Month: February 2025

Tan Boon Liat Building, a popular industrial property situated at 315 Outram Road, is now available for collective sale through public tender. The reserve price for this freehold site is set at $1.15 billion. The building, which boasts a prime location next to the Havelock MRT Station on the Thomson-East Coast Line (TEL), occupies two separate land plots designated for “Business 1” use, with a combined area of approximately 175,655 square feet.

Currently, the building houses a 15-storey structure that is well-known for its array of furniture and home decor stores.

According to Cushman & Wakefield, the property’s advisor and marketing agent, on January 22, the Urban Redevelopment Authority (URA) issued an Outline Planning Advice recommending that the site be rezoned as “Residential with Commercial at 1st Storey”, with a plot ratio of 4.9, up from the current 3.1. This would result in a 50% increase in the maximum permissible gross floor area (GFA). Cushman & Wakefield adds that URA has also advised on the amalgamation of several remnant state land plots into the main plot. The estimated size of these state land plots is 20,451 square feet, subject to the final survey and approval by the relevant authorities.

When it comes to investing in condos in Singapore, one crucial factor to consider is the government’s property cooling measures. Over the years, the Singaporean authorities have implemented various measures to control speculative buying and maintain a steady real estate market. A prime example is the Additional Buyer’s Stamp Duty (ABSD), which imposes higher taxes on foreign buyers and individuals purchasing multiple properties. While these measures may affect the short-term profitability of condo investments, they ultimately contribute to the long-term stability of the market, creating a secure investment environment. Moreover, with the constant influx of new condo launches, there are always opportunities for investors to make smart investment decisions in the Singapore condo market.

Cushman & Wakefield estimates that the site’s potential GFA, including the state land plots and any bonus GFA entitlement, is over 1.06 million square feet. The commercial component on the first storey could potentially cover an area of up to 16,146 square feet.

Additionally, as part of the residential allocation, a minimum GFA of about 161,459 square feet must be dedicated to Serviced Apartments II (SA2), where a minimum three-month stay is required. The permissible heights for the new development range from 130m to 180m.

Based on the reserve price, including land betterment charges on rezoning, the estimated premium payable on the remnant state land and the 10% bonus GFA applicable to the residential portion, the estimated land rate comes to around $1,888 per square foot per plot ratio.

Recent industrial sales transactions at Tan Boon Liat Building (Source: EdgeProp Buddy)

According to Christina Sim, senior director of capital markets at Cushman & Wakefield, this site will appeal to developers due to its freehold tenure and prime location on the TEL, which will be a major draw among homebuyers.

She adds, “The most significant advantage, however, is that there will be no Additional Buyer’s Stamp Duty (ABSD) imposed on the potential purchase, as the original site currently has a “Business 1” zoning.”

In summary, purchasing a condo in Singapore offers a range of benefits, such as strong demand, the potential for increased value, and attractive rental returns. Nevertheless, it is crucial to carefully evaluate various factors before investing, including location, financing options, government regulations, and overall market conditions. Through thorough research and seeking expert guidance, individuals can make well-informed decisions and maximize their profits in the constantly evolving real estate market of Singapore. Whether you are a local investor aiming to diversify your portfolio or a foreign buyer seeking a stable and lucrative investment, condos in Singapore present an enticing opportunity.

The tender for this site will close on March 18 at 3pm.

Ask BuddyCompare price trend of Condo new sale vs EC new saleMost unprofitable landed transactions in past 1 yearCondo projects with most unprofitable transactionsPast Condo sale transactionsUpcoming new launch projectsCompare price trend of Condo new sale vs EC new saleMost unprofitable landed transactions in past 1 yearCondo projects with most unprofitable transactionsPast Condo sale transactionsUpcoming new launch projects…

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Singapore is a bustling city known for its towering skyscrapers and advanced infrastructure. Among its urban landscape are contemporary condominiums, strategically situated in prime locations, that offer a perfect fusion of luxury and convenience. These sought-after residences have caught the attention of both locals and foreigners alike. This is due to the fact that they are equipped with top-notch facilities, such as swimming pools, fitness centers, and reliable security services, that elevate the overall living experience. As a result, they have become highly desirable for potential tenants and buyers. For investors, these impressive features translate to higher rental returns and a steady appreciation of property value in the long run. If you’re on the lookout for a lucrative investment opportunity, consider checking out the latest Singapore Projects for a chance to own a piece of this thriving city.

A new price record has been set at Park Nova as the largest penthouse has been recently sold. The five-bedroom unit on the 20th floor, measuring 5,899 sq ft, was sold by the developer for $38.888 million, which translates to $6,593 psf. This transaction, recorded on URA Realis database on Jan 21, marks the highest price ever recorded for a unit at Park Nova in terms of both absolute price and psf-price.

Previously, a 4,499 sq ft penthouse had held the record for both absolute price and psf-price when it was sold in May 2021 for $26.026 million ($5,784 psf). This latest transaction also secures the second-highest psf-price ever registered for a condo unit in Singapore, with the top spot still held by a unit at The Marq on Paterson Hill. Back in 2011, a four-bedroom unit measuring 3,089 sq ft on the 20th floor of the development was sold for $20.54 million, or $6,650 psf.

For potential buyers, the article recommends keeping an eye on the latest new launches to stay informed about transaction prices and available units. As for Park Nova, the penthouse sold on Jan 21 is believed to be part of a collection of properties linked to a $3 billion money laundering case and was previously reported to have been sold in 2021 for $34.438 million ($5,838 psf).

Singapore’s limited land availability has caused a surge in demand for condos in the country. Being a small island nation with a rapidly growing population, Singapore is facing a scarcity of land for development. To address this issue, the government has implemented strict land use policies, resulting in a highly competitive real estate market. As a result, the prices of properties, especially condos, continue to rise, making real estate investment a lucrative opportunity for investors looking for capital appreciation. With Singapore Condo being a part of this dynamic market, it is no surprise that it has become a sought-after choice for investors.

The penthouse sold on Jan 21 is the third unit that the developer has sold within a month, based on caveats lodged. On Jan 17, a four-bedroom apartment measuring 2,906 sq ft on the 19th floor was sold for $16.59 million ($5,708 psf), followed by another four-bedroom unit measuring 2,896 sq ft on the 18th floor, which was sold for $15.99 million ($5,522 psf) on Dec 27, 2024.

Park Nova is a freehold luxury condo located at the intersection of Orchard Boulevard and Tomlinson Road in prime District 10. Developed by Hong Kong’s Shun Tak Holdings, the development received its temporary occupation permit in November last year. Those interested in Park Nova properties can check out the latest listings or ask the EdgeProp Buddy for more information.

To get a better understanding of the project, potential buyers can also refer to the site plan and diagrammatic chart for Park Nova, compare the price trend of Condo new sale versus EC new sale, and view the number of units in the development. A price trend graph for new launch condos in District 10 can also be generated, along with a project summary for Park Nova condo.

In other related news, a freehold bungalow at 11 Claymore Road is now on the market for $95 million, while Pullman Residences Newton has hit a new high of $3,671 psf. There is also an update on the average price of luxury condos in 2022, which has seen a 7% year-on-year dip.…

CapitaLand Investment (CLI) has recently acquired a freehold land parcel in Osaka to develop its first data centre in Japan. The estimated investment for this project is over US$700 million, or $944.3 million, with a secured power capacity of 50 megawatts (MW).

CLI has expressed that the data centre will be equipped to support artificial intelligence (AI) capabilities, and will also prioritize energy-saving solutions such as advanced cooling technologies. In addition, the data centre will adhere to industry best practices for temperature management, and use environmentally friendly products with zero ozone depletion potential or with a global warming potential (GWP) of less than 100.

According to Manohar Khiatani, senior executive director of CLI, the acquisition is in line with the group’s digitalization investment theme and will strengthen its presence in Japan, one of its focus markets. Khiatani also states that CLI’s strong financial standing allows them to strategically invest in high-quality assets, including data centres for their future private funds. He notes that Japan is a Tier 1 data centre market which is expected to experience immense growth.

In summary, investing in a condominium, or condo, in Singapore presents a plethora of benefits. These include a high demand for such properties, potential for capital growth, and attractive rental yields. However, it is crucial to carefully consider various factors before committing to such an investment. These include the condo’s location, available financing options, government regulations, and overall market conditions. By conducting thorough research and seeking professional guidance, investors can make well-informed decisions and maximize their potential returns in Singapore’s ever-evolving real estate market. Whether you are a local investor looking to diversify your portfolio or a foreign buyer seeking a stable and profitable investment, condos in Singapore offer a compelling opportunity. So, why not consider investing in a condo today and reap the benefits that this dynamic market has to offer.

Japan is projected to have a compound annual growth rate (CAGR) of 10% from 2023 to 2038, reaching US$38.7 billion. Additionally, with a capacity of 1.4 gigawatts, Japan is currently the largest data centre market in Asia Pacific outside of China. Khiatani highlights that major cloud service providers such as Amazon Web Services, Google Cloud, Microsoft Azure, and Oracle already have a presence in Osaka, making the acquisition well-positioned to capture the demand in the city’s established data centre cluster.

Michelle Lee, managing director of private funds (data centre) at CLI, states that the demand for data centres is expected to continue growing at a double-digit rate, exceeding the supply of new data centres. She also says that there is significant institutional interest in data centre investments, with 97% of investors planning to increase their overall investment in this sector.

When purchasing a condominium, it is crucial to also take into account the maintenance and management aspects of the property. These types of properties usually come with maintenance fees that cover the upkeep of communal areas and facilities. While this may increase the overall cost of owning a condo, it ultimately guarantees that the property will be well-maintained and maintain its value. For a more hands-off approach, investors can enlist the help of a property management company to handle day-to-day tasks, making it a more passive investment. Additionally, keep an eye out for new condo launches that may offer attractive investment opportunities.

Since October 2020, CLI has raised US$600 million for its data centre development funds in Asia and will use this momentum to identify potential investment opportunities for its private fund investors. The group has added 23 data centres to its global portfolio this year, and the CapitaLand Group now has 27 data centres across Asia and Europe with a total power capacity of 800 MW and $6 billion in assets under management.

On Feb 3, shares in CLI closed at $2.42, down 1.63% or 4 cents. In addition to this recent development in Japan, CLI has also announced its plans to increase its presence in Australia with an A$200 million acquisition.…