from $2.1 mil on June 30, 2021

A retired man named Mr. Chong recently provided financial assistance to his three sons as they were setting up their own homes. While his eldest son purchased a private condo, his two younger sons opted to purchase executive condos (ECs). According to Mr. Chong, buying an EC at a new launch is a no-brainer and even buying shortly after the five-year MOP (minimum occupation period) is a good deal.

Mr. Chong has experienced both scenarios as his second son had bought a three-bedroom unit at the 531-unit Hundred Palms Residences during its launch in July 2017. He wanted a four-bedroom unit, but they were all quickly snapped up. The project, developed by Hoi Hup Realty, received 2,000 e-applications and was sold out on the first day at an average price of $841 psf. The EC, located on Yio Chu Kang Road, was completed …

By Rebecca Rachel WongData from C9 Hotelworks, a hospitality consultancy based in Asia, has shown that the branded residential market in Asia has reached a record high of US$26.6 billion ($35.5 billion), with over 68,000 luxury units now available.

According to C9 Hotelworks’ data, Vietnam is currently leading Asia in the number of branded residential units with 17,680 units spread across 59 properties. The average price of a branded residential unit in Vietnam is about US$350 per square foot (psf). Trailing behind Vietnam is Thailand with 16,271 units across 65 properties, where the average price of a branded residential unit is about US$510 psf. The Philippines follows closely with 13,276 units across 46 properties, with luxury properties here selling at an average price of US$400 psf.

However, in Singapore, branded residences command the highest prices in the region, with an average of US$2,140 psf. This is followed by Japan, where …

A joint venture between Malaysian property developer UEM Sunrise and Singapore-listed GuocoLand has made headlines with the signing of the first Johor-Singapore Special Economic Zone (JS-SEZ) MOU between private companies from the two countries. In a statement released on Feb 27, the two companies announced their plans to jointly develop UEM Sunrise’s freehold landbank in Iskandar Puteri, Johor, with the aim of stimulating growth within the JS-SEZ. This important milestone was marked with the opening of UEM Sunrise Gallery Iskandar Puteri, which showcases the developer’s vision for the area.

Iskandar Puteri, which is part of Flagship Zone B of the JS-SEZ, is a thriving hub that specializes in various sectors such as manufacturing, business services, education, health, and tourism. If you’re looking to invest in overseas properties, there are plenty of projects available for sale all over the world. The partnership between UEM Sunrise and GuocoLand is expected to cover …

In spite of Chinese New Year festivities, a number of notable resale transactions were closed between Jan 28 and Feb 4. The most lucrative of these deals involved the sale of a 3,983 sq ft unit at Palisades condominium, which was sold for $4 million ($1,004 psf) on Feb 4. The seller had previously purchased the unit for $1.7 million ($427 psf) in August 2009, resulting in a profit of $2.3 million (135%) and an annualised gain of 5.7% over 15.5 years. This makes it the most profitable resale transaction at Palisades to date, surpassing the previous record set in 2018 when a unit was sold for $3.4 million ($1,032 psf).

Over the past three years, there have only been five resale transactions at Palisades, all of which have been profitable. The second most profitable resale during the period of review took place at Ardmore II, where a four-bedroom unit …

Malaysian property developer UEM Sunrise and Singapore-listed GuocoLand have recently inked a crucial Memorandum of Understanding (MOU) between private companies from both countries. The MOU signing marks the first collaboration between Malaysia and Singapore private companies in the Johor-Singapore Special Economic Zone (JS-SEZ), as stated in a press release on Feb 27.

As per the MOU, UEM Sunrise and GuocoLand will work together to develop UEM Sunrise’s selected freehold land in Iskandar Puteri, Johor in order to accelerate the growth in JS-SEZ. The signing ceremony took place during the grand opening of UEM Sunrise Gallery Iskandar Puteri, a showcase of the developer’s vision for Iskandar Puteri.

Flagship Zone B of the JS-SEZ, Iskandar Puteri is a specialized area that caters to various sectors including manufacturing, business services, education, health, and tourism. This strategic partnership aims to maximize the potential of Iskandar Puteri and make it a more attractive destination for …

Frasers Property has teamed up with two leading Chinese real estate companies to jointly acquire a residential site in Shanghai’s Songjiang District. The acquisition, valued at RMB815.2 million ($151.9 million), was made through a successful tender bid to the Shanghai Municipal Bureau of Planning and Natural Resources.

The joint venture partners include Xiamen ITG Real Estate Group, a subsidiary of state-owned enterprise ITG Holding Group under the Xiamen Municipal Government, and Shanghai-listed Gemdale Corporation. The partnership was officially announced in a press release on February 26.

According to Frasers Property, the JV partners plan to develop the site into a mix of 189 low-rise apartments, townhouses, and duplex units, with a total gross floor area of 334,714 sq ft. The project will also feature innovative design elements such as flood mitigation, ultra-low energy building designs, and energy-saving door and window systems.

The developers have identified the project as a prime …

Executive chairman of City Developments (CDL), Kwek Leng Beng, has announced that the “serious lapses” in corporate governance at CDL have been rectified. According to a second statement issued by the executive chairman, following a court hearing on February 26th, the two new directors who were appointed on February 7th have agreed to not exercise any powers as directors until further notice from the court. The new directors, Jennifer Duong Young and Wong Su Yen, had been appointed as independent non-executive directors through directors’ resolutions in writing.

The senior Kwek also stated that his son, Sherman Kwek, Philip Lee, Wong Ai Ai, and the remaining directors who acted in concert with them, have agreed not to take any further action regarding their attempted changes to the board committees and management of certain CDL subsidiaries until further notice from the court. In addition, the “irregularly constituted” nominating and remuneration committee has …

Chin brings with her more than 20 years of experience in tenant representation and corporate real estate management, having previously worked at various global real estate firms in Singapore, Hong Kong and Shanghai. She will lead Colliers’ tenant representation practice in the region and work closely with the firm’s local teams to support clients’ corporate real estate strategies.Porter has been with Colliers since 2017 and has worked on various high-profile transactions across Europe, Middle East and Africa. In his new role, he will be responsible for developing and executing real estate strategies for enterprise clients in Hong Kong and across Asia Pacific.“We are delighted to have Leanne and Ali on board to strengthen our occupier services team in Asia Pacific,” says David Hand, chief executive officer for Asia at Colliers International. “As the world’s most global real estate company, we are continuously looking for ways to better serve our clients …

The popular Ching Shine Industrial Building is now up for collective sale by tender, with an asking price of at least $113 million, as per JLL, the sole marketing agent for the property. Comprising of 52 strata units, the freehold building spans a 100-meter frontage along Shaw Road and sits on a substantial land area of 49,308 square feet, with a gross floor area of approximately 137,341 square feet.

Having been built in the early 1980s, the building is currently zoned as “Business 1” and boasts a gross plot ratio of 2.5 under the URA Master Plan 2019. Reportedly, more than 80% of the owners have already given their consent for the collective sale at the stated minimum price of $113 million, which translates to a unit land rate of around $823 per square foot per plot ratio at the existing gross plot ratio of 2.79.

In view of the …

City Developments Limited (CDL) has released a statement in response to the trading halt it called for earlier today. The halt was requested due to a disagreement within the board regarding the composition and constitution of the board and its committees.

CDL clarified that despite the temporary suspension, its business operations remain fully functional and unaffected. Sherman Kwek will continue to serve as the group CEO until there is a resolution from the board to change company leadership.

The company has also stated that further announcements will be made in accordance with the listing rules of the Singapore Exchange (SGX) should there be any significant developments in this matter.

In a subsequent statement, Sherman Kwek expressed disappointment that the chairman and a minority of the CDL board have taken drastic actions due to their disagreement over the size and makeup of the board. He emphasised that the focus of himself …