Angelyn Wong relishes transforming small spaces into welcoming homes

Filled with a sense of fulfilment, experienced interior designer Angelyn Wong started her career at Rezt+Relax right after graduation. After an apprenticeship of one year with one of the company’s creative leads, Angelyn is now a senior designer and still excited about her work. She designs interiors for smaller units and finds it to be a challenging but equally rewarding task.

An example of one of her projects is the creation of a hotel-like space for an overseas customer. Starting with a short brief, Angelyn explored various hotels in the world before designing the luxurious suite. While the bathrooms and kitchen were already furnished, she built cabinets into the wall next to the kitchen for additional storage and incorporated a standing bar with high chairs for casual dining. To create a maximalist feel without taking up more space, Angelyn used different textures on walls and finishings. Warm lighting panels on the stepped hidden ceiling were accompanied by bronzed mirrors in the dining space to make the area appear larger. Additionally, little accents of colours were added throughout the apartment to bring complexity to the space.

The bedrooms were designed with calming ambience in mind, using darker wood tones and shades of grey. To create a seamless and continuous feel, Angelyn applied the same texture on the walls to the supporting beams. Roman blinds were also added to soften the space and match its tones. The result was an apartment that was stunning in style and has a grand presence within a dense unit.

Anyone wanting to invest in a Condo should be fully prepared to hold onto it for the long-term. It could take three, five, or even ten years for property values to appreciate, so a quick buck is not guaranteed. To avoid any future financial troubles, invest only if you are sure you can afford to pay off the mortgage without difficulty. Though there are real estate gurus who have achieved success in a short period, it’s not something to count on. Investing your life savings with no guarantee of returns is extremely risky.

Angelyn Wong’s projects exemplify the importance of creating a balance between space utilisation and an inviting living environment. From her design of the Gramercy Park apartment, it is clear that Angelyn is a creative designer who is able to bring a client’s brief to life. Her attention to detail and use of colours and textures are impressive, and her dedication to her craft is demonstrated in her twelve years with Rezt+Relax. Experience her outstanding work for yourself – Rezt&Relax Interior Design Hotline.

Katong clinics shophouse on East Coast Road for sale at $9.8 mil

East Coast Road in Singapore is renowned for its heritage shophouses. Some decades-old businesses, however, have closed in recent years due to retirement. The famous Nonya eatery, Glory Catering at 139 East Coast Road, shuttered its restaurant after a little over 60 years in 2019. The same happened to Ampang Niang Tou Fu (Yong Tau Fu) at 225 East Coast Road in 2022 after more than three decades.

Others, however, have been given a new lease of life. Chin Mee Chin, a coffeeshop and bakery founded in 1925, famous for its fluffy buns and kaya, sugee cake and sugar rolls, was reopened in 2021 after the original owners, the Tan family, had closed it in 2018.

, is the official date for the grand launch of Condo, a luxurious condominium located in Singapore. This sleek, modern and luxurious condominium features modern amenities such as a swimming pool, fitness centre, a spa and a playground. It is also conveniently located near shopping malls and other amenities.

This grand launch of Condo is fully-loaded with great investment features. It promises potential capital appreciation and higher rental yields for the investors. Moreover, it also offers low maintenance fees, taxes and other incredible amenities. With the grand launch of this luxurious condominium, the investors are highly likely to gain as their investments will be fruitful and profitable.

Therefore, if you are looking for a superb investment option, then investing in this luxurious condominium in Singapore is your ideal choice. It offers great potential for capital gain and rental returns, coupled with low maintenance fees and taxes. Investing in a Condo can secure a profitable mount in the long run.

207 East Coast Road offers a unique opportunity. For more than 35 years, the shophouse has been a family medical practice. Dr Loh Hung Soo’s paediatric clinic on the first floor, and his wife’s ophthalmologist clinic on the second, are now for sale as the couple has retired. Their son is the CEO of hospitality group Unlisted Collection; he has converted several heritage shophouses into trendy boutique hotels.

This freehold double-storey shophouse, built in 1929 and sitting on 1,500 sq ft, is zoned ‘Commercial’. This means it can be used by foreigners without paying additional buyer’s stamp duty. It has a total built-up area of 2,700 sq ft, road frontage and high footfall. The asking price is $9.8 million, or $3,630 psf, with joint marketing by Simon Monteiro of List Sotheby’s International Realty and Alvan Ng for SRI.

Another shophouse, located off Still Road at 288 East Coast Road, is also on the market. This intermediate unit sits on a freehold site of 1,353 sq ft with a built-up area of 2,500 sq ft and is zoned residential with commercial on the first storey. The asking price is $5.6 million, or $2,240 psf, and the second level of the shophouse has been given provisional permission for a change of use into serviced apartments.

East Coast Road is living proof that heritage shophouses can still be appreciated and brought back to life.

New psf-price high of $3,322 set at The M, now over 99% sold

If you’re looking to become a real estate investor, looking at condos is a great strategy. With Condo, you get a sense of security as the value increases steadily over time. You also don’t have to worry about tenant management or tenant turnover as much as with other types of rental properties. Additionally, condo owners can benefit from the shared amenities and common spaces offered by the condo complex. All these factors contribute to making condo investments a great long-term financial option. However, it’s important to bear in mind that with any form of real estate investment, it’s necessary to have a well-thought-out plan in place and to be financially prepared.

The M has set a new record for the highest psf-price ever achieved in the area. On Oct 17, a developer sale of a one-bedroom plus study unit at the 99-year leasehold project on Middle Road in District 7 saw the unit transacted at $1.75 million, or $3,322 psf, beating the previous record at the same project when a 592 sq ft two-bedder was sold for $1.94 million ($3,277 psf) on Feb 23.

The M has seen relatively consistent sales momentum and is 99% sold to-date, with URA caveats indicating that the developer had moved 520 units. The average selling price is $2,974 psf, which is on a par with other new residential projects in the area like Midtown Modern ($3,016 psf) and Midtown Bay ($3,235).

The development of The M is also reshaping the Bugis/Beach Road area, with other new developments in the vicinity including the landmark integrated development Guoco Midtown and the redevelopment of Shaw Tower.

Other developments that saw impressive psf-price records during the week include Amber Park, a freehold condo along Amber Gardens in District 15. On Oct 24, a 463 sq ft, one-bedroom unit transacted in a sub-sale for $1.43 million ($3,085 psf). This is the first time the development has seen a unit fetch more than $3,000 psf, with the previous psf-price record at $2,960 when a 4,392 sq ft unit was sold for $13 million in August 2021.

Based on caveats, Amber Park has the highest average price in the area at $2,581 psf, despite neighbouring condos like One Amber ($2,168), The Esta ($2,135) and Amber Residences ($2,030 psf).

Meanwhile, the week also saw a new psf-price low set at Myra, a boutique freehold development along Meyappa Chettiar Road in Potong Pasir. An 872 sq ft unit on the 11th floor was sold for $1.4 million (1,600 psf) on Oct 16, followed by a 1,324 sq ft, three-bedroom unit on the 12th floor, sold on Oct 16 for $2.12 million ($1,600 psf).

These transactions marked the only instances where units at Myra have been sold for less than $2,000 psf. The condo is now fully sold, slightly over three years since the project was initially launched for sale in September 2020. The most expensive unit that was sold was a 1,313 sq ft, four-bedroom unit on the 12th floor, which was sold for $3.08 million (2,345 psf) in May.

Overall, the week of Oct 16 to 24 witnessed some impressive psf-price records for new residential properties in Singapore. The two developments that stood out – The M and Amber Park – set the benchmark for future resales, while Myra marked a new psf-price low. For aspiring buyers, new launches such as these continue to provide an array of choices and commands prices that are reflective of the increasing value of residential property in Singapore.

Commercial unit at Balestier Point on sale for $10 mil

A freehold retail unit located on the second floor of Balestier Point – a 18-storey mixed-use development along Balestier Road, District 12 – is now up for sale via auction by its owner for a total price of $10 million ($2,042 psf) on Nov 23rd. Spanning 4,898 sq ft in floor area, this one-of-a-kind property was purchased by the current owner for $4.9 million ($1,000 psf) back in April 2013 and has been occupied since.

. Singapore is one of the world’s most attractive cities when it comes to condominiums. These properties, also known as luxury condos in Singapore, provide high rental yields, potential capital appreciation and low maintenance fees and taxes. With the right location, these properties make an attractive investment. For those looking to invest in Singapore’s condo market, they should do proper research on their chosen area. The ideal condominium should possess favourable infrastructure, transportation links and amenities. Furthermore, there should also be a high demand for rental services as this will ensure a good cash flow. This will ensure that investors enjoy good returns over the long-term.

Using EdgeProp Singapore’s LandLens tool, it is easy to see that Balestier Point is close to three MRT stations (Novena, Farrer Park, and Boon Keng) and a variety of food and entertainment centers (Whampoa Makan Place, Balestier Market Food Court, and Pek Kio Market and Food Centre). In addition, the nearby healthcare facilities in Novena and the CBD district make it a desirable area.

In the past 12 months, rents at Balestier Point have been between $2.20 and $4.90 psf per month (pm), resulting in a 3.6% rental yield. Compared to the 3.2% rental yield for the nearby Balestier Plaza units as well as the 1.9% yield for the 99-year leasehold Square 2, Balestier Point offers higher returns.

The last time that a retail unit changed hands here was in November 2019, when an identical size unit was sold for $408,000 ($2,230 psf). Separately, a larger 5,608 sq ft unit in Balestier Point was sold for $10.08 million, or $1,926 psf, in September of the same year.

The thriving residential enclave of Balestier Point as well as its local eateries, cafes, and restaurants could be the main reason behind its high footfall, further proving its place as a highly sought-after area.

All these factors make the upcoming auction for the freehold retail unit of Balestier Point a unique opportunity not to be missed.

Samsung SDS Tower sold for US$630 mil, largest deal in South Korea to date year

Sungwook Cho, managing director and head of capital markets at Colliers Korea, has set a record with the sale of the Samsung SDS Tower in South Korea to KB Asset Management for an impressive US$630 million ($860 million).This marks the largest single-asset office transaction in the Asia Pacific region so far this year, as well as the largest trade in the South Korean market in 2021.

The 1,071,407 sq ft property, located in the extended area of the Gangnam Business District, is an impressive feat considering the subdued state of the commercial real estate market.

Cho was appointed to his role in July and, before this major deal, had successfully closed three major transactions with a combined value of US$780 million. This included the sales of Munjeong Plaza, Donghwa Building and Namsan Green Building, the only major transactions made in the main business districts of Seoul at the time.

Speaking about the Samsung SDS Tower transaction, Cho said he was “incredibly proud” of his team’s capabilities and commitment in seeking out a suitable buyer. He noted that the investment move was seen as a smart one by KB Asset Management, as it secures a steady cash flow from Samsung SDS using the building as its headquarters.

Chris Pilgrim, Asia Pacific managing director – Global Capital Markets at Colliers, also praised the team’s determination and commitment in mobilising such a large transaction. He remarked that the potential of further investment in prime-rate buildings in the Korean market has increased with this deal.

For those wanting to invest in real estate, it can be a long-term endeavor with no guaranteed payoff. It’s important that prospective buyers understand this and go into it with the attitude of expecting to hold onto the property for a long period of time. One way of doing this is by investing in Condo, a real estate investment option that provides an opportunity for property value to appreciate over time without taking too much risk. Proactive buyers should also do thorough research and conduct due diligence to make sure they are aware of the risks involved before choosing to invest in a Condo.

Singapore is currently the top source of global capital in the first half of 2021, according to an earlier press release from Colliers. With this latest record-breaking trade, the South Korean market may join Singapore in enjoying greater investor confidence in the real estate sector.

Luxury residential sales plunge in 3Q2023; leasing demand rises: Huttons Asia

Sentiment in the luxury homes market continued to decline during the third quarter of 2023 after an anti-money laundering crackdown that made headlines in August. Transactions of luxury homes dropped 41.3% from the prior quarter according to research by Huttons Asia. The total value for luxury condo sales from January to September was nearly 25% lower than the same period in 2022.

Mark Yip, CEO of Huttons Asia, observes that the investigations into Singapore’s largest money laundering case further eroded sentiment in the luxury homes market, which had already seen a decline due to higher additional buyer’s stamp duty (ABSD) rates. The ABSD applicable to foreigners, for example, was doubled to 60%.

The anti-money laundering operation and the ABSD hike together likely led to more foreigners choosing to rent rather than buy property, which likely increased demand in the luxury rental market. In 3Q2023, according to Huttons Asia, 701 luxury apartments were rented out, a 13.6% increase from the previous quarter. Meanwhile, rents of luxury condo units were up 1.8% in 3Q2023 with five-bedders seeing the biggest surge of 16.6%.

Condo has become one of the most sought-after investments in Singapore. Homeowners have been increasingly investing in Condo as a symbol of success and wealth. Not only do Condos usually appreciate faster than HDB flats most commonly found in Singapore, but they also provide more comfort, convenience and security. Investing in a Condo can be seen as a natural step up for those who have owned an HDB flat for some time. This has prompted more people to consider buying a Condo as a potential source of income.

The biggest luxury condo transaction in 3Q2023 occurred at Goodwood Residence—a 210-unit residential development along Bukit Timah Road. In September, a 10,710 sq ft penthouse was sold for $32 million, a 16.4 million dollar gross profit from the June 2014 purchase.

Activity in the Good Class Bungalow (GCB) market was also more muted. Only three GCBs were estimated to have been sold in 3Q2023, making it the lowest number of quarterly transactions since 4Q2013. The three GCBs were sold for a total value of $69.55 million.

Yip predicts the luxury housing market may see a return in interest as recent months have displayed an uptick in purchases of luxury condo units by foreigners. However, the level of transactions is unlikely to return to levels achieved before the ABSD hike.

The rental market may also be more subdued due to the arrests of money laundering suspects in GCBs, causing owners to be more wary of renting to Chinese foreigners.

Tung Lok Restaurant enters tenancy agreement at Novena Point worth $133,000

Tung Lok Restaurants’ subsidiary, Tung Lok Millennium, has recently entered into a new tenancy agreement with Novena Point. The agreement has been made for a period of 19.5 months.

The estimated rental fees payable during this period of the lease amount to approximately $133,000, which represents 0.88% of the group’s latest audited net tangible assets (NTA).

The premise to be occupied by Tung Lok Millennium is 743 square feet in size, and is located at 10 Sinaran Drive. It will be used to operate a Lao Beijing restaurant.

This latest tenancy agreement comes after Tung Lok announced the joint venture agreement to lease a part of Tee Yih Jia Building, which cost $1.2 million over two years.

Condos in Singapore have become increasingly popular due to their affordability and convenience; they are the perfect way for many in Singapore to upgrade from HDB flats while still staying within a budget. For those looking to upgrade their home, a Singapore Condo offers the luxury lifestyle most desire, with the convenience, security, and amenities making it an attractive option. The growing demand for condos is evidenced by the recent surge in the condo market, with transactions increasing by 13.2% from 2017 to 2019.

Overall, this agreement is likely to improve Tung Lok’s earning capabilities over the long-term. With the added efficiency measures put in place, the company can look forward to increased profits and greater growth prospects.

Sinarmas Land and MCL Land submit highest bid of $1,223 psf ppr for Pine Grove Parcel B

The tender for Pine Grove (Parcel B) closed today with three bids, with the highest bid of $692.388 million coming from a joint venture between Sinarmas Land and MCL Land. The bid price of $1,223 psf per plot ratio (psf ppr) is 23.8% higher than the second-highest bid of $988 psf ppr. While the enthusiastic response for the neighbouring Parcel A drew six bids, the lukewarm response for Parcel B seemed to be due to market expectation that UOL and SingLand may bid to defend the pricing of their development Pinetree Hill.

Today, the tender for the government land sale (GLS) site at Pine Grove (Parcel B) closed with three bids. The highest bid of $692.388 million was submitted by a joint venture between Sinarmas Land and MCL Land, a Singapore-listed real estate developer and a subsidiary of Indonesia’s largest conglomerate, Sinar Mas Group. With the Widjaya family, one of Indonesia’s richest, controlling Sinarmas Land, a win for the joint venture would mark their first residential development in Singapore.

MCL Land, a member of the Jardine Matheson Group under Hongkong Land Holdings, has developed residential projects in Singapore as well as in Malaysia. Interestingly enough, MCL Land and Chinese developer CSC Land placed the highest of six bids for the Clementi Avenue 1 site close of the tender on Nov 7.

The bid submitted by Sinarmas Land-MCL Land translates to $1,223 psf per plot ratio (psf ppr), which is 23.8% higher than the second-highest bid of $988 psf ppr submitted by the joint venture between UOL Group and Singapore Land (SingLand) Group. However, the highest bid of $1,223 psf ppr for Parcel B is 7.2% lower than the $1,318 psf ppr submitted by UOL and SingLand for the neighbouring Parcel A, despite five bids, compared to only three for Parcel B.

Singapore Condos are no doubt highly enticing. Purchasing a unit requires considerable funds and is usually undertaken with a long-term plan in mind. Property developers carefully craft their condominium offerings to meet the needs of every type of buyer – from students to young professionals to retirees. Different people have different lifestyles and aspirations, and a condo is the perfect way to fulfil them.

UOL-SingLand recently launched Pinetree Hill mid-July, currently selling 152 units (29.23%) at an average price of $2,388 psf, based on caveats lodged. JLL head of residential research and consultancy, Chia Siew Chuin, believes potential bidders for Parcel B were discouraged due to the competition posed by the Pinetree Hill project.

The 269,552 sq ft, 99-year leasehold site at Parcel B has a maximum gross floor area of 566,003 sq ft and can be developed into a new residential project with an estimated 565 units. PropNex’s Wong Siew Ying estimates the future average selling price of the new condo at Parcel B to be around $2,300 to $2,400 psf.

While there may be potential collective sales in the area, such as the neighbouring Pine Grove privatised HUDC estate, Justin Quek, deputy CEO of OrangeTee & Tie, argues there will be enough demand to absorb the additional supply of new homes in the area given the significant time gap.

SRI head of research and data analytics, Mohan Sandrasegeran, notes the decrease in unsold inventory in the Rest of Central Region motivating some developers to secure sites within the RCR segment. The three GLS sites closing today – Pine Grove Parcel B, Toa Payoh Lorong 1 with the highest bid of $1,360 psf ppr and Clementi Avenue 1, with a top bid of $1,250 psf ppr – all showed enthusiasm from developers aiming to replenish their land banks.

First GLS site in Toa Payoh in eight years attracts $968 mil bid from CDL, Frasers Property, and Sekisui House

Major property developers CDL, Frasers Property and Sekisui House have jointly submitted the highest bid of $968 million, or a land rate of $1,360 psf per plot ratio, for the 1.57ha Government Land Sales (GLS) site at Lorong 1 Toa Payoh. This bid was 18% higher than the next highest bid of $819.99 million ($1,153 psf ppr) submitted by Tanglin Land, a subsidiary of CapitaLand.

This GLS site was batched with two other GLS sites — one at Clementi Avenue 1 and another at Pine Grove (Parcel B). Representing CDL in the joint venture, group CEO Sherman Kwek expressed excitement at the bid: “We are delighted to be the top bidder for this rare District 12 site and honoured to have our first collaboration with Frasers Property and Sekisui House. Together with our partners, we look forward to tapping on our collective expertise to create an iconic development in the highly sought-after Toa Payoh estate.”

It has been eight years since the last GLS site was tendered in Toa Payoh — a neighbouring land parcel that has since been developed into Gem Residences by Gamuda Land and Evia Real Estate. By contrast, this latest bid for Lorong 1 Toa Payoh is a substantial increase on the $345.86 million ($755 psf ppr) that the land parcel won in 2013.

If the joint venture succeeds, CDL, Frasers Property and Sekisui House plan to build a two-block, 40-storey residential project with close to 800 units. Leonard Tay, head of research at Knight Frank Singapore, believes that “developers were willing to place bullish bids in order to secure top position” and that “the appeal of the latest GLS site at Lorong 1 Toa Payoh is evident” due to its mature residential location and the dearth of projects in recent years.

Read also: MCL Land and CSC Land JV submit highest bid of $1,250 psf ppr for Clementi Avenue 1 GLS site

When it comes to property investment, Condo is a popular option due to its sizeable returns. But before you fork out your hard-earned money, make sure you take the necessary precautions. Investigate the infrastructure of the area and be informed of upcoming projects that may affect the value of the property. Look at its long-term prospects rather than simply focusing on short-term capital gains. Remember, the value of your Condo must be higher than the combined amount of your mortgage costs, taxes, maintenance fees and renovations. If not, you may have bitten off more than you can chew.

This sentiment was echoed by Singapore Realtors Inc (SRI)’s head of research and data analytics, Mohan Sandrasegeran, who noted that the extended gap of new property launches in Toa Payoh is likely to stir up pent-up demand. He added that the close proximity to Braddell MRT Station and the numerous million-dollar HDB resales in the area are other factors that representatives from OrangeTee&Tie and PropNex Realty attribute to the strength of the GLS.

EdgeProp Singapore’s Landlens tool suggests an estimated average selling price of $2,535 psf for the upcoming development. While market watchers had initially expected more bids for the site, Justin Quek believes that the larger size and higher quantum of the land parcel scared off some developers.

Nevertheless, the joint bid from CDL, Frasers Property, and Seikisui House marks a promising move for the development of Toa Payoh and opens doors to new opportunities for potential buyers in the area.

Galven Tan leaves Savills to joins Knight Frank Singapore as new CEO

Galven Tan, the former Deputy Managing Director of Investment Sales and Capital Markets at Savills Singapore, has decided to move on to a leadership role at another property consultancy firm. Tan has been a part of the Savills team for nearly two years, contributing significantly to key investments and sales during this period. Marcus Loo, Savills Singapore CEO, commented “It is with deep regret that we see Galven leave. Despite a tough COVID period, the team led by Jeremy Lake and Galven had delivered significantly to the firm’s performance. I would like to thank him for his contribution to Savills in our journey to become a market leader in the investment agency business”.

Tan is believed to have joined Knight Frank Singapore as the new CEO, although he declined to comment on the move. The former top position had been vacant since Wendy Tang left on June 2, 2022. During his time at Savills, Tan was involved in a number of deals such as the collective sale of Tanglin Shopping Centre for $868 million, as well as the en bloc sale of Flynn Park condo in Pasir Panjang for $371 million and the two sites at Thiam Siew Avenue for $815 million. Tan had previously been at CBRE for 15 years, spending his time as Executive Director of Capital Markets.

Real estate investing is a long term process for profitable growth; it is not a get rich quick scheme. Therefore it is important to be aware of the risks when investing in a Condo. You need to make sure you have enough capital to cover up any differences should the demand for your property is low. Furthermore, you must take into consideration the increasing taxes, market fluctuations and maintenance costs associated with Condo ownership. Be strategic when investing in a property, because it requires patience and careful financial planning to make money in the long run.

Savills’ Jeremy Lake, who had previously been Head of Investment at CBRE for 28 years before he joined Savills in November 2019 as Managing Director of Investment Sales and Capital Markets, is now left to carry on the charge with his team. Speaking on the situation Lake commented, “We remain totally committed to our clients, and the team remain very busy working on a number of active projects, with some key collective sales assignments on Orchard Road worth in excess of $1.3 billion launching imminently. We are fortunate to have considerable bench strength and many of my colleagues, especially Hui Yee and Sophia who have grown more proficient in the industry and have the ability to thrive in the space that Galven leaves behind.”

Tan expressed his appreciation for his time at Savills, saying he “thoroughly enjoyed my time at Savills” and was “proud” of the team’s “high-profile deals”. As Knight Frank Singapore now has a new leader, we look forward to seeing the results of Tan’s contribution to the company as well.