102 units were sold by joint venture partners Hoi Hup and Sunway Developers

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Joint venture partner Hoi Hup as well as Sunway Developments sold 102 units (about 38%) of the 270-unit freehold Terra Hill over the weekend between Feb 25 and 26. It is located near the top of Yew Siang Road, off Pasir Panjang Road, Terra Hill is the first freehold condo launch located in the Rest of Central Region (RCR) in 2023. The average of those units was greater than $2,650 per square foot.

At Terra Hill thirty exclusive units form The Prestige Collection. 24 of them have 1,894 square feet, four-bedroom homes priced starting at $5 million. There are also six penthouses with five bedrooms that are 3,035 square feet. When the collection was launched seven units of the Prestige Collection were offered for a price that was higher than $2,850 per square foot.

The preview of the past week attracted more than 10,000 customers in the sales showroom located along South Buona Vista Road. As per the developer in a statement to the media the voting and booking procedure to Terra Hill held on Feb 24-25 “received the most enthusiastic reaction from the general public”.

“The initial goal for the developer at the time of debut was selling 100 units” states Ismail Gafoor, CEO of PropNex Realty. “Selling 102 units indicates they’ve achieved their goal sales and established an all-new standard price.”

70% to 85% up to 85% sales at new projects in the past year are not likely to repeat this year According to Gafoor. “Last year there were 17 new projects launched, with more than 4,500 residential units,” he estimates. “Up up to 47 brand new projects with the potential of 12,000 units are anticipated to be launched in the coming year. This means that the supply will be three times greater and buyers are able to choose from a wider selection.”

Gafoor believes that the majority of new projects launched this year to reach 35% to 40% sales over the weekend of the launch, particularly due to rising rates of interest and uncertainty in the market. He explains the fact that Pasir Panjang is one of nine estates located outside of in the Central Area in which URA has set the minimum size of residential developments that are not landed to be 100 square metres. “Terra Hill’s units are therefore bigger and have higher prices per square meter,” he says.

Mark Yip, CEO of Huttons Asia, is of the same opinion. “The weekend sales that were achieved on Terra Hill were within expectations,” he says. “Sentiment about the situation is positive. In spite of the Budget announcement about the increase in stamp duty for buyers the large attendance at the show flats showed that interest in buying is not affected.”

In addition to In addition to Prestige Collection, Terra Hill offers a variety of two, three-, and four-bedroom homes of the 240 unit Signature Collection. Two-bedroom units ranging from 624 to 840 sq feet are priced above $1.5 million. Three-bedroom types comprise 126 units. Sizes vary from 904 sq ft up to 1,335 sq ft and prices range from $2.3 million. Four-bedroom apartments ranging from 1,302 to 1,862 square feet comprise the 63 units with costs in the range of $3.4 million ($2,611 per square foot).

The most recent introduction of a new residential development in the region included the five-48 unit Kent Ridge Hill Residences in November of 2018. It was completely sold by the end of November 2022, with the most recent transaction being an auction of the strata-terraced home at $3.266 million ($1,580 per square foot). Apartments sold between July 1st, 2022 to November 30, 2022 varied from $1,644 to $2,062 psf according to caveats that were filed by URA Realis.

“However, Kent Ridge Hill Residences is a 99-year leasehold project and we do not have any freehold condominiums to compare,” notes Gafoor. “At an average cost of $2,600 per square foot, Terra Hill is reasonably priced, considering that 99-year leasehold developments within the Outside Central Region have already reached $2,000 per sq ft.”

The most recent new release of a freehold project within the area included the 120-unit Bijou in the year 2014. In 2018, the Bijou project was completed and it is situated just opposite Pasir Pajang’s MRT Station. the most recent sale at Bijou is for 775 square foot 2-bedroom unit which sold for $1.755 million ($2,265 per square foot) in the latter part of November.

Based on Marcus Chu, CEO of ERA Realty Network, there are “few” freehold non-landed residential developments within District 5’s Enclave. In the present, he says they make up only 14% of the private residential transactions that are transacted non-landed properties in District 5.

The buyers who bought Terra Hill were predominantly those who resided on the western side, according to Huttons Yip. “There was a mix of owners and investors,” he adds. “Both types of buyers were attracted by the closeness to the upcoming Greater Southern Waterfront, which is beginning to develop.”

Terra Hill is a four-minute walk from the Pasir panjang MRT station, which is on the Circle Line, which “will be a complete circle by 2026” Yip says. Yip. “This will make it easier to get to the city’s central area.”

In addition to Labrador Tower, an office tower that is scheduled to be completed in 2024. Terra Hill is near workplaces and places of higher education, according to the ERA’s Chu. He also says that it’s located within 2 km of The Science Park and 3 km of the National University of Singapore (NUS), Biopolis and the Media Hub in one-north.

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The BSD adjustment will be most noticeable in the new home sales market. Around 50% of private resale deals

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For $13.58 million, a building at South Bridge Road was sold

The Singaporean Budget 2023 in the year 2023, Singapore’s government has introduced higher stamp duty (BSD) rates for high-value properties that are non-residential and residential properties. For residential properties the percentage of the worth of the property that is greater than $1.5 million, and that is up to $3 million can be taxed as 5% and those over 3 million is taxed by 6% in addition to 4%. This marginal tax increase for BSD is anticipated to affect 15% on total residential properties.

For non-residential properties The portion of the of the property over $1 million that exceeds $1.5 million is assessed at 4% for the first $1.5 million, and over $1.5 million would be subject to taxation at five% which is an increase from an average of%. The tax is anticipated to be more significant and will affect sixty% in non-residential properties.

These two changes will be applicable to all properties that are purchased from February 15. The adjustments are expected to result in a two% increase in the total cost for prospective buyers, according to Tricia Song. CBRE director of research in Southeast Asia.

“On it’s on its own, this is not likely to have any significant effect to the property market” says Song. “However considering other taxation of wealth in the past or cooling strategies for residential properties in addition to the higher costs of financing for commercial and residential properties transactions in all residential as well as commercial properties may slow in the near-term. However, prices could remain robust given the strong foundations of the property industries.”

The impact of higher tax rates for stamp duty on high-value properties

Based on URA information, 54.7% of all residential residential transactions between 2022 and 2023 were estimated at $1.5 million or higher, while 15.4% were valued at $3 million or more. In addition, 39.2% were valued somewhere between $1.5 millions and $3.2 million as per OrangeTee & Tie.

“Moving forward, approximately 50% in (private sale) transactions could have a negative impact due to the increase in BSD when we take the data from last year to gauge the impact,” says Christine Sun who is the senior vice president of research and analytics at OrangeTee & Tie.

Sun anticipates that the market for new homes to be the primary beneficiary of the BSD changes. A look at the data from 2022 indicates how 71.1% of developer sales were in the range of $1.5 million. “Therefore taking last year’s data as a reference and with over 50% in this year’s brand new launches taking place in Core Central Region and the Rest of Central Region and Core Central Region, we might expect changes to influence the new sales markets more heavily than resales marketplace,” says Sun.

CBRE’s Song examines the new purchaser stamp duty rates impacting mostly high-end properties that have property worth more than $10 million. “On their alone, they’ll be minimally impactful, especially for properties that have property worth $2 million or more because the increase in BSD that must be paid be just 0.25% of the property cost of purchase,” she says.

“However this, when combined with the increased ABSD (additional stamp duty for buyers) that will be in effect from December 2021’s rounds of measures to cool the market, property tax increases announced in Singapore’s 2022 Budget and the higher interest rates for mortgages, it might hinder overall buying attitude, particularly in the middle-to-high-end segment,” Song cautions.

Overall, CBRE Research maintains its prediction of an average private home price increasing by 3-5% in 2023, and new home sales of 7,500-8,500 units.

The rising BSD rates will impact every land transaction including collective sales, according to Chia Siew Chuin JLL director of research on residential properties in Singapore. “The increase in the cost of acquisition will increase the gap in price expectations between sellers and buyers which could affect collective sales.”

The changes to BSD are anticipated to impact 60% of all non-residential properties.

For non-residential properties with values of between $1 million and up $1.5 million. BSD increases by 1 percentage point for the part of the property’s worth over $1 million at $1.5 million, effective starting on February 15, 2023.

CBRE’s Song anticipates that non-residential properties that exceed $10 million will be able to see a BSD costs rise in the range of 59.4% from before. “This could have a further effect on the mood of investors that has been skewed in the wake of constant rate hikes and the deteriorating macroeconomic outlook in the world,” she says.

Increased interest rates have affected the capacity of institutional investors to finance bigger property transactions, according to Song. In conjunction with the rise in BSD payable which could create a greater gap in pricing expectations between sellers and buyers Investors will likely to remain in an approach of waiting and watching and adds. “This could result in a short-term slowdown in big-ticket institutional grade transaction in assets.”

However, the industry property sector is nevertheless well-positioned regardless of the increased BSD payable, as per CBRE. “This is because of an increase in yields in spite of the higher cost of borrowing,” says Song. “While the impact of this is dependent on the type of the investors involved, it is possible that markets is likely to remain competitive particularly for high-quality assets.”

Based on caveats filed as downloads in URA Realis, the industrial sector in 2022 had the most transactions exceeding $1 million, according to JLL director of research and consulting Tay Huey Yang. Accordingly, she anticipates that the industry sector will be the most affected by the increase in BSD.

Overall the mid-to longer-term perspective for the assets of Singapore is positive because of its solid economic fundamentals, and the anticipated continuation of rent growth, according to Song. So, CBRE Research maintains that investments could be booming during the second portion of 2023 as interest rates stabilize and there is greater clarity regarding the outlook for the market.

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In exclusive District 9, Horizon Towers is located on a 1.9ha elevated location between Leonie Hill and Leonie Hill Road

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Chinese buyers are returning to Singapore’s luxury apartment market as Klimt Cairnhill reopens

Owners of Horizon Towers have relaunched the collective sale tender for this 99-year leasehold condominium five times. The reserve price remains the same as $1.1 billion. This is equivalent into a land-use rate of $2,049 psf for each plot ratio, as per an announcement by the marketing agency JLL.

The announcement follows the collective sale in September 2022 tender, which ended without a bid that was accepted. Prior to this Horizon Towers’ owners Horizon Towers had launched a tender for the same amount in the years 2019 and 2018 following the initial collective sale bid in 2007.

Horizon Towers sits on a 1.9ha elevated site between Leonie Hill and Leonie Hill Road in the District 9 area of prime. The condominium was built in 1984, and the lease was signed in 1979. The land is currently leased for about 55 years. remaining on the lease.

JLL declares they believe that Horizon Towers site holds “significant upside potential” to develop into a luxurious high-rise residential building.

“Due due to its location in its location within the Central Area, Horizon Towers is not subject to any minimum sizes for units. This provides prospective developers with the freedom to construct various smaller and larger-unit combinations to satisfy the diverse needs of a diverse, high-end population,” says Tan Hong Boon Executive Director, market development, Singapore, at JLL.

The site has a close proximity to The Orchard Road shopping belt, and the most recent segment of the Thomson-East Coast Line has enhanced the accessibility of public transportation. The brand-new Orchard MRT Interchange and Great World Stations are within walking distance of the condominium.

Tan says that this is potential for developers to include the site onto their existing landbanks since large residential areas elevated located in central regions are not often available, and this is exacerbated by the decreasing number of un-sold new units that are being constructed in the Core Central Region (CCR).

“We anticipate the primary market to continue to grow in 2023 following the relaunch of this site in order to permit developers to increase their landbank and capitalize on the growing need of CCR unit,” says Tan.

The bid of Horizon Towers closes on March 30.

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With the opening of Claydence on Still Road, Hong How re-enters the Singapore housing market

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Read more: Prices in the opulent property 19 Nassim reach $3,800 per square foot for the first time

Prices in the opulent property 19 Nassim reach $3,800 per square foot for the first time

Property developer Hong How Land is planning to open Claydence its exclusive condominium located at the intersection of Still Road and Koon Seng Road on February 11. The launch will mark “Hong How Group’s return home to residential projects after more than 15 years” according to Teo Teck Weng director at Hong How Land, a joint venture of Hong How Corp (60%) and Marrion Capital (40%). Teo owns the businesses with his older sister Daniel Teo, chairman and director of the Hong How Group; their children are also shareholders in the businesses.

This 28-unit Claydence is situated on a 23,541 square foot freehold plot. It is which is the result of the amalgamation of three adjoining sites which Hong How purchased two years ago. The first site has been the site of the previous 29-room Malacca Hotel on 99 and 97 Still Road, while the other site is the adjoining two-storey apartment block located at 37 Koon Seng Road is used as workplace and also to conduct its administrative tasks. Hong How purchased the two sites together at a price of $21 million as part of an arrangement mediated by CBRE at the end of the tender on March 31, 2021.

Hong How followed up with the purchase of the third site located at the 133 Koon Seng Road for $14.5 million through an agreement with a private treaty four months afterward. The site at 1333 Koon Seng Road is a five-storey apartment building that houses 10 units. Teo learned that the family that owned the property was planning to sell the property. Therefore, it was logical to buy the site to amalgamate since “the Malacca Hotel site was too small” Teo says. Teo.

The old Malacca Hotel has been removed. The five-storey apartment block located at 1333 Koon Seng Road is the next structure to be demolished. As excavation work is taking place on the site the showroom for sales of Claydence will be located in #01-09/10, Wilkie Edge, which is located at 8. Wilkie Road. The completion of Claydence is planned for April 2026.

Mix of one-to four-bedders
Apartments located at Claydence vary from one and three bedroom units. One-bedroom units are 614 sq ft, with two-bedroom units of 786 sq ft and two-bedroom-plus-study units ranging from 872 sq ft to 915 sq ft. Three-bedroom units are 1,076 sq ft, with three-bedroom-plus-study from 1,206 to 1,313 sq ft.

There are four duplex penthouses on the fourth and fifth floors: a two-bedroom penthouse of 980 sq ft, three-bedroom of 1,475 sq ft, a four-bedroom premium of 2,185 sq ft, and four-bedroom-plus-study of 2,164 sq ft.

“We have placed Claydence for a primarily homeowners who are looking for the atmosphere of the nearby Joo Chiat, and proximity to desirable schools as well as East Coast Park,” Teo says. Teo. Schools that are popular in the area comprise CHIJ Katong Primary and Tao Nan School. It’s also just 800m away from Eunos MRT Station, which is only one MRT stop away from to the Paya Lebar Interchange Station for the East-West and Circle Lines.

DS Architects is the appointed architect for Claydence and Wallflower as design consultant. The architects’ initial inspiration for the design of the project was “the New York brownstone” according to Teo. “Theirs modern version that combines the Brownstones iconic colors into the brick façade features.”

The brick-tiled facade will be complemented by the walls and floors that will be finished with European porcelain tile made of white clay. “Claydence,” the term used for it “Claydence” was in the spirit of “clay as the primary material and associated with the home” Teo says. Teo.

Facilities, landscaping, and land
The landscaping at Claydence by the landscape architecture company Coen Design International includes tropical and heritage trees and plants on Still Road and Koon Seng Road to help cushion any noise from traffic. The units will all have aluminum-framed glass panels that lead to balconies. These frames made of aluminum created by Belgian aluminum-maker Reynaers Aluminium “will have wind load resistance and noise-reducing features” According to Teo.

In the basement, there will feature 27 parking spaces that will be used by 28 units. This will reduce any fears residents may feel about not having parking space -it is “a common annoyance for residents of boutique developments with little parking on the first floor” Teo says. Teo.

The communal facilities at the attic include an elevated pool that is shaded by trees, shrubs, a terrace bar with a jacuzzi, an edible garden and an indoor fitness center. The ground floor is home to various themed gardens including Chin Chow Garden, Ulam Garden and Ylang Ylang Garden, along with a multi-purpose space as well as a barbeque area.

‘Joo Chiat’s vibes’
The town is situated at the northern end located at the edge of Still Road, Claydence is located within cycle and walking distance of Joo Chiat Road. “Joo Chiat has become the next Tiong Bahru,” quips Teo. The most well-known restaurants within Joo Chiat. Joo Chiat area include Fei Fei Wantan Mee, Joo Chiat Place Char Kway Teow and Kim Choo Kueh Chang, along with Spanish Restaurant Asadore along with Italian Restaurant Cugini Trattoria Pizzeria.

The sleepy coffeeshops which used to be found in along the Joo Chiat area are now replaced by gourmet bakeries and cafes that are artisanal that range including Tigerlily Patisserie to Tiong Bahru Bakery and Kings Cart Coffee Factory, and Apiary Ice-cream shop The Cheese Shop, wine shop Bound By Wine and Japanese butchery Ginkakuji Onishi.

“In time, the quiet stores in Still Road (towards Eunos) and some on Koon Seng Road might undergo the process of gentrification, taking Joo Chiat’s vibes all the way to close to Claydence,” says Teo.

Commercial developments
Prior to Claydence Hong How’s development in the last decade and a half was predominantly commercial. These include a pair of four-storey shophouses that were conserved at 37 as well as 38 Armenian Street constructed within the Art Deco style between the 1930s and the 1950s. The shops are comprised of F&B and art galleries on the ground level , and offices in the style of Soho in the higher floors.

Another project of Hong How is at 292 Joo Chiat Road, a renovated four-storey commercial building. Hong How purchased the building in the year 2016. In the past, there were shops on the ground floor and a hostel for students on the higher levels. The prior owner was OCBC which operated there from the 1950s.

Hong How restored the building located at 292 Joo Chiat Road and its anchor tenant IWG signed an agreement for a 10-year lease starting April 1st 2020 for the 20,000 square feet co-working space. The builder and architect of 292 Joo Chiat Road are the same as for Claydence and Boon Tian Contractor, which are DS Architects and Boon Tian Contractor.

Hong How also project-managed two office buildings in the 50 and 48 North Canal Road for Maybank Kim Eng Securities. The company also created and maintains B1 industrial buildings to generate rental income.

‘Resort-style’ developments
The final residential project by Hong How is the 51-unit 99-year leasehold boutique condo Lighthouse located in Pasir Ris near the Pasir Ris Park and the beach. It was first launched in 2001. The construction was finished in the year 2004. When the project first went live the price average was $483 per sq ft and was based on caveats that were lodged in conjunction with URA Realis.

In 2022 the average cost of the units that were sold on the marketplace for resales was $900 per square foot. It topped an all-time high of $971 per square foot when a 1,195 sq . ft three-bedroom apartment located on the 2nd floor of the four-storey complex traded hands for $1.19 million in September.

In the meantime, Claydence will have prices that range from $1.582 million ($2,577 per square foot) in the case of the 614 sq ft one-bedroom apartment; up from $5.353 million ($2,450 per square foot) to buy the 2185 sq ft four-bedroom penthouse. The “blended price will be $2,500 per square foot,” says Teo.

Although Claydence is targeted towards small family units, Teo sees the project attracted by couples, singles and investors , too, due to the size of the units. Different sizes of units and types of bedrooms, such as areas for dining at home, will offer an appealing appeal, Teo says.

Teo thinks Claydence is likely to appeal to foreign buyers as well, thanks to its large spaces and resort-style amenities “including the possibility of breakout areas in an enviable greenery”.

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Hmlet introduces its first hotel property as a co-living operator

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Marina View Residences ebrochure

Co-living company Hmlet, a homegrown operation, Hmlet has opened its first hotel property -the Owen House by Hmlet which is a 106-room hotel located situated at 2 Owen Road in Farrer Park. This is the first hospitality property operated by Hmlet and will be run under its own name and management team.

Marina View Residences ebrochure offers several outstanding features that make it appealing to many buyers and investors alike.

“As Hmlet expanded its range of services for residential customers through the years, the business has grown and developed its capability to operate as well as internal expertise in design, which is why we can enter the hospitality sector,” says Joshua Li the chief real estate officer.

“Hotels can be a natural evolution for us, in terms of being able to provide more options for accommodation and that is our value offering,” says Li. He also says that the company was considering the opportunity to establish and manage an hotels property using its brand name for a long time, but the Covid pandemic halted the plans.

So, when the opportunity was offered last year for Hmlet to join forces with TCRE Partners and JMD Group to build a hotel on 2 Owen Road, it was an opportunity Hmlet wanted to not pass up, claims Giselle Makarachvili who is the CEO of Hmlet.

The hotel’s freehold property is the previously owned Fortuna Hotel that was sold for $85.8 million in April 2022. The hotel was purchased by an entity jointly owned by JMD Group and TCRE Partners. The agreement with Hmlet was officially announced in November of last year.

The right time is now to start Owen House by Hmlet to profit from the growth in leisure and business travel to Singapore according to Makarachvili.

Other market trends that are ongoing like the escalating residential rents and the limited supply of accommodation for short-term stays in Singapore will also be a factor in the establishment of an hotel property and is likely to help the Hmlet’s selection of lodging options Li says. Li.

Modern Art Deco inspiration

The style and aesthetics at Owen House are meant to be light and playful and steers clear of being ostentatious and modernist, which could be to be considered in the area, says Li. “The concept behind the hotel is a contemporary rendition to Art Deco and the Art Deco-style shophouses that line the adjacent Rangoon Road, and Kitchener Road,” he states.

A typical feature throughout the hotel and within every room is the arches. The idea is to reflect the architectural style of Art Deco-styled shophouses. On the lower level, the lobby is adorned with a the concrete floor with a texture, and the room is accentuated by striking black and bold metallic lines.

The lobby is a major centerpiece of the hotel. Hmlet has designed it to be an open space for everyone. Its appeal is enhanced with an island-style bar named Sunlight and Moonshine that is managed through the Hotel. The bar offers grab-and-go special coffee throughout the day and then transforms into a 1920s-inspired bar at night.

Li says that the design concept is due to the design team in-house at Hmlet this is a talent does not other companies that offer flexible living in Singapore are able to offer. “The design team is very concerned about the standards of our brand throughout every one of our properties. Every space is customized to that Hmlet brand and portrayed in a unique way at each of our properties,” he says.

Owen House offers seven different rooms that are single and double-bedroom rooms with different dimensions. The smallest of them are one-bedroom queen rooms with between 189 and 275 square feet and then studios with fully equipped kitchenettes that span from 243 sq ft to 270 sq feet.

Rooms that are larger for up to four guests. These are available in the two-bedroom Deluxe and two-bedroom suites which are 450- 564 sq feet. The hotel also provides an area for families with the balcony which is 407 square feet, as well as numerous Owen Suites which come with a kitchenette as well as a eating area for long-term stays. The Owen Suites range from 374 to 439 square feet.

A wide choice of accommodations

“Before Owen House, we realized there was an unmet need in our selection for short-term stay, particularly for travelers who need to stay for less then six days,” Says Makarachvili. She adds that most business and leisure travelers to Singapore stay in Singapore for at least 3-4 nights. They use Singapore as a base to travel to other destinations across Southeast Asia.

“The goal in our company model is to appeal to all kinds of residential accommodation and demographics” the CEO says. This is why Hmlet distinguishes itself through its broad range of options for flexible accommodation.

For instance, its Hmlet Homes portfolio offers the common co-living arrangement that pairs tenants in a single unit, and includes apartments that are shared. It has proved popular with workers and students. Typically, tenants lease a space for 9 to twelve months.

Hmlet has expanded its offerings in 2021, with the development of a private residence that is turnkey known as Hmlet Nest which is aimed at expatriate couples, locals and families. It was launched due to the increasing demand for flexible living arrangements in Singapore and most families lease homes for longer than one year.

Then, the Boutique Collection comprises the 145-room Hmlet Cantonment, as well as the Owen House hotel, which has 106 rooms. Owen House hotel. Hmlet Cantonment is the operator’s largest co-living property across its portfolio to date and was introduced in the year 2019. The typical bookings at Hmlet Cantonment run under six months and the property provides one-bedroom units ranging from up to 280 sq feet and two-bedroom units ranging from between 280 and 441 square feet.

The launch the doors of Owen House, Hmlet has an array of lodging choices for very short-term stays for tourists and travelers as well as private residential leasing for couples and families, as well as long-term living choices for both individuals and corporations.

“We didn’t consider the millennials as our only target audience; instead , we want to appeal to a broad spectrum of targeted audiences, including corporate tenants, family members to professionals. Also, Owen House helps us to complete the necessary forms for the kind of short-term stays we had not considered,” says Makarachvili.

“The principal goal isn’t to lose a client and, if somebody signs an agreement to renew their lease or book rooms with us and decides to stay for longer in Singapore we can provide an option that will meet their requirements,” she says.

70% lease renewals in 2022

According to Makarachvili 2022 was, according to Makarachvili, the highest year ever recorded by the operator of flexible living has enjoyed in Singapore. A limited private rental inventory and swiftly increasing rents resulted in an extremely high percentage of lease renewals as well as inquiries.

She claims that nearly 70% of the tenants who had leases due to renewal in the last year chose to extend their leases through Hmlet. “The remainder who didn’t renew with us included groups and individuals who left across the nation.”

She also says that only a handful of people were able to leave an Hmlet property to sign the direct rental arrangement with an owner.

The general increase in residential rental prices for private homes in recent months has helped put cooperative living and other flexible properties as more reasonable and appealing for some renters Li. Li.

For the entire year 2022 the cost of renting privately owned properties in Singapore were up 29.7% y-o-y. It was the largest annual rise since 2007, when rents soared 41.2% y-o-y at the time.

“Co-living is a much more appealing option, especially when you consider the lease flexibility. With the uncertainty of the macroeconomic outlook this year, we’re more suitable for people looking to rent,” says Li.

As a well-established co-living company operating in Singapore, Hmlet has grown along with the co-living and flexible-living sector in Singapore. Li recalls that in 2018, when Hmlet closed its Series A funding as a startup, the majority of the investors who were willing to invest in it were family-owned businesses and entrepreneurs with high net worth.

“Today the co-living market is seeing institutional capital flowing into the marketplace, in addition to well-established families and funds for investment” He states. “Hmlet is always in contact with institutions across Singapore, Hong Kong, and in other markets.”

In addition, he states that the market has gone several ways to demonstrate its resilience during a time of crisis, and the co-living market in Singapore has been able to weather the Covid-19 pandemic. “Post Covid-19, co-living assets demonstrate that their yields are extremely resilient. Additionally for Hmlet we’ve proven that we are able to draw on this short-term market and provide complete operational assistance,” says Li.

Makarachvili says that the confidence investors and consumers trust for Hmlet has also increased in leaps and leaps and. “We have proven our solid market position and capability to manage and run whole building,” she says.

She also says that the majority of those seeking short- and long-term housing in Singapore as well as landlords and asset owners, realize that co-living offers more than just affordable housing options for the millennial generation. “As the result, we’ve received inquiries from people of a diverse range of professional backgrounds, age groups individuals, corporate bookings and even individual reservation requests,” she notes.

Fusion with Habyt

But, some structural changes affected the local Hmlet in the past year. Most notable was the merger it made with European co-living operator Habyt Group in April 2022. The deal resulted in Hmlet join the Habyt Group and join the portfolio comprising more than 8,000 co-living and flexible living units that are spread in 20 countries across 10 cities.

This means that Makarachvili is also in charge as director for Asia Pacific (Apac) at Habyt and Li is the head as Habyt’s head of expansion, Apac. Both report to Lucca Bovone, founder and CEO of Habyt.

Between 2020 between 2020 and 2021, Hmlet was hit by a variety of setbacks. It began in November 2020 when the company reported that it had terminated a 5-year master lease to lease and manage 43 units in Lumiere at Tanjong Pagar. In June 2021, an Australian co-living company took over one of the properties in Sydney Hmlet St. Peters. In the year 2021, Australian press reported Hmlet had left the Australian market, with a total of $500 million in unpaid debts.

According to Makarachvili the reason for merging with Habyt was meant to support Hmlet’s forthcoming regional expansion plans, and also using the global network to help its expansion.

“We make use of benefits of synergies (as members of the Habyt Group) and benefit from lead generation, exposure, greater market presence, as well as the trust of our members,” she says. “We are looking join a company with a global presence. This is a crucial element for any co-living business.”

Li claims that the business is taking a risky approach to its expansion into Asia and is looking for local real estate agents to help them access existing properties.

Hmlet currently offers co-living units located in the 23 properties located in Hong Kong, as well as co-living units situated in Tokyo, Japan. Hmlet is set to launch co-living units in six additional Tokyo residential properties by the end of the year.

In the future, Makarachvili states she believes that Kuala Lumpur residential market is one of the areas where the company hopes to see rapid growth in the coming years. It’s got all the qualities of a beautiful gateway city with the potential for affordable housing co-living to flourish and grow due to the high rents Makarachvili adds.

As per Li and Makarachvili, they’re watching closely for the rising interest rates which will raise financing costs and will also raise construction costs , which could hinder any short-term expansion plans this year. But, they are happy with the growth in the local market for hospitality and anticipate Owen House to see high and steady occupancy over the next few months.

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CapitaLand intends to transform JCube into a 40-story residential building, with a 2H2023 launch date

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Marina View Residences floor plan

CapitaLand Development, the development division of the real property huge CapitaLand Group, has announced its plans to transform Jurong East’s JCube site in Jurong East into a 40-storey mixed-use development. It will also contribute to the government’s plans to redevelop the entire Jurong Lake District, CapitaLand states.

Marina View Residences 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.

CapitaLand Development also announced that JCube’s last day of operations will be Aug 6 and the mall will stop operations starting on Aug 7. CapitaLand Development says it is working with the existing tenants to assist during the transition.

In a press release issued on February 7 The developer disclosed that it had obtained a provisional planning permit by the URA to transform the site into a housing development with commercial spaces on the second and first floors.

The development will be connected directly to the Jurong East MRT Interchange which runs along both the North-South as well as the East-West Lines, and eventually the Jurong Regional Line from 2027 and the Cross Island Line from 2030. A pedestrian walkway that is elevated and covered will also connect the development to the adjacent Westgate along with the nearby Westgate IMM Building.

Connectivity to public transport will be enhanced when the project is connected to the forthcoming Jurong East Integrated Transport Hub that will include an air-conditioned bus interchange an open library, a community center and a sports center in addition to other commercial areas.

“Leveraging CapitaLand’s renowned development capabilities we are confident in making the most of the great locational qualities that are present on the site to develop homes of high quality that allow residents to have the pleasure of living in a neighborhood that has facilities for shopping entertainment, entertainment, healthcare fitness, education and sports are all within reach,” says Tan Yew Chin the Chief Executive Officer of CapitaLand Development (Singapore).

The first sales of the residential portion of the project is anticipated to take place in 2H2023.

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With 6%–7.9% prime price growth anticipated in 2023, Singapore and Dubai take the top rank

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Marina View Residences price

According to research conducted by Savills, Singapore and Dubai will top the world’s price charts in the coming year. the most expensive homes properties located in these two cities expected to rise in 6%-7.9% on a yearly basis. “Both locations will witness steady flow of high-net-worth people However, they will be impacted by more expensive interest rates or other economic challenges,” Savills’ report states. Savills report states.

Marina View Residences price bid 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.

“Moving to 2023 in Singapore, the most sought-after residential market is in an environment that has seen a few new launches. Since the borders have been opened in China for travel outbound there is a chance for this sector of the market for private residences to perform better than the other segments is extremely high,” claims Alan Cheong, executive director of research and consulting of Savills Singapore.

Miami and Miami in Miami in the US as well as Milan and Milan in Italy are positioned to claim the third place with a predicted price increase in the range of 4%-5.9% y-o-y in 2023. In the meantime, Cape Town in South Africa, Rome in Italy as well as Kuala Lumpur in Malaysia could have prices rise by 2%-3.9% on a yearly basis in the coming year.

The prices of prime homes of Hong Kong were hit hard this year, dropping 8.5%, and the city could see further decreases this year, which range from 7.9%-6%. However, the city is likely to remain among the most expensive market for residential homes worldwide, with prices of $4,070 per square foot.

“Overall most of the most sought-after residential markets in the world are set to see a slowdown in 2023 with an average increase to 0.5% forecast across the 30 cities in the world that are that are monitored by Savills,” the report states.

Based on 30 cities which are tracked by Savills The international firm predicts that 17 will see slow growth in comparison to 2022. Several cities are likely to experience drops. “Recessionary situations, more volatile rates of interest and inflation will impact the residential market’s performance, however the second quarter of the year offers opportunities for growth in the global economy,” said Paul Tostevin the director of Savills global research.

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Together, Knight Frank and Berkadia provide a platform for the global capital markets

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Marina View Residences showflat location

International real estate company Knight Frank has teamed up with Berkadia, commercial real estate company and joint venture between Berkshire Hathaway and Jefferies Financial Group in order to establish an international capital market platform.

Marina View Residences showflat location includes a variety of attractions, such as dining establishments, retail stores, and F&B outlets. Because of its advantageous location, Marina View Residences has a number of exceptional qualities that appeal to both buyers and investors.

Multi-market customers will be able to gain access to investors from across the world and banks from around the world, international institutions in addition to sovereign wealth fund. The new platform for capital markets covers all major hubs and sources of capital across the world.

As per a news release issued by Knight Frank, the partnership coincides with a rise in investment activity from American-dollar investors who want to capitalize on “a rising dollar and an interest in diversifying portfolios as well as focusing liquidity across a broad area and sectoral scale”.

It also states the fact that 30% of capital inbound to inbound capital to Asia Pacific this year is anticipated to originate from the US and more than twenty% from Asia Pacific’s export activities are anticipated to be poured into different sectors in the US.

Berkadia is a market leader in the housing sector in the US and Knight Frank holds a leading position in the UK for the private rental market. “Living sectors are now a major growth sector in the eyes of Asia Pacific investors. Asia Pacific cross-border investments into living sector globally accounted for the total value of US$10.7 billion [$14.8 billion] by 2022, which is which is a 95% rise when compared to 2021.” according to the news release. claims.

“This alliance is focused on the needs of our clients first and offering them a truly global capital market service,” says Neil Brookes the global head of the capital market division for Knight Frank.

Justin Wheeler, CEO of Berkadia The CEO of Berkadia, Justin Wheeler, believes that the alignment of Berkadia and Berkadia will bring numerous benefits for customers both sides.

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For $13.58 million, a building at South Bridge Road was sold

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Marina View Residences street directory

The owner of a commercial property located between 38 and 40 South Bridge Road has sold the property to a buyer at $13.58 millions in an unlisted transaction. The five-storey building has an approximate gross floor space (GFA) 11219 square feet. It is serviced with an elevator that is located inside. “The building is surrounded by stunning city views from the top floors” declares Galven Tan the deputy managing director of capital markets and investment sales in Savills Singapore, who brokered the deal.

Marina View Residences street directory 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 price of purchase of $13.58 million is equivalent to $1,210 per square foot in accordance with GFA. The current five-storey building is on two leasehold 99-year sites. A single of the sites is a large land area of 1,300 square feet and the lease expiring in 2001 for 99 years which means that it has 17 years left in the lease. The second site with a land area of 1,324 sq feet, is an 99-year lease that dates back to 1947, meaning it has a total of 24 years left under the lease.

Formerly known as the People’s Insurance Building, the property was sold on January 1st, 2000 at $4.766 million, as per Realis.

It is believed that the property was sold as vacant possession. According to the URA Master Plan 2019, the site is classified as commercial with a the gross plot ratio being 4.2 and is included in the Singapore River planning area.

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Chinese buyers are returning to Singapore’s luxury apartment market as Klimt Cairnhill reopens

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Marina View Residences IOI Properties

After reopening the sales gallery in Klimt Cairnhill on Jan 3 following an extended closure of six weeks that saw the three showflats being renovated The showflats have been renovated Low Keng Huat is who is the property developer in the 138-unit luxury condominium located on Cairnhill Road has closed on 18 sales. The total in units sold at 25 (28.4%) out of the 88 units that have been released up to date. The average cost achieved was $4,061 as of Jan 31st.

Marina View Residences IOI Properties is the winner after submitting the only bid amounting to $1.15b equivalent to $1,378.5 psf.

Alvin Teo, executive director of Low Keng Huat, says Singaporeans comprised 25% of buyers, while permanent residents made up another 10%. A further 25% of buyers are from foreign countries in Southeast Asia, namely Indonesia, Cambodia, Myanmar and Vietnam.

But, it was Chinese nationals that drove the growth of Klimt Cairnhill since the start of the year. They made up 40% of buyers, according to Teo. There’s been a rise in the interest of Chinese buyers since the lifting of travel restrictions in China on January 8, following a three-year lockdown on Covid-19.

“Many among these Chinese buyers are relatively new in Singapore,” says Dominic Lee PropNex’s director for the team that deals in luxury. “They require large apartments that have freehold tenure as well as an address in the district that is prime. There’s not much new inventory of these properties available at present. That’s why many of the four-bedroom, large units located at Klimt Cairnhill were taken up by Chinese buyers.”

Since Covid-19, the demand for larger units has increased. In the time that Klimt Cairnhill previewed in August 2021, only the largest units — threeand four-bedroom apartments, as well as penthouses were made available to the market for auction.

Big units in demand
There are two penthouses in Klimt Cairnhill There is a 4,898 square feet, six-bedroom simplex located on the 36th floor and a 5,290 sq . ft duplex that has six bedrooms located on the 35th and 36th floors.

The simplex penthouse was auctioned off at the end of November in 2021 to a buyer who paid $26million. At $5,309 per sq ft in relation to the floor space the penthouse broke the record in the area of development.

Two parties are competing for the 5,920 square feet duplex penthouse: a local and one Chinese national. If the penthouse is priced higher than $5,300 The price of the total ticket of the penthouse will be higher than 30 million. PropNex handled the transaction.

Low Keng Huat offered multiple-unit buyers the possibility of combining two four-bedders located on the same floor in order to satisfy the need for spacious units with more than 4,500 sq ft of area. The two units will include six bedrooms with ensuites and will be connected via an internal staircase as well as a private lift. The building Klimt Cairnhill offers two kinds of four-bedroom apartments — 2,056 sq feet and 2,368 sq ft, the units that are amalgamated will be duplexes that measure 4,112 sq feet and 4,736 sq ft each.

Seven of the units with four bedrooms sold were to buyers who bought multiple units, including those who purchased the units with family members. Certain buyers were offered the option of combining their units. The buyers were mostly Chinese as well as Southeast Asian buyers, says Low Keng Huat’s Teo. To date no one has been interested in the idea of merge the two companies.

Ken Low, the managing partner of SRI Ken Low, who is the managing partner of SRI, has no reason to be surprised by the interest in the four-bedroom units in Klimt Cairnhill after the firm was able to broker the sale of the first unit, which was 2,056 sq feet located on the 33rd floor, to $7.72 million ($3,755 per square foot) on January 7. The buyer is believed to originate from China. “Attention was paid towards Klimt Cairnhill after the large units in Park Nova, which comprised 54 units Park Nova had been closed,” says Low. The even the Les Maisons Nassim which is home to only 14 units which have the smallest sizes with a floor area of 6,049 sq feet and starting at 35 million dollars, had sold 11 units as of. The most recent sale in Les Maisons Nassim was for the 6,179 square foot unit on the second level , which was worth $36 million ($5,827 per square foot) Based on the caveat that was lodged.

“Larger than average unit sizes’
In Klimt Cairnhill, it is not only the four-bedroom apartments that are large, but also the three- and two-bedroom apartments are “larger than the average” according to Teo. The two-bedroom apartments at Klimt Cairnhill are sized at 829 sq ft. They also have two bedrooms plus study units that are 893 square feet. Three-bedroom units come in two dimensions: 1,432 sq ft and 1,496 sq feet.

Since the beginning of the year Teo states that there’s seen an increase in inquiries for the two-bedroom units , particularly from local buyers, mostly families with children. Teo attributes this in part to Klimt Cairnhill’s closeness to schools and schools, with Anglo-Chinese school (Junior) situated within a distance of 1km; Eton- House International Preschool, just two minutes away, as well as Anglo-Chinese Schools (Barker Road), St Joseph’s Institution and Singapore Chinese Girls’ School within six minutes of driving.

Given the increased interest in the two-bedroom types, Low Keng Huat is releasing all 50 units of two- and two-bedroom-plus-study apartments when it relaunches Klimt Cairnhill on Feb 6.

Two-bedroom apartments will cost between $3,200 to $3,600 per square foot. Prices for the 829 sq feet, two-bedroom units begin at $2.65 million for the floor with the lowest price and go up to less than $3 million for the top floor. The two-bedroom plus study units with 893 square feet will come with the units costing between $2.86 million to $3.2 million.

The return to the ultra-rich Chinese?
The high demand for large apartments and penthouses in high-end areas was also evident in 3 Orchard By the Park. According to the sources an Chinese buyer purchased two duplex penthouses within the Prestige Penthouse Collection. Each duplex measures 6,092 square feet and features five bedrooms and the pool. They also have interiors created by Formwerkz to the cost of $1.7 million per.

The buyer is planning to merge the two penthouses duplex. The price of the purchase is thought to be around $60,000 for each penthouse that is the price per unit that ranges from $4,963 to $5.029 psf. According to market sources ERA brokered the deal.

“This may be the time that the luxury market is able to see more notable deals thanks to the return of wealthy Chinese,” says Mark Yip the CEO of Huttons Asia. “This might not be included in the caveats since it’s not required to submit the caveat. Some deals be governed by a different arrangement or are bought under the non-China passport.”

Foreign buyers, specifically those from China are seeking to buy units for their personal for their own use, according to Doris Ong, deputy CEO of ERA Singapore. “They would like units they can relocate within a short time. The majority of them have conducted their research before arriving in Singapore. They’re pretty sure they have an idea of what they would like to purchase. The purchasing decision can be made much quicker.”

Narrowing price gap draws Singaporean value-seekers
ERA’s Ong believes that the two-bedroom units are attractive to those looking for an apartment in the District 9. The two-bedroom units offer an entry cost that is more affordable for young couples or those who are looking to be near relatives, she adds. “Their parents can purchase the unit for them or help in the down cost.” She also says the higher rates of interest will not be a issue for buyers in this category.

Another reason for the increase of interest in condominium projects within CCR is that Core Central Region (CCR) is the shrinking gap in price in comparison to city fringe or Rest of Central Region (RCR) projects. In the entirety of this calendar year, median cost for RCR project was $ 2,242 per square foot and that of CCR project was at $2,806 per sq ft. This shows a difference of only 25.2% in 2022, as compared to 42.7% over the past decade between 2012 and 2021, according to Huttons Asia.

In December, brand new RCR projects were sold at an average price of $2,648 per square foot and CCR projects were priced at $2,886 per sq ft and the gap among the two sectors shrinking to 9%. “If prices are to remain steady by 2023, this gap in price would remain and there will be more buyers seeking to purchase a home in the CCR project because it might be more value-added,” says Huttons’ Yip.

This may be the cause of the rise in sales of other freehold projects within the CCR which were launched earlier. A good instance could be the Perfect Ten located in Bukit Timah that was launched just only three days after the December 2021 round of measures to cool. The 230-unit freehold project located on Bukit Timah Road, in District 10’s most sought-after district is more than 81.3% sold to date. The average price between December 2021 through December 2022 was $2.995 per sq ft. In the 10 units that were sold this year the average price jumped to $3,207 per fsf.

Another project that was relaunched at beginning of the year with a brand-new display gallery as well as a sales area. The Cairnhill 16. It has 39 units. Cairnhill 16.. Since January 5 eight units were sold. The majority of buyers are believed be local Singaporeans purchasing to move in since the project is set to completion in the 4th quarter of 2023. The units sold on average were $2,682 per square foot according to caveats that were lodged. “Cairnhill 16 has smaller unit sizes , and is more affordable quantum costs that draw Singaporean homeowners and investors,” says SRI’s Low.

He attributes a portion of the demand for homes at Cairnhill 16 Perfect Ten and Klimt Cairnhill due to the change to the ministry of education’s main one-school registration system in the last year. “With less places available for children from the Phase 2A which includes alumni, parents who wish their children to attend their school of choice may have decided to purchase an apartment in a condominium located within a mile of the school in order to improve the likelihood of their children attending,” adds Low.

In the wake of Chinese wealthy and Singaporean buyers scouting houses in the CCR Low Keng’s Teo believes that “the timing of the restart of Klimt Cairnhill is much better for those looking to buy a home” due to the less time-consuming project’s completion time as well as a Temporary Occupation Permits expected to be issued towards the close of 2024 or in the early part of 2025.

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