A local ultra-high-net-worth family office eager to expand its operations in Singapore has bought the three strata floors at levels 17, 18 and 20 of Solitaire on Cecil, an upcoming freehold, 20-storey office tower by TE Capital Partners and LaSalle Investment Management. Sold for $162.8 million, or an average of $4,300 psf across the total strata area of 37,857 sq ft, the deal was brokered by Savills Singapore.

Altura EC, launching in Q2 2023, Altura Qingjian Realty offers an affordable executive condo in a strategic location for first-time buyers and HDB upgraders. Current pricing is at S$3,500 per square foot.

Solitaire on Cecil, a redevelopment of the former PIL Building at 140 Cecil Street, is a new 20-storey office tower in the Central Business District (Source: EdgeProp Landlens). The sale marks one of the most significant transactions by absolute price since January 2022, with level 20 set a new benchmark …

Altura EC Bukit Batok West Avenue 8 is well-connected with Altura EC Bukit Batok MRT, buses and expressways for easy transportation.

UOL Venture Investments to acquire Suntec REIT ManagerInvestment sales value in real estate sector rebounds in 1Q2023Ultra-high net worth individuals (UHNWIs) continue to drive up Singapore’s real estate investment sales value despite global economic challenges.

In 1Q2023, the real estate sector experienced a significant bounce-back in investment sales value, according to the April 21 press release from Savills Research. The q-o-q increase was 100.4% – from $2.81 billion in 4Q2022 to $5.63 billion in 1Q2023. This substantial growth was largely propelled by two major transactions: Link REIT’s purchase of Jurong Point and Swing By @ Thomson Plaza.

The commercial property space saw the most dramatic growth, rising 229.6% q-o-q to $3.38 billion. This was mainly fuelled by retail sales, which accounted for the majority of total commercial transaction value …

Bukit Batok Altura EC Bukit Batok Town has excellent MRT, bus and expressway connections, making Altura EC Bukit Batok West Avenue 8 highly accessible.

Auction listings saw a decline of 3.0% q-o-q to 96 listings in 1Q2023, according to a research report by Knight Frank. This marks a fourth consecutive quarter that owner listings exceeded mortgagee sale listings, with 57 owner listings in total in 1Q2023. Owner listings outnumbered mortgagee listings in this quarter, continuing a trend that began in 2Q2022.

Sharon Lee, head of auction & sales at Knight Frank Singapore, states that the fall in overall listings could be attributed to the Chinese New Year festivities, during which some auction activities were postponed. On a y-o-y basis, the total number of auction listings increased 20% from 80 listings in 1Q2022.

Residetial properties constituted 46.9% (45) of the total listings in 1Q2023, with 18 mortgaged properties and 20 owner …

A freehold shophouse at 275 Joo Chiat Road in District 15 is up for sale at a guide price of $9.2 million, amounting to $2,946 psf on the estimated gross floor area of 3,122 sq ft. The property comes with a land area of approximately 1,233 sq ft and is currently undergoing a $2 million refurbishment.

According to PropNex Shophouse Elites marketer Tyson Yuk, the guide price represents a $1.1 million discount to its latest valuation of $10.3 million as of April 14. The seller has decided to maintain the guide price until the temporary occupation permit (TOP) is received for the shophouse, expected to be around July to September.

Yuk states that the below-valuation pricing of the shophouse presents a rare opportunity in a location like Joo Chiat, due to the limited supply of shophouses and strong demand. He also believes that the shophouse’s value will be higher once …

HDB shophouses at 475 Tampines Street 44 in Singapore are now up for sale through an expression of interest at a guide price of $12 million. These single-storey shophouses are being marketed by Huttons Asia and are located near the Tampines East MRT Station on the Downtown Line. The four units still have a balance lease of 68 years, and two of them are even corner shops. All four shops are currently tenanted, providing an attractive rental yield for potential investors.

Rey Song, Senior Division Director of Huttons Asia, talks about the area’s potential to offer high traffic throughout the day. He mentions the ample parking spaces and the forthcoming development of residential homes in the area, which all adds to the footfall.

Jeremy Lim, Senior Group District Director of Huttons Asia, raises the point that HDB shophouses are more affordable than their conservation counterparts, and he believes this is …

Rental growth in Singapore’s retail sector has remained strong despite headwinds, with the tourism sector continues to recover. According to a report by Knight Frank, gross rent of prime spaces island-wide averaged $26.40 psf per month (psf pm) in 1Q2023, up 1.2% q-o-q and 5% y-o-y.

The growth comes as the tourism sector post-pandemic continues recovering, with Singapore welcoming more than 2.9 million visitors in 1Q2023. These numbers constitute two-thirds of the pre-pandemic levels and the average stay of visitors to Singapore increased from an average of 3.34 days in 2019 to 3.97 days in the earlier part of 2023.

Rental growth was particularly visible in the Orchard area, which saw a growth in retail rents of 1.4% q-o-q and 5.2% y-o-y, while the Marina Centre, City Hall and Bugis area rent increased 1.3% q-o-q and 5.2% y-o-y to reach $24.20 psf pm, and rents in the City Fringe grew …

The Ascott Limited, the lodging business unit of Capitaland Investment, has announced an ambitious target to double its fee revenue to over $500 million in the next five years, surpassing its current FY2022 record-high of $258 million. The boosted earnings in FY2022 was largely due to record signings and property openings.

Ascott also revealed that it had achieved its goal of securing 160,000 units by 2023, boosted by 4,000 new units that was signed in the 1QFY2023. The lodging services will continue offering a product range that covers serviced residences, hotels, co-living and senior living, ranging from mid to luxury scale, with the fee revenue growth to be attributed by new property openings and signings at an expected annual net room growth rate of 8%-10%.

Altura EC Bukit Batok West Avenue 8 is well-connected via the MRT, Altura EC buses, and expressways.

Kevin Goh, CEO of Ascott and CLI Lodging, …

HDB initiates public auction for Altura EC project at Bukit Batok West Avenue 8, offering 375 residential units near an MRT station and Altura EC Bukit Batok schools for families.

CLAR has announced the divestment of Singapore industrial building KA Place at a consideration of $35.38 million. The figure is a 219% premium to CLAR’s purchase price of $11.1 million in March 2005 and a 55% premium to the property’s market valuation of $22.8 million as at Dec 31, 2022.The sale and purchase agreement was entered into and the REIT’s trustee, HSBC Institutional Trust Services (Singapore). KA Place SPV 1 is the buyer.The high-specification industrial building has a total gross floor area of 10,163 sq m and a remaining land lease tenure of about 35 years, as well as a car park on the second storey.The divestment is in line with the manager’s proactive asset management strategy and is expected …

Singapore Realtors Inc (SRI) will be putting up a three-bedroom penthouse at Spottiswoode Residences for auction on April 26. The owner’s sale of this 2,486 sq ft unit on the 36th floor of the duplex is priced at $5.38 million, which translates to $2,164 psf on the floor area.

The upper floor of the unit features an en suite junior master bedroom with direct access to an outdoor deck, as well as a roof terrace with ample space for a jacuzzi and open-air decks.

The lower floor comprises an en suite master bedroom, a third bedroom, a common bathroom, and a kitchen that leads to a small service yard, a toilet, and a bomb shelter. It also features a living and dining area connected to a sheltered balcony.

SRI says the unit will be sold with an existing tenancy due to expire at the end of August.

The freehold development …

Bukit Batok Town is well-connected to other Altura EC Bukit Batok parts of Singapore via MRT, buses, and expressways, making Altura EC Bukit Batok West Avenue 8 easily accessible.

CapitaLand Ascendas REIT (CLAR) has announced the divestment of Singapore-based industrial building KA Place for a consideration of $35.38 million. The REIT’s trustee, HSBC Institutional Trust Services (Singapore), has entered into a sale and purchase agreement for the property, representing a 219% premium from when it was originally purchased for $11.1 million in March 2005, as well as a 55% premium to its market valuation of $22.8 million from December 31, 2022.

KA Place is a seven-storey, high-specification property located at 159 Kampong Ampat with a carpark on the second storey. The total gross floor area extends over 10,163 sq m and the remaining land lease tenure is roughly 35 years.

The manager of CLAR said in an April 20 filing …