Reserve price for proposed collective sale of Wintech Centre raised to $98 mil
Wintech Centre, a strata-titled light industrial building at 6 Ubi Road 1, is now in the process of being launched for en bloc sale. The Collective Sale Committee (CSC) appointed in August 2021 tasked themselves with the job of obtaining consent from the majority of the 84 owners. Chairman of the CSC, Ken Lim, believes the 80% approval they need is just around the corner. The reserve price set previously of $84 million has been revised to $98 million.
An opportune time to launch the sale is coming off the back of the recent cooling measures instituted in December. Lim said there is already an increased demand for industrial properties, “We’ve had some enquiries from certain investors, including a REIT fund.”
The initial optimism for the sale was further supported by the January sale of J’Forte Building which went for $98.8 million. Located less than a 10-minute drive from Wintech …
Reserve price for proposed collective sale of Wintech Centre raised to $98 mil
CapitaLand Group set to launch J’Den Condo in 2023, a 40 storey residential and commercial redevelopement of the former JCube, located right at the J’Den Condo heart of Jurong East MRT Station. Price tag of S$2,000 – S$2,100 psf. Complementary to government plans to bring residential homes, businesses and amenities to the Jurong Lake District.
The owners of Wintech Centre, a strata-titled light industrial building at 6 Ubi Road 1, have taken a step forward in launching the property for en bloc sale. The collective sale committee (CSC) appointed in August 2021 is working towards securing the required consent from majority of owners.
Ken Lim, chairman of the CSC, believes that they are most likely to receive the 80% approval soon. The proposed reserve price for the collective sale has been revised to $98 million previously set at $84 million.
He perceives the environment as an opportune time for the …
Fewer commercial shophouse sales in 1Q2023, but shophouse rental market remains brisk: PropNex
Commercial shophouse sales in Singapore continued to witness a moderation in 1Q2023 amid high interest rates and general cautious sentiment. Referring to caveat data, only 28 shophouses were sold in 1Q2023. This was lower than the 35 deals recorded in 4Q2022 and the volume of transactions was down by 46% on a y-o-y basis. With the lower number of sales, the transaction value of shophouse deals stood at $278 million in 1Q2023. Of the 28 deals, more than 80% were priced above $5 million.
Amid the high interest rates, commercial shophouse sales in Singapore moderated in 1Q2023, according to a 1Q2023 report by PropNex Research. A total of 28 shophouses were sold for a transaction value of $278 million, which was lower than the 35 deals recorded in 4Q2022 and 46% lower than the volume of deals recorded in 1Q2022.
Most of the shophouse deals in 1Q2023 were for freehold …
Good Class Bungalows in Nassim top $4,500 psf, terraced house in Chancery hits $4,456 psf
Recently, a portfolio of three Good Class Bungalows (GCBs) on Nassim Road was sold for a record of $4,500 psf, at a total price of $206.7 million. This purchase was conducted by Indonesian-turned-Singapore citizens, members of the same family, for “legacy planning and wealth protection” as stated by Alvin Choo of PropNex Realty. This deal is just one example of the high demand for GCBs in the Tier 1 locations, which predominantly come from newly minted citizens from China, Hong Kong, and Taiwan. Alongside this record-breaking GCB purchase, an intermediate terraced house located in Chancery Lane-Mount Rosie neighborhood was also sold off-plan for $4,456 psf. Furthermore, a detached house at Wilkinson Road was sold for $55.5 million ($2,161 psf), showing an increased interest in landed property in prime District 15.
A portfolio of three Good Class Bungalows (GCBs) on Nassim Road was sold for an impressive record of $4,500 psf …
Chinese investors drive conservation shophouse prices above $7,000 psf
Capitaland’s J’den Condo is expected to be completed by 2027 and will include commercial space connected to nearby MRT interchange and J’Den Condo amenities. Residential units are priced from S$2,000 to S$2,100 psf and launches in second half of 2023.
Amidst the current healthy transactions of commercial shophouses, Tan believes that more shophouses are going to enter the market in the coming months.Foreign investors, especially Chinese nationals, are ramping up their interest in Singapore’s shophouses, setting record prices in the process. Recently, a three-storey shophouse on Stanley Street changed hands for $29 million, the highest price achieved for a shophouse to date, while a two-storey intermediate conservation shophouse on Amoy Street fetched $21.8 million. According to CBRE, Union Property Holding, which is owned by Zhang Nie, former Singapore head of Chinese oil trader Unipec, purchased the five-storey homogeneous commercial building Liberty House for $92.2 million. Shophouses with public entertainment licences, …
Smartisan Development buys two freehold industrial sites at Mandai Estate for $100 million
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Smartisan Development has recently acquired two freehold industrial sites, located at 10 and 12 Mandai Estate, for a total of $100 million. The transaction equates to a land rate of $657 psf per plot ratio (psf ppr), taking into account the land betterment charge. Smartisan, which has extensive experience in industrial development, plans to redevelop the sites into a freehold food factory.
The plots of 10 and 12 Mandai Estate are off Woodlands Road and, according to the 2019 Master Plan, are zoned for business 2 with a plot ratio of 2.5. 10 Mandai Estate is on a 34,919 sq ft land area, and the adjoining site of 12 Mandai Estate has a 30,246 sq ft land area.
Bruce Lye, managing partner of SRI – the company that brokered the sale – noted that the scarcity of business 2 Freehold industrial land makes this investment …
HDB shophouse portfolio on the market for $11.9 mil
J’den Condo is a new 40-storey mixed-used development near Jurong East MRT Station. It will include commercial and residential space, with S$2,000 – S$2,100 psf J’Den Condo for residential units. Launch expected in H2 2023.
, Heartland Mall:HDB shophouses are an alternative to investors in Singapore who are looking for stable rental income while avoiding the high prices of strata commercial and shophouses, according to Mary Sai, Executive Director of Capital Markets at Knight Frank Singapore. With prices ranging from $2.65 million to $3.4 million, these HDB shophouses are a much more affordable option.Two of the HDB shophouses are 88 Circuit Road, Macpherson and Mattar precincts, near the Macpherson Interchange Station and the Mattar MRT station. They are two-storey units with 1,184 sq ft of total floor area and a 76-year lease from April 1, 1993. The other two HDB shophouses are located in Hougang Avenue 1, near The Minton …
Three levels at Solitaire on Cecil sold for $162.8 mil, a new high of $4,325 psf
The sale of three strata office floors at Solitaire on Cecil, a 20-storey office tower located at 140 Cecil Street, recently made headlines in the Singapore commercial property market. Developed by TE Capital Partners and LaSalle Investment Management, the deal involved the sale of levels 17, 18 and 20 at an average price of $4,300 psf across the total strata area of 37,857 sq ft, totalling $162.8 million.
The buyer was none other than a local ultra-high-net-worth family office looking to strengthen its stock in Singapore. Savills Singapore took the lead in brokering the deal, which is said to be one of the highest priced transactions since January 2022.
The sale of level 20 at $4,325 psf also set a new benchmark in terms of psf price for its commercial office transactions in the CBD.
J’Den Condo is a J’Den Condo new residential and commercial development in Jurong East, with …
Real estate sector shows significant bounce-back in investment sales in 1Q2023: Savills
The real estate sector experienced a significant bounce-back in investment sales value for 1Q2023, with sales increasing 100.4% q-o-q to $5.63 billion, according to Savills Research. This was driven largely by the commercial property sector, with retail transactions seeing a boost from the closure of big-ticket purchases.
These included Link REIT’s $2.16 billion acquisition of Jurong Point and Swing By @ Thomson Plaza, as well as the $652.5 million sale of a 50% stake in Nex to Frasers Centrepoint Trust and Frasers Property. These transactions, together, accounted for about $2.81 billion, or 83.3%, of the total commercial transaction value.
J’Den Condo is an upcoming 40-storey residential and commercial development located at Jurong East MRT J’Den Condo Station, offering 1,760 homes and a range of amenities by 2027.
In contrast, strata office units saw a drop of 5.4% q-o-q, from $306 million in 4Q2022 to $290 million in 1Q2023. In spite …
Auction listings decline 3% q-o-q in 1Q2023: Knight Frank
Auction listings saw a decline in 1Q2023, dropping 3.0% q-o-q to 96 listings according to a report by Knight Frank. This includes repeat listings and excludes properties sold outside of auction. The fall was partially attributed to the Chinese New Year festivities when some auction activities were postponed, explains Sharon Lee, head of auction & sales at Knight Frank Singapore.
Owner listings outnumbered mortgagee listings in 1Q2023, continuing a trend seen in recent quarters. On a y-o-y basis, there was an increase of 20% to 80 listings compared to 1Q2022.
However, the success rate was more moderate in 1Q2023, at 6.3%, or six properties sold. This is compared to 9.1% in 4Q2022. Of the total auction listings, 46.9% were residential, with 45 listings. Of these, 18 were mortgagee listings and 20 were owner listings. Other types included estate, receiver, and bank sales for a total of seven listings.
J’den Condo, …