Archive for category: Real Estate

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A detached freehold house located in Seletar Hills Estate is being put on the market by its owner for $16 million. The auction group at Knight Frank Singapore is the appointed agent for marketing, and the property is expected to be sold during an exercise of expression of interest which will close on September 15.

The three-storey residence with a basement lies on a 10,207 square foot lot on Mimosa Crescent. The neighborhood forms part of the three-storey mixed land enclave situated off the 5 Nim Road in District 28. This estate of landed housing is bordered with Yio Chu Kang Road and Ang Mo Kio Avenue 5 and includes a number of low-density land communities that comprise semi-detached, terraced and detached homes.

The rear of the bungalow facing northeast is a view of to the Mimosa Road playground, one of the many public parks and playgrounds which are sprinkled throughout the entire enclave of landed homes. The home has a frontage of 25.9m with ample parking for up to four vehicles.

The bungalow, which was built over in the past decade, has six bedrooms, including a guest room. The main floor comprises of a dining and living space, surrounded by floor-to ceiling windows. The view extends out to the backyard and features landscaping, an outdoor pool, a timber deck, and an outdoor pavilion.

The majority of the area’s newly constructed homes on land were built by the mainboard-listed Bukit Sembawang Estates or privately-held Fairview Developments, a 50:50 joint venture of Tong Eng Brothers and Yeap Holdings.

Bukit Sembawang Estates has been active in Sembawang Hills Estate since the 1950s. It has developed more than 4,500 land-locked homes located in Seletar Hills and Luxus Hills. The latest development includes the 132 unit pollen collection located at Pollen View, released for auction in the 4th quarter of 2022.

Based on URA restrictions Based on URA caveats, 26 units of Pollen Collection have been sold. Pollen Collection have been sold until this point. They vary from a 1,615 sq feet terraced home that sold for $3.5 million ($2,168 per square foot) on April 23rd to a 3,186 square foot terraced home at 1 Pollen View, which the developer was sold at $4.46 million ($1,400 per square foot) on July 20.

On January 20, 2022 Fairview Developments completed its final strata-landed housing project in Belgravia Drive, consisting of 107 units. The project is in addition to Fairview’s previous developments, such as Belgravia Villas and Belgravia Green, all located in Belgravia Drive.

Belgravia Ace has sold an 82-unit sale (76%), but developer sales figures show that the most recent units that were sold to the developer were sold in April 2022. The sold units vary from the 3,649 sq foot terraced home that was offered for sale at $4.09 million ($1,120 per square foot) to an 4,370 sq ft semi detached home that was purchased to the public for $4.6 million ($1,054 per sq ft) on the 22nd of January this year.

A review of transactions done of EdgeProp Singaporeshows that the average cost in Belgravia Green is around $1,122 per square foot, with homes at Belgravia Villas selling for around $971 psf. Residences located in the Nim Collection Another built-on development in this neighborhood owned by Bukit Sembawang Estates has also been sold for around $2,058 per square foot.

In the vicinity of Mimosa Crescent, the most recently sold detached house included the 107 Mimosa Crescent for $10.8 million in March 2018. The property is located on a 10,204 square foot lot, and the cost is $1,058 per square foot on the land. Another home, located situated at the address 115 Mimosa Crescent, was sold for $12.5 million in November 2017. The 10,850 square feet site was bought for $1,153 per square foot.

Seletar Hills Estate offers convenient access to facilities such as shopping malls such as Greenwich V Mall located on Seletar Road, Compass One at Sengkang Square, and Seletar Mall at Sengkang West Avenue. The nearby green spaces comprise Lower Seletar Reservoir and The Oval A lifestyle enclave in Seletar Aerospace Park.

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Ten foreigners have been detained in Singapore by Singapore Police Force (SPF) for alleged cash laundering that is estimated to be worth of $1 billion in assets the form of high-end bungalows (GCBs) and high-end condominiums, as well as high-end automobiles. According to an announcement on Facebook from the SPF on August 16.

The SPF states that 12 additional people are involved in investigations, and eight are being sought, including suspicions of connections between them.

The police were informed of possible criminal activities like the use of suspect fake documents to prove the origin of money in Singapore account in banks.

Following an investigation, they discovered foreign nationals suspected of being involved in laundering profits of crime from their organised crime activities abroad such as scams and online gaming.

On the 15th of August, more than 400 officials from the four department of the SPF carried out raids at various locations across the island, resulting in the arrest of ten people, ranging from 31 to 44.

In the aftermath of the raid, a prohibition of disposal was imposed against the 94 properties along with 50 motor vehicles which have a amount of $815 million. There were also numerous ornaments, bottles of wine and liquor.

Additionally, more than 35 bank accounts related to the case were taken into custody and a total value of $110 million, which was used for investigation and to prevent the transfer of suspected proceeds of crime.

In addition, the seized items included around $23 million of cash plus more than 250 luxurious watches and bags as well as over 120 devices that are electronic, such as mobile phones and computers More than 270 pieces of jewelry and two gold bars and 11 documents that contained information about virtual assets.

If convicted, the offense of money laundering by individuals in accordance with Section 54(1) of CDSA 1992 can result in the possibility of imprisonment for up to 10 years or a fine up to $500,000 or both.

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A 999-year leasehold shophouse located at The 93rd storey of Club Street is on the market for $12.8 million and an unfreehold shophouse on 36 Yio Chu Kang Road for $7.6 million according to CBRE which is the agent for the properties. Both properties are available for purchase individually or in a group or both, and will be sold via the expression of interest which closes on September 20.

The shophouse on The shophouse at 93 Club Street is a conservation shophouse located in the Chinatown- Telok Ayer Conservation Area. The area is near three MRT stations: Maxwell along the Thomson-East Coast Line, Telok Ayer on the Downtown Line (DTL), and Chinatown Interchange on the DTL and North-East Lines.

The three-story property is located on an square feet plot designated “commercial” according to the masterplan. It covers an estimated built-up space of 2787 sq feet and the ground floor has been deemed suitable to be used for F&B usage.

In addition, the 36 Yio Chu Kang Road is a corner shophouse with a single storey within the Kovan neighborhood. The property is located on a 3,479 square foot area which is designated “Commercial as well as Residential” with the plot ratio of 3.0 according to the Master Plan.

The shophouse is comprised of an area of 2,320 square feet and it is let to a swimming school. This makes the most of the vast neighborhood’s population. Commercial areas in the area are sought-after by F&B companies as well as convenience stores, health centers, and educational centres.

Parking is available nearby along the side roads leading to the shophouse. Moreover, there are car parks for public use near Serangoon Stadium, which is just off the road.

“Both the 93 Club Street and 36 Yio Chu Kang Road each have distinctive appeal and offer excellent opportunities for those who want to purchase more leasehold freehold or 999-year leasehold properties,” says Clemence Lee the chief executive officer of the capital market Singapore at CBRE.

He also says that Club Street Club Street offers owner-occupiers a trophy asset for their businesses, such as family offices, who have increasingly selected the Club Street/Ann Sing Hill enclave as their headquarters area.

The shophouse located at 36 Yio Chu Kang Road offers an excellent chance for investors looking to purchase premium commercial properties according to Lee who adds: “Corner commercial spaces like 36 Yio Chu Kang Road are highly sought-after and are held tightly.”

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In the month of March, all-around property prices in central London increased by 0.6% m-o-m and increased 3.6% on a half-yearly basis, as per the research of London Central Portfolio (LCP) which is a London-based real estate investment and buying agency.

A swell in transaction volume in the coming months will increase prices from their lows as buyers get over the uncertainty that has plagued the market from 2022 onwards Adds Naomi Heaton, founder and chair of LCP.

Since 2015, the main market in central London market has been facing problems due to increasing property taxes as well as Brexit uncertain, says Heaton. She notes how the general elections of 2019 that brought into a new Conservative government was accompanied by a rise within the main London property markets. “We were aware of this due to the fact that it was shut down for a long period and there was plenty of untapped demand. However, the recovery was disrupted by the Covid-19 virus,” she adds.

Heaton states the market was at a complete stoppage within market activity in the London marketplace during period of the pandemic since price growth and transaction volume slowed. The investment market for real estate was particularly hard hit she says.

Investors were again scared when the conflict in Ukraine started in February 2022. But when she spoke with EdgeProp Singaporein June this year, she observed that the prices and transactions were gradually increasing.

Even the current higher interest rate environment is not likely to diminish the rising demand for investment she believes, since most of the buyers do not rely on loans to fund their purchases.

Foreign buyers are unhindered by the high rates of interest

In the months prior to September the local UK buyers enjoyed low rates of interest and stamp duty holidays when buying new homes. “But rising interest rates [currentlywill have the greatest effect on local buyers. The majority of people will reach the final year the term of fixed loans within between two and five years, and it will result in a major impact on buyers in the domestic market,” says Liam Monaghan the managing director of LCP.

While overseas buyers are at ease about buying and are now able to do so at central London. There’s been an enormous number of buyers interested in Asia Pacific-based investors looking to relaunch their investment plans in central London as per Heaton.

Monaghan and Heaton visited Singapore in the last month in the course of a quick tour around the region to meet clients from the city-state, as well as Kuala Lumpur and Hong Kong. “There is a huge demand for propertiesand a large number of the people we’ve been able to reconnect with want to invest again,” she says.

In central London flat prices, the city have recorded the highest price increase that was 3.8% on a half-yearly basis in June 2023. This also translates to an increase of 2.7% gain over a three-month time frame. For comparison, homes in central London increased by 2.3% over a six-month period, and grew by 1.8% over a three-month period, as per the research conducted by LCP.

“The principal market in the central London market is certainly showing signs of being able to weather the current storm, when compared to the rest of the market, despite rising mortgage rates and a high rate of inflation” Monaghan says. Monaghan. “This is due in part to buyers buying in cash or without funding and therefore being immune to increases in interest rates.”

One of the top priorities for most of her clients was to purchase a home to their kids. “These customers are seeking to purchase property in London which their children could reside in during their time at university. We have also observed that parents initiate this process while their children are small,” says Heaton.

So, education continues be the primary motivation for those who purchase central London properties. A stable investment is second on the list according to her.

She also has noticed a shift in Hong Kong-based buyers who thought of the central London properties as a way to expand their investment portfolios globally. In recent years the majority of them are purchasing to use for personal reasons She says that the uncertain political climate that has been threatening the Chinese city in recent times is causing Hong Kongers to think about moving to another city.

The price increase is accompanied by an increase in transactions

A majority of the buyers LCP assists tend to have budgets that range between GBP1 million ($1.71 million) to GBP2 million, Heaton says. “Most purchases in central London are for smaller units. This is because there aren’t too many houses or large homes currently available.”

According to Heaton the activity of investors is just beginning to increase. “My personal opinion is that the price in London is the lowest it is going to get under present market conditions and is at the same rate for the last 3 years now,” Heaton says.

“But when the amount of the investment traffic is increased then you’ll begin to see multiple bids for available properties. That’s when we’ll see prices rise,” she adds.

Monaghan believes that the prime Central London prices are currently around 5.9% below their 2015 historical peak Flats are being sold for an average 6.7% under the 2015 peak, and houses selling at around 0.5% below the peak.

“With rent values increasing significantly and often equal to the monthly mortgage payment or more parents are realizing the value of helping their kids get on the property ladder today,” he says.

Since Heaton founded LCP as a buying agent in the year 1990, the firm has expanded its offerings in its central London market. The company now has an in-house team of architects and interior designers who transform investment assets purchased by its clients to use for their own use or lease out and anchored by its own leasing as well as property administration departments.

The scope of services increased organically throughout the years, as client profiles were more sophisticated, according to Heaton. “When we began, most of our clients from overseas were at exhibitions to promote new constructions,” she recalls.

As investors become skilled and knowledgeable and new generations enter in the real estate market, they are aware that the most sought-after properties are historic properties located in central London she adds. “I believe there’s an increased level of sophistication in the market, realizing that being in the middle of London is the place with the best value for long-term.”

Other House Other House

The latest direction of the company under the direction of Heaton is based on its expertise in the areas of interior design leasing, design and property management to launch the first line of luxurious and serviced pied-aterres located in the heart of London. The new concept is dubbed The Other House.

“The The idea behind The Other House comes from our observations of developments in the rental market for private homes in London. We manage a vast rent portfolio that includes properties in central London for the clients we represent,” says Heaton.

She says that, over time she has noticed that tenants are choosing for smaller homes and are willing to give up space in exchange for a more central area. In the same way tenants are seeking out homes that are well-designed and rented-out properties are likely to provide an ideal lifestyle as the market for lettings gets more sophisticated.

“I realized that what the tenants would like is a resort-style lifestyle. That led me to consider the concept of a “long-stay” hotel to satisfy their need for an ideal location and hotel-like services as well as club facilities. apartments-style living.” Heaton says. Heaton.

The Other House opened its first property in Harrington Gardens, South Kensington in the month of July 2022. The property was designed by the London-based Bergman Design, features 11 Victorian townhouses with 237 apartments and private meeting rooms. They also have dining rooms, as well as space for events. Apartments range from studios up to three-bedders that range from 247 sq ft to 656 square feet. There is also the option for connecting four flats to create a an area of around 1,238 sq feet.

A club that is exclusive to residents includes 2 bars and a cinema room, as well as a variety of health and wellness areas including a fitness pool as well as a gym and an area for meditation. F&B items are supported by the 24-hour street café The Other Kitchen and a special cocktail bar known as The Owl and Monkey.

“Working with buildings of the past has many challenges, and there were some surprising discoveries as well as some pleasant surprise, often not revealed until the strip-out process is in the initial phases,” says Heaton. “Restoring historical buildings is very satisfying and is what makes each of our Residents’ Clubs individual, distinct and in tune with the past.”

Heaton states that LCP is planning to launch a second collection of residences in the form of The Other House situated at Covent Garden in November 2024 and a possible property located in Belgravia. Heaton is also looking into possibilities to introduce the brand to key cities that are considered gateways to the world in the near future.

In the meantime, she is hopeful about the prime market in central London market. “Overall the local (prime central Londonmarket is performing very well compared the markets of England and Wales however, it’s in a state of flux. It hasn’t changed since Covid-19. I’m confident it will stay the same, however there could be a decrease in transactions, especially in the lower part of the market where localbuyers are being affected by rising mortgage rates,” says Heaton.

The unprofitable sale transactions for resales in the Marina Collection in Sentosa Cove continues, with the most recent which amounted to the equivalent of a $2.59 million (35%) loss when the 2,788 square feet unit was sold at $4.8 million ($1,728 per sq ft) the 14th of July. The sale was also the lowest-profitable sale during the week from July 11-18. The unit previously sold for $7.4 million ($2,657 per sqf) in the first time that it was purchased on January 11, 2008. The transaction translates into an annual losses that is 2.7% over 15 1/2 years.

Hillock Green Lentor Central floor plan covering an impressive site area of 13,444.3 square meters, this non-landed residential property promises comfort, convenience, and modernity all at once.

This is the fifth time that Marina Collection has resold in the history of Marina Collection so far this year. All recorded transactions have brought losses for the sellers. The losses been ranging between $1.6 million to new record $4.65 million. This record-breaking loss occurred from the fact that a 3,272 sq ft unit was sold at $4.65 million ($1,421 per square foot) the 3rd of April, this year. It was previously sold for $9.3 million ($2,841 per sq ft) in March of 2008. The seller had to endure an annual cost that was 4.5% over 15 years.

Marina Collection is a 99-year leasehold condo located in an exclusive Sentosa Cove enclave. The condo of 124 units was built through the Indonesian group Lippo Group and completed in the year 2011. The low-rise complex is comprised of three blocks, each with a four-story structure. an assortment of three- to five-bedroom apartments ranging from 1,873 sq ft up to 4,725 sq feet.

According to a table of resale-related caveats provided by EdgeProp Singapore, unprofitable sales at Marina Collection outnumber the meagre amount of sales that are profitable, with at the very least 17 unprofitable sales, compared to only two sales that are profitable.

In addition the prices have been falling in the leasehold 99 year condominium at a rate of $2,830 psf back in March 2011 to $1728 psf this month.

Marina Collection’s poor performance in price Marina Collection contrasts with its neighbors, 99-year leasehold condominiums that offer views of the sea including The Oceanfront @ Sentosa Cove ($1,870 per sq. ft.), Cape Royale ($2,208 per square foot) as well as Seascape ($1,997 per square foot). The only exception is Turquoise one of the other marina-facing condos located in Sentosa Cove, has recorded an average selling price that is lower of $1,518 per square foot.

On the other hand the most profitable deal of the week was on Ardmore Park in District 10’s prime area. A 2,885 square foot unit located on the 10th floor purchased to the buyer for $12.8 million ($4,437 per square foot) on the 17th of July after it was bought at $8.8 million ($3,051 per sq ft) during July of 2017. In the end, the seller made an income that was $4 millions (45%), which amounts to an annualized increase that was 6.5% over six years.
The most profitable resale of Ardmore Park so far this year was for a 2,885 sq ft apartment, on the fourth floor that was purchased at $13 million ($4,510 per square foot) in July 14. Prior to that, the unit was sold at $4.85 million ($1,681 per sq ft) at the end of December. This means that the seller earned an amount that was $8.16 millions (168%), which amounts to an annualized increase that was 4.5% over 22 years.

Ardmore Park is one of the luxurious condos located in the highly sought-after Ardmore Park neighbourhood in prime District 10. Other luxurious condos in the Ardmore Park area are Sculptura Ardmore, Ardmore II and Ardmore III as well as Le Nouvel Ardmore. Close by in Nassim Road is the ultra-luxury project Les Maisons Nassim by Hong Hong Kong-listed Shun Tak Holdings. The project was completely sold last month, two years since its debut and racked up an eye-watering average selling cost of $5,559 per square foot.

Even even though Ardmore Park was completed 22 years ago, the park still has one of the highest values for sale within the Ardmore Park area with units being sold at prices ranging of $4,437-$4,510 psf during the period from April to July 2023.

The second highest-profitable deal in the week was the sale the 2,992 square feet unit in Gallop Green, which is a freehold condominium located in Woollerton Park in prime District 10. The property sold for $7.22 million ($2,414 per square foot) the 14th of July, and it was bought at $4.19 million ($1,400 per square foot) during July of 2009. In the end, the seller earned profits in the amount of $3.04 millions ($72%), translating to a profit per year in the range of 4% over the course of 14 years.

The transaction of July 14 is at the top of the list of the most profitable resales of Gallop Green, superseding the previous record of $1.54 million (20%). It was the result of selling a 4402 square feet unit, which was purchased to $9.25 million ($2,101 per sq ft) in September of last year. The unit was purchased at $7.7 million ($1,750 per sq ft) in March of 2011.

Gallop Green is one of several condos within Gallop Green, which is located in the Woollerton Park area that is dominated by the Gallop Road/Woollerton park and Cluny Hill Good-Class Bungalow areas. Other condominiums in the area are Gallop Gables along with Spanish Village on Farrer Road and also in Farrer Drive, Sommerville Park, Pollen & Bleu and Somerville Grand.

This 53-unit Gallop Green was completed in 2002. It consists of two- and five-bedroom apartments ranging from 2,917 sq ft to 5,102 square feet. Prices have risen somewhat for Gallop Green from about $1,417 per square foot in July 2009 to $2,414 per square foot this month, based upon URA caveats compiled from EdgeProp Singapore.

One unit at Gallop Green was offered through the secondary market between 2022, and in 2021- a 4,402 square feet unit that was sold in September of last year and a 3,563 sq. ft unit that sold for $7.54 million ($2,116 per sq ft) on May 27, 2021.