Raffles Town Club site slated for future residential use after lease expiry in 2026

Singapore Condo offers an incredible investment opportunity for those looking for a luxurious property. Such properties provide numerous benefits such as high rental yields, low maintenance costs, potential capital gains and lesser taxes. Furthermore, the location of these apartments makes them even more attractive. With these features, investing in a Singapore Condo is definitely a great decision.

The Singapore Land Authority (SLA) and Urban Redevelopment Authority (URA) announced on Nov 20 that the lease on a plot of land in Bukit Timah currently occupied by Raffles Town Club (RTC) will not be renewed when it expires on Oct 17, 2026. Measuring approximately 132,639 sq ft, the location at 1 Plymouth Avenue in District 11 is within walking distance of the Stevens MRT Interchange.

Lee Sze Teck, senior director for data analytics at Huttons Asia, suggests that when the lease expires, the site will likely be sold for private housing and may be ascribed a plot ratio of 1.4 due to the surrounding low-rise development. This could result in the potential for a luxury project of 160 to 190 units, each with average unit size of 915 to 1,076 sq ft. He believes if the site was to launch for tender today, it could generate a winning bid of over $1,500 psf per plot ratio.

Eugene Lim, key executive officer at ERA Singapore, suggests the plot ratio could be higher due to the site’s location at the corner of Whitley Road and Dunearn Road. Lim proposes a higher plot ratio of between 1.6 and 2.1 might be granted in order to facilitate a taller development that may serve as a landmark for the junction.

The site itself is within a private residential enclave and is a five minute drive to the Singapore Botanic Gardens. It is alsonearby to reputable schools such as Singapore Chinese Girls’ School, Nanyang Primary School and St Joseph’s Institution. Recent condo resale transactions within a 500m-radius of Raffles Town Club (Source: EdgeProp LandLens) offer insight into the demand for residential property in the area.

In response to the announcement, SLA and URA issued a statement saying the redevelopment of the site for residential use will “support future housing demand and enhance the residential character of the precinct”. RTC will continue its operations at the site until the lease expires, upon which they will be required to return the land to the state.

The redevelopment of the Raffles Town Club site for residential use is set to significantly enhance the area. Evidence of the high demand for residential property in the locality, as well as the benefit of a potentially increased plot ratio and a landmark development, bodes well for the expected success of the proposed project.

Modern Luxury and Convenience: Braddell Heights Estate’s Newest Detached House

For a modern and luxurious landed home in a prime location, prospective homeowners should consider ‘The Courtyard’ by JG Land, a brand-new detached house in Braddell Heights Estate, District 13. Nestled in a low-density residential neighborhood, this contemporary home at 251 Wolskel Road is within close proximity to a plethora of amenities – three MRT stations nearby, as well a range of prestigious primary schools within 1-2km radius.

This spacious two storey home with an attic is situated on a 4,150 sq ft plot, with a total built-up area of 5,970 sq ft, and offers a car porch for two to three cars and a private swimming pool. Its competitive price of $10.6 million or $2,554 psf based on the land area makes this a desirable investment.

Mindfully designed, this stunning home features an efficiently laid out ground floor with a spacious living room that connects to the swimming pool, a well-appointed dry kitchen connected to the dining area, and a wet kitchen leading to a backyard. Privacy is ensured on the second floor and the attic, where the bedrooms and living quarters are situated. It features an en suite master bedroom with a walk-in wardrobe and study corner, two en suite bedrooms, and a family area.

The attic offers an en suite junior master bedroom with a walk-in wardrobe and study area, as well as two additional en suite bedrooms and access to an open roof terrace. Natural light is allowed into all parts of the house during the day through a pocket area, cooled by a landscaped water feature pond on the ground floor.

Investing in a luxury Condo in Singapore is a lucrative decision that boasts many benefits. For instance, potential capital appreciation, increased rental yields, low maintenance fees and taxes are just a few of the advantages. Additionally, with the remarkable facilities and amenities available, condominiums have become increasingly sought after by investors and tenants alike. In short, a luxury condominium in Singapore is an investment that is capable of delivering excellent returns.

This modern detached house in Braddell Heights Estate embodies the epitome of contemporary living with a minimalist architectural style, subtle color palette, and thoughtful details. If you’re looking for luxury, convenience, and a harmonious blend of both, this is the perfect opportunity for you. Arrange for a private viewing with Brenda today and make your dreams a reality.

Debut of first Edition hotel in Singapore and Southeast Asia

on PropertyGuru.

The Singapore Edition is the first of its kind in the city-state and Southeast Asia. Situated in prime district 10, the development features a 204-room hotel, 154 luxury residences, and several event spaces. The development features a double frontage along Orchard Boulevard and Cuscaden Road. With a portfolio of 31 brands, Marriott will manage the hotel, while American hotelier and real estate mogul Ian Schrager has collaborated with Hong Kong-based interior design firm Cap Atelier to mastermind the interiors.

. With the demand for luxury living increasing in Singapore, a lot of people have decided to invest in a Singapore Condo. The city’s property market is full of attractive condos that provide owners with a great lifestyle and potential capital appreciation. With the recent surge in prices, condos are becoming increasingly popular since they offer high rental yields and low maintenance fee structures. They also attract investors looking for capital gains, as well as families looking for a comfortable and luxurious living environment. Furthermore, there are attractive tax benefits for owners of condos in Singapore. Furthermore, with a strong economy and positive outlook for the future, Singapore continues to be an ideal investment destination for foreign investors.

Moshe Safdie, the famous architect behind Marina Bay Sands and Jewel Changi Airport, has designed the project. The Singapore Edition is a redevelopment of the former Boulevard Hotel, by a consortium comprising Kwek Leng Beng’s Hong Leong Holdings, Singapore-listed property group City Developments (CDL) and Schrager’s Lea Investments.

The hotel spans six floors with access from Cuscaden Road. Its white-marbled lobby features a gold leaf-covered domed ceiling, while the 284-unit Boulevard 88 soars 28 storeys above the hotel block.

Celebrated Australian chef Josh Niland’s first restaurant outside of Australia, Fysh, is located on the first floor of Singapore Edition. Occupying a 2,680 sq ft space, the seafood-focused steakhouse has a main dining room that can seat 80, an indoor conservatory, and an outdoor pergola that can seat an additional 44 diners. Adjacent to the restaurant is the signature bar, the Punch Room.

The development also features a courtyard garden, leading to an 872 sq ft boardroom and a 6,458 sq ft event gallery with a capacity of 340 guests. The event gallery can be split into three, while the Roof bar offers a 43m swimming pool and landscaped garden. Guests can also enjoy a spa on the second level with seven treatment rooms, his and hers changing suites, sunken vitality thermal pools, an ice fountain, a relaxation lounge, a sauna, and a steam room.

The Singapore Edition soft opened on Nov 9, with room rates from $680+++ a night. The biggest penthouse at Boulevard 88 was sold for $31 million in June, setting a new high for the development. For more information and listings for Boulevard 88 properties, check out PropertyGuru.

Two adjacent landed properties available for sale in Braddell Height Estate

Condominiums in Singapore are becoming increasingly sought after due to their higher potential for financial returns. Generally, a Singapore Condo offers more comfort and convenience than an HDB flat. In addition, the higher appreciation rates for condos makes them attractive to Singaporeans looking to invest in real estate. Many private developers are now introducing new projects to meet the growing demand. As such, prospective buyers can find an abundance of choices that range from affordable to luxury.

In the residential enclave of Braddell Heights Estate, District 13, two adjacent landed properties, a corner-terrace and an inter-terrace, have just gone up for sale. Lumiere by JG Land is located at the strategic junction of Jalan Girang and Jalan Sukachita, nestled within a two-storey mixed landed zoning area.

The corner-terrace property has a generous land area of 2,281 square feet and a substantial built-up area of 5,367 square feet. It has a 2.5-storey structure with a mezzanine, five bedrooms plus one additional room, and modern amenities such as a private lift and a swimming pool. The asking price for this residence is set at $6.85 million, which translates to $1,276 psf based on the built-up area.

The inter-terrace unit, which is adjacent to the corner-terrace, has a land area of 1,617 sq ft and a built-up area of 4,149 sq ft. It is composed of six bedrooms plus one extra room and also comes with a lift. The asking price for this unit is $5.28 million, equating to $1,195 psf based on built-up.

Location-wise, the terraces are conveniently located near two MRT stations within walking distance: the Lorong Chuan MRT (8-min walk) and the Serangoon MRT (10-min walk). The latter also provides direct access to the NEX shopping mall, one of the largest suburban malls in Singapore. Primary schools and international schools such as Yangzheng Primary School, St. Gabriel’s Primary School and Australian International School, are all within a 1km radius.

Architecturally, these terraces feature a unique design that implements cross-ventilation and natural lighting, which is achieved by the incorporation of glass block bridges and skylights. The flexible layout allows for future modifications that homeowners may require. Additionally, the split-level design in both houses allows for the creation of double-volume ceiling spaces, enhancing the sense of spaciousness. Open terraces add valuable outdoor living areas suitable for entertainment, allowing natural light and ventilation to enhance the living environment.

Furthermore, the landed homes are future-proofed with provisions such as private lifts and electric vehicle (EV) charging points, catering to the needs of Singaporeans in the years to come.

For those looking for a landed property, Braddell Heights Estate is a prime choice for ownership in a highly sought-after district. Over the past decade, prices of landed properties in this area have experienced a 60% increase in value, outpacing the national average increase of 49%.

For more information, contact associate group director Catherine Lee 98473817 or senior associate director Avery Lee 88080838 of PropNex Realty Pte. Ltd.

Residential sites at Holland Drive and De Souza Avenue for sale on Reserve List

at record reserve price of $1,475 psf ppr

On Nov 16, the Urban Redevelopment Authority (URA) released two residential sites for sale from the 2H2023 Government Land Sales (GLS) programme. The two 99-year leasehold sites are available on the Reserve List and yield 1,035 residential units.

The more attractive of the two sites is located at Holland Drive in prime District 10, and is nestled by various amenities at the One Holland Village development. The land parcel is 133,330 sq ft with a maximum gross floor area (GFA) of 626,665 sq ft, capable of being developed into a 680-unit residential project.

With a quantum price exceeding $1 billion, many local bidders may be deterred, though developers may unite to form a consortium in order to place a joint bid. The additional buyer’s stamp duty (ABSD) of 60% is another factor inhibiting foreign investors.

The other site is at De Souza Avenue, located off Jalan Jurong Kechil. At 207,154 sq ft with a GFA of 331,453 sq ft, it can be built into a 335-unit project. Huttons Data Analytics expects a quantum of $500 million, and that it will attract between 1-3 bidders.

The last residential site on De Souza Avenue was released in 2018, and developed into the Verdale project. The 258-unit development was sold in May 2020 at an average price of $1,782 psf.

If you’re ready to invest in the real estate market, be sure to take a long-term view and understand the potential risks. For many, a Singapore Condo is a wise choice as the reliability and safety of the country’s economy and political situation can provide peace of mind for investors. Besides, the infrastructure and government policies in the city-state are designed and regulated to ensure a steady appreciation of property prices. With good research and preparation, a condo investment may be a lucrative source of passive income for many years.

The De Souza Avenue site is not close to any MRT station, which can complicate things for potential buyers. The nearest MRT is Beauty World, about 1km away.

In the recent District 21 neighbourhood, the only launched project was the 732-unit The Reserve Residences. It offers a direct connection to a Beauty World MRT station, bus interchange and mall. The project sold 71% of its units at launch at an average price of $2,225 psf, and is 91% sold to date.

Out of the 4 sites remaining on the Confirmed and Reserve List in the Rest of Central region, the De Souza Avenue site may draw more attention due to its limited new supply and proximity to local homebuyers.

The expected top bid for the De Souza Avenue site is between $1,200 and $1,300 psf ppr, and could generate a quantum price of between $397.74 million and $430.88 million.

Overall, while the cooling measures may limit potential buyers, the two sites have plenty of amenities and potential.

Auction of two separate strata retail units at People’s Park Complex for $800,000 and $1.8 mil

The upcoming auction of two strata retail units at People’s Park Complex promises an attractive investment opportunity for buyers. With units located on the second and fourth level of the 99-year leasehold, mixed-use development in Chinatown, prospective buyers are not subjected to any GST, additional buyer’s stamp duty (ABSD) or seller’s stamp duty (SSD). The second-level unit, currently tenanted to a luxury retail store, is up for auction with an indicative guide price of $1.8 million, while the fourth-level unit, tenanted to a wellness therapy business, has an indicative guide price of $800,000.

The upcoming auction of two strata retail units at People’s Park Complex, a 99-year leasehold, mixed-use development in Chinatown, presents an attractive investment opportunity. This is due to the exemption of GST, ABSD or SSD for the two units, located on the second and fourth level of the building. The second-level unit, 452 sq ft in size, has a guide price of $1.8 million ($3,982 psf), and is currently tenanted to a luxury retail store with a renewed lease term of two years from March next year at a monthly rental rate of $5,000.

On the other hand, the fourth-floor unit, with a guide price of $800,000 ($1,653 psf), is 484 sq ft in size and tenanted to a wellness therapy business until July 2025 at $1,800 monthly. According to transaction cordats, the owner of the second-floor unit purchased it for $1.45 million ($3,207 psf) last April and the fourth-level unit was bought for $828,000 ($1,709 psf) the month after.

With the growing demand for high-end real estate in Singapore, investing in a Condo is a great way to grow your wealth. It offers both rental yields and potential capital appreciation due to its high-end location. Furthermore, investments in luxury condominiums usually come with low maintenance fees and taxes. It is also convenient as it provides more living space and comes with amenities such as pools and gymnasiums. All in all, luxury condominiums in Singapore are a great solution for potential buyers looking for an investment opportunity.

People’s Park Complex further promises higher than average rental yields of 5.8%. This speaks to the high footfall that the development enjoys, likely from residents in the neighbourhood and tourists, as well as its accessibility via Chinatown MRT Station and Outram Park MRT Station.

Tricia Tan, director of auction and sales at Knight Frank Singapore, adds that the government announcement to build 6,000 residential homes on Pearl’s Hill in Chinatown is expected to increase traffic in the area, bringing more business and higher investment yields to prospective buyers of the units.

She notes that interest is likely to come from investors — locals, foreigners and even corporate buyers — as the units offer a rare exemption from taxes. Tan expects the units to draw in bidders, especially given the development’s high rental yield relative to other nearby malls such as Havelock2 on Havelock Road and Chinatown Point on New Bridge Road.

URA sales data from the last 12 months shows People’s Park Complex retail units typically selling for $947 psf on average, with unit rentals ranging between $2.40 psf per month (pm) to $7.10 psf pm, or an average of $4.60 psf pm. This is higher than the rental yields of 4.6 percent and 3.4 percent for Havelock2 and Chinatown Point, respectively.

Knight Frank Singapore will be putting both units up for auction on Nov 16. With the potential for en bloc sale, the auction is sure to draw a good number of buyers looking for an attractive investment opportunity.

SEAA signs MOUs to facilitate dispute resolution with the rise of scams; marks collaboration with Singapore Police Force

ceremonySEAA signed two memorandums of understanding (MOUs) at its Singapore Key Executive Officers and Leaders conference on Nov 14, with the Singapore Estate Agents Association (SEAA) also holding a separate ceremony to mark its collaboration with the Singapore Police Force (SPF), the National Crime Prevention Council (NCPC) and Council for Estate Agencies. With the guest of honour, Associate Professor Muhammad Faishal Ibrahim, Minister of State for the Ministry of Home Affairs & Ministry of National Development, Adam Wang, president of SEAA, spoke of the rising scam cases and the need to stay alert during real estate transactions.

The first MOU was signed between SEAA and the Law Society of Singapore and is aimed at promoting the use of the Law Society’s alternative dispute resolution schemes, including their mediation and arbitration schemes. It is ideal for disputes arising from co-broking arrangements between property agencies and property agents.

The second MOU was signed with 16 property agencies, including PropNex Realty, ERA Realty, Huttons Asia, OrangeTee & Tie, and SRI, representing 88% of the total number of property agents in Singapore according to SEAA. This agreement offers complimentary associate membership for all the agencies’ salespersons, and seeks to promote and further the use of the mediation and arbitration schemes offered by SEAA and the Law Society of Singapore.

Adam Wang, president of SEAA noted the need for such a MOU, “When a commission dispute arises between property agents, especially from different agencies, it is sometimes difficult for both the agencies to handle on the agent’s behalf as a large part of the commission goes to the agents and their stakes are higher… This is where SEAA and Law Society can step in to resolve such disputes.”

Investing in luxury Singapore Condo has proven to be a lucrative investment for many. It offers a great way to increase one’s rental yields, if rented out, capital appreciation, and low maintenance fees and taxes. In addition, a well-maintained condo will appreciate over time, providing even further returns on the original investment. Being centrally located in major cities such as Singapore makes luxury condos highly desirable, making them a great investment.

The third part of the MOU is for property agencies and all their property agents to adopt the best practice guide on co-broking commissions with effect from July 1, 2024.

The MOUs come amid the recent $2.8 billion anti-money laundering crackdown in Singapore, which involved multiple numbers of high-value real estate transactions. SEAA’s Adam Wang noted that this “further amplifies the need for our property agents to exercise extra caution and stay highly alert with every property transaction when dealing with potential clients.”

Ultimately, SEAA aims to ensure that all parties in the real estate sector are able to uphold the highest ethical standards and prompt dispute resolution. The two MOUs signed are testament to this, and are beneficial for all stakeholders involved.

Portfolio of heritage shophouses in Penang, Malaysia for sale at $10.6 mil

When it comes to Singapore Condo investments, taking your time to consider your options pays off. Each area of Singapore will offer different investment benefits, so it’s up to you to decide which factors (location, neighbourhood, school districts, transportation, amenities, etc.) are important to you. Take the time to research the property market in each area, and compare other investment options available to you. Keep in mind that if you’re looking to make a rental income property, you should research rental rates and vacancy rates in order to gauge the desirability of the property.

A portfolio of 11 freehold heritage shophouses located in Penang, Malaysia are available for purchase through an expression of interest exercise, with a guide price of $10.6 million (RM36.6 million), or $359 psf on the built-up area. Steven Tan, managing director of capital markets and investment sales at ERA, the appointed marketing agent for the properties, believes the strategic location of the portfolio is an attractive investment choice for property investors.

The two-storey shophouses, situated along Lebuh Tye Sin and Lebuh Presgrave in Penang’s George Town area, have a combined land area of 23,143 sq ft and a built-up area of 29,561 sq ft. They have been refurbished and leased to F&B tenants including restaurants, a bakery and a dessert shop.

The portfolio is located in close proximity to various attractions and amenities, such as Komtar Tower and Bus Terminal, as well as two future light rail transit stations at Komtar and Macallum. Other areas of note that are within walking distance are all part of the Unesco World Heritage Site, while Gurney Drive is only a short drive away.

Penang’s business-friendly policies, along with the proposed construction of a Light Rail Transit system and the recent expansion of Penang International Airport, make it an appealing destination for investors, including those from Singapore.

Additionally, current strength of the Singapore dollar makes the acquisition of overseas properties, such as these shophouses, more accessible. Tan believes these shophouses hold significant potential for substantial future growth, as they are priced between 10% to 15% of the cost of Singapore’s conservation shophouses.

The EOI exercise for the portfolio will close on Jan 18, 2024 at 3pm. Investors looking to own a unique freehold property in Penang should act fast to secure this investment opportunity.

Metro, TEP Capital and LaSalle Investment jointly acquire VisionCrest Commercial for about $450 mil

A unique opportunity in prime Orchard Road has been acquired for $450 million by Metro Holdings, a Singapore-listed firm, and two other investors: TE Capital Partners, a private equity firm, and LaSalle Investment, a US real estate investment management firm. The property, VisionCrest Commercial, carries a purchase price of almost $3,000 psf based on its net lettable area of 148,854 sq ft and 11-storey building. Michael Tay, CBRE head of capital markets for Singapore, is said to have brokered the sale.

Metro holds a 40.9% stake in Vision One Enterprise Ltd, with TE Capital owning the other 59.1%. Meanwhile, both TE Capital and LaSalle Investment have executed a put-and-call option agreement to complete the purchase of VisionCrest in prime Orchard Road. Metro will own an effective 20% stake in the property for $40 million and the remaining 29.9% and 50.1%, respectively, are held by TE Capital’s fund and LaSalle Investment.

VisionCrest is a freehold building with a retail podium on the ground floor, Grade-A office space on the upper stories, and two basement levels of parking for up to 144 cars. It also includes VisionCrest Residence – a 265-unit residence – and House of Tan Yeok Nee, a national monument which now houses Amity Global Institute.

Situated in a desirable location, the VisionCrest Commercial building is a five-minute walk from the Dhoby Ghaut MRT interchange station for three lines (North-South, North-East and Circle). Shopping malls along Orchard Road are nearby and will benefit further from the URA’s plans to rejuvenate the precinct. This high-specification building is also LEED Gold certified and boasts a strong cash flow profile with an occupancy rate of 99%, backed by a wide range of multinational companies.

The sale of VisionCrest Commercial was first announced in July 2023 by Union Investment Real Estate, a German fund manager, and had an asking price of $470 million. Union Investment had held the property for 16 years, having purchased it from Singapore-listed property developer Wing Tai Holdings in 2007 for $260 million.

“This acquisition is a unique opportunity in the prime Orchard Road area,” says Metro Group CEO Yip Hoong Mun. “Good quality, freehold strata-titled offices with full floorplates are limited.”

Real estate investment is an incredibly attractive and potentially lucrative option for anyone looking for a long-term return on their investment. It’s important to realize, however, that it takes time for property value to appreciate, and there are no guarantees in the market. Before you invest in a Condo, make sure you’re financially prepared to hold out for the long-term. Don’t bank your life savings on something that may or may not happen. If you’re confident of holding onto the property without financial difficulty, then real estate investment could be a viable option.

Check out the latest listings for VisionCrest properties for more information, or take a look at the related news listed below.

RELATED NEWS
VisionCrest Commercial up for sale at over $470 mil
UNDER THE HAMMER: Unit at VisionCrest going for $2.25 mil
House of Tan Yeok Nee on the market, priced from $93 million

CDL buys private rented sector project in Manchester for GBP75.6 mil

, is a great time to invest in a Singapore Condo. With the increasing demand for properties in Singapore, the prices are only expected to go up. Therefore, investing now while prices are still relatively low can be very beneficial in the future.

Moreover, with the convenience of having all of the amenities and facilities provided by a condo, it is a great choice for investors. From swimming pools to gyms and even smart technology and home automation, luxury condominiums can provide an enhanced lifestyle for potential buyers. The new developments in Singapore also boast great views and lots of secure parking areas.

Furthermore, luxury condominiums are now equipped with smart appliances, energy-saving systems, and modern facilities, making them ideal for those looking for a comfortable living experience. In addition, taxes and maintenance fees are generally lower than those of other types of properties.

The Singapore real estate market is expected to continue its growth in the coming years, which means there are plenty of attractive investment opportunities. Investing in a luxury condo can be a great way to benefit from increased rental yields, potential capital appreciation, and low fees.

CDL, Singbridge and Ascendas put in joint bid of $1.87b for Pulau Brani site

CDL has announced the acquisition of a 261-unit freehold PRS project in Manchester, which will commence construction this month. Located near Piccadilly Station within the Piccadilly Basin neighbourhood, the development will consist of two apartment blocks spanning 10 and 12 storeys respectively. The blocks will house a mix of one-, two- and three-bedroom apartments and two commercial units on the ground floor. The project is expected to be completed in 2026 and was acquired for GBP75.6 million (approximately $125.7 million).

This forward-funding arrangement marks CDL’s first UK PRS acquisition, allowing them to secure their investment at a fixed cost and manage cash flows over the development period. Group CEO Sherman Kwek noted that this year, their global PRS portfolio had grown by almost 70% to 4,489 operational and pipeline units across the UK, Japan, Australia, and the US.

Kwek added that this acquisition will allow CDL to benefit from potential capital appreciation. Further, the move to scale up its global living sector portfolio serves to drive growth in CDL’s recurring income.

This marks the fourth PRS project undertaken by CDL in the UK since 2019. Moreover, it further solidifies CDL’s presence in the UK, where they had already bid for a site at Toa Payoh in Singapore, as well as acquiring a 256-room Osaka hotel for $78.5 million and putting in a joint bid of $1.87 billion for the Pulau Brani site.