The Group’s second integrated mixed development in the CBD, Guoco Midtown, which is forthcoming

, ,

Read also: The purchases, which total 1,863 beds, were made through two different deals

The purchases, which total 1,863 beds, were made through two different deals

GuocoLand Limited announced the promotion of Valerie Wong to managing director of asset management. The promotion will take starting January 1st 2023. Wong will be in charge of the strategy of the company to develop the scope of its property investment management service.

With over 27 years’ experience with asset administration, Wong has been instrumental in growing GuocoLand’s Asset Management capabilities through the creation and the completion the construction of Guoco Tower. Guoco Tower is the flagship integrated development of the Group. located in Singapore is strategically supported by a wide range of tenants that include major multinational corporations. It is still almost full occupancy as well as generating impressive rental returns.

The coming Guoco Midtown, the Group’s second integrated mixed development within the CBD and will feature the latest generation of a hybrid workplacethat is enriched with sustainability and wellness features. Once it’s fully operational in 2023, Guoco’s high-end Class A offices will be a positive contributor to the Group’s earnings in the future.

In Singapore in addition to Guoco Tower and Guoco Midtown, GuocoLand also owns and manages 20 Collyer Quay in the CBD. Its most recent mixed-use project, Lentor Modern, will also include a mall that covers more than 96,000 square feet of retail space for commercial use which will add to the group’s investment portfolio as well as regular income once it is completed.
Wong will be responsible for the ongoing expansion and development of GuocoLand’s total business of asset management in its three main markets three key markets – Singapore, China and Malaysia. Her previous role was group’s chief executive (asset management) until August 2021 prior to that, the GuocoLand general manager for its Singapore commercial activities since she joined the Group in the year 2014. She was also the founder of the Find Tanjong Pagar Business Improvement District initiative.

“Valerie was a key player in GuocoLand’s transition from an residential developer to a multi-platform property company in Singapore in the past year,” said Cheng Hsing Yao the chief executive officer of GuocoLand. “She will play an important role in using the knowledge that we’ve accumulated in Singapore to enhance GuocoLand’s asset management capability as well as operations in China as well as Malaysia.”

Cheng said, “As we continue to expand and diversify the commercial elements of our current development projects across Singapore, Malaysia and China We also look towards the completion of our new developments that are integrated. This will provide the foundation for GuocoLand to increase the business of asset management and help the Group to capitalize on the next generation of growth opportunities in the near future.”

/by

Shaw Tower will utilize IoT-powered smart facility management technologies

, ,

Read related article: Among the anchor tenants are 100 restaurants

Among the anchor tenants are 100 restaurants

Shaw Tower has been awarded the sought-after Building and Construction Authority (BCA) Green Mark Platinum (Super Low Energy) certification in accordance with the most recent 2021 standards – the first commercial grade A construction in Singapore to be awarded this prestigious distinction. It also received three more badges to show its well-being and health, as well as efficiency and maintenance.

As the first commercial Grade-A building to meet the required higher standards, Shaw Tower will demonstrate how workplaces in Singapore are more sustainable and healthier from conception and construction all the way to the completion stage and beyond. In the Singapore Green Building Masterplan announced in the year 2000 80% of new buildings measured in Gross Floor Area (GFA) are required to have BCA Green Mark Platinum (Super Low Energy) certified by 2030.

“Shaw Tower is expected to become a state-of the modern sustainable commercial project in Singapore as well as serving as a hub for community, similar to what it has been in the past,” says Raymond Chan, Managing Director for Shaw Group of Companies, Hong Kong. “We are delighted with the confirmation from the authorities and other leading organizations that the brand new Shaw Tower is on the right path to meet the lofty goals we set for it to not only become a place of work in into the near future but also for future generations.”

The brand new Shaw Tower will deliver greater than sixty% energy savings through the use of an advanced hybrid air conditioning system, intelligent Internet of Things (IoT) lighting, and tenants’ power-management strategies. This will drastically decrease the footprint on the environment of Shaw Tower while reducing the impact of the impact of climate change during the transition towards a carbon-free industry.

Rooftop solar photovoltaic panels , along with a wind turbine can also produce renewable energy and improve the energy efficiency that the house.

Shaw Tower will use smart facilities management systems that are powered with the IoT ecosystem to automatically monitor and alter indoor air quality and lighting levels to achieve maximum thermal comfort and energy efficiency. It will also record the occupancy of buildings and space utilization information to improve workplace strategy.

High-performance air filtration and sterilisation equipment cleanse the air in the tower to improve air circulation for the health of humans. This is aided through Indoor Air Quality monitoring systems and controls that react automatically to changes in the quality of air caused by changing occupancy levels or other elements.

The building’s amenities include a gym, a post-trip facilities that promote healthier travel and 15,700 square feet of dining and retail options including the rooftop restaurant.

With buildings generating more than 20% of the local carbon footprint Development director Lendlease continues to collaborate with partners who share the same values, as well as supporters such as BCA as well as Shaw Towers Realty Pte Ltd to assist Singapore build more sustainable and healthier structures to serve the community today and in the future.

Additionally, in addition to having the BCA Green Mark Platinum (Super Low Energy) accolade, the brand new Shaw Tower is the first building in construction to be built in Singapore as well as Asia to be awarded it the WiredScore Platinum award – the highest possible rating – to recognize its connectivity standards to the internet as a modern workplace that supports technologically-driven methods of working.

It’s Singapore’s first commercial building of a high-rise grade A under construction to be certified from the International WELL Building Institute, which is aiming for WELL V2 Core Gold, boosting the well-being of both visitors and tenants.

The brand new Shaw Tower will also become a project that has been certified ABC Waters through the Public Utilities Board for its lush green cascading cascading gardens, which are atop the podium area and two sky terraces located at the top and middle of the tower. They provide biophilic zones that will further improve the health and well-being of future visitors and occupants.

“It isn’t an easy feat to get the the first BCA Green Mark Platinum (Super Low Energy) award in accordance with the most recent 2021 standards for a commercial building of a new grade in addition to other awards of WiredScore as well as PUB,” says Ng Hsueh Ling the executive director of Singapore and chairperson, Lendlease Global Commercial Trust Management, Lendlease.

/by

Traditional luxury stores and high-end streetwear compete for prominent Orchard Road frontage

, ,

Read related post: The Work Project runs a 46,285 square foot workspace at Sydney’s Quay Quarter Tower

The Work Project runs a 46,285 square foot workspace at Sydney’s Quay Quarter Tower

The overall strong performance of the real estate market for retail in 2022 was because of the belief among sellers that this local market will be able to recover after suffering the most severe covid-19 virus.

As per Sulian Tan-Wijaya executive director of lifestyle and retail for Savills Singapore, a handful of premium retail segments have profited the most from the rise in spending by consumers this year. She has been in top of retail property industry since 2008. She has been able to observe the changes in the lifestyle and retail industries.

“Luxury watches, high-end fashion athleisure, streetwear and luxury watches are among the most significant consumers of retail spending this year. These segments performed extremely well through the first two seasons of this pandemic from 2020 until 2021] and are expected to experience strong growth once markets reopened [in the year 2018]”” she adds.

Brands with top-of-the-line status like Rolex, Chanel, Hermes and Louis Vuitton are largely inflationand recession-proof, according to Tan-Wijaya. She also says that the group of wealthy buyers “are not price-sensitive , unless they are buying at the entry level”.

A series of brand new flagship store openings brought the retail market to its peak this year. According to Tan-Wijaya’s report, the most prominent and notable ones are the ones that have unveiled the street-facing stores on Orchard Road and Scotts Road. These are among the top shopping spots within the Central Area.

Tan-Wijaya highlights Korean streetwear brand MLB, Japanese brand SNKRDunk streetwear label Stussy and American clothing brand Carhartt as noteworthy new-to market brands in the year. “This is a testimony to street fashion taking the fashion industry in a storm, and occupying the retail space traditionally filled by established fashion houses,” she says.

Alongside major streetwear clothing brands, a number of beauty brands such as Dior, The History of Whoo Su:m37, Dior and Guerlain have also have opened new stores. A number of luxury stores, including Dior and Fendi were also renovated this year. “These are a sign of the strong demand for luxury goods in these segments,” says Tan-Wijaya.

She also notes that between 2030 and 2021 a lot of retailers closed their stores or decreased their number of stores as consumers’ spending fell. “However the luxury brands have generally have resisted this trend by increasing their store size or making remodels,” she says.

Prior to the safe management measures being gradually relaxed in 1Q2022 the luxury stores like Chanel, Louis Vuitton and Dior began to draw huge lines of customers eager to go into. “Customers waiting in line are mostly Generation Y and Gen Z who are looking for the highest quality for their own personal expressions as well as their social status and desires,” says Tan-Wijaya.

Furthermore, “revenge spending” on the part of a majority of customers who were mostly in their homes during the past two years contributed to this increase in demand for high-end products, she adds.

Despite the recessionary concerns that are threatening to erupt in 2023, luxury stores continue to dominate the ground floor and prime street-front areas in the most upscale shopping centers in Singapore. But, the coming years may see a range of retail concepts slowly fill in the spaces previously filled by fast-fashion brands Tan-Wijaya believes.

One example is the homegrown furniture retailer Castlery who has taken over the space of 24,000 square feet in Liat Towers that was left vacant by fashion company Zara. Tan-Wijaya along with Savills Singapore brokered this retail space purchase for Castlery.

There is a likelihood of increased competition as more brands seek to launch flagship locations in Singapore in the near future. “These companies all would like their stores to feature an impressive Orchard Road frontage, which is extremely rare since the majority of companies would be reluctant to sacrifice such valuable space in prime shopping areas,” says Tan-Wijaya.

/by

The average hotel RevPAR in Singapore is anticipated to reach $179 in 2022 as a result of a significant rise in visitor numbers

, ,

Read related post: Seven sites on the Confirmed List and nine sites on the Reserve List were made public by the government

Seven sites on the Confirmed List and nine sites on the Reserve List were made public by the government

The ease of restrictions on international travel in 2022 has helped accelerate the revival of the hotel industry in Singapore. Resumption of big-scale MICE (meetings and incentives conference, exhibitions and meetings) events has helped a number of hoteliers regain the revenue per room available (RevPAR) to the pre-pandemic level.

Based on the data from the Singapore Tourism Board (STB) The average RevPAR of Singapore hotels was $191.96 in the year 2019. The number dropped significantly down to $88.59 in 2020, and then grew only a little bit in value to $91.60 at the end of 2021. The average RevPAR increased to $177.42 at the end of October 2022.

The present RevPAR is at 93% that of RevPAR reported in 2019. According to Calvin Li, head of transaction advisory servicesat JLL Hotels & Hospitality Group. “This performance is much better than anticipated as, after the removal of restricted travel rules, we’ve observed a significant increase on international trips from Singapore.”

A pipeline for Singapore hosted events

Li states that there has been significant improvements in the local hotel industry’s growth this year due to the lifting of border security measures as well as the repeal of the safe-distancing regulations during the first half of the year. Li adds that this has helped create a sense that there is a sense of “revenge travel” in local customers.

“With the relaxation of travel restrictions within travel restrictions in the Southeast Asia region and globally in general, the second quarter of 2022 saw significant MICE activities in Singapore as well as among our neighboring country,” he says.

Some notable events that occurred this year which led to an increase in international visitors to Singapore included events like the F1 Singapore Grand Prix in October, which brought in more than 302,000 race fans and spectators, as well as The Bloomberg New Economy Forum in November. Additionally the G20 summit at Bali, Indonesia, in November also brought in tourists from the world over in Southeast Asia. Southeast Asia region.

“The suppression of the seven day Stay Home Notice requirement for travelers who are not fully vaccinated in August has led to a increasing number of tourists visiting Singapore,” says Lam Chern Woon director of research and consultingat Edmund Tie. He says to the report that Singapore has been in great place to benefit from the current recovery in tourism due to its popularity as a major tourist destination both for business and leisure as well as a steady stream of events.

However, the recovery has been hindered by the global economic downturns, like a shortage of workers in the hospitality sector; the rising cost of energy, F&B and labour; and also the fluctuations in currency around the world, says JLL’s Li.

“We believe that 2023 RevPAR will increase due to a substantial rise in the Average Daily Rate (ADR) to compensate for the lower occupancy levels that we believe will not surpass levels from 2019 by the year 2023.” claims Li. The Hotel’s ADR is the amount of rental income earned by an daily occupied room.

Recovery was reintroduced but without Chinese tourists

The segment of luxury recorded the highest growth this year, soaring to an average of $194.73 at the beginning of January and $497.65 at the end of October. The RevPAR for hotels in the luxury segment climbed by $113.50 from January, to $279.39 during October. Similar to that those in mid-tier hotels category increased by $70.91 to $188.81 during the same time.

“We continue to be cautiously optimistic about 2023. The growth will be contingent on the sector. The revenues of luxury hotels are predicted to be higher than levels in 2019 by 2023. Meanwhile, the premium segment is expected to surpass pre-Covid levels as well, helped by a significant rate of growth” Li adds. Li.

He also says that the mid-priced and budget hotels could be able to recover slower because these properties depend on groups as well as the mainland Chinese tourists.

In accordance with STB statistics, the mainland of China is the most significant number of tourists to Singapore in 2019, with 3.63 million visitors in the year the year 2019. The number of visitors dropped dramatically to 111,180 by the end of October 2022. The arrivals from Indonesia are now the biggest number of tourists in Singapore this year, with more than 906,900 arriving into Singapore.

“Mainland China is a significant market, since it was our main source market in 2019 which accounted for more than 20% of all arrivals the year. The growth in tourism will certainly be limited if the flow of tourists through mainland China remain limited,” says Lam.

Investment deals return in vengeance

The investment activities in the hotel property sector has been a reflection of the significant growth of international tourism. According to a study by JLL the volume of transactions for hotels across the Asia Pacific region in the beginning of the year reached US$8.4 billion ($11.39 billion) that’s a 16% growth compared to the previous year.

In the past 12 months, the most significant hotels deal to be made for a hotel in Asia Pacific was the Hilton Millennium Seoul, which was sold by Singapore-listed property giant City Developments to South Korean fund manager IGIS Asset Management for US$929.8 billion. It’s about US$1.37 million for each key. The deal was signed in February.

Then followed an auction of Hyatt on the Bund in Shanghai, China, by Chinese developer Shimao Group Holdings. Hotel property was transferred in January to Shanghai Land Group, a property investment company controlled by the Shanghai city government for the sum of US$720 million in the month of January this year. It’s about US$1.14 millions per key.

JLL anticipates the investment in hotel real estate in 2022 within the area to surpass US$10.7 billion. However the demand for investment grade accommodation properties throughout the region is greater than current availability.

“Buyers remain engaged in markets that are mature, such as Australia and Japan however they will be looking more selectively at markets for leisure. In the second quarter of 2022, the rising rates of interest have impacted the private equity market which has been the most popular buyer in the past three years within Asia Pacific,” says Li.

Significant transactions taking place in Singapore

In Singapore investments in the hotel industry stood at US$923 million during the beginning of this year, surpassing the same amount in the year 2019. JLL believes that Singapore’s real estate market for hotels to finish this year with US$950 million of investment.

The most expensive hotels deal to be made to be made in Singapore in the year 2012 was Orchard Hills Residences Singapore MGallery located at 30 Bideford Road. The property was bought through an entity called a jointly-owned venture (JV) which was headed by mainboard listed Boustead Projects for $515 million in June. Other partners in the JV include Roark Capital as well as Lim Teck Lee Investments.

The mixed-use property is comprised of healthcare, hospitality commercial, and healthcare components. This property is owned by the local Private equity company Sin Capital, which defaulted on a bond of $110 million which was secured on the property. The Boustead-led JV purchased the property during a liquidation auction which was the price of 14% discount from the advertised price at the time it went on the market in December 2021.

Another important hotel deal in the past last year involved the transfer of previously owned Sofitel So Singapore by developer Royal Land Group to Viva Land for $240 million in May. The deal is approximately $1.8 million each for every key.

Viva Land also owns the neighboring Robinson Point and has indicated that it’s looking at “possible potential synergies” among the two properties according to the company via a news release to announce its acquisition of Robinson Point in May.

Despite a rather small recovery runway in 2H2022, the tourism industry in Singapore is quickly growing. In the process, investors have expressed an interest in hotels that is expected to continue to increase until 2023, according to Edmund Tie’s Lam.

2023 and further

According to a study by Cushman & Wakefield, Singapore’s average hotel RevPAR is predicted to rise to $179.60 in the entire year 2022. It was $191.96 in the year 2019. The company predicts that RevPAR will rise to $186.15 by 2023, but that the hotel industry in Singapore will likely remain below levels prior to the outbreak for now.

A few of the most important tourism initiatives that will help the slow growth of the market for hotels in the coming years have been revealed. For instance it is expected that the Resorts World Sentosa expansion and Mandai Eco-tourism hub are set to be completed by 2024. The expansion of Marina Bay Sands is also scheduled to be completed by 2026.

Future plans for development comprise Changi Airport Terminal 5, the renovation of the township Pulau Brani in the Greater Southern Waterfront project, as well as The Jurong Lake District development.

“Between 2023-2026, 7186 more hotel rooms are expected to become available on the market, compared to 10,747 rooms between 2016 and the year 2019,” according to JLL’s Li. “We believe that the market in Singapore to be able to sustain its growth and without any issues on the supply side however, we do note that there will be a limited number of development in Singapore’s city-state.”

According to URA information and studies conducted by Edmund Tie, a total of 5,482 rooms are planned between 2023 between 2023 and 2025. Around 55% of them are scheduled to be completed by 2023 and include the hotel development of 987 rooms on 8. Club Street by Worldwide Hotels and the 350-room Pullman Hotel.

Then the it is expected that 18% of the planned inventory will be complete in 2024. Then the remaining in 2025. In the near future, hotel developments will include the renovation of Faber House, Moxy Singapore Clarke Quay, and the revamp of Tower 15.

“The increase in the number of hotel rooms completed in the coming years will be a reflection of Singapore’s changing tourism landscape and accommodate the expected increase in the accommodations demand,” says Li.

/by

Initial $270 million equity investment with the potential to grow their stake to $540 million

, ,

Read also: IOI Central Boulevard Towers comprising a podium of seven stories and two office towers with heights of 16 and 48 stories each

IOI Central Boulevard Towers comprising a podium of seven stories and two office towers with heights of 16 and 48 stories each

CapitaLand Investment (CLI), Ally Logistic Property (ALP) and Pruksa Holding PCL (PSH) have signed an agreement of strategic partnership on December 19th to establish an CapitaLand SEA Logistics Fund (CSLF).

Each participant has committed to for an equity initial commitment of 270 million, with the option of increasing the amount of their investment 540 to $600 million. The fund has a goal to reach $1 Billion.

Each partner will bring their strengths and networks in this partnership in order to increase the portfolio of logistics for the fund across Southeast Asia.

According CLI, the demand for Grade “A” warehouses has grown with the continuous relocation of companies and manufacturing operations throughout the Southeast Asia (SEA) region in response to global disruptions in supply chain.

In addition the region is afflicted by the absence of warehouses that are of high quality and the supply chain is a mess since the players in the industry are not integrated.

As part of the collaboration, CLI will be the fund manager. It will leverage its knowledge of its well-established worldwide real estate platforms, its expertise as a fund administrator and its local presence in operation to give the fund a the “competitive edge” in deal finding, investment, and execution.

PSH will offer its vast market expertise and knowledge of integration in development Thailand. ALP will offer its extensive operational know-how in the logistics and real estate sector.

“At Pruksa, our mission is to improve the lives of people by offering a ‘live healthy and remain well’ solution. We’re committed to making a an impact that lasts on the communities we support. Our collaboration in partnership with CLI along with ALP to create the intelligent logistic infrastructure that will elevate the value chain of logistics in Southeast Asia into the future of highly innovative solutions that are lower costs, more efficient and faster service flow that allows clients to accomplish more with less resources.” Uten Lohachitpitaks, group director for Pruksa Holding PCL.

“This investment is the first step towards expansion into the industry logistics and real estate sectors and bolstering our strategy to diversify our portfolio and increase stable recurring income. The collaboration between CLI as well as ALP is an important step to extend and expand our investments into the logistics infrastructure sector with smart technology to other countries within this region.” Lohachitpitaks.

“We are incredibly proud to be a part of this partnership that includes CLI along with PSH. We appreciate their dedication to the development of their partnership throughout that has allowed us to make great progress through times of uncertainty and to continue to innovate the logistics, transportation and technology fields,” says Charlie Chang the Chief Executive Officer of Ally Logistic Property.

“We believe that our expertise in the field and knowledge of developing smart logistics infrastructures to aid in the growth of businesses in sustainable and long-term development, will prove important and vital to the value chain of logistics in Southeast Asia in the coming years. We are looking ahead to working together with strategic partners to influence the direction of this industry and drive the forward movement. Together the industry will develop and redefine the field, and we’re certain that our contribution will play a an important role within the world economy.” Chang adds.

“CLI strongly believes in the long-term potential for growth for the intelligent logistics infrastructure, which is an alternative investment that can profit from the favorable economic conditions within Southeast Asia. This partnership will help strengthen our global logistics infrastructure that can cater to the requirements of a wide range of users,” Patricia Goh, managing director, SEA of CLI.

“We are thrilled to be able to grow our capital partners ‘ network by partnering with established family offices and corporations via this funds. This platform is also expected to help CLI’s funds under administration and fees-related profits and will expand the pipeline of assets we have for our listed and private fund vehicles. As a world-class real estate investment management company, we will continue to search for opportunities that can provide long-term returns to our investors, and also increase our existing circle of financial partners greater access to markets with high growth that are located in Southeast Asia,” Goh adds.

/by

The bungalow’s single story is situated on a 15,705 square foot elevated land

, ,

Read also: Annual values will be increased and used to calculate property taxes or the majority of residential units

Annual values will be increased and used to calculate property taxes or the majority of residential units

A single-storey, freehold property along Clifton Vale, off Braddell Road in District 13 is available through tenders in a release from the marketing agency PropNex Realty. The property is listed at an estimated cost of $23 million which is $1,465 per sq ft of the lot.

The detached home sits in an elevated site that covers 15705 square feet. It’s situated in an area reserved for bungalows with two floors in Braddell Heights. Braddell Heights mixed-landed estate, located in northeastern Singapore According to PropNex.

Henry Benjamin Lim, head of Good Class Bungalows and Prestige Landed at PropNex The properties that are landed located in Clifton Vale are tightly-held. “There are only five transactions in the last year, with three deals signed in 2021 and one this year.”

He expects the property to attract a lot of interest from owner-occupiers as well as developers seeking to improve the site to offer it for sale. The site could be subdivided into three parcels of approximately 5,200 square feet each, subjected to the obtaining of the necessary approvals. “We believe developers to be keen to take on this site for development in light of the shortage of brand-new detached homes in the area , and the increasing demand for bigger homes in households,” Lim adds.

The bungalow is located 800m from the Lorong-Chuan MRT station, which is located on the Circle Line and is within 1km of St. Gabriel’s Primary School and Yangzheng Primary School. Additional schools located within 2km from the property include Cedar Primary, Maris Stella High School, Kuo Chuan Presbyterian Primary, St. Andrew’s Junior School CHIJ Our Lady of Good Counsel, Raffles Institution, Raffles Girls School (Secondary), Catholic High School and Australian International School. Australian International School.

Retail and F&B facilities within a short travel distance includes The Nex retail mall Serangoon Garden Market, Chomp Chomp Food Centre, The Poiz and Junction 8.

The tender will end at 12pm on the 18th of January 2023.

/by

The purchases, which total 1,863 beds, were made through two different deals

, ,

Tembusu Grand property management office

City Developments Limited (CDL) has purchased five top-quality built Student accommodations (PBSA) property in exchange for GBP215 millions ($357 million) in addition to its housing for students across the UK.

The acquisitions, that comprise 1863 beds, were acquired through two distinct transactions.

Tembusu Grand property management office is ideally located in the most attractive setting in Singapore due to the spectacular beach views that are near the magnificent Tembusu Grand.

These five properties are situated within Birmingham, Canterbury, Coventry, Leeds and Southampton and have an average age of less than 3 years. The assets are said to be stocked with “excellent facilities” and are situated in the most coveted areas for catchment near major transportation hubs as well as renowned universities.

The properties have an average commitment occupancy rate of more than the 98% according to CDL.

After the successful completion of the acquisitions following the completion of the acquisitions, after the acquisitions are completed, CDL’s PBSA portfolio will include 6 bed assets as well as 2,368 total. The group made its first entry in the UK PBSA sector after it purchased fifty5 bed Infinity in June of this year.

“The UK student accommodation sector remains resilient as students return to their campuses following the closure of Covid. The properties we recently acquired are strategically placed in areas that are in an abundance of demand, but are typically disadvantaged due to a shortage of housing which will increase rental potential over the long term,” says Sherman Kwek CDL’s CEO group.

Universities in the UK increasing their global presence this presents an exciting opportunity to expand your presence within this field and increase our recurring revenue,” he adds.

Apart from the PBSA properties, CDL says it has pipelines of over 1,300 private rental sector (PRS) units.

The initial PRS project, which is located in Leeds is now in the first phase of its completion this month. Once completed, the project will include 665 PRS apartments as well as 24,000 square feet in commercial spaces.

Another PRS site located in Birmingham is under construction and scheduled to be completed by 2025. This second site is believed to be the tallest pure octagonal residential tower, which will comprise more than 370 PRS units after its completion.

CDL’s hospitality REIT CDL Hospitality Trusts (CDLHT) is also working on another PRS project of 352 units in Manchester.

At 3.09pm at 3.09pm, shares in CDL are trading unchanged at $8.25.

/by

The Work Project runs a 46,285 square foot workspace at Sydney’s Quay Quarter Tower

, ,

Tembusu Grand land price

Singapore-based flexible workspace company The Work Project (TWP) has made its Australian debut by opening a brand-new workspace in Quay Quarter Tower, located in Sydney, Australia. The office building is 50 floors high that is jointly owned through Dexus Wholesale Property Fund, Rest Super and AMP Capital Wholesale Office Fund It is an open workspace managed by TWP that covers 4,300 square metres (46,285 sq feet) over two levels.

Tembusu Grand land price area of about 210,545 sq ft and a maximum Gross Floor Area (GFA) of 54,789m2. And with a gross plot ratio of 2.8.

This is the TWP’s first Australian site. “The Work Project has had phenomenal success in creating unique spaces in Singapore in addition to Hong Kong, so we are thrilled to see it translate into the Australian environment through the newly created Sydney area,” says TWP CEO Junny Lee.

He also says that the space accommodates a variety of workplace requirements with flexible packages that include day passes, full-time or part-time hot desks, desks with dedicated space as well as private office spaces. “We believe that this workspace can fill a need in the Sydney small and large-scale commercial community.”

Quay Quarter Tower is a renovation that was once the AMP Centre located on Bridge Street in the Sydney CBD. It was completed in the year 2000. is part of Quay Quarter Sydney which is a waterfront development site that covers 11,000 square meters (118,403 sq feet).

/1 Comment/by

Seven sites on the Confirmed List and nine sites on the Reserve List were made public by the government

, ,

Tembusu Grand showflat

The Reserve List, four of the nine sites are brand new – Lentor Gardens, Lorong 1 Toa Payoh, Plantation Close (EC) as well as commercial site located at Punggol Walk on a short-term lease for 30 years according to Wong Siew Ying, head of research and contentat PropNex. Other Reserve List sites are at Pine Grove (Parcel B), Clementi Avenue 1, Senja Close (EC), Woodlands Avenue 2 (white site) as well as River Valley Road (hotel site).

Tembusu Grand showflat is ideally located in the most attractive setting in Singapore due to the spectacular beach views.

“With seven sites that are on the Confirmed List, developers are unlikely to start all of the sites that are on the Reserve List in 1H2023,” says the ERA’s Mak. “One reason for this is that developers are likely to be focused on the sites listed on The Confirmed List. Another reason is that certain developers are more cautious about their plans for land acquisition in light of the predicted slowing in growth in the economy by 2023.”

However it is likely that the site located at Lorong 1. Toa Payoh would be one of the most well-known sites in the Reserve List. The site is situated inside the extensive Toa Payoh HDB estate, it’s three minutes away from the Braddell MRT station and near facilities like hawker centers as well as community clubs and health clinics. “Over the past few years, there has been an absence of new launches in the estate that is mature Toa Payoh,” says Mak.

The most recent private residential development to be launched at Toa Payoh was in 2016 It included the 578 unit Gem Residences located in Lorong 5 Toa Payoh by Gamuda Land, Evia Real Estate and Maxdin.

The site located on the Reserve List at Clementi Avenue 1 could yield up to 500 housing units. It is situated in between two condominiums which are already in operation and have been sold to the fullest extent including The Clement Canopy and Clavon Both jointly developed with UOL Group and Singapore Land Group.

The appeal of the site is the location, which is in the renowned older estate of Clementi near to a number of well-established educational institutions like Nan Hua High School, the NUS High School of Mathematics and Science as well as The National University of Singapore (NUS). It is also located 800m away from to the Clementi MRT station on the East-West Line, says ERA’s Mak.

There’s a newly constructed Lentor Gardens site (estimated 500 units of residential units) listed on the Reserve List which marks the seventh site located in the Lentor region that is being released since the initial Lentor Central site was sold in July 2021. The seven sites located in Lentor could be converted into 3,500 homes in the future. “Given the large supply of land of land, we believe that this site is not likely to be removed from the Reserve List,” says Tricia Song, the head of research at CBRE Southeast Asia.

There’s also a brand newly created Plantation Close EC site on the Reserve List, which is right next to Tengah Plantation Loop EC site that will be available to sale on the Confirmed list 2H2022 in the month of December 2022, according to Song. “We think it’s unlikely to be activated for sale anytime soon due to the more than 1,000 units that could be sold located on the site all together.”

It is located in the Punggol Walk Reserved site is located close to Punggol MRT station. The 8,400 sq m (90,418 square feet) commercial site that is leased for a 30 year tenure is one of the efforts of the Government in support of decentralisation as well as to meet need for work spaces near to homes. “The release of these sites with leases shorter than 30 years allows our land use to be renewed in shorter intervals to assist businesses in adjusting their operations more quickly to changes in the economy,” says URA.

Despite the lease being shorter, PropNex CEO Ismail Gafoor expects his Punggol Walk plot “should garner attention due to the absence of office space commercially available in the area”.

1. 1H2023 Reserve List includes the site located at River Valley Road for developing an 530-room hotel. It was taken over in 2H2022 Reserve List. 2H2022 Reserve List.

/1 Comment/by

According to HDB, its flat pricing strategy is “completely autonomous and independent” expenditures of BTO projects

, ,

Tembusu Grand Jalan Tembusu

Build-to-Order (BTO) Flats are priced keeping affordability in mind, utilizing methods that are “totally distinct and separate” from the development cost as per a press statement from the Housing Development Board (HDB).

Tembusu Grand Jalan Tembusu property is ideally located in the most attractive setting in Singapore due to the spectacular beach views.

The announcement, made together along with Ministry of National Development (MND) It explains the fact that HDB’s pricing model differs from private developers. “HDB’s flat pricing approach based on affordability is distinct from private developers the cost-based pricing method for residential developments that are private, that considers provision for a profit margin” the statement states. HDB declares that it will not make a profit margin on the costs of BTO projects.

HDB additionally reveals that it has development costs due to its home ownership program which is in contrast to profit-making private developers. “This is due to our distinct pricing principles, since HDB price flats in order to guarantee affordability , while private developers set their prices for profits,” it reiterates.

According to HDB the statement was released in response to questions from media about the way BTO flat price is determined, as well as development costs which are incurred by HDB. Nicholas Mak, head of research and consulting for ERA Realty Network, also considers the statement to be an explanation of HDB’s policy to the general public, given the dramatic rise in HDB flat rates for resales. From 3Q2020 until 3Q2022 in the period, the HDB Resale Price Index was up 25.5%. “The last time HDB prices for resales grew in the same manner is when the property boom in 2010 and 2011” he says.

Pricing is based on affordability of housing
To assess affordability of housing, HDB takes into consideration the household income of residents and compares them to the variety of flats and selling prices offered at each BTO launch with benchmarks, such as MSR, or mortgage servicing ratio (MSR).

It reveals that in the 1H2022 period 90% of buyers who took possession of keys to their new apartments on non-mature properties had an MSR of% or less, which means they utilized 25% or less% or less income per month to cover their HDB instalment loan payments The rest of the loan was serviced through the monthly CPF contributions. For flat buyers who resided in mature estates, over eighty% have an MSR that is 25% or less.

The ERA’s Mak points out the fact that it is the general rule of thumb that states you should not have greater than 30% from an individual’s monthly income devoted to the mortgage. “In this way, HDB BTO flats are thought to be affordable to most homebuyers,” he remarks.

Recognizing that every BTO project is unique and has particular characteristics and geographical elements, when the pricing of the new BTO flats HDB states that it will first determines the flat’s value through comparisons with similar resales and taking into consideration the unique characteristics for the apartments.

Subsidies are also applied to estimated market value to help make sure that the project is affordable, with subsidies differing across projects based on the market conditions. When prices for releases rise, HDB will correspondingly increase market subsidies, which are included in the selling price in order to keep BTO costs reasonable.

With these mechanisms in mind, HDB says its flat pricing model is “totally independent and distinct” in relation to the building cost of BTO projects. “By increasing the amount of subsidy that is applied in an increasing property market HDB is able to keep BTO flat pricing somewhat steady. This was the case during the last two years when construction costs have increased by nearly 30%,” it says.

According to HDB the according to HDB, average BTO price on a per-psf basis have been up by 22% for mature estates in the past 10 years. For non-mature estatesthe average prices per square foot for BTOs have increased by 16%. Comparatively, the average household income for a household with a resident was up to 26% between 2012 and 2021.

“On in addition to the subsidy used, HDB provides housing grants to assist targeted populations attain their dream of owning a home and the amount of housing grants has been increasing several times in the same periodof time,” HDB adds.

Costs of development
In light of the huge subsidies given for BTO project, project’ development costs, including land and construction costs are not fully covered by the sale prices, according to HDB.

For FY2021/2022, HDB registered a record deficit of $4.367 billion and $3.85 billion attributed to the home ownership program. This is mainly due to the net loss on flat sales that are completed (where keys are given to buyers at the end of the year of financials) and the disbursement of CPF housing grants to qualified buyers of flats that are resold and the expected loss on flats which were built during the fiscal year.

Particularly, HDB’s expense of flat sales made totaled $5.346 billion. This includes the majority of $3.167 billion for land development costs , and $2.077 billion for development costs. The remainder of $102 million is attributed to the cost of buying flats from flat owners who have sold their properties.

Additionally, HDB highlights that land utilized for housing for the public has less expensive prices than the land that is used as private dwellings in the exact area. HDB is the one to pay the fair market value of the land utilized for BTO projects. The fair market value is determined on an individual basis by the chief valuer.

/by