Month: January 2025

CapitaLand Ascott Trust (CLAS) has recently acquired two limited-service hotels in Japan for a total of JPY 21 billion ($178.5 million). The two properties, ibis Styles Tokyo Ginza and Chisun Budget Kanazawa Ekimae, were purchased at an 8.3% discount to their independent valuation.

The acquisition is expected to have a positive impact on CLAS’ financials, with a projected distribution per stapled security (DPS) accretion of 1.6% by FY2024. Furthermore, the blended net operating income (NOI) yield of the two hotels is estimated to be 4.3% by FY2024. To hedge against currency fluctuations, the acquisition was funded using JPY-denominated debt and proceeds from the sale of four properties in Japan.

Located in Tokyo’s bustling shopping and entertainment district, ibis Styles Tokyo Ginza offers 224 units and is conveniently situated next to Ginza Six, a popular high-end retail mall. Guests can also easily access famous landmarks such as the Ginza Wako clock tower and the Uniqlo global flagship store. In Kanazawa, a city known for its cultural heritage, traditional gardens, and historic sites, Chisun Budget Kanazawa Ekimae boasts 392 units and offers easy access to attractions such as Kanazawa Castle and Kenrokuen Garden.

With these two latest acquisitions, CLAS has invested more than $530 million in the past 12 months. These additions to the portfolio are expected to generate higher yields than the four properties that were divested, ultimately enhancing CLAS’ income distribution. Among the recent investments is Teriha Ocean Stage, a rental housing property in Fukuoka, Japan, Standard at Columbia, a student accommodation property in the United States, and lyf Funan Singapore.

In 2024 alone, CLAS has completed divestments totaling over $500 million and achieved a net gain of $74 million. “The acquisition is part of our portfolio reconstitution strategy to enhance the quality of our portfolio and deliver stable returns to our Stapled Securityholders,” says Serena Teo, CEO of CLAS’ manager. “The FY2024 NOI yield of the two hotels is 230 basis points higher than the blended exit yield of approximately 2.0% for the four previous divestments in Japan. By swiftly redeploying divestment proceeds into these higher-yielding assets, we have fully replaced the income from the four divested properties,” she adds.

CLAS closed at 90 cents per unit after the news of the acquisition.…

Mapletree Investments has recently announced the purchase of its first ever logistics property in the United Kingdom and an additional 10 warehouses in Spain for a total value of approximately EUR315.1 million ($444.5 million). With a combined area of 256,000 sqm, the acquired assets will be part of the initial holdings of the group’s second European logistics-focused fund. This move by the company is in line with its strategy to deepen its focus on the logistics sector and expand its global presence, as highlighted in the press release on January 27.

The launch of the fund will take place at a suitable time after reaching a significant scale. Ralph van der Beek, the CEO of Mapletree’s European commercial and logistics arm, explains that logistics continues to be an attractive sector that garners strong demand from both tenants and investors. He further adds that the thriving e-commerce industry and an increasing focus by companies on securing and expanding their supply chains have contributed to this trend.

Van der Beek also mentions that the company is looking forward to the stable and recurring returns from these assets over the long run. The UK property is situated in Derby Commercial Park, with easy access to major arterial roads such as the M1, A50, and A6. It is also in the vicinity of the city center and East Midlands Airport. The tenant at this asset recently renewed their long-term lease, making it an excellent addition to the portfolio.

The 10 warehouses in Spain are located in core logistics hubs in the first rings of Barcelona, Valencia, and Madrid. These areas provide quick access to the city center through various transportation modes. According to Mapletree, third-party logistics providers and manufacturers have already shown a strong commitment to these properties due to their proximity to production facilities and investments in automation and fit-outs on site.

With these acquisitions, Mapletree now has a total of 80 logistics assets across eight countries. This further strengthens the company’s position in the logistics sector and enables it to tap into the promising opportunities in the European market.…

Turquoise, a luxury condo in Sentosa Cove with 91 units, has three duplex penthouses on the market, starting at $23 million. The largest of the three is a five-bedroom duplex that spans 7,987 sq ft and is also the biggest of the 10 penthouses at the waterfront 99-year leasehold condo. The penthouse boasts a wine cellar, kitchen, and living area, as well as four en suite bedrooms, two utility rooms, and a balcony on the lower level. On the upper level, there is a master bedroom suite with a private infinity pool, pool deck, and outdoor shower and is priced at $12 million ($1,502 psf).

The second-largest penthouse for sale, priced at $5.99 million ($1,599 psf), is a four-bedroom unit that spans 3,746 sq ft. The upper floor of this penthouse features a large open-air terrace with a built-in jacuzzi and unobstructed views of Sandy Island and Sentosa’s southern waterfront. The last penthouse on the market is a three-bedroom unit spanning 3,111 sq ft and is priced at $5 million ($1,607 psf). All three penthouses are located on the sixth floor and have private lift lobbies, wet and dry kitchens, floor-to-ceiling windows, open balconies, and attached ensuites in each bedroom.

Residents at Turquoise can enjoy amenities such as a gym, barbeque pits, a swimming pool, a steam room, and 21 private berths. Developed by Ho Bee Land, the 99-year leasehold Turquoise was completed in 2010. It has 91 units spread across three 6-storey blocks and offers a mix of three- and four-bedroom apartments. The three-bedders range from 2,088 sq ft to 2,573 sq ft, while the four-bedders are from 2,400 sq ft to 3,050 sq ft. Penthouses range from 3,111 sq ft to 3,764 sq ft, and sky villas range from 6,900 sq ft to 7,987 sq ft.

Currently, the developer still owns the largest penthouse at Turquoise, the 7,987 sq ft five-bedroom duplex, which is listed for $12 million. Based on URA caveats, the second-largest penthouse, a 3,746 sq ft four-bedroom duplex, was purchased by a Korean national for approximately $9.5 million ($2,545 psf) in November 2007, when Turquoise was first launched. The three-bedroom penthouse was purchased by an African national for just over $8 million ($2,579 psf) in December 2007.

Michele Cabasug, senior associate VP at List Sotheby’s International Realty, says that when Turquoise was first launched, foreign buyers were drawn to the waterfront location for investment and holiday home purposes. One of the four-bedroom penthouses is currently leased out for $18,000 per month and is still expected to fetch the same rent if leased again. Hence, a buyer who purchases the unit at the listed price of $5.99 million can enjoy a gross rental yield of 3.6% if they choose to lease out the unit.

After the project’s launch in late 2007, 59% of the 39 new purchasers were foreign nationals, while Singaporeans only made up 25.6% of the buyers and PRs accounted for 12.8%. The remaining unit was purchased by a company. However, when the project was completed in 2010, the buyer profile shifted, with Singaporeans accounting for 57.4% of transactions, while PRs accounted for 32.3% and foreign buyers, 8.8%.

Cabasug notes that while some buyers are still looking for a holiday home on Sentosa, the majority are now purchasing it as their primary residence. The increased prevalence of remote working has also driven up the demand for properties on Sentosa Cove, as it offers a slower pace of life and a more relaxed environment. The developer of Turquoise, Ho Bee Land, also developed other projects on Sentosa Cove, such as The Berth by the Cove, The Coast, Seascape, and Cape Royale, as well as the bungalows at Coral Island and Paradise Island.…

The Botanic on Lloyd, a freehold condo, has set a new psf-price record for private non-landed developments in the period between Jan 3 and Jan 11. The condo saw a new price peak stemming from the sale of a four-bedroom unit on the second floor for $5.13 million, or $2,493 psf. This exceeded the former high of $2,339 psf by 6.6%, which was established in October last year. Transactions at the 66-unit development have been rare, with only around one sale per year in the past decade. The previous transaction before the October 2024 sale was a four-bedroom unit that was sold for $6.88 million, or $1,919 psf, in January 2022. It was also the priciest unit to change hands at the condo by absolute price. Completed in 2006, The Botanic on Lloyd is a freehold boutique development located in District 9. It consists of 60 apartments and six townhouses, ranging from three- and four-bedroom units sized between 1,485 sq ft and 3,584 sq ft. The three-storey townhouses at the development have five bedrooms and two private parking lots each. A new price record of $2,284 psf was also achieved at The Cape, located in District 15. A three-bedroom unit on the 15th floor sold for $3 million. This surpassed the previous record of $2,265 psf set by the developer’s sale of a two-bedroom unit on the 16th floor for $3.49 million in November 2012. The condo’s average price has trended upwards over the past year, with three resale transactions at an average price of $2,128 psf recorded last year. In 2023, only one unit was sold at $1,920 psf. The Cape is a 76-unit freehold project completed in 2014. The Tembusu Grand, a 99-year leasehold project located on Jalan Tembusu in District 15, recorded the only new psf-price low among private residential developments between Jan 3 and Jan 11. The new price trough was from the developer’s sale of a three-bedroom unit on the 20th floor for $3.04 million, or $2,174 psf, on Jan 11. The previous record low of $2,193 psf was set two months earlier when a similarly sized unit on the same floor was sold for $3.07 million. The Tembusu Grand features one- and two-bedroom units spanning 527 sq ft to 883 sq ft, three- and four-bedroom units spanning 990 sq ft to 1,604 sq ft, and five-bedroom units from 1,711 sq ft to 2,691 sq ft. 584 units were sold at an average price of $2,444 psf as of Jan 20. It is expected to obtain Temporary Occupation Permit in 2028.…

The resale prices of HDB flats continued to increase in the last quarter of 2024, rising by 2.6% compared to the previous quarter. This marks the 19th consecutive quarter of price growth in the resale market, according to data published by HDB on Jan 24.

The cumulative price increase for the whole of 2024 stands at 9.7%. This is nearly double the 4.9% year-on-year price growth registered in 2023.

While the rise in resale prices last quarter moderated slightly compared to the 2.7% increase in the previous quarter, experts attribute the robust growth throughout 2024 to the limited supply of flats that reached their Minimum Occupation Period (MOP) during the year. According to Mohan Sandrasegeran, head of research & data analytics at SRI, this tight supply has created upward pressure on prices, especially for newer flats and larger flat types, which cater to the needs of growing families.

Five-room flats saw the highest resale price growth in 4Q2024, with an average increase of 2.2% compared to the previous quarter. Lee Sze Teck, senior director of data analytics at Huttons Asia, adds that four-room flats also saw a significant price increase of 2.2% in the same period.

The Central Area saw the highest price growth, rising by 25.6% compared to the previous quarter, while the Central Area registered a 12.1% increase, followed by Tampines (6.9%), Bishan (6.7%), and Bedok (6.1%). Over 90% of million-dollar HDB resale transactions occurred in mature estates, with Kallang/Whampoa recording the highest number of flats sold at $1 million or more (156 units).

Resale transactions in the HDB market decreased by 21.1% quarter-on-quarter from 8,142 units in 3Q2024 to 6,424 units in 4Q2024. According to Lee, this drop is due to seasonal factors such as the year-end holidays and festive season. He adds that the low-interest rate environment may have encouraged some buyers to move to the private residential market or the Executive Condominium (EC) market.

Additionally, some buyers might have opted to ballot for a flat in the latest Build-to-Order (BTO) sales exercise in October 2024, which saw the launch of a record 15 projects comprising 8,573 flats under the new location-based classification framework. For the first time, singles were allowed to purchase two-room flexi BTO flats in all locations.

Despite the decrease in transaction volume in 4Q2024, the overall resale volume in 2024 increased by 8.4% year-on-year from 26,735 units in 2023 to 28,986 units in 2024. This marks the highest yearly resale volume since 2021, when 31,017 flats were sold. The top five most popular HDB towns among buyers in 2024 are Sengkang, Woodlands, Punggol, Tampines, and Yishun.

Looking ahead, approximately 6,976 flats are expected to reach their MOP in 2025, a decrease of 41.6% compared to 2024. This is due to the fewer BTO flats completed in 2020 during the Covid-19 pandemic. HDB is set to launch over 25,000 new flats across three BTO exercises in 2025, with about 3,800 units designated as Shorter Waiting Time (SWT) flats offering wait times of less than 3 years. Experts forecast a price increase of 3.5% to 8% for the HDB resale market in 2025, with transaction volume ranging between 26,000 and 27,000.…

A residential development site located at the prime location of Jalan Naung is now up for sale through an expression of interest (EOI) with an asking price of $8.38 million. The land, with a 999-year leasehold and a total area of 5,408 sq ft, is zoned for residential use under the URA Master Plan 2019.

Situated in District 19, the land parcel is within a three-storey mixed-landed area and is strategically located off Upper Serangoon Road. With an asking price of $1,550 psf on the land area, potential buyers can expect significant returns from their investment.

According to Brilliance Capital, the sole marketing agent for the land, the site has the potential to be developed into a detached house, a pair of semi-detached houses, or a strata mixed-landed development. This, however, is subject to approvals from the relevant authorities.

In terms of location, the site is highly desirable as it is within walking distance of Hougang MRT Station and Hougang Central Bus Interchange. For those who enjoy a vibrant lifestyle, popular shopping destinations such as NEX, Hougang Mall and Heartland Mall are also within a 10-minute drive from the site.

Families with young children will appreciate the convenience of having schools within a 1km radius of the site. These include CHIJ Our Lady of the Nativity, Holy Innocents’ Primary School, Montfort Junior School and Punggol Primary School.

The vacant plot of land is owned by a single seller, which according to Brilliance Capital, will simplify the acquisition process and ensure a smooth transaction for potential buyers. Sammi Lim, the founder and executive director of Brilliance Capital, expects strong interest from developers, boutique firms, aspiring developers, and end-users looking to build their dream home.

Lim adds that it is rare for such a plot to be made available for sale in the market, particularly one that offers various development options to cater to different needs and preferences, including multi-generation development.

Prospective buyers who are interested in this prime residential development site can place their bids through the EOI exercise, which will close on March 6 at 3pm.…

An expression of interest (EOI) has been issued for a residential development site located at Jalan Naung, with an asking price of $8.38 million. The land, which is zoned for residential use under the URA Master Plan 2019, is situated in a three-storey mixed-landed area and has a 999-year leasehold. Spanning 5,408 sq ft in total, the land parcel can be bought at $1,550 per square foot of land.

According to Brilliance Capital, the exclusive marketing agent for the land, interested parties can potentially develop the site into a detached house, a pair of semi-detached houses, or a strata mixed-landed development, subject to approvals from relevant authorities.

The location of this site is highly attractive as it is within walking distance of Hougang MRT Station and Hougang Central Bus Interchange. Popular lifestyle hubs such as NEX, Hougang Mall and Heartland Mall are also just a short 10-minute drive away. Families with school-going children will also be pleased to know that there are several reputable schools within a 1km radius, including CHIJ Our Lady of the Nativity, Holy Innocents’ Primary School, Montfort Junior School and Punggol Primary School.

Brilliance Capital emphasises that the land is owned by a single seller, which will ensure a smooth and hassle-free transaction for potential buyers. “We anticipate strong interest from developers, ranging from boutique firms to larger setups, aspiring developers, and end-users looking to build their dream home,” says Sammi Lim, the founder and executive director of Brilliance Capital. She adds that it is rare for such a plot to be available for sale, especially one that offers various development options to cater to different needs and preferences, including multi-generational living.

The EOI exercise for this coveted land parcel will close on March 6 at 3pm. Interested parties are advised to act fast to secure this rare opportunity.…

A prime residential development site located at Jalan Naung is currently up for sale through an expression of interest (EOI) with an asking price of $8.38 million. The 999-year leasehold land parcel, which spans 5,408 sq ft, is zoned for residential use within a three-storey mixed-landed area under the URA Master Plan 2019. This translates to a price of $1,550 per square foot on the land area.

The land is situated in District 19, off Upper Serangoon Road, and is being marketed by Brilliance Capital as the sole agent. It has the potential to be developed into a detached house, a pair of semi-detached homes, or a strata mixed-landed project, subject to the relevant authorities’ approvals.

The site boasts an enviable location within walking distance of Hougang MRT Station and Hougang Central Bus Interchange. Lifestyle hubs such as NEX, Hougang Mall, and Heartland Mall are also a short 10-minute drive away. Additionally, several reputable schools, including CHIJ Our Lady of the Nativity, Holy Innocents’ Primary School, Montfort Junior School, and Punggol Primary School, are within a 1km radius of the site.

According to Brilliance Capital, the vacant plot of land is owned by a single seller, which will ease the acquisition process and ensure a hassle-free transaction for potential buyers. The land is expected to attract strong interest from developers, ranging from boutique firms to larger setups, as well as aspiring developers and end-users looking to build their dream home.

The founder and executive director of Brilliance Capital, Sammi Lim, comments, “It is a rare opportunity for such a versatile plot to be put up for sale in the market, particularly one that offers various options and permutations for development, catering to different needs and preferences, including multi-generation development.”

Interested parties can submit their bids for the land parcel via the EOI exercise, which will close on March 6 at 3pm.…

A coveted residential development site located at Jalan Naung has hit the market, with an invitation for offers through expression of interest (EOI) at an asking price of $8.38 million. The 999-year leasehold land, spanning 5,408 sq ft, is sited off Upper Serangoon Road in District 19 and falls within the residential zone of the URA Master Plan 2019. The price per square foot on the land area translates to $1,550.

Brilliance Capital, the exclusive marketing agent for the land, reveals that the site is suitable for various types of development, subject to the necessary approvals from the relevant authorities. Prospective buyers can explore the possibility of constructing a detached house, a pair of semi-detached houses, or a strata mixed-landed development.

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Conveniently situated within walking distance from Hougang MRT Station and Hougang Central Bus Interchange, the land is also within a 10-minute drive to popular lifestyle hubs like NEX, Hougang Mall, and Heartland Mall. Families with young children will appreciate the proximity to reputable primary schools such as CHIJ Our Lady of the Nativity, Holy Innocents’ Primary School, Montfort Junior School, and Punggol Primary School, all of which are located within a 1km radius of the site.

According to Sammi Lim, founder and executive director of Brilliance Capital, the vacant plot of land is owned by a single seller, making the acquisition process seamless and hassle-free for potential buyers. She expects strong interest from a diverse range of developers, including boutique firms, established players, aspiring developers, and end-users looking to build their dream home.

Lim also notes that it is a rare opportunity for such a versatile land parcel to be made available for sale in the market, catering to different needs and preferences, such as multi-generational living.

Interested parties can submit their offers through the EOI exercise, which will close on March 6 at 3pm.…

with new hotel in Suzhou

Radisson Collection, a renowned luxury hotel brand owned by the Radisson Hotel Group, has recently debuted a new property in Galle, Sri Lanka. The 106-room Radisson Collection Resort, Galle is not only the brand’s first hotel in the Southeast Asia and Pacific region but also the fourth property under the group in Sri Lanka.

The hotel boasts 76 elegantly designed guest rooms and suites, all of which offer breathtaking views of the ocean. Along with top-notch accommodation, the resort also offers a range of luxurious amenities, including a beachfront pool, a well-equipped kids’ club with 24-hour nanny services, and various food and beverage options, such as the Asia-Japanese fusion restaurant Ozen and the seafood dining experience at Catch Restaurant. Additionally, guests can unwind and soak up the sun at Taboo Beach Club, a beachfront entertainment spot with comfortable sun loungers and daybeds, providing bottle service.

Nestled on the southwest coast of Sri Lanka, Galle is a charming city with plenty of attractions to explore. The city’s top attraction is Galle Fort, a 17th-century fortress that has been designated as a UNESCO World Heritage site. Other must-visit places include historic temples, colonial buildings, and wildlife centers, including a sea turtle hatchery.

In other news, Teardrop Hotels, a Sri Lankan hotelier, has recently launched luxury villa rentals in Galle, catering to travelers looking for a more private and exclusive experience. This addition to Galle’s hospitality scene only adds to the city’s growing popularity as a must-visit destination. Additionally, the Radisson Hotel Group has also been expanding its presence in Asia, with the recent opening of its 100th hotel in India and the launch of a new resort in Lonavala and a new hotel in Suzhou, China.…