Read also: Evergrande tries to raise funds through asset sales as payment buys more time

Evergrande tries to raise funds through asset sales as payment buys more time

The guide price for Tanjong Pagar’s three-storey shophouse is $8.9 million. It is located at 57 Duxton Road.

The shophouse is situated on approximately 1,144 square feet of land, with an estimated built-up of 3,407 square feet.

The property is zoned for commercial use. The ground floor unit is currently rented to an F&B operator, while the upper floors can be rented as office space.

It is located between Duxton Hill, the F&B enclave and the Keong Saik Area. Access to Outram Park Interchange Station is also possible.

Yap Hui Yee is the director of investment sales & capital market at Savills Singapore. He says that “Given the precinct’s still undergoing urban revitalizion, this offers an exceptional value-add opportunity to the buyer to explore different potential uses for the shophouse, and ride on the growth transformation of the precinct.”

The expression of interest will close at 3 p.m. on December 10.

Read recommended article: Ritz-Carlton Residences became the Highest Profitable Resale Transaction

Ritz-Carlton Residences became the Highest Profitable Resale Transaction

Noel Neo has been appointed head of Singapore’s mid-markets by JLL Hotels & Hospitality Group on Nov 8, in an effort to provide better service to clients who are looking to expand their investments in this sector.

Neo will be responsible for the investment sales, leasing, and operator selection of midmarket Singapore hospitality assets. He will also maintain and grow a network of operators, investors, and owners of hospitality assets. Additionally, he will assist in the execution and fulfillment advisory mandates to help facilitate growth in this sector.

Neo will report to Nihat Ercan (the group’s head for investment Sales, Asia Pacific), and will work with a wider team of professionals in Singapore as well as regionally.

Ercan says, “Investors are more likely to access diverse capital pools that can be used for localized assets. This is reflected in brewing interest in mid-market segments in gateway locations and acceleration of newer hospitality themes like co-living.”

“We are delighted to welcome Noel into the team during a time when Singapore’s hospitality market is recovering from the pandemic. He adds that his unique combination of international and local investor networks, and deep understanding of Singapore’s hospitality market will be a benefit to our clients.”

Neo founded K Hotel Group, which built a portfolio consisting of 13 properties in Singapore over a period of two years. He was also responsible for regional research at the Asia Pacific Real Estate Association and investor interface, and managed asset management and investment in Southeast Asia at Pacific Star Holdings.

Read related article: Strong demand in the life sciences for Lendlease’s Justin Gabbani

Strong demand in the life sciences for Lendlease’s Justin Gabbani

Courts (Singapore), which is a wholly owned subsidiary of the Nojima Corporation will officially open its flagship Courts Nojima store at Orchard Road, on Nov 6.
The store’s Nov 6 opening is ahead of its previously announced timeline for the first quarter next year.

Only the first three floors will be open. The remaining floors, including levels four and five as well as B1, will be open as planned in the first quarter next year.

Courts will open this flagship store in Tampine, following the Courts MegaStore in Tampine.
Robinsons The Heeren occupied the Orchard store’s premises before it closed down in December 2020.

Named after the Nojima Corporation, the new store is named after it. It will also aim to provide service that is up to the standards of Japan to Singapore.

The Orchard flagship will offer a wide range of IT, furniture, and electrical products. There is also a large premium bedding collection that includes brands such as Sealy, Simmons, Serta and Sealy. The store will also offer unique products such as Itoki (a 130-year-old Japanese workplace furnishing company) and Bertazzoni’s premium Heritage Series ovens.

Orchard’s flagship store will offer experiential concepts, such as an e-sports gaming area, four premium sound rooms, and a robot vacuum.

The new Courts store, which spans 189,000 square feet over six floors of The Heeren’s retail podium will be the largest in Singapore when it is fully open.

All existing Somerset offerings will be moved to the Courts Nojima location.
The Courts Tampine MegaStore will continue to operate as it is.

“Despite facing many headwinds, uncertainties, due to the ongoing Covid-19 epidemic, we are extremely encouraged to be opening Courts Nojima flagship shop ahead of schedule,” Hoang Duc Thanh Matt, country chief operating officer of Courts Asia Limited, and Courts Singapore Country CEO, says.

“The Courts Nojima new store will be looking for more staff across its retail floors. We are thrilled to have the chance to create employment opportunities in the sector. He says that the opening will bring some holiday cheer to Singaporeans as the year winds down, and help to revive the vibrancy and spirit of Singapore’s retail sector.

Read also: Watten Estate Condominium en bloc jointly purchased by UOL and Singapore Land for $550.8 mil

Watten Estate Condominium en bloc jointly purchased by UOL and Singapore Land for $550.8 mil

City Developments (CDL), has been awarded the 2021 Terra Carta Seal by Prince of Wales via his Sustainable Markets Initiative on Nov 3.

CDL was the only Singapore-based company among 45 global companies to receive the seal. This seal recognizes global companies that are innovative and demonstrate commitment towards building truly sustainable markets.

“The Terra Carta seal recognizes organisations that have taken a serious commitment towards a more sustainable future and put nature, people, and the environment at the core of their economy. The Prince of Wales released a press release saying that all people need to make positive changes in order to protect the planet for their children and grandchildren.

Sherman Kwek is the CEO of CDL Group and says that the company is honored to be given the seal by the prince. We share the same commitment to connect People with the Planet by recognising the intrinsic value and promoting it. He says that in this decade of urgent action we will continue to push for our ESG integration efforts to increase the value and resilience our business.”

CDL, a real estate developer in Singapore, was the first to sign the World Green Building Council (WorldGBC), Net Zero Carbon Buildings Commitment. This commitment required CDL to reduce its operational carbon emissions by zero by 2030.

The company was also recognized as Global Sector Leader, Overall Regional Sector Leader, and Global Sector Leader in the Global Real Estate Sustainability Benchmark 2021 Diversified — Office/Retail 2. category. CDL has maintained its GRESB 5-Star rating, which recognizes entities that are in the top 20% of this benchmark.

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Commercial liquid treatment works settlement as Koh Brothers Eco secures $200.7m offer

This year, Singapore’s star performer in the housing market has been HDB public flats. Here, four out of five Singaporeans live in HDB housing flats. Of those, 90% own their homes.

The HDB resale prices index saw a 2.9% increase in q-o-q during 3Q2021, marking its ninth quarter-end growth. The index is now at 150.6, surpassing its previous peak of 149.4 in 2Q2013. Nicholas Mak, head research at ERA Realty, stated that HDB resale values have increased by 15% since 3Q2019 based on the index. On Nov 1, he spoke at the ERA EdgeProp webinar, where the theme was “Does upgrading now make sense for the future?”

Mak says that the major contributor to skyrocketing HDB resale values is the shortage of construction materials and delays caused by the pandemic. He says that delays in building HDB Build-To-Order flats (BTOs) have led some first-time buyers to the HDB market.

Every year, between 20,000 and 25.000 families are created. The majority of these families choose to live in an HDB flat for their first home. Mak says that this creates a steady pool of housing demand.
Between 2017 and 2019, HDB resale volume was between 22,000 to 25,000 flats per year before the pandemic. With the ongoing pandemic, there were 24,748 resale transactions in 2020. Mak predicts that this year will end with between 30500 and 31500 HDB resale transactions.

Mak notes that this year’s transaction volume will be the highest since 2010. Mak notes that if it weren’t for the pandemic, there wouldn’t be such a surge in resale transactions volume.

Eugene Lim, ERA’s chief executive officer, says that the rise in HDB resale and prices is not due to the pandemic. He also attributes it to “confidence” in Singapore’s economic recovery, as well as the very low (around 1%) bank housing loan rates. Lim says that confidence and low borrowing rates have attracted more buyers to the HDB resale market, as well as private residential markets.

According to Mak, another factor that could contribute to HDB’s resale prices inflation is the number of flats that have exceeded their minimum occupancy period (MOP), in the last two to three years. HDB data revealed that 25530 flats had reached their five year MOP in 2021. This is an increase of 24,163 units from last year.

Why spend a million dollars on HDB flats when you can have them for a fraction of the price?
According to Lim, ERA, a record 192 HDB flats sold for at least $1million in October, an all-time high. Many of these flats were either beautifully renovated or have a great view.

A five-room HDB in Bishan was sold for $1.36million. Lim says that it is the most expensive HDB apartment ever sold.

Bishan is an established HDB community and home to top schools such as Raffles Institution, Ai Tong School, and Kuo Chuan Presidency Primary School. Mak says that this contributes to the high demand. ERA Research found that HDB towns in the Central area have the highest number of million-dollar transactions. These include Pinnacle @ Duxton and Bishan, Toa Payoh, Bukit Merah, Toa Payoh, Pinnacle @ Duxton and the Dawson flats in Queenstown. Mak believes that the rise in million-dollar flats is not due to the pandemic, but rather to the premium attached certain Central areas like Bishan.

Affordableness could also be a reason behind these million-dollar HDB flats. Flats worth $1 million to $1.1million could be afforded by first-time buyers who have a monthly income of $14,000. This is the income limit for HDB flat buyers. Mak notes that a budget of $1million to $1.1million will not suffice to buy a 99-year leasehold condo located in Bishan.

A three-room apartment on the private residential market is comparable to a five-room HDB home. The latest transaction in the Bishan area was at The Gardens of Bishan, Sin Ming Walk. Based on a caveat lodged, a nine-floor, 1,206-square-foot, three-bedroom unit at the 99 year leasehold condo was sold last month for $1.648 million ($1,367/ft). This condo is 17 years old. A newer project is Sky Habitat. This 99-year leasehold condominium at Bishan Street 15 was designed by Moshe Safdie. It was developed in a joint venture by CapitaLand and Mitsubishi Estate Asia. It was completed in 2015. According to URA Realis, a 1,249-square-foot, three-bedroom unit located on the ninth floor sold last month for $2.1million ($1,682 per square foot).

BTO vs resale flats

Mak says that some young couples might have financial constraints. They can apply for HDB BTO flats if they’re not in a rush. BTO flats aren’t available in all HDB towns in Singapore, unlike resale.

Mak says that the prices for BTO flats are usually 15% to 25% less than similar resale flats within the same area. The BTO flat buyer is buying it already at a discount price. It could however mean that there will be an eight-to-10-year wait between the time the BTO flat application was made and the end of the five year MOP, when the flat is available for sale on the resale marketplace. He observes that HDB resale values could fluctuate during this time. But the trend over time is generally upwards. The BTO flat buyer can experience a greater capital gain over the long-term.

Lim notes that a BTO flat costs $150,000 less than an HDB flat for the same location. There is also upside potential after MOP. The original purchase price may be $200,000 more than the selling price. It comes after a 10-year waiting. He says that private condominiums are more affordable than HDB flats. You don’t have to wait 10 years for a $200,000 capital gain.

A downside is that BTO flats might not be in the right location for young couples. Others may prefer to live close to their parents. Lim says that their parents might be in an older housing estate with fewer BTO flat launches. BTO flats in popular estates are more sought-after and therefore, there is a risk of oversubscription.

Lim says that first-time buyers are more likely to find a flat in the resale HDB marketplace. You may still be eligible to receive housing grants, such as the family grant, enhanced housing grant or proximity housing grant.

Future prime flats tied up for ten years

With its new model of public housing called prime location public housing, the government is already trying to cool down the HDB market. The monthly income limit of $14,000. is required for those who wish to purchase these BTO flats located in prime locations.

The MOP period is now 10 years instead of the five-year limit. Additional restrictions include the possibility of a clawback on the housing subsidy for resale and the inability to rent the entire apartment after the MOP.

Mak says that these restrictions make it less attractive to investors. It’s aimed at buyers who are looking for a place to call home.

It is dependent on how many such PLH flats are released as to whether it will impact HDB resale values. Mak adds that buyers of PLH flats won’t be able to move to private property as soon as they are released. Mak adds that they might not have the same benefits as HDB resales.

Mak says that the demand for private condos and HDB resale apartments in the vicinity of the PLH PLH BTO projects may result in a spillover. These restrictions apply only to BTO flats located in prime locations. He says that the government will continue to build BTO flats in other areas of Singapore.

Supply can also be used to cool the HDB market. The ramp-up isn’t as aggressive due to disruptions in the supply chain. Mak reports that the government launched 16,800 HDB BTO flats last ye, approximately 17,000 flats, and will launch 17,000 more next year.

Mak says that the increase in supply will not immediately stop prices from rising as it takes time for the market to cool down. The current sales momentum may continue into at least 1H2022. He notes that the pace of price rise could slow down next year, as the government increases the supply of BTO flats in prime locations.

Private resales rebound

There has been a significant increase in activity not just for HDB resales. Both private residential resale and new home sales saw an increase. Private new home sales surpassed 9,912 units in 2019 by way of the pre-Covid figures. Private residential resales amounted to 15,214 units, which is 1.7 times more than the 8,949 transactions of 2019.

It is worth noting that the market share for private residential resales has increased from 20.1% to 31.5% in 2019, and to 31.5% in the first three quarters 2021. In contrast, the market share for HDB resales fell from 53.2% in 2019 down to 47.8% during the first nine months. Lim believes that this means that HDB resale flat beneficiaries have moved to private property.

Mak attributes this to homeowners who are looking for fully furnished housing units they can move into right away. They have chosen private resale condominiums over new launches. He adds that this has partly fueled demand for private resale condos.

Read more: Oakwood Grove Detached three-storey house for sale at a price of $4.4 mil

Oakwood Grove Detached three-storey house for sale at a price of $4.4 mil

Ang Mo Kio Town Garden West Near To Belgravia Ace Landed Property at Ang Mo Kio by Tong Eng

In the past ten years, Canberra has seen a lot of change. This estate, located between Sembawang in northern Singapore and Yishun in the north, has seen a steady development with more private and public housing projects popping up in recent years.

Further growth has been sparked by the opening of Canberra MRT Station, on the North-South Line, in November 2019. In 2020, Canberra Plaza was opened as a neighbourhood mall. It offers more amenities and restaurants to the expanding community.

These developments are part of an overall government push to establish the Sembawang region. The NorthSouth Corridor is an expressway that will reduce commute time to the city; the Bukit Canberra integrated sports and community hub; and Woodlands Health Campus, which will provide integrated healthcare facilities.

Sembawang Shipyard is also being considered for redevelopment. According to the URA Master Plan, the site could be converted into a mixed-use waterfront lifestyle area once the shipyard operations are over.

All these plans are in place, and Canberra looks set to become a vibrant residential area.

Healthy demand

A few residential projects have been launched in Canberra in the last two years, including Parc Canberra in February 2020, a 496-unit executive condo (EC) by Hoi Hup Realty, Sunway Developments, and The Watergardens in Canberra in August 2018. This 99-year-leasehold condo was launched by UOL, Singapore Land, and Kheng Leong Co.

These launches have seen a healthy take-up rate, which indicates a strong demand that has been maintained even during the pandemic. Parc Canberra, for example, saw 64% of its 496 units sold during its launch weekend. The project is almost sold out today, and there is only one unit for sale.

During its launch weekend in August, 60% of the 448 units sold by The Watergardens Canberra.
MCC Land’s Provence residence, a 99 year leasehold EC on Canberra Crescent, has received a similar positive response since its May launch. “In five months, approximately 80% of the units in Provence Residence were sold. “We are very encouraged by this stellar sales momentum,” a spokesperson from MCC Land.

It is interesting to note that while 40% of buyers are already from the northern region, 60% of them come from other parts. This indicates the increasing interest in the area.

Entry point affordable

MCC Land attributes Provence Residence’s strong take-up to its location close to the MRT station as well as the high demand for ECs from the northern region.

Another reason for its popularity is the development’s low pricing compared with condos or other ECs on the market. Prices for three-bedroom units starting at $890,000. Four-bedroom units starting at $1.58million. The developer claims that 51% are first-timers and 49% are second-timers.

George Wang, ERA Realty Network’s district director, noted that Provence Residence currently has outstanding units starting at $1 million for three-bedders, and $1.65 million if you are looking for four-bedders. During an ERA-EdgeProp webinar, he stated that these prices are good entry points to HDB upgraders who want to kickstart their private land journey.

Doris Ong is the COO of ERA’s project marketing. There is still a 15 to 25% price difference between new EC projects such as Provence Residence and 99 year leasehold condos within the same area. She says this gives first-time buyers more options for different lifestyles and budgets.

Modern French design

MCC Land claims that buyers were also attracted by Provence Residence’s unique French theme. Five 13-storey blocks and four 112-storey blocks make up the project. It incorporates French architectural and design elements such as French-style courtyards, muted colours like black, white, and gray, as well as classically French motifs, such as Breton stripes.
The units at Provence Residence consist of three- or four-bedroom apartments measuring 883 to 1 399 square feet.

The facilities at Provence Residence can be divided into two zones: Countryside Gardens and the Royal French Court. The Royal French Court has facilities like a 50m lap swimming pool, a gym and a topiary walk. It also includes a function room. The Countryside Gardens will feature landscaping and plants as well as semi-private gardens. These spaces offer quiet outdoor spaces for residents to host small gatherings. Residents can also enjoy a sky lounge and roof terrace.

Nearby nature attractions like the Mandai Mangrove, Mudflat Nature Park and Kranji Marshes, Sungei Buloh Wetland Reserve and Kranji Marshes will be available to residents. Ong from ERA says that the northern region is attractive for cyclists because of its low density nature.

Provence Residence will be granted its temporary occupation permit by 2025.

Track record of success in the north

MCC Land is the property-development arm of China Metallurgical Group Corp, a state-owned Chinese enterprise. It also has a construction arm, which has constructed HDB projects such as the 1,528-unit Sunshine Gardens of Choa Chu Kang and the 856-unit Punggol Emerald in Sengkang.

MCC Land’s first EC project was launched in the north in 2010 after the group made its foray into property-development. It is the 406-unit Canopy located at Yishun Avenue 11. In 2014, the 99-year leasehold EC was finished. In 2014, the 99-year leasehold EC was completed.

The developer also project managed two ECs, Northwave and Forestville, as well as The Nautical condo in the Yishun Sembawang area for Hao Yuan Group.

MCC Land has gained a competitive edge in the region thanks to their extensive experience. “Our solid development track record in northern regions has helped us to understand its demography, urban geography, and home buyer expectations. The spokesperson for the company says this has given them a competitive edge, especially when marketing projects.

Read also: The 40-unit development by Tiong Lee Seng re-launched for collective sale at $148 mil

The 40-unit development by Tiong Lee Seng re-launched for collective sale at $148 mil

China asked companies to pay their offshore bonds and Hui Ka Yan , founder of China Evergrande Group, requested that he use his personal wealth to solve the company’s debt crisis.

After a meeting with key industry players, the National Development and Reform Commission (NDRC), which oversees foreign-debt issuance, encouraged companies to “optimize” their foreign debt structures to raise funds. It also stated that it would continue to meet “reasonable requirements” of firms for foreign debt repayment and rollover.

The regulator advised companies to adhere to “financial discipline” and market rules, and suggested that they prepare for the redemptions of principal and interest on bonds held overseas. The companies were not named in the statement.

China has imposed a clampdown on the real estate sector that is indebted. This makes it more difficult for developers to refinance, as they are facing falling sales and home prices. While multiple developers have defaulted in this month’s market, Evergrande paid a coupon payment last week to cover the grace period. Now, the focus is on Friday’s expiration of the grace period for another Evergrande dollar bond. Creditors are now bracing themselves for a debt restructuring that could be among the most expensive in China.

Beijing issued the directive to Evergrande’s chairman after the company missed the Sept 23 deadline to make a coupon payment for a dollar bond. Sources said that the source was informed by the sources. Sources said that Evergrande’s bank accounts are being monitored by local governments in China to ensure cash is not used to pay creditors and is used for unfinished housing projects.

After concerns about lower-rated Chinese borrowers being able to extend international borrowings after a rise in financing costs, the NDRC has taken the necessary steps. The yields on Chinese junk-rated United States Dollar bonds was about 20%, making it nearly half of all the dollar notes in distress worldwide.

Ms Ting Meng (an Asia credit strategist at ANZ Banking Group) said that “it shows the government’s attitude to rein in defaults offshore dollar bonds,” asking companies make every effort to service their loans. Ms Meng anticipates that “actual” actions will follow.

“This is not enough. Refinancing is difficult given the high yields next year and high redemptions.”

China is trying to minimize the impact of Evergrande, the most indebted global developer and holder of more than US$300billion (S$404billion) in liabilities. Even though the developer made an unexpected coupon payments on a US$2billion bond, creditors are still worried about a default and restructuring that could be among the most severe in China. Despite recent gains, Evergrande’s March dollar note that matures in US$2 billion trades below 30c per dollar despite its recent gains.

Chinese borrowers defaulted this year on approximately US$9 billion in offshore bonds, with the third being in the real estate sector. This has happened amid an Evergrande crisis that has put many investors on edge and forced authorities to clamp down on excessive leverage within the real estate sector.

Fantasia Holdings Group’s surprise default on its bond worth US$205.7 Million this month sparked a massive sell-off in offshore markets. Some investors saw it as a sign of an increasing liquidity crisis for China’s highly leveraged property companies. Sinic Holdings Group also defaulted this week.

According to a filing to the Singapore Stock Exchange, signs of stress in real estate increased on Tuesday following the failure by Modern Land China to pay the principal and interest on a bond worth US$250 million due Monday. According to the filing, Sidley Austin, company’s legal counsel, is helping them and they expect to soon engage independent financial advisors. Fitch Ratings has downgraded Modern Land from C to Restricted Default following the missed payment.

Belgravia Ace enbloc

China Evergrande Group bondholders were paid an interest payment just before the grace period expired. This buys more time for the debt-stricken property owner as it attempts to raise cash via asset sales.

According to sources familiar with the matter, certain holders of the 9.5% dollar note due in 2024 received notification that they were paid on Thursday (Oct 28, according to those who know the situation). Evergrande had missed a Sept 29 interest payment, triggering a 30-day grace period for investors to declare default.

Belgravia Ace enbloc brought to you by the industry leader, Fairview Developments Private Limited under the Tong Eng Group.

This month, the property developer that was weighing in at US$300 billion (S$403 trillion) in debt has managed to avoid default for the second time.

International bondholders are being paid the latest payment amid a sell-off of Chinese junk bonds. This was monitored by Kaisa Group Holdings on Thursday, one of the largest dollar debt issuers in the property sector.

Evergrande pulled from the brink of default by meeting another delayed coupon prior to that grace period ending. Although the payment was unexpected by some investors, it is still a significant amount of US dollars for the company’s creditors who are preparing for a debt restructuring that could be among the most expensive in China.

Bloomberg reported that Evergrande’s bondholders and its advisers signed non-disclosure agreements earlier this week in preparation for possible talks on managing the developer’s debt load. In what is often a first step towards a restructuring plan, the advisers of the ad-hoc bondholder group are looking to exchange information with Evergrande.

The New York Times reported that the payment buys Evergrande more time as it attempts to raise funds through asset sale.

Authorities have instructed Evergrande’s billionaire founder Hui Ka Yan that he will use his personal wealth in order to ease property giant’s debt problems. This directive is yet another sign that Beijing is hesitant to provide a government rescue, even though the crisis has spread to other developers and erodes sentiment in the real-estate market. It also threatens to destabilize the world’s second largest economy. This week, a top Chinese regulator called for companies to “actively prepare” for the payment of their offshore bonds.

According to HKO1, the loan secured by a Hui house in Hong Kong will be used as collateral to pay Evergrande’s bond of US$260 million.

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=””>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.