Read also: Industrial building in Changi South Street up for sale at market price of $12mil

Industrial building in Changi South Street up for sale at market price of $12mil

Within the Good Class Bungalow (GCB) area in Brizay Park situated on Bukit Timah Road and Bukit Timah Road, a property located at 11. Brizay Park is for auction. It is a 1950s-era house located on a 17,892 square feet freehold site. The property is surrounded by trees and has a 38m long driveway, with a small circular just in front of the house.
The property’s owner of the property is an architect named Alan Low, former director of the architectural business P&T Consultants. Low bought the property in 1989. The house located at 11 Brizay Park as well as the adjacent 13 Brizay Park was one property with one title. Actually, the residence located at 11 Brizay Park was the principal home, while the 13 Brizay Park comprised the garden.

The previous owner had subdivided his property into two and had sold the 11 Brizay Park Low. The house in 1950s located at 11 Brizay Park covers 4,400 sq ft constructed-up area.

Low imagines that a brand new mansion that is designed to be “a contemporary, lush sanctuary” could be constructed upon the site. If the house was placed further back from its backyard area, this could make the backyard more suitable for a grand car deck and a lush, well-groomed garden.

A brand new house with three levels (including an attic) could be constructed within the site. It could include an entertainment space, a living and dining areas and study space on the top level. The second level could include four bedrooms that have en suites including the master bedroom taking all of the attic and also the place where the new pool can be built. A brand new infinity cantilevered pool with a glass-bottom could be an impressive feature for the property according to Bruce Lye, managing partner of SRI which is the sole marketer for GCB.

Lye believes that the 38m-long driveway will attract those who seek privacy and exclusivity.
The house may be built up to 15,000-16,000 square feet that would translate into the capital cost could range from $10.5 Million to $12.8 million according to the estimated construction costs between $700 and $800 per square foot Lye says. Lye.

Another benefit for the property is the fact that it is situated in the vicinity of 1km Methodist girls’ Schools (Primary) and also within 1km-to-2km of Henry Park Primary and Pei Hwa Presbyterian Primary School. Due to its location off Bukit Timah Road it’s 4 minutes drive from Guthrie House on Fifth Avenue and a 9-minute drive towards Holland Village and a 10-minute drive to Singapore Island Country Club.

Dempsey Hill is only 13 minutes drive away. The planned Jalan Anak Bukit integrated development and transportation hub will be just 5 minutes drive to Brizay Park. Far East Organization had won the Jalan Anak Bukit site during the government land auction in August in an offer in the amount of $1.03 billion.

According to Lye according to Lye, the lush peaceful GCB zone that is Brizay Park, which is dotted with gardens and wide open space draws famous business people with families. Brizay Park GCB enclave Brizay Park GCB Enclave is not only Brizay Park as well as Wilby Road and Old Holland Road too.

The most recent deal at Brizay Park involved an GCB located on a 17,808 square feet freehold site which was sold at $21 million ($1,179 per square foot) in November of last year. A Inlis search revealed that the purchaser was Andrew Khoo, co-founder and director of Tessa Therapeutics, a clinical stage biotechnology firm focusing on the treatment of cancer.

Then, further to the left Brizay Park, there is a recently finished GCB which is owned by Andy Chua, owner of Yun Nam Hair Care, who bought his 29,785 sq feet freehold parcel at a cost of $33million ($1,108 per square foot) in the year 2016. The other neighbor has been identified as Benjamin Ngiam, managing director and co-founder of IPC Corp, a property development and investment company.

On Wilby Road lies the home located by Dora Hoan, founder, co-chairman and group CEO for the skincare and personal care business Best World International. There aren’t many transactions on Wilby Road. The last was in 2012 in which the GCB located on a 16146 sq ft freehold site was bought to a buyer for $22.8 million ($1,412 per square foot) as per an exclusion.

The residents of Old Holland Road include property developer Victor Ow, chairman and CEO of the Clydesbuilt Group; as well as Teo Hock Seng the director of Komoco Holdings, the automotive company that owns brands like Ferrari, Harley-Davidson, Hyundai, Jeep and Maserati.

Jean Yip, the entrepreneur behind the chain of beauty and hair salons, as well as an ever-growing property construction and portfolio of investments, owns her residence in the vicinity of Old Holland Road too. As per an EdgeProp report, the property is situated on the freehold site that covers 20,851 square feet and has a 40-meter private driveway.

The most recent transaction on Old Holland Road is for the purchase of a GCB located on freehold site with a total area of 25,810 square feet. The property was purchased to the buyer for $32.5 million ($1,259 per square foot) in May of this year, as per the caveat that was filed. A Inlis search reveals the purchaser has been identified as Cheryl Wee, daughter of Jean Yip, and the home is just a few doors away from the home of her family.

In the case of 11 Brizay Park the cost is $35 million, or $1,844 per square foot. “It is comparable to asking prices of GCBs in the region in the present,” says Lye. “There are not many GCBs in the region available for less than 35 million.” The property is through private contract.

Read recommended post: The Nassim made the top gain for a sold unit which reaps $2.6 mil profit

The Nassim made the top gain for a sold unit which reaps $2.6 mil profit

A 2,885 square feet, four-bedroom apartment in Ardmore Park was the most profitable resale purchase between November 9 to 23. The top floor luxury apartment located on the 23rd floor purchased at $11 million ($3,813 per square foot) on November 17. The unit was bought at $4.28 million ($1,482 per sq ft) back in April of 1999. The seller made a profit of $6.73 millions (157%), which is equivalent to an annualized income that was 4.3% over nearly 23 years.

This is the highest-profit deal for resales for Ardmore Park so far this year. The luxury condo has had 12 resales over the last 11 months and only one of them was not profitable.

Four resales transactions that took place in Ardmore Park this year now are among the top in terms of the highest prices for psf for a unit in the park. The record stands at 2,885 sq ft apartment which was sold for $11.3 million ($3,917 per sq ft) on the 28th of October. It was followed by a purchase of a resale on the 17th of November. The unit sold at $10.8 million ($3,744 per psf) on August 6. A third unit was purchased at $10.75 million ($3,726 per sf) on October 4.

Ardmore Park is a luxury freehold condo located in District 10’s most sought-after District 10. The development consists of three 30-story towers that were completed in 2001. The development has 330 four bedroom homes with a total area of 2,885 square feet as well as six penthouses duplex with 8,740 square feet.

The second highest gain of the time of review was a 2,217 sq . ft unit in Morimasa Gardens Freehold development located on Gilstead Road in prime District 11. The property sold for $3.7 million ($1,669 per sq ft) at the time of its sale on November 23 the same day, after it was bought at $1.11 million ($501 per sq ft) during February of 2004. This means that the seller earned the seller a profit that was $2.59 millions (233%), which is equivalent to an annualized income of seven% over the span of 18 years.

This is the highest-profit sale of a resale in Morimasa Gardens. It is more profitable than the previous record set by selling a 1 873 square foot unit at $2.88 million ($1,548 per square foot) on the 17th of September the 17th of September, 2019. The unit was purchased at $1.06 million ($566 per square foot) on September 5, 2005. In the end, the seller made $1.84 million (173%), which amounts to an annualised gain that was 7.4% over 14 years.

However, the least profitable resale deal during the two weeks consisted of an eight07 square foot unit in The Boutiq. The one-bedroom unit sold for $1.49 million ($1,858 per sq ft) on the 11th of November after being purchased at $1.92 million (2,386 per square foot) in August of 2011. The seller suffered losses of around 4266,000 (23%), which amounts to an annualized loss of 2% over the course of 10 years.

The latest resale deal is also the most profitable deal ever made at The Boutiq. The previous record loss was the sale of an 861 sq ft one-bedder which was sold at $1.65 million ($1,916 per square foot) in April 2016 following its purchase at $2.02 million ($2,346 per sq ft) in June of 2011. The seller lost in the amount of 370,230 (18%), which is equivalent to an annualized loss of 4% over the course of five years.

It is Boutiq The Boutiq freehold condominium on the 145 Killiney Road in prime District 9. The 130-unit condo is 10 floors of residential space that was completed in the year 2014. The mix of units comprises one- and two-bedroom apartments with 506 sq feet to 883 sq ft plus eight penthouses that range from 1,173 sq feet to 2,293 sq feet.

Read recommended article: The Assembly Place raises $5.55 mil in seed funding for co-living as a lease management strategy

The world’s most indebted developer as China is trying to limit the Fallout from Evergrande

In just 15 months of purchasing the shophouse for conservation at 65 Club Street for $15.7 million ($2,784 per sq ft) in August, Andy Lim, CEO of JL Family Office (JLFO) began negotiations for purchasing the shop across the street at $26.038 million on the 26th of November in accordance with the results of an Inlis search. The purchase was done through an exclusive vehicle called Club Street Venture 2. Lim was unable to be reached to provide a response.

The two-storey conservation shophouse located situated at 64 Club Street comes with a basement and mezzanine floors, with a lift that serves every floor. It is a 999 year leasehold property that lies on land of 2,249 square feet, and has the built-up area being 5,618 square feet. The price of purchase of $26.038 million is equivalent to $4,635 psf. This is a record price per square foot for Club Street. The transaction was brokered with Yap Hui Yee of Savills Singapore, director of capital markets and investment sales and Sammi Lim the executive director and founder of Brilliance Capital.

The previous record price for psf in Club Street was set by the shophouse located at No. 64, too. The property was sold 3 years prior to that in the year 2000 for $21.8 million, as per the caveat filed in August of 2018. The cost was $3,880 per square foot according to the floor area that was a new price at the time. Now, it’s been purchased at 19.5% higher.

Lim was the one who bought the 65 Club Street in the wake of the circuit-breaker’s failure last year, at a time when investor were not yet a positive one, according to Savills’ Yap, who also brokered on the purchase of the building. In light of the increased prices today the price for purchase for 64 Club Street at $4,635 psf is 66.5% higher than the $2,784 he bought for the 65 Club Street over a year prior.

After purchasing the shophouse at Club Street, Lim had completed the renovations to the interior before moving into the premises in Chinese new year. The shophouse that was originally a conservation site at 65 Club Street is now the headquarters of JLFO and its many divisions, from real-estate to financial trading, the private capital, and the philanthropic arm.

It’s not clear what Lim’s plans are with regard to the shophouse that is being conserved located at 64 Club Street at this point. The previous tenant of 64 Club Street was Caffe B which was an Italian fine-dining restaurant that was shut down on October 30. Therefore, the shophouse is now vacant.

The area is zoned for commercial use and every floor of the shophouse located at 64 Club Street has approval for F&B use, according to Savills” Yap. It’s actually the only shophouse along the portion of Club Street that has approval for F&B use. The shophouse also is able to be used as a office, fitness, or health centre , or even a medical practice, she says.

Monthly rental rates for commercial shops in the CBD at present are in the $5 per sq ft to $6 per square foot range for offices located on upper floors, whereas the ground floor units have the highest rental rates of between $10 and $15 per square foot, due to their greater access from the street as noted by Savills”Yapa.

Belgravia Ace e brochure

The two residential sites were offered for auction under the Reserve List of the 2H2021 Government Land Sales (GLS) programme. There are two adjoining sites located at Pine Grove Parcel A and Parcel B which are located just off Ulu Pandan Road and Pandan Valley.

A unique condition that is attached to construction on these parcels of land is that maximum of 520 housing units could be constructed in Parcel A as well as 565 homes on Parcel B according to Tricia Song. Song is CBRE director of research and analysis for Southeast Asia. This is to handle the possible traffic flow caused by the growing population once new developments for residential development on the two sites will be completed in the near future she states.

Belgravia Ace e brochure where you can see the houses are planned to give enough spaces that families need.

“This regulation could be an effective in encouraging developers to build larger families-sized houses, for example, ones that have more than three bedrooms,” notes Song. “Afterall, Pine Grove is an established residential zone near Clementi HDB.” Clementi HDB residential estate. The development of a condominium in the future located at Pine Grove could cater to the HDB upgraders’ housing needs. The majority of HDB upgraders with kids would require homes with at least three bedrooms.”

At Parcel A Based on the land size of 242,561 sq . ft. with a maximum gross floor (GFA) in the range of 509,380 sq feet and five hundred units The average size of the development is 980 sq feet. Parcel B is the site size of 269,519 square feet and an area of GFA 565,987 feet. The development has 565 housing units means that the average size of each dwelling will measure 1,002 square feet.

The sites are thought to be huge, because they can develop into a brand new project that has over 500 homes, according to Nicholas Mak, head of research and consulting of ERA Realty. “The most suitable site to developers is sites which yield between 200 and 500 units per unit,” says Mak. “Such sites would be big enough to allow the developer to benefit from some economies of scale but not large enough to take on the possibility of sudden changes in the market or a fresh round of federal intervention.”

Although they aren’t near an MRT station However, the sites might still attract developers CBRE’s Song. She highlights the appealing dimensions of each parcel as well as the their popularity in the residential enclaves in the midst of diminishing inventories of unsold inventory by developers. Its main drawbacks include the proximity of 1km to Henry Park primary school and Pei Tong Primary School, only a short drive away from the hub of lifestyle Holland Village and one-north precinct and significant tertiary schools like Ngee Ann Polytechnic, National University of Singapore (NUS) and School of Science and Technology Singapore She mentions. “They also provide an area for rental,” she adds.

Due to the size of the land and the size of the minimum unit and the affordability issues and affordability, tenders will likely be less sluggish when compared to the tenders that were recently offered for the land parcels of Slim Barracks Parcel A and B in which the sites were smaller and the two sites together producing a total of 400 units, compared with more than 1,100 units in the two parcels of land at Pine Grove.

The top bids for the sites located at Slim Barracks were $1,210 psf in ppr, and $1,246 for psf according to Song. She anticipates developers to be considering selling prices of $1,900 to $2,000 per square foot on those Pine Grove sites, and this would mean an average land price of between $1,000 and $1100 psf per acre price range.

The ERA’s Mak believes that the sites could fetch anywhere between $920 psf ppr psf and 1,000 psf per psf. This is equivalent to $468-$510 millions for parcel A with Parcel B would be in between $520 and $566 million range.

CBRE’s Song refers to condominium developments within the area including that 99-year leasehold Pine Grove, Astor Green as well as Cavendish Park that were constructed in the late 1980s and early 1990s and are currently trading at $969 to $1,250 per sq ft until 2021. However, Quinterra, completed in 2009, is currently trading at $1,462 psf for the year.

Lee Sze Teck, senior director of research at Huttons Asia, believes the probabilities of these two sites being affected are “not very high”. He adds: “There are better sites in the Confirmed List like Jalan Tembusu and upcoming en bloc sites which will satisfy developers’ need for land. There are likely to be many more sites in the 1H2022 GLS program, which is expected to be revealed at the end of December.”

Belgravia Ace layout

The Urban Land Institute (ULI) predicts a rapid recovery in the economy of the residential real estate sector within Hong Kong, Singapore, China and Japan in the coming three years.

Belgravia Ace layout is designed to make sure you stay in a relaxed environment and move smoothly throughout the neighbourhood.

“The Asia Pacific real estate industry is set to see a revival in 2022. We are confident that it will gain momentum in 2023. This is evident in the robust economic outlook, backed by a possible resumption of trans-border commerce as well as a more extensive openness to the borders” declares David Faulkner who is director of ULI Asia Pacific.

In its most recent semi-annual Real Economic Forecast for Real Estate publication on the Asia Pacific region, the non-profit research institute states that the occupancy rate of offices in Singapore will likely to rise between 2022 and 2023 as compared with Hong Kong, Shanghai, and Tokyo which are predicted to see a slight decline.
The cost of office space in Singapore can rise by between 4.6% and 5% in between the two next years. The market for office space in Singapore is also a leader in the region, with office rents expected to increase by 9.65% in 2022 before being followed by a lower 6.75% in 2023.

In comparison, Hong Kong and Tokyo will likely to see record record office rental incomes in the range of 5.4% and 6.28% for 2023, respectively, following only modest gains in the year prior.

The logistics industry is predicted to be suffering due to a structural shortage of top-quality assets. This is due to the increased demand because of increasing growth in online commerce sector. However, capitalisation rates are high this year, including Hong Kong at 3.46%, Singapore at 6.15%, Shanghai at 5% along with Tokyo with 3.5%.

ULI also anticipates that the retail sector to suffer another major contraction in the next year. It could then be followed by a steady improvement in the coming two years, as the disease is controlled and travel restrictions eased. In Singapore retail rents may rise to 1.5% in 2023.

Belgravia Ace showroom

It’s difficult to find a lasting and mutually beneficial collaboration that is a perfect match between the two property developers in Singapore like the one formed between Hoi Hup Realty and Sunway Developments. Based on Koon Wai Leong who is the general director at Hoi Hup, the first joint venture (JV) project was launched in 2007. Since since then the partners in the joint venture have created 15 projects that comprise more than 8,000 housing units.

Belgravia Ace bid price is for strata landed housing featuring 3-storey – 100 strata terrace houses and 18 strata semi-detached houses in a perfect ambience.

Hoi Hup is one of the longest-running locally-based property developers located in Singapore Hoi Hup is among the top local property developers. Sunway Developments is an affiliate of the listed Malaysian real property conglomerate Sunway.

This year, the two developers have been recognized for their achievements, and took their Top Developer Award at the EdgeProp Excellence Award 2021. 3 of their developments were being recognized this year as well which include Ki Residences, Parc Central Residences along with Parc Canberra.

Solid base of experience

The partnership with the developers began over fourteen years ago, when each firm was trying to create a larger impact on Singapore’s real estate industry.

“At the beginning of our partnership, Hoi Hup Realty was an older, more upscale property developer located in Singapore that gradually developed a market for larger housing developments for the public. At the time the company was mostly taking smaller residential projects that were private and later HDB Design, Build, and Sell Scheme (DBSS) housing projects for the public,” recounts Koon.

The team responsible for development at Hoi Hup Realty was introduced to Sunway Developments through its sister company Straits Construction, which had contracted Sunway numerous times as sub-contractor.

Each of Hoi Hup as well as Sunway were keen to embark on larger projects in the near future, and realized they could do this through combining their skills and resources Koon says. Koon.
“We endeavor to offer top-quality, highly-livable homes for our prospective home buyers. This is our goal starting the moment we select the site and all the way through the process of development,” says Wong Kok Leong, the general manager of Sunway Developments.

In June 2007, a joint venture comprised of Hoi Hup Realty, Sunway Concrete Products as well as Oriental Worldwide Investments won a DBSS site located on Boon Keng Road that would be transformed as City View at Boon Keng.

The DBSS initiative was concluded in January of 2011 and the prime units continue to set records for resales Most recently, in November of 2020, when the five-room unit was purchased at $1.2 million ($938 per square foot).

Following having achieved success with their initial joint venture the two continued to offer projects jointly. Others DBSS project include: 1,203 unit The Peak @ Toa Payoh which is completed in the year 2012 as well as the 682-unit Lake Vista @ Yuan Ching in the year 2015.

“During these crucial years, our development teams gained experience in the delivery of high-quality housing for a broad range of owners-occupiers. Singapore has high standards for all its housing projects for public use which is why we had to think about every aspect of each one of these projects,” says Koon.

He states that this past experience and track record of the delivery of public housing has affected the thinking of the teams working on development of Hoi Hup as well as Sunway to concentrate on their strengths in the delivery of highly comfortable housing.

Enhancing strengths of EC projects

After the DBSS was deactivated in 2011 The joint venture owners began to focus on executive condominiums, or ECs that also cater to the sandwiched classes -people whose incomes were higher than the HDB income threshold but were unable to afford private property. ECs comprise a hybrid type of private and public housing designed to bridge the gap between those who want to own a private condominium.

Koon, speaking on behalf of Hoi Hup, Koon says Hoi Hup’s developer saw this opportunity to develop its skills in the development of high-quality public housing, pushing the envelope in terms of both quality in its design EC projects.

“Many of the most important factors in the development of ECs remain the same as those of other public housing, like living costs, affordability and the kinds of homeowners. The primary market for ECs is local owners-occupiers instead of the investors” He says.

“Home buyers of today are highly educated, and developers must provide the best product to meet their requirements while establishing price that is competitive. We’re selling a house not just a piece of property,” says Sunway Developments’ Wong.

The most notable EC projects designed in collaboration with Hoi Hup and Sunway include the 628-unit Rivercove Residences in Sengkang and the 531-unit Hundred Palms Residences in Yio Chu Kang. The JV’s latest EC projects include the Parc Central Residences located in Tampines and Tampines, which opened in January, as well as Parc Canberra in the new Canberra area in the north of the city, which will be launched in February 2020.

Parc Central Residences took home the Marketing Excellence Layout Excellence along with the top Executive Condominium Awards as well as Parc Canberra won the Layout Excellence award at the EdgeProp Excellence Awards 2021.

While focusing on public housing developments, Hoi Hup and Sunway have been slowly adding to their private condominium developments, including Ki Residences at Sunset Way. The 660-unit leasehold project was the very first to be launched in the residential area in 20 years when it was announced in November, 2020.

“With Ki Residences, we kept focusing on large and comfortable living spaces as well as a predominantly family-oriented design. The concept of designing a condo in this coveted area, which hadn’t had a new development for twenty years provided us the opportunity to create additional layers of sophisticated aesthetics throughout the condominium,” Koon. Koon.

He is in agreement with many real estate professionals and market watchers that the pandemic is causing the majority of home buyers to analyze their lives to make sure the house they buy can meet the needs of their particular lifestyle.

“Speed of market entry is among the main factors that contribute to the success of launching. The key takeaways for us are the effects of policy changes as well as understanding the expectations of buyers,” says Wong.

Making preparations to prepare for next property cycle

The year before, Hoi Hup and Sunway added land to their shared bank in anticipation of the ongoing robustness of the housing market.

In September of this year, the two developers joined forces to purchase Flynn Park in a single transaction in a deal worth $371million. The cost is for the freehold site located in Pasir Panjang works out to $1,318 per plot ratio (ppr).The site can be redeveloped to create a 271-unit condominium according to Savills Singapore, which handled the deal.

The JV also acquired two freehold sites in Thiam Siew Avenue at $815 million November 19 of this year. The purchase includes 22 plots of land on Thiam Siew Avenue, sitting between Haig Road and Tanjong Katong Road situated in the highly sought-after District 15.

The land value is set to $1,440 psf per square foot and is the most significant residential land purchase since the previous collective sale wave that took place in 2017-2018. This deal also mediated by Savills.
There was a lack available residential building sites that were available for sale in the last 2 years Hoi Hup’s Koon reckons that the land supply from public land auctions could pick up in the coming year.

He says the two developers are likely to focus the majority of their time creating and developing two sites they recently acquired. Could this mean that their desire for land has now been satisfied?

“I don’t think we should rule out the possibility of buying another site however we’ll be careful,” Koon says. “Any site we pick up should complement our current focus and potential and should develop into a plan that offers competitively priced and high-quality homes for homeowners.

As the years progress, the JV partners are expected to climb higher up the value chain, resulting in higher-end residential properties. “Based on our history and knowledge, both firms can offer a lot to different segments of the residential market that is private,” Koon says. Koon. As an example, the redeveloped site located at Flynn Park will likely comprise twoto five bedroom units They hope to provide bigger units than what is normally expected.

“The epidemic has taught us to adjust quickly, in particular when it comes to how we design and plan our future houses, as well as the speed of completion of projects. It’s even more difficult today to meet our clients’ expectations in this new environment,” says Wong.

Koon believes that the market for real estate has proven robust, and the market continues to grow in its strength. This will give both local and foreign buyers more confidence to buy an apartment in Singapore.

Belgravia Ace bid price

In the SG Real Estate Agents Excellence Awards 2021 recently, 374 winners were recognized for their dedication and outstanding performances in the field. The annual ceremony is hosted through the Singapore Estate Agents Association (SEAA) the largest industry-wide representative body for realtors in Singapore. The ceremony for this year’s awards was held online on November 5 and the guest of honour was Tan Kiat How, Minister of State for Communications and Information & National Development.

Belgravia Ace showroom setting in a low-rise estate, Belgravia Ace is a nice choice for families who treasure privacy and convenience.

EdgeProp Singapore was the official media partner of the event that was live streamed. Awards entry requirements and requirements remain the same as those for the first event of the year.

The categories that are contested are The Outstanding Youths Award which recognises agents younger than age 28 The Senior Achievers Award for agents older than 60, along with the Rookies Award for new agents who started their careers following July 1, 2019. There were as well Salesperson Achievement Awards for top performers.

As per SEAA the president of SEAA Adam Wang, it was essential to create awards for the industry that were open and inclusive to agents of all kinds regardless of their age or level of prior experience. “Everyone should be recognized for their efforts and dedication to the agency at a national and international levels,” he told EdgeProp Singaporein an email interview.

The awards ceremony this year saw nine winners of the Outstanding Youths Award, 13 winners of the Rookies Award, five winners for the Senior Achievers Award, and 347 winners for The Salespersons Achievement Award, which was divided into four categories which included Diamond, Platinum Gold, Silver and Gold.

The awards are recognised by the industry’s regulatory body Council of Estate Agents (CEA). The recipients of each award are listed in their own profile on the CEA’s public register.

The award recipients were assessed by an expert panel of judges: Chong Kee Hiong, CEO of Suntec REIT manager ARA Trust Management; Fortis Law CEO Patrick Tan; and Professor Sing Tien Foo, director of the Institute of Real Estate and Urban Studies at the National University of Singapore.

Both quantitative and qualitative measures were employed to assess the applicants. In addition to assessing customer testimonials, sales performance were also considered to provide a balanced evaluation.

In his welcome remarks to the ceremony the Minister Tan felicitated all recipients of the awards. “[The award winners] demonstrated not just a good sales, but more important, they have demonstrated a high degree of professionalism that merits this award,” he says.

The 4 Ps approach

In his speech Minister Tan explained how organizations and agents can contribute to improving the quality of life by implementing what Minister Tan calls”the “4 Ps” approach : professionalism, productivity, progress and collaboration.

For productivity, particularly he cited the growing use of digital tools in the business, including online property tools for research and the digital signatures used in lease agreements. “On our side, CEA has also rolled out the brand new Advanced CEA Estate Agencies System (ACEAS) in July of this year, to replace the 10 years-old system,” he adds.

In a bid to highlight the necessity of addressing problems with online that agents have to face Minister Tan launched the Alliance for Action (AfA) on Accurate Property Listings, which will eliminate dummy or redundant property listings. “This is a problem for years that buyers [as well as property agents] always had to face when searching in search of properties,” he says. The AfA is co-led by the SEAA and the AfA, the alliance includes the five biggest property agencies: PropNex, ERA, OrangeTee & Tie, Huttons Asia and SRI. EdgeProp Singapore will be a part of the AfA as well.

A voice for agents

SEAA president Wang shares Minister Tan’s views regarding the changing technological landscape, stating that it remains an important issue for many agents, especially in the Covid-19 market. “Salespersons especially those who aren’t technologically adept aren’t always up to date with the most recent technology tools and the use of the use of social media in marketing. This puts them at risk of being marginalized by their colleagues,” he says.

To achieve this, SEAA has placed significant focus on education for its members. They have been able to offer online webinars and training sessions to instruct agents on how to utilize tools like 360-degree VRs, online signatures of lease documents as well as analysis of data property reports website launch sites for projects and push technology that allows them to reach out to prospective clients.

The initiatives taken by SEAA highlight its mission to increase competence and promote ethical conduct in the business by continuing education and creating industry standards to raise the bar for professionalism. In order to achieve this, Wang says that a united voice for the industry is essential. He is hoping that more agents recognize the benefits of joining SEAA that currently has about five hundred members.

In the next year in the coming year, the SEAA is planning to roll out additional training programs, making sure that salespeople are up-to-date and equipped with the latest information and tools. It has also named CEO Edmund Toh, effective Nov 1st. Toh was previously an executive committee member of the SEAA.

Belgravia Ace feng shui

An industrial property located at 48 Changi South Street 1, within the Changi South Industrial Estate is available for sale for $12 million or $270 per sq ft.

The four-story building is situated on land that is approximately 44,368 sq feet which is an area gross of around 44,367 sq feet.

Belgravia Ace feng shui is located in a beautiful landlocked property that benefits from an environment that is low-rise, which reduces the anxiety one might encounter in the urban area.

The property has a the ceiling height of a double volume, which includes 27 service bays located in the production area and service area, with the capacity to load floors of 15 Kilonewtons per square meter.

The building is serviced by a car lift as well as an elevator service, as well as parking spots for cars available on site. Additionally, there are office spaces and meeting rooms within the area.

It is designated to Business 2 (Industrial) use with an average proportion of 1.0.

“Equipped completely as a full-fledged vehicle fleet maintenance facility the seller has owned the building for a long time however, it has now expanded beyond the size of the premises due to the expansion of the business. There are several options available to the buyer to purchase the premises on the basis of vacant possession or under a leaseback arrangement,” says Sammi Lim the co-founder and executive director of Brilliance Capital, who is selling the property.

The exercise to express interest will end on January 7 at 3pm.

Belgravia Ace Tong Eng Group

The owner of a unit located at the Nassim The Nassim, which is located on Nassim Hill has made the biggest gains of $2.6 million in the period of October 26 through Nov 2. The 3122 square feet apartment on the top floor purchased at $10.4 million ($3,332 per square foot) in February of 2018 and it was sold to a buyer for $13 million ($4,165 per square foot) on October 26. The seller thus made a 25% profit and an annualised gain that was 6% over the course of nearly four years.

Belgravia Ace Tong Eng Group established a number of the land parcels as properties which were leased to British troops stationed at Singapore in the early days in the history of Singapore.

It is located in District 10. The Nassim is completed 2015 and contains the freehold of 55 homes. It’s an eight-minute drive from Orchard MRT Station on the North-South Line.

The second-highest profit resale in the week under review with a 47% profit of $2 million was The Esta, located on Amber Gardens in District 15. The 3,477 square foot apartment on the 21st floor bought at $4.25 million ($1,222 per square foot) during July of 2012 and then sold at $6.25 million ($1,798 per sq ft) on the 29th of October. The seller earned an annualized income in the range of 4% over the course of nine years.

Esta includes 400 freehold units. It was completed in the year 2008. It’s just a 6-minute walk to the planned Tanjong Katong MRT Station on the Thomson East Coast Line.

A unit that was sold in the Martin Place Residences Martin Place Residences made the third highest gain of the past week, making 65% profit of $1.77 million. The 1,722 square feet apartment situated on the floor 30 was acquired by the developer in June of 2009, at $2.73 million ($1,587 per square foot) It was then the unit was sold at $4.5 million ($2,613 per sq ft) on the 27th of October. The seller thus made an annualized income of 4% for a total of nearly twelve and a half years.

Martin Place Residences located on Martin Place in District 9 includes 302 freehold units. It was completed in the year 2011. It’s just a short walk to the planned Great World MRT Station on the Thomson East Coast Line.

However, the most profitable transaction of the week was selling of a 2,530 square feet unit in Orchard View on Oct 27. After selling this property at $7.1 million ($2,807 per sq ft) the seller incurred the 18% decrease in the amount of $1.59 million. The property was bought in August of 2010 at $8.69 million ($3,434 per square foot). For a period over 11 years would translate to a loss per year of 2%.

Belgravia Ace unit for sale

The Assembly Place, a co-living and start-up in Singapore, announced that it had raised $5.55M in seed funding. It was led by Eric Low See Ching. Low, the second largest shareholder of Oxley Holdings, a Singapore-listed property company, is also its deputy CEO.

Belgravia Ace unit for sale featuring 3-storey 100 strata terrace houses and 18 strata semi-detached houses in a perfect ambience.

Low is the cornerstone investor. There are over 10 angel investors in this round. Many of them are well-known figures in the realty sector. Kemmy Tan is the CEO of M+S which is a joint venture between Malaysian Khazanah Nasional (Singapore) and Singapore’s Temasek Holdings. Ismail Gafoor is CEO of Singapore’s largest property agency PropNex. Wendy Tang, group managing direct of Knight Frank’s international property consultancy Knight Frank. Bruce Lye, Ken Low, managing partners at SRI, and Shaun Poh, Cushman & Wakefield’s executive director capital markets, Cushman & Wakefield, Cushman & Wakefield, Cushman & Wakefield, Cushman & Wakefield, Cushman & Wakefield, Cushman & Wakefield, Cushman & Wakefield, as well as well as well as Shaun Poh and Cushman & Wakefield’s, Cushman & Wakefield’s, Cushman & Wakefield, Cushman & Wakefield,

Entrepreneurs such as Dennis Goh (co-founder and executive chair of Lyte Ventures’ finance platform) and Sean Tan (group legal advisor for Technovator International in Hong Kong and director of True Group – one of Asia’s largest fitness and wellbeing groups) are other investors.

Eugene Lim, founder and CEO of TAP, said that the seed funding will enable TAP to accelerate growth, increase its market share and develop its technology platform. Lim served as director of marketing at Oxley Holdings, where he was for five and a half years. He resigned in July to devote his time to TAP.

Lim is new to fund-raising and only began approaching his contacts a month ago. Lim says that many of the people he approached wanted to get to know him, as he had just left Oxley to start his own business in the middle of the pandemic. “I was surprised and touched to discover that 90% of the people I met believed in me, and were willing to invest in my business.”

Oxley’s Low is more than a cornerstone investor. He is also chairman of TAP’s newly created board of advisors. Tan of M+S and Knight Frank’s Tang, as well as Lyte Venture’s Goh, are the other members of the board.

Low was an early supporter of TAP. He contributed some of his personal assets to its co-living spaces portfolio. After deducting property management fees and exempting capital expenditure, he estimates that his yields on the same assets have increased by more than 30%. Eugene adds that he has made the firm an asset-light operator. This is unlike co-living companies that take up straight leases.

Asset enhancement through the “Social Experiment”

Lim says that TAP was founded purely as an investment venture and as a “social experiment”. In May 2019, the first asset was secured: a house in Jalan Elok, near Mount Elizabeth. Lim’s friend had told him about the difficulty of renting out his house at $6,000 per month. Lim saw an opportunity to improve the asset. Lim negotiated a $5,500 monthly rent with his friend and used some of his own funds to renovate the space. Within two weeks, all six rooms were rented out.

TAP currently has over 350 rooms in Singapore, with another 200 in the pipeline. TAP has approximately 95% of its rooms under a 5-plus5 year management agreement with the property owner.

TAP currently manages assets worth more than $250,000,000. Most of these assets are owned by wealthy individuals and their families. TAP will pay for any asset enhancements or capital expenditures in fitting out the properties to be co-living spaces. This allows TAP to be called “an asset-light operator”.

TAP has been able show these asset owners higher than average returns in return for their assets compared to straight lease models. Lim says that residential yields range from 2.5% to 3.3%. “But, over the past 2 1/2 years we have shown that coliving can increase rental yields on these assets by about 4% to 5.5%.

These returns have attracted more asset owners to join the TAP team. TAP announced that it has secured four additional buildings as part of a 5-plus-5 year management contract. A 171-bed co-living hostel will be one of the key assets. It is located at 25A Perak Road. This is the refurbishment of Footprints Hostel. The three other assets will be repositioned to include residential and serviced apartments. These properties can be found at 3 Tank Road (15 Penhas Road) and 272 East Coast Road. Lim notes that the four assets will bring TAP’s portfolio up to 550 rooms in 16 co-living assets. Lim also noted that TAP is on track for 1,000 rooms by 2Q2022, with 16 more purpose-built assets.

PropNex’s Gafoor, a multi-asset owner and a veteran in real estate, saw the potential for the business right away. He says, “TAP’s business caught my attention.” He was able to see how it increased the property owner’s assets. He says that Eugene Lim, aside from the concept, is “a person who gets things done once they set their minds to them”.

SRI’s Lye, who has known Lim since Knight Frank, is also convinced by Lim’s leadership. Lye introduced Lim to some of his clients who were high-net-worth about 1 1/2 years back. He explains that they own whole blocks of buildings. Lim was able to reposition the assets and increase their yields.

Trends changing

Lye sees the growing trend of millennials in Singapore and Generations X and Y leaving their parents’ homes. Most people in Singapore stayed with their parents until the time they were married. He says that the pandemic and WFH (working at home) have caused many people to want to leave their parents and move into their own homes. Many rent in central locations to be near amenities, entertainment, and their work place. He adds that they may go back to their parents’ homes on weekends. “But most people are happy to have their space. This trend will continue.

Accordingly, Lye believes TAP’s market share will continue to grow. Lye says that TAP will likely be a market leader within the co-living industry. “I believe it’ll be a unicorn some day,” Lye said.

Knight Frank’s Tang says that property management and renting out rooms within a residential property are traditional real estate businesses. She notes that Lim gave it a new twist by creating a co-living model. Lim and his team are able to “continually adapt and innovate”, she says.

Cushman & Wakefield’s Poh initially believed that co-living might not work in Singapore because of the high homeownership rate. He says that co-living could be feasible in major Japanese cities, such as Hong Kong, where the apartments are smaller and people are more used to renting.

After listening to TAP’s business model Poh realized that it serves a niche: “The young, entry-level, or mid-tier white-collar executive from Malaysia and other countries who come here to work”. He explained: “They are the sandwiched group with incomes between $3,000 and $5,000 that have difficulty finding affordable accommodation, particularly if they rent a room.”

Lim recognized the need for affordable rental housing nine years ago. This was in his role as Knight Frank’s head of project marketing. His Malaysian colleague used to arrive at work every day in rumpled clothes. Lim, who is well-groomed and always looks good, inquired about his colleague’s wardrobe. He was shocked to learn of the Harry Potter-style accommodations of his colleague: a bomb shelter in an apartment he paid $500 per month. He had previously rented the utility room in a public housing apartment.

Affordable accommodation that offers privacy and space

Lim can now live in the same kind of accommodation as his Malaysian counterpart with TAP. TAP’s most popular property, Mill@32 in Lorong 32 Geoylang has attracted many young people, most of them from Malaysia. Lim says. The property has 150 rooms and rents for $1,200 per month for a room with shared bathroom.

James Wong is one such resident. He is a music teacher at a Singapore pre-school. Wong, a Malaysian, moved to Mill@32 in August 2013 with his girlfriend. Wong signed up initially for three months and then renewed for one year. He plans to renew his contract for another year.

Model of ‘Pay as you go’

Coliving is a great option for Singaporeans whose homes were delayed due to Covid-related disruptions. Kim Chuan, a technie at Amazon, is one example of such homeowner. Kim says that her condo at Parc Botannia was twice delayed.

TAP’s coliving space at 96 Owen Road is where the 35-year old will be staying until he receives his keys to Parc Botannia. He loves that 96 Owen Road is pet friendly, so he can bring his dog to the co-living area. He enjoys the privacy and the possibility to meet other people in the shared area.

True Group’s Tan noted that people don’t want to be tied down for two- to three-year fixed memberships. He says that boutique gyms have been adopting a pay as you go model in recent years. This appeals to young people. That’s how TAP prefers to do business.

Tan believes that co-living is a growing business. Co-living operators were worried about occupancy being affected by the closure of borders in the first months of the pandemic. They mainly catered to expatriates.

Even Lim has witnessed a shift in demographics. In his early days, 90% of Lim’s members were foreigners. Singaporeans made up only 10%. TAP members today include 30% Singaporeans.

This business is certainly gaining traction. M+S’ Tan notes that while asset-lighting is important, the business has also achieved high retention rates. This high retention rate has been maintained by the programming and partnerships that M+S has made with other service providers to serve members.

Lyte Ventures’ Goh loves the fact that TAP “built a great company very quickly with many of their users rating it highly”. Goh, who founded social media platform Hungrygowhere and financial platform Lyte Ventures, says, “I know how difficult it is to create good brands.”

Goh adds that TAP’s rapid growth and foundation have given him great confidence. Lim says that TAP’s goal is to be a dominant player in Singapore and the region.