Kew Lodge sold for $66.8 mil to Aurum Land in first collective sale April cooling measures
, shuts four co-working spaces
Aurum Land, a subsidiary of Woh Hup, has purchased Kew Lodge, a landed residential site at Kheam Hock Road in District 11, for a price of $66.8 million. The collective sale tender for the property closed on May 23 and Aurum Land’s offer represented a 5% premium over the site’s asking price of $63.8 million, amounting to a land price of approximately $1,940 psf.
This marks the first collective sale since the introduction of fresh cooling measures on April 27, including increased Additional Buyer’s Stamp Duty rates. Kew Lodge comprises 11 townhouses ranging from 2,013 sq ft to 2,852 sq ft on a 34,433 sq ft site.
Located within a “Residential/ two-storey mixed landed” area as designated in the URA 2019 Master Plan, the Kew Lodge site can be potentially redeveloped into a new project containing bungalows, semi-detached houses and/or terrace Houses.
Michelle Yong, CEO …
Casa Feliz on Koon Seng Road up for collective sale at $23 mil
Casa Feliz, a freehold residential development located at 81 Koon Seng Road, District 15 in Singapore has been launched for collective sale via tender with an indicative price of $23 million. The building is a three-storey walk-up apartment with 12 residential units that is just down the road from the colourful Peranakan Houses.
Situated next to East Court, a freehold apartment that was sold to Macly Group for $19.875 million last June, the Casa Feliz sits on a 13,976 sq ft land area zoned for residential use under the Master Plan 2019 with a gross plot ratio of 1.4. An estimated land betterment charge of $1.25 million is payable.
Subject to approval by the relevant authorities, the site could yield a maximum gross floor area (GFA) of 19,567 sq ft – enough for a potential new development of 18 residential units with an average size of 1,076 sq ft.
The …
Opportunities in the KL property market
As Singapore buyers continue to show an interest in the Malaysian property market, Kahn Oh, head of research at EdgeProp Singapore, cites two factors to bear in mind when gauging a market’s investment landscape. He says, “Any successful investor will need to conduct due diligence on the property they’re investing in, as well as take the time to understand the macroeconomic environment of the market they’re looking to invest in.Singaporeans interested in investing in Malaysia’s property market were clearly in attendance at the recent seminar in Singapore. With the Malaysian housing landscape continuing to recover following the Covid-19 pandemic, developers such as UEM Sunrise are fine-tuning their offerings to better cater to owner-occupiers.
At a seminar on the Kuala Lumpur (KKL) property market, hosted by EdgeProp Singapore and UEM Sunrise, at Hilton Singapore Orchard, Singapore buyers showed optimism in the Malaysian property market. The strong turnout could be due to …
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 …