Tanjong Katong development reintroduced collective sale at $63 million

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Read article: Espada is selling a studio apartment for $1.48 million

Espada is selling a studio apartment for $1.48 million

The owners of the 26-unit walk-up project at 52-62H Tanjong Katong Road have put the property to tender for the value of $63 million.

The development’s four levels were first offered for sale at a suggested value at $65.5 million during July of last year. It received numerous offers lower than the asking price, claims the sole advertising agency Huttons Asia.

The site covers a land area of approximately 32,397 feet. It is designated for residential use and has an allowed total plot area ratio (GPR) of 1.4 in the Master Plan. Based on this it is expected to produce approximately 45,356 feet of floor area gross when it is redeveloped. The new project could include 49 apartments that have an average of 915 square feet.

The guide price corresponds to an average land cost of $1,401 psf/plot proportion (psf ppr) which includes an estimated land improvement charge of around $530,000. The land price could be reduced to $1,375 psf per plot after incorporating the 7% bonus gross floor area for the balcony.

“Tanjong Katong is always a popular area for those looking to purchase a new home within District 15. We anticipate that there will be a lot of interest from a variety of developers considering the rapid and buoyant sales of Tembusu Grand which is a good sign for the sale of the 9.999-year Tanjong Katong site,” says Terence Lian, head of investment sales at Huttons Asia.

Tembusu Grand Tembusu Grand, a 638-unit condo developed by City Developments and MCL Land is situated at Jalan Tembusu, close to Tanjong Katong Road. The development saw 54% in units selling for an average of $2,456 per sq ft the weekend of its launch on March 8-9.

52-62H Tanjong Katong Road is a 10-minute drive from the CBD and is just 500m from Paya Lebar MRT Station. Nearby amenities include shopping malls like PLQ mall as well as i12 as well as Parkway Parade. Additionally, recreation facilities like those at the Singapore Sports Hub and East Coast Park are located nearby and include F&B and cafés within the Katong as well as Joo Chiat areas.

“We think it will be a hit with young couples and professionals who want a lot of convenience, since it’s only five stops from City Hall Interchange and within an easy walk of Paya Lebar Commercial Hub, in which there is a fantastic variety in retail F&B along with recreational activities,” Angela Lim, director for investment sales in Huttons Asia, says.

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weaker industrial sales in the first quarter of 2023 and a cloudier manufacturing outlook

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J'Den ebrochure

The first quarter of the year saw a decrease in leasing and sales activity in the logistics and industrial property market according to research conducted from Knight Frank Singapore. The data compiled by the consulting firm indicates that industrial sales totalled $799.4 million in 1Q2023 — which is an 11.6% q-o-q decline.

J’Den ebrochure for its commercial spaces on the first two floors provide residents with quick access to amenities. There are also a variety of communal facilities, a refreshing swimming pool and ample underground parking.

Some notable deals include the sale to four properties from Cycle & Carriage to M&G Real Estate for $333 million, and selling the J’Forte Building to Boustead Industrial Fund for more than $100 million. Other than that, the 97% of the caveats filed were for deals of $10 million or less, says Norishikin Khalik, the director of strategy and solutions for occupiers for Knight Frank Singapore.

The drop in sales of industrial investments comes in the midst of a more negative manufacturing forecast in Singapore for the year ahead. Singapore’s Ministry of Trade and Industry estimates that Singapore’s GDP will range from 0.5% to 2.5% in 2023. This is lower then its 3.6% growth registered in 2022.

Other indicators suggest a more negative outlook, such as Economic Development Board’s quarterly economic forecast survey that shows mostly negative sentiments within the manufacturing industry for the period January through June. Additionally the manufacturing output of Singapore decreased by 8.9% y-o-y in February Bio-medical manufacturing declined the most significantly with 33.6%.

In the end, the result were “slightly lesser demand” for space in factories in the 1Q2023, which resulted in lower leasing activity between February and January, according to Norishikin. In the beginning in the calendar year the island-wide leasing for multi-user factories dropped in 1.5% to 1,548 tenancies as compared to the initial four months of the 4Q2022.

But, she adds that rents grew in all industrial property kinds as median rents increased 4.7% q-o-q to $2.01 per sq ft for the month. “While the electronics industry is undergoing a tough time, the demand for electronics is supported by the transport engineering industry and the growing travel sector and also for industrial operations that aid in the construction industry as well as the expansion of Singapore’s energy infrastructure that is sustainable,” she says.

Despite the lower leasing and sales, Norishikin highlights some new innovative facilities that have been brought into operation or are currently in the process of being constructed. This month, Hyundai Motor Group began operations in their brand new electric vehicle manufacturing facility in Jurong Singapore’s first assembly facility in more than 40 years. Cell-based meat maker Esco Aster will set up an 80,000 sq. ft. facility in Changi and Commonwealth Kokubu Logistics broke ground for a 500,000 square foot cold-chain food logistics facility in Jalan Besut. Both facilities are expected to open in 2025.

In any event, Norishikin expects the industrial property segment to remain steady and stable, with a “cautious” cost and growth in rental of one% or 3% for the majority of industrial property kinds in 2023. “Due to the tight supply of quality logistics space, it is possible that rents can be expected to grow by than 3% up to%,” she adds.

The outlook for growth in the longer term is also optimistic. For 2022 Singapore reported $22.5 billion worth of fixed asset (FAI) commitments. That’s which is a 90% increase in y-o-y growth as compared with $11.8 billion by 2021. In the total flow approximately 77.2% was for manufacturing and 66.8% contributed by the electronics industry.

This record number of FAI investments in the last year is expected to bring a boost to Singapore’s industrial sector, says Norishikin. “Notwithstanding the grim outlook for the next year investment in advanced manufacturing remain strong and poised to serve as a catalysts for industrial growth when the economic cycle starts to improve.”

Additionally, due to China’s reopening of borders Chinese manufacturers may also be considering other safe locations that aren’t within their own border, she adds. “Singapore is a great option for companies looking to set up manufacturing facilities and headquarter offices in this region.”

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A good class bungalow in King Albert Park is for sale for $30 million

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J'Den condo floor plan

The Good Class Bungalow (GCB) at King Albert Park will be made available for sale through Expression of Interest process the 31st of March. The suggested cost to purchase this property will be $30 million ($1,846 per sq ft). The house, which is two stories tall, sits on the freehold site that covers 16,251 square feet. It is home to nine bedrooms as well as a pool, and basement parking for six vehicles. The home covers a total floor space of 12,500 sq. ft.

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

The site was initially part of a larger parcel that belonged to a belonging to Benjamin Sheares, Singapore’s second president who served for three terms from January 1971 until May 1981. The Sheares family offered the plot to a purchaser who later divided the plot into three smaller ones.

The current owners, who bought the property in the year 1996 and taken the decision to put it up on the market after having lived there for 27 years. “The owners are older and are trying to sell their property,” says Jervis Isaiah Ng, the founder Jervis Isaiah Ng, the founder of JNA Real Estate and executive director of JNA Capital Markets, the sole agent for marketing the property. As per Ng, JNA Capital Markets is part of his firm JNA Real Estate, and manages property for clients with ultra-high net worth. JNA Real Estate, in itself, is an entity with PropNex Realty. PropNex Realty.

The land price of $1,846 psf has been deemed appealing by Ng. “It is among the few GCBs available that has an asking price lower than $2,000 per sq ft,” he shares.

Gateway to GCB market
The current owners have maintained the house mostly unchanged from the original style. Ng says that regardless of its old age, the house’s state of repair is “still excellent” due to the fact that the current owners have taken great care of the home throughout the decades.

The house was built to ensure that the living areas of the house face north-south and avoid intense direct sunlight. The layout is U-shaped and has common areas like the family and living areas are located in the middle of the home. The bedrooms are situated in either side. The rooms of the house are oriented towards the central courtyard, which also has an outdoor pool. “It’s an ideal place for people who love to entertain in their homes,” says Ng.

Based on the price of the property, Ng believes the property is a good choice for those who are new to market GCB market. They include those who wish to upgrade their detached home to a “full-fledged GCB” and younger beginning GCB buyers who’s budgets don’t allow them to make the step into GCBs that are priced in the $40-$50 million price range Ng says.

Alvin Tan, team lead for the team at JNA Capital Markets, adds that the house is likely to be attractive to buyers looking for the exclusivity of a GCB location and still have an easy access to the amenities available within the area. King Albert Park MRT Station is just a 10 minute walk as well as Bukit Timah Plaza as well as Beauty World Plaza are within five minutes of driving. The area’s draw to families is its closeness to schools. Pei Hwa Presbyterian Primary School and Methodist Girls’ School (Primary and Secondary) are within a radius of 1km.

Great candidate for rebuilding
Tan mentions that Tan notes that the property has attracted a lot of attention so far. “We’ve seen potential buyers visit to the property for their third or fourth time,” he says. The additional visits are usually conducted with architects on hand He adds. The site’s characteristics make it an ideal possibility for renovation. It’s a rectangular plot with an average 27m frontage and an average depth of 60m, all tucked into the trees and other greenery. Although the plot slopes slightly downwards, the whole site is elevated in comparison to plots adjacent.

Ng claims that, subject to approval from authorities in the area, the buyer of the property might be able to level or elevate the site in the future, and build a new house that has the possibility of a larger basement and mezzanine, and attic. This will effectively raise the principal floors of the house to a higher height which would provide a nice view of the neighborhood. “Given the fact that the plots around this property are lower and the house is higher, by raising the site buyers will be able to enjoy panoramic perspectives across King Albert Park. King Albert Park area,” Ng explains.

Based on estimates from preliminary studies in discussions with a builder and design contractor, Ng reckons that the area could accommodate a new residence with a built-up area up to 22,000 square feet. Ng estimates that the construction cost which includes raising the land and leveling it starting at around $8 million. It could go up to $15 milllion depending on the type of materials as well as other specifications. He still views this as a viable option to buyers. “The rebuilding costs (including the cost for land) could be anywhere from $35 million-$45 million which is an appealing price for a brand new GCB in the current competitive market,”” He says.

GCB rates expected to remain steady
The last time the GCB located in King Albert Park changed hands was almost two years back. The bungalow that was sold in the month of September on an area of 15,165 sq feet was purchased for $16.8 million ($1,108 per square foot). In the month prior the same bungalow situated with a size of 15,713 square feet site was auctioned off to the highest bidder for $19.55 million ($1,244 per sq ft). Ng states the properties were older homes The caveats prove that the houses were constructed around 1980. Ng adds that, since then, the average transacted prices for GCBs continue to increase.

For sure, GCB prices have continued to increase despite a decrease in activity over the past year, driven by rate hikes and the growing macroeconomic worries. A new research report from CBRE declares the fact that during 2H2022, the average prices for GCBs increased 14.3% compared to 1H2022 and reached $2,106 psf. The median price for the whole year to $1,952 psf. This is an increase of 10.1% y-o-y.

Forty-seven GCBs were traded in 2022 and totaled $1.365 billion. This is an increase of 54.3% y-o-y decline from the $2.99 billion in transactions across more than 98 GCBs the year prior. “Following an unprecedented 2021, GCB sales volumes normalised in part due to the sluggish inventory available and the widening gap between price of buyer and seller,” CBRE’s report states.

GCB markets are likely to be sluggish until 2023, when there will be more clarity about rates of interest as well as the overall economy. However, CBRE anticipates Singapore’s positioning as a major hub of wealth and the continuing appeal of GCBs to preserve wealth and for status symbols and status symbols, will continue to drive the demand and price. Ng concurs. “There are just about 2,800 GCBs available, which means the supply is not as high, but demand is constant,” he says.

In the end, he believes that the GCB located at King Albert Park will be quickly snapped up, considering its value and the attributes. “I believe it’ll be among the very first GCB plots that will be sold in the coming year” the expert says.

Expression of Interest process in the King Albert Park GCB will end on the 21st of April.

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Tembusu Grand in Katong is the first big launch by CDL and MCL Land in 2023

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J'Den launch price

On March 24th the sales gallery at the six-dwelling Tembusu Grand will be open for a public preview. the sales expected to begin in April. A private condominium by large developers City Developments Ltd (CDL) and MCL Land, Tembusu Grand is located on a sprawling 220,622 square feet, 99-year leasehold site on Jalan Tembusu, just off Tanjong Katong Road in prime District 15.

J’Den launch price offers residents unparalleled convenience with 368 units of flat/apartment and 7 commercial units units ranging from 1 to 5 bedrooms spread over floors

“Tembusu Grand is our debut for this year and we’re thrilled to liven up our East Coast area with yet another jewel in the residential market following Amber Park,” says Sherman Kwek, CDL group CEO. The 592-unit freehold Amber Park at Amber Gardens was launched in 2019 and is 99.5% sold, based on caveats filed in conjunction with URA Realis as of March 22.

This latest development marks the third collaboration of the two developers after the launch of the 407-unit Piccadilly Grand in Farrer Park last May, which has been currently 87% sold and the executive condo of 639 units located in Tengah, Copen Grand that was completely sold within one month of its debut in November.

The units within the development are in a north-south layout and are distributed over four blocks with twenty and 21 storeys. There is a wide variety of units, from one-bedroom-plus-study units of 527 sq ft to five-bedroom units of 1,711 sq ft. There are two 5-bedroom penthouses with 2,691 sq feet. “Tembusu Grand has an array of units that accommodate different lifestyles,” says Kwek.

Prices start from $1.248 million ($2,368 per square foot) for a single-bedroom and studies, $1.548 millions ($2,321 PSF) to a 2-bedroom unit, $2.278 million ($2,301 per square foot) in a 3 bedroom unit, $3.288 million ($2,296 per square foot) to a 4-bedroom, and $4.028 million ($2,354 per sq. ft.) in a 5 bedroom home.

Right-sizers and upgraders
Doris Ong, deputy CEO of ERA Singapore, sees the project drawing a range of buyers ranging from owner-occupiers to investors. The proximity of schools, including Haig Girls’ School, Kong Hwa School and Tanjong Katong Primary School situated in the vicinity of 1km Tembusu Grand, will draw families with children of schooling age. They will also be drawn to the larger units. She says she knows that Canadian International School (Tanjong Katong Campus) is located nearby which could attract investors.

“In East, you will find lots of smaller and older apartment and condo buildings, particularly located in The Telok Kurau area,” According to Ong. “Some residents may wish to have a new lifestyle and decide to move to a brand new apartment that has more amenities, rather than being content and making improvements.” In addition she observes other people living further to the east, like those in Bedok, Simei and Tampines that are seeking to be further away from the cities.

Nearby are the luxury homes on Branksome, Goodman and Wilkinson Roads According to Mark Yip, CEO of Huttons Asia. “The owners of these houses may want to purchase a property in Tembusu Grand for their children,” he adds.

A few residents may also be thinking about “right-sizing” out of a land-based property to a condominium unit as suggested by Ken Low, managing partner of SRI. “This is a trend that we have observed in recent launches of new projects located near estates with lands and people who are looking to downsize, and second-generation families who want to live near relatives,” he adds.

Of the 638 units at Tembusu Grand, 317 (49.7%) comprise one-bedroom-plus-study units of 517 sq ft, and two-bedroom and two-bedroom-plus-study units of 667 sq ft and 743 sq ft. “The fact that almost 50% of the units at Tembusu Grand are one- and two-bedroom units will ensure that the project will do well,” says Ismail Gafoor, CEO of PropNex. “At many of the latest launches — ranging from Sceneca Residence up to Terra Hill and The Botany the units at Tembusu Grand were the first units to be sold, showing that there’s still an interest in investment properties that are priced lower.”

According to PropNex According to PropNex, District 15 has less than 100 un-sold units from earlier projects with a majority of them having larger units. Gafoor is aware of the limited supply of two- and one-bedroom units that are available for sale.

Efficient layout, latest facilities
ADDP Architects is the design architect for Tembusu Grand, as well as for Piccadilly Grand and Copen Grand. “The idea to Tembusu Grand’s design was the form and texture of the Tembusu old-growth trees,” says Markus Cheng who is an associate with ADDP Architects.

The most distinctive feature of the project is its spectacular entrance and drop-off zone, according to Cheng. The single-storey, lantern-like clubhouse with full height glass, which offers views of the 50m-long infinity pool pools and lush grounds. The clubhouse has multiple levels. The first (Grand Club) includes a gaming area as well as a karaoke room as well as the entertainment and function rooms. Its Tembusu Club is a multi-level covered space that cantilevers with the appearance of a waterfall. It has an exclusive dining space on the second level, as well as fitness facilities on the fifth floor. Both areas have high-quality glass that offers expansive views.

Other amenities include tennis courts, a gym and barbeque pavilion, co-working lounge as well as a playground for children. The landscape designer Tinderbox Landscape Studio. Tinderbox Landscape Studio.

Tembusu Grand is situated on a rectangular site that made it possible for the architect to design the site in a way that maximizes its potential and make the most of the surrounding landscape and views corridors, according to ADDP’s Cheng.

With the orientation north-south of the buildings which is why those on the upper floors will enjoy “unblocked and expansive” views, says Christine Sun, OrangeTee & Tie senior vice-president of research and analytics.

‘First-mover’
Tembusu Grand will also be the first of three major projects within the Katong East Coast enclave that will be launched in the coming year. With the exception of the smaller developments that are currently in development, there are seven brand new launches planned for the pipeline, and around 2,759 units available to be sold, according to Huttons Yip.

“As the first brand new opening within District 15 this year, Tembusu Grand will set new standards in product offerings featuring premium appliances, top fittings, and luxurious finishes.” states an official CDL spokesperson.

CDL along with MCL Land won the residential development site located at Jalan Tembusu as part of the government land sale (GLS) offer of $768 million, or $1,302 per square foot for each plot (psf per plot ratio) on January 20, 2022. The bid was as the highest of the eight bids that were received.

Just across the street to Tembusu Grand is a 99-year leasehold site with 221,438 square feet which could yield around 840 housing units. The plot of land for residential development was announced to be sold under the GLS program on the 14th of March.

“Tembusu Grand will have a first-mover advantage” PropNex’s Gafoor. “With future GLS sites that are sold at or above $1,300 psf per pound, investors will find Tembusu Grand to be a worthy investment.”

The bid for Jalan Tembusu GLS site will end on the 18th of July, developers are likely to follow the results of sales from new launches that have been launched in the region as per Tricia Song. CBRE chief of research and analysis for Southeast Asia. “For the moment, we anticipate that the site will draw between four and six bids, with the highest bid of $1,300 to $1.400 psf per in ppr. We expect developers will sell the site at an average cost between $2,350 and $2,450 psf.”

‘Pent-up demand’
Despite the pipeline of supply, Song says there’s “ample demand for pent-up space” because of the affluence in the East Coast – Katong region. She says that the most recent similar project to be launched is that 99-year leasehold Liv@MB located at Mountbatten Road, launched in May 2022. As as of March 22, the 298-unit property has 86% sold units, and the sale price was an average of $2,412 per sq ft.

But, in the Katong sub-zone that is bordered by Tanjong Katong Road, Mountbatten Road, Dunman Road and Still Road — the largest development that was launched in 2004 was the 360-unit Haig Court in 2004, SRI’s Low highlights. “It was twenty years since the last time who are looking to purchase an apartment in a large condo located within the city of Katong” Low adds.

Low believes that the smaller units in Tembusu Grand to be “over-subscribed” from investors, based upon sales trends during recent launches. “In the city fringe [Rest of Central Region or RCR], District 15 has the highest rental transaction volume after District 3, which is the Alexandra-Queenstown-Tiong Bahru area,” he says.

New developments are launching within the Outside Central Region, such as the 268-unit Sceneca Residence at Tanah Merah Kechil Link has achieved an average price of $2072 per square foot in January. Meanwhile, The 386 unit The Botany saw units transacted at a median of $2,070 per square foot in March. Low believes Tembusu Grand, located in the RCR is likely to see prices ranging from $2,400 to $2,500 per sq. ft.

‘Golden opportunity’
Tembusu Grand is just 10 minutes walk from the new Tanjong Katong MRT Station on the Thomson-East Coast Line and a quick drive to Marina Bay, the CBD, Marina Bay, Singapore Sports Hub and Changi Airport The article explains Huttons”Yip..

Schools like Tao Nan School, Chung Cheng High School, Dunman High School, Tanjong Katong Girls’ School and Victoria Junior College are within 2km of Tembusu Grand according to Yip. Other amenities include the vast range of F&B establishments within the Katong neighborhood, as well as shopping centers like PLQ Mall, i12Katong and Parkway Parade. “There are a variety of facilities, such as food centers as well as parks, recreation facilities and food outlets,” he adds.

“The region is a favorite for those who want to live close to the ocean as well as East Coast Park,” according to OrangeTee & Tie’s Sun. “Katong is also home to a strong Peranakan culture that draws people who appreciate a retro and a distinctly cultural vibe.”

Tembusu Grand was conferred the Green Mark Platinum Super Low Energy certification by the Building & Construction Authority for its water and energy-efficient layout and eco-friendly features.

“This new development will be an excellent opportunity for smart property lovers who have a love for the stunning East Coast,” comments Rob Garman, MCL Land CEO. “Anticipating the high demand We’re sure the Tembusu Grand will add another feather in our crown of successful stories.”

Despite the current banking crisis PropNex’s Gafoor believes that Singapore’s property market will continue to be resilient in the future. “We have survived many crises like for instance, the Global Financial Crisis, the circuit-breaker and pandemic, as well as cycles of cooling measures,” Gafoor says. “Those who take an investment approach with a an outlook for the future will be less affected.”

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In a clarifying statement, Hatten Land claims that the majority of its projects have been finished

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J'Den Condo Jurong East Central

Hatten Land Limited issued a statement on the 20th of March to clarify “certain media coverage” regarding the company’s projects.

The company claims that the majority of its projects are completed and handed over to the respective customers.

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

Some of the projects which are completed includes Hatten City 1 comprising ElementX, Hatten Place and Silverscape. Hatten City 2, which includes Imperio Mall as well as Imperio Residences as well, has been completed. Another of the Hatten Land’s projects Vedro is also complete.

The group also said that the construction efforts for two projects in development were stopped due to the effect of Covid-19 as well as related policies of the government on hospitality and tourism in Melaka. Two of the initiatives comprise Harbour City and Satori.

According to the company, the agreement reached in August 2020 with Tayrona Capital on August of 2020 was not signed as Tayrona Capital has not been in compliance with its obligations in relation to the conclusion of the proposed deal, including the obligation to pay the purchase price.

“Despite these obstacles the company continues to make reasonable efforts to aid the affected property buyers, including the planned divestment of its subsidiary Gold Mart Sdn Bhd as well as its Harbour City project with Tayrona Capital,” says Hatten Land through its statement.

“However because Tayrona Capital has not complied with its obligations, such as payment of the consideration and consideration, the company has announced and issued a notice of cancellation in order to Tayrona Capital to terminate the agreement on February 20, 2023.” it states.

For Satori delays were caused by Satori’s chosen contractor closing down and filing for bankruptcy. down. In the statement, Hatten Land says the company is currently developing a bid to choose an additional contractor. The group expects construction to begin within six months following Harbour City resumes construction.

As per the announcement, the board has stated that Hatten Land can “continue as a running concern” after taking into consideration a number of factors, such as its “substantial worth of completed but unsold properties”.

“The group will slowly sell the remaining completed properties and the not sold properties are valued at market value equal to RM1.107 billion ($331.4 million) on June 30th 2022.

Furthermore, the group declares that its debts particularly the $25 million ($33.4 million) secured bonds, are backed by other hospitality assets that are provided by a related company to the company that’s estimated market value of the assets of the assets is RM238 million.

The company claims it is also able to begin the process of collecting more than RM230 million in receivables due to customers. The collection was earlier stopped due to an agreement with Tayrona in the wake of the sale of Gold Mart.

The company says it has begun the process of restructuring its strategic affiliate, MDSA Resources Sdn Bhd to simplify its existing contract obligations in order to create an improved capital structure that is sustainable. The company has worked closely with its lenders and creditors to expand or modify the repayment plan.

Shares of Hatten Land closed at 1.6 cents on the 20th of March.

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Four offers were received for the private assisted living location at Parry Avenue

J'Den showflat location

The tender for an assisted living facility for private individuals on the site in Parry Avenue closed on March 21. The 12,912.1 square meter (138,986 sq feet) housing site was offered for sale by URA in conjunction in conjunction with officials from the Ministry of Health (MOH) in September. It was designated as a pilot project aimed to broaden the scope of housing and care options for seniors’ housing needs.

J’Den showflat location in Jurong Lake District, the largest business district outside the CBD, J’Den condo is perfectly positioned to become a major economic gateway for Singapore.

Proposals for tenders were invited to submit proposals on innovative assisted living options that offer services like active activities to age as well as housekeeping and routine assessment of care. After an evaluation of a committee, chaired by MOH the shortlisted bids will be considered for the next stage of evaluation. This will be based on the price. The award decision of tenders will be made at a later time.

The tender was closed after four proposals received to the site. One of them was from a consortium comprised of Evia Real estate, Allium Healthcare Holdings, Yuan Ching Development and YK Realty. Pre 20 (a subsidiary of Perennial Holdings) made two distinct submissions. The other submission came from United Medicare Development.

Lam Chern Woon, head of research and consulting at Edmund Tie, notes that each bidder has healthcare expertise. Allium Healthcare Holdings operates a residential aged-care facility as well as United Medical Development is an administrator of private nursing homes.

In the meantime, Perennial, in a joint partnership together with Orpea Singapore, previously submitted the sole bid for the proposed dementia-friendly village on Gibraltar Crescent in Sembawang. The bid for the site was closed at the end of January in 2020. The site was not granted due to the fact that the price for $15 million judged too low.

It is located in the Parry Avenue site is subject to a lease of 60 years and is situated within Rosyth Estate. It is possible to develop to become an assisted living community with flats, or a mixture of landed homes and flats. Each living unit is likely to be of an average size of 32 square meters (344 sq feet).

The development will be built to the maximum ceiling of five stories and a minimum gross floor space (GFA) 16270 square meters (175,130 sq feet) and an upper GFA of 18,077 square meters (194,581 sq feet). A minimum of sixty% from the total GFA is to be used for assisted living facilities, which include private living units as well as communal areas. A minimum of twenty% of the GFA maximum must be allocated to medical and health care , which includes the requirement of 100 nursing homes beds.

The project will have the neighbourhood park, and is close to eating and shopping facilities including Serangoon North Neighbourhood Centre and Heartland Mall. It is a safe and comfortable place for seniors to be able to live independently in a thriving residential neighborhood.

Nicholas Mak, head of research and consulting for ERA Singapore, notes that the site tender is one of the government’s plans to promote seniors into senior care, in order to help the silver-generation of Singapore. “An example is the introduction of public assisted living flats, which are also called Community Care Apartments (CCA) in Bukit Batok in February 2021. The site located at Parry Avenue follows a similar idea as the CCA located in Bukit Batok, but it is being a private project instead of a public one.” He says.

Mak claims that Mak adds that the site is a test site for the future private assisted living facilities. “Authorities were aware of the need to establish essential security measures for the development in order to prevent developers from constructing the typical strata-unit condominium sales, and risking compromising the purpose of this development,” he says.

These safeguards prohibit an developer of subdividing the area with a minimum of 65 years for potential residents and a lease minimum length of 3 months to tenants.

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Leedon Residence’s double penthouse generates a $2.8 million profit

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J'Den by CapitaLand

One of the most lucrative resalesales deal that closed between February 28 to March 7 was selling of the 3,746 square feet, four-bedroom penthouse in a duplex located in Leedon Residence. The property was sold at $9.5 million ($2,536 per square foot) in March. The unit was bought at $6.7 million ($1,789 per sf) on the 19th of January the 19th of January. This means that the seller made an $2.8 million (42%) profit on the sale, which is equivalent to an annualized income in the range of 7.1% in five years.

J’Den by CapitaLand is Singapore’s leading property developer, with their new residential development offers residents unparalleled convenience.

The deal is just a bit lower than the highest-profitable purchase at Leedon Residence in which a fifth-floor apartment with five bedrooms was sold for $12.5 million ($2,657 per square foot) during July of 2021. The unit had been purchased by the company for $9.6 million ($2,041 per square foot) at the end of October in 2017. Thus, it generated an unprecedented profit in the amount of $2.9 millions (30%), equating to an annual increase in the region of 7.2% over four years.

Leedon Residence The Leedon Residence top freehold condo located on Leedon Heights. The project was designed by the mainboard-listed property developer GuocoLand and was completed in 2015. The 381-unit development consists of eleven 12-storey blocks. The whole development is located on a vast 4.9ha site, one of the largest freehold parcels in District 10.

The region around has seen numerous new developments in recent times including the neighboring Leedon Green, Wilshire Residences, Hyll on Holland, and the mixed-use One Holland Village beside Holland Village MRT Station.

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Leedon Residence was created by architect Chan Soo Khian of SCDA Architects and the building is notable because of its emphasis on larger-sized unit layouts as well as its an emphasis on space and luxurious all over the site.

Leedon Residence is among the most recent luxury condominiums in the Leedon Farrer Road neighborhood, Leedon Residence also commands one of the most expensive average prices in the area with a price of $2,590 per square foot Based on URA cautions and other information that were compiled from EdgeProp Singapore.

Three of the upcoming developments -the Leedon Green ($2,848 psf), Wilshire Residences ($2,725 psf) as well as Hyll On Holland ($2,706 per sq. ft.) — have experienced more expensive prices than Leedon Residence.

The Leedon Residence has had three resales sales in the Leedon Residence so far this year. Two of them included a 2,659 square feet apartment on the 9th floor, which was sold for $7.2 million ($2,708 per square foot) on January 30, as well as a 2,648 square foot unit on the 9th floor, which traded hands to $7.35 million ($2,776 per sq ft) on February 14.

The week’s second highest-profit-making resale was held on D’Grove Villas in which the 1,690 square foot, fifth-floor unit was sold to the buyer for $4.3 million ($2,544 per square foot) the 2nd of March. This apartment was bought at $2.16 million ($1,277 per square foot) in 1995. The seller thereby earned a significant $2.1 million (95%) profit. This is equivalent to an annual increase in the range of 2.4% over a period of close to 28 years.

The D’Grove Villas is a freehold condominium located in District 10’s most sought-after. The 45-unit project was completed in 1992. It is located near the Ardmore Park as well as the Nassim Road residential areas, that have notable luxury condominiums like Le Nouvel Ardmore, Ardmore Park, Les Maisons Nassim and Nassim Mansion.

So far, the most profitable resales that have been sold of D’Grove Villas is a 5,221 sq feet unit that sold for $10.5 million ($2,011 per square foot) in June of 2010. The unit was purchased at $6.4 million ($1,226 per sq ft) on February 7, 2007. This means that the seller earned an all-time high profits in the amount of $4.1 million (64%), which is an annualized loss that is 16% over the course of three years.

The week’s most unprofitable deal took place on March 1st, with the sale of 883 square feet unit at the Sail at Marina Bay. The apartment on the sixth floor, with two bedrooms was purchased at $1.92 million ($2,175 per square foot) which was previously $2.3 million ($2,601 per square foot) in June 2011. In the end, the seller suffered an 16.5% loss, equating to an annualized cost in the range of 1.5% over a 12-year period.

The Sail is an 99-year leasehold condominium located on Marina Boulevard in the downtown core of District 1. The 1,111-unit development was the first residential high-rise development in Singapore First, a tower which was 70 stories, was unveiled in September 2004; the second tower with 64 storeys was unveiled one year later. Both towers were completed in the year 2008.

Based on caveats collected through EdgeProp Singapore, units in the condominium were selling at around $1,942 per square foot in March of 2018, but the price only climbed to $1973 per square foot this month.

Eight resales sales in The Sail so far this year. Sales have varied between $1.12 million ($1,892 per square foot) for an area of 592 square feet on the 32nd floor it was purchased on 3 March up to $2.6 million ($2,196 per sq ft) for 1184 square feet on the 46th level, which was purchased on Jan 26.

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Espada is selling a studio apartment for $1.48 million

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J'Den condominium

A one-bedroom-plus-study unit at Espada, which is close to Orchard Road, will be auctioned on March 30. The owner’s sale of the property will be sold at a cost that is $1.48 million, according to SRI Auction managing partner Mok Sze Sze, who will be managing the auction.

J’Den condominium is an upcoming modern mixed-use development located in the vibrant Jurong East neighbourhood in District 22 of Singapore.

The freehold unit is 646 square feet and is located on the 13th level. The unit is leased to March 31st, 2024 and being sold in conjunction by the tenant in the lease according to Mok. On the basis of floor space the price guide is $2,291 per square foot.

The kitchen is located in the apartment as well as a dining area that is located at the entryway. The living area opens onto the balcony, which overlooks St Thomas Walk and Killiney Road. It runs through the entire apartment and includes the master bedroom as well as the study with sliding doors that open onto the balcony.

Espada Espada is an open-hold development of Novelty Group which was completed in 2013. It is a single tower of 32 stories, Espada has 232 apartments. Apartments range from one-bedrooms of 344 sq. ft. to six67 square feet. There are also apartments with two bedrooms that measure 723 sq ft and a penthouse that is 1,313 square feet.

Caveats filed with URA indicate that one unit been sold in Espada during the yearA 377 square foot one-bedroom apartment at the top of the building was sold for $990,000 ($2,628 per square foot) on the 16th of February. In 2013, 11 resale transactions were recorded in the development. The units, which ranged between 344 sq feet and 667 sq feet, were sold at prices of between $918,000 and $1.62 million between $2,055 to $2,680 based on a psf basis.

It is located off River Valley Road and Killiney Road located in the District 9 area of prime, Espada is in the St Thomas Walk neighbourhood in District 9’s prime area that is mostly freehold luxury condominiums. Nearby development include the 61 unit Skyline 360@ St Thomas Walk by Hiap Hoe, the 176-unit St Thomas Suites by Frasers Property, and the 250-unit 8 Saint Thomas by Bukit Sembawang Estates. The amenities at Espada include a 40-meter lap pool Sky lounges on the 24th and 14th floors, heated pools, as well as tennis courts.

The development is a 10 minute walk from Orchard Road and the Somerset MRT Station located on the North-South Line. It’s also a 10-minute stroll to Great World MRT Station on the Thomson-East Coast Line. The nearby malls are 313@somerset Orchard Central as well as Ngee Ann City — all in Orchard Road

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