Archive for category: Executive Condo

Read more: Four-bedroom home in Orchard Bel Air sold for $2.6 million profit

The Grand Copthorne Waterfront Hotel, which is part of Millennium Hotels and Resorts, has officially opened its doors following an extensive renovation lasting nine months that took $30m. The newly renovated five-star hotel has 574 guestrooms as well as suites, has an expanded conference space, upgraded public spaces, as well as environmentally friendly areas.

The hotel is situated on 392 Havelock Road along the Singapore River and is a popular destination for tourists and business travelers. Millennium Hotels and Resorts is an international brand under the umbrella of Millennium & Copthorne Hotels, the hotel arm of the mainboard-listed property group City Developments.

“This is a perfect time to update to the Grand Copthorne Waterfront Hotel, especially as MICE (meetings, incentives conferences and exhibitions travel returns to normality and events in person return to the schedule,” says Kwek Eik Sheng the executive director at Millennium Hotels and Resorts.

He also says that the demand for more sustainable events has grown as corporate planners seek out hotels that are able to incorporate sustainability initiatives and features. “We are in the best position to take advantage of this rapidly growing MICE market and improve our competitive advantage.”

The main focus of the remodel are the 33 flexible function rooms spread over three floors. Eco-conscious methods are evident through the entire process, including compostable and recycled stationery. It also includes filtered drinking water in place of bottles of water, and the use of a table that is not covered with linen.

The guestrooms also come with an in-room water purifier, that the hotel chain claims will cut down single-use plastic waste resulting from drinking bottled water to 20%. “We have implemented the most innovative technology and high efficiency that cuts down on the use of water and electricity, as well as and have installed environmentally friendly features, such as drinking water in the room,” says Andy Tan who is the senior vice-president of operations worldwide and partnerships for Millennium Hotels and Resorts.

TEHO International with its 100%-owned subsidiary TEHO Water & Envirotec, has completed the sale of its property located at 1, Bukit Batok Crescent #03-20. The company has received the entire settlement of $760,000, which is $820,800 excluding GST.

Marina View Residences layout of 0.78 ha or 84,000 sq ft site enjoys a maximum GFA of 1.09 million sq. ft. It is expected to house 905 private residential units

Purchase option originally granted February 14 to Wong Siew-Fong. The sale was deemed to be within the best interests of the group’s interests since the worth of the property was realized.

The proposed sale was expected to produce an inflow of cash positive of $345,093 following the deductions to pay the mortgage loan and commission, as well as yield a profit at disposal of around $172,313.

The shares of TEHO ended the day with a flat price of 5.3 cents on the 17th of July.

The Monetary Authority of Singapore (MAS) will publish an open consultation document before August 31st proposing measures to increase surveillance and protect against risks of money laundering in the fast-growing single family office (SFO) sector.

According to the managing Director Ravi Menon, MAS is trying to force all SFOs to inform the central bank each time they begin operations each year. They will also require an ongoing business relationship with a financial institution regulated by MAS that will conduct checks against money laundering (AML) checks.

Marina View Residences sales gallery will have unlimited options when meeting their daily needs, from shopping to healthcare.

The need for these measures comes amid massive inflows of wealth into Singapore and the country, with Assets under Management (AUM) rising by an average of fifteen% between 2017 through 2021. The increase was due to SFOs opening their doors in Singapore. In the number of SFOs received MAS granted tax incentives increased to 1,100 at the close of 2022. This was up from 700 in 2021.

But, contrary to what many believe, Menon clarifies that the bulk of the wealth that flows into Singapore is derived from institutional investors and not family offices, or high-net worth individuals (HNWIs). Individual clients who are not retail (which comprise family offices, customers from external asset management firms, trusts for private individuals, and HNWIs — accounted for just twenty% of the growth in total assets managed by Singapore from 2017 until 2021.

SFOs who applied for and received tax incentives from MAS had a portfolio of around 90 billion dollars of assets in 2021. That’s barely 2% out of $5.4 trillion of assets that are that are managed in Singapore He adds.

While MAS is looking to improve it’s AML actions, Menon notes that family offices in Singapore are already covered by the money laundering risk. Most SFOs in Singapore are required to maintain an account with an institution in Singapore and therefore are covered by the anti-money laundering measures implemented by banks in Singapore’s city-state.

A more strategic use of capital
The large flows of wealth into Singapore are not a major influence on Singapore’s exchange rate as well as the inflation rate in the country, property prices or car prices, Menon says. While wealth is managed inside Singapore however, the vast majority of it is accumulated beyond Singapore’s shores.

“This means that the money flows are in foreign currencies and have impact upon what happens to the SGD change rate. Singapore serves as an intermediary between the flow of these funds,” the expert adds.

For private residential properties and purchases made by all foreigners comprised only a small portion of the transaction volume in the last three years averaged at around 4%. There were no transactions made from SFOs over the past three years. In the same way, Menon says SFOs and their foreign employees make up the “tiny” percentage of the car purchases in Singapore.

As time goes on, MAS will be adjusting the tax incentives available to SFOs to enable them to invest their capital in a more strategic way to benefit Singapore as well as the entire region and to boost their contribution to social and environmental causes.

The changes will be implemented in the following five areas.For one, SFOs will be urged to take part with blended financial structures for example, those that help assist in bringing the region closer towards net zero. The range of investment eligible for eligibility will be expanded in order to encompass blended finance structure as well as concessional capital (which is capital that will accept lower returns or greater risk to help spur worthwhile however less appealing green and transition-related projects) the capital invested in these structures will be recognized.

“For each cent of capital concessional, MAS will recognise it as equal to $2 of investment in order to determine whether the SFO has fulfilled its investment requirements,” says Menon.

It is expected that the MAS will also recognize the SFOs global climate-related investments and acknowledge the fact that Climate change has become a worldwide concern and is not constrained by national borders.

To further stimulate SFOs to make investments in Singapore businesses and in the Singapore equity market MAS is expanding the benefits of tax incentives to recognize any investment in companies that are not listed in Singapore operating companies, instead of only private equity investments. In addition, MAS will recognise twice the amount of money invested in Singapore-listed equity, and also eligible exchange-traded funds as well as unlisted funds that invest predominantly in Singapore-listed stocks.

In the future, at least at a minimum, one investment professional employed must be non-family members which will increase the job opportunities for professionals working in Singapore Menon says. Menon. In addition the new SFO applicants will need to fulfill the requirements for business expenses only by spending locally as opposed to previously, when it could be fulfilled through overseas expenditure. This will allow better benefits to Singapore-based firms and service suppliers.

Finally, MAS will encourage SFOs to engage in philanthropic activities within Singapore as well as overseas. Apart from recognizing contributions to local charities MAS will also launch the Philanthropy tax incentive scheme (PTIS) that will be available to families with family office.

The PTIS announcement, made within Budget 2023, will go into effect on January 1st 2024. It will permit donors who qualify from Singapore to receive a 100% tax exemption, but it is limited to 40% of the donor’s income statutory when they make overseas donations through a local intermediary that is qualified.

“We believe that the introduction of PTIS will inspire philanthropic donations to become a common professional aspect of family-owned offices here,” says Menon.

The purchase of a three-bedroom apartment at De Royale was the most profitable resale deal in the week from June 13 through 20. The 1,259 square feet unit was purchased at $2.2 million ($1,747 per square foot) in June 15. This is more than $757,918 ($602 per sq ft) it was sold for in October of 2006. In the end, the seller made a profit of $1.44 million (190.2%), which is equivalent to an annualized income that was 6.6% over almost 17 years.

Marina View Residences IOI Properties is earmarked for residential and hotel use. The 0.78 ha or 84,000 sq ft site enjoys a maximum GFA of 1.09 million sq. ft.

It is the second highest-profitable resale of a property at De Royale to date. The most profitable deal was that of the 3,240 square feet four-bedroom penthouse which went under the hammer at $2.89 million ($895 per sq ft). The property was purchased at $1.43 million ($442 per sq ft) on March 5, 2005. The seller earned profits from $1.6 million (123%), which amounts to an annualised gain that was 6% over the course of 13 years.

Royale Royale is a freehold condominium located on Jalan Rama Rama, off Balestier Road in District 12. The Balestier area is serviced with Balestier Road is served by the Pan Island Expressway, Balestier Road and Thomson Road.

De Royale was developed by local property group Hoi Hup Realty, and was completed in the year 2006. The entire development comprises twin 36-storey blocks with a mix of two-bedroom-plus-study units to four-bedroom penthouses. The units range from 1,055 sq ft to 3,240 square feet.

Based on a compilation of URA restrictions from EdgeProp Singapore, the prices for De Royale have moved up gradually since the completion of the project. As an example, typical cost was around $1,175 psf in June 2013, and it increased to $1,593 this month.

This places De Royale as the second highest priced condo within the vicinity, behind that of the freehold Skysuites 17 located at 17 Jalan Rajah, which commands the most expensive average of around $1,789 per sq ft. The condos in the vicinity have lower average selling prices like Casa Fortuna ($1,471 per square foot) located on Ah Hood Road, D’Mira ($1,433 psf) located on Boon Teck Road, and The Verve ($1,420 per square foot) located on Jalan Rajah.

The second-highest profit sale of the week was on Tanglin Park in District 10. The 1,109 square feet 2-bedroom apartment sold for $2.6 million ($2,341 per sq ft) on 13 June. The unit was purchased at $1.22 million ($1,100 per square foot) at the beginning of February. The seller earned $1.38 millions (112.7%), which is equivalent to an annualized gain that was 3.3% over 23 1/2 years.

In comparison, the most profitable resale at Tanglin Park is for a 2,067 sq ft, three-bedroom-plus-study unit that changed hands for $4.5 million ($2,177 psf) in October 2010. The property was bought with $2.04 million ($985 per square foot). The seller earned profits that was $2.47 millions (121%), which amounts to an annualized gain that was 5.4% over 15 years.

It is situated at the corner between Tanglin Road and Ridley Park located at the corner of Ridley Park and Tanglin Road, 274 units Tanglin Park was built by Mainboard-listed property firm City Developments, and completed in 1989. The freehold condo consists of twelve five-storey blocks of residential units that comprise a variety of twoto four-bedroom apartments which range from 1,023 sq ft to 2,067 square feet.

Tanglin Park is located in the exclusive Tanglin residential area. The nearby facilities include the expansive Dempsey Hills retail and lifestyle enclave along with malls and hotel establishments in the vicinity of Tanglin Road. Queenstown Elementary School can be found located within 1km of the property as well as nearby schools like Alexandra Primary School, Crescent Girls’ School as well as Queenstown Secondary School.

On top of the list for most profitable transactions of this week are sales of two units in Marina Bay Residences. Two-bedders with 1,055 square feet was auctioned off to a buyer for $2.4 million ($2,275 per sq ft) the 13th of June. The previous price was $2.88 million ($2,731 per square foot) in April of 2010. The seller incurred the loss of around $481,00 (17.5%), or an annualized decrease in the range of 1.4% over 13 years.

On June 13 one of the three beds was purchased at $3.78 million ($2,310 per square foot). It was bought at $4 million ($2,450 per square foot) at the end of November. The seller incurred the deficit of $229,040 (5.7%), or an annualized decrease that was 0.3% over 15 1/2 years.

The Marina Bay Residences have had eight resales transaction within Marina Bay Residences so far this year. Six have resulted in losses that range between $90,000 and $481,080.

Marina Bay Residences is a 55-storey 428-unit condominium located on Marina Boulevard in District 1. This is the first of five high-rises comprising three Grade-A office towers as well as two residential towers which make up Marina Bay Financial Centre. The development also comprises Marina Bay Link Mall in the basement that connects Raffles Place and Marina Bay MRT Interchange Stations.

There’s only a handful of condos along this section along Marina Boulevard: The Sail @ Marina Bay, Marina Bay Suites, V on Shenton Marina One Residences, and V on Shenton.

Based on a table of resale caveats compiled by EdgeProp Singapore, Marina Bay Residences and Marina One command the highest average prices for the area at $2,187 per square foot and $2,379 per sq ft and $2,379 psf, respectively. In addition, The Sail @ Marina Bay offers units for an average of $1925 per square foot. In contrast, units in Marina Bay Suites fetch an average of $1,919 for a psf.

Read more: CEA implements stricter training requirements and various learning routes to increase property brokers’ professionalism

A report on the industry by Colliers International has highlighted that office occupancy in the Asia Pacific region is about 80% on average. This is more than North America and Europe where occupancy levels are between fifty% or 65% and 65%, respectively.

According to the Colliers’ report states that this divergence is due to various return-to-office strategies, city functionality as a foundation, ESG compliance, and market reactions to changes in interest rates and inflation changes. This has led to the latest shift in the office investment volume and pricing, as well as global appetite for investment, the company claims.

“Even even as office markets worldwide continue to face problems in the short term, Asia Pacific remains attractive for office investments in the long-term,” says Chris Pilgrim managing director of the global capital market, Asia Pacific.

He says: “The strong underlying fundamentals include the variety of markets, the positive outlook toward offices from a demand standpoint, and robust population-led economies with more robust and robust economic expansion.”

However, the offices market of North America faces weak occupier demand. In the end, there is a vacancy average for this region has increased from 16 to%. The landlord’s ability to provide incentives to boost rents is being stretched.

However, the prime rents for European offices are rising as demand for more luxurious spacesparticularly ESG-compliant onesis rising. “We are witnessing the need to reuse spaces that don’t meet modern requirements as a rising percentage of buildings are in danger of being obsolete,” says Luke Dawson director for global as well as EMEA market development at Colliers. “This is causing the shift of value-add strategies across all markets, and particularly where the emphasis is put on ESG like for instance in UK.” UK.”