Archive for category: News

Read this: On May 24, the Sentosa Cove apartment of 1,668 square feet will go up for sale

It was reported that the sale of an condo at the luxurious condo Ardmore Park was the most profitable condo resale deal recorded in the period from May 23-30. The owner for the 4 bedroom 2,885 square foot apartment earned $7.05 million when it was purchased for $12.9 million ($4,472 per sq ft) in May. The apartment was bought by developers developer in exchange for $5.85 million ($2,029 per square foot) on July 26, 1996. Thus, the seller earned 120% profit during a period that spanned nearly 27 years. According to the results of a property title investigation, the purchaser of the unit is Eddy Hartono, an Indonesian who is an Singapore permanently resident.

It is the fourth most profitable resale transaction in Ardmore Park. The most profitable transaction took place in April of 2020, when the owner of an penthouse with 8,740 square feet made a profit of $11.65 million after the property was sold for $27.65 million ($3,163 per sq ft). The seller owned the property since the beginning of January when they bought the property in the amount of $16million ($1,831 per square foot).

The second-highest-profitable transaction at Ardmore Park took place earlier in the year, in April. the apartment of 2,885 square feet cost $13 million ($4,510 per square foot) which resulted in the seller earning the profit that was $8.16 million. The third highest-profitable transaction is the purchase of a 288 sq. ft unit in November last year at $12.5 million ($4,333 per sq ft) which resulted in the seller making $7.75 million profit.

Ardmore Park is 330-unit freehold condominium located in the highly sought-after Ardmore Park area of District 10’s prime area. It was developed through Wharf Estates Singapore, which was previously Wheelock Properties, the high-end condominium was built in 2001. It has three towers of 30 stories. The most common units consist of 2,885 square feet. They are four-bedroom apartments, however it includes six 8,740 square feet of duplex penthouses. The development was the site of a record psf price of $4,881 for a four-bedroom home that was sold at $14.08 million.

Scotts 28 a condominium located along Scotts Road within District 9 witnessed the second highest-profitable transaction over the course of the week. A three-bedroom unit of 1,733 sq feet on the 8th floor was purchased to the buyer for $4.3 million ($2,481 per square foot) on the 26th of May. The seller purchased the property by the developer on November 25, 1995. $2.32 million ($1,341 per sq ft). Therefore, they made an income of $1.98 million, or an investment gain of 85% over 27 1/2 years.

This is the highest-profit sales transaction at Scotts 28 till the date. The previous record for this came in June of 1996 with the sale of a 3,466 sq. ft. apartment at $6.86 million ($1,979 per sq ft) resulted in the seller a $1.96 million in profit. The sale that took place on May 26 also marks an all-time high in the price of psf for the area, beating the previous record of $2433. per square foot recorded in August, with the purchase of a 1,636 square foot apartment at $3.98 million.

The 136-unit freehold Scotts 28 was developed by MCL Land and completed in 1998. It is comprised of two to five-bedders ranging from 1,098 and 4,650 square feet. The condo is located just from Orchard Road next to Goodwood Park Hotel The condo is a short stroll from malls like Far East Plaza, Scotts Square and Tang Plaza. It’s also just 5 minutes from Newton MRT Station (Downtown and North-South Lines).

Additionally, Aalto, a freehold condominium located situated along Meyer Road in District 15’s Marine Parade area, saw the least profitable transaction throughout the week under analysis. A duplex penthouse with 5,608 square feet sold at $13.2 million ($2,354 per square foot) on the 24th of May. It was acquired at the expense of developer developer at $16.28 million ($2,902 per square foot) on March 28, 2008. Therefore, the seller suffered the loss that was $3.08 millions (19%) after holding the unit for more than 15 years.

This is the least profitable deal to date recorded at Aalto. It was the previous record set back in of 2017 when the seller sold an area of 2,443 sq feet at $4.1 million ($1,678 per square foot). The seller took the seller a $1.23 million loss from the deal.

Aalto is a leasehold luxurious condo situated on Meyer Road that was developed by Hong Leong Holdings and completed in the year 2010. It is comprised of two 27-storey buildings and an overall 196 apartments. The majority of units are comprised of three and four-bedroom units that range from 1,442 and 2,443 sq feet. There are two five-bedroom duplex penthouses that measure 6,168 sq square feet and 5,608 sq. respectively, as well as two five-bedroom sub-penthouses of 3,940 sq feet and 4,424 sq. ft respectively.

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A duplex penthouse located at Parc Imperial located in District 5 is listed on the block during Edmund Tie’s upcoming auction in June. The property is also open to private treaty negotiations. The owner’s sale, which is 1,195 sq ft property has an estimated price at $1.78 million, which translates to $1,490 per square foot of floor area.

As per the property listing, the property is to be sold with an existing lease set to expire in the month of December 2024. The lower level is comprised of an open-plan living and dining space with a balcony adjacent as well as a kitchenette, a household shelter and a powder room. The upper floor houses the master bedroom that is en-suite with an open-air balcony, as well as two additional bedrooms with ensuites.

Parc Imperial is an affordable condo with freehold situated on Pasir Panjang Road. The 138-unit development was completed in the year 2010 through Local developer Fragrance Group. It is located 200m away from Haw Par Villa MRT Station along the Circle Line. The main road connection within the area is via roads like the West Coast Highway and Pasir Panjang Road.

Three new developments have come up at least three new developments have sprung up in The Pasir Panjang area close to Parc Imperial. In April of 2018, The Verandah Residences by Oxley Holdings went live to a booming sales opening and buyers snapped up the 129 apartments (76%). The 170-unit development located on Pasir Panjang Road had been completely sold in June by Oxley Holdings, followed up on the Veranda Residences’s popularity with its 250 units Kent Ridge Hill Residences located on South Buona Vista Road. On the day it was launched on 10 November the project sold 110 homes (44%). The project had 99% sold by the end of July, 2018, with an average of $1,950 per square foot.

The latest new development of the neighborhood is 270-unit freehold property Terra Hill. This condominium is situated at Yew Siang Road off Pasir Panjang Road was officially launched in February of this year and buyers bought more than 102 units (38%) over the first weekend of the sales launch and set an average price of around $2,650 per sq ft.

Despite the numerous new developments, Parc Imperial commands a acceptable average price for sale of $1,766 per square foot, from a list of resale restrictions during the last twelve months. One unit has sold this year – an area of 398 square feet, one-bedroom apartment that sold for $735,000 ($1,845 per square foot) on the 27th of April.

Based on resale caveats that were filed over the last 5 years, the highest-priced property that been sold on the property Parc Imperial has been a 1,948 square foot 3-bedroom duplex penthouse. It was auctioned off at $1.95 million ($1,001 per square foot) on December 20, 2021. It was followed by selling a 2,304 square foot penthouse in a duplex at $1.78 million ($773 per square foot) in October of 2020.

A look-up of rental information at Parc Imperial, a development by EdgeProp Singapore shows that the condominium is rented at an average of $7.35 per month. (pm). This is quite high when compared to other developments in the vicinity, such as the Orient located at Pasir Panjang Road ($5.38 per month, pm), Horizon Residences located at Pasir Panjang Hill ($4.63 per month, pm) as well as The Peak @ Balmeg located on Balmeg Hill ($4.03 psf pm).

Pasir Panjang is close to the well-established Mapletree Business City located at Pasir Panjang Road, Alexandra Technopark located at Alexandra Road, the National University of Singapore and the business district that is one-north.

There is also The Southern Ridges, a 10km park that links Mount Faber Park, Telok Blangah Hill Park, HortPark, Kent Ridge Park, Labrador Nature Reserve and Henderson Waves which is a pedestrian bridge crossing Henderson Road. The park will also be on the entrance of the planned Greater Southern Waterfront, which extends over 30km of southern coast from Gardens by the Bay East to Pasir Panjang and will include the housing of both private and public.

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A three-bedroom apartment located at The Anchorage, a freehold condominium located on Alexandra Road in District 3 has recorded the highest-profit sale of a condo in the period from May 9-16. The caveats are that were filed on the 23rd of May. The 1,830 square foot apartment on the fourth floor sold at $3.14 million ($1,715 per sq ft) the 12th of May with the seller getting $1.73 million. The unit was purchased at $1.41 million ($770 per square foot) on July 27, 1997. They made an of 123% capital gain over the course of close to 26 years.

Anchorage Anchorage is an exclusive freehold property from Frasers Property with 775 units in five residential blocks. It was completed in 1995. was the first residential project and was a renovation of F&N’s former Anchor Brewery site. The condominium is located near The Anchorpoint Shopping Centre, which is situated opposite Ikea Alexandra. The property is also within a 10-minute walk from Queenstown MRT Station. Queenstown MRT Station on the East-West Line.

Seven other sold-to-resales transactions on The Anchorage this year, each of them profitable for their respective sellers. The units, which range between 1,173 and 1,830 sq feet, sold for between $1.95 million to $3.2 million, which is between $1,662 and $1,837 per square foot. The seller earned gains that ranged from $320,000 the range of $1.73 million.

Casuarina Cove was the most profitable deal over the course of the week. It was the sale of the 1,528 square foot three-bedroom house at $2.34 million ($1,530 per sq ft) on May 15th. The buyer purchased the buyer for $928,000 ($607 per sq ft) during April of 2002. This resulted in an income in the amount of $1.4 million (152%) after holding the property for a little more than 21 years.

This is the highest-profit deal on the market at Casuarina Cove, according to information gathered through EdgeProp Research. EdgeProp Research tool. This beats the previous record, set in October. The seller of a 1,216 square foot unit located on the eighth floor earned a profit that was $1.18 million after it was sold at $1.73 million ($1,422 per square foot).

CasuarinaCove is a 160-unit condominium owned by Keppel Land along Tanjong Rhu Road in District 15. The project was completed in 1996. 99-year leasehold property has one-to-four-bedroom units ranging from 753 to 2,949 square feet.

However, the least profitable transaction of the week under study was the auction of a 4-bedroom unit in Cliveden At Grange. The 2,842 square foot apartment was sold in the amount of $8.1 million ($2,850 per square foot) on the 15th of May. The unit was purchased from the vendor in August of 2007 at $9.5 million ($3,344 per sq ft) this means that they lost $1.4 million (or 15% during a hold time of almost 16 years.

Based on the data collected, the most profitable resale deal in Cliveden At Grange was that of a 2,153 square feet four-bedroom apartment that sold for $5.7 million ($2,648 per square foot) by April of 2022. The unit was bought at $8.34 million ($3,875 per square foot) on August 7, 2007. This means that the seller suffered record losses that was $2.64 millions (32%) over close to 15 years.

Cliveden at Grange is a luxury freehold condo located situated along Grange Road in prime District 10. The 110-unit complex is situated near Orchard Road, which is the Orchard Road shopping belt, in addition adjacent to other luxury residential developments on Orchard Boulevard and Cuscaden Road.

Tony Koe, CEO of property agency SRI is set to step off his post beginning June 30. In a announcement, the agency states that Koe will step down in order to “pursue private interests”.

Koe was named the CEO of SRI in the year 2016. “I would like to extend my sincere appreciation to all our colleagues, developers, clients and partners for their unwavering support throughout my seven years at SRI,” he states in the press announcement. “Winning each of the Enterprise 50 and Singapore’s Fastest Growing Companies Awards for two consecutive years in 2022 and 2023 over my time with SRI was an incredible achievement that could only be achieved by your trust and assistance.”

Marina View Residences facilities are well-designed living spaces with top-notch fixtures and fittings.

Following his departure Bruce Lye, SRI’s managing partner and co-founder of the company, will take over as interim the CEO. The agency says that the process of selecting for its next chief is underway, and the outcome will be announced later.

“SRI wants to express our gratitude to Tony who has made a selfless service to the business during the last seven years,”” Lye says. Lye. “As the pillars of our company, Benson Koh, Ken Low, Tricia Teo, Low Choon Sin, Mok Sze Sze and I have been working together alongside Tony as well as the team of management to grow SRI from a slim but formidable company to a greater than 1,200 salesperson-strong agency.”

Lye states that the management team will continue to lead the business while making sure that the transition to the leadership team is smooth.

Singaporean Tan See Min is the third generation owner of the historic shophouse located at the 24th floor of Purvis Street, built in 1927. His grandfather ran an enterprise of packaging and parcelling on the lower level of the shophouse. Moreover, the family lived in five bedroom on the second level.

Marina View Residences showflat address 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.

“In the past there was a tradition of sending things back to relatives in China and my grandfather was the one who handled the packaging for these packages,” relates the 67-year-old. The next door neighbor was an “dhobi” (also known as a laundry services) as well as an expert glazier working on glass windows as well as other projects was in an area in the back of the storehouse.

But the moment World War II came, Tan’s grandfather took his group to Kuraman Island, a small tropical island located in the South China Sea, off the Federal Territory of Labuan, Malaysia. Following the war the family retreated to Singapore and Tan’s grandfather returned to his business of packaging located on Purvis Street. Later, he branched out into the distribution and sale of baking materials.

Tan’s father was also a businessman. Tan became an agent for SG Oxygen along with his brothers, transporting gases like carbon dioxide, oxygen, and Acetylene to foundries. “The shophouse could hold nearly 100 cylinders at a time,” he says.

When Tan was a kid and a teenager, he lived in the estate of his family in Sembawang the Sembawang area, which his father owned for the property, which was 30 acres (12ha) of agricultural land. “I was a fan of picking durians and tapping the rubber with my mom,” he recalls.

But, once he was an adolescent He moved to the shophouse on Purvis Street for a better location near his school. He also helped his father deliver deliveries when needed. “I delivered lorry-loads of cylinders” the man says.

It was the 1970s and Tan was a participant in the first fights between gangs back then. “They were fighting on the streets, fighting and running from Purvis Street all up all the way to Odeon Towers on North Bridge Road,” recounts Tan.

Purvis Street was known for its Hainanese restaurants. Chin Chin Eating House, which was founded in 1934 and remains in operation, is known due to the Hainanese Chicken Rice. The other restaurant that was open is Yet Con Restaurant, whose most popular dish was steamboat, as well as Hainanese chicken rice. It was shut down in 2021 having spent more than 70 of operation.

Mooi Chin Place, a restaurant which opened on the street of Purvis in 1935, was renowned for its sambal and pomfret recipe, Tan relates. The restaurant has since been shut down. The shop was also known as a popular Hainanese confectionery in Purvis Street called Nam Tong Lee. It was well-known due to it’s Hainanese mooncakes.

“The older Purvis Street used to be fairly self-sustaining, in a sense that there were dentists, doctors and eateries, in addition to luxury hotels” Tan writes. Tan. His father owned an boarding house, also known as “a backpackers hotel” for around 10 years throughout the 1970s.

Joint owners
When Tan first got married Tan and his wife first got married, they lived in the shophouse until making the move to their home for marriage. Tan is now a father to three daughters.

Before he was a businessperson, Tan was a regular soldier during six months. The company he runs, Acmecon Engineers, is a property development consultant. In addition to Singapore his major projects are in the world, including China as well as his home country of the Middle East.

After the death of his grandfather Tan’s father as well as his uncle were co-owners of a shophouse located on Purvis Street. When Tan’s uncle and father passed away within a couple of months of each other in the year 2011, Tan and his cousin were joint owners of the assets.

In the year 2016, Tan spent $1 million updating the interior inside the building. Since the ceiling at the top of the storehouse’s second level is approximately 11 meters, Tan was able to build an attic. Following the remodel the shophouse is equipped with top-quality specifications, a well-organized layout, an ample ceiling height, and bathroom suites on the two floors. The exterior was kept intact as well as the window lattices that were originally in place.

First and 2nd floors of the shophouse have been approved for use as a restaurant, however the permit expires in August 5, 2025 and Sept 20th in 2025.

Fizzy Dayz is the casual diner concept of the prestigious Nutmeg & Clove group, is located on the first floor. The restaurant is currently closed to be renovated and will reopen at close of the month with the new concept. The cafe that is a board game operator King & the Pawn occupies the upper floors.

According to Tan Tan, the total monthly rental for each tenant is around $20,000. Prior to Covid, the rate was $24,000 per month, according to him. He believes there’s potential for more rental upside.

“Time to sell”
Tan’s cousin ageing in the 80s believes that it is the right time to sell the property. So, the family has decided to place the property up for sale through an the expression of interest (EOI) through Savills Singapore as the exclusive marketing agent. The EOI application deadline is on the 21st of June.

The shophouse located on Purvis Street is a size of 1,679 sq feet with the lease for 999 years beginning on January 25 1827. The floor space is 3,702 square feet. The property is zoned for residential and commercial usage with a plot proportion of 4.2. The new owner is able to construct an extension with five floors, increasing the floor area by 7,052 square feet. The estimated cost of $17.8 million is equivalent to $2,876 psf for each plot ratio.

In the words of Yap Hui Yee the head of the investment department and market development at Savills Singapore, adding a rear extension to the current property will raise the floor area and also introduce new tenant concepts. It will also provide “significant value-add opportunities” as well as a an additional capital and rental potential. “Alternative applications such as accommodation, hospitality as well as wellness and healthcare could be considered with the approval of the appropriate authority,” she adds.

Purvis Street is situated within the Beach Road Conservation Area and only has 20 shophouses that are conservation-friendly according to Savills. Shops on Purvis Street are occupied by families and rarely put available for sale, according to Yap. Only eight transactions were reported by Realis between January 1995 and the this date. The most recent transaction occurred in January 2022. The 32-room Hotel Kai located at 14 Purvis Street changed hands for $28 million. The value of the transaction is an average of $875 per key.

Yap claims that the property located at 24 Purvis Street can benefit from development of the Civic and Cultural District. It is walking distance from Raffles Hotel Raffles City, South Beach and three MRT stations (Bugis Interchange, City Hall Interchange and Esplanade). It is also close to new mixed-use developments within The Bugis as well as the Beach Road neighbourhood, such as Guoco Midtown, Shaw Towers and The M.