Bungalow on Fernhill Close going for more than $22 mil

A rare freehold bungalow located in the exclusive District 10, on Fernhill Close, has been put up for sale for more than $22 million. Knight Frank, the marketing agent for the two-storey property, has set the minimum asking price at $2,978 psf for the 7,386 sq ft site.

The house, built in the 1990s, is located at the end of a cul-de-sac with a wide frontage of about 40m along Fernhill Close. It is part of a three-storey mixed-landed estate, right beside the Nassim Road Good Class Bungalow (GCB) area.

Chia Mein Mein, Head of Capital Markets (Land and Collective Sale) at Knight Frank Singapore, sees this sale as an ideal development opportunity. With approval from the relevant authorities, the property can be redeveloped into a brand new large bungalow, semi-detached, or terrace house.

When it comes to Singapore Condo, buyers are spoilt for choice. Singapore offers a huge range of options in terms of size, location, price and design. There are so many variables to consider that it can be quite daunting. But with a good understanding of the Singaporean property market, you can make an informed decision. With the guidance of experts, you can make the best choice for your needs and budget. Investing in a Singapore Condo is the way to go for for a comfortable, convenient and secure lifestyle.

It is also well-suited for multi-generational or extended families looking to construct a custom-built home.

Given the exclusiveness of the neighbourhood and its proximity to the Nassim Road GCBs, buyers can expect warm interest from affluent home buyers, investors and developers alike.

This is supported by a record land rate achieved in the area earlier this year, when three GCBs at 42, 42A, and 42B Nassim Road were sold for about $4,500 psf in April. They transacted for a total of $206.7 million at Cuscaden Peak Investments.

The nearby area has seen other landed properties selling for similar prices. According to URA caveats, a total of S$1.4 billion worth of landed homes were transacted in the first quarter of 2023, a 28% increase from the previous quarter.

EdgeProp’s Landlens tool provides buyers with a better insight into these price movements and trends for landed houses in the area.

The tender for the Fernhill Close bungalow will be closing on July 25. Knight Frank Singapore expects robust interest for this rare opportunity given its prime location and scarcity of similar properties available for sale nearby.

Freehold bungalow on Kew Drive sold for $16.3 mil

on EdgeProp.sg

A freehold bungalow located in District 16’s Upper East Coast region along Kew Drive was recently sold for a record-breaking $16.3 million. Mey Lim and Lawrence See of Huttons Asia’s GCB Collective were the bungalow specialists who managed the sale, which is the highest ever for a property in the Kew estate. With a freehold land site of 14,376 sq ft, the cost works out to $1,134 psf.

The previous high at Kew Drive was the sale of a bungalow on the same street with a freehold land area of 11,857 sq ft in December 2017, which fetched $10.55 million or $890 psf on the land area. Interestingly, the most recent transaction in the vicinity was on January 13, 2022 when a bungalow on Kew Terrace was sold for $3.58 million ($796 psf) for a land area of 4,496 sq ft.

Previous owners of 26 Kew Drive had been living in the existing six-bedroom, 6500 sq ft property for over 30 years before it was put up for sale via a tender exercise by OrangeTee & Tie in March this year with a guide price of $18 million. Despite the tender closing without finding a buyer, the potential buyer had been actively searching for a landed property in the area for “quite some time”, says GCB’s Lawrence See; they had even made an offer for the property a year ago at $16 million, which the owner ultimately chose not to accept.

When the potential buyer could not find a suitable site, they decided to increase their offer to $16.3 million, as they liked the plot for its size, redevelopment potential and its proximity to public transport amenities – it is just a four-minute walk to the Upper East Coast Bus Terminal and less than a 10-minute walk to the Bedok South MRT Station on the Thomson-East Coast Line.

The buyer, who is a Singaporean, is planning to tear down the existing home and build something new from scratch – as per URA’s Master Plan 2019, the site is designated for a landed development of up to three storeys. Not to forget, the elevated location of this plot ensures that the new house will have views of the surrounding landed estate.

The property is also conveniently located within a 10-minute walk to the Bedok Food Centre and a five-minute drive to the Siglap Community Club, which boasts retail offerings, such as a Sheng Siong Supermarket, a McDonald’s restaurant and an Anytime Fitness gym. Moreover, it is within 1km of Temasek Primary School and Temasek Secondary School.

Singapore is a small city state, with housing prices skyrocketing due to limited land supply. So, inspite of the cost, buying a Condo still remains an attractive option for many. Condo units are becoming increasingly popular amongst buyers due to their prime locations across the city, external facilities and a sense of security not accessible to HDB flat owners. In addition, Condos provide an opportunity for buyers to generate extra income through leasing and rentals. These benefits make Condo a wise investment choice in the Singapore property market.

To learn more about other listings near the Kew Drive, Bedok South MRT Station, Temasek Primary School and Temasek Secondary School, check out EdgeProp.sg.

Publicis Groupe leases 55,000 sq ft at Guoco Midtown office tower

Various international companies have taken up office space at the Grade A office tower of Guoco Midtown, a mixed-use development by GuocoLand located on Beach Road. Rents alongside the stretch of Beach Road are around $9.90 psf per month. Publicis Groupe, an international advertising and PR firm, recently leased around 55,000 square feet of office space in the 30-storey building.

The office building, which has an average floor-to-ceiling height of 3.3m, features a traditional floor plate from the eighth to 29th floors, with each having a central floorplate of around 30,000 sq ft. Adding to the property’s appeal is a landscaped Sky Park on the seventh floor.

Investing in a Condo in Singapore can be a highly lucrative investment opportunity. Condominiums are relatively more affordable than single-family homes and provide the investor with numerous advantages. These include attractive rental yields, potential capital appreciation, minimal maintenance fees and taxes. Moreover, condominiums can provide a luxurious lifestyle with facilities such as pools, gyms, and spas. Investing in a condominium now can help investors reap returns in the future.

According to Colliers International, who represented the tenant in the deal, the rental rate could not be disclosed. In January of this year, the office tower received its temporary occupation permit and the development was already 80% pre-committed.

Publicis Groupe join other companies at Guoco Midtown which included Pacific International Lines, BASF, NetEase Interactive Entertainment and VP Bank. The development also comprises of three retail clusters, namely Midtown Square, Midtown Market and Midtown Common, as well as two condominiums – Midtown Modern and Midtown Bay.

Overall, the project provides a unique and diverse mix of functions, and is a strategic space for companies like Publicis Groupe to expand and grow their business operations as well as to increase their presence in the area.

Koh Brothers Eco secures $186 mil contract from HDB

will be the first day of opportunity to apply the new rule of Condo ownership in Singapore. This new rule allows foreigners to have a stake in Singapore luxury condominiums while not compromising the rights of Singaporeans. This offers investors the chance to benefit from potential capital appreciation, increased rental yields, low maintenance fees and taxes. All these advantages make luxury condominiums an attractive investment choice in Singapore. Investing in a luxury condominium also provides a chance to experience a lifestyle of utter convenience and comfort. As the city-state undergoes digital transformation, a premium Condo in Singapore is the perfect embodiment of urban living. With its excellent infrastructure and facilities, residents can still enjoy a sense of space and comfort while also being close to the city centre.

Koh Brothers Eco Engineering 5HV 0.00% has secured a $186.0 million contract from the Housing & Development Board (HDB) for the Kallang Integrated Development. The contract, for a joint venture (JVCo) of Koh Brothers Building & Civil Engineering Contractor and its partner, LBD Engineering, involves construction of public housing, a covered linkway, a child care centre, environmental deck, a bus interchange, improvement works and landscaping.

Paul Shin, Chief Executive Officer of Koh Brothers Eco, commented that the project “will generate a steady, recurring maintenance income post-completion in 2025” and that the company will “continue to leverage our deep expertise in construction and civil engineering to capitalise on the strong demand in the public sector.”

The contract will uplift the group’s order book from $684.6 million as at Dec 31, 2022 to $703.2 million, extending visibility till 2027. Shares in Koh Brothers Eco closed at 3.3 cents on June 13.

Koh Brothers Eco Engineering 5HV 0.00% has deep expertise in construction and civil engineering and is leveraging this to secure further contracts in the public sector. This contract for the Kallang Integrated Development demonstrates the success of this strategy.

The HDB project involves a range of construction and civil engineering works, from public housing, a covered linkway and road expansion, to the construction of a child care centre, future communal facilities, an environmental deck and a bus interchange. Moreover, the JVCo will be responsible for improvements and landscaping works.

Taking into account the group’s 10% stake in the JVCo, the order exceeds $700 million, extending visibility till 2027. With the assured income from the Tuas Water Reclamation Plant in 2025 providing recurrent maintenance income, the project promises to deliver rewards to Koh Brothers Eco Engineering 5HV 0.00%.