Apac real estate investment activity to rise in 2H2023: CBRE survey

J’Den Condo will be the ideal spot for those looking for a home near multiple amenities. Residents of J’Den Condo will be able to conveniently access food, entertainment and lifestyle outlets in the vicinity, such as Jem, Bigbox and JCube. Additionally, there will be plenty of shopping opportunities around the neighbouring Jurong East Community Park and Jurong East Regional Centre. Furthermore, a host of educational institutions such as NUS High School, Millennium Institute, Rulang Primary School, Nanyang Technological University and Jurong Junior College are close by. With its prime location and extensive transportation network, J’Den Condo is the perfect place to call home.

As uncertainty regarding interest rates and a rise in capitalisation rates looks to reduce price gaps between buyers and sellers, a new survey by CBRE suggests that Asia Pacific (APAC) real estate investment activity is expected to pick up in the second half of 2023. Capitalisation rates …

Singapore UHNWI population up 6.9% in 2022

As of end-2022, the number of ultra-high-net-worth individuals (UHNWIs) in Singapore stood at 4,498, representing a 6.9% increase year-on-year. Despite a 3.8% decline in the global population, this growth is largely attributed to the influx of wealth into the city-state as the ultra-rich look for stability.sg is increasingly sought after for its position as a gateway into other Asia Pacific cities and pro-business environment.

Meanwhile, United Arab Emirates tops the international rankings with an 18.1% increase in UHNWI population, followed by Tanzania at 13.9%, and Brazil at 11.2%. Among Asian countries, Malaysia registered the highest growth of 9.4%, while Indonesia followed at 9%.

The number of high-net-worth individuals (HNWIs) with net assets of US$1 million or more, expanded by 2.9% to almost 70 million globally. The top three countries for growth were Malaysia, Brazil, and Indonesia. Knight Frank forecasts the global UHNWI population will expand to nearly 744,000 by 2027, …

SRI CEO Tony Koe to step down from June 30

Tony Koe, the Chief Executive Officer of real estate agency SRI, will be stepping down from his role with effect from June 30. According to a press release on May 23, Koe will be moving on to “pursue personal interests”.

During his 7 years with SRI, Koe led the firm to success. Thanks to his efforts, SRI won the Enterprise 50 and Singapore’s Fastest Growing Companies Awards two consecutive years – in 2022 and 2023. He expressed his sincere gratitude to all associated, developers, clients and partners for their continued support.

With Koe’s departure, Bruce Lye, SRI’s managing partner and co-founder will take over as CEO in the interim. The selection process for the next CEO is currently underway and the result will be announced shortly.

This will greatly improve the development of Jurong Lake District as a regional centre with its own brand identity.

CLD is expected to unveil …

Savills signs Mou with Malaysia’s UM Land for halal manufacturing hub in Johor

Savills IREAS has signed a memorandum of understanding with Malaysian developer UM Land to establish the Iskandar Halal Park, an international manufacturing hub for halal-related businesses in the Iskandar region of Johor. The park will include a halal logistics centre offering warehousing, cold storage and transportation services for halal products, and is specifically targeted towards halal manufacturers, service providers and investors.

The Global Halal Alliance, a strategic program created to foster global trade and connect various supply and demand chains, is being established in partnership with Singapore-based Haltex Group with the Iskandar Halal Park as its initial launchpad.

Marcus Loo, CEO of Savills Singapore, called the collaboration a significant strategic milestone for Savills. He said the partnership will “strengthen our capabilities and build upon our strong track record in core advisory services.”

The Jurong Lake District has recently welcomed an exciting new addition, J’Den Condo. This luxurious residential facility …

Private housing rents likely to soften in 2H2023: Savills

Despite a 7.2% q-o-q rise in private residential rents during 1Q2023 according to URA data, Savills Research foresees a softening in private residential rents in 2H2023. The leasing market also appears to be slowing down, with private rental transactions falling 11.7% y-o-y in the first quarter and HDB rental applications dropping by 5.2%. According to Savills, this may be due to economic factors causing a decrease in demand rather than high rents pushing foreign demand away from Singapore.

For the second consecutive quarter, private housing leasing volume was the lowest first-quarter volume in the last six years. Rents of high-end non-landed residential properties tracked by Savills rose to $6.11 psf in 1Q2023, a 4.7% q-o-q increase, but at a slower rate of growth compared to the three previous quarters. Savills has also observed a rise in “pockets of increasing slack in rental demand”, especially for properties with a monthly rental …

New Futura hits new high of $4,645 psf

J’Den Former JCube stands to benefit heavily from the new development, as it is just 800 metres away from the mega white site. The additional high-end homes, retail space and hotel connectivity will bring more vibrancy and amenities to the area. Buyers need to be aware of the future development so that they can make an informed decision on the current and future value of the property.

Singapore saw three projects hit new record psf prices between April 30 and May 5, led by New Futura, located in Leonie Hill Road, with a sale of a 4 bedroom unit for $12.5 million, or $4,645 psf. Hyll on Holland, a freehold development by Far East Consortium International and Koh Brothers Group, and a 1,055 sq ft, three-bedroom plus study unit was sold for $3.23 million or $3,059 psf on May 1, setting a new high of $3,027 psf. The Landmark, a …

Three-bedroom unit at The Berth by the Cove for sale at $2.6 mil

A condo nestled in the luxurious enclave of Sentosa Cove, The Berth by the Cove, is set to offer a 3-bedroom apartment up for sale on May 24. This property, available through the owner’s sale, has a guide price of $2.6 million. Joy Tan, head of auction and sales from Edmund Tie, is handling the proceedings.

Recently, J’Den Former JCube has opened its doors to the public, providing an exciting shopping and leisure experience. The mall is the largest retail mall in the Jurong Lake District, with more than 500 shops and a wide range of entertainment options. The mall also houses a range of restaurants, so there is something to suit all tastes. With its convenient location and vast array of attractions, it has become a popular destination for Singaporeans and visitors alike.

Measuring 1,668 square feet, the unit is ready for immediate rental returns and has a current …

Conservation shophouse on Purvis Street up for sale at $17.8 mil

Tan See Min, a 67-year-old Singaporean, is the third-generation owner of a conservation shophouse on 24 Purvis Street built in 1927. His family had operated a packaging and parcelling business from the first level of the shophouse, while the five bedrooms in the upper level were occupied by the family.

During World War II, Tan’s grandfather took his family to Kuraman Island in the South China Sea. After the war, the family returned to the same shophouse on Purvis Street where they had lived before. Tan’s grandfather then ventured into the sale and distribution of baking ingredients.

Also located nearby were a “dhobi” or laundry service and a glazier specialising in glass windows and other installations.

Tan’s father was an agent for SG Oxygen and would store up to 100 cylinders at the shophouse. He and Tan would make deliveries if needed, lorry-loads of cylinders.

In the 1970s, the streets …

Keppel to sell strata-titled carpark at Bukit Timah Plaza

; SRX records 252 visitorsThe strata-titled carpark at Bukit Timah Plaza in Jalan Anak Bukit is up for sale by expression of interest (EOI), with the tender slated to close on July 7. This follows the surge in interest in the neighbourhood due to the upcoming launch of The Reserve Residences next door.

Riding on the wave of revived interest in the Jalan Anak Bukit and Bukit Timah neighbourhood, Brilliance Capital has kicked off the sale of the strata-titled carpark at Bukit Timah Plaza by expression of interest (EOI). The existing owner of the carpark is Keppel Land, which has stated that the proposed sale is in line with their asset monetisation plans.

Situated on an island site with prominent frontage accessed by the Pan Island Expressway and Bukit Timah Expressway, Bukit Timah Plaza has NTUC FairPrice Finest supermarket as an anchor tenant and offers shoppers popular F&B outlets, retail …

CapitaLand Ascendas REIT to acquire Seagate’s The Shugart in one-north for $218.2 mil

CapitaLand Ascendas REIT (CLAR) is set to expand their footprint in the one-north area of Singapore with the purchase of The Shugart, an integrated research and development (R&D) facility. The total cost of the acquisition is expected to be $232.4 million, including fees and other related expenses. The Shugart currently houses Seagate Singapore’s operations, serving as their primary R&D location outside the United States.

The building is six stories tall and includes a nine-story tower with cleanroom and data centre space, a sky garden, and a multi-purpose sports hall with a gymnasium for its employees. Once the acquisition is complete, CLAR’s footprint in one-north will increase to 2.5 million square feet over an assets under management (AUM) of $1.9 billion.

An additional benefit to CLAR is that Seagate Singapore will enter into a 10-year leaseback of the entire space upon completion, with the option to renew for an additional 10 …