Read also: A three-bedroom unit at The Park Vale in Bukit Timah sold for $2.4 million profit

A three-bedroom unit at The Park Vale in Bukit Timah sold for $2.4 million profit

The EdgeProp Singapore Excellence Awards (EPEA) 2023 has unveiled the People’s Choice Award across three distinct categories: completed and uncompleted residential projects, and a novel hospitality segment. An impressive 9,000 votes were cast this year through an inclusive online voting system accessible to the general public, marking the highest turnout in the awards’ seven-year history.

Among the nearly 50 participating projects, the standout winner in the “Uncompleted” category was Tembusu Grand. This remarkable development, jointly orchestrated by two esteemed property developers, City Developments Ltd (CDL) and MCL Land, boasts 638 units and finds its home on Jalan Tembusu, adjacent to Tanjong Katong Road in prime District 15.

Tembusu Grand signifies the third successful collaboration between CDL and MCL Land, following the 405-unit Piccadilly Grand private condo in Farrer Park and the 639-unit Copen Grand executive condo in Tengah, both of which were launched last year and swiftly achieved 100% occupancy.

Since its launch in early April, Tembusu Grand has already achieved an impressive take-up rate, surpassing 58% as of the end of September, with an average price of $2,462 per square foot. The development enjoys proximity to the vibrant neighborhood of Tanjong Pagar on the East Coast, offering a diverse array of traditional eateries, cafes, bakeries, restaurants, and shopping malls like I12 Katong and Parkway Parade.

For families with school-age children, the presence of schools such as Kong Hwa School and Tanjong Katong Primary School within a 1km radius is an added advantage.

Inspired by nature, Tembusu Grand’s design was conceived with the “shape and texture of the Tembusu heritage trees” in mind, according to Markus Cheng, associate partner of ADDP Architects, the project’s design architect. Situated on a rectangular 210,619 sq ft, 99-year leasehold plot, the development maximizes its potential with four blocks ranging from 20 to 21 storeys in height, offering stunning panoramic views. Tembusu Grand proudly holds a Platinum Super Low Energy certification, the highest honor under the Building and Construction Authority Green Mark rating for sustainability.

Key features of the project include a grand arrival and drop-off area, two clubhouses, and a lantern-like clubhouse with expansive glass windows that offer breathtaking views of the 50m infinity swimming pool and beautifully landscaped grounds. The development boasts a range of amenities, including a gaming room, karaoke pod, entertainment and function rooms, a tennis court, co-working spaces, a barbecue pavilion, and a children’s play area.

Interior design firm Park Avenue Designs extends the Tembusu tree theme from architectural design to the sales gallery and show flats, incorporating a striking artwork of a Tembusu trunk in the sales gallery.

In the design of the three show flats, Park Avenue has cleverly focused on meeting the diverse needs of homebuyers. These spaces showcase flexibility and multi-functionality, demonstrating how two-, three-, or four-bedroom units can be tailored to individual preferences. For instance, the two-bedroom show unit transforms the common bedroom into a child’s room with a loft for sleeping and a play and study area on the first level, utilizing the staircase as storage space. The three-bedroom show flat highlights the conversion of balconies into private gyms or fitness areas, maximizing underutilized spaces. The four-bedroom unit’s wide frontage and expansive balcony, coupled with dry and wet kitchens, make it an ideal setting for at-home entertainment.

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The annual EdgeProp Singapore Excellence Awards witnessed an impressive participation of about 9,000 votes from the public, and it is with their resounding endorsement that MeyerHouse, a freehold condominium, has earned the esteemed People’s Choice award for completed residential projects. Gracefully situated at 128 Meyer Road within the prestigious Marine Parade, this development is a jewel in the coveted Katong district, offering close proximity to the pristine East Coast Park beach. Nestled on a sprawling one-hectare plot within a landed housing zone, MeyerHouse comprises 56 units, making it a rare and distinguished gem in Singapore’s real estate landscape.

J’Den brochure in-depth review, this is the best option for investors and homeowners looking for a convenient and affluent living in the heart of Singapore.

Developed in a fruitful partnership between UOL Group and Kheng Leong Co, this prime District 15 project reached completion last year, unveiling its 56 spacious units. Among these, you’ll find a harmonious blend of 10 three-bedroom apartments, each generously spanning between 1,862 and 2,013 sq ft, and 40 four-bedroom residences, ranging from 2,820 to 3,315 sq ft. Completing this luxurious ensemble are six duplex penthouses, each graced with five bedrooms and extending from 5,662 to 5,683 sq ft. MeyerHouse’s expansive living spaces cater to discerning homeowners who value privacy, desire spacious abodes in land-scarce Singapore, and seek the serenity of natural surroundings and captivating vistas.

The property’s design is a testament to architectural excellence, crafted by the renowned local architectural firm Woha, celebrated for their expertise in tropical architecture and urbanism. MeyerHouse’s exceptional location near the East Coast Park coastline and verdant parkland enhances its architectural brilliance. Residents are treated to panoramic views of the development’s gardens, which gracefully flow into the neighboring park and cascade down to a serene water courtyard.

The lush greenery at MeyerHouse was meticulously crafted by Singapore-based landscape architecture studio Ramboll Studio Dreiseitl, now known as Henning Larsen. Drawing inspiration from the English countryside, the designers have sculpted a landscape adorned with neatly trimmed hedges, soft grasses, and vibrant flowering shrubs, creating a colorful tapestry across the garden. This harmonious integration with the natural surroundings enhances the visual appeal.

The centerpiece of the garden is the Eucalyptus Deglupta, a Heritage Tree from Katong Park with a striking rainbow-colored trunk. This iconic tree adds to the garden’s charm and visual interest. Committed to community enhancement, the developers have undertaken the upgrade and beautification of the adjacent public park, Meyer Road Playground, by installing new fitness equipment and a playground. This initiative has enriched the park’s social value, benefiting both the Meyer Road community and the wider public.

MeyerHouse’s exceptional design and commitment to greenery have earned it the prestigious Design of the Year award at the Singapore Institute of Architects’ Architectural Design Awards 2022.

In addition to its design excellence, MeyerHouse prioritizes privacy by offering dedicated lifts and private entrance lobbies for each unit, providing a seamless transition from the carpark to the apartments. Four-bedroom units and penthouses enjoy the privilege of dedicated attached private parking spaces. Leveraging the low-rise nature of the surrounding development and the adjacent natural park, MeyerHouse creates a haven of privacy, shielding residents from the prying eyes of neighboring condos and ensuring maximum separation between units.

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The design of a condo is a process that is heavily influenced by the characteristics of a particular site. When planning a project, developers must work within the limits of the site and devise designs that maximize efficiency, while making homes appealing for buyers.

The Continuum The Continuum, the forthcoming condominium project by Hoi Hup Realty and Sunway Developments is an excellent illustration of developers coming up with innovative strategies to get around site restrictions. The development’s site includes two freehold land parcels located that lie on either end of Thiam Siew Avenue, a tranquil lane that runs within Haig Road and Tanjong Katong Road in District 15. Prior to the sale, site was home to prewar bungalows as well as semi-detached houses. The total area of 263,794 sq feet.

J’Den layout with a variety of communal facilities, a refreshing swimming pool and ample underground parking.

The developers had purchased two plots in a block at $815 million the month of November 2021. The plots are within walking distance of the two MRT stations – Paya Lebar Interchange MRT Station (for the East-West and Circle Lines) as well as Dakota MRT Station on the Circle Line The sites are within walking distance of amenities in the close Paya Lebar, Joo Chiat and Katong areas.

Many speculated that they would be able to predict whether the group of developers would open two condos in separate buildings or buy the road in order to build a bigger, unified site The answer came just a year and half later, after Hoi Hup and Sunway previewed The Continuum in April.

Together in conjunction with P&T Architects, the developers strategy was to build a mega-development that includes the plots connected via an overhead bridge for pedestrians. Each plot, which is designed as a self-contained unit with three residential towers that will have 408 units. They will be referred to as”the North as well as the South condos, each plot will have an individual entrance, drop-off location as well as basement parking. Together both sites will be home to eight16 houses.

The overhead bridge connecting the two sites is constructed starting from the deck with a landscaped design at the North plot, and continues to the clubhouse located on the South plot. The bridge, which runs through the gardens and a bridge that is elevated over pools, has been intended to become a brand new landmark in the neighborhood.

Tang Kok Thye, associate partner at ADDP Architects and one of the EdgeProp Singapore Excellence Awards (EPEA) judges, regards the bridge as an attractive solution that lets residents take advantage of both plots’ sprawl.

He attributes the inventiveness that this concept has to the Continuum’s performance during The EPEA last year when it won the prize for top development. The Continuum also received the top prizes for Landscape Excellence as well as marketing Excellence as well as Showflat Excellence.

Hoi Hup Hoi Hup and Sunway together won the EPEA’s debut Top Sustainable Developer title. This award category is a way to recognize developers who have the highest scores for their projects using a sustainability scoring system devised by CPG Corp that follows BCA Green Mark 2021 ratings requirements. Terra Hill, Hoi Hup and Sunway’s condo with 270 units located at Yew Siang Road was the highest-scoring development of the year’s EPEA submissions and was being followed by The Continuum.

New and old are merged
Thiam Siew Avenue is named in honor of the late property hotelier and tycoon Wee Thiam Siew. A renowned professional, Wee served as the chairman of the tobacco dealership Ban Leong & Co. He also was the owner of The New 7th Storey Hotel located on Rochor Road, the Lion City Hotel (situated in the intersection between Geylang as well as Tanjong Katong Roads) and the Hollywood Theatre on Tanjong Katong Road.

Wee built rental homes at Thiam Siew Avenue before the war. After his death in 1972 and the properties located at Thiam Siew Avenue passed to his heirs. The Wee family then sold the properties comprised of two freehold plots of residential land and 25 houses – in the name of Hoi Hup as well as Sunway.

Be aware of the past of the property and history, the joint developers kept the name Thiam Siew Avenue and selected one of the original bungalows constructed before World War II to conserve. The bungalow is named the Thiam Siew House, the bungalow is now being transformed into a clubhouse located on the North parcel, which will include amenities including a library and an event room.

Thiam Siew House is a striking contrast to the Continuum’s second clubhouse located on the South lot. The design was inspired by a glowing lantern The two-storey clubhouse dubbed The Glass House has a contemporary design that features angular lines as well as high-pitched windows. The distinct design of the clubhouses was deliberate, indicating an interconnection between the old and the modern at the time of time of the development.

A wide range of facilities for living
Residents can take advantage of numerous condominium facilities on both sites each one with its own pool, gardens playgrounds, clubhouses, and other amenities. Each site also features their own private rooftop gardens offering amenities such as hot tub, jacuzzi as well as an outdoor lounge and fitness center. “The sites are shared, however, they are also independent,” declares EPEA judge Tang and adds that this makes it easy for those living within the plots.

It was made sure that every site differs and offers everyone a broader selection of amenities for living. For instance In The North Condo, Thiam Siew House is the center of attention for the “Heritage Zone” that offers tranquil landscape and decor that is that is influenced by the rich history of the Katong region. The property also has an “Wellness Zone” surrounding a 33m lap pool, which includes an outdoor jacuzzi and barbecue as well as an “Fitness Zone” with additional pools as well as jacuzzis, a multi-purpose lawn.

The South plot is a bigger “Play Zone” featuring a multi-purpose recreational court, and the Glass House includes a sound space that is ideal for parties with karaoke. Additionally to that, South condo’s South condo’s two pools provide a range of aquatic features, including Vichy shower beds and hydrotherapy features to 50m lap pools and an area for children to splash around in. The wide range of amenities offered in the various zones is a reflection of the diverse lifestyle preferences of the residents.

Signature and Prestige homes
The developers have thought-provoking plan extends to the style of the residences in The Continuum. The apartments are split in two distinct collections: The Signature and Prestige units. The Signature units start from one-bedroom-plus-study units of 560 sq ft, ranging to four-bedroom apartments of up to 1,518 sq ft. The Signature models that are selected come with an extra foyer or dry kitchen.

The Prestige units are the three-bedroom-plus-study, four-bedroom-plus-utility and five-bedroom units, ranging from 1,227 to 2,282 sq ft. Apart from offering bigger homes, Prestige units will also come with private lift access, wood flooring in bedrooms, as well as marble floors in living and dining rooms. The master bathrooms will also be completely decorated with marble as well as the beds of four and five coming equipped with walk-in wardrobes.

The Continuum has a variety of units. The Continuum come with a storage area, a cabinet of full height close to the entrance that is home to the distributor board and the shoe rack. The master bedrooms are designed to fit a queen-sized bed and come with an open-plan wardrobe that extends to the ceiling as well as a full-height mirror, as well as a built-in side dresser. The majority of bedrooms can accommodate one queen-sized bed.

The apartments are equipped with appliances for the kitchen from V-Zug, refrigerators that is made by Samsung along with bathroom fixtures that are made from Laufen as well as Gessi. The apartment is also outfitted with smart home features including the video doorbell, as well as smart air conditioners in the living area and the master bedroom. These can be controlled via an app.

Marketing that is well-rounded
In addition to its careful design and preparation, the judges at this year’s EPEA acknowledged The Continuum for its marketing initiatives. Hoi Hup and Sunway harnessed an integrated marketing strategy that promoted growth of the business through multiple media, including radio, print, online and television as well as alternative media.

The strategy was coupled with a stunning sales gallery to show off the project. The developers have invested more than $6 million in the construction of the gallery that spans two floors. The model in scale is located in the middle of the main gallery, with an imposing ceiling with two volumes. Two showflats are available for those who are Signature models on the ground floor as well as two showflats that are for the Prestige units are on an upper floor. A large lounge area that has ample seating for potential homeowners and agents is accessible.

Through its sales efforts The condo recorded 226 (26.5%) units sold in its opening weekend, the 6th and 7th of May. On September 25, caveats filed with URA indicate that 269 units were sold for an average of $2,737 psf.

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The property is situated at the top of a hill, in the dense forest Kent Ridge Park is luxury freehold condo Terra Hill, that has captured the hearts of the judges with it to win the Sustainability Award in the EdgeProp Singapore Excellence Awards (EPEA) 2023. It is located in the vicinity of Yew Siang Road in Pasir Panjang The luxury property achieves a balance between design and environmental sustainability. The eco-friendly facilities and design elements are in harmony with the natural surroundings including the park and the adjacent Greater Southern Waterfront. The condo also has a green area ratio of 8.40.

J’Den singapore price for the acquisition of the former JCube Mall by CapitaLand, Singapore’s leading property developer, this new residential development offers residents unparalleled convenience.

Terra Hill is located on the site that was once home to the former Flynn Park condo. It has a net floor space of 314,490 sq feet and includes nine 5-storey blocks that comprise 270 units. They include two- and three-bedroom apartments that range from 624 to 1,335 square feet; four-bedders ranging from 1 302 to 1,862 square feet plus five-bedroom penthouses with 3,035 square feet.

Although construction is still in progress and progressing, over a third of the condominium’s units have been sold. At the time of the official launch of the project on Feb. 25 and 26, joint venture co-owners Hoi Huup and Sunway Developments sold 102 units. Based on caveats filed in September 22nd, the total of 105 units had been sold, resulting in an average take-up of 38% and an average of $2,670 per sq ft.

Green building

Associate Partner of ADDP Architecture Tang Kok Thye, one of the judges for EPEA 2023 The statement reads: “The sustainability of a building is based on its processes like air conditioning and lighting system as well as how they save power.” In the same vein, Terra Hill provides energy-efficient five-tick air conditioning in its buildings and electric vehicle parking. The condo also has solar panels to help cover the power requirements for common areas. The condo also offers an electronic waste bin for electronic and electrical appliances that have been disposed of.

Sustainability also plays a significant role in the landscape of the development that was developed by the landscape designer STX Landscape Architects. The project takes advantage of the rugged terrain that lie in the mountains to form a terraced, sloping landscape that includes five distinct landscape zones. The site is maximizing its location near its Greater Southern Waterfront by dotting the vantage points with 5 distinct spaces for community use that have the lush vegetation that covers its landscape. To add to its lush greenery are lakes that resemble lagoons and streams that cascade water features over the entire landscape. The result is a style which seamlessly integrates Terra Hill with its surrounding natural landscape and features amenities which mimic the natural elements that are found in a forest hill area.

Strong biophilic design

The design was created by architectural firm P&T Consultants with biophilic principles in mind, influenced by the hills and the natural surroundings Hoi Hup Realty’s chief manger Koon Wai Leong. He adds that Terra is a reference to “earth”. “There was a quick recognition of the lush and green environment which Terra Hill sits on. We made the decision early to develop an original landscape design by terracing the zones of the landscape from low to high in order to reflect that of the surrounding terrain.” But the secluded site was a challenge for our team to deal with. “The terrain was an excellent element, but it also created an enormous challenge during the building. There were a lot of resources been gathered to work on the sloped terrain.”

Beyond the design The eco-conscious idea extends to encouraging the development of ecologically sustainable natural surroundings. This is accomplished by planting native plants across Terra Hill to create green areas and pathways which lead to the adjoining Kent Ridge reserve for birds as well as butterflies and other insects. The species, colors the textures, and shapes of plants have been carefully chosen to fulfill the dual goals of encouraging ecological harmony as well as supporting the overall green design for the entire project.

Terra Hill takes “going green” literally by offering a range of natural colors for its apartments. Inside, the units are clean and have neutral shades like warm greys and deep browns as well as some charcoal grey. To complement the natural hues and textures, the right materials were chosen to construct the structures, like natural wood and stone. Buyers of homes will be able to take advantage of Terra Hill’s innovative approach to creating a biophilic style and luxurious living once the project is finished in 2026. be completed in 2026.

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A collection of strata office units located at Sunshine Plaza, an open-air development located in the Bras Basah-Bugis region available for sale via an expression of Interest (EOI) procedure. The portfolio is comprised of 12 office units that have dimensions ranging from 484 sq ft to 1,346 square feet and a total space of 9805 sq feet.

J’Den sales gallery an opportunity to create an exceptional development that takes full advantage of the upcoming transformation in Jurong Lake District.

The estimated price of office spaces starts at $932,000 and goes up, with the entire portfolio being sold at a asking cost of $18.4 million.

“The portfolio comprised of 12 units provides buyers the option of purchasing units according to their needs and investors can get yields ranging from 3.5% onwards for selected owners and tenants can find units to take possession immediately,” says Sophia Lim director of capital markets and investment sales in Savills Singapore.

Sunshine Plaza is a mixed-use development situated at the intersection between Bencoolen Street as well as Middle Road, within the Ophir-Rochor Corridor. It consists of an office tower that is 12 stories high as well as a retail plaza and three residential blocks that contain 160 housing units. The development is located within walking distance to five MRT stations: Bencoolen (one-minute walking), Bras Basah (three-minute walk), Rochor (seven-minute walk), Bugis (10-minute walk) and Dhoby Gaut (10-minute walk).

The EOI submission process for the portfolio will end on November 21 at 3pm.

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Applications for the Build-To-Order (BTO) exercise be closed at 11.59pm on Oct. 10. The exercise has 6,800 flats to be sold across six developments located in Queenstown and Kallang-Whampoa. Choa Chu Kang and Tengah which includes the two Prime Location Public Housing (PLH) projects.

J’Den map is adjacent to the future Jurong East Integrated Transport Hub, which will house key facilities.

The response to the test has been surprisingly low It is noted by Lee Sze Teck, senior director of data analytics at Huttons Asia. HDB data at 5pm on October 10 shows that 9,848 applicants were received. “In contrast the number of applicants was more than 16,000 applicants in February for the 2023 BTO exercise, and more than 20,000 people applied in the April 2023 BTO exercise,” he points out. Both exercises featured flats with 4,428 and 5,495 units available to be sold, respectively.

Lee believes that the low demand can be attributed to hefty fines for not selecting flats which were imposed by the current process. First-time applicants who refuse their chance of booking the flat they were they are asked to do so will be deemed a second-timer with a lower priority for the next year. Second-time applicants with one non-selection number will have to wait a year before applying for a new flat.

There are buyers who may be anticipating an announcement in December of 2023 for the BTO exercise that will be awaited by many as the long-awaited flats in Sin Ming in Bishan and Alexandra Vale in Bukit Merah offered for auction, Lee adds.

Based on the application submitted by 5pm on October 10th and the Oct. 2023 BTO exercise is expected to have a subscription rate of around 1.4 times. “It could be among the lowest BTO applications rates of recent times,” remarks Ismali Gafoor the director at PropNex Realty. The last time BTO applications fell less than 2 times was November 2017, when the BTO application rate was around 1.7 multiples for flats that were that were launched at the time.

Gafoor mentions his findings that October’s BTO project at Tengah (Plantation Edge I & II) saw the highest number of subscribers, 2.1 times. He attributed this to applicants competing for five-room apartments available in those who live in the Tengah projects’ less crowded wait times of between 3 and 3.3 years. The developments are directly next to the planned Tengah Park MRT Station on the Jurong Region Line which will start operating in 2028.

The flats in Choa Chu Kang Choa Chu Kang project (Rail Green I and II) have the second highest total application rate of around 1.6 per cent for all 1,895 units put up to be sold. But, Gafoor points out that the rate is still less than the previous Choa Chu Kang BTO project which was launched in the month of August 2022. BTO test (Keat Hong Grange) which had an overall ratio at 2.4 times.

The projects in the estates that are mature saw less apathetic response. The Kallang-Whampoa project, including one of the projects, which is 1,143 units Verandah at Kallang PLH Project, received an average application rate of approximately 1.3 per cent for 2,922 apartments which were announced. It is a bit lower than the previous Kallang-Whampoa initiatives, for instance projects like the Farrer Park Arena project in May 2023, which had the rate at 3.6 times, and the Kallang-Whampoa projects that were launched in Feb 2023 (Farrer Park Fields and Rajah Summit) which registered an application rate of 4.7 times.

A 973 unit Tanglin Halt Cascadia PLH project also showed a measured use speed that was 1.1 times.

Due to the lower rate of application, Gafoor notes that most first-timers have a better probability of landing a house. The rate of first-time applicants applying for the majority of flats with four rooms is between 0.8 and 1.0 times. Five-room flats are around 1.6 times the rate of three-room flats, whereas three-room flats are between 0.2 and 0.8 times.

J'Den CapitaLand

Singapore has established itself as the most prestigious wealth capital of Asia Pacific (Apac), according to Knight Frank. In the inaugural Rising of the Super Wealth Hub report, Singapore emerged as the top destination, topping other hubs across the region such including Dubai, Hong Kong, Sydney and Shanghai. The report outlines findings from an analysis of “super wealth hubs” within Apac with six indicators that were developed to assess the live activities, play and work aspects. The indicators are scored from 1- 1 per hub and 1 indicating the most successful achievement.

J’Den CapitaLand Singapore’s leading property developer, this new residential development offers residents unparalleled convenience.

Singapore has strengthened its position as the top wealth capital of Asia Pacific (Apac), according to Knight Frank. In its first “Rise of the Super Wealth Hub report, Singapore emerged as the most popular destination, surpassing other hubs in the region, such like Dubai, Hong Kong, Sydney and Shanghai. The report provides conclusions from an evaluation of “super wealth hubs” within Apac by using six indicators to evaluate the live, work and play aspects. The indicators are scored from 1 and 0 per hub and 1 being the top score.

In the live dimension, Singapore scored 0.75 for urban prosperity, and 0.69 for talent and governance. These scores highlight Singapore’s constant improvement in standard of living, aided by commercial and industrial growth as well as its safety-conscious living environment.

Christine Li, head of research at Knight Frank Asia-Pacific, notes that the fabric and structure of cities around the world have changed due to the outbreak and changing demand drivers. “The most prosperous city has been run by strong leadership and swift actions to stop the spread of the spread of the virus. This has boosted confidence, enhanced their reputation as safe havens and pushed them into the forefront of global business and the elite of the world and transforming global capital flows. For Asia, Singapore has claimed this title,” she says.

Leonard Tay, head of research at Knight Frank Singapore, adds that Singapore has recovered from the epidemic with its status as a safe haven boosted. “Singapore is an exceptional global financial and wealth management hub, characterized by stability in the political system and a business-friendly government. This makes it an ideal location for companies and investors looking to take advantage of the enormous growth potential of Asia.”

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Top of the top 10 the most profitable resales in the period of September 12-19 includes the auction of a three-bedroom apartment located at the Park Vale, a leasehold condominium with 999 years of leasehold located in the District 11 area of prime. The 2,034 square foot unit was sold at $3.5 million ($1,720 per square foot) on the 12th of September. The unit was purchased at $1.13 million ($555 per square foot) on July 6, 2006. In the end, the seller earned $2.37 millions (210%), which amounts to an annualized increase that was 6.8% over 17 years.

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

Based on the resale caveats, this is probably the best resale deal to date in The Park Vale. It was previously set back in 2013,, when the three-bedder, which was 1,927 square feet, was sold at $2.35 million ($1,218 per square foot) The seller earned the seller a $1.27 million (118%) profit, which is equivalent to an annual gain of 11% over the course of seven years.

Park Vale is a development in Bukit Timah. Park Vale is a 40-unit development located at 4B Park Vale, off Shelford Road in Bukit Timah. It is located near landed areas that run along Watten Estate Road Hillcrest Road, Vanda Avenue as well as The Good Class Bungalow neighbourhoods that are located in Raffles Park and Eng Neo Avenue. There are several schools close by of the area, such as Raffles Girls’ Primary School, Nanyang Girls’ High School, Hwa Chong Institution as well as National Junior College.

Resales in The Park Vale are relatively rare and scarce. There was only one resale reported this year. A 1,119 sq ft, three bedroom unit that was sold at a price of $2 million ($1,787 per square foot) on the 24th of March. The unit was previously sold for around $929,900 ($831 per square foot) during April of 1996. So, the seller brought profits that was $1.07 million (115%), which resulted in an annualized increase in the range of 2.8% over close to 27 years.

Resales prices in The Park Vale have risen over the last few decades. The statistics compiled through EdgeProp Singapore show that the average price for resales was $754 per square foot during September of 2003. The price climbed to $1,116 in September 2013 and then increased to $1,787 in the month of September.

The second highest-profitable deal in resales during the week of review was selling a 2056 square area unit in Costa Rhu. The three-bedroom unit, which is located on the 10th floor, was auctioned off to a buyer for $3.1 million ($1,508 per square foot) on September 14. The unit was last sold to the buyer for $1.03 million ($500 per square foot) at the end of May. In the end, the seller earned $2.07 millions (202%), which is equivalent to an annual increase that was 4.6% over 24 years.

It is the most profitable sale on the books at Costa Rhu so far this year. The record revenue is $3.15 million (137%), which was achieved in 2018, when a 4,209 sq feet unit was sold at $5.45 million ($1,295 per sq ft). The unit was bought at $2.29 million ($546 per sq ft) in March of 2005.

Costa Rhu is one of few condos on Tanjong Rhu with unblocked views of the Kallang River. The 99-year leasehold project comprises 737 units, and was completed in 1997. Costa Rhu is the only condominium on Tanjong Rhu that faces Beach Road as well as the CBD and has visible landmarks such as Suntec City, South Beach, The Gateway, and The Concourse.

However, the most profitable deal of the week under study was the auction of a 667 square feet, one-bedroom apartment located at the Sail @ Marina Bay. The unit, which is located on the 41st floor of the building, was sold for $1.19 million ($1,776 per square foot) on September 18. But, it was bought at $1.42 million ($2,128 per sqf) at the end of June. The seller incurred losses of around $30,000 (17%), which amounts to an annual losses in the range of 1.6% over 11 years.

It’s the latest in a series of non-profitable transactions in The Sail @ Marina Bay. In 2022 the resort was the site of 44 resales, of which 19 produced losses which ranged from $5,900 up and $1.05 million. In the initial nine months of the year there were 37 resales that included 18 non-profitable transactions that suffered losses ranging between $1,100 and $802,900.

The data compiled through EdgeProp Singapore show that prices for resales for The Sail @ Marina Bay have been fairly stagnant in the last couple of years. In October, the average cost was $1,906 per square foot and $1,940 in October.

Read more: 21 New Bridge Road is a commercial shophouse for sale for $18.5 million

21 New Bridge Road is a commercial shophouse for sale for $18.5 million

Chinese steel magnate Du Shuanghua has purchased Far East Shopping Centre as a bloc through the investment company Glory Property Development, an entity that is part of Bright Ruby Resources, his registered mining and resource company in Singapore.

The price of purchase to purchase Far East Shopping Centre is about $908 million. That is equivalent to approximately $3,350 per plot percentage (psf ppr) which is based on the possible total floor space of 290,574 sq feet in the Strategic Development Incentive (SDI) scheme. Michael Tay, head of Singapore capital markets at CBRE the marketing agent of Far East Shopping Centre, was the broker for the sale.

Far East Shopping Centre is not the first property purchase in Singapore. In June of last year, Ever Glory, another investment vehicle owned by Bright Ruby Resources, acquired the 37-storey, 999 year Grade-A office building, the Income@Raffles building by NTUC Income Insurance Co-operative for less than $1 billion.

In the past ten years, Bright Ruby Resources paid $1.15 billion for the former Grand Park Orchard and its retail platform, Knightsbridge. It bought its first hotel, the Marriot Champs-Elysees in Paris for $464 million in 2014. The following year, it purchased it the Hilton Hotel in Sydney for USD$364 million. In the year 2019’s end, Bright Ruby paid US$870 million for the hotel with 438 rooms Westin Hotel Tokyo.

“We are thrilled to have the perfect purchaser for Far East Shopping Centre,” CBRE’s Tay. “This is a person who has made investments in foreign properties across major metropolitan areas across the globe, like Paris, Sydney and Tokyo and is capable of bringing that experience to Singapore to help in the redevelopment of Orchard Road.”

Tay refers towards an earlier Grand Park Orchard at 270 Orchard Road, which sits at the intersection of Orchard Road and Bideford Road. The property was the subject of a massive improvement of its assets and was reopened in 2022, becoming the 308-room Pullman Singapore Orchard, managed by Accor Group.

The most prominent retail space was occupied by the lifestyle retail store Abercrombie & Fitch at the former Knightsbridge opened in 2013 as Singapore’s biggest Adidas store. Other tenants in the retail space include the Apple Store, Rolex, The Hour Glass and Ritual Gym.

“As investors, Bright Ruby has been proactive and focuses on the most valuable assets in the major urban areas,” comments CBRE’s Tay. “And they’ve finished the enhancement and repositioning a prominent Orchard Road asset into the new Pullman Singapore Orchard.”

Far East Shopping Centre at 545 Orchard Road has a 75m frontage along Orchard Road and a 55m frontage on Angullia Park in prime District 9. The property is located on a land of 36,014 square feet site with a lease of 999 years starting in 1871. The property is designated for commercial use.

With Glory Property, Du will likely transform the property as a commercial venture with a variety of functions that range from retail to hospitality, office to residences.

At the same time, Far East Shopping Centre was recognized in the report by URA in the list of six structures along this stretch Orchard Road – between Cuscaden Road and Orchard Boulevard – to be developed to become “a exciting new location”.

The remaining five buildings include Hotels Properties Ltd’s (HPL) Voco Orchard Singapore, Forum the Shopping Mall and HPL House, Wharf Estates Singapore’s Wheelock Place, and Bonvests Holdings’ Liat Towers.

HPL was granted permission by URA to develop the three properties along Orchard Road at the end of August. The mixed-use development will consist of a retail, hotel offices, residential, and office components, a rooftop gardens and a theatre for performances.

URA introduced its SDI Scheme in April 2021 to motivate owners to improve their property. In the SDI Scheme, owners who renovate their properties in conjunction with at least one of their neighbors in order for the purpose of creating “a new location” will receive the benefit of a twenty% increase in gross floor area (GFA).

In addition to an rise in GFA The new owners will also have more flexibility regarding land use and the building’s height. Additionally, there will be a direct pedestrian route to Orchard MRT Station, significantly increasing the footfall on this stretch along Orchard Road, says Tay.

Far East’s value of around $3,350 psf per person is higher than previously set records by Ming Arcade, which was purchased in the month of December, for $172million, or $3,125 per sq ft per person. Savills Singapore brokered the deal.

The owner for the previous Ming Arcade is the Royal Group of Companies which is which is a family-owned company controlled by Singapore billionaire Asok Kumar Hiranandani. The new project will include a luxurious hotel.

Close by, Tanglin Shopping Centre was acquired as a bloc through Pacific Eagle Real Estate in February 2022 for $868 million ($2,769 per sq ft psf). Pacific Eagle is the Singapore-based real estate development and investment company that is owned by Indonesian billionaire Sukanto Tanato, who is the owner of the Royal Eagle Group, which is involved in paper, pulp palm oil, pulp as well as energy. Pacific Eagle will also be transformed to become a commercial mixed-use development.

The resurgence of Orchard Road is well underway.

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The Institute of Real Estate and Urban Studies (IREUS) has released on September 28, published its Singapore Residential Price Index (SRPI) for the month of August. The SRPI measures a range of 759 private residential non-landed projects that were completed between October 2003 through September 2021.

The latest estimates from the SRPI that measure the prices of private property that is not landed properties in Singapore show that prices rose 0.7% m-o-m in August. This is despite the fact that the overall cost of living increased 0.9% m-o-m last month according to data from the Singapore Consumer Price Index.

The SRPI sub-index for the Central Region (excluding small units) increased to 0.8% m-o-m in August The sub-index for non-Central Region (excluding tiny units) was up 0.7% over the same time frame. The sub-index for small units grew to 0.3% for the period.

The overall index revised for July was revised to reflect the 1.1% m-o-m increase, little more than the estimate from the flash survey which showed the index was growing one%.

This sub-index of the Central Region (excluding small units) in July was the same as the flash estimate which indicated the increase to 1.2% m-o-m. For the region that is not Central the sub-index was recalculated to reflect the 1.1% decrease, a slight increase over the growth in the flash estimate of 1% per month. In contrast, the sub-index for tiny units during July was recalculated to reflect the 0.4% m-o-m increase, as opposed to the estimation which was 0.2% growth.

Mark Yip, CEO of Huttons Asia, observes that the resale condominium market profited from the booming HDB market as well as the lack of new projects launching in August. “A record-breaking 54 HDB flats were sold for one millions of dollars, or greater, which gives HDB upgraders with the funds to purchase a resales condo,” he adds.

Regarding buyer profiles, Singaporeans accounted for 74.2% of resales of private residences not owned by land during the last twelve months. Singapore permanent residents accounted for 21.6% of such transactions while foreigners comprised around 3.9%.

In the report, IREUS stated that resales private homes that were not landed decreased by 8.9% in August, in contrast to an increase by 1.8% in July. “Compared to the previous peak in March of this year the total number of private homes that were not landed through Singaporeans, Singapore residents and foreign buyers in the resale market decreased to 25.6%, 35.7% and 76.7% respectively in August 2023,” the report adds.

“Moving towards the future, the booming HDB market could continue to help the resale market for condos. New PRs and new citizens could be a factor in the demand. But the uncertain economic outlook as well as the high interest rates can dampen the price increases,” comments Yip.