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

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.

Marina View Residences contact number

The rapid transactions in Solitaire on Cecil was the most popular strata office unit transactions of 1H2023, indicating a clear sign that the market is “starved of new office buildings for strata” According to Mary Sai, executive director capital markets for Knight Frank Singapore.

In a research note about the local market for strata commercial properties released by Knight Frank on Aug 2 the company noted that the total volume of transactions for strata offices decreased in the 1H2023 period compared to six months preceding.

Marina View Residences contact number through the Master Plan 2019, URA plans to revamp the city centre into a lively mixed-use neighbourhood.

In in the beginning of the year there were 149 transactions in the strata office that totaled $652.9 million were reported. This represents an 19.8% fall from the $814.1 million of sales in 2H2022 that saw 160 transactions. “Amid the tensions in the region, economic uncertainty, and the rising interest rates, the demand for strata offices decreased,” says Sai.

However, the introduction of strata office space following the introduction Solitaire on Cecil Solitaire on Cecil was a significant influence on the market, and also accelerated sales activity, accompanied by an increase in demand, she adds. “The introduction of the new bite-sized office assets freehold that are investment grade in the CBD location was missing in the marketplace for many years.”

The totality of the market demand for brand new CBD situated office buildings is probably understated since certain purchases made at Solitaire were not reported, or caveats weren’t filed due to certain buyers’ preference to maintain a low profile and keep their purchases private, according to Sai.

The rush to buy strata office buildings located at Solitaire on Cecil also affected the cost of a unit for freehold strata office units in 1H2023, when it climbed an impressive 20% to $3,746 per square foot. “This was because Solitaire on Cecil selling all of its units for a total worth of $321.8 million, with an average of $4,239 psf based upon the caveats lodged,” says Sai.

Since there is no new office supplies for strata offices coming up for the rest of the year, transactions in this sector is likely to slow. However, the market is expected to generate the sum in the range of $1.1 billion to $1.2 billion, with the benefit of an increase in demand from residential property investors who were dissuaded by February 2023 property cooling measures as well as the changes to the Residential Property Act last month according to Sai.

However the retail sales in strata declined to 113 transactions valued at $184.2 million, as compared to 120 transactions worth $351.5 million in the 2H2022. A headwind such as a labor shortage in service industries as well as rising finance and business costs have contributed to a softer retail market for strata, says Sai.

The most significant strata retail deal in 1H2023 was a sale of freehold properties in Oxley Tower for $21 million in June. The other sales in the submarket were below $10 million. Strata buyers and investors focused on areas of interest like Downtown Core (17 transactions worth $46.6 million) and Rochor (16 transactions valued at $23.5 millions).

“Individual retailers with moderate desires and well-established corporate firms that have shops or F&B chain operators who are looking to invest in an expanded strata retail component of the context of an integrated development are likely to remain seeking strategic retail investments” Sai says. Sai.

However, the challenges of meeting the demands of this magnitude remain as the supply of strata retail space is limited as Singapore’s retail industry is “largely controlled by large malls that are managed by REITs” She adds.

Marina View Residences layout

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.

Marina View Residences Marina View price

TA Corporation has requested for the voluntary suspension of trading on its shares in the event of participation from shareholders and “clarity” regarding the financials of the company on the 17th of July.

In the same report on SGX the board of directors declared the fact that Tiong Aik Construction (TA Construction) is a wholly-owned company that is a wholly-owned subsidiary of TA Corp, has been placed under liquidation provisional.

Marina View Residences Marina View price came just S$101 above the amount the group had applied for the Marina View Residences to be released on the government’s reserve list.

As per the news release that was made, the management of TA Construction has resolved to select liquidators for provisional purposes after determining the company’s “presently not able to meet its obligations at the time they are due”.

The reason for this is an extreme tightening of cash flow in TA Construction arising from difficulties in the collection of the monies for retention and payments and the rising demands for increased costs and financing to tackle increases in material and labour costs.

In addition, higher interest rates have resulted in more expensive borrowing costs as well as an unfavorable financial environment. Along with a slower utilization of the saleable properties created in the name of TA Corp, this has restricted the amount to which it’s in a position to sustain the cash flow needs of TA Construction and its ability to acquire new projects given its financial situation according to the board.

Examining the consequences of TA Construction’s proviso liquidation and TA Corp’s plan to “engage in a wider and more holistic way” with its noteholders, lenders suppliers, business partners and customers the board has decided that as “prudent” to implement the voluntary suspension of trading on its shares.

TA Corp also has exposure to parent guarantees as well as other forms of financial assistance in support of TA Construction and its projects in addition to the possibility of cross-defaults being caused due to the provisional liquidation of loans made by other subsidiaries.

It has appoint Messrs Deloitte & Touche Financial Advisory Services as its financial advisor, and Messrs Reed Smith Resource Law Alliance as legal advisor to assist in the review of its financial situation and provide advice about the steps that need to be implemented.

Shares of TA Corp last traded at 7.3 cents on the 17th of July prior to its stock market halt the day.

Marina View Residences sales gallery

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.

Marina View Residences district

A new study by CBRE has revealed that companies operating in Asia Pacific (Apac) are at the forefront of returning to office, with utilisation levels in the region hitting 65% at the end of March this year. Comparatively to Europe and the US and Europe had a utilization level of fifty%. The study from March to May included over 130 real estate executives in corporate in Apac from more than 80 companies.

A majority (48%) of respondents polled said they would prefer to see employees back to work as opposed with 40% in those in the US as well as the 43% of respondents from Europe. “Corporate management at Apac is focused on getting employees back into work, since they hold an unshakeable conviction that working in an office can improve collaboration and enhance satisfaction,” the report adds.

Marina View Residences district in the prime District 01, Singapore’s Central Region. It is along Union Street and Shenton Way.

Office attendance is different across the region in the region, with CBRE noting that the markets of Greater China, Korea and Japan exhibit 70% utilization rates% and office usage is still lower than sixty% across the Pacific.

Hybrid work is still the new norm, even though organizations are reportedly changing their approach to workers spending more time at work. The study shows the fact that 34% of the companies that were surveyed in 2023 expect employees to work working full-time in their offices decreasing from 38% in the previous year. But, there has seen a decline in the number of businesses which allow equal time for working at home and in the office, dropping up from% by 2022 and dropping to% the year before.

More businesses are looking to have employees primarily working from offices (three or more working days per week) and 32% of companies polled in 2023 aiming to have this happen, as in contrast to 24% for 2022. CBRE believes that a certain amount of flexibility will be a part of the future, predicting that attendance at offices in Apac will be at 10% up to fifteen% lower than levels pre-pandemic for a long time.

Although leasing strategy is expected to be more cautious in the short-term due to the ongoing uncertainty in the economy, CBRE says that 44% of Apac companies that were surveyed are planning to expand their office portfolios in the three years ahead, indicating that they have a keen appetite to expand. Most of these firms intend to expand their portfolio by 10% to 30%% up to 30%.

Regarding office space requirements 64% of respondents would prefer to have offices in buildings that have been certified for environmental governance, social and environmental (ESG) and 52% wanted to allocate a larger portion than a quarter of their property portfolios to flexible spaces. Flexible space remains a means to improve portfolio agility businesses are expecting flexible spaces to account for 25% of their overall property portfolio in 2025. That’s which is up from around 14% in the present.” CBRE’s director of research on occupiers Ada Choi.

Marina View Residences IOI Properties

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.

Marina View Residences site

A four bedroom condo in Orchard Bel Air was the most profitable condo resale in the period June 6 to 13 in accordance with caveats that were filed with URA. The 3,229 square foot unit located on the 15th floor was sold at $5 million ($1,548 per square foot) the 6th of June. It was bought from the vendor in March of 1996 at $2.39 million ($740 per sq ft) that is, they earned an income in the amount of $2.61 million. This amounts to the capital increase of 109% over a period that was around 27 years.

Marina View Residences site is along Union Street and Shenton Way, putting the future residents at a stone’s throw distance from the Shenton MRT station that links to the Thomson East-Coast Line.

The first time a resale deal in Orchard Bel Air since December 2020 when a 3,240 square foot unit was purchased to a buyer for $4.76 million ($1,469 per square foot). This is the fourth-highest-profit sold-out transaction that was recorded during the building’s development. The most profitable sale took place during January 2013 when a sole penthouse measuring 6,512 square feet sold for $8.3 million ($1,275 per square foot). The seller earned an income of $5.5 million after having bought the penthouse at $2.8 million ($434 per sq ft) in the past ten years.

Orchard Bel Air is a 99-year leasehold condominium built in 1984 by UOL Group and completed in 1984. The 25-storey building contains 70 apartments that range from 3,208 to 3,251 square feet in addition to a penthouse measuring 6,512 square feet. It is located along Orchard Boulevard in District 10 It is located near the Orchard Boulevard MRT Station on the Thomson East Coast Line.

The residents of Orchard Bel Air had put the tower on collective auction in July 2022 at a cost at $587.5 million. In January the tower was put up to sell collectively with the same price as the guide. The tender ended on March 1 with no buyer.

The second-highest profit resale deal during the week under review occurred at another condominium located in District 10 -District 10 – The Ladyhill is a freehold development located on Lady Hill Road, close to the exclusive Nassim Road residential enclave. A 3,261 square foot, three-bedroom apartment on the first floor was offered for sale at $7.5 million ($2,300 per square foot) on 13 June. The unit was bought at $5.38 million ($1,650 per square foot) in August 2006. The seller thus made an income that was $2.12 millions (39%) over a time period of about 17 years.

It was developed in collaboration with SC Global Developments, The Ladyhill is a boutique condominium which was completed in 2002. It is comprised of 55 units over a four-story building, which includes three- and four-bedders ranging between 2,239 to 4,499 sq feet. It is the Ladyhill was the site of three units go under the hammer in the past year each of which was profitable. This includes the most profitable deal for resales recorded in the site – selling a 2 411 square foot three-bedroom apartment in the amount of $7.28 million ($3,019 per square foot) on the 13th of April. The seller purchased the property at the expense of developer on March 3, 2003, at $3.81 million. That’s an income in the amount of $3.47 million. Another unit sold on the 13th of April netted the seller $2.78 million, which makes it the second highest-profit resale deal in the history of The Ladyhill. The 3,200 square feet unit brought $7.58 million ($2,154 per square foot).

In the meantime, Marina Bay Suites saw the worst deal to be recorded in the week-long the review. The 1,572 square feet apartment on the 31st floor was sold to the value of $2.88 million ($1,833 per square foot) in June. The buyer, who bought the three-bedroom apartment at the request of developer developer at the end of December, 2009 $3.54 million ($2,254 per sq ft) was able to recover the loss of $662,000. This amounts to 19% loss over a time duration of thirteen and a half years, or an annualized losses that was 1.5%.

Marina Bay Suites is a 99-year leasehold development located on Central Boulevard in the Marina Bay financial district. The 66-story residential tower was a joint venture project of Keppel Land, Cheung Kong Holdings and Hongkong Land. The tower was completed in 2013 and comprises 221 apartments. The typical residences comprise three and four bedroom homes that range from 1,572 to 2,691 square feet.

The project has resulted in six resales transactions in the last year five of which been sold at prices below their respective price of purchase, as per information compiled by EdgeProp Research. The units, which range between 1,572 and 2,680 square feet were sold at prices ranging from $2.81 million to $5.25 million which is between $1,752 and $2,018 per square foot. The sellers suffered losses of between $185,000 and $1.14 million

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

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.”

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On May 30th, HDB launched 5,495 Built-to-Order (BTO) flats across five neighbourhoods: Bedok, Kallang, Serangoon, Tengah and Whampoa. The most popular neighbourhood that had the highest number of applicants was Serangoon having more than 9 applicants per 4-room apartment and more than 13 applicants for 5-room flats, according to Lee Sze Teck, senior director of research at Huttons Asia.

The two Tengah BTOs had more than 5,000 applications for 3four and 5 room flats. According to Lee this is a lot more than that of the November 2022 BTO exercise where 2,077 units were put up to buyers in Garden Waterfront I and II in Tengah.

The greater number of applicants to the BTO flats in Tengah this May could be due to the proximity of the upcoming Anglo-Chinese School (Primary) which was reported to move from Barker Road to Tengah in February. The two new BTOs in Tengah that were launched in May are located near Tengah Town, says Lee.

The Housing Board on Tuesday released details of six projects it will launch in August. Three are located in Kallang-Whampoa. There is three projects located in Queenstown, Choa Chu Kang and Tengah.

The sites at Jalan Tenteram in Whampoa and Kallang Airport Way/Geylang were both given a land use changed by URA recently.

In Whampoa In Whampoa, the two BTO projects due to open in August are located at Jalan Rajah and Jalan Tenteram. Both BTOs are expected to be 40 stories in height, ensuring residents of high-floor apartments that they will have unobstructed views of the surrounding. Lee believes they will have high rates of use.

The BTO located at Kallang Airport Way/Geylang Road lies within walking distance to the Kallang MRT station on the East-West Line and the Singapore Sports Hub. The BTO will likely to be classified as a prime area for a public housing (PLH) project. Therefore, it is likely to receive the same response as the Kallang Horizon BTO launch last November, which had an average of 6.4 among first-time applicants.

The formerly Tanglin Halt flats sold via Selective En Bloc Redevelopment Scheme (SERS) were removed to create space for the planned BTO located at Queensway. Huttons’ Lee reckons it could be launched as an PLH since the BTO is situated between Ulu Pandan and Ghim Moh which are both which are both identified as PLH areas.

Additionally, Lee notes that several flats located at Blk 50 Commonwealth Road have changed hands with resales of more than $1 million. The government has designated the site within the region for residential and commercial usage, which will greatly improve the amenities available of the region.

The project that is most talked about for the upcoming November 2023 BTO exercise is located in the Bishan-SinMing neighborhood. “This BTO may be the first in an estate that was constructed prior to its planned launch date,” Lee says. Lee. The previous BTO launch in the region was the 945-unit Sin Ming Court, completed in 1988.

The estimated price for the Bishan-SinMing BTO could range between $525,000 and $650,000 in four-room flats, Lee reckons. Due to the “pent-up demand” and the shorter time to complete Lee anticipates to see a large number of applications of these apartments.