Jason Leow will be replaced as CEO of CapitaLand Development by Jonathan Yap

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Marina View Residences enbloc

CapitaLand Development (CLD) has announced the appointment of Jonathan Yap as its new CEO. Yap will replace Jason Leow who will retire and resign from his post.

Marina View Residences enbloc 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.

Yap has been named the chief executive officer of funds listed at CapitaLand Investment (CLI). Yap will take over as the head of CapitaLand’s Private Real Estate Development company starting on June 5, while Leow will become advisor to the group on the same date.

In the wake of Yap’s departure from CLI, Lee Chee Koon CLI’s group CEO CLI will assume his duties to oversee CLI’s REIT platform from the beginning.

Yap has joined CapitaLand Group by way of its CapitaLand as well as Ascendas Singbridge (ASB) partnership in the year 2019. At the time the time, he served as ASB’s chief operating officers as well as its chief financial officer for the group. Prior to his current job, Yap was the president of CapitaLand Financial, where he managed the company’s fund management division.

“On behalf of CLD’s board I’d like to extend our sincere gratitude for Jason for his outstanding contributions to CapitaLand throughout more than 29 years in the company including his most recent role as the CEO for the first time of CLD since its inception at the end of September 2021 after an overhaul of CapitaLand Limited,” says Wong Kan Seng who is chairman of the group.

“Jason has been instrumental in guiding CapitaLand’s growth through Singapore, China and Vietnam and has helped build the strength of the leadership bench and instilling a teamwork culture. We are pleased that Jason will remain adviser to the Group and offer advice through his vast knowledge, experience and skills,” he adds.

Wong also acknowledged the welcome of Yap to CLD and said that the organization “looks ahead to working closely with him in order to strengthen the solid base that Jason is laying for the CLD’s sustainability”.

“Jonathan is a veteran of more than thirty years in the field of real estate and has been a major contributor in the creation of the fund management business as well as ensuring operational excellence at CLI. The appointment of Jonathan as CLD’s CEO CLD is a testament to the power of the ONE CapitaLand ecosystem and I believe that Jonathan will take CLD to reach new highs,” he says.

“I am blessed and grateful that I have the chance to lead teams in Singapore as well as China throughout my 14 years in China. It’s been incredibly satisfying to watch the organization increase in size and expand from strength increase its strength over the last three years. In the last 18 months, it’s been incredibly rewarding to collaborate with the CLD leadership team to create CLD’s growth strategy and I’m sure that CLD is in a good position across its various geographies to ensure future success.” Leow says. Leow.

“I am privileged to work alongside highly skilled colleagues from across the CapitaLand ecosystem. I am honored and elated to have the chance to lead CLD. With the board’s ongoing direction and encouragement I am looking forward working with CLD’s CLD team to expand the business of the company and establish its reputation as a reliable partner an expert developer of choice who develops spaces of high quality through innovative and sustainable solutions which enrich lives and improve the lives of all communities where CLD is present,” says Yap.

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Kew Drive freehold home listed for sale for $18 million

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Marina View Residences Marina View floor plan

A freehold property located at 26 Kew Drive which is located situated off Upper East Coast Road in District 16 The property is for auction with a an estimated price of $18 million or $1,252 per square foot of the property.

Marina View Residences Marina View floor plan enjoys a maximum GFA of 1.09 million sq. ft. It is expected to house 905 private residential units, at least 548,959 sq ft and 540 hotel units in 279,861 sq ft.

The property is situated on an elevated 14,376 square feet site that has been designated for a mixed-landed development that can span up to three floors. With URA’s approval the land may be divided into two parcels that measure between 6,200 sq ft and 7,400 sq ft , according the Damien Lim and Poly Ng of OrangeTee & Tie, who are selling the property.

Lim says that Lim adds that the property is located at the top of its area, and offers breathtaking panoramas across Bedok Town, the city and the ocean. “Notwithstanding the elevated position this site is a mere seven-minute walk to the proposed Integrated Transport Hub, which will allow easy access to the city’s districts as well as other areas that comprise Singapore,” he continues.

The property is just a 10 minute walk away from Bedok Food Centre, and it’s also a 5-minute drive from Siglap Community Club, which offers retail options, including an Sheng Siong Supermarket, a McDonald’s and an Anytime Fitness gym. Additionally the Kew Drive is within Kew Drive is in the vicinity of 1km from Temasek Primary School as well as Temasek Secondary School.

The bid of 26 Kew Drive will close on April 14 at 2.30pm.

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The sixth-most costly city for office space is Singapore

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Marina View Residences launch price

Research conducted by Savills has discovered that Singapore is ranked as the sixth most expensive city in terms of workplace space. This is higher than out other cities in the world like San Francisco, Shanghai and Seoul.

The Savills Prime Office Costs (SPOC) analysis has revealed that in the 4Q2022, Singapore registered a net effective cost to tenants in the range of US$142.73 ($193.42) per year. This is a figure that includes the annual gross rent (including taxes and charges for services) as well as fit-out costs of $180 per sq ft, amortized throughout the lease term. This puts Singapore in the top ten among the thirty markets analyzed within the report. The figure also indicates an increase of 1% cost increase q-o-q from the 3Q2022.

The London’s West End area topped the list, having an effective net cost to the owner of US$248.17 per year. This is a psf rate of. Hong Kong came in second with US$245.89 per square foot and was followed by New York’s Midtown region (US$168.13 per square foot), Tokyo ($US$160.17 psf) and London City (US$158.26 psf).

The study also revealed that the incentives offered by landlords to tenants have decreased globally by one% in the past year, despite a worsening macroeconomic conditions. Savills blames this on tenants competing for a limited amount of green office space across each market.

Savills says that the decline in incentives is different between cities and regions. For instance, Europe, the Middle East and Africa (EMEA) experienced the most drastic drop in incentive payments with an annual drop of 5% and Asia Pacific saw a minimal decrease in the range of 0.5%. However, North America has seen an average rise in incentives of 2% which is driven by San Francisco’s effort to retain and draw in new workers amid the massive changes in the technology industry.

Savills Research forecasts that in 2023, prime offices around the globe will have flat rent growth (such for North America) to slightly positive growth in rental (including Asia Pacific at 1% and EMEA at 2%).

Alan Cheong, executive head of research and consulting for Savills Singapore, expects Singapore office rents to be slightly higher than those in the Apac region. “With the requirement for tenants to relocate into premium offices to be in compliance with ESG (environmental and social) as well as corporate governance) requirements, the rise of inflation making through the service cost element, as well as the ongoing increase in family-owned offices that are setting there, we could possibly see our collection of offices achieve two% growth in 2023.”

In the meantime, Savills Singapore CEO Marcus Loo says that the market rental for offices trend is changing. “With economic uncertainty and rising inflation creeping its way through the service charge and the obvious deduction is that net rents will become more into a more softer. However, the limited supply of high-quality green buildings has partially tamped down the impact.” Loo adds that Savills remains cautious about the market for office buildings amid the ongoing cuts and occupiers right-sizing.

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Builders sold 432 private new houses in February, a 9.9% increase month-over-month

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Marina View Residences showroom

Developers offered 432 brand new houses, excluding executive condos (ECs) during February 20, 2023 as per URA figures that was released on 15 March. The figure is 9.9% higher than the 393 units sold in the prior month.

Marina View Residences showroom 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.

But it’s 20.3% down from February 2022’s numbers which was 28% less than the previous five-year average of sales recorded in February. “This could be because buyers are waiting to make a decision on the next projects that will be launched in the next few months, and other buyers may have waited to observe the market” says Chia Siew Chuin, the head of research and research for residential properties and consulting at JLL.

However, it is another month of growth, after the 130% growth in the m-o – m market in January. “The sales growth is very positive, especially considering that only one small and mid-sized project were announced however, buyers are facing problems like high interest rates as well as cool measures” adds Christine Sun the OrangeTee & Tie’s executive vice president of research and analytics.

Developers have released new homes in February, which was on similar to the 410 units launched in January. The latest launches in February included Terra Hill, the 270-unit freehold property developed created by Hoi Hup and Sunway Developments on Yew Siang Road as well as Gems Ville, which is a boutique development with 24 units of freehold located along Lorong 13 Geylang. The other homes sold were part of ongoing projects. “More homes were removed at Pullman Newton Residences, Jervois Prive as well as Leedon Green,” says JLL’s Chia.

In a report on February’s sales numbers, Lee Sze Teck, researcher for Huttons Asia, notes that the rise of buyers’ Stamp Duty (BSD) that was announced on February 14 as part of the Budget announcement did not appear to have stopped buyers from buying the property. Terra Hill, which launched shortly after the Budget was made public, was the most-sold project of the month with 97 units being sold at the median price of $2,699 per square foot. It is located within the Rest of Central Region (RCR) The project was responsible for contributing approximately 22% of the month’s total new private homes sold.

However, the majority (51.4%) of February developer sales was due to Core Central Region (CCR) projects. “A complete of 222 residential properties were offered within CCR primary markets. CCR principal market. That’s which is more than twice the 107 units that were released in the CCR in the month prior,” observes Marcus Chu the chief executive officer of ERA Realty Network. Also, it marks an increase of 40.5% m-o-m increase in CCR new homes sold.

Tricia Song, the CBRE’s director of research Southeast Asia, adds that seven of the top ten performing projects of February were freehold developments within the CCR. The list is the case for Pullman Residences Newton which sold 38 units for an average price of $3,171 per square foot and Leedon Green, which sold 21 units for the median price of $2,943 per square foot. “This indicates that buyers are still seeing potential in CCR in spite of the decreasing cost gap that exists in between RCR as well as CCR New launches” the agent says.

CCR homes for sale may also be supported by investors investing their money into freehold properties for protection of their wealth in the face of increased risk, Song adds.

The number of homes that foreigners bought was steady in the month of January, with 54 homes being purchased by non-permanent residents as compared with 53 in the month of January. This is the largest monthly sale to foreigners from June to date, according to OrangeTee and Tie’s Sun. “Most foreign buyers bought luxurious homes in the month of June and bought 35 new condos located in the CCR,” she says.

In the future Looking ahead, CBRE’s Song estimates that sales numbers in March will be boosted with the Botany located at Dairy Farm, Sim Lian Group’s 386-unit development located at Dairy Farm Walk. The project has more than 48% of units were picked up by the 99-year leasehold development on its opening weekend, with an average of $2,070 per sq ft.

Furthermore, additional developments scheduled for the coming months are expected to boost the pace of new home sales over the next few months. In the coming two months include the EL Development’s Blossoms at The Park located at Slim Barracks Rise; Tembusu Grand located at Jalan Tembusu by City Developments and MCL Land; Hoi Hup and Sunway Developments’ The Continuum located at Thiam Siew Avenue; and The Reserve Residences at Jalan Anak Bukit through the joint venture of Far East Organization and Sino Group.

Leonard Tay, Knight Frank Singapore’s head for research, believes that the latest launches will spur more potential buyers to take action. In pointing out the fact that The Botany at Dairy Farm and Terra Hill each have set new benchmarks for prices in their respective neighborhoods Tay sees this as an indication that buyers are willing to spend money on new homes despite current negative outlook.

In this respect the consultant has kept his full-year forecast of new home sales of 78,000 to 8,000 in 2023. Other consultants have kept their full-year forecasts unaltered that range from 77,000 to 9,000 units.

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Geylang Road’s three shophouses are listed for $23 million

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Geylang Road's three shophouses are listed for $23 million

Three adjacent conservation shophouses at 489 4, 491 as well as 493 Geylang Road are being offered for sale in the expression of interest process with a suggested price that is $23 million. The shophouses will be sold together and the price will work out to $3,113 psf based on the floor area total as per the CBRE, the marketing agent. CBRE.

Marina View Residences Condo Marina View site enjoys a maximum GFA of 1.09 million sq. ft. It is expected to house 905 private residential units, at least 548,959 sq ft and 540 hotel units in 279,861 sq ft.

These properties are two-storey storehouses situated on the corner of Geylang Road and Lorong 27 Geylang. They have a double frontage of 44m, which extends both roads. The shophouses cover a total surface of 3,830 square feet that is classified as commercial and has an average net plot ratio 3.0.

The shophouses cover an overall floor space of 7,388 square feet. They are currently let – the first floor is used by an eatery, and those on the top floors are let out to the owner of a karaoke club.

The properties are situated within Geylang Conservation Area. Geylang Conservation Area. According CBRE, if the property is sold CBRE the prospective owner could consider building an extension of five stories to increase the floor space subject to the approval of the appropriate authorities. The extension can add 4,100 sq feet to the properties the floor area.

“With the shophouses’ premium characteristics such as its corner land plot, city fringe location, main street frontage, highly sought-after approvals and underutilized plot ratio, we are confident that it will draw strong interest from a wide pool of buyers that include corporate investors, owner-occupiers, small to mid-sized developers and high-net-worth-individuals,” comments Clemence Lee, executive director of capital markets, Singapore at CBRE.

The shophouses are just a 6-minute walk from Aljunied MRT Station.

The opportunity to submit an expression of interest for the shophouses closes on April 19 at 3pm.

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Branksome Road freehold detached home listed for $10.8 million

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Marina View Residences architect

A freehold detached home situated at Branksome Road located near Tanjong Katong Road in District 15 It will be put on auction through Huttons Asia on March 15.

The property is listed at a cost of $10.8 million that is $2,456 per square foot on the land surface of 4,398 sq feet. The house is two stories high and has the floor space of 4,581 square feet and has an outdoor space with an outdoor swimming pool.

Marina View Residences architect design is expected to house 905 private residential units, at least 548,959 sq ft and 540 hotel units in 279,861 sq ft. There’s an optional 21,528 sq ft of commercial space and 21,528 sq ft of retail space.

James Wong, Huttons Asia’s head of auctions and sales He notes that the property is situated in a highly sought-after residential area that is landed, and near East Coast Park. “Asia, “The location also is easily accessible via any mode of transportation. Changi Airport is just a 12 minute drive from East Coast Parkway (ECP) and Raffles City as well as Raffles Place (CBD) are only 15 and 14 mins via car, respectively. by Nicoll Highway and ECP,” He adds.

Lee Sze Teck, senior director of research at Huttons Asia, points out that the landed property value of District 15 in the area have experienced an increase in value due to the gradual development of the area as well as the expansion of Thomson East Coast line.

He goes on to say: “Recent sales in the region include an old residence situated on a vast freehold site with an area of 25,680 sq feet across Wilkinson Road that was sold for $55.5 million, or $2,161 per square foot for land. This is the most expensive price for land on a parcel that is this large located in District 15.”

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Parkroyal Langkawi Resort is inaugurated by Pan Pacific Hotels Group

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Marina View Residences launch date

Pan Pacific Hotels Group, which is a part of UOL Group, has announced the opening of Parkroyal Langkawi Resort -which is a Beachfront, 301-room property situated within Pantai Tengah, Langkawi. This is the fifth UOL Group property within Malaysia.

Marina View Residences launch date putting the future residents at a stone’s throw distance from the Shenton MRT station that links to the Thomson East-Coast Line.

Suites and rooms at the resort vary between 437 square feet for a luxurious room to 1,248 square feet for a two-bedroom unit. The resort also offers one- to three-bedroom homes with sizes ranging from 2,615 sq feet to 3,982 square feet.

Parkroyal Langkawi Resort is part of Pan Pacific Hotels’ growing network of resorts, hotels, as well as serviced suites. Pan Pacific Hotels claims to be home to over 50 properties in 30 major cities in Asia Pacific, North America and Europe by 2024.

“In the coming two years, we will be determined to expand the Parkroyal brand by acquiring a total of nine properties in gateway cities which comprise Tokyo, Malacca, Dalian, Siem Reap, Jakarta and Hanoi in which we will be strategically located in these places to capitalize on the increasing demand for travel,” says Choe Peng Sum the Director of Pan Pacific Hotels Group. Pan Pacific Hotels Group.

The company added serviced suites to its portfolio in November, when it opened Parkroyal Suites Bangkok. There’s also the coming Parkroyal Serviced Suites Hanoi and Parkroyal Serviced Suites Jakarta, which are expected to be open on 2023 or 2024.

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Revaluation gains drove a 466% increase in Hong Fok’s FY2022 earnings

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In the wake of revaluation gains from their capital properties, Hong Fok Corp reported profits of $220.1 million in FY2022, which is an increase by 466% over FY2021.

The same period’s revenue was up 70% up to $153.9 million, with higher contribution from its hospitality business in addition.

Particularly, the company incurred the revaluation gain that totaled $197.3 million, as opposed to the gain of $35.7 million recorded in FY2021. The majority of the gains came from the appraisal of The Concourse and retail units of Concourse Skyline. According to an appraisal notice for the real estate assets of Hong Fok Corp with the Singapore Exchange (SGX) on 1 March the property was valued at $1.613 billion at the time of December 31 2022. This is a 204 million increase over its value at the end of December 2021, which was $1.408 billion.

Hong Fok plans to pay one cent dividend the same amount as the one the company paid in FY2021.

The company is optimistic about its outlookfor the future, as the tourism industry gaining momentum and thereby enhancing the hospitality segment.

The occupancy rate of additional investment properties is likely to remain steady.

Additionally, Hong Fok expects to continue to earn income from the sales of the residential units at Concourse Skyline, although it warns of an “adverse” impact on the higher-value residence property selling in Singapore due to cooling measures.

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For sale at $30 million is an industrial facility on Toh Tuck Link

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A four-storey warehouse that also houses office space in 7.7 toh Tuck Link is currently on the market with an estimated price at $30 million. According to the marketing agency CBRE the deal will be made through a private treaty.

It is situated within The Toh Tuck industrial estate, the property is situated built on a 93,658 sq feet site that is zoned to Business 2 industrial use with an allowed proportion of 1.6. It is a leasehold lease until the end of November 2056. The building covers a gross floor area of 140,250 square feet. Levels 1 and 3 contain warehouse space that is air-conditioned partially, and the office space is on the fourth level. The property is equipped with 10 loading docks, and two five-ton cargo lifts.

Graeme Bolin, CBRE’s head of leasing and occupying industrial and logistics services, says the demand for warehouse space that is of high quality remains buoyed by the bright prospects for Singapore’s industry sector, and the tight availability.

He further states: “7 Toh Tuck Link due to its central location and its proximity to the major manufacturing zones of Tuas, Jurong, Woodlands and Ang Mo Kio, presents an excellent opportunity for both owners and investors alike. The property is especially appealing due to its immediate accessibility to a large pool of people from Jurong East as well as Clementi residential areas that are close by.”

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4,428 apartments are put up for sale as part of the BTO exercise in February 2023

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HDB has announced the sale of 4,428 flats under the February 2023 Build-To Order (BTO) exercise. The flats are distributed across five sites in four cities -including Queenstown, Kallang and Whampoa, Jurong West and Tengah. It is the very first BTO exercise following this year’s Budget announcement, when initiatives aimed towards helping first-time buyers were announced, including a boost in CPF housing grants for people seeking to buy a resale flat.

Christine Sun, senior vice head of research and analytics of OrangeTee & Tie, believes this might redirect some BTO customers to the market for resales. “Since the government is providing more subsidies and more are available, we could see buyers who are eligible to purchase in popular areas, such as old estates or even larger flats,” she says.

Sun also notes that first-time buyers might delay their purchases until after the August BTO exercise in which case it will be possible for families who are first time buyers to obtain another ballot for the BTO applications.

As part of the Feb 2023 BTO exercise Five sites were identified as Prime Location Public Housing (PLH) projects. The first, Ulu Pandan Glades – is situated along Ghim Moh Link and Commonwealth Avenue West in Queenstown near Dover MRT Station. Dover MRT Station. The development will include 732 units, which include two- and three-room apartments. The indicative prices start at $372,000 for a three-room apartment and $541,000 for a flat with four rooms without grants.

Second PLH project is located in Kallang and Whampoa situated on an site that is bordered by Race Course Road, Hampshire Road and Farrer Park Road. The development -called Farrer Park Fields will consist of seven 24-storey blocks that will house 1,274 two-room flexi flats, three-room, and four-room units. Prices start from $185,000 for the two-room flexi flat. $356,000 for a flat with three rooms and $484,000 for a four-room flat.

Of the three BTO sites Another is located in Kallang, Whampoa, along Jalan Rajah. It houses five hundred two- and three-room apartments with two blocks of 40 stories. Prices start at $326,000 for a three-room apartment and up to $459,000 for four-room apartment.

The project is located in Jurong West, HDB has announced two residential blocks with 18 stories, which will contain 271 units comprising three- and four-room apartments. Its site is located on Jurong West Street 93. Prices start at $187,000 for a three-room apartment and $288,000 for a 4-room one.

The final site is located in the Brickland district of the Tengah estate, which is bordered with Brickland Road as well as Tengah Boulevard. With 1,641 units in 12 blocks of residential this is the largest site in the Feb. 2023 BTO exercise, and the only one that has five-room flats. The other types of units are two-room flexible, three-, or four-room flats. Prices start at $97,000 for a two-room flexible flat, up to $190,000. three-room flats, $291,000 for a four-room flat , and the price for a five-room flat is $401,000.

Consultants anticipate Farrer Park Fields will be in an increase in demand due to the proximity of town and two MRT stations: Farrer Park, and Little India, the latter of which serves as an interchange point for trains on the Downtown line and the North-East Line. “We are expecting a fierce rivalry in the market for Farrer Park Fields, particularly due to the fact that BTO projects in Whampoa and Kallang and Whampoa region are extremely contested in the vicinity of the MRT station” states Mohan Sandrasegeran the One Global Group’s chief analyst for content and research.

Lee Sze Teck, Huttons Asia’s director of research, says that the surrounding amenities include Farrer Park Primary School, the planned mall Piccadilly Galleria, Tekka Market and City Square Mall, further enhance the attraction of the project. Lee says that the alternative PLH project located in Queenstown, Ulu Pandan Glades is located near an additional PLH initiative, Dover Forest, launched in November. “The rates for flats at Ulu Pandan Glades are similar to those of the previous launch.”

Concerning non-PLH projects, OrangeTee & Tie’s Sun anticipates that Jalan Rajah to be one of them. Jalan Rajah site — although not close to an MRT station will still draw large crowds due to its position close to Toa Payoh Central, which offers a wide range of facilities.

The site located in Tengah could be a hot spot for interest after the announcement that ACS Primary will be moving in Tengah by 2030. “This could result in many more applicants applying for the flats in this group however we don’t anticipate a significant increase in the number of applicants,” says Sun.

Additionally there is a possibility that Jurong West is expected to benefit from its location. Jurong West site is expected to gain from its position close to Pioneer MRT Station. But, with just 271 flats available, getting one through the balloting process could be difficult, according to The One Global’s Sandrasegeran.

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