The year 2024 has presented a number of challenges for the global luxury goods market. With macroeconomic uncertainty and rising prices among brands, consumers have been cutting back on luxury retail spending. According to a recent report by Bain & Company, global sales of personal luxury goods are expected to decline by 2% this year, with a significant drop of 20-22% in China, a key market. Major luxury conglomerates like Richemont, LVMH and Moncler Group have reported slight declines in earnings, while Kering has seen more significant decreases. However, outliers like Hermes and Prada Group, which also owns the successful brand Miu Miu, have bucked this trend with double-digit earnings growth.

Despite these challenges, Singapore remains an important market for luxury brands. Euromonitor reported a growth of 11% in luxury goods sales, totaling $9.1 billion in 2023. In recent years, luxury brands such as Dior, Chanel and Louis Vuitton have …

The Swiss brand V-ZUG takes pride in its simplistic, yet high-quality approach to designing products that withstand the test of time. For over a century, V-ZUG has been a leading brand in interior design, captivating the attention of developers and designers of luxury homes all around the world.

V-ZUG’s philosophy centers on creating functional and elegant appliances that will never go out of style. While other interior design trends come and go, V-ZUG’s commitment to simplicity and quality remains constant.

With a history dating back to 1913, this Swiss brand has been a favorite among developers and designers of luxury residences. Today, V-ZUG products can be found all over the world, from its home base in Switzerland to major cities like Shanghai, London, and Singapore.

What sets V-ZUG apart from its competitors is its focus on combining durability with sleek aesthetics. The brand’s dedication to craftsmanship and quality control is …

HDB hub in Toa Payoh up for sale at $1.2 bil ($1,068 psf ppr)Tech park at Tuas South Street 15 up for sale at $325 mil…

By the EdgeProp team

In the first six months of 2024, the property market in Singapore saw sluggish performance, with boutique developments dominating and the lowest number of units launched for sale since 1996. According to Huttons Data Analytics, only 1,889 units were sold, which is also the lowest figure since 1996. The exception was the launch of the 533-unit Lentor Mansion, which achieved a 75% take-up rate. However, most other project launches saw lackluster sales compared to the previous year.

Huttons Asia CEO Mark Yip notes that market sentiment was cautious and uncertain, possibly due to a weak job market and high interest rates. Buyers were likely holding back, waiting for highly anticipated project launches later in the year, such as Chuan Park and Emerald of Katong. Interested buyers can search for the latest New Launches to find out the transaction prices and available units.

However, towards the second …

of District 15 apartmentsThe past year saw the Rest of Central Region (RCR) and Outside Central Region (OCR) regions dominate the list of best-selling new launches of 2024. Driven by strong demand from HDB upgraders, these projects saw high sales figures supported by a robust HDB resale market, according to CEO of Huttons Asia, Mark Yip.Three of the top 10 best-selling projects of 2024 were launched in November, with Emerald of Katong emerging as the top-selling project of the year. With 99% of its 846 units sold within just two days, Emerald of Katong has only six available units as of Dec 17.Read more:Resale homes clock 70 transactions at $1 mil or more each in NovemberTreasure at Tampines sells 127 units in NovemberThe 846-unit, 99-year leasehold development sold out within 2 days, making it the best-selling project of the year. With only six available units as of Dec 17, buyers …

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 …