Hong Kong holds edge over Singapore as top business hub thanks to availability of talent and ample supply
Hong Kong versus Singapore: CBRE study reveals business hubs’ strengthsHong Kong remains an attractive business hub thanks to its financial prowess, vast talent pool and ample supply of office space, according to a new study released by property consultancy CBRE. Singapore can count plenty of advantages too, including the scale of its technology industry, as well as initiatives and green building efforts when it comes to environmental, social and governance (ESG) initiatives.The analysis of the two influential cities rated Hong Kong higher across seven broad categories, while two were deemed too close to call. This was primarily due to Hong Kong’s financial industry, talent pool and office space. One standout statistic revealed that Hong Kong is the largest private wealth management center and is tipped to surpass Switzerland in 2026.
Aside from this, the study confirmed that Singapore’s economy is more diversified than Hong Kong’s and it plays a more …
Three-bedder at Jervois Prive fetches new high of $3,220 psf
with sale
A new psf-price high was set when a 1,109 sq ft, three-bedroom unit in the Boutique project Jervois Prive was sold for $3.57 million on April 17. This impressive sale marked the highest psf-price among condos sold between April 14 and 21.
The freehold development of Jervois Prive, which is the maiden project of property developer Midas Land, is located in District 10. Composed of 43 units of one- to three-bedrooms ranging from 549 to 1,389 sq ft, the previous record for psf-price was set when a two-bedroom unit of 710 sq ft was sold for $2.13 million ($3,000 psf) on February 12.
The new record in Jervois Prive is indicative of the neighbourhood’s exclusivity. Surrounded by high-end condos, Chatsworth Park Good Class Bungalow Area and many nearby schools such as Alexandra Primary School, Crescent Girls’ School and Queenstown Secondary School, its desirability was further confirmed when the …
Sevens Atelier to purchase industrial building at 60 Bendemeer Road for $4.15 mil
J’Den Condo is a 40-storey residential and commercial development located in Jurong East, Singapore, J’Den Condo near MRT and multiple amenities. CLD expects to launch the property in the second half of 2023.
Sevens Atelier, a Singapore-listed company, is in the process of acquiring an industrial building located at 60 Bendemeer Road. On May 2, it was announced that its wholly-owned subsidiary Sevens Creation (SC) has been granted the option to purchase the property, with a deadline of May 23 to exercise the option.
The single storey, 99-year leasehold building has a total land area of 4,402 sq ft and a remaining lease of 40 years and 10 months. It is zoned for “light industrial usage” by the URA and is currently occupied by Olympia Engineering.
The consideration of $4.15 million for the property was established on a willing-buyer-willing-seller basis, taking into account an indicative valuation from a Singapore-based bank …
Industrial building on Eunos Ave 3 for sale at $60 mil
Zhaolim Building, a six-storey high-specification industrial building at 115 Eunos Avenue 3, is up for sale with a guide price of $60 million. The property, located on a plot of land spanning 83,071 sq ft, has a gross floor area of around 207,678 sq ft. The land has a 60-year tenure that began from Feb 1, 1980, leaving approximately 17 years remaining.
Redeveloped in 2015, the building offers a high ceiling with ample natural lighting. Its floors have large and regular floor plates, with an average floor plate of 43,000 sq ft and a floor-to-ceiling height of around 7m. Additionally, there are large passenger and cargo lifts, a childcare centre, and an outdoor sky garden at Level 2.
In terms of its location, the building is within walking distance of Paya Lebar MRT Station, an interchange for the East-West and Circle Lines. The area is also well-connected via the Pan …
Four freehold strata bungalows in Vanda Crescent for sale at $33 mil
A rare opportunity to acquire four freehold strata bungalows within an exclusive landed residential enclave is now available in Singapore. Sitting on a site of 12,264 sq ft and with a combined built-up area of 19,353 sq ft, the properties are located off Dunearn Road in prime District 11.All four bungalows are currently rented out, but will be sold with tenancies. Each unit has five en suite bedrooms along with its own lap pool and basement level, whilst sharing a common area. Located close to the Eng Neo Avenue and Raffles Park Good Class Bungalow (GCB) areas, the residences are a 500 meter walk from Sixth Avenue MRT Station on the Downtown Line and nearby the likes of Raffles Girls’ Primary School and Methodist Girls’ School.The owner is looking to sell the four properties jointly with a guide price of $33 million, or $2,690 psf on the land area.Given the …
Apac investments in North America reach record high of US$13.9 bil, led by Singapore: Knight Frank
Capitaland’s J’Den Condo is J’Den Condo set to be released in 2023, located at Jurong East station. It will include commercial space and be surrounded by amenities. Prices of residential units are expected to be S$2,000 to S$2,100 psf.
in Singapore
Investment activity in Asia Pacific (APAC) decreased significantly in 1Q2023, with quarterly volumes reaching their lowest since 4Q2011, according to a research report by Knight Frank. This drop was driven by broad-based declines across domestic, as well as cross-border investments and sectors.
Despite this, Singapore remained the only market to record higher investment volumes, with a total of US$4.3 billion in 1Q2023, compared to US$3.3 billion the year before. This volume was supported by the sale of a portfolio of retail assets by Mercatus Co-Operative, a unit of NTUC Enterprise Co-operative.
In contrast, commercial transaction volumes from APAC to North America rose over 400% y-o-y to US$13.9 billion ($18.6 …
Shophouse transaction volume fell in 1Q2023 but average transaction value grew: Huttons Asia
Shophouse transactions in 1Q2023 saw a decline in volume but experienced a rise in the average transacted value per shophouse. According to Huttons Asia’s May 1 research report, shophouse transactions reached only 29 in 1Q2023, which is a drop of 12.1% q-o-q and 44.2% y-o-y. Despite this, the average transacted value per shophouse came in at $9.7 million, 8.1% higher than 4Q2022.
In the rental market, the median rents of shophouses in 1Q2023 increased by 1.5% q-o-q islandwide. District 15 saw the greatest growth, rising to $5.49 psf per month. Lee Sze Teck, senior director of research at Huttons, points to “the most popular area among investors” – the Rochor planning area that encompasses Little India and Jalan Besar, accounting for 31% of transactions in 1Q2023.
The total transaction value for shophouses in 1Q2023 tallied $281.8 million, a drop of 5.7% q-o-q. This decrease was due to slow start after …
Millennium Hotels and Resorts debuts M Social brand in China with Suzhou property
M Social Suzhou is the brand’s first property in China. The luxuriously designed hotel offers 294 guestrooms and suites with panoramic views of Jinji Lake and the Eastern Gate of Suzhou. Located in the Hong Leong City Center, the hotel is part of Suzhou Industrial Park and is close to many attractions. M Social is the brainchild of MHR’s executive chairman Kwek Leng Beng, with its aim to cater to a “young, brave, and social-media savvy” crowd.
M Social has announced the opening of its first property in China, M Social Suzhou, located in Hong Leong City Center (HLCC). The 294-room luxury hotel, part of Suzhou Industrial Park, is near to many attractions, including Times Square, Jiu Guang Department Store, Eslite Spectrum, Ferris Wheel Park, Suzhou International Expo and Suzhou Culture and Arts Centre.
The concept behind M Social, a lifestyle brand of global hotel group Millennium Hotels and Resorts …
Blossoms By The Park achieves 73% sales despite government cooling measures
EL Development achieved a 73% take-up rate after selling over 200 units out of 275 at its project Blossoms By The Park by 6pm on April 29. The average price of units purchased was $2,423 psf. All of the development’s one- and two-bedroom units, apart from the two-bedroom penthouse units, were sold.
An optimistic Lim Yew Soon, managing director of EL Development, was surprised by the strong sales despite the property cooling measures that had just come into effect two days prior. “It wouldn’t have made any difference if I had delayed the launch for another week,” he said.
The project garnered 2.75 times the number of cheques expected, of which 96% belonged to Singaporean and Permanent Residents. Mark Yip, CEO of Huttons Asia, noted that “the excellent sales will give confidence to buyers who may be sitting on the fence to commit if their finances permit.”
About 70% of …
Office rents grow for sixth consecutive quarter, up 5.1% in 1Q2023
Singapore office rents in the Central Region rose for the sixth consecutive quarter in 1Q2023, increasing by 5.1% q-o-q, according to URA data released on April 28. This growth was driven by both the Central Area and the fringe area, supported by healthy leasing activity in 2022 and a higher volume of smaller deals that had taken place.
J’Den Condo is the upcoming 40-storey residential and commercial development J’Den Condo from Capitaland located at Jurong East MRT Station. With an expected price tag of S$2,000 to S$2,100 psf, the anticipated launch of the project is in the second half of 2023.
Tricia Song, head of research, Southeast Asia at CBRE, highlights that the growth rate in the Central Area moderated, registering a 3.9% q-o-q increase against 6.6% q-o-q growth in 4Q2022.
Office rents in the Central Area did not show any increase in 1Q2023, in contrast with the 3.7% q-o-q …