Condo Ruthmillsteam

after securing final approval

Mr Chong, a retiree, helped his three sons with some financial support when they were purchasing their homes. His eldest son bought a private condo, while his two younger sons bought executive condos (ECs). According to Mr Chong, buying an EC during a new launch is a smart decision. He says even if you buy shortly after the five-year minimum occupation period (MOP), it is still an excellent entry price.

Mr Chong has experienced both situations. His second son bought a three-bedroom unit at the 531-unit Hundred Palms Residences, which was launched in July 2017. “He wanted to buy a four-bedroom unit, but those were snatched up so quickly,” shares Mr Chong.

The project, developed by Hoi Hup Realty, received 2,000 e-applications and was sold out on the first day of launch at an average price of $841 psf. The EC on Yio Chu Kang Road was completed in 2019. Based on caveats lodged in January and February 2025, the average price of units sold was $1,769 psf, resulting in a 110% price gain in eight years.

Mr Chong bought a four-bedroom, dual-key resale unit at Twin Fountains, a 418-unit EC in Woodlands, in 2021. The EC was developed by a joint venture between Frasers Property and Lum Chang and was launched in 2013 and completed in 2016. The dual-key unit provides Mr Chong with privacy as he occupies the one-bedroom studio while his son and family occupy the three-bedroom apartment. As a dual-key unit, each apartment has its separate entrance, even though the main entrance is shared.

Mr Chong and his family purchased the unit at $1,000 psf, which was considered a new high at that time, but recent resale prices are even higher. According to Mr Chong, the latest transaction of a 1,206 sq ft, four-bedroom unit at Twin Fountains in February was $1.62 million ($1,344 psf). “Even though you may miss the boat, like my youngest son, and buy in at $1,000 psf, resale prices at Twin Fountains are now 30% higher,” adds Mr Chong.

Last October, City Developments launched the 348-unit Norwood Grand private condo at Champions Way in Woodlands. About 84% of the units were sold during the launch weekend at an average price of $2,067 psf, setting a new benchmark for Woodlands.

Mr Chong attributes the launch of Norwood Grand’s average selling price, which is 53.8% higher than the latest resale price at Twin Fountains, to the revival of interest in the northern region after the announcement of revitalization and new infrastructure, including the Johor Bahru-Singapore Rapid Transit System (RTS) with the Singapore terminus in Woodlands North.

Nevertheless, EC buyers now have to shell out a larger cash outlay due to rising EC prices and caps on loan quantum, according to Eugene Lim, key executive officer of ERA Singapore. For ECs, the monthly household income ceiling is $16,000. Buyers must meet the mortgage servicing ratio (30% cap) and total debt servicing ratio (55% cap) requirements if taking a loan. Furthermore, buyers must be Singapore citizens or permanent residents (PRs) after the five-year MOP, while foreigners are only allowed to purchase ECs in the resale market after the 10th year of obtaining Temporary Occupation Permit (TOP).

Assuming a 30-year-old EC buyer with a household income of $16,000 and a maximum loan tenure of 30 years, the maximum loan amount is approximately $1 million based on the 4% interest rate for mortgage servicing ratio (MSR) stress test, estimates ERA’s Lim.

According to Lim, despite the higher upfront costs, buyers are still interested in ECs because of their affordability and lower price per square foot (psf) compared to 99-year leasehold private condos in the same area. Aside from the lower price relative to new private condos, EC buyers do not have to sell their existing homes before purchasing, notes Lim. Furthermore, HDB upgraders do not have to pay additional buyer’s stamp duty (ABSD) when buying a new EC.

Moreover, EC buyers may choose the deferred payment scheme (DPS) at a slightly higher purchase price. Under the DPS, buyers only need to pay a deposit, with their loan deferred until after the completion of the EC. “This way, buyers do not need to service two mortgages while waiting for the new home to be completed,” reveals Lim.

According to Lim, there is demand for ECs in the market due to their affordability and lower price psf compared to 99-year leasehold private condos in the same location. He attributes the narrowing of the gap between median prices of new ECs and new private condos to the EC prices rising at a quicker rate of 9.6% from 2023 to January 2025, while non-landed home prices in the Outside Central Region (OCR) increased by 5.3% over the same period.

According to Christine Sun, OrangeTee Group chief researcher and strategist, the median price gap between new ECs and new private condos in the OCR has narrowed in the last few years. Based on data from URA Realis, the gap has narrowed from 49.4% in 2023 to 44.2% in 2024 and to 43.6% in January 2025. She believes that the gap will continue to narrow as new private condo median prices for this year may exceed $2,200 psf, as was the case in 2024.

OPINION: Why buying an executive condo is NOT a sure-win

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show flat of ARC380

Revamped SingPost Centre

The Flow@East Coast

Seletar Park Residence

Jui Residences

Kismis Residences

River View Residences

182, Fernvale Close

Marina One Residences

Kismis Residences

River View Residences

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Mr Chong, please revise the following article.

The elderly retiree Chong provided financial assistance to his three sons while they were settling down in their new homes. His eldest son invested in a private condominium, and Mr Chong’s two younger children bought executive condos (ECs). According to Mr Chong, purchasing an EC during its launch phase is a wise decision. Even if one buys shortly after the five-year minimum occupation period (MOP), the entry price is still attractive.

Mr Chong has personal experience with both scenarios. His second son bought a three-bedroom unit at the 531-unit Hundred Palms Residences, which was launched in July 2017. “He wanted to purchase a four-bedroom unit, but they were quickly snapped up,” Mr Chong shares.

The project, developed by Hoi Hup Realty, received 2,000 e-applications and was sold out on the first day at an average price of $841 psf. The EC located on Yio Chu Kang Road was completed in 2019. Based on caveats lodged in January and February 2025, the average price of units sold was $1,769 psf, showing a 110% price gain in eight years.

In 2021, Mr Chong and his family purchased a 1,399 sq ft, four-bedroom, dual-key resale unit at Twin Fountains, a 418-unit EC in Woodlands. The EC was developed by a joint venture between Frasers Property and Lum Chang and was launched in 2013, and completed in 2016. The dual-key unit provided Mr Chong with privacy as he occupies the one-bedroom studio while his son and family occupy the three-bedroom apartment. As a dual-key unit, each apartment has its own separate entrance, even though the main entrance is shared.

Mr Chong and his family bought the unit at $1,000 psf, which at that time, was considered a new high. However, recent resale prices are even higher. According to Mr Chong, the latest transaction of a 1,206 sq ft, four-bedroom unit at Twin Fountains in February was $1.62 million ($1,344 psf). “Even if you miss the boat, like my youngest son, and we bought in at $1,000 psf, resale prices at Twin Fountains are now 30% higher,” he adds.

In October last year, City Developments launched the 348-unit Norwood Grand private condo at Champions Way in Woodlands. Around 84% of the units were sold during its launch weekend at an average price of $2,067 psf, setting a new benchmark for Woodlands.

Mr Chong points to the launch of Norwood Grand’s average selling price, which is 53.8% higher than the latest resale price at Twin Fountains, to show the renewed interest in the northern region after the announcement of revitalization and new infrastructure, including the Johor Bahru-Singapore Rapid Transit System (RTS) with the Singapore terminus in Woodlands North.

However, due to rising EC prices and caps on loan quantum, EC buyers now have to pay a larger cash outlay, according to Eugene Lim, key executive officer of ERA Singapore. For ECs, the monthly household income ceiling is $16,000. Buyers must meet the mortgage servicing ratio (MSR) (30…

Singapore-based buyers favour luxury branded residences in nearby regions such as Phuket, Bali and emerging markets in VietnamWritten by C9 Hotelworks, a leading hospitality and real estate consultancy based in Thailand

The market for branded residential projects in Asia has reached a record high of US$26.6 billion in value, according to C9 Hotelworks, an Asia-based hospitality consultancy. This surge is attributed to the growing popularity of luxury branded residences, with over 68,000 units now available.

Leading the pack is Vietnam, with 17,680 branded residential units across 59 properties. These units have an average price of US$350 per square foot (psf). Thailand comes in second with 16,271 units across 65 properties, with a higher average price of US$510 psf. The Philippines also ranks high on the list, with 13,276 units across 46 properties priced at about US$400 psf.

Singapore, however, commands the highest prices in the region for branded residences, with an average of US$2,140 psf. It is followed by Japan, where prices are about US$1,935 psf.

Infographic: C9 Hotelworks

The market for branded residential projects in Asia is still growing, with new markets emerging. South Korea, for instance, has seen a rapid growth in the number of branded residential units in recent years, with 3,026 units across 16 properties. Malaysia also boasts 6,014 branded residential units across 24 projects.

According to Bill Barnett, managing director of C9 Hotelworks, urban-locale branded residences currently make up 56% of the market supply in Asia in the post-Covid-19 era. These luxury urban projects also dominate the sector in terms of market value. For instance, in South Korea, urban branded residences are priced at US$2,670 psf, which is significantly higher than resort projects that typically sell for US$1,040 psf. Similarly, in Thailand, urban branded residences have an average price of US$770 psf, while resort locations have an average of US$430 psf.

The data also indicates that branded residences affiliated with luxury hotel brands make up about 31% of the market supply, with approximately 12,330 units across 80 developments. According to Barnett, the data demonstrates that having a reputable brand attached to a property can help command a premium of 30%-35% above market rates in a particular country. It also helps developers gain a larger market share within that country.

The appeal of top hospitality brands and other luxury lifestyle brands has also resulted in an increase in licensing fees demanded by these brands. It has become common for luxury hotel and lifestyle brands to ask for a 6% to 10% cut in the sale of each branded residential unit, notes Barnett.

Last August, Thai developer Ananda Development and German automaker Porsche, through its lifestyle brand Porsche Design, announced the launch of the ultra-luxury Porsche Design Tower Bangkok in Thonglor. The 22-unit tower, set to be completed in 2028, is the first Porsche residential tower in Asia, following the Porsche Design Tower Miami, which was launched a decade ago. The units are priced between US$15 million and US$40 million.

From left: Saowarin Chanprakaisi, vice-president of business development, The Ascott; Teo Junrong, vice-president of business development, The Ascott; David Johnson, CEO of Delivering Asia; Gianfranco Bianchi, general manager, Asia Pacific at The One Atelier; Jason Thelen, senior director of sales and marketing at Sudara Residences; Ananth Ramchandran, head of advisory and strategic transactions, hotels and hospitality Asia, CBRE; Lee Nai Jia, head of real estate intelligence of digital and software solutions, PropertyGuru Group and Bill Barnett, managing director of C9 Hotelworks. (Picture: C9 Hotelworks)

Gianfranco Bianchi, general manager for Asia Pacific at The One Atelier, a global design consultancy that specialises in branded residences for lifestyle brands, observes that in recent years, more and more luxury lifestyle brands have been exploring partnerships to license their branding for real estate developments across the Asia Pacific region. Some of the brands that One Atelier has partnered with include Fendi Casa, Dolce & Gabbana, Karl Lagerfeld, and Porsche Design.

Hospitality-affiliated branded residences offer top-notch hospitality services, while fashion or design-branded residences provide a rare trophy home that embodies the design and luxury aesthetic synonymous with these brand names, explains Bianchi.

Ananth Ramchandran, head of advisory and strategic transactions in hotels and hospitality (Asia) at CBRE, reports that cooling measures in the property market have resulted in a growing interest among high-net-worth Singapore-based buyers in branded residences located in nearby regional markets. “We have seen a significant reduction in discussions and inquiries from Singapore developers regarding high-end ultra-luxury branded residential projects in Singapore. The cooling measures have dampened demand for foreign buyers, and developers are hesitant to enter this high-end segment,” he says.

He also notes that luxury branded residences in destinations such as Phuket and Bangkok in Thailand, Bali in Indonesia, and emerging markets in Vietnam are becoming increasingly popular among Singapore-based buyers. These locations are just a two-hour flight away from Singapore, making them highly accessible. “The relatively short travel time and the availability of regularly scheduled direct flights make it much more appealing to Singapore-based buyers,” he says. In fact, last month, major airlines such as SIA, Scoot, AirAsia and Jetstar operated around 150 flights per week between Singapore and Phuket.

Jason Thelen, senior director of sales and marketing at Sudara Residences, a Thai-based developer, concurs, noting that Singapore is now the top regional market for buyers seeking second homes, accounting for more than 45% of regional purchases. Saowarin Chanprakaisi, vice-president of business development at The Ascott, observes that in light of the potential for growth in the branded residential segment in Asia, the hospitality group is looking to expand its market share by partnering with developers who are keen to enter the branded residential market. The group’s portfolio includes brands such as Ascott, The Crest Collection, and Oakwood Premier.

According to Chanprakaisi, branded residential operators must build and maintain trust in their brand’s ability to deliver top-quality service that will ultimately translate into the long-term value proposition of the asset.…

Malaysian property developer UEM Sunrise and Singapore-listed GuocoLand have signed a memorandum of understanding (MOU) to jointly develop selected freehold land in Iskandar Puteri, Johor. This marks the first collaboration between private companies from Malaysia and Singapore within the Johor-Singapore Special Economic Zone (JS-SEZ), according to a press release issued on Feb 27.

The MOU was signed at the opening of UEM Sunrise Gallery Iskandar Puteri, which showcases the developer’s vision for Iskandar Puteri. Iskandar Puteri, which is part of Flagship Zone B of the JS-SEZ, is a top destination for various sectors such as manufacturing, business services, education, health, and tourism.

If you’re looking to invest in overseas properties, check out the projects available for sale around the world. The MOU covers UEM Sunrise’s land in Gerband Nusajaya and Puteri Harbour, two key areas within Iskandar Puteri. The collaboration aims to unlock the potential of Iskandar Puteri and make it more attractive for investment by improving connectivity, fostering talent development, and creating a business-friendly ecosystem.

According to Hafizuddin Sulaiman, CFO of UEM Sunrise, this partnership is not just about development, but also about creating an end-to-end, future-ready economic hub that will drive long-term growth, create jobs, and strengthen the JS-SEZ ecosystem. The selected sites are strategically located near Singapore, Senai Airport, and the Port of Tanjung Pelepas, making them ideal for driving long-term economic growth and positioning Iskandar Puteri as a robust business and investment hub.

Datuk Hisham Hamdan, chairman of UEM Sunrise, stresses the importance of the JS-SEZ, developments in Iskandar Puteri, and strategic partnerships in positioning Johor as a dynamic and forward-thinking economy. GuocoLand CEO Cheng Hsing Yao adds that the Singapore-listed property group will bring along its expertise in real estate development and asset management, as well as its understanding of the needs of companies from Singapore, Malaysia, and China that want to establish a presence in the JS-SEZ. Together, both companies will shape Iskandar Puteri and the wider JS-SEZ through innovative developments.

UEM Sunrise has played a significant role in the urban development of Iskandar Puteri, having already launched several residential townships such as Aspira and Senadi Hill. The group has also developed commercial and retail hubs, with plans for a 380-acre industrial park in Gerband Nusajaya. The growth in Iskandar Puteri is expected to be driven by incentives and support schemes introduced by the governments of Malaysia and Singapore, including special tax rates, stamp duty exemptions, and capital allowances.…

Despite the Chinese New Year celebrations, there were notable resale transactions that closed from January 28th to February 4th. One of the most profitable deals was the sale of a 3,983 sq ft unit at the Palisades condominium for $4 million ($1,004 psf) on February 4th. The second-floor unit was originally purchased for $1.7 million ($427 psf) in August 2009, resulting in a profit of $2.3 million (135%). This makes it the most profitable resale transaction at Palisades to date with a 5.7% annualized gain over 15.5 years.

Previously, the highest recorded profit at Palisades was three years ago when a 3,294 sq ft unit on the eighth floor was sold for $3.4 million ($1,032 psf). The unit was purchased for $1.53 million ($465 psf) in 1996, resulting in a profit of $1.87 million (122%) or an annualized gain of 3.1% over 25 years.

There have been five resale transactions at Palisades over the past three years, all of which have been profitable. The range of profits has been from $650,000 when a 3,294 sq ft unit was sold for $3.8 million ($1,154 psf) on December 13th, 2022 to the latest resale with a record profit of $2.3 million.

Located on Pasir Panjang Road in District 5, Palisades is a freehold condominium that was completed in 1985 with 18 units. It is the only development in Singapore equipped with a funicular elevator.

Another profitable resale during the same period was at Ardmore II, where a four-bedroom unit was sold for $6.85 million ($3,385 psf) on February 3rd. The unit was originally purchased for $4.72 million ($2,333 psf) in November 2006, resulting in a profit of $2.12 million (45%) or a 2.1% annualized gain over 18 years.

According to caveated transactions listed by EdgeProp Singapore, resale prices at Ardmore II have been on an upward trend in recent years, increasing from around $2,623 psf in January 2015 to approximately $3,390 psf at the beginning of this year.

Ardmore II is a freehold luxury condominium situated on Ardmore Park in prime District 10. It is surrounded by other developments such as the Shangri-La Singapore hotel, Treetops Executive Residences, Ardmore Park, and Sculpture Ardmore. It is also in close proximity to Tanglin Road and the popular shopping district of Orchard Road.

On the other hand, the most unprofitable resale transaction during this period was the sale of a studio unit at Vida, a freehold condominium in prime District 9. The 527 sq ft unit, located on the 12th floor, was sold for $1.04 million ($1,972 psf) on February 4th. It was originally purchased for $1.15 million ($2,192 psf) in May 2009, resulting in a loss of $116,000 (10%) or an annualized loss of 0.7% over close to 16 years.

The most unprofitable resale transaction at Vida to date was a 840 sq ft unit on the 10th floor that was sold for $1.73 million ($2,061 psf) in August 2022. The unit was purchased for $2.33 million ($2,774 psf) in July 2007, leading to a record loss of $598,920 (25%) or an annualized loss of 1.9% over 15 years.

Based on caveats, resale prices at Vida have been declining in recent years, reaching a peak of approximately $2,277 psf in August 2015 and falling to around $2,058 psf last month.

Vida is a 137-unit condominium located on Peck Hay Road in the upscale Newton area. It was completed in 2009, making it 16 years old. The development offers a mix of studios, one- and two-bedroom units ranging from 506 sq ft to 883 sq ft. Other nearby condominiums include Orchard Scotts on Anthony Road, as well as condos on Cairnhill Rise and Cairnhill Circle, such as The Peak @ Cairnhill I & II, Hilltops, and Helios Residences.…

Malaysian real estate developer UEM Sunrise and Singapore-listed GuocoLand have recently signed a historic Memorandum of Understanding (MOU) between private companies from Malaysia and Singapore, as announced in a press release on February 27. The signing of this MOU marks the first partnership between the two countries to develop projects within the Johor-Singapore Special Economic Zone (JS-SEZ).

According to the MOU, both companies will collaborate on the development of freehold land in Iskandar Puteri, Johor, with the aim of accelerating economic growth within the JS-SEZ. This significant event was celebrated alongside the opening of UEM Sunrise Gallery Iskandar Puteri, a showcase of the company’s vision for Iskandar Puteri.

Iskandar Puteri, which forms Flagship Zone B of the JS-SEZ, specializes in various sectors, including manufacturing, business services, education, health, and tourism. This collaboration between UEM Sunrise and GuocoLand aims to activate the potential of Iskandar Puteri and enhance its attractiveness for investment. It will focus on improving connectivity, fostering talent development, and creating a business-friendly environment to drive sustainable economic growth in Johor.

“This partnership is not only about development but also about shaping a thriving, future-ready economic hub that will create long-term growth, job opportunities, and strengthen the JS-SEZ ecosystem,” says Hafizuddin Sulaiman, CFO of UEM Sunrise.

The MOU is expected to cover UEM Sunrise’s selected plots of land in Gerband Nusajaya and Puteri Harbour, two key master-planned areas within Iskandar Puteri. The partnership intends to take advantage of the strategic location of these sites, near Singapore, Senai Airport, and the Port of Tanjung Pelepas, to drive long-term economic growth and establish Iskandar Puteri as a robust business and investment hub.

Datuk Hisham Hamdan, chairman of UEM Sunrise, stated in his speech, “The JS-SEZ, developments in Iskandar Puteri, and strategic partnerships are all part of a larger vision to position Johor as a dynamic and forward-thinking economy.” Meanwhile, according to GuocoLand CEO Cheng Hsing Yao, the Singapore-listed property group will bring its experience in real estate development and asset management, as well as an understanding of the needs of companies from Singapore, Malaysia, and China that wish to establish a presence in the JS-SEZ.

“Together, our combined expertise will enable us to shape Iskandar Puteri and the wider JS-SEZ through innovative developments,” he adds.

UEM Sunrise has already played a significant role in the urban development of Iskandar Puteri, with existing projects including residential townships such as the Aspira series and Senadi Hill. The company has also developed commercial and retail hubs, with an upcoming 380-acre industrial park in Gerband Nusajaya.

The growth in Iskandar Puteri is expected to be further boosted by incentives and support schemes introduced by the Malaysian and Singaporean governments, which aim to attract more investments to the JS-SEZ. These measures include special tax rates, stamp duty exemptions, and capital allowances.…

Frasers Property has collaborated with two leading Chinese real estate companies to jointly acquire a coveted residential site located in Shanghai’s affluent Songjiang District. The joint venture (JV) partners acquired the site, which was put up for tender by Shanghai Municipal Bureau of Planning and Natural Resources, for RMB815.2 million ($151.9 million). The other JV partners are Xiamen ITG Real Estate Group, a subsidiary of ITG Holding Group under the Xiamen Municipal Government, and Shanghai-listed Gemdale Corporation.

According to a press release dated February 26, Frasers Property has disclosed that the JV partners plan to develop the site into a mixed-use development consisting of 189 low-rise apartments, townhouses, and duplex units. The project will boast a total gross floor area of 334,714 sq ft.

Moreover, the development will be designed to include flood mitigation measures, ultra-low energy building designs, and sustainable features such as efficient thermal insulation, energy-saving door and window systems, and solar photovoltaics. Targeting upgraders and first-time homebuyers in Fangsong Community, Songjiang District, the project is located near two existing developments – Club Tree and Palace of Yunjian – which are joint ventures between Frasers Property and Gemdale Corporation.

“This joint venture not only reinforces our presence in Shanghai but also demonstrates our commitment to delivering high-quality residential developments that cater to the changing needs of the Chinese community,” says Lim Hua Tiong, CEO of emerging markets in Asia at Frasers Property.…

According to a recent statement issued by City Developments (CDL) executive chairman Kwek Leng Beng, the “serious lapses” of corporate governance at the company have been brought to a halt. This comes after a court hearing on Feb 26, where two new directors, Jennifer Duong Young and Wong Su Yen, who were “irregularly and hastily appointed” on Feb 7, have agreed not to exercise any powers as directors until further notice of the court.

The two new directors were appointed as independent non-executive directors via directors’ resolutions in writing. Kwek also stated that his son, Sherman Kwek, Philip Lee, Wong Ai Ai, and the remaining directors acting in concert with them, have promised not to take any further actions regarding their attempted changes to the board committees and management of certain CDL’s subsidiaries until further notice of the court.

Additionally, the “irregularly constituted” nominating and remuneration committee has been suspended from taking any further action. This means that CDL’s board committees and the management of the relevant subsidiaries are now safe from any attempts to destabilize, dismantle, and reconstitute them, according to Kwek.

“The board and the management of these subsidiaries will now be able to function normally and without unwarranted interference as they were prior to the attempted coup,” says Kwek. “I must stress that strong corporate governance is the foundation of a well-functioning and sustainable business. It ensures transparency, accountability, and responsible decision-making, which are critical to maintaining investor confidence and protecting the long-term interests of our shareholders.”

On the morning of Feb 26, CDL announced a trading halt and a last-minute cancellation of its FY2024 results briefing, which was scheduled for later that day. In a statement released at 1.51pm, CDL said the trading in its shares was suspended temporarily due to a disagreement within the board regarding the composition and constitution of the board and the board committees.

However, the company assured that its business operations remain fully functional and unaffected. Sherman Kwek continues to be the group CEO until there is a board resolution to change the company leadership. In his first press statement, Kwek accused his son, Lee, Wong, and a group of directors acting with them of attempting to consolidate control of the board and the company.

He also revealed that he had filed court papers on Feb 25 to “set things right”, calling it a necessary move to deal with the “attempted coup”. ” We intend to change the CEO at the appropriate time. We will continue to explore all legal options to vigorously defend and protect the interests of CDL and its shareholders,” said Kwek. If Sherman is removed as CEO, the current chief operating officer, Kwek EIk Sheng, will serve as the interim CEO.

CDL shares last traded at $5.12 before the trading halt on the morning of Feb 26.…

1 day ago Share on FacebookShare on TwitterShare on RedditShare on LinkedInShare via SINGAPORE – Colliers, a leading real estate services company, has announced two new appointments to its occupier services team in Asia Pacific. The new appointments are part of Colliers’ continued expansion in the region and will bring valuable expertise to its team. Leanne Chin has been named as the new director of regional tenant representation for Asia Pacific. Chin will be based in Colliers’ Singapore office, bringing with her a wealth of experience in the real estate industry. Additionally, Ali Porter has been appointed as the new director of enterprise clients for Hong Kong. Porter, who has previously worked for Colliers’ Europe, Middle East and Africa business, will be relocating from London to take on this role. In his new position, Porter will work closely with occupiers to align their real estate portfolio with their corporate strategies across the Asia Pacific region. These two new appointments reflect Colliers’ dedication to providing top-quality services to its clients in Asia Pacific. With their extensive experience and expertise, Chin and Porter will play an important role in driving Colliers’ growth in the region and delivering exceptional results for its clients. Advertisement Trending News Singapore leads global markets as mainboard recovers from early COVID-19 losses

By Lisa Rex

SINGAPORE – Real estate services company Colliers continues its steady expansion in Asia Pacific with the addition of two new members to their occupier services team. In a news release on Feb. 25, the company announced the appointment of Leanne Chin as director of regional tenant representation for Asia Pacific. Based out of Colliers’ Singapore office, Chin joins the group with years of experience in the real estate industry.

Meanwhile, Ali Porter has been appointed as director of enterprise clients for Hong Kong. He will be relocating from Collier’s Europe, Middle East and Africa business in London, where he has been for the past four years.

In his new role, Porter will work closely with occupiers to align their real estate portfolio with their corporate strategies across the Asia Pacific region.

The additions to the team come in line with Colliers’ ongoing growth strategy in the region, bringing in fresh talent and expertise to better serve its clients. With their vast experience and industry knowledge, both Chin and Porter are poised to drive the company’s growth and provide top-notch services to its clients in Asia Pacific.

– Brought to you by Colliers International…

In response to the trading halt called earlier this morning, City Developments Limited (CDL) has released a statement stating that the halt was due to a disagreement within the board regarding the composition and constitution of the board and its committees. However, despite the temporary suspension, CDL assures that its business operations remain fully functional and unaffected.

Sherman Kwek will continue to serve as the group CEO until a board resolution is made to change the company’s leadership. The company will provide further updates in line with the Singapore Exchange (SGX) listing rules as the matter is currently under review.

In a later statement, Sherman Kwek expressed disappointment at the extreme actions taken by the chairman and a minority of the CDL board in response to the disagreement over the size and make-up of the board. He reiterated that the focus of the CEO and majority of the directors, with the guidance of legal counsel, has been to improve governance.

CDL’s trading suspension today, in light of the ongoing legal dispute, was not approved by the majority of the board. Sherman Kwek clarified that the issue was never about removing the chairman, but rather to strengthen the board and ensure the company’s high standards of governance and robust decision-making.

CDL released its FY2020 results on Feb 26, but later cancelled its 10am results briefing. CDL also offered to privatize Millennium & Copthorne Hotels New Zealand for $1.72 per share.

Shares in CDL closed at $5.12 before the trading halt.…

Ching Shine Industrial Building, a freehold property located along Shaw Road, has recently been put up for collective sale through tender by sole marketing agent JLL. The minimum price for the building has been set at $113 million.

The building, which was built in the early 1980s, comprises of 52 strata units with a 100m frontage along Shaw Road. It sits on a total land area of 49,308 sq ft and has a gross floor area of approximately 137,341 sq ft. Under URA Master Plan 2019, the building is zoned as “Business 1” with a gross plot ratio of 2.5.

According to JLL, more than 80% of the owners have given their consent for the collective sale at the minimum price of $113 million. This translates to a unit land rate of around $823 psf per plot ratio at the existing gross plot ratio of 2.79.

The site has the potential to be converted into a food factory, subject to URA approval. JLL has confirmed that the National Environment Agency (NEA) has given the green light for redevelopment into a multi-user factory, while the Singapore Food Agency has in-principle non-objection to the proposed food factory.

Alternatively, the freehold property could also be an attractive investment opportunity for family offices looking for long-term growth or owner-occupiers seeking to establish a corporate presence. According to Nicholas Ng, senior director of capital markets at JLL Singapore, the absence of additional buyer’s stamp duty makes it even more appealing to developers, as it would not affect project timelines.

The location of the property is easily accessible via major expressways such as the PIE, CTE and KPE. It is also within walking distance from Tai Seng MRT Station on the Circle Line. The Tai Seng Industrial estate is home to various food factories, including Breadtalk IHQ, Sakae Building, and Food Empire Building, with amenities such as Grantral Mall @ Macpherson and 18 Tai Seng nearby.

In November 2023, Noel Building, a freehold Business 1 industrial building located at 50 Playfair Road, was sold en bloc for $81.18 million, 17% above its $70 million guide price. Ng believes this transaction reflects the strong demand for such assets in the area and expects a similarly competitive response for Ching Shine Industrial Building.

The tender for Ching Shine Industrial Building closes on April 3 at 3pm.…