Belgravia Ace developer Tong Eng

The Singapore government has announced 13 sites under the 1H2022 Government Land Sales (GLS) programme. Its 1H2022 GLS list includes five Confirmed List sites as well as eight Reserve List sites. This is coming as the government has promised to boost the number of public and private housing development sites in its announcement of the latest round of cooling measures close to midnight on December 15.

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

“To ensure there is enough private housing to satisfy demand and maintain market stability The government has taken the decision to boost the supply of housing for private households listed on its Confirmed List by 27855 units under 1H2022 GLS Programme. 1H2022 GLS Programme, from 2000 units in 2H2021 GLS Programme. 2H2021 GLS Programme,” according to MND in a press release on Dec 16. Ministry of National Development (MND) in an announcement on December 16.

MND adds it is ready to increase supply in the event that demand continues to be strong.

The five sites listed on the Confirmed List comprise four residential private sites as well as the executive Condominium (EC) site. The 4 sites that are not EC sites could yield around 2,290 residential units for private residents, and one EC site could produce 495 EC units.

The eight sites that are listed on the Reserve List comprise four private residential sites and one EC site as well as two White sites and one hotel site. Should all the sites were put up to sell the potential yield could be 3,715 private residential units comprising 700 EC units as well as 968,400 square feet of commercial space and the hotel room of 530.
“With the decreasing number of inventory of unsold units in the market, it’s obvious that developers have be replenishing their land reserves and the increase in supply of land is good news. However, the increase in the amount of land available and the cooling measures that are dampening demand is likely to put downward pressure on land auctions. This could have an impact on the final price of sale,” says Mark Yip the CEO of Huttons Asia.

The number of new units could be “relatively unaltered” starting in 2021. GLS lists
But Alice Tan, head of consulting within Knight Frank, says that the total number of possible private residential properties remains similar to the GLS lists for 2021. “When combing all lists of Confirmed as well as Reserve Lists together, the total number of new private residential units fell in 5.2%, from 6,860 units in 2H2021 to 6,500 units by the 1H2022 period,” says Tan.

In the midst of a decreasing inventory of private homes that are new to the market, construction delays and the lingering interest from buyers who are genuine and the rise in the total amount of housing units that are being developed in the Confirmed List for the 1H2022 GLS programme can be considered “muted” according to the report.

Tan claims that over the next six months, developers are more likely to be triggered by smaller sites listed on the Reserve List, especially ones with fewer than 600 units. Tan says this are possible to build. Larger sites are not as appealing due to the rise in A.B.S.D., which is now 35% for housing developers.
More GLS land is released to the public in RCR and OCR
“The sites on the Confirmed List are located in the Rest of Central (RCR) and Outside Central Region (OCR). This is an apt boost in supply, as the demand for homes in these two markets is extremely strong and is bolstered by Singaporean buyers who are looking to improve their homes or join the private housing market,” says Ismail Gafoor who is the Chief Executive Officer of PropNex Realty.

According to information from PropNex according to PropNex, at the 3Q2021 end date the un-sold stock within the Core Central Region was 6,880 units. Within the RCR there were 5,878 units that had not been sold, in addition to 4,382 newly-built units at the OCR.

The site which could produce the most unit is an area of 271,251 square foot site located at Dunman Road that could yield 1,035 units. Based on Wong Xian Yang, head of research Singapore in Cushman & Wakefield, the site is well-located due the proximity of Dakota MRT station and close to amenities like food centres like the Old Airport Road food centre.

“While those recent cool measures could reduce the demand for the site due to its size and the higher risk of development, demand from owners for future development is likely to be robust due to its locational strengths. This means that larger developers or consortiums will be attracted to such a site,” says Wong.

The 1H2022 GLS program also comprises three residential sites located in Lentor. Two confirmed List sites in Lentor Central and Lentor Hills Road (Parcel B), and the Reserve List site at Lentor Gardens. Mark Yip of Huttons Asia believes that this could be due to the growing demand for housing development in the Lentor area , as well as the launch of Lentor MRT Station in the month of August of this year.

The launch of the EC site located at Bukit Batok West Avenue on the Confirmed List will also to meet the growing demand for upgrading of the residents living in that area, according to Yip. “Up to 7,788 three-room and five-room HDB flats were built from 2015 until 2018. (in the Bukit Batok West Avenue 5 region) and will be an opportunity to pool HDB upgraders to the EC when it goes up to be sold.”

Belgravia Ace total units

The most profitable transaction this week was sale of a 2,153 square feet property at the Turquoise property located on Sentosa island. The seller had sold the property for $3.45 million ($1,603 per square foot) the seller incurred the loss of 40% decrease that was $2.32 million. The property was bought at the end of October 2007, for $5.77 million ($2,681 per sq ft). For a period that lasted 14 years amounts to a loss per year in the range of 4%.

Belgravia Ace total units featuring 3-storey 100 strata terrace houses and 18 strata semi-detached houses in a perfect ambience.

Turquoise located situated on Cove Drive in District 4 is comprised of 91 units under 99-year leasehold. The project was completed in the year 2010. It’s a short drive from Harbourfront MRT Interchange Station on the North-East and Circle Lines.

On the other hand the owner of a unit in Hills Apartment located situated on Goldhill Avenue, made the most profit of $3.63 million in the period from Nov 30 through Dec 7. The 3,638 square feet unit located on the second floor was purchased at $2.68 million ($735 per square foot) during April of 2004, and was sold for $6.3 million ($1,732 per square foot) on December 1. The seller thus realized an impressive 130% profit, which is an annualized gain five% over the course of nearly 18 years.

located in District 11. Hills Apartment was completed in 1975. It consists of the 10 units that are freehold. It’s a short drive to the planned Mount Pleasant MRT Station on the Thomson-East Coast Line.

The second highest gain during the past week with an average of 281% profit of $3.17 million located at Jaya Tower located located on Bukit Timah Road. The 2,024 square feet unit located on the 4th floor bought at $1.13 million ($558 per square foot) during November of 2001. The unit was it was sold at $4.3 million ($2,125 per sq ft) on December 6. The seller made a profit per year in the range of seven% over the course of 20 years.

Jaya Tower, in District 10 is comprised of 28 freehold units. It was completed in the year 1979. It’s just a seven-minute walk from Stevens MRT Station on the Downtown Line.

A unit that was sold on Dec 3 at the Marbella located along Mount Sinai Rise in District 10 and amounted to the third-highest gain during the course of the week, earning an 191% return in the amount of $2.13 million to the buyer. The 1,82 square feet unit located on the 16th floor was purchased in January in 2005 at $1.12 million ($708 per sq ft) The unit was then it was sold at $3.25 million ($2,054 per square foot) on December 3. The seller thus earned an annual gain of seven% over the span of nearly 17 years.

The Marbella includes 239 freehold units, and was completed in the year 2005. It’s a drive of six minutes to the planned Dover MRT Station on the East-West Line.

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Boldtek Holdings, a local construction and real estate development firm has begun its public trial of Zyanya the new boutique freehold development within District 14. The development will be launched for sale on December 18.

The 34-unit development is a revamp of the old Advance Apartment which was sold through a group sale in the last year.

Zyanya is located at Lorong 25, 8 Geylang The development is located 260m away from Aljunied MRT station which is located on the East-West Line. Zyanya is also near to Eton House International School, Kong Hwa School, and Geylang Methodist School (Primary).

In an announcement in a press release, the developer has stated that prices will begin at $1,590 per square foot. The boutique development is comprised of two and one-bedroom units as well as five three-bedroom and study dual-key units, as well as four penthouses with four bedrooms.

“Boldtek is thrilled to be partnering along Neo Group, Sovereign Group and EDC Holdings to transform Advance Apartment into Zyanya to maximize its potential. The freehold site close to the edges of the city’s central region offers the opportunity to make a huge profit,” says Phua Lam Soon the Boldtek Holdings’ CEO. Boldtek Holdings.

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CK Asset Holdings, the largest real estate corporation owned by Hong Kong billionaire Li Ka-Shing is set to open its sale gallery for its newest residential project on December 8.
Perfect Ten is an undeveloped freehold project in Bukit Timah Road, in District 10’s most prestigious district. The developer claims that the sale launch will be held on December 19.

The development is comprised of two towers of 24 stories with 300 units. The mix of units will include two-bedroom units ranging that range from 753 sq ft up to 797 sq feet and three-bedroom units ranging from 1,227 sq. ft. to 1,281 sq feet.

The developer has announced the lower floor units with two bedrooms will be offered at an approximate cost of $2.5 million. Units similar to this located on higher floors will start at $2.9 million.

In addition, three-bedroom units located on the lower levels will start starting at $3.9 million. Those on the upper floors will begin at $4.4 million.

Based on the developer the developer, the estimated PSF prices vary from $3,200 per sq ft to $3,700 per sq ft and an average of around $3,400 per square foot. Sales gallery is expected to have an fully-furnished show unit for every type of unit offered.

“Given the growing demand for freehold high-rises along the stretch known as Bukit Timah, we’re convinced the Perfect Ten will thrive in Singapore’s luxurious property landscape and attract buyers not only due to its site, but also its modern architecture and design, as well as the finishing,” says Francis Wong Director of Property Enterprises Development (Singapore) which is a part of CK Asset Holdings.

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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.

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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.

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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.