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Redas has recently elected its management committee for a new two-year term, during its Annual General Meeting on Jan 9. Tan Swee Yiow, Chairman of Keppel Reit Management, has been unanimously re-elected as President for the second consecutive term.

Expressing his gratitude for the re-election, Tan says that he is honored to continue serving as President and that the new management committee brings together a diverse representation of expertise, sector, and scale within the real estate industry.

The new management committee comprises of Chia Ngiang Hong as Immediate Past President, Kwee Ker Wei as First Vice President, Marc Boey as Second Vice President, Chong Hock Chang as Honorary Secretary, Neo Soon Hup as Honorary Treasurer, Chew Peet Mun as Honorary Assistant Secretary, and Tho Leong Chye as Honorary Assistant Treasurer.

Chia Ngiang Hong, the Immediate Past President of Redas, congratulated the new management committee and praised Tan’s exemplary leadership and the trust placed in him by the Redas community.

Tan further added that the diverse composition of the new management committee will enable the association to effectively drive initiatives that will have a meaningful impact on the broader built environment ecosystem.

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During the RICS-REDAS conference, topics like the implementation of the Environmental Sustainability Framework (ESF) and green premiums were discussed. The Land Transport Authority (LTA) also announced the launch of an AI chatbot and streamlined road approval processes for developers. Furthermore, developers have suggested separate land zoning to meet the projected demand for senior accommodation in Singapore.…

A lucrative transaction took place at The Arcadia in the final weeks of 2024, with a 3,767 sq ft unit selling for a record profit of $3.25 million. Located in prime District 11, the four-bedroom unit on the seventh floor was sold for $4.75 million on Dec 10, resulting in a profit of 217%. According to caveats, the unit was purchased for $1.5 million in 1998, which translates to a resale transaction with an annualised profit of 4.5% over a span of 26 years.

Last year, there were five profitable transactions at The Arcadia, ranging from 3,714 sq ft to 3,821 sq ft, with profits ranging from $60,000 to $3.25 million. The second most profitable transaction was the sale of a 3,778 sq ft unit on the fourth floor, which was sold for $4.6 million ($1,218 psf) on Oct 10, bringing the seller a profit of $60,000.

The most profitable transaction recorded at The Arcadia to date was the sale of a 7,503 sq ft penthouse on the 10th floor for $10 million ($1,333 psf) in 2010. The penthouse was bought for $5.5 million ($733 psf) in 2007, resulting in a profit of $4.5 million (81%) for the seller. This translates to an annualised profit of about 19% over three years.

The Arcadia, a 99-year leasehold condo located in prime District 11, was completed in 1983 and has approximately 54 years left on its land tenure. Surrounded by landed estates and Good Class Bungalows, as well as top schools such as Raffles Girls Primary School, Hwa Chong Institution and National Junior College, it remains a highly sought-after location.

The second most profitable resale in the last three weeks of 2024 was a 2,077 sq ft unit at Tanglin Hill Meadows, which was sold for $4.5 million ($2,166 psf) on Dec 10. The three-bedroom unit was purchased for $1.8 million ($866 psf) in 1999, resulting in a profit of $2.7 million (150%) for the seller. This also makes it the most profitable transaction to date at Tanglin Hill Meadows, surpassing the previous record of $2.28 million (157%) when a 2,002 sq ft unit was sold for $3.73 million ($1,863 psf) in 2010. That unit was bought for $1.45 million ($724 psf) in 2005, resulting in an annualised profit of 21% over a period of five years.

Tanglin Hill Meadows, a freehold condo located along Tanglin Hill in prime District 10, was completed in 1997 and is nestled within the Ridley Park Good Class Bungalow Area.

However, for some properties, losses have continued to mount. At Seascape, a 99-year leasehold condo in Sentosa Cove, the seller of a 2,174 sq ft unit on the seventh floor incurred a loss of $1.97 million (33%) when the unit was sold on Dec 18. The three-bedroom unit was sold for $3.98 million ($1,830 psf) after being bought for $5.95 million ($2,736 psf) in 2011. This results in an annualised loss of 2.5% over 13 years.

This sale marks the third resale transaction at Seascape last year, all of which recorded losses ranging from $1.75 million to $2.53 million. The transaction that resulted in the $2.53 million loss was also the second-largest loss-incurring resale transaction for the year. It involved a 2,680 sq ft unit that was sold for $4.5 million ($1,679 psf) on Aug 14.

The completed in 2012, Seascape is a 151-unit condo that fronts the South China Sea. It offers three-bedroom and four-bedroom units ranging from 2,164 sq ft to 4,069 sq ft. Penthouses range from 3,380 to 4,252 sq ft, while sky villas range from 6.631 to 9,666 sq ft.…

A luxurious Good Class Bungalow (GCB) located in the prestigious Victoria Park area is now on the market for sale at a whopping price of $61 million. The lavish seven-bedroom bungalow was completed just three years ago and is situated at the end of the exclusive Victoria Close, a cul-de-sac that houses only 10 bungalows.

According to Jervis Ng, associate group district director at PropNex Realty and the agent marketing the sale of this GCB, the area in which the bungalow is located is a gazetted GCB area in Singapore. This means that the number of houses in the enclave cannot be increased unless a larger plot of land measuring more than 30,000 sq ft is subdivided, in accordance with planning guidelines.

Ng, who is also the founder of JNA Real Estate, a property team under PropNex, states that this exclusivity and privacy enjoyed by the GCBs along Victoria Park Close is highly sought after by ultra-high-net-worth individuals and their families, who are willing to pay a premium to live in such a secluded and prestigious location. He further explains that in recent times, there has been a surge in interest from newly naturalised Singaporeans in the GCB market, which has led to an improvement in buying sentiment. This includes individuals who have grown up in countries like China, India, or Indonesia, and are now looking for a luxury home in Singapore.

The Victoria Park GCB area has several well-known residents, including Jack Ma, the Chinese business magnate and co-founder of Alibaba Group, and Tang Wee Kit, a member of the Tang family known for founding the iconic Tangs departmental store. This adds to the allure of the area and makes it attractive to potential buyers.

Ng points out that the bungalow for sale has been extremely well-maintained, which gives it the appearance of a brand new house. In addition, it boasts a contemporary interior design with high-quality materials and finishes. He also adds that the property utilises its 18,988 sq ft plot of land efficiently, thanks to the close collaboration between the owners and the architect.

The total built-up area of the GCB spans over 25,300 sq ft and includes seven en suite bedrooms, three helpers’ rooms, and a basement carpark that can accommodate up to seven cars. The basement level also houses an entertainment room, which is fitted out as a home cinema and has the flexibility to be used as a guest room if required. There is also a private gym and a 20m lap pool, adding to the luxuriousness of the property.

Situated on a hilltop, most of the rooms in the bungalow overlook the serene and low-rise neighbourhood, creating a peaceful and tranquil environment for residents.

Ng notes that there have been relatively few resale transactions in the Victoria Park GCB area in recent years. According to caveats, the plot of land on which the GCB for sale stands was purchased for $18.2 million in September 2016, which translates to a land rate of $959 per sq ft. The last recorded transaction in Victoria Park Close was for a 15,253 sq ft plot that was sold for $28.33 million in May 2021, at a land rate of $1,857 per sq ft. Prior to that, a 29,956 sq ft plot was sold for $40 million ($1,335 per sq ft) in April 2017. Along Victoria Park Road, the last recorded GCB sale was for a 32,077 sq ft site that changed hands for $48 million ($1,496 per sq ft) in November 2011.

According to Ng, there are several stabilising factors such as anticipated lower interest rates, sustained demand from ultra-high-net-worth buyers, and the limited supply of GCBs that are expected to drive transaction activity in the GCB market this year. He predicts that GCB transaction volume will increase by 10% to 15% from last year, barring any major external economic disruptions. In 2020, there were 35 GCB transactions that raked in a total transaction volume of $1.32 billion, significantly higher than the previous record of $1.186 billion set in 2019.…

, 14% above asking

ETC, the local real estate advisory firm, has recently announced that it will now be known as ETC with immediate effect. The company has also undergone a rebranding exercise which includes a revamped logo.

According to Desmond Sim, the CEO of ETC, the decision to officially adopt the abbreviated name was driven by the company’s employees. This reflects the company’s commitment to valuing their employees’ insights, voices, and ideas.

Sim further explains that the new name, ETC, has always been a common abbreviation among both clients and staff. The company’s refreshed identity is a testament to their growth and unity as one united ETC. It also showcases their determination to shape the future of real estate, not just locally but also regionally.

The rebranding coincides with the company’s 30th anniversary. Founded in 1995, ETC offers a comprehensive range of services throughout the entire lifecycle of a real estate asset – from advisory and investment to management and divestment. They are known for their expertise and experience in the industry.

In addition, ETC has recently completed the $5 million revamp of Marina Bay Residences, enhancing the living experience for residents and delivering value in premium rents. This demonstrates their dedication to delivering quality and excellence in all their projects.

Furthermore, ETC has also been involved in several notable transactions, including the sale of three food-factory units at Pandan Loop for $11 million and Noel Building on Tai Seng for $81.18 million, which was 17% above the guide price. They have also sold GS Building in Balestier for $67 million, which was 14% higher than the asking price. These achievements are a testament to ETC’s reputation and expertise in the real estate industry.

In conclusion, the rebranding to ETC marks an important milestone for the company as they continue to grow and expand their reach in the real estate market. It is a symbol of their commitment to providing top-notch services and shaping the future of the industry.…

A luxurious Good Class Bungalow (GCB) located in the prestigious Dalve Estate-Nassim Road enclave has been put up for sale through an expression of interest (EOI) exercise, with an estimated price of $60 million. This translates to $2,742 per square foot (psf), taking into account the land area of 21,881 square feet, according to a press release by Cushman & Wakefield on Jan 8.

Shaun Poh, the executive director of capital markets at Cushman & Wakefield, highlights the prime location of the freehold plot, which sits on elevated ground, making it ideal for redevelopment. He notes that the property is perfect for buyers who want to custom-build their ideal multi-generational home, or for developers looking to create a luxurious and state-of-the-art GCB for discerning individuals.

The GCB is situated near the renowned Singapore Botanic Gardens and is only a short drive away from the popular Orchard Road shopping belt. It is also in close proximity to prestigious schools such as Singapore Chinese Girls’ School, Anglo-Chinese School (Primary), Nanyang Primary School, St Joseph’s Institution, and Hwa Chong Institution.

Poh also emphasizes that the neighbourhood is highly sought-after by ultra-high net worth individuals, as seen in recent record-breaking transactions at Nassim Road and Tanglin Hill, where land rates reached $4,500 psf and $6,200 psf respectively.

Interested parties can submit their offers through the EOI exercise, which will close on Feb 11 at 3pm.…

A new residential development in New York is set to be unveiled to potential buyers from Singapore on the weekend of Jan 11 and 12. The development, named 720 West End Avenue, is located in the prestigious Upper West Side of Manhattan and offers a total of 131 residences. These include a variety of one- to five-bedroom apartments, townhouses, duplexes, and penthouses with private terraces. The units range in size from around 500 sq ft to a spacious 3,700 sq ft and prices start at US$1.015 million ($1.38 million) for a one-bedroom residence.

Designed by renowned New York architect Emery Roth in 1927, 720 West End Avenue is a beautiful redevelopment of a pre-war building. Previously known as the Hotel Marcy, the 17-storey building boasts a stunning Renaissance Revival-style façade. The developers, Glacier Equities and InterVest Capital Partners, have taken special care to preserve the intricate architectural details of the building’s exterior while adding two floors to house the luxurious penthouse duplexes. The interior of the building has also been revamped by renowned designer Thomas Juul-Hansen.

The development offers over 30,000 sq ft of amenities for its residents to enjoy. These include a state-of-the-art fitness centre, a private bar and dining room, a library, co-working spaces, outdoor terraces and courtyards, private parking, and bike storage. To showcase this luxurious development to potential buyers from Singapore, Savills Singapore will be hosting a presentation on Jan 11 and 12 at the voco Orchard Hotel. The event will also feature a seminar on the New York real estate market at 3pm on both days.…

offers buyers immediate return and long-term potential

Ayana Bali, a sprawling 90ha integrated resort in Bali, Indonesia, has introduced its newest residential offering, the Alamanda Tower. This stunning apartment complex offers a total of 26 one- and two-bedroom residences available for flexible long-term lease, with a minimum stay of one month.

The Alamanda Tower is part of Ayana Residences, a prestigious collection of residences within the Ayana Bali estate. Situated along the scenic coastline of Jimbaran Bay, Ayana Bali boasts four exquisite hotels (Ayana Resort Bali, Ayana Segara Bali, Ayana Villas Bali and Rimba by Ayana Bali), an award-winning spa, a professional golf course, a private beach, numerous event venues and an impressive selection of 30 dining options.

Residents of the Alamanda Tower will have exclusive access to three magnificent rooftop pools, as well as full use of the luxurious facilities at the community center at Ayana Residences. These amenities include a state-of-the-art gym, an inviting lap pool and a relaxing sauna and steam room. Additionally, residents will have the privilege of having a dedicated concierge team at their service, bi-weekly housekeeping, a convenient buggy service within the Ayana Bali estate and a discount on all dining and select spa services.

The idyllic one-bedroom units at the Alamanda Tower measure a generous 1,173 sq ft and are priced from approximately IDR70 million ($5,896) per month. Meanwhile, the elegant two-bedroom units without a pool offer a spacious living area of 1,647 sq ft and are priced from around IDR100 million per month. For those looking for a more lavish lifestyle, two-bedroom units with its own private pool measure between 2,045 to 2,648 sq ft and start from approximately IDR120 million per month.

Ayana Bali is proudly managed by Indonesia’s Ayana Hospitality, which also expertly operates properties in Jakarta and Labuan Bajo.…

Surbana Jurong Group has announced the appointment of Professor Cheong Koon Hean to its board of directors. According to a press release on January 6, this addition will enhance Surbana Jurong’s ability to provide cutting-edge, resilient, and sustainable solutions for the built environment.

Previously, Cheong had served as the CEO of HDB from 2010 to 2020 and was the CEO of URA from 2004 to 2010. Currently, she is the Chair of the Lee Kuan Yew Centre for Innovative Cities and a Professor of Practice at the Singapore University of Technology and Design. She is also the Chair of the Centre for Liveable Cities Advisory Panel, which operates under the Ministry of National Development.

Furthermore, Cheong holds positions on the boards of the National University of Singapore and CapitaLand Group. She also serves as Singapore’s non-resident ambassador to Finland.

Read also: Predictions for the Future of Sustainable and Intelligent Buildings in 2025…

A prime freehold condo, River Valley Apartments, located on River Valley Road in prestigious District 10, has been put up for collective sale by public tender. Exclusive marketing agent, Knight Frank Singapore, announced on Jan 6 that the development is being offered at a price of $56 million.

Built in the 1950s, River Valley Apartments is a four-storey development comprising of 24 units. It sits on a land area of approximately 12,408 sq ft, zoned for residential use with a gross plot ratio of 2.8. The property is strategically situated just 500m away from Great World MRT Station on the Thomson-East Coast Line, and within walking distance to Great World City and Valley Point Shopping Centre. Schools such as River Valley Primary School and Alexandra Primary School are also conveniently within a 1km radius.

According to the EdgeProp LandLens map, the site has the potential for redevelopment into a boutique residential project with 37 new units, each with an average size of 915 sq ft. The guide price of $56 million translates to a land rate of approximately $1,622 psf per plot ratio (psf ppr), inclusive of a nominal land betterment charge. With the additional 7% bonus gross floor area allowed for balconies, the price equates to about $1,583 psf ppr.

Chia Mein Mein, head of capital markets (land and collective sale) at Knight Frank Singapore, notes that the site is in close proximity to three Government Land Sale (GLS) sites that were sold last year. In April 2024, Zion Road (Parcel A) was awarded to a joint venture between City Developments and Mitsui Fudosan for $1.107 billion ($1,202 psf ppr). In June 2024, the GLS site at River Valley Green was sold for $463.99 million ($1,325 psf ppr) to Wing Tai Holdings. Two months later, Zion Road (Parcel B) was awarded to Allgreen Properties for $730.9 million ($1,304 psf ppr) in August.

Chia adds: “Despite a lacklustre property market in the Central Region, the interest in the River Valley and Zion Road location reflects developers’ confidence in this area. They may anticipate a high demand for prime properties once these projects are launched, following a prolonged period of subdued activity.”

Knight Frank estimates that owners of units at River Valley Apartments, which range from 947 to 1,238 sq ft, may receive minimum sale proceeds of $2 million to $2.6 million if the development is successfully sold.

The collective sale tender for River Valley Apartments closes on Feb 18 at 3pm. Interested parties can refer to the latest listings for River Valley Apartments properties, as well as previous rental and sale transactions in the condo and District 10. The price trend chart for River Valley Apartments is also available for reference.…

Golden Mile Tower will receive approval for voluntary conservation from URA if the 99-year leasehold development is sold successfully in a collective sale and a developer plans to redevelop the property. This decision was made after reviewing documents obtained by EdgeProp Singapore, indicating that the government is willing to increase the site’s allowable gross plot ratio (GPR) from 4.46 to 5.6, based on the existing site area of 93,902.5 sq ft, if the developer conserves at least the existing cinema block.

This would result in a higher gross floor area (GFA) of 525,854 sq ft, which is a significant increase from the current 419,142 sq ft. Additionally, voluntary conservation would allow for a higher maximum building height of 164m, up from the current limit of 145m.

The recent collective sale attempt by the owners of Golden Mile Tower was in August of last year, with a reserve price of $556 million. This was the third unsuccessful en bloc attempt to sell and redevelop the 99-year leasehold development.

Anna Tan, business development director at Tag Realty (the marketing agent for the collective sale of Golden Mile Tower), has stated that the reserve price remains the same and translates to a land rate of $1,350, which includes the cost of renewing the land tenure but does not include land betterment charges.

Tan also notes that the increase in building height allows for a striking skyline presence and potential for commercial and hotel spaces to have 5m floor-to-ceiling heights, while residential units could offer 3.6m ceiling heights.

This approval for voluntary conservation is significant as the neighboring Golden Mile Complex, now known as Golden Mile Singapore, was gazetted for conservation in 2021. Developed by Perennial Holdings and Far East Organization, the commercial units were launched in December of last year. The new residential units, located in a 45-storey tower, are expected to launch this quarter.

Tan believes this is a rare opportunity to redevelop Golden Mile Tower due to the limited land supply along Beach Road and the increased value from recent rejuvenation efforts including the launch of Golden Mile Singapore and the Kallang Alive masterplan.

The redevelopment of Golden Mile Tower offers a unique investment opportunity due to its heritage and future potential, making it appealing to both local and international investors. This prime location along Beach Road and its mixed-use development potential make it a highly desirable property.…