J'Den Jurong East Central floor plan

GuocoLand has been granted the green club of $974 million facility with DBS Bank, United Overseas Bank (UOB) and Oversea-Chinese Bank (OCBC)and Sumitomo Mitsui Banking Corporation for refinancing Guoco Tower’s commercial component. Guoco Tower. GuocoLand’s biggest green facility according to GuocoLand’s property group on the 28th of June.

J’Den Jurong East Central floor plan of 368 units of flat/apartment and 7 commercial units units ranging from 1 to 5 bedrooms spread over floors.

It was repaid under the company’s new Green Finance Framework, which provides GuocoLand and its affiliates access to a variety of fundraising options that are tied directly to “eligible eco-friendly projects”.

Initiatives to improve the performance of green buildings on Guoco Tower, for example are enhancements in the effectiveness of the air conditioning and the system of mechanical air ventilation, as well as improvements on the system for building administration in order to better control the tower’s energy use GuocoLand says. GuocoLand.

Guoco Tower comprises a three-dimensional mixed-use project in Tanjong Pagar, comprising 890,000 square feet of premium grade A office space 100,000 square feet in retail, and 181 luxury residences located at Wallich Residence, an exclusive hotel located within the Sofitel Singapore City Centre and 150,000 square feet of Urban Park.

In accordance with the guidelines, GuocoLand has committed to open and transparent reporting of pertinent important information about the green financing transactions (GFTs) as well as the environmental impact that is resulting from eligible green projects that are financed through the GFTs.

DBS, UOB and OCBC are the green loan advisors for the framework. Moody’s Investors Service was engaged to provide an independent external audit of the structure.

GuocoLand claims that the framework is in line to the Green Loan Principles for 2023 adopted by the Loan Market Association, Asia Pacific Loan Market Association and the Loan Syndications and Trading Association in addition to GuocoLand’s Green Bond Principles 2021 by the International Capital Market Association (ICMA) and the Asean Green Bond Standards 2018 from the Asean Capital Markets Forum.

The categories that are eligible in this structure are “likely to be able to contribute to a number goals of the United Nations’ Sustainable Development Goals” GuocoLand adds.

Prior to the creation of the framework GuocoLand had obtained green financing, which included $750 million and $730 millions in facilities for the construction of Lentor Modern and Midtown Modern and Midtown Modern, respectively, including commercial elements. With the new Green Facility, GuocoLand have secured over $2.4 billion in green financing as of today.

Andrew Chew, group chief financial officer at GuocoLand Andrew Chew, GuocoLand’s chief financial officer, states: “Our newly-established Green Finance Framework is intended to aid in our ongoing journey to decarbonise and our efforts to be a part of our contribution to Singapore Green Plan 2030.”

J'Den prices

In spite of the mixed economic environment however, the outlook for construction in Asia remains strong as per the most recent issue of the International Construction Market Survey. The annual survey of the consultancy company Turner & Townsend charts the average cost per square meter of construction for residential, commercial and industrial projects across more than 89 countries.

In Asia the demand for property is high in traditional real estate market such as Singapore, Hong Kong, Japan as well South Korea faces skills shortages as well as rising labor costs that result in higher cost of construction.

J’Den prices ranging from 1 to 5 bedrooms spread over floors

Tokyo as well as Osaka are among Asia’s top cities for construction. Tokyo costing $4,677 ($6,167) per square meter and Osaka at US$4,497 for a square meters. Worldwide, Tokyo ranks fifth, and Osaka is ranked sixth in terms of the construction costs.

The construction cost average per square meter in Hong Kong clocked in at $4,292, putting the city in 11th place in the top ten markets worldwide. In Singapore, the construction cost averages $3,307 per square meter and ranks as fourth Asia and 31st in the world.

Turner & Townsend highlights that Singapore was the country with the highest percentage of escalating construction costs in the last 12 months, which was 12%. As the market continues confront challenges with capacity for skills as well as high material and labour costs, the company expects construction costs to be high for the foreseeable future, and with an increase rate of 8% predicted for 2023.

Singapore continues to be supported by a steady stream of construction projects fueled by infrastructure, public housing commercial developments, as well as an emerging biomedical field. Additionally, Japan’s construction industry is supported by a substantial pile of construction-related projects in the build-up towards the World Expo that will be held in Osaka in 2025. Hong Kong and Mainland China will likely to experience an increase in their construction industries due to the lifting of restrictions on Covid-19.

The report also states that the construction industry in emerging markets like India, Indonesia, Malaysia, Vietnam and the Philippines is rising due to substantial investment in real estate as well as the growing growth of data centers manufacturing, life sciences and manufacturing.

“Asia’s vast and diverse market economies position it in a position to lead development and attract investments, especially in industries, science and technology transport, healthcare, transport, and real estate development,” claims Cheryl Lum, director and director of data and research for Turner & Townsend Asia.

J'Den showroom

The Ministry of Trade and Industry (MTI) has in June 23rd revealed that it will announce the Industrial Government Land Sales (IGLS) program for the second quarter in the calendar year. The program comprises five sites on the Confirmed List that have an overall site size of 6.43 square hectares (692,119 sq feet) as well as three sites on the Reserve List totalling 3.38 ha (363,820 sq feet). Together they sites cover a total surface totalling 9.81 acres (1.06 million square feet).

J’Den showroom units ranging from 1 to 5 bedrooms spread over floors, J’Den condo is ideal for young to large families.

The site area included in the Confirmed List constitutes the equivalent of a 63.2% bump up from the 3.94 ha that was launched across four sites in the first quarter in the calendar year. according to Lee Sze Teck, senior director of research at Huttons Asia. “This is the biggest supply of land for industrial use since 2H2014, when 9.5 hectares of industrial land were released,” he adds.

The five sites on the Confirmed List lie in Tampines North Drive 5, Tampines North Drive 4, Tuas Bay Drive, Gambas Way as well as Tuas Link Close. In addition, the sites that are listed on the Reserve List include two along Jalan Papan and one along Tuas Road. The two sites include Plot 3 Jalan Papan and the site located on Tuas Road – are currently on the Reserve List.

Sites that are listed on the Reserve List will be put open for tender there is a chance that an interested party makes an application containing offering a purchase price that is accepted by the government or more than one person offers minimum purchase prices that are that are close to the reserve value within an acceptable time.

The rise in the supply of industrial land comes as rents and prices have risen even as the outlook is bleak for Singapore’s export and manufacturing sectors. In the 1Q2023, JTC data showed industrial property prices rose 1.5% q-o-q, while industrial rents grew to 2.8% q-o-q. “Prices and rents for industrial space have pushed past the downbeat outlook and have increased in the last couple of months” declares Huttons’ Lee.

In this regard, he thinks that the government could be increasing the amount of industrial land available in an effort to limit the growth in rental and price as well as help companies manage the cost of occupancy. “This could lead to slowing down the industrial property market about two to three years down the line,” he opines.

J'Den location map

A private equity firm based in Singapore, Q Investment Partners (QIP) has completed it’s first funds in the Japan multifamily housing market with fully-deployed commitments of 50 million dollars ($67 millions). The project was in a partnership between QIP and Alyssa Partners, a leading investment manager focusing exclusively on Japanese markets.

J’Den location map is situated in Jurong Lake District, the largest business district outside the CBD

The fund closed after the purchase of the fourth and last asset in the portfolio. The newly purchased property is a 42-unit apartment building located in Kiba, Tokyo. “We are pleased to announce the complete operation of the fund, as well as an acquisition for our 4th property in Tokyo. The QIP MFH fund is an investment vehicle that has opened up access to the market for residential homes across Japan,” says QIP CEO Peter Young.

He also reveals that the firm’s investment strategy is to extend its involvement towards Japanese investors. Japanese market and to establish an office in Japan to help in the implementation of its plans for an additional fund at the closing of the year.

QIP’s efforts on Japan has been specifically on Osaka, Nagoya, and Tokyo. The portfolio of QIP in Japan comprises the 85-unit Luxe Shin Osaka, the porta nigra osu, which is 62 units Porta Nigra Osu, and the 56-unit Porta Nigra Chikusa. The portfolio also has maintained an occupancy rate at 95%.

“Key macroeconomic and microeconomic variables ensure there is a strong likelihood that Japanese market for residential housing, specifically the multi-family asset class is still favored by institutional capitalists,” says Young. Young adds that QIP is committed to its investment in the Japanese sector and has been planning another fund that is focused on Japan later in the year.

J'Den main contractor

A terraced colonial style house located on Upper East Coast Road in District 16 is scheduled to auction in June by the owner. The freehold property which is being marketed through Knight Frank has a starting cost that is $3.88 million. It is situated on a 1,764 sq feet site that is equivalent to $2,200 per square foot.

The exterior of the house with an inter-terraced design features the color scheme reminiscent of the black and white bungalows of the colonial era that surround this East Coast area. Based on the property description, the two-story terraced property has a floor space of 2.5 acres. The property is leased to a design firm through April 2024.

J’Den main contractor offers CapitaLand an opportunity to create an exceptional development that takes full advantage of the upcoming transformation in Jurong Lake District.

The first floor is divided into a common area that includes a meeting room and a pantry within the garden. The second floor houses an office space that includes an open kitchenette. Front of terraced area has an auto porch that has the direct connection directly to Upper East Coast Road.

The property is located in the midst of seven terraced homes located at the intersection of Parbury Avenue and Upper East Coast Road. Based on the most recent Master Plan, these houses form part of a three-storey mixed-landed estate located that runs along Sennett Road and Lucky Heights.

The house on terraces will be located between two new MRT stations along the Thomson-East Coast Line (TEL) -The first is Bayshore Station, about 350m away as well as Bedok South Station, about 500m away. This stage of TEL is anticipated to be operational in 2025.

In accordance with URA caveats and caveats, the property has been sold close to $800,000 ($453 per sq. ft.) during the month of May. Caveats also show that six freehold landed homes on neighboring Riviera Drive sold off in the past year, with prices between $1,449 and $2,298 per square foot. In terms of a price per square foot the most expensive property that was sold in Riviera Drive was a detached home situated at 7 Riviera Drive that sold at $7.49 million ($1,731 per sq. ft.) on January 24, 2022.

One street to the left the street, located at Parbury Avenue the freehold terraced house located at 60 Parbury Avenue was purchased to a buyer for $3.2 million ($1,876 per square foot) on the 21st of February. Two other terraced houses on this street sold on 2022Parbury Avenue Parbury Avenue for $3.53 million on April 22 and 87 Parbury Avenue for $3.53 million ($1,984 per square foot) the 22nd of April in addition to Parbury Avenue for 87 Parbury Avenue for $3 million ($1,721 per square foot) on April 26.

Inside The Lucky Heights estate the semi-detached house located situated at the 37th floor of Lucky Heights was sold for $7.52 million ($2,328 per square foot) the 2nd of June of last year. A semi-detached home at Sennett Road was bought at $6.37 million ($1,121 per sq ft) on the 29th of August last year.

These homes are situated close to East Coast Park, and nearby recreation facilities comprise Laguna National Golf and Country Club located at Laguna Golf Green, Tanah Merah Country Club located at Xilin Avenue and Safra (Tampines) located at Tampines Street 91. Malls that are located in the area comprise Siglap Centre at Siglap Road, Parkway Parade at Marine Parade Road and Bedok Mall at New Upper Changi Road.

The neighborhood is located centrally and is located in Bedok South. Schools within the vicinity include Temasek Primary School at Bedok South Avenue 3 and Bedok Green Primary School at Bedok North Avenue 3, Temasek Secondary School at Upper East Coast Road, Bedok View Secondary School in Bedok South Avenue 3, Bedok South Secondary School at Jalan Langgar Bedok and Temasek Junior College in Bedok South Road.

A brand new 31ha Bayshore housing development that is bordered by East Coast Park and served by the planned Bayshore and the Bedok South MRT Stations will be built in the near future.

J'Den new launch

If they had the option of working from home, many office workers in Singapore prefer working from home instead of commuting to work. A recent survey conducted by Unispace, a leading international design firm for office spaces Unispace indicates that the majority of employers aren’t aware of the reason for this disinclination to go back to work.

“Singaporean workers are still hesitant returning to their workplaces and many are dissatisfied with the services that their employers offer, that do not allow employees to fulfill their tasks as effectively as they could,” says Sean Moran the senior principal of clients solutions Asia in Unispace.

J’Den new launch modern mixed-use development located in the vibrant Jurong East neighbourhood in District 22 of Singapore.

Its Unispace Global Workplace Insights report entitled Rejoining to Goodsurveyed 9500 employees and 6,650 business executives across 17 countries, which includes 500 Singapore employees and 250 top decision-makers from Singapore businesses with more than 50 employees.

A misinterpretation between employers and employees

Moran observes that a gap exist between companies and employees that centers around the idea of what a modern office ought to look like and offer.

Based on the findings the business leaders surveyed in Singapore appear to have misinterpreted what’s preventing an increase in the number of people returning to work, believing that their employees’ disinterest results from a long commute, and “the possibility of eating more healthy from home”.

On the other hand around 68% of the Singapore employees reported they are unable to perform their primary job within their office space because of distractions. They also complain about a lack of privacy at work when compared to their home office and the feeling of being less productive when working in a remote work environment and the notion that they’re more productive when they are at home.

“While employers are of the opinion that employees are reluctant to return to work is a result of convenience, workers are more focused on working in environments which are uncluttered and permit them to focus more efficiently,” says Moran.

The report also states that although over half (56%) of the respondents Singapore employees work hot-desking at the office and the majority (94% of the respondents believe they’d prefer to work more often in the event of having an allocated space. In addition the survey revealed that 61% stated that they’d reduce their pay to work from home and the majority of respondents (66%) say that% claim to be adversely affected by burn-out.

Crafting effective workplaces

Employers should get their office layout and space planning in order or they could find it harder to recruit and keep talent, according to Moran. “The workplace is often the very first thing a candidate will receive when they attend an interview. It’s a glimpse for applicants to get a glimpse of what they’ll be seeing and how they’ll perform in the coming years. The office space is a reflection of the corporate culture.”

He suggests employers think about having more privacy-friendly spaces for employees within their workplace design including telephone booths or small meeting rooms. However, this is also contingent on the culture of the company so a survey of employees to learn about their preferences and preferences is vital prior to making a decision to revamp.

In Singapore the market for office space is experiencing difficulties that stem from the lack of new Grade-A office buildings along with the rising cost of office construction and fit-out costs, according to Moran. However, Unispace discovered that 76% of the business executives it interviewed in Singapore claim that they have extended their office spaces in the past two years. Some are also planning to redesign existing offices.

“We are seeing increasing numbers of companies investing in building or re-building their workplaces post-Covid in order to motivate employees to return back to work,” says Moran. A decrease in human connection during the outbreak led to businesses losing talent due to less engagement and dedication Moran says.

He continues: “Though rental fees, construction and manpower fees are more costly in Singapore but the office will also have key performance indicators to the businesses in terms of recruitment and retention of talent.”

The office space can step into balance the requirements of employers and employees by balancing office density, collaboration spaces and other amenities, according to Joanne Morris, head of delivery and design, Asia at Unispace.

“More companies are constructing bigger, more shared spaces that include entertainment elements such as gaming rooms as well as fitness facilities and even pantries offering free beverages Even the legal and banking sectors are seen as conservative and traditionalare open to hot-desking as well as meeting rooms with innovative elements to boost employee engagement,” she says.

Then, in Singapore, Unispace worked on the design of VaynerMedia APAC, a creative agency located at 1557 Keppel Road. A fifth of the space is utilized as a stage that can be used for various functions like events for launch, photoshoots, as well as town halls. There are a variety of spaces for collaboration, rather than desks that are dedicated, and the majority work areas are open spaces.

Moran says that an emphasis on the experience at work is important as the next generation is entering the workforce. “We see more and more companies providing more amenities to lure the employees to return their offices including games rooms as well as free snacks and drinks as well as comfortable furniture. These are all things that will definitely draw the younger generation,” he says.

The future of HTML0

Looking into the future, Moran sees an emerging trend among occupiers who are looking to relocate to Grade-B properties located in CBD and city-fringe areas, shops, and industrial zones. These options for real estate are attractive to certain businesses due to the dimensions and flexibility of the area.

“We notice that more businesses are making changes to their business strategies and working environments, from traditional desks to incorporating more sustainable and health-related elements to their workplaces” Moran says. Moran. “More open and well-being spaces will provide a more relaxing working environment…which could draw more workers back to work and keep them.”

For businesses that are taking on a major overhaul of their workplace, it’s an opportunity for employees to be involved to design workplaces that enable individuals to thrive. “Singapore’s high rate of burnout (66% compared to a average worldwide that is 59%) means that it’s the responsibility of employers to provide employees with the necessary facilities to fulfill their responsibilities to the best of their ability,” says Moran.

The study shows that employees and employers in Singapore anticipate more time at the office in future, even though many workers complain of having a difficult time carrying their jobs as he explains. “This indicates that companies are still struggling to design spaces where employees can perform as effectively at work as they would be from home.”

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Launch of landed cluster homes by the Sinar Mas Land-Mitbana JV in BSD City, Greater Jakarta

A freehold home on Kew Drive, off the Upper East Coast in District 16 has been bought at $16.3 million. Based on the freehold site of 14,376 square feet that is $1,134 per square foot. Mey Lim and Lawrence See of GCB Collective, a team of bungalow experts in Huttons Asia, brokered the sale. In terms of price per square foot this is the highest price ever for a home within the Kew estate, according to See.

Caveats lodged by the buyer show that the previous record was the acquisition of a bungalow located on Kew Drive occupying a freehold size of 11,857 sq ft in December of 2017. The property was sold for $10.55 million, or $890 per square foot on the land. The most recent sale for a detached property in the area took place on the 13th of January 2022 when a bungalow located on Kew Terrace with a land area of 4,496 square feet was sold at $3.58 million ($796 psf). Before that, a bungalow located on Kew Drive with a land area of 8,279 sq feet was sold for $6.38 million ($771 per square foot) on January 6 2022.

The former owners of 26 Kew Drive have occupied the current six-bedroom, 6500 square feet property since it was constructed more than thirty years ago. In March the property was put up for auction through a tender exercise conducted through OrangeTee & Tie with a estimated price of $18 million. The tender ended on April 14 and did not find an interested buyer.

The purchaser of 26 Kew Drive had been searching for a land-based property within the vicinity for “quite long” according to See. They had offered for the property in the past year at $16 million, however the previous owner did not want to pursue the sale at the price.

The buyer then considered other land properties but couldn’t find an site that met their needs. “They love this plot (located at 26 Kew Drive] given its size and potential for redevelopment and also the fact that it’s close to public transportation facilities,” he says. The house is just a four-minute walk away from the Upper East Coast Bus Terminal and a mere 10 minutes walk from the new Bedok South MRT Station on the Thomson-East Coast Line.

In order to get their preferred site the buyer, who is an Singaporean who is a Singaporean, offered an increased price in the amount of $16.3 million. See that they are planning to take down the current house and construct a new one entirely from scratch. Based on the URA’s Master Plan 2019, the site is set to be an landed development that could be up to three stories. The site is located at the end of a cul-de -sac with an elevated site will mean that the new house will be able to see the landsland estate that surrounds it.

The property is just a 10 minute walk from Bedok Food Centre and a five-minute drive to Siglap Community Club which offers retail services which include an Sheng Siong Supermarket and an McDonald’s restaurant, and the Anytime Fitness gym. 26 Kew Drive is located in the vicinity of 1 km from Temasek Primary School as well as Temasek Secondary School.

Read more: A bungalow on Kheam Hock Road is for sale for $16.38 million

A bungalow on Kheam Hock Road is for sale for $16.38 million

PropNex Realty has announced the sale of three cluster semi-detached homes located at Eleven@ Holland through tender. The three houses were sold at between $1,050 and $1,079 per square foot, and the prices range from $3.91 million up to $4.02 million. The price was higher than the vendor’s expectations” Says Tracy Goh, head of Investment and collective sales at PropNex.

PropNex was selected by the buyer, Char Yong (Dabu) Association, Singapore, to market the properties comprising seven houses within Eleven @ Holland. The units are comprised of seven semi-detached houses that are approximately 3,735 square feet and are all three-story plus basement and attic units, which have five bedrooms and five bathrooms.

The houses’ sale was part of an auction which ended on the 12th of June. PropNex claims that the purchasers of the three houses sold are residents of the area. The properties were constructed in 2014 and were the leasehold for 99 years. “There are also potential buyers that have indicated an an interest in buying the remaining four units which will be sold through a private treaty sales,” Goh says. Goh.

This deal comes on top of the sale of the cluster of semi-detached homes located at Eleven @ Holland that PropNex recently concluded. On June 8th, the agency announced that it had received 48 cheques from buyers to buy the 48 properties that were placed up for sale as mortgagees. PropNex was chosen by Hong Leong Finance as the marketing agent.

According to Silas Tan, a PropNex Realty agent who assisted his client get one of the 3,735 sq feet semi-detached homes that were sold as part of 48 units, a lot of interested buyers were attracted to the firesale due to the cost. “District 10 has an exclusive appeal that many Singaporean buyers want. In addition the average psf of a semi-detached house with a 99-year-old age (cluster and non-cluster homes) in the district has already been around $1,505 and those less than 10 years old have an average of $2,430 per square foot”.

His client was able to secure his property at $1,019 per square foot. Lee claims that the property was purchased with an existing lease and that the new owner plans to lease the property to invest in. “While the land properties tend to have a lower rental yields (compared with other residential properties) however, our clients are able to enjoy an immediate 4.4% gross rental yield which is a rare thing that properties that are not landed properties struggle to attain,” says Tan.

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River Valley Road shophouse for sale starting at $11.8 million

GuocoLand is announcing that its launch of Guoco Central Park, its most recent project located in Chongqing, China, saw impressive sales of 97% of the 200 units that are available. This was the initial phase of the launch of sales for Guoco Central Park through the developer.

The development is comprised of low- and mid-rise condominium blocks. The pipeline of development includes 22 mid-rise condo blocks that house over 1,000 units. Four of the blocks,, comprised of 200 three-bedroom apartments, ranging from 968 sq ft up to 1,237 sq feet, were made available in the initial sales phase.

Guoco Central Park’s “stellar performance” has proven the market’s appreciation for GuocoLand as well as Guoco Central Park, which has also made the company more confident about future launches.” adds Peter Lee GuocoLand’s managing director for the country in China.

located in the Chongqing Liangjiang New Area, Guoco Central Park is GuocoLand’s second development in Chongqing following Guoco 18T. The most recent development is situated close to Chongqing Central Park and the Central Park commercial and lifestyle district. It is also near Lujiagou Station.

Check related article: The Reserve Residences will open on May 27 with 550 units available for purchase in the first phase

The Reserve Residences will open on May 27 with 550 units available for purchase in the first phase

Singapore has risen eight places to become the fifth-highest priced city worldwide for expats. This was among the conclusions of the most recent cost of living study published by ECA International.

“Singapore’s increase in popularity is noteworthy. A rise in the demand for rental housing in the Lion City, driven by factors like the early relaxation of restrictions on Covid-19 as compared to other cities in the region and was not matched by the same growth in the availability of accommodation that is suitable,” ECA International’s regional manager for Asia Lee Quane.

Hong Kong dropped from its top spot in the last rankings of ECA to be the second-highest-priced city. It was overtaken by New York this year, ending Hong Kong’s time in the top spot.

“Costs for services and goods in Hong Kong rose at multi-year levels, indicating that Hong Kong was not immune from the surge of inflation that has been seen across the world over the last year,” says Quane. However, the city’s prices declined this year due to the rise in prices for everyday goods and services was offset by lower costs for accommodation as well, he says.

The majority of cities within the Asia Pacific region saw their rankings drop this year, however South Korea’s Seoul and Myanmar’s Yangon were able to defy the trend to rise a few places. Seoul increased one position to 9th on the list, while Yangon gained four spots to 167.

A rise in the cost of housing in Seoul due to an increase in rental demand is the main reason driving the increased costs of living. In Yangon the increase resulted from ongoing social-political issues that have led to significant inflation of daily necessities and services.