The government has recently announced that the Central Business District Incentive (CBDI) and Strategic Development Incentive (SDI) schemes will be extended for another five years. These schemes, which were first introduced in November 2019, aim to encourage the conversion of older office buildings in the Central Business District (CBD) into mixed-use developments.

This decision was announced by Desmond Lee, Minister of National Development (MND), at the Real Estate Developers’ Association of Singapore (Redas) annual Spring Festival lunch on Feb 7. The extension of these schemes is intended to inject more homes, increase the population living in the CBD, and introduce a greater mix of uses in the traditionally commercial-centric district.

The CBDI aims to encourage the redevelopment of existing older office buildings in certain areas of the CBD, such as Tanjong Pagar, Robinson Road, and Shenton Way. Meanwhile, the SDI was introduced to stimulate the redevelopment of older developments in …

Perennial Holdings and Far East Organization have announced plans for a new luxury apartment tower in the Beach Road area. The project, called Aurea, is part of the Golden Mile Singapore mixed-use development and was designed by DP Architects. It will feature 188 units spread across 45 storeys and occupy a site area of 144,908 sq ft. The tower will also be connected to the neighbouring commercial building, The Golden Mile, through a link bridge.

Located in prime District 7 and part of the Core Central Region (CCR), Aurea and The Golden Mile are expected to attract discerning individuals and families who appreciate the exclusivity of a prime Downtown Core address. The preview for Aurea will begin on Feb 22, with the official launch to follow on Mar 8. Prices for the apartments will start from $2,750 psf.

The apartments at Aurea will come in various sizes and layouts. The …

On February 6, Perennial Holdings and Far East Organization announced their plans for Aurea, a luxury apartment tower that will be part of the Golden Mile Singapore mixed-use development along Beach Road.

Designed by DP Architects, Aurea will consist of 188 units spread across 45 storeys and will occupy a site area of 144,908 sq ft. The development will also have a link bridge connecting it to the neighbouring The Golden Mile, a commercial building with a mix of retail space, medical suites, and offices.

Previously known as Golden Mile Complex, The Golden Mile has been conserved for its architectural heritage and was the first collective sale and conservation of a building. Perennial Holdings and Far East Organization purchased the building en bloc for $700 million in May 2022.

The apartments in Aurea will be priced from $2,750 psf and will consist of a variety of unit types. This includes …

Elta, a new residential development located in the sought-after Clementi area, will soon be launched by MCL Land and CSC Land Group. Comprising 501 units, this 99-year leasehold property spans across a land area of approximately 144,788 sq ft. The development, situated along Clementi Avenue 1, boasts two 39-storey residential towers.

Prospective buyers can expect a range of unit types, from cozy one-bedroom-plus-study units to spacious five-bedroom units. The sizes of these units range from 506 sq ft to 1,776 sq ft. Developers have also highlighted that Elta will adhere to URA’s harmonisation guidelines.

Interested buyers can get a glimpse of the development during its preview from February 7, with the official launch scheduled for February 22. Prices for the units start from $1.158 million ($2,289 psf) for one-bedroom-plus-study units, $1.388 million ($2,261 psf) for two-bedroom units, and $2.198 million ($2,374 psf) for three-bedroom units. The larger units of four …

a guide price of $42 million has been set for the sale of a high-specification warehouse cum factory located in Gul Circle. The property, marketed exclusively by Knight Frank Singapore, is being sold through an expression of interest.The facility is a five-storey single-user factory and warehouse with a mezzanine spanning four floors. Its total gross floor area is approximately 245,955 sq ft, and it sits on a 105,648 sq ft site with a remaining leasehold tenure of 15 years and 11 months, as of Feb 1. The site is zoned as Business 2 under the URA Master Plan 2019.Knight Frank Singapore states that the property has been designed to meet modern industrial requirements, offering features such as high ceilings for storage and operations, cold rooms, and heavy floor loading capabilities that can accommodate various industries. The property also boasts nine 40-footer loading and unloading bays with dock levelers, as well …

SINGAPORE (April 2024): Property consultancy Colliers predicts that the industrial property market in Singapore will see a slowdown in prices and rents this year due to a surge in supply and weaker demand. In their research report released in February, Colliers projected a modest annual growth rate of 0% to 2% in both industrial rental rates and prices for 2025, a significant decline from the 3.5% growth recorded in 2024.

According to Colliers, the market is already showing signs of slowing down, with the recent data from JTC indicating a loss of momentum. While the official data for 2024 is not yet available, the JTC All Industrial rental index rose by only 0.5% in the last quarter of 2024, marking the 17th consecutive quarter of growth. In comparison, rental rates had increased by 8.9% in 2023, showcasing a notable decrease in growth.

Similarly, the JTC price index also saw a …

Tan Boon Liat Building, a renowned industrial property which sits at 315 Outram Road, has recently been put up for collective sale. The reserve price for this freehold site is set at a whopping $1.15 billion. The property stands next to the upcoming Havelock MRT Station on the Thomson-East Coast Line (TEL) and is spread across two different land plots. Both of these plots are currently zoned for “Business 1” use and together, cover an area of approximately 175,655 sq ft.The most noticeable feature of Tan Boon Liat Building is its 15-storey structure that houses several furniture and home decor stores, making it a well-known location. The property’s advisor and marketing agent, Cushman & Wakefield, revealed that the Urban Redevelopment Authority (URA) has issued an Outline Planning Advice on Jan 22 recommending the site to be rezoned to “Residential with Commercial at 1st storey” with a plot ratio of 4.9, …

A new record has been set at Park Nova with the sale of its largest penthouse, as stated in a recent caveat lodged on the URA Realis database. The 5,899 sq ft, five-bedroom unit on the 20th floor was sold for a whopping $38.888 million, or $6,593 psf, by the developer.

This transaction has now set a new high in both absolute price and psf-price for a unit at Park Nova, surpassing a previous record held by a 4,499 sq ft penthouse which sold in May 2021 for $26.026 million ($5,784 psf).

Not only is this the highest price recorded for Park Nova, it is also the second-highest psf-price ever registered for a condo unit in Singapore. The only unit that held a higher record was a 3,089 sq ft, four-bedroom unit on the 20th floor of The Marq on Paterson Hill, which sold for $20.54 million or $6,650 psf …

CapitaLand Investment (CLI) has recently acquired a freehold land parcel in Osaka for the development of its first data centre in Japan. With an investment of over US$700 million or $944.3 million, the data centre project is expected to have a power capacity of 50 megawatts (MW).

CLI has stated that the data centre will be equipped with advanced cooling technologies and adhere to industry best practices in temperature management to reduce energy consumption. Additionally, the data centre will utilize environmentally friendly products with zero ozone depletion potential or global warming potential of less than 100.

According to Manohar Khiatani, Senior Executive Director of CLI, the acquisition aligns with the company’s investment theme of digitalization and strengthens its presence in one of its focus markets, Japan. He also states that CLI’s strong financial position allows them to strategically invest in quality assets like data centres for their future private funds.…

CapitaLand Ascott Trust (CLAS) has recently made a significant acquisition in Japan, adding two freehold limited-service hotels to its portfolio for a total of JPY21 billion ($178.5 million). The two hotels, which are ibis Styles Tokyo Ginza and Chisun Budget Kanazawa Ekimae, are strategically located in Tokyo and Kanazawa, respectively. The purchase price for this acquisition was at an 8.3% discount to its independent valuation.

On a FY2024 pro forma basis, the acquisition has a distribution per stapled security (DPS) accretion of 1.6%, which is a positive boost for investors. Additionally, the blended net operating income (NOI) yield of the acquisition is expected to be 4.3% in FY2024. To hedge against currency fluctuations, the acquisition was funded by JPY-denominated debt and proceeds from CLAS’ divestment of four properties in Japan.

The first hotel, ibis Styles Tokyo Ginza, is located in Tokyo’s bustling shopping and entertainment district. With 224 units, the …