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The most unprofitable transaction taking place recently was at Marina Bay Suites, where a 1,625 sq ft unit, on the 58th floor, incurred a loss of $1.15 million. (Picture: Samuel Isaac Chua/) The most profitable resale transaction in the period between Jan 14 to 28 was that of a three-bedroom unit at Palm Spring, which sold for a record-breaking price of $4.4 million ($2,336 psf) on Jan 20, according to data from caveats lodged. This marks a significant increase from its purchase price of $1.21 million ($642 psf) back in August 2005. The seller earned a remarkable profit of $3.19 million (264%) on the sale, equivalent to an annualised profit of 6.8% over the past 20 years. This transaction also sets a new record for being the most profitable resale deal at Palm Spring to date, surpassing the previous record profit of $2.56 million (185%) earned when a 1,970 sq ft unit on the first floor was sold for $3.94 million ($2,000 psf) in April 2023. The previous owner had bought the unit for $1.38 million ($701 psf) in January 2003. According to a compilation of resale transactions by EdgeProp Singapore, prices at Palm Spring have seen a steady increase over the past two decades. In January 2021, the average transacted price at the condominium was approximately $2,342 psf, up from around $1,439 psf in January 2015. This marks a significant jump from the average sale price of only $973 psf back in January 2005.AdvertisementAdvertisementLast year, there were two resale transactions at Palm Spring. The first was a 947 sq ft unit that sold for $2.19 million ($2,312 psf) in September, resulting in a significant profit of $990,000. The other was a 1,496 sq ft unit that changed hands for $3.36 million ($2,246 psf) in October, earning its seller a profit of $2.24 million. Additionally, Palm Spring is a freehold condominium located on Ewe Boon Road in prime District 10 and was completed back in 1997, making it 24 years old. Its proximity to Stevens MRT Interchange on the Downtown (DTL) and Thomson-East Coast Lines, as well as Newton MRT Interchange on the North-South Line and DTL, makes it highly desirable and convenient for residents. In comparison to its neighbouring 99-year leasehold condominium, the 192-unit luxury condo Cuscaden Reserve, which was completed in 2023, the average price at Palm Spring is around $3,043 psf. The second most profitable resale transaction in the same period was the sale of a four-bedroom unit at Orchard Bel Air, earning its seller a profit of $3 million (182%). It was sold on Jan 15 for $4.65 million ($1,440 psf), in contrast to its purchase price of $1.65 million ($511 psf) back in May 2001. This translates to an annualised profit of 4.5% over the course of 24 years. The highest recorded profit at Orchard Bel Air to date is from the sale of a 6,512 sq ft penthouse unit on the 25th floor, which sold for $8.3 million ($1,275 psf) in January 2013. The previous owner had acquired it for $3.83 million ($588 psf) in March 2006. The only other 99-year leasehold condominium in the vicinity is the neighbouring Cuscaden Reserve, which has an average transacted price of around $3,043 psf, according to transaction data.Orchard Bel Air is situated on Orchard Boulevard in prime District 10 and is a 99-year leasehold condo that was completed in 1984. The condo currently has around 54 years left on its land tenure. An adjacent government land sale (GLS) site on Orchard Boulevard was awarded to a UOL-SingLand joint venture last February at a price of $428.28 million, or a land rate of $1,617 psf per plot ratio (ppr).On the other hand, the most unprofitable transaction during the period in review was at Marina Bay Suites, where the seller of a 1,625 sq ft unit on the 58th floor incurred a loss of $1.15 million (27%) when it was sold on Jan 24. The unit was sold for $3.1 million ($1,907 psf) after originally being purchased for $4.25 million ($2,614 psf) back in May 2012. As a result, the seller experienced an annualised loss of 27% over the period of 13 years. The sale is the latest in a string of unprofitable deals at Marina Bay Suites, with 14 consecutive loss-making transactions in the past nine months, ranging in losses of $40,000 to $2.5 million per sale.AdvertisementMarina Bay Suites is a 99-year leasehold condo that sits among six towers as a part of the mixed-use development known as Marina Bay Financial Centre, located between Central Boulevard and Marina Boulevard. On the 66-story residential tower, there are a mix of three- and four-bedroom units. Making an average price comparison with other nearby 99-year leasehold condominiums, units at The Sail @ Marina Bay sell for around $2,047 psf, Marina Bay Residences at $2,242 psf, Marina One at $2,103 psf, and V on Shenton at $2,027 psf.…

Midtown Modern: A one-of-a-kind development in BugisThree-bedroom unit at Watertown for sale at $2.2 mil

A three-bedroom unit at Watertown, the residential component of the Waterway Point integrated development in Punggol, is set to be auctioned by SRI on Feb 26.

Being sold by a mortgagee, the 1,281 sq ft unit has a guide price of $2.4 million, equivalent to around $1,874 psf. The same unit was previously listed at SRI’s January auction with the same guide price, but received only one bid. As the bid was lower than the reserve price, the property was withdrawn.

Located on the 13th floor, the unit boasts a combined living and dining area, an open-concept kitchen, a utility room and toilet, and a balcony facing south with views of one of the condo’s 20 swimming pools. The unit also features an ensuite master bedroom, two additional bedrooms, and a common bathroom.

Based on URA caveats, the owners purchased the unit from the developers for around $1.8 million, or $1,281 psf, in October 2013.

As of Feb 4, there has been one transaction at Watertown this year – a two-bedroom unit with an area of 958 sq ft that was sold for $1.7 million, or $1,775 psf, on Jan 19. In 2020, the development saw 41 resale deals recorded at an average price of $1,700 psf.

According to Eric Liew, manager of auctions and sales at SRI, larger units in the development are in higher demand and can fetch higher psf prices. Out of the 41 resale transactions at Watertown last year, 10 involved larger units with three or more bedrooms. These units were sold for an average of $1,854 psf, around 9% higher than the average transacted price for the development.

Liew noted that HDB upgraders hunting for bargains and those looking to make it their primary residence due to the proximity to Punggol MRT Station have shown the most interest in the development.

Watertown is a 992-unit condo comprising 11 residential towers on top of the six-storey Waterway Point shopping mall. The development features one- to two-bedroom units with areas ranging from 533 sq ft to 1,003 sq ft, as well as three- and four-bedroom units with areas from 821 sq ft to 1,582 sq ft.

Waterway Point is integrated with Punggol MRT Station, which is connected to Punggol LRT Station and sits on the North East Line. The development was completed in 2017, with Far East Organisation, Frasers Centrepoint, and Sekisui House as the joint developers.

Several primary schools are located nearby, such as Edgefield Primary School at Edgefield Plains, Oasis Primary School at Punggol Drive, Punggol Green Primary School at Punggol Walk, Compassvale Primary School at Compassvale Street, and Punggol Cove Primary School at Sumang Walk. Check out the latest listings for Watertown, Condominium propertiesAsk BuddyCompare price trend of HDB vs Condo vs LandedCompare price trend of Condo new sale vs EC new saleCompletion year of WatertownAre there unprofitable transactions in Watertown?Compare price trend of New sale condo vs Resale condoCompare price trend of HDB vs Condo vs LandedCompare price trend of Condo new sale vs EC new saleCompletion year of WatertownAre there unprofitable transactions in Watertown?Compare price trend of New sale condo vs Resale condoRELATED NEWSThree-bedroom unit at Watertown for sale at $2.2 milProperties that will be positively impacted by Cross Island Line Phase 1Integrated developments: Withstanding the test of timeMidtown Modern: A one-of-a-kind development in BugisThree-bedroom unit at Watertown for sale at $2.2 mil…

The Singapore government has announced an extension of the Central Business District Incentive (CBDI) and Strategic Development Incentive (SDI) schemes for another five years. These schemes were first introduced in November 2019 and the decision was revealed by Desmond Lee, Minister of National Development (MND) at the Real Estate Developers’ Association of Singapore (Redas) annual Spring Festival lunch on Feb 7.

The CBDI scheme aims to promote the transformation of older office buildings in designated areas of the Central Business District (CBD) into mixed-use developments. These areas include Tanjong Pagar, Robinson Road, and Shenton Way. The purpose of the scheme is to increase the number of residential units, boost the population living in the CBD, and introduce a more diverse range of uses in the traditionally commercial-dominated district.

On the other hand, the SDI was implemented to encourage the redevelopment of older developments in strategic locations, in order to bring about transformative changes in the surrounding urban environment. The strategic areas covered by this scheme are Orchard Road, the Central Business District, and Marina Centre.

According to the Urban Redevelopment Authority (URA), out of the 17 CBDI proposals and 12 SDI proposals submitted to the government, 14 and seven respectively have been granted in-principle approval. Four CBDI projects in the Anson-Tanjong Pagar area are currently under construction. These include Newport Plaza, which comprises 246 residential units and 198 serviced apartment units, and Skywaters Residences, which consists of 190 luxury residential units in a mixed-use development on Shenton Way. Other developments in the CBD include two commercial buildings on Hoe Chiang Road and Anson Road.

However, Minister Lee has stated that the extension of the CBDI and SDI schemes for another five years will come with some refinements. Specifically, the CBDI will be expanded to include commercial developments in the Anson and Cecil areas. Developers and property owners who submit proposals for buildings in these areas will have the option to retain the commercial zoning if their redevelopment includes long-stay serviced apartment units.

Under the new rules, CBDI applicants seeking to redevelop in Anson and Cecil must provide a minimum of 200 residential units or dedicate their entire non-commercial floor area to long-stay serviced apartments, whichever is lower. Previously, office buildings redeveloped under the CBDI were allowed to keep their original commercial zoning if 40% of the new floor area was dedicated to non-commercial use.

According to the CEO of ERA Singapore, Marcus Chu, these incentives aim to renew aging buildings in the CBD and introduce more residential units, making it a more desirable place to work, live, and play.

Moreover, the revamped CBDI and SDI schemes will now include new sustainability requirements. All new applications for these schemes must include a sustainability statement that assesses the feasibility of retrofitting part or all of the existing building.

Minister Lee explains that while the government supports revitalization and rejuvenation through redevelopment, they do not want to see wasteful demolition and excessive rebuilding, especially if the buildings are still in good condition. He also mentions that some projects under the CBDI and SDI schemes are already exceeding the sustainability requirements, such as Union Square, a mixed-use development on Havelock Road that will incorporate a district cooling system.…

Perennial Holdings and Far East Organization have recently revealed their latest project, Aurea, a luxury apartment tower that will be part of the Golden Mile Singapore mixed-use development. Set to be constructed on Beach Road, Aurea will stand 45-storeys tall and feature 188 units. This new residential tower has been designed by DP Architects and covers a site area of 144,908 square feet. The developers have also planned for a link bridge to connect Aurea to The Golden Mile, a nearby commercial building that offers a mix of retail space, medical suites and offices.

The Golden Mile, formerly known as Golden Mile Complex, is a conserved building that holds historical and architectural significance. It was the first building to undergo a collective sale and conservation effort. In May 2022, Perennial Holdings and Far East Organization secured the building en bloc for a sum of $700 million.

Aurea, situated at the prime address of Beach Road, is located in District 7, within the Downtown Core and the Core Central Region (CCR). The developers anticipate a high level of interest from discerning individuals and families who appreciate the exclusivity of this prime Downtown Core address. The preview for Aurea, which requires an appointment, will begin on February 22, with the official launch on March 8. The apartments will be priced from $2,750 per square foot.

The units at Aurea are available in a variety of sizes, with a total of 188 units. Two- and three-bedroom apartments make up 112 units, ranging from 635 square feet to 1,001 square feet. The four-bedroom units, which span 1,442 square feet to 1,798 square feet, make up 56 of the residences. There are also 18 five-bedroom units ranging from 2,863 square feet to 3,251 square feet. Additionally, there are two exclusive penthouses, a six-bedroom duplex covering 5,608 square feet and a six-bedroom triplex spanning 8,816 square feet.

The larger four-bedrooms and penthouses have private lift access, and the triplex penthouse also comes with a private pool. These units cater to the affluent lifestyles of CCR homebuyers, according to Marcus Chu, CEO of ERA Singapore.

The majority of the units at Aurea, 60%, are two- and three-bedroom units. These units are expected to attract both homebuyers and investors, says Chu.

Residents at Aurea will have access to various facilities such as two infinity pools on levels three and 33, a bouldering wall, spa facilities, an indoor lounge, and multiple dining pavilions. There are also sky terraces on levels 17 and 33 that offer panoramic views of the CBD skyline, Marina Bay, and the Kallang waterfront. According to Ken Low, managing partner at SRI, today’s homebuyers are looking for more than just a great location. They also want a home that enhances their daily lives, with convenient access, thoughtful design, and inspiring facilities or spaces. Aurea delivers on all of this.

Aurea’s appointment-only preview will begin on February 22, with the official launch on March 8. The apartments are priced from $2,750 psf. By absolute price, two-bedroom apartments of 646 sq ft at Aurea are priced from $1.92 million ($2,972 psf). The development is estimated to be completed in the second quarter of 2029.

The Golden Mile Singapore also includes The Golden Mile, a commercial building with 156 strata office units and 19 medical suites that were launched for sale in December 2024. The developers plan to retain ownership of the revitalized two-storey retail atrium in order to curate the tenant mix. According to Ismail Gafoor, CEO of PropNex, the iconic Golden Mile Complex has great potential, particularly for its commercial space, which may attract buyers. He adds that today’s buyers prioritize quality projects in close proximity to an MRT station and essential amenities. The Golden Mile is linked to the Nicoll Highway MRT Station via an overhead bridge.

The last launch in the Beach Road neighbourhood of District 7 was Midtown Modern, a 558-unit development that has been fully sold at an average price of about $2,825 psf. Midtown Modern is expected to obtain TOP sometime this year. The M, a neighboring 522-unit development, was launched in 2020 and has also sold out at an average price of $2,528 psf. The project was completed in March 2024. Midtown Bay at Guoco Midtown, a 219-unit development, was completed in 2024, with about 63% of the units sold at an average price of $3,090 psf since its launch in 2019.

According to PropNex’s CEO Gafoor, given Aurea’s prime location, upscale residences, and Golden Mile’s architectural heritage, the prices of apartment units could surpass $3,000 psf. He believes that with high demand for new homes in the area and its appeal to both homebuyers and investors, Aurea may attract strong interest. The project is expected to be completed in 2Q2029.…

Perennial Holdings and Far East Organization have recently announced plans for a luxurious residential tower, Aurea, as part of the Golden Mile Singapore mixed-use development along Beach Road. Designed by DP Architects, the 45-storey tower will feature 188 units on a site area of 144,908 sq ft.

The adjoining commercial building, The Golden Mile, which was formerly known as the Golden Mile Complex, has been conserved for its architectural heritage. This marks the first collective sale and conservation of a building. In May 2022, Perennial Holdings and Far East Organization acquired the building en bloc for $700 million.

Located in prime District 7 of the Downtown Core and the Core Central Region (CCR), Aurea and The Golden Mile are expected to attract discerning individuals and families who appreciate the exclusivity of a prime address. Shaw Lay See, chief operating officer at Far East Organization’s sales & leasing group, anticipates strong interest in the project.

The preview for Aurea, which is by appointment only, is set to begin on Feb 22, with the launch scheduled for Mar 8. The units will be priced from $2,750 psf. The starting price for two-bedroom apartments of 646 sq ft will be $1.92 million ($2,972 psf).

Aurea offers various types of units, including two- and three-bedroom apartments, four-bedroom units, five-bedroom units, and two exclusive penthouses. The larger units, including the four-bedders and penthouses, are expected to appeal to affluent CCR homebuyers, according to Marcus Chu, CEO of ERA Singapore.

Unit sizes range from 635 sq ft to 3,251 sq ft, with larger units and penthouses featuring private lift access. The triplex penthouse will also include a private pool. The majority of the units (60%) are two- and three-bedroom apartments, which are expected to attract both homebuyers and investors.

Amenities at Aurea include two infinity pools, a gymnasium, a bouldering wall, spa facilities, an indoor lounge, and multiple dining pavilions. The two sky terraces on levels 17 and 33 will offer panoramic views of the CBD skyline, Marina Bay, and the Kallang waterfront.

According to Ken Low, managing partner at SRI, modern homebuyers are seeking more than just a good location. They want a home that enhances their daily lives, with easy access, thoughtful design, and inspiring facilities. Aurea aims to deliver on all these qualities.

The Golden Mile Singapore also features 156 strata office units and 19 medical suites, which were launched for sale in December 2024. Perennial and Far East intend to retain ownership of the revamped two-storey retail atrium to curate the tenant mix.

Ismail Gafoor, CEO of PropNex, believes that the potential of the commercial space, especially office space, may attract buyers due to the iconic status of the former Golden Mile Complex. Buyers today prioritize quality projects near an MRT station and easy access to essential amenities. The Golden Mile is easily accessible via the nearby Nicoll Highway MRT Station on the Circle Line.

Located just 1km away from the Kallang Alive Precinct, the Bras Basah-Bugis district and a 10-minute drive from the CBD, Golden Mile Singapore also boasts easy access to major roadways such as Nicoll Highway, East Coast Parkway (ECP), and Kallang-Paya Lebar Expressway (KPE).

The last launch in the Beach Road neighbourhood was the 558-unit Midtown Modern, which is expected to obtain TOP this year. The project’s entire 558 units were sold at an average price of about $2,825 psf. Before Midtown Modern, the 522-unit The M was launched next door in 2020. The entire development was 100% sold at an average price of $2,528 psf and was completed in March 2024.

The 219-unit Midtown Bay at Guoco Midtown was also completed last year, with 63% of its units sold as of Feb 5 at an average price of $3,090 psf. Therefore, given Aurea’s location, upscale residences, and The Golden Mile’s iconic status, Ismail Gafoor estimates that prices of the apartment units could exceed $3,000 psf.

“As most of the units in previous launches in the district have been sold, we believe that Aurea may enjoy pent-up demand for new homes in the area and could attract healthy interest among prospective homebuyers and investors,” says Gafoor.

The Aurea is set to be completed in 2Q2029, and interested buyers can check out the latest listings for the property.…

Elta, a new residential development by MCL Land and CSC Land Group, is set to be unveiled in Clementi. The property, located along Clementi Avenue 1, will have a total of 501 units and will be open for preview on Feb 7. Public sales will commence on Feb 22.

Situated on a 99-year leasehold land measuring approximately 144,788 sq ft, Elta boasts two 39-storey residential buildings. Its units range from one-bedroom-plus-study units to five-bedroom units, with sizes ranging from 506 sq ft to 1,776 sq ft. According to the developers, the project will adhere to URA’s harmonisation guidelines.

Get updated on available units and prices for ELTA by going through the latest information below:

Indicative prices for one-bedroom-plus-study units start from $1.158 million ($2,289 psf), while two-bedroom units start from $1.388 million ($2,261 psf). For three-bedroom units, prices begin at $2.198 million ($2,374 psf). Meanwhile, four-bedroom and five-bedroom units are priced from $2.798 million ($2,363 psf) and $3,888 million ($2,189 psf) respectively.

The showflat at Prince Charles Crescent will feature three layouts: a two-bedroom plus study unit that can be converted into a compact three-bedroom, a four-bedroom dual-key unit, and a five-bedroom unit catering to multi-generational living.

Conveniently located near Clementi MRT Station on the East-West Line, Elta is also in close proximity to various dining and shopping options, such as The Clementi Mall, 321 Clementi, and Grantral Mall. As for schools, there are several in the area, including Clementi Primary School, Pei Tong Primary School, Nan Hua Primary and High School, Anglo-Chinese School (Independent) and NUS High School of Math and Science.

“The high-rise towers at Elta are strategically positioned to offer the best views of the city, Pandan Reservoir, and the sea, providing residents with an elevated living experience,” says Lee Tong Voon, CEO of MCL Land.

Qian Liang Zhong, chairman of China Construction (South Pacific) Development Co (CCDC) – the parent company of CSC Land Group – adds, “Clementi is a dynamic and popular town that seamlessly integrates traditional shops and modern amenities, adding convenience to the community.”

Set to receive its temporary occupation permit in 2028, Elta will feature 50 facilities spread across five zones, including a 50-metre lap pool, gymnasium, tennis court, and gardening corner. For those interested, there are also options for rental listings in District 5.…

A prime warehouse and factory located in Gul Circle is currently available for purchase through an expression of interest, with a suggested price of $42 million. Knight Frank Singapore, the exclusive marketing agent, has announced the sale of this high-specification property.

The building is a five-storey single-occupant factory and warehouse, with a mezzanine containing four additional floors. Its total gross floor area measures approximately 245,955 sq ft. This property, situated on a 105,648 sq ft plot of land, has a remaining lease of 15 years and 11 months as of February 1. It is classified as a Business 2 site under the URA Master Plan 2019.

According to Knight Frank Singapore, the warehouse has been purposefully designed to meet the demands of modern industrial practices. Its features include high ceilings for storage and operations, cold rooms, and high floor loading capabilities suitable for various industries. The property also boasts nine 40-footer loading and unloading bays equipped with dock levelers, as well as four cargo and service elevators.

Furthermore, the property’s location is highly advantageous, with easy access to major expressways such as Ayer Rajah Expressway (AYE) and Pan-Island Expressway (PIE), and is in close proximity to the Joo Koon MRT station.

The expression of interest is open until March 18 at 3pm. Interested parties can contact Knight Frank Singapore for more details. In other related news, two more industrial sites have been put up for tender by JTC, and a two-storey industrial building near Tuas Second Link is currently on sale for $8 million.…

by tender

Colliers’ February research report suggests that industrial property prices and rents in Singapore will likely see a moderation this year due to an increase in supply and weaker demand. The firm predicts that both rental and price growth will range between 0% to 2% in 2025, compared to the 3.5% growth seen for both categories in the previous year.

According to Colliers, JTC’s 4Q2024 data reflects a market that is showing signs of slowing down. The JTC All Industrial rental index has seen 17 consecutive quarters of growth, with a 0.5% increase in the fourth quarter of 2024 bringing the total growth for the year to 3.5%. However, this is a substantial decline from the 8.9% growth recorded in 2023. Similarly, the price index grew by 0.5% in 4Q2024, a drop from the 1.2% growth in the previous quarter. This marks a considerable decrease from the 5.1% increase seen in 2024.

Colliers states that the supply of industrial space is expected to increase this year, with more than double the supply in the previous year. However, the firm predicts a tapering off from 2026 onwards. This increase in supply has resulted in an imbalance between supply and demand, with segments of the market seeing slower precommitments for upcoming supply or lower occupancy rates for completed projects. The higher supply, combined with cautiousness among occupiers due to high interest rates and operating expenses, is expected to continue to dampen rental growth.

Moreover, the uncertainty brought about by heightened trade protectionism in global markets may also impact business confidence and investment decisions. On the other hand, Colliers believes that demand for industrial properties will remain supported by the semiconductor, logistics, and advanced manufacturing sectors. The firm also predicts a gradual increase in industrial leasing activities as policies become clearer and market sentiments improve, driven by the ongoing upturn in the chip cycle.

In light of the projected moderation in rents and the increase in supply, Colliers suggests that this could be a good year for tenants, with more options available in the market. The firm also notes that modern and well-equipped industrial developments could entice businesses to relocate from older manufacturing spaces to newer projects. Nicolas Menville, executive director and head of Singapore-based industrial clients for Colliers, says that tenants should take advantage of this opportunity. Interested parties can check out the latest listings for industrial real estate properties and past transactions for rentals and sales to compare prices and trends between commercial and industrial properties.…

Tan Boon Liat Building, a commercial property situated at 315 Outram Road, is currently on the market for collective sale through a public tender at a reserve price of $1.15 billion. The land, which is freehold and covers a total of approximately 175,655 square feet, is made up of two separate plots of land that have been zoned for “Business 1” use.

Located next to the Havelock MRT Station along the Thomson-East Coast Line (TEL), the property is currently occupied by a 15-storey building that is well-known for its many furniture and home decor stores. According to Cushman & Wakefield, the appointed advisor and marketing agent for the property, the Urban Redevelopment Authority (URA) has recently issued an Outline Planning Advice that recommends rezoning the site to “Residential with Commercial at the 1st storey” with a plot ratio of 4.9, an increase from the current 3.1 ratio. This would result in a 50% increase in the total allowed gross floor area (GFA).

In addition, the URA has also advised on the acquisition of a few remnant state land plots that will be incorporated into the main plot. These state land plots are estimated to measure around 20,451 square feet, subject to the final survey and approval from the relevant authorities.

Cushman & Wakefield has estimated that the potential GFA of the site, including the state land plots and any bonus GFA entitlement, is over 1.06 million square feet. The commercial space on the 1st storey can have a maximum GFA of about 16,146 square feet.

Under the residential allocation, a minimum GFA of approximately 161,459 square feet will be set aside for Serviced Apartments II (SA2), which are required to have a minimum stay of three months. The allowable height for the new development ranges from 130 meters to 180 meters.

Based on the reserve price, which includes land betterment charges for rezoning, estimated premium payable for the remnant state land plots, and the 10% bonus GFA for the residential portion, the land rate is estimated to be around $1,888 per square foot per plot ratio.

Recent industrial sales transactions at Tan Boon Liat Building (Source: EdgeProp Buddy)

Christina Sim, senior director of capital markets at Cushman & Wakefield, believes that the property will attract developers due to its freehold tenure and its location next to the TEL, which will be a draw for homebuyers. She also notes that the lack of Additional Buyer’s Stamp Duty (ABSD) will be a major advantage for potential buyers, as the original site is currently zoned as “Business 1”.

The tender for the site will close on March 18 at 3pm. Ask BuddyCompare price trends for new condo sales versus new EC salesMost unprofitable landed transactions in the past yearCondo projects with the most unprofitable transactionsPast condo sale transactionsUpcoming new launch projectsCompare price trends for new condo sales versus new EC salesMost unprofitable landed transactions in the past yearCondo projects with the most unprofitable transactionsPast condo sale transactionsUpcoming new launch projects…

Recently, the largest penthouse at Park Nova has been sold, setting a new record price for the development. The 5-bedroom unit on the 20th floor spans 5,899 sq ft and was purchased by the developer for $38.888 million, equivalent to $6,593 psf, according to a caveat lodged on Jan 21 on the URA Realis database.

This transaction marks the highest price ever recorded for a unit at Park Nova in terms of both absolute price and psf-price. The previous records were held by a 4,499 sq ft penthouse which was sold in May 2021 for $26.026 million, equivalent to $5,784 psf.

The recent sale has also set the second-highest psf-price for a condo unit in Singapore. The current record-holder is a unit at The Marq on Paterson Hill, which was sold in 2011 for $20.54 million, equivalent to $6,650 psf.

The Park Nova penthouse that was sold on Jan 21 is believed to be part of a collection of properties linked to a $3 billion money laundering case, which have been put up for sale. The penthouse was previously reported to have been sold in 2021 for $34.438 million, equivalent to $5,838 psf.

According to caveats lodged, the developer has sold three units at Park Nova within a month. On Jan 17, a four-bedroom apartment spanning 2,906 sq ft on the 19th floor was sold for $16.59 million ($5,708 psf). Prior to that, on Dec 27, a four-bedroom unit measuring 2,896 sq ft on the 18th floor was sold for $15.99 million ($5,522 psf).

Park Nova is a freehold luxury condo situated at the junction of Orchard Boulevard and Tomlinson Road in prime District 10. Developed by Hong Kong’s Shun Tak Holdings, the development received its temporary occupation permit in November last year. For more information on the latest listings for Park Nova, please visit EdgeProp’s New Launches page.

In addition, readers can also ask EdgeProp’s AI-powered virtual assistant, Buddy, to show them the site plan and diagrammatic chart for Park Nova, as well as compare the price trends of Condo new sales versus EC new sales. They can also generate price trend graphs for new launch condos in District 10 and check out the project summary for Park Nova condo.

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– The average price of luxury condos in 2022 has seen a decrease of 7% year-on-year.…