Month: January 2025

The Minister for National Development, Desmond Lee, has recently announced the successful completion of two pandemic-delayed projects under the Housing and Development Board (HDB). In a press release on January 20, it was revealed that the two Build-to-Order (BTO) projects, Punggol Point Cove (Phase 2) and Kempas Residences, have been completed, marking the finalisation of all pandemic-delayed housing projects.

According to the release, these two projects, in addition to the 92 others, have delivered a total of more than 75,800 new flats to Singaporeans over the course of the last five years. In 2024, out of the 22 housing projects that were completed, 17 were delayed due to the pandemic, while the remaining four were completed on time, with the exception of one that was delayed for non-pandemic reasons.

In total, over 18,000 flats were completed in 2024, with two of these being Shorter Waiting Time (SWT) projects. These projects, namely Parc Glen at Tengah and Grove Spring at Yishun, which had a combined total of 1,995 flats, were completed within the waiting period of less than three years. The rest of the projects had waiting periods of up to five years.

In terms of the key collection, flat owners of Punggol Point Cove (Phase 2) began receiving their keys in November 2024, while those of Kempas Residences began in mid-January this year. HDB is in the process of notifying the remaining flat owners of their key collection dates, following the completion of the final blocks within both projects this month.

Punggol Point Cove (Phase 2), located along New Punggol Road, consists of 1,179 units comprising of two-room flexi, three-, four- and five-room flats across six residential blocks. Due to pandemic delays, the last block’s completion was pushed back by 12 months from its original Probable Completion Date (PCD), which was earlier this month. As of January 15, 657 households, amounting to 59% of the 1,109 booked units, have collected their keys.

HDB has stated that the completion of Punggol Point Cove (Phase 2) signifies the completion of all flats in the Punggol Point District, which includes Punggol Point Cove (Phase 1), Punggol Point Woods, and Punggol Point Crown BTO projects, all of which were completed in 2024.

Situated between Serangoon Road, Lavender Street, and Boon Kheng Road, the BTO project of Kempas Residences consists of a total of 583 units comprising of two-room flexi, three-, and four-room flats across four residential blocks. The final block, which was delayed by six months from its original PCD, was completed in mid-January. As of January 15, 37 households, equivalent to 7% of the 555 booked units, have collected their keys.

At present, there are 110 HDB housing projects in progress, which is an increase from 95 a year ago due to the rise in BTO supply in recent years. HDB is confident that it is on track to complete approximately 17,000 flats across 27 projects in 2025.

For interested parties looking for HDB properties, there are HDB listings available for both sale and rental in Punggol. A price trend chart is also provided for Kempas Residences, along with other listings for HDB flats. For those planning to get a loan, it is useful to compare an HDB loan versus a bank loan.…

Singapore-based real estate giant City Developments Limited (CDL) has announced its plan to acquire the remaining shares of New Zealand-listed Millennium & Copthorne Hotels New Zealand Limited (MCK) through its subsidiary CDL Hotels Holdings New Zealand Limited (CDLHH NZ). The offer is set at NZ$2.25 ($1.72) per share, and upon completion, CDL plans to delist and privatise MCK, streamlining the ownership structure of its New Zealand entities.

MCK currently owns, leases, or has under franchise 18 hotels in New Zealand and has a majority stake in CDL Investments New Zealand Limited. It also has interests in Australian properties through its subsidiaries from Kingsgate Group. CDL divested assets worth more than $600 million by 2024.

At the close of trading on January 17, CDLHH NZ holds 80.02 million shares in MCK, representing a 75.86% stake based on 105.48 million shares in issue. If CDLHH NZ reaches the threshold to invoke the compulsory acquisition provisions of the New Zealand takeovers code, it will compulsorily acquire all outstanding shares in MCK. CDLHH NZ may also choose to redeem the non-voting redeemable preference shares issued by MCK.

CDLHH NZ is willing to acquire the non-voting redeemable preference shares at NZ$1.70 or around $1.30 apiece. The purchase will be made through its broker, Craigs Investment Partners, on the Main Board of the New Zealand Stock Exchange (NZX). As of January 17, CDLHH NZ holds 91.34% (or 48.17 million) of MCK’s non-voting redeemable preference shares.

If the offer is fully accepted, CDLHH NZ will pay a total consideration of NZ$57.29 million. The company also expects to pay around NZ$7.77 million for all the redeemable preference shares it seeks to acquire. The offer price for MCK’s shares and redeemable preference shares takes into account the current and historical market price, as well as the industry and business environment in which MCK operates.

Based on its 1HFY2024 results as of June 30, 2024, MCK has a net asset value (NAV) and a net tangible asset value (NTA) of NZ$532.02 million each. The NAV and NTA attributable to the MCK shares subject to the offer are approximately NZ$85.62 million each as of June 30, 2024.

The offer is conditional upon CDLHH NZ receiving 90% or more of the voting rights in MCK by 5 pm on May 2. It also depends on CDLHH NZ obtaining consent under the Overseas Investment Act 2005 of New Zealand and the Overseas Investment Regulations 2005 of New Zealand to own and control all shares in MCK.

The implementation and payment of the offer are not expected to have a significant impact on CDL’s earnings per share (EPS) or net tangible assets (NTA) for the FY2025 ending December 31.…

Roxy-Pacific Holdings’ executive chairman, Teo Hong Lim, has announced that the company’s latest condominium development, Bagnall Haus, has received a high demand with 71 units sold on the first day of its launch. This translates to a sales rate of nearly 63%, with an average transacted price of $2,490 psf.

A majority of the buyers, over 90%, were Singaporeans with varying budgets, according to Teo. The take-up rate was strong across all unit types, with two- and three-bedroom units being the most popular. However, there was also demand for the larger five-bedroom units.

Situated in District 16 along Upper East Coast Road, Bagnall Haus comprises 113 residential units spread across three five-storey blocks on a freehold site of 74,280 sq ft. The unit mix includes one-bedroom plus flexi units of 495 sq ft and five-bedroom units of 1,528 sq ft.

Ismail Gafoor, CEO of PropNex, revealed that out of the 71 units sold, about 59% were one- and two-bedroom units, which were sold for prices just below $2.1 million. He added that the three-bedroom units were also in high demand with 18 out of 20 units snapped up for prices ranging from $2.3 million to $2.7 million. The remaining four- and five-bedroom units were sold for around $3 million to $3.8 million.

Gafoor also mentioned that the average transacted price of $2,490 psf was “compelling for a well-located freehold development”. He added that buyers saw value in the project, especially considering that some 99-year leasehold new launches in the Outside Central Region (OCR) – such as Chuan Park – had reached an average price of $2,579 psf when it was launched in November 2024.

In addition to the residential units, both strata-titled shop units on the ground floor of Bagnall Haus, measuring 172 sq ft each, were also sold for $688,000 ($4,000 psf) each.

According to Marcus Chu, CEO of ERA Singapore, most of the homebuyers were owner-occupiers, including some from older landed properties looking to downsize and families from the neighbourhood seeking to upgrade to a freehold property.

Bagnall Haus boasts a prime location in close proximity to established amenities and reputable schools, such as Temasek Primary School, which is within a 1km radius. It is also within walking distance of the upcoming Sungei Bedok MRT Station, an interchange for the Downtown and Thomson-East Coast lines. It is just one stop from Bedok South MRT Station, which will be part of an integrated transport hub in the upcoming Bayshore precinct, featuring a new bus interchange and a mixed-use development with retail and residential components.

Mark Yip, CEO of Huttons Asia, believed that the strong sales at Bagnall Haus were due to pent-up demand from a 15-year wait for a new project in the area, as well as its freehold tenure and strategic location next to an MRT station. He added that buyers recognized the potential benefits of the upcoming transformation of the Bayshore precinct.…

Commonwealth Towers has emerged as the top private non-landed property to reach a new psf-price peak for the week of Dec 27 to Jan 3. The 99-year leasehold condominium achieved a new record price of $2,460 psf on Dec 27 with the sale of a three-bedroom unit on the 40th floor for $2.22 million. This surpasses the previous high of $2,402 psf set just three months ago in September 2024 with the sale of a two-bedroom unit on the 42nd floor for $1.65 million.

The average resale price at Commonwealth Towers has been on the rise for the past three years, starting at $1,971 psf in 2022 and increasing to $2,097 psf in 2023 and $2,200 psf in 2024. This marks an 11.6% increase in average resale prices since 2022.

The most expensive unit to change hands at Commonwealth Towers was a four-bedroom unit on the 39th floor for $2.96 million, or $2,273 psf, in November 2024. Completed in 2017, the 99-year leasehold condo has 87 years left on its tenure and is made up of two 43-storey residential blocks with a total of 845 units.

Coming in second is freehold project Parq Bella, which achieved a new psf-price high of $2,416 on Dec 31 with the sale of a three-bedroom unit for $2.6 million. This beat the previous record of $2,385 psf set in August 2023 with the sale of a two-bedroom unit for $2.2 million. The 20-unit boutique freehold development will be completed in December 2026 and has seen five new sale transactions last year at an average price of $2,347 psf.

The only private residential development to see a new psf-price low during the period in review is Klimt Cairnhill, which sold its final unit – an 829 sq ft, two-bedroom unit on the 24th floor – for $2.55 million ($3,077 psf). Located along Cairnhill Road in Prime District 9, the freehold project has achieved 100% sales at an average price of $3,665 psf.

With all its units sold, Klimt Cairnhill has achieved a 100% sales rate at an average price of $3,665 psf. The boutique condo will obtain its Temporary Occupation Permit in April this year.…

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Minister for National Development Desmond Lee has announced that the Housing and Development Board (HDB) will be launching more than 25,000 new flats in 2025. The news was revealed in a joint press release by HDB and the Ministry of National Development (MND) on January 16. It was announced that this would include about 19,600 Build-To-Order (BTO) flats across three sales exercises, as well as more than 5,500 Sale of Balance Flats (SBF) in one SBF sale exercise. The units will be a mix of Standard, Plus, and Prime BTO flats under the new classification framework.

The launch in February will offer approximately 5,000 flats in Kallang/Whampoa, Queenstown, Woodlands, and Yishun. Additionally, next month, HDB will also be conducting its largest-ever Sale of Balance Flats exercise, with over 5,500 flats across various estates being offered. Of these, about 40% will be completed units, while the rest are at different stages of construction and are expected to be completed between 2025 and 2028. Overall, more than 10,000 new flats will be available under the February BTO and SBF exercises.

Over the last four years, from 2021 to 2024, HDB has launched about 82,700 BTO flats. With a planned pipeline of 19,600 BTO flats in 2025, HDB is on track to exceed its commitment of 100,000 units over five years by launching around 102,300 BTO flats. The increase in BTO supply has resulted in a drop in application rates. In 2024, the average application rate for first-time homebuyers for BTO across all flat types was 2.1, compared to the pre-pandemic rate of 3.7 in 2019. The average first-timer application rate last year for three-room and larger flats was also lower at 2.2, down from 4.0 in 2019.

Minister Lee stated that HDB will continue to release a steady pipeline of flats to meet housing demand in the next few years. Over 50,000 flats will be launched between 2025 and 2027, bringing the total to about 130,000 flats from 2021 to 2027. About 3,800 of the 19,600 new flats, or about one-fifth of the BTO flats slated for launch in 2025, will be Shorter Waiting Time (SWT) flats of less than three years. This is a boost from the 2,876 SWT flats offered in 2024 and more than the committed annual supply of 2,000 to 3,000 SWT flats. According to senior director of data analytics at Huttons Asia, Lee Sze Teck, the availability of SWT flats will provide buyers with more options and may also help to draw some demand away from the resale market.

In 2025, it is estimated that about 7,000 HDB flats will reach their five-year minimum occupation period (MOP), making it the lowest supply of such resale flats since 2015. Lee Sze Teck notes that with HDB assuring buyers that they will be pushing out more BTO and SBF flats to meet demand, there will be more choices for buyers and this will help to stabilise the resale market. Furthermore, the larger flat supply and SWT flats will address the shortfall in MOP flats.

According to Huttons’ Lee, HDB resale flat transactions in 2025 are expected to range between 26,000 and 28,000, which is lower than the 28,876 units recorded in the previous year. Resale flat prices are also projected to grow at a slower pace of 5% to 8% this year, compared to the 9.6% increase shown in HDB’s flash estimate for 2024.…

The recent sale of a three-bedroom penthouse at Orchid Mansion in District 15 has made headlines, as it resulted in a profit of $2.58 million (112%). This transaction, which took place on Dec 31, was the most profitable resale deal from Dec 31, 2024, to Jan 7, 2025.

The spacious 2,842 sq ft unit, located on the 21st floor, fetched a price of $4.88 million ($1,717 psf). This was a significant increase from its previous purchase price of $2.3 million ($809 psf) in March 2009. The annualized profit from this sale is approximately 4.9% over a period of almost 16 years. This also makes it the most profitable resale deal to date at Orchid Mansion, surpassing the previous record of $1.15 million (72.6%) for a 1,507 sq ft three-bedroom unit on the seventh floor, which was sold for $2.73 million ($1,812 psf) in July 2022. This unit was originally purchased for $1.58 million ($1,050 psf) in June 2007.

Another noteworthy resale transaction from the week in review took place at Villa Marina, where a 1,625 sq ft unit was sold for $2.35 million ($1,446 psf) on Jan 3. The ground floor three-bedroom unit was bought for $630,500 ($388 psf) in September 2006, resulting in a profit of $1.72 million (273%). This translates to an annualized profit of 7.6% over 18 years. This sale also broke the previous record at Villa Marina for the most profitable deal, which was $1.58 million (219%) for a 1,916 sq ft unit on the fourth floor, sold for $2.3 million ($1,200 psf) in July 16 last year. This unit was previously bought for $720,416 ($376 psf) in November 1998.

Villa Marina, a 99-year leasehold development located at Jalan Sempadan in District 15, was completed in 1999 and consists of 27 low-rise residential blocks with a mix of one- to four-bedroom units ranging from 1,087 sq ft to 2,314 sq ft. The project is situated near Siglap MRT station on the Thomson-East Coast Line and East Coast Park, and is surrounded by several primary schools within 1km, including Bedok Green Primary School, CHIJ (Katong) Primary, Ngee Ann Primary School, St Stephen’s School and Tao Nan School.

In contrast, the most unprofitable resale transaction of the week was recorded at Marina Bay Residences, where a 1,130 sq ft unit was sold for $2.1 million ($1,858 psf) on Jan 2. This resulted in a loss of $386,000 (16%) for the seller, who had bought the unit for $2.49 million ($2,200 psf) in November 2007. This translates to an annualized loss of 1% over 17 years.

Marina Bay Residences, a 428-unit development situated on Marina Boulevard, had 25 resale transactions last year, with 13 of them resulting in losses ranging from $1.25 million to $43,600. The most significant unprofitable resale transaction involved a 1,227 sq ft unit sold for $2.8 million ($2,282 psf) on March 22, 2024.

The average resale price at Marina Bay Residences in December 2024 was $2,242 psf, which is higher than the average prices at surrounding condos such as The Sail @ Marina Bay ($2,052 psf), Marina Bay Suites ($1,917 psf), and Marina One Residences ($2,133 psf).

Marina Bay Residences, a 15-year-old 99-year leasehold luxury condo, recently underwent a $5 million revamp from Jan 2022 to Sept 2023 to enhance its resident facilities and common spaces. The condo is one of two luxury condos in Marina Bay Financial Centre (MBFC), a mixed-use development that includes three Grade-A office towers, Marina Bay Residences, and the 221-unit Marina Bay Suites.…

City Developments announced on Tuesday that it had successfully divested over $600 million worth of assets last year as part of its capital recycling strategy. This figure fell short of the company’s initial goal of $1 billion, which had been announced in early 2024. The decrease in deals across most markets and asset classes contributed to the lower total.

Among the divestments completed were the Ransome’s Wharf site in London, the freehold 8-storey industrial building Cideco Industrial Complex in Singapore, and strata units at Citilink Warehouse Complex, Cititech Industrial Building, Fortune Centre and Sunshine Plaza in Singapore.

CDL-Frasers Property-Sekisui House also launched The Orie, a residential project in Toa Payoh with prices starting from $1.28 million.

One prominent divestment in the works is the Hong Leong City Centre (HLCC), a mixed-use development in Suzhou. The retail and office components of HLCC are currently under contract and are expected to be completed this quarter.

According to group CEO Sherman Kwek, the asset divestments showcase CDL’s commitment to accelerating its capital recycling initiatives. He also mentioned the challenging market conditions that have made divestments more difficult, but noted that the company has still achieved good momentum. Kwek also stated that CDL will continue to push forward with its divestment plans, with the aim of optimizing its capital management and aligning its portfolio with its strategic objectives, in order to maximize shareholder value.

CDL shares closed at $5.05 on Jan 16, down 0.2% for the day and down 20.97% in the past one year.…

A two-storey bungalow located at 11 Whitley Road has recently been put on the market for sale through tender at a guide price of $31.88 million. This freehold property boasts a prime elevated site measuring 15,276.27 sq ft, making the guide price equivalent to $2,087 psf on the land area.

Originally built in 2016, the bungalow has since undergone a complete transformation with a rear extension added. It now boasts five spacious bedrooms, three of which are en suite, along with two living rooms, two dining areas, and a well-equipped kitchen. A helper’s room is also included.

What makes this property even more attractive is its potential for subdivision. The land parcel could potentially accommodate eight terraced houses, with each site ranging from 1,614 sq ft to 2,389 sq ft. According to Aric Lim, associate district director of Huttons Asia, the exclusive marketing agent for the property, the gross floor area (GFA) for redevelopment could reach up to 21,528 sq ft, subject to land betterment charges.

Lee Sze Teck, senior director of data analytics at Huttons Asia, notes that this is one of the largest plots of land available on Whitley Road. He also adds that the guide price of $2,087 psf based on land is highly competitive compared to recent transactions of new semi-detached houses in the area, which have been sold for above $3,000 psf.

Conveniently located, the property is only 700m away from Novena MRT Station and in close proximity to popular malls such as Velocity at Novena Square, Square 2, United Square, and Zhongshan Park.

Interested parties can submit their bids for 11 Whitley Road until February 12. Don’t miss this opportunity to own a prestigious property in a prime location.…

The Midtown Bay serviced apartments are part of GuocoLand’s mixed-use development at Guoco Midtown. GuocoLand secures two sustainable facilities from DBS Bank and Oversea-Chinese Banking Corporation for the refinancing of its properties Guoco Midtown and Midtown Bay. This move further solidifies the company’s commitment to sustainable financing and its dedication to creating well-designed and environmentally conscious spaces.

The $1.135 billion green facility for refinancing Guoco Midtown is the largest of its kind secured by the property developer to date. These green facilities were raised under GuocoLand’s Green Finance Framework, bringing the total amount of green financing secured by the company to about $5 billion. This includes green facilities for other developments such as Guoco Tower, Lentor Mansion, Lentor Modern, Midtown Modern, and the upcoming Upper Thomson Road Development.

The CFO of GuocoLand, Andrew Chew, believes that this refinancing activity is a way for the company to optimize its capital structure while remaining true to its commitment to creating thoughtfully designed spaces that balance economic, environmental, and social factors.

GuocoLand’s latest sustainable facilities not only showcase the company’s dedication to sustainability, but also highlight the growing trend of businesses seeking out green financing options. This reflects a global shift towards more environmentally conscious practices and a stronger focus on sustainability in the real estate industry.

The properties being refinanced, Guoco Midtown and Midtown Bay, are part of GuocoLand’s mixed-use development at Guoco Midtown. This development is designed to be a sustainable and vibrant community that integrates residential, retail, and office spaces, with features such as a car-free zone, green rooftop gardens, and sustainable building materials.

In line with the company’s commitment to sustainability, GuocoLand has also implemented various green initiatives in its developments, such as installing energy-efficient systems and using renewable energy sources.

With the success of its Green Finance Framework and the securing of these two green facilities, GuocoLand reaffirms its position as a leading sustainable property developer in Singapore. The company continues to strive towards creating sustainable and innovative spaces that benefit the environment and local communities.…

Roxy Square, a freehold mixed-use development located in Katong, is set to be relaunched for collective sale, according to a press release by marketing agent JLL. The development, which comprises of 296 shops, 26 apartments, and the 576-room Grand Mercure Roxy Hotel, was previously launched for tender last July with a minimum price of $1.25 billion. However, the tender closed on September 26 without any success.

In light of this, JLL has announced that the owners of the development are currently in the process of signing a supplemental agreement to lower the collective sale price by 10.8% to $1.115 billion. This proposed lower price would require at least 80% of the owners’ support to take effect, and currently, over 70% of owners are already in favour.

Under the new price, the development is expected to have a unit land rate of $1,852 psf per plot ratio (ppr), which includes a Land Betterment Charge (LBC) at the gross plot ratio of about 3.86. If an additional 10% bonus gross floor area (GFA) for the residential component and the LBC are factored in, the land rate would be $1,804 psf ppr.

According to Tan Hong Boon, JLL Singapore’s executive director of capital markets, the private residential market in Katong has strong underlying support, as evident by recent launches such as Meyer Blue and Emerald of Katong, which have shown impressive sales. This has boosted developers’ confidence in Roxy Square’s potential.

The appeal of the development is further enhanced by its location next to Marine Parade MRT Station (Thomson-East Coast Line), with a direct underground connection. The freehold tenure, established and well-loved heritage locale, and excellent connectivity to amenities, add to its appeal.

Completed in 1996, Roxy Square has a gross floor area (GFA) of 668,000 sq ft. Under the 2019 Master Plan, the development is partially zoned for commercial and residential use, with a gross plot ratio of 3.0, along East Coast Road. The portion of the development that fronts Marine Parade Road is zoned for hotel use.

Based on recent planning advice from URA, the entire Roxy Square site can be rezoned for commercial and residential use and be redeveloped into a high-rise mixed-use development with a height of up to 75m. This could potentially yield over 350 residential units, approximately 80,000 sq ft of retail and F&B space, and an additional 172,000 sq ft for office, hotel, or other commercial uses.

Roxy Square also offers accessibility to East Coast Parkway (ECP) and Nicoll Highway and forms part of the Round-Island Route and Park Connector Network.

Tan adds that the proposed reduction in reserve price, if supported by the majority owners, enhances the site’s appeal, especially considering the area’s consistent demand for quality residences. This sale aims to thoughtfully shape a key part of Singapore’s East Coast for the future.

The tender for Roxy Square is set to close on February 18 at 3pm. Interested parties can check out the latest listings for Roxy Square properties on Ask Buddy, compare the price trends of new sale condos vs resale condos or condos vs EC new sale, and view the list of most profitable and unprofitable landed transactions in the past year.…