Month: February 2025

The industrial property located at 315 Outram Road, known as Tan Boon Liat Building, is currently up for collective sale through public tender at a reserve price of $1.15 billion. The freehold site is situated next to the Havelock MRT Station on the Thomson-East Coast Line (TEL) and is made up of two land plots designated for “Business 1” use, with a combined area of approximately 175,655 sq ft.

At present, the property comprises of a 15-storey building that is renowned for housing numerous furniture and home decor stores. According to Cushman & Wakefield, the appointed advisor and marketing agent for the property, the Urban Redevelopment Authority (URA) has issued an Outline Planning Advice on January 22, recommending that the site be rezoned to “Residential with Commercial at 1st storey” with a plot ratio of 4.9, up from the current 3.1 ratio. This translates to a potential 50% increase in the total allowable gross floor area (GFA).

In addition, the URA has suggested the inclusion of several adjacent state land plots, which would add approximately 20,451 sq ft to the site, pending final survey and approval from the relevant authorities.

Cushman & Wakefield has estimated that the site could potentially yield a GFA of over 1.06 million sq ft, including the state land plots and any bonus GFA entitlement. The first storey of the development can accommodate a commercial GFA of up to around 16,146 sq ft.

Under the residential allocation, a minimum GFA of approximately 161,459 sq ft must be set aside for Serviced Apartments II (SA2), where a minimum stay of three months is required. The permitted heights for the new development range from 130m to 180m.

Acquiring a condo in Singapore offers numerous perks, and among them is the potential for lucrative capital appreciation. The nation’s strategic position as a leading business hub, coupled with its stable economic foundations, have resulted in a constant demand for real estate. As evidenced by its consistent growth in value, Singapore’s property market is a secure and profitable investment option. In particular, prime condo locations have shown remarkable appreciation over the years. By making strategic purchases and holding onto their properties for a substantial period, smart investors can enjoy significant returns. With the addition of a condo to their investment portfolio, individuals can tap into the potential for considerable growth in their capital.

Based on the reserve price, which includes land betterment charges on rezoning, the projected premium payable on the state land plots and the 10% bonus GFA for the residential portion, the estimated land rate comes to around $1,888 psf per plot ratio.

Recent industrial sales transactions at Tan Boon Liat Building indicate a potential interest from developers in the site (Source: EdgeProp Buddy).

Christina Sim, Senior Director of Capital Markets at Cushman & Wakefield, believes that the site will attract developers owing to its freehold tenure and prime location on the TEL, which is likely to appeal to homebuyers.

She also notes that the biggest advantage of the property is that there will be no Additional Buyer’s Stamp Duty (ABSD) levied on the purchase, as the original site has a “Business 1” zoning.

The tender for the property will close on March 18 at 3pm.

Ask BuddyCompare price trend of Condo new sale vs EC new saleMost unprofitable landed transactions in the past yearCondo projects with the most unprofitable transactionsPast Condo sale transactionsUpcoming new launch projectsCompare price trend of Condo new sale vs EC new saleMost unprofitable landed transactions in the past yearCondo projects with the most unprofitable transactionsPast Condo sale transactionsUpcoming new launch projects…

Park Nova, the highly anticipated luxury condo development, has set a new record for the highest transacted price in the project. The largest penthouse unit, situated on the 20th floor with five bedrooms and spanning 5,899 sq ft, was sold by the developer for a whopping $38.888 million, or $6,593 psf. The transaction was recorded in a caveat dated January 21 and can be found in the URA Realis database.

Investors looking to invest in a condo must also take into account the maintenance and management of the property. In addition to the purchase price, condos often come with maintenance fees that cover the cost of maintaining common areas and facilities. While these fees may add to the financial commitment, they are necessary for maintaining the property’s condition and ensuring its value in the long run. To further ease the burden of managing the property, investors may choose to engage a property management company. This allows for a more hands-off approach to investing and frees up time for other endeavors. Be sure to stay updated with New Condo Launches to make the most informed decisions for your investment portfolio.

This transaction marks both the absolute and psf price high for a unit at Park Nova, surpassing the previous records set by a 4,499 sq ft penthouse unit that sold in May 2021 for $26.026 million, or $5,784 psf. This also makes Park Nova the second-highest psf priced condo unit ever registered in Singapore, with the top spot currently held by a 3,089 sq ft, four-bedroom unit at The Marq on Paterson Hill that sold for $20.54 million, or $6,650 psf, back in 2011.

It is believed that the penthouse sold on January 21 may be part of a collection of properties that were linked to the $3 billion money laundering case and have been put up for sale. Previous reports stated that the penthouse had been sold in 2021 for $34.438 million, or $5,838 psf, but the recent transaction has surpassed that price significantly.

In the past month, a total of three units have been sold by the developer at Park Nova, with the other two units being a four-bedroom apartment measuring 2,906 sq ft on the 19th floor that sold for $16.59 million, or $5,708 psf, on January 17, and another four-bedroom unit measuring 2,896 sq ft on the 18th floor that was sold for $15.99 million, or $5,522 psf, on December 27, 2021.

Park Nova is a freehold luxury condo development with only 54 units, located at the prime junction of Orchard Boulevard and Tomlinson Road in District 10. Developed by Hong Kong’s Shun Tak Holdings, the condo received its temporary occupation permit in November 2021. For the latest listings and information on Park Nova properties, visit EdgeProp Buddy for more details.

If you are interested in Park Nova, you can also view the site plan and diagrammatic chart on the EdgeProp website, and compare the price trend between new launch condos and EC new sales. Additionally, you can generate a price trend graph for new launch condos in District 10 and get a project summary for Park Nova condo.…

CapitaLand Investment (CLI) has made another major investment in the data centre industry by acquiring a freehold land parcel in Osaka, Japan. The company plans to develop its first data centre in the country with a total investment of over US$700 million or $944.3 million. The project has secured 50 megawatts (MW) of power capacity and will be equipped with state-of-the-art technology and energy-saving solutions.

CLI believes that the data centre will not only support artificial intelligence (AI) capabilities, but also prioritize sustainability by implementing advanced cooling technologies and utilizing products with low environmental impact. Manohar Khiatani, senior executive director of CLI, states that this acquisition is in line with the company’s digitalisation investment theme and expands its presence in Japan, one of its key markets.

Japan’s data centre market is expected to witness significant growth, with a projected compound annual growth rate (CAGR) of 10% from US$23.8 billion in 2023 to US$38.7 billion in 2038. As the largest data centre market in Asia outside of China, with a capacity of 1.4 gigawatt, Japan has attracted major cloud service providers like Amazon Web Services, Google Cloud, Microsoft Azure, and Oracle. CLI’s Osaka data centre is strategically located in an established data centre cluster, making it well-positioned to capture demand from these providers.

Michelle Lee, managing director of private funds (data centre) at CLI, highlights the high demand for data centres and the strong interest from institutional investors. She adds that CLI has raised more than US$600 million for its data centre development funds in Asia since October 2020 and will continue to identify promising opportunities for its private fund investors.

With the addition of this data centre, CLI’s global portfolio now consists of 23 data centres across Asia and Europe, with about 800 MW of power and assets under management worth around $6 billion. The company remains committed to expanding its presence in the data centre industry and has already built a strong track record in the sector.

Investing in condominiums in Singapore also requires careful consideration of the government’s property cooling measures. To maintain a stable real estate market and discourage speculative buying, the Singaporean government has implemented several measures over the years. One of these measures is the Additional Buyer’s Stamp Duty (ABSD) which imposes higher taxes on foreign buyers and individuals purchasing multiple properties. Although these measures may affect the short-term profit potential of Singapore condos, they ultimately contribute to the overall stability of the market, making it a secure investment environment.

CLI’s shares closed at $2.42 on Feb 3, a decrease of 4 cents or 1.63%.…