Mortgage , Property News , Real Estate

Singapore office rents see subdued growth in 1Q2023: JLL

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Grade A office rents in the CBD saw an increase in the 1Q2023, with the gross effective rent for office spaces hitting an average of $11.30 psf per month, according to real estate consultancy, JLL. However, this 1.0% q-o-q growth was overshadowed by the 1.2% q-o-q growth seen in the previous quarter, marking the first slow-down of growth in five consecutive quarters.

Andrew Tangye, JLL Singapore’s head of office leasing and advisory, attributed this easing rental growth to the macroeconomic uncertainties that hindered the demand for office space. He noted that large space users decided to put expansionary and relocation plans on the back burner.

“Leasing activity in 1Q2023 was driven mainly by small-to-medium-sized space occupiers with immediate requirements such as new market entrants and those looking to accommodate new workplace design or increased hirings that took place in 2022,” Tangye points out.

Examples of such occupiers include Munich Re, who took up two floors at 18 Cross Street for its new office, and fine wine merchant Corney & Barrow, which relocated to Hub Synergy Point.

Despite the current “cautious mood”, Tay Huey Ying, JLL Singapore’s head of research and consultancy, observes that the tight supply of Grade A office space saw some occupiers seizing the opportunity to upgrade to better office space at new and upcoming completions.

Two of these new office spaces are Guoco Midtown in the Bugis-Beach Road area, which received its Temporary Occupation Permit in January with 80% of space already secured, and IOI Central Boulevard Towers in the Marina Bay financial district. JLL estimates that 45% of the space at IOI Central Boulevard Towers is already pre-committed or under advanced negotiation, and the building is due to be completed in 3Q2023.

Also due to be completed in 2024 is the Labrador Tower along Pasir Panjang Road. JLL estimates that it is 25% pre-committed one year prior to its completion. Its tenants include Prudential, with 150,000 sq ft of space in the Green Mark Platinum Super Low Energy development secured with a 15-year-tenure expiring in November 2024.

Given the current macroeconomic environment, Tay believes office demand will remain more muted. While leasing activity for recent or soon-to-be-completed projects is expected to persist, she expects backfilling of spaces by relocating occupiers to take a longer time. She anticipates that this will likely keep rent growth modest, if at all, for the rest of the year.

Tangye, however, predicts that the post-2024 period will be a different story. With a sharp dip in new completions and an upswing in demand due to the improved economic prospects, Tangye believes rental growth will accelerate. He urges occupiers, especially large space users, to take advantage of “this window” to secure spaces in new, good quality office buildings.…

Mortgage , Property News , Real Estate

Discovering Bukit Panjang An Overview of Singapore’s Vibrant Town and its Integrated Transport Hub

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Bukit Panjang is a suburban town located in the western part of Singapore. It is known for its scenic views, lush greenery, and a wide range of amenities, including shopping malls, educational institutions, and recreational facilities. In recent years, Bukit Panjang has also become home to Singapore’s newest integrated transport hub. In this article, we’ll take a closer look at Bukit Panjang, its history, attractions, and the Bukit Panjang Integrated Transport Hub.

History:

Bukit Panjang, which means “long hill” in Malay, was named after the long undulating hills in the area. The town was first developed in the 1980s and 1990s and has since grown to become a vibrant and thriving community.

Attractions:

Bukit Panjang is known for its scenic views and lush greenery. One of the most popular attractions in the area is the Bukit Timah Nature Reserve, which is home to a variety of flora and fauna, including monkeys, squirrels, and birds. The reserve also offers hiking trails, picnic areas, and stunning views of the city skyline.

Another popular attraction in Bukit Panjang is the Zhenghua Park, which features a large pond, jogging paths, and a playground. The park is a great place to relax and enjoy the outdoors.

Bukit Panjang is also home to several shopping malls, including Hillion Mall and Bukit Panjang Plaza, which offer a range of retail and dining options. Additionally, the town is home to several educational institutions, including Zhenghua Primary School and Bukit Panjang Government High School.

Bukit Panjang Integrated Transport Hub:

Bukit Panjang Integrated Transport Hub is Singapore’s newest integrated transport hub. It was officially opened in 2017 and serves as a transportation hub for the town and surrounding areas. The hub is located next to the Bukit Panjang MRT Station and features a range of transportation options, including buses, taxis, and private cars.

The hub also features several amenities, including retail shops, a food court, and a community club. One of the unique features of the hub is its green roof, which is covered in vegetation and helps to reduce the heat island effect in the area. The green roof also serves as a recreational space and features a community garden and a jogging track.

The Bukit Panjang Integrated Transport Hub has been designed with sustainability in mind. The hub features energy-efficient lighting and air conditioning systems, as well as rainwater harvesting systems. Additionally, the hub has been designed to be accessible for people with disabilities, with features such as barrier-free access and tactile guidance systems.

Conclusion:

Bukit Panjang is a vibrant and thriving community in the western part of Singapore. The town is known for its scenic views, lush greenery, and a range of amenities, including shopping malls, educational institutions, and recreational facilities. With the opening of the Bukit Panjang Integrated Transport Hub, the town has become even more accessible and sustainable, offering a range of transportation options and amenities for residents and visitors alike. Bukit Panjang is a great place to live, work, and visit, and its integrated transport hub is a shining example of Singapore’s commitment to sustainable urban development.

As Singapore continues to grow and develop, it is important to ensure that urban development is sustainable and promotes the well-being of its residents. The Bukit Panjang Integrated Transport Hub is a great example of how sustainable urban planning can be integrated into transportation infrastructure.

The green roof of the hub not only provides a recreational space for residents but also helps to reduce the heat island effect in the area. The rainwater harvesting system also helps to conserve water resources, while the energy-efficient lighting and air conditioning systems help to reduce energy consumption and carbon emissions.

In addition to its sustainable features, the Bukit Panjang Integrated Transport Hub also serves as a community hub, offering amenities such as a community club and retail shops. This helps to create a sense of community and promotes social cohesion, which is essential for the well-being of residents.

Overall, Bukit Panjang is a great example of how urban development can be sustainable, livable, and accessible. The town offers a range of amenities and attractions, from its lush greenery and scenic views to its shopping malls and educational institutions. With the opening of the Bukit Panjang Integrated Transport Hub, the town has become even more accessible and sustainable, offering a range of transportation options and amenities for residents and visitors alike.

As Singapore continues to develop and grow, it is important to ensure that sustainable urban planning is integrated into all aspects of development. The Bukit Panjang Integrated Transport Hub is a great example of how this can be achieved, and it serves as a model for sustainable development in other areas of Singapore and beyond.…

Mortgage , Property News , Real Estate

A Comprehensive Guide to CDL Real Estate Developer Projects, Philosophy, and Achievements

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CDL Real Estate Developer is one of the largest and most reputable property development companies in Singapore. Established in 1963, CDL has played a significant role in shaping the city-state’s urban landscape and has a proven track record of delivering high-quality and sustainable developments. In this article, we’ll take a closer look at CDL Real Estate Developer, its philosophy, projects, and achievements.

Philosophy:

CDL’s philosophy is centered on the belief that real estate development should be sustainable, environmentally responsible, and contribute to the well-being of the community. This philosophy is reflected in the company’s commitment to green and smart building technologies, as well as its focus on social responsibility and community development.

One of CDL’s most notable initiatives in this regard is its “CDL Future Value 2030” sustainability blueprint. Launched in 2017, this initiative aims to make CDL a leader in sustainable development by 2030. The blueprint outlines a range of goals, including reducing the company’s carbon footprint, improving energy efficiency, and promoting sustainable practices in its supply chain.

Projects:

CDL’s portfolio includes a diverse range of properties, including residential, commercial, and hospitality developments. Some of the company’s most notable projects include:

The St. Regis Singapore: Located in the heart of Singapore’s downtown core, The St. Regis Singapore is a luxurious hotel that offers world-class amenities and personalized service.

The Sail @ Marina Bay: The Sail @ Marina Bay is an iconic residential development that offers stunning views of Marina Bay and the city skyline. The development features two towers, each 70 stories high, and offers residents a range of amenities, including a swimming pool, tennis courts, and a gym.

The Venue Residences and Shoppes: Located in the heart of Potong Pasir, The Venue Residences and Shoppes is a mixed-use development that offers a range of residential units and retail spaces. The development features a rooftop garden, a swimming pool, and a fitness center.

Whistler Grand: Whistler Grand is a residential development located in West Coast Vale. The development offers a range of units, from one-bedroom to five-bedroom apartments, and features amenities such as a clubhouse, a swimming pool, and a gym.

Achievements:

CDL’s commitment to sustainability and social responsibility has been recognized by numerous industry bodies and organizations. Some of the company’s most notable achievements include:

Green Mark Platinum Award: CDL was the first developer in Singapore to receive the Green Mark Platinum Award from the Building and Construction Authority (BCA) for its commitment to sustainable development.

Dow Jones Sustainability Index: CDL has been included in the Dow Jones Sustainability Index for seven consecutive years, making it the only Singapore property developer to be included in the index.

Global 100 Most Sustainable Corporations: CDL has been included in the Global 100 Most Sustainable Corporations in the World for four consecutive years, ranking first among real estate companies.

Human Resources Asia Awards: CDL has been recognized for its commitment to employee development and well-being, winning the Best Learning and Development Award and the Best Health and Wellness Program Award at the Lumina Grand EC Human Resources Asia Awards.

Conclusion:

CDL Real Estate Developer is a leading property development company in Singapore that has a strong commitment to sustainability, social responsibility, and community development. The company’s philosophy is reflected in its initiatives, such as the “CDL Future Value 2030” sustainability blueprint, and its portfolio of projects, which include residential, commercial, and hospitality developments. CDL’s achievements in sustainability and social responsibility have been recognized by numerous industry bodies and organizations, making it a trusted and reputable brand in the real estate industry. CDL’s commitment to sustainable development has not only contributed to the environment but also brought value to its stakeholders.

Moving forward, CDL Real Estate Developer is poised to continue leading in the development of sustainable and innovative real estate projects that contribute to the betterment of the community. With its strong philosophy, portfolio of projects, and numerous achievements, CDL has established itself as a leader in the Singapore property market and a model for sustainable real estate development around the world.…

Mortgage , Property News , Real Estate

Qingjian Realty Real Estate Developer A Leading Name in the Singapore Property Market

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Qingjian Realty is a well-known real estate developer that has established its reputation as a leading name in the Singapore property market. The company is known for developing high-quality, innovative, and sustainable residential and commercial properties that cater to the needs of modern urban living.

Founded in 1952 in China, Qingjian Group is a diversified conglomerate that operates in various industries, including construction, real estate, logistics, and technology. Qingjian Realty is the real estate development arm of the group, and it has been actively involved in the Singapore property market since 2008.

Over the years, Qingjian Realty has developed an impressive portfolio of projects, ranging from executive condominiums to luxury apartments, landed homes, and mixed-use developments. The company has a strong focus on innovation, and it is known for incorporating advanced technology and sustainable features in its projects.

One of Qingjian Realty’s notable projects is the Waterbay Executive Condominium, located in Punggol Central. The development features 383 residential units and a wide range of amenities, including a 50-meter lap pool, hydrotherapy pool, and rooftop gardens. The project was awarded the BCA Green Mark GoldPlus Award, which recognizes buildings that incorporate sustainable design and construction practices.

Another noteworthy project is the iNz Residence Executive Condominium, located in Choa Chu Kang. The development features 497 residential units and a wide range of amenities, including a 50-meter lap pool, a clubhouse, and a gym. The project was awarded the BCA Green Mark Platinum Award, which is the highest accolade for sustainable buildings in Singapore.

Apart from executive condominiums, Qingjian Realty has also developed several luxury apartments and landed homes. One of its notable projects is the JadeScape Condominium, located in Bishan. The development features 1,206 residential units and a wide range of amenities, including a 50-meter lap pool, a sky garden, and a tennis court. The project was awarded the BCA Green Mark GoldPlus Award.

Qingjian Realty’s latest project is the Forett at Bukit Timah, a luxury condominium located in the prime district of Bukit Timah. The development features 633 residential units and a wide range of amenities, including a 50-meter lap pool, a clubhouse, and a tennis court. The project has been designed to incorporate sustainable features, such as energy-efficient lighting and water-saving fittings.

Qingjian Realty’s commitment to sustainability is evident in all its projects. The company has a strong focus on reducing the environmental impact of its developments and creating a greener and more sustainable living environment for its residents. The company has also incorporated advanced technology, such as smart home systems and automated car parking systems, in its projects to enhance the living experience of its residents.

Apart from its commitment to sustainability and innovation, Qingjian Realty is also known for its excellent customer service. The company has a dedicated team of professionals who provide personalized services to its customers, from the initial sales process to after-sales services.

In conclusion, Qingjian Realty is a leading name in the Singapore property market. The company has established its reputation for developing high-quality, innovative, and sustainable residential and commercial properties that cater to the needs of modern urban living. With its strong commitment to sustainability and innovation, coupled with its excellent customer service, Qingjian Realty is well-positioned to continue its success in the Singapore property market.

Qingjian Realty’s success in the Singapore property market can also be attributed to its strategic partnerships with other industry players. The company has formed partnerships with various companies, including technology firms, to incorporate advanced technology in its projects. It has also partnered with various financial institutions to provide flexible financing options for its customers.

Apart from its business activities, Qingjian Realty is also actively involved in corporate social responsibility (CSR) initiatives. The company has launched several initiatives to support the local community, including sponsoring various educational programs and donating to charities.

In 2020, Qingjian Realty launched the “Qingjian Hearts” initiative, which aimed to support frontline workers during the COVID-19 pandemic. The company donated over SGD 100,000 to various organizations, including hospitals and community centers.

Qingjian Realty has also been recognized for its excellence in the Singapore property market. The company has won numerous awards and accolades for its projects, including the BCA Green Mark Awards and the Asia Property Awards.

In 2019, Qingjian Realty won the Best Developer Award at the EdgeProp Singapore Excellence Awards. The award recognized the company’s commitment to sustainability, innovation, and customer service.

In conclusion, Qingjian Realty is a leading name in the Singapore property market, known for developing high-quality, innovative, and sustainable residential and commercial properties. With its strong commitment to sustainability and innovation, coupled with its excellent customer service and strategic partnerships, Qingjian Realty is well-positioned to continue its success in the Singapore property market. The company’s CSR initiatives and awards demonstrate its dedication to the local community and the industry, further solidifying its position as a reputable and reliable real estate developer in Singapore.…

Mortgage , Property News , Real Estate

Six-storey Boat Quay shophouse sold for $37 mil

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, SingaporeAn exceptional opportunity to acquire a modern and well-equipped commercial space located in the heart of Singapore’s CBD emerged with the sale of a six-storey shophouse in Boat Quay. Brokered by Savills Singapore, the property sold for a total of $37 million, resulting in a $16 million gain for the seller.Occupying a 1,119 sq ft site with an estimated total built-up area of 6,446 sq ft, the shophouse underwent extensive renovations in 2015. Currently, the top two floors are occupied by the Italian restaurant Braci, while an Izakaya bar occupies the ground floor and corporate office tenants on the second and fourth floors.

The sale of this Boat Quay shophouse was proof of a consistent demand for high-quality commercial properties in prime locations. The rarity of a riverfront-facing property being available for sale made is a desirable opportunity for investors. Yap Hui Yee, Executive Director of Investment Sales and Capital Markets at Savills Singapore and the broker of the deal, affirmed that her long-standing client was keen to acquire the property as a flagship in the heart of the CBD.

The addition of this commercial space in the vicinity of Boat Quay only serves to strengthen the district’s status as a hub of convenience, corporate and cultural activity. Recent transactions of commercial properties on and near 52 Boat Quay demonstrate the consistent demand in this area.

The sale of this Boat Quay shophouse saw the seller make a $16 million gain and proves the resilience of the shophouse market in Singapore. Savills Singapore played a major role in this transaction, with Yap Hui Yee confirming the strong interest in the property and the excellent opportunity for her long-term client to acquire this charming flagship One Sophia in the heart of Singapore’s Central Business District.…