Month: February 2025

During the week of February 7 to February 14, Mandarin Gardens saw the most profitable condominium resale transaction. A four-bedroom unit with a size of 3,800 sq ft was sold at $4.88 million, or $1,284 per square foot (psf) on February 11. URA records show that the unit on the eighth floor was previously transacted at $1.05 million ($276 psf) in June 2003.

The sale resulted in a profit of $3.83 million for the seller, which is equivalent to 364.8% of the original purchase price. This translates to an annualised capital gain of 7.4% over a span of 21 and a half years.

This record-breaking transaction also sets a new record for the most profitable sale at Mandarin Gardens. The previous record was held by a similar-sized four-bedroom unit on the 20th floor, which was sold for $4.1 million in September 2021 ($1,336 psf). The previous owners had purchased the unit for $1.4 million ($456 psf) in August 2001, earning a profit of $2.7 million (193%) or an annualised gain of 5.5% over 20 years.

Since September 2023, resale prices at Mandarin Gardens have remained stagnant after breaking the $1,300 psf mark. They peaked at $1,316 psf in June 2024 before slightly dropping to $1,310 psf as of February 25.

Out of the 1,006 units at Mandarin Gardens, there are only 18 four-bedroom units. The most recent sale is the first four-bedroom unit to be sold since June 2023, when a unit of similar size on the ninth floor was sold for $4.26 million ($1,122 psf).

Located on Siglap Road in District 15, Mandarin Gardens sits on a 1.07 million sq ft site. It has a 99-year leasehold tenure starting from 1982, with about 56 years remaining. The condo comprises 17 blocks ranging from nine to 23 storeys high, with a mix of one- to two-bedroom apartments (732 to 1,001 sq ft) and larger three- to four-bedroom units (1,528 to 3,800 sq ft). It also has 11 strata commercial units.

The second most profitable transaction during this period was recorded at Parvis, a freehold condo located in prime District 10 on Holland Hill. On February 10, a three-bedroom unit of 2,260 sq ft on the second floor was sold for $4.78 million ($2,115 psf).

The unit was previously purchased from the developers in December 2009 at $2.78 million ($1,230 psf). This resulted in a profit of $2 million (71.9%) or an annualised gain of 3.6% over 15 years.

This new sale is the third most profitable transaction at Parvis to date. The record is currently held by another four-bedroom unit of 2,605 sq ft, which was sold for $5.4 million ($2,073 psf) in November 2022. The previous owners had bought the unit for $3.21 million ($1,230 psf) in December 2009, resulting in a profit of $2.19 million (68.2%), or an annualised gain of 4.1% over 13 years.

This is also the second profitable transaction to take place at Parvis this year, the first being a four-bedroom unit on the 12th floor sold for $6.1 million ($2,188 psf) on January 6. The sellers had bought this unit for $4.25 million ($1,524 psf) in 2011, making a profit of $1.85 million (43.5%) after 14 years. This ranks as the fifth most profitable transaction at Parvis.

Parvis is a 12-storey development with 248 residential units. Units are a mix of two-bedroom apartments (990 to 1,442 sq ft) and larger three- to four-bedroom units (1,701 to 2,605 sq ft). There are also three- and four-bedroom penthouses (2,293 to 3,229 sq ft).

Some of the schools within a 2km radius of Parvis include Henry Park Primary School, Nanyang Primary School, New Town Primary School, and Queenstown Primary School. The condo is a five-minute walk away from Holland Village MRT Station on the Circle Line.

The most unprofitable transaction during this period was recorded at Scotts Square, where a two-bedroom unit of 947 sq ft on the 28th floor was sold for $3.08 million ($3,252 psf) on February 13. The unit had been purchased for around $3.83 million ($4,039 psf) in December 2007, resulting in a loss of $745,880 (19.5%). This translates to an annualised loss of 1.3% over 17 years.

Scotts Square, developed by Wharf Estates Singapore, has recorded 69 unprofitable transactions since its launch in 2007, with 18 of them (26%) resulting in a seven-figure loss. The most significant loss was from a sale of a 1,249 sq ft, three-bedroom unit in February 2017, which was sold for $3.65 million ($2,923 psf). The previous owners had bought the unit at launch in August 2007 for about $5.21 million ($4,171 psf), resulting in a loss of about $1.56 million (30%) over 10 years.

On average, resale prices at Scotts Square have been declining since its launch in 2007. Based on a 12-month rolling average, prices peaked at $4,054 psf in July 2007 and hit a low of $3,330 psf in August 2020. In February 2025, the average resale price was $3,398 psf.

Located along Scotts Road in the Orchard shopping belt, Scotts Square is a mixed-use development with a total of 338 residential units and a four-storey retail podium. Residential units consist of one- to three-bedroom apartments (603 to 1,249 sq ft). Amenities include concierge services, a gym, a lap pool, and a sky pool on the 35th floor.…

During the period of February 7 to 16, the sale of a two-bedroom unit at Hill House stood out as it topped the list of private condominiums that achieved a new record psf-price high. The 999-year leasehold development, which was launched in 2022, reached its highest price per square foot of $3,398 psf when a developer sold a 452 sq ft unit on the eighth floor for $1.54 million on February 16. This latest transaction barely surpassed the previous peak of $3,378 psf set on February 11, when another 452 sq ft, two-bedroom unit on the eighth floor was sold for $1.53 million.

Located at the top of Institution Hill, just off River Valley Road in prime District 9, Hill House comprises 72 units and was launched in November 2022. The boutique condominium consists of 40 one-bedroom units measuring 431 sq ft. There are also 24 two-bedroom apartments ranging from 452 sq ft to 624 sq ft, and eight three-bedroom units spanning 753 sq ft.

If you’re interested in finding out the latest transaction prices and available units at Hill House, you can search for the latest New Launches.

Artist’s impression of Hill House (Photo: Macly Group)

Based on URA caveats, 37 units (or 51.4%) at Hill House have been sold at an average price of $3,152 psf since its launch in November 2022. The condo is currently under construction and is expected to be completed in the third quarter of 2026. From the start of this year, eight units at Hill House have been sold at an average price of $3,190 psf. This includes the most expensive unit sold at the development so far in terms of absolute price – a 753 sq ft, three-bedroom apartment that was sold for $2.39 million on January 5.

If you’re interested in finding out more about the latest new launch, you can read our analysis here: ANALYSIS: Most profitable condos in 2024

The Tresor, a 999-year leasehold development, came in second on the list of condos that saw new psf-price highs during the period. A resale transaction of a 1,421 sq ft unit on the fifth floor set a new high of $2,625 psf when it was sold for $3.73 million on February 10. This beats the previous psf-price high for the development of $2,501 set in March 2024, when a 1,399 sq ft, three-bedroom unit on the second floor was sold for $3.5 million.

The unit that was sold on February 16 was the first resale transaction at The Tresor in a year, according to caveats lodged. The most recent resale deal before this was the sale of a 1,399 sq ft unit which went for $3.5 million ($2,501 psf) on March 4, 2024. The Tresor is a 62-unit development located on Duchess Road in District 10 and was completed in 2007. It comprises a mix of two-, three-, and four-bedroom apartments ranging from 990 to 2,896 sq ft.

The Tresor (Photo: Samuel Isaac Chua/EdgeProp Singapore)

Just a five-minute walk from Tan Kah Kee MRT Station on the Downtown Line, The Tresor is also within walking distance of Coronation Shopping Plaza and Serene Centre. Other nearby amenities include Adam Food Centre and the Singapore Botanic Gardens.

Rounding out the top three on the list of condos that achieved a new psf-price high is Jadescape. On February 7, a 1,647 sq ft, four-bedroom unit on the 22nd floor was sold for $4.05 million. This sets a new record of $2,459 psf at the District 20 development. The previous high price per square foot at Jadescape was $2,446 psf, set in January, when a 1,259 sq ft unit on the 10th floor was sold. In terms of absolute price, the most expensive resale unit to date is a 4,230 sq ft, six-bedroom penthouse which fetched $10.2 million ($2,399 psf) in December 2024.

Jadescape is a 99-year leasehold development that was completed in 2022. It consists of 1,206 units across seven residential towers. Located at the junction of Marymount Road and Shunfu Road, Jadescape has one- to five-bedroom apartments ranging from 527 sq ft to 2,099 sq ft. There are also two penthouses measuring 4,230 sq ft. The development is within walking distance of Marymount MRT Station on the Circle Line, and just a four-minute walk away from Sin Ming Plaza.

Jadescape (Photo: Samuel Isaac Chua/EdgeProp Singapore)

Data compiled by EdgeProp Research shows that Jadescape commands one of the highest average transacted prices among condos within a 1km radius. In the last 12 months, the average transacted price at Jadescape stands at $2,192 psf. In comparison, other condos in the vicinity such as the Tresalveo on Marymount Terrace, 183 Longhaus on Upper Thomson Road, and Thomson V Two on Sin Ming Road have average transacted prices ranging from $1,712 psf to $1,912 psf over the same period. All three condos are freehold developments.

No new psf-price lows were recorded during the period. If you’re interested in finding out more about Hill House, The Tresor, and Jadescape, you can check out the latest listings and transactions here and here.

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CT Pemimpin, the newest freehold development by Chiu Teng Group, is set to be a game-changer for property investors and business owners in Singapore. Known for its expertise in developing high-quality commercial and industrial spaces, Chiu Teng Group brings its proven track record to this highly anticipated project.

Strategically located at 43 Jalan Pemimpin in the Central Region, CT Pemimpin is a nine-storey, partial ramp-up factory with 56 strata-titled units and three canteen units. Its prime location and freehold status make it a highly sought-after development in a land-scarce city like Singapore.

One of the standout features of CT Pemimpin is its rare freehold status, which sets it apart from most industrial developments in the market that come with a 30-year or 60-year lease. And unlike residential properties, commercial and industrial properties are not subject to Additional Buyer’s Stamp Duty (ABSD) by the government, making them an attractive option for investors and foreigners eligible to purchase.

According to Kelvin Fong, Deputy CEO of PropNex Realty, the freehold status of CT Pemimpin, combined with its central location, makes it a valuable asset for both investors and end-users.

The development offers a generous one-to-one carpark ratio, with 59 carpark lots, including two electric vehicle lots, three lorry lots for vehicles under 7.5m in length, two handicapped lots, and 34 bicycle lots. It also features two passenger lifts and a service lift, and each unit comes with its own private toilet for the convenience of its occupants.

Ken Low, Managing Partner of SRI, highlights the convenience of the allocated carpark lot for each unit at CT Pemimpin, making it an attractive choice for businesses. The partial ramp-up design also enhances accessibility for everyday operations, facilitating smoother loading and unloading of goods and improving logistics efficiency.

In terms of location, CT Pemimpin is situated in District 20, a highly popular area with buyers and tenants due to its proximity to well-established townships such as Bishan, Upper Thomson, and Ang Mo Kio. Its strategic location offers excellent accessibility and connectivity to all parts of Singapore, with three MRT lines serving the industrial estate, providing great convenience for those using public transport.

Doris Ong, Deputy CEO of ERA, highlights the strategic location of CT Pemimpin in the city’s central region, making it a smart investment choice and a strategic business asset. The upcoming North-South Corridor will further enhance its connectivity, reducing travel time from the north into the city when it is completed in phases from 2027.

CT Pemimpin also offers a good mix of retail and dining options in nearby suburban shopping hubs, such as Junction 8, Thomson Plaza, AMK Hub, and others. Reputable schools such as Raffles Institution, Catholic High School, and Eunoia Junior College are also within close proximity.

For those looking for a more sustainable future, CT Pemimpin offers a range of green features, including an end-of-trip facility with shower rooms, bicycle racks, and storage lockers. Other green features include a sky garden with two rooftop pavilions, rooftop solar panels, EV charging stations, and a recycling corner. Mark Yip, CEO of Huttons Asia, notes that these features make CT Pemimpin an ideal choice for industries such as e-commerce, media, telecommunications, and software development.

Established in 1999, Chiu Teng Group has built a reputation as a reliable developer and builder in the industrial and commercial sectors. Its portfolio includes several well-received projects, such as CT FoodNEX, CT Foodchain, The Creek@Bukit, Tagore8, and CT Hub & Hub 2.

The preview for CT Pemimpin will end on March 5, 2025. To secure your rare freehold industrial space, contact 8100 8017 or visit Chiu Teng Group to arrange a viewing today.…

Two retail units in Sim Lim Square for sale at $2 mil each

Two neighboring retail units on the third floor of Sim Lim Square will be featured in ERA’s upcoming auction on February 27, with a combined guide price of $3.38 million. The bigger unit, spanning 958 square feet, is priced at $2.08 million or $2,171 per square foot, while the smaller unit of 570 square feet is listed at $1.28 million or $2,246 per square foot. This is the first time both units will be featured in ERA’s auction listings, as they are currently for sale by the owner. They can be purchased separately or together. Alison Lee, the assistant vice president of auction and sales at ERA, states that the units are being competitively priced in order to expedite the sale process. According to EdgeProp Singapore’s analytical tools, Sim Lim Square retail units have seen an average transaction price of $2,997 per square foot over the last 12 months. Interestingly, the most recent unit to be sold was a 592-square-foot store on the ground level, which went for $1.92 million or $3,241 per square foot in December 2024. Sim Lim Square has a well-established identity as a tech hub, with a concentration of electronics, gadgets, and computer parts retailers. It also has a diverse range of other businesses, including restaurants and traditional Chinese medicine stores. Currently, both retail units are leased and generate about $4.50 per square foot in monthly rent. Rent data collected by EdgeProp Singapore over the last 12 months shows that Sim Lim Square retail units have an average rental return of between $4.20 and $7.30 per square foot per month. It is worth noting that in April 2019, the developers of Sim Lim Square put the property up for collective sale, setting a reserve price of $1.25 billion. In December of the same year, it was relaunched for purchase at the same price but was unsuccessful in finding a buyer. A second attempt was planned for 2022 by a collective sales committee, but it did not progress. However, Lee says that a new committee is being formed to consider another collective sale in the near future. Sim Lim Square is strata-titled mall built in 1987 on a 78,152-square-foot site. It has 492 retail and office units spread over six floors and two basement levels. It is within walking distance of Rochor and Jalan Besar MRT stations on the Downtown Line, and the Bugis MRT Interchange, which connects the East-West and Downtown Lines. Source: https://www.edgeprop.sg/property-news/pair-adjacent-retail-units-sim-lim-square-up-auction-feb-27…

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Retiree Mr Chong has given financial assistance to his three sons when they were buying their homes. His eldest son bought a private condo, while his two younger sons bought executive condos (ECs). According to him, buying an EC during launch is an obvious choice. “Even if you buy shortly after the five-year MOP [minimum occupation period], it’s still a good entry price,” he says. Mr Chong has experienced both scenarios. His second son purchased a three-bedroom unit at Hundred Palms Residences, a 531-unit development that was launched in July 2017. “He wanted a four-bedroom unit, but they were quickly taken,” shares Mr Chong. The project by Hoi Hup Realty received 2,000 e-applications and was fully sold on the first day of launch at an average price of $841 per square foot (psf). The EC, located on Yio Chu Kang Road, was completed in 2019. Based on caveats lodged in January and February 2025, the average price of units sold was $1,769 psf, representing a 110% increase in eight years. Check out the latest listings for Hundred Palms Residences properties Mr Chong says that based on the selling price of $1.95 million or $1,849 psf for a 1,055 sq ft three-bedroom unit that was sold at Hundred Palms in February, his second son’s EC unit has appreciated by about $1 million since he purchased it during launch. Such substantial capital gains may have encouraged many people to upgrade to private housing, according to Mr Chong. In 2018, when Mr Chong’s youngest son decided to buy his own home, Mr Chong sold his 1,260 sq ft three-bedroom unit at The Interlace, which had been their family home for the last ten years. In 2021, the Chongs bought a 1,399 sq ft four-bedroom dual-key resale unit at Twin Fountains, a 418-unit EC in Woodlands. The EC was jointly developed by Frasers Property and Lum Chang, and was launched in 2013 and completed in 2016. ECs are only available to buyers who are Singaporean citizens or permanent residents (PRs) at launch and after a five-year MOP. Foreigners can only purchase ECs in the resale market after the 10th year of obtaining Temporary Occupation Permit (TOP). The dual-key unit provides Mr Chong with privacy as he stays in the one-bedroom studio while his son and family stay in the three-bedroom apartment. Each apartment has its own separate entrance despite sharing the main entrance. The 418-unit Twin Fountains, jointly developed by Frasers Property and Lum Chang, was completed in 2016. Even though they paid $1,000 psf for the unit in 2021, which was then considered a new high, Mr Chong points out that recent resale prices are even higher. Check out the latest listings for Twin Fountains properties According to a caveat lodged in February, the most recent transaction of a 1,206 sq ft four-bedroom unit went for $1.62 million or $1,344 psf. “Even if you missed the boat, like my youngest son, and we bought in at $1,000 psf, resale prices at Twin Fountains have since gone up by 30%,” adds Mr Chong. Referring to the launch of Norwood Grand, City Developments’ 348-unit private condo at Champions Way in Woodlands last October, Mr Chong says that the condo’s average selling price, which is 53.8% higher than the latest resale price at Twin Fountains, has set a new benchmark for Woodlands. He adds that the announcement of revitalization and new infrastructure, including the Johor Bahru-Singapore Rapid Transit System (RTS) with the Singapore terminus in Woodlands North, has created more interest in the northern region. According to ERA Singapore’s Key Executive Officer, Eugene Lim, rising EC prices and limits on loan quantum have resulted in EC buyers needing to put in a larger cash outlay. For ECs, the monthly household income ceiling is $16,000. Buyers must meet the Mortgage Servicing Ratio (30% cap) and Total Debt Servicing Ratio (55% cap) requirements if they take out a loan. Based on a 30-year-old EC buyer with a household income of $16,000 and a maximum loan tenure of 30 years, the maximum loan amount they can take is around $1 million, estimates ERA’s Mr Lim. Despite the higher upfront costs, buyers are still undeterred by the higher prices of ECs, says Mr Lim. This is because there is still a 42% median price gap between similarly sized homes in the EC market and 99-year leasehold private condos in the Outside Central Region (OCR), he adds. Read more: How many years is an Executive Condominium? “Hence, in terms of absolute price, buyers, particularly HDB upgraders, still see value in ECs,” says Mr Lim. According to him, ERA’s forecast of an average annual take-up of 3,000 to 5,000 EC units is based on its forecast of an average of 5,000 to 8,000 new EC units coming on the market each year. “Although the three EC projects expected to launch this year are strategically spaced out across different locations — Tampines, Pasir Ris, and Tengah — and will cater to the housing needs of Singaporeans across the island,” says Mr Lim. He adds that the median price gap between new ECs and new private condos in the OCR has narrowed in recent years. According to URA Realis data collated by OrangeTee Research, the gap has narrowed from 49.4% in 2023 to 44.2% in 2024 and to 43.6% in January 2025. Sun notes that this narrowing gap is due to EC prices rising faster at 9.6% from 2023 compared to the OCR’s 5.3% increase in non-landed property prices over the same period. There is still a 42% median price gap between similarly sized homes in the EC market and 99-year leasehold private condos in the Outside Central Region. Credit: Samuel Isaac Chua/EdgeProp SG According to Christine Sun, OrangeTee Group’s chief researcher and strategist, the median price gap between new ECs and new private condos in the OCR has narrowed in recent years. Based on data sourced from URA Realis, the gap has narrowed from 49.4% in 2023 to 44.2% in 2024 and to 43.6% in January 2025. According to OrangeTee’s Ms Sun, this narrowing gap is due to EC prices going up faster over 9.6% from 2023 compared to the OCR’s 5.3% growth in non-landed property prices over the same period. However, despite the rising cost of ECs and caps on loan quantum, the demand for ECs remains strong due to their affordability and lower psf prices compared to 99-year leasehold private condos in the same region, according to Mr Lim. Mr Lim states that in addition to the lower prices compared to new private condos, EC buyers do not need to sell their current property before buying, and HDB upgraders do not have to pay additional buyers’ stamp duty (ABSD) when purchasing a new EC. He goes on to say that employing the Deferred Payment Scheme (DPS) could raise the purchase price slightly. With the DPS, buyers only need to pay a deposit, and their loan will be deferred until after the EC is completed. “This way, buyers will not have to service two mortgages while waiting for the new house to be completed,” explains Mr Lim. “With no ABSD payable and the availability of the DPS, HDB owners find it less difficult to upgrade to a new EC.” Meanwhile, PropNex’s chief executive officer, Ismail Gafoor, expects the median price for new ECs to “again cross $2,200 psf.” Check out the latest listings for Twin Fountains properties…

According to research by C9 Hotelworks, a hospitality consultancy firm based in Asia, the market value of branded residential projects in Asia has reached a record high of US$26.6 billion ($35.5 billion). Currently, there are over 68,000 luxury units available, with Vietnam leading the market in terms of the number of branded residential units. The country has 17,680 units across 59 properties, with an average price of about US$350 per square foot (psf). Thailand comes in second place with 16,271 units across 65 properties, where most branded residential units are priced at US$510 psf. The Philippines is next on the list with 13,276 units across 46 properties, priced at approximately US$400 psf.

Singapore, however, commands the highest prices in the region for branded residences, with an average of US$2,140 psf for these luxury properties. It is followed by Japan, where prices are around US$1,935 psf.

C9 Hotelworks’ managing director, Bill Barnett, revealed that there are also emerging markets where branded residences have seen significant growth in recent years, such as South Korea with 3,026 units across 16 properties and Malaysia with 6,014 units across 24 projects.

In the post-Covid-19 era, urban-located branded residences make up 56% of the market supply in Asia, with these luxury urban projects dominating the sector in terms of market value. For instance, urban branded residences in South Korea are priced at US$2,670 psf, significantly higher than the average price of US$1,040 psf for resort projects in the country. Similarly, in Thailand, urban branded residences fetch an average of US$770 psf, while resort properties are priced at US$430 psf.

The branded residential market in Asia comprises about 12,330 units across 80 developments associated with luxury hotel brands, accounting for 31% of the market supply. According to Barnett, the data shows that having a reputable brand associated with a property can help it command a premium price of between 30% to 35% above the market rate in the country, and increase market share for the developer.

Barnett also shared that the popularity of top hospitality brands and luxury lifestyle brands has led to an increase in licensing fees, with some luxury hotel and lifestyle brands asking for a 6% to 10% share in the sale of each branded residential unit. For instance, Thai developer Ananda Development and German luxury brand Porsche collaborated to launch the ultra-luxury Porsche Design Tower Bangkok in Thonglor last August. The 22-unit tower, which will be completed in 2028, is the first Porsche residential tower in Asia, following the Porsche Design Tower Miami launched a decade ago. Prices for units at the Bangkok development range from US$15 million to US$40 million.

Gianfranco Bianchi, general manager of Asia Pacific at The One Atelier, an international design consultancy specialising in branded residences for lifestyle brands, noted that in recent years, more luxury lifestyle brands have been exploring partnerships to license their branding to real estate developments across the Asia-Pacific region. Some of the high-profile brands One Atelier has collaborated with include Fendi Casa Residences by Armani in Miami, the 259-unit 888 Brickell by Dolce & Gabbana in Miami, the 90-unit Büyükyalı Residences in Istanbul, Turkey and the Karl Lagerfeld Villas in Marbella, Spain.

While hospitality-affiliated branded residences provide top-notch hospitality services, fashion or design-branded residences offer a rare trophy home that embodies the namesake design and luxury aesthetic that have made these brands synonymous with luxury living, says Bianchi.

Ananth Ramchandran, head of advisory and strategic transactions in hotels and hospitality (Asia) at CBRE, revealed that property cooling measures in Singapore have led to a decrease in interest from high-net-worth buyers in the country for branded residences. As a result, many are looking to nearby regional markets such as Phuket and Bangkok in Thailand, Bali in Indonesia, and emerging markets in Vietnam. These locations are usually just a two-hour flight from Singapore, making them more attractive to Singapore-based buyers.

According to Ramchandran, flight carriers such as Singapore Airlines, Scoot, AirAsia and Jetstar have completed about 150 flights per week between Singapore and Phuket last month.

Jason Thelen, senior director of sales and marketing at Sudara Residences, a Thai-based developer, added that Singapore has become the top regional market for buyers looking for second homes, making up over 45% of regional purchases. Hospitality operators, such as The Ascott, are also looking to tap into the future growth of the branded residential segment in Asia, says Saowarin Chanprakaisi, vice-president of business development at The Ascott. She believes that the emotional resonance of brands like Ascott, The Crest Collection and Oakwood Premier, have reputational strengths in the market.

Chanprakaisi adds that branded residential operators have to develop and maintain trust in the brand to deliver the level of service that ultimately translates into the long-term value proposition of the asset. As such, Ascott is seeking to expand its market share in the region by partnering with developers looking to enter the branded residential market.…

UEM Sunrise and GuocoLand have recently signed an MOU under the Johor-Singapore Special Economic Zone (JS-SEZ) between Malaysia and Singapore private companies. The MOU aims to accelerate growth within the JS-SEZ by jointly developing UEM Sunrise’s selected freehold landbank in Iskandar Puteri, Johor. The signing ceremony of the MOU was held at UEM Sunrise Gallery Iskandar Puteri, a showcase of the group’s vision of Iskandar Puteri.

Iskandar Puteri, which forms Flagship Zone B of the JS-SEZ, specializes in various sectors, including manufacturing, business services, education, health and tourism. This collaboration is expected to cover UEM Sunrise’s selected plots of land in Gerband Nusajaya and Puteri Harbour, two key master-planned areas within Iskandar Puteri. The joint effort aims to activate Iskandar Puteri’s potential and enhance its attractiveness for investment. It will focus on improving connectivity, fostering talent development and creating a business-friendly ecosystem as drivers for sustainable economic benefits in Johor.

“This partnership is not just about development, but also about shaping a thriving end-to-end, future-ready economic hub that fuels long-term growth, creates jobs and strengthens the JS-SEZ ecosystem,” says Hafizuddin Sulaiman, CFO of UEM Sunrise. The sites are strategically located near Singapore, Senai Airport and the Port of Tanjung Pelepas, making it a prime location for long-term economic growth and positioning Iskandar Puteri as a robust business and investment hub.

Datuk Hisham Hamdan, Chairman of UEM Sunrise, believes that the JS-SEZ, developments in Iskandar Puteri, and strategic partnerships are all part of a larger vision to position Johor as a dynamic and forward-thinking economy. This collaboration will bring along GuocoLand’s experience in real estate development and asset management, as well as an understanding of the needs of companies from Singapore, Malaysia and China that wish to establish a presence in the JS-SEZ.

Together, the combined expertise of UEM Sunrise and GuocoLand will enable them to shape Iskandar Puteri and the wider JS-SEZ through innovative developments. UEM Sunrise has already played a crucial role in Iskandar Puteri’s urban development with existing developments such as the Aspira series and Senadi Hill residential townships, and commercial and retail hubs including an upcoming 380-acre industrial park in Gerband Nusajaya.

The growth in Iskandar Puteri is set to be spurred on by incentives and support schemes introduced by the governments of Malaysia and Singapore, which aim to increase investments for the JS-SEZ. These measures include special tax rates, stamp duty exemptions and capital allowances. With this partnership between UEM Sunrise and GuocoLand, it is expected that Iskandar Puteri will continue to flourish as a prime investment destination.…

During the period of Jan 28 to Feb 4, several noteworthy resale transactions closed, despite coinciding with this year’s Chinese New Year festivities. The most profitable deal took place at Palisades condominium, where a unit measuring 3,983 sq ft was sold for $4 million ($1,004 psf) on Feb 4.The previous record at Palisades was set three years ago, when a 3,294 sq ft unit was sold for $3.4 million ($1,032 psf). It had been bought in 1996 for $1.53 million ($465 psf), resulting in a profit of $1.87 million (122%) or an annualized gain of 3.1% over 25 years.During this period, there were only five resale transactions at Palisades, all of which were profitable. The most unprofitable deal, on the other hand, was a studio at Vida condominium, which incurred a loss of $116,000 (10%) on Feb 4. The unit, measuring 527 sq ft, was bought in 2009 for $1.15 million ($2,192 psf) and sold for $1.04 million ($1,972 psf) in 2022.In terms of profitability, the second most noteworthy resale took place at Ardmore II, where a four-bedroom unit was sold for $6.85 million ($3,385 psf) on Feb 3. The seller raked in a profit of $2.12 million (45%), with an annualized gain of 2.1% over 18 years.Over the past few years, resale prices at Ardmore II have been on the rise, from approximately $2,623 psf in January 2015 to about $3,390 psf at the beginning of this year.All these impressive resale transactions indicate a strong market and highlight the potential for profitable investments in the Singapore condominium scene.

Resale transactions at Singapore condos remained active from Jan 28 to Feb 4, despite coinciding with the Chinese New Year celebrations. One of the most noteworthy deals was the sale of a 3,983 sq ft unit at Palisades condominium for $4 million ($1,004 psf) on Feb 4.

This second-floor unit was first purchased for $1.7 million ($427 psf) in August 2009, making the seller a profit of $2.3 million (135%) or an annualized gain of 5.7% over 15.5 years. This makes it the most profitable resale transaction at Palisades to date.

The previous record for the most profitable deal at Palisades was set three years ago when a 3,294 sq ft unit on the eighth floor was sold for $3.4 million ($1,032 psf). The unit was initially bought in 1996 for $1.53 million ($465 psf), resulting in a profit of $1.87 million (122%) or an annualized gain of 3.1% over 25 years.

According to EdgeProp Singapore’s data, there have been only five resale transactions at Palisades over the past three years, all of which have been profitable. On the other hand, the most unprofitable deal during this period was the sale of a studio at Vida, a freehold condo in prime District 9. The unit, measuring 527 sq ft on the 12th floor, was sold for $1.04 million ($1,972 psf) on Feb 4, resulting in a loss of $116,000 (10%) for the seller. The unit was purchased for $1.15 million ($2,192 psf) in May 2009.

Vida also holds the record for the most unprofitable resale transaction to date, which involved a 840 sq ft unit on the 10th floor that sold for $1.73 million ($2,061 psf) in August 2022. The unit was bought for $2.33 million ($2,774 psf) in July 2007, resulting in a loss of $598,920 (25%) or an annualized loss of 1.9% over 15 years.

Despite these unprofitable transactions, resale prices at Vida have been on a decline in recent years, falling from a peak of around $2,277 psf in August 2015 to about $2,058 psf last month.

Comparatively, the second most profitable resale during this period took place at Ardmore II, where a four-bedroom unit changed hands for $6.85 million ($3,385 psf) on Feb 3. The unit was bought for $4.72 million ($2,333 psf) in November 2006, resulting in a profit of $2.12 million (45%) and an annualized gain of 2.1% over 18 years.

Resale prices at Ardmore II have been on an upward trend over the past few years, climbing from approximately $2,623 psf in January 2015 to about $3,390 psf at the beginning of this year.

Ardmore II is a freehold luxury condo located on Ardmore Park in prime District 10. Its nearby developments include the Shangri-La Singapore hotel, Treetops Executive Residences, Ardmore Park, and Sculpture Ardmore. It is also in close proximity to Tanglin Road and the Orchard Road shopping belt.

In summary, the resale market for Singapore condos has been active, with several noteworthy transactions taking place during the period of Jan 28 to Feb 4. These deals highlight the potential for profitable investments in the Singapore condo scene.…

Malaysia’s leading property developer UEM Sunrise and Singapore’s GuocoLand have recently signed the first Memorandum of Understanding (MOU) between private companies from both countries for the Johor-Singapore Special Economic Zone (JS-SEZ). The MOU, announced on February 27, will see the two companies jointly develop UEM Sunrise’s selected freehold land in Iskandar Puteri, Johor, to accelerate growth in the JS-SEZ. The signing ceremony coincided with the opening of UEM Sunrise Gallery Iskandar Puteri, a showcase of the company’s vision for Iskandar Puteri.

Iskandar Puteri, which falls under Flagship Zone B of the JS-SEZ, specializes in various sectors including manufacturing, business services, education, health, and tourism. With this MOU, UEM Sunrise and GuocoLand aim to enhance the attractiveness of Iskandar Puteri for investment by focusing on improving connectivity, fostering talent development, and creating a business-friendly ecosystem.

The MOU covers UEM Sunrise’s selected plots of land in Gerband Nusajaya and Puteri Harbour, two key master-planned areas within Iskandar Puteri. These sites are strategically located near Singapore, Senai Airport, and the Port of Tanjung Pelepas, making it an ideal location for driving long-term economic growth and positioning Iskandar Puteri as a robust business and investment hub.

UEM Sunrise CFO Hafizuddin Sulaiman commented that this partnership is not only about development but also about shaping a thriving end-to-end economic hub that fuels long-term growth, creates jobs, and strengthens the JS-SEZ ecosystem. The company sees this collaboration as an opportunity to contribute to the larger vision of positioning Johor as a dynamic and forward-thinking economy.

GuocoLand CEO Cheng Hsing Yao added that the company will bring along its experience in real estate development and asset management, as well as an understanding of the needs of companies from Singapore, Malaysia, and China that wish to establish a presence in the JS-SEZ. The partnership will enable the two companies to shape Iskandar Puteri and the wider JS-SEZ through innovative developments.

UEM Sunrise has been playing a key role in the urban development of Iskandar Puteri with existing developments such as residential townships, commercial and retail hubs, and an upcoming industrial park in Gerband Nusajaya. The growth of Iskandar Puteri is expected to be driven by incentives and support schemes introduced by the governments of Malaysia and Singapore, including special tax rates, stamp duty exemptions, and capital allowances.…

Frasers Property, in collaboration with two prominent Chinese real estate groups, has successfully acquired a prime residential site in Songjiang District, Shanghai. The joint venture (JV) partners secured the site for RMB815.2 million ($151.9 million) through a competitive tender process organized by the Shanghai Municipal Bureau of Planning and Natural Resources.

The JV partners, which include Xiamen ITG Real Estate Group and Shanghai-listed Gemdale Corporation, plan to develop the site into a diverse mix of 189 low-rise apartments, townhouses, and duplex units. The project will have a total gross floor area of 334,714 sq ft, according to a press release on Feb 26.

In addition to providing desirable living spaces, the project will incorporate innovative design elements such as flood mitigation measures, ultra-low energy building designs, and solar photovoltaics. This eco-friendly approach, which includes energy-efficient thermal insulation, door and window systems, and reduced thermal bridging, demonstrates the commitment of the JV partners towards sustainable development.

The development is set to cater to the needs of upgraders and first-time homebuyers in the sought-after Fangsong Community, located in the affluent Songjiang District. This prime residential neighborhood is adjacent to two existing successful projects, Club Tree and Palace of Yunjian, which were joint ventures between Frasers Property and Gemdale Corporation.

Lim Hua Tiong, CEO of emerging markets in Asia at Frasers Property, affirms that this JV partnership strengthens the company’s foothold in Shanghai while reflecting their dedication to delivering high-quality residential developments that cater to the evolving needs of the Chinese community.

In related news, Frasers Property recently reported a decline in earnings during the first half of FY2024 due to UK impairment. The company also collaborated with SP Group to install solar panels across its retail and commercial properties, showing its commitment to sustainable practices. Additionally, the company submitted a bid for the master developer site in Jurong Lake District as the sole consortium of giant developers.…