Tembusu Grand condo floor plan

A freehold home situated at 3 Palm Road has been listed for sale through tender per Knight Frank, the marketing agent. The property is located on a 14,199 square foot site and is priced at $19 million. This is equivalent to a land value of $1,338 per sq ft.

The current property includes a two-storey house that was constructed around the year 1980. The property is designated for residential purposes and has an area ratio of 1.4 in the masterplan. The site is located within an enclave of low-rise homes located in Siglap. It is located about 300m from the planned Siglap MRT Station on the Thomson-East Coast Line, set to be completed in 2024.

Tembusu Grand condo floor plan is expected to house 640 exquisite residential units, a midsized project for the giant property company CDL.

“The property presents an exclusive chance for potential buyers to buy a house in a prestigious residential area in the east. The location is a true convenience and offers eating, entertainment and leisure amenities easily accessible,” says Mary Sai executive director of capital markets of Knight Frank Singapore.

As per Knight Frank, this plot is ready for redevelopment as the development of a boutique residential community comprising 18 units of landed housing that includes bungalows and semi-detached homes subject to the approvals.

If a redevelopment is proposed that is up to the maximum ratio of plots for apartment buildings, the land cost amounts to about $1,541 per square foot for plot ratio, including the land betterment fee Knight Frank says. Knight Frank.

“The legal title to the property, that is held solely by one family offers the possibility of immediate development, without having to deal with the uncertainty that a group sale brings” states Chia Mein Mein director for capital markets (land and collective sale) for Knight Frank Singapore.

She also states: “The property will also attract large multi-generational families or extended families seeking to build a new house that has a maximum gross floor space that is close to 220,000 square feet.” The property’s closeness the Siglap MRT Station and palatable prices will surely attract a lot of buyers, she claims.

The auction on the purchase of the 3rd Palm Road will close on September 6.

Tembusu Grand launch price

Co-living company homegrown Coliwoo has launched their fourteenth property within Singapore, Coliwoo River Valley 298. The four-storey residence for co-living has been set up on 298 River Valley Road, and the property is zoned residential, with commercial on the one storey.

Coliwoo is an co-living company that is part of the the local property management service group LHN Group.

Tembusu Grand launch price sits in a total suite area of about 210,545 sq ft and a maximum Gross Floor Area

The recently launched 16-room, co-living property is located about 400m away from Fort Canning MRT Station on the Downtown Line. The residential area also includes high-end condos and houses on Oxley Road, Martin Place as well as River Valley Close.

These rooms in Coliwoo Valley 298 feature queen-sized beds and a bathroom with a separate shower and kitchenette, as well as wardrobe with a smart TV, the washer and dryer are both at your disposal.

River Valley property River Valley property was acquired by LHN in February of last month for $8.5 million. The company renovated and reused the property rather than developing it.

In the press announcement, LHN states that it intends to increase its presence in areas with existing Coliwoo properties like Balestier Road and Lavender Street in addition to newly acquired properties on Arab Street and Pasir Panjang. The company also announced the purchase of two mixed-use buildings 286 and 288 River Valley Road — for $23.25 million in the month of March.

“With several projects planned, Coliwoo is committed to offering potential tenants a variety of properties to select depending on their specific requirements. Our offerings are a part of the brand and provide tenants with lease terms that are flexible,” Chong Ching Yun Chief Commercial Officer of Coliwoo.

The firm is hoping to satisfy the rising demand from young tenants in the area who want to live independently living arrangements like co-living. “We have observed that local couples are choosing to rent instead of buying their own homes.”

Tembusu Grand sales gallery

Holland Tower, the freehold condominium in Holland Heights in prime District 10 has announced a tender for collective sales. The property is available for sale with a suggested price of $76 million, as per an announcement from the market agent SRI Capital Market.

Tembusu Grand sales gallery is a perfect home for singles, couples and residents with families who want an oasis away from the fast-paced city.

“We anticipate a lot of interest from developers because of the appealing cost and the price of land on a psf per plot ratio basis [ppr]. With a base price that is $76m, the price of land will be around $1,739 per sq ft ppr.” states Low Choon Sin, managing partner of SRI Capital Market.

Holland Tower was completed in 1976 . The residential development consists of an apartment block of 14 floors with 19 units, that vary between 1,862 and 2,949 sq feet. The property has an built-up surface of 43,691 sq feet that amounts to an average gross ratio of 2.0. The site is part of Holland Park Good Class Bungalow (GCB) Area. Holland Park Good Class Bungalow (GCB) Zone.

Furthermore, the property is located on an elevated site located at the top that runs along the Holland Heights road. Therefore, the present property offers a unobstructed view of the estates that lie along Holland Park. Schools close to in the area include Nanyang Primary School, St Margaret’s Secondary School and Chinese Anglo International School.

“The Holland area in District 10 has seen a surge in demand over the last seven quarters, with more than eighty% of the newly constructed private residential units being sold. Due to the decreasing number of new residential units following the previous En bloc cycle that took place between 2017 and 2018, the auction [tendercan be a timely opportunity to allow developers for replenishing their landbanks,” says Low. (See possible condos by using the an en block calculator)

The site provides a range of possibilities for redevelopment “such as redeveloping into one-block of luxury condominiums for multi-generational families or redeveloping into a High Class Bungalow” He says.

The tender for the collective sale closes the 14th of March.

Tembusu Grand in Jalan Tembusu

The administrator of CapitaLand India Trust (CLINT) has announced an average distributable per unit (DPU) of 3.91 cents in its second quarter of FY2022 which ending December 31, 2022. This is 9% over its DPU figure of 3.60 cents during the same timeframe the year prior.

Tembusu Grand in Jalan Tembusu sets in a laidback area oozes understated charm since it is home to some of the most luxurious Condos in Singapore.

DPU for FY2022 rose by 5% year-over-year to 8.19 cents, up from 2021’s 7.80 cents. The higher DPU is mostly attributable to increased ratio of portfolio occupancy as well as the income that comes from acquisitions.

The total property income for the 2HFY2022 year was in the range of INR4.78 billion ($76.5 million) 11% more than the previous year, which translates to total property revenue in the range of INR11.9 billion over the whole year.

The reason for this was the greater portfolio occupancy and the income generated from the AVance 6 in Hyderabad that the trust purchased in the month of Mar 2021; Building Q1 of Aurum Q Parc at Navi Mumbai that it acquired in Nov 2021. Arshiya Warehouse 7 it bought in the month of March 2022 in addition, the Industrial Facility in Mahindra World City, Chennai which it purchased in May 2022.

Total property expenses have increased to 22% in the range of INR2.5 billion, mostly due to increased maintenance and operational costs as well as property management costs from newly purchased and existing properties.

CLINT had a committed ratio of portfolio utilization of 92% as of Dec 31, 2022. Meanwhile, the funds under the trust totalled $2.5 billion. The gearing proportion was around 37%.

The CEO of the manager Sanjeev Dasgupta highlights the plans to establish two additional data centers at Hyderabad and Chennai that it was announced on December 31st, along with Mumbai as well as Bangalore.

“We are now operating a data center platform that is located in the most prime locations of India’s four major data center markets. We are also looking forward to the finalization with the purchase International Tech Park Pune – Hinjawadi 5.

“This is an asset that is fully leased and will produce and increase the steady returns of our unit holders. We believe that the acquisitions completed and announced throughout the year will help position CLINT to grow further by 2023.” He adds.

The units in CLINT were sold flat on February 6 for $1.19.

Tembusu Grand architect

An unfinished Good Class Bungalow (GCB) located on Chestnut Drive in Bukit Panjang is on sale for $38.88 million. In a press announcement on February 2 by PropNex Realty, the sole agent for marketing PropNex Realty, the price amounts to around $2,677 per sq ft on the land size of 14,526 square feet.

Tembusu Grand architect of about 210,545 sq ft and a maximum Gross Floor Area (GFA) of 54,789m2.

The leasehold of 999 years on the site is situated within the Chestnut Avenue GCB zone that is the only delineated GCB area within the immediate vicinity. The other housing zones landed around it are mostly three-storey mixed landed estates that are located along Cashew Road and Petir Road.

The unfinished property has an elevated detached house with a basement as well as an attic. According to PropNex the development is anticipated to get its temporary occupancy permit (TOP) in the coming year.

The property will include six bedrooms with ensuites and a theatre as well as a swimming pool that has a the water cascading feature, and a fully-equipped dry and wet kitchen, as well as space to build a gym or entertainment space. The property also has the capacity for solar panels as well as an intelligent home system.

According to PropNex the cost of $38.99 million also works out to around $1,996 per square foot, according to the proposed built-up area for the new GCB which is 19,481 square feet.

“Among those 39 GCB regions in Singapore and Singapore, this one is the best. Chestnut Avenue GCB area is among the lowest prices in comparison to the District 10 and District 11. and District 11. It also offers a gateway to the prestigious GCB segment.” states Henry Benjamin, head of GCB and prestige at PropNex.

He says that the brand-new GCBs remain highly sought-after properties and there’s an extremely limited supply of GCBs available.

The site has been made available for sale through a private contract.

Tembusu Grand remaining units

The value of investment sales in Singapore reached $24.7 billion in 2022. This is a decrease of 1% in a year-over-year basis, according to an investment report from Savills Singapore. In the 4Q2022 the market saw $2.81 billion of investment revenue, falling 36.1% q-o-q — the third consecutive quarter in which sales have declined due to slower market conditions, according to the report.

Tembusu Grand remaining units is expected to house 640 exquisite residential units, a midsized project for the giant property company CDL.

Residential sales accounted for the highest revenue, accounting for 49.9% of total investment revenue during the quarter. However, sales for the residential segment decreased by a quarter by $1.4 billion in the 4Q2022 period. The fourth quarter was second in a row of decline that this segment suffered last year.

The commercial segment experienced an increase in transactions which grew by 28.4% q-o-q to $1.02 billion in 4Q2022 despite two consecutive quarters of declining. The increase is mostly due to an 166.1% q-o-q growth in office investment sales, which increased from $251.4 million for 3Q2022 up to $668.9 millions in the 4Q2022, according to Savills.

However, industrial investment sales and retail sales both fell by 34.9% and 48.1% in the q-o-q. Retail sales were from a fairly high base in the 3Q2022 period and the final period of this year witnessed an increase in retail strata sales as well as less transaction value for shophouses.

The 2023 year is when Savills believes that 2023 will see the larger number of Government Land Sales (GLS) sites to be offered and including the $2.16 billion purchase of Jurong Point along with the purchase of strata unit units from Thomson Plaza will uplift the base average of investment sales.

“Despite an unfavorable interest rate conditions, given the economic openness and the positive image of Singapore overall investment sales will remain in the 2023 range,” says Alan Cheong who is the executive director of Savills Research. “While rising borrowing costs could hinder institutions, there is the chance of a major deal or series of small-sized transactions in next year.”

Savills anticipates that the value of investment sales total in 2023 to be between the range of $24-$25 billion and the pace of activity to be slowed by the effects of interest rates and economic headwinds.

Read also: Mandarin Gardens’ owners are planning a new $2.88 billion collective sale

Mandarin Gardens’ owners are planning a new $2.88 billion collective sale

Rents for retail in central regions sank in 4Q2022, extending the downward trend that has been charted since 1Q2020. According to URA data , which was released on January 27 The retail rents in Singapore’s central region dropped in the central region by 1.1% q-o-q last quarter and grew from the 0.4% q-o-q fall recorded in the 3Q2022. “The URA retail rental index is now down for three years , or 12 consecutive quarters, resulting in an 22.4% decrease from 4Q2019,” observes Leonard Tay who is the head of research for Knight Frank Singapore.

The continuing decline in rents could be attributed to ongoing sector headwinds , such as a shortage of manpower, increasing costs, and a more cautious consumer attitude, according to Lam Chern Woon, head of research and consulting at Edmund Tie. “Landlords have not had the ability to increase rents because the operating environment is very difficult and difficult for retail businesses,” Woon explains.

The prices of retail properties have also been falling with a decrease by 2.1% q-o-q in 4Q2022. Retail property prices decreased in 2022 by 7.8% in 2022, which Lam claims is the largest decline in the full year since 2017.

However, despite the continuing decline in rents and the continued decline in rents, Knight Frank’s Tay notes that the retail industry is “in a better position” when compared to the same time a year earlier. In 2022 as a whole rents for retail for the Central Region declined by 2.4% per year, which is a slight improvement in comparison to that 6.8% fall in 2021. “2022 was a significant year for the release of restrictions on pandemics, so that retailers as well as F&B operators could now begin to prepare for operations taking pre-pandemic normalcy into the back of their minds,” he explains.

Tricia Song, the head of research Southeast Asia at CBRE, is in agreement in stating that retail indicators remained upbeat in the 4Q2022 quarter on the back of a rebound in tourism spending as well as the increased frontloading of major-ticket purchases in anticipation of the GST increase which came into effective on January 1.

In parallel, the private retail market witnessed the most leasing activity in the 4Q2022 period as retailers tried to capitalize on the rise in sales over the Christmas period, according to Song. Net absorption across the island was 710,417 square feet in 4Q2022, which was more than twice the 322,917 sq ft in the prior quarter. Private retail vacancy rates across the island dropped between 7.8% in 3Q2022 to 7.1% in 4Q2022. This represents an increase on occupancy by 0.7 per cent.

In the entire year, retail space for private use net absorption was approximately 990,279 sq feet less than 1.08 million sq ft that was expected in 2021.

In the future, Edmund Tie’s Lam expects the growth in tourism spending to boost retail sales, resulting in an improvement, particularly in the prime shopping areas. “However we’re cautious that the looming headwinds such as high inflation and uncertainty, such as the possible appearance of new Covid versions along with any tightening of travel border and local laws will continue to impact the sentiment of consumers and retail which could limit consumer spending and rental growth” he warns.

If there is no change in the economic situation, Lam projects prime first-storey rents in Orchard to grow by an average by seven% or 9% this year. Meanwhile, prime malls are expected to experience a rental increase from 3.0% or 6%.

Knight Frank’s Tay believes rental expansion of prime retail space will be accelerated in 2023, aided by the continued momentum of recovery after the elimination of restrictions related to pandemics. “So that there are no limitations on the number of people who can be gathered and requirements for quarantine for cross-border visitors, prime rents of retail space will rise between 3% to 5% throughout 2023, with Orchard Road, the premier shopping area Orchard Road leading the recovery,” he predicts.

Read more: On Upper East Coast Road, there is a freehold condominium building with 43 units called Bagnall Court

On Upper East Coast Road, there is a freehold condominium building with 43 units called Bagnall Court

The Singapore Land Authority (SLA) has made strides in the creation of the Digital Conveyancing Portal (DCP) which is an online platform aimed to streamline the legal process of transfer property titles.

By implementing the DCP, SLA aims to completely digitalize conveyancing that currently relies heavily on manualprocess that is paper-based. Once fully implemented the DCP will allow property transaction to be conducted electronically from beginning to end, making it easier to pay electronically and sending digitally-generated documents. The DCP will be accessible to both private and public housing in addition to industrial and commercial properties.

Tech Mahindra has been appointed as the supplier to gradually design to implement DCP in three phases. The first phase will include an Option-to-Purchase (OTP) stage that will allow developer sales, resales and sub-sale, and is scheduled to complete by 2Q2024.

In the second stage, it will address the pre-completion and final phases for developer sales transactions, and the third phase will focus on the completion and pre-completion phases for sub-sale or resale transactions. The DCP is anticipated to be fully finished in 2026.

SLA collaborates with HDB to integrate HDB’s DCP workstreams into the digitalisation of conveyancing processes, which includes the facilitation of electronic payments and digitising legal documents used for HDB property deals, if it is feasible.

In addition to buyers and sellers, SLA also highlights that the DCP can make it easier for the other parties that are part of the conveyancing process like lawyers as well as property agents and developers as well as property purchasers and sellers through reducing the time and effort required to administer the processes involved for conveyancing.

Read related article: One Holland Village Residences has sold 237 of its 296 apartments

One Holland Village Residences has sold 237 of its 296 apartments

The doors opened in the beginning of November 2022 the 47,000 square feet of office space located at 6 Battery Road managed by The Work Project has bustled with activity as tenants are moved into the space and the final details of the remodel are put in. In the space’s first 2 months of construction, the building is approximately 50% of the space is leased and set to be fully occupied by mid-year of the year.

The Work Project (TWP) is an in-house co-working space and flexible workspace provider that was founded in 2016 and has since expanded its business presence across Singapore, Hong Kong and Australia.

In Singapore The locations of the company are OUE Downtown, Parkview Square, Capital Tower, Great World City CapitaGreen, OUE Downtown, Great World City and CapitaSpring. The company is headquartered in Hong Kong, its co-working facility is located situated in Causeway Bay, and it launched its first Australian branch in the Quay Quarter Tower, in Sydney, Australia, last year.

Design pays tribute to the roots of mercantile
The latest location of The Work Project located at 6 Battery Road occupies the third, sixth seven floors in the 42-story office building, which is Grade A located in Raffles Place. It has around 1,000 private and co-working desks for offices and meeting rooms, board rooms with a function area and a few hot desks.

Work Project Work Project collaborated with design firm Matthew Shang Design Office (MSDO) to transform three floors of offices into a lively co-working area. The narrative of the aesthetic pays tribute to the mercantile and historical tradition of the adjacent Singapore River. “We are seeing these themes colliding within this building on Battery Road, a red granite structure that’s an important symbol of culture and commerce of Singapore,” says MSDO. “We have cut, hacked and created an interesting and fascinating space within this structure”.

The colour scheme that covers all three floors accentuates the red-brown granite that is visible on outside of the structure. textures like roughhewn concrete pillars and lighter colours like timber screens and ochres.

The third floor houses the main reception and entry space, and is the floor that the largest meeting rooms are located. The entire floor was the trading floor of Standard Charted Bank, an anchor tenant for over 30 years before it was moved out last year.

The seventh floor provides an unbeatable view from this area that is part of Singapore River. The landmark commercial buildings of Raffles Place rise over the historic shophouses along Boat Quay, while the opposite bank provides a beautiful view of the structures in the Civic and Cultural District, which include The Asian Civilisations Museum, the Victoria Theatre & Concert Hall, Parliament House, and the National Gallery Singapore.

Instead of locking the view behind a desk in an office suite this space can be used as an open lounge and a casual workspace among many that are located between groups of offices that are private, private telephone cabins and tables spread between the seventh and sixth floors.

“We began to build an inspiring and beautiful space that would make the most of the floorplate that we have,” says Noeleen Goh The the global head of real estate of The Work Project. “What emerged as a result is a private business center for this space that is comfortable and vast”.

In contrast to some of its bigger sites, such as CapitaSpring for instance and CapitaSpring, the center located at 6 Battery Road is not thought of as being a place for enterprise, says Goh. TWP is a firm that defines enterprise clients to be those who comprise greater than 25 seat and categorizes its medium-sized customers from 10-25 seats as well as small clients with less than 10 seats.

Although the office space is available to business clients if they want to, the owner is targeting smaller or medium-sized clients, and has designed the layout and offices to cater to. “Most of the tenants in 6 Battery Road are relatively small-sized, and we’re trying to maximize the strengths of the structure,” says Goh.

The economic headwinds of 2023 are expected to be a major issue
TWP was trying to expand into Raffles Place submarket in Singapore. “Six Battery Road, which is located in Singapore, is an landmark structure and is a stunning Grade A office building in the middle of Raffles Place, and we were incredibly interested when the opportunity presented itself our way,” Goh says. Goh.

In Singapore the office market in Singapore saw a good year in 2022, as the pandemic restrictions on the island were eased and more employees began returning to work as Goh says. “I believe that 2022 was an exceptionally positive year for all coworking gamers,” she says.

“We observed that in 2022, the offices in Singapore was high across all industries and at the beginning of the year, it was led by a robust demand from companies in the technology sector,” says Goh. She says it’s important to announce that TWP opens its office on 6 Battery Road now because it lets the company showcase its latest product to the public.

But, the current economic conditions and uncertainty this year mean that she anticipates slowing down of prime office demand from MNCs as well as corporations in Singapore. She claims that TWP will be “careful” in following the inquiries received this year, particularly those with those from enterprises.

As some companies face uncertain times this year and a few have changed their approach to work. For instance, Twitter reassigned its Singapore-based employees to remote working starting Jan 12and has since vacated most of its employees at their CapitaGreen office.

While this hybrid working arrangement has become more widespread however the degree that it is carried out varies from sector segment, says Goh. For instance, businesses in finance, investment , and asset management remain the basis of prime office demand in Singapore according to her.

“In the long term the demand in office workspaces will increase however, it will not be restricted to an office chair and a desk for employees. We’ll see more workplaces that are collaborative for employees, as well as function rooms and meeting rooms,” says Goh.

Partnerships with landlords
The flexible workspace operator runs this office located at 6 Battery Road under a management agreement with the owner of the asset, CapitaLand, through its Reit CapitaLand Integrated Commercial Trust Management.

It is the second site in Singapore in which TWP has entered into a management agreement with CapitaLand the first being TWP’s 69.100 sq ft center at CapitaSping which was fully occupied within 10 months after its opening.

“We think that working together with landlords for flexible spaces could be the way forward for the (co-working) industry. Partnerships like this can provide greater value for the tenants of the building by improving the facilities,” says Goh.

CapitaLand and TWP are closely linked since the latter made a $27 million investment to acquire the fifty% part of the operator’s workspace in the year 2018. This collaboration was instrumental in helping TWP increase the number that includes Singapore properties that include work spaces under the Bridge+ brand, which was initially a product of Ascendas-Singbridge. CapitaLand bought Ascendas-Singbridge in a deal worth $11 billion in 2019.

Regarding its plans to expand, TWP has been quite cautious when it comes to expanding organically and has concentrated on ensuring that the occupancy of all of its centers is stable and effective prior to taking a look ahead according to Goh.

The list of requirements for an operator when considering a new office building is threefold: The building is located in a demand for office space within an area, a landlord willing to work with and be able to enter at the appropriate rental rate.

The TWP’s goals for 2023 include retaining the high occupancy levels throughout its centers as well as to maintain its cautious approach to expansion across Australia particularly in the commercial areas that are key to its growth located in Melbourne as well as Sydney. The company is also on the seeking partnerships that can be successful with landlords.

For Singapore, Goh expects prime office rents to slowing down later in the year. In addition, the company plans to take advantage of opportunities such as leasing renewal negotiations in the early stages being mindful of possible negative economic impacts to come, she adds. “We are cautious about the expansion plans we have in mind, making sure we’re opening in favourable, strategic locations which are beneficial”.

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New managing director for Singapore is appointed by Colliers

A unique five-room HDB loft apartment located in Punggol is being sold for $1.22 million. The 1,603 square feet flat is located on the top floor located at the Punggol Sapphire that is a decade-old HDB development that is located on Punggol Field. The asking price is $761 per sq ft in the floor area.

Based on Amos Lim, marketing manager at ERA Realty and the property agent representing the seller The Option to Purchase (OTP) between the seller and buyer was finalized in December of last year. The transaction is awaiting HDB approval. It is anticipated be completed in the next month.

Lim works as an agent for The Gideon Sim Division, as an agent for the ERA’s Preeminent Group.

If the sale is successful, it will be the record price in the market for the HDB loft space in Punggol which will be more than the previous record price that was set September 2022. The deal also included one of the lofts that was 1,603 square feet unit within the same block. It traded hands in the amount of $1.198 million ($747 per square foot).

The loft unit in which Lim purchased was offered to be sold at the end of August 2022 for the estimated price that was $1.25 million. The advertisement received more than 100 inquiries. Lim also posted a TikTok video Lim created Lim created that featured an insider’s tour of the apartment. It as well as thousands of views within one day after uploading.

Many interested buyers submitted bids for the property and offers ranged between $1.1 million up to $1.24 million, according to Lim. “Eventually the owner settled with a buyer that he was at ease selling the home to and also who was willing to pay an appropriate cost in exchange for the property,” he says.

“Part of the appeal of the house is its unusual loft layout, the high ceilings of around 5 meters and large windows that let in plenty of light from the sun,” says Lim. Additionally the staircase that leads to the loft doesn’t hinder the living space and is brightly lit by windows, Lim says.

The loft unit purchased at $1.198 million during September of last year also led to the cash over valuation (COV) of around $200,000. This is the sum of the price of the purchase and the HDB appraisal for the property and can be paid in cash by the buyers.

Although Lim doesn’t know the exact amount the buyer is required to pay Based on his professional judgment and analysis of relevant transactional information, Lim estimates that it will be around $100,000.

Only 23 lofts are available within Punggol Sapphire, and they are all within the same building which faces Punggol Field.

According to Lim the man has also contacted other owners of loft units in the block to determine the interest of those who own flats. However, he states that the vast majority loft owners don’t plan to put their apartments for sale anytime soon, and are planning to remain as homeowners.

“For those who are planning to sell their lofts the latest sale should be good news for the owners and allows them to plan better for the financing for real estate,” says Lim. However, he points out that the record value is due in part to the rareness of the house. “It is not likely that this sale alone will dramatically increase the nearby property costs.”