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Arising as one of the most prestigious and exclusive luxury residential projects, Aurea was officially launched for sale on March 8. Located in the highly sought-after Core Central Region (CCR), it presents an unparalleled opportunity for homebuyers looking for a refined and sophisticated living experience.

Developed jointly by Far East Organization and Perennial Holdings, Aurea offers a total of 188 residential units spread across 45 storeys. The first phase of sales, which comprised 78 units from levels 4 to 16, saw a strong take-up rate of 30%, with 23 units sold at an average price of $3,005 per square foot (psf).

Designed by DP Architects, Aurea stands out for its unique “hanging garden concept”, making it the first new private condominium to be connected to a mixed-use development that was sold en bloc and conserved. The mixed-use development is now collectively known as Golden Mile Singapore.

In order to make an investment in a condo, financing plays a crucial role. Singapore has multiple mortgage options available, but it is vital to have knowledge about the Total Debt Servicing Ratio (TDSR) framework. This framework sets a limit on the amount of loan that a borrower can take based on their income and current debt obligations. To make wise financing decisions and avoid over-leveraging, it is imperative to understand the TDSR and seek guidance from financial advisors or mortgage brokers. Additionally, checking out new condo launches can also be beneficial while exploring financing options.

Out of the buyers at Aurea, 83% were Singaporeans while the remaining 17% were permanent residents (PRs) from Malaysia. This translates to a sales rate of about 12.2%, based on the total units available.

According to Mark Yip, CEO of Huttons Asia, CCR projects typically sell between 10% to 30% of their units during the launch weekend, as they do not attract a large pool of HDB upgraders like suburban projects. However, Aurea’s sales rate falls within this range and is considered healthy.

Ismail Gafoor, CEO of PropNex, also considers Aurea’s sales performance “encouraging” given the mostly lacklustre sales of CCR projects since the tightening of the additional buyer’s stamp duty (ABSD) measure in April 2023. He explains that the doubling of the ABSD rate for foreigners to 60% has significantly cooled interest in CCR homes.

In fact, developers sold the fewest new CCR private homes on record in 2024, at just 378 units – down by 74% from 1,454 units in 2023. However, Gafoor believes that the take-up rate in the CCR segment will improve progressively.

He observes that CCR projects typically continue to sell units steadily over a period of months, instead of achieving blockbuster sales over the launch weekend like some Rest of Central Region (RCR) and Outside Central Region (OCR) projects. This is because CCR homes are targeted at a niche market of buyers seeking a luxury lifestyle.

The joint developers of Aurea announced that 74% of the sales were for the 2- and 3-bedroom apartments in the Prestige Collection. These units attracted buyers with their well-designed spaces, functionality and investment potential.

The Signature Collection, which consists of 4-bedroom units, was also popular among buyers for its expansive balconies offering panoramic views of both Marina Bay and Kallang Basin.

The two- and three-bedroom apartments in the Prestige Collection accounted for 74% of the sales at Aurea (Photo: Samuel Isaac Chua/EdgeProp Singapore)

Shaw Lay See, COO of Far East Organization’s sales & leasing group, attributes the positive response to the project to buyers’ appreciation for the rare opportunity to own a home in a luxurious development that beautifully combines heritage with modern sophistication.

She adds that many buyers were attracted by the magnificent views and recognise the value of being part of the vibrant and ongoing transformation of the prime Downtown Core precinct.

The Sky Villa Collection comprises 18 five-bedroom apartments spanning up to 3,251 sq ft, and two exclusive six-bedroom penthouses averaging 8,816 sq ft. According to Shaw, it is hard to find such large-format homes in the downtown area.

Ken Low, managing partner of SRI, notes that in recent years, the price gap between private residential properties in the CCR and RCR has significantly narrowed. While the historical difference averaged around 40% in the last ten years, it is now only 20% across all properties regardless of tenure.

On the other hand, RCR has seen higher price growth in recent years, partly due to the higher number of new launches. However, Geylang, Kallang and Marine Parade fared well due to their central location, he adds. These areas also enjoy good connectivity and have a relatively large land area where developers can build more units, leading to a lower average price per sq ft.

According to Marcus Chu, CEO of ERA Singapore, the CCR has lagged behind RCR and OCR in terms of price growth because of the lack of new launches. This year, however, nine upcoming luxury projects in the CCR are expected to drive up demand and prices for high-end homes.

Chu adds that savvy investors may shift their focus back to CCR, as the price gap between CCR and RCR has narrowed from 50% in 2018 to 10% in 2024. With more new luxury projects expected to launch, it is possible that the gap could widen again, presenting a good opportunity for investment.

Aurea will also benefit from Singapore’s ongoing urban renewal efforts, which will see major infrastructural and lifestyle upgrades in the surrounding precincts. This includes the revitalisation of Beach Road and the Ophir-Road Corridor, the development of Kallang Alive, and the completion of the North-South Corridor, which will enhance accessibility, connectivity, and vibrancy in the key city district.

“In recent years, we have seen the price gap between private residential properties in the CCR and the RCR narrowing significantly,” says Ken Low, managing partner of SRI. “Historically, the difference averaged around 40% in the last 10 years, but it has now closed to about 20% across all properties regardless of tenure.” (Photo: Samuel Isaac Chua/EdgeProp Singapore)

According to Huttons’ Yip, Aurea is also well-positioned to benefit from the 120-km Southern coastline redevelopment, which stretches from the Greater Southern Waterfront, Marina Bay, Kallang Basin, and the future Long Island project.

With its strategic location and surrounding developments, Aurea stands out as one of the most prestigious and exclusive luxury residential projects in Singapore, presenting a perfect opportunity for buyers seeking a refined and sophisticated living experience.…

A three-bedroom unit at One Holland Village Residences has set a new record, achieving a psf-price high of $3,781 in the period of Feb 16 to 21. This surpasses the project’s previous record of $3,426 psf, marking the first sale at the 99-year leasehold development this year.The unit, located on the 25th floor, measures 1,238 sq ft and was sold for $4.68 million on Feb 17. This translates to a profit of about $490,000 for the sellers, who had purchased the unit from the developer for $4.19 million, or $3,385 psf, in November 2023.One Holland Village Residences, situated in District 10 along Holland Village Way, is a 296-unit development that was launched in 2019. It comprises 62 one-bedroom units, 145 two-bedroom units, 76 three-bedroom units, nine four-bedroom units, and four five-bedroom units. The most expensive unit transacted at the development was a five-bedroom apartment, measuring 3,455 sq ft, which was sold for $11.4 million ($3,300 psf).Located at the top of Institution Hill, in District 9, Hill House is a 999-year leasehold boutique condo that comprises 40 one-bedroom units, 24 two-bedroom units, and eight three-bedroom units. The sale of a 452 sq ft, two-bedroom unit on the ninth floor for $1.538 million on Feb 21 set a new psf-price high of $3,402 for the development. Since the start of the year, a total of nine units at Hill House have been sold at an average price of $3,213 psf.Chuan Park, situated in District 19 along Lorong Chuan, comprises two- to five-bedroom units. A 732 sq ft, two-bedroom unit on the 20th floor was sold for $2.04 million ($2,785 psf) on Feb 19, setting a new record for the development. Data from Edgeprop Research shows that 81% of the 916-unit condo has been sold at an average price of $2,589 psf since its launch in November 2014.

In summary, investing in a condominium in Singapore has numerous benefits, including a strong demand, potential for increase in value, and appealing rental returns. However, it is crucial to carefully consider various factors such as the location, financing options, government regulations, and market conditions before making a decision. By conducting extensive research and seeking professional guidance, investors can make well-informed choices and maximize their profits in the constantly evolving real estate market of Singapore. Whether you are a local investor looking to diversify your investments or a foreign purchaser seeking a secure and lucrative opportunity, the latest launches of new condos in Singapore, such as those offered by New Condo Launches, present an irresistible opportunity.…

A rare opportunity has arisen in Midview City, with the exclusive marketing agent Colliers International announcing the sale of a three-storey terrace factory at a guide price of $6.2 million or $688 psf. Comprising of a basement and roof terrace, this property is situated in the heart of Sin Ming Industrial Estate along Sin Ming Lane.

This 60-year leasehold property boasts a total strata area of approximately 9,009 sq ft and is zoned as a “Business 1” site under the URA Masterplan 2019. Fully-leased and approved for use as a childcare centre, this property is currently leased to Star Learner preschool and childcare centre.

Completed in 2012, Midview City is a 60-year leasehold light industrial building that offers convenience with its close proximity to Bright Hill MRT Station on the Thomson-East Coast Line. It is also easily accessible from the Bishan and Upper Thomson residential areas, with two entrances via Sin Ming Lane and Bright Hill Drive.

The purchase of a condominium comes with a host of benefits, one of the most significant being the ability to use the property’s value as leverage for future investments. This means that condo owners can use their units as collateral to secure additional funding for new ventures, ultimately expanding their real estate portfolio. By incorporating this method, investors can potentially amplify their profits; however, it is essential to consider the potential risks associated with this approach. It is crucial to have a strong financial plan in place and to carefully consider the potential impact of market fluctuations. If you are considering investing in Singapore projects, this could be an excellent opportunity to further diversify your real estate portfolio. Check out Singapore Projects for more information.

According to Raphael Lee, director of industrial services at Colliers, this property presents “a rare opportunity” for investors as it will be sold with the existing preschool operator in place. As a Business 1 light-industrial property, it is not subject to Additional Buyer’s Stamp Duty (ABSD) and is open for purchase by foreigners. Interested parties may participate in the Expression of Interest (EOI) exercise that will close on April 29 at 3pm.

For more information on industrial property sales, ask Buddy or refer to our price trend analysis for industrial properties. Past industrial sale and rental transactions as well as listings for industrial properties are also available for reference.…

Investors are showing a strong preference for Asia Pacific real estate markets with high liquidity, according to Hamish MacDonald, head and chief investment officer of BlackRock’s APAC Real Estate division. This year, the most promising property sectors are accommodation, logistics, and alternative assets. Among the countries with ample liquidity are Australia, Japan, Singapore, and Auckland in New Zealand – these are also BlackRock’s top focus for the year. MacDonald anticipates that investor sentiment will be bullish this year, with institutional investors initiating discussions about investing and recycling capital into select Asia Pacific real estate markets.

For BlackRock, its focus in Singapore has been on acquiring serviced apartment properties. Collaborating with YTL Corp, the company purchased Citadines Raffles Place for about $290 million in October 2023. The previous February, it partnered with Hong Kong-based Weave Living to acquire Citadines Mount Sophia for $148 million. The Weave Living-operated property reopened this week as Weave Suites – Hillside, a 175-room residence. According to MacDonald, these purchases reflect their belief that there is a shortage of new serviced apartment properties in Singapore, yet demand for this type of accommodation is high. They are not looking to build a large portfolio but rather to target specific deals. They prefer to acquire existing properties that they can refurbish and reposition with a partner, as well as enhance them with new amenities. Singapore continues to draw significant capital inflow and skilled labor to support the country’s robust economic growth, as per MacDonald. They continue to be optimistic about Singapore’s potential.

MacDonald also mentions that Japan will remain a sought-after destination for real estate investors this year. “We are confident about the Japanese economy based on our analysis of domestic pricing power, wage growth, and corporate reform, which collectively support growth in real estate.” A variety of factors have contributed to a significant rental increase in Japan’s residential market in recent quarters, including wage increases and a rise in construction costs, says Daigo Hirai, head of Japan real estate at BlackRock APAC. According to Hirai, tenants are now avoiding smaller studio units in favor of larger apartments, and they project a 7-8% increase in residential rents across major Japanese cities like Tokyo and Osaka this year. BlackRock wants to collaborate with an experienced lodging operator to manage a hybrid residential investment strategy that addresses the inbound tourist accommodation demand as well as domestic rental demand. This would allow them to expand their investment presence in tourist-centric cities like Kyoto and Fukuoka. Hirai mentions that they are looking for assets near train stations in residential-commercial neighborhoods in cities like Namba in Osaka and smaller developments with up to 50 units. Their exit strategy is to purchase assets ranging from JPY1 billion to JPY3 billion.

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When it comes to investing in a condo, securing financing is a crucial factor to consider. Fortunately, Singapore has a variety of mortgage options available. However, it is important for investors to be familiar with the Total Debt Servicing Ratio (TDSR) framework. This framework limits the amount of loan a borrower can take based on their income and existing debt obligations. In order to make well-informed decisions about financing, it is recommended to work with financial advisors or mortgage brokers who can assist in navigating the TDSR rules. This can help investors avoid over-leveraging and properly manage their financial commitments. Additionally, keeping an eye on new condo launches can provide opportunities for investors to explore different financing options and potentially find more favorable terms.

MacDonald says that their focus in Japan is on residential assets, and they are deploying committed teams to identify potential acquisition deals at a significant discount. According to him, this is crucial to operating in Japan. Meanwhile, Australia’s long-term population growth prospects will likely support growth in most sectors in the country’s real estate market, according to Ben Hickey, head of Australia Real Estate at BlackRock. Most of Australia’s property segments are typically marked by low vacancy rates and undersupply. Hickey advises that any investment strategy in Australia should consider factors such as whether rental growth can outpace inflation, the ongoing supply-demand gap, and a favorable exit plan. As a result, their focus in Australia is on niche assets, including childcare properties, last-mile logistics, life sciences real estate, and self-storage properties. Hickey adds that these four asset types will benefit from Australia’s long-term population growth, and because they are undersupplied domestically and relative to other regional markets, they can generate outsized returns with less risk. They cannot rely on favorable interest rates to produce real estate returns.…

If you’ve recently visited a show flat, you may have noticed that the unit sizes seem to have gotten smaller. This is understandable, as our perception of size is relative to what we’re used to. In the 1990s and 2000s, the sizes of the homes we grew up in – whether HDBs or condos – were larger. However, as demographics have changed, so have the average sizes of new condos.

In 1995, the average size of a new condo was 1,272 sq ft, which increased to 1,286 sq ft in 2005. However, in 2015, the average size dropped to 858 sq ft, and by 2024, it was only 929 sq ft. This decrease can be attributed to the decrease in average household size over the years, from four in 1995 to 3.1 in 2024.

On a per-household-member basis, the average space decreased from 318 sq ft in 1995 to 252 sq ft in 2015. However, it rebounded by 19% to 300 sq ft in 2024. Over the past 29 years, the average size of condos (per capita) has decreased by 5.7%, a commendable achievement given Singapore’s land constraints.

This decrease would not have been possible without the help of the government’s “invisible hand.” In 2008, a number of condo projects in the Rest of Central Region (RCR) introduced “Mickey Mouse” units – the smallest being 24 sq m (258 sq ft), equivalent to two parking spaces. This lowered the barriers to property investment, and these projects became popular, leading to the proliferation of such units in the following years.

However, there were concerns that this trend would compromise the quality of living. To address this, the Urban Redevelopment Authority (URA) issued guidelines in 2011, which required developers to use an average size of 70 sq m for projects outside the Central Area, with stricter requirements of 100 sq m in certain areas. This guideline took effect in 2012.

Despite this, the average unit size continued to decrease over the next few years. To address this, the URA tightened the guidelines in 2019, resulting in an increase in average unit size outside the Central Area by 21.4%. However, in the Central Area, the average unit size continued to decrease, reaching its lowest point of 725 sq ft in 2020. To address this, the URA extended the guidelines to the Central Area in 2023, requiring that 20% of units have a net internal area of at least 70 sq m.

When contemplating an investment in a condominium, it is crucial to evaluate its potential rental yield. Rental yield refers to the annual rental income as a percentage of the property’s purchase price. In Singapore, the rental yields for condos can fluctuate significantly, depending on factors such as location, property condition, and market demand. Generally, areas with high rental demand, such as those near business districts or educational institutions, offer more attractive rental yields. To obtain a comprehensive understanding of a specific condo’s rental potential, conducting thorough market research and consulting with real estate agents can be beneficial. For information on the latest Singapore projects, visit https://www.homesearch-md.com/.

In June 2023, the URA also harmonised the definition of strata area and gross floor area (GFA), which led to a decrease in the size of units by an average of 6%. However, this change has also resulted in better value for buyers, as smart home features and high-end appliances have become the norm in new condos.

Overall, the average size of units has increased to 929 sq ft in 2024, 8.3% larger than in 2015. However, with the harmonisation of the GFA definition, the trend may shift downwards. Nevertheless, buyers are getting better value for their purchases, with better provisions and fittings compared to 10 years ago.…

The Ministry of National Development (MND) has recently announced updates to the Silver Housing Bonus (SHB) and the Fresh Start Housing Scheme (Fresh Start) during the Committee of Supply debate. These changes are part of the government’s continuous efforts to support senior citizens in downsizing and improve access to public housing for low-income households living in HDB rental flats.

The Silver Housing Bonus (SHB) aims to encourage senior citizens to better plan for their retirement by unlocking the value of their residential properties and transferring it into their CPF Retirement Account (RA). At present, applicants must be 55 years old or above, have a monthly income not exceeding $14,000, own a property with an Annual Value (AV) not exceeding $21,000, and plan to downsize to an HDB flat that is three-room (excluding three-room terrace) or smaller.

Currently, eligible applicants can receive a cash bonus of up to $30,000 by topping up their CPF RA with a maximum of $60,000. This amount is pro-rated at a rate of $1 cash bonus for every $2 top-up made into their RA.

Effective from 1 December 2020, applicants will qualify for the SHB cash bonus if they can show that their downsizing has resulted in an increase in their CPF RA balance from any source, including housing refunds from CPF. This means that seniors with outstanding loans using their CPF accounts may no longer need to make a cash top-up to be eligible for the SHB.

To sum up, there are many benefits to be gained by investing in a condominium in Singapore, including strong demand, potential for appreciation in value, and attractive rental yields. However, it is crucial to carefully examine important factors such as location, financing options, government regulations, and market conditions. Through thorough research and seeking advice from professionals, investors can make well-informed decisions and maximize their returns in Singapore’s constantly evolving real estate market. Whether you are a local investor looking to expand your portfolio or an international buyer in search of a secure and profitable investment, condos in Singapore provide a compelling opportunity. Don’t miss out on the chance to invest in the latest condo launches by checking out new condo launches.

Additionally, the SHB has been extended to include seniors who own properties with a higher AV, between $21,000 to $13,000. This will benefit an estimated 15,000 more seniors. However, the cash bonus for these applicants will be pro-rated at a rate of $1 for every $6 their RA increases, up to $10,000. On top of this, successful SHB applicants will receive a non-pro-rated cash bonus of $10,000 when they downsize to a two-room or smaller HDB flat (including Community Care Apartments).

Seniors can apply for the SHB within a year of their second property transaction. For instance, those who complete their downsizing after 1 December 2024 can apply for the enhanced SHB on 1 December 2025.

Expanding the Fresh Start Housing Scheme

Minister of State for National Development Muhammad Faishal Ibrahim has announced enhancements to the Fresh Start Housing Scheme, which was launched in 2016. The program provides financial assistance and social support to Second Timer (ST) families who have previously purchased a subsidised HDB flat, with the aim of helping them become homeowners.

Under the current scheme, applicants can purchase two-room flexi or three-room standard BTO flats with shorter leases typically ranging from 45 to 65 years. These leases must last until the youngest owner turns 95. Furthermore, these flats have an extended Minimum Occupation Period of 20 years, compared to the usual five years.

The updates to the scheme include increased financial support, with eligible families now receiving $75,000 from the Fresh Start Housing Grant, up from $50,000 previously. The new grant consists of an initial disbursement of $60,000 credited to the applicant’s CPF Ordinary Account (OA) before the key collection date. The remaining $15,000 will be disbursed to the OA over the next five years to help with mortgage payments.

The eligibility criteria have also been expanded to include First Timer (FT) families. While FT families are not eligible for the Fresh Start Housing Grant as they are eligible for the larger Enhanced CPF Housing Grant (EHG) of up to $120,000, they can still take advantage of the reduced cost of shorter-lease BTO units and the social support provided by the program.

Eligible FT families can start applying for Fresh Start in April 2025, while the revisions to the Fresh Start Grant amount will take effect from the July 2025 BTO exercise.…

The Ministry of National Development (MND) has announced new changes to the Additional Buyer’s Stamp Duty (ABSD) regime for licensed housing developers, which will come into effect on March 6.

The revisions include an extension of the ABSD remission timeline for developers undertaking complex projects from six to 12 months. This move aims to encourage developers to take on urban transformation developments, optimize land usage through intensification or integration, revitalize older estates, or adopt new construction technologies.

Projects that qualify for the extended timeline include en bloc redevelopments that will yield at least 700 units upon completion, with 1.5 times the number of homes of the existing development. Other projects that qualify are those with complex technical or instructional requirements, such as those integrated with major public transport facilities.

Read also: OPINION: Can the market absorb the supply from this year’s GLS sites?

AdvertisementAdvertisementTwo other categories eligible for the extension are projects approved under the Strategic Development Incentive (SDI) scheme and projects aiming to achieve higher productivity targets through the adoption of new construction technologies, methodologies, or practices.

Projects that fall under any of these four categories will be granted a six-month extension, with those meeting the criteria of more than one category receiving a one-year extension. These changes are expected to apply to all residential land acquired on or after March 6.

Currently, licensed housing developers purchasing residential redevelopment sites are subjected to a 5% ABSD upfront, which is non-remittable, and a 35% ABSD, which is remittable when the developer completes and sells all the units in the project within a five-year timeframe.

This latest revision comes after changes announced in February last year, offering a lower clawback rate for residential developments with at least 90% of units sold.

“Such extensions will give developers more flexibility and may help to mitigate development risks to some extent, as they have a bit more time to sell units, particularly for mega projects,” says PropNex Realty CEO Ismail Gafoor.

Lee Sze Teck, senior director of data analytics at Huttons Asia, says the ABSD revisions will “give a much-needed boost to the en bloc market, in particular, bigger en bloc projects.”

Read also: US buyers to lead foreign demand in Singapore for third straight year

While this policy change will be welcomed by developers, Christine Sun, chief researcher and strategist at OrangeTee Group, adds: “Developers may still face challenges despite the deadline extension as there are other considerations. For example, the success rate of en bloc sales will depend on the willingness of buyers and sellers to negotiate prices.”

Tay Liam Hiap, managing director of capital markets and investment sales at ERA, believes it could be “an opportune time” for older projects, such as Braddell View and Pine Grove, which are projects with expansive land areas, to explore en bloc opportunities.

These projects may yield some 2,000 new homes, which could take more time to sell. “In such cases, the extension of six to 12 months may not be sufficient for developers to sell out their projects,” adds Tay.

Investing in Singapore’s condominium market has become a sought-after option for both domestic and international investors, largely due to the country’s thriving economy, stable political climate, and exceptional quality of life. With a diverse range of real estate opportunities available, condos are a particularly attractive choice, offering convenience, luxurious amenities, and potential for considerable returns. In this article, we will delve into the advantages, factors to keep in mind, and important steps to take when considering investing in a condo in Singapore, with a focus on top projects available at Singapore Projects.

Meanwhile, Gafoor notes that the policy change may not “spark a revival in the en bloc market” and expects developers to continue to be cautious due to the “high cost of redevelopment, ample oncoming private housing supply, and potential policy risk”.…

The Land Transport Authority (LTA) has announced plans for two new MRT lines that are currently undergoing feasibility studies. These lines, set to be completed in the 2040s, are expected to serve over 400,000 households.

One of the proposed lines is the Seletar Line, which will connect Woodlands, Sembawang, Sengkang West, Serangoon North, Whampoa, Kallang, and the Greater Southern Waterfront. The second line, known as the Tengah Line, will supplement the existing transport network in the west and northwest regions, serving areas such as Tengah, Bukit Batok, Queensway, and Bukit Merah.

Transport Minister Chee Hong Tat announced in a speech to parliament on March 5 that, subject to the results of LTA’s feasibility studies, the Seletar Line and Tengah Line could potentially be joined. This announcement was made alongside plans to proceed with the West Coast Extension (WCE), which will extend the Jurong Region Line (JRL) to connect with the Circle Line (CCL) and Cross Island Line (CRL).

The WCE will be implemented in two phases, with the first phase extending the JRL from Pandan Reservoir Station to connect with the CRL by the late 2030s. The second phase aims to extend the JRL from West Coast Station to connect with the CCL’s Kent Ridge Station by the early 2040s. Once completed, the WCE is expected to provide up to 20 minutes of time savings for residents travelling from the West to the city centre.

When contemplating an investment in a condo, it is crucial to also evaluate the potential rental yield. Rental yield refers to the annual rental income as a percentage of the property’s purchase price. In Singapore, condo rental yields can vary greatly depending on factors such as location, property condition, and market demand. Generally, areas with high rental demand, such as those near business districts or educational institutions, tend to offer more favorable rental yields. It is essential to conduct thorough market research and seek guidance from real estate agents to gain valuable insights into the rental potential of a specific condo. For further information on condos, visit Condo.

In addition to the proposed rail lines, the government also plans to invest up to $1 billion over the next five years to maintain high-reliability standards in both newer and older train systems. This investment will go towards condition monitoring systems, new technologies, and workforce training programmes for rail workers to improve the efficiency and effectiveness of rail maintenance.

LTA says that these efforts to expand the rail network, enhance asset management, and upskill the rail workforce will enable the continued delivery of convenient, reliable, and resilient public transport for commuters in Singapore.…

Elias Green, a 99-year leasehold condominium located in Pasir Ris, will be put up for collective sale by public tender on March 6, according to the appointed marketing agent ERA Realty Network. With a guide price of $928 million, the property is expected to attract significant interest from developers.

Completed in 1994, the condo is situated on a land area of approximately 516,871 sq ft and is zoned for residential use with a gross plot ratio of 1.4. It is made up of several blocks and has a total of 419 apartments, ranging in size from 1,367 to 1,636 sq ft. The site has a 99-year lease from 1991, with a remaining lease of 65 years.

According to ERA, the guide price of $928 million equates to a land rate of $1,355 per square foot per plot ratio (psf ppr). This includes an estimated land betterment charge of $150.8 million for intensification, as well as a top-up to a fresh 99-year lease. It also takes into account a 10% bonus gross floor area.

The marketing agent also notes that the owners of Elias Green are in the process of submitting an Outline Application to URA for a residential development at a gross plot ratio of 1.8. If approved, the land rate for the development would be around $1,245 psf ppr.

If the collective sale is successful, based on the guide price, owners are expected to receive gross sale proceeds ranging from approximately $2.04 million to $2.31 million per unit.

The condo market in Singapore remains in high demand due to several factors, with one of the main drivers being the limited land supply. As a small island nation experiencing a rapid increase in population, Singapore faces the challenge of a shortage of land for development. This has resulted in strict land use regulations and a fiercely competitive real estate industry, where property values continue to rise. As a result, investing in real estate, particularly condos, has become a highly profitable opportunity with the potential for substantial capital gains.

Tay Liam Hiap, managing director of capital markets and investment sales at ERA Singapore, highlights that Pasir Ris Town is currently undergoing significant improvements as part of HDB’s “Remaking Our Heartland” initiative, which will enhance its vibrancy and connectivity. He also mentions that the new Pasir Ris Bus Interchange is expected to be completed by 2025 and will integrate with the future Pasir Ris Integrated Transportation Hub, which includes the Cross Island Line (CRL) set to be operational by 2030.

This is the second time that owners at Elias Green are attempting a collective sale, with the first attempt in 2018 at a tender price of $780 million. The latest price tag of $928 million is 19% higher than the previous asking price.

The tender for Elias Green will close on April 22 at 2pm. Interested parties can check out the latest listings for Elias Green properties.…

As a foreign investor, it is crucial to have a thorough understanding of the regulations and limitations surrounding property ownership in Singapore. In comparison to landed properties, which have stricter ownership rules, foreigners are typically able to purchase condos with fewer restrictions. However, it is important to note that foreign buyers are subject to the Additional Buyer’s Stamp Duty (ABSD), which currently stands at 20% for their first property purchase. Despite this added expense, the Singapore real estate market remains a stable and lucrative option for foreign investment, making Singapore Condos a desirable choice for many.

The Qingjian-Forsea consortium emerged as the winner of the tender for Media Circle (Parcel A), one of the Government Land Sale (GLS) sites in the one-north area. The 99-year leasehold site, measuring 82,125 square feet, was put up for sale in November last year and closed on March 4. The consortium’s bid of $315 million was the highest among the three bids received for the site. This translates to a land rate of $1,037 per square foot per plot ratio (psf ppr).The site is zoned for residential use and will have commercial space on the first storey. It is expected to yield approximately 325 housing units with a maximum gross floor area of 303,865 sq ft. In a press statement, Qingjian and Forsea stated that the development will include two high-rise residential towers with commercial spaces on the first level.AdvertisementThe Media Circle (Parcel A) site received a total of three bids. The winning bid from Qingjian and Forsea was 5.7% higher than the second-highest bid of $298 million, submitted by EL Development. SingHaiyi Group came in with the lowest bid of $295 million.Qingjian and Forsea’s bid is lower than the land rate paid for a neighbouring Media Circle GLS site, which was awarded to them in January 2024. The neighbouring site, which is now the location of the upcoming 358-unit Bloomsbury Residences, was purchased for $395.28 million, or $1,191 psf ppr. “We are confident in the upcoming transformation of Media Circle, supported by a well-designed master plan and the government’s continued investment in the one-north precinct as announced in the 2025 budget,” commented Du Dexiang, managing director of Qingjian Realty.Wang Xin, director at Forsea Holdings, added that this project is another important step in their commitment to developing high-quality residential communities that align with the growth of one-north, which is comparable to Singapore’s “Silicon Valley”. This marks the third joint venture between Qingjian and Forsea, with the previous two being an executive condominium site at Jalan Loyang Besar and a site for 114,462 sq ft, with potential for 710 new homes.Lee Sze Teck, senior director of data analytics at Huttons Asia, noted that Qingjian’s latest bid reflects their confidence in the demand for housing in the area. He also mentioned that if awarded the bid, Qingjian will have a hand in determining the supply and pricing of new homes in Media Circle.The Media Circle (Parcel A) site was launched for sale in November last year, together with the adjacent Parcel B, which measures 107,936 sq ft and is expected to yield about 500 housing units. In total, there are three Media Circle sites available for application, both on the Confirmed List and Reserve List of the Government Land Sale Programme for 2024 and 2025. Qingjian and Forsea had also been awarded the Parcel B site in January 2024.The Media Circle area is unique as it is set among greenery and black and white bungalows. It is also one of two precincts in the one-north neighbourhood earmarked for housing. In total, there are only 987 non-landed residential properties in the area, with less than 100 new homes remaining unsold. Due to the high proportion of foreigners working in one-north, as well as the nearby Science Park and Tanglin Trust School, Lee believes the area offers a strong pool of quality tenants while also being close to diverse retail and dining options such as Anchorpoint Shopping Centre, Alexandra Central Mall and Timbre+ One North.Leonard Tay, head of research at Knight Frank Singapore, believes that the future project at Media Circle (Parcel A) will launch with selling prices starting from $2,300 psf. While it may be in a quieter section of the one-north business park, it is also within walking distance to Mediapolis. Tay believes that a residential project, or a mix of residences with serviced apartments for lease, could appeal to workers in the media and entertainment industry.…