Month: January 2025

The bidding for the Government Land Sale (GLS) site at Tengah Gardens Avenue closed on January 14 with three bids. A consortium led by Hong Leong, which includes GuocoLand Singapore and CSC Land Group, submitted the highest bid of $675 million, which translates to $821 per square foot per plot ratio (psf ppr).

The site, which has a 99-year lease and covers an area of approximately 273,906 square feet, is zoned for “Residential with Commercial at 1st storey” and has a maximum gross floor area (GFA) of 821,720 square feet. According to URA, it has the potential to yield up to 860 residential units.

If awarded, the Hong Leong-led consortium plans to build an 860-unit condo, taking advantage of the upcoming Jurong Region Line (JRL) nearby which will enhance connectivity. This will contribute to the development of the new Tengah estate, as stated by Loke Kee Yeu, general manager (Projects) at Hong Leong Holdings Limited.

The Tengah Gardens Avenue site is strategically located near the upcoming Hong Kah MRT Station on the JRL, making it one stop away from the upcoming Tengah Town Centre and providing a direct route to the second CBD at Jurong Lake District.

The top bid of $821 psf ppr for the Tengah Gardens Avenue site is only 0.73% higher than the second bidder’s bid of $815 psf ppr, submitted by Chinese developer Kingsford Group. Local developer Sim Lian Group submitted the third and final bid of $812 psf ppr. This close bid price spread of less than 1% indicates that developers are being conservative in their bids, even with the increase in homebuyer activity at the end of 2024, according to Leonard Tay, head of research at Knight Frank Singapore.

Another GLS site at Dairy Farm Walk also closed on January 14 and received two bids. Tay also mentioned that developers may have focused on existing sites that are preparing for launch in 2025. This could be a reason why the number of bids for GLS tenders has been around three.

Mark Yip, CEO of Huttons Asia, believes that developers are keeping their land bids reasonable in order to maintain an attractive selling quantum for buyers. He expects more developers to submit joint bids for GLS sites this year to diversify risk. This could also be a reason why the number of bids for GLS tenders has been around three.

Marcus Chu, CEO of ERA, says that another reason for the low number of bids could be the current availability of GLS sites. With seven sites still open for tender and six more to be launched in the first half of 2025, developers are taking a cautious approach and considering their options amid moderated interest rates.

Investing in real estate in Singapore heavily relies on the location of the property. This is especially evident as condos situated in central areas or near important amenities such as schools, shopping malls, and public transportation hubs hold a higher potential for appreciation in value. Some of the most sought-after areas for property investment in Singapore include Orchard Road, Marina Bay, and the Central Business District (CBD), where properties have continuously shown strong growth in value. Moreover, condos located near reputable schools and educational institutions make them even more desirable for families, making them a solid investment option. Furthermore, with the addition of New Condo Launches, the potential for growth in these prime locations only continues to increase.

The interest in the Tengah Gardens Avenue site may also have been affected by the availability of another nearby GLS site, according to Justin Quek, CEO of OrangeTee & Tie. Developers may be considering bidding on a different GLS site along Lakeside Drive and Lakeside MRT, which is scheduled for tender in April 2025.

If awarded, the Tengah Gardens Avenue site will be the first private residential site (excluding Executive Condominium) in the Tengah HDB township. The first EC project in Tengah, Copen Grand, was launched for sale in 2022 and sold out within a month. The joint developers, City Developments Ltd (CDL) and MCL Land, secured the EC site with a winning bid of $400.32 million, or $603 psf ppr, in May 2021.

ERA’s Chu believes that the opportunity to launch the first private condo in the new Tengah estate may have attracted the Hong Leong-led consortium, as they have also made forays into other sites such as Lentor, Upper Thomson, and Bugis. The CEO of PropNex, Ismail Gafoor, states that the site’s proximity to the future Anglo-Chinese School (Primary), which will become a co-ed school in 2030, could be very attractive to families with school-aged children. PropNex estimates that if the site is awarded at the top bid of $821 psf ppr, the average selling price of the new private condo could be around $2,000 psf.…

Singapore’s property market is buzzing with the latest offering – a freehold 15 loft-room hotel at 739-1 Geylang Road in the prime District 14. Priced at $14 million, this 2-storey property stands out with its newly constructed 4-storey rear extension and occupies a 1,273 sq ft site with an approved gross floor area (GFA) of 3,186 sq ft.

One of the key highlights of this hotel is its permanent ‘Hotel’ zoning and usage approval, a rare and highly coveted designation for new conservation shophouses in Singapore. This not only adds to the property’s investment appeal, but also provides flexibility in operations. Its strategic location, just a 5-minute walk from Paya Lebar MRT station, further adds to its allure. Paya Lebar MRT is a dual-line station, connected to both the East-West and Circle lines, making it easy for guests to travel to different parts of Singapore.

Designed with a sophisticated Japandi theme, the hotel is currently under construction and expected to receive its Temporary Occupation Permit (TOP) in Q2 2025. The sale price includes all construction and renovation costs, making it a turnkey investment opportunity. Investors looking to enter or expand their presence in the hospitality sector will find this property a lucrative option.

For investors, the current owner, an experienced hotel operator, is open to a sale and leaseback arrangement. This allows for immediate rental income and operational continuity. According to Eva Lau, Senior Marketing Director of ERA Realty Network Pte. Ltd., owner operators will have the added advantage of major renovations, enabling them to start operations seamlessly.

When purchasing a condo, it’s crucial to also take into account the maintenance and management aspects of the property. This is because condos usually come with maintenance fees that are used for the upkeep of common areas and amenities. Although these fees may increase the overall cost of owning a condo, they also play a significant role in preserving the property’s quality and value. An effective solution for investors is to enlist the services of a property management company, which can handle the regular tasks associated with managing a condo, making it a more hands-off investment. For more information, please visit Singapore Projects.

The demand for hospitality assets in Singapore has been on the rise in the past year, with notable transactions including LHN Group’s acquisition of Pasir Panjang Inn for $30 million. Last year, an 8-storey hotel at 12 Lorong 12 Geylang was also listed for sale at $120 million, and Hotel JJH, a 25-room property at 747 North Bridge Road, is currently on the market for $38 million. These transactions reflect the strong demand for well-located, high-quality hospitality assets, which are considered as one of the most desirable commercial shophouse usage classes in Singapore.

For more information, interested buyers can contact Eva Lau at 92785688, Senior Marketing Director of ERA Realty Network Pte. Ltd.…

JLL appoints new head of energy and infrastructure for Asia Pacific

Real estate consulting firm JLL has announced the appointment of James Cameron as its head of energy and infrastructure for Asia Pacific within its capital markets business line. The newly created role will be based in Singapore, according to a press release on Jan 14.

In his new position, Cameron will be responsible for building a team in Asia Pacific to complement JLL’s existing EMEA Energy & Infrastructure business and create a global capital advisory capability. This will allow the firm to better serve both local and international developers and investors.

JLL notes that Cameron’s appointment is in line with the long-term capital requirements necessary to facilitate the infrastructure and renewables build-out that is needed to meet the challenges of decarbonisation, digitalisation, economic growth, and rapid urbanisation.

Stuart Crow, CEO of capital markets for JLL Asia Pacific, says: “We see significant opportunity to leverage our unique expertise in mobilising multiple sources of capital and JLL’s unrivalled track record in advising renewables transactions globally to serve clients within energy and infrastructure across Asia Pacific.”

Advertisement Advertisement

Cameron’s role will see him collaborating closely with JLL’s capital markets, investment banking, and debt advisory teams across the region. He will focus on origination of capital raising and transaction advisory opportunities for large infrastructure and renewable transactions, catering to institutional investors, private equity firms, asset managers, strategic infrastructure and renewable operators and developers, high net-worth individuals, and family offices.

With over 25 years of experience in real asset capital markets, Cameron was previously the global head of commercial real estate at Standard Chartered Bank. He has extensive experience in mobilising various forms of private and public equity and financing across global and regional infrastructure.

Investing in a condo has numerous advantages, one of which is the potential to leverage its value for further investments. A lot of investors are taking advantage of this by using their condos as collateral to secure additional financing for new investments. This method allows them to expand their real estate portfolio and potentially increase their returns. However, it’s important to note that this approach also carries risks, so it’s crucial to have a solid financial plan in place and carefully consider the potential impact of market fluctuations. Additionally, keeping an eye out for new condo launches, such as those offered by Format Dynamics, can provide investors with even more opportunities for growth and diversification.

Crow comments: “James’ experience in this exciting space is unmatched regionally, and we’re extremely confident in his ability to establish JLL’s leadership position through his expertise and client relationships.”…

An opportunity has arisen for prospective buyers in the prestigious area of Belmont Park, with two adjacent Good Class Bungalows (GCBs) at 52 and 54 Belmont Road up for sale by expression of interest (EOI). It is believed that the owners of these freehold properties are related.

Ensuring adequate funding for a condo investment is a critical factor that requires careful consideration. In Singapore, there are several mortgage choices available, but it is crucial to fully understand the guidelines established by the Total Debt Servicing Ratio (TDSR). This framework stipulates the maximum loan amount that a borrower can receive, taking into account their income and existing debt obligations. To make well-informed decisions about condo financing and prevent over-borrowing, it is essential to have a thorough understanding of TDSR and seek guidance from financial experts or mortgage brokers.

The combined land area of the GCBs is 41,741 sq. ft. and has an indicative price of $88.8 million, translating to $2,128 psf on the land area. The properties boast a 44m frontage along Belmont Road and an average depth of 66m, according to the marketing agent, Sakal Real Estate Partners.

According to Lennon Koh, senior director at Sakal, this site is ideal for families looking to build a new home for multigenerational living or extended families staying together. He also pointed out that developers seeking to capitalize on the exclusive GCB market would find this property suitable.

Previously in December, a GCB on Belmont Road with a land area of 19,549 sq. ft. was sold for $40 million ($2,046 psf) based on caveats lodged with URA. Recent transactions in the area have shown a strong interest in GCBs. For example, in July 2024, two adjacent GCB plots on Belmont Road were sold for $131.4 million or $3,000 psf, taking into account the combined land area of 43,790 sq. ft. Similarly, in April, a GCB at Bin Tong Park was sold for $84 million ($2,988 psf) with a land area of 28,111 sq. ft.

Steven Ming, managing director at Sakal, believes that the location of the Belmont Road GCBs and the resilient demand for GCBs will attract a significant level of interest. He pointed out that in 2024, the total estimated value of GCB transactions was $1.32 billion, which surpassed that of 2023 ($433 million) and 2022 ($1.18 billion), signaling a positive trend in the market.

Interested parties can submit their bids for the EOI exercise, which will close on March 13 at 3pm.…

Real estate consultancy firm JLL has announced the appointment of James Cameron as the Head of Energy and Infrastructure for Asia Pacific, for its capital markets division. Cameron, who will be based in Singapore, will be responsible for building a team in the region. This new role has been created to complement JLL’s EMEA Energy & Infrastructure business, in order to create a global capital advisory capability to better serve local and international developers and investors.

According to JLL, Cameron’s appointment is in line with the long-term capital requirements needed to facilitate the infrastructure and renewable energy build-out, as a response to the challenges of decarbonisation, digitalisation, economic growth, and rapid urbanisation.

Stuart Crow, JLL Asia Pacific’s CEO of capital markets, said, “We see significant opportunities to leverage our unique expertise in mobilising multiple sources of capital and JLL’s unrivalled track record in advising on renewable transactions globally, to serve clients within the energy and infrastructure sector across Asia Pacific.”

In summary, deciding to invest in a condominium in Singapore presents a plethora of advantages. Among them are a strong demand for properties, potential for appreciation in value, and appealing rental returns. However, it is vital to carefully assess various elements prior to making a commitment, such as the location of the condominium, financing options, government regulations, and current market conditions. With thorough research and professional guidance, investors can make informed choices and maximize their profits in Singapore’s constantly evolving real estate market. Whether you are a local investor seeking to diversify your portfolio or an international buyer looking for a stable and lucrative investment, the numerous new condo launches in Singapore, offered by companies like Format Dynamics, present an enticing opportunity well worth exploring.

Cameron will work closely with JLL’s capital markets, investment banking, and debt advisory teams in the region, with a focus on sourcing capital and providing transaction advisory services for large infrastructure and renewable energy deals, serving institutional investors, private equity, asset managers, strategic infrastructure and renewable energy operators and developers, high net-worth individuals, and family offices.

With over 25 years of experience in real asset capital markets, Cameron was previously the Global Head of Commercial Real Estate at Standard Chartered Bank. He brings with him a deep understanding of mobilising all forms of private and public equity and financing, in the global and regional infrastructure space.

Crow added, “James’ expertise in this exciting field is unmatched regionally, and we are extremely confident in his ability to establish JLL’s leadership position through his deep understanding of the sector and strong client relationships.”…

on GFA

Over the weekend of January 11 and 12, the popular mixed-use development One Bernam located in Tanjong Pagar launched a promotional sale of 87 units out of its 351 residential units. This 99-year leasehold project, developed jointly by MCC Land and Hao Yuan Investment, was first launched in May of 2021. As of January 10, over 75% of the units have been sold at an average price of $2,585 per square foot (psf), based on submitted caveats.

During the promotion, the remaining 87 units were offered at discounted prices including one-bedroom to three-bedroom units as well as penthouses. Interested buyers could search for the latest new launches to find out the transaction prices and available units.

One-bedroom units ranging from 441 sq ft to 463 sq ft were sold at prices ranging from $1.295 million ($2,934 psf) to $1.328 million ($2,869 psf) with discounts of $323,000 to $438,000. Meanwhile, two-bedroom apartments of 700 sq ft to 732 sq ft were sold at prices ranging from $1.752 million ($2,394 psf) to $1.78 million ($2,544 psf) with discounts of $437,000 to $668,000. Two-bedroom plus study apartments of 807 sq ft to 872 sq ft had discounts ranging from $380,000 to $800,000 and were sold at prices ranging from $2.139 million ($2,581 psf) to $2.158 million ($2,475 psf). Three-bedroom apartments of 1,421 sq ft were sold at prices ranging from $3.496 million ($2,461 psf) to $3.526 million ($2,482 psf) with discounts ranging from $616,000 to $830,000.

Investing in a condo in Singapore has numerous benefits, with one of the most notable being its potential for capital appreciation. As a thriving global business hub with robust economic foundations, Singapore consistently experiences high demand for real estate. As a result, property prices in the country have seen a steady increase over the years, particularly in prime locations where condos are situated. By strategically timing their investments and holding onto their properties for an extended period, investors can reap significant capital gains. When looking at Singapore Projects, this potential for appreciation becomes even more apparent.

According to ERA Singapore CEO, Marcus Chu, the strong sales performance of One Bernam highlights the high potential and attractiveness of the property as a stable asset. Chu reports that approximately 78% of purchasers bought their units as investments and 87% of buyers were Singaporean with 70% aged between 31 to 50 years old.

After experiencing an “overwhelming response” over the weekend, only three penthouses remain available for sale, bringing the total sales to 99%. This includes two three-bedroom penthouses with sizes of 1,744 sq ft and 1,948 sq ft, as well as a 4,306 sq ft five-bedroom unit.

As the project is expected to obtain a Temporary Occupation Permit (TOP) in March of 2026, investors can start generating rental income to support their loan instalments. Based on EdgeProp Landlens data, existing apartments in the area such as Altez, 76 Shenton, and EON Shenton have average monthly rents ranging from $6.90 psf to $7.40 psf.

Chu predicts that the reduced competition from foreign buyers due to the increased Additional Buyer’s Stamp Duty (ABSD) in 2023 will create more opportunities for local buyers to enter the market. He also believes that local demand will continue to be the key driver for Central Core Region (CCR) properties, with competitive pricing making these developments an attractive and stable investment choice. Interested buyers can check out the latest listings for One Bernam properties and compare the price trend of new sale condos versus resale condos.…

The Real Estate Developers’ Association of Singapore (Redas) has announced the election of its new management committee for a two-year term. The election, which took place during the association’s Annual General Meeting on Jan 9, saw unanimous re-election of Tan Swee Yiow, Chairman of Keppel Reit Management, as President for his second consecutive term.

Expressing his honor at being re-elected, Tan also highlighted the broad representation of the new management committee in terms of sectors, scales and expertise within the industry. Immediate Past President Chia Ngiang Hong (Group General Manager of City Developments) has been appointed as the Group General Manager.

Kwee Ker Wei (Director of Pontiac Land Group) has been appointed as First Vice President, while Second Vice President Marc Boey (Executive Director of Project Services at Far East Organization) will serve alongside Honorary Secretary Chong Hock Chang (Group Director of Projects and Marketing at Ho Bee Land), Honorary Treasurer Neo Soon Hup (COO of UOL Group), Honorary Assistant Secretary Chew Peet Mun (Managing Director of Investment and Development at CapitaLand Development Singapore) and Honorary Assistant Treasurer Tho Leong Chye (Managing Director of Allgreen Properties).

In other news, Redas celebrated its 65th anniversary and honored Chia Ngiang Hong with the Lifetime Achievement Award. Congratulating the new management committee, Chia Ngiang Hong acknowledged Tan’s exemplary leadership and the trust that has been placed in him by the Redas community.

.

When contemplating a condo investment, it is crucial to also consider the potential rental yield. This refers to the annual rental income as a percentage of the property’s purchase price. In Singapore, the rental yields for condos can greatly vary depending on factors such as location, property condition, and market demand. Generally, areas with high rental demand, such as those near business districts or educational institutions, tend to offer more favorable rental yields. To gain a better understanding of a specific condo’s rental potential, conducting thorough market research and seeking guidance from real estate agents can be incredibly beneficial. Additionally, keeping an eye out for new condo launches, such as New Condo Launches, can also provide valuable insights into the rental market.

President Tan also emphasized the diversity of the 2025/2026 Redas management committee, stating that it will enable the association to effectively drive initiatives with a meaningful impact on the broader built environment ecosystem. The group discussed various topics including ESG implementation and green premiums as well as LTA’s announcements of an AI chatbot and streamlined road approval processes for developers. Developers have also suggested separate land zoning to meet the projected demand for senior accommodation in Singapore.…

The recent sale of a 3,767 square foot unit at The Arcadia condominium marked the most profitable resale transaction between December 10 and December 31. The lucky owner of the four-bedroom unit, located on the seventh floor, rung in the new year with an impressive profit of $3.25 million (217%) when the property was sold for $4.75 million ($1,261 psf) on December 10. Public records indicate that this unit was originally purchased back in 1998 for $1.5 million ($398 psf), making this a highly lucrative resale that generated an annualized profit of 4.5% over a span of 26 years.

In the past year, The Arcadia saw a total of five units, with sizes ranging from 3,714 square feet to 3,821 square feet, change hands at profits ranging from $60,000 to $3.25 million. One of the most notable transactions was the sale of a 3,778 square foot unit on the fourth floor, which was sold for $4.6 million ($1,218 psf) on October 10, 2024, resulting in a profit of $60,000 for the seller.

The Arcadia’s record profit was previously held by a 7,503 square foot penthouse on the 10th floor, which was sold for $10 million ($1,333 psf) in 2010. This penthouse was acquired for $5.5 million ($733 psf) in 2007, making for a very impressive profit of $4.5 million (81%), or an annualized profit of about 19% over a short period of three years.

The Arcadia is a highly sought-after 99-year leasehold condominium located along Arcadia Road in prime District 11. Completed in 1983, this 164-unit development still has a remaining leasehold of approximately 54 years. The property’s excellent location is surrounded by landed estates and Good Class Bungalows, as well as top schools such as Raffles Girls Primary School, Hwa Chong Institution, and National Junior College.

Meanwhile, the second most profitable resale between December 10 and December 31 was that of a 2,077 square foot unit at Tanglin Hill Meadows, which was sold on December 10 for $4.5 million ($2,166 psf). Public records show that this three-bedroom unit was originally purchased for $1.8 million ($866 psf) back in 1999, resulting in a whopping profit of $2.7 million (150%) for the seller. This translates to an annualized gain of 3.6% over a period of 26 years, making this the most profitable transaction to date at Tanglin Hill Meadows, surpassing the previous record of $2.28 million (157%) when a 2,002 square foot unit was sold for $3.73 million ($1,863 psf) in 2010. That particular unit was acquired for $1.45 million ($724 psf) in 2005, resulting in an annualized profit of 21% over a shorter span of five years.

When it comes to investing in real estate, location plays a crucial role, and this is especially true in the context of Singapore. Condominiums located in central areas or in close proximity to important amenities like schools, shopping centers, and public transportation hubs have a higher chance of increasing in value. Prime locations in Singapore, such as Orchard Road, Marina Bay, and the Central Business District (CBD), have consistently shown growth in property values. Moreover, condos in these areas are highly sought after by families due to their close proximity to reputable schools and educational institutions, making them even more attractive investment opportunities. In addition to these established locations, one must also keep an eye out for new condo launches such as New Condo Launches, which can also offer promising investment potential.

Tanglin Hill Meadows is a freehold condominium situated along Tanglin Hill in prime District 10. Completed in 1997, this exclusive 20-unit development is nestled within the prestigious Ridley Park Good Class Bungalow Area.

On the other hand, losses continue to mount at Seascape, a 99-year leasehold condominium in Sentosa Cove, as the seller of a 2,174 square foot unit on the seventh floor recently incurred a loss of $1.97 million (33%) when the unit was sold on December 18. This three-bedroom unit was sold for $3.98 million ($1,830 psf) after it was originally purchased for $5.95 million ($2,736 psf) back in 2011. As a result, the seller had to bear an annualized loss of 2.5% over a period of 13 years.

The sale of this unit marks the third resale transaction at Seascape in the past year, with all three transactions recording losses ranging from $1.75 million to $2.53 million. The second largest loss-incurring resale transaction in 2024 was also recorded at Seascape, where a 2,680 square foot unit was sold for $4.5 million ($1,679 psf) on August 14, 2024, resulting in a whopping loss of $2.53 million.

Completed in 2012, Seascape is a prestigious development that comprises of 151 units which offer unobstructed views of the South China Sea. Ranging from three-bedders and four-bedders from 2,164 square feet to 4,069 square feet, penthouses from 3,380 to 4,252 square feet, and sky villas from 6,631 to 9,666 square feet.…

A magnificent Good Class Bungalow (GCB) at Victoria Park has recently been put on the market for a staggering $61 million. The luxurious seven-bedroom bungalow, which was completed just three years ago, is located at the end of Victoria Close, a cul-de-sac with only 10 exclusive houses.

As with other designated GCB areas in Singapore, the number of houses within this highly coveted enclave cannot be increased without first sub-dividing a larger plot of at least 30,000 sq ft, according to planning guidelines. Jervis Ng, associate group district director at PropNex Realty and the agent handling the sale of this GCB, explains that this rule ensures that the exclusivity and privacy of the GCBs in Victoria Park Close are maintained. This is a highly desirable feature for many ultra-high-net-worth individuals and their families, who are willing to pay a premium to enjoy it.

Ng, who is also the founder of JNA Real Estate, a property team under PropNex, has noticed an increase in interest from new naturalised Singaporeans in the GCB market in recent months, leading to a boost in buying sentiment. He believes that this particular GCB will be especially appealing to newly minted Singaporeans who grew up in countries like China, India, or Indonesia, and are now looking for a prestigious home here.

Investing in a condo has its advantages, one of which is the opportunity to leverage the property’s value for future investments. This means that the property can be used as collateral to secure additional financing for other investment opportunities, allowing investors to expand their real estate portfolio. Although this strategy has the potential to increase returns, it also comes with risks. As such, it is essential to have a well-thought-out financial plan and carefully consider the potential impact of market fluctuations when using a condo as an investment tool. With careful planning and consideration, a condo can be a valuable asset in one’s investment portfolio. Condo can offer a unique opportunity for investors to grow their investments and potentially increase their returns, making it a smart choice for those looking to diversify their investment portfolio.

The GCB area of Victoria Park is known for its illustrious residents, including Jack Ma, the Chinese business magnate and co-founder of Alibaba Group, and Tang Wee Kit, a descendant of the Tang family who are known for founding Tangs department store.

Ng notes that this particular GCB has been meticulously maintained, and still looks new. It boasts a contemporary interior design with premium quality materials and finishes, and features a bar counter with seating for entertaining guests.

He explains that the property’s layout has been carefully planned to maximise the use of its 18,988 sq ft land area, working closely with the architect to achieve this. The GCB has a total built-up area of 25,300 sq ft, which includes seven en suite bedrooms, three helpers’ rooms, and an impressive basement carpark that accommodates up to seven cars. The basement also features an entertainment room, currently set up as a home cinema, but with the flexibility to be used as a guest room if needed. There’s also a private gym and a 20m lap pool to complete the luxurious amenities.

Perched on a hilltop, most of the rooms in the bungalow offer stunning views of the surrounding low-rise neighbourhood, says Ng.

According to caveats, the site of the GCB for sale was purchased for $18.2 million in September 2016, translating to a land rate of $959 psf. The latest transaction along Victoria Park Close was for a 15,253 sq ft plot that sold for $28.33 million in May 2021, at a land rate of $1,857 psf. Prior to that, a 29,956 sq ft plot was sold for $40 million ($1,335 psf) in April 2017.

On Victoria Park Road, the last recorded GCB sale was for a 32,077 sq ft site that changed hands for $48 million ($1,496 psf) in November 2011.

Looking ahead, Ng believes that factors such as anticipated lower interest rates, sustained demand from ultra-high-net-worth buyers, and the limited supply of GCBs will help to stabilise the GCB market and drive transaction activity this year. He expects the volume of GCB transactions to increase by 10% to 15% from last year, assuming there are no major external economic disruptions.

In 2020, there were around 35 GCB transactions, amounting to a total transaction volume of $1.32 billion, well above the previous high of $1.186 billion achieved in 2011.…