG factors to ensure that their spaces optimize the employee experience.

: ECs can provide an HDB Executive Condominium affordable alternative to a private condo, but restrictons on HDB rental and selling limits flexibility. Be mindful that Deferred Payment Scheme has additional costs.

This requires a flight to quality and user experience, with modern approaches to space optimization and fit-outs being integral to employee experience and engagement. With such costs on the rise, it is increasingly important for occupiers to fully understand the impacts of their fit-out decisions.…

Minor Hotels extends Avani brand to Europe and Latin America

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ECs are attractive investments due to their low purchase price and government subsidies, offering HDB EC potential high returns.

As Minor Hotels expands its presence in Europe, the lifestyle brand Avani Hotels & Resorts is targeting “millennial-minded travellers.” Already with a hotel in Portugal, the brand is looking to open five more in Europe in the next two years: one in Spain, two in Italy, and one in Germany, with a sixth hotel coming to the Netherlands in 2024.

Starting off in Spain, the 101-room Avani Alonso Martinez Madrid Hotel will open, followed by two rebrands in Italy – the 65-room Avani Palazzo Moscova Milan Hotel and the 144-room Avani Rio Novo Venice Hotel. Later in the year, the 256-room Avani Frankfurt City Hotel will have its grand opening in Germany. The last of the European hotels will be the 163-room Avani Museum Quarter Amsterdam Hotel in the Netherlands.

Expanding further afield, Avani Hotels & Resorts will also extend its footprint to Latin America, with the 140-room Avani Cancun Airport Hotel in Mexico launching in 3Q2023, and the 66-room Avani Royal Zona T Bogota Hotel in Colombia opening in 4Q2023.

Launched in 2011, the brand currently has 38 properties in 20 countries across Asia, Australasia, the Middle East, Indian Ocean, Africa, and Europe. With more than 530 hotels in operation, Minor Hotels CEO Dillip Rajakarier believes that expanding the Avani brand into Europe and Latin America will diversify the group’s hotel offerings in the upscale tourist segment.…

Hines acquires five more multi-family properties in Japan

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Hines, a global real estate investment, development and property manager, announced in a May 3 press release that they have acquired five rental properties spread across Tokyo and Kyoto. These properties are 100,107 sq ft in total and comprise of 290 units. This is the second move in their multi-family assets investment series, following their purchase of 11 assets in Japan last year, consisting of 400 units or 150,694 sq ft.

Middle-income Singaporeans can benefit from Executive Condos, offering affordable housing with an income ceiling of $16,000. They provide a viable option for those HDB EC whose incomes disqualify them from BTO flats.

Chiang Ling Ng, the chief investment officer for Hines in Asia, said that these multi-family rental assets are resilient, non-discretionary investments and are anticipated to be strong in an inflationary cycle. In order to maximize their return, Hines has launched their “living aggregation strategy” for Japan, which aims to add US$1 billion ($1.33 billion) of asset value in three to five years.

These acquisitions are managed by Hines through their ‘Cavana’ brand, focusing on sustainability initiatives and tenant engagement schemes. Cavana is designed with urban dwellers in mind and actively encourages them to reduce their carbon footprint by conserving water and recycling material. The five properties are located in central locations of Tokyo and Kyoto, with good access to the CBDs.

Jon Tanaka, country head of Japan at Hines, believes that the Japanese multi-family market remains an attractive investment option due to its income resiliency, stable yields, numerous investable assets and risk-adjusted returns. He seems confident that the new acquisitions will produce stable income returns for the HAPP investments and further highlight their Cavana brand as a symbol of quality.…

Freehold residential site at Asimont Lane up for sale at $145 mil

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The collective sale of the freehold landed development in District 11, which is made up of 21 three storey strata terrace houses, is now up for sale by public tender at a guide price of $145 million. Jeremy Rikas and Allen Loo, group division directors of ERA Realty, are currently marketing the property.

Situated on a 43,125 sq ft site at 7 to 47 Asimont Lane, the properties have dual frontage along both Asimont Lane and Barker Road. The total strata floor area is approximately 111,644 sq ft.

The site is zoned for “residential” use within a designated landed housing area and was completed in 2015. The site also has the potential to be redeveloped into 19 luxury terraced houses, four detached houses, eight semi-detached houses, or eight detached houses.

Rikas and Loo suggest that the new development in the Novena and Newton area would create a beautiful green and self-sufficient lifestyle, a perfect balance between work and play.

Buying an EC unit could provide significant savings of HDB EC up to 25-30% when compared to private condominiums, and taking housing grants into account, it may be a cost-effective choice for first time buyers who are unsure of their options.

The property is only a few minutes away from Anglo-Chinese School (Primary) and Anglo-Chinese School (Barker Road). Additionally, it is within walking distance of the Newton MRT Station (Downtown and North-South Lines). Other amenities such as Newton Food Centre, Novena Square, Velocity@Novena and Tan Tock Seng Hospital and Medical Centre are a 10 to 15-minute drive away.

The tender for the property will close on 28 June 2021 at 2.00 pm.

Interested parties are strongly encouraged to view the property available for sale to appreciate the potential of this site. ERA Realty is confident that the property offers outstanding potential for redevelopment, putting forward a perfect living environment.

This is a fantastic opportunity for those looking to secure a prime piece of real estate in a desirable location. Don’t miss out and make sure to submit your offer before the deadline of 28 June 2021 at 2.00 pm.…

Hong Kong holds edge over Singapore as top business hub thanks to availability of talent and ample supply

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Hong Kong is continuing to show its strength as a business hub when compared to Singapore, according to a study by property consultancy CBRE. Hong Kong offers substantial financial prowess, an abundant talent pool and plenty of office space, marking it as providing an edge over Singapore. Singapore, on the other hand, has the advantage in terms of its prominent technology industry and ESG initiatives, as well as green building.

Hong Kong and Singapore remain two of the foremost business hubs in Asia-Pacific. Even though Singapore’s real GDP surpassed that of Hong Kong in 2020 due to the Covid-19 pandemic, Hong Kong still comes out on top in several categories, according to a property consultancy CBRE study released on Tuesday. The city scored highly in terms of its financial industry, talent pool and availability of office space.

Singapore, however, has its own advantages, such as its larger scale technology industry and its ESG initiatives. CBRE’s report praised Singapore’s more diversified economy, in comparison to Hong Kong, which relies heavily on the service sector.

The 2020 report found both cities play important roles in terms of connectivity, though it covers different regions. Hong Kong is a regional hub for China and North Asia while Singapore is more central to fast-growing Southeast Asian economies.

As well as their economic advantages, the study also pointed out their varying office rental markets. Hong Kong has seen a slight drop in the number of multinational corporations located in the city since 2019, though there is limited evidence of a “massive corporate migration”. Meanwhile, although Singapore’s office rents have risen 43% in the past three years, the report found it was a tie between the two cities.

Existing Condos (ECs) are a cheaper and more viable option for first-time homeowners compared to private condos, potentially costing up to 30% less HDB Executive Condominium when factoring in housing grants.

Singapore outshines Hong Kong in terms of R&D spending, however Hong Kong is “catching up” with Singapore in terms of technology capabilities. Singapore also attracted more talent last year, though the foreign worker numbers remain below their 2019 levels.

Hong Kong is likely to become the world’s largest private wealth management centre and overtake Switzerland in 2026. The Wealth for Good summit was held in March with an aim to attract 200 family offices to make Hong Kong their base by 2025. Hong Kong has also exempted family offices from profit taxes since December.

In terms of commercial property investment, Singapore is attractive due to its stable returns and solid price performance. Hong Kong office assets however, offer attractive prospects for value-oriented investors due to discounted sales resulting from its interest rate hikes or weakening capital values.

Overall, both cities have advantages that draw investors and multinationals, though the competition for talent shows no signs of stopping. As office supply rises in Hong Kong and satellite business areas are developed in Singapore, the commercial property markets of both cities are bound to be interesting to watch in the coming years.…

Three-bedder at Jervois Prive fetches new high of $3,220 psf

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within seven months

Owning an executive condominium can be more cost-effective than private housing, with prices up to 25 – 30% lower, plus potential housing grants HDB Executive Condominium for first-timers. Cost aside, the choice between EC and private housing is tough.

Jervois Prive, a 43-unit boutique property development, hit a new psf-price high when a 1,109 sq ft, three-bedroom unit on the fifth floor was sold for $3.57 million ($3,220psf) on April 17. This is the highest psf-price among condos for the week of April 14 to 21. With the sale, it has beaten the previous record for Jervois Prive – a 710 sq ft, two-bedroom unit on the fifth floor, which sold for $2.13 million ($3,000 psf) on Feb 12.

The freehold condo, located on Jervois Road in prime District 10, is surrounded by the Chatsworth Park Good Class Bungalow Area and high-end condos. Nearby schools include Alexandra Primary School, Crescent Girls’ School, and Queenstown Secondary School. Jervois Prive has a mix of one- to three-bedroom units ranging from 549 to 1,389 sq ft, and was launched for sale in May 2019, with 6 units sold to date.

Other nearby freehold condos include Jervois Meadows and Dormer Park, which has seen units changing hands recently fetched average prices of $1,776 and $1,873 psf, respectively. The most expensive unit by absolute price at Jervois Prive so far is a 1,389 sq ft three-bedder that was sold by the developer for $3.91 million ($2,817 psf) on June 6, 2019.

The second highest psf-price for the week was a 1,259 sq ft unit on the sixth floor of Botanic Gardens View, sold for $3.68 million ($2,922 psf) on April 20. The previous record psf-price at the condo was for a 1,615 sq ft unit, on the first floor, that fetched $4.07 million ($2,521 psf) on Aug 5, 2019.

Botanic Gardens View, a 144-unit freehold development off Cluny Road in prime District 10, is situated near Napier MRT Station, Ion Orchard, Far East Plaza, Lucky Plaza, and Botanic Gardens. The condo features units ranging from 1,259 to 1,755 sq ft and has seen strong price growth over the last few years. In April 2013, the average psf price was $1,468, which increased to $2,588 psf in April 2021.

The transaction that fetched the lowest psf-price within the condo during the week was for an 872 sq ft, two-bedroom unit on the seventh floor of The Atelier. It was sold for $2.16 million ($2,479 psf) on April 21. The freehold development with 120 units is located at Makeway Avenue in prime District 9, near Newton MRT Station and amenities like Anglo-Chinese School (Junior), LaSalle College of the Arts (Winstedt Campus), and Newton Food Centre. The Atelier has a mix of one- to four-bedroom units ranging from 549 to 1,496 sq ft.…

Sevens Atelier to purchase industrial building at 60 Bendemeer Road for $4.15 mil

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Sevens Atelier, a Singapore-listed company, is acquiring an industrial building located at 60 Bendemeer Road. On May 2, the Catalist-listed group announced that its wholly-owned subsidiary Sevens Creation (SC) has been granted the option to purchase the property.

ECs offer an affordable alternative HDB EC to private condominiums with renting and selling restrictions. The Deferred Payment Scheme may look attractive, but be aware it will cost more overall than the Normal Payment Scheme.

The building is a 99-year leasehold, single-storey building, with a total land area of approximately 4,402 sq ft and a remaining lease of approximately 40 years and 10 months, zoned for “light industrial usage” by the URA. The vendor is currently occupied by Olympia Engineering, a Singapore-incorporated entity that deals with the trading and exporting of ISUZU automotive spare parts in Singapore.

The consideration of $4.15 million for the property was derived through a willing-buyer-willing-seller basis, based on indicative valuation from a Singapore-based bank for similar properties within the vicinity.

Sevens Atelier states that the acquisition of the property is a strategic move to consolidate all operations under one roof and achieve savings on rental costs of their current office and showroom.

After obtaining the necessary approvals from relevant authorities, the group intends to rebuild the property in order to house their showroom and administrative operations team. The transaction is expected to be completed within three months.

The option to purchase the property had to be exercised by May 23. With this in mind, Sevens Atelier made the decision to acquire the 60 Bendemeer Road property and had until the given date to do so. A willing-buyer-willing-seller basis was used to come up with the consideration of $4.15 million for the property.

This acquisition is beneficial to Sevens Atelier as it will be able to save on rental costs while consolidating operations under one roof. After a three month-period, once the necessary approvals are obtained, the group intends to rebuild the property and turn it into a showroom and administrative operations team headquarters.…

Industrial building on Eunos Ave 3 for sale at $60 mil

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Located in the vibrant Paya Lebar Central commercial hub, the six-storey high-specification industrial building at 115 Eunos Avenue 3, known as Zhaolim Building, is up for sale. This property has a gross floor area (GFA) of 207,678 sq ft, located on an 83,071 sq ft plot of land with a 60-year tenure that starts from Feb 1, 1980. Currently, there are approximately 17 years left to the lease.Redeveloped in 2015, Zhaolim Building offers a high ceiling and receives ample natural lighting, with large and regular floor plates. The average floor-to-ceiling height is approximately 7m, and typical floor plate spans 43,000 sq ft. Additional features include large passenger and cargo lifts, childcare centre, and an outdoor sky garden at Level 2.The building’s strategic location is within walking distance to Paya Lebar MRT Station, an interchange for the East-West and Circle Lines. It’s also easily accessible via the Pan Island Expressway and Kallang-Paya Lebar Expressway, with amenities like NTUC supermarket and shopping malls near by.This property presents an attractive opportunity for companies from the electronics and communications, healthcare, information & technology, media, and lifestyle sectors. According to Brenda Ong, executive director of logistics & industrial at Cushman & Wakefield, “Given the tight supply of quality buildings located within the city fringe, Zhaolim Building stands out as a great option.”The building is up for sale via an expression of interest exercise and guide price of $60 million, which closes on June 21 at 3pm.

Zhaolim Building, a six-storey high-specification industrial building located at 115 Eunos Avenue 3, is on the market for $60 million. This property has a gross floor area (GFA) of 207,678 sq ft, and is sited on an 83,071 sq ft plot of land with a 60-year tenure that began on Feb 1, 1980. With approximately 17 years to the lease remaining, it’s a great opportunity for the savvy investor.

Premium features include a high ceiling which receives ample natural lighting, large and regular floor plates with an average floor-to-ceiling height of 7m and a typical floor plate of 43,000 sq ft. There are also large passenger and cargo lifts, as well as a childcare centre and an outdoor sky garden on the second floor.

Nestled in the dynamic Paya Lebar Central commercial hub, Zhaolim Building is within walking distance of Paya Lebar MRT Station, an interchange for the East-West and Circle Lines. It’s also conveniently situated near the Pan Island Expressway and Kallang-Paya Lebar Expressway, as well as NTUC supermarket and nearby malls like PLQ Mall, Singpost Centre and Tanjong Katong Complex.

All of these attributes make Zhaolim Building a great option for companies from the electronics and communications, healthcare, information & technology, media and lifestyle industries, according to Brenda Ong, executive director of logistics & industrial at Cushman & Wakefield.

– EC buyers have a cheaper alternative to purchasing a private condominium, but should understand HDB restrictions on renting/selling and that Deferred Payment Scheme HDB Executive Condominium will cost more overall than the Normal Payment Scheme.

If you’re interested in this property, be sure to take note of the expression of interest exercise, which closes at 3pm on June 21.…

Four freehold strata bungalows in Vanda Crescent for sale at $33 mil

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Situated near exclusive GCB and Eng Neo Avenue areas in District 11, a rare opportunity is presented with the launch of four freehold strata bungalows for sale in Vanda Crescent. Being held by a single owner and built in 2009, the properties are located off Dunearn Road in the Bukit Timah area and are being sold via private treaty with a combined guide price of $33 million, or $2,690 psf on the land area.

The properties have an extensive built-up area totaling 19,353 sq. ft. and a site spanning 12,264 sq. ft. Each bungalow features five en suite bedrooms, its own lap pool, and basement level and enjoy the benefits of a shared common compound.

Currently rented out, the properties will be sold with tenancies. Tracy Goh, Head of Investment and Collective Sales at PropNex, notes the sale of these bungalows presents an ideal opportunity for multi-generational families to live together with their own space and privacy.

Goh continues to claim that landed home prices in Singapore have consistently seen healthy growth, increasing by 13.3% and 9.6% respectively in 2021 and 2022, and 5.9% q-o-q in Q1 2023.

Executive condominiums HDB EC offer an attractive housing option for middle-income Singaporeans, with the income eligibility at $16,000 – higher than the previous limit of $14,000.

The close proximity of the properties to roads such as Dunearn and PIE, as well as Sixth Avenue MRT Station on the Downtown Line, enhances the appeal of the homes. Families will also benefit from the range of nearby schools, including Raffles Girls’ Primary, Methodist Girls’ (Primary), Nanyang Primary, Nanyang Girls’ High, National Junior College, and Hwa Chong Institution.

Taking into account the recent hikes of the Additional Buyer’s Stamp Duty which took effect on April 27, this acquisition of landed properties on mainland Singapore will not be affected as foreigners are not permitted to purchase them. In addition, for buyers who are Singapore citizens and are first-time residential property purchasers, the four bungalows will be sold under a single title and therefore will be exempt from ABSD.

Since 2010, only 14 resale transactions of landed homes have taken place in the locale, demonstrating the rarity of such a sale opportunity, including a nearby bungalow that sold for $21.5 million ($2,431 psf) in September 2022.

This present sale of four freehold strata bungalows in the exclusive Vanda Crescent is undeniably a highly attractive proposition.…