Month: December 2024

Mark Yip, CEO of Huttons Asia, states that the best-selling new launches of 2024 were largely in the Rest of Central Region (RCR) and Outside Central Region (OCR) regions. This was due to strong demand from upgraders, supported by a healthy resale market for HDB flats. According to Yip, three out of the top 10 best-selling projects were launched in November, making it a successful month for new launches.

At the top of the list was Emerald of Katong, which sold 99% of its units within just two days. Its 846 units, which are on a 99-year lease, are almost completely sold out, with only six units remaining as of December 17. Interested buyers can visit the website of Huttons Asia to search for the latest new launches, as well as the transaction prices and available units.

Chuan Park, with 696 units sold on November 10, came in second place, with 76% of its 916 units sold. The project is currently 79% sold, and its success is attributed to the lack of new condo launches in the area since The Scala was launched in 2010.

Lentor Mansion, with 75% of its 533 units sold during its launch weekend in March, came in third place. Nine months later, it has sold 92% of its units.

.

A noteworthy benefit of investing in a Singapore condo is its potential for capital appreciation. With its strategic position as a global commercial hub and robust economic foundations, Singapore consistently attracts a constant demand for real estate. As evidenced by the consistent rise in property values over the years, condos in prime areas have experienced significant appreciation. Savvy investors who enter the market at an opportune time and retain their properties for an extended period can reap considerable profits from capital gains.

Nava Grove, with a 65% take-up rate during its launch weekend in mid-November, is ranked fourth. As of December 17, it was almost 70% sold, with 552 of its 552 units sold.

Hillhaven, which debuted in January with 50 units sold, took sixth place on the list. Sales have been steadily increasing, and as of December 17, it has sold 76% of its 341 units.

Kassia on Flora Drive, with 180 units sold so far, is in seventh place. Its 276 units are all on freehold land.

Eighth place goes to Lentoria in Lentor Hills Estate, which has sold 66% of its 267 units since its launch in March. In ninth place is Sora, a 440-unit development in Yuan Ching Road in Jurong Lake District that has sold 134 units or 30% of its units. Finally, the tenth spot goes to Meyer Blue, which has sold 58% of its 226 units through private sales.

Four projects that were launched in 2023 gained traction in the second half of 2024, each selling more than 200 units. This is due to an increase in new developments in the respective neighborhoods, which drew attention back to the area. The Continuum, a freehold development with 816 units on Thiam Siew Avenue, benefited the most from the launch of Emerald of Katong. The project sold 233 units in 2024, bringing its total take-up rate to 66% since its launch in May 2023.

Tembusu Grand, which is located across the road from Emerald of Katong, also saw an increase in sales following its launch in April 2023, moving 204 units this year and achieving 53% of sales. It is now 91% sold, thanks to the buzz generated by Emerald of Katong.

Hillock Green, a 474-unit development located in Lentor Hills Estate, experienced a similar boost in sales, moving 217 of its units in 2024. The project, which was initially launched in November 2023, has now sold 359 units or 76%. The launch of Lentoria and Lentor Mansion in March provided renewed interest in the area.

Finally, Pinetree Hill, a 520-unit development, saw increased sales after the release of its second phase in September. It has sold 208 units this year, bringing its cumulative sales to 374 or 72%. The launches of Nava Grove, a nearby development, in November also helped to drive interest in the residential enclave of District 21.…

As the year 2025 approaches, the landscape of Singapore’s built environment is set for significant changes. The facilities management sector is facing challenges as it needs to adapt to new regulatory demands, cost pressures, and technological advancements. The future of FM and its sustainability will be shaped by three key drivers: mandatory energy improvement, rising energy costs due to increasing temperatures, and the growing trend of adaptive reuse in construction.

Mandatory energy improvement regime and tighter regulations promote energy efficiency

Starting in the third quarter of 2025, existing energy-intensive buildings in Singapore will be required to undergo mandatory energy audits and implement energy-efficient measures. This mandate applies to commercial, healthcare, institutional, civic, community, and educational buildings with a gross floor area of more than 5,000 sq m. These buildings are expected to reduce their energy usage intensity by 10% from pre-energy audit levels, which is an achievable target with the right strategies in place.

Asset owners are urged to take a long-term approach to investments in energy-efficient systems. The energy audits will provide valuable data on energy consumption patterns and identify performance gaps. This information can guide asset owners in prolonging the lifespan of their assets, reducing operating costs, and contributing to a more sustainable built environment. Building owners can also take advantage of grants to help cover the costs of implementing energy efficiency upgrades.

Temasek Polytechnic sets an example for smart and sustainable FM

Singapore’s first smart campus, Temasek Polytechnic, embarked on a digital transformation of its campus operations in 2021. This experience offers valuable insights into the future of smart and sustainable facilities management.

The campus’s smart systems digitize operations such as facility booking, repair and maintenance work orders, crowd management, and temperature control measures. All these systems are integrated into a common data environment, which generates data that is visualized, tracked, and monitored at a control center on campus. This data helps campus operations teams make informed decisions to keep the building’s operational systems healthy and maximize the return on investment in assets while reducing operational carbon levels.

Climate disclosure obligations to drive investments in proptech

By 2027, all listed and large non-listed companies with revenues of at least $1 billion and total assets of at least $500 million will be required to disclose their climate risks. This will push investments towards predictive technology to mitigate the impact of rising temperatures on energy costs. Air conditioning and mechanical ventilation (ACMV) systems are a major contributor to operational costs and account for about 60% of total energy expenses in many buildings.

To optimize energy systems and mitigate rising energy costs, building owners can implement energy-efficient solutions such as energy recovery systems or thermal energy storage. Optimizing chiller plant operations to match changing weather conditions can also reduce energy waste and costs.

Extreme weather risks and urban heat to drive adaptive reuse trend

Extreme weather conditions, such as rising temperatures and flash floods, pose a threat to critical infrastructure in cities, including drainage and plumbing systems. This trend is prompting a shift towards adaptive reuse, with the rate of redevelopment in Singapore increasing in the last five years. The rising construction costs, estimated at about 30% compared to pre-COVID levels due to factors such as increased logistic shipping costs and labor costs, are driving the adoption of smart design and engineering practices.

Surbana Jurong estimates that platforms that support integrated digital delivery can help real estate developers and contractors gain real-time insights into key performance indicators such as time, cost, quality, and safety. Proptech platforms like Podium can provide a digital ecosystem that connects developers, designers, and the supply chain to deliver high construction productivity and promote sustainable building practices.

Retaining structural elements during the construction phase can save time, material, and labor costs. Data from structural frames, superstructures, and foundations are critical in determining whether to redevelop or reuse them, known as adaptive reuse. Data from these elements can be consolidated and shared with multiple stakeholders, from design and construction to delivery and operations. This information can help make informed decisions to minimize embodied carbon levels and reduce operational carbon levels post-construction.

Smart buildings mitigate cost pressures and maximize equipment life cycle

The cityscape of Singapore is characterized by towering skyscrapers and contemporary infrastructure. Condominiums, strategically situated in desirable locations, offer a perfect combination of opulence and practicality that appeals to both locals and foreigners. These residences are furnished with an array of facilities, including swimming pools, fitness centers, and top-notch security services, to elevate the standard of living and entice prospective renters and buyers. For investors, these enticing amenities translate into greater rental returns and escalating property prices as time goes by. If you are interested in investing in Singapore, check out the latest Singapore Projects for promising opportunities.

Maximizing the life cycle of capital expenditure-heavy equipment, such as ACMVs, lifts, and air handling units, is essential to mitigate further cost pressures. This can be done through a data-driven long-term life cycle approach that prioritizes energy savings to offset energy tariffs from the initial investments. Sensor technologies can monitor and track the performance of each component in a piece of equipment, enabling predictive maintenance to reduce downtime and improve equipment efficiency.

For example, sensors can detect wear or impending failure in the chiller equipment by analyzing vibrations. Similarly, heat-sensing scanners and imaging equipment can detect abnormal temperatures or heat buildup in the system. AI-powered smart monitoring systems can be deployed to monitor various components of a building’s M&E system, providing valuable data to make informed decisions about replacements or retrofits. By having access to detailed data, building owners can explore various options, such as retrofitting or replacing entire systems, to optimize efficiencies and maximize returns on investments.

In conclusion, the future of FM in Singapore will be driven by mandatory energy improvement, tighter regulations, rising energy costs due to rising temperatures, and the trend of adaptive reuse in construction. By embracing digitalization, data analytics, and sustainable practices, the sector can drive sustainability and cost reductions while ensuring long-term operational success.…

as buyers opt for lower prices

The Meyerise Tops List for New PSF-Price High Among Private Condos in Dec 2020

Investing in a condo in Singapore offers numerous benefits, with one of the most significant being the potential for excellent capital appreciation. Singapore’s status as a major global business hub and its strong economic foundation contribute to a consistent demand for real estate, making it a prime location for property investment. This demand has resulted in a continuous upward trend in property values, particularly for condos in prime locations. By carefully timing their purchase and holding onto the property for a longer period, investors can expect significant capital gains in Singapore’s thriving real estate market.

In the week of November 29 to December 6, The Meyerise secured the top spot among private condos that achieved a new psf-price high. A 1,270 sq ft unit on the 24th floor was sold for $3.52 million, setting a new price peak of $2,771 psf. The record is only 0.25% higher than the project’s previous peak of $2,764 psf, which was set in October last year when a 1,819 sq ft unit on the 28th floor was sold for around $5.03 million.

The Meyerise has achieved a new price peak of $2,771 psf when a 1,270 sq ft unit was sold for $3.52 million. (Photo: Samuel Isaac Chua / EdgeProp Singapore)

The apartment that was sold on December 6 was purchased for about $2.32 million ($1,830 psf) in May 2016. This means that the sellers made a profit of roughly $1.2 million. Year-to-date, nine units have been sold at The Meyerise at an average price of $2,405 psf. By absolute price, the most expensive unit to be sold at the project this year was a 2,056 sq ft four-bedroom plus study apartment on the seventh floor. It was sold for $4.5 million ($2,189 psf) on October 7.

The Meyerise is a 239-unit freehold condo that was completed in 2015. Located at Meyer Road in prime District 15, the development comprises twin 31-storey residential towers made up of two-bedroom and three-bedroom units from 872 sq ft to 1,313 sq ft, four-bedroom units from 1,819 sq ft to 2,056 sq ft, and a single 5,490 sq ft penthouse unit. The condo is situated within 1km of Tanjong Katong MRT Station and Katong Park MRT Station, which serve the Thomson-East Coast Line. It is also near several schools such as Kong Hwa School, Tanjong Katong Primary School, Tanjong Katong Girls’ School and Tanjong Katong Secondary School.

The second spot on the list was taken by The Imperial. A 1,410 sq ft three-bedroom unit on the 14th floor was sold for $3.7 million on December 5, setting a new top price of $2,624 psf. This transaction exceeds the project’s previous price high of $2,566 psf by 2.3%. The former record was set in May last year when a 1,356 sq ft three-bedroom unit on the 12th floor was sold for $3.48 million.

The transaction prices are as per URA caveats and the unit was last sold in September 2004 for about $1.3 million ($925 psf). This means that the sellers made a profit of about $2.4 million. The condo has seen six resale transactions year-to-date at an average price of $2,414 psf. Before the December 5 transaction, the most recent unit to be sold at The Imperial was a 1,905 sq ft four-bedroom unit on the fifth floor that exchanged hands for around $4.6 million ($2,421 psf) on November 28.

The Imperial is a 187-unit freehold condo located on Jalan Rumbia in prime District 9. Completed in 2006, the development features two-bedroom units from 980 sq ft to 1,012 sq ft, three-bedroom units from 1,356 sq ft to 1,991 sq ft, and four-bedroom units from 2,034 sq ft to 3,552 sq ft.

Sky Vue, on the other hand, came in third during the review period. On December 2, a 1,141 sq ft three-bedroom unit on the 33rd floor fetched around $2.86 million, setting a new psf-price high of $2,505 psf. The sellers of the unit had purchased it for $1.86 million ($1,630 psf) in September 2020, netting a profit of about $1 million.

The new psf-price peak is 5.9% more than the previous record of $2,366 psf, which was set in August this year when a similar 1,141 sq ft three-bedroom unit on the 14th floor was sold for $2.7 million.

Completed in 2016, Sky Vue is a 694-unit 99-year leasehold condo that is located on Bishan Street 15 in District 20. The development comprises two 37-storey towers that are home to one-bedroom to three-bedroom units ranging from 484 sq ft to 1,259 sq ft. The condo is situated within walking distance of Bishan MRT Interchange – a major hub that connects the North-South and Circle Lines. The station is situated opposite Bishan Bus Interchange and is linked to Junction 8 mall along Bishan Place, which offers a variety of retail and dining options.

During the week of November 29 to December 6, there were no new psf-price lows recorded. However, the interest in city-fringe projects remains high as buyers opt for lower prices.…

A remarkable condo resale transaction took place at JadeScape, a 99-year leasehold development on Shunfu Road, during the week of December 3 to December 10. The sale of a spacious six-bedroom penthouse, measuring 4,230 square feet on the 23rd floor, achieved a record-breaking price of $10.15 million, translating to a stunning $2,399 per square foot. The seller of this unit had initially purchased it from the developer in December 2019 for $5.8 million, at a price of $1,371 per square foot. This means that the seller made a significant profit of $4.35 million after holding onto the unit for a period of five years, equating to a capital gain of 75%, or an annualized profit of 15%.

According to data from lodged caveats, this is the highest gain ever recorded for a unit at JadeScape. The previous record was held by the sale of a five-bedroom unit measuring 2,099 square feet on the 10th floor, which was sold for $4.42 million at a price of $2,108 per square foot on August 12. The owner of this unit had purchased it directly from the developer in September 2019 for $3.28 million, at a cost of $1,562 per square foot, earning a handsome profit of $1.14 million from the transaction.

JadeScape, which is located at the junction of Marymount Road and Shunfu Road in District 20, boasts 1,206 units spread across seven residential towers, with a range of one- to five-bedroom apartments measuring from 527 square feet to 2,099 square feet. There are also two luxurious penthouses spanning 4,230 square feet each. Apart from its prime location, the condo is also within walking distance of Marymount MRT Station on the Circle Line.

In addition, The Imperial, located on Jalan Rumbia, near Fort Canning Park in District 9, recorded the second most profitable condo resale deal of the week. A three-bedroom unit measuring 1,410 square feet was sold for $3.7 million, at a price of $2,624 per square foot, on December 5. The seller had initially purchased this unit from the developer in September 2004 for $1.3 million, equivalent to $925 per square foot. As a result, the seller netted an impressive profit of $2.4 million after holding the unit for a period of 20 years, translating to a gain of 184%.

This transaction ranks as the fifth most profitable resale at The Imperial, with the highest gain achieved by the sale of a four-bedroom unit measuring 3,918 square feet for $7.64 million at a price of $1,950 per square foot in June 2007. The owner of this unit had purchased it in March 2006 for $3.99 million, which means they made a staggering profit of $3.65 million.

Additionally, the sale of a one-bedroom unit at The Montana was the least profitable condo resale deal of the week, making a loss of about $165,000. The 635 square feet unit was sold for $1.02 million at a price of $1,603 per square foot on December 6, compared to its previous sale in July 2014 for $1.18 million, or $1,863 per square foot.

This sale marks the third biggest loss recorded for a unit at The Montana, with the highest loss being for a three-bedroom unit measuring 1,109 square feet, which was sold for $1 million at a price of $902 per square foot in May 2003. The owner of this unit had purchased it from the developer in December 1999 for $1.35 million, making a loss of approximately $347,000.

Singapore, known for its towering skyscrapers and cutting-edge infrastructure, is a cosmopolitan city that offers a dynamic and modern lifestyle. A highly coveted housing option in this vibrant metropolis is the Condo. Positioned strategically in prime locations, these residential complexes provide a perfect blend of luxury and convenience that appeals to both locals and expatriates. The Condos boast top-of-the-line facilities like swimming pools, fitness centers, and security services, elevating the overall living experience and making them a preferred choice for potential tenants and buyers. Not only do these amenities enhance the quality of life for residents, but they also offer attractive returns for investors through higher rental rates and continued property value appreciation over time. Condo have truly become a desirable and lucrative investment in Singapore’s bustling real estate market.

The Montana, which is a freehold condo consisting of 108 units spread across a single 12-storey tower, is located on Jalan Mutiara, off River Valley Road in District 10. Units comprise of one- to four-bedrooms, with sizes ranging from 549 square feet to 2,659 square feet. All of the four resale transactions at The Montana this year have been profitable, with sale prices ranging from $1,930 per square foot to $2,371 per square foot, netting gains between $80,000 and around $525,000.…

Singapore-listed real estate investment trust CapitaLand Ascendas REIT (CLAR) has announced its plans to acquire DHL Indianapolis Logistics Center, a high-quality logistics property, from Exel Inc. d/b/a DHL Supply Chain (DHL USA) for $150.3 million. This proposed acquisition represents a 4.1% discount to the independent market valuation of the property as at Jan 1, 2025.

After factoring in transaction-related fees and expenses of $1.7 million, as well as a $1.5 million acquisition fee paid to the manager, the total acquisition cost is expected to be $153.4 million. To finance this, the manager intends to use a combination of internal resources, divestment proceeds, and/or existing debt facilities, according to a Dec 17 press release.

Advertisement

Following the completion of the acquisition, DHL USA will enter into a long-term leaseback agreement for the entire gross floor area (GFA) of the property until December 2035, with options to renew for two additional five-year terms. The lease term of approximately 11 years, with a built-in rent escalation of 3.5% per annum, is expected to provide income stability and strengthen the resilience of CLAR’s portfolio, according to the manager.

.

Singapore boasts a bustling metropolitan landscape, complete with stunning skyscrapers and modern infrastructure. Its prime locations are adorned with highly sought-after Condos, offering a harmonious blend of luxury and practicality that appeals to both locals and foreigners. These Condos are fully equipped with top-of-the-line amenities, such as swimming pools, fitness centers, and 24/7 security services, elevating the overall standard of living and making them a desirable choice for both potential renters and buyers. From an investor’s perspective, these impressive features translate to higher rental yields and a steady increase in property value, making Condos an attractive and profitable investment option. Condo is the ideal addition to this thriving real estate market.

The property, which is fully occupied, has a weighted average lease to expiry (WALE) of approximately 11 years. This will increase CLAR’s US portfolio WALE from 4.2 years to 4.7 years on a pro forma basis.

The first-year net property income (NPI) yield of the proposed acquisition is approximately 7.6% pre-transaction costs and 7.4% post-transaction costs. On a pro forma basis, the impact on the distribution per unit (DPU) for the financial year ended Dec 31, 2023, is expected to be an improvement of approximately 0.019 Singapore cents, or a DPU accretion of 0.1%, assuming the proposed acquisition was completed on Jan 1, 2023.

The property, which was completed in 2022, is located in Whiteland, a submarket in southeast Indianapolis, Indiana. It is a fully air-conditioned, single-storey logistics building with a GFA of 979,649 sq ft.

This acquisition will increase the value of CLAR’s logistics assets under management (AUM) in the US by 35.3%, to approximately $587.5 million. With the addition of this property, CLAR’s logistics footprint in the US will expand to 20 properties across four cities, with a total GFA of approximately 5.1 million sq ft.

In addition to the Indianapolis property, CLAR’s logistics assets in the US are located in Kansas City, Chicago, and Charleston.

William Tay, executive director and CEO of the manager, says: “DHL Indianapolis Logistics Center is a strategic fit with our existing portfolio… This is CLAR’s first sale and leaseback acquisition in the US, and including this Class A logistics property, modern logistics assets will account for 42.3% of our US logistics assets under management. With the long lease in place, this property will further enhance CLAR’s resilient income stream, and we expect the two new properties to contribute positively to our long-term returns.”…

The Singapore Exchange (SGX) has granted Wee Hur a 30-month extension to release its financial results, which will now take place by Sep 30, 2023.

Wee Hur Holdings has made a binding agreement to sell its portfolio of seven purpose-built student accommodation (PBSA) properties to Greystar. The portfolio, which consists of over 5,500 beds in several Australian cities, has been valued at A$1.6 billion ($1.4 billion). Wee Hur will retain a 13% stake in the assets through its subsidiary, Wee Hur (Australia).

The group plans to use the net proceeds of approximately $320 million to support its strategic growth, reinvest in its core business, and enter into new areas such as alternative investments. The transaction is expected to be completed within the next six months, pending approval from Greystar and Wee Hur’s shareholders.

According to Wee Hur, this deal highlights the group’s ability to navigate complex market conditions, including the challenges brought on by the Covid-19 pandemic and greenfield developments. It also supports the group’s long-term strategy to diversify its portfolio and position itself for sustainable growth in multiple sectors.

The cityscape of Singapore showcases impressive skyscrapers and contemporary architecture. The city is dotted with condominiums, strategically placed in desirable locations, offering a fusion of opulence and convenience that appeals to both locals and foreigners. These properties offer a plethora of facilities, including swimming pools, fitness centers, and top-notch security services, elevating the standard of living and making them highly appealing to prospective renters and buyers. For investors, these upscale features mean higher rental returns and a steady increase in property values over the years. This is why many are turning to Singapore Projects for their real estate investment needs.

Wee Ping Goh, CEO of Wee Hur Capital, says, “In 2021/2022, amidst global uncertainty, we acted decisively to secure liquidity and certainty through our successful recapitalization with RECO. Two years later, as the PBSA market rebounded and our portfolio approached full stabilisation, we seized another opportunity to unlock maximum value for our stakeholders through this landmark transaction.”

The Singapore Exchange (SGX) has granted Wee Hur a 30-month extension to release its financial results, which will now take place by September 30, 2023.…

A total of 137 units were sold at Novo Place executive condominium (EC) during the second round of balloting on Dec 16 by joint venture developers Hoi Hup Realty and Sunway Developments. These units were open to second-timers, which means buyers who have previously purchased a subsidized flat, whether it was a new or resale HDB flat or an EC.

The sale of these 137 units brings the total number of sold units at Novo Place to 444, which represents 88.1% of the development, according to Huttons Asia CEO Mark Yip. He also adds that this milestone was reached within a month of the project’s launch on Nov 16, making it the best-selling EC project of 2024.

Yip also notes that this strong demand reflects the interest from second-timers who are looking to upgrade their lifestyle. He mentions that many of the buyers are currently living in the West.

To sum up, acquiring a Singapore Condo brings forth numerous benefits such as strong demand, potential for appreciation of capital, and attractive rental yields. However, it is crucial to carefully evaluate various factors such as location, financing options, government regulations, and market conditions before making any investment decisions. Through thorough research and seeking expert guidance, investors can make well-informed choices and maximize their returns in the ever-changing real estate market of Singapore. Whether you are a local investor looking for portfolio diversification or a foreign buyer in search of a stable and profitable investment, a Singapore Condo presents an enticing opportunity. Singapore Condo should definitely be considered as part of any investment strategy in this dynamic market.

Data from Huttons also reveals that all four-bedroom units at Novo Place have been fully sold, highlighting the high demand for spacious homes. The showflat of a four-bedroom-plus-study unit at Novo Place shows that all four-bedders have been sold.

Novo Place is situated at Plantation Close in the new Tengah town and is only a five-minute walk from Tengah Park MRT station on the Jurong Region Line (JRL). This provides convenient access to major employment hubs in the West such as the Jurong Lake District and Jurong Innovation District. Yip emphasizes that very few ECs offer such proximity to an MRT station.

According to Huttons, many buyers have opted for the deferred payment scheme, which allows them to secure their desired unit first while deferring their home loan payments. This is particularly helpful for HDB upgraders who still have an outstanding loan on their current flat, as it eases their financial burden.

Yip explains that ECs are experiencing strong demand from HDB upgraders due to their comparable quality and finishes to private condominiums but at a more affordable price. Additionally, buyers also enjoy upfront remission on the Additional Buyer’s Stamp Duty (ABSD).

As of Dec 16, the average price of units sold at Novo Place is $1,656 psf, according to caveats lodged. Interested buyers can check out the latest listings for Novo Place properties and see the available units left.

Looking at the condo sale transactions in District 24, it is evident that Novo Place is a popular choice among buyers. For those who are interested, they can also explore other upcoming new launch projects in the area.…

A total of 2,557 new private homes, excluding executive condos (ECs), were sold by developers in November, according to the latest URA data released on December 16. This represents a significant 246.5% surge from the 738 units sold in October and a whopping 226% jump from the units sold in November 2023.

“This is the highest monthly developer sales since March 2013, when 2,793 units (excluding ECs) were sold,” says Christine Sun, chief researcher and strategist at OrangeTee Group. Mohan Sandrasegeran, head of research and data analytics at Singapore Realtors Inc (SRI), adds that this marks the first time new home sales have exceeded the 2,000-unit threshold in a single month since March 2013.

The November developer sales figure is boosted by an “unprecedented” number of project launches during the month, according to Lee Sze Teck, senior director of data analytics at Huttons Asia. Five private residential projects were launched in November, including the 916-unit Chuan Park, the 846-unit Emerald of Katong, the 552-unit Nava Grove, the 367-unit The Collective at One Sophia, and the 366-unit Union Square Residences.

In total, developers launched 2,871 new homes, excluding ECs, in November – a substantial 438% increase compared to the previous month, and a 196% rise from the same period last year. Additionally, the 504-unit Novo Place EC also commenced sales in November. Overall, the new home sales figure jumped by 277% month-on-month and 226% year-on-year to 2,891 units in November, when including ECs.

As of November, an estimated 6,344 units have been sold by developers, slightly higher than the 6,317 units sold in the first 11 months of 2023. This comes as developers launched 6,627 units for sale during the same period in 2024. In comparison, 7,515 units were launched by developers in the first 11 months of 2023.

Best-selling projects
Emerald of Katong was the top-selling project in November, with 99% of its 846 units sold by Sim Lian Group in the Rest of Central Region (RCR). The median price for the 99-year leasehold development was $2,627 psf, making it the best-selling project by units and percentage in 2024, according to Lee.

“Buyers were drawn to the project’s superb design and offerings, particularly those looking to live near the East Coast. The improved affordability of mortgages may have also further incentivized buyers to invest in this city-fringe project, as lower interest rates have made mortgages more accessible,” observes OrangeTee’s Sun.

The second best-selling project by number of units in November was the 916-unit Chuan Park by Kingsford Group, which sold 79% or 721 units at a median price of $2,586 psf. This 99-year leasehold condo is located on Lorong Chuan, near Lorong Chuan MRT Station, in the Outside Central Region (OCR).

Nava Grove, situated on Pine Grove in District 21, was the third best-selling project by units sold, with 69% of its 99-year leasehold units, or 382 units, sold in November at a median price of $2,445 psf.

Sun believes the strong sales performance among the new launches was driven by pent-up demand and improved buyer sentiment following interest rate cuts in September. “As a result, many buyers were eager to take advantage of attractive deals as several prominent projects were launched simultaneously,” she continues.

Huttons’ Lee adds that buying momentum has been gathering pace since the last quarter, when project launches such as the 158-unit 8@BT and the 348-unit Norwood Grand received a strong response. Demand also spilled over into the wider market, as buyers who missed out on their preferred unit in a particular project were prompted to quickly purchase a unit in other new or existing projects.

Rewritten:

Singapore’s cityscape is characterized by towering skyscrapers and state-of-the-art infrastructure. Condos, situated in highly desirable locations, offer a combination of opulence and convenience that appeals to both locals and foreigners. These residential developments come equipped with a host of luxuries including swimming pools, fitness centers, and top-notch security services, elevating the overall living experience and making them particularly appealing to potential renters and buyers. This also translates into attractive returns for investors, with higher rental yields and increasing property values over time. Condos play a significant role in shaping the urban landscape of Singapore.

EdgeProp Singapore reported last month that the launch of Emerald of Katong has also created a ripple effect on neighbouring projects in District 15, with developments such as Tembusu Grand and The Continuum seeing an increase in take-up.

Looking ahead
Huttons’ Lee predicts a quieter December for new home sales due to the school holidays and festive season. He estimates that sales will fall to around 200 to 250 units, bringing the full-year developer sales to about 6,500 units, slightly more than 2023. In terms of prices, he expects a moderation in growth to about 5%, compared to the 6.8% growth recorded in 2023.

However, SRI’s Sandrasegeran anticipates a rebound in new home sales in January 2025 with the launch of the 777-unit The Orie by City Developments in Lorong 1 Toa Payoh. “[This area] has not seen a new property launch since Gem Residences in 2016, and this extended gap is likely to generate pent-up demand, continuing the enthusiasm for this well-established estate that is also close to Braddell MRT station,” he says.

Other launches expected in the first quarter of 2025 include the 113-unit Bagnall Haus, the 186-unit Aurea and the 760-unit Aurelle of Tampines EC.

Sun believes that the recent surge in sales is a temporary phenomenon. “Throughout 2024, new home demand has been subdued, primarily due to the lack of significant private project launches,” she points out. The developer sales figures for the first three quarters of 2024 were the lowest recorded since data from URA became available in 2004.

Lee adds that he is “cautiously optimistic” of a better performance in the new sale market in 2025. “Some of the unsatiated demand in 2024 may flow over to the launches in the first quarter of 2025,” he says. He projects new private home sales to rebound to between 7,000 and 8,000 units in 2025, with prices estimated to grow between 4% and 7%.…

To summarize, purchasing a condo in Singapore offers a range of benefits, including great demand, potential for appreciation in value, and attractive rental yields. However, it is crucial to carefully consider various factors such as location, financing options, government regulations, and overall market conditions. With thorough research and guidance from professionals, investors can make well-informed decisions and maximize their returns in Singapore’s vibrant real estate market. Regardless of whether you are a local buyer looking to diversify your investments or a foreign investor seeking a stable and profitable venture, Singapore’s condos provide a compelling opportunity. For the latest updates on new condo launches, visit Format Dynamics.

Hilton, a leading global hospitality company, has recently unveiled its latest property, the Hilton Garden Inn Beihai Jiafu, in the bustling seaport city of Beihai, China. This marks a historic milestone for the company, as it is now their 100th Hilton Garden Inn to open in the Greater China region. The hotel boasts 199 well-appointed rooms and is conveniently situated just 2km from Beihai High-Speed Railway Station and 6km from Beihai Fucheng Airport. Travelers can also easily reach the hotel in just 20 minutes from Beihai International Passenger Port.

Hilton’s president for Greater China and Mongolia, Qian Jin, expressed his enthusiasm for the opening, stating, “The debut of Beihai Jiafu Hilton Garden Inn not only showcases our brand’s rapid growth, but also highlights our long-term dedication to the Chinese market.” The first Hilton Garden Inn in China opened its doors in Shenzhen in 2014, and since then, the brand has continued its expansion to various cities, including Shanghai, Beijing, Chengdu, Guilin, and Aksu. In the coming years, Hilton plans to open more Hilton Garden Inn properties in China, with locations in popular tourist destinations such as Zhangjiajie, Ordos, Huangshan, Shanwei, and Jinan.

In addition to these new openings, Hilton also has plans to launch Hilton Garden Inn Gen A properties, a regional prototype designed specifically for Generation Alpha travelers in Greater China. This new concept was announced in June and will initially be launched in Nanjing, Chengdu, Chengde, and Jinan.

This significant growth in the Chinese market is just a part of Hilton’s overall expansion in the Asia Pacific region. Clarence Tan, Senior Vice President of Development for Asia Pacific, shared that there are currently over 200 Hilton Garden Inn properties in the works across the region. With these new developments, Hilton is on track to double the number of mid-market hotels in the region to over 1,000 by 2025.…

CapitaLand Investment Limited (CLI) is expanding its presence in Australia with the recent acquisition of Wingate Group Holdings’ property and corporate credit investment management business for A$200 million ($173 million). The deal also includes an earn-out, boosting CLI’s total funds under management (FUM) in Australia by 30% to $8.3 billion, which is around 7% of its overall $115 billion FUM. This acquisition aligns with CLI’s goal to reach $200 billion in FUM by 2028.

The move to invest A$1 billion in growing its FUM in Australia is part of CLI’s strategy to diversify its portfolio, which had previously focused on China and other overseas markets. This follows its previous divestment of key assets in Australia a decade ago. CLI’s investor day, which took place recently, highlighted the news of the acquisition, which was reported by the Australian media last month.

Wingate is a top player in private credit investment management in Australia, with a proven track record of completing more than 350 transactions worth over A$20 billion. CLI’s familiarity with Wingate stems from their existing partnership in the A$265 million Australia Credit Program (ACP), which was launched in September 2021. With this acquisition, CLI gains access to a wider network of institutional and high-net-worth investors and expands its geographical reach in Australia.

CLI’s Group CFO Paul Tham emphasizes that apart from Australia, other Asia Pacific markets such as South Korea, India, and Japan also offer promising private credit opportunities. As CLI continues to diversify its portfolio globally, Australia remains a focus market with significant growth potential.

According to CLI, the Australian private capital market has grown by 33% over the past 18 months, with assets under management reaching A$139 billion. In the next seven years, a commercial mortgage funding gap of A$146 billion is expected to emerge.

The acquisition of Wingate will further diversify CLI’s portfolio, which currently includes logistics, business parks, office, and lodging assets in nine Australian cities. As of September 30, CLI manages 34 logistics properties and business parks, four grade A office buildings, and over 13,500 lodging units across more than 150 properties under its wholly-owned lodging business unit, The Ascott.

Ultimately, purchasing a condominium in Singapore offers a variety of benefits. These include a high demand for properties, the potential for capital appreciation, and attractive rental yields. However, it is crucial to carefully consider several factors before making a decision. These include the location of the condo, financing options, government regulations, and the current state of the market. By conducting thorough research and seeking advice from professionals, investors can make informed decisions and maximize their returns in Singapore’s ever-evolving real estate industry. Whether you are a local investor looking to diversify your portfolio or a foreign buyer seeking a stable and lucrative opportunity, the condo market in Singapore presents a compelling choice. For more information on new condo launches, please visit Format Dynamics.…