Archive for category: Singapore Condo

Read related post: The boutique condo Nassim 9’s seller makes a $3.3 million profit

Auction listings experienced a decrease by 3.0% q-o-q to 96 listings in the 1Q2023 According to a study conducted by Knight Frank. This is inclusive of repeat listings and does not include properties which were not sold at auction. The drop is largely due to Chinese New Year festivities when certain auctions were put off according to Sharon Lee, head of auction and sale in Knight Frank Singapore.

The number of mortgage listings for owner listings was higher than those for mortgage listings in the 1Q2023, continuing the trend that began with the 2nd quarter of 2022 Lee highlights. In a y-o-y perspective the total listing of auctions increased by 20% from the 80 listings that were available in 1Q2022.

The decrease in total listings in 1Q2023 occurred together with a moderate rate of success that was 6.3% in 1Q2023, which is equivalent to six properties that were sold. Comparatively the auction market had the highest successful rate 9.1% in 4Q2022. 9.1% in 4Q2022, where the total number of listings was 99.

Residential properties comprised 46.9% (45) of the total listings for 1Q2023. Of those 18 were mortgagee listings and 20 were owner listings. Other kinds of sales (including receiver, estate and bank transactions) comprised seven listings. In particular, a home that was not landed situated at Saint Regis Residences was advertised as a receiver sale for two months consecutively, and then was sold out of auction for $13.5 million.

Mortgagee listings jumped nearly three times more than 10 in the 4Q2022 period to 32 by 1Q2023, and an increase was that was observed across all property kinds. There were 18 mortgagee listings for residential properties nearly double the number of listings that were recorded in the prior quarter. In spite of this q-o -q growth listing of mortgages for residential properties was 14.3% lower y-o-y than the 21 listed in the 1Q2022 period.

Office and retail mortgagee listings grew by four and three in the 1Q2023, as compared to 4Q2022 where there were no commercial properties were listed. Industrial mortgagee listings increased from 2 in 4Q2022 to seven during 1Q2023. The rise could be due to the increasingly difficult business environment impacted by global economic turmoil along with widespread inflation, and the rising interest rates, according to Lee.

Of the mortgagee listings of 32 in 1Q2023 Six of them were successfully auctioned. The properties comprised small-quantum listings, with prices ranging between $350,000 and $1.12 million. The five properties were sold at a discounted price or at a close proximity to their initial price, while a property was an office space located in Paya Lebar Square which was purchased at $1.12 million. That’s 1.8% higher than the initial price at $1.1 million.

Owner listings amounted to 57 in the first quarter of 2018, a drop from the 72 listings recorded in the preceding quarter. The figure, however, is more than twice the number of listings recorded in the comparable quarter last year. It is also the fourth consecutive quarter where listing by owners outnumbered mortgagee sale listings.

Knight Frank’s Lee says the change is due to homeowners who have chosen to leverage auctions to attract more attention for their property. “Increasingly it is evident that the previous rate of success at auctions has increased the confidence of a few owners who are now taking advantage of the opportunity to sell their property with the hope of selling for a price that is more desirable either prior to or after auction due to the publicity and publicity for marketing,” she explains.

For instance the apartment with four bedrooms at Bayshore Park was initially offered by an owner to auction in October 2022. The property was sold following an the auction in February 2023, when the interest of buyers was sparked by auction channels.

There 20 owner listings for homes in 1Q2023, which was lower than 29 listings in the prior quarter, but greater than seven listings in the same period in last year’s time. Owner listings for industrial and retail were up to the respective levels of 19 and 10 listings in the 1Q2023 quarter. This is an increase from the 17 and 9 listings recorded in 4Q2022. Office owner listings fell 14.3% q-o-q to six in 1Q2023. It was fifty% higher than the four recorded in 1Q2022.

In general, given the declining business outlook and increasing costs putting pressure on operations Business owners could be struggling to keep their businesses afloat Lee says. Lee. As per the Ministry of Law, there were 959 bankruptcy cases filed between January between January and March. The figure was 5.6% higher q-o-q and 22.2% higher y-oy. Moving forward, the greater number of bankruptcy cases filed could result in a rise in mortgagee listings, specifically for office properties during the second quarter this year. Lee opines.

In the same way the increasing popularity of auctions among property owners will result in more auctions. The owners will be attracted by the potential of “serendipitous bids” for buyers who are discerning according to Lee. Knight Frank maintains the overall performance of auctions over the whole year 2023 to be between five% up to 7%.

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Sevens Group continues to build its name as a leading land developer in the East with one of its most recent transactions which is the sale of a newly constructed detached residence in Pasir Ris Way for $8.4 million or $1,939 psf of the land.

The property forms part of the Sevens Group’s The Beachfront Collection, an exclusive collection of homes located situated in The Pasir Ris landed enclave, near Pasir Ris Park and Pasir Ris Beach. The leasehold project of 999 years includes the detached house that was offered as two semi-detached houses. Of the two, one of the semi-detached houses went under in the year 2021 before the project was publicly announced.

The remaining semi-detached house located in The Beachfront Collection is currently being offered for sale, making it a great chance for a highly-rated buyer looking for a lavish spacious, comfortable house with the most beautiful resort-style living.

The semi-detached house, situated on 26A Pasir Ris Way, sits on a plot of around 2,910 square feet. The three-story house boasts a large built-up area of approximately 5,982 square feet. The luxurious home has four bedrooms with en suite bathrooms as well as a double-volume ceiling in the living room as well as wet and dry kitchens with the most modern electrical appliances from V-Zug.

With an extravagant look and feeling, this property is adorned with luxurious materials and finishes, including huge format slabs of marble that are used in the dining and living spaces and the bathroom and powder room. Bathrooms are fitted with premium sanitary ware made by Bravat and the home is also equipped with a Jacuzzi on the top deck of the roof, as well as an in-home lift. It is also with an electric car charging outlet which is a feature for the future accessible in every Sevens Group properties.

Sevens Group is currently offering 26A Pasir Ris Way for $6.2 million, which is $2,130 per square foot on the land. Its Beachfront Collection is slated to get their temporary occupation license (TOP) document in the 4Q2023 This means that buyers won’t have to wait for long before moving into their new residence. Right now, Sevens Group is offering an Star-Buy discount of up to $250,000 for the property and will increase the appeal of the property. Fully furnished interior design options are also offered.

The District 15 district is a treasure trove of rare finds.
In the sought-after Opera Estate landed enclave, Sevens Group is launching a new property for sale at Aida Street. The design is designed to appear calm and elegant, the property is appropriately named Gentle at 53 Aida Street. The two-storey intermediate terrace, which includes an attic is set on land of 1,309 square feet and is an built-up area of 3,271 square feet. The freehold property includes four bedrooms and is located close to amenities, including Bedok Mall and the Bedok MRT Station.

At $4.8 Million, this property will surely attract attention from potential buyers due to its impressive size, and especially in the highly sought-after District15 region. In the District 15, asking prices for new freehold terrace homes can be as high as $5 million, while some are upwards of $6 million.

On Siglap Road, Sevens Group is constructing One East — a freehold project that consists of two detached homes and two-storey semi-detached houses with an attic. The homes are perched on top of a hill. the residence offers stunning views of the city of Singapore. The homes are priced attractively at the time of launch. the semi-detached houses have already been bought.

The other detached home located at the 111 Siglap Road has a land total of 4,510 square feet. The spacious home has six bedrooms that have en suite bathrooms and multiple family rooms as well as a huge living and dining space which flows seamlessly to a shaded veranda as well as an infinity-style pool. All in all, the home has a built-up area covering 7,015 square feet.

1111 Siglap Road is priced at $8.56 million. It’s less than $1900 per sq ft for the land which makes it an excellent investment for a brand-new detached residence in a sought-after District 15. One East is scheduled to be awarded its TOP in the 1st quarter of 2024. Like The Beachfront Collection Fully equipped interior design and decorating packages are offered to One East.

The Carrara homes at The Carrara to tap on the growth of Thomson East Coast line
Sevens Group’s most prestigious development The Carrara, located at Mountbatten Road, has seen two of the six semi-detached homes being snapped up. The homes were purchased at a price of around $3,000 per square foot on the respective land parcels which is a boost to resales for houses located on Moutbatten Road and neighbouring streets like Goodman Road, Branksome Road and Wilkinson Road

Property costs in the area are expected to witness another surge in appreciation of capital following the launch of the Stage 4 of the Thomson-East Coast MRT line (TEL) in 2024. Because The Cararra is within minutes of walking distance from the new Tanjong Katong MRT Station, it will definitely profit from the extension’s highly-anticipated arrival, as it will improve connections between both the city center and the east.

Presently, Sevens Group continues to keep its price for selling The Carrara at around $3,000 to $3,300 for the land, giving buyers the chance to purchase the property at a price that is appealing amount before prices rise to reflect the growth in value facilitated through the TEL.

Three of the four houses available each have six bedrooms. They are located on spaces ranging from 2,675 sq. ft. to 3,016 sq feet with built-up areas ranging from 5,530 sq ft up to 6,400 square feet. The fourth house has four bedrooms with ensuite bathrooms and covers the land of 2,294 square feet and is built up to 4,700 square feet. The project is scheduled to get its TOP in 1Q2025.

Deferred Payment Scheme, Customisable interiors
Additionally, in addition to Star Buy promotions with discounts of up to $250,000 on the Beachfront Collection, Sevens Group also have deferred payment plans on any development under construction (excluding The Carrara). In the scheme, purchasers will have the choice of exercising the option of purchasing at a later date after paying the option fee, thus aiding buyers who have to sell their home prior to purchasing. After exercising the option and paying the applicable stamp duty charges to IRAS the buyer will not have to make any further payments. have to be made to the seller until property is awarded its TOP certification.

The deferred payment plan gives prospective buyers plenty of time to plan their financial plan or get rid of any existing properties to avoid the cost of additional buyer’s stamp duty charges for the purchase of another property.

Additionally, Sevens Group offers buyers of their properties the option of customizing the house to meet the preferences of their buyers, thanks to their unique design-and-build hybrid concept. Customers have the possibility of customizing the interior of their residences, such as selecting the finishes and materials.

Customers will be able pick from a selection of products offered by the developer which includes different kinds of tiles, marbles, laminates, and granites for their carpentry, such as dry and wet cabinets for kitchens, wardrobes or vanity units.

Read more: In London’s Soho, a freehold office property is up for sale for GBP50 million

A freehold shophouse on 13 Hongkong Street in the CBD is available for sale through an expression of Interest (EOI) procedure. The property is offered at a cost of $28 million which is equivalent to $4,623 per square foot in based on estimates of the gross floor area (GFA) that is 605 square feet.

The shophouse in the middle is a newly renovated property with an outdoor terrace. It is situated on a parcel of about 1,833 sq ft that is zoned for commercial use, with an area ratio of 4.2 which means this property is untapped with a GFA size of 1,600 sq feet.

“This is sure to appeal to owners and investors who are seeking a premium commercial asset in one Singapore’s most sought-after districts,” says Joshua Giam the executive director, capital market Singapore at CBRE who is marketing the property along with PropNex.

“The owner who is coming in can consider various value-added angles like making use of the gross floor space, possible arrangements to accommodate different needs like F&B hostels, F&B and serviced apartments, among others subject to the approval of appropriate authority,” he adds.

The property is just a few minutes from Clarke Quay and Raffles Place MRT Stations. The nearby landmarks are Clarke Quay Central which is an integrated development along with One George Street, a Grade-A office structure that is situated approximately 200m away from 13 Hongkong Street.

Richard Tan, director of PropNex Shophouse Elites Singapore, says that the huge population of workers in the area creates the property perfect for investors looking to profit from an impressive rental upside as well as capital appreciation. “We have seen a strong interest from families offices as well as wealthy individuals seeking freehold commercial properties within Singapore’s CBD,” he adds.

The EOI submission deadline is on May 9th at 12 noon.

A highly profitable resale sale in the month of March 7-14 took place on Nassim 9 in the form of selling a 3251 sq. ft ground-floor unit at $10.3 million ($3,169 per square foot) in March 10. The unit was bought at $7 million ($2,153 per sq ft) earlier in the month of January of 2011. In the end, the seller made the seller a $3.3 million (47%) profit on the deal, which amounts into an annualised gain that was 3.2% over 12 years.

Pinetree Hill launch price placed the winning bid of $671.5 million, equivalent to $1,318 per square foot per plot ratio (psf ppr). The price was $800 more than the second bid among the five bids submitted for Pinetree Hill.

Nassim 9 is a posh eight-unit condominium on Nassim Road in the District 10. The development, which is four stories tall, has been completed since 2002 and has four bedrooms ranging from 2,756 to 3,423 square feet.

It is situated within Nassim 9 is located in the Exclusive Nassim Road residential enclave, Nassim 9 is just a short walk from Tanglin Mall as well as other malls that are located on the Orchard Road shopping belt. The luxurious residential developments that surround Nassim 9 comprise Nassim Park Residences Nassim jade, the Tanglin Residences 19 Nassim and Les Maisons Nassim.

According to URA cautions that the most lucrative resale of Nassim 9 occurred on March 1. The sale was of a 2756 square foot unit located on the third floor. It was worth $9.5 million ($3,448 per square foot). The unit was purchased at $4.12 million ($1,495 per sq ft) at the end of December. The seller made an unprecedented $5.38 million (130%) profit, that’s an annualised return of 5% over the span of 17 years.

The second-highest profit sale during the week was the 2,820 square feet unit in Cairnhill Plaza which changed hands for $5.38 million ($1,908 per square foot) in March 9. The unit was valued at $2.6 million ($922 per sq ft) at the time it was put available for sale in 1997. The seller earned the sum of $2.78 million (107%) profit, which is equivalent to an annual income that was 2.9% over 25 years. It is also the longest time a property located at Cairnhill Plaza has been held by an owner.

The record for the highest-profit sale on Cairnhill Plaza is for a 3,305 sq ft apartment that was purchased to the buyer for $5.75 million (1,740 per square foot) in March of 2010. The unit was bought by the buyer for 2 million ($605 per square foot) during 1999. The seller raked in the record $3.75 million (187%) profit, which amounts to an annual gain of nine% over the course of 11 years.

Cairnhill Plaza is a freehold condominium located on Cairnhill Road in prime District 9. The 204-unit development consists of two towers with a 30-storey height and the unit mix is comprised of three and four-bedroom units ranging from 2,293 to 3,305 square feet. The entire project is completed by the year 1978, and is approximately forty-five years old.

The condo’s location near its location on the Orchard Road shopping belt means that it’s close to a number of prominent shopping malls as well as hotels, including The Paragon, Ngee Ann City, Ion Orchard, Singapore Marriott Tang Plaza Hotel and the recently inaugurated Pullman Singapore Orchard along with Hilton Singapore Orchard.

Despite its central position however, the age of the development has been a slight price impact for Cairnhill Plaza. Based on caveats, median price for Cairnhill Plaza is around $1,894 per square foot.

On the other hand the most profitable deal of the week was the auction of a 1,528 square foot three-bedroom apartment located at V located on Shenton. The unit, located at the 39th level, was auctioned off at $3.09 million ($2,021 per square foot) on March 10. It was bought at $3.34 million ($2,187 per sq ft) at the end of April. The seller suffered losses of around $250,000 (8%), which amounts to an annualized cost that was 0.7% over nearly 11 years.

V Shenton is a 99-year leasehold condominium located situated on Shenton Way within District 1 the financial center of Singapore’s central district. The 510-unit condominium forms the residential part of a mixed-use projectcomprised of a 54-story residential tower as well as a 23-story office building. The entire project was completed in the year 2017.

Nearby commercial developments near V on Shenton include OUE Downtown, CapitaSky, SGX Centre, Asia Square Tower 1 and 2 and the soon-to-be IOI Central Boulevard Towers. It was recently finished Shenton Way MRT Station located on the Thomson-East Coast Line also sits at the bottom of V on Shenton.

Five resales have occurred on the floor of V on Shenton to date that range from a 484 square feet apartment located on the 25th floor which was sold at $1.04 million ($2,143 per square foot) on January 16 to a 1,755 sq. ft unit located on the 50th floor, which brought $4.06 million ($2,314 per sq ft) on March 1.

The most profitable resale for V Shenton is Shenton is selling a 1 98 square feet unit on the 28th floor, for $2 million ($1,822 per sq ft) the 14th of April 2022. The unit was purchased at $2.43 million ($2,211 per square foot) on July 13, 2013. The seller was able to record a loss of 4277,000 (18%), which amounts to an annualized decrease in the range of 2.1% over eight years.

City Developments Limited (CDL) has purchased Sofitel Brisbane Central for A$177.7 million ($159.2 million) or A$427,000 for each key. This is CDL’s 3rd Hotel in Australia.

Pinetree Hill showflat located in the tightly held neighbourhood of the Ulu Pandan area, the charming Pinetree Hill sits in the central region of Singapore.

The acquisition was completed by the group’s 100%-owned subsidiary hotel Millennium & Copthorne Hotels Limited (M&C) and was completed in a 50/50 jointly-owned venture (JV) together with the subsidiary listed in New Zealand Millennium & Copthorne Hotels New Zealand Limited on the 22nd of March when it signed a purchase agreement (PSA) as well as a business contract for the sale of assets with Brookfield Asset Management.

The five-star Sofitel luxury hotel Brisbane Central offers 416 suites and rooms and is Brisbane’s most branded single hotel in terms of rooms available. The hotel’s 30-storey height is the city’s biggest hotel meeting and event facility featuring nine meeting and conference rooms that can host up to 1,100 persons.

Softel Brisbane Central is located within Brisbane’s central business district (CBD) and has the direct connection directly to Brisbane’s Central Station. The hotel’s location offers access to Brisbane’s retail and commercial zones as well as Brisbane Airport, Brisbane Airport, Brisbane Entertainment Centre, Gold Coast and the remainder of Queensland.

A few of Brisbane’s most popular attractions like Eagle Street Pier and Queen Street Mall are accessible by foot.

From the hotel guests can to enjoy the stunning views of Brisbane’s famous ANZAC Square, the city’s skyline, and Brisbane’s Sunshine Coast, which is approximately an hour and half’s drive from the hotel.

The acquisition is believed to be in line the CDL diversification strategy, and is in line with Australia as one of its major markets. The group also has numerous projects in development that include Fitzroy Fitzroy and The Marker in Melbourne as well as Brickworks Park and Treetops at Kenmore in Brisbane.

“The planned acquisition will mark the company’s entrance into the Brisbane hospitality industry. Brisbane is among the most important tourism markets in Australia which have seen the most robust revenue per room (RevPAR) growth in 2022, far exceeding the pre-pandemic average,” says CDL’s executive chairman Kwek Leng Beng.

“Brisbane’s pipeline of more than A$20 billion worth of infrastructure projects will help further increase Brisbane’s status as a top sporting, business, and tourism tourist destination. With Brisbane as the host city of the 2032 Olympic and Paralympic Games and the Rugby World Cup in Australia in 2027 and 2029, the purchase is a fantastic opportunity for the company to expand the presence of our business in Australia and increase our regular revenue stream. The company remains focused on enhancing the hospitality business,” the CEO says.