Month: February 2025

SINGAPORE – CapitaLand India Trust (CLINT) is set to expand its portfolio in Bangalore, with the acquisition of an office project through a forward purchase agreement.

CLINT has announced its plans to acquire a 1.13 million sq ft office project in Nagawara, Outer Ring Road, Bangalore for $233.6 million. This acquisition will be carried out through a forward purchase agreement with Maia Estates Offices, which will result in an increase in earnings and distributions for unitholders. On a stabilized basis, the net profit is expected to reach $7.7 million, and the distribution per unit is projected to rise from 6.84 cents to 6.98 cents.

The office project is part of a mixed-used development that includes office and retail space. As part of the forward purchase agreement, CLINT will provide full funding for the development of the office project and will receive interest on the funding at a higher rate than its borrowing cost.

For those interested in investing in overseas properties, CLINT offers a variety of options to explore. Upon completion of the development, which is expected in 1H2030, CLINT will acquire the office space, while Maia will retain the retail portion. This will effectively increase the operational area of CLINT’s portfolio in Bangalore from 8.7 million sq ft to 9.9 million sq ft.

In addition to this new acquisition, CLINT has other properties under development in Bangalore, including two office buildings in Gardencity, an IT Park at Hebbal, and another IT park at International Tech Park Bangalore (ITPB).

With the addition of the office project, the total portfolio size of CLINT, including its committed investment pipeline, is expected to increase by 4.0% from 30.2 million sq ft to 31.47 million sq ft.

According to CEO of CLINT, Gauri Shankar Nagabhushanam, “The acquisition of this strategically located office project will further strengthen CLINT’s presence in Bangalore, one of India’s most prominent office markets. In 2024, Bangalore had the highest ever leasing levels for Grade A office space. The Outer Ring Road area is the largest office micro-market in Bangalore, and with the addition of this prime office property, we will be able to provide our tenants with a larger offering of premium office space options across key micro-markets in the city.”

On 21 February, units in CLINT closed flat at $1. The trust is committed to expanding its portfolio in India and continues to seek out opportunities for growth and development.…

On February 22, Sim Lian Group announced the opening of its executive condo (EC) Aurelle of Tampines for e-application. This 760-unit project is located at Tampines Street 62 in Tampines North and marks the first new EC launch of 2025.

Aurelle of Tampines is strategically situated just a five-minute walk from the upcoming Tampines North Transport Hub, which includes the Tampines North MRT Station (on the Cross Island Line, slated to open in 2030), an air-conditioned bus interchange, a mixed-use development called ParkTown Mall, a Community Club, a Hawker Centre, and ParkTown Residence. The 1,093-unit ParkTown Residence will also be launched for sale on February 22.

The EC project consists of fourteen 14-storey residential blocks spread across a site area of 301,391 sq ft. According to Sim Lian, the units are designed to cater to young professionals and growing families, hence they offer a mix of three- to five-bedroom units.

Prices for Aurelle of Tampines start from $1.417 million ($1,687 psf) for a three-bedroom unit with a size of 840 sq ft, $1.689 million ($1,651 psf) for a four-bedroom unit with a size of 1,023 sq ft, and $2.258 million ($1,665 psf) for a five-bedroom unit with a size of 1,356 sq ft.

Next to Aurelle of Tampines is the 618-unit Tenet EC, developed jointly by Qingjian Realty and Santarli Realty. Launched in December 2022, the project has already sold 617 units at an average price of $1,385 psf. The highest transacted price on a psf basis was for a 1,367 sq ft unit, which was sold for $2.26 million or $1,651 psf in December. As of February 21, there is only one available unit for sale in Tenet.

E-application for Aurelle of Tampines will start on February 22 and end on March 4, with sales bookings commencing on March 8. The appointed marketing agents for the project are ERA, Huttons, OrangeTee, and PropNex.

Under the prevailing EC regulations, during the initial launch (the first 30 days), 70% of the project must be allocated to first-time buyers, with only 30% open to second-timers. Interested buyers can check out the latest listings for Aurelle of Tampines, Tenet, and ParkTown Residence on the market.…

The freehold condominium River Valley Apartments, located on River Valley Road, has just been sold for a staggering $56 million. This marks the very first successful residential collective sale deal to close in 2025, with the selling price translating to a land rate of $1,622 psf per plot ratio (psf ppr).

According to a recent press release from Knight Frank Singapore, the marketing agent for the sale, the purchaser is a Singapore family office with plans to redevelop the site into serviced apartments. The Urban Redevelopment Authority (URA) has already granted Outline Permission for the development of these serviced apartments.

Head of capital markets (land and collective sale) at Knight Frank Singapore, Chia Mein Mein, states that “This marks the first collective sale site sold in 2025, amid a challenging collective sale market, especially for the residential sector.” This highlights the significance of this successful deal in the current real estate climate.

The collective sale of River Valley Apartments also marks the first residential collective sale site sold in a prime district since May 2023, when Kew Lodge was sold for $66.8 million to Aurum Land. Chia explains that this is due to “very keen interest” in the tender, with the site’s “excellent locational attributes” in the popular River Valley neighborhood and potential for redevelopment into a future serviced apartment project.

River Valley Apartments consists of a four-storey building with 24 units. The 12,408 sq ft site, zoned as “residential”, has a gross plot ratio of 2.8 under the latest Master Plan. The owners of River Valley Apartments launched the collective sale of the development on Jan 7 with a guide price of $56 million.

Jerry Tan, chairman of the River Valley Apartments collective sale committee, shares that “We had attempted to initiate the collective sale exercise in the past, and this is the first time we have secured the 80% owners’ consensus to proceed with the tender launch.” This shows that the owners were finally able to come to an agreement, resulting in the successful collective sale.

Overall, the sale of River Valley Apartments is a significant event in the real estate market, especially for the prime district of River Valley. With the potential for redevelopment into serviced apartments and continuous demand in this fast-expanding sector, this deal is sure to bring in a lucrative return for the strata-titled owners.…

EdgeProp Singapore

8M Residences has once again made headlines, topping the list of private condos to hit a new psf-price peak in the week of Feb 1 to 7. This freehold development achieved a remarkable new high of $2,384 psf when a two-bedroom unit spanning 646 sq ft on the 15th floor was sold for $1.54 million on Feb 3. What’s even more impressive is that this marks the first time a unit at 8M Residences has been sold for more than $2,300 psf.

This outstanding sale has exceeded the previous record of $2,261 psf set in April 2023 when a similar 646 sq ft, two-bedroom unit on the 11th floor was sold for $1.46 million. The condo has once again achieved a new high of $2,384 psf when a two-bedroom unit was sold for $1.54 million on Feb 3 (Photo: Samuel Isaac Chua / EdgeProp Singapore) Not only that, but 8M Residences has also recorded another transaction during the same period that has surpassed the April 2023 record. On Feb 3, a 527 sq ft, one-bedroom unit on the 11th floor was transacted for $1.2 million ($2,275 psf). In terms of absolute price, the most expensive unit to change hands at the development is a 1,841 sq ft, three-bedroom unit that was sold by the developers for $2.85 million ($1,548 psf) in October 2012.

Data compiled by EdgeProp Singapore shows that resale prices at 8M Residences have consistently risen over the past few years. Based on a 12-month rolling average, the average price of units at the condo has seen an increase of 7.3% over the last three years, from $2,028 psf in February 2022 to $2,177 in February 2025. Completed in 2017, 8M Residences is a 20-storey residential tower with 68 units. It offers a mix of one- to three-bedroom units ranging from 517 to 1,421 sq ft, as well as four penthouses ranging from 1,184 to 1,841 sq ft. Completed last year, Kovan Jewel is a freehold condo with one- to three-bedroom units from 624 to 1,345 sq ft (Photo: Samuel Isaac Chua / EdgeProp Singapore) The condo is strategically located within walking distance of EtonHouse International Research Pre-School along Mountbatten Road, Katong Swimming Complex along Wilkinson Road, and Katong Park MRT Station along the Thomson-East Coast Line.

In second place on the list of condos that achieved a psf-price high is the sale of a three-bedroom unit at Kovan Jewel, a boutique condo along Kovan Road in District 19. On Feb 7, a 1,076 sq ft unit on the second floor was sold by the developer for $2.41 million, setting a new high of $2,236 psf. This achievement has surpassed the previous peak at Kovan Jewel set last August when a similar 1,076 sq ft, three-bedroom unit on the fourth floor was sold for $2.4 million ($2,228 psf).

Completed last year, the 34-unit Kovan Jewel offers a mix of one- to three-bedroom units from 624 to 1,345 sq ft, as well as four-bedroom penthouses from 1,237 to 2,153 sq ft. As of Feb 18, 50% of the units at Kovan Jewel have been sold at an average price of $2,111 psf, based on caveats lodged. Out of the nine units sold last year, the average price was $2,111 psf. The unit sold on Feb 7 is the first one to be sold this year.

Oleanas Residence, a freehold condo located along Kim Yam Road in District 9, took third place on the list of condos that achieved a new psf-price high. On Feb 3, a 1,141 sq ft, three-bedroom unit on the sixth floor was sold for $2.52 million, setting a new record of $2,207 psf at the condo. Previously, the highest transacted price at Oleanas Residence was $2,157 psf, from the sale of a 1,238 sq ft, three-bedroom unit for $2.67 million in August 2022. In terms of absolute price, the most expensive resale unit at the condo is a 1,636 sq ft, three-bedroom unit that fetched $3.3 million ($2,017 psf) in December 2022.

Completed in 1999, Oleanas Residence recorded only four resale transactions in the last three years. These transactions ranged from $2.4 million ($2,103 psf) for a 1,141 sq ft, three-bedroom unit in November 2023 to $3.3 million ($2,129 psf) for a 1,550 sq ft, four-bedroom unit in April 2024.

This condo is conveniently located within walking distance of two MRT Stations: Great World MRT Station on the Thomson-East Coast Line, and Fort Canning MRT Station on the Downtown Line. It also offers easy access to various educational institutions, such as River Valley Primary School along River Valley Green and Outram Secondary School along York Hill.

As we can see, these three condos have achieved new psf-price highs, showcasing the strength and resilience of the private residential market. It is clear that these developments have continued to attract strong demand from homebuyers, with their prime locations, quality developments, and desirable amenities. This is good news for both buyers and sellers in the private residential market, as we continue to see strong sales and an overall positive market sentiment.…

in 2017Seller makes $3.4 mil profit on triplex penthouse at Mount Faber LodgePenthouse at Mount Faber Lodge sold for $1,507 psf profit: Four profitable resale transactions at Amaryllis VilleThree profitable resale deals at Mount Sinai Residences

The upscale development Nassim 9 continues to be a top performer in the private non-landed resale market, with the most profitable transaction recorded during the period of Feb 4 to Feb 7. The sale involved a four-bedroom unit spanning 2,486 sq ft, located on the third floor, which changed hands for a staggering $7.5 million, or $3,016 psf, on Feb 7. The seller had previously purchased the unit for $4.12 million ($1,641 psf) in December 2005, reaping a profit of $3.42 million, or 83.8% of their original purchase price. This translates to an annualised gain of 3.2% over 19 years.

According to URA caveats, this transaction is the third-most profitable resale transaction at Nassim 9 to date. The current record was set in March 2023, when a larger four-bedroom unit spanning 2,756 sq ft was sold for $9.5 million ($3,448 psf). It had been bought for $4.12 million ($1,495 psf) in December 2005, resulting in a profit of $5.38 million (130.6%), or an annualised gain of 5% over 17 years.

Prior to the unit sold on Feb 7, the last caveated transaction at Nassim 9 was in March 2023, when a 3,251 sq ft, four-bedroom unit was sold for $10.3 million ($3,169 psf), generating a profit of $3.3 million.

Nassim 9 is a boutique condo with only eight units, located along Nassim Road in prime District 10. Completed in 2002, the four-storey development offers four-bedroom units spanning between 2,756 and 3,423 sq ft.

The second-most profitable resale during the period in review was recorded at the freehold development Mount Faber Lodge, with the sale of a triplex penthouse unit for $5 million ($1,350 psf) on Feb 5. The unit last changed hands in August 2001 for $1.6 million, resulting in a profit of $3.4 million (212.5%), or an annualised gain of 5% over 23½ years.

This transaction is the most profitable unit transacted at Mount Faber Lodge to date. The previous record was held by a three-bedroom unit spanning 2,669 sq ft on the third floor, which was sold for $3.89 million ($1,457 psf) in October 2022. The unit had been purchased for $1.3 million ($487 psf) in January 2006, hence, the seller made a profit of $2.59 million (199.2%).

Completed in 1983, Mount Faber Lodge is a boutique freehold development located along Mount Faber Road in District 4. The condo consists of studio units spanning 1,098 sq ft, along with two- and three-bedroom units from 1,173 to 2,454 sq ft. The development also has 20 five-bedroom triplex penthouses sized from 3,703 to 3,724 sq ft.

The third-most profitable deal during the period in review was the sale of a three-bedroom unit at Amaryllis Ville, a 99-year leasehold condo in prime District 11. The 1,238 sq ft unit on the 28th floor was sold for $2.65 million ($2,141 psf) on Feb 5. It had last changed hands for $1.09 million ($884 psf) in June 2005, resulting in a profit of $1.56 million (142.2%), or an annualised gain of 4.6% over 19½ years.

This transaction is the third-most profitable unit to be sold at Amaryllis Ville. The record belongs to a 1,991 sq ft, three-bedroom unit on the 17th floor, which was sold for $3.75 million ($1,885 psf) in September 2023. The unit was purchased for $1.95 million ($979 psf) in June 2009, which translates to a profit of $1.8 million (92.5%), or an annualised gain of 4.7% over 14 years.

Based on resale data tabulated by EdgeProp Singapore, resale prices at Amaryllis Ville have been steadily increasing in recent years. Based on a rolling 12-month average, the average price hit $1,897 psf in February 2023, before rising to $2,001 psf in February 2024. Last month, the average price hit $2,082 psf, a 4% y-o-y increase.

The 311-unit Amaryllis Ville is located along Newton Road. Completed in 2004, the condo offers a mix of one- and two-bedroom units from 657 to 1,378 sq ft and three-bedroom units from 958 to 2,637 sq ft. There are also 20 five-bedroom triplex penthouses sized from 3,703 to 3,724 sq ft. Nearby condos include the 129-unit Rochelle at Newton along Keng Lee Road and the 378-unit Kopar at Newton along Makeway Avenue.

There were no unprofitable transactions during the period in review.…

Heeton Holdings achieved a significant 221% year-on-year increase in earnings for the second half of its financial year FY2024 ended on December 31, 2024, with profits reaching $3.85 million. However, the group remains in the red for the full year, despite the improvement.For the second half of FY2024, the company recorded earnings per share of 0.79 cents for every ordinary share. For the full year, however, the earnings per share were at a negative 0.28 cents per share.In terms of revenue, Heeton saw a 10.5% year-on-year growth, reaching $41.1 million for the second half of FY2024, while for the full year, the group achieved a 15.2% year-on-year increase, with revenue hitting $78.2 million.Read also: [UPDATE] Tenet EC is 93.2% sold after balloting by second-time buyers The group attributed the increase in turnover to its rental income from investment properties, hotel operation income and management fees. The growth in turnover for the full year was mainly driven by higher occupancy rates in the UK and an increase in rental rates for the group’s investment properties.In 2024, Heeton disposed of some of its subsidiaries, primarily its 70% stake in Gloucester Corinium Avenue Hotel Limited and Ensco 1154 Limited, resulting in a net gain of $3.78 million.The group’s property, plant and equipment reached $418.83 million, mainly comprised of hotel properties. During FY2024, there was a $16.92 million increase due to the acquisition of a hotel in Edinburgh, UK, offset by the appreciation of the pound sterling and a reversal of impairment changes, as well as the disposal of hotels in Japan and the UK, and depreciation charges for the period.On the cash flow side, there was a $32.7 million decrease in cash and cash equivalents, which was mainly driven by major cash inflows and outflows. This includes the proceeds of $26.43 million from the disposal of property, plant and equipment, and $11.37 million from the disposal of subsidiaries.On the other hand, the group had a net repayment of loans from associated and joint venture companies of $24.45 million, additions to property, plant and equipment of $40.36 million, and restricted cash pledge for bank facilities amounting to $22.98 million.Read also: Showsuite expands into legal-tech real estate solutionsIn light of the uncertain economic outlook in Singapore and the uncertain geopolitical landscape under the Trump administration, Heeton will continue to pursue a prudent and steady expansion strategy.The hospitality industry continues to face challenges such as high operating and labour costs, elevated interest rates, and an unpredictable macroeconomic environment. Despite this, Heeton is confident that its bespoke, high-quality boutique brand will continue to offer exceptional experiences to its guests.Meanwhile, Heeton remains active in land tenders in the residential market in Singapore, often as part of a consortium. The group’s two retail malls are also expected to generate stable and recurring income for its property investment business, offering diversification and mitigating potential risks.Heeton has declared a final dividend of 0.5 cents per share for the current financial period.Shares of Heeton closed at 27 cents, down by 0.5 cents or a 1.818% decrease on February 20.…

Que Neo, a prominent Singaporean entrepreneur and boutique property developer from Euro Properties, has a vision to create residential projects that he would personally like to live in. His latest venture, K Suites, a subsidiary of EG Properties, is a forthcoming 19-unit apartment complex located in the prestigious East Coast district, in District 15. The project is expected to be completed and obtain its temporary occupation permit (TOP) by the first quarter of 2025.

One of the key selling points for K Suites is its coveted location, just minutes away from the beach, East Coast Park, shopping malls, the Central Business District (CBD), and Changi Airport. Neo explains, “With easy access to the East Coast Parkway and Pan-Island Expressway, you can reach the airport in just 10 minutes and downtown in 10 minutes as well.”

The development also boasts close proximity to public transportation and renowned schools. The nearest bus stop is less than 50 meters away, making it convenient for residents to access neighboring MRT stations, such as Marine Parade on the Thomson-East Coast Line (TEL) and Eunos on the East-West Line (EWL). Eunos Station is only one stop away from Paya Lebar Interchange (providing access to the EWL and Circle Line) and five stops from Bugis Interchange (connecting to the EWL and Downtown Line).

For families with young children, K Suites is located just two doors away from PCF Sparkletots @ Joo Chiat, a reputable preschool. The development is also within a 1km radius of popular primary schools like Tao Nan School, Haig Girls’ School, and CHIJ (Katong) Primary. Additionally, prestigious secondary schools such as Dunman High School, Tanjong Katong Secondary School, and Tanjong Katong Girls’ School are nearby.

Designed by JGP Architecture, K Suites features a sleek, contemporary exterior with its curtain wall system allowing natural light to illuminate the interior and providing unobstructed views of the surrounding neighborhood. The typical units have regular layouts with 3.5m to 4.5m ceiling heights, while the duplex penthouses boast a 7m ceiling height. Neo highlights, “The apartments have been thoughtfully designed without bay windows or wasted corridors, resulting in more spacious and efficient interiors.” The units are also fitted with top-of-the-line German brand appliances, including Miele kitchen appliances, Duravit sanitaryware, and Grohe bathroom fittings.

Residents will have access to a range of facilities, including a swimming pool, Jacuzzi, barbeque pit, lounge area, gym, outdoor fitness area, and playground. The project’s strategic location enables the creation of a grand arrival and drop-off area, while the surface carpark offers 16 parking spaces and two electric vehicle charging stations.

Since the project’s preview launch in September 2022, the first phase of 10 units has already been sold. According to Neo, the buyers are predominantly Singaporean professionals, such as doctors, lawyers, and corporate executives. K Suites offers a mix of three-bedroom units (797 to 872 sq ft), four-bedroom units (1,076 to 1,130 sq ft), and five-bedroom penthouses (1,625 to 1,679 sq ft). The penthouses have been especially popular among large families, with one unit already sold to a family with four children.

Neo also notes that many buyers are looking to upgrade to a larger, freehold property in the prime District 15 location. Some are downsizing from houses to apartments, with a preference for units on the ground level with a ceiling height of 4.5m, overlooking the landscaped garden and facilities.

K Suites is considered the most affordable new freehold project in District 15, with prices expected to rise as the project nears its TOP and market sentiment remains positive. Euro Properties is releasing the remaining units in the development, with three-bedroom apartments starting from $2.058 million ($2,582 psf) and four-bedroom units from $2.525 million ($2,347 psf). One five-bedroom penthouse is still available for sale at $3.5 million ($2,154 psf).

In the wake of the COVID-19 pandemic, boutique developments have gained popularity among some homebuyers, seeking exclusivity, tranquility, and low-density living. A study by Huttons Data Analytics found that prices for selected boutique developments in District 15 have appreciated by over 100% since their launch, with monthly median rents rising by 76.5% over the past five years.

District 15 has long been a popular choice for expatriates, offering a desirable lifestyle with its close proximity to the beach, East Coast Park, and a variety of dining and shopping options. With its prime location and attractive features, K Suites is an appealing choice for both investors and homebuyers.…

Interest rates are expected to remain low for some time, and low rates will likely support asset values and keep non-landed private home rents stable, says Cheong.According to Savills, the limited supply of new properties in the market could help landlords resist low rental offers and support rents, especially in the luxury segment. In addition, the ongoing redevelopment of older properties may also see units being taken out of the rental pool, which could further reduce supply.“These factors will likely provide some form of rental support, especially for high-end residential properties, which has a relatively tight supply pool. We expect that luxury rents will remain flat in 2025, with the potential for some slight growth on the back of a gradual economic recovery and limited supply of high-end residential properties,” says Cheong.The private residential leasing market recorded a modest rebound in 4Q2024, with rents rising by 0.2% q-o-q. However, landlords may face challenges this year, as rental growth is expected to be flat. According to a market report by Savills Singapore, the poor performance of the non-landed private residential market in the first three quarters of 2024 led to a 1.7% decline in rents over the entire year, the first full-year drop since 2020.There were 19,733 leasing transactions in 4Q2024, a 24.2% decline from the previous quarter. This was likely due to a decrease in net new rental demand as the number of employment pass and S pass holders decreased, along with a year-end seasonal lull in rental activity.However, there is still some growth in rental demand, according to George Tan, managing director of Livethere Residential at Savills Singapore. He adds that relatively more affordable rents can be found in suburban areas, which offer tenants lifestyle options such as more spacious units and convenient access to public transportation and amenities.Parc Esta, a 1,399-unit development in District 14, recorded the most condo leasing deals in 4Q2024, with 163 transactions at a median rent of $6.84 per square foot per month (psf pm). Other developments with a high number of rental transactions include Marina One Residences, The Sail @ Marina Bay, Normanton Park, and D’Leedon.In terms of rental price growth, the Outside Central Region saw average rents decline by 0.8% q-o-q in 4Q2024, while the Core Central Region and Rest of Central Region saw rents increase by 0.9% and 0.3% q-o-q respectively.However, the decline in rent prices in the Outside Central Region is likely due to more tenants shifting to central neighbourhoods with more reasonable rents, as seen in a basket of luxury properties tracked by Savills. The average monthly rent of high-end condos increased by 1.7% q-o-q in 4Q2024, suggesting a possible rebound in the luxury rental market.Looking ahead, landlords may face challenges in the rental market as companies continue to reduce headcounts and hire fewer expatriates. They may also have to contend with higher property taxes for non-owner-occupied residential properties and increased conservancy charges due to inflationary pressures. However, the tight supply of luxury properties on the rental market and the ongoing redevelopment of older properties may help landlords resist low rental offers and support rents, especially in the high-end segment.Interest rates are expected to remain low for some time, which will support asset values and keep non-landed private home rents steady. However, the limited supply of new properties may pose challenges for landlords. Nevertheless, Savills expects luxury rents to remain flat in 2025, with the potential for slight growth on the back of a gradual economic recovery and limited supply of high-end residential properties.

Private housing rents experienced a slight rebound in the fourth quarter of 2024, rising by 0.2% from the previous quarter. However, according to a report by Savills Singapore, landlords should not expect rental growth to continue this year.

The poor performance of the non-landed private residential market in the first three quarters of 2024 resulted in a 1.7% decline in rents over the entire year, the first full-year drop since 2020. This can be attributed to a decrease in net new rental demand as the number of employment pass (EP) and S pass holders fell last year, combined with a year-end seasonal lull in rental activity.

In the fourth quarter of 2024, there were 19,733 leasing transactions, a 24.2% decline from the previous quarter. This decrease may have been caused by the decline in net new rental demand and a year-end seasonal lull in rental activity.

Despite the decrease in leasing activity in the fourth quarter of 2024, there is still some growth in rental demand. According to George Tan, managing director of Livethere Residential at Savills Singapore, relatively more affordable rents can be found in suburban areas, which offer tenants lifestyle options such as more spacious units and convenient access to public transportation and amenities.

The development with the most condo leasing deals in the fourth quarter of 2024 was Parc Esta, a 1,399-unit development in District 14, with 163 transactions at a median rent of $6.84 per square foot per month (psf pm). Other developments with a high number of rental transactions include Marina One Residences, The Sail @ Marina Bay, Normanton Park, and D’Leedon.

In terms of rental price growth, the Outside Central Region (OCR) was the only region to see average rents decline by 0.8% quarter-on-quarter (q-o-q). In contrast, rents in the Core Central Region (CCR) and Rest of Central Region (RCR) grew by 0.9% q-o-q and 0.3% q-o-q respectively.

The decline in rent prices in the OCR is likely due to more tenants shifting to central neighbourhoods with more reasonable rents. This trend can also be seen in a basket of luxury properties tracked by Savills, with the average monthly rent of high-end condos increasing by 1.7% q-o-q in the fourth quarter of 2024. This suggests a possible rebound in the luxury rental market.

However, looking ahead, landlords may face challenges in the rental market as companies continue to reduce headcounts and hire fewer expatriates. They may also have to contend with higher property taxes for non-owner-occupied residential properties and increased conservancy charges due to inflationary pressures. Nevertheless, the tight supply of luxury properties on the rental market and the ongoing redevelopment of older properties may help landlords resist low rental offers and support rents, especially in the high-end segment.

Interest rates are expected to remain low for some time, which will support asset values and keep non-landed private home rents steady. However, the limited supply of new properties may pose challenges for landlords. Nevertheless, Savills expects luxury rents to remain flat in 2025, with the potential for slight growth on the back of a gradual economic recovery and limited supply of high-end residential properties.…

CBRE is currently the sole marketing agent for the sale of two prime properties in Singapore’s central business district (CBD). The 27-room Hotel Clover at 7 Hongkong Street is being offered for sale with a guide price of $27 million, while a nearby commercial building at 36 Hongkong Street is also up for sale with a guide price of $22.6 million.

The boutique hotel is spread over six stories and is situated on a 1,701 square foot plot of land. It is zoned for hotel use and has a plot ratio of 4.2 according to the latest Master Plan. The property has a remaining leasehold of 89 years and a total floor area of 7,142 square feet. With a price tag of $3,780 per square foot (psf) of floor area, this presents a prime investment opportunity for potential buyers.

On the other hand, the commercial building at 36 Hongkong Street sits on a slightly larger plot of 1,733 square feet. It is zoned for commercial use, also with a plot ratio of 4.2 under the Master Plan. The building has a remaining leasehold of 93 years and a total floor area of 7,279 square feet. The guide price for this property translates to $3,105 psf. Currently fully leased to a bridal shop on the ground floor and offices on the upper levels, this building offers a stable source of rental income for potential buyers.

According to Clemence Lee, Executive Director of Capital Markets at CBRE Singapore, both properties have attractive remaining land tenures compared to other 99-year leasehold properties in the CBD area. This makes them suitable for owner-occupiers looking for a premium asset with naming rights for their operations. As the properties fall under the hotel and commercial categories, foreigners and companies are eligible to purchase both assets without incurring Additional Buyer’s Stamp Duty (ABSD) or Seller’s Stamp Duty (SSD).

The two properties are located in Clarke Quay, a popular riverfront lifestyle enclave with a bustling nightlife scene. It is also home to various renowned restaurants, bars, boutique hotels and fitness studios. In addition, both properties are conveniently situated near Clarke Quay MRT station on the North-East Line. The nearby CQ@Clarke Quay is undergoing a $62 million asset enhancement initiative, while the upcoming completion of two large-scale integrated developments – Canninghill Piers and Union Square – is expected to further enhance the vibrancy of the area. Lee believes that both properties have the potential for future rental growth and capital appreciation in the medium to long term.

The sale of both properties will be conducted via an expression of interest exercise, with a closing date of March 26. Interested parties can check out the latest listings for commercial real estate properties and consult with CBRE for more information on the price trends, past sales transactions, and rental rates in the commercial and industrial sectors.…

Unit at Mon Jervois sold for $2.8 mil profitEdgeProp Singapore-organised event highlights possibility of new cooling measures, BTO launches in housing marketBudget 2021: Singapore may see more property cooling measures, say experts The real estate market in Singapore has been a hot topic recently, with discussions on the possibility of new property cooling measures, incoming supply from government land sales (GLS) sites and Build-To-Order (BTO) launches, as well as potential impacts from Budget 2025 announcements.These were among the top points of discussion at EdgeProp Singapore’s Property Market Outlook event on February 16, moderated by EdgeProp Singapore CEO Bernard Tong and featuring a panel of three industry experts: Alan Cheong, executive director of research and consultancy at Savills Singapore; Wong Xian Yang, head of research, Singapore and Southeast Asia at Cushman & Wakefield; and Song Seng Wun, Singapore economic advisor at CGS International.The event was held at the Elta sales gallery, a new 501-unit project jointly developed by MCL Land and CSC Land Group. The sales gallery opened for public preview on February 7.Get the latest details on available units and prices for EltaIn January, the government indicated that it was “not adverse” to implementing more property cooling measures and that it was not yet time to roll back on existing measures. Developers sold 1,083 new private residential units (excluding executive condos) last month, a whopping 256% increase from last year.If future cooling measures are implemented, Cheong predicts that they will likely apply uniformly across the residential market. The panelists also discussed the possibility of new measures targeting the HDB resale market, which forms the “floor” of the housing market in Singapore and could potentially add upward pressure on prices in the private housing segment, according to Wong.However, Tong pointed out that the government will be injecting a strong pipeline of GLS and BTO supply into the market to meet housing demand. The 1H2025 GLS programme consists of 10 sites on the Confirmed List, which could yield 5,000 new homes, and HDB plans to offer 19,600 BTO flats in 2025.Under the new BTO classification, newly launched Prime and Plus BTO flats will take about 14 years to enter the resale market, with Wong adding on that prices in the resale market tend to follow project completions and HDB estates completing their minimum occupation period (MOP) rather than the pipeline of GLS sites up for tender each year. Cheong also adds that while GLS supply may have some impact on prices, project completions are more likely to affect prices instead.With that said, all three panelists agree that the recent successes in the new launch market indicate strong buyer confidence in projects set to hit the market this year. For instance, Elta drew about 4,500 visitors during the first three days it was open to the public. Other new launches so far this year include The Orie and Bagnall Haus, which experienced strong selling rates of 86% and 63% at launch, respectively.Read also: Budget 2025: Over 50,000 new HDB flats to be launched in the next three yearsSong notes that despite the pandemic-induced recession, Singapore has seen a relatively strong economic recovery, with further assistance expected as 2025 is an election year. He believes that Singaporeans can expect more handouts funded by government surpluses stemming from healthy government revenue collections in the past three years.The panellists also took questions from the audience. Some participants questioned whether the residential property market is in a “euphoric” phase, to which Cheong commented that this sentiment will likely subside as developers strategically time the launch of new projects. He adds that several launch-ready projects are in neighbourhoods that have not seen a new launch in several years. “If a specific location does not see a new launch in around five or six years, demand tends to build up over that time,” he says.Some investors asked for the panelists’ opinion on the rental market this year, which has slowed since its peak two years ago. Cheong says that while the total number of expatriates in Singapore has indeed declined in the past year, the total volume of rental transactions saw a slight uptick in 2024, potentially due to lower rental prices in the market. He adds on that falling rents likely encouraged some renters to stop flat-sharing and to find their own accommodation, offsetting layoffs among technology and finance companies this year and moderating rental price growth as a result.During the event, Tong also covered upcoming transformation plans for Clementi and Jurong East under EdgeProp’s Master Plan Master Class. He noted that the completion of the second phase of the Cross Island Line (CRL) will add a new MRT station (West Coast) and turn the existing Clementi station into an interchange — a development that Tong says “will have a positive impact on surrounding property prices”.Other transformation plans in Clementi include the redevelopment of Clementi Stadium and the addition of over 6.6km of cycling paths throughout the area. Meanwhile, housing demand in Clementi could potentially benefit from the progressive development of the Jurong Lake District, as well as new jobs created in the nearby Tuas megaport, Tuas Biomedical Park, Jurong Island, and Jurong Innovation District.Data compiled by EdgeProp Singapore shows that the average age of existing condos in Clementi is about 17 years. Tong observes that recent new projects in Clementi have reaped strong capital gains over the years, including Clavon (24% uptick since launch) and The Clement Canopy (43% price growth since launch) — both projects are located next to Elta.EdgeProp Singapore’s suite of property tools could also help owners, buyers, and sellers understand market and price trends, such as HDB resale prices, analytics of profitable transactions, and upcoming GLS sites, should they be interested in the Elta properties.Ask BuddyMost unprofitable condo transactions in past 1 yearCompare price trend of HDB vs Condo vs LandedGenerate price trend graph for new launch condo in District 5Compare price trend of New sale condo vs Resale condoLanded transactions with the highest profits in the past year

At EdgeProp Singapore’s Property Market Outlook event on Sunday, Feb 16, the possibility of new property cooling measures, incoming housing supply from GLS sites and BTO launches, and any potential impacts from Budget 2025 announcements were among the key topics of discussion. The panel, moderated by EdgeProp Singapore CEO Bernard Tong, saw three industry experts share their perspectives: Alan Cheong, executive director of research and consultancy at Savills Singapore; Wong Xian Yang, head of research, Singapore and Southeast Asia at Cushman & Wakefield; and Song Seng Wun, Singapore economic advisor at CGS International. The event was held at the Elta sales gallery, a new 501-unit project by MCL Land and CSC Land Group that opened for public preview on Feb 7. Check out the latest listings for Elta properties In January, the government had hinted at the possibility of implementing more property cooling measures, with no plans to roll back on any existing measures. This came as developers sold 1,083 new private residential units (excluding executive condos) last month, signifying a 256% increase from the previous year. If the government does indeed implement new cooling measures in the future, it is likely that they will apply uniformly across the residential market, predicts Cheong. The panel also discusses the potential of targeting the HDB resale market with new measures, as it forms the “floor” of Singapore’s housing market that could add upward pressure on prices for private housing. In a show of support for this, Wong explains that government intervention has historically been more focused on HDB resale prices than the private housing market. On the other hand, Tong points out that the government is continuously injecting new housing supply into the market, with another 10 GLS sites on the confirmed list and 19,600 BTO flats to be offered in 1H2025. He also adds on that GLS sites up for tender each year are unlikely to affect prices and that project completions may have a stronger impact on prices instead. The panel builds on that and shares sentiments from recent successes in the new launch market, indicating strong buyer confidence in projects that will be released later this year. For instance, Elta drew about 4,500 visitors within the first three days of its public preview, with other new launches, such as The Orie and Bagnall Haus, also experiencing strong selling rates of 86% and 63% at launch, respectively. Read also: Budget 2025: Over 50,000 new HDB flats to be launched in the next three years Song notes that despite the pandemic-induced recession, Singapore has seen a relatively strong economic recovery, with further assistance expected as 2025 is an election year. He believes that Singaporeans can expect more handouts funded by government surpluses stemming from healthy government revenue collections in the past three years. The panellists also took questions from the audience. Some participants questioned whether the residential property market is in a “euphoric” phase, to which Cheong commented that this sentiment will likely subside as developers strategically time the launch of new projects. He adds that several launch-ready projects are in neighbourhoods that have not seen a new launch in several years. “If a specific location does not see a new launch in around five or six years, demand tends to build up over that time,” he says. Some investors also requested the panelists’ opinion on the rental market this year, which slowed from its peak two years ago. “…