Co-living company Hmlet, a homegrown operation, Hmlet has announced its debut hotel property -the Owen House by Hmlet The hotel has 106 rooms situated at 2 Owen Road in Farrer Park. This is the first hospitality property owned by Hmlet and will be operated under its own brand name and managed by its own management team.

Kassia Flora Drive floor plan has 280 residential units on a 150,840 sq ft plot in various configurations ranging from one to four bedrooms.

“As Hmlet expanded its range of services for residential customers through the years, the business has grown and developed its capabilities to run operations and in-house expertise in design, which is why we have the ability to get into the hospitality market,” says Joshua Li Hmlet’s chief property officer.

“Hotels can be a natural evolution for us, in terms of being able to provide an array of accommodation options as part of the company’s value offering,” says Li. Li also says that the company was considering whether to establish and manage the management of a hotels property with its own name name for a long time, but the Covid pandemic delayed the plan.

So, when the opportunity was presented last year to Hmlet to collaborate with TCRE Partners and JMD Group for the hotel that is located situated at 2 Owen Road, it was an opportunity Hmlet would not wish to be missing, according to Giselle Makarachvili who is the CEO of Hmlet.

The hotel’s freehold property is the previously owned Fortuna Hotel that was sold for $85.8 million in April 2022. The hotel was purchased by an entity equal in ownership between JMD Group and TCRE Partners. The agreement with Hmlet was officially announced in November of last year.

The right time is now to start Owen House by Hmlet to profit from the growth in leisure and business travel to Singapore Says Makarachvili.

Other current market trends like the escalating residential rents and the lack of accommodation for short-term stays in Singapore are also a reason to consider the opening of an hotel property and is likely to increase Hmlet’s range of accommodations according to Li.

Modern Art Deco inspiration

The design and style that characterize Owen House are meant to be light and fun and steers clear of being ostentatious and modernist, which could be to be considered in the area, says Li. “The concept behind the hotel is a contemporary rendition that is a modern interpretation of Art Deco and the Art Deco-style shophouses that line the adjacent Rangoon Road as well as Kitchener Road,” he declares.

As an example, a common aspect throughout the hotel as well as in each room is the arches. They are supposed to represent the style of architecture that was prevalent in the Art Deco-styled shophouses. On the first level, the lobby is adorned with a the concrete floor with a texture, and the room is accentuated by striking black and bold metallic lines.

The lobby is the main central feature of the hotel. Hmlet is planning to make it an area that is accessible to everyone. Its appeal is enhanced with an island-style bar named Sunlight and Moonshine which is run through the Hotel. The bar offers grab-and-go special coffee throughout the day and then transforms into a 1920s-themed bar with cocktails at night.

Li credits the vision of design to the design team in-house at Hmlet which is a skill is not the case for other operators of flexible living in Singapore are able to offer. “The design team is extremely concerned about the standards of our brand throughout every one of our properties. Each space is customized to that Hmlet brand and portrayed in a unique way at each of our properties,” he says.

Owen House offers seven different rooms that are two and one-bedroom units in various dimensions. The smallest of them are one-bedroom Queen rooms that range from between 189 and 275 square feet and studios that come with fully-equipped kitchenettes which range from 243 to 270 sq feet.

Rooms that are larger for up to four guests. These include two-bedroom luxury and two-bedroom suites, which vary from 450 to 564 square feet. The hotel also provides the family room, which has an outdoor balcony of 407 sq feet. There are also numerous Owen Suites equipped with a kitchenette as well as a eating area for long-term stays. These suites span between 374 and 439 sq feet.

A wide choice of accommodations

“Before Owen House, we recognized a gap in our selection for short-term stay, particularly for those who wish to stay less than 6 nights” Says Makarachvili. She also says that most business and leisure travelers to Singapore stay in Singapore for the equivalent of about three to four days. They use Singapore as a base to travel to other destinations across Southeast Asia.

“The purpose for our model of business is to reach every type of residential property population demographics” the CEO says. Therefore, Hmlet distinguishes itself through its vast array of options for flexible accommodation.

For instance, its Hmlet Homes portfolio offers the typical co-living arrangement, which pairs individuals with tenants and consists of shared apartment units. It has proved popular with workers and students. Typically, tenants lease a space for 9 to twelve months.

Hmlet has expanded its offerings in 2021, with a private, turnkey residence known as Hmlet Nest that is targeted at couples from the local community as well as expatriate families. The launch was due to a rising demand from the market for flexible living arrangements in Singapore and Singapore, where families typically rent a house for more than one year.

In the end, its Boutique Collection comprises the 145-room Hmlet Cantonment as well as the Owen House, which is 106 rooms. Owen House hotel. Hmlet Cantonment is the operator’s largest co-living property across its portfolio, and was introduced in the year 2019. The typical bookings at Hmlet Cantonment run under six months and the property provides one-bedroom units ranging from up to 280 square feet and two-bedroom units ranging from up to 441 sq feet.

The launch the doors of Owen House, Hmlet has the full range of accommodations choices for very short-term stays for tourists and travellers and private residential leases for couples and families, and long-term co-living options for individuals and corporates.

“We haven’t considered the millennials as our only target audience; rather, we’d like to appeal to a broad spectrum of targeted audiences, from corporate tenants to family members to professionals. Additionally, Owen House helps us to complete the necessary forms for the short-term stay we didn’t have,” says Makarachvili.

“The primary goal isn’t to lose clients and, if somebody signs an agreement to renew their lease or book an apartment with us and they decide to stay for longer in Singapore We have an option that will meet the requirements of those who are interested,” she says.

70% lease renewals in 2022

According to Makarachvili 2022 was 2022’s most successful year that the operator of flexible living has enjoyed in Singapore. A limited private rental market and quickly increasing rents resulted in an extremely high percentage of lease renewals and inquiries.

She states that around 70% from their lease holders whose contracts were scheduled to renewal in the last year chose to extend their lease through Hmlet. “The remaining tenants who did not renew with us were groups and individuals who left across the nation.”

She also says that only a handful of people had left an Hmlet property to sign the direct rental arrangement with an owner.

In general, the rise in residential rental prices for private homes in recent months have helped to put cooperative living and other flexible properties as more reasonable and appealing view for renters who are renting Li says. Li.

In 2022 as a whole the prices of renting residential properties in Singapore rose by 29.7% y-o-y. This was the biggest annual increase since 2007 , when rents soared to 41.2% y-o-y at the time.

“Co-living is a more appealing option with lease flexibility. With the uncertainty in the macroeconomic outlook this year, we’re more suitable for those looking for housing,” says Li.

As a well-established co-living company with a long-standing presence in Singapore, Hmlet has grown along with the local co-living and flexible living sector in Singapore. Li recalls that in 2018, when Hmlet completed its Series-A financing as a startup, the majority of the investors who were willing to invest in it were family offices as well as entrepreneurs with high net worth.

“Today the market for co-living has institutional capital flooding into the marketplace, along with well-established families and funds for investment” the author declares. “Hmlet is always in contact with institutions and institutional funds in Singapore, Hong Kong, and other markets.”

In addition, he states that the market has gone several ways to demonstrate its resilience in times of crises, since the co-living market in Singapore has been able to weather the Covid-19 pandemic with ease. “Post Covid-19, assets from co-living demonstrate that their total yield is extremely robust. In addition in the case of Hmlet we’ve demonstrated that we are able to access the short-term portion and provide full operational assistance,” says Li.

Makarachvili states that the faith investors and consumers are placing for Hmlet has also increased in leaps and leaps and. “We have demonstrated our strength in competitive position in the market and our capability to manage and run whole building,” she says.

She also says that the majority of those seeking short- and long-term housing in Singapore and landlords and property owners recognize that co-living is more than just affordable housing for the millennial population. “As the result, we’ve had requests from a broad variety of backgrounds, including professional individuals, corporate bookings and even individual reservations,” she notes.

Fusion with Habyt

However, some structural changes affected the local Hmlet in the past year. The most notable change was the merging with European co-living operator Habyt Group in April 2022. The deal led to Hmlet becoming part of the Habyt Group which includes the world portfolio that includes more than 8,000 coliving and living units with flexible arrangements spread in 10 countries and 20 cities.

In the end, Makarachvili is also the head of Habyt. as director for Asia Pacific (Apac) at Habyt as well as Li is the head of the head of expansion at Habyt, Apac. Both work under Lucca Bovone, founder and CEO of Habyt.

Between 2020 to 2021 Hmlet experienced a series of setbacks. The first was in November of 2020, when it announced that it had terminated its five-year master lease that was used to manage as well as lease 43 homes in Lumiere at Tanjong Pagar. In June 2021, an Australian co-living company took over one of the properties in Sydney Hmlet St. Peters. The time was when Australian press reported Hmlet had left the Australian market with around A$500,000 of outstanding dues.

According to Makarachvili the reason for this merger Habyt was about supporting Hmlet’s regional expansion plans as well as leveraging an international network to aid the company’s growth.

“We benefit from potential synergies (as an affiliate of Habyt Group) and benefit from lead generation, exposure, a larger market presence, as well as the trust of our members,” she says. “We would like to join forces with a company with a global presence. This is an essential element for any co-living business.”

Li claims that the business is taking a risky approach to expanding into Asia and is looking for local real estate brokers to assist them in unlocking existing properties.

Hmlet currently has co-living homes located in the 23 properties within Hong Kong, as well as co-living units located in Tokyo, Japan. The company is expected to launch co-living units in at least six additional Tokyo residential buildings before the end of the year.

Looking ahead, Makarachvili believes she believes that Kuala Lumpur residential market is one that the company is hoping to expand rapidly in the coming years. It’s got all the qualities of a desirable gateway city that offers affordable co-living homes to grow and thrive despite the high rents she says.

As per Li and Makarachvili, they’re watching closely for the rising interest rates which will increase the cost of financing as well as the rising construction costs that could impede the short-term expansion plans for this year. But, they are happy with the growth in the local hotel market and are expecting Owen House to see high and constant occupancy in the next few months.

Kassia condo price

According to research from Savills, Singapore and Dubai are expected to lead the price charts across the globe in the coming year. the most expensive homes properties within both of these cities predicted to rise in 6%-7.9% on a yearly basis. “Both locations will experience steady flow of high-net-worth people However, they will be impacted by more expensive interest rates or other economic challenges,” according to the Savills report states.

Kassia condo price will feature 280 residential units on a 150,840 sq ft plot in various configurations ranging from one to four bedrooms.

“Moving to 2023 in Singapore, the premier residential market is currently in an issue that has seen a few new launches. With the opening of borders in China to travel outside of China and outbound travel, the chance for this sector of the market for private residences to perform better than the other segments is very high.” claims Alan Cheong, executive director of research and consulting for Savills Singapore.

Miami in America along with Milan within Italy are positioned to claim the third place with a predicted price increase in the range of 4%-5.9% y-o-y in 2023. In the meantime, Cape Town in South Africa, Rome in Italy as well as Kuala Lumpur in Malaysia could have prices rise by 2%-3.9% on a yearly basis in the coming year.

The prices of prime homes of Hong Kong were hit hard this year, dropping 8.5%, and the city is likely to see more declines this year, which range from 7.9%-6%. However, the city is likely to remain among the most expensive housing markets worldwide, with prices of $4,070 per sq ft.

“Overall most of the most sought-after residential markets in the world are set to see a slowdown in 2023 with an average increase in the range of 0.5% forecast across the 30 cities around the world which are monitored by Savills,” the report declares.

Based on the 30 largest cities which are tracked by Savills the global consultancy claims that 17 cities will experience slow growth in comparison to 2022, with a number of cities likely to experience drops. “Recessionary situations, rising rate of interest and rising inflation will impact the residential market’s performance, however the second quarter of the year has possibility of global economic growth,” said Paul Tostevin who is the director of Savills global research.

Kassia showflat address

International real estate consulting firm Knight Frank has teamed up with Berkadia, commercial real estate company and joint venture between Berkshire Hathaway and Jefferies Financial Group to create an international capital market platform.

Kassia showflat address has a range of amenities closeby, from dining and shopping to entertainment. Kassia Condo is close to reputable schools like Ngee Ann High School and supermarkets like Cold Storage and NTUC Fairprice.

Multi-market clients will have access to investors from across the world as well as banks from around the world, international institutions as well as sovereign wealth funds. The capital markets platform encompasses all major hubs as well as sources of capital throughout the world.

In a release issued by Knight Frank, the partnership is in the midst of a boom in investment activity by US-dollar investors looking to profit from “a rising dollar and an interest in diversifying portfolios as well as focusing liquidity across a broad geographic and sectoral spectrum”.

It is also estimated the fact that 30% of capital inbound to inbound capital to Asia Pacific this year is anticipated to originate from the US and over 20% in Asia’s export activities are likely to flow into different sectors in the US.

Berkadia is a market leader in the housing sector in the US as well as Knight Frank holds a leading position in the UK for the private rental industry. “Living sectors are now a major growth zone in the eyes of Asia Pacific investors. Asia Pacific cross-border investments into living sector globally accounted for an overall volume of US$10.7 billion [$14.8 billion] by 2022, which represents which is a 95% rise in comparison to 2021,” in the release states.

“This alliance is focused on making sure that our clients’ needs are met and giving them a global capital market service,” says Neil Brookes the global head of the capital market division of Knight Frank.

Justin Wheeler, CEO of Berkadia The CEO of Berkadia, Justin Wheeler, believes that the collaboration between Berkadia and Berkadia will bring numerous benefits for customers both ways.

Kassia Condo Flora Drive

CapitaLand Ascendas REIT (CLAR) has reported 3.5% higher y-o-y distribution per unit (DPU) to 15.798 cents, backed by the portfolio’s occupancy, which reached an all-time high that was 94.6% in FY20222 ended December.

Kassia Condo Flora Drive is just a few minutes walk from Pasir Ris East MRT and within easy reach of Tampines East MRT.

Reit’s DPU for 2HFY2022 climbed in value by 4.3% y-o-y to 7.925 cents.

The FY2022 gross revenue grew in FY2022 by 10.3% y-o-y to $1.35 billion. The net property earnings (NPI) was up 5.2% y-o-y to $968.8 million.

The total amount of distribution increased 5.4% y-o-y to $663.9 million.

CLAR concluded $223.4 million worth of acquisitions by 2022. The money was used to fund 3 acquisitions within both the US and Australia logistical sector.

In Australia Two newly constructed logistics properties 500 Green Road ($69.1 million) located in Brisbane in addition to seven Kiora Crescent ($21.1 million) located in Sydney The properties were purchased in February 2022. In the US seven last-mile logistical properties situated in Chicago were purchased for $133.2 million in June 2022.

As of December 31st 2022 the CLAR’s $16.4 billion portfolio included customers that included over 1,720 customers. The portfolio is diverse over Singapore (62%), the US (15%), Australia (14%) and Europe/UK (9%).

Investment properties of CLAR’s 227 properties are located in three distinct categories: Business Space and Life Sciences (48%), Logistics (25%) and Industrial and Data Centres (27%).

CLAR has achieved positive rental reversions at 8.0% for leases renewed in multi-tenant buildings between 2022 and 2023.

CLAR’s portfolio’s average weighted lease expiry (WALE) duration was 3.8 years. Around 21.0% of CLAR’s gross rental income is due to be renewed in FY2023.

As of December 31st, 2022, the aggregate leverage was stable as 36.3% from 35.9% at the same time last year.

The country has an average of% of borrowings being at a fixed rates CLAR’s weighted mean the all-in costs of borrowing climbed up to 2.5% in FY2022 from 2.2% in FY2021 despite the sharper rise in interest rates across the world.

William Tay, CEO and executive director of the manager states: “We achieved strong results across all assets, despite the uncertain macroeconomic environment… As we move forward, we’ll continue to draw on our financial strength as well as our operational capabilities and diverse portfolio to ensure the safety and expansion of our businesswhile taking an empathetic approach in the face of constant uncertainty in the global economy and current interest rate environment.”

CLAR’s units CLAR were up 4 cents (or 1.38% up, at $2.94 on February 2.

Kassia architect

The administrators of CapitaLand Ascott Trust (CLAS) have announced a distribution per stapled security (DPS) of 3.33 cents for the second quarter of FY2022 that which ended on Dec 31 2022. Its DPU of the 2nd quarter of FY was 47% more than the 2HFY2021’s DPS that was 2.27 cents.

Kassia architect will feature 280 residential units on a 150,840 sq ft plot in various configurations ranging from one to four bedrooms.

In Fiscal year 2022, CLAS’s dividend per share rose by 31% year-over-year to 5.67 cents, which is up over FY2021’s 4.32 cents.

Inclusion of one-off items such as the gain from divestment of $45 million, which was distributed in FY2021, the adjusted DPS for FY2022 grew by up 106% year-over-year up to 4.79 cents.

In the 2HFY2022 CLAS’s revenues grew by 70% year-over-year to $353.8 million as a result of an increase in revenues from its existing portfolio as well as the contributions from its portfolio of assets that are longer-stay.

Gross profit increased by 80% year-over-year up to $164.6 million. The profits came of the trust’s properties with master leases properties that are on contracts for management with guaranteed minimum incomes, as well as properties under management contracts.

On a similar store basis the gross profit and revenue for the 2HFY2022 was up by the sum of 58% as well as 67% respectively.

In the wake of the rise in gross profit and revenue CLAS’s total distribution for the 2HFY2022 year increased by 54% year-over-year up to $113.2 million.

The six-month period was a success for CLAS. CLAS announced revenue for each unit available (RevPAU) at $143. which was up by an average of 81% over the previous year, and CLAS continued to show excellent operating results in the wake of the revival to international flights.

RevPAU for 4QFY2022 increased by 78% in a one-on-one basis to $155. The quarter’s RevPAU was at levels pre-pandemic for CLAS similar to its pro forma 4QFY2019 RevPAU that also comprises the overall performance the Ascendas Hospitality Trust’s (A-HTRUST) portfolio.

All of CLAS major markets reported RevPAU growth q-o-q The largest improvement emanating from Japan, Australia and the USA. CLAS’ portfolios in Singapore, Australia, the UK and the US were at pre-Covid RevPAU levels.

CLAS’s occupancy rate for 4QFY2022 was 78%. At the time of December 31st 2022, the CLAS’s rental and student accommodations in addition to rental properties reported the highest occupancy of more than 95%.

In FY2022, the revenue of CLAS was up an average of 58% over the previous year to $621.2 million, due to increased revenue from its existing portfolio, as well as contributions from properties purchased during the year. The increase was partially offset by the lower revenues from divestments during the FY2021.

The gross profit rose by 33% year-on-year to $282.8 million, mostly due to increase in revenues

The total distribution of the year was up by 38% from a year ago up to $189.8 million.

RevPAU for FY2022 increase by 774% from a year ago to $120.

At the end of December 2022 CLAS reported a gain in fair market value of approximately $200 million in the value of its portfolio due to improved operating performance and a better prospects regarding its properties. The key markets of the trust that have gain in valuation are Australia, Singapore, the UK and the US.

In cash as well as cash equivalents, as at December 31st, 2022, was in the range of $298.9 million.

“CLAS’s strong performance is backed by our well-balanced and diverse portfolio. The growth income contribution grew by 48% in the second quarter of FY2022, due to the fact that our properties experienced an increase in demand as a result of the recovery in the hospitality industry following Covid-19. Our stable income streams provided a cushion against negative risks,” says Bob Tan Chairman of the management.

“To improve our stable income portfolio CLAS has invested in the amount of $420 million over 15 acquisitions that were accretive during FY2022, mostly in the long-stay segment,” he adds.

Serena Teo, CEO of the management team, says they are “cautiously optimistic” of the industry’s ongoing growth.

“We believe that CLAS will continue to reap the benefits from the reopening of additional destinations as well as the sluggish need for tourism. In the next year, we’ll be implementing assets enhancement programs (AEI) in four properties located in Singapore, France, Germany and UK. These AEIs will boost the value and value on these properties and also increase our income streams” she says.

“We remain cautious in our capital management strategy in the search for opportunities to restructure our portfolio. The latest acquisition we made of an apartment rental property located in Fukuoka will help CLAS increase its income ability to withstand the test of time. Fukuoka is one of the fastest-growing cities of Japan and our current rentals properties located in Fukuoka have proven to be successful,” she adds.

DPS will be paid out on March 1. DPS to be paid on the 1st of March.

Units of CLAS ended the day 1 cent less (or 0.93% down at $1.07 on January 27.

Read also: For sale at $62 million are five connected shophouses along Joo Chiat Road

For sale at $62 million are five connected shophouses along Joo Chiat Road

M&G Real Estate Asia is part of the company’s private assets and alternative business is now the majority shareholder in ESR Ichikawa Distribution Centre, an logistics facility located located in Tokyo, Japan. In a press announcement, M&G announced that through its M&G Asia core property strategy it has completed the 267 million ($353 million) acquisition that has increased it’s stake in this distribution center to 25% to 58.3%% up to 58.3%.

The property is a four-story facility that is located within Ichikawa City in the Greater Tokyo Bay Area. It has a rentable space of 201,111 square meters (2.16 million square feet) which is completely let out. The building is certified with an CASBEE S rating, the highest rating in the Comprehensive Assessment System for Built Environment Efficiency (CASBEE) green building certification program , which is in use in Japan.

“Acquiring the majority stake for an attractive yield on going-in is a significant achievement that is significant for M&G as we redouble our efforts on our faith and commitment to Japan’s logistic sector which we believe will be a key component of the economy of Japan since the demand for top quality assets continues to be strong,” comments Richard van den Berg who is the M&G’s fund manager for its Asia primary property.

Read related post: The sale of three strata office levels at 20 Cecil Street

The sale of three strata office levels at 20 Cecil Street

Investment sales dropped 10.8% q-o-q to $5 billion in 4Q2022, owing to borrowing costs and uncertainty in macroeconomics slowed business, according to research conducted by Colliers. However, the firm says that the total amount of investments in 2022 was $29.1 billion, which represents an 2.8% increase y-o-y, which was boosted by an active beginning in the calendar year.

Despite the slowdown in 4Q2022, this quarter saw several large transactions happen. This includes the sale of Jurong Point and Swing By @Thomson Plaza by Mercatus Co-operative for $2.161 billion as well as the sale of 50% part of Lazada One by ARA Asset Management for $361.49 million in addition to a number of private residential land sales.

The divestment undertaken by Mercatus helped boost commercial sales during 4Q2022 as the segment recorded the 87.7% q-o-q surge to $2.8 billion. The full year commercial sales rose 78.7% y-o-y to $11.4 billion.

Residential sales fell 51.7% q-o-q to $1.3 billion, aided by a decrease in the collective sales process and the luxury sales, according to Colliers. In 2022 as a whole the sales of residential properties fell 18.1% y-o-y to $10.5 billion.

In contrast, industrial sales fell 39.7% q-o-q to around $400 million. The consulting firm attributes to a number of significant deals that are still awaiting JTC approval. The full year’s industrial sales declined 59.7% y-o-y.

Colliers expects the market for investment to be in price discovery mode for the first quarter of the year as investors adapt to the new norm of lower rates of interest and slow growth. The company is predicting that investments sales to reach about $25 billion by 2023, which represents a drop of 15% per year. It also expects transactions to be “bite-sized” due to larger deals usually require more time and more leverage.

The consultancy believes an increase in activity as likely to be seen in the second half of 2023 when the trajectory of interest rates and inflation become more clear. “Despite the fact that yield spreads are narrowing for those who want to invest in high-quality fundamental properties, Singapore properties still offer long-term capital appreciation and decent returns on all investments,” remarks Tang Wei Leng who is the chief executive officer and director of capital markets and investment services at Singapore in Colliers.

Tang says private wealth investors could become more prominent on the market in the coming year, due to tighter financing requirements as well as other macroeconomic headwinds force institution investors to be forced to step down or take a position. She predicts that private wealth capital to concentrate on the residential market for luxury as well as strata-titled commercial spaces and shophouses.

In the meantime, Catherine He, Colliers director and head of research in Singapore says that prime office and prime logistics capital value will be supported by positive growth in rental and abundant liquidity. Additionally the prime value of retail assets is likely to increase over the next few months. “As as a result the net yields are likely to stay relatively steady until sales pick up during the latter half of 2023.” she adds.

Read more: For $1.72 million, a three-bedroom condo is available at The Heliconia

For $1.72 million, a three-bedroom condo is available at The Heliconia

A 99-year leasehold commercial site that is bordered with Hoe Chiang Road and Lim Teck Kim Road will go on public sale on the 19th of January in a news statement issued by the marketing agent PropNex Realty, The site is comprised of two commercial buildings as well as a small piece of land between them, comes with the reserve price at $216 million.

The buildings are situated in the 1-9 Hoe Chiang Road (odd numbers only) and 2-10 Lim Teck Kim Road (even numbers only). Together with the land that remains that lies to the south, the whole site comprises an estimated surface of 18,540 square feet. The rectangular-shaped area is designated for commercial use and has a plot ratio gross of 5.6.

The reserve price equates in a land price of $2,602 psf/plot percentage (psf or ppr) in the case of an office building that includes the land betterment cost that is $54.1 million, as per PropNex. The consultant says that the buyer is able to develop the site into a hotel and in that case, the reserve price would be equated into a land price of $2,662 psf per plot, including the estimated land betterment cost of $60.4 million.

Tracy Goh, head of the collective sales and investment division at PropNex She points out that the two buildings currently on the plot are just five stories high. “The successful buyer could transform the site to construct 35-storey buildings to realize potential benefits due to the plot’s ratio of 5.6 according to the URA Master Plan,” she explains.

She also says the site offers a great chance to construct a new hotel or serviced apartments to cater to business and tourist. “As international travel returns post-pandemic and the government has set aside approximately $500 million to boost the tourism industry, we are expecting Singapore’s hospitality industry to experience an increase in its growth over the next couple of years.”

The site is located near it’s location in the Greater Southern Waterfront precinct and is located within walking distance of the Tanjong Pagar MRT Station, and the soon-to-be Cantonment as well as Prince Edward Road MRT Stations that are scheduled to be completed in 2026. Goh is also expecting the site to gain further benefits from the ongoing revitalization happening around it. Redevelopment projects in the region comprise Keppel South Central, Newport Tower and the former Realty Centre and the upcoming Mixed-Use development One Bernam is also located nearby.

Due to the location of the property and potential for redevelopment, Goh expects keen buying interest for the property. She says that in the wake that of property cooling measures that were announced by the government between the months of September 2022 and December 2021 the real estate market might be looking at commercial property sites that do not have to pay an additional stamp duty on buyers.

The tender for the collective sale of the site closes on Mar 22 at 2pm.

Kassia in Flora Drive

A three-bedroom corner unit in the Heliconia located on Jalan Daud, which is off Jalan Eunos as well as Lengkong Tiga in District 14 It is available for sale through a private treaty. A private sale by the owner, the property is offered at a value that is $1.72 million, according to Joy Tan, head of auctions as well as sales for Edmund Tie, who is in charge of the sale.

Kassia in Flora Drive is just a few minutes walk from Pasir Ris East MRT and within easy reach of Tampines East MRT.

The freehold unit covers 1,302 square feet that means the recommended cost is $1,321 per square foot. The property is in the floor 6. It features an en-suite master bedroom, as well as two additional bedrooms that can accommodate one queen-sized bed. The dining and living spaces are connected by an enclosed kitchen, which connects to a service yard and a helper’s space. The house also has a family shelter that can serve as storage space.

Tan states that the house is able to be accessed from a with a height of more than 3m which gives the illusion of expansiveness. Tan also says that the property isn’t equipped with an outdoor balcony or private spaces, making it suitable for those who are looking to increase the space they live in.

Heliconia is an undeveloped freehold project by Tat Hong Properties which was completed in 2003. The tower is 12 stories high and comprises 103 apartments with three beds that span between 1,281 sq feet and 2,239 square feet.

The most recent resales at The Heliconia was in November of last year, when two separate units each with 1,302 square feet were sold on November 4. One of the units, which is located at the 9th floor was purchased for $1.64 million ($1,259 per square foot) and the second one, at the 7th floor was offered at $1.59 million ($1,222 per square foot).

Tan anticipates that the property to attract attention because of its proximity to the amenities. It’s a 10 minute walk to the Kembangan MRT Station on the East-West Line, while a cafe and a 24 hour supermarket are just within five minutes. Bedok Mall on New Upper Changi Road is only 10 minutes away. The property will be appealing to families with children in school because it is located near Maha Bodhi School at Ubi Avenue 1 in Telok Kurau Primary School located at Bedok Reservoir Road, and Eunos Primary School located at Jalan Eunos.

Kassia Hong Leong Holdings

In the list of condominiums that reached the new high of psf prices between Dec 3 and 27, 2022, the M by Wing Tai Holdings came in first with it was a 592 square foot 2 bedroom unit sold for $1.92 million ($3,245 per square foot) on the 24th of December.

The previous record at the site was established by the sale of 764 square feet, two-bedder, for $2.44 million ($3,193 per square foot) in October 2022.

Kassia Hong Leong Holdings will feature 280 residential units on a 150,840 sq ft plot in various configurations ranging from one to four bedrooms.

The M comprises a development of 522 units situated on Middle Road in the Bugis district. The development was announced over the weekend of February 22-23 in 2020, just prior to Singapore’s “circuit breakers” measures to stop the Covid-19 pandemic began to take effect.

However, despite concerns regarding the outbreak at the time the project did well in the initial phase of sales with more than 360 units (70%) were sold with an average cost of $2,450 per square foot. The developer said that the enthusiastic reaction of customers to their central position and the attractive style of overall building.

The M is located in the middle of North Bridge Road and Beach Road The M is located close to shopping centres like Buis Junction, the Intercontinental Singapore, Raffles Hotel, South Beach integrated development, and Suntec City. The development is also within major revitalization projects that will help to boost growth in the Beach Road area, such as the Guoco Midtown integrated development.

Based on the most recent developer information According to the latest developer data, the project is completely sold out and has a total taking-up of 95% at the time of November 2022.

Another top chart during the time to be reviewed was a brand newly developed project, Van Holland, located in the District 10 area of prime importance. On the 23rd of December 7,10 square feet two-bedroom home was offered to developer developer at $2.29 million ($3,237 per square foot). This was more than the previous record which was set by the purchase of a 797 square foot two-bedder at $2.47 million ($3,106 per square foot) on July 6, 2022.

Van Holland is a freehold luxury development by developers Koh Brothers. The boutique development of 69 units was officially launched to be sold in January 2020. The first take-up rate for the project was relatively low approximately 10-units (15%) sold during the first weekend of January 11-12. Based on the most up-to-date developer figures The project has racked up the average price for sales of $2,907 per square foot and a total take-up rate of around 55%.

However, Sloane Residences saw a record-breaking psf-price when an 1,249 sq ft three-bedroom home was purchased to a buyer for $3.46 million ($2,664 per square foot) on the 16th of December. The previous record low was established by the purchase of a 1,249 square foot three-bedroom home in September for $3.34 million ($2,677 per square foot) in September, 2020.

The project was developed through TSky Development, a joint partnership between developers Tiong Seng and Ocean Sky International. Tiong Seng holds a 60% stake in Ocean Sky International.

The latest psf-price drop in Sloane Residences comes on the basis of its temporary occupancy permit (TOP) obtained in the month of November 2022. The freehold development is a 12-storey condo located along Balmoral Road in prime District 10 and houses 52 units of residential space.

According to the most recent developer sales figures that was submitted URA, the latest developer sales data has been submitted. URA, Sloane Residences is 82.7% sold and has an average price for sale of $2,902 per square foot.

Based on property information collected by EdgeProp Based on property data compiled by EdgeProp, the development is one of the top average prices of selling for its location. As an example, the median selling price of the neighboring Goodwood Grand is about $2,526 per square foot, while the Freehold Volari is averaging price for sale of $2,494 per square foot. Other developments such as The Hyde, which was completed in the year before, have sales of $2,998 per square foot. The forthcoming luxury project Perfect Ten has seen units sell for around $2,968 per square foot.