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

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Marina View Residences condominium

The latest auctions at 19 Nassim, a luxurious project situated on Nassim Hill in the District 10, has pushed the prices of psf in the development to a new record. The condominium was sold of a 538 square foot one-bedroom unit at $2.09 million ($3,876 per square foot) on January 4the highest price for psf among the condos that have achieved the highest psf price in Singapore for the period January 3 to 19.

Marina View Residences condominium 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 sqft.

The highest price for psf at 19 Nassim was set through the sale of a 1,410 square feet 3-bedroom apartment at $5.29 million ($3,751 per sq ft) on October 8, 2021.

On the 4th of January the 1,475 square foot three-bedroom apartment at 19 Nassim was purchased to a buyer for $5.63 million ($3,815 per square foot). The sales on Jan 4 are the first time units within the project were offered by the developer at a price greater than $3,800 per sq ft in accordance with the submitted URA restrictions.

19 Nassim is a luxurious 101-unit condo built by Keppel Land and is a renovation of the former development, Nassim Woods. The new development is located in an exclusive Nassim Road residential enclave, an area that is home to several luxurious developments like Nassim Park Residences and the coming Les Maisons Nassim.

19 Nassim is situated next to it’s location next to the Interpol Global Complex and in close proximity to Singapore’s embassy row on Napier Road. The property is also near in proximity to Singapore Botanic Gardens, Gleneagles Hospital, Tanglin Mall, and the Orchard Road shopping belt. Nearby transportation options include the newly-opened Napier as well as Orchard Boulevard MRT Stations located on the Thomson-East Coast Line.

There have been only six transactions so far in 19 Nassim despite the fact that the project was launched to be sold at the end of March. However, it’s possible that, given the specific nature this project has certain sales might not be included in the caveats.

In addition, One Bernam also saw an increase in the psf-price during the review period when a 441 sq . ft one-bedroom apartment was purchased through The developers to the developer for $1.45 million ($3,295 per square foot) on January 16. This price was higher than the previous record established by the sale of the 441sq ft one-bedder at $1.4 million ($3,168 per sq ft) on November 10, 2022.

One Bernam is a mixed-use development located at 1 Bernam Street in the Tanjong Pagar district in District 2. The whole development is comprised of two floors of retail space and 351 condominium units along with 13 apartment units that have been serviced. The project is currently being developed with MCC Group of Singapore. MCC Group and Hao Yuan Investment.

The 99-year leasehold plan was launched in May 2021. Based on submitted developer sales figures the project was about 40% sold by the end of December 2022.

The costs at the development have been increasing steadily over the last couple of months. The price in August of 2022 was psf price reached a record high of $2,971 when a 440 sq ft one-bedder unit was purchased at $1.31 million. Then, in December of this year, a brand new record psf-price was achieved by a 829 sq ft two-bedroom home was purchased at $2.57 million ($3,100 per square foot).

The only new development in the vicinity of One Bernam is Sky Everton on Everton Road. The freehold 262-unit development was announced in the month of May 2021 and is now completely sold, with 99% sales at the end of December 2022. However, the median selling price for Sky Everton can be around $2,859 psf. One Bernam’s median price is around $2,543 per square foot.

However, Sloane Homes located in District 10’s prime area has set a new PSF-price record when a 1 249 sq ft, three-bedroom apartment was bought by developers to the developers for $3.15 million ($2,526 per square foot) on January 7. The sale came less than one month after the last low of $2,664 per square foot was established on December 16 when a 1,249 sq . ft three-bedroom unit sold for $3.46 million.

In addition, the developer also relocated three additional units in Sloane Residences on the 7th of January.

The deals comprised a pair of adjacent seven43 square feet two-bedders that sold for $1.97 million ($2,659 per square foot) as well as $1.93 million ($2,598 per square foot) in addition to an additional 1,249 square feet three-bedroom apartment that was purchased to the buyer for $3.23 million ($2,585 per square foot).

Sloane Residences is now fully sold, on the basis of URA conditions. The development, which was jointly created through Tiong Seng Holdings and Ocean Sky International was granted its temporary occupancy permit in November.

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For $3.55 million, a three-bedroom duplex penthouse is available at 8M Residences

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Read also: Thailand’s AWC will spend $40 million upgrading an office building in Bangkok

Thailand’s AWC will spend $40 million upgrading an office building in Bangkok

Three-bedroom penthouse duplex in 8M Residences situated on Margate Road in District 15 which will be auctioned off through Knight Frank on Feb 16. A private sale by the owner, this 1,841 square feet unit will be sold with an estimated price at $3.55 million. That amounts to $1,928 per square foot on the floor area. This property is currently rented through August of this year.

8M Residences is an open-air condominium which was built in 2017. The project is located in the highly sought-after East Coast area, which has amenities, transport connections schools, and a prestigious residential arealocated close to stores and shopping centres in Marine Parade Road and the retail and commercial options located in Paya Lebar.

The development is comprised of a residential tower that is 20 stories high that houses 68 units. The condo is comprised of oneto three bedroom apartments and four penthouses, ranging from 517 sq feet to 1,841 square feet.

The unit being offered for auction is an acorn duplex which is located on the upper floor. The living space and bedrooms are located on the lower level while the upper level comprises an open-air roof terrace that has the pool.

The master bedroom, which is en-suite, as well as the living area come with a balcony. the balcony of the living room connects to the second floor. The other bedrooms share a bathroom. The property has an unobstructed view of the ocean.

The previous year one square foot 2 bedroom unit on the fourth floor bought at $1.88 million ($1,323 per square foot) during May. Based on the floor plan the unit is also equipped with a private terrace and pool. Three additional two-bedders that ranged from 646 sq feet to 775 sq feet sold at prices ranging from $1.34 million ($2,067 per square foot) as well as $1.65 million ($2,129 per square foot) last year.

The transaction data of EdgeProp Singapore shows that the average cost at 8M Residences is $1,947 per square foot. Two nearby projects that are located nearby, such as The View @ Meyer and The Seafront on Meyer have the highest average price of $1,994 per sq ft and $2,012 per sq ft each. Other projects have less expensive averages than the 8M Residences. For instance, the nearby Rivage has an average of $1,613 per square foot, while Santa Fe Mansions is averaging $1,560 per square foot.

A look-up of the most recent rent agreements at 8M Residences in Singapore by EdgeProp Singapore also shows an estimated price variation that ranges from $2.80 to $6.40 per month. (pm). In the 2H2022 three leases were signed for three-bedroom units in 8M Residences. In September of last year three-bedroom units were offered at a rent per month of $4,100 ($4.82 per square foot). In August, a third three-bedroom was let at $7,000 ($3.78 per square foot) and a third three-bedroom apartment was let for $4,000 ($4.71 per square foot) at the end of July.

According to URA rental caveats during the past twelve months, the project has an average rental of $4.60 per sq ft, which is an average yield of 2.9%. This is slightly higher in comparison to nearby developments, including Rivage (2.7%), Arthur 118 (2.6%), and The Seafront on Meyer (2.3%). The only exception is that Mountbatten Lodge sees an average rent yield of 3.9%.

The condo is connected to main roads and expressways such as Mountbatten Road and the East Coast Parkway. Nearby MRT stations include Mountbatten as well as Dakota located on the Circle Line as well as in the future, Katong Park and Tanjong Katong on the Thomson East Coast Line (TEL). The two stations along the TEL are scheduled to open by the end of next year.

Due to the abundance of amenities and conveniences, many popular residential areas are within the area. 8M Residences is in the Meyer Road enclave, where new condominiums like Liv@MB, One Meyer, Meyer Mansion and MeyerHouse are. There are other residential neighborhoods that are renowned on Amber Road and the bungalow estates that are located off Mountbatten Road and Tanjong Katong Road.

This property being sold could appeal to families with children in school since it is close to Geylang Methodist School at Geylang East Central, Kong Hwa School located at Guillemard Road and Tanjong Katong Primary School on Seraya Road. Other schools in the vicinity are Dunman High School at Tanjong Rhu Road, Chung Cheng High School located at Goodman Road and Tanjong Katong Girls’ School in Dunman Lane.

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CapitaLand Ascendas REIT reports a 3.5% increase in DPU for FY2022, with a 10-year high in occupancy

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Read more: 2023 will witness a further improvement in prime retail rents, with Orchard Road setting the pace

2023 will witness a further improvement in prime retail rents, with Orchard Road setting the pace

CapitaLand Ascendas REIT (CLAR) has reported 3.5% higher y-o-y distribution per unit (DPU) to 15.798 cents, supported by the fact that portfolio occupancy reached an all-time high that was 94.6% in FY20222 ended December.

Reit’s DPU for the 2HFY2022 year grew to 4.3% y-o-y to 7.925 cents.

The FY2022 gross revenue grew in FY2022 by 10.3% y-o-y to $1.35 billion. The net property earnings (NPI) increased by 5.2% y-o-y to $968.8 million.

The total amount of distribution increased by 5.4% y-o-y to $663.9 million.

CLAR concluded $223.4 million worth of acquisitions by 2022. The money was used to fund 3 acquisitions within both the US and Australia logistical sector.

In Australia two recently constructed logistics properties 500 Green Road ($69.1 million) located in Brisbane in addition to the 7 Kiora Crescent ($21.1 million) located in Sydney The properties were purchased in February 2022. In the US seven last mile logistical properties situated in Chicago were purchased for $133.2 million in June 2022.

At the time of December 31st 2022 the CLAR’s $16.4 billion portfolio included an existing customer base that included over 1,720 customers. The portfolio is spread throughout Singapore (62%), the US (15%), Australia (14%) and the European Union/UK (9%).

Investment properties of CLAR’s 227 properties are located in three distinct categories: Business Space and Life Sciences (48%), Logistics (25%) and Industrial and Data Centres (27%).

CLAR has achieved positive rental reversions at 8.0% for leases renewed in multi-tenant buildings between 2022 and 2023.

Portfolio’s Weighted Average Lease Expiry (WALE) duration was 3.8 years. Around 21.0% of CLAR’s gross rental income is due to be renewed in FY2023.

As of December 31st, 2022, the aggregate leverage was stable in the range of 36.3% from 35.9% in the same period last year.

The country has an average of% of borrowings being at a fixed rates CLAR’s weighted mean the all-in costs of borrowing climbed by 2.5% in FY2022 from 2.2% in FY2021 despite an increase in interest rates around the world.

William Tay, CEO and executive director of the manager states: “We achieved strong results across all portfolios despite the uncertainty of macroeconomic conditions… Going forward, we’ll continue to leverage our solid financial position as well as our operational capabilities and diverse portfolio to ensure the safety and expansion of our businesswhile taking an empathetic approach in the face of constant uncertainty in the global economy as well as the economic environment for interest rates.”

CLAR’s units CLAR were up 4 cents (or 1.38% up, at $2.94 on February 2.

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The 2HFY2022 DPS of 3.33 cents has increased by 47%, according to CapitaLand Ascott Trust

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The CLAS managers CapitaLand Ascott Trust (CLAS) have reported a distribution for each stapled security (DPS) of 3.33 cents for the period that ending December 31 2022. CLAS’s DPU of the 2nd quarter of FY was 47% over 2HFY2021’s which was 2.27 cents.

In Fiscal year 2022, CLAS’s dividend per share grew by 31% year-over-year to 5.67 cents, which is up by 31% from the FY2021’s 4.32 cents.

Inclusion of one-off items such as the gain from divestment of $45 million that was distributed in FY2021, adjusted DPS for FY2022 grew by the 106% year-over-year up to 4.79 cents.

In the 2HFY2022 CLAS’s revenue increased by 70% from a year ago to $353.8 million, due to an increase in revenues from its portfolio as well as the contributions from its portfolio of assets with a longer stay.

Gross profit jumped by 80% year-over-year up to $164.6 million. It was a result of the gains of the trust’s properties with master leases properties under management agreements with guaranteed minimum incomes, as well as properties under management contracts.

Based on the same store the gross profit and revenue for the 2HFY2022 increase by 58% and 67% respectively% in the 2HFY2022 and by 67% respectively.

Due to the rise in gross profit and revenue CLAS’s total distribution for the 2HFY2022 year increased by 54% year-over-year up to $113.2 million.

In the six-month time frame, CLAS announced revenue for each unit available (RevPAU) in the range of $143, which was up by an average of 81% over the previous year, and it maintained its high operating efficiency due to the returning to international flights.

RevPAU for 4QFY2022 increased by the sexiest 78% from a year ago to $155. The quarter’s RevPAU was at levels pre-pandemic for CLAS as compared to its pro forma 4QFY2019 RevPAU that also comprises the overall performance the Ascendas Hospitality Trust’s (A-HTRUST) portfolio.

All of CLAS major markets reported RevPAU increases q-o -q The largest improvement emanating from Japan, Australia and the USA. CLAS’ portfolios in Singapore, Australia, the UK and the US were at pre-Covid RevPAU levels.

CLAS’s occupancy rate for 4QFY2022 was 78%. At the time of December 31st 2022 CLAS’s students’ housing in addition to rental properties had the average of greater than 95%.

In FY2022, CLAS’s revenues was up the sum of 58% year-over-year to $621.2 million, due to increased revenue from its existing portfolio, as well as contribution from properties that it acquired in the course of the year. The increase was partially offset by the lower revenues from divestments in FY2021.

Gross profit grew by 64% year-on-year to $282.8 million, mainly due to the more revenues

The total distribution for the year was up by 38% year-over-year up to $189.8 million.

The RevPAU for FY2022 was has increased by 774% from a year ago to $120.

At the end of December 2022 CLAS had a net fair value increase of approximately $200 million on the worth of its portfolio due to improved operating performance and a better prospects regarding its properties. The key markets of the trust that have gain in valuation are Australia, Singapore, the UK and the US.

The cash and equivalents, as at December 31st, 2022, was in the range of $298.9 million.

“CLAS’s solid performance is supported by our well-balanced and diverse portfolio. The growth income contribution grew up to 48% in the 2HFY2022 period because our properties experienced an increase in demand as a result of the recovery in the hotel industry post Covid-19. Meanwhile, our steady income streams provided resilience to risk of a downturn,” says Bob Tan Chairman of the management.

“To increase our income portfolio that is stable, CLAS has invested in the amount of $420 million over 15 acquisitions that were accretive during FY2022, mostly in the long-stay segment,” he adds.

Serena Teo, CEO of the management team, says they are “cautiously optimistic” of the sector’s continuing improvement.

“We believe that CLAS in the future to gain from the opening of new destinations as well as the sluggish need for tourism. In the next year, we’ll be conducting Asset Enhancement Initiatives (AEI) to four properties located in Singapore, France, Germany and UK. The AEIs will increase the value and profit for these properties and also increase our income streams” she adds.

“We remain cautious in our capital management strategy and are looking for opportunities to restructure our portfolio. Our recent acquisition of the rental housing property located in Fukuoka will increase CLAS’s income capacity. Fukuoka is located in one of the fastest-growing cities of Japan and our current rent-to-own properties within Fukuoka have been performing well,” she adds.

DPS will be paid out on March 1. DPS to be paid on the 1st of March.

Units of CLAS were trading one cent lower which is 0.93% down at $1.07 on January 27.

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Private housing costs rise 0.4% in the fourth quarter of 2022 despite buyers’ and developers’ caution

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Read more: Chinese purchasers will gradually expand in the Singapore residential market in 2023

Chinese purchasers will gradually expand in the Singapore residential market in 2023

The prices of private residential properties were up 0.4% q-o-q in 4Q2022. This was slightly better result over what was recorded in the 0.2% q-o-q increase indicated in the flash estimates published by URA on the 3rd of January. However, it’s significantly lower than 3Q2022, which saw a 3.8% q-o-q increase that was reported in the 3Q2022.

In the entire 2022 year the prices of residential private properties increased to 8.6%, moderating from the 10.6% price increase in 2021.

The increase in prices for non-landed goods in the last quarter was driven to sales within the Rest of Central Region (RCR) that recorded an rise of 3.1% q-o-q, maintaining a record-breaking run of 2.8% q-o-q increase in the 2Q2022.

Based on Tricia Song, the head of research Southeast Asia, at CBRE The increase was driven by the high prices on the existing project Riviere and One Pearl Bank and One Pearl Bank, which were included among the 10 top most-sold projects of 2022.

Other projects on the checklist are Lentor Modern located in the Outside Central Region (OCR) with the median price of $2,108 per square foot by 2022. Normanton Park in the RCR that has an average price of $1865 per square feet as well as Amo residence within the OCR with a median cost of $2,110 per square foot.

OCR prices started off from an extremely high foundation and therefore registered an 2.6% q-o-q decline in 4Q2022, compared to the 7.5% q-o-q hike in the preceding quarter. For the entire year 2022, RCR prices increased 9.7% per year, as OCR prices increased 9.3% y-o-y, based upon research by CBRE.

Along with the lack of new launches within the OCR to push price upwards, the rising interest rates and stricter borrowing requirements are also contributing factors according to Nicholas Mak, head of research and consulting of ERA Realty.

“Most of those who purchase OCR homes that are private, including HDB upgraders, are more price-sensitive and have lower cash reserves for purchases of homes. Therefore, the demand for housing in private homes from this particular group of buyers will be significantly affected by the cooling measures in September 2022 measures, which are accompanied by the higher interest rates,” the expert adds.

Market for new launches that are subdued

In terms of volume of transactions in the quarter ended December 31, sales were to a comparatively low 690 units on the new launch market, while 2898 units were sold within the secondary marketplace. In FY2022 the number of new sales, and 14,791 sub-sales and resales.

The figure is 21,890 transactions, which represents the equivalent of a 34.8% decrease compared to the 33,557 units sold 2021. As per Leonard Tay, head of research at Knight Frank Singapore, this wasn’t due to a shortage of demand from home buyers or a lack of inventory that could be sold in the market.

He continues: “The handful of notable launches that took place in the 4Q2022 period, the threat of a global recession as well as the high interest rates has also led to transaction activity slowing toward the year’s end because of the shortage of listings drove buyers to take the wait-and-see approach until they can find more units.”

Developers were cautious and only opened 504 units for sale in 4Q202 according the CBRE Song. The last quarter, the new projects unveiled for the very first time included Kovan Jewel (34 units), Enchante (25 units), Hill House (72 units) as well as Sophia Regency (38 units).

“The take-up rate was generally low at these launches, since home-buying enthusiasm in Q42022 was hurt by the worsening macroeconomic outlook and the high mortgage rate,” she says.

A few home sellers who landed

Prices for homes on the land market increased by 0.6% q-o-q last quarter and brought the total rise for 2022 at 9.6%.

“Prices of homes with a landed lot have continued to increase, but are limited by sellers’ resistance to put their houses for sale,” says Knight Frank’s Tay. “Even even though buyers are willing to pay a decent price to encourage homeowners with land to sell, the majority of them were adamant and some were discouraged due to the lengthy wait time of 15 months for those looking to downgrade their homes and purchase HDB Flats.”

This is a reference to the most recent property cooling measures, which were announced on the 30th of September in the year before, which impacts private property homeowners looking to buy the resale of a four or five-room HDB apartment by setting a wait-out period of 15 months after they have sold their own property. ( Find HDB flats available for lease or to buy with the Singapore HDB directory )

Buffet spread for 2023 releases

While the overall growth that was the property market in 2022 was dampened by a lack of launches the coming year will witness a flurry of new projects that are ready to go on the market. More than 40 projects are scheduled to launch this year.

“The new launches for 2023 should bring some relief from the shortage situation , and will provide buyers with more options of products in an array of places,” says Tay.

But he cautions that the anticipated increase in sales is occurring amid uncertainty in the economy, layoffs of employees in the tech sector and the continued rise in rates of interest, as well as the increasing cost of living.

Yet, fundamentals are continuing to propel the local residential market according to Chia Siew Chuin, the head of research on residential homes, research and consulting in JLL Singapore. “Healthy households’ liquidity and a fairly low unemployment rate as well as the appeal in Singapore as a place to make foreign investors are likely to continue to drive homebuying interest,” she notes.

She says the anticipated return of mainland China is anticipated to boost demand for buying here.

The initial launch of this year which was two-68 unit Sceneca Residence at Tanah Merah Kechil Link, has had a booming sales performance with 60% of its units. “This impressive result will help be a source of confidence in the strength in the marketplace and establish the stage for the new launches to come in the months of February and March” adds Lee Sze Teck the senior director of research for Huttons Asia.

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Last year, HDB resale prices rose 10.4%, slowing from a 12.7% price growth in 2021

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Based on the most recent quarterly HDB price figures that were released on Jan 27 prices for flat resales rose by 2.3% q-o-q in 4Q2022. This brings the total increase up to 10.4% compared to the 12.7% price gain recorded in 2021.

It also marks the fourth consecutive increase in HDB price resales since the beginning of 2019and the this quarter’s price increase was the slowest pace of growth since 3Q2020.

The total amount of HDB transactions for resales fell to 6,597 transactions in the 4th quarter of 2022 lower than the 7,546 transactions recorded in the prior quarter. The amount of transactions recorded during 4Q2022 were 16.9% lower than in 2021.

The reason for the slowdown is an ebb in market activity because of the seasonal slowdown in the final quarter of each year in addition to the new property cooling measures that were introduced in September of last year, claims Wong Siew Ying, PropNex Realty’s chief of research and content.

The same sentiment is shared by Lee Sze Teck, senior director of research at Huttons Asia, who adds that price increases in the HDB markets for resales has slowed slightly since 2H2022 due in part to the resistance from buyers as well as higher interest rates.

“The rising costs of borrowing are affecting the budgets of buyers, as buyers too are shuddering at the idea of having to pay cash above valuation , given that the economic outlook are becoming uncertain in the 2H2022 period.” Lee says. Lee.

Furthermore, the government came into the market by introducing market intervention measures to slow the rise of HDB flat costs last year, in response to fears that the costs of the five and four-room flats were beginning to be beyond the reach of most buyers.

“The rise in the amount of HDB flats that were resold for minimum $1 million in 2022, with the number of units increase from 259 to 370 flats the year before as well as played a significant role in causing concerns about the affordability of housing,” adds Wong.

The most recent property cooling measures that were announced on September 30 are aimed at private property buyers who purchase large-sized HDB flats that are resold. “The effects are felt right away in the real world as a lot of private property owners are unable to get an exemption from HDB and have to end their purchases,” says Lee.

The most recent resales statistics reveal that flats worth a million dollars that were sold dropped from 111 during 3Q2022 to 93 in the 4Q2022. The total flats that sold for at least one Million dollars or greater was responsible of 1.3% of the total sales in FY2022.

Supply boosting

HDB also released more details regarding the build-to-order (BTO) flats to 2023. The following BTO sales exercise scheduled for next month will include 4,400 flats, and include the development of new properties within Jurong West, Kallang Whampoa, Queenstown and Tengah. The June 2023 BTO sales exercise will provide up to 4,800 flats within developments in Bedok, Kallang and Whampoa, Queenstown, Serangoon and Tengah. The statutory board has stated that it will provide up to 23,000 BTO flats this year , and will continue to track the housing market and adjust if it is necessary.

“The announcement from Singapore’s government states that they are determined to increase availability of BTO flats to satisfy the housing requirements of Singaporeans. If you read between the lines this also implies that the government will do everything it can to curb the increasing HDB prices for resales,” claims Nicholas Mak, head of research and consulting of ERA Realty.

But the most significant element that will drive buyers to return to BTO flats is the government’s success in reducing the wait time for developments in the new BTO developments, according to Mak.

The research conducted by Huttons Asia shows that the number of two-room and spacious flats that met their 5-year MOP (minimum occupancy duration) by 2022 stood at 30,199. However, it is expected to decrease by more than 50% this year to 15,364 flats. This will “drastically cut down on the number of “newer” flats that are resold,” says Lee.

This is also a sign this means that HDB renting market likely to be favourable for landlords due to the low rental flats available for rent Mak. Mak.

‘Healthy’ resale performance

The resale efficiency for the HDB market by 2022 is deemed healthy according to Christine Sun, senior vice head of research and analytics of OrangeTee & Tie. The secondary market had a good showing despite prices falling in certain towns that hit record highs and sellers are facing intense competition from the bumper collection of BTO launches, she adds.

Additionally some homeowners were hesitant in putting their houses available for sale in the during the quarter, relying on the ‘wait and see’ method according to Mohan Sandrasegeran senior analyst for content and research for One Global Group.

“It is possible that certain that some (sellers) might have chosen to wait for the market conditions to improve or see the effect of the most recent cooling measures to come into effects or be reviewed prior to placing their homes for auction,” says Sandrasegeran.

He says that more than 100,000 people applied for 23,000 BTO flats which were announced in January. Though the government has announced that it will increase the availability of BTO over the next couple of years, the demand for BTO supply usually outpaces supply, according to Sandrasegeran.

PropNex anticipates HDB prices decrease further in 2018 to the range of% or 8% due to the high-interest rates, resistance to price by buyers property tempering measures as well as a bleak economic outlook. “Meanwhile the there is a demand for HDB flats for resales is anticipated to remain steady through 2023. We estimate that between 27,000 and 28,000 flats will be sold this year, which is similar to 2022.” Wong says. Wong.

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In a business update, Frasers Centrepoint Trust announces increased committed occupancy

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In 1H2023, the investment market will continue to be in a price-discovery mode

Frasers Centrepoint Trust reported all general improvement in its malls. The portfolio’s committed occupancy grew by 0.9%-pt in the last quarter and 1.2%-pt year-over-year up to 98.4% as leasing demand is still strong, the FCT’s managing director reported. This was bolstered by the increased the occupancy of Changi City Point by reconfiguring the food court that is completely leased, as well as the 1.9%pt increase in occupancy in Century Square.

The number of shoppers in CY2022 averaged about eighty% from pre-Covid rates. However, the number of tenant sales during the same time frame are 12% higher than pre-Covid levels FCT’s management states.

On the front of capital management the gearing ratio was low at December 31, 2022 with 33.9%, albeit marginally higher than the 33% at the end of September 2022 (FCT has a September year-end). The average cost of debt increasing up to 3.5% during the quarter which ended December 31, 2022, up from 3% from the quarter ending September 30, 2022. the interest coverage ratio for 1QFY2023 dropped to 4.73x against 5.19x in the 4QFY2022 (for the period from September 30 2022).).

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Thailand’s AWC will spend $40 million upgrading an office building in Bangkok

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Marina View Residences brochure

Asset World Corp (AWC) is an integrated real estate firm that is part of Thai group TCC Group, has announced the announcement of a THB1 billion ($40 million) investment to renovate the company’s flagship Bangkok office The Empire. The Empire.

Marina View Residences brochure showcases the development comes with many amenities, including restaurants, F&B outlets, shopping and dining places.

The renovation will focus on creating the “co-living space” on the 53rd level. Named”The Residence” at Empire the 1,500 square meters (16,146 square feet) space is accessible to every tenant. The amenities include a living area with a kitchen open to the community and eating area, a children area and a pet hotel. There will also be nap lounge, showers change rooms, and showers. There are also shared areas for group or individual work and meeting spaces.

AWC will also improve the top floors of the tower and transform levels 53 to the 58th floor into a rooftop dining space that spans over 8,460 sqm (91,063 sq feet). The work is expected completion by the end of this year.

“Today the new generation of employees are looking for their own purpose and value at work , while achieving an equilibrium between life and work. The roles of workplaces have become multifaceted in order to foster connections, collaboration and creativity and to encourage positive employee experiences and keep talent,” says Wallapa Traisorat AWC’s CEO and president. AWC.

Empire Empire can be described as a mixed-use project located in the Bangkok’s Sathorn business district. It has been completed by the late 90s. It is mostly office space and retail space. According to Wallapa the building is valued at THB20 billion.

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M&G Real Estate Asia purchases a $267 million interest in a Tokyo logistics complex

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Marina View Residences condo price

M&G Real Estate Asia is part of M&G’s private asset as well as alternatives, is now the majority shareholder of ESR Ichikawa Distribution Centre, an logistics facility located situated in Tokyo, Japan. In a press announcement, M&G announced that through its M&G Asia core property strategy it made an investment of 267 million ($353 million) acquisition that has increased their stake at the distribution center to 25% to 58.3%% up to 58.3%.

Marina View Residences condo price is expected to house 905 private residential units, at least 548,959 sq ft and 540 hotel units in 279,861 sq ft.

The asset is a 4-storey facility that is located within Ichikawa City in the Greater Tokyo Bay Area. It is rented to tenants that is 201,111 square metres (2.16 million square feet) that is completely lease-out. The facility is accredited with it’s CASBEE S rating, the highest rating in the Comprehensive Assessment System for Built Environment Efficiency (CASBEE) green building certification program , which is in use in Japan.

“Acquiring the majority stake for an attractive rate of return on investment is a significant milestone in the history of M&G as we redouble our efforts on our belief and dedication to Japan’s logistics sector which we believe will play an important role in Japan’s economy, because demand for premium assets continues to be strong,” comments Richard van den Berg who is the M&G’s fund manager for its Asia primary property.

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2023 will witness a further improvement in prime retail rents, with Orchard Road setting the pace

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Marina View Residences condo floor plan

The revival in the Singapore retail sector gained momentum during the latter portion of last year’s second quarter, because of social distancing rules being eased and the reopening of borders. “The retail industry endured and is now through an extremely challenging time of unprecedented pressure, but is now getting started to gain momentum from the lifting of restrictions starting in 2Q2022” remarks Ethan Hsu, Knight Frank Singapore’s retail head.

According to the data from Knight Frank Research, prime retail rents across the island increased 1.7% q-o-q in 4Q2022 to average $26.10 per month. This brings the total prime retail rents up to 2.6% for 2022.

Marina View Residences condo floor plan of 84,000 sq ft site enjoys a maximum GFA of 1.09 million sq. ft. There’s an optional 21,528 sq ft of commercial space and 21,528 sq ft of retail space.

In its report on the retail sector for 4Q2022, Knight Frank notes that prime retail space within areas like the Orchard Road area led the way in terms of growth in rental and recorded an average increase by 3.1% y-o-y in 4Q2022 to $29.10 per month. This was then followed by prime retail spaces within the Marina Centre, City Hall and Bugis sub-markets, which recorded an increase in the range of 2.6% y-o-y to $23.90 per month. The increase in rent was accompanied by an increasing number of tourists from abroad and returning workers to work.

A different report from Edmund Tie Research also highlights evidence that further indicates the growing the demand for retail space in the Orchard region. Based on the track of retail assets by the company, the prime retail spaces on the first floor of Orchard along with Scotts Road saw the strongest rent increase that was 7.4% for the whole of 2022. It was $39.20 per month. In the suburban and fringe areas, rents increased in the range of 6.7% in 2022 to $33.10 per month. however, in other cities the rent increased in 3.7% to $19.20 psf per month. This is based on Edmund Tie’s statistics.

Edmund Tie’s study reveals the fact that during 3Q2022, the island’s retail spaces’ net absorption was recorded at 323,000 sq ft. This is more than four times the 86,000 sq feet recorded in the previous quarter, which indicates an increase in demand.

Lam Chern Woon, head of research and consulting at Edmund Tie, expects a better year in the retailer property market, aided by the ongoing growth in the tourism industry. “With the majority of the pipeline for supply set to start coming on stream in 2023, such as The Woodleigh Mall, and retail shops in One Holland Village, Guoco Midtown and IOI Central, the supply-demand patterns are likely to be in balance in the coming year.” He adds.

The company is forecasting that prime retail rents on the first floor within Orchard as well as Scotts Road to sustain its increase of seven% to 9% by 2023. rents in other sub-markets of retail are expected to increase by between% to 6%.

Knight Frank’s Hsu forecasts premium retail rental rates to keep increasing this year, pointing out that the retail industry is “in much better shape right now” considering account the growth on taxation of Goods and Services Tax (GST) and a more muted economic outlook. “So long as there’s no limit to the number of people who can gather and restrictions on quarantine for international arrivals, prime rents for retail spaces are expected to increase between 3% to 5% over the course of 2023 with affluent shopping mall Orchard Road leading the recovery,” he predicts.

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