Belgravia Ace Ang Mo Kio floor plan

The most profitable resale transaction in the week of October 12-19 was the sale of a 4,057 square foot, four-bedroom unit at the Ritz Carlton Residences. On Oct 15, the 31st floor unit was purchased for $15 million (or $4907 per square foot). In January 2018, the unit was purchased for $11.48million ($3,755 per square foot). The owner made a profit (31%) on the unit, which translated to a 7.3% annualized profit over almost four years.

Belgravia Ace Ang Mo Kio floor plan development that consists of 104 units of semi-detached or 3 terrace houses.

This transaction is the highest price paid for a luxury condo unit by a resale unit. Another 3,057 sq.ft four-bedder, located on the 30th floor, was sold for $14,000,000 ($4,580/psf).

Six resale transactions have occurred at Ritz-Carlton Residences this year. On Jan 14, another 3,057 square feet unit was sold at $13.2 million ($4,318 per sqf). For the five other transactions, however, there were no matching caveats.

KOP Properties developed the Ritz-Carlton Residences. The freehold project was completed by KOP in 2011. Residents can use the services of The Ritz-Carlton Hotel, which includes housekeeping, laundry, catering, and event management.

A 2,874-square-foot unit at Four Seasons Park was the second highest gain of the week. After being purchased in November 2006 for $5.5 million ($1,914 per square foot), the four-bedroom unit was bought for $8.8million ($3,062/square feet) on October 14. The seller made a profit of $3.3million (60%), which is equivalent to a 3.2% annualized profit over the past 15 years.

It is the second-most profitable freehold condo resale transaction this year. On Sept 22, a 2,874-square-foot unit was sold for $9.5million ($3,306 per square foot). This was the top gain. In January 1997, the unit was purchased for $5.56million ($1,935 per square foot). The seller made a profit (70%) which translated to an annualized profit of 2.1% over 24 year.

Four Seasons Park was a luxury condo that was built in 1994. Cuscaden Walk is in the heart of District 10. It is centrally situated and close to Orchard Road, the American Club and Tanglin Club.

However, the least profitable resale transaction of the week was the sale of a 2,153 square foot, three-bedroom unit at The Orange Grove. After being purchased for $4.92million ($2,284 per square foot) in January 2011, the unit sold for $4.6 million (or $2137 psf). The seller suffered a loss of $316,500 (6%), which is 0.6% annually over the next 11 years.

Six resale transactions have occurred at The Orange Grove this year. None of them were profitable. Losses can range from $305,600 up to $2.9 Million.
A penthouse unit measuring 4,047 square feet on the 12th floor was the most profitable resale transaction at the condo freehold. On April 6, the unit was sold at $7.75 million (or $1,915 per square foot). However, it had been purchased for $11 million (or $2726 per square foot) in June 2011. The seller suffered a loss in the amount of $3.28million (27%), which is 3.1% annually over ten years.

The Orange Grove luxury condo is located on Orange Grove Road in the prime District 10. Ho Bee Land developed the freehold condo and it was completed in 2010. The project, which includes 72 units, is a 12-storey block that houses three- and four-bedroom units measuring 2,153 to 3,488 square feet. There are also four penthouses measuring 3,972 to 4,047 square feet.

Belgravia Ace land price

Justin Gabbani has had a busy four-months since he assumed the role of Lendlease Asia CEO in June. Tony Lombardo (his predecessor) has been appointed global CEO of Lendlease, a listed Australian property company with a market cap of A$7.5 million ($7.5 billion). Lombardo moved to Sydney’s global headquarters in April and began a seven-week tour of the key cities where Lendlease is present, including Singapore, San Francisco (New York City), Washington, Chicago, Milan, London, Washington, Chicago, Milan, Milan, and Washington. According to Financial Review.

Belgravia Ace land price consists of 104 units of semi-detached or 3 terrace houses premium piece freehold land.

Gabbani, along with the rest of his team, is now working remotely from home. Singapore’s restrictions were extended to Nov 21. He tells EdgeProp Singapore that he enjoys traveling to other countries and meeting with people in person.

Gabbani is no stranger to the region. He joined Lendlease’s graduate program in 2003 and moved to Singapore in 2011. Gabbani was Lendlease’s CFO for Asia over the past 4 1/2 year and, before that, he was head of capital markets and investment for Asia and Europe. He says, “I’ve lived in Singapore for 10+ years.” “I know the business well.”

Life sciences boom

Lendlease has been active in the life sciences sector due to the ongoing Covid pandemic. Lendlease made an announcement last month that it would begin construction on a large-scale greenfield vaccine facility in the latter part of 2021.

The facility is situated at the 280ha Tuas Biomedical Park. This park was developed by JTC Corp in late 1990s and is a specialised industrial park. There have been major biomedical companies such as Abbot, Genentech and Lonza Biologics. Merck, Novartis, Novartis, and Pfizer are also located there.

Lendlease is responsible for more than 90% construction of Tuas Biomedical Park’s facilities. Lendlease has built the majority of Singapore’s top pharmaceutical facilities. Some of these facilities have also engaged Lendlease to expand their facilities.

Lendlease is interested in investing in the Asia sector and developing other construction projects. Gabbani says, “We see strong demand for life sciences.” It’s an attractive sector.

Partnerships and value-add projects

Sir Run Shaw Shaw Charitable Trust named Lendlease the project manager for Shaw Tower’s redevelopment on Beach Road in October 2013. Built in 1975, the 35-storey office building has a retail podium. The demolition works are underway, and construction of a new tower is expected to begin in the early part of next year.

It will be nearly 200m high and feature views of Marina Bay. The new 35-story tower, designed by Aedas architectural firm, will contain 450,000 square feet of Grade-A office space as well as 30,000 square feet of retail and F&B space at ground level. The new tower will have end-of-trip bicycle storage and sustainable features that comply with the BCA’s Green Mark and International Building Institute’s WELL rating.

The completion of the new Shaw Tower is expected by the end of 2024 to coincide with the completion the neighboring Guoco Midtown integrated community. Gabbani says that the new strong>a href=”https://www.edgeprop.sg/project/non-residential/287757?utm_source=website&utm_medium=article&utm_campaign=ONPAGESEO”>Shaw Tower will be completed by end-2024. It will have pedestrian connections to Guoco Midtown mixed-use developments and South Beach mixed use developments. This will allow easy access to Bugis and Esplanade stations, City Hall, and Promenade MRT Stations.

Lendlease and Certis, a security company, have formed a partnership in order to redevelop Certis’ headquarters at 20 Jalan Amifi. According to a March caveat, the 130,211 square foot site was purchased for $150,000,000 or $1,152 per square foot based on its land area.

According to Lendlease, Certis Cisco Centre will undergo a redevelopment into a “green and sustainable” project with approximately 30,000 sqm (322 917 sqft) of office space.

Mixed-use urban regeneration project that is resilient to change

The Certis Cisco Centre is located within two minutes of Lendlease’s $3.7 billion integrated development Paya Lebar Quarter. Lendlease is a place maker that specializes in urban regeneration projects like the PLQ or Melbourne Quarter in Melbourne.

Despite Covid arrangements and work-from home arrangements, the three office towers located at PLQ with 870,000 square feet of Grade-A office space are 99% leased today. Gabbani says that people have not been afraid to commit to new office space.

After a surge in demand for flexible workspaces since November, the 72,000 square foot Csuites at Lendlease, Lendlease’s flexible workplace model at PLQ was fully occupied by August. Gabbani says that corporate tenants are increasingly seeing it as an advantage.

97% of PLQ Mall’s 340,000 square feet of retail space is leased. Gabbani notes that “central services — pharmacies, supermarkets — continue to show great resilience.” “F&B has also been resilient, despite the many restrictions.”

The 429-unit Park Place Residences in PLQ have been sold. They were completed in 2019, before the pandemic. The first tower was launched in March 2017. Half of the units sold for $1,805 per square foot. Another 149 units were purchased at a median of $2,060 per square foot for the second tower, which was launched in April 2018. According to caveats filed between May and September 2021, units have been sold on the resale marketplace at prices ranging from $1,836 to $2,240 per square foot.

Gabbani says that Lendlease is looking at more ambitious developments, such as master developer projects. The 8.29ha Kampong Bugis property, located near the Kallang Basin in the Kallang Basin was placed on the Reserve List under the 2H2019 Government Land Sales Programme. It could produce 4,000 dwelling units, and 50,000 square meters of gross commercial space, including retail, office, or serviced apartments.

‘Most established market’

Gabbani says Singapore is Lendlease’s most established market. He adds, “We have been in Singapore for 48 years across all three business lines (construction, investment, and development].” “We have probably the highest capital in Singapore.”

A$1.5 billion of the A$2 trillion capital allocated to Asia in the last five years has been invested. The largest share of this investment was made in Singapore. Gabbani says, “We still have A$500m to invest, but we will also recycle our capital once we finish our developments.”

Lendlease is present in three other Asian markets, besides Singapore: China, Malaysia, and Japan.

Two projects have been the main focus in Malaysia, which Lendlease first ventured into 30 years ago. Setia City Mall is one of them. It’s an 80/20 joint venture project between SP Setia (Malaysia) and Lendlease Development. One of its private funds holds 20% of Lendlease’s stake in the mall.

Setia City Mall opened its doors in 2012 with 730,000 square feet of retail space and 235 shops. By 2020, the second phase, which includes 450,000 square feet of retail space and 150 additional stores was expected to be completed. The mall will now have 1.2 million square feet of retail space, making it the largest in Shah Alam.
Gabbani admits that Covid had affected the development and pre-leasing stages of Setia City Mall II. “Stabilisation” has been ongoing since the opening of the second phase in April.

Belgravia Ace showflat address

UOL Group and Singapore Land Group have formed a joint venture to purchase Watten Estate Condominium, located in Shelford Road, Bukit Timah’s prime Bukit Timah location. The site was won with a $550.8 million bid.

Belgravia Ace showflat address can be found just a few kilometers from Ang Mo Kio MRT Station, on the North-South MRT Line.

Tan Hong Boon (executive director of capital markets at JLL), the sole marketing agent who brokered the sale, said that the price represents a land rate per plot of $1,723 psf (psf.ppr). This includes 8% bonus gross area and the corresponding development cost. Rajah & Tann Singapore LLP represented the vendors in this collective sale.

Watten Estate condominium was built in 1983. It has 104 units that include apartments and townhouses. It is situated on an elevated freehold site of 220,241 square feet zoned residentially under the Urban Redevelopment Authority’s 2019 Master Plan. Based on the 100-square-meter minimum size (1,076.4 sq. ft), it could be developed into a condominium housing 286 units.
Tan, JLL’s associate, states that the site is situated in a predominantly low-rise, land-based housing estate. This means that the proposed development would have unobstructed views of the greenery surrounding it. He adds that Watten Estate Condominium, a popular District 11 address is within 1km of Nanyang Primary School and Raffles Girls’ Primary School.
The condo was originally offered for sale in July 2019, at $536 million.

The condo was re-listed in September for collective sale by tender at a minimum of $500 million.

On October 27, the members of the sale commission accepted the $550.8 million offer. Tan adds that the bid price could result in gross sales proceeds between $3.1 million to $6.5 million for the owners.

More than 80% of the owners have agreed to the sale. However, there are several conditions, including an order by the Strata Titles Board and the court.

The total consideration will include 5%, plus the tender fee. Payments will be made within seven days of the awarding of the tender. The notice of receipt of sale approval will provide another 5% payment within seven days. The remaining 90% will be paid after legal completion.
UOL Group and Singapore Land Group say that the consideration will be funded mainly through bank borrowings and internal resources.

United Venture Development (No. UOL Venture Investments (No. 4) or UVD4 is the entity that created the 80:20 joint venture company, named United Venture Development (No.

UOL Venture holds 40 ordinary shares worth $1 each, which represents an 80% interest. Singapore Land Group, on the other hand, has 10 ordinary shares worth 20% or a 20% share in the JV.
The JV was established in Singapore on December 3, 2012.

Both companies will sign an agreement to formalize the terms of their JV in connection with the acquisition.

Each shareholder will have the right to nominate directors for UVD4’s board. Parties will also agree to contribute sufficient funds to allow the acquisition to be completed.

Under the terms of the SGX listing guide, the JV is considered to be an interested person transaction.

Wee Cho Yaw is the chairman of SingLand, UOL and is also the director and controlling shareholder. Wee Ee Lim is the son and chief executive officer of SingLand. He is also the deputy chairman and director of UOL. Liam Wee Sin, a director of SingLand as well as UOL, is the group CEO of UOL.
The current FY with UOL has seen approximately $382.1 million in total transactions.

Belgravia Ace Ang Mo Kio

Koh Brothers Eco Engineering secured a contract worth $200.7 million from the Public Utilities Board to perform mechanical, electrical, instrumentation control (MEICA), (MEICA) work for Industrial Liquids Module 1, Tuas Water Reclamation Plant Tuas WRP.

Belgravia Ace Ang Mo Kio has grown to be one of the most sought-after and limited places to live in.

The company will construct the entire treatment process, from primary, secondary and preliminary. This includes headworks screening and primary sedimentation.

Koh Brothers Eco Engineering stated in a stock exchange filing that the plant will be the largest industrial water treatment facility. It uses ceramic membrane technology to recover industrial water.

The works were scheduled to begin in November and are expected to be completed by December 2025. The works will then be followed by maintenance and operations services for a period of twelve months.
Koh Brothers Eco Engineering will be able to generate a steady stream from operations and maintenance services through 2026.

Paul Shin, CEO of the company, says that the company is happy to have been awarded the contract from PUB to help Singapore with its efforts to reclaim and recycle used water.
“Winning this contract is a testament to our deep expertise in water and wastewater treatment. This track record has been well documented in past projects.

Shin explains that these include the Changi Water Reclamation Plant which is the largest in terms of treatment capability, Keppel Marina East Desalination Plant which can treat freshwater as well as seawater, and the Tuas WRP Contract 2A-Influent Pumping Stations. Shin explains that they are building deep pumping stations to transport used water from the Deep Tunnel Sewerage System of PUB to the plant’s liquids module for treatment.

Shin says that the company is well-positioned to secure MEICA projects in future. Shin says that the company will continue to optimize its resources and to focus on increasing productivity through the adoption of technology and digitalisation in order to improve operational efficiency.

Belgravia Ace Tong Eng Group

Joy Tan, senior director at Edmund Tie and head of auctions and sales, says that a three-storey detached house along Oakwood Grove will be up for auction on November 16 at a price guide of $4.4million ($591 per square foot).

Belgravia Ace Tong Eng Group developer is synonymous with excellence, and that can be seen in the success of Belgravia phase one and two.

The property is situated on 7,433 square feet with an area built up of approximately 6,062 square feet. Tan says that the house was built in 1999-2000. The “only major renovation” was made when the owner purchased the unit. She says that minor repairs have been made to the house over the years, between tenancies.

Tan says that it is generally well-kept.

Six bedrooms and a guest room are included in the home. All have en-suite bathrooms. A utility room is available as well as storage areas on all levels.

Tan says that the land is currently zoned to three-storey mixed-landed use. Future developers could sub-divide it into two semi-detached homes.

The living room has a 8.8m ceiling height and a split-level dining space that overlooks the pool. Two to three cars can be accommodated on the car porch.

She shares the decision of the owner to sell the property. He is renting the property out as an investment property.

Tan adds that the unit is currently rented out to a family until December. The new owner can negotiate for an extended tenancy or buy it with vacant possession after December.

She notes that the property is close to many amenities and rents are healthy in this landed area. This includes Singapore American School, Republic Polytechnic, and Singapore Sports School.

You can also find malls such as Causeway Point, Marsiling Mall and Woodlands Civic Centre within a short distance from the property. It is just 15 minutes walk from Marsiling MRT station, North South Line.

The location’s attractiveness is also due to plans by the Singapore government for the Woodlands Enclave. This envisions Woodlands Regional Centre as the biggest economic hub in the North region of the city-state. It will include housing for industry, business, research and development, learning and innovation, as well as space for businesses.

Tan believes that this will bring more Grade A offices to the area, which will increase rental opportunities.

Based on URA transactions, the rents for properties in the area have ranged from $7,000 to $11,000 per monthly in 2021. Tan comments that landed units are more attractive to landlord-hopefuls than landed units.

Belgravia Ace Ang Mo Kio review

La Ville is a freehold condominium located along Tanjong Rhu Road. It was relaunched on October 26 for collective sale by tender. JLL is the sole agent for the sale.

The owners have now lowered the reserve price to $148million from $152 million at the time it was open for tender in June 2018. The government announced cooling measures for residential markets on July 5, 2018, and the sale was stopped.

Belgravia Ace Ang Mo Kio review seamless improvement consists of 107 strata terrace units, 104 semi-detached and three terraces.

The collective sale agreement was executed by owners representing more than 80% of total share value as well as total floor area.

Built in 1987 by Tiong Lee Seng, the 40-unit development has a total area of 47,012 square feet. It has a gross plot ratio (under the URA 2019 Master Plan) of 2.1 and is zoned residentially.

Based on a minimum 85 square meter (914.9 sq feet) site area, 107 units could be developed.

Walking distance from the development is the Katong Park MRT Station, which will be built on the Thomson-East Coast Line. Both the CBD and Changi Airport can be reached in a 10 and 15 minute drive, respectively.

It is also close to many reputable schools, such as Dunman High and Chung Cheng High. Kong Hwa Primary, Chatsworth International School East, Canadian International School Tanjong Katong, Kong Hwa Primary.

Nearby shopping centers include Kallang Wave Mall and Parkway Parade, as well the Old Airport Food Centre.

Tan Hong Boon is the executive director of capital markets at JLL. He says that at $148 million it represents a unit land price of $1,499 per square foot (psf/plot ratio) The unit land rate will rise to $1,465 per ft if you add a 7% bonus GFA (gross Floor Area) and the associated development charge.

Developers looking for prime residential projects of mid-size size should not miss this compelling redevelopment opportunity.”
La Ville tender closes on November 30th at 3pm.

Read more: The decrease in condo launches caused by developer’s conservative approach

The decrease in condo launches caused by developer’s conservative approach

According to URA statistics, retail rents decreased 2.7% in 3Q20201, but prices for retail properties remained flat.

This is the 7th consecutive quarter of retail rents falling, a significant increase from the 0.5% drop in 2Q2021. CBRE’s head of Southeast Asia research Tricia Song notes that retail rents fell 21% in 4Q2019 compared to pre-Covid-19 levels.

Song states that the rents continue to fall because of Covid-19’s evolving situation and decreased footfalls due in part to safe management measures.

On a positive note, however, the retail space vacancy rate decreased to 8.1% from 8.5% in the previous quarter. Song noted that all segments saw a decrease in vacancy rates, with the exception of the Downtown Core, where the rate increased to 11.2% q-oq from 11.9%.

“Retailers remained cautious after multiple government measures that disrupted their business but they were more willing take calculated risks and to commit to leases when the rent level was attractive, and landlord support was assured should it turn difficult due to an extension of or another tightening Covid-related measures,” Angelia Phua at JLL, is the consulting director, research, and consultancy, Singapore.

A slower increase in retail space stock supported the lower vacancy rate. This was compared to an increase of 18,000 sq.m in the previous quarter.

Leonard Tay, Head of Research at Knight Frank Singapore, says that consumers are turning to new activities and new places in Singapore to escape the daily grind of the pandemic. This has driven demand for more retail experiences.

“As such the stock of retail space increased 75,347 sqft [7,000 square m] during the third quarter. However, the amount of occupied space increased by 355,209 sqft [33,000 m] compared to growth of 150,695 sqft[14,000 sq. m] in Q2 2021. He explains that Decathlon and Don Don Donki, two of the largest retailers, have continued to grow despite the pandemic.

After three quarters of declining retail property prices, they remained the same after remaining stable. Shirley Wong, Colliers’ director of research in Singapore, notes that property prices declined marginally by 0.5% qo-q. “Performance was again dragged lower by the Central Area,” Shirley Wong said.

Consultants predict that rents will remain low in 4Q2021 due to the Covid-19 policies. Phua says that the recent extension of safe-management measures for four weeks is expected to temporarily dampen retailers’ confidence and lead to rents succumbing in the short-term.

Consultants believe that there is a possibility of a rebound for the retail sector, given the establishment and expansion of vaccinated travel lanes in Singapore, as well as the transition to Covid-19 which is endemic in Singapore, however. Tay says that if restrictions are removed by November and more vaccinated travelers lanes are established, rental declines could slow down. The sector is poised for a gradual recovery by 2022.

At the end of 3Q2021, the total supply of retail space was 428,000 sq.m. This is compared to 419,000 sq.m. in the previous quarter.

Read recommended article: Utilisation of smart home management systems can enjoy the benefits of technologies among households

Utilisation of smart home management systems can enjoy the benefits of technologies among households

Private residential property prices rose 1.1% in Singapore in 3Q2021, more than the 0.8% increase in the previous quarter and higher than the 0.9% increase reported by the URA on October 1.
The increase in non-landed segments was 0.7% q/o-q, which is lower than the 1.1% rise recorded in the previous quarter. The landed segment experienced a 2.6% increase q-o–q, a significant improvement on the 0.3% decrease in the previous quarter.

3Q2021, there were 3,550 residential new homes, excluding ECs. This is 19.7% more than the 2,966 units that were sold in the previous quarter.

Quarter buyers were affluent to new launches in the Outside Central Region. Pasir Ris 8 (with 425 units) as well as The Watergardens in Canberra (285 units), “benefitted form pent-up upgrader demands and were amongst the most-sold projects for the quarter”, says Tricia Song, CBRE’s head of research, Southeast Asia.

Song attributes the quarter’s 5,362 resale unit transactions to “construction delays” and the “widening price gap between new launches, resale properties, and the wider market.

Prices in the Rest of Central Region, (RCR), saw the highest q-o-q growth among sub-markets. They grew by 2.6%. The Core Central Region (CCR), and the Outside Central Regions (OCR), saw their prices shrink by -0.5%, -0.1%, respectively.

“GLS sites are likely to continue to attract strong interest due to the positive market conditions. Developers may choose to use private enbloc websites in the meantime. Song notes: “Some projects were recently put up for sale by collective tender.”

Our observations show that buyers’ confidence is generally intact, buoyed in part by the economic recovery and the lack of interest rates. PropNex Realty CEO Ismail Gafoor says that home sales might be less for the final quarter of 2021 due to restrictions under the Stabilisation Phase’. This could impact viewings as well as the celebrations during the year end.”

Read also: The four-bedroom unit at Ardmore Park was sold for profitable resale transaction at $10.75 million

The four-bedroom unit at Ardmore Park was sold for profitable resale transaction at $10.75 million

High Point is a 59-unit condominium block located at 30 Mount Elizabeth. It recently achieved the 80% consensus needed to proceed with a collective sales. Savills Singapore has been appointed as the marketing consultant by the collective sale committee (CSC).

The asking price of the whole project is $550million, which is the same price High Point was listed for sale in January 2019. It was the second attempt at a collective sale.
The first attempt was made in 2007, but it was canceled after it failed to achieve the required 80% consensus.
High Point could be able to make it third time lucky with this latest attempt.

The condominium is located on Mount Elizabeth’s peak and at the end of a private, quiet cul-de–sac. You can walk just a few steps to York Hotel, Goodwood Park Hotel, Paragon, and other shopping centers along Orchard Road.

High Point is located on a 47,606 square foot freehold property. The existing development was completed in 1974 and has 22 floors. It includes 57 four-bedroom apartments measuring 2,885 and 2,928 square feet, as well as two duplex penthouses measuring 6,340 and 6,372 square feet, which come with their own pools. Based on a plot ratio 4.5, the existing gross floor area is 211.976 sq.ft.

The URA Master Plan 2014 zones the site for residential use. It has a maximum height 36 stories and a plot ratio of 4.5. URA’s development baseline measures 213,383 square feet with a plot ratio 4.48. Traffic impact is not a part of the pre-application feasibility studies.

Since November 2017, there has been no High Point transaction. According to URA Realis, a 4,885 sq ft unit with four bedrooms on the eighth floor was sold for $4 million ($1,387 per square foot). According to URA Realis, many of the High Point units are owned by Indonesians. This is due to the location of High Point in District 9, the freehold tenure and the proximity of Mount Elizabeth and Paragon Medical Centres. Jeremy Lake, Savills Singapore managing Director of Capital Markets and Investment Sales, says that this is a result of the high quality of the property.

The prices of luxury residences have increased in the past year. The Klimt Cairnhill next door sold a 1,496 square foot, three-bedroom unit for $5.7 million ($3,818 per sqf). KOP Properties sold a 3,057-square-foot four-bedroom apartment in Ritz-Carlton Residences for $14 million (or $4,580 psf). This is the highest price paid in the luxury development of 58 units since December 2007 when three units sold for more than $5,000 per square foot. Ritz-Carlton Residences was built in 2011.

The Cairnhill-Mount Elizabeth enclave is home to a mixture of luxury residential developments as well as hotels. The Ritz-Carlton Residences and The Scott Tower are the next Klimt Cairnhill. Hotels in the area include Goodwood Park Hotel and York Hotel.

High Point’s guide price of $550million translates to a land rate ratio of $2,508 per plot ratio. This is after taking into account the 7% extra GFA permitted for balconies. Lake estimates. This price does not include the $18.8million development fee for the balconies.

Lake says that the site could be developed into a 36-story tower with 98 luxury apartments measuring 200 sqm (2.148 sq ft each). He says that High Point is the first super-luxury residential site to go on sale in this collective sales cycle. He anticipates that interest will come from not only Singapore-based luxury developers, but also from Hong Kong and other parts of the region.

Galven Tan, Savills deputy manager of capital markets, investment sales, said that High Point is at the top of the Cairnhill/Mount Elizabeth area. The apartments have 270-degree views over the prime residential enclaves of Orchard Road or Scotts Road. He says, “It’s an opportunity for developers to redefine luxury living.” 36-storeys will offer spectacular views.

High Point will go on sale in the final week of October. The tender closes Dec 8.

Read also: EcoProp to supply overseas property buyers expanding Chinese B2C market

EcoProp to supply overseas property buyers expanding Chinese B2C market

According to PropNex which is marketing the property, Lakepoint Condominium owners will launch their development for collective sales on Oct 21. The guide price is $640 million or $959 per plot. This includes development costs and a lease premium from JTC.

Lakepoint Condominium is located on a 99 year leasehold site measuring 562,286 square feet. According to URA’s 2019 Master Plan the plot ratio is 1.4 and it has been zoned for residential uses. The site has the potential for 860 new condominium units measuring an average of 915 sq.ft.

It is close to the Jurong Innovation District and Jurong Lake District. It is seven minutes walk from Lakeside MRT Station.

The tender will close Dec 22 at 2PM.