Month: January 2025

Golden Mile Tower will receive approval for voluntary conservation from URA if the 99-year leasehold development is sold successfully in a collective sale and a developer plans to redevelop the property. This decision was made after reviewing documents obtained by EdgeProp Singapore, indicating that the government is willing to increase the site’s allowable gross plot ratio (GPR) from 4.46 to 5.6, based on the existing site area of 93,902.5 sq ft, if the developer conserves at least the existing cinema block.

This would result in a higher gross floor area (GFA) of 525,854 sq ft, which is a significant increase from the current 419,142 sq ft. Additionally, voluntary conservation would allow for a higher maximum building height of 164m, up from the current limit of 145m.

The recent collective sale attempt by the owners of Golden Mile Tower was in August of last year, with a reserve price of $556 million. This was the third unsuccessful en bloc attempt to sell and redevelop the 99-year leasehold development.

Anna Tan, business development director at Tag Realty (the marketing agent for the collective sale of Golden Mile Tower), has stated that the reserve price remains the same and translates to a land rate of $1,350, which includes the cost of renewing the land tenure but does not include land betterment charges.

Tan also notes that the increase in building height allows for a striking skyline presence and potential for commercial and hotel spaces to have 5m floor-to-ceiling heights, while residential units could offer 3.6m ceiling heights.

This approval for voluntary conservation is significant as the neighboring Golden Mile Complex, now known as Golden Mile Singapore, was gazetted for conservation in 2021. Developed by Perennial Holdings and Far East Organization, the commercial units were launched in December of last year. The new residential units, located in a 45-storey tower, are expected to launch this quarter.

Tan believes this is a rare opportunity to redevelop Golden Mile Tower due to the limited land supply along Beach Road and the increased value from recent rejuvenation efforts including the launch of Golden Mile Singapore and the Kallang Alive masterplan.

The redevelopment of Golden Mile Tower offers a unique investment opportunity due to its heritage and future potential, making it appealing to both local and international investors. This prime location along Beach Road and its mixed-use development potential make it a highly desirable property.…

Bagnall Haus at Upper East Coast has proved to be a hit with homebuyers, as seen from the overwhelming response at its sales gallery over the weekend of Jan 4-5. According to Teo Hong Lim, executive chairman of Roxy-Pacific Holdings, developer of Bagnall Haus, the sales gallery saw a staggering 1,500 visitors over the weekend, with many of them being families residing in the East.

Bagnall Haus is one of the first new project launches of the year 2025. This 113-unit freehold condo is a redevelopment of the former Bagnall Court and was acquired by Roxy-Pacific in January 2023 for $115.28 million.

The project’s prime location, just a five-minute walk from the upcoming Sungei Bedok MRT Interchange Station and Upper East Coast Bus Terminal, has contributed to its popularity. Prospective buyers can also search for the latest new launches to find out about the transaction prices and available units.

It is worth noting that the last new project launch in the Upper East Coast Road neighbourhood was 15 years ago, making Bagnall Haus an especially anticipated development. In an effort to cater to a diverse range of buyers, including investors, owner-occupiers, singles, and families, the developer has included a mix of units ranging from one-bedroom plus flexi apartments at 495 sq ft to spacious five-bedroom units at 1,528 sq ft. Prices for the units start from $1.235 million, translating to an average indicative price of approximately $2,450 psf.

Interested buyers can check out the latest listings for Bagnall Haus properties and also visit Ask Buddy for a comprehensive project summary and information on price trends for HDB, condos, and landed properties. Additionally, they can also compare the price trend of recently launched projects and upcoming new launches for a better understanding of the market.

In conclusion, the response to Bagnall Haus at Upper East Coast has been exceptional, further highlighting the appeal of this upcoming development. With its prime location, diverse range of units, and competitive pricing, Bagnall Haus is set to be a highly sought-after property in the East.…

Great Demand And Strong Competition For HDB Flats In Bedok Despite Covid-19 Situation
Article Rewritten:

On January 2, the Housing and Development Board (HDB) released their flash estimates, which indicated a 2.5% increase in resale flat prices in the fourth quarter of 2024. This shows a slight deceleration from the 2.7% growth seen in the previous quarter, marking the 19th consecutive quarter of price increases in the HDB resale segment.

According to Christine Sun, the chief researcher and strategist at OrangeTee Group, the flash estimates also showed that HDB resale prices experienced a 9.6% growth in 2024. While this is double the 4.9% growth seen in 2023, it is still slower compared to the 10.4% increase in 2022 and the 12.7% growth in 2021.

OrangeTee also noted that there was a slowdown in the price growth of certain flat types, based on the HDB caveat data from data.gov.sg as of January 2 at 8:15am. For instance, the median price of four-room flats saw a 2.5% increase in the fourth quarter of 2024, slower than the 3.4% growth in the third quarter of the same year.

Similarly, two-room flats saw a 2% increase in the fourth quarter of 2024, slower than the 3.9% growth in the third quarter. Executive flats also experienced a slower growth rate of 1.2% in the fourth quarter, compared to 1.7% in the previous quarter. However, prices for five-room flats saw a faster growth rate of 3.2% in the fourth quarter, compared to a 1.2% increase in the third quarter.

In terms of resale volume, there was a 3.6% decline year-on-year in the fourth quarter of 2024, with 6,314 units sold compared to 6,547 units in the same period in 2023. This also represents a 22.5% decrease quarter-on-quarter from 8,142 units in the third quarter of 2024.

Sun attributes this decline in resale transactions to HDB launching over 8,500 new flats in their October Build-to-Order (BTO) exercise, many of which were located in prime and desirable locations. She also notes that the seasonal year-end school holidays, which often see a decrease in house viewings and sales activities, may have contributed to the decline.

However, Wong Siew Ying, the head of research and content at PropNex, believes that the slower growth in the fourth quarter of 2024 is a result of government intervention in August 2024. During this time, the loan-to-value (LTV) limit for HDB loans was reduced by 5 percentage points to 75%. Wong believes that these measures are starting to have an effect on the market and that the decrease in resale volume may have also put a drag on prices.

In total, there were 28,876 resale transactions in 2024, a 8% increase from the 26,735 units sold in 2023 and a 7.7% increase from the 27,896 units sold in 2022. However, this is still lower than the peak of 31,017 units sold in 2021.

There was also a decline in million-dollar flat transactions in the fourth quarter of 2024, with only 283 units sold compared to 331 units in the third quarter. Nonetheless, the total number of million-dollar transactions reached a record high of 1,033 units in 2024, more than double the 469 transactions seen in 2023.

According to OrangeTee’s Sun, Toa Payoh town had the most million-dollar flat transactions in the fourth quarter of 2024, with 58 units sold. This includes 20 transactions for four- and five-room units at Alkaff Vista in Bidadari Park Drive, which recently met the five-year minimum occupation period (MOP).

Eugene Lim, the key executive officer of ERA Singapore, suggests that the new Plus and Prime classification for BTO flats may have driven more buyers to seek out HDB resale homes in central locations. These buyers may be unwilling to accept the resale restrictions, such as a 10-year MOP, rental restrictions after MOP, subsidy clawback upon resale, and a resale income cap for future buyers.

OrangeTee predicts that HDB resale prices will continue to rise in 2025, but at a slower pace than in previous years. According to Sun, prices have already reached new highs in many areas, causing affordability concerns for potential buyers. She also believes that the ongoing supply of BTO flats will help moderate price growth in the secondary market, but the extent of this will depend on the number of BTO flats released in the coming years.

HDB’s largest sale of balance flats (SBF) exercise, which will offer more than 5,500 units across various towns, is set to take place in February 2025. Lee Sze Teck, the senior director of data analytics at Huttons Asia, believes that this may divert some buyers from the resale market. He also believes that the lower upfront information on BTO projects with shorter waiting times may drive more buyers to the resale market.

Lee also notes that interest rates may decrease in 2025, allowing buyers to take on higher loan amounts to buy new homes. He suggests that some buyers may instead set their sights on executive condos or resale condos, causing the million-dollar flat market to stabilize at around 900 to 1,200 units in 2025.

In terms of projections, Lim expects resale prices to grow at a more moderate pace of 3% to 6% in 2025, with 26,000 to 27,000 resale units sold by the end of the year. PropNex predicts a 5% to 7% increase in resale flat prices in 2025, with a forecasted resale volume of 29,000 to 30,000 units.

Huttons expects HDB resale flat prices to grow at a slower pace of 5% to 8% in 2025, with a likely resale volume of 26,000 to 28,000 units. They also note that the supply of BTO flats in 2025 will be 12% lower than 2024, which may drive more buyers to the resale market.…

on Dec 23, 2024

On Jan 2, HDB released flash estimates indicating that resale flat prices rose by 2.5% q-o-q in 4Q2024. This represents a slight decrease from the 2.7% q-o-q growth seen in the previous quarter, making it the 19th consecutive quarter of price increases in the HDB resale segment.

The flash estimates also suggest that the median sale price of HDB resale flats has grown by 9.6% in 2024, which is twice the growth seen in 2023 (4.9%). However, this figure remains slightly lower than the 12.7% increase in 2021 and the 10.4% growth in 2022. According to Christine Sun, Chief Researcher and Strategist at OrangeTee Group, the slower pace of growth in 4Q2024 is largely due to the measures implemented by the government in August 2024, where the loan-to-value (LTV) limit for HDB loans was reduced from 80% to 75%.

Based on data downloaded from data.gov.sg on Jan 2 at 8.15am, HDB caveat data shows a slowdown in price growth for certain flat types. For example, the median price for four-room flats increased by 2.5% q-o-q in 4Q2024, a slower rate compared to the 3.4% growth seen in 3Q2024. Similarly, two-room flats saw a 2% q-o-q increase in 4Q2024, compared to a 3.9% growth in the previous quarter. Executive flats also saw a slower growth rate, with a 1.2% q-o-q increase in 4Q2024, compared to the 1.7% growth recorded in 3Q2024. On the other hand, five-room flats saw a faster growth rate of 3.2% in 4Q2024, up from the 1.2% increase in 3Q2024.

The resale volume for HDB flats saw a 3.6% y-o-y decline in 4Q2024, with a total of 6,314 units sold, down from 6,547 units in 4Q2023. This is also a 22.5% q-o-q decline from the 8,142 units sold in 3Q2024. Sun attributes this decline to the launch of over 8,500 new flats in the October Build-to-Order (BTO) exercise, especially those in prime and desirable locations. She also notes that the peak year-end school holidays, where many Singaporeans travel overseas, may have contributed to the decrease in house viewings and sales activities.

According to Wong Siew Ying, Head of Research and Content at PropNex, the stricter measures implemented by the government in August 2024 have also played a role in the slower pace of growth in 4Q2024. She believes that the reduced resale volume during this period may have also affected prices.

Resale volume for 2024 was at 28,876 units, an 8% increase from the 26,735 units recorded in the previous year, but lower than the 31,017 units sold in 2021. Out of all the transactions recorded in 2024, 1,033 units were million-dollar flats, more than double the 469 million-dollar transactions recorded in the year before.

In 4Q2024, the number of million-dollar transactions dropped to 283 units from 331 units in 3Q2024. Despite the decline, the total number of million-dollar transactions in 2024 reached a record high of 1,033 units. Sun points out that approximately 20 of the 58 million-dollar resale flat transactions in Toa Payoh were for four- and five-room flats in Alkaff Vista, Bidadari Park Drive, which had recently passed the five-year minimum occupation period (MOP).

Eugene Lim, Key Executive Officer at ERA Singapore, believes that the new classification of Plus and Prime classification BTO flats may have driven more homebuyers to seek out HDB resale homes in central locations, as these buyers are not willing to accept the resale restrictions. Sun believes that the ongoing supply of BTO flats will help to moderate price growth in the secondary market, but the actual amount of price stabilisation will depend on the number of BTO flats released in the upcoming years.

PropNex expects the resale market to perform well in 2025, backed by a strong demand for housing and fewer MOP flats entering the market. Wong predicts a 5% to 7% increase in resale prices and a total of 29,000 to 30,000 units sold by the end of 2025. Similarly, ERA predicts a more measured pace of growth, with a 3% to 6% increase in resale prices and approximately 26,000 to 27,000 units sold. Huttons projects a slower growth rate of 5% to 8%, with approximately 26,000 to 28,000 units sold.…

Bagnall Haus, a new development by property developer Roxy-Pacific Holdings, will be showcased to the public on Saturday, January 4th. The 113-unit project, which is located along Upper East Coast Road, is built on the site of the former Bagnall Court. Roxy-Pacific had acquired the freehold property for $115.28 million in February 2023, reflecting a land rate of $1,106 psf ppr.

The five-storey building will consist of 113 apartments and two commercial units. The units range from one-bedroom plus flexi (495 sq ft) to five-bedroom (1,528 sq ft) apartments. Prices start from $1.235 million ($2,495 psf) for a one-bedroom plus flexi unit. Executive chairman of Roxy-Pacific Holdings, Teo Hong Lim, states that the average indicative price will be around $2,450 psf. The exact launch date will be announced after the weekend preview.

Bagnall Haus is conveniently located within a five-minute walk from the upcoming Sungei Bedok MRT Interchange Station, which will serve the Thomson-East Coast (TEL) and Downtown (DTL) lines. The completion of this station is expected in 2028. The development is also just a short walk away from the Upper East Coast Bus Terminal. Additionally, it is situated opposite a future mixed-use development site at the upcoming Bayshore precinct. Residents of Bagnall Haus will have access to the amenities of the Bayshore precinct in the future, according to Teo from Roxy-Pacific.

The previous private condominium launch in District 16 was Eastwood Regency, a 75-unit freehold boutique apartment project by Fragrance Group back in 2010. The neighbouring Country Park Condo, a 160-unit freehold development by UOL Group, was launched for sale in 1999 and completed in 2003. The nearby Eastwood Centre, a 99-year leasehold mixed-use development by Ho Bee Land, consists of 48 residential units and was launched for sale in 1996.

Residents of Bagnall Haus will have access to a variety of amenities in the immediate vicinity. These include the upcoming Bedok Food Court, a Cold Storage supermarket at the nearby Eastwood Centre, as well as other facilities such as a medical clinic, a dentist, a nail and beauty spa, and a pet shop.

Families with school-going children will appreciate the proximity of reputable schools such as Temasek Primary and Secondary School, Bedok Green Primary School, and Anglican High School.

To find out more about properties available at Bagnall Haus, simply search for the latest New Launches or check out the latest listings for Bagnall Haus properties. For more information on the district, compare the price trends of HDB, condo, and landed properties, and check out the total number of units available at Bagnall Haus. You can also reach out to Buddy for any condo rental listings in District 16, or for recently launched projects and condo sale transactions in the area.…

The Orie, a 777-unit private condo located along Lorong 1 Toa Payoh, will be previewed on Friday, Jan 3, and officially launched on Jan 18. Developed by City Developments Limited (CDL), Frasers Property and Sekisui House, the project consists of twin 40-storey towers that offer a mix of one- to five-bedroom units.The condominium boasts a central location at the intersection of Lorong 1 Toa Payoh and Lorong 4 Toa Payoh. The units range from 517 sq ft one-bedroom plus study to 1,453 sq ft five-bedroom apartments. Prices start from $1.28 million ($2,476 psf) for the one-bedroom plus study unit, and go up to $3.48 million ($2,395 psf) for the five-bedroom unit, which comes with an exclusive private lift.AdvertisementThe Orie marks the first private residential launch in Toa Payoh in over eight years, following the completion of the 578-unit Gem Residences in 2020, which was launched in 2016. The project was developed through a joint venture between CDL, Frasers Property and Sekisui House, which submitted the highest bid of $968 million for a Government Land Sales (GLS) site in Lorong 1 Toa Payoh. The joint venture is split in a 50:25:25 ratio among the three developers.According to Sherman Kwek, CDL’s group CEO, the team is thrilled to start the new year by unveiling The Orie. He also notes that homebuyers will benefit from its prime location in the highly sought-after Toa Payoh estate, along with its excellent connectivity.The Orie is conveniently located only a five-minute walk from Braddell MRT Station on the North-South Line (NSL), and is also near the upcoming Toa Payoh Integrated Transport Hub, which will connect the Toa Payoh Bus Interchange to the MRT station. The 12-ha integrated development and community hub is expected to be completed by 2030, and will feature a number of amenities, such as a sports centre, a football stadium, a polyclinic and a public library.AdvertisementOther nearby amenities include the Toa Payoh Town Centre, HDB Hub, SAFRA Toa Payoh, Junction 8 shopping mall and MacRitchie Reservoir. As for schools, families can choose from a variety of options in the neighbourhood, such as Pei Chun Public School, CHIJ (Toa Payoh) Primary and Secondary Schools, and First Toa Payoh Primary School.For medical needs, residents can visit the nearby Toa Payoh Polyclinic, Tan Tock Seng Hospital, Mount Alvernia Hospital, Mount Elizabeth Novena Hospital and Thomson Medical Centre.The Orie is situated within District 12 in the city fringe, or Rest of Central Region (RCR), making it easy to access the CBD and Orchard Road shopping belt, according to Soon Su Lin, CEO of Frasers Property Singapore.The development is also designed with energy efficiency in mind, with over 40 condominium facilities available, as well as units that boast efficient layouts, high-quality fittings from Hansgrohe, bathroom wares from Duravit, and premium home appliances from De Dietrich and Samsung.The Orie marks the beginning of a new partnership between Japanese developer Sekisui House and CDL, according to Takehisa Yanagi, managing officer and head of the international development department at Sekisui House. He adds that Sekisui House and Frasers Property have been working together on projects in Singapore for the past 13 years.The most recent transactions at Gem ResidencesThe 578-unit Gem Residences located at Lorong 5 Toa Payoh was launched in 2016 and completed in 2020 (Source: EdgeProp Buddy) Check out the latest listings for The Orie propertiesAsk BuddyProject summary for The Orie condoCompare price trend of New sale condo vs Resale condoRecently launched projectsProjects that obtained TOP recentlyShow me condo listings in District 12Project summary for The Orie condoCompare price trend of New sale condo vs Resale condoRecently launched projectsProjects that obtained TOP recentlyShow me condo listings in District 12

The Orie, a new private condominium developed by City Developments Limited (CDL), Frasers Property and Sekisui House, will be previewed on Friday, Jan 3, and officially launched on Jan 18. Located at the intersection of Lorong 1 Toa Payoh and Lorong 4 Toa Payoh, the 777-unit condominium comprises of twin 40-storey towers and a mix of one- to five-bedroom units.

Units range from 517 sq ft one-bedroom plus study to 1,453 sq ft five-bedroom apartments and are priced starting from $1.28 million ($2,476 psf) for the one-bedroom plus study unit to $3.48 million ($2,395 psf) for the five-bedroom unit with an exclusive private lift. This marks the first private residential launch in Toa Payoh in over eight years, following the completion of the 578-unit Gem Residences in 2020, which was launched in 2016.

The three major property developers banded together to submit the highest bid of $968 million for a Government Land Sales (GLS) site in Lorong 1 Toa Payoh. The joint venture is split in a 50:25:25 ratio among CDL, Frasers Property and Sekisui House.

Sherman Kwek, CDL’s group CEO, expressed his excitement for the new year and the launch of The Orie. He also highlighted the prime location of the development and its excellent connectivity, noting that homebuyers will benefit from living in the highly sought-after Toa Payoh estate.

The Orie is conveniently located a five-minute walk from Braddell MRT Station on the North-South Line (NSL) and is in close proximity to the upcoming Toa Payoh Integrated Transport Hub that will connect the Toa Payoh Bus Interchange to the MRT station. The integrated development and community hub, expected to be completed by 2030, will feature a sports centre, a football stadium, a polyclinic and a public library.

Other nearby amenities include the Toa Payoh Town Centre, HDB Hub, SAFRA Toa Payoh, Junction 8 shopping mall and MacRitchie Reservoir. Families can also choose from a variety of schools in the area, such as Pei Chun Public School, CHIJ (Toa Payoh) Primary and Secondary Schools, and First Toa Payoh Primary School.

For medical needs, residents can visit the nearby Toa Payoh Polyclinic, Tan Tock Seng Hospital, Mount Alvernia Hospital, Mount Elizabeth Novena Hospital and Thomson Medical Centre.

The Orie is situated in the city fringe, or Rest of Central Region (RCR), making it easy to access the CBD and Orchard Road shopping belt, according to Soon Su Lin, CEO of Frasers Property Singapore.

The development is also designed with energy efficiency in mind, with over 40 condominium facilities and units boasting efficient layouts, high-quality fittings from Hansgrohe, bathroom wares from Duravit, and premium home appliances from De Dietrich and Samsung.

Takehisa Yanagi, managing officer and head of the international development department at Sekisui House, mentioned that The Orie marks the beginning of a new partnership between his company and CDL. He also added that Sekisui House and Frasers Property have been working together on projects in Singapore for the past 13 years.

The most recent transactions at Gem Residences, located at Lorong 5 Toa Payoh, were launched in 2016 and completed in 2020 (Source: EdgeProp Buddy). Interested buyers can check out the latest listings for The Orie properties on EdgeProp Buddy.…

Effective January 1, ERA Singapore will no longer cover the Council for Estate Agencies (CEA) license renewal fees for its real estate agents. This longstanding practice, which has been in place for the past seven years, will be discontinued as the company looks to redirect its resources towards initiatives that promote growth and success for its market-leading salesforce and benefit consumers.

In a statement, ERA explained that the decision to withdraw its support for the annual CEA license renewal fees is in line with its commitment to empowering its agents and enhancing their abilities to deliver exceptional value to clients. The company believes that by reallocating resources towards technology, training, and marketing, it can better equip its sales team to excel in the industry.

However, ERA will continue to assist new agents by covering their renewal fees for the first two years, a common industry practice aimed at helping newcomers establish themselves in the market. This gesture demonstrates ERA’s dedication to supporting and nurturing aspiring real estate agents.

Marcus Chu, the CEO of ERA Singapore, also highlighted the importance of active participation and continuous professional development in the industry. He further mentioned that the CEA is currently reviewing the implementation of a minimum transaction requirement for real estate salespersons, emphasizing the significance of being an active and committed agent.

Moreover, the decision to discontinue the renewal fee coverage also addresses a recurring issue of inactive agents shifting between agencies solely to take advantage of the fee coverage. It has also resulted in a modest reduction of approximately 300 agents, primarily consisting of inactive or part-time salespersons with no transactions in the past year.

On a positive note, ERA has attracted around 230 new professional agents who joined the agency on January 1, showcasing its continued appeal to active and aspiring real estate agents. With these changes, ERA Singapore remains committed to maintaining its position as a leading agency in the industry and providing excellent services to its clients.…

SRI, a leading real estate agency, recently announced that 111 agents from Knight Frank Singapore’s agency business, KF Property Network (KFPN), have joined their team, including its head, Evan Chung. This acquisition brings the total number of agents at SRI to 1,501, making it the fifth-largest property agency in Singapore.

Founded in 2016 by managing partners Bruce Lye and Benson Koh, SRI started with 120 agents and has since grown to become a major player in the market. The addition of 111 agents from KFPN, along with recruits from other top agencies, has further strengthened SRI’s position in the industry.

With the expanded sales force, SRI aims to further enhance its existing business lines, which include residential, capital markets, industrial, auctions, and international projects. According to SRI’s CEO, Thomas Tan, the increased number of agents will also help the firm achieve its goal of reaching 2,000 agents by the end of 2025.

Despite its growth, SRI remains dedicated to providing a boutique experience for clients, with a strong focus on the luxury residential market. Tan envisions SRI as a thought leader in the industry, known for its high standards, niche expertise, and client-centric approach.

Chung, who now joins SRI as a leader, says that his decision to move was motivated by the agency’s commitment to equipping its agents with effective tools, comprehensive support, and expert coaching. He also spoke highly of the open and collaborative culture at SRI, which fosters a sense of camaraderie among agents and a drive for excellence.

Following the departure of Chung and other agents, KFPN’s sales force has decreased to 145 agents, and the agency has dropped from sixth to eighth place in the CEA public register rankings. However, Knight Frank Singapore’s CEO, Galven Tan, assures that it’s business as usual at KFPN, with plans to appoint a new head to lead the team and further strengthen its position in the market. He also adds that the agency will evaluate the team’s strengths and expertise to identify opportunities for growth in the future.…