Author: susukinono

The Ministry of National Development (MND) has announced changes to the Additional Buyer’s Stamp Duty (ABSD) regime for licensed housing developers, which will go into effect on March 6. The revisions include an extension of the ABSD remission timeline for developers undertaking complex projects from six to 12 months. This move is aimed at incentivizing developers to take on urban transformation projects, optimize land use through intensification or integration, revitalize older estates, or adopt new construction technologies.

Projects eligible for the extended remission period include en bloc redevelopments that will yield at least 700 units upon completion, with at least 1.5 times the number of units of the existing development. Other projects that qualify include those with complex technical or instructional requirements, such as developments integrated with major public transport facilities. Additionally, projects approved under the Strategic Development Incentive (SDI) scheme and those aiming to achieve higher productivity targets through …

into Singapore

The Land Transport Authority (LTA) has commenced feasibility studies for two new MRT lines. These lines, expected to be completed in the 2040s, aim to serve more than 400,000 households.

The first proposed line, known as the Seletar Line, will serve areas such as Woodlands, Sembawang, Sengkang West, Serangoon North, Whampoa, Kallang and the Greater Southern Waterfront. The second, tentatively named the Tengah Line, will complement the existing transport network in the west and northwest regions by serving areas like Tengah, Bukit Batok, Queensway and Bukit Merah.

According to a speech by Transport Minister Chee Hong Tat in parliament on March 5, the Seletar Line and Tengah Line may eventually be connected, pending the results of LTA’s feasibility studies.

Minister Chee also announced LTA’s plans to proceed with the West Coast Extension (WCE), which will extend the Jurong Region Line (JRL) to connect with the Circle Line (CCL) …

Elias Green, a 99-year leasehold condominium located in Pasir Ris, will soon be put up for collective sale through public tender on March 6. The marketing agent for the sale, ERA Realty Network, has announced that the property has a guide price of $928 million.

The development, which was completed in 1994, sits on a land area of approximately 516,871 sq ft and has a residential zoning with a gross plot ratio of 1.4. It comprises of multiple blocks and has a total of 419 apartments with sizes ranging from 1,367 to 1,636 sq ft. The site has a remaining lease of 65 years as it was initially issued with a 99-year lease in 1991.

According to ERA, the guide price of $928 million translates to a land rate of $1,355 psf per plot ratio (ppr). This figure takes into account an estimated land betterment charge of $150.8 million for …

The Government Land Sale (GLS) tender for Media Circle (Parcel A) in one-north closed on March 4 with a winning bid of $315 million from the consortium of Qingjian Realty, Forsea Holdings, and minority investor Hoovasun Holding. The 99-year leasehold site is zoned for residential use, with commercial spaces on the first storey.The top bid translates to a land rate of $1,037 per square foot per plot ratio (psf ppr) for the 82,125 square foot site, which has a maximum gross floor area of 303,865 square feet. The proposed development could have about 325 housing units and two high-rise residential towers.The neighbouring Media Circle GLS plot, which will be home to the upcoming Bloomsbury Residences with 358 units, was awarded to Qingjian and Forsea in January 2024 at $395.28 million, or $1,191 psf ppr. Du Dexiang, managing director of Qingjian Realty, is confident in the upcoming transformation of Media Circle, …

HPL (Hotel Properties Ltd), a leading player in the property and hotel industry, is making strides in expanding their global reach with the acquisition of InterContinental Auckland, worth NZ$180 million ($138.5 million). This marks a significant milestone for the group as it will be their first investment in the New Zealand market, and their second InterContinental hotel acquisition after the successful launch of InterContinental Maldives Maamunagau Resort.

The transaction was an off-market deal, facilitated by JLL’s Asia Pacific Hotels & Hospitality Group, who advised on the sale by New Zealand’s Precinct Properties. According to JLL, this is the largest single hotel asset sale ever recorded in New Zealand. The purchase of the Auckland hotel comes shortly after HPL opened The Boathouse Tioman in Malaysia, offering 31 luxurious bungalows, and the 176-room Four Seasons Hotel Osaka in Japan, last year.

HPL has expressed their ambition to expand their portfolio of upscale …

In the second half of 2024, institutional investments in Asia Pacific (Apac) real estate saw a 6% increase year-on-year, reaching a total of US$83.2 billion ($112 billion), according to research by Colliers. This brings the full-year investments to US$155.9 billion in 2024, climbing by 12% compared to the previous year. The figures cover the top nine markets in the region: Australia, Mainland China, Hong Kong, India, Japan, Singapore, South Korea, New Zealand and Taiwan.

This rise in investments demonstrates the resilience of the Apac real estate market and sets the stage for a robust 2025, according to Chris Pilgrim, Colliers’ managing director of global capital markets, Asia Pacific. Pilgrim also noted that domestic investors have continued to drive growth in key markets such as South Korea, Taiwan and New Zealand. In the second half of 2024, local investors accounted for over 80% of real estate inflows in these markets.

The …

Singapore-based private equity real estate firm SC Capital Partners Group has recently announced the sale of its student accommodation asset in Sydney, Australia. According to a press release on March 3, the group sold the property, which is situated on Anzac Parade and Lorne Avenue in Kensington, for a significant premium to its initial purchase price and a 19% premium to its current book value. The buyer of the property is none other than the University of New South Wales (UNSW) in Sydney.

SC Capital Partners Group had acquired the property in 2016, reportedly paying A$57 million for the asset. With this sale, its current book value has increased significantly. Spanning over 85,035 square feet, the purpose-built student accommodation features 233 beds and a ground-floor commercial podium. It is strategically located within 600 meters of the UNSW Kensington Campus, making it an ideal choice for students. The student accommodation component …

for over $1 billion

Lee Chee Koon, CEO of CapitaLand Investment Limited (CLI), was recently awarded the ‘Industry Figure of the Year’ for Asia Pacific at the prestigious PERE Global Awards 2024. This annual event, organized by the London-based private equity real estate publication, recognizes outstanding firms, individuals, and deals from the past year. CLI also received the runner-up award for ‘Firm of the Year’ in Asia Pacific, showcasing the company’s exceptional performance in the region.

The winners for 2024 were chosen by a panel of PERE journalists, a change from previous years where readers voted for the winners from a shortlisted group of submissions.

CLI, in a press release issued on March 4, stated that the CEO award for Lee is a testament to “his role in driving CLI’s transformational growth and his significant contribution to the private real estate industry in the Asia Pacific region.” Since taking over …

City Developments Shares Plunge After Family Spat

Shares of City Developments (CDL) experienced a sharp drop of 28 cents, or 5.47%, when trading resumed today amid an internal tussle that has now reached the courts. The trading of CDL’s shares had been halted since February 26, when a scheduled results briefing was suddenly cancelled and news of a disagreement between Executive Chairman Kwek Leng Beng and his son Sherman Kwek, who is the Group CEO, came to light.

CDL released a statement on March 3, saying that they will not be commenting on the allegations made against the board as they are currently subject to ongoing court proceedings. They also reassured shareholders that the company’s business operations remain unaffected and it is “business as usual”. Sherman Kwek will continue to hold the position of Group CEO until the board makes a decision to change the company leadership.

As a result …