Archive for category: Real Estate

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Perched at the top of a hill, in the forest Kent Ridge Park is luxury freehold condo Terra Hill, that has captured the hearts of judges for it to win the Sustainability Award in the EdgeProp Singapore Excellence Awards (EPEA) 2023. The property is situated in the vicinity of Yew Siang Road in Pasir Panjang The luxury property is a perfect blend of design and environmental sustainability. The eco-friendly facilities and design elements blend with the natural surroundings like the park as well as the neighboring Greater Southern Waterfront. The condo also has a green proportion of 8.40.

Terra Hill is located on the site that was once home to the former Flynn Park condo. It has a net floor space of 314,490 sq feet and includes nine 5-storey blocks that comprise 270 units. They include two- and three-bedroom apartments with a range of 624- 1,335 sq feet; four-bedders ranging from 1 302 to 1,862 square feet plus five-bedroom penthouses that measure 3,035 square feet.

Although construction is still in progress however, over a third of the condominium’s units have been sold. At the time of the official launch of the project on February 25 and 26, joint venture members Hoi Huup and Sunway Developments sold 102 units. Based on caveats filed on Sept. 22nd, the total of 105 units were sold, that the take-up rate is 38% and an average of $2,670 per square foot.

Building sustainable

Associate partner at ADDP Architecture Tang Kok Thye, one of the judges for EPEA 2023 and says: “The sustainability of a project is in its mechanism that are in place, like the air conditioning and lighting system and the way they are used to conserve the energy.” In keeping with this, Terra Hill provides energy-efficient five-ticks air conditioning for its vehicles and in its parking. The condo also has solar panels to reduce the energy consumption of common areas. The condo also includes an e-waste bin to dispose of electronics and electrical gadgets that are no longer in use.

The concept of sustainability is prominently portrayed in the landscape of the development that was developed by the landscape designer STX Landscape Architects. The project takes advantage of the rugged terrain and hillsides to produce a terraced area with five distinct zones of landscape. The site maximizes its location near its Greater Southern Waterfront by dotting the vantage points with 5 distinct spaces for community use that have the lush vegetation that covers its landscape. To add to its lush greenery are lakes that resemble lagoons and streams with water features that cascade across the landscape. The result is a style seamless blend of Terra Hill with its surrounding natural surroundings and features amenities which mimic the natural elements that are found in a forest hill area.

Strong biophilic design

The project was developed by architectural firm P&T Consultants with biophilic principles in mind, influenced by the hills as well as the surrounding natural landscape Hoi Hup Realty’s chief director Koon Wai Leong. He adds that Terra refers to “earth”. “There was a quick recognition of the lush green environment of the land that Terra Hill sits on. We made the decision early to develop an original landscape design by terracing the zones of the landscape from low to high in order to mimic what the landscape is.” However the unusual site was a challenge for our team to manage. “The terrain was an excellent element, but it also created an enormous challenge during the design. There were a lot of resources to be utilised to deal on the sloped terrain.”

Beyond the design Eco-consciousness extends to encouraging the sustainable development of the natural surroundings. This is accomplished by planting native species throughout Terra Hill to create green areas and pathways that connect to the Kent Ridge reserve for birds as well as butterflies and other insects. The species, colors the textures, and shapes of plants have been carefully selected to serve the dual goals of encouraging ecological harmony while also supporting the overall green design for the entire project.

Terra Hill takes “going green” literally when it comes to its selection of natural colors for its homes. Inside, the units feature clean lines and neutral shades, such as warm greys and deep browns as well as some charcoal grey. To complement the natural hues and textures, the right materials were chosen to construct the units, including natural wood and stone. The homebuyers will be able to take advantage of Terra Hill’s inventiveness in the blend of biophilic design and luxurious living once the project is complete and scheduled to take place in 2026.

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Noel Building, the freehold development located on 50 Playfair Road in the Tai Seng area, is available for auction with a suggested price of $70 million. The eight-storey building is situated on 2679 square feet of site which is zoned to “Business 1 and White” usage with an area size of 3.5. It is situated 400m away from Tai Seng MRT Station on the Circle Line.

“Sites that are zoned for “Business 1 – White usage are very rare, with just some scattered sites throughout Singapore,” notes Swee Shou Fern director of advisory services for investment for Edmund Tie, which marketing the property. She believes that the property located at 50 Playfair Road offers a unique opportunity for owners looking to create and build their own corporate headquarters. One option could be convert the property into strata factories to allow all-light industrial use.

The site could be developed to provide an area of gross floor space of 93,770 sq feet with the possibility of using all of the space for business 1 as well as light industrial purposes or, alternatively, at minimum 66,978 square feet can be allocated for light industrial uses as well as the remaining 26,791 square feet could be repurposed for “White” usage, says Edmund Tie. Permitted uses in this zoning include cafes, restaurants, shops showrooms offices, associations, and recreation clubs, among others. subject to approval by appropriate authorities.

The price guide of Noel Building works out to the land rate of $776-$986 psf in plot proportions (psf ppr) dependent on the percentage of white and industrial usage.

Swee notes that high-quality strata factories that are located near transportation hubs like MRT and surrounded by amenities are sought-after. “This is evident by the nearby AZ@PayaLebar which was completed in 2014, and in which the cost of factories for strata have increased by about six% between an average $1,389 for square foot in the 2H2022 period and $1,472 for a sq ft for the 1H2023 period,” she says.

Swee says that the most significant transaction that took place for the site that had “Business 1 – White” zone within the private sector was a sale of Citimac which is currently Grantral Mall at MacPherson. The site was bought in bulk in 2017 for $430.1 million ($1,047 psf per ppr) in the year 2017. The deal was mediated through Edmund Tie.

A tender to purchase Noel Building will close on November 22 at 3pm.

In the number of condos which saw the highest price for psf in the period of Sept. 10-12, The Scala, a 99-year leasehold condominium located on Serangoon Avenue 3, topped the list. The condominium saw a new PSF-price record of $1,816 following it was sold for 474 square feet, one-bedroom unit at $860,000 on the 12th of September. The owner of the property was the one who bought the property in January 2016 for $715,000 ($1,510 per sq ft) and earned a profit of 145,000 from the sale.

Novo Place ebrochure for shopping hubs and other social amenities are also within close proximity to the incredible residence.

The sale marks the first time that a condominium in The Scala has transacted above the $1,800 threshold for psf. It is higher than the previous record price for psf-price of the condo that was recorded on June 30, after the two-bedroom unit that measured 829 square feet bought at $1.5 million or $1,789 psf.

It was created by a consortium comprising Hong Leong Holdings, TID and Hong Realty, The Scala is a condominium with 17 floors situated within The Serangoon Gardens area. It was completed in 2013. The condominium is comprised of 468 units. They include one- to four-bedders ranging between 474 and 2,142 sq feet.

Condos with freehold Cosmo also reached the new high of psf during the review period at $1,808. This is due to the purchase of a 398 sq ft, one bedroom apartment at $720,000 on the 11th of September which equates to $1,808 per square foot. This is higher than prior records by $1.695 psf which was set in May 2012, when an apartment of 398 square feet was purchased for $675,000. It’s the first time that a space at Cosmo has traded above $1,800 per square foot.

The unit that was sold on Sept 11 is the first property at Cosmo that changed hands within the space of a year. Prior to that the most recent resales was in August 2022 in which a 667 sq ft unit was sold for $1.06 million ($1,588 per square foot).

Cosmo is a condominium that is owned by Fission Group, the developer behind the other apartments such as two-story Alexis located at Alexandra Road and the 167-unit Robinson Suites located on Robinson Road. Cosmo is completed the year 2010 and comprises 45 units that comprise one- and two-bedders ranging from 398 and 1,238 square feet. Cosmo is located along Guillemard Crescent, off Guillemard Road in District 14. It is located within walking distance to The Mountbatten MRT Station.

Bukit Regency also set the record price for psf. It was the result of a deal on September 12 in which a three-bedroom home that was 1,399 square feet purchased for $2.3 million which is $1,669 per square foot. The previous record for the highest price of psf for Bukit Regency Bukit Regency was set by selling a 947 square feet, two-bedroom property at $1.6 million ($1,657 per sq ft) on June 7.

The owner of the unit that was sold on September 12 had bought it at the beginning of January in 1999, for $760,000 ($543 per sq. ft.). The result was an increase of $1.575 million from the sale, which makes one of the best-performing transaction to the present at Bukit Regency Based on the data collected from EdgeProp Research.

It is located along Upper Bukit Timah View in District 21. Bukit Regency, a condo with freehold developed by Allgreen Properties that was completed in 1995. It is comprised of six blocks that house an enumeration of 224 units. The units range from two to four-bedders ranging from 926 and 1,701 square feet.

In addition to the two units that were sold on the 12th of September and June 7 Bukit Regency has only seen two other resales in the past year. On May 17 the 936 sq ft apartment was sold for $1.5 million ($1,602 per square foot). Another sale took place on January 18, 1399 sq feet of apartment for $2.17 million, which is $1,547 per sq ft.

There were no new lows for the psf observed during the time of the review.

Singapore is as one of the top Fintech hubs, as per an analysis by Savills World Research. In the latest issue of Tech Cities — an annual report on research that tracks the top cities across various sectors of technology — which was released on May 1, Singapore ranks fourth on Savills’ FinTech Index after New York, London and San Franciso. The index rates cities based on various factors such as the tech-related environment and the talent pool.

Novo Place Singapore price equivalent to $661.67 per square foot per plot ratio (psf ppr).

Singapore’s top ranking is due to the fact that the city-state has been positioned as the Asia’s Fintech center. Savills emphasizes that Singapore regularly organizes Singapore FinTech Festival, which is the largest of its kind in Asia. Singapore FinTech Festival, which is the biggest of its kind in the world. The country also recorded 34 billion dollars ($53 billion) in venture capital related to fintech investment between 2019 to 2022. Additionally, Singapore’s fintech sector is supported by stability in the regulatory environment and stability, with Savills noting that Singapore’s Monetary Authority of Singapore has concluded agreements with fintech firms and central banks from around the globe. “As an international financial center as well as a center for technological advancement, Singapore has rightly earned the fourth spot in the FinTech Index,” says Charlotte Rushton, an analyst at Savills Worlds Research.

New York’s position at the top of the index is due to its location as host to the world’s biggest stock exchange. “With the high demand for innovative fintech solutions and the huge capital base that investors can access all in one location New York performs exceptionally well in its tech-oriented environment and a large pool of talent,” Savills states.

London is second on the index, and is also being the most prestigious European city listed. The UK is the home of the largest amount of fintech firms globally and witnessed the most venture capital deals in the fintech sector between 2019 through 2022 Savills says. Based on information from Oxford Economics, the consultancy adds it is the case that Singapore, New York and London make up nearly 10-percent% from the value of financial services in global GDP, highlighting the advantages of cities in the fintech industry.

Additionally, San Francisco and Silicon Valley are ranked as third and fifth on the index according to the index, respectively. The cities are home to innovative businesses like payment services PayPal and Stripe as well as personal finance firm Credit Karma, the cities demonstrate the ways that tech hubs have utilized fintech to revolutionize the financial sector.

The report points out that, across Asia, despite the large proportion of fintech services in China the three Chinese cities -three cities namely Shenzhen, Shanghai and Hangzhou are ranked lower on the index. Savills blames this on an increase in the strictness of Chinese government policies regarding the capabilities of tech companies as well as the decline in venture capital financing among new companies.

Savills says that the fintech industry continues to influence not only the financial industry, but also on workplace changes. In Singapore the fintech industry has proved to be a boon, specifically to the flexible workspace market according to Ashley Swan, Savills Singapore’s executive director of commercial leasing. “The flexibility and collaborative design of these spaces reflect the fintech mindset and “start-up” mindset, which allows firms to stay agile in their growth,” he adds.

URA has announced the tender process for the Government Land Sale (GLS) site located at Lorong 1. Toa Payoh. The site is part of the Confirmed List of the 2H2023 GLS Programme. With a total area of 169,456 square feet, the leasehold 99 years site could result in 775 housing units. The auction for the site will end on November 7.

Novo Place Tengah Plantation Close mrt has a maximum Gross Floor Area (GFA) of 37,348 sq m on a 12,4449.3 sq m site.

Wong Siew Ying, head of content and research of PropNex Realty, believes the site’s aging location will draw developers an interest as well as the region’s small new home inventory. It is believed that the Toa Payoh estate hasn’t witnessed any new private residence launches since the year 2016.

“The final GLS site which was auctioned for within the region was the plot located across the road between Lorong 6 Toa Payoh and Lorong 4 Toa Payoh, which was given at $345.86 million ($755 per sq ft/plot ratio) in June of 2015,” says Wong. The site was put up to be sold as the 578-unit Gem Residences at the end of May 2016 which saw 50% of the units being sold with an average of $1,425 per square foot. The project was completely sold out by the end of October. “Looking at the caveat information at Gem Residences that shows more than fifty% of the brand new customers possess the HDB address, which indicates a high buyers who are upgrading to this area,” Wong adds.

Lee Sze Teck, senior director of data analytics at Huttons Asia, concurs. “With five rooms HDB flats in the Peak @ Toa Payoh averaging $1 million and numerous flats recently reaching their minimum occupancy of $800,000, there’s plenty that could be HDB upgraders who might want to stay in this renowned HDB home,” he says.

Orange Tee and Tie’s vice-president of operations Justin Quek adds that the site’s appeal is enhanced by its proximity Braddell MRT Station on the North-South Line as well as various schools, including Raffles Girls School (Secondary), Pei Chun Public School, CHIJ Primary (Toa Payoh), CHIJ Secondary (Toa Payoh) as well as Kheng Cheng School, among other schools. He expects the site to attract five to eight bidders with the highest bid cost of $1,100-1,250 psf for each plot ratio (psf ppr).

PropNex’s Wong adopts a more cautious stance, pointing out that developers might be cautious with their bids given the lack of responses to last year’s GLS tenders as well as the less enthusiastic response to launches, and the plethora of alternatives available for purchasers. “We believe that the tender will draw up to five bids with the highest bid of $783-$854 million (or an estimated land price of $1,100-1,200 per),” she says.

Huttons’ Lee shares a similar opinion, noting the fact that the two GLS auctions of sites located at Clementi Avenue 1, and Pine Grove (Parcel B) will be closed simultaneously, which can split developers in their focus. “The Lorong 1 Toa Payoh site could see as many as five bidders, and a maximum price of approximately $1,200 per. Interest on the remaining two GLS sites could be low and could see only three bidding parties,” the source says.