EL Development draws 4,000 at three-day preview of Blossoms By The Park

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Over the past three days, the sales gallery for Blossoms By The Park at Slim Barracks Rise, in the one-north district, has seen close to 4,000 visitors since its launch on April 14. According to Lim Yew Soon, managing director of EL Development, most of these visitors appear to be local.

The private housing development offers a total of 275 units with a selection of residential choices ranging from one-bedroom-plus-study to four-bedroom-premium units. Prices range from $1.291 million ($2,352 psf) for the former, to $3.335 million ($2,213 psf) for the latter.

These prices have been estimated by Ken Low, managing partner of SRI, to have an average sale price of around $2,350 to $2,400 psf.

If location is a factor of consideration, the development’s proximity to the Buona Vista MRT Interchange Station, The Star Vista mall, Fairfield Methodist School, and the Greater Southern Waterfront should be attractive to potential investors.

On April 29, EL Development will be launching the project and is expecting a good turnout. In anticipation, Edge Landlocs has recently put up a listing of nearby properties for potential buyers to check out as well.…

Mortgage , Property News , Real Estate

Two adjoining shophouses off Upper Thomson Road for sale at $10.5 mil

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Adjacent to Adelphi Park Estate and located just a minute’s walk away from Upper Thomson MRT station, two freehold adjoining shophouses have been launched for sale via expression of Interest (EOI) at a guide price of $10.5 million. It is estimated that the existing combined floor area of approximately 3,940 sq ft. spreads across a total site area of 3,650 sq ft with a gross plot ratio of 3.0 adopting a building height of up to four storeys as per the 2019 Master Plan.

The shophouses are situated off Upper Thomson Road, around 50m away from the Thomson Plaza shopping mall and are accessible via major roads and expressways: Upper Thomson Road, Lornie Road, Thomson Road, Braddell Road, Marymount Road and the Pan Island Expressway. Caldecott MRT Station (with an interchange of the Circle Line) is one stop away from Upper Thomson MRT.

The sale for the properties offers an opportunity for investors to enjoy rental income as well as potential capital appreciation in the long term. There is also an option of redeveloping the shophouses into a four-storey residential building with commercial space on the first storey. For this option, the successful buyer needs to receive approval from the authorities and can expect a gross floor area of about 10,950 sq ft accordingly.

A plethora of amenities located nearby, such as popular eateries and cafes along Upper Thomson Road, Sin Ming Plaza and Junction 8 shopping mall, as well as prestigious educational institutions like Ai Tong School, Catholic High School, CHIJ St Nicholas Girls’ School, Marymount Convent School and Whitley Secondary School within a 1-2km radius, adds to the appeal of these shophouses.

The shophouses are for sale with existing tenancies and on an “as is where is” basis. The EOI exercise for the property will close on May 8 at 3pm.

Steven Tan, managing director of capital markets and investment sales at ERA Realty Network says, “This rare opportunity offers investors a chance to own a pair of freehold shophouses that offer immediate rental income and future capital appreciation potential in the long term.” ERA is the exclusive marketing agent for the shophouses.…

Mortgage , Property News , Real Estate

Collective sale of Tanjong Katong development relaunched at $63 mil

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At 52 to 62H Tanjong Katong Road, owners have relaunched the property for tender at a guide price of $63 million. Huttons Asia, the sole marketing agency for the site, notes that it received several offers for the walk-up development of 26 units when first put up for collective sale in July 2020, with an asking price of $65.5 million.

The land area of the property is approximately 32,397 ft and is zoned for residential purposes, with a gross plot ratio of 1.4 according to the 2019 Master Plan. This could potentially yield 45,356 ft of gross floor area which could provide the basis to build 49 residential apartments of around 915 sq ft each.

At a guide price of $63 million, the land rate is $1,401 psf per plot ratio (psf ppr) when taking into account the estimated land betterment charge of approximately $530,000. With a bonus of 7% balcony gross floor area, the rate could be reduced to $1,375 psf ppr.

The property is located within a 500m walk of Paya Lebar MRT Station and is only a 10-minute drive from the CBD. This makes it an attractive option for buyers looking for a new home in District 15. The area also features shopping malls such as PLQ mall, i12 and Parkway Parade, alongside recreational facilities such as the Singapore Sports Hub and East Coast Park.

Additional F&B and cafe offerings in the Katong and Joo Chiat areas provide an abundance of convenience for professionals and young couples. The tender for 52 to 62H Tanjong Katong Road closes May 9, at 2pm.

This comes following the success of the launch of Tembusu Grand, a 638-unit condo by City Developments and MCL Land, located on Jalan Tembusu, just off Tanjong Katong Road. In April 2021, the property saw 53% of its units sold at an average price of $2,456 psf.…

Mortgage , Property News , Real Estate

Two shophouses at Perak Road up for sale at $13 mil

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The two-storey shophouses at 6 and 7 Perak Road have been launched for sale via tender with a guide price of $13 million. This works out to approximately $2,425 per sq ft on their total floor area of 5,360 sq ft and they are zoned for commercial use. Located in the Jalan Besar/Little India precinct, they are a three-minute walk to Rochor MRT Station and have approval for usage as a backpackers’ hostel.

These well-maintained properties occupy a land area of approximately 2,870 sq ft, with an 11.4m-wide frontage along Perak Road. According to Gracelynn Zhu of PropNex Shophouse Elites, which is marketing the property, the properties enjoy strong rental demand and the vendor is looking to sell the shophouses with vacant possession.

Given their strategic location in District 8, surrounded by amenities, and close to the Bugis area, Zhu believes the properties may be ideal for hostel operators looking to tap renewed interest for convenient and accessible accommodation. As no additional buyer’s stamp duty is Luminar Grand payable on the purchase of the properties, Zhu estimates that the shophouses could potentially bring in a gross rental yield of over 3% for the future buyer.

The tender for the property will close on May 8 at 3pm. With a guide price of $13 million, it works out to $2,425 per sq ft on the total floor area. Those looking to invest in the properties can anticipate strong rental and capital growth, and potentially make a gross rental yield of over 3%.

With the recovery of the tourism sector gaining strong momentum post-pandemic, Zhu expects keen interest from investors seeking assets that can provide strong rental and capital growth. The well-kept condition and location of the shophouses in the Jalan Besar/Little India precinct means they could be ideal for hostel operators looking to tap renewed interest for convenient and accessible accommodation among incoming tourists and travellers.

Overall, the two-storey shophouses with mezzanine space at 6 and 7 Perak Road are well-positioned for profitable investment for both hostel operators and investors alike. With no additional buyer’s stamp duty and strong rental demand, this is a great opportunity to take advantage of in the tourism-recovery post-pandemic.…

Mortgage , Property News , Real Estate

JLL promotes Sandeep Sethi to Asia Pacific division president for work dynamics

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Sandeep Sethi has been appointed as Division President of Work Dynamics in the Asia Pacific Region by JLL, expanding his current role of Managing Director and Head of Work Dynamics for the West Asia market. Having an experience of 27 years in the corporate sector and 10 of them at JLL, Sethi has excelled inforge deep relationships with clients and grow the business to become the largest occupier in West Asia, managing a whopping 160 million sq ft of office space over 1,500 client sites across India, Sri Lanka, Mauritius, and Bangladesh.

In this new position, Sethi will kick off his work with North Asia market and overseeing all services to clients will be one of the important tasks. In addition, the leader will be responsible for growing the company’s market share in mainland China and Hong Kong. He will be based in Gurgaon and will directly report to Susheel Koul, JLL’s CEO for Work Dynamics in Asia Pacific.

Speaking on the appointment, Koul expressed his delight and thanked Sandeep for accepting the role. He commended Sandeep for being an established leader and client advisor, who has an insightful understanding of the ever-changing nature of the commercial real estate industry.

Koul remarked, “His appointment reinforces JLL’s commitment to developing and elevating our people to serve our rapidly diversifying client base across Asia Pacific”.

Sandeep’s years of experience in the corporate sector, especially his decade long association with JLL, speaks of his capabilities and accomplishments. As the leader steps into his new role, the Asia Pacific region can look forward to more success in the future.…

Mortgage , Property News , Real Estate

JLL promotes Sandeep Sethi to Asia Pacific division president for work dynamics

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Sandeep Sethi has been appointed as division president of JLL’s work dynamics in Asia Pacific. This business unit provides services across the full real estate life cycle for occupiers, including integrated facilities management, construction management services, sustainability and workplace consulting, workplace experience, and lease transaction management. This role expands his current portfolio of managing director and head of work dynamics for West Asia.

With over two decades of diverse experience in the corporate sector, Sethi brings 10 years of expertise from JLL to the table. Under his radar, JLL had become the largest occupier business in West Asia, managing more than 160 million sq ft of office space across 1,500 client sites in India, Sri Lanka, Mauritius, and Bangladesh.

In his new role, Sethi is responsible for JLL’s North Asia market, overseeing all services that are delivered to the clients. He is additionally responsible for growing JLL’s North Asia marketshare, in mainland China and Hong Kong. His base is in Gurgaon and he will report to Susheel Koul, CEO for JLL’s work dynamics in Asia Pacific.

Koul described Sethi as an “established leader and respected client advisor” who has an “astute understanding” of the ever-changing commercial real estate scene. The appointment serves as a testament to JLL’s commitment to developing its people to better serve their clients in Asia Pacific.

By appointing Sethi in this role, JLL aims to provide their clients with a Bukit Batok EC comprehensive service offering, in an effort to meet the growing demand for occupier real estate services in the region.…

Mortgage , Property News , Real Estate

Shipyard at Benoi Road for sale at $11.3 mil

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A plot of land boasting a size of over 500,000 sq ft with waterfront access located at the junction of Benoi Road and Pioneer Road within the Jurong Industrial Estate has been launched for sale via an expression of interest (EOI) exercise at a guide price of $11.3 million.

Various structures already situated on the property include 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 a wharf. It is suitable for shipbuilding, ship or vessel repair and maintenance.

The property located around 24km from the City Centre is easily accessible with the Ayer Rajah Expressway and Pan-Island Expressway in the vicinity, as well as the Joo Koon MRT Station, which is a five-minute drive away.

Isabel It, associate division director of Huttons Asia, states that the plot is regular in shape and has a corner frontage of around 255m on Benoi Road and Pioneer Road, with an average plot depth of 213m. On the east side, the land has a 230m frontage against the waterfront.

“The land is generally at an access-road level with a flat contour,” It adds.

Lee Sze Teck, senior director of research at Huttons Asia, reveals that the last known sale of an industrial property on Benoi Road for similar usage, based on caveats lodged, was a 328,105 sq ft plot at 5 Benoi Road in December 2020 for $10.5 million.

In February 2021, a shipyard with a site area of approximately 1.5 million sq ft at 55 Gul Road – about a 10-minute drive from 1 Benoi Road – was acquired by ST Engineering for $95 million.

“The property is suitable for companies looking to expand their business as a plot of land of such size meant for vessel building or maintenance usage is rarely available for sale,” remarks Lee.

The sale of the property known as 1 Benoi Road is subject to approval from relevant authorities. The EOI exercise for the property closes on April 27 at 3pm.

For further real estate development news and transactions around Benoi Road, Jurong Industrial Estate, check out the latest listings near the area.…

Mortgage , Property News , Real Estate

GuocoLand sole bidder for Lentor Gardens GLS site at $985 psf ppr

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GuocoLand’s Lentor Modern sold 84% of units on launch weekendLentor Gardens GLS site drew just one bid from GuocoLand and Intrepid Investments for a land rate of $985 psf pprThe tender for the residential government land sale (GLS) site at Lentor Gardens concluded today with just one bid from GuocoLand and Intrepid Investments (a subsidiary of Hong Leong Group). The joint venture partners submitted a bid of $486.8 million, which translates to a land rate of $985 psf plot ratio (psf ppr).

GuocoLand spokesperson has stated that they are envisioning the development of a high-end residential development at this site with 533 units and 600 sqm of childcare facilities. The development is expected to add to the area of Lentor Hills transforming it into a known premium residential area.

The current bid of $958 psf ppr is the lowest for a Lentor land parcel as stated by Mark Yip, CEO of Huttons Asia. This is also the first residential GLS tender to see only one bidder since the tender of the Silat Avenue GLS in 2018, awarded to a UOL Group consortium for $1.035 billion.

Last year, two other GLS sites at Lentor were awarded. Lentor Central was sold to a consortium comprising China Communications Construction, Soilbuild Group Holdings and United Engineers for $481.03 million ($1,108 psf ppr). TID (a joint venture between Hong Leong Group and Mitsui Fudosan) won the tender for Lentor Hills (Parcel B) for $276.36 million ($1,130 psf ppr) and can yield about 265 units.

The GLS site at Lentor Hills Road (Parcel A) was sold for $586.6 million ($1,060 psf ppr) in January 2022, which was purchased by a joint venture between GuocoLand, Hong Leong Holdings, and TID. The project, the 598-unit Lentor Hills Residences, is expected to be launched soon.

GuocoLand’s launch of the 605-unit Lentor Modern integrated development, which took place last September, saw 84% of the units being sold on launch weekend. Prices being lodged and recorded at an average of $2,104 psf, the project is now 88% sold.

Huttons’ Yip noted that bids for GLS over the Lentor area have been declining; which could be attributed to the cloudy economic outlook along with the risk of being slapped with Additional Buyer’s Stamp Duty if unable to sell all the units within five years.

Two other GLS sites at Lentor are on sale for the 1H2023 GLS Programme. A site at Lentor Central, expected to launch for tender this month, can yield 475 units and a 500-unit residential site at Lentor Gardens is on the Reserved List.

Leonard Tay, head of research at Knight Frank Singapore, estimates that the three already sold and the two still on sale sites potentially bring in 3,500 new units with 11,000 new residents. He pointed out the proximity of the site to the Lentor MRT station and recreational facilities such as Thomson Nature Park and Yio Chu Kang Stadium and Sports Complex. It is also around 1 km away from CHIJ St Nicholas Girls’ School, making it attractive to parents with school-going children.

Steven Tan, CEO of OrangeTee & Tie, believes that the eventual launch at the site could see units priced around $1,950 to $2,050 psf.

It is interesting to note that with the emergence of GuocoLand has a dominant player in the Lentor Hills estate, could be an indicator of the potential for the development of this land parcel at Lentor Gardens. Opportunities like this to make an investment in such prime land, rarely come by and with the area being a bullseye on the investment map; the tender to purchase this project at the rate of $985 psf ppr, might turn out to be quite a lucky draw.…