Read more: Marina Bay and Raffles Place precinct increased 1.1% averaging at $10.36 psf per month
The owners of the IT as well as electronics shopping mall Sim Lim Square are planning to give the en bloc sale a second chance. A group sales committee (CSC) established at the end of June is looking for a consultant in marketing to assist them in the process.
The owners who have made their two attempts at conducting a group sale. The first attempt took place in the year of 2019 and featured an initial proposal of $1.1 billion. It was unable to get the required 80% approval required from the owners, causing the CSC to increase prices by $1.25 billion. The auction ended in July of 2019 without receiving any bids. In the month of December, Sim Lim Square was renewed for sale at the same reserve amount, however it was unable to find an interested buyer.
Three years later three years later, the new CSC is aiming for a new outcome amid an improved property market emerging from the pandemic. “Now after the housing market is booming and we’re optimistic of an en bloc sale that is successful this time around,” declares Rajesh Bafna who is a CSC member. of the CSC and spokesperson for CSC.
Sim Lim Square was developed by Sim Lim Realty, a affiliate of the Sim Lim Group of Companies. It was opened in 1987. The strata-titled property has 492 commercial units arranged across the building’s six levels with two basement levels. The development is situated on land of 78,152 sq feet which is designated for commercial use and has a leasehold tenure of 99 years starting in 1983.
Retail environment that is challenging
The majority of the owners of Sim Lim Square have been there for a long period of time as per Raymond Chua, chairperson of Sim Lim Square’s Management Corporation Strata Title (MCST). “A majority of them have their own businesses in their stores,” he adds. Today, there are more than 300 owners who collectively have ownership of the 492 units within the development.
Chen Lin, Sim Lim Square’s CSC chairperson, claims Sim Lim Square is one of the only independent IT-focused malls that are located in Singapore. Over 80% of the shops are focused on technology, offering computer, camera , and mobile phone related products and services. “It’s one stop store for everything digital,” she adds. Other stores include food courts and a hair salon and the ability to change money.
As with the majority of the retail landscape it was also affected by the pandemic. Chua says that the mood has improved since the precautionary measures were removed and the border was are now open. The current occupancy is more than 80% however Chua estimates that rents are 10% up to% lower than pre-pandemic levels.
Bafna says that the pandemic increased the popularity of e-commerce, which has significantly affected pedestrians who go to the mall. “Twenty decades ago, when you went into the shopping mall during a Saturday and wanted to use an elevator ride, you’d need to wait for a half hour waiting around for it, because there were hundreds of people. Now, it’s nothing like it used to be,” he laments. With the tougher retail market, Bafna believes that the mall’s unit owners might be more inclined to sell their property through the planned collective sale. “Many of the owners who are older are also on the brink of retirement, and it’s likely that they’ll want to take advantage of the opportunity to earn money to fund their retiring years,” he adds.
Connectivity is plentiful
Sim Lim Square’s CSC members think that one of the main benefits of Sim Lim Square’s site is its closeness in proximity to MRT stations. It is situated next to Rochor MRT Station, which is on the Downtown Line, while Bugis, Little India and Bras Basah MRT Stations also are accessible by foot, giving access towards those on North-East, East-West and Circle Lines. The site is linked to major highways, including those of the East Coast Park Expressway, the Central Expressway and the Kallang-Paya-Lebar Expressway as well as the Ayer Rajah Expressway.
Due to its connectivity, Bafna believes the site has a strong potential for redevelopment. “The next owner might think about developing the site to create an integrated project,” Bafna suggests.
Since it’s commercial property it is not subject to any additional stamp duty for buyers as both locals and foreign buyers able to buy the property.
As per Tan Hong Boon, executive director of capital markets JLL commercial sites are still sought-after by developers as long as the cost is reasonable. “As numerous developers are running out of residential landbanks, they might be looking at mixed-use or commercial sites,” he adds.
“The right price”
There have been a number of lucrative deals involving large-scale mixed-use and commercial developments in the last year. The most notable transaction thus far has been the purchase of Tanglin Shopping Centre for $868 million, which is $2,769 per square foot per plot ratio in February to the Tanoto family’s Pacific Eagle Real Estate in February.
In the Bugis Beach Road area in the Bugis-Beach Road area, a mix-use construction Golden Mile Complex was sold in May for $700 million to a group that included Far East Organization, Perennial Holdings and Sino Land.
Sim Lim Square’s owners Sim Lim Square are not the only ones who are eyeing the possibility of a billion dollar collective sale. The month of September was the time for the launch of International Plaza, situated within Tanjong Pagar, in its first attempt at a collective sale with a reserve at $2.7 billion. It was later launched again in April, at the same price however, it did not receive any bids.
In August in August, the $1.8 billion attempt to sell the collective property to develop a mixed-use project People’s Park Centre in Chinatown ended without any bids.
According JLL’s Tan, determining the appropriate price is crucial to an en bloc sale, which begins with the owners determining their expectations about the development’s value. “For an attempt at a collective sale to succeed, the sellers must be realistic and determine prices that reflect the characteristics of the site,” he explains.
To purchase Sim Lim Square, the CSC members have stated that they are willing to negotiate a lower cost, but a precise price has not been determined. “We are considering internally reductions in cost with further advice from the designated marketing advisor,” says Bafna.
Blossoms By The Park property will host 256 unit mixed development of 1-storey expansive commercial space
Executive Condo, News, Real EstateFrasers Property Group has announced changes to its leadership team which will be in effect from February 1. In a news release, the company announced Eu Chin Fen as the current CEO for Frasers Hospitality. She is currently the CEO of the management of Frasers Hospitality Real Estate Investment Trust (FH-REIT) as well as the administrator of trustees of Frasers Hospitality Business Trust (FH-BT). FHREIT and FHBT are part of part of the Frasers Hospitality Trust (FHT) principal group.
Blossoms By The Park Singapore District 5 property is a rare opportunity for homeowners and investors to acquire a once in lifetime exquisite residence located in a hot location.
Eu will be directly reporting directly to Panote Sirivadhanabhakdi, group CEO of Frasers Property. As part of her new role she will be the responsible person for the hospitality business, currently headed by Sirivadhanabhakdi.
Frasers Property also announced Eric Gan who is currently the CFO of FH-REIT’s manager and trustee-manager of FH-BT is set as the successor to Eu as FH-REIT’s CEO as well as FH-BT. He will be in charge of the general business, investment and operations strategies for FHT FH, FH REIT and FH-BT.
As of now, Liu Qingbin has been appointed director of finance for FH-REIT, FH-REIT’s manager as well as FH-BT’s trustee manager who reports directly to Eric Gan. Liu Qingbin will be accountable for the capital and financial management of FHT as well as FH-REIT and FH BT.
$3,272 per square foot is a new price high for Nassim 9
Executive Condo, News, Property Management, Real EstateRead more: Ground-floor F&B unit of a two-storey house is for sale at $16 mil
Nassim 9, an exclusive freehold development located on Nassim Road in District 10, surpassed a new price record of $3,272 psf which topped the list of condominiums who have recorded new highs in psf in the week from October 27 through November 5.
The latest high of Nassim 9 follows the sale of a four-bedroom home at $11.2 million on October 27. The 3,423 sq ft unit was bought from the vendor for $6.8 million ($1,987 per square foot) in October 2009. This means the seller made a profit of $4.4 million from the sale. This is the most expensive amount of money that was exchanged in the development, both on absolute and psf bases.
Prior to that the most recent sale at Nassim 9 was in April 2012 , when an area of 3,143 square feet was purchased to a buyer for $8.8 million ($2,800 per square foot) This also represented the previous psf and absolute-price-highs for the condo.
Nassim 9 is a luxury boutique development which is completed in the year 2002. There are just eight units in a 4-storey building. The development is situated inside The private Nassim Road residential enclave, the development is just a short stroll to the Tanglin Mall and the Orchard Road shopping mall as well as Singapore Botanic Gardens. Singapore Botanic Gardens. It is also walking distance to The Orchard Boulevard MRT Station on the Thomson-East Coast Line, which began operation on November 13.
Royalgreen has also reached an all-time high in psf prices following an auction of 721 square feet, two-bedroom property for $2.17 million in psf of $3,003 on October 27. It beat the previous record of $2,974 psf set in April when a 775 square foot unit was purchased to the developer for $2.31 million. This is also the first time that a sale at the development has surpassed the threshold of $3,000 psf.
Royalgreen is a freehold development situated in Anamalai Avenue, off Bukit Timah Road as well as Sixth Avenue in prime District 10. The development was created in partnership with Allgreen Properties, it is part of the developer’s Bukit Timah Collection, which comprises The 476 unit Fourth Avenue Residences located on Fourth Avenue and the 115-unit Juniper Hill located on Ewe Boon Road. Royalgreen was completed in the year 2000 and includes a total of 285 units spread across eight five-storey blocks. The units are comprised of two- to four-bedroom homes that range from 635 sq feet to 1,475 sq feet.
The project is just a 7-minute walk from the Sixth Avenue MRT Station on the Downtown Line. It’s also 10 minutes away from the high-quality schools like Hwa Chong Institution, Raffles Girls’ Primary School, Nanyang Primary School, National Junior College and Methodist Girls’ School.
Landmark is another development that has a high-priced history. Landmark is another building that set a record psf highest when a one-bedder that was 495 square feet sold for $1.32 million which is equivalent to $2,668 per square foot on November 4. The apartment, which is located on the 26th floor was bought directly from the developer. The sale is more than the previous record of $2,660 per square foot recorded on the 15th of September with the sale of a 4,95 square feet unit for $1.32 million.
The Landmark is a 99-year leasehold property in Chin Swee Road, adjacent to Pearl Hill City Park in District 3’s Outram outram. The Landmark is a development by a consortium that includes MCC Singapore, SSLE Development and ZACD Group. It is expected to be completed by 2025 The project comprises 396 homes that comprise one to three bedrooms which range from 495 square feet.
The project was announced for auction in November 2020, and 110 of them (28%) sold at an average of $2250 psf on the launch weekend. Since that time the project has been sold out to the 204 units (52%) have been purchased with an average of $2,227 per square foot, according to caveats that were lodged by the 15th of November. There were no new lows in psf prices observed during the week.
In the face of rising market interest rates, the government announces yet another set of property cooling measures
Executive Condo, News, Property Management, Real EstateRead also: Management agreement and the new co-working location will occupy the third, sixth and seventh floors
The government has also introduced new collection of property cooling measures. In this case, it is aiming to promote that borrowing is prudent in the face of increasing rate of interest on the market. The latest set of cooling measures attempts to reduce demand within the Housing & Development Board (HDB) sale market, so that HDB flats that are resold remain affordable.
The new regulations will take effect on Sept . 30.
The measures were announced in conjunction by HDB, HDB, the Monetary Authority of Singapore (MAS) as well as HDB, the Ministry of National Development (MND) and HDB in the early hours of September 29. The most recent collection of measures to cool the economy was announced just one year ago on the 16th of December, 2021.
The higher interest rate floor
In the context of these options, MAS will assume higher interest rates when assessing the borrower ability to repay. This revision is a reflection of the higher interest rates expected in the medium term, in comparison to the period that was “exceptionally affordable rates” from 2013 until 2021.
This will be accomplished by two ways. For property loans made from private banks MAS will increase the floor of interest rates for medium-term loans that is used to calculate the total debt service ratio (TDSR) and mortgage servicing ratio (MSR) by 0.5 percentage points.
This means that residential property purchase loans as well as the mortgage equity withdraw loans are based upon a mid-term interest rate minimum that is 4% per year (p.a.) up from 3.5% previously, or the interest rate after.
The rates applicable to residential and non-residential property purchase loans as well as the mortgage equity withdraw loans have been increased up to 5% p.a. instead of 4.5% previously.
This will be applicable on loans to property purchase where an option to buy (OTP) has been granted after September 30. If there’s no OTP the same applies to all sale and purchase agreements (SPA) that are signed at or after Sept. 30.
In the meantime, HDB will introduce an interest rate ceiling of 3% to calculate the acceptable amount of loans for HDB home loans.
The floor on interest rates will apply to applicants to the HDB Credit Eligibility (HLE) note by or on or after Sept. 30. According to HDB the move does not impact the actual HDB discount rate that will remain with 2.6% p.a. from October 1 until December 31.
“The new rates for the medium-term make sure that households borrow wisely to finance the purpose of property purchase in the more rates of interest,” reads the joint statement. “This is essential since property loan commitments are for the long term, and typically the household’s biggest debt. Certain borrowers might need to reduce the size of their property loans but they’ll be better able to repay these loans in the event that the interest rates increase.”
Lower LTV limit
In addition the government will reduce its loan-to value (LTV) amount for HDB mortgages up to% as opposed to 85% prior to. Lower LTV limit will be applicable to flat-new applications as well as applications to resell after Sept . 30.
As per MAS, MND and HDB The new measures aren’t expected to impact the first-time homebuyers or lower-income buyers because of the “significant home loans”.
The new LTV limit is not applicable to loans made by financial institutions that are private where the LTV limit is still 75%.
A 15-month waiting period will be set on private residential property owners as well as former homeowners of residential private properties to purchase a non-subsidised HDB flat for resale to meet modest demand within the HDB resales market. The wait-out timeframe will not apply to people who are 55 years or older who are planning to move to a smaller four-room flat that is being resold. The measure is believed to be temporary to be reviewed in future based on housing market and the conditions.
In August, the Singapore Residential Price Index (SRPI) increased 0.4%
Executive Condo, News, Property Management, Real EstateRead related article: Unit was Sold for $5 mil profitable transactions at Ardmore Park
The Singapore Residential Price Index (SRPI) increased by 0.4% m-o-m in August decreasing from 1.1% m-o-m growth recorded in July, as based on flash estimates released on September 28.
The SRPI is tracked by the Institute of Real Estate and Urban Studies (IREUS) located at NUS. National University of Singapore (NUS) is a measure of price fluctuations of residential private properties within Singapore. The index is primarily based on 759 residential developments that were completed between the month of October 2003 until September 2021.
Prices for properties that do not include tiny units located in the Central region recorded a decline by 0.6% m-o-m in August in contrast to previous 1.1% growth recorded in July. Prices for properties without small units within the areas outside Central saw a 1% growth in August m-o – less that those who saw 1.1% increase recorded the month prior.
In contrast, the prices of small properties have not changed in August, despite an increase of 0.8% increase recorded in July. IREUS defines small units as those with the floor area of 506 sq feet or less.
Sim Lim Square owners giving collective sale a second time
News, Property Management, Real EstateRead more: Marina Bay and Raffles Place precinct increased 1.1% averaging at $10.36 psf per month
The owners of the IT as well as electronics shopping mall Sim Lim Square are planning to give the en bloc sale a second chance. A group sales committee (CSC) established at the end of June is looking for a consultant in marketing to assist them in the process.
The owners who have made their two attempts at conducting a group sale. The first attempt took place in the year of 2019 and featured an initial proposal of $1.1 billion. It was unable to get the required 80% approval required from the owners, causing the CSC to increase prices by $1.25 billion. The auction ended in July of 2019 without receiving any bids. In the month of December, Sim Lim Square was renewed for sale at the same reserve amount, however it was unable to find an interested buyer.
Three years later three years later, the new CSC is aiming for a new outcome amid an improved property market emerging from the pandemic. “Now after the housing market is booming and we’re optimistic of an en bloc sale that is successful this time around,” declares Rajesh Bafna who is a CSC member. of the CSC and spokesperson for CSC.
Sim Lim Square was developed by Sim Lim Realty, a affiliate of the Sim Lim Group of Companies. It was opened in 1987. The strata-titled property has 492 commercial units arranged across the building’s six levels with two basement levels. The development is situated on land of 78,152 sq feet which is designated for commercial use and has a leasehold tenure of 99 years starting in 1983.
Retail environment that is challenging
The majority of the owners of Sim Lim Square have been there for a long period of time as per Raymond Chua, chairperson of Sim Lim Square’s Management Corporation Strata Title (MCST). “A majority of them have their own businesses in their stores,” he adds. Today, there are more than 300 owners who collectively have ownership of the 492 units within the development.
Chen Lin, Sim Lim Square’s CSC chairperson, claims Sim Lim Square is one of the only independent IT-focused malls that are located in Singapore. Over 80% of the shops are focused on technology, offering computer, camera , and mobile phone related products and services. “It’s one stop store for everything digital,” she adds. Other stores include food courts and a hair salon and the ability to change money.
As with the majority of the retail landscape it was also affected by the pandemic. Chua says that the mood has improved since the precautionary measures were removed and the border was are now open. The current occupancy is more than 80% however Chua estimates that rents are 10% up to% lower than pre-pandemic levels.
Bafna says that the pandemic increased the popularity of e-commerce, which has significantly affected pedestrians who go to the mall. “Twenty decades ago, when you went into the shopping mall during a Saturday and wanted to use an elevator ride, you’d need to wait for a half hour waiting around for it, because there were hundreds of people. Now, it’s nothing like it used to be,” he laments. With the tougher retail market, Bafna believes that the mall’s unit owners might be more inclined to sell their property through the planned collective sale. “Many of the owners who are older are also on the brink of retirement, and it’s likely that they’ll want to take advantage of the opportunity to earn money to fund their retiring years,” he adds.
Connectivity is plentiful
Sim Lim Square’s CSC members think that one of the main benefits of Sim Lim Square’s site is its closeness in proximity to MRT stations. It is situated next to Rochor MRT Station, which is on the Downtown Line, while Bugis, Little India and Bras Basah MRT Stations also are accessible by foot, giving access towards those on North-East, East-West and Circle Lines. The site is linked to major highways, including those of the East Coast Park Expressway, the Central Expressway and the Kallang-Paya-Lebar Expressway as well as the Ayer Rajah Expressway.
Due to its connectivity, Bafna believes the site has a strong potential for redevelopment. “The next owner might think about developing the site to create an integrated project,” Bafna suggests.
Since it’s commercial property it is not subject to any additional stamp duty for buyers as both locals and foreign buyers able to buy the property.
As per Tan Hong Boon, executive director of capital markets JLL commercial sites are still sought-after by developers as long as the cost is reasonable. “As numerous developers are running out of residential landbanks, they might be looking at mixed-use or commercial sites,” he adds.
“The right price”
There have been a number of lucrative deals involving large-scale mixed-use and commercial developments in the last year. The most notable transaction thus far has been the purchase of Tanglin Shopping Centre for $868 million, which is $2,769 per square foot per plot ratio in February to the Tanoto family’s Pacific Eagle Real Estate in February.
In the Bugis Beach Road area in the Bugis-Beach Road area, a mix-use construction Golden Mile Complex was sold in May for $700 million to a group that included Far East Organization, Perennial Holdings and Sino Land.
Sim Lim Square’s owners Sim Lim Square are not the only ones who are eyeing the possibility of a billion dollar collective sale. The month of September was the time for the launch of International Plaza, situated within Tanjong Pagar, in its first attempt at a collective sale with a reserve at $2.7 billion. It was later launched again in April, at the same price however, it did not receive any bids.
In August in August, the $1.8 billion attempt to sell the collective property to develop a mixed-use project People’s Park Centre in Chinatown ended without any bids.
According JLL’s Tan, determining the appropriate price is crucial to an en bloc sale, which begins with the owners determining their expectations about the development’s value. “For an attempt at a collective sale to succeed, the sellers must be realistic and determine prices that reflect the characteristics of the site,” he explains.
To purchase Sim Lim Square, the CSC members have stated that they are willing to negotiate a lower cost, but a precise price has not been determined. “We are considering internally reductions in cost with further advice from the designated marketing advisor,” says Bafna.
Bukit Timah Plaza is close to an upcoming mixed-use development at the Jalan Anak Bukit GLS site
Executive Condo, News, Property Management, Real EstateRead related post: Puma Flagship opened a 7,100 sq ft store at 313@somerset
A commercial strata unit that has permission to use it for restaurants in Bukit Timah Plaza is available to auction through an offer of. According to the sole marketing agent CBRE the unit is listed with a an estimated cost of around $11 million.
The property is located in Basement Two that faces the main plaza in this retail development. It is fronted by 20m and has an overall strata area of about 3,391 square feet. It is currently completely leaseable.
Bukit Timah Plaza is a mixed-use development which was completed in 1979. It is situated in an islet site bordered with the Pan-Island Expressway, Jalan Anak Bukit and Upper Bukit Timah Road. This development is made up of four-storey shopping block as well as two apartments blocks referred to as Sherwood Towers and Sherwood Towers, which comprise 269 housing units.
Clemence Lee the Clemence Lee, executive director for capital markets Singapore Clemence Lee, executive director of capital markets, Singapore at CBRE Notes that commercial strata properties within the Beauty World sub-precinct are limited in their availability. “Investors know that the the supply of strata commercial properties will be restricted in the near future, as authorities start to limit further strata subdivisions of the commercial portion of properties that are located in the central locations,” he adds.
To this end the developer anticipates a strong enthusiasm for the property from foreign and local buyers, such as high-net-worth families, individuals, and owners-occupiers.
Additionally, Lee views that the revival that is taking place at Beauty World will likely boost the capital appreciation and rental rates for properties in the region over the long-term to medium term.
The upcoming projects include a landmark mixed-use development being developed by Far East Organization and Sino Group on The Jalan Anak Bukit Government Land Sales (GLS) site. The joint venture partners were awarded this 3.22ha site, located at the intersection between Upper Bukit Timah Road and Jalan Jurong Kechil, with an offer for $1.03 billion ($989 per square foot, per plot percentage) by August 20, 2021. The development will consist of an industrial podium and residential units, as well as serviced apartments, as well as an integrated transportation hub.
There’s also an upcoming site in the 2H2022 GLS Program located in Bukit Timah Link. It could produce the equivalent of 160 housing units.
Telok Blangah House is selling at a guide price of $92 million
Executive Condo, News, Property Management, Real EstateRead also: Suntec City Tower Two puts up entire office floor for sale at $36 mil
Telok Blangah House A mixed-use development that is freehold located at 52 Telok Blangah Road, has been launched for collective sale through public tender at the cost of $92 millionwhich is less than its $98 million figure when it first went on the market for sale collectively in March.
It is a property comprises a 9-storey property located on an undeveloped freehold site that covers 14,841 square feet. It has 4 levels of units for business as well as five levels of apartments for residential use. The site is classified for residential and commercial usage under the new 2019 Master Plan, with an permitted net plot ratio of 3.5. This is equivalent to a maximum permitted GFA (GFA) of approximately 51,943 square feet.
The guide price is now working into a land rate of $1,744 psf/plot percentage (psf ppr) with the bonus GFA for balconies, according to the exclusive market agent SRI Capital Market. SRI also states that a development cost of around $2.36 million will be applicable to bonuses on the balcony GFA only. The estimated price is based upon the site’s allowed gross plot ratio, assuming that 60% percent of the GFA is intended for residential use , while the remaining 40% is intended for commercial use.
According to SRI Based by the ratio 60/40 an upcoming mixed-use development could possibly house 34 housing units and also 20.788 sq feet in commercial spaces.
Telok Blangah House is situated across the street of VivoCity and is approximately 200m to Harbourfront MRT Station on the Circle and North-East Lines. The site is protected by a walkway connecting with the Station.
Low Choon Sin, managing partner of SRI Capital Market, says that the development planned for The site is a benefit of the expansion of the Greater Southern Waterfront. “The site, which is situated just across Sentosa and will also benefit from the Sentosa Brani Master Plan which aims to direct the development of both islands into a popular destination for tourists over the next couple of years,” Low adds.
At present, there are 415 condo units that are currently available within an area of 500m from Telok Blangah House as per analysis conducted by EdgeProp LandLens. The most recent condo resales transactions within the region (excluding the Telok Blangah house) indicate units sold with an average price of $1,249 to $1.626 per sq ft.
The tender process for public tenders in the bid for Telok Blangah House will close on September 13 , at 2.30pm.
Mongolia’s Richest man pays record price of $5,800 psf for unit at Le Nouvel Ardmore
Executive Condo, News, Property Management, Real EstateRead related article: Lakepoint Condominium site parameters on planning a collective sale updates
The 43-unit Le Nouvel Ardmore built in Singapore by the listed property business Wing Tai Holdings, two units were recently sold at $5,800 per square foot which is a record for the luxurious condo created by the renowned French architectural firm Jean Nouvel.
The first deal that was sold at the highly coveted price of $5,800 per square foot was completed in the latter part of June when the 3,843 square feet unit located on the 28th floor was sold for an impressive $22,288,888. There was no caveat filed for the transaction. An property record search of the title and transfer documents showed that the property was acquired through an trust with Han Jinghua and his wife.
The most recent edition of the Hurun Rich List 2022 published by the Hurun Research Institute, ranks Han as the 2610th richest in China and has an estimated net worth of RMB2.2 billion ($450 million). Han is the only person listed on this edition of the Hurun Rich List that hails from Ulanqab, Inner Mongolia, which earned him the title of “the richest person of Ulanqab”, Inner Mongolia according to the min.news report from August 1.
Since the property located on the 28th floor in Le Nouvel Ardmore acquired by trust agreement, Han will likely be liable for the 35% extra buyer’s stamp duty (ABSD) that is an additional $7.8 million in cash upfront. This 35% ABSD for residential property that is purchased through a trust began to take effect on May 9. However, the trustee can make an application for a refund to the Inland Revenue Authority of Singapore to get a refund of the ABSD subject to the conditions are satisfied.
It’s not the first unit in Le Nouvel Ardmore that Han owns. Han had bought the apartment with four bedrooms – which was an area of 3,789 square feet located on the 23rd floor at $15.175 million ($4,005 per square foot) as per an order filed at the end of March in 2017.
The second sale to break the record price of $5,800 per square foot was made immediately after the purchase of Han. The deal was for 3,843 sq . ft four-bedroom apartment located on the eighth floor. It was purchased for $22.29 million according to the caveat filed in conjunction with URA Realis on July 5. An property title search reveals that the buyer is likely be Taiwanese.
In 2014, the building was completed. Le Nouvel Ardmore contains exclusively four-bedroom apartment units. There are just two units per floor of the 33-storey building. It has 34 basicxes which range between 3,789 sq ft and 4,273 sq feet; and eight duplexes, or villas that range from 4,047 sq ft up to 5,360 sq feet. There is a single duplex penthouse measuring 13,573 square feet. It is this was the very first penthouse to be sold during the development. It was bought from billionaire Su Tongyu, one of the co-founders of Alibaba and Taobao in April of 2015, at a price of $51 million ($3,757 per square foot).
Ground-floor F&B unit of a two-storey house is for sale at $16 mil
Executive Condo, News, Property Management, Real EstateA ground floor F&B property at 2 Greenwood Avenue in prime District 11 is up for sale at a value of $16 million. The freehold unit is sold as an exercise of expression of interest and is currently being marketed by CBRE.
Blossoms By The Park brochure a mixed development of breathtaking residentials, and a 1-storey expansive commercial space. Blossoms By The Park occupants will enjoy the charming and peaceful One-north estate located in Queenstown, Singapore.
The property is located in the highly sought-after Bukit Timah neighborhood The property is the ground floor commercial component of a two-storey semi-detached home. It has excellent street-level visibility because of its 27-metre-long dual road frontage that runs along Greenwood Avenue and Hillcrest Road.
In accordance with the current Master Plan, the entire structure is classified as “residential with commercial on the first storey”. The commercial unit has been approved to be used as a restaurant and is currently being leased to an Mediterranean restaurant. It covers a total strata area of 2,670 square feet.
“Within the entirety of the Hillcrest subdivision of planning in the Bukit Timah area of planning there is only a tiny portion of 27 shophouses have been designed to commercial uses on the floor below. Additionally, due to the URA not granting new F&B approvals in the area, buildings with approval for restaurants are limited,” says Clemence Lee executive director of Capital Markets, Singapore, at CBRE.
Therefore, he anticipates the property to be a magnet for buyers from both foreign buyers with high net worth families, as well as F&B operators. Foreign buyers can purchase the property and there is no additional buyer’s or seller’s stamp tax imposed on the purchase.
The new owner has the possibility of subdividing the property into three or two distinct units due to its large frontage. This would permit an owner who is new to lease more units, and thus increase rental revenue, says Lee.
“Given the lack of retail facilities and malls in Bukit Timah area, smart investors are aware of the high demand for top restaurant space within the vicinity. There isn’t a additional retail outlet that is expected to be developed in the area,” he says.
Management agreement and the new co-working location will occupy the third, sixth and seventh floors
News, Property Management, Real EstateThe operator of co-working The Work Project will open the 50,000 square feet co-working space located at 6 Battery Road in October this year. The opening of the new coworking area will occur at the same time as closing of the asset improvement works that are currently underway on the premises.
Blossoms By The Park floor plan sits in 7,957 square metres (sqm) of land equal to 85,648.4 square feet and enjoys a maximum permissible GFA of 23,872m2.
Work Project Work Project tells EdgeProp Singapore that it will manage the space through an agreement for management. The co-working space will be located on the third floor, sixth and seventh floors. On the third level, it will be the primary business hub, with meetings rooms, boardrooms and function rooms, desks and co-working spaces as well as the upper two floors are devoted to offices.
“This management agreement partnership not only allows the property owner to offer comprehensive solutions to their tenants, but it will also broaden the range of amenities offered within the building. It will provide the property with an advantage over the rest and will result in higher profits,” says Noeleen Goh The the global head of real estate of The Work Project.
Goh says that this kind of partnership in management agreements between landlords and co-working companies will “change the rules of commercial markets”. She hopes to see more of these types of partnerships being formed within the local coworking market as well as across in the Asia Pacific region.
The new co-working area will be created in collaboration in collaboration with the design studio Matthew Shang Design Office (MSDO). “We took inspiration from the mercantile and trading heritage of the river, and also the building’s facade, its material and shape for an office space that is captivating engaging, intriguing, and in tune with its surroundings” states Matthew Shang, creative director of MSDO.
Once completed, this co-working facility will be The Work Project’s 10th coworking space. It comes just a few days after the operator included CapitaSpring situated in Singapore along with Quay Quarter Tower in Sydney to its portfolio earlier in the year.