Read more: Singapore-based sales of Riverside flats at London’s Triptych Bankside have begun

Singapore-based sales of Riverside flats at London’s Triptych Bankside have begun

The transactions of Singapore’s most expensive properties – The Good Class Bungalow (GCB) market — plummeted in 2022 with 43 transactions completed at a total sale worth of $1.157 billion during the first eleven months. This represents an increase of 55% decrease in GCBs from 90 which were sold for a total in the amount of $2.57 billion by 2021.

“Concerns regarding the growing cost of borrowing, higher inflation and a possible recession caused some investors delay buying until the forecasts for rates in the global market become more clear,” says Han Huan Mei director of research at Listing Sotheby’s International Realty.

GCB sales are expected to slow in 2023. “The volume of transactions next year will not be as hot as the 2021 year,” says GCB expert and director at Newsman Realty, KH Tan. “It’s likely to be comparable to the one we had this year.”

The significant rises in the prices of bungalows in the last three years have been the reason the constant increase in expectations for prices, according property experts. The most significant round of adjustments was the result of the sale of 32,160 sq ft of freehold site located in the sought-after Nassim Road region that was worth $218.8 million ($4,005 per square foot). The transaction was completed in March 2021. it was among the most costly GCB this year in absolute dollars.

The purchaser is Jin Xiao Qun, wife of the chairman of the board and the founder of Nanofilm Technologies International, Dr Shi Xu. the seller’s name is Sukmawati Widjaja, also known as Oei Siu Hoa’s family, which owns Sinar Mas Group. Indonesian multinational conglomerate Sinar Mas Group.

A wave of repricing of assets
At $4,005 per square foot The Nassim Road property held the title of the most expensive GCB in terms of psf for only a few months before transferring it to the GCB located at Cluny Hill, bought for $4,291 psf April 2021. Buyer was Tommy Ong, founder of Shopify review site Stamped.io who purchased $63.7 million to purchase the GCB for a 14,844 sq feet freehold site when the house was in construction. Seller Sebestian Soh who is the founder of and executive director at the development advisory firm Meir Homes, would be finishing the house in order to sell it. It is believed that the Cluny Hill GCB was his first property. Meir Homes will be launching another GCB property by 2023.

In the Nassim and Cluny regions were the epicenters of these record-breaking deals . They caused a tsunami of repricing for assets that resonated throughout the GCB market. “Prices have reached a new level in 2021 and we will not witness GCB values drop below these values,” says Steve Tay who is senior associate vice-president at List Sotheby’s International Realty.

Newspaper Realty’s Tan estimates that the prices of GCBs located in close proximity to Singapore Botanic Gardens. Singapore Botanic Gardens, such as Nassim and Cluny regions, are between $4,500 and $4,800 per sq ft range. While the prices for most GCB areas are expected to stabilize however, he anticipates costs within areas like the Nassim and Cluny region to “continue to rise”.

The asking prices definitely aren’t the only thing to consider. In the last week of the month of September, three GBCs on Nassim Road were launched for auction through Cuscaden Peak Investments. The GCBs are located on land sizes that range from 15,131 sq feet to 15,542 square feet, with prices ranging of $78.68 millions to $80.82 million, which is an average of $5,200 per square foot. Three bids were submitted however RealStar Premier, the exclusive marketing agency had no authority to reveal what the bids were in light of an “non-disclosure arrangement”.

“If all three GCBs located at Nassim Road cross the $5,000 PSF threshold, they’ll establish a new benchmark.” according to Newsman’s Tan.

The most expensive GCBs of 2022
The highest-priced GCB in absolute value was one-story prewar bungalow on Chancery Lane sitting on a 34,216 square feet freehold site located in District 11’s prime area. The GCB was worth $66.06 million ($1,931 per square foot) as per an agreement filed on the 3rd of March. This is the top PSF price in the area.

Buyer came from Kelsey Cheng Tan, wife of Kester Tan the youngest son of Filipino billionaire and chairman of the Alliance Global Group, Andrew Tan. Brothers Mirza Mohamed Mehdi Namazie and Mirza Iskandar Namazie, grandsons of M.A. Namazie an affluent Persian merchant who arrived in Singapore around 1909.

The GCB which scored the highest psf rate this year is White House Park. The park was sold during August, for $45.5 million, which is $3,017 psf. It was purchased by Fu Wei, founder and CEO of CBC Group, a healthcare-dedicated asset management company.

This year was the GCB that recorded the lowest price per sq ft came from a property of 25,272 square feet, freehold property located on Lornie Road that changed hands for $24.8 million ($981 per square foot) during January. This was the sole GCB transaction in the year that was below the $1,000 mark for per sq ft. Buyer was James Koh, executive chairman and co-founder of Fragrance Group.

Although the volume of transactions in 2022 is only half of last year’s, average prices for GCBs sold have risen 11.6% to $1,889 psf from $1,692 per SF last year According the List Sotheby’s Han. She anticipates GCB prices to stay the same or fall slightly in 2023.

The 5% increase in additional buyer’s stamp tax (ABSD) to Singaporeans purchasing their second and following property by the end of December in 2021 caused buyers to put aside an additional cash investment to purchase their property, Han says. “Concerns regarding the cost of borrowing, the rise in inflation, and the prospect of a recession led some to put off purchases until the potential of rate hikes across the globe are clearer.”

New buyers pool
The economic outlook for the macro economy continues to dim, Singapore stands out as “a secure financial hub with clear and business-friendly legislation and a secure environment for its citizens” According to List Sotheby’s Tay notes. This is evident in the record amount of family offices in Singapore that has seen nearly 900 family offices established in 2022 as of now, despite the stricter regulations set by Singapore’s Monetary Authority of Singapore, as well as the growth of assets under management as well as the hiring local executives He also notes.

Tay observes that many people are choosing an option called the Global Investor Programme (GIP) that allows applicants who are successful the opportunity to obtain Singapore permanent Residence (PR) designation. “A number of PRs have successfully sought to become Singapore citizenship,” he says. “Those who are successful in receiving Singapore citizenship are likely to want to have a house that reflects their status and needs as a family such as the GBC.”

The demand for GCBs in 2023 will be encouraged by this emerging buyer pool “alongside locals, particularly younger generations with newly accrued wealth, who see GCBs as the ultimate form of homes that are landed and the status symbol, along with huge living spaces that meet family’s demands” Tay adds. Tay.

Ultra-high net worth (UHNWI) families making their home in Singapore originate mostly from US, Europe and Asia According to Newsman’s Tan. However, those who are who are in this GCB market are mostly originated from China, India and Indonesia Tan adds.

Therefore, as per List Sotheby’s, GCBs that are “priced according to fair market value” that are based on property location and land attributes are sought-after by prospective buyers. “Most of the sales that were made this year were ones in which the seller was willing to reduce their expectations of price to accommodate the demands of buyers.”

The Newsman’s Tan is in agreement. “Last year, people would pay premium rates for an GCB,” he says. “This year, they’re more prudent.”

Move to detached houses
There are more than 2,700 GCBs across 39 gazetted areas in Singapore today. They represent only 25% from the 10761 detached homes in Singapore Based on URA data from 3Q2022.

While transaction volumes on the GCB market is likely to decrease until 2023 William Wong, managing director of RealStar Premier sees activity in the detached house segment extending to be steady.

“The primary reason for the slow trades in the GCB market lies in the larger price difference between buyers and sellers today,” says Wong. He estimates that the gap will be somewhere in the five% or 10% range.

GCB rates have increased in such a rapid manner over the last three years that many who were able to find GCBs not affordable have shifted to detached homes with 8,000 sq feet to 12,000 sq ft of land space instead, according to Wong. This is why the overall cost of detached homes have increased by around 15% over the entire period of 2022.

Wong predicts that detached homes located in the districts of the prime Districts 9,10, and 11 may cross the threshold of $4,000 per square foot and houses located in the Katong district in District 15 could hit $3,500 psf.

“The detached home segment appears to be more appealing than the other housing segments on land -for instance, GCBs semi-detached homes, detached houses and terraced houses” claims Wong. “GCB transactions have slowed due to mismatching prices however, purchasers in the semi-detached or terraced houses are impacted by higher prices of interest and borrowing since they are likely to use more leverage to finance their house purchase.”

New highs
Detached home prices have also risen to new heights. In April of this year the developer offered a brand new detached home on a 4,370 square foot freehold site on Camborne Road for $15 million ($3,433 per square foot). The record was set for a brand new detached house located in the Dunearn Estate in prime District 11. The report by Wong.

Additionally, in the Raffles Park neighborhood, RealStar Premier brokered the sale of a detached home located at Oriole Crescent for $23.5 million, as per the caveat that was filed in August. The house is situated on an undeveloped freehold site with a total area of 10,540 square feet and the land value of $2,203 per sq ft is a new mark to be set for the Raffles Park neighborhood in the most sought-after District 11.

Two detached homes in the nearby Cassia Drive changed owners for $22 million in the year. One of them was a beautifully renovated detached home that was situated on freehold site that was 9,973 square feet and sold for $2,206 per sq ft in January. The second is on an unfreehold site that covers 10,625 square feet and sold for $2,071 per square foot in April of this year. Both were sold at lower rates for land compared to the detached home at Oriole Crescent.

Concerning what is known about the GCB markets, Wong expects sales in 1H2023 to slow, but will pick up momentum in the 2H2023. Although the overall GCB transactions could drop by 20% throughout the year, the market is expected to remain relatively steady, “perhaps even see a slight appreciation by 2% up to%” in the coming year, he states.

Read also: The Arden’s debut has been postponed due to approval of the purchase of three remaining land parcels

The Arden’s debut has been postponed due to approval of the purchase of three remaining land parcels

A commercial space in a strata at the four-storey building in the 260th floor of Jalan Besar is available for sale with an estimated cost of $22 million. The area is 4,876 square feet, that’s equivalent to $4,511 per sq ft. It is comprised of the ground as well as the second floor of the structure.

Jac Teo Jac Teo, associate director of the senior division of the Knight Frank Property Network, says that the owner is using the ground floor to showcase their office equipment business while the second floor contains offices as well as a meeting room. Teo together with Knight Frank Property Network associate deputy division director Chin Mei-Fong, are the sole marketing agents and are attempting to gather interested parties for the property that are expected to be sold in early January 2023.

The building located at the 260th floor of Jalan Besar sits on a surface of 5,478 square feet, with the total built-up area being approximately 17,243 square feet. Teo adds that the fourth and third floors, that are owned by different owners and are being utilized as homes. The position of the property near the intersection of Jalan Besar Road and Plumer Road gives the ground floor an expansive 30m frontage.

The ground floor area has been granted an in principle approval for F&B use. The 2nd floor covers 1,819 square feet and is linked to ground-floor units through an interior staircase. “There is a high chance that the company may want to make use of the second floor area for exclusive dining spaces.”

Teo states that the potential owner may also make use of the property to run a business like an exhibition space, or even as office or retail premises. He expects the property to draw interest from a variety of buyers, including family-owned businesses searching for an investment property that will provide steady rents, or F&B operators seeking the perfect property that has a prominent street frontage.

The property is located within walking distance of Farrer Park MRT Station on the North-East Line and Bendemeer MRT Station on the Downtown Line.

Read more: Financing rates are still favorable in a few Asia Pacific markets

Financing rates are still favorable in a few Asia Pacific markets

Villa Harimau, a private seaside property located in Batam, Indonesia, is being offered for sale for US$3.6 million, which is roughly $4.95 million. The property is situated on a 30,000 square feet high cliff estate in Bukit Harimau, only a 10-minute drive away of Batam’s Sekupang Ferry Terminal.

Based on Victoria Garrett, head of residential for Knight Frank Asia-Pacific — who is the one marketing the property the person who owns Villa Harimau is a foreign expatriate in Singapore who has inherited the villa from his father who was a Singapore permanently resident, who constructed the property for retirement purposes. “The current owner is seeking to move to Singapore in the UK and therefore is looking to dispose of ownership of this property,” she explains.

This property has been completed since the year 2017 and includes a two-storey main house, a separate two-storey guesthouse and a separate staff residence.

The main house includes six bedrooms, of which two are on the first floor, with a child’s room with four bunk beds that are built-in. The first floor also houses an open-plan living area with a formal dining space as well as a large kitchen with an additional breakfast area. On the upper floor, there’s a living area that is big enough to hold furniture and a small dining set , as also an outdoor table for pool. The verandah also has a view which runs across the entire length of the property.

One of the main attractions in the property is the 30m infinity pool with breathtaking views of the ocean as well as the Singapore skyline visible in the distance. The property is also equipped with a huge space for the pool that can accommodate daybeds, lounge chairs as well as an outdoor barbecue pit. A gazebo that houses an outdoor bar can be found into the corner.

In the same area as the main villa is a separate guesthouse that has a view of a huge lawn that is well-maintained. The guesthouse has two ensuite bedrooms, situated at the top and bottom floors as well as the kitchenette. The upstairs bedroom connects to a large verandah which the present owner has furnished with a variety of furniture for the outside.

In addition, the staff residence is located on the opposite end of the house, comprises three bedrooms. It is currently home to personnel employed by the owner currently.

Contemporary Balinese architecture
Villa Harimau was designed by famous Balinese designer Popo Danes. Danes has been working on several of Indonesia’s most luxurious resorts on islands, such as Samsara Resort Ubud, Lelewatu Resort and Natya Resort Ubud. He is also the creator of New Regionalism in Bali Architecture.

In the design of Villa Harimau, Danes focused on combining modern architecture with Balinese style elements. “I was awed by this site and the location of Villa Harimau from the first moment I laid my eyes at it. I wanted to maximize the ways we could enjoy the view by creating a unique experience. The architecture was designed in a sophisticated tropical style that matched the local environment and nature,” he says.

The furnishings chosen to furnish the property provide a comfortable and resort-style atmosphere. According to Garrett the interior was completely renovated over the course of the past year, using the combination of custom-built Balinese furniture and contemporary design elements. The kitchen was also renovated and modernized. The interior makes utilization of natural materials, such as teak tubs, wooden cabinets as well as hardwood flooring in bedrooms. Furniture pieces are mostly tranquil neutral colors.

The furnishings in Villa Harimau are accessible for purchase by any potential buyer of the property subject to additional discussions.

The ideal holiday home
Garrett is expecting a lot of demand from potential buyers, for example, hospitality companies who might be interested in operating the house as a luxury vacation property. “It could make an amazing guest house, particularly for people living in Singapore who are looking for a luxury private getaway,” she says, noting that Batam is only a 45-minute ferry ride of Singapore’s Harbourfront Ferry Terminal. She also says that Villa Harimau’s land title, that are currently designated for residential use, could be modified to permit the use of a villa or accommodation subject to approval from the appropriate authorities.

Garrett expects to see the interest of buyers like people with high net worth who are looking to purchase the property to use it as a private retreat. “The property has ample space that is perfect for a big familyof four,” the agent says she adds that the huge living spaces, dining areas and the poolside can also be used to host guests.

Villa Harimau also serves as an opportunity to invest, Garrett says. Due to the beautiful setting with ocean views and stunning architecture, she anticipates the new owner to profit from the high demand for rental properties generated by people who are looking to lease a home for their holiday in addition to general capital appreciation. Based on Knight Frank’s Global House Price Index, she explains that Indonesian home prices experienced an rise in the range of 1.7% in 2Q2022, which could further increase as the economy of Indonesia continues to improve following the pandemic. “Villa Harimau enables buyers to enjoy both picturesque surroundings and tangible financial investmentopportunities,” she says.

The Hill @One-North brochure

In a quarterly update on business, City Developments (CDL) reports that the group together with joint venture partners have sold 95 units for $281 million during the 3Q2022 period. The pace of sales was slower in the quarter because the company had a small stock of unsold units.

But, during the period from September 30th, 2022 CDL had sold 802 units worth $1.9 billion less that the 1 382 units worth $2.5 billion in the same period one year earlier. This is due to the fact that many of the new projects that it launched have been sold to the highest extent in the past, and with Sengkang Grand Residences selling out in the third quarter of 2018.

The Hill @One-North brochure presents a perfect home for people looking for an oasis away from the fast-paced city life.

Following the 3Q2022 period, CDL launched Copen Grand Executive Condominium (in October). It is currently sold out. So, from September 30 until November 30, The company has sold 1 417 units, valued at $28. billion. However, sales have increased to 1,417 units for an estimated amount of $2.8 billion.

The company restocked its landbanks with a winning offer in the amount of $336.07 million to purchase a 178,936 square feet EC site in Bukit Batok West Avenue 5. This EC project will consist of 10 blocks of 12-13 levels with 500 units.

Within Australia, CDL recently completed The Marker in Melbourne, in which there are 84% out of the 198 units have been sold so far. The initial Private Rented Sector (PRS) development site located in the Melbourne’s Southbank is scheduled to be completed by November of 2022. The construction of the project is expected to start in 2Q2023 which will produce approximately 250 units.

CDL’s office portfolio has a committed occupancy of 94.3% as at Sept 30; Republic Plaza, the principal Grade A office of the Group building has 96.1% committed with a positive rental reversion rate of 5.9%.

The property group’s retail portfolio was in occupation in the range of 95.3% as at Sept 30. City Square Mall and Palais Renaissance had committed occupancy that were 98.2% and 100% respectively. The annual average footfall risen by 70% of pre-Cpvid levels by 3Q2022. Meanwhile, the average monthly sales of tenants have already surpassed pre-Covid levels.

The CDL statement noted that the two office buildings with a total of 125 Old Broad Street and Aldgate House profited from the stability of the London lease market for office space. The leasing for The Junction, a 665-unit PRS development located in Leeds is in progress and is expected to be completed during the current quarter.

In addition, the Group’s PRS portfolios in Osaka in Japan and Yokohama boasts an occupancy rate of over 95%.

CDL’s hotel portfolio has recouped in the last quarter, with Revenue Per Room (RevPAR) increasing by 88.9% y-o-y to $161.9. In the nine months prior to September 30, RevPAR for the portfolio climbed 108.3% to $127.7, with London and New York improving their RevPAR by 291.2% and 113.3% respectively.

The rate hikes have caused CDL to delay its IPO for its UK commercial REIT. “The extraordinary rate hikes that took place in 2022 have significantly impacted this IPO of REITs in Singapore as well as a host of scheduled IPOs as well as secondary fund-raising initiatives of REITs cancelled. With this market in turmoil however, the Group has decided to put the suspension of its IPO goals in their UK commercial properties until the market stabilizes,” the statement read.

The Hill @One-North Slim Barracks Rise floor plan

UOB Kay Hian Research analyst Jonathan Koh has maintained his “buy” recommendation for Far East Hospitality Trust (FEHT) with an estimated price target (TP) of 70 cents.

In his report, dated November 28th, Koh says that FEHT is a pure game based on the rising the room rate in Singapore and the variable rent returning to levels prior to the outbreak. “FEHT will gain from the opening of Singapore’s international borders from April 2022 on a year-long basis, beginning in 2023. One of the nine hotels began contributing variable rent in the 3QFY2022 while a third hotel is set to start doing so in the 4th quarter of FY2022,” says Koh.

The Hill @One-North Slim Barracks Rise floor plan accommodates singles, couples and family-oriented residents due to its enviable location in district 5, in the Rest of the Central Region (RCR).

Variable rent makes up just less than five% of the master lease rental revenue for the FEHT’s hotels by 2022, as compared to the pre-pandemic average that was 29% in 2019 as variable rent is evaluated annually. With the rate of recovery increasing as expected by the analyst, the hotel’s revenue per available rooms (RevPAR) to rise by 51% to $135 by 2023, and then five% to $142 by 2024.

As RevPAR growth continues to grow into 2023 and 2024 Koh believes that the variable rental rate will return at 23% as well as 28% of the hotels master lease rental revenue in 2023 and 2024, respectively. Koh estimates that FEHT’s residences with service that have always contributed variable rents, despite the covid-19 pandemic and will contribute 36% of its master lease rental earnings for its residences that are serviced due to the high occupancy rate which was 90.4% in 3QFY2022.

The analyst claims that FEHT’s leverage on the whole in the range of 33.5% will enable it to endure a long period of high interest rates.

In the event of FEHT trading at a 2023 dividend yields that is 5.9% price-to-net asset value (P/NAV) of 0.73x, Koh says it is trading at a very attractive value. His TP of 71c is built on the dividend discount model (DDM) that has the 7.75% cost of equity and a growth rate terminal at 2.6%.

The other factor is FEHT’s gain of $39.3 million in the divestment of Central Square, which was completed on March 24. Koh states that FEHT plans to disperse a portion of gain from the divestment to investors at a rate of $8 million per year over three years, based on the highest net profit interest (NPI) that was achieved through Central Square since its initial public offering (IPO). In the fiscal year ending in2022, FEHT plans to dish out a capital distributions that will amount to $6.2 million.

However, Koh says Singapore’s economic revival is fuelling growth, even though hotels’ occupancy rates fell 3.1 per cent (ppt) over the course of the year (y-o-y) up to 76.1% in 3QFY2022 due to fewer hotels operating under government contracts as well as the closing of the Elizabeth Hotel to be renovated. Average daily rates (ADR) was up 107.6% y-o-y to $137 because of the return of corporate guests as well as increased prices for four of the contracts under government as well as RevPAR was up 101.9% y-o-y to $105 in the 3QFY2022.

“Currently, FEHT has four of nine hotels that are under government contracts to isolate the hotels until Dec 2022 or January 2023. These contracts from the government provide similar income to market, but have less operating costs. FEHT will consider redeploying the four hotels to cater for business and leisure travellers in the early 2023 timeframe if the increase in arrivals of visitors continues to increase,” says Koh.

Serviced residences also have shown the ability to withstand long-stay contracts that have both variable and fixed rents. On a store-by-store basis without Village Residence Clarke Quay, occupancy increased 12.1ppt per year up to 90.4% and ADR increased 24.4% y-o-y to $235 in 3QFY2022 owing to the high demand from corporate guests who stay for long periods according to Koh adding that RevPAR was up 43.7% y-o-y to $213 in the 3QFY2022.

He has reduced the distribution for 2023 (DPU) projection by 8% because of the increased costs of debt under assumptions that $132 million of loan, or 18% of the total borrowings at FEHT will be refinancing with 4.5% sometime in mid-2023.

The catalysts for Koh’s shares comprise upside protection from fixed rents incorporated into the master leases it has with its sponsor Far East Organization (FEO) which holds the majority of 61% of FEHT The company’s continued growth on occupancy levels, ADR as well as RevPAR between 2023-2024 aswell being the purchase of the remaining 70% stake in the three Sentosa hotel properties from FEO.

At 3.41 at 3.41, units of FEHT were trading at 1 cent, or 1.61% down at 61 cents.

The Hill @One-North Slim Barracks Rise price

A premium flexible workspace provider The Great Room has opened an all-new flagship location located in Cheung Kong Center in Hong Kong. The 21,000 sq ft co-working space is The Great Room’s second location in Hong Kong following One Taikoo Place.

The Hill @One-North Slim Barracks Rise price sold to Kingsford Development for S$162.388 million under the Government Land Sales (GLS). It had garnered a total of 10 bids due to its prime location in a serene environment.

“As travel is opening up again we’ve observed that there is a rising need for coworking spaces that offer open amenities throughout the region that offer an unbeatable experience. This is why it’s essential to The Great Room to provide more places to meet this growing demand.” says Jaelle Angie who is the co-founder and CEO at The Great Room.

The 45th floor is where it’s located The new co-working space features 22 offices that include two enterprise units along with the workhall, which includes office hotdesks, as well as hot desks. Facilities include in well-appointed meeting and event rooms including a nurse’s room with private phone booths as well as dedicated video conferencing and audio-visual equipment.

The Great Room is known for its service that is inspired by hospitality. The new location will offer an all-day barista who is available 24/7 and special drinks for customers.

Office memberships for dedicated offices start at $10,000 per desk per month. The city-wide hot desk membership starting from $3600 per month. In contrast, a virtual office membership is priced at around HK$900 per month.

The new office at Cheung Kong Center is the eightth location for the company in the Asia Pacific. Coworking operators say that it is planning to open two additional locations planned for opening in the next months. One of them will be a four-storey shophouse that is a conservation project in Singapore’s Chinatown region, and the second will be located situated in Park Silom in Bangkok, Thailand.

“In the post-Covid world there is no way back to what was before. It is vital for businesses to provide access to a work environment that is designed to facilitate efficiency, collaboration and more engagement.” says Ang.

The Hill @One-North showflat

Savills Singapore is marketing the sale of luxury apartments located in the East Building of Triptych Bankside in London.

Triptych Bankside is a GBP450 million ($736 million) mixed-use development, designed by internationally recognized architect Squire & Partners. The project is being designed in partnership with Central European real estate developer J&T Real Estate.

Target to launch in H2 2022, for official project details register for The Hill @One-North showflat appointment.

The whole development consists of two residential towers that span 14 and 18 stories as well as an 85,000 square foot office building as well as 29,000 square feet of wellness, retail, or cultural areas. The apartments available to be sold are located in The East Building which consists of 79 luxurious homes. Prices start at GBP995,000 for a one-bedroom unit.

The facilities available within Triptych Bankside include multiple private rooms, lounges with a private, 14-seat in-house cinema, 24-hour receptionist and concierge, as well as communal gardens.

The project is close to an art gallery of world class Tate Modern, the world-renowned theater Shakespeare’s Globe and the culinary Hotspot of Borough Market.

“Triptych Bankside’s unique façade is a reflection of an artwork placed against the London skyline. Since the start of the earlier phase at the Triptych Bankside location in Singapore we noticed that people’s desire for the property located in zone 1 is amplified because it is situated in the vicinity of prominent landmarks.” Says Jacqueline Wong the executive director of residential service of Savills Singapore.

In the first quarter of this year, the area has recorded around GBP150 million in residential sales.

“All 169 residences have private terraces with tranquil views which makes Triptych Bankside a desirable South Bank living space,” says Wong.

“As Triptych nears completion, buyers will be able to see the way Triptych will evolve with its gracefully designed homes set in a park. Buyers of all kinds are expressing their appreciation for the bigger-than-average homes with spacious living areas and bedrooms and all with outdoor space,” says Nina Coulter, UK board director, Savills.

The Hill @One-North at Slim Barracks Rise

Developer Qingjian Realty had intended to begin construction of its 105-unit privately-owned residential condominium The Arden in 1Q2022. The sales gallery located on the site located on Phoenix Road was completed early this year. But, as the year comes to an end, the events for the launch have yet be put into motion. Yen Chong the deputy general manager of Qingjian Realty confirms that the launch was delayed.

The Hill @One-North at Slim Barracks Rise is a perfect home for people looking for an oasis away from the fast-paced city life.

The reason for the delay is the approval to purchase of three adjacent remaining State land parcels located at Phoenix Road. “It is awaiting the approval of the authorities,” says Chong. “We are hoping to be granted it shortly.”

If contacted through EdgeProp Singapore, an Singapore Land Authorities (SLA) spokesperson would reply: “SLA is reviewing the request with the relevant agencies and will release the proposal as soon as it is possible.”

The amalgamation of remnant State properties with Private properties is not a new idea. Indeed, developers are encouraged to purchase these abandoned sites for an even-shape parcel.

Qingjian Realty purchased the former Phoenix Heights en bloc for $42.6 million at the time of the closing to the auction on the 25th of July 2019. The developer is also proceeding with the purchase of three remaining State land parcels that border the site.

The delay is due to the complexity of purchasing three remaining sites

The third of three remaining sites is a small piece of land that forms the boundary that forms part of the site on Choa Chu Kang Road. It is believed to be home to the reserve for drainage. The two remaining sites are located at the rear of the property and a rectangular site is believed to be home to an underground power station, while the second smaller square site is where the gas pipes that were used to service the units that were once part at Phoenix Heights are located (see EdgeProp Landlens).

A previous written authorization (WP) sent by URA on November 20, 2021 indicated that it was in the process of obtaining the abolition of two State land parcels located in lots MO10-01494M and the MK10-01654C.

Based on the revised WP which was submitted on March 1st 2022. The 105 unit residence development will consist of three blocks of five stories and will include an underground carpark, a swimming pool , and common facilities situated in Plot 1, which is the principal site.

The developer must grant Public Utilities Board (PUB) access to the drainage reserve located at Plot 2, “without the State paying any money or offering any kind of consideration to the developer, with vacant possession and without any encumbrances prior the issue an official Certificate of Completion Statutory from the Building and Construction Authority”.

As per the terms of the WP The developer must meet requirements of the “requirements from technical authorities” which include those of the Land Transport Authority (LTA), National Parks Board (NParks) and PUB.

According to reports, a further problem could be caused by the owner of the remaining site which includes an electrical substation. The site is in the possession by Singapore Power, which is now a corporatised company. The land needs to be returned to SLA.

So, at present it is the only one of the three remaining sites was successfully amalgamated. It is the one that has the gas pipes that were unused and had previously served the 12 shops in the Phoenix Heights. Phoenix Heights.

“While it is normal to have several agencies involved in the acquisition of remnant sites It is unusual for approval to take this long,” says a source who refuses to identify himself. “Perhaps it’s the acquisition of three remaining lots, instead of just one that’s causing the complexityand slow approval process for this purchase SLA because it must work with all the different agencies.”

In the event that Qingjian had filed the request for the purchase of the three remaining sites before September 1st, 2022, the price of the purchase will be determined by the prior price that was 50% of the total land value, calculated by applying a multiplier equal to 5/7 of the rate of land betterment as stated by SLA in the press release. Since Sept. 1, the acquisitions of remaining State property will be determined by 100% of the value of the land site.

The land rate of Arden’s – similar with GLS sites for ECs in the present

The debut The Arden The Arden is expected to be sometime in 2023, which is a year further back than the developer originally planned. In the meantime, the clock is ticking toward the deadline of 5 1/2 years for the cancellation from the 35% additional stamp duty for buyers. The case for Qingjian Realty, that date is believed to be the close of January 2025. This means that the developer has approximately two years for the sale of the 105 units of residential homes in The Arden.

In addition to the extension of six months for the sale period for 5 1/2 years time to complete the project is delayed by 12 month, to November 2025, in the context in the relief provisions of COV-19 to developers.

In retrospect the Qingjian Realty’s price for the site located on Phoenix Road is attractive compared to the prices for land on Government land sales (GLS) sites today. The 63,000 square feet site is leased for 99 years that began in 1969. That means that the developer is required to pay a difference premium to cover leasing top-up. The purchase price is $42.6 million, which amounts to an estimated $630 per plot ratio (psf ppr).

It amounts to 38.5% below the $1,024 per sq ft price per square foot the Far East Organization and Sekisui House paid for the GLS site at Hillview Rise at the close of the tender on November 3. The $630 price per and ppr is 53% less than the $1,343 per person the Bukit Sembawang Estates offered for this GLS site in the Bukit Timah Link, which is located near the entry point into Beauty World MRT Station. Tenders for Bukit Timah Link was also shut on November 3rd.

The $630 psf per-psf rate is the same as the cost for GLS sites in executive condo (EC) developments sites in the present, says Lee Sze Teck, senior director of research at Huttons Asia. In the middle of September, City Developments Ltd (CDL) paid $626 psf per month to purchase the EC site located at Bukit Batok West Avenue and Qingjian Realty paid $662 psf per person to purchase the EC site located at Bukit Batok West Avenue 8 , in the month of March of this year.

What price will The Arden be priced at?
EC projects announced in this year have already had sales that have surpassed $1,300 per square foot. For example there were 639 apartments in the Copen Grand in Tengah Garden Walk which was launched with CDL as well as MCL Land in September, has seen the sale of 485 units (75.9%) sold to the date, at an average of $1,337 per sq ft. CDL as well as MCL Land had paid $603.17 per sq ft per site by May 20, 2021.

In the meantime, the consortium comprising Qingjian Realty, Santarli Realty and Heeton Holdings is launching the 618-unit Tenet EC at Tampines North on the 3rd of December. The average indicative price is set at $1,331 per sq ft. A consortium led by Qingjian Realty paid $659 per square foot to purchase the EC site located in Tampines North, in the month of July.

Suburban 99-year leasehold condominiums were launched in the last year at an average price of just $2100 psf. Some examples include Amo Residence in Ang Mo Kio Rise in July which saw the 98% (372) units sold within the first weekend following the debut; Sky Eden@Bedok, with 75% of the 158 units sold in the beginning of September and Lentor Modern with the 85% of units were sold as of November 21.

“Qingjian Realty paid $730 per per square foot for the site and it’s the most appealing land price currently – and they can cause an uproar within the marketplace by the launch of The Arden for sale at a cost that is in between the fresh launches for ECs as well as suburban condominiums. This will draw a lot of attention,” says Huttons Asia’s Lee.

Nearby The Arden The Arden is Hillsta, which is a 416-unit leasehold development that consists of Soho’s, condominiums and townhouses. It was designed through Far East Organization, the project was completed in the year 2012. The latest median price for Hillsta is $1,241 per sq ft which is based on transactions between June through November 2022.

Further down Phoenix Road and separated from The Arden by the Phoenix Park playground is the Phoenix Residences, a 74-unit development. Phoenix Residences by OKP Holdings. The project was officially launched in December 2020. around 95% (70 apartments) of the development has been sold at an average cost of $1,554 per square foot. Based on caveats that were lodged between June and November of 2022. cost is $1,626 per sq ft.

The Hill @One-North Kingsford

A duplex penthouse with a bedroom at Spottiswoode 18, located along Spottiswoode Park Road in the District 2 area of prime It will be for auction on the 23rd of November 23. This is an owner’s auction with a suggested cost that is $1.55 million, according to Yvonne Lau, senior manager of sales and auctions at ERA Realty Network, which manages the auction.

The Hill @One-North Kingsford property is a perfect home for people looking for an oasis away from the fast-paced city life.

The penthouse has a total of 893 square feet, which translates to a price guide of $1,736 per square foot. The lower floor of the penthouse is home to an ensuite master bedroom, kitchen and a bomb shelter as well as a dining and living space that opens onto the balcony. The second level of the penthouse is accessible via a spiral staircase accessible from the balcony, is home to an upper terrace and the pool. The property is currently being leased until the end of October 2023, and will be sold under the existing lease.

The project was completed in 2015. Spottiswoode 18, which was completed by the end of 2015 is freehold property developed from Roxy-Pacific Holdings. The development is comprised of a 36-storey building with 251 homes. Apartments are made up of one and two-bedroom units that measure between 387 sq ft to 1,324 sq feet. There are also penthouse units consisting of one-bedroom duplex units ranging from 893 sq feet to 1,324 sq ft.

On October 19 the 893 square foot penthouse with a bedroom was auctioned off to a buyer for $1.28 million ($1,433 per square foot). Based on caveats that were lodged in the past, recent transactions also comprised the selling of a seventy-one square area unit located on the 33rd level to $1.29 million ($1,810 per square foot) during May. In June an area of 657 square feet unit was purchased to a buyer for $1.42 million ($2,163 per sq ft) in comparison to the 388 sq ft unit was purchased for $880,000 ($2,271 per sq ft) in July.

The ERA’s Lau believes that the property set to be auctioned off will attract attention from expatriates and local young couples and singles who are drawn to the area of the property as well as the options for entertainment close by, such as the restaurants and bars that line Keong Saik Road and the Tanjong Pagar area. The property could also be attractive to potential investors “given the location as well as proximity to amenities makes an easy rental” She adds.

Spottiswoode 18 lies in the Spottiswoode neighborhood, which houses numerous condominiums. They include Spottiswoode 18, which has 351 units, Spottiswoode Residences and the Spottiswoode Suites which are 183 units. Spottiswoode Suites situated at Spottiswoode Park Road and the planned Sky Everton located on Everton Road and Everton Road, an 264-unit development due to be completed by 2023.

The Spottiswoode neighborhood is part an enclave for residential properties located on the edge of the CBD and is close to the Tanjong Pagar, Chinatown and Outram areas. The enclave is comprised of a mixture of private and public housing, which includes the Pinnacle@Duxton, a 50-storey building — Singapore’s highest public housing structure located near the intersection of Neil Road and Cantonment Road as well as The Everton Park housing estate. Spottiswoode 18 is situated just 300m away from the planned Cantonment MRT Station on the Circle Line, slated for completion by 2026. It is also located near malls, including Tanjong Pagar Centre, 100 AM Mall, and Icon Village.

The Hill @One-North condominium

In the Knight Frank Prime Global Cities Index, global residential prices for prime homes increased in 3Q2022 by 7.5% in 3Q2022, contrasted with the 10-% growth recorded in the 1Q2022.

Prime Global Cities Index Prime Global Cities Index is an index based on value that follows the trend of residential prices that are prime which is defined as the highest five% of the market for housing in terms of value, in 45 cities across the world. It is built on Knight Frank’s research network . It is a measure of the prices of local currencies.

The Hill @One-North condominium has been sold to Kingsford Development for S$162.388 million under the Government Land Sales (GLS).

The growth in prices for the quarter of last year was higher than the index’s average five-year rate at 4.4%, and the number of cities with decreases in prices y-o-y changed between six cities in the 2Q2022 seven in the 3Q2022.

Victoria Garrett, head of residential for Knight Frank Asia-Pacific, says that 85% of the cities surveyed show a significant increase in their prime prices annually. She says: “The markets that registered some of the highest price increases in the pandemic are well-represented in these cities: San Francisco, Toronto, Wellington, Stockholm, Vancouver, Los Angeles, Seoul and a handful of Chinese Mainland cities”.

The last quarter of the central area of London was able to see prices rise to 2.7% yearly. “Prices are currently increasing at the fastest rate since Q1 2015. The resilience of labour markets and a shortage of supply , and well-capitalised lenders will ensure that prime prices are maintained across the majority of markets until 2023,” says Garrett.

All in all, Dubai is the city with the fastest-growing residential property prices this year, increasing 88.8% over the first nine months of 2022. “Prime homes in the Asia Pacific continued to cool during the third quarter, with cities in the region being 11 of 19 global markets that saw an increase from June to September of 2022. This is an utter contrast from the annualized figures that had only four markets that were in the blue,” says Christine Li who is the head of research for Knight Frank Asia-Pacific.

But, a few Asia Pacific markets are holding in check, including Tokyo and Singapore in which rates for financing remain low, according to Li. She also adds that some price drops were noticed to be less severe in emerging markets in Southeast Asia.

“The continuing supply imbalance and an opening to travel and immigration is expected to boost the price level. But, as prices fall due to the monetary policy, things will remain a bit skewed in the short-term, and the primary market for residential homes across the globe is an opportunity for buyers,” says Li.

The shift from a prolonged period of low rates on loans could result in a squeeze especially for highly stressed principal residential landlords. This could lead to greater resales of property in certain cities, says Knight Frank.