Normanton Park sold 52 units by far the best-selling project in April 2022

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Amo Residences completion date

Developers have launched 397 units to sell in April and closed on 653 sales during April this year. In comparison to the similar month in 2021 this month’s sales were 48.6% lower due to the absence of any new residential private launches.

Amo Residences completion date target to launch in H22022, next to Bishan-Ang Mo Kio Park, allowing residents to access abundant greenery, while the Mayflower MRT station is within a few minutes’ walk from the residences.

The number of developer sale (excluding executive condominiums) in the initial four months of this calendar year up to 278 units. which is a 48% lower than the same period one year earlier.

The top-selling project according to the sales in April of 2022 is Normanton Park, which sold 52 units. The overall project has been able to achieve a median of $1,860 per square foot. The 1,862-unit development launched in January 2021, and has been around 95% sold as of today.

Overall, the most recent sales figures suggest that the market for residential properties has stabilized following the most recent cooling measures were put in place at the end of December in 2021 claims Christine Sun, senior vice-president of research and analytics at OrangeTee & Tie.

In the month of June, the sole launch to take place is the six16-unit North Gaia, an executive condominium. The property is located in Yishun Close, the project has sold 166 units, which is 26.9% of the total amount of units available. Its Core Central Region (CCR) has recorded sales of 206 units and those in the Rest of Central Region (RCR) sold 289 units, as well. The Outside Central Region (OCR) had more than 158 units.

As per Lee Sze Teck, senior director (research) at Huttons Asia, the latest sales figures are the very first time within the past 12 months that home sales for the CCR were greater than those within the OCR. “The lower level of un-sold inventory in the OCR resulted in buyers having raised their budgets and moved until the next tier of private housing, which is CCR or the RCR as well as the CCR. This increased the percentage of sales of $2 million and above 54.8% in April,” the report states.

Other projects that sold the highest this month included Riviere which sold 35 units; One Pearl Bank 29, 29 units The Florence Residences, 24 units; and One Pearl Bank. The Florence Residences 24 units.

The relatively robust new home sales in the past two months can be attributed to the desire of buyers to secure mortgage rates prior to more rate hikes, and also the sluggish demand resulting from property cooling measures taken just five months ago, claims Catherine He, head of research at Colliers Singapore.

Based on Wong Siew Ying, head of research and content of PropNex Realty, the anticipated rise in mortgage rates has made some cautious buyers select smaller homes that have lower price points. She believes that buyers could get into the market sooner than later to secure better mortgage rates.

Since Singapore reopened its borders and borders, there’s seen an increase in the number of foreign buyers as per Sun. The month of April saw 52 newly constructed private residences that weren’t landed were bought by foreigners. This translates to an increase of 133.6% increase over the previous month, when it had recorded only 25 transactions that involved foreigners.

Riviere is the single most awaited project for foreign buyers last month, with 11 transactions. It was then The Avenir which sold six units to foreign buyers as well as Midtown Modern which sold four units.

PropNex’s Wong believes that investors will be worried about the possibility of a sustained rate of interest, which could degrade their rental profits.

The next few months are likely to witness higher new home sales with the introduction of major projects like the 407-unit Piccadilly Grand and the 298-unit LIV @ MB. These projects are expected to boost sales and prices within the RCR according to Colliers’.

“Nevertheless the backdrop of macroeconomic uncertainty, increased buyer stamp taxes and the rising rates for mortgages will influence the decision-making of buyers who are considering buying,” she says, saying that home sales could slow by 20-30% from the 13,027 units that were sold in 2021 to approximately 10,000 units over the course of this year.

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Investors were optimistic towards retail, office as well as logistics and industrial assets

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Read also: CBRE-backed co-working operator acquires The Great Room

CBRE-backed co-working operator acquires The Great Room

The growth of real estate investments within the Asia Pacific region rose 20% year-over-year in the 1Q2022, as per an industry report from JLL. The report by the consultancy revealed that $40.8 billion in capital was put into real estate investments in the region in the first quarter.

A majority of the capital was put to Singapore, South Korea, and Australia. Investors were also stoked about office, retail, as along with industrial and logistics assets. “We believe that the real estate market in the region is able to withstand increasing rates of interest and the increasing uncertainty. There is still an intense competition for assets, and we remain optimistic about more than $200 billion of direct investments into Asia Pacific for 2022,” says Stuart Crow, CEO, capital markets, Asia Pacific, at JLL.

The real estate commercial sector in Singapore has seen an increase in investments of 134% year-over-year, and ended in the second quarter of $5.7 billion of investment. This was the highest increase in the commercial sector across the region in this time, according to JLL.

South Korea saw its real property investments increase by up 89% over the past year at $8.2 billion, spread across the retail, office logistics, industrial sectors. In addition, Australia posted growth of 49% over the same period, with $4.7 billion in investment, with the majority of it in office properties.

Despite the 26% decrease in y-o-y growth, Japan remained the strongest market for investment within the region, raking into $8.5 billion. The performance of investment was a bit weaker in China was flat in the last quarter, with total volumes of $8.3 billion.

“(Investors) have shown during the first quarter of that they are confident in spreading capital throughout geographical and sectors. In the months ahead the focus will shift to industrial and logistics as more the market opens up for supply and funds will more concentrate on sectors that are income-resilient,” says Pamela Amber director of strategy and investor intelligence, Asia Pacific, at JLL.

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Industrialists looking to diversify their supply chains for cheaper storage option

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Read more: Midtown Bay’s one-bedder unit sold for the highest price of $3,492 psf since launch

Midtown Bay’s one-bedder unit sold for the highest price of $3,492 psf since launch

Rents for industrial properties in Singapore increased by 1% over a quarter in the 1Q2022, which is the highest quarter-over-quarter growth that the sector has experienced since 3Q2013. This quarter’s performance also marked six consecutive months of increase according to a report on the market from Colliers.

The prices in the industrial segment have also been a success, rising 3.1% q-o-q last quarter and is the largest rate of price growth in the quarter since the beginning of 1Q2014. “Due to construction delays previously experienced that have caused delays in the construction process, the bulk of the pipeline for industrial supply is expected to be in operation during the year ahead, the bulk being factories. Furthermore, 25.90 mil sq ft more industrial space is expected to be completed by the end of this calendar year.” Colliers says. Colliers.

In over the course of three years the annual average pipeline supply is projected to reach 12.92 million square feet almost double that of 6.46 million square feet that was installed between the years the years of 2019 and 2022. “This expected increase in pipeline supply could slow rental growth and price as well as provide an array of options for industrialists at the same at the same time,” the consultancy says.

In the future, industrialists may begin to look at diversifying their supply chains and explore alternatives for storage that are less expensive according to Lynus Pook the executive director of Industrial services for Colliers Singapore. He says that the demand in industrial facilities, particularly the most high-end warehouses as well as business parks will continue to be fueled by growing industries such as media, food logistics, logistics, technology, and biomedical industries.

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Shaw Tower starts new construction to be completed on 2025

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Construction has begun on the brand-new Shaw Tower located in the city of Atlanta, which will be transformed to become a mixed-use project as per the May 11 press release from Lendlease.

Lendlease was selected as a result of Shaw Towers Realty to manage the renovation on this property by 2020. The company will also be responsible for the new development after the finalization of the redevelopment plan in 2025.

The brand new Shaw Tower will consist of 435,000 square feet of Grade-A office space as well as five floors of a podium that will contain 15,700 square feet of retail space and F&B options, including an on-roof restaurant. The building will also include 21,500 square feet of community-oriented spaces, including an auditorium with multi-purpose hall as well as meeting and training spaces.

According to Lendlease’s report offices will have an arrangement with multiple knock-out panels that will provide an open workspace that can be customized to various configurations that meet the specific needs of each tenant. Floorplates will be between 17,000 and 19,000 square feet.

Access to work spaces inside Shaw Tower will be supported by technology such as facial recognition or contactless entry, and lifts for controlling the destination that are equipped with UV sterilization and intelligent lighting.

The building is aiming for BCA Green Mark Platinium accreditation, will feature the biophilic concept with greenery that will be in the form outdoor breakout spaces and collaborative spaces including a fitness and yoga deck as well as two sky terraces. rooftop gardens, and even end-of-trip facilities like secured outdoor and indoor bike parking, lockers and shower facilities.

Raymond Chan, managing director of the Shaw Group of Companies, Hong Kong, says that the company is dedicated to protecting Shaw Tower’s status as an emblem of Singapore’s contemporary identity. “Just like it did during a time of excitement for post-independence Singapore We are hoping that this new Shaw Tower will once again be a symbol of the spirit of Singapore present in its sustainable journey, and be an important breakthrough in how the past and culture can be combined with the latest technology to create the future of the workplace,” he adds.

Lendlease claims that elements of the heritage of the old building will be integrated into the new structure for example, that initial Shaw Brothers logo from the roof’s facade as well as the previous Shine seating in the auditorium. Lendlease has also enlisted experts from the National University of Singapore’s Department of Architecture as its heritage consultants for the project.

“The combination of heritage features from the first Shaw Tower with best-in-class sustainability features and an innovative design will ensure that its legacy lives on to the next phase in its long tale,” says Ng Hsueh Ling Lendlease’s managing director. Singapore.

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A 134-room SO/ Singapore Hotel on Robinson Road has been acquired by Viva Land Group

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Vietnamese property company Viva Land, through its subsidiary Viva Ventures So Holdings, has signed an agreement to purchase the SO/Singapore Hotel’s owner Hotel , for $240 million. The hotel is owned by developer Royal Group.

The hotel is situated at the intersection at the intersection of Robinson Road and Boon Tat Street and is across the road across from Lau Pa Sat. Lau Pa Sat food centre. The hotel is a renovation of the old Ogilvy Centre. Royal Group was awarded the tender for the leasehold of 60 years on the preservation site in 2011, after having submitted the most expensive price of $86million. The hotel with 134 rooms, which has a total of 49 years remaining on its lease, officially opened in 2014.

The purchase price of Viva Land’s for the hotel is $240 million. This amounts to $1.8 millions per key.

In a press release, announcing the acquisition, Alfred Ong, managing director of Viva Land, says the group is looking at the opportunity to position the hotel in the accommodation area located in the CBD.

In the CBD Incentive Program, there is the potential to revive SO/Singapore along with Robinson Point which is a 21-storey office tower that is adjacent to the hotel, which is controlled by Viva Land. “We have a number of synergies that could be created between these two properties with a view to a possible renovation in Robinson Point,” Ong adds. Viva Land acquired the building from Singapore-listed Tuan Sing Holdings in 2020 for $500 million.

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Transfer of residential property will apply 35% on any living trust for Additional Buyer’s Stamp Duty (ABSD)

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The government has shut down an unresolved loophole “arising out of its annual review of policy.”
As of May 9, an Additional Buyer’s Stamp Duty (ABSD) of 35% will be charged on the move of residence property into a trust, according to the Ministry of Finance.

This is less than half a year since the most recent series of property market cooling measures that went into effect on December 15, when, among them, ABSD has been raised to 17% from 12% for Singaporeans who are buying an additional residential property.

At present in the present, when a residential property is transferred to a living trust and the trust is dissolved, buyers’ Stamp Duty (BSD) will be due.

ABSD could be payable depending on the characteristics of the advantageous owner(s) for the property. property that was transferred into the trust. If the trust is set up so that there is no beneficiary owner that it transfers the property is transferred to the trust ABSD is currently not able to apply.

In the latest update, ABSD is payable even if there isn’t an known legitimate owner in the moment that the residence property is transferred to the trust.

“ABSD is designed to create the stability and sustainability of the residential property market. As therefore, it should be applied to the transfer of residential properties to all living trusts regardless of whether there is a clear beneficiaries of residential properties that are transferred to trusts.” MOF states. MOF.

The new rules state that under the new rules, this ABSD (Trust) is required to be paid in advance, at the time your residential property is transferred to any living trust.

As an exception, trustees may submit an application to IRAS to receive a refund in the amount of ABSD (Trust) subject to the condition these conditions are satisfied:
1. The Beneficial residents of the property are identified as individuals
2. The beneficial possession of the residence property is vested in the beneficiaries at moment of property transfer to the trust.
3. The beneficial ownership can’t be changed or cancelled or subject to any conditions that follow in accordance with the conditions in the trust.
As per MOF the amount of refund will be determined by the amount that is the difference in the ABSD (Trust) rate of 35% and the ABSD rate that is in line with that of the owner who has the most rate of the applicable ABSD rate. The application for refund should be submitted in writing to IRAS in the first six months from the date the date of execution.

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Average lease expiry of five years and is 100% occupied by 12 tenants from a diverse range of industries

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Read related article: The adjoining shophouses on Kreta Ayer Road are for sale at an indicative price of $50 mil

The adjoining shophouses on Kreta Ayer Road are for sale at an indicative price of $50 mil

Ascendas REIT will acquire a portfolio comprising seven logistics properties located in Chicago, Illinois, in the US. As the manager of the REIT, Asendas Funds Management, announced that the purchase consideration to purchase the properties is $133.2 million.

According to an independent assessment of the portfolio by HSBC Institutional Trust Service (Singapore) the portfolio was valued at an aggregate worth of $140.5 million at the time of the 29th of March.

The portfolio is offered for sale through BREIT Industrial HS Property Owner, BREIT Industrial Canyon Il1M03 BCORE Jupiter NMW 1 as well as Icon Pac Owner Pool 4 Northeast/Midwest.

“”Following our success in entering our successful entry into the US markets for logistics in November of 2021 we’re happy to have acquired a second portfolio of seven logistics properties located in Chicago which is the largest manufacturing market of the US that is based on space already in place,” says William Tay the chief executive officer and president of the REIT manager.

He also states that the portfolio of properties is a long-weighted lease term of five years. It is fully lease twelve tenants. These tenants are logistics service providers, engineering firms and the food distributor.

This acquisition should be expected be completed by the 2nd quarter of 2022.

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A more buoyant retail outlook as Colliers expects tenant sales

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Rents for retail in prime suburbs or Orchard Road locations increased by 0.7% and 0.4% respectively in the first quarter of 2022 according to a report by Colliers. This is a significant improvement over 4Q2021 when the rents of prime suburban properties increase to 0.5% q-o-q while Orchard Road retail rents increased marginally to 0.1% q-o-q.

“With increasing footfall across The Orchard Road shopping belt and the CBD as well as shopping in the suburbs being resilient and resilient, it is clear that bricks and mortar stores are still important regardless of the fact that the popularity of online shopping grows,” says Dickson Koh who is the director of research for the associate department of research at Colliers Singapore.

In the future, Colliers expects a more optimistic outlook for retail sales and tenant sales rise in consumer footfall as well as the lifting of travel barriers and security measures. “This will be a positive sign for retail businesses, particularly those on Orchard and the Downtown Core.” Downtown Core and Orchard,” Koh says. Koh.

He believes that retailers to be more optimistic regarding their plans for expansion which will provide more confidence to a growing leasing demand. Lower vacancy rates despite a the shortage of new inventory should aid in a gradual rebound of retail rents after 2H2022. However, persistent inflationary pressures and shortages of manpower could impede growth.

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CBRE-backed co-working operator acquires The Great Room

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Amo Residences brochure

Co-working provider The Great Room has been purchased through US flexible workplace company Industrious in its efforts to expand internationally. On May 9th, the New York-based company announced the acquisition of The Great Room as well as European co-working firm Welkin & Meraki.

Amo Residences brochure is well-equipped with essential amenities and facilities to allow the residents to lead a luxurious lifestyle.

As per a person cited from The Bloomberg, Industrious paid around 100 million dollars ($139 millions) as cash, and shares to the companies. The deal instantly adds 350,000 square feet to its portfolio, which includes six markets across Asia and Europe as well as 600,000 square feet of deals in important cities in both regions.

The inventory of The Great Room is comprised of around 180,000 square feet spread across seven locations, including five of them in Singapore situated in One George Street, Centennial Tower, Ngee Ann City, Raffles Arcade and Afro-Asia. The two remaining locations are located in Hong Kong and Bangkok, respectively. In addition, Welkin & Meraki operates five workplaces that are flexible throughout Paris, Eindhoven, and Brussels.

The two brands The Great Room and Welkin & Meraki will continue to operate under the respective brands.

“We are delighted to join forces the Great Room and The Great Room and Welkin & Meraki within the Industrious ecosystem, particularly considering our common goal of providing the best, flexible and high-quality workplaces,” declares Jamie Hodari, CEO and co-founder of Industrious in a statement to the press. “We are looking forward to expanding our offerings globally to help support work-from anywhere models and ensuring that we adhere to providing the best customer service within the industry.”

Jaelle Ang Co-founder and CEO The Great Room, along with her co-founder The Great Room, believes this acquisition will improve The Great Room’s position, due to the increased scale and the network. After the transaction, Industrious now holds some five million square feet of flexible workspaces across the world. Participants from The Great Room and Welkin & Meraki will have access to workplaces in the Industrious facilities and in turn, vice versa. “I believe there is immediate cross-sells and revenue synergies and a better member value proposition,” she says in an interview with EdgeProp Singapore.

Ang continues to be the The Great Room’s CEO The Great Room, reporting to Hodari. She says that the acquisition allows The Great Room to be better prepared to grow in the flexible workspace sector that she anticipates will expand over the next decade to account for around 30% of the total commercial space in the world, up from its present level of 3%.

In announcing it is true that The Great Room and Industrious have the same core values, in terms of an approach that is centered around people warm, welcoming services, and meeting the present and future requirements of its the members Ang adds that with the collaboration, The company will be able to draw on Industrious the best practices. “I think that there is much to learn since they’ve been in business for longer than we have,” she comments.

Industrious The main market for the company is the US in which it has in more than 150 locations across fifty cities. The company’s portfolio has expanded quickly since the beginning of the epidemic, adding around one million square feet in space being added by 2020 and an additional 1.1 million square feet added in 2021.

In February of last year, Industrious crossed a new landmark as CBRE Group made a US$200 million investment in the company by acquiring 35% stake in the firm. This was later increased to 40% which secured its status as a majority shareholder. CBRE’s flexible-space solutions business, Hana, was also integrated into Industrious expanding its offerings within the US and extending its reach to the UK with new locations with offices in London in London and Manchester.

The group is planning to increase its international footprint before the time the year’s end. Asia Pacific (Apac) will play a key role in the company’s growth path according to Ang. “There’s a strong determination to expand throughout Apac,” she says adding that Apac’s expansion will be driven by organic growth as well as M&A activities.

In The Great Room, Ang says the company is looking for deals to expand into its current areas that include Singapore, Bangkok and Hong Kong There are plans to expand in new areas, with priority areas being Sydney, Tokyo and Shanghai.

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Midtown Bay’s one-bedder unit sold for the highest price of $3,492 psf since launch

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Amo Residences floor plan

From between April 5 and 16 The highest sale recorded using a psf-based basis , was for a single-bedroom unit in Midtown Bay which is the luxurious condominium in the mixed-use Guoco Midtown. The area of the unit is 409 square feet and is situated at the top of 16 floors in the 99-year leasehold structure.

Amo Residences floor plan of housing units in its low-rise 4-storey building and the high-rise 29-storey building in the two zones.

The unit was purchased through developer GuocoLand to GuocoLand for $1.43 mil ($3,492 per square foot) in April, thereby establishing an all-new high in psf prices for the project since it was launched in October of this year. The time was when Midtown Bay recorded a psf price record of $3,804 as a 484 square feet unit was purchased at $1.84 million on October 10, 2019.

The 33 storeys of 219 apartments at Midtown Bay comprise a mix of one two-, one-, and three-bedroom homes that range from 409 sq ft to 1,324 sq feet. Since the project’s launch it has seen 85 units sold based on caveats that were lodged with an average cost of $2,963 per sq ft, which amounts to a take-up that is 39%.

Midtown Bay is one of two residential developments within Guoco Midtown integrated development in the Bugis-Beach Road area. There is also a 558 unit residential building called Midtown Modern, that was officially launched in March 2021 and has 74% of the units being sold with an average of $2740 per square foot. Other features of Guoco Midtown include 770,000 sq feet of office space that is Grade A as well as an 80,000 sq ft office and living hub and more than 30,000 square feet for retail. The project can be completed in stages starting in 4Q2022.

Guoco Midtown will have a direct underground connection to the Bugis MRT interchange station that serves lines such as the Downtown as well as East-West lines as well as being in the vicinity of three additional MRT stations including City Hall (interchange for East-West and North-South lines), Promenade (interchange for Circle and Downtown lines) and Esplanade (Circle line). Apart from the ease of access to public transportation and public transport, the development is near to places such as Suntec City, Marina Square and Millenia Walk through a continuous secure connection.

Leedon Green is another project which saw a psf record, following the sale of the three-bedroom home with 1,356 square feet of space was sold for $4.24 million, or $3,128 per square foot on the 15th of April. It is the latest all-time highest price for the freehold property.

The apartment is situated at the top of the building’s seven towers. There are 638 units at Leedon Green, comprising a mixture of one- to four-bedroom units. The sizes of the units range from 474 sq ft and 2,680 sq feet.

The development, situated on Leedon Heights, off Farrer Road is a redevelopment from the old Tulip Garden through a joint partnership with MCL Land and Yanlord Land. The project began in January 2020. As of now there have been the project has sold 58% of the units in Leedon Green have been sold at an average cost of $2,687 based on caveats filed.

Avenue South Residence also set an all-time record in terms of psf rates. On April 14a two-bedroom 657 square feet unit sold for $1.72 million, or $2,620 per square foot. The property sold is in the upper floor on the 5th of the 99 year leasehold.

Avenue South Residence is located in Silat Avenue off Kampong Bahru Road in District 3. It comprises 1,074 units spread across 2 towers. The development is designed in partnership with UOL Group. Each tower is 56 stories and offers the top units stunning perspectives of downtown as well as in the Greater Southern Waterfront precinct. The tower was completed in February and is set to be granted a temporary occupancy permit in the 2nd quarter of 2023. It is the highest residential tower constructed using prefabricated volumetric construction that is prefinished (PPVC). As of today it has been sold the tower has sold 93% of the units in Avenue South Residence have been sold for an average of $2,075 per square foot.

There were no new lows in the price of psf were observed during the period.

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