Condo Ruthmillsteam

Updated: January 16, 2022 9:46 AM SGT

In 2024, resale transactions at Ardmore Park, a luxury condo located in the prestigious Ardmore-Draycott enclave in prime District 10, resulted in some of the largest profits. According to data from caveats lodged with the Urban Redevelopment Authority (URA) as of December 17, the freehold development accounted for the first, second, and fourth most profitable condo resale deals that took place this year between January 1 and December 10.

The top profit came from the sale of a 2,885 square feet, four-bedroom unit on the 26th floor at Ardmore Park, which fetched $12.9 million or $4,472 per square foot (psf) on February 16. The unit was initially purchased from the developer for $5.83 million or $2,022 psf in July 1996. This resulted in a profit of $7.07 million, translating to a 121% gain after a holding period of approximately 27 and a half years.

Five months later, on July 24, the second-highest profit was recorded when a four-bedder measuring 2,885 square feet on the 18th floor was sold for $12 million ($4,160 psf). The seller had bought the unit in December 2000 through a sub-sale transaction for $5.2 million ($1,803 psf), resulting in a profit of $6.8 million or 131%. The seller had owned the unit for around 23 and a half years.

The fourth-biggest profit was recorded on April 22, when another 2,885 square feet, four-bedroom unit at Ardmore Park was sold for $12.5 million ($4,333 psf). The seller had purchased the unit in February 2007 for $6 million ($2,080 psf), making a profit of $6.5 million or 108% after owning the unit for over 17 years.

Ardmore Park, a freehold condo with 330 units in District 10, has consistently registered significant gains in recent years. In 2024, the condo saw three other units, all four-bedders measuring 2,885 square feet, change hands, with the sellers making profits of $2.65 million, $3 million, and $3.05 million, respectively. Last year, the condo had four resale transactions, with the sellers making profits between $2.8 million and $8.16 million.

Apart from Ardmore Park, other older freehold condos in mature District 10 also dominated the list of top gains this year. These include Beverly Hill, a boutique condo with 86 units on Grange Road that was completed in 1983, which saw the fifth-most profitable resale transaction this year. A four-bedder spanning 3,778 square feet on the fifth floor was sold for $9.15 million ($2,422 psf) on July 15, resulting in a profit of $5.47 million (149%) for the seller.

Other freehold condos in District 10 that registered top profits included Astrid Meadows with 208 units on Coronation Road West, Regency Park with 292 units on Nathan Road, Fontana Heights with 52 units on Mount Sinai Rise, and Wing On Life Garden with 81 units on Bukit Timah Road. These condos were completed between 1982 and 1990 and are all over 30 years old.

Two of the top ten gains this year came from older freehold condos in District 9. The third-highest profit was recorded from the sale of a 3,434 square feet, four-bedroom unit at Yong An Park, located on River Valley Road, for $8.6 million or $2,505 psf on Aug 12. This resulted in a profit of $6.72 million for the seller, who had purchased the unit for $1.8 million in 2004.

The sale of a 3,057 square feet apartment at The Ritz-Carlton Residences Singapore Cairnhill also made a significant profit of $4.89 million for the seller when it was sold for $16.5 million ($5,397 psf) on Jan 9.

On the other hand, Sentosa Cove condos accounted for almost half of the ten least profitable condo resale transactions this year. The sale of a five-bedroom duplex penthouse spanning 3,789 square feet at Marina Collection, a 124-unit condo on Cove Drive, resulted in the most significant loss of $2.69 million for the seller when it was sold for $6.7 million ($1,768 psf) on July 22. The seller had initially bought the unit in March 2010 for $9.39 million ($2,479 psf).

Another loss of $2.53 million was recorded from the sale of a 2,680 square feet, four-bedroom unit on the sixth floor at Seascape on Cove Way for $4.5 million ($1,679 psf) on Aug 14. The seller had bought the unit from the developer for $7.03 million ($2,623 psf) in October 2010.

Overall, older freehold condos in District 10 and Sentosa Cove condos have dominated both the top gains and losses this year, showing the continued appeal of these mature and exclusive locations in the property market.…

The GCB market has seen a surge in performance this year compared to 2023, according to Han Huan Mei, the director of research at List Sotheby’s International Realty, in the ultra-exclusive world of the ultra-rich.

As of December 20, there have been 22 GCB transactions totalling $612.05 million, as indicated by caveats lodged with the URA Realis. In addition, there were another 13 GCB deals completed this year without caveats lodged, amounting to more than $700 million, as buyers looked for anonymity. This brings the estimated total for 2024 to 35 GCB transactions worth approximately $1.32 billion, surpassing the previous record of $1.186 billion achieved in 2022.

In comparison, 2023 saw only 18 GCB transactions, amounting to $432.5 million – the lowest number of deals recorded since URA Realis began tracking such data in January 1995.

“The additional deals in 2024 show that the GCB market has been more active compared to official transaction data, and reinforces the status of GCBs as highly coveted assets that are constantly sought after by ultra-high-net-worth buyers,” says Han.

Chart-topping GCB deals

The top spot goes to the sale of a GCB at Tanglin Hill for $93.888 million. The property, situated on a freehold site measuring 15,150 sq ft, has a built-up area of 29,660 sq ft. This transaction set a new record with a land rate of $6,197 psf.

The second-largest GCB transaction was the purchase of a $84 million property at Bin Tong Park by Xiang Yangyang, daughter of Chinese nickel billionaire Xiang Guangda, according to a document search, although no caveat was lodged for the property. Based on the land area of 28,111 sq ft, the price reflects a land rate of $2,988 psf.

Based on lodged caveats, the highest-priced deal was for a GCB on Cluny Hill that changed hands for $52 million. The property sits on a freehold plot of 15,141 sq ft, and is relatively new. Hence, it fetched a land rate of $3,434 psf.

Another big-ticket transaction was the sale of a 21,116 sq ft GCB plot at Astrid Hill for $49 million ($2,321 psf) in July. The property was reportedly purchased by Glenn Kuok, nephew of Kuok Khoon Hong, Chairman and CEO of Wilmar International. The purchase price translates to a land rate of $2,321 psf.

Mohan Sandrasegeran, head of research and data analytics at Singapore Realtors Inc (SRI), notes that at least 14 transactions this year were valued at $20 million or more, highlighting the strong demand for ultra-luxury properties in Singapore.

District 10 remains the cornerstone

“District 10 remains the cornerstone of the GCB market, with multiple high-value deals reaffirming its status as the most sought-after district for these prestigious properties,” he says. Sixteen of the recorded GCB transactions this year took place in prime District 10, including the coveted Tanglin, Bukit Timah, and Holland Road areas.

Sustained buying activity

Sandrasegeran notes that, in general, GCB transactions were evenly spread throughout the year, with buying activity increasing from July. “Overall, the fact that we saw GCB deals closing throughout the year suggests sustained buying interest for these trophy properties despite external economic factors, such as inflationary pressures and the presence of high-interest rates in the first eight months of the year,” he says.

Steve Tay, co-founder and executive director of his eponymous boutique luxury agency in Singapore, says the trajectory of interest rates indicated by the US Federal Reserve (Fed), rather than the rate cuts themselves, was the primary driver of stronger buying sentiment in the GCB market during the second half of the year.

Three rates cuts this year

The Fed implemented three rate cuts this year: the most recent being a 25 basis point (bp) reduction on December 18, following earlier reductions of 50 bp in September and 25 bp in November.

Anecdotally, Tay says most GCB buyers who had been holding back on their purchases began more serious discussions from July onwards, with most deals closing in the last quarter of this year.

The GCB market slowed down last year as buyers retreated following the island-wide arrests of suspects in Singapore’s biggest money-laundering case, says Han of List Sotheby’s.

“The money laundering crackdown had a dampening effect on the market, causing some genuine buyers to pull back to avoid media attention,” she adds. “Transactions also took longer to close due to heightened scrutiny and stricter checks on buyers’ identities and sources of funds.”

Up-and-coming wealthy take the stage

A new generation of ultra-wealthy Singaporeans has emerged in the GCB market in recent years, with a good number of young and successful entrepreneurs who have made their fortunes in technology, finance, commodities, and F&B businesses, says Tay.

Additionally, ultra-wealthy and newly naturalized Singaporeans also contribute to the exclusive pool of GCB buyers who prefer sizable plots in prime districts. However, the number of naturalized citizens buying GCBs remains low compared to local wealthy individuals, according to Tay.

Most buyers prefer relatively new bungalows

List Sotheby’s research shows that the cost of developing a new GCB from the ground up is estimated at about $1,000 psf, and the construction also takes several years to complete. Hence, most buyers are looking for relatively new bungalows in move-in condition to minimize renovation works, observes Han.

“The GCB market will likely maintain its positive momentum, with demand from ultra-high-net-worth individuals driving its high-value transactions,” says Sandrasegeran of SRI. “The preference for privacy among GCB buyers and sellers could mean continued off-market transactions, adding to the complexity of tracking market activity.”…

According to Wong Xian Yang, head of research for Singapore & Southeast Asia at C&W, the total value of capital market property deals in Singapore has reached an estimated $25.8 billion between January and November this year. This marks a significant 40.2% year-on-year increase from the $18.4 billion recorded in 2023. C&W defines capital market transactions as deals that exceed $10 million in value.

Wong also notes that nearly 60% of the capital market deals were made in the second half of 2024, driven by a growing investor appetite and increased confidence in interest rate cuts by the US Treasury. Three deals worth over $1 billion were made in 2024, all of which occurred in the second half of the year.

One of the largest deals of the year was the sale of a 50% stake in ION Orchard mall for $1.85 billion to CapitaLand Integrated Commercial Trust (CICT) on September 3. The seller was CapitaLand Investment (CLI), while Hong Kong-listed property developer Sun Hung Kai Properties holds the remaining 50% stake in the mall.

Situated in the prime shopping district of Orchard Road and directly linked to the Orchard MRT station, ION Orchard is an eight-storey retail mall spanning 623,000 square feet and houses over 300 international and local brands. It also features a luxury condominium tower, The Orchard Residences, on top of the mall.

Another notable deal was the sale of Mapletree Anson, a high-value office property that was sold for $775 million in the second quarter of 2024. This surge in investment value was largely driven by a strong interest in the industrial sector, which saw an impressive 174% increase in transaction value from the previous year. The biggest deal in this sector was the $1.6 billion sale of a portfolio of seven industrial properties to a joint venture platform owned by private equity firm Warburg Pincus and Australia-listed Lendlease Group.

Despite some unsuccessful government land sales (GLS) sites this year, residential development sites sold through GLS tenders still made up 42% of the total investment sales for the year. Four GLS sites on the confirmed list for 2024 failed to be awarded due to low bid prices and site-specific concerns.

In terms of the retail sector, there was a notable year-on-year growth in investment value, with deals reaching $3.3 billion, a 149% increase from the previous year. The office segment also showed signs of recovery, recording $2.37 billion in investment value, a 15.7% increase from last year. However, the shophouse market saw a 49.7% decrease in investment value due to investor sentiment being dampened by money laundering investigations.

Wong believes that high-value deals will continue to increase next year, especially as the US Federal Reserve is expected to cut interest rates further. He also anticipates a return of institutional investors to the market, although the pace of recovery may depend on the rate of interest cuts and any potential macroeconomic shocks. Overall, CBRE Research expects investment volumes to grow 10% in 2025 from the levels seen in 2024.…

Retail property market in Singapore expected to be dampened by weaker consumer spending in 2024.

According to Alan Cheong, executive director of research and consultancy at Savills Singapore, consumer spending in 2024 has been relatively weak. The monthly retail sales index (excluding motor vehicles) and food and beverage (F&B) sales index have mostly shown negative changes this year.

Cheong predicts a 2% increase in rents for retail properties in the prime Orchard Road submarket by the end of the year, falling short of earlier expectations of a 3% to 5% increase. The suburban retail rents are expected to remain flat, in line with initial forecasts.

Research by DBS and Singapore Management University (SMU) shows that consumer concerns over inflation have moderated. However, the research found that most consumers attribute this to factors such as the global economic slowdown, high interest rates, and potential easing of supply chain disruptions.

Recent data from the Singapore Department of Statistics reveal a 0.3% year-on-year increase in retail sales (excluding motor vehicles) in October, reversing a decline in September.

Cheong notes that consumer spending keeping pace with inflation would be a more positive outcome for the retail market. However, with relatively low spending, this may pose financial challenges to businesses in the industry.

Despite a packed calendar of events in Singapore this year, retail spending and rental rates have seen limited support. While concerts by international stars like Taylor Swift and Coldplay have attracted a significant number of foreign attendees, other events such as business conferences have not had a strong impact on retail activity.

Notable new-to-market brands that have opened in Singapore this year include KSisters, The Pace, Brands for Less, and Hoka. The wellness sector is also evolving with concepts like Rekoop and Hideaway. Many new F&B concepts have also been introduced, including Sushi Samba and various coffee chains.

Savills’ Tan-Wijaya notes the emergence of new wellness concepts and entertainment-driven restaurants which are expected to enhance the vibrancy of Singapore’s dining scene.

Looking ahead, retail landlords may have more flexibility to adjust rents positively as the supply of new retail spaces becomes limited. Cheong also expects more retailers to optimize their real estate strategies by right-sizing their spaces, closing under-performing branches, or shifting cooking operations to central kitchens. The trend of new-to-market F&B brands entering Singapore is expected to continue for the first half of 2025.…

The year 2024 has been a difficult year for the global luxury goods market. With consumers cutting back on luxury retail spending due to uncertainty in the global economy and increasing prices among brands, the sector has seen a 2% decline in sales this year, with China being the hardest hit with a 20-22% drop. This has resulted in slight earnings declines for many luxury brands such as Richemont Luxury, LVMH and Moncler Group, and more significant declines for Kering.

However, despite these challenges, Singapore remains an important market for luxury brands. Sales of luxury goods in the country grew by 11% in 2023, reaching a total of $9.1 billion, according to Euromonitor. In recent years, luxury brands have been adopting robust digital strategies, including e-commerce and digital marketing, to engage customers. This has become even more crucial in a world where consumer behaviors and preferences are constantly evolving.

Apart from digital strategies, luxury brands have also recognized the importance of creating offline shopping experiences to build closer connections with their customers. In recent years, they have been investing in creating unique and immersive experiences for their top-tier clients. This has resulted in the opening of bigger, bolder flagship stores, showcasing the brand’s timeless elegance and heritage.

For example, Louis Vuitton (LV) opened its new “apartment concept” space at Ngee Ann City, dedicated to its “VICs” or very important clients. The brand has also renovated its ION Orchard store, providing an elevated retail experience with LV collectibles on display. Other brands such as Burberry and Yves Saint Laurent (YSL) have also recently opened renovated or new stores in Singapore, featuring prominent double-height facades and “speakeasy” concepts.

Despite the decline in sales this year, the future looks promising for luxury brands. This is driven by factors such as the steady growth of high-net-worth individuals (HNWIs) worldwide, buying interest from Millennials and Gen Z, the resurgence of tourists from China, and the growth of duty-free retail. To stay ahead of the game, luxury brands must continue to adapt and innovate, leveraging technologies such as AI and digital experiences to better understand customer wants and to complement offline experiences.

Some brands have already started incorporating AI into their strategies. For example, Dior’s AI platform, Astra, extracts data from multiple channels to stay tuned to customer preferences, while Balenciaga used AI to create an immersive digital experience for its Paris Fashion Week show. Brunello Cucinelli even created a separate website powered by generative AI.

Despite the challenges faced by the luxury goods market, growth is in sight for 2025 and beyond. With Millennials and Gen Z forming the largest customer group, luxury brands must continue to embrace digital technologies while creating unique and immersive physical store experiences. This, coupled with a strong omnichannel strategy, will help brands stay ahead in this fiercely competitive market.…

The Swiss brand V-ZUG has established itself as a leader in luxury appliances for over a century, thanks to its commitment to simplicity and quality. Founded in 1913, the brand has become a go-to for developers and designers of high-end residences around the world, offering a range of products that blend function, durability, and sleek aesthetics.V-ZUG’s design philosophy is rooted in timelessness, recognizing that while interior design trends may come and go, functionality and elegance will always remain in style. This approach is reflected in the brand’s products, which are carefully crafted by hand in Switzerland and undergo rigorous testing to ensure top-notch performance. The design team at V-ZUG also prioritizes sustainability, utilizing green practices and materials to create each appliance while maintaining their high standards of quality.The brand’s range of kitchen appliances has been developed in collaboration with renowned chefs, ensuring that each product is equipped with all the features necessary to create professional-grade meals. At the same time, V-ZUG products are designed to seamlessly integrate into any home, with minimalist designs and a variety of configurations to suit different spaces. For example, the brand’s wine cabinets come in various sizes and have two temperature zones, allowing for optimal storage of different types of wine.While achieving simplicity in the end product may be a challenging task, V-ZUG is committed to looking at every detail and ensuring that each element works together in harmony. This attention to detail and commitment to excellence is what sets V-ZUG apart and makes it a trusted choice for luxury homes. Beyond the kitchen, the brand also offers products like the RefreshButler, which offers a practical solution for sanitizing and deodorizing garments. From its timeless design philosophy to its dedication to quality and sustainability, V-ZUG continues to be a leader in the world of luxury appliances.…

Average monthly rental for Grade A office space falls to $10.30 psf in 3Q2023

A groundbreaking ceremony was held on Dec 4 for the construction of VisionPower Semiconductor Manufacturing Company’s (VSMC) new wafer manufacturing facility in Tampines, which is estimated to cost US$7.8 billion ($10.5 billion). The plant is expected to begin initial production in 2027 and produce 55,000 wafers per month by 2029, creating 1,500 jobs. VSMC is a joint venture between Taiwan’s Vanguard International Semiconductor Corporation and NXP Semiconductors from the Netherlands.

However, VSMC is not the only player expanding in Singapore. In March, Japan’s Toppan Holdings started construction on a factory in Jurong Lake District that will produce semiconductor packaging materials. The project is said to cost around $450 million.

These expansions reflect the trend of chipmakers and related businesses setting up new production plants and R&D campuses in Singapore to strengthen their supply chain resilience, according to Leonard Tay, head of research at Knight Frank Singapore. Singapore’s stability amidst ongoing geopolitical tensions in other parts of the world makes it a global production hub for semiconductors and chips.

The global semiconductor industry is recovering from a downturn in 2023 caused by softer demand and higher supply. Research by Omdia, a London-based consultancy, shows that the industry recorded a 26% year-on-year increase in revenue for the first three quarters of 2024, a reversal from last year’s 9% decline to US$544.8 billion for the whole of 2023.

This rebound has given a boost to Singapore’s manufacturing sector. After two consecutive quarters of contraction in the first half of the year, manufacturing output grew 11% year-on-year in 3Q2024. The electronics cluster drove this growth, buoyed by strong demand for semiconductor chips in smartphones and PCs, according to data from the Ministry of Trade and Industry.

Despite the overall strong performance, the industrial property market has shown signs of slowing down. Industrial property rents in Singapore continued to rise in the first three quarters of 2024, but at a slower pace than before. From a 8.9% growth in 2023, the JTC All Industrial Rental Index grew 1.7%, 1% and 0.3% quarter-on-quarter in 1Q2024, 2Q2024 and 3Q2024 respectively. This is indicative of a more cautious sentiment among occupiers in an uncertain macroeconomic environment. With capex and budget constraints, occupiers are being more prudent and prioritising flexibility to adapt to the changing market dynamics, says Catherine He, Colliers’ head of research for Singapore.

Tricia Song, head of research for Singapore and Southeast Asia at CBRE, notes that consolidation in third-party logistics and e-commerce has contributed to occupier resistance this year.

This trend has been more apparent in the single-user factory and warehouse segments, which have maintained resilience and enjoyed rental growth over the first three quarters of 2024, supported by stable occupancy rates.

On the other hand, the business park segment has seen a decrease in rents despite a marginal increase in occupancy. This has resulted in a decrease in rents in 3Q2024.

The industrial sales market saw more activity after a quiet start to the year, with several substantial transactions taking place in 2Q2024. These include the sales of BHL Factories at 2C Mandai Estate for $74 million, Kian Ann Building at 7 Changi South Lane for $63 million, and a single-user factory at 47 Pandan Road for $36 million. In 3Q2024, the market received further encouragement when several large deals were made, such as Warburg Pincus and Lendlease Group’s joint venture purchasing a $1.6 billion portfolio of seven industrial assets from Soilbuild Business Space REIT and ESR-Logos REIT’s acquisition of a 51% stake in an industrial site at 20 Tuas South Avenue 14 for $428.4 million. The result was a sevenfold jump in industrial property sales to $2.45 billion in 3Q2024.

Despite the strong performance in the last quarter, Alan Cheong, executive director of research and consultancy at Savills Singapore, thinks that it is likely to be a one-off occurrence. He says, “We may still see one or two large deals transacted in 2025, but unlike in 3Q2024, each would probably be significantly below $1 billion.”

JTC estimates that around 0.2 million sqm of new industrial space will be completed in 4Q2024. About 33% of the supply is business park space, followed by single-use factory space (31%), warehouse space (30%), and multi-user factory space (6%). According to Colliers, more space (1.6 million sqm) is slated for completion in 2025, almost double the average annual new supply of 0.9 million sqm over the past three years. This includes over 70% single-user factory space and warehouse space.

Despite the influx of supply, which will lead to a supply-demand imbalance, Knight Frank’s Tay remains bullish about the semiconductor industry. He expects it to continue expanding in Singapore, supported by growing electric vehicle and artificial intelligence requirements. Tay also believes that data centres will be an important aspect of the industrial sector as Singapore plans to increase capacity by at least 300 megawatts as part of the Green Data Centre Roadmap launched in May 2024.

Collier’s He believes that the demand for multiple-user factory space, centrally located food factories, and favored logistics locations will remain strong. She predicts rental growth of between 2.5% and 3.5% this year before tapering down to 0%–2% in 2025. Savills’ Cheong foresees a rental increase of up to 3% this year and price growth of 1%–2%.…

I/Huttons Property Market in 2024 Sees Sharp Contrast Between Slow Start and Record-Breaking NovemberThe year 2024 saw dramatic highs and lows in the property market, with the first half being lackluster and the second half breaking records. According to Huttons Data Analytics, the first half was the slowest period for project launches and sales since 1996, with boutique developments being the main focus. Only 1,889 units were sold during this period, with the largest exception being Lentor Mansion, which achieved a 75% take-up rate during its launch in March. However, the market saw a significant shift in sentiment during the second half of the year, with a 60% increase in new home sales compared to the previous quarter, according to Huttons. This was attributed to the 50-basis point interest rate cut by the US Federal Reserve in September. November was a particularly successful month, with a record-breaking six new projects comprising 3,551 units launched within 10 days. The surge in activity was driven by a year-end rush to launch projects, and the total number of developer sales for the first 11 months of 2024 is expected to surpass that of 2023. However, there has been speculation about potential cooling measures, although regulatory intervention is deemed unlikely at this point unless there is sustained market overheating and a sharp increase in property prices surpassing GDP growth. Overall, the property market in 2024 has shown resilience and continues to be seen as a solid investment for wealth creation and preservation.…

Here are the top 10 best-selling new launches of 2022 according to Huttons Asia.The article stated that projects in the Rest of Central Region (RCR) and Outside Central Region (OCR) dominated the list of best-selling new launches of 2024. This was due to strong demand from upgraders, supported by a robust HDB resale market, according to Mark Yip, CEO of Huttons Asia. Three of the top 10 best-selling projects were launched in November, based on the number of units sold. Emerald of Katong was the best-selling project of 2024, selling 99% of its units within two days, from Nov 15 to 16. This 846-unit, 99-year leasehold development now only has six units left as of Dec 17. Interested buyers can search for the latest New Launches to find out the transaction prices and available units.AdvertisementAdvertisementChuan Park, which has 916 units, came in second with 696 units (76%) sold in a single day on Nov 10. As of Dec 17, the project is 79% sold. The scarcity of new private condo launches in the neighbourhood since The Scala in 2010 was one of the reasons for the strong sales. Lentor Mansion, with 533 units, took the third spot with 75% of units sold during its launch weekend in March. After nine months, the project has achieved a sales rate of 92%.Ranked fourth is the 552-unit Nava Grove, which had a 65% take-up rate during its launch weekend in mid-November. As of Dec 17, the project is close to 70% sold. Another project with 916 units, Chuan Park, took second place with 696 units (76%) sold in a single day on Nov 10. As of Dec 17, the development has achieved a sales rate of 79% with an average price of $2,582 psf. (Photo: Kingsford Group)Fifth on the list is Norwood Grand, with 84% of its 348 units snapped up since its launch in October. The 341-unit Hillhaven was one of the first projects to be unveiled in 2024, and it has sold 50 units during its launch in January. However, sales have picked up since then, and it is now in sixth spot with 259 units (76%) sold as of Dec 17.The freehold Kassia on Flora Drive has achieved a sales rate of 65% with 180 units sold out of 276 units, making it seventh overall. Ranked eighth, the 267-unit Lentoria, located in Lentor Hills Estate, saw its sales rise from 19% on the first weekend to 66% with 177 units sold as at Dec 17.Read also: Nava Grove achieves 65% sales on launch weekend at an average price of $2,448 psf The 440-unit Sora, located at Yuan Ching Road in Jurong Lake District, made 30% of its sales with 134 units sold and ranks ninth. The final spot in the top 10 is taken by freehold Meyer Blue, which sold 131 units (58%) of its 226 units through private sales.Four projects launched in 2023 have gained momentum from the robust sales in the second half of 2024, each selling more than 200 units. These projects benefited from the launch of new developments in their respective neighbourhoods, bringing attention back to these areas.The Continuum, a freehold development with 816 units at Thiam Siew Avenue, was the biggest beneficiary of Emerald of Katong’s launch. With 233 units sold in 2024, the project has achieved a sales rate of almost 60% since November, bringing its cumulative sales to 66% since its launch in May 2023. Tembusu Grand, located across the road from Emerald of Katong, also saw a boost in sales with 53% of its 638 units sold during its launch weekend in April 2023. With most sales occurring after July when market sentiment improved in 3Q2024, Tembusu Grand is now 91% sold as at Dec 17.Nearby projects also saw improved sales, such as Hillock Green with 217 units sold in 2024, bringing its cumulative sales to 359 units (76%). Hillock Green, which has 474 units and is located in Lentor Hills Estate, sold 27.6% of its units during its first sales weekend in November 2023. Lastly, the 520-unit Pinetree Hill experienced a surge in sales after releasing its second phase of units in September. Cumulatively, the project has sold 374 units (72%), with 208 units sold this year. The project saw increased interest following the launch of Nava Grove in November, driving attention to the District 21 residential enclave.…

As Singapore continues to evolve, so does its built environment. With the arrival of 2025, the facilities management (FM) sector in Singapore is on the brink of transformation. It faces a range of challenges brought on by stricter regulations, rising global temperatures, and an increase in adaptive reuse in the construction industry. These three driving factors are shaping the future of FM and paving the way for its sustainability.

As we approach the year 2025, Singapore’s built environment is set to undergo significant changes. The facilities management sector is under pressure to adapt to changing regulatory demands, cost pressures, and technological advancements. These three key drivers will define the future of FM and contribute to its sustainability: the mandatory energy improvement regime, the impact of rising temperatures on energy costs, and the growing trend towards adaptive reuse in construction.

One of the catalysts for energy efficiency is the Mandatory Energy Improvement regime, which will begin in the third quarter of 2025. This regime will require existing energy-intensive buildings to undergo energy audits and implement energy-efficiency improvement measures. It applies to commercial, healthcare, institutional, civic, community, and educational buildings with a gross floor area over 5,000 sq m. These buildings are required to reduce their energy usage intensity by 10% from pre-energy audit levels, a feasible goal with the implementation of the right strategies.

Asset owners are encouraged to take a medium to long-term view on capital expenditure-heavy investments in energy-efficient systems. The energy audits will help identify energy consumption patterns, pinpoint performance gaps, and guide asset owners in developing a strategy to prolong the lifespan of assets, reduce operating costs in the long run, and contribute to a more sustainable built environment. Building owners can also take advantage of grants to cover the costs of energy efficiency upgrades.

One successful example of smart and sustainable facilities management can be seen in Temasek Polytechnic, Singapore’s first smart campus. The campus has embarked on a mission to digitize its operations in 2021. By utilizing a suite of solutions that digitalize campus operations, such as facility booking, crowd management, and temperature control measures, Temasek Polytechnic has valuable insights into the future of FM.

With the help of a common data environment, the campus generates data that is visualized, tracked, and monitored at a control center on campus. This allows campus operations teams to make informed decisions on how to keep the building’s operational systems healthy for as long as possible, maximizing the return on investment in these assets and reducing operational carbon levels. This model can serve as a blueprint for other institutions looking to implement smart and sustainable facilities management practices.

Another driver for sustainability in the FM sector is the climate disclosure obligations for all listed companies and large non-listed companies by 2027. These companies, with revenues of at least $1 billion and total assets of at least $500 million, are required to disclose their climate-related activities. This will likely encourage more investments in proptech as companies look for ways to mitigate the effects of rising temperatures on energy costs.

The predicted rise in temperatures in 2025 will increase the demand for cooling in buildings, leading to more investments in predictive technology. Air conditioning and mechanical ventilation (ACMV) systems are already major contributors to operational costs, accounting for approximately 60% of overall energy expenses in many buildings. Optimizing these energy systems is crucial in mitigating rising energy costs. Building owners can achieve this by implementing energy-efficient solutions like energy recovery systems or thermal energy storage. They can also optimize chiller plant operations to match changing weather conditions, reducing energy waste and costs.

At a city and precinct level, extreme weather risks, such as flooding and urban heat, threaten the health and performance of critical infrastructure. To mitigate these risks, building owners and city planners can use web-based geospatial IT to identify flood-prone areas or extremely heat-exposed spaces. This can help them create a comprehensive operational plan that takes into account the risk of extreme weather events, minimize equipment failure and downtime, and optimize chiller plant operations.

The rising construction costs in recent years have prompted a shift towards adaptive reuse, with the rate of redevelopment in Singapore accelerating. According to Surbana Jurong (SJ), the costs of mechanical and electrical systems have increased by approximately 30% compared to pre-Covid levels. This trend is driving the adoption of smart design and engineering practices, including utilizing collaborative common data environments to benchmark construction and operational costs.

Platforms that support integrated digital delivery can provide real estate developers and contractors with real-time insights into key performance indicators like time, cost, quality, and safety. Surbana Jurong’s proptech platform, Podium, aims to create a digital ecosystem that connects developers, designers, and the supply chain to deliver high construction productivity and promote sustainable building practices.

By consolidating data from multiple sources, all stakeholders in the building cycle can access valuable information on design, engineering plans, construction materials, and components. This can help inform decisions on whether to redevelop or reuse certain elements of a building, known as the adaptive reuse approach. This method can save time, labor, and materials.

Post-construction, Podium can integrate with other operational platforms to track building performance metrics such as energy, waste, water, indoor air quality, and occupancy trends. This can help drive operational carbon reduction goals. The utility cost of ACMV chiller plants can quickly spiral after construction when buildings begin operations, accounting for the bulk of energy tariffs at around 60% of total operational expenditure.

Smart buildings can help mitigate the pressure of rising costs by maximizing the life cycle of capital expenditure-heavy equipment such as ACMVs, lifts, and air handling units. This can be achieved through a data-driven, long-term approach that prioritizes energy savings to offset the energy tariffs from the capital expenditure. By utilizing sensors to monitor and track the performance of each component in a building’s equipment, predictive maintenance can be implemented to reduce downtime and improve efficiency.

For example, sensors can analyze vibrations in chiller equipment to detect wear or potential failure. Heat-sensing scanners and imaging equipment can also be used to identify abnormal temperatures or heat buildup in the system. AI-powered smart monitoring systems can also be utilized to track various components of a building’s M&E system, providing detailed information to help make informed decisions on replacements and retrofits.

In conclusion, the future of FM in Singapore is heavily reliant on sustainability, driven by the mandatory energy improvement regime, climate disclosures, and rising temperatures. By embracing digitalization, data analytics, and sustainable practices, the FM sector can drive sustainability, reduce costs, and ensure long-term operational success.…