Condo Siteismi

application exerciseBukit Batok, Hougang, Tampines, and Toa Payoh are among the 29,000 HDB flats selected for the Home Improvement Programme (HIP), as announced in a press release by the Housing and Development Board (HDB) on February 16. The government has allocated over $407 million for the upgrading works, which will help address common maintenance issues in older flats.

Since its introduction in 2007, the HIP has been aimed at aiding flat owners in resolving common wear and tear related maintenance issues in older flats. As per the press release, 494,000 flats, accounting for nine out of ten eligible flats, have been selected for the programme since its inception. Furthermore, close to 381,000 flats have already undergone upgrades, according to Minister for National Development Desmond Lee.

Flats located in Bedok, Bukit Batok, Bukit Merah, Bukit Panjang, Chua Chu Kang, Hougang, Jurong West, Pasir Ris, Queenstown, Sengkang, Tampines, Toa Payoh and Woodlands have been selected for the latest round of the HIP.

The programme covers necessary repairs such as fixing spalling concrete and addressing ceiling leakages due to wear and tear, to ensure the basic safety needs of residents. These essential improvements are fully funded by the government for Singapore citizen households.

Flat owners have the option of choosing additional improvements such as renovations to existing bathrooms and toilets, installing a new entrance door and grille gate, and replacing the refuse chute hopper. The government subsidises these optional improvements, with Singapore citizen households paying a minimal fee of 5% of the cost, based on the type of flat.

In addition to the HIP, the Enhancement for Active Seniors (Ease) programme has been in place since 2012. Under this, flat owners can choose to install senior-friendly fittings such as grab bars, ramps, and slip-resistant treatment for toilet and bathroom tiles. The government covers up to 95% of the costs for Singapore citizen households under this programme.

As of March 31, 2014, approximately $4 billion has been allocated to the HIP and around $150 million to the Ease programme, as reported by HDB. Interested individuals can check out the latest listings for HDB properties on the Ask Buddy platform, which also provides information on past HDB sale and rental transactions, loan options, and price trends for HDB, condominiums, and landed properties.

When it comes to investing in a condo, securing financing is a crucial factor. In Singapore, there are various mortgage options available, but it is important to have a thorough understanding of the Total Debt Servicing Ratio (TDSR) framework. This framework sets a limit on the amount of loan that a borrower can take, taking into consideration their income and existing debt obligations. For investors, it is imperative to be well-informed about the TDSR and seek guidance from financial advisors or mortgage brokers in order to make wise decisions and avoid taking on too much debt. Additionally, for updates on the latest condo launches, check out New Condo Launches.…

An opportunity to own a 3,391 sq ft strata-titled unit has arisen at Bukit Timah Plaza mall. The unit, which is approved for restaurant use, is being put up for sale at an asking price of $9.8 million ($2,890 psf). This is a 12% discount from its previous listing price of $11 million in 3Q2022. According to Clemence Lee, CBRE’s executive director of capital markets, who is marketing the property, the price reflects the current market conditions.

This spacious unit is situated in the basement two of the mall and boasts a 20m frontage facing the central plaza. It is currently fully leased and will be sold within the existing tenancy. The unit has a 99-year leasehold from 1976, giving it a remaining lease of 50 years. This offering presents a unique opportunity for investors to acquire a prime property with a long-term lease.

The pricing for the unit is in line with recent transactions for units in basement two of the mall. In March 2024, a 441 sq ft unit changed hands for $1.43 million ($3,240 psf), and an 850 sq ft unit fetched $2.5 million ($2,940 psf). This was based on caveats lodged.

Bukit Timah Plaza is a mixed-use development completed in 1979. It comprises a four-storey retail mall and two apartment blocks with 269 residential units at Sherwood Towers. The mall is one of the most visited in Bukit Timah, housing one of the largest Fairprice Finest supermarkets in Singapore, spanning over 44,000 sq ft. This makes it an attractive location for businesses and ensures a steady stream of foot traffic for the retail outlets.

Bukit Timah Plaza is located at 1 Jalan Anak Bukit and is within walking distance of Beauty World MRT Station and King Albert Park MRT Station on the Downtown Line. It is surrounded by numerous private residential developments, with an estimated population of around 37,000. The area is also home to notable educational institutions such as the Singapore Institute of Technology (SIT), Singapore Institute of Management (SIM), Ngee Ann Polytechnic, Methodist Girls’ School, and Pei Hwa Presbyterian Primary School.

The mall is in close proximity to the bustling Beauty World area, which is currently undergoing rejuvenation with the development of several new mixed-use, integrated developments. These include The Reserve Residences and the redevelopment of the former Bukit Timah Market and Food Centre, which is expected to be completed in late 2029. This makes Bukit Timah Plaza an ideal location for businesses seeking to establish a presence in an up-and-coming area.

To sum up, purchasing a condominium in Singapore presents a multitude of benefits. These include a high demand for properties, potential for an increase in value, and attractive rental rates. However, it is crucial to take into consideration various factors such as location, financing options, government regulations, and market conditions before making a decision. Through thorough research and seeking assistance from professionals, investors can make well-informed choices and maximize their returns in Singapore’s thriving real estate market. Whether you are a local investor seeking to diversify your portfolio or a foreign buyer in search of a stable and profitable investment, the new condo launches in Singapore offer a promising opportunity. Don’t miss out on this enticing prospect by staying updated with New Condo Launches.

The unit is being offered for sale through an expression of interest that is set to close on Mar 19. This presents a time-sensitive opportunity for interested parties to acquire a prime property at a discounted price. Interested buyers can visit our website to view the latest listings for Bukit Timah Plaza and the nearby Sherwood Towers properties.…

A pair of adjoining strata retail units in Peninsula Plaza is currently available for purchase with an asking price of $10.9 million. Located on the ground floor, these 999-year leasehold units offer prominent frontage along North Bridge Road.

The combined strata area of these two units is 1,119 sq ft, with one unit measuring 538 sq ft and the other 581 sq ft. The asking price translates to $9,741 psf based on the strata area. Currently tenanted until 2026, these units provide investors with a 3% gross rental yield.

According to Nick Chan, Associate Director of Investment Sales & Capital Markets at Savills Singapore, the two units have the best street frontage within the development and benefit from high footfall on a daily basis. Chan is in charge of the private treaty sale of these units.

Investing in a real estate property in Singapore is a wise decision for both local and foreign investors. The country’s robust economy, stable political climate, and high standard of living make it an ideal location for real estate investment. Among the various investment opportunities available, Singapore Condos stand out as a top choice due to their convenience, luxurious amenities, and potential for high returns. In this article, we will delve into the advantages of investing in a Singapore Condo, important factors to consider, and the crucial steps to follow for a successful venture in the country’s real estate market.

Peninsula Plaza is a 999-year, 30-storey mixed-use commercial building completed in 1980. It comprises a six-storey retail podium and a 24-storey office tower, and features prominent frontages along North Bridge Road, Coleman Street, and Coleman Lane. The building also has a sheltered link to City Hall MRT Interchange Station for the North-South and East-West lines.

The last ground-floor retail unit transaction at Peninsula Plaza took place in August 2022, with a 452 sq ft unit selling for $4.08 million ($9,025 psf), as recorded in a caveat lodged at the time.

Since the Urban Redevelopment Authority (URA) introduced restrictions on the strata subdivision of commercial properties in the CBD and Orchard corridors in March 2022, there has been a growing demand for strata-titled units, especially those with 999-year and freehold tenure, according to Chan.

Peninsula Plaza offers a sheltered walkway to City Hall MRT Interchange Station for the East-West and North-South lines. Interested buyers can check out the latest listings for properties in Peninsula Plaza, such as six commercial units currently available for sale from $8.6 million, a portfolio of four retail units at $50.8 million, and a retail unit on sale for $26.2 million.…

‘impressive’: Ong Ye Kung

Brand New Land, a real estate development company, had a vision to bring elements of Good Class Bungalow (GCB) homes into accessible luxury semi-detached homes. They found the perfect partner in Pau Loh, managing director of Tellus Design, who is well-known for his expertise in GCB design. Together, they co-created a collection of 4 semi-detached homes in Bukit Timah and Upper Bukit Timah, each with thoughtful elements adopted from best practices of GCB homes.

Named “The Great Trees Collection”, the homes at 23 & 23A Maple Avenue and 25 & 25A Jalan Selanting range in land size from 2,790 to 3,130 sq ft. Each home comes with a lift, swimming pool, and gourmet kitchen provisions. Brand New Land’s philosophy of creating value for their clients is reflected in the fair pricing of the homes, leaving room for potential upside for buyers.

Inspired by the legacy of nature, the homes are designed to create intimate and private spaces for different functions, similar to those found in larger bungalows. This includes designated zones for receiving guests, dining, gourmet cooking, and entertainment. The homes also feature awe-inspiring views, such as the tranquil pool and lush greenery at 23 Maple Avenue, and private corners for intimate conversations at 25 Jalan Selanting.

The semi-detached homes have a ceremonial entrance, framed by greenery, water, and warm and rich façade materials, to celebrate the transition from outside to inside. The homes also feature Loh’s signature design elements, such as wide overhanging eaves and deep recesses, to provide shelter and cool the interiors. The use of nature-inspired cladding elements and a rich palette of wood-grain finishes adds a touch of quiet luxury to the homes.

Condo investments in Singapore have become a favored option for both local and foreign investors, thanks to the country’s strong economy, stable political climate, and high quality of life. With a thriving real estate market, Singapore offers a multitude of opportunities, with condos standing out for their convenient locations, top-notch amenities, and potential for lucrative returns. This article will delve into the advantages, factors to keep in mind, and necessary steps when considering a Singapore Projects investment in a condo.

Brand New Land has also collaborated with luxury kitchen specialist Arclinea Singapore to create gourmet kitchen experiences in these homes. This partnership aims to inspire everyday connections in extraordinary kitchen spaces. The company’s collaboration with Arclinea Singapore brings a special edge to the kitchens at 25 Jalan Selanting and 23 & 23A Maple Avenue.

According to Brand New Land co-founder and director, Alvina Teh, their vision for this collection is to bring the best GCB design principles into their semi-detached homes. She also expresses her excitement for the future and the impact these homes will have on the lives of their future residents.

For more information on these homes, interested buyers can visit the Brand New Land website or follow them on social media for updates on upcoming launches.…

When considering an investment in a Condo, it is important to carefully consider financing. In Singapore, there are several mortgage options available, but it is crucial to have a thorough understanding of the Total Debt Servicing Ratio (TDSR) framework. This framework establishes a limit on the amount of loan a borrower can take based on their income and current debt obligations. In order to make wise financing decisions and avoid overextending financially, it is crucial for investors to have a clear understanding of the TDSR and seek guidance from financial experts or mortgage brokers. Investing in a Condo is a significant financial decision, and being well-informed about the TDSR will help investors make sound financial choices. Condo

A 99-year leasehold HDB shophouse located at 214 Serangoon Avenue 4 will be going up for auction on Feb 26 by SRI. This two-storey property includes living quarters on the second floor and boasts a total floor area of approximately 1,668 sq ft. The guide price for the shophouse is set at $1.98 million, equating to $1,187 psf on the floor area.This is the second time the property is being auctioned by SRI, with the first attempt taking place last month with a higher guide price of $2.08 million, but without any success. According to Jansen Kee, assistant manager of auctions at SRI, the shophouse benefits from a prime location as it sits in front of a bus stop, providing excellent visibility from the main road.Read also: Auction listings surge 47.7% q-o-q in 4Q2024, but success rate declines The shophouse is currently tenanted, generating rental yields of about 6.2%, based on the guide price. Kee also mentioned that the property will be sold with its existing lease, which expires in 2026, allowing the new owner to start earning rental income immediately.The listed guide price for this HDB shophouse is one of the most competitive in the area, making it an appealing choice for both investors and owner-occupiers. According to URA records, the latest commercial shophouse transaction within Serangoon was the sale of a 999-year leasehold shophouse along Lichfield Road. This two-storey property spans a land area of 2,319 sq ft and was sold for $4 million ($1,725 psf) in November 2024. The property on offer at the upcoming auction is situated in a cluster of HDB flats that borders the landed residential estate of Serangoon Gardens. It is conveniently located opposite Serangoon Swimming Complex and Serangoon Sports Centre, ensuring a steady flow of foot traffic in the area. Carpark lots are also available behind the shophouse. Check out the latest listings for properties in Serangoon Garden Estate in our Ask Buddy feature. You can find out more about the buyer profile, price trends, rental yields, and completion year of properties in this desirable area.…

A luxurious four-bedroom duplex apartment at the sought-after freehold condo 3 Orchard By-The-Park is currently on the market through an expression of interest (EOI) exercise, with an indicative price of $15.8 million.

According to Huttons Asia, the marketing agent for the property, the spacious unit boasts an expansive 3,800 square feet of living space, translating to an average price of $4,158 per square foot.

The decision to invest in a condo in Singapore has gained traction among both domestic and international investors, thanks to the country’s flourishing economy, unwavering political climate, and exceptional quality of life. With a plethora of opportunities in Singapore’s real estate market, condos are a top choice for their convenience, amenities, and potential for lucrative returns. In this article, we delve into the advantages, key considerations, and necessary steps when investing in a condo in Singapore.

This exclusive unit offers a soaring ceiling height of 4 meters and a private lift, with the added convenience of three bedrooms featuring attached bathrooms. The apartment has undergone a significant renovation within the last three years, with over $700,000 invested in the revamp, according to Huttons.

3 Orchard By-The-Park, which occupies a prime location on Orchard Boulevard and was completed in 2017, is a highly coveted address. The development, designed by renowned Italian architect Antonia Citterio, comprises three 25-storey towers with a total of 77 units. The units range from two- to four-bedrooms, measuring between 1,066 square feet to 3,800 square feet, with penthouses ranging from 6,555 square feet to 6,900 square feet.

The prestigious development is situated near the bustling Orchard Road shopping belt and is in close proximity to several reputable schools including Anglo-Chinese School (Junior), Anglo-Chinese School (Primary), ISS International School (Elementary & Middle school Campus), and Singapore Chinese Girls’ School (Primary). The Orchard Boulevard MRT Station (Thomson-East Coast Line) is also a short distance away.

Recent transactions at 3 Orchard By-The-Park have seen impressive prices (Source: EdgeProp Buddy). The EOI for this unit will close on March 5 at 4pm. For more information on this and other available properties at 3 Orchard By-The-Park, check out EdgeProp Buddy. The website also offers a comparison of new sale and resale condos, rental yield estimates, and a list of other high-end condominiums in District 10.…

According to the latest quarterly research report by Huttons Asia, the shophouse market has seen a relatively muted performance in 2024, with only 84 caveated transactions recorded. This number falls below the average of 200 shophouse deals per year between 1995 and 2023.

When contemplating an investment in a Singapore Condo, it is crucial to also evaluate the potential rental yield. Rental yield is the annual rental income expressed as a percentage of the property’s purchase price. In Singapore, the rental yields for condos can greatly vary 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 better rental yields. To gain a comprehensive understanding of a particular condo’s rental potential, conducting thorough market research and consulting with real estate agents can be highly beneficial.

Lee Sze Teck, senior director of data analytics at Huttons Asia, notes that while many buyers did not lodge a caveat, the number of shophouse deals in 2024 is likely the lowest since 1998.

A closer look at the transaction volume and quantum of shophouses in 2024 reveals a total value of $683.6 million, a 38.9% decrease from the $1.1 billion recorded in the previous year. However, Lee points out that there were also substantial deals that were not caveated, such as properties on Amoy Street, Neil Road, North Bridge Road, and Telok Ayer Street, estimated to have been sold for more than $200 million.

The largest shophouse deal in 2024 was the sale of The Rail Mall by Paragon REIT for $78.5 million in June. According to Lee, this is likely the biggest shophouse deal on record, surpassing the previous high of $74.8 million for a row of shophouses on Jalan Sultan in March 2022.

The Rail Mall shophouses, valued at $62 million in December 2023, resulted in an estimated gain of $16.5 million for the seller. However, most shophouse transactions in 2024 were for smaller quantums, with over half of the recorded deals ranging from $5 million to $15 million.

Furthermore, nearly half of the shophouse transactions last year took place in District 8, which Lee attributes to its attractive city-fringe location and lower prices compared to Districts 1 and 2.

On the other hand, shophouse rents across the island saw a moderation for the second consecutive quarter, dropping 2.6% quarter-on-quarter to $6.47 psf per month in 4Q2024. Nevertheless, for the entire year of 2024, shophouse rents saw a 1.7% increase.

Overall, while the shophouse market remained subdued in 2024, there were some significant deals that contributed to the total transaction volume and quantum. This, combined with the attractive location and relatively lower prices in District 8, may continue to attract buyers to the shophouse market in the future.…

CBRE’s Singapore Market Outlook 2025 report, released on January 23, predicts divergent outcomes across the real estate market in the next 12 months due to an uncertain macroeconomic outlook.

On one hand, easing inflation and interest rates could provide some relief for the property market in 2025. However, Moray Armstrong, managing director of advisory services at CBRE, warns that expectations of slowing economic growth could negatively impact property demand.

The Ministry of Trade and Industry projects that Singapore’s GDP growth will be between 1% and 3% in 2025, lower than the 4% growth recorded in 2024 according to advance estimates released in January.

Other factors that could potentially impact the market in the near term include ongoing geopolitical tensions, a new US administration with a nationalistic economic agenda, and the release of the URA Master Plan 2025 in the middle of the year. Despite these mixed signals, opportunities still exist in the real estate market for those who can take advantage of emerging trends.

Tricia Song, CBRE’s head of research for Singapore and Southeast Asia, shares a similar view, stating that the limited new supply and stable demand in the property market will continue to support it. She predicts that despite uncertainties, the Singapore real estate market will remain stable and resilient, making it attractive to investors from around the world.

Developer sales volume surged threefold to 3,511 units last quarter, rebounding from record lows in the first nine months of 2024, according to URA data. Prices also rose 2.3% quarter-on-quarter, the highest quarterly growth in 2024. However, CBRE believes that this rebound is unlikely to prompt the government to introduce fresh cooling measures. They only see this happening if prices rise sharply in the coming quarters.

With improved buying sentiment, developers are expected to continue launching new projects. CBRE projects that between 12,000 to 14,000 new units will be launched this year, almost double the 6,647 units launched in 2024. As a result, the firm predicts that between 7,000 to 8,000 new homes could be sold in 2025, an increase from 2024’s 6,469 units. This higher volume is expected to support price growth between 3% and 6% this year, on top of the 3.9% growth in 2024. At the same time, CBRE anticipates rental rates to grow between 1% and 3%.

The office market saw a muted 2024, with global economic uncertainties, high fit-out costs, and hybrid work arrangements slowing leasing volumes. Core CBD (Grade A) rents grew by just 0.4% year-on-year last year, compared to 1.7% in 2023.

With the expected economic slowdown in 2025, office leasing momentum is projected to remain subdued as uncertainties dampen expansionary demand. However, limited new supply in the Core CBD (Grade A) office market over the next three years is forecasted to keep vacancy rates low. Only 0.58 million sq ft of new office space is expected to be completed annually between 2025 and 2027, less than half of the 10-year average of 1.28 million sq ft. As a result, CBRE predicts that Core CBD (Grade A) rental growth will be around 2% in 2025, in line with GDP projections.

Limited supply is also expected to support rents in the retail property market. CBRE projects that the supply of new retail space will drop to 0.5 million sq ft in 2025, which is 40.4% lower than in 2024 and remains below the 10-year historical average of 0.91 million sq ft. The firm adds that leasing sentiment for retail properties remains positive, supported by inbound tourism and a robust pipeline of entertainment and events. CBRE anticipates average retail prime rents to grow by 2% to 3% in 2025, recovering to pre-pandemic levels.

Prime logistics rents are expected to stay relatively flat in 2025, according to CBRE. Expansionary demand by occupiers in the industrial sector was subdued in 2024 due to cost pressures and supply chain disruptions caused by the Red Sea crisis. As a result, rents for prime logistics properties only rose by 1.1% to $1.87 psf per month in 2024. However, despite a bumper supply of almost 5 million sq ft of new warehouse space expected to be completed this year, at least 60% of it has already been pre-committed. CBRE believes this will alleviate downward pressure on occupancy rates and predicts that prime logistics rents will remain relatively flat in 2025.

.

Purchasing a condominium in Singapore presents numerous benefits, with one of the prominent ones being the potential for capital appreciation. As a renowned global business hub, Singapore holds a strategic location and boasts robust economic foundations that result in a continuous demand for real estate. Throughout the years, property prices in Singapore have consistently shown an upward trend, with condos in prime locations experiencing significant appreciation. With the addition of new condo launches, investors have an opportunity to acquire properties at the right time and reap substantial capital gains in the long run.

In the capital markets, CBRE believes that real estate investment volume in Singapore will continue to grow in 2025, albeit at a slower pace. In 2024, real estate investment volumes increased by 28% year-on-year to $28.62 billion, reversing the 30.3% decline recorded in the previous year. Interest rate cuts had bolstered investor sentiment and appetite, which is expected to continue into 2025, according to CBRE’s latest Asia Pacific Investor Intentions Survey. The majority of investors transacting in Singapore real estate expect to purchase the same or more in 2025 compared to 2024.

Although there are ongoing economic and geopolitical uncertainties, CBRE anticipates that investors will be selective in the near term, choosing to allocate capital to specific sectors or strategies with a more favourable outlook. The firm expects investment volumes to grow by 10% year-on-year in 2025, barring any macroeconomic shocks.

CBRE’s survey also found that industrial and logistics properties remained the most preferred among investors, followed by residential assets and office properties.…

At nearby Raffles Place, these condos include One Raffles Place Residences ($2,601 psf), The Clift ($2,483 psf) and Altez ($2,203 psf).

One of the biggest profit-making resales in the period of January 14 to 28 was recorded at Palm Spring, where a three-bedroom unit was sold for $4.4 million. According to the lodged caveats, the unit, which spans 1,884 sq ft and is situated on the fourth floor, was sold on January 20 at a rate of $2,336 per square foot. This staggering increase in profit can be attributed to the fact that the unit was originally purchased for just $1.21 million back in August 2005, at a rate of $642 per square foot. This means that the seller made a profit of $3.19 million, which is a whopping 264% gain, translating to an annualised profit of 6.8% over nearly 20 years.

This sale also makes it the most profitable resale transaction at Palm Spring to date, surpassing the previous record of $2.56 million (185%) achieved when a unit of 1,970 sq ft on the first floor was sold for $3.94 million ($2,000 psf) in April 2023. The unit was originally purchased for $1.38 million ($701 psf) in January 2003.AdvertisementAdvertisement

According to a compilation of resale transactions by EdgeProp Singapore, the prices at Palm Spring have consistently been on the rise over the past 20 years. In January this year, the average transacted price stood at $2,342 per square foot, a significant increase from $1,439 per square foot recorded in January 2015. Back in January 2005, the average price was a mere $973 per square foot.A three-bedroom unit at Palm Spring was sold for $4.4 million ($2,336 psf) on Jan 20. (Picture: Samuel Isaac Chua)

Last year saw the sale of two units at Palm Spring. In September, a 947 sq ft unit changed hands for $2.19 million ($2,312 psf), yielding a profit of $990,000 for the seller. In October, a 1,496 sq ft unit was sold for $3.36 million ($2,246 psf), resulting in a profit of $2.24 million.

Palm Spring is a freehold condominium located on Ewe Boon Road in prime District 10. Completed in 1997, the 167-unit development is 28 years old. The condo is conveniently situated near Stevens MRT Interchange, which serves the Downtown (DTL) and Thomson-East Coast Lines, as well as Newton MRT Interchange, which services the North-South Line and DTL.

Meanwhile, the sale of a four-bedroom unit at Orchard Bel Air was the second most profitable resale transaction during the same period, raking in a profit of $3 million (182%) when it was sold on January 15.

The 3,229 sq ft unit on the 12th floor was sold for $4.65 million ($1,440 psf) on January 15, having been bought for $1.65 million ($511 psf) back in May 2001. This translates to an annualised profit of 4.5% over nearly 24 years.

The sale of a 3,229 sq ft unit at Orchard Bel Air raked in a profit of $3 million when it was sold on Jan 15. (Picture: Samuel Isaac Chua/)

The biggest profit achieved at Orchard Bel Air was from the sale of a 6,512 sq ft penthouse unit on the 25th floor, which fetched $8.3 million ($1,275 psf) in January 2013. The unit was purchased for $3.83 million ($588 psf) in March 2006.Advertisement

The only other 99-year leasehold condo in the area is Cuscaden Reserve, a 192-unit luxury condo completed in 2021. Transaction data shows that the average price at Cuscaden Reserve stands at about $3,043 per square foot.

Orchard Bel Air is a 99-year leasehold condo located on Orchard Boulevard in prime District 10. Completed in 1984, the condo has about 54 years remaining on its tenure. Next to Orchard Bel Air is a government land sale (GLS) site on Orchard Boulevard, which was awarded to a joint venture between UOL and SingLand last February. The consortium submitted the winning bid of $428.28 million, translating to a land rate of $1,617 per square foot per plot ratio.

On the other hand, the most unprofitable transaction during the period was recorded at Marina Bay Suites, where the seller of a 1,625 sq ft unit on the 58th floor suffered a loss of $1.15 million (27%) when it was sold on January 24.

The unit changed hands for $3.1 million ($1,907 psf) when it was recently sold, having previously been sold for $4.25 million ($2,614 psf) in May 2012. As a result, the seller incurred an annualised loss of 27% over close to 13 years.

The seller of a 1,625 sq ft unit at Marina Bay Suites incurred a loss of $1.15 mil when it was sold on Jan 24. (Picture: Samuel Isaac Chua/)

As a highly sought-after housing option, the demand for condos in Singapore remains consistently high. This can be largely attributed to the limited availability of land in the small island nation, which is facing rapid population growth. In response, the government has implemented strict land use policies, creating a competitive real estate market where property prices continue to rise. As a result, investing in real estate, particularly condos, has become an attractive opportunity for potential buyers, with the added promise of capital appreciation. With new and upcoming Singapore projects, the demand for condos is expected to remain strong in the foreseeable future.

This is just the latest in a series of unprofitable transactions at Marina Bay Suites, with the past nine months seeing a total of 14 consecutive loss-making deals. The losses suffered in this period range from $40,000 to $2.5 million.

Marina Bay Suites is a 99-year leasehold condo that forms part of the six towers that make up the Marina Bay Financial Centre mixed-use development located at Central Boulevard and Marina Boulevard. The 221-unit Marina Bay Suites consists of a 66-storey residential tower, with a mix of three- and four-bedroom units.Advertisement

A compilation of caveats by EdgeProp Singapore indicates that the average selling price at Marina Bay Suites has fallen from $2,502 per square foot in January 2015 to $1,921 per square foot as of January this year. Other nearby 99-year leasehold condos command higher resale prices, such as The Sail @ Marina Bay ($2,047 psf), Marina Bay Residences ($2,242 psf), Marina One ($2,103 psf) and V on Shenton ($2,027 psf). Other nearby condos at Raffles Place include One Raffles Place Residences ($2,601 psf), The Clift ($2,483 psf), and Altez ($2,203 psf).…

When considering investing in Singapore, it’s crucial for international investors to become familiar with the various regulations surrounding property ownership. While there are stricter restrictions for owning landed properties, foreigners are generally allowed to purchase condominiums with fewer limitations. However, it’s essential to keep in mind that foreign buyers are required to pay the Additional Buyer’s Stamp Duty (ABSD), which is currently set at 20% for their first property purchase. Despite this added cost, the steady stability and potential growth of the Singapore real estate market continue to pique the interest of foreign investors. Additionally, with the continuous launch of new condo projects, such as the New Condo Launches, the market is consistently expanding and presents an attractive and lucrative opportunity for international buyers.

Three-bedroom unit at Watertown, part of the Waterway Point integrated development, is going up for auction on Feb 26 with a guide price of $2.4 million. The unit, which was previously listed for sale at the same price, is located on the 13th floor and spans 1,281 sq ft, translating to a price per square foot of $1,874.The unit was purchased by the current owners in October 2013 from the developers for $1.8 million, equating to a price per square foot of $1,281. It features a combined living and dining area, an open-concept kitchen, a utility room and toilet, and a south-facing balcony overlooking one of the condo’s 20 swimming pools. Additionally, there is an ensuite master bedroom, two additional bedrooms, and a common bathroom.According to Eric Liew, manager of auctions and sales at SRI, larger units at Watertown are in higher demand and can fetch a higher price per square foot. Of the 41 resale transactions at Watertown last year, 10 involved larger units with three or more bedrooms, which were sold at an average price of $1,854 psf. This is approximately 9% higher than the condo’s overall average transacted price for the year. Liew attributes this to interest from HDB upgraders searching for a good deal and those planning to live in the unit as their primary residence due to its proximity to Punggol MRT Station.Watertown, completed in 2017, is a 992-unit condo comprised of 11 residential towers above the six-storey Waterway Point shopping mall. Its units range from 533 to 1,582 sq ft and consist of one- to four-bedroom options. Of the 41 resale transactions at Watertown last year, 10 involved larger units with three or more bedrooms, which were sold at an average price of $1,854 psf. This is approximately 9% higher than the condo’s overall average transacted price for the year.Situated at Punggol’s North East Line, Waterway Point is also connected to the Punggol LRT Station. Additionally, there are several primary schools in the area, making it a family-friendly neighbourhood. With its attractive location and integrated development with a shopping mall, Watertown is a highly sought-after residential option for those looking to live near Punggol MRT Station.…