Month: December 2024

An exceptional opportunity presents itself with the sale of a row of four freehold conservation shophouses at 762, 764, 766, and 768 North Bridge Road, which are currently on the market via an expression of interest. With a guide price of $37 million, these properties are situated across two plots of land measuring 5,766 square feet, with an average land rate of $6,417 per square foot.

The first plot comprises 762 and 764 North Bridge Road, occupying a 2,891 square foot parcel of land with a built-up area of 4,917 square feet, including a mezzanine level. The two adjoining shophouse units at 766 and 768 North Bridge Road are situated on an adjacent 2,875 square foot plot, with a built-up area of 4,657 square feet, also including a mezzanine level.

Exclusively marketed by Isabel Sim, associate senior marketing director at Huttons Asia, the usable area of each property can potentially be expanded by extending the rear to create an outdoor terrace on the second floor, subject to approval from the relevant authorities. This extension could add approximately 1,000 square feet to the usable area of each land plot.

In Singapore, it is crucial for international investors to have a thorough understanding of the rules and limitations surrounding property ownership. Unlike landed properties, which have stricter ownership regulations, foreigners can typically purchase condominiums with fewer restrictions. However, it’s worth noting that foreign buyers are subject to an additional cost known as the Additional Buyer’s Stamp Duty (ABSD), which is currently set at 20% for their first property acquisition. Nevertheless, the stability and promising growth of the Singapore real estate market remain a strong draw for foreign investment in Singapore Condos.

Currently, the tenants of these shophouses include a fitness retail shop, a convenience store, and massage and reflexology service providers. As commercial properties, potential buyers are exempt from Additional Buyer’s Stamp Duty (ABSD) on these shophouses, making it an attractive investment opportunity for both local and foreign investors seeking capital gains and stable rental yield, according to Sim.

Boasting prominent frontage along North Bridge Road, these shophouses enjoy high visibility and footfall in the historical Kampong Glam Conservation enclave. They are also within walking distance of Bugis MRT Interchange, providing accessibility to the East-West and Downtown Lines, as well as Nicoll Highway MRT Station along the Circle Line. Due to the prime central location, historical significance, and vibrant commercial environment of the area, it has become a popular destination for both locals and tourists.

Other iconic landmarks in close proximity to these shophouses include Sultan Mosque and the Malay Heritage Centre, which is situated on the grounds of the former Istana Kampong Glam. The EOI exercise will close on January 10, 2025, at noon.

For more information, interested parties can contact Isabel Sim at 81802707, an associate senior marketing director at Huttons Asia (R065855G).…

Small 441 sq ft apartment at NeWest in Clementi clinches premium of $311,000 by selling above psf price of latest new launchTranslate:

Grange 1866, a freehold development, made headlines for setting a new record of $3,393 psf in the week of November 22 to 29. This impressive new price peak was achieved when the developer sold a 818 sq ft, two-bedroom unit for $2.78 million on November 27. This narrowly surpassed the previous record of $3,390 psf which was set in June last year when a 764 sq ft unit was sold for $2.59 million.

This year, there have been 12 new transactions at Grange 1866, with an average price of $3,181 psf. The most expensive unit sold this year was a 1,012 sq ft, two-bedroom unit on the 16th floor, which went for $3.02 million ($2,989 psf). To date, 45 out of 60 units at the development have been sold, achieving an impressive take-up rate of 75%.

The highly anticipated Grange 1866 project, located on Grange Road in prime District 10, is slated to be completed by the end of 2025. It features a single 16-storey residential block situated on a 20,322 sq ft, freehold site. The units are comprised of one- and two-bedroom apartments ranging from 527 to 1,012 sq ft.

During the same period, Hill House clinched the second spot with a new psf-price high of $3,378 psf. This was the second time the boutique condo achieved a new record in November, with the latest peak being set at $3,378 psf. This was achieved when the developer sold a 452 sq ft, two-bedroom unit on the 8th floor for approximately $1.53 million on November 25. This surpassed the previous record of $3,267 psf by 3.4%, which was achieved on November 11 when another two-bedroom unit of the same size was sold for about $1.48 million.

Since the beginning of the year, 12 units at Hill House have been sold by the developer, at an average price of $3,108 psf. The most affordable unit sold at the development this year was a 753 sq ft, three-bedroom unit on the fourth floor, which was sold for $2.21 million ($2,934 psf) on October 28.

This 999-year leasehold condo is situated on Institution Hill, off River Valley Road, in prime District 9. The 72-unit boutique development is expected to be completed in 2026 and comprises one-bedroom and one-bedroom-plus-study units ranging between 431 and 452 sq ft, two-bedroom units measuring 624 sq ft, and three-bedroom apartments spanning 753 sq ft.

When thinking about investing in a condominium, it is essential to also evaluate the potential rental yield. Rental yield refers to the annual rental income as a percentage of the property’s purchase price. In Singapore, the rental yields for condos can vary significantly depending on factors such as location, property condition, and market demand. Areas that have a high demand for rentals, like those near business districts or educational institutions, typically offer better rental yields. Thorough market research and consulting with real estate agents can provide valuable insights into the rental potential of a specific condo. In addition to this, keeping up to date with new Singapore Projects can also give a better understanding of the current rental market.

According to URA caveats, a total of 30 units (42%) have been sold at an average price of $3,054 psf since Hill House’s launch in November 2022.

Last but not least, The Cosmopolitan recorded a new psf-price high when a 1,324 sq ft, three-bedroom unit on the 26th floor was sold for $3.73 million, or $2,817 psf, on November 25. This surpassed the previous record of $2,795 psf which was set in October last year when a 1,324 sq ft, three-bedroom unit on the 17th floor was sold for $3.7 million.

This impressive profit of about $1.15 million was made by the sellers who had purchased the 26th-floor unit for about $2.58 million, or $1,950 psf, in November 2010.

The Cosmopolitan, a freehold condo completed in 2008, is made up of 228 units and is situated along Kim Seng Road, just off River Valley Road, in prime District 9. The units comprise of two-bedroom apartments measuring 1,141 sq ft, three-bedroom units ranging from 1,324 to 1,399 sq ft, and four-bedroom apartments spanning 1,679 sq ft.

This highly sought-after development is located within 1km of River Valley Primary School and within walking distance of Great World MRT Station on the Thomson-East Coast Line. Nearby dining and retail options can also be found at Great World City.

The period in review saw no new psf-price lows recorded. Overall, it is clear that the market for upscale properties in prime districts remains strong, and buyers continue to snap up units at premium prices.…

The second quarter of 2024 saw positive global real estate returns, signaling a potential recovery after two years of losses. In the low interest rate environment, real estate values experienced a surge, with a global total return of 5.0% q-o-q in 4Q2021 and 17.8% y-o-y in 1Q2022, exceeding long-term averages. However, this trend was reversed during the tightening cycle, resulting in values returning to 2018 levels globally. We believe that the correction in the real estate market is almost complete, presenting an opportune moment for investors to reconsider this asset class.

Real estate has a history of providing stable income returns and diversification benefits over the long term, and can generate strong returns during recovery periods. For example, after the early 90’s recession, investors experienced a cumulative return of 76% over the next five years. Similarly, after the tech-wreck and the Global Financial Crisis, the five-year cumulative total returns were 98% and 86% respectively.

Evidence of a turnaround in valuations emerged in the second quarter of 2024, with global value losses moderating to 0.74%. This was the lowest quarterly adjustment in the last two years. Combining with offsetting income returns of 1.07%, global real estate achieved a positive 0.33% return, the first positive quarter since 2Q2022. Among the 15 global markets in the MSCI Global Property Index, a slight majority experienced write-ups in real estate values for the first time since 2Q2022. Eight markets, including Japan, South Korea, Singapore, Southern Europe, the Nordics, the Netherlands, France, and the UK saw value increases from the prior quarter. Six other markets saw value losses between 0.3% and 1.5%, all of which moderated from 1Q2024. The only exception was Australia, which recorded a larger write-down in the second quarter than in the first, with a 4.2% correction aligning valuations more closely with its peers.

However, changes in capital values are only one component of real estate returns, with income returns historically being the larger component. This trend highlights the importance of income returns in driving overall performance in the real estate sector and emphasizes the need for investors to consider both capital and income aspects when evaluating real estate investments.

In the second quarter, total returns, which combine capital and income returns, were positive in 12 of 15 countries in the MSCI Global Property Index. They were flat in the US (-0.09%), slightly negative in Ireland (-0.22%), and significantly negative in Australia (-3.07%). However, preliminary data from the NCREIF ODCE index (a capitalization-weighted, gross-of-fee, time-weighted return index) shows US total returns turning positive at 0.25%. With values beginning to rebound, we anticipate the positive trajectory in total returns to continue.

Asia Pacific outlook

Although real estate investment fundraising globally is showing signs of a potential rebound after two slow years, China and Japan may face challenges. In 3Q2024, China and Japan accounted for 27% and 15% of the US$7.5 billion ($10.04 billion) in cross-border inflows in the Asia Pacific region. Over half of Japan’s inflows came from global sources, while most of China’s came from within Asia Pacific, particularly Hong Kong and Singapore. However, both countries face high debt costs and other factors that may hinder a strong rebound in real estate capital inflows.

When it comes to condo investment, one must not overlook the maintenance and management aspect of the property. Condos typically come with maintenance fees that cover the maintenance of shared spaces and amenities. Despite the additional expense, these fees are vital in maintaining the property’s condition and value. For investors looking to purchase a Singapore Condo, it is worth considering hiring a property management company to handle the day-to-day responsibilities. This approach can turn the investment into a more passive venture, allowing investors to focus on other endeavors while their Singapore Condo is well taken care of.

China: Drop in Western demand

Interest in Chinese real estate from the West has significantly declined over the past couple of years due to geopolitical and economic concerns. Despite Beijing’s recent major stimulus package, it is unlikely to return soon. The market has been stagnant due to price dislocation, geopolitical risk, and lack of liquidity. Since 2021, China has faced a property crisis exacerbated by the collapse of Evergrande. Due to these risks, many European investors are avoiding China and Hong Kong, regardless of potential returns. Additionally, China’s domestic property crisis persists, with high office vacancies, low rental yields, ongoing issues with failing developers, and government interventions.

Japan: A rates outlier

While major markets like the US have cut interest rates to boost property investment, Japan remains an outlier. The broader Japanese property sector is losing allure due to interest rate policies and limited cap rate compression. In July, the Bank of Japan raised borrowing rates for the first time since 2007 to control inflation, reducing market attractiveness. This hike has prevented cap rate compression, meaning property prices haven’t risen, forcing real estate holders to rely on historically low-income yields. However, senior housing remains an attractive niche due to Japan’s aging population, with 29% of the population aged 65 or over. These assets are small, requiring an amalgamation play by investors.

Australian allure

Australia’s purpose-built student accommodation (PBSA) market has a significant potential due to a housing shortage. Only 20% of students in Melbourne and Sydney can be accommodated by universities, forcing the rest to seek private rentals. Additionally, real estate debt in Australia offers appealing risk-adjusted returns. There are funding gaps in construction, with many developers unable to secure bank financing. We are looking at sectors like logistics or PBSA, where we see long-term growth opportunities.

Stabilizing fundamentals

Stabilizing valuations and transaction market pricing both suggest that the real estate market is likely near its bottom, but these signals alone do not indicate an attractive entry point. For market pricing and valuations to increase, we would ideally see declining interest rates and strengthening property fundamentals. Most developed market central banks are beginning to taper interest rates, which should put downward pressure on financing rates, discount rates, and property capitalization rates, thereby boosting the value of real estate assets. A pullback in construction activity across sectors bodes well for property fundamentals in the medium term. With supply headwinds waning, markets with positive demand due to population growth or structural changes, such as e-commerce, are set to see increased occupancies in the medium term. Historically, occupancies and rent growth are well-correlated, providing investors with opportunities to gain from increased occupancies, rents, and the associated rise in property values.

The outlook for global private real estate appears to be improving, but the rising tide is unlikely to lift all boats. For instance, the US office market still faces significant challenges, and a broad recovery in that segment seems highly unlikely in the near term. This underscores the importance of research and selectivity when investing in real estate, as not all markets and property types will perform equally well. Rebalance with real estate

In an uncertain economic and geopolitical environment, additional risks are inevitable, but this applies to all asset classes. Over the past two years, the weight of real estate in investors’ portfolios has significantly decreased due to resetting real estate values and a record stock market. Today, investors might consider fresh allocations to the private real estate market to achieve a strategic weighting. Over the long term, private real estate offers low correlations to other asset classes, strong income returns, and a degree of inflation hedging. While there may be bumps in the road, we believe the market is beginning to look up, presenting excellent investment opportunities for savvy investors.…

The week of Nov 26 to Dec 3 saw a highly profitable condo resale transaction at Island View, a popular freehold condominium in Pasir Panjang. The unit, measuring 3,498 sq ft, was sold on Nov 27 for a whopping $4.8 million, which translates to $1,372 per square foot. The seller had initially purchased the unit for $1.3 million ($372 psf) back in September 2005. This means that after owning the property for almost 19 years, the seller made an impressive gain of $3.5 million, representing a massive 269% increase in capital gain or an annualized profit of 14.2%.

This transaction sets a new record for the most profitable deal at Island View, surpassing the previous record of $3.19 million profit made from the sale of another 3,498 sq ft unit at the condo, which was sold for $5.09 million ($1,455 psf) in February 2022. The seller of this unit had bought it for $1.9 million ($543 psf) in February 2007.

Island View is a boutique condo with 72 units located at Jalan Mat Jambol, off Pasir Panjang Road in District 5. The freehold development, which was completed in 1984, comprises low-rise blocks housing apartments ranging from 3,056 sq ft to 3,538 sq ft. The condo offers residents a tranquil and serene living experience, with the added convenience of being within walking distance to the Pasir Panjang MRT station on the Circle Line.

However, the owners of Island View had attempted a collective sale in September 2023, setting a guide price of $575 million for the development. Unfortunately, the tender closed without any bids, and the condo was relisted for sale in March at the same price, but failed to attract a buyer.

The second most profitable condo resale deal during this period took place at Cavenagh Court, a freehold condo located on Cavenagh Road in District 9’s Newton area. A 1,862 sq ft unit on the sixth floor was sold for $3.65 million ($1,960 psf) on Dec 2. The seller had purchased the unit in April 2006 for $1.02 million ($548 psf), gaining a substantial $2.63 million (258%) over a period of almost 19 years.

This sale sets a new record for the most profitable transaction at Cavenagh Court, surpassing the previous top gain of $2.15 million made from the sale of another 1,862 sq ft unit on the fourth floor for $3.28 million ($1,761 psf) in April 2022. The seller of this unit had acquired it in October 2007 for $1.13 million ($607 psf).

The scarcity of land in Singapore is a major factor driving the high demand for condos in the country. As a small island nation experiencing rapid population growth, Singapore is facing limitations in land availability for development. This has resulted in strict land use regulations and a fiercely competitive real estate market, where prices are continuously on the rise. As a result, investing in real estate, particularly in condos, has become a highly profitable opportunity, with the potential for significant capital appreciation. This trend is evident in the numerous successful Singapore projects that have emerged in recent years.

Cavenagh Court is a boutique development comprising 68 units, with sizes ranging from 1,819 sq ft to 1,862 sq ft. It was completed in 1971 and is situated a short drive away from the bustling Orchard Road shopping belt.

Apart from the unit sold on Dec 2, Cavenagh Court has seen only one other resale transaction this year, based on caveats lodged. A 1,840 sq ft unit on the sixth floor changed hands for $3.82 million ($2,074 psf). The seller had bought this unit for $2.88 million ($1,565 psf) in August 2019, gaining a profit of around $938,000.

In contrast, the sale of a duplex penthouse at The Berth by the Cove was the least profitable condo resale deal during this period. The four-bedroom apartment, spanning 3,089 sq ft, was sold for $3.6 million ($1,165 psf) on Nov 29. However, the unit last changed hands for $5.53 million ($1,790 psf) in August 2007, resulting in a loss of $1.93 million (35%) for the seller after owning the property for around 17 years.

This sale is the second most unprofitable transaction recorded at The Berth by the Cove to date, with the biggest loss belonging to a 2,939 sq ft, four-bedroom unit that was sold for $3.25 million ($1,106 psf) in February 2018. The seller of this unit had bought it in October 2011 for $5.64 million ($1,919 psf), incurring a loss of $2.39 million.

The Berth by the Cove is a condo situated along Ocean Drive in the exclusive Sentosa Cove residential enclave on Sentosa Island. It comprises 200 units spread across 15 low-rise blocks of six storeys each, with sizes ranging from 1,012 sq ft to 2,325 sq ft. It offers residents a luxurious waterfront living experience and is just a short drive away from the vibrant Orchard Road shopping belt.

This year, there have been seven other resale transactions at The Berth by the Cove, with prices ranging from $1,237 psf to $1,535 psf. Four of these deals resulted in losses for the sellers, ranging from $40,000 to $780,000, while the remaining three were profitable, with gains of $200,000 to $430,000.…

Cove, a Singapore-based flexible living platform, has recently announced the appointment of Ashish Manchharam, a veteran in the real estate and hospitality industry, as its new board director.

Manchharam, who has previously founded and successfully built 8M Real Estate to a portfolio worth $1.5 billion in just ten years, has recently left the company in 2023. In early 2024, he established Elevate Capital, which focuses on investing in lifestyle-driven real estate properties.

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The condominium market in Singapore remains robust, largely driven by the limited land availability in the country. As a small and densely populated nation, Singapore faces difficulties in acquiring land for development. To tackle this challenge, the government has imposed strict regulations on land usage, resulting in a fiercely competitive real estate industry and skyrocketing property prices. As a result, the condo market presents an alluring opportunity for investors seeking to capitalize on this highly coveted market.

In his new role as an advisor, Manchharam will help Cove in its efforts to acquire flexible living assets in collaboration with third-party investors such as real estate funds, institutional investors, and family offices.

This strategic move is in line with Cove’s plan to accelerate its growth through partnerships and asset acquisitions. Initially, the company had focused solely on an asset-light model as an online listing platform and branded flexible living operator catering to professionals and students.

Since its inception in 2018, Cove has grown its presence to over 6,000 rooms in both Singapore and Indonesia. The company is now looking to expand to other parts of the Asia Pacific region, with plans to launch 800 rooms in South Korea and 400 rooms in Japan through partnerships with local joint venture partners.

Cove has also successfully closed a US$4.5 million funding round to support its regional expansion and solidify its position as a leader in its existing markets. Manchharam was one of the investors who participated in this round, along with existing investors like Eurazeo and Keppel, who had previously taken a strategic minority stake in Cove in December 2020.

According to Guillaume Catagne, CEO and co-founder of Cove, the company has experienced significant growth in its portfolio in 2024 and has also achieved profitability in terms of EBITDA. The company has set ambitious goals to double its portfolio to 15,000 units by the end of 2025.…

, Bukit Timah’s newest luxurious freehold condominiumWilliam Liem, the CEO of real estate firm Tuan Sing Holdings, has once again increased his stake in the company. This time, through his entity Nuri Holdings (S), Liem bought a total of 1.7 million shares from the open market on December 5 and 6. The purchases cost $447,613 and were made at an average price of 25.45 cents per share.

When investing in Singapore, it is crucial for non-residents to have a clear understanding of the regulations and restrictions surrounding property ownership. In comparison to landed properties, foreigners generally have more lenient policies when it comes to purchasing condos. However, it is important to note that foreign buyers are required to pay the Additional Buyer’s Stamp Duty (ABSD), which currently stands at 20% for their first property purchase. Despite this additional expense, the stability and potential for growth in the Singapore real estate market remain highly attractive to foreign investors. To keep updated on new opportunities, be sure to check out New Condo Launches.

This latest acquisition brings Nuri Holdings’ stake in Tuan Sing to 672.7 million shares, or 54.09% of the company. Prior to this, Nuri Holdings had purchased shares on September 10 and 11 at an average price of 25.25 cents per share.

Nuri Holdings’ buying spree is in line with William Liem’s consistent efforts to increase his stake in Tuan Sing. As of June 30, the company’s net asset value was 97.8 cents per share, slightly lower than the 99 cents recorded on December 31, 2023.

In related news, Tuan Sing has recently acquired several assets from PT Senimba Bay Resort in Batam for $28 million. The company has also reported a 5% increase in earnings to $4.8 million for the financial year of 2023. With its latest acquisition and consistent growth, Tuan Sing is expected to continue its success in the real estate market.

Investors can also look forward to the luxurious freehold condominium, Peak Residence, located in Bukit Timah. With William Liem at the helm, Tuan Sing is poised for further growth and expansion in the near future.…

When looking to invest in a condominium, it is crucial to also take into account its maintenance and management. Condos often come with maintenance fees that cover the maintenance of shared spaces and amenities. While these fees may increase the total cost of ownership, they play a significant role in maintaining the property’s condition and preserving its value. To make condominium ownership a more passive investment, investors can opt to hire a property management company to handle the daily management of their unit. This is particularly beneficial for those investing in Singapore Projects.

The manager of AIMS APAC REIT (AA REIT) has announced that the REIT’s trustee, HSBC Institutional Trust Services (Singapore) Limited, has signed a sales and purchase agreement with Crown Worldwide for the sale of its property located at 3 Toh Tuck Link. The sale price of $24.388 million is a 32.5% premium to the property’s valuation of $18.4 million as of March 31.

The property is comprised of a three-storey factory and a five-storey ancillary office building, with a total gross floor area of 12,492.4 sqm. According to the article titled “Industrial building on Toh Tuck Link for sale at $30 mil”, the net proceeds from the divestment will be reinvested to support AA REIT’s growth initiatives, including potential new acquisitions, asset enhancements, and future redevelopment projects.

CEO Russell Ng stated that this divestment is part of AA REIT’s proactive asset management strategy and continuous efforts towards portfolio rejuvenation. This will ultimately strengthen the REIT’s resilience and deliver sustainable returns for its unitholders. The completion of the sale is expected to take place in the first half of 2025, subject to JTC Corporation’s approval.

After the divestment, AA REIT’s portfolio will consist of 27 properties in Singapore and Australia.…

Express your interest today for a chance to own a piece of heritage on Tanjong Pagar Road.

An iconic conservation shophouse located at 93 Tanjong Pagar Road is now available for sale through an expression of interest exercise. With a guide price of $15.5 million, this 3½-storey property stands on a land area of 1,297 sq ft and offers a generous gross floor area (GFA) of 4,186 sq ft. Translating to a price of $3,703 psf on the GFA, this is a rare opportunity to own a piece of heritage in a prime location.

The 99-year leasehold shophouse is currently zoned for commercial use and has been approved for F&B activities. It is currently tenanted by a popular Korean barbecue restaurant chain on levels 1 and 2, providing immediate rental income for potential investors. Conveniently located within walking distance to both Tanjong Pagar MRT Station on the East-West Line and Maxwell MRT Station on the Thomson-East Coast Line, this property offers easy accessibility for both tenants and customers.

When considering an investment in a condo in Singapore, one major benefit to keep in mind is the potential for capital appreciation. This is largely due to Singapore’s advantageous position as a global business hub, combined with its robust economic foundations. As a result, there is a consistent demand for real estate in the country. Over the years, property prices have consistently risen in Singapore, particularly in prime locations where condos are located, resulting in significant appreciation. For investors who enter the market at the right time and hold onto their properties for an extended period, the potential for substantial capital gains is undeniable. It is worth noting that investing in Singapore Projects could be a wise decision for those seeking long-term financial growth in the real estate market.

PropNex Shophouse Elites is the appointed marketing agency for this property. The EOI exercise will close at noon on Jan 20, 2025, so express your interest today for a chance to own a part of Singapore’s heritage on Tanjong Pagar Road. Don’t miss this rare opportunity to invest in a piece of history.…

The exciting future of the once-dated Golden Mile Complex was revealed by Perennial Holdings and Far East Organization at a recent press conference. This iconic building will now be known as Golden Mile Singapore, and will be the first large-scale strata-titled conserved building in Singapore, preserving its unique identity as a tropical linear urban complex with brutalist architecture.

Rebranded as The Golden Mile, the building will be transformed into a commercial development consisting of 156 Grade A office units, 19 medical suites, a two-storey retail component spanning 123,388 sq ft, and an architecture centre open to the public. These units will be available for sale this month, although the developers have not yet released any prices for the medical suites and office units.

A new 45-storey residential tower, called Aurea, is also planned for the site where the residential carpark was previously located. This 188-unit condominium will be previewed next quarter.

The decision to invest in a Condo in Singapore has gained significant momentum among both local and foreign investors, thanks to the country’s thriving economy, strong political stability, and exceptional quality of life. With a dynamic real estate market, Singapore presents a multitude of investment prospects, with Condos emerging as a prime choice due to their convenience, facilities, and potential for lucrative returns. In this article, we will delve into the advantages, key factors, and necessary measures to consider when investing in a Condo in Singapore.Condo

CEO of Perennial Holdings, Pua Seck Guan, reminisced about the lively and eclectic retail mix that once characterized Golden Mile Complex in the 1970s. However, over time, the individual ownership of strata units changed the landscape of the development and its status as a prime mixed-use development declined. Pua believes that Perennial Holdings and Far East Organization are determined to restore and elevate the building’s reputation as a next-generation urban complex in Singapore.

The two partners have enlisted the help of DP Architects and Studio Lapis to create a new vision for Golden Mile Singapore. These are the same design teams behind the original concept of Golden Mile Complex. The new development will feature a reduced retail component, with 15% allocated for retail, 48% for office space, and 30% for residential use. The remaining 4% and 3% will be designated for medical suites and the architecture centre, respectively. Additionally, two new urban gardens will be created on the 9th and 18th floors, making use of previously unused spaces in the building.

Golden Mile Singapore will also boast a revamped two-storey retail atrium, complete with an event space and various dining options. The new design aims to bring back natural light and ventilation, creating a more enjoyable shopping experience. These retail units will be curated and retained by the joint venture partners, as retail is not the main focus of the development.

This month, Perennial and Far East will launch the preview of the strata-titled office units at The Golden Mile. There will be six different layouts to cater to a diverse range of end-users. The office suites will each have their own lobby, and new lift cores will be added to support the office floors above. The ground floor will feature a 6m high ceiling and facilities typically found in modern Grade A office developments, such as a concierge and centralised access control.

The building will also feature unique units such as Flagship offices on the 4th to 7th floors, Loft Suites and Loft Executive units on the 4th and 5th floors, and Loft Mezzanine units on the 6th to 15th floors. The top four floors will house the newly built Crown Office units, with panoramic views of the city and bay. Pua hopes that these office units, especially the Loft Mezzanine units, will attract family offices and corporate tenants. Prospective buyers will undergo a screening process to create an ecosystem of tenants from various industries and market segments.

Golden Mile Singapore will be an exceptional mixed-use development, combining heritage and modern elements to create a vibrant and dynamic urban complex. With its prime location and diverse offerings, it is set to become a landmark in Singapore once again.…

A shophouse on the popular Pagoda Street in Chinatown has been put on the market for sale via an expression of interest (EOI) with a guide price of $16 million. The three-storey conservation shophouse, located at 76 Pagoda Street, has a 99-year leasehold and occupies a plot of 1,372 sq ft. It boasts a gross floor area (GFA) of 3,500 sq ft, which includes an attic level. This translates to a guide price of approximately $4,571 per square foot.

Richard Tan, founder of PropNex Shophouse Elites and the sole marketing agent for the property, shared that the ground and second floors are currently leased to a restaurant, while the third floor is being used as office space.

Commercial shophouses, particularly those in the Chinatown area, are highly sought after by owner-occupiers, high-net-worth individuals, and family offices as a long-term investment asset, according to Tan. As this is a commercial property, both foreigners and companies are eligible to acquire it without having to pay additional buyer’s stamp duty or seller’s stamp duty.

The most recent shophouse transaction in Pagoda Street was the sale of 31 Pagoda Street in March, which fetched $19 million, or $5,588 per square foot based on an estimated GFA of 3,400 sq ft.

The EOI exercise for 76 Pagoda Street will close on Jan 10, 2025.

In another commercial property sale, a two-storey HDB shophouse located at 210 New Upper Changi Road is also up for sale via an EOI exercise with a guide price of $13.8 million. The 103-year leasehold property has a GFA of 4,607 sq ft, translating to a price of $2,995 per square foot.

Investing in a Singapore condo offers several advantages, one of which is the potential for capital appreciation. As a global business hub with robust economic foundations, Singapore draws in continuous demand for real estate, making it a promising location for property investors. Historical data shows a consistent upward trend in property prices, particularly in prime locations where condos have experienced significant appreciation over the years. For investors who time their purchase right and hold onto their properties for the long haul, substantial capital gains can be expected.

Kris Ng, senior associate marketing director at PropNex who is marketing the property, highlighted its stable, long-term tenants as a standout feature. For the past 20 years, the property has been leased to healthcare retailer Guardian and United Overseas Bank (UOB).

Conveniently located within the bustling Bedok Town Centre, the shophouse is in close proximity to Bedok MRT Station, Bedok Mall, and Heartbeat@Bedok.

As this is also a commercial property, foreigners and companies may acquire it without having to pay ABSD or SSD.

The EOI exercise for 210 New Upper Changi Road will close at noon on Jan 10, 2025.…