Month: April 2023

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Singapore’s real estate investments got off to a “slow start” in 2023, with the amount of investment sales for the first quarter of the year amounting to only $4.2 billion. This marked decrease in sales compared to that of 1Q2022’s $10.8 billion, is the lowest quarterly total since 2Q2020, when the government imposed “circuit breaker” measures.

Residential deals in the first quarter of 2023 amounted to $1.6 billion, with three notable collective sales; Meyer Park, Bagnall Court and of Holland Tower, totalling to some $583.8 million.

The sale of Holland Tower is particularly significant as it is the first successful residential en bloc transaction in the Core Central Region (CCR) since property cooling measures were imposed in December 2021, signifying “a nascent return” of interest for prime location development sites, upon the reopening of China.

However, the return does not guarantee success for collective sales. Daniel Ding, head of …

For a potential buyer looking to acquire an industrial site for shipbuilding, repair or maintenance activities, 1 Benoi Road in Jurong Industrial Estate offers an ideal opportunity. The property has a site area of over 500,000 sq ft with waterfront access, and is located at the junction of Benoi Road and Pioneer Road, roughly 24km from the City Centre. It includes a two-storey office block with a single-storey annexe office, three blocks of single-storey workshop, a mould loft building, a fabrication workshop and wharf.

The plot is regular in shape with a corner frontage of about 255m on Benoi Road and Pioneer Road, with an average plot depth of about 213m. Adjacent to it lies an approximately 230m frontage along the waterfront. It is generally at an access-road level with a flat contour, making it suitable for companies looking to expand their business.

Huttons Asia, the marketing agent for the …

GuocoLand and Hong Leong Group’s joint venture has emerged as the sole bidder for the 99-year leasehold residential government land sale (GLS) site at Lentor Gardens after the tender closed today, submitting a bid of $486.8 million. Translating to an estimated land rate of $985 psf per plot ratio (psf ppr), the two entities are looking to develop a new high-end residential project with around 533 units and 600 sqm of childcare facilities.

This is the first residential GLS tender to see only one bid since the tender of the Silat Avenue GLS site in 2018, which a consortium led by UOL Group won for $1.035 billion. The 1,074-unit Avenue South Residences was launched in September 2019 and is now fully sold.

Mark Yip, CEO of Huttons Asia, notes that the bid of $958 psf ppr is the lowest for a land parcel in the Lentor precinct. The $586.6 million …