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Singapore’s leading real estate agency, PropNex, has reported a decline in earnings of 14.9% year-on-year, recording $21.9 million for its second half of the financial year 2024 that ended on Dec 31, 2024. This brings its full-year earnings to $40.9 million, a decrease of 14.4% compared to the previous financial year, FY2023.

The dip in revenue of 6.6% in FY2024 compared to FY2023 is attributed to the relatively subdued property market. Despite this, to commemorate its 25th anniversary, PropNex intends to pay a special dividend of 2.5 cents per share, on top of the final dividend of 3 cents. This will result in the highest dividend payout for the financial year ending 2024 of 7.75 cents, representing a payout ratio of 140.1% and a yield of 8.2%.

Even though the company recorded lower earnings in the year, it has noted an increase in activity in the last quarter of 2024, led by a surge in new private home units which it facilitated the sale of.

In light of this, and with expectations of a favorable property market outlook in 2025, PropNex is confident of a strong performance in the financial year 2025, unless there are any unforeseen events. This optimism is supported by an estimated 13,000 new unit launches (including ECs) in the upcoming year, almost double the supply recorded in 2024.

The private resale market is also expected to remain active, with transaction volumes anticipated to range between 14,000 and 15,000 units. PropNex attributes this to the persistent price gap between new and non-landed resale properties, the preference for larger, move-in-ready homes, and the impact of fewer new supply completions.

The HDB resale market, another key market for PropNex, is forecasted to experience price growth of 5% to 7%, with volumes expected to reach 29,000 to 30,000 units. According to PropNex, this is due to the limited number of five-year minimum occupation period flats entering the market, coupled with sustained demand from urgent homebuyers, unsuccessful Build-To-Order applicants, and budget-conscious families.

The company’s Executive Chairman and CEO, Mr. Ismail Gafoor, is confident about the future, noting that newly-launched projects such as The Orie, Bagnall Haus, Parktown Residence, and ELTA have generated significant market interest. He further adds that there will be a positive demand for developers’ sales in 2025, with a strong line-up of projects. The positive economic outlook and lower mortgage rates could also boost market confidence, creating opportunities for both homebuyers and investors.…

A two-storey shophouse with an attic situated at 209 Jalan Besar is now available for purchase through private treaty. Gracelynn Zhu of PropNex Shophouse Elites, the designated marketing agent for the property, reveals that the 999-year leasehold shophouse is being offered for “under $20 million”.

This shophouse spans over approximately 5,502 square feet and is designated for commercial use. Its first level is approved for use as a restaurant, along with a section of the second floor. With a price tag of $20 million, the property’s per square foot price comes to $3,635.

Zhu mentions that the shophouse is currently undergoing asset enhancement initiatives (AEI), including the installation of micro piles that will extend 30 meters in order to strengthen the property’s structural foundations. Completion of the AEI is expected by the end of this year.

The shophouse is located within the Desker Road Conservation Area in District 8, in close proximity to Little India. It is also within walking distance to the Jalan Besar MRT Station on the Downtown Line.

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A shophouse on Geylang Road and a shop unit at Bras Basah Complex are currently up for sale at $14 million.

The Chinatown Business Association has plans to revitalize Smith Street with a mix of new and traditional lifestyle concepts.

In 2019, the shophouse market recorded a total of 84 caveated transactions, marking a quiet year for the market. However, Huttons predicts a more active market in 2024.…

According to a survey conducted by CBRE, the Asia Pacific (Apac) hotel sector is expected to see robust investment activity in 2025. The consultancy’s 2025 Asia Pacific Hotel Investor Intentions Survey revealed that more than 72% of hotel investors surveyed in November and December last year plan to acquire more hotel assets this year. Nearly 45% of the respondents intend to increase their purchasing volume by more than 10%. Steve Carroll, Head of Hotels, Capital Markets, Asia Pacific at CBRE, said that investors are anticipating optimistic pricing expectations for hotel and living assets in Apac in 2025. The rebound in tourist arrivals, particularly in Japan, Singapore, and Australia, is a key factor driving this trend. Carroll added that the increase in international visitors from key markets has led to a rise in hotel room rates, ensuring continued income growth for hotel operators. Furthermore, the limited supply of hotels in the region is also encouraging investors. Data from hospitality data intelligence group STR shows that the hotel supply pipeline in Apac is expected to grow at a CAGR of 2.2% between 2024 and 2028, which is significantly lower than the 5% CAGR recorded between 2013 and 2023. The survey also found that REITs have the highest net buying intentions at 22%, up from -13% in last year’s survey. This is a sharp contrast, and the report suggests that REITs are expected to be active in buying assets this year after several years of negative intentions. Institutional investors and property funds closely followed with net buying intentions of 12% and 10%, respectively. Private equity and real estate funds are also expected to remain active this year, as they were in 2024. However, private investors and high-net-worth individuals may not drive as many hotel acquisitions this year as they have been over the past two years. The report notes that private investors are expected to sell more assets this year after acquiring properties during a period of price dislocation. The survey found that for 2025, the preferred investment strategy among respondents is value-add. CBRE notes that in select markets, assets have been repriced to a point where investors believe they can achieve value-add returns. As a result, the upscale and upper midscale hotel categories were voted the most attractive asset types, overtaking the upper upscale category, which topped last year’s survey. This shift is due to the operational flexibility and greater scope for value-added opportunities offered by the upscale and upper midscale segment. These include redevelopment, adaptive reuse, and rebranding of existing properties, which are a more cost-effective alternative to new developments. Furthermore, this segment has a leaner labor pool compared to higher-tier assets, reducing labor and cost pressures. The survey also showed a growing appetite among investors for long-stay or hybrid hospitality models. CBRE cites the growing trend of converting assets into co-living spaces, which is expected to continue gaining traction in places like Japan, Hong Kong, and Singapore, where there is demand for cost-effective accommodation in relatively inflexible rental markets. Other emerging trends include a preference for assets with vacant possession at the time of acquisition, which allows for flexibility in terms of operator selection and refurbishment works. The limited-service hotel segment also saw higher interest from respondents as investors remain focused on minimizing operational costs. Among the top cities, Tokyo retained its top position as the preferred city for hotel investors. The low-interest rates and stable income streams generated by hotel properties support its position. Osaka is another top choice due to similar reasons. Singapore and Sydney also ranked among the top cities, thanks to solid hotel fundamentals such as growth in daily rates and underlying operating profits. Seoul also stood out as Chinese visitors have driven up the daily rates, leading to an uptick in investor activity in recent months.…

On February 24, two real estate giants ETC and OrangeTee Group announced their plans to merge and form a new holding company, whose name is yet to be revealed. “It is a collaborative merger of minds, not a takeover,” explains ETC CEO Desmond Sim.

Sim will take on the role of group CEO for the newly merged entity, while OrangeTee’s CEO Justin Quek will become deputy group CEO. ETC will now focus primarily on consultancy and advisory services, while OrangeTee will concentrate on proptech and its real estate agency business. The agency currently has a network of 2,803 salespersons registered with the Council for Estate Agencies (CEA) as of February 24.

The merger between the two companies, which began as a joint venture in 2017, will create a combined force of over 520 staff and more than 2,803 salespersons. “By combining our expertise, resources and networks, we can drive meaningful growth, create value for all stakeholders and achieve the scale needed to thrive in today’s dynamic real estate landscape,” says Sim.

The merger was made possible with the support of Triplestar Holdings and TH Investments, both companies related to the family of Roland Ng, managing director and group CEO of Tat Hong Holdings. The two companies acquired a stake in ETC after a management buyout in 2016. When some of the original shareholders retired, ETC bought back their shares, giving Triplestar Holdings and TH Investments a 60% stake. Today, the two companies hold 100% stake in ETC.

This year marks the 30th anniversary of ETC, which was recently rebranded as ETC from Edmund Tie & Co. On the other hand, OrangeTee Group was incorporated in 2000 and is celebrating its 25th anniversary this year. The group is led by a board of directors and supported by CEO Quek, managing director of OrangeTee Advisory Marcus Oh, CFO Teo Yak Huat, and chief researcher and strategist Christine Sun.

“With a strengthened brokerage and consultancy team supported by advanced proptech, we are set to scale our capabilities to deliver innovative, seamless solutions across all real estate sectors,” says Quek.

Stakeholders in OrangeTee Group include Tokyu Livable Inc., which took a 22.5% stake in the firm in 2014. Tokyu Livable is a subsidiary of Tokyu Fudosan Holdings, the real estate business of conglomerate Tokyu Group. Private property fund Vogue Capital Group is also a shareholder of OrangeTee Group.

Both Vogue Capital and Tokyu Livable will have a stake in the new holding company post-merger, along with Ng’s Triplestar Holdings and TH Investments. Last year, ETC expanded its presence into Johor Bahru through its joint venture company in Malaysia, Nawawi Tie, and already has offices in Penang and Thailand.

“We believe this merger will present more opportunities for us in the ASEAN region and Japan, especially through our relationship with Tokyu Livable,” says Sim.…

On Feb. 23, UOL Group and CapitaLand Development (CLD) jointly announced that the launch weekend of ParkTown Residence in Tampines North resulted in the sale of 1,041 units, which accounted for more than 87% of the total 1,193 units in the development. According to Anson Lim, UOL’s general manager of residential marketing, the average price achieved at the launch was $2,360 psf. The majority of buyers were Singaporean homebuyers or investors. The most popular unit types at ParkTown Residence were the two-bedroom and three-bedroom apartments, which made up 994 units (83%) of the project and were the first to be snapped up, with a take-up rate of 92% during the weekend.

A spokesperson for UOL and CLD stated that buyers were attracted to the unique features of ParkTown Residence, which is a fully integrated residential and lifestyle development connected to a retail mall, the future Tampines North MRT station, a bus interchange, a green boulevard, a community club, and a hawker centre.

Before the launch weekend, 2,367 cheques had been collected for ParkTown Residence, resulting in a sales conversion rate of 44%. This is above the average rate of 30% to 35% for most new project launches in recent years. Mark Yip, CEO of Huttons Asia, notes that no mega project has sold more than 1,000 units in its launch weekend since the launch of the 1,399-unit High Park Residences in July 2015, which sold 1,100 units over three days. With its successful launch, ParkTown Residence at Tampines 62 has become the most sought-after development to have sold the most units in a launch weekend since the 846-unit Emerald of Katong, which sold 835 units (99%) last November.

Ismail Gafoor, CEO of PropNex, adds that the take-up rate at ParkTown Residence has also exceeded that of previous integrated developments. The most recent integrated project launch was the 732-unit The Reserve Residences, which was launched in May 2023 and recorded a 71% take-up rate during its launch weekend. The project is currently 98.2% sold at an average price of $2,484 psf, based on caveats lodged as of February 23.

Marcus Chu, CEO of ERA Singapore, explains that mixed-use developments connected to transport hubs are popular with both homebuyers and investors due to their potential for capital appreciation and high demand for rental properties.

The last two fully integrated developments to be completed were the 920-unit North Park Residences in Yishun (launched in 2015) and the 680-unit Sengkang Grand (launched in 2019) at Buangkok. The average price of North Park Residence is $1,809 psf, which is 65% higher than the average resale prices of residential units in District 27. Meanwhile, Sengkang Grand commands an average price of $2,029 psf, which is 25% higher than the average resale price in District 19.

Located at Tampines Street 62, Tampines is the third-largest HDB town after Hougang and Woodlands. Huttons’ Yip notes that many of the buyers at ParkTown Residence were HDB upgraders who wanted to live in Tampines. The development is expected to be completed by 2030, which coincides with the scheduled opening of the Tampines North MRT Station on the Cross Island Line (CRL), a major arterial line running from East to West of Singapore. In addition, the neighbouring Paya Lebar Airbase is set to be relocated by 2030, freeing up an estimated 800ha of land for future developments.

Under the URA Master Plan, three more government land sales (GLS) sites will be connected to the upcoming Tampines North MRT Station. Ken Low, managing partner of SRI, predicts that these new projects could be launched at higher prices than ParkTown Residence, as per the recent trend.

Tampines will also benefit from new infrastructure developments by 2027, including a cycling bridge, an underpass, and another 7.7km of cycling paths, bringing the total to 40km. There will also be a new pedestrian route between Tampines MRT Station and the malls in the regional center. These additions were announced on February 22 as a part of the Tampines Town Council’s five-year masterplan for 2025 to 2030.

According to SRI’s Low, all these developments will enhance the overall liveability of Tampines, which already has strong attributes.…

Elta – the joint venture project between MCL Land and CSC Land Group at Clementi Avenue 1 – has sold 65% of its total units within the first month of its launch, with an average price of $2,537 psf. Out of the 501 units offered, 326 have been sold, with 90% of buyers being Singaporeans and 10% being permanent residents. The two-bedroom units were the most popular, with 98% being sold at prices starting from $1.388 million. About 81% of the 108 three-bedroom units have also been taken up, with prices beginning at $2.198 million. There was also a high demand for one-bedroom plus study units, with 78% being snapped up starting from $1.158 million. The most buyers came from districts 19, 5, and 23, with the development being the final private condo launched on government land sales sites at Clementi Avenue 1. Its popular location, close to employment nodes, the upcoming Cross Island Line, and educational institutions, has contributed to the strong sales. The average selling prices of The Clement Canopy and Clavon at Clementi Avenue 1 have also seen an increase of 45% (to $1,922 psf) and 27% (to $2,086 psf) respectively. With a healthy pool of HDB upgraders and a rise in tenants from the area, Elta is expected to continue doing well in the market. The developers, MCL Land and CSC Land Group, are optimistic about buyers’ confidence in the development, which seamlessly blends modern living with convenience and comfort. With sales surpassing 1,300 units in February, the primary market is expected to remain lively throughout the year, with Huttons revising its full-year projection for 2025 to between 7,500 and 8,500 units.…

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.…