Condo Ruthmillsteam

TOKYO: The latest Emerging Trends in Real Estate Global Outlook compiled by PwC and the Urban Land Institute (ULI) reveals that property investors in the Asia Pacific (Apac) region are increasingly concerned about low yields and stalling transaction volumes.

According to the report, released on March 12, low yields and sluggish transaction volumes were among the top concerns for property investors in Apac this year. The report is based on a survey of global asset managers, including Blackstone, Savills Investment Management, and CBRE Investment Management.

Over 70% of respondents highlighted low yields, persistently high interest rates, and geopolitical tensions as their top concerns. Despite these challenges, many industry leaders still view Apac as an attractive investment option due to its growing population and favorable demographic trends. Additionally, the region’s divergent monetary policies, such as Japan’s commitment to raising short-term interest rates, make it an appealing diversification strategy for investors.

In 2024, real estate transactions in Apac grew by 13% year-on-year, reaching US$173.5 billion ($231.3 billion), outpacing the growth of other regions such as Europe, the Middle East, and Africa (EMEA) at 12% and the Americas at 11%. However, as Europe and North America begin a new capital markets cycle with transaction volumes set to improve, Apac is expected to experience sluggish transaction volumes.

Last year, the declining transaction volume in Apac was impacted by a drop in liquidity. In China, transactions decreased by 25% year-on-year to US$418.3 billion ($557.6 billion), while Hong Kong SAR saw a 1% decline to US$15.7 billion ($20.9 billion).

Meanwhile, investors in Europe face a different set of concerns. The top three areas of concern for asset managers in the region were international political instability (85%), further escalation of the war in the region (83%), and Europe’s economic growth (77%).

Data from MSCI, a leading US-based research and data analytics company, shows that US commercial property prices stabilized in 2024, with only a 0.7% decline for the year. As a result, investors may shift their focus and capital to other regions in the upcoming months.

The report also revealed that data center assets were the top choice for investment and development prospects in all three regions in 2025. According to New York-based research firm Green Street, there was record demand for data centers globally last year, with asking rents increasing at a double-digit pace. MSCI’s latest research indicates that 2024 will be a standout year for this asset class, with acquisitions of existing data centers through single-property and portfolio deals increasing by over 60% in the US.

In September of last year, Blackstone and the Canada Pension Plan Investment Board (CPP) acquired data center company AirTrunk from Macquarie Asset Management and the Public Sector Pension Investment Board for over US$16 billion ($21.3 billion). This deal was the largest commercial real estate transaction in Apac and globally for 2024.…

SRI Capital Market, the exclusive marketing agent, is offering a 999-year leasehold conservation shophouse at 20 Liang Seah Street for $15 million. The property will be sold through an expression of interest (EOI) exercise.

This three-storey intermediate shophouse occupies a 1,129 sq ft plot that is zoned for both residential and commercial use, with a gross plot ratio of 4.2 under the latest Master Plan. The built-up area of 2,635 sq ft translates to a guide price of $2,635 psf.

The ground floor and second floor of the shophouse are approved for restaurant use, while the top floor is currently leased for residential purposes. Located within the Beach Road secondary settlement conservation area, future extensions to this property may be up to five storeys, subject to approvals.

According to Low Choon Sin, managing partner of SRI Capital Market, this property is suitable for end-users such as F&B tenants or corporate offices. The residential space on the third floor can also serve as accommodation for some staff members. Additionally, the shophouse boasts a prominent frontage along busy Liang Seah Street, which experiences high vehicular traffic during the day. It is also conveniently situated near popular restaurants and shops in Bugis.

Low further explains that 20 Liang Seah Street presents a valuable opportunity for investors looking to hold onto the property long-term, taking advantage of the ongoing rejuvenation of Bugis. Notable developments such as Guoco Midtown and the upcoming Shaw Towers will add to the vibrancy of the area.

Interested parties can participate in the EOI exercise for the sale of 20 Liang Seah Street, which will be closing on April 10.…

The long-standing family feud that has plagued the boardroom of City Developments seems to have finally been resolved. Executive chairman Kwek Leng Beng has announced that he will be withdrawing all legal actions against a group of board directors, led by his son and group CEO Sherman Kwek.

Apart from Kwek Leng Beng and Sherman, two recently appointed independent directors, Jennifer Duong Young and Su Yen Wong, will remain on the board. In a joint statement, the board members have agreed to put their differences aside for the benefit of CDL and its stakeholders.

AdvertisementAdvertisement

Leng Beng, speaking on behalf of the board, stated that all members will now focus on strengthening CDL’s business and upholding good corporate governance. This includes completing ongoing development projects in Singapore and abroad, expanding the Millennium & Copthorne brand, and maximizing shareholder value through capital recycling initiatives.

The resolution of this family feud marks a significant step forward for CDL. With the united efforts of its board members, the company can now move forward with its business plans and continue to deliver value to its shareholders.…

Steve Leung Design Group (SLD), founded by renowned architect and designer Steve Leung, is taking on the European market with a new partnership with Italian designer Andrea Bonini. The Hong Kong-based company, which is publicly traded on the stock exchange, is excited to announce the launch of its first European branch, SLD . Andrea Bonini.

Combining their expertise and experience, SLD and Andrea Bonini will provide interior design services and products to clients in Asia and Europe. From luxurious residential projects to high-end hospitality designs, the collaboration aims to elevate the design industry on a global scale.

SLD . Andrea Bonini will make its debut in April at Salone del Mobile, Milan’s popular furniture fair. This event will also showcase the brand’s first products – a smart home lighting collection created in partnership with smart home manufacturer Moorgen.

This move marks SLD’s first venture overseas. According to a press release on March 11, the company is excited to embark on a new business direction centered around “rejuvenation, diversification, and globalisation.” With over 28 years of experience and a strong presence in the market, SLD hopes to bring better lifestyles to clients around the world through innovative designs.

The collaboration with Andrea Bonini is just the beginning of SLD’s expansion plans, as they continue to explore opportunities in the international design scene. Stay tuned for more exciting developments from SLD as they bring their exceptional design services and products to a wider audience.…

CapitaLand Group recently announced a new partnership with Microsoft to leverage artificial intelligence (AI) and advanced technologies in its various businesses. Under this memorandum of understanding (MOU), CapitaLand will have access to Microsoft’s AI Pinnacle Program, enabling the company to utilize various Microsoft platforms, services, and solutions to improve customer engagement and operational efficiency in its funds, investments, retail, lodging, and development businesses.

Specific areas of collaboration between CapitaLand and Microsoft will include infrastructure development, utilizing Microsoft’s Azure cloud computing platform to enhance the design and products of CapitaLand Investment’s data centers, and integrating AI, data analytics, and machine learning to strengthen the company’s digital and business transformation efforts.

According to Quah Ley Hoon, Group Chief Corporate Officer of CapitaLand Investment, this partnership is a crucial step in the company’s digital transformation journey. AI will play a crucial role in shaping the future of CapitaLand, bringing operational efficiencies and creating value for stakeholders.

In addition to the partnership with Microsoft, Capitaland Investment (CLI) has also signed an MOU with the Singapore Business Federation (SBF) to establish a framework for digitalization and integration of AI across CLI’s retail ecosystem. This collaboration aims to drive the adoption of AI, data analytics, and cybersecurity solutions among retail tenants to enhance business efficiency and competitiveness. It will also focus on developing AI-focused skills and competencies among retail partners.

Overall, these partnerships highlight CapitaLand’s commitment to embracing advanced technologies to drive digitalization and enhance its business operations. In related news, CapitaLand Investment has recently acquired three properties in Singapore and Thailand and expects a significant decline in its profit after tax and minority interests (Patmi), but its cash flow is expected to remain stable. The last remaining penthouse in CapitaLand’s One Pearl Bank development has also been sold, with the development achieving a 100% sale. As CapitaLand continues to expand and innovate, these partnerships will play a crucial role in its growth and success.…

Capitaland Group has recently announced a partnership with Microsoft to utilize the latest AI and advanced technologies in its various businesses. This partnership comes in form of a memorandum of understanding (MoU) signed between the two, allowing Capitaland access to the Microsoft Singapore’s AI Pinnacle Program.

Through this program, Capitaland will be able to utilize various Microsoft platforms, services, and solutions to enhance customer engagement and improve operational efficiency across all its sectors including funds, investment, retail, lodging, and development. Some of the specific collaboration areas include utilizing Microsoft’s Azure cloud computing platform to develop the data center design and products for CapitaLand Investment, as well as integrating AI, data analytics, and machine learning to drive digital transformation efforts.

According to Quah Ley Hoon, the Group Chief Corporate Officer of CapitaLand Investment, this collaboration marks a significant step in the company’s digital transformation journey. With the help of AI, they aim to streamline their operations and create value for their stakeholders.

Apart from the partnership with Microsoft, Capitaland Investment has also signed an MoU with the Singapore Business Federation (SBF). Under this MoU, a framework will be established for the digitalization and integration of AI across Capitaland’s retail ecosystem. This will involve facilitating the adoption and proof of concept for AI, data analytics, and cybersecurity solutions to enhance business efficiency and competitiveness. Additionally, initiatives will be undertaken to develop AI-focused competency and skills among retail tenants.

In conclusion, with these collaborations, Capitaland is set to take its digital transformation efforts to a whole new level, making use of the latest AI and advanced technologies to drive growth and deliver value to its stakeholders.…

14 Retail Shops at Peninsula Plaza, Sim Lim Square, and Far East Plaza Available for Sale

A collection of 14 retail shops located at Peninsula Plaza, Sim Lim Square, and Far East Plaza are now up for sale through an expression of interest exercise. The properties are being marketed by ERA Realty Network with a total price of $26.46 million.

Two of the retail units are situated at Peninsula Plaza, a 999-year leasehold mixed-use development on North Bridge Road. These adjoining ground-floor shop units have a combined strata area of approximately 990 sq ft and are being sold for $8 million, or $8,081 psf.

Completed in 1980, Peninsula Plaza is a 30-storey commercial development consisting of a six-storey retail podium and a 24-storey office tower. The development is linked to the City Hall MRT Interchange Station, providing convenient access to both the North-South and East-West lines.Read also: Two retail units at Sim Lim Square for sale at $3.38 milAdvertisementAdvertisement11 strata units with a total strata area of 5,081 sq ft are up for sale at Sim Lim Square. These units are zoned for commercial use and are all located on the fifth floor with a 99-year lease starting from April 1983, leaving approximately 57 years remaining. According to ERA, most of the units are currently tenanted and face the mall’s main atrium, providing direct access from the escalators and lifts.The retail units at Sim Lim Square can be purchased individually or collectively, with prices starting from $840,000 for individual units. The entire portfolio is priced at $15.855 million, which ERA says is a 20% discount from its latest valuation. This translates to a price of $3,120 psf on the strata area.

Sim Lim Square is a strata-titled commercial development located on Rochor Canal Road in District 7. It was completed in 1987 and features 492 commercial units spread across six floors and two basement levels.

The last remaining unit for sale is situated at Far East Plaza on Scotts Road. This freehold retail unit is located on the second floor and offers a strata floor area of 355 sq ft, facing the escalator near the mall’s main entrance. It is being sold for $2.6 million, or $7,324 psf.

Far East Plaza is a freehold mixed-use development completed in 1982, featuring a five-storey retail mall and serviced apartments. The development is within walking distance of Orchard Road MRT Station.

Donald Goh, director of capital markets and investment sales at ERA, believes that the properties will attract interest from both property investors and business owners. He notes that strata retail sales in the Downtown Core and Orchard Planning Area have remained resilient last year, with 28 and 33 deals recorded respectively. Goh adds: “A ground-floor unit at Lucky Plaza was sold for $15,242 psf while units at Orchard Towers and The 101 were sold for $5,309 psf and $5,657 psf respectively, proving that strata retail shops are still an attractive investment.”Read also: Retail podium at Sky Eden@Bedok up for sale at $45.2 milAdvertisementAdvertisementThe EOI exercise will close on April 17 at 3pm. For the latest listings of Peninsula Plaza properties, please visit our website.RELATED NEWSSix commercial units in Peninsula Plaza launched for sale from $8.6 milPortfolio of four retail units in Peninsula Plaza for sale at $50.8 milRetail units at Peninsula Plaza on sale for $26.2 mil…

GuocoLand has recently secured a staggering $367.1 million green club facility from DBS Bank to develop its Faber Walk site. The site, awarded through a Government Land Sale tender in November last year to GuocoLand and its joint venture partners TID and Hong Leong Holdings, spans 277,659 sq ft. The partners had submitted the top bid of $349.86 million, equivalent to $900 psf per plot ratio.

The upcoming development is planned to include 399 residential units spread across nine low-rise blocks. It is strategically located within the Faber Walk landed private residential enclave, adjacent to the Faber Hills estate. Situated next to the Pandan River and the forthcoming Old Jurong Line Nature Trail, the waterfront development boasts a prime location.

This latest green facility for the Faber Walk project is a testament to GuocoLand’s commitment to sustainable development. The company has already implemented various eco-friendly initiatives in its other projects such as Guoco Tower on Wallich Street, Guoco Midtown on Beach Road, Midtown Modern on Tan Quee Lan Street, and Lentor Mansion in Lentor Gardens.

Moreover, the Faber Walk development is expected to receive the prestigious BCA Green Mark Platinum award for its extraordinary energy efficiency and the Maintainability badge upon completion. Dora Chng, Residential Director of GuocoLand, expressed excitement about creating sustainable and biophilic designs for the residents, similar to the successful launches of Lentor Modern and Lentor Mansion in the Lentor Hills estate.

To add to its list of impressive projects, GuocoLand has also announced its upcoming collaboration with Hong Leong Holdings for a 941-unit development at its Upper Thomson Road (Parcel B) site, awarded in April last year. The joint venture project is set to launch in the second half of this year, showcasing the company’s continuous growth and development.…

With its prime location, luxurious amenities, and unique design, Aurea has captured the attention of luxury homebuyers in Singapore. The highly anticipated project, launched for sale on March 8, has already sold 23 units at an average price of $3,005 per square foot in the Core Central Region (CCR). Developed jointly by Far East Organization and Perennial Holdings, Aurea is one of the first luxury residential developments to be launched in 1Q2025 in the CCR. The developers have released 78 units in phase one, which comprises a mix of two- to four-bedroom apartments from levels 4 to 16. This phase has achieved a sales rate of 30%, based on the 78 units released. With a total of 188 units, this translates to a sales rate of 12.2%. Designed by DP Architects, Aurea boasts a unique “hanging garden concept”. It is also the first new private condominium connected to a mixed-use development to be sold en bloc and conserved, now known as Golden Mile Singapore. According to the joint venture, 83% of the buyers at Aurea are Singaporeans, with the remaining 17% comprising of permanent residents (PRs) from Malaysia. This reflects the strong appeal of this development to locals. The very successful sales rate is being attributed to the well-designed, functional and investment potential of the two- and three-bedroom apartments in the Prestige Collection, which accounted for 74% of the sales. The four-bedroom units from the Signature Collection also attracted buyers with their large balconies offering breathtaking views of Marina Bay and Kallang Basin. The units in the Sky Villa Collection are particularly sought after, with just 18 five-bedroom apartments up to 3,251 square feet and two exclusive six-bedroom penthouses of up to 8,816 square feet. These large-format homes are a rarity in the downtown area, making them highly desirable to buyers. The strong sales at Aurea reflect the buyers’ appreciation of the opportunity to own a luxurious home blending heritage with modern sophistication. “Many have shared that they are especially captivated by the magnificent views and recognise the value of being part of the exciting ongoing evolution of this prime Downtown Core precinct,” says Shaw Lay See, COO of Far East Organization’s sales & leasing group. Ken Low, managing partner of SRI, notes that the price gap between private residential properties in the CCR and the Rest of Central Region (RCR) has significantly narrowed in recent years, from around 40% in the last 10 years to just 20% regardless of tenure. Marcus Chu, CEO of ERA Singapore, explains that this is due to the slower growth of CCR prices, which lagged behind the RCR and Outside Central Region (OCR) in recent years due to fewer new launches. However, with nine CCR launches set to take place in 2025, Chu expects a notable rise in CCR home prices this year. “Savvy investors may shift their focus back to CCR once again, since the non-landed new home price gap between CCR and RCR narrowed from 50% in 2018 to 10% in 2024, with the expectation that the gap could widen once again as more new luxury homes debut,” adds Chu. Low believes that Aurea will benefit from Singapore’s ongoing urban renewal efforts, with major infrastructural and lifestyle upgrades planned for the surrounding area. “Aurea is also situated at the doorstep of probably the largest transformation in Singapore,” he notes, adding that the 120-km Southern coastline redevelopment, stretching from the Greater Southern Waterfront, Marina Bay, Kallang Basin, and the future Long Island project, will enhance accessibility, connectivity, and vibrancy in this key city district. With its prime location, luxurious amenities, and unique design, Aurea has captured the attention of luxury homebuyers in Singapore. Its sales success is a testament to the strong demand for high-end properties in the CCR, despite the cooling measures in place. As the development progresses, it is expected to continue to attract buyers and set a new benchmark for luxury living in the CCR.…

Sim Lian’s Aurelle of Tampines sees strong sales with 90% of units sold on launch day

On March 8, Singapore developer Sim Lian Group experienced great success as it sold 682 units, which accounts for 90% of its 760-unit executive condominium (EC) project, Aurelle of Tampines. The average price achieved for the units sold was $1,766 per square foot (psf).

According to Sim Lian Group, all the four- and five-bedroom units were sold, and 84% of the three-bedroom units were also snapped up.

“This overwhelming response demonstrates the high demand for well-designed and conveniently located modern homes like Aurelle of Tampines, in the heart of one of Singapore’s most well-connected regional centers,” said Kuik Sing Beng, the executive director of Sim Lian Group Limited.

Interested buyers can find information on available units and their prices through advertisements.

Ismail Gafoor, the CEO of PropNex, remarked that the average price of $1,766 psf has set a new record for launch prices in the EC market. He also mentioned that the 90% launch take-up rate is the highest for a new EC project since the 531-unit Hundred Palms Residences was sold out on launch day in July 2017 at an average price of $841 psf.

Sim Lian also reported that the 30% quota allocated for second-timers was met by 3.15pm on the launch day. The quota for second-timers will be lifted a month after the launch date.

“The take-up rate could have been even higher without the quota limit on second-timers,” remarked Eugene Lim, the key executive officer at ERA Singapore. However, he added that second-timers will have another chance to ballot for a unit a month after the launch date.

“The government may consider increasing the quota for second-timers buying an EC, in line with the recent increase in quota for second-timers purchasing BTO [build-to-order] flats with three bedrooms or more,” said Mark Yip, the CEO of Huttons Asia.

PropNex’s Gafoor also noted that 68% of buyers opted for the Deferred Payment Scheme (DPS) to finance their property purchases, while the remaining chose the Normal Payment Scheme.

Before the launch, over 2,200 electronic applications (e-apps) were received since the project opened for preview on February 21. This figure is the highest number of e-apps since the launch of Copen Grand, the first EC in Tengah, which received 2,300 e-apps in 2022.

Aurelle is the second EC launched in Tampines North, following the neighboring 618-unit Tenet, a joint venture of Qingjian Realty, Santarli Realty, and Heeton Holdings. Tenet, launched in December 2022, saw 72% of the units sold on the launch day, and it is now fully sold at an average price of $1,348 psf.

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

“The attractive pricing, strategic location, and unique features of this project have made it a sought-after choice for eligible first-time buyers and upgraders,” says ERA’s Lim.

Aurelle’s strong sales could also be attributed to its proximity to ParkTown, a fully integrated mixed-use development with a transport hub (MRT station and bus interchange), shopping mall, hawker centre, and community club.

The 1,193-unit ParkTown Residence, a joint venture between CapitaLand and UOL Group, sold 1,041 units on its launch weekend on February 22-23. To date, 1,043 units have been sold at an average of $2,361 psf.

“Aurelle is probably the second EC to be located next to a fully integrated mixed-use development,” says Huttons’ Yip. The first was the 573-unit Esparina Residences in Sengkang. Launched in October 2010, the average price at that time was around $748 psf. However, based on recent caveats lodged, the average price of units sold from January 2024 to January 2025 is $1,625 psf, which is a 117% increase.

In November 2019, a 1,367 sq ft unit on the seventh floor of Esparina Residences was sold for $2.388 million ($1,747 psf), the second-highest psf price achieved at the development. The highest price was for another 1,367 sq ft unit on the 14th floor, which was sold for $2.4 million ($1,756 psf) in November 2023, based on recent caveats lodged.

Compared to new private condos in 2025, new ECs are priced around $600 psf cheaper, notes ERA’s Lim. Yet, when compared to resale condos in the suburbs or Outside Central Region (OCR), the average price of a new EC is only 1% higher. “This, combined with a fresh 99-year lease and modern facilities, makes new ECs an attractive option for buyers,” he concludes.

Read also: Sim Lian’s Aurelle of Tampines to set new price benchmark for executive condos

New ECs are priced about $600 psf cheaper than new private condos in 2025, notes ERA’s Lim. However, compared with resale condos in the suburbs or Outside Central Region (OCR), the average price of a new EC is just 1% higher. “This, coupled with a fresh 99-year lease and modern facilities, makes new ECs a compelling choice for buyers,” he adds.

New ECs are priced approximately $600 per square foot cheaper than new private condos in 2025, as stated by ERA’s Lim. However, when compared to resale condos in the suburbs or Outside Central Region (OCR), the average price of a new EC is only 1% higher. “This, combined with a fresh 99-year lease and modern facilities, makes new ECs an attractive option for buyers,” he concludes.…