Month: December 2024

As we approach the year 2025, the built environment in Singapore is on the brink of significant transformation. The facilities management (FM) sector is facing increasing pressures to adapt to changing regulatory demands, cost constraints, and technological advancements. Three key factors will drive the future of FM and enhance its sustainability: the mandatory energy improvement regime, the impact of rising temperatures on energy costs, and the growing trend towards adaptive reuse in construction.

The Mandatory Energy Improvement regime, set to begin in 3Q2025, will require existing energy-intensive buildings to undergo energy audits and implement energy-efficiency improvement measures. This mandate applies to commercial, healthcare, institutional, civic, community, and educational buildings with a gross floor area exceeding 5,000 sq m. Buildings are required to reduce their energy usage intensity by 10% from pre-energy audit levels – a feasible target with the right strategies in place.

Asset owners are encouraged to take a …

as prices remain reasonable

The Meyerise, a freehold condo, made headlines in the week of 29 Nov to 6 Dec as it achieved a new price peak of $2,771 psf. This top spot is followed by The Imperial and Sky Vue, which also recorded new psf-price highs in the same week. The Meyerise was at the top of the list among private condos that saw a new psf-price high in the week of Nov 29 to Dec 6. On Dec 6, a 1,270 sq ft, three-bedroom unit on the 24th floor was sold for $3.52 million, achieving a new price peak of $2,771 psf. This is just 0.25% higher than its previous record of $2,764 psf. The former record was set in October last year when a 1,819 sq ft, four-bedroom unit on the 28th floor was transacted at about $5.03 million. The sellers of the unit sold on Dec …

The festive season is underway, and it seems there’s been some festive spirit in the property market as well.The most profitable condo resale transaction for the week of Dec 3 to Dec 10 was at JadeScape, a 99- year leasehold condo located at Shunfu Road. A six-bedroom penthouse of 4,230 square feet on the 23rd floor was sold for a whopping $10.15 million, which translates to $2,399 per square foot. This sale, which took place on Dec 9, set a new record for the highest profit made on a unit at JadeScape.To put things into perspective, the seller originally purchased the unit from the developer in December 2019 for $5.8 million, which works out to be $1,371 per square foot. As such, the seller made a profit of $4.35 million after owning the unit for a mere five years, showcasing a capital gain of 75% or an annualized profit of …

CapitaLand Ascendas REIT, one of Singapore’s largest REITs, has announced plans to acquire the DHL Indianapolis Logistics Center for $150.3 million. The property is a Class A logistics center located in Whiteland, a submarket in southeast Indianapolis, Indiana.

The acquisition is being done at a 4.1% discount to the independent market valuation of the property as of Jan 1, 2025. After taking into account transaction-related fees and expenses, along with an acquisition fee paid to the manager, the total cost of the acquisition will be $153.4 million.

The manager intends to finance the acquisition through a combination of internal resources, divestment proceeds, and existing debt facilities, according to a Dec 17 press release.

Following the acquisition, DHL USA will enter into a long-term leaseback agreement for the property’s entire gross floor area until December 2035, with options to renew for two additional five-year terms. This long lease term, with built-in …

In a press release on December 16, Wee Hur Holdings announced that it has signed a binding agreement to sell its portfolio of seven purpose-built student accommodation (PBSA) assets to Greystar. The group’s PBSA portfolio, which consists of over 5,500 beds in various cities across Australia, has a purchase price of A$1.6 billion ($1.4 billion). The transaction is set to be completed within the next six months, subject to Greystar obtaining Foreign Investment Review Board (FIRB) approvals and Wee Hur obtaining consent from its shareholders. After the sale is finalized, Wee Hur will retain a 13% stake through its subsidiary, Wee Hur (Australia). The group expects to receive approximately $320 million in net proceeds, which will be used to support its strategic growth, reinvest in its core business, and expand into new areas such as alternative investments.

Wee Hur sees this transaction as a testament to the group’s ability to …

Hoi Hup Realty and Sunway Developments successfully sold off 137 units at Novo Place executive condominium (EC) during the second round of balloting on Dec 16. This phase was exclusive to second-timers, which refers to buyers who have previously bought a subsidized flat, whether it be a new or resale HDB flat or an EC.

According to Mark Yip, CEO of Huttons Asia, a total of 444 units have been sold at Novo Place, making up 88.1% of the development. This was achieved within a month of its launch on Nov 16, making it the top-selling EC project of 2024.

Yip notes that this success is a result of strong interest from second-timers who are looking to upgrade their living standards. He also mentions that the majority of buyers are residents of the West.

Novo Place, situated at Plantation Close in the new Tengah town, is only a five-minute walk …

In November, developers in Singapore sold 2,557 new private homes, excluding executive condominiums (ECs), according to data released by the Urban Redevelopment Authority (URA) on December 16. This represents a staggering 246.5% increase from the 738 new private homes sold in October and a 226% jump from units sold in November 2023.

According to Christine Sun, chief researcher and strategist at OrangeTee Group, this surge is the highest monthly developer sales seen since March 2013, when 2,793 units were sold (excluding ECs). Mohan Sandrasegeran, head of research and data analytics at Singapore Realtors Inc (SRI), adds that this is the first time new home sales have exceeded the 2,000-unit mark in a single month since March 2013.

The surge in November’s sales can be attributed to an “unprecedented” number of project launches, says Lee Sze Teck, senior director of data analytics at Huttons Asia. Five private residential projects were launched …

One of the leading global hospitality companies, Hilton, has recently opened its 100th Hilton Garden Inn in the Greater China region. The new property, Hilton Garden Inn Beihai Jiafu, is situated in the vibrant seaport city of Beihai in China. The 199-room hotel is conveniently located only 2km away from the Beihai High-Speed Railway Station and 6km from Beihai Fucheng Airport, making it easily accessible for travelers. In addition, it is just a short 20-minute drive to Beihai International Passenger Port.

Qian Jin, the President of Hilton Greater China and Mongolia, expressed his excitement about the opening of the Hilton Garden Inn Beihai Jiafu, stating that it not only showcases the brand’s growth in the Chinese market, but also reflects their long-term commitment to the country. This sentiment was shared in a press release on December 13th.

Hilton’s first Hilton Garden Inn property in China was opened in Shenzhen in …

CapitaLand Investment Limited (CLI) is expanding its presence in Australia through the acquisition of Wingate Group Holdings, which includes the property and corporate credit investment management business, for A$200 million ($173 million), with an additional earn-out. This acquisition will add A$2.5 billion to CLI’s funds under management (FUM) in Australia, increasing its total FUM in the country by 30% to $8.3 billion. This will account for 7% of CLI’s total FUM of $115 billion. CLI has set a target to reach $200 billion in FUM by 2028 and has committed to investing up to A$1 billion in growing its FUM in Australia. This move comes 10 years after the previous board and management divested its key assets in Australia to focus on the then faster-growing China and other overseas markets.

Following its recent investor day, CLI announced the acquisition of Wingate, confirming earlier reports by the Australian media in November. …

Thanks to its prime location and unique architectural heritage, a row of four freehold conservation shophouses at 762, 764, 766 and 768 North Bridge Road has been put up for sale through an expression of interest (EOI). The properties, which are being marketed exclusively by Isabel Sim, associate senior marketing director at Huttons Asia, have a guide price of $37 million and sit on two plots of land totaling 5,766 square feet. This equates to an average land rate of $6,417 per square foot.

The first plot consists of 762 and 764 North Bridge Road, which share a 2,891 square foot plot of land with a built-up area of 4,917 square feet, including a mezzanine level. The second plot includes 766 and 768 North Bridge Road, which sit on an adjacent plot spanning 2,875 square feet with a built-up area of 4,657 square feet, also including a mezzanine level.

According …