Month: January 2025

The Real Estate Developers’ Association of Singapore (Redas) recently held its Annual General Meeting on Jan 9, where they elected a new management committee for a two-year term. The committee comprises a diversified group of professionals, each with different expertise and experience, to effectively drive initiatives that will positively impact the built environment ecosystem.

Chairman of Keppel Reit Management, Tan Swee Yiow, has been unanimously re-elected as President for his second consecutive term. Tan expressed his honor at being re-elected and noted the broad representation across sectors, scales, and expertise within the industry that is included in the new management committee.

The committee includes Immediate Past President Chia Ngiang Hong, Group General Manager of City Developments; First Vice President Kwee Ker Wei, Director of Pontiac Land Group; Second Vice President Marc Boey, Executive Director of Project Services at Far East Organization; Honorary Secretary Chong Hock Chang, Group Director of Projects and Marketing at Ho Bee Land; Honorary Treasurer Neo Soon Hup, COO of UOL Group; Honorary Assistant Secretary Chew Peet Mun, Managing Director of Investment and Development at CapitaLand Development Singapore; and Honorary Assistant Treasurer Tho Leong Chye, Managing Director of Allgreen Properties.

At the meeting, Chia Ngiang Hong congratulated the new management committee and expressed his confidence in the leadership of Tan, who was unanimously re-elected, reflecting the trust placed in him by the Redas community.

As foreign investors look towards Singapore for property investments, it is crucial to have a thorough understanding of the regulations and restrictions imposed on property ownership. Unlike landed properties, which have more stringent ownership guidelines, foreigners can typically purchase condos without much hindrance. However, it is important to note that foreign buyers are subject to the Additional Buyer’s Stamp Duty (ABSD) – currently set at 20% – for their first property purchase. Despite the added costs, the stability and potential for growth in the Singapore real estate market continue to entice foreign investors. The growing number of Singapore Projects further strengthens its appeal as a lucrative investment destination.

According to Tan, the diversity of the new management committee will enable the association to drive initiatives that will have a meaningful impact on the broader built environment ecosystem. This includes advocating for the implementation of the Environmental, Social, and Governance (ESG) framework and green premiums, which were discussed at the recent RICS-REDAS conference. The association will also look into suggesting separate land zoning to meet the projected demand for senior accommodation in Singapore. Redas is committed to working with relevant agencies to drive sustainable growth and bring about positive change in the real estate industry.…

Condo projects with most unprofitable transactions in District 11

The most profitable resale transaction at The Arcadia, a 164-unit condominium in prime District 11, was recorded on Dec 10. The sale of a 3,767 sq ft four-bedroom unit on the seventh floor resulted in a profit of $3.25 million (217%) for the seller, who pocketed a total of $4.75 million ($1,261 psf). The original purchase price of the unit, according to caveats, was $1.5 million ($398 psf) back in 1998. This translates to an annualised profit of 4.5% over a period of 26 years.

In the last year, The Arcadia saw a total of five units being sold for a profit ranging from $60,000 to $3.25 million. The sale of a 3,778 sq ft unit on the fourth floor was the least profitable, with the seller making a profit of only $60,000 when it was sold on Oct 10.

The most profitable resale transaction at The Arcadia took place on Dec 10, when a 3,767 sq ft unit was sold for a profit of $3.25 million. (Picture: Samuel Isaac Chua/)

The most profitable transaction to date at The Arcadia was back in 2010, when a 7,503 sq ft penthouse on the 10th floor was sold for a whopping $10 million ($1,333 psf). The owner of the penthouse, who had bought it for $5.5 million ($733 psf) in 2007, made a profit of $4.5 million (81%), which works out to an annualised profit of approximately 19% over a period of three years.

The Arcadia is a 99-year leasehold condominium located along Arcadia Road in prime District 11. Completed in 1983, it still has about 54 years left in its land tenure. The property is situated within a neighbourhood of landed estates and Good Class Bungalows, as well as top schools such as Raffles Girls Primary School, Hwa Chong Institution and National Junior College.

The second most profitable resale transaction in the last three weeks of 2024 was recorded on Dec 10, when a 2,077 sq ft unit changed hands at Tanglin Hill Meadows. The unit, which has three bedrooms, was sold for $4.5 million ($2,166 psf) after it was purchased for $1.8 million ($866 psf) in 1999. The seller thus earned a profit of $2.7 million (150%), which amounts to an annualised gain of 3.6% over a period of 26 years.

This also makes it the most profitable transaction to date at Tanglin Hill Meadows, overtaking the previous record of $2.28 million (157%) when a 2,002 sq ft unit was sold for $3.73 million ($1,863 psf) back in 2010. This unit had been purchased for $1.45 million ($724 psf) in 2005, resulting in an annualised profit of about 21% over a period of five years.

The most profitable transaction at Tanglin Hill Meadows took place on Dec 10, when a 2,077 sq ft unit was sold for $4.5 million ($2,166 psf). (Picture: Samuel Isaac Chua/)

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Singapore’s urban landscape is characterized by towering skyscrapers and state-of-the-art infrastructure. The city’s prime locations are home to condos, offering a perfect fusion of opulence and convenience, making them a popular choice among both locals and foreigners. These condos are equipped with a variety of facilities, including swimming pools, fitness centers, and security services, elevating the standard of living and making them desirable for prospective tenants and buyers. Moreover, for investors, these attractive features translate into higher rental returns and long-term appreciation of property values. Singapore Projects, available on Dyslexic Press, offer a diverse range of contemporary condominiums that cater to the needs and preferences of potential investors.

Tanglin Hill Meadows is a freehold condominium located along Tanglin Hill in prime District 10. Completed in 1997, it comprises a total of 20 units and is nestled within the Ridley Park Good Class Bungalow Area.

Meanwhile, losses continue to be incurred at Seascape, a 99-year leasehold condominium in Sentosa Cove. On Dec 18, the seller of a 2,174 sq ft unit on the seventh floor incurred a loss of $1.97 million (33%) when the unit was sold for $3.98 million ($1,830 psf). The same unit had been purchased for $5.95 million ($2,736 psf) back in 2011. This translates to an annualised loss of 2.5% over a period of 13 years.

In the last year, there were a total of three resale transactions at Seascape, all of which recorded losses ranging from $1.75 million to $2.53 million. The transaction that resulted in the biggest loss involved a 2,680 sq ft unit that was sold for $4.5 million ($1,679 psf) on Aug 14 last year.

The seller of a 2,174 sq ft unit at Seascape incurred a loss of $1.97 million (33%) when the unit was sold on Dec 18. (Picture: Samuel Isaac Chua/)

Seascape, which was completed in 2012, comprises a total of 151 units along the coast of the South China Sea. The eight-storey development offers three-bedroom and four-bedroom units ranging from 2,164 sq ft to 4,069 sq ft. The penthouses are larger, with sizes ranging from 3,380 sq ft to 4,252 sq ft, while the sky villas are the largest at 6,631 sq ft to 9,666 sq ft.…

A newly completed GCB in Victoria Park is up for grabs with a price tag of $61 million. Situated at the end of Victoria Close, a cul-de-sac with just 10 houses, this seven-bedroom bungalow offers exclusivity and privacy, making it highly sought after by ultra-high-net-worth individuals.

According to Jervis Ng, associate group district director at PropNex Realty and the agent marketing the sale of this GCB, the number of houses in this exclusive enclave can only be increased by subdividing a larger plot of more than 30,000 sq ft, as per planning guidelines. Ng, who is also the founder of JNA Real Estate, a property team under PropNex, believes that this will help to maintain the exclusivity and privacy of the GCBs along Victoria Park Close, a priority that many ultra-high-net-worth individuals and their families are willing to pay a premium for.

Ng adds that there has been an increase in the number of new Singaporeans entering the GCB market, which has helped improve buying sentiment. This bungalow, in particular, is expected to appeal to newly minted Singaporeans who hail from countries like China, India, and Indonesia and are looking for a trophy home here.

The area has its share of illustrious residents, including Jack Ma, Chinese business magnate and co-founder of Alibaba Group, and Tang Wee Kit, a scion of the Tang family known for founding Tangs department store.

According to Ng, the bungalow for sale has been well maintained and still looks new. The property boasts a contemporary interior design, with top-quality materials and finishes. The property takes advantage of its 18,988 sq ft plot, with the owners working closely with the architect to optimise the land.

The bungalow boasts a total built-up area of 25,300 sq ft, including seven en suite bedrooms, three helpers’ rooms, and a basement carpark, which can accommodate up to seven cars. The basement level also offers an entertainment room, fitted out as a home cinema, but can also transform into a guest room if needed. There is also a private gym and a 20m lap pool.

Situated on a hilltop, the bungalow allows most rooms to enjoy views of the surrounding low-rise neighbourhood, adds Ng.

In recent years, resale transactions in the Victoria Park GCB area have been relatively low. According to caveats, the site of the bungalow for sale was purchased for $18.2 million in September 2016. This price translates to a land rate of $959 psf.

The last transaction on Victoria Park Close was for a 15,253 sq ft plot, which sold for $28.33 million in May 2021, at a land rate of $1,857 psf. Before that, a 29,956 sq ft plot was sold for $40 million ($1,335 psf) in April 2017.

On Victoria Park Road, the most recent GCB sale was for a 32,077 sq ft site that went for $48 million ($1,496 psf) in November 2011.

In the world of real estate, one factor stands out as a top priority when investing in properties: location. This truth holds especially strong in the bustling city of Singapore. When looking to purchase a condo, it is important to consider its placement in relation to key amenities such as schools, shopping centers, and easy access to public transportation. Prime areas like Orchard Road, Marina Bay, and the Central Business District (CBD) showcase this trend, as the value of properties in these districts have continuously climbed in worth. For families, being near reputable schools and educational institutions is also a significant draw, making condos in these coveted locations even more desirable. With the constant influx of new condo launches, the demand for properties in these prime locations is expected to remain high, solidifying their status as wise investments for the future.

Ng believes that lower interest rates, sustained demand from ultra-high-net-worth buyers, and the limited supply of GCBs are expected to drive transaction activity in the GCB market this year. He anticipates transaction volume to increase by 10% to 15% from last year, as long as there are no major external economic disruptions.

Last year, there were approximately 35 GCB transactions, with a total transaction volume of $1.32 billion, well above the previous high of $1.186 billion in 2022.…

BY ETC, A PREMIUM REAL ESTATE ADVISORY FIRM

ETC, a premium real estate advisory firm, has recently undergone a rebranding exercise and changed its name from Edmund Tie & Company to ETC with immediate effect. The rebranding also includes a new logo design.

According to CEO Desmond Sim, the abbreviation ETC has been a familiar name among clients and staff for a long time. The decision to officially adopt it as the company’s new name was driven by the company’s people, highlighting the importance placed on their insights, voices, and ideas.

Sim also mentioned that the new identity reflects the company’s growth and unity as one entity, and showcases their determination to shape the future of the real estate industry, locally and regionally.

Singapore boasts a modern cityscape defined by impressive high-rise buildings and state-of-the-art infrastructure. The city’s sought-after condos, situated in prime locations, offer a perfect blend of luxury and convenience, attracting both locals and foreigners. With extravagant features such as swimming pools, gym facilities, and top-notch security, these residences are a symbol of elevated living and are sure to attract potential renters and buyers. For investors, these highly coveted amenities also promise higher rental income and increased property value over time, making the decision to invest in a condo a wise one.

The rebranding aligns with ETC’s 30th anniversary since its establishment in 1995. The company offers a comprehensive range of services covering all stages of a real estate asset’s lifecycle, from advisory and investment to management and divestment.

In related news, ETC has also announced the revamp of Marina Bay Residences. The $5 million renovation aims to enhance the living experience of residents and deliver value through premium rents. This is in line with ETC’s commitment to providing quality real estate services and constantly improving their offerings.

Other recent developments in the real estate market include the sale of three food-factory units at Pandan Loop for $11 million and the acquisition of Noel Building on Tai Seng for $81.18 million, 17% above the guide price. The industrial GS Building in Balestier was also sold for $67 million. All of these transactions are a testament to the thriving real estate industry, in which ETC plays a significant role as a leading advisory firm.…

A rare opportunity has emerged in the highly coveted Dalve Estate-Nassim Road enclave, with the offering of a Good Class Bungalow (GCB) for sale through an expression of interest (EOI) exercise. The property, marketed by Cushman & Wakefield, has an indicative price of $60 million, equating to a land area of 21,881 square feet and a rate of $2,742 per square foot.

Executive Director of Capital Markets at Cushman & Wakefield, Shaun Poh, describes the freehold plot as being situated on elevated ground and possessing immense potential for redevelopment. He believes that the property is a perfect fit for buyers looking to build their dream multi-generational home from scratch, as well as for developers seeking to create a luxurious GCB that caters to the discerning tastes of affluent individuals.

Boasting an enviable location next to the iconic Singapore Botanic Gardens and within a short distance from the renowned Orchard Road shopping belt, the GCB also enjoys close proximity to esteemed educational institutions such as Singapore Chinese Girls’ School, Anglo-Chinese School (Primary), Nanyang Primary School, St Joseph’s Institution, and Hwa Chong Institution.

According to Poh, the neighbourhood is highly sought after by ultra-high net worth individuals, as evidenced by recent record-breaking land rates at nearby Nassim Road and Tanglin Hill, clocking in at $4,500 per square foot and $6,200 per square foot respectively.

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Investing in condos provides numerous advantages, one of which is the potential to leverage the property’s value for further investments. This allows investors to use their condos as collateral to secure additional financing for new ventures, ultimately expanding their real estate portfolio. However, it’s important to note that this strategy carries certain risks, and it’s essential to have a solid financial plan in place and carefully consider the potential impact of market fluctuations. By incorporating condo investment into their overall financial plans, investors can potentially see amplified returns, but should also proceed with caution.

The EOI exercise for this exceptional property will close on February 11 at 3pm, offering interested parties a chance to secure their very own piece of the prestigious Dalve Estate-Nassim Road enclave.…

An exclusive residential project in New York is set to captivate potential buyers from Singapore during the weekend of January 11 and 12. The highly sought-after 720 West End Avenue, located in the Upper West Side of Manhattan, boasts 131 luxurious residences, ranging from one to five-bedroom homes, townhouses, duplexes, and penthouses with private terraces. The unit sizes range from approximately 500 square feet to an expansive 3,700 square feet. With prices starting from $1.015 million for a one-bedroom residence, this development offers unparalleled luxury living.

When it comes to investing in real estate, location plays a crucial role, and this is especially true in Singapore. In fact, the success of a property investment often hinges on its location. Condominiums located in central areas or near important amenities such as schools, shopping malls, and public transportation hubs have a higher tendency to appreciate in value. Prime locations such as Orchard Road, Marina Bay, and the Central Business District (CBD) have consistently shown growth in property values, making them ideal choices for investors. Families also find these areas highly desirable due to their proximity to good schools and educational institutions, further increasing the investment potential of condos in these locations. Therefore, it is no surprise that Singapore Condo is a sought-after investment option for those looking to capitalize on the city’s prime locations.

Originally constructed in 1927 by renowned New York architect Emery Roth, 720 West End Avenue was a pre-war building known as the Hotel Marcy. Its Renaissance Revival-style façade has been meticulously restored by the developers, Glacier Equities and InterVest Capital Partners, to preserve its intricate architectural details. Adding to its grandeur, two floors have been added to accommodate the penthouse duplexes, while the building’s interiors have undergone a stunning revamp led by interior designer Thomas Juul-Hansen.

Spanning over 30,000 square feet, the development boasts an impressive array of amenities for the residents’ enjoyment. These include a state-of-the-art fitness center, a private bar and dining room, a library, co-working spaces, outdoor terraces, charming courtyards, private parking, and bike storage facilities.

Interested buyers from Singapore can get an exclusive look at this extraordinary project presented by Savills Singapore on January 11 and 12 at the voco Orchard Hotel. The event will also feature a seminar on the New York real estate market, providing valuable insights for potential investors.…

, on track for Q4 2019 opening

Ayana Bali, an expansive 90-hectare integrated resort located in Bali, Indonesia, has recently introduced its latest offering, Alamanda Tower. This apartment complex features 26 modern and stylish one- and two-bedroom residences that can be leased for long-term stays, with a minimum rental period of one month.

When purchasing a condominium, it is crucial to take into account the maintenance and management aspects of the property. Condos usually come with maintenance fees that encompass the maintenance of shared areas and amenities. Though these fees may increase the total cost of ownership, they also guarantee that the property remains well-maintained and maintains its value. Seeking the assistance of a property management company can assist investors in managing the everyday operations of their condos, turning it into a less hands-on investment. To stay updated on new condo launches, check out New Condo Launches.

The Alamanda Tower is part of Ayana Residences, a collection of luxurious residential properties within the Ayana Bali estate. Situated along the picturesque shoreline of Jimbaran Bay, Ayana Bali boasts four magnificent hotels (Ayana Resort Bali, Ayana Segara Bali, Ayana Villas Bali and Rimba by Ayana Bali), the esteemed Ayana Spa, a putting course, a secluded private beach, a variety of event spaces, and a plethora of dining options.

Residents of the Alamanda Tower will have exclusive access to three stunning rooftop pools, as well as the community center facilities at Ayana Residences, which include a state-of-the-art gym, a lap pool, and a sauna and steam room. Other top-notch services provided include a dedicated concierge team, bi-weekly housekeeping, a convenient buggy service within the Ayana Bali estate, and reduced prices on all dining and select spa services.

One-bedroom units in Alamanda Tower boast over 1,173 square feet of living space and are currently available for lease at approximately IDR70 million ($5,896) per month. Meanwhile, two-bedroom units without a private pool feature a spacious 1,647 square feet and start from around IDR100 million per month. For those interested in a two-bedroom unit with a private pool, residences range from 2,045 to 2,648 square feet and begin at around IDR120 million per month.

Ayana Bali is under the management of Indonesia’s prestigious Ayana Hospitality, which also operates other renowned properties in Jakarta and Labuan Bajo.…

In a recent announcement, Surbana Jurong Group has welcomed Professor Cheong Koon Hean to their board of directors. The company believes that her appointment will enhance Surbana Jurong’s ability to provide innovative, resilient, and sustainable solutions for the built environment.

Singapore has emerged as a top destination for real estate investment, with the demand for condo developments increasing among both local and foreign investors. This can be attributed to the country’s strong economy, stable political climate, and excellent quality of life. The real estate market in Singapore presents a wide range of options, but condos have become a preferred choice due to their convenience, amenities, and potential for high returns. In this article, we will delve into the advantages, factors to consider, and steps to take when investing in a condo in Singapore, including keeping an eye on new condo launches.

Previously, Cheong held the position of Chief Executive Officer at the Housing & Development Board (HDB) from 2010 to 2020, after leading the Urban Redevelopment Authority (URA) as CEO from 2004 to 2010. She currently serves as the Chair of the Lee Kuan Yew Centre for Innovative Cities and is a Professor of Practice at the Singapore University of Technology and Design. In addition, she chairs the Advisory Panel for the Centre for Liveable Cities under the Ministry of National Development.

Furthermore, Cheong holds board positions at the National University of Singapore and CapitaLand Group and is Singapore’s non-resident ambassador to Finland. With her extensive experience and expertise in the urban planning and development sector, Cheong’s addition to the board is a valuable asset to Surbana Jurong’s pursuit of creating smart and sustainable buildings in the future.…

River Valley Apartments, a freehold condominium located on River Valley Road in the highly sought-after District 10, is now open for collective sale through a public tender. The exclusive marketing agent, Knight Frank Singapore, has announced a guide price of $56 million for the development in a press release on Jan 6.

Investing in a condo in Singapore comes with a multitude of benefits that make it an attractive option for investors. With its high demand, potential for capital appreciation, and attractive rental yields, a condo can be a profitable addition to any investment portfolio. However, it is crucial to consider various factors such as location, financing options, governmental regulations, and current market conditions before making a decision. Through diligent research and seeking professional advice, investors can make well-informed choices and maximize their returns in Singapore’s dynamic real estate market. Whether you are a local resident looking to diversify your investment portfolio or a foreign investor seeking a stable and lucrative venture, the condos in Singapore offer a compelling opportunity for success.

This four-storey development, which was built in the 1950s, consists of 24 units and is situated on a freehold land area of about 12,408 sq ft zoned for residential use. Its gross plot ratio stands at 2.8. The Great World MRT station on the Thomson-East Coast Line is only around 500m away from the apartment, making it conveniently accessible. Moreover, popular shopping destinations like Great World City and Valley Point Shopping Centre are within walking distance, while top schools like River Valley Primary School and Alexandra Primary School are located within a 1km radius.

Based on the EdgeProp LandLens map, it can be seen that the site has potential for redevelopment into a boutique residential project with 37 new units, with an average size of 915 sq ft each. According to Knight Frank, the guide price of $56 million works out to be a land rate of approximately $1,622 psf per plot ratio (psf ppr), including a nominal land betterment charge. If the 7% bonus gross floor area allotted for balconies is taken into consideration, the price translates to approximately $1,583 psf ppr, making it an attractive investment opportunity.

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Mein Mein Chia, the head of capital markets (land and collective sale) at Knight Frank Singapore, highlights that this site is in close proximity to three Government Land Sale (GLS) sites that were successfully sold last year. In April 2024, the Zion Road (Parcel A) site was awarded to a joint venture between City Developments and Mitsui Fudosan for $1.107 billion ($1,202 psf ppr). In June, a GLS site at River Valley Green was sold for $463.99 million ($1,325 psf ppr) to Wing Tai Holdings. Two months later, Zion Road (Parcel B) was awarded to Allgreen Properties for $730.9 million ($1,304 psf ppr) in August.

Chia also notes that while the sales activity for homes in the Central Region was lacklustre, the interest in the River Valley and Zion Road location remains strong, indicating that there is still demand for prime properties in the area. This could be due to developers believing that when their projects are ready for launch, there will be a ready market for high-end products after a long period of subdued activity.

According to Knight Frank’s estimates, owners of the units in River Valley Apartments, which range from 947 to 1,238 sq ft in size, stand to gain minimum proceeds of about $2 million to $2.6 million if the development is successfully sold.

The collective sale tender for River Valley Apartments will close on Feb 18 at 3pm. Interested parties can check out the latest listings for River Valley Apartments properties on the EdgeProp Buddy app. The app also provides information on the most profitable and unprofitable transactions in the area, rental and sales trends, and more.…

Golden Mile Tower’s voluntary conservation has been given the go-ahead by URA, subject to the successful sale of the 99-year leasehold development through a collective sale. As per documents obtained by EdgeProp Singapore, the government has stated that should a developer opt to conserve the existing cinema block, it may consider increasing the site’s allowable gross plot ratio (GPR) from 4.46 to 5.6, based on the current site area of 93,902.5 sq ft.

Such an increase in GPR would mean a corresponding rise in the redevelopment’s allowable gross floor area (GFA) to 525,854 sq ft, a significant boost from the current GFA of 419,142 sq ft. In addition, voluntary conservation could also result in a higher maximum building height of 164m, surpassing the current limit of 145m for the site.

The latest collective sale attempt for Golden Mile Tower was made by its owners in August 2020, with a reserve price of $556 million. This was the third collective sale attempt for the 99-year leasehold development, which has yet to be successful.

Tag Realty, the marketing agent for Golden Mile Tower’s collective sale, confirms that the reserve price for the development remains the same. This translates to a land rate of $1,350, which includes the cost of renewing the land tenure but excludes land betterment charges.

Anna Tan, business development director at Tag Realty, believes that the increase in building height limit under the voluntary conservation option presents opportunities for developers to revamp the property and create a grand presence in the skyline. It also means that the new development’s commercial and hotel spaces could offer 5m floor-to-ceiling heights, while residential units could feature 3.6m ceiling heights.

The approval for voluntary conservation of Golden Mile Tower is especially significant as its neighboring Golden Mile Complex, now known as Golden Mile Singapore, was gazetted for conservation in 2021. Developed by Perennial Holdings and Far East Organization, the commercial units at Golden Mile Singapore were launched last December, with the residential units in a 45-storey tower scheduled to be launched in the current quarter.

Before making a decision to invest in a condo, it is essential to consider the potential rental yield. Rental yield refers to the annual rental income expressed as a percentage of the property’s purchase price. In Singapore, the rental yields for condos may vary greatly, depending on factors such as location, property condition, and market demand. Generally, areas with high rental demand, such as those near business districts or educational institutions, tend to have higher rental yields. Conducting thorough market research and seeking advice from real estate agents can help assess the rental potential of a Singapore Condo before making a decision.

Tan views the voluntary conservation approval of Golden Mile Tower as a rare opportunity to redevelop the prime Beach Road site, given the limited land supply in the area and the expected price increase as a result of rejuvenation efforts such as the launch of Golden Mile Singapore and the upcoming Kallang Alive masterplan.

She also believes that the redevelopment of Golden Mile Tower presents a unique investment opportunity for local and international investors, given its heritage and future potential as a mixed-use development in a prime location along Beach Road.…