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 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”.

Read more: A three-story industrial building with a $65 million reserve price is available for sale

A three-story industrial building with a $65 million reserve price is available for sale

One Global Group believes the UK property market will be a buyers’ market by 2023. A press release by the Singapore-headquartered real estate company points out that market conditions in the year ahead make it an ideal time for investors in Asia to purchase a home in the UK.

As per Eli McGeever, director of research and innovation in technology for One Global Labs, the UK is beginning to see price adjustments in certain markets due to an “property-buying explosion” in the last two years. In the future, he expects that prices will continue to fall in certain markets but other markets will remain steady. “For instance, regions in London like Harrow, Hounslow and Newham are likely to outperform the market such as areas in Manchester including the city’s centre,” he adds.

A rising stock of housing is expected to help balance the property market, which will ease the shortage of housing that has been the main driver behind a rapid rise in UK property prices since the outbreak. Based on figures from Zoopla, One Global notes that the housing market has increased 40% over the last year.

When it comes to the exchange rate, One Global highlights that the pound sterling is still below the levels that were seen one year ago, which is an advantage for investors from Asia. Furthermore, real mortgage rates are predicted to drop to below five% by 2023. This is further delaying the peak of 6% that were recorded last year, following the release of the UK’s budget in September 2022 that led to chaos in the market.

McGeever says the fact that people in Asia are buying homes in various places. For instance, buyers in Hong Kong, which cover an array of buyers from experienced investor to owner-occupier buying homes in London as well as in regional areas like Manchester as well as Birmingham. In addition, buyers from Singapore or Malaysia are looking to buy homes in London.

“What is the common thread that binds these investors is that they’re buying in one of these four motives: to provide the home that their youngsters can reside while they study, for an investment to preserve wealth, or to diversify their portfolios or to move and require a place to call their own,” McGreever says.

One Global, which is an agency that promotes various UK developments, reveals that the projects that are most highly sought-after by buyers include the London’s Graphite Square as well as Fulton & Fifth, located in Vauxhall and Wembley and Wembley, respectively. The prices at these developments currently start at GBP 735 000 ($1.12 million) and GBP440,000. In addition, One Victoria, a project located in Manchester’s Victoria district, has attracted attention and apartments start at GBP199,000.

Read related post: The vendor of the Paterson Suites’ 6,663 square foot penthouse suffered a loss of $6.2 million (31%) on the sale

The vendor of the Paterson Suites’ 6,663 square foot penthouse suffered a loss of $6.2 million (31%) on the sale

CapitaLand India Trust has entered into a forward purchase agreement to buy one million square feet IT park located in India

The project, which is located on the Bangalore’s Outer Ring Road, comprises of two buildings that have an area net of leaseable of 1.5 million square feet.

In the terms of the agreement, CLINT will provide around 201 million dollars to finance the development, and afterward acquire some of the structures that have a an overall NLA of 1 million square feet. Other 0.5 million square feet will be held as a landowner’s property.

The whole project will run between 1Q2023 and 4Q2025. CLINT will fund the initial twelve months using internal resources. The company will then borrow money to keep the project funded beginning in 1H2024 and onwards.

“The acquisition is expected to provide opportunities to increase our involvement on Outer Ring Road, India’s largest office micro-marketthat has proven to be resilient during the Covid-19 epidemic,” states Sanjeev Dasgupta, CEO of CLINT’s managing director.

“With this acquisition we’ll be able to provide our tenants more options for office space across the most important markets in Bangalore,” he adds.

CLINT refers to CLINT describes the Outer Ring Road as Bangalore’s largest office micro-market.

This development is situated next to a new metro station, and is located in the vicinity of established business parks, hospitality development, retail and healthcare.

After the completion of this project the area of CLINT’s operation in Bangalore will be increased from 6.9 million square feet to 7.9 million square feet. The size of its portfolio which includes the pipeline of committed investments which will grow in 3.6% from 28 million sq feet to 29 million sq feet.

CLINT believes that this arrangement “will increase the profits and distributions to unitholders.”

Tembusu Grand CDL

The owner of a 6,663 square ft penthouse with five bedrooms at Paterson Suites closed 2022 in a disappointing manner when the unit was purchased at just $13.8 million ($2,071 per sq ft) on the 9th of December 2022. It’s a huge reduction from the initial $20 million ($3,002 per sq ft) cost when the unit was acquired by developers in November 2011. developer in November of 2011.

In the end, the seller suffered an expense in the amount of $6.2 millions (31%), which can translate to an annual cost that was 3.3% over 11 years. It is also the first time the unit was sold.

This is the largest profitable sale in Paterson Suites so far. Previous records were 1 679 square feet three-bedroom apartment that suffered an $2.84 million (44%) loss when it was sold for $3.62 million ($2,156 per sq ft) in June of 2016.

Tembusu Grand CDL placed a top bid of $768 million, equivalent to $1,302 psf per plot ratio (psf ppr). The winning price has topped the initial land value in the prime city area at $1,129 psf ppr for the Northumberland Road property that the same company bought.

Paterson Suites can be described as a luxurious freehold condominium located at Paterson Road in the District 9. The development was completed in the year 2010. The design was done by a local architect business DP Architects.

The development is located in an exclusive residential enclave that is located close to The Orchard Road shopping belt that includes luxury condominiums in the vicinity of Grange Road, Orchard Boulevard and Cuscaden Road. The nearby luxury condominiums include the Marq located on Paterson Hill, Gramercy Park and New Futura, while upcoming developments within the vicinity comprise Irwell Hill Residences and Cuscaden Reserve.

Paterson Suites comprises 102 units which are located in the 22-storey towers. There only one penthouse on the very top of every tower and both have 6,663 square feet. The penthouse that was the second was purchased at $13.9 million ($2,086 per square foot) in January of 2015 and is still in the hands of the buyer.

The biggest loss for Paterson Suites was only profitable deal that was made at Paterson Suites in 2022. There were at least three other units in the complex changed hands in 2022. They earned profits which ranged between to $493,236 (11%) from the sale of a 1,679 square foot property to $4.84 million ($2,884 per square foot) in February. Then, it went up and $178,600 (4%) from the purchase of a 1,679 sq feet unit for $4.39 million ($2,616 per sq ft) at the end of June.

However just 500 meters from the highway is Boulevard 88, where the most profitable sale between December 6 and 27, last year was made. This was the purchase of a 2,799 sq . ft 4 bedroom unit. In accordance with URA conditions the unit was sold as an auction for $13.78 million ($4,924 per sq ft) on December 9. It was purchased by developers developer at $10.32 million ($3,688 per sq ft) in July of 2019. The seller made profits that was $3.46 millions (34%), which can translate to an annualized income of 9% over the course of three years.

Boulevard 88 was launched for sale in the year 2019 and is in the process of being developed. However, this hasn’t prevented a few sellers from selling their units. As of now the total number of buildings located at Boulevard 88 have changed hands as well as the sub-sale transaction on December 9.

In January 2022 2777 sq ft unit was sold at $12.5 million ($4,501 per sq ft) following its being taken over by developers developer at $9.38 million ($3,378 per sq ft) in June of 2019. This resulted in $3.12 million in profit. The second one was a 277 square feet unit that sold for $13.38 million ($4,836 per sq ft) at the time it was auctioned off in May 2022. This was after it was purchased at $10.48 million ($3,788 per sq ft) at the end of March in 2019. The seller made a $2.86 million profit from the sale.

Based on the most current available developer sales figures, Boulevard 88 is nearly completely sold, with a total percentage at 86.4%. The project has an average sale price of $4,138 per square foot. Based on data collected from EdgeProp Singapore, nearby developments that have average selling prices similar the Boulevard 1988’s include 3 Cuscaden ($3,935 per sq ft) as well as Tomlinson Heights ($3,821 psf). The luxurious Park Nova commands prices of approximately $4,605 per square foot.

The second most profitable deal during the time of review was Tomlinson Heights, where a 3,745 sq ft unit was bought to a buyer for $10.9 million ($3,971 per sq ft) on December 19 this year. The property was purchased at $7.5 million ($2,732 per square foot) in April 2017. Thus, the seller brought in $3.4 million (45%) profit on the deal, which results in an annualized gain that was 6.8% over nearly six years.

Tomlinson Heights is a freehold condominium located at Tomlinson Road in prime District 10 in the District 10. It was completed in the year 2014. The 70-unit project has the mix of three and five-bedroom apartments which range between 2,551 sq ft and 6,738 sq feet.

According to URA restrictions that there were at most five resales transactions within Tomlinson Heights in 2022, and they all turned a profit. The most profitable one was the resale on December 19, which was and then the sale of another 2,745 sq feet three-bedder at $10.25 million ($3,734 per sq ft) on August 19. This brought the seller a $2.75 million gain.

Tembusu Grand residences

Property taxes are expected to rise in 2023. This will be accompanied by an upward revision to the annual value for the majority of residential properties. The value of a property’s annual worth that is used to calculate property tax owed to the property owner is determined in the Inland Revenue Authority of Singapore (IRAS) as the estimated annual gross rent of the property as if the property is being rented out.

Tembusu Grand residences is ideally located in the most attractive setting in Singapore due to the spectacular beach views that are nearby.

A press release issued on December 2 from the Ministry of Finance (MOF) and IRAS declares that the annual value for the majority of residential properties that include the private property in addition to HDB flats which will be updated starting January 1st 2023. It is as part IRAS’s annual review and is a reflection of the rising market rents. “Since the last update of the annual value on January 1st, 2022, market rents for HDB flats as well as the private residential properties have increased by over twenty%,” the release states.

In the same press release, MOF and IRAS announced the availability of a one-time property tax credit for 2023, which is up to 60 dollars for homeowner-occupied homes. The rebate amounts up to 60% from the 2023 property tax bill, and will be offset automatically from any property tax due in 2023.

To be able to afford HDB flats, owners of two-room and one-room flats will not be required to pay property tax until 2023, as their assessed values for the year remain under $8,000. Nicholas Mak, head of research and consulting for ERA Singapore, says that of the 1.033 million currently occupied HDB homes owned by single owners Onetwo-room flats comprise around 4% and that means it is likely that the vast majority of HDB apartment owners are going to be affected by the increased property tax rate in 2023 and beyond.

He believes that the property tax hike for owners-occupied HDB homes are “manageable” for the majority of flat owners. He also noted that the property tax for the most expensive flats (executive flats) will rise by a sum ranging from $55.20 up to $67.20 from 2023.

Additionally, Tricia Song, CBRE’s director of research for Southeast Asia, says that the higher values for the year follow an increased in property tax rates that were announced in February in the Budget 2022 announcement. The tax increase, which is expected to occur in two stages beginning in 2023, is likely to be primarily affecting the higher-end properties that have annual values of more than $60,000. “With the increase in tax rates and the value of annual properties that will further cut off the rental profits so far for non-occupier or investor home owners,” she says.

In the case of non-owner-occupied residential properties that include the investment properties, property tax rates will increase to 10% -20% at present, and will rise increasing to 11% up to 27% in 2023 then 12% until 36% by 2024. For residential properties that are owned by the owner properties that are owned by the owner, property taxes will rise by four% up to 16% in the present time, rising up to% up to 23% in 2023 and then 6% until 32% for 2024. The increase is only applicable to the portion of the value that is greater than $30,000.

In light of the new property tax rates, and assuming that there is a twenty% growth in annually value CBRE’s Song estimates that properties that have annual values in the range of $30,000. (prior an upward adjustment of the annual value) will experience property taxes increase by $1260 which is 42% in 2023. For properties that have an annual value in the range of $60,000 property tax bills are projected to increase by $5190 equivalent to 75.2% in 2023. For properties that have an annual value of $90,000 property taxes are expected to rise by $9,810 or 81.8% in 2023.

The ERA’s Mak believes that landlords renewing leases for rental may use the chance to raise rents, however, Mak warns against any overt leaps. “Many renters are suffering from the rising rental costs in the last 1.5 year.”