Archive for category: Real Estate

A freehold commercial shophouse located on Pagoda Street in Chinatown has been offered for sale at a cost at $21.28 million. Savills Singapore is the appointed marketing agent.

Watten House was recently purchased for an astonishing $550.8 million, a whopping 10% above its initial asking price, highlighting its enormous potential in its outstanding location.

The three-storey shophouse on 31 Pagoda Street sits on the plot of 1,310 square feet and has a floor space of approximately 3,449 square feet. The property is leased out completely which includes the ground-floor unit as well as the third floor unit leased to a restaurant. The upper floor rents out to the fitness center.

“31 Pagoda Street is fully leased and offers a great opportunity for investors looking to purchase a commercial shophouse that is within the middle of Chinatown,” says Yap Hui Yee, executive director for capital markets and investment sales of Savills Singapore.

The shophouse is situated in the heart of the historic Chinatown district and enjoys frequent pedestrian traffic all day long. The property is also near the Chinatown MRT Station on the North-East Line, as well as Maxwell MRT Station on the Thomson-East Coast Line.

“Freehold shops along Pagoda Street have always been considered to be an asset of distinction and as the top from the crop of shops in Chinatown because of their lengthy background and their tense ownership,” says Yap.

This sale will be done through an open expression of interest, which will close on September 19.

Check this article: Far East Shopping Centre’s collective sale begins at $928 million

A three-storey house located on the 63 Cove Drive in Sentosa Cove is available at $21.99 million. The property will be sold as an express of interest (EOI) exercise conducted by Huttons Asia.

Sentosa Cove is a bungalow that was built in the year 2000. Sentosa Cove bungalow sits on the 8,808.1 sq ft lot. The indicative price is approximately $2,497 per square foot on the land. The house faces the marina and is located opposite Pearl Island. The five-bedroom home has an estimated built-up space of 10,080 square feet with enough room for parking up to six vehicles.

The first floor is comprised of the living and dining areas and an outdoor patio next to the pool. There are separate dry and wet dry kitchens as well the guest room with an ensuite on the same floor.

Four additional bedrooms with ensuites comprising the master bedroom and the junior master bedroom, are located on the upper floor. The third floor has the roof terrace and an entertainment space for families. There’s also a basement which is comprised of a helper’s room, storage area, and laundry area.

“Bungalows have seen a dramatic price increase over the last three years. Similar to that however, it could be difficult for buyers to locate an apartment with large living spaces located on Singapore’s main island. Singapore. So, bungalows located situated on Sentosa are a good deal for purchasers,” Says Lee Sze Teck the executive director for data analysis for Huttons Asia.

The EOI process will end on Sept 15th.

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According to a report on the market published by Colliers that the local industrial rental and price indexes have reached an 11th quarter in a row of improvement the 2Q2023. The index for rental increased 2.1% q-o-q, slowing from the 2.8% q-o-q growth recorded in the 1Q2023. In the same way, the price index rose 1.5% q-o-q in 2Q2023 and was in line with the results of the prior quarter.

The industrial sector fought off the trade indicators that were softening, such as the continuous declines in manufacturing output, non-oil exports (NODX) and the buying managers’ index (PMI).

However the pipeline of expected industrial supplies is still robust because previously delayed construction completions begin to come into the scene in the second half of 2023. According to Colliers that this had already been affecting the market in 1H2023 as new supply outpaced demand and led to lower occupancy levels.

The remainder of the year will see an additional 6.7 million square feet of industrial space being added to the market. In the coming two years, up to 2025 the market will witness the average amount of 10.5 million sq ft brought into the marketplace. This will have the result of reducing rents and limiting price increases, according to Lynus Pook, the head of industrial services Singapore at Colliers.

“Despite an extended period of uncertainty in the macroeconomic climate the industry assets are in high demand from companies in the biomedical, logistics and semiconductor sectors is robust. This trend is likely to continue given Singapore’s appealing location and its status as a regional hub” the expert says.

Industrial assets that are more specific like high-spec warehouses and multi-user factories will continue to be a major driver for industries. The demand will be bolstered by businesses involved in logistics, advanced manufacturing biomedical, food and production, according to Pook.

A strata office unit in Suntec City Tower 1 was sold for $11.5 million in a statement issued from Savills Singapore, who brokered the deal. “This was the fourth strata office sales in Suntec City in which Jeremy Lake and Sophia Lim from the Savills Investment Sales and Capital Markets team have concluded in 2021, resulting in an overall total of $288 million spread across eight full levels sold” Savills Singapore states in its press release.

Watten House Condo delivers an exquisite suburban living experience amid the bustling metropolis of Singapore, surrounded by tropical flora and rainforests

The biggest deal brokered through Savills in the Suntec City area Suntec City was the sale of six floors of Tower 1 and Tower 2 for $197 million in June 2021. In August of this year, Savills also brokered the selling of an entire floor of Tower 2 for $41.148 million ($3,350 per square foot) this was the most expensive psf-price ever recorded for offices in strata in Suntec City at the time.

Sophia Lim, Savills’ director of capital markets and investment sales Sophia Lim, director of investment sales and capital markets at Savills, claims that Suntec City offices remain sought for by buyers, investors along with family-owned offices notably those who are from Hong Kong, China and India. ” We’ve noticed a increased interest from this particular group of buyers after the successful conclusion of the work to improve the asset value of Suntec City last year,” she says.

Jeremy Lake, managing director of capital markets and investment sales at Savills is adamant that, while the real estate market in Singapore was “in the midst of a slump” for more than a year, due to the high interest rates, which have discouraged institutional buyers, private investors have been investing in a variety of ways in shophouses, particularly strata offices.

“These buyers are not as prone to a rise in interest rates, and are betting on the long-term with the understanding that Singapore property prices will increase in the future, despite some short-term headwinds” Lake continues.

Based on Savills reports Based on Savills’ data, sales of real estate investments dropped 50.5% q-o-q in 2Q2023 to $3.29 billion, and an 77.9% q-o-q drop in commercial sales, which was $940.7 million.

A 2,282 square feet apartment in The Grange was the most profitable resale sale during the period from July 4 through 11. The four-bedroom unit, which is located on the 11th floor was purchased to the highest bidder for $7.2 million ($3,155 per square foot) in July 10. The unit was bought at $3.35 million ($1,469 per square foot) on September 5, 2005. The seller earned profits that was $3.85 millions (115%), which amounts to an annualized income in the region of 4.4% over almost 18 years.

Watten House Condo prides itself on being strategically close to a number of prestigious educational institutions.

Based on URA restrictions, this results in the second-most profit-making sale in The Grange. The sale which holds the record for a 4,456 square foot duplex penthouse that was which was sold to the tune of $11million ($2,468 per square foot) on April 28, 2008. The property had previously sold for $6.8 million ($1,526 per square foot) on September 5, 2005. This led to profits that was $4.2 millions (61%), which is equivalent to an annualized gain of 20% over a period of two and a half years.

Grange Grange is a condo with 95 units situated on Grange Garden located in District 10. The luxurious Freehold project was finished in the year 2008. The development is located on Grange Road, the condo is located next to Orchard Boulevard MRT Station on the Thomson-East Coast Line.

It is near to the residential enclave of landed homes along One Tree Hill, as and The Good Class Bungalows located in Chatsworth Park. The most prominent luxury condominiums like 3 Orchard By-The-Park, Cuscaden Reserve, Park Nova, Boulevard 88, and Four Seasons Park are located close by along Orchard Boulevard.

Based on a table of resale caveats compiled by EdgeProp Singapore, selling prices at The Grange have been slashed in recent years when compared with the time after conclusion. The average cost at The Grange was around $2,087 per sq ft in July 2008 and been soaring to $2,549 in July 2018. But, the increase has slowed over the last five years, and is now at around $$2,589 psf in July.

But, The Grange still commands one of the most expensive median selling prices in the region. It’s outsold by a few other luxury developments like the neighboring Parkview Eclat ($3,264 psf) located on Grange Road in addition to Cliveden on the Grange ($3,026 PSF) located on Grange Road. Recently launched projects like 3 Orchard By-The-Park ($3,754 psf) and Park Nova ($4,521 per sq ft) are among the most expensive prices for psf in the neighborhood.

The second-highest profit deal of the week was the 3,498 square feet unit located at Wing On Life Garden on Bukit Timah Road. The property was sold to the buyer for $8.43 million ($2,410 per square foot) on July 10. The unit was purchased at $6.1 million ($1,744 per sqf) in November of 2019. This means that the seller made the seller a profit that was $2.33 millions (38%), which is equivalent to an annual increase that was 9.2% over almost four years.

Wing On Life Garden is a freehold condominium located in the Tanglin area of District 10. The condominium has 81 units and was built in 1982. The central location of Bukit Timah makes it within close proximity to schools including Singapore Chinese Girls’ School, Anglo-Chinese School (Barker Road), St Joseph’s Institution as well as Catholic Junior College.

The condominium is located within an exclusive residential area that includes other high-end condos on nearby Balmoral Road and Stevens Road. The condos that are located nearby are Honolulu Tower and the forthcoming perfect Ten located on Bukit Timah Road.

The prices for Wing on Life Garden have been steadily increasing from the time of its completion. They were selling for around $973 per sq ft in July 2003. They was up to $1,430 10 years later in July 2013. Based on resale restrictions that the average price sits at around $2,266 per month.

A resale that is the highest-profitable of Wing On Life Garden is for a 3,305 square foot unit, which was sold at $5.9 million ($1,785 per square foot) in October of this year. It was previously sold for $3.1 million (938 psf) in August 2006. The seller brought in record profits that was $2.8 millions (139%), which amounts to an annualized increase that was 9.3% in 13 years.

However the most profitable deal made in the last week was the purchase of a 1,324 sq 2 ft, two-bedroom property in Miro located on Lincoln Road. The property sold for $2.23 million ($1,684 per sq ft) in July 4 but was a loss for sellers $2.88 million ($2,174 per square foot) at the end of June. So, the seller suffered an estimated loss of 649,000 (23%), which amounts to an annualised cost in the range of 2.3% over 11 years.

Miro Miro is an exclusive freehold condominium situated in the Novena area of District 11. The 85-unit complex offers the variety of one-to four-bedroom units that span from 990 to 2,917 square feet.

The most profitable resale that Miro has ever made Miro was the purchase of 1,324 square feet unit on the 31st floor $2.1 million ($1,586 per square foot) on November 20, 2020. The unit was bought for $3.08 million ($2,330 per square foot) in August of 2011. The result was an estimated loss of $985,00 (32%), which is equivalent to an annualized loss of 4% over the course of eight years.

Prices for units at Miro have slowed since prices reached $1,778 per square foot in December of 2011. In light of caveats the median price of resales is currently $1,658 per square foot. This is lower than most of the condos that are freehold, such as Newton 18, that has an average of $2,318 per square foot, and Newton Edge located on Makeway Avenue with an average price of $1,851 per square foot.