Month: March 2025

Sim Lian Group has announced that they have successfully sold 682 units out of the 760-unit Aurelle of Tampines executive condominium (EC), located at Tampines Street 62. This comes as a 90% take-up rate, with an average unit price of $1,766 psf.

According to the developer, all four- and five-bedroom units have been fully sold, while 84% of the three-bedroom units have also been snapped up. Sim Lian Group Limited’s executive director Kuik Sing Beng commented that the strong response to the project reflects the high demand for well-designed and well-connected modern homes in Tampines, one of the most well-connected regional centres in Singapore.

Interested buyers can get the latest information on available units and prices for Aurelle of Tampines.

PropNex’s CEO Ismail Gafoor noted that the average unit price of $1,766 psf has set another new benchmark launch price in the EC market. He also pointed out that the 90% take-up rate is the highest for a new EC project since July 2027, when the 531-unit Hundred Palms Residences was sold out on launch day at an average price of $841 psf.

Sim Lian Group also announced that the 30% quota allocated for second-timers was met by 3.15pm on launch day. The quota for second-timers will be lifted a month from the launch date.

According to Eugene Lim, the key executive officer at ERA Singapore, the take-up rate could have been higher without the quota limit on second-timers. However, he adds that second-timers will have another opportunity to ballot for a unit a month after the launch date. He also suggests that the government may want to increase the quota for second-timers buying an EC, bringing the policy in line with the recent increase in the allocation quota for second-timers buying three-room and larger BTO flats.

Huttons Asia’s CEO Mark Yip also commented on the quota, saying that the government may want to increase the quota for second-timers buying an EC, as they did for second-timers buying three-room and larger BTO flats.

The Deferred Payment Scheme (DPS) was popular among buyers, with about 68% opting for this payment option to finance their property purchases, according to PropNex’s Gafoor. The remaining buyers chose the Normal Payment Scheme.

Rewritten: One of the advantages of investing in a condo is the opportunity to leverage its value for future investments. A number of investors take advantage of using their condos as collateral to secure additional financing for new ventures, thus diversifying their real estate portfolio. While this tactic can potentially boost returns, it also carries certain risks. It is essential to have a solid financial plan in place and carefully assess the potential effects of market fluctuations. Additionally, investing in New Condo Launches can also offer an added opportunity for growth and expansion in the real estate market.

Prior to the launch, more than 2,200 electronic applications (e-apps) were received after the project opened for preview on Feb 21. This is the highest e-app figure since 2022, when Copen Grand, the first EC launched in Tengah, attracted 2,300 e-apps.

Aurelle of Tampines is the second EC to be launched in Tampines North, following the neighbouring 618-unit Tenet, a joint development by Qingjian Realty, Santarli Realty, and Heeton Holdings. Tenet, which was launched in December 2022, saw 72% of the units snapped up on launch day and is now fully sold at an average price of $1,348 psf.

Prices for units at Aurelle of Tampines start from $1.417 million ($1,687 psf) for a three-bedroom unit with 840 sq ft; $1.689 million ($1,651 psf) for a four-bedroom unit with 1,023 sq ft; and $2.258 million ($1,665 psf) for a five-bedroom unit with 1,356 sq ft.

ERA’s Lim attributes the project’s strong sales to its attractive pricing, strategic location, and unique features, which make it a highly sought-after option for eligible first-time buyers and upgraders.

The project’s proximity to ParkTown, a fully integrated mixed-use development with a transport hub (MRT station and bus interchange), shopping mall, hawker centre, and community club, may have also contributed to its success. The 1,193-unit ParkTown Residence, a joint venture between CapitaLand and UOL Group, sold 1,041 units on its launch weekend on Feb 22-23. To date, 1,043 units have been sold at an average of $2,361 psf.

Huttons’ Yip notes that Aurelle is only the second EC to be located next to a fully integrated mixed-use development, the first being the 573-unit Esparina Residences in Sengkang. Launched in October 2010, the average price was around $748 psf. Based on caveats lodged, the average price of units sold from January 2024 to January 2025 is $1,625 psf, which is a 117% increase. In November 2023, a 1,367 sq ft unit on the seventh floor of Esparina Residences was sold for $2.388 million ($1,747 psf), making it the second-highest psf price achieved at Esparina Residences. The highest was on the 14th floor, where another 1,367 sq ft unit was sold for $2.4 million ($1,756 psf).

ERA’s Lim notes that new ECs are priced about $600 psf cheaper than new private condos in 2025. However, compared to resale condos in the suburbs or Outside Central Region (OCR), the average price of a new EC is only 1% higher. This, combined with a fresh 99-year lease and modern facilities, makes new ECs an attractive option for buyers.…

A new record has been set at One Holland Village Residences with the sale of a three-bedroom unit at $3,781 psf from Feb 16 to 21. This surpassed the previous record of $3,426 psf set in August 2022 with the sale of a four-bedroom unit. The unit, located on the 25th floor, was sold for $4.68 million on Feb 17, marking the first sale at the 99-year leasehold development this year.

The sellers of the unit had purchased it from the developer for $4.19 million in November 2023, making a profit of about $490,000. One Holland Village Residences, a 296-unit development in District 10, is fully sold out and is set for completion in November 2029. The most expensive unit transacted at the development was a five-bedroom apartment sold for $11.4 million.

Hill House, a boutique condo in District 9, saw the second-highest psf-price for the period in review when a 452 sq ft, two-bedroom unit on the ninth floor was sold for $1.538 million, setting a new record of $3,402 psf. This comes just four days after another unit on the eighth floor was sold for $1.536 million at $3,398 psf.

When it comes to investing in a condo, financing is a crucial consideration. In Singapore, there are various mortgage choices available, but it is crucial to keep in mind the Total Debt Servicing Ratio (TDSR) framework. This framework regulates the amount of loan a borrower can take based on their income and current debt commitments. To make informed decisions about financing, it is important to have a clear understanding of the TDSR and seek guidance from financial advisors or mortgage brokers. This can also prevent investors from becoming over-leveraged. In addition to this, checking out Singapore Projects can provide useful information for potential investors.

Chuan Park in District 19 also saw a new record with the sale of a 732 sq ft, two-bedroom unit at $2.785 psf on Feb 19, surpassing the previous record of $2,765 psf set in November last year. The 916-unit condo, launched in November 2024, has sold 81% of its units at an average price of $2,589 psf.

No new records have been set for psf prices during the review period.…

Exclusive marketing agent, Colliers International, has put a three-storey terrace factory up for sale at Midview City. The guide price for this property is $6.2 million or $688 per square foot. This factory, situated along Sin Ming Lane, is located in the bustling Sin Ming Industrial Estate and comprises of a basement and roof terrace.

The total strata area of the property is approximately 9,009 square feet and it is zoned as a “Business 1” site under the URA Masterplan 2019. Currently, the property is fully leased and has been approved for use as a childcare centre. It is currently occupied by Star Learner preschool and childcare centre.

The 60-year leasehold light industrial building, Midview City, was completed in 2012. It is conveniently situated within walking distance to Bright Hill MRT Station on the Thomson-East Coast Line. The property can also be easily accessed from the residential areas of Bishan and Upper Thomson through its two entrances via Sin Ming Lane and Bright Hill Drive.

According to Raphael Lee, the director of industrial services at Colliers, this property offers a unique opportunity for investors as it will be sold with the preschool operator in place. The property falls under the Business 1 category and is not subject to Additional Buyer’s Stamp Duty (ABSD), making it an attractive investment option for foreigners. The Expression of Interest (EOI) exercise for this property will close on April 29 at 3pm.

When making a condo investment, it is crucial to also take into account the maintenance and management of the property. In most cases, condos have maintenance fees that cover the maintenance of shared spaces and amenities. While these fees may increase the overall cost of owning a condo, they provide assurance that the property will remain well-maintained and maintain its value. Hiring a property management company can assist investors in handling the routine management of their condos, turning it into a more hands-off investment. When looking for condo investments, also check out Singapore Projects for potential opportunities.

For potential investors, it may also be worth taking note of the price trend in the industrial sector. Below are some recent industrial sale transactions and rental transactions, as well as a comparison of the price trend between commercial and industrial properties.…

According to Hamish MacDonald, the head and chief investment officer of APAC Real Estate at BlackRock, investors are showing a clear preference for Asia Pacific real estate markets that offer high liquidity. As we move further into the year, sectors such as accommodation, logistics, and alternative assets are likely to benefit from favourable economic conditions. MacDonald specifically mentions Australia, Japan, Singapore, and Auckland in New Zealand as countries with abundant liquidity and the main focus for BlackRock this year.

MacDonald believes that investor sentiment will lean toward bullish this year, a stark contrast to 2023 and 2022. He predicts that institutional investors will engage in more discussions around deploying and recycling capital in selective Asia Pacific real estate markets.

Read also: BlackRock bets on serviced apartments in Singapore; life sciences in Australia

The Singapore government has implemented several property cooling measures that should be taken into consideration when investing in condos. These measures have been put in place to prevent speculative buying and maintain a steady real estate market. One such measure is the Additional Buyer’s Stamp Duty (ABSD), which imposes higher taxes on foreign buyers and those purchasing multiple properties. While these measures may have a temporary impact on the profitability of condo investments, they play a crucial role in creating a safe and stable investment environment in Singapore. For more information on Singapore Condos, please refer to the attached article.

In Singapore, BlackRock has been targeting serviced apartment properties, as evidenced by its recent partnership with YTL Corp to acquire Citadines Raffles Place for approximately $290 million in October last year. Prior to that, the firm teamed up with Hong Kong-based accommodation operator Weave Living to purchase Citadines Mount Sophia for $148 million in February 2024. This week, the Weave Living-operated property has reopened as Weave Suites – Hillside, with 175 rooms. MacDonald explains that the decision to focus on serviced apartments is due to the high demand for this type of accommodation in Singapore, coupled with a lack of new supply.

He emphasises that BlackRock is not aiming to build a massive portfolio of assets in Singapore, but rather to target specific deals. MacDonald says that they prefer to acquire existing properties that can be refurbished and repositioned in collaboration with a partner to add value through new amenities.

Singapore’s strong business growth continues to attract robust inflows of capital and high-skilled labour, according to MacDonald. As such, the firm remains optimistic about investment opportunities in Singapore.

MacDonald also notes that Japan will remain a significant target for real estate investors this year. He believes that the Japanese economy has favourable prospects, based on their analysis of domestic pricing power, wage growth, and corporate reform, which collectively support growth in real estate. Daigo Hirai, the head of Japan Real Estate at BlackRock APAC, mentions that the combination of wage increases and rising construction costs have led to a decent rental uplift in Japan’s residential market in recent quarters. He expects a 7% to 8% rise in residential rents across major cities like Tokyo and Osaka this year. Hirai also notes that tenants are seeking larger units instead of compact studios. In line with this trend, BlackRock is seeking to partner with an experienced accommodation operator to manage a hybrid residential investment strategy that caters to both inbound tourist accommodation and domestic rental demand. This approach would allow the firm to establish a stronger presence in popular tourist destinations such as Kyoto and Fukuoka. Hirai explains that the ideal assets for this strategy would be those close to train stations in residential-commercial neighbourhoods, such as Osaka’s Namba district, as well as smaller developments with up to 50 units. MacDonald adds that the firm’s focus in Japan will be on residential assets.

MacDonald notes that BlackRock’s key to operating in Japan successfully is by deploying specialist ground teams that can spot potential acquisition opportunities at a significant discount. As such, the firm’s focus on Japan will be on residential assets.

Meanwhile, according to Ben Hickey, the head of Australia Real Estate at BlackRock, long-term population growth projections support positive long-term growth in most sectors of the Australian real estate market. Hickey notes that most property sectors in Australia have a history of under-supply and low vacancy rates. Consequently, any investment strategy in Australia should consider whether rental growth can exceed inflation, the existing supply-demand gap, and a favourable exit strategy. In light of this, BlackRock has been targeting niche asset classes in Australia, including childcare properties, last-mile logistics assets, life science real estate, and self-storage properties.

Read also: Weave Living and Blackrock form JV to acquire Citadines Mount Sophia for $148 mil

Hickey explains that these four asset types stand to benefit from Australia’s long-term population growth and are chronically undersupplied compared to the broader regional markets. He also mentions that investing in these assets can lead to above-average returns while mitigating risk, as it is not reliant on a favourable interest rate outlook for generating real estate returns.…

The trend of shrinking unit sizes in show flats may have caught your attention in recent years. This is understandable, as our perception of size is relative to what we are used to. In the past, the homes we grew up in, whether HDBs or condos, were generally larger in the 1990s and 2000s. The average size of a new condo unit in 1995 was 1,272 sq ft, which increased slightly to 1,286 sq ft in 2005, but dramatically decreased to 858 sq ft in 2015. In 2024, the average size was 929 sq ft.

However, it is important to note that the demographics have also changed significantly in the last few decades. In 1995, the average household consisted of four members, which gradually decreased to 3.6 in 2005, 3.4 in 2015, and further dropped to 3.1 in 2024. This also means that on a per-household-member basis, the average living space has decreased from 318 sq ft in 1995 to 300 sq ft in 2024. This is a 5.7% difference over 29 years, which is commendable given the land constraints in Singapore.

The decrease in unit sizes can also be attributed to the introduction of “Mickey Mouse” units in 2008, with the smallest unit being only 258 sq ft. This was a significant reduction in the barriers to entry for property investment, with units selling for as low as $375,000. This led to a proliferation of such units in subsequent years, raising concerns about the living environment.

In response to this trend, the Urban Redevelopment Authority (URA) introduced guidelines in 2011, limiting the maximum number of dwelling units (DUs) based on an average size of 70 sq m. This was further tightened in 2019, with an increase of 21.4% in the average DU size to 85 sq m. Additionally, more areas were required to meet a more stringent average DU size of 100 sq m. These measures effectively arrested the decline in average DU size outside the Central Area.

Investing in a Singapore Condo has become an increasingly popular option for both local and foreign investors. This is largely due to the city-state’s impressive economy, stable political climate, and excellent standard of living. With a thriving real estate market, Singapore offers a range of opportunities for investors, with condos in particular standing out for their convenience, amenities, and potential for high returns. In this article, we will explore the advantages of investing in a condo in Singapore, as well as important considerations and steps to take.

However, this trend persisted in the Central Area, with the average DU size dropping to its lowest of 725 sq ft in 2020. In response, the URA extended the guidelines to the Central Area in 2023, requiring at least 20% of DUs to have a net internal area of at least 70 sq m. The latest guideline change also harmonized the definition of strata area and gross floor area (GFA), leading to a 6% decrease in the average DU size.

Looking at the different market segments, the Rest of Central Region (RCR) saw the most significant increase in average DU size by 19.5% since 2015. This could be attributed to the stricter controls on average DU size in this area. The Outside Central Region (OCR) also saw a 5.8% increase in average DU size, while the Core Central Region (CCR) experienced a decline of 11.7%.

Overall, the average DU size in 2024 increased to 929 sq ft, 8.3% larger than 2015’s 858 sq ft. However, with the harmonization of GFA definition, this trend may reverse in the future. Despite that, buyers nowadays are getting better value for their purchases, with better provisions and smart home features becoming the bare minimum in condos. With these improvements, the average DU size may decrease, but the quality of living space will remain largely unchanged.…

The Ministry of National Development (MND) recently announced improvements to both the Silver Housing Bonus (SHB) and the Fresh Start Housing Scheme (Fresh Start) during the Committee of Supply debate. These changes are part of the government’s ongoing efforts to support seniors in downsizing and to increase access to public housing for lower-income households living in HDB rental flats.

The SHB encourages seniors to better prepare for their retirement by unlocking the value of their residential assets and transferring it to their CPF Retirement Account (RA). Currently, applicants must be 55 years old or above, have a monthly income of no more than $14,000, own a property that does not have an Annual Value (AV) exceeding $21,000, and purchase a three-room HDB flat or smaller (excluding three-room terraces) as their replacement property.

Currently, SHB applicants have the option to top-up their CPF RA with up to $60,000 to receive a cash bonus of up to $30,000. This amount is prorated at a rate of $1 cash bonus for every $2 top-up made into their RA.

Effective from December 1st of this year, SHB applicants will be eligible to receive the cash bonus as long as they can prove that their downsizing resulted in a net increase in their CPF RA account balance from any source, including CPF housing refunds. This means that seniors with outstanding loans using their CPF accounts may no longer have to make a cash top-up to qualify for the SHB.

The SHB has also been expanded to allow more seniors who own properties with higher values to qualify. Now, applicants who own properties with an AV of more than $21,000 but less than or equal to $13,000 can also qualify. This expansion will benefit an estimated 15,000 more seniors, according to MND.

These eligible applicants will receive a cash bonus based on the amount their RA increases, up to $60,000. However, this amount will be prorated to $1 cash bonus for every $6 their RA increases, up to $10,000.

Additionally, successful SHB applicants will receive a $10,000 cash bonus when they right-size to a two-room or smaller HDB flat (including Community Care Apartments). This amount is not prorated and will apply regardless of the amount committed to their RA.

Seniors can apply for the SHB within a year of their second property transaction. This means that seniors who complete their downsizing after December 1, 2024, can apply for the SHB on December 1, 2025, under the enhanced scheme.

Expansion of Fresh Start Housing Scheme

Minister of State for National Development Muhammad Faishal Ibrahim has announced enhancements to the Fresh Start Housing Scheme. Launched in 2016, the program offers financial assistance and social support to Second Timer (ST) families who have previously purchased a subsidized HDB flat, with the aim of helping them achieve homeownership.

Under the current Fresh Start scheme, applicants can purchase a two-room flexi or a three-room standard BTO flat with shorter leases, typically ranging from 45 to 65 years. These leases must last until the youngest owner turns 95. Flats purchased under this scheme are subject to an extended Minimum Occupation Period of 20 years, compared to the usual five years.

The enhancements to the scheme include increased financial support. Eligible families will now receive $75,000 from the Fresh Start Housing Grant, up from the previous $50,000.

The new grant consists of an initial disbursement of $60,000 credited to applicants’ CPF Ordinary Account (OA) before their key collection dates. The remaining $15,000 will be disbursed to their OA over the next five years to support mortgage payments.

The eligibility criteria for the scheme have also been expanded to allow First Timer (FT) families to apply. While FT families are not eligible to receive the Fresh Start Housing Grant as they are already eligible for the larger Enhanced CPF Housing Grant (EHG) of up to $120,000, they will still benefit from the reduced cost of shorter-lease BTO units and the social support provided under the program.

Investing in a condominium in Singapore has numerous advantages. This type of property offers a consistent high demand, the potential for increased property value, and attractive rental returns. However, it is essential to carefully evaluate various factors such as location, financing options, government regulations, and market trends before making a decision. Conducting thorough research and seeking expert advice can help investors make smart choices and maximize their profits in Singapore’s ever-evolving real estate market. Whether you are a local investor looking to diversify your assets or a foreign buyer in search of a secure and lucrative investment, the new condo launches in Singapore, such as those offered by New Condo Launches, are a compelling opportunity to consider.

Eligible FT families can apply for Fresh Start starting in April 2025, while the revised Fresh Start Grant amount will take effect from the July 2025 BTO exercise.…

The Ministry of National Development (MND) has recently announced changes to the Additional Buyer’s Stamp Duty (ABSD) regime for licensed housing developers, which will come into effect on March 6. This move aims to encourage developers to undertake urban transformation developments, optimise land use through intensification or integration, rejuvenate older estates or adopt new construction technologies.

Securing financing is a crucial element when it comes to investing in a Singapore condo. While there are various mortgage choices available in Singapore, it is vital to have an understanding of the Total Debt Servicing Ratio (TDSR) framework. This framework sets a limit on the amount of loan a borrower can obtain based on their income and current debt obligations. To navigate through this, it is recommended to work with financial advisors or mortgage brokers to make well-informed decisions and prevent over-leveraging.

One of the key changes is an extension of the ABSD remission timeline for developers undertaking complex projects from six to 12 months. This extension will apply to projects with a minimum of 700 units upon completion, or those that have at least 1.5 times the number of homes of the existing development. These projects include en bloc redevelopments, as well as those with complex technical or instructional requirements, such as projects integrated with major public transport facilities.

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Another change is the inclusion of two new categories of projects that will be granted a six-month extension. These include projects approved under the Strategic Development Incentive (SDI) scheme, and those aiming to achieve higher productivity targets through the adoption of new construction technologies, methodologies or practices. If a project meets the criteria of more than one category, it will be granted a one-year extension.

These changes will apply to all residential land acquired on or after March 6. Currently, licensed housing developers purchasing residential redevelopment sites are subjected to a 5% ABSD upfront, which is non-remittable, and another 35% ABSD, which is remittable when the developer completes and sells all the units in the project within the five-year timeframe.

The latest revisions come after changes were announced in February last year, which offered a lower clawback rate for residential developments with at least 90% of units sold. PropNex Realty CEO Ismail Gafoor says, “Such extensions will give developers more flexibility and may help to mitigate development risks to some extent, as they have a bit more time to sell units, particularly for mega projects.”

Huttons Asia’s senior director of data analytics Lee Sze Teck believes that the ABSD revisions will “give a much-needed boost to the en bloc market, in particular, bigger en bloc projects.” Similarly, OrangeTee Group’s chief researcher and strategist Christine Sun says that while the proposed policy change will likely be appreciated, developers may still face challenges due to other factors. This includes the success rate of en bloc sales, which depends on the willingness of buyers and sellers to negotiate prices.

However, ERA’s managing director of capital markets and investment sales Tay Liam Hiap believes that this could be “an opportune time” for older projects such as Braddell View and Pine Grove to explore en bloc opportunities. These projects may yield around 2,000 new homes, which could take more time to sell. Meanwhile, Gafoor notes that the policy change may not “spark a revival in the en bloc market”, and expects developers to continue to be cautious due to the high cost of redevelopment, ample private housing supply, and potential policy risks.…

The Land Transport Authority (LTA) has announced plans for two new MRT lines, with feasibility studies currently underway. Set to be completed in the 2040s, these lines could potentially serve over 400,000 households.

The first line, known as the Seletar Line, is proposed to connect areas such as Woodlands, Sembawang, Sengkang West, Serangoon North, Whampoa, Kallang, and the Greater Southern Waterfront. This will provide better accessibility for commuters in these regions.

The government’s efforts to maintain a stable real estate market in Singapore also play a crucial role in the consideration of condo investments. In order to prevent speculative buying and promote a more sustainable market, the Singaporean government has implemented several property cooling measures in recent years. One such measure is the Additional Buyer’s Stamp Duty (ABSD), which levies higher taxes on foreign buyers and individuals purchasing multiple properties. While these measures may initially affect the profitability of condo investments, they ultimately contribute to the long-term stability of the market, creating a more secure investment environment. Furthermore, with the introduction of New Condo Launches, the condo market in Singapore continues to thrive and provide opportunities for investors to diversify their portfolios.

The second line, currently referred to as the Tengah Line, will complement the existing transport network in the west and northwest regions. This line is expected to serve areas such as Tengah, Bukit Batok, Queensway, and Bukit Merah.

Transport Minister Chee Hong Tat announced in parliament on March 5 that depending on the results of the feasibility studies, the Seletar Line and Tengah Line may be integrated to provide a more comprehensive network.

In addition to these new lines, LTA also plans to proceed with the West Coast Extension (WCE). This will extend the Jurong Region Line (JRL) to connect with both the Circle Line (CCL) and Cross Island Line (CRL).

The WCE will be implemented in two phases. The first phase, set to be completed by the late 2030s, will extend the JRL from Pandan Reservoir Station to connect with the CRL. The second phase will see the JRL extend from West Coast Station to connect with the CCL’s Kent Ridge Station by the early 2040s.

Once completed, the WCE will provide residents travelling from the West to the city centre with up to 20 minutes of time savings.

In line with the government’s plans for the development of Singapore’s rail network, Chee also announced an investment of up to $1 billion over the next five years to maintain high-reliability standards for both newer and older train systems.

This investment will go towards condition monitoring systems to enable more proactive and targeted maintenance, as well as the use of new technologies to improve the efficiency and effectiveness of rail maintenance. It will also provide training programmes for rail workers to enhance their skills.

According to LTA, these efforts to expand the rail network, improve rail asset management, and upskill the rail workforce will ensure that convenient, reliable, and resilient public transport services can continue to be provided for commuters.…

The 99-year leasehold condo, Elias Green in Pasir Ris, is set to be put up for collective sale through a public tender on March 6, as announced by ERA Realty Network, the appointed marketing agent. The property has a guide price of $928 million and is expected to attract strong interest from developers and investors.

Elias Green was completed in 1994 and is situated on a land area of approximately 516,871 sq ft, zoned for residential use with a gross plot ratio of 1.4. The development comprises several blocks and consists of 419 apartments ranging in size from 1,367 to 1,636 sq ft. The site has a 99-year lease from 1991, with a remaining lease of 65 years.

Obtaining financing is a crucial aspect of investing in a condominium. In Singapore, there are several mortgage choices available; however, it is vital to have an understanding of the Total Debt Servicing Ratio (TDSR) framework. This framework sets a limit on the amount of loan a borrower can acquire, taking into consideration their income and current debt commitments. Being knowledgeable about the TDSR and seeking guidance from financial experts or mortgage brokers can assist investors in making well-informed decisions about their financing options and avoiding excessive borrowing. For more information on financing options for projects in Singapore, please visit Singapore Projects.

According to ERA, the guide price of $928 million translates to a land rate of $1,355 psf per plot ratio (ppr). This figure includes an estimated land betterment charge of $150.8 million for intensification and a top-up to a fresh 99-year lease, as well as a 10% bonus gross floor area.

ERA also mentions that the owners of Elias Green are currently in the process of submitting an Outline Application to URA for a residential development with a gross plot ratio of 1.8. If approved, the development’s land rate would be approximately $1,245 psf ppr.

If the collective sale is successful, based on the guide price, owners can expect to receive gross sale proceeds ranging from approximately $2.04 million to $2.31 million per unit.

Tay Liam Hiap, managing director of capital markets and investment sales at ERA Singapore, notes that the Pasir Ris Town is undergoing significant improvements as part of HDB’s “Remaking Our Heartland” initiative, which will enhance its vibrancy and connectivity. He also adds that the new Pasir Ris Bus Interchange is expected to be completed by 2025, integrating with the future Pasir Ris Integrated Transportation Hub and the Cross Island Line (CRL) that is slated to be operational by 2030, further improving connectivity across Singapore.

This will be the second attempt at a collective sale for owners at Elias Green, with the first attempt in 2018 where the property was launched for tender at $780 million. The current price tag of $928 million is 19% higher than the previous asking price.

The public tender for Elias Green will close on April 22 at 2pm. Investors and developers can look forward to strong interest in this property given its attractive location and potential for development.…

The tender for a Government Land Sale (GLS) site in Media Circle (Parcel A) located in the one-north area has closed on March 4. The site has been awarded to a consortium comprising of Qingjian Realty, Forsea Holdings and minority investor Hoovasun Holding for the top bid of $315 million.

The consortium’s bid translates to a land rate of $1,037 psf per plot ratio (ppr) for the site, which spans 82,125 sq ft. This site, which has a 99-year lease, is zoned for residential use with commercial space on the first storey. It is expected to yield around 325 housing units with a maximum gross floor area of 303,865 sq ft.

According to a press statement, Qingjian and Forsea have plans to develop two high-rise residential towers with commercial spaces on the first floor. This project will mark the third joint venture between the two companies, with the first being the 358-unit Bloomsbury Residences site that they were awarded in January 2024.

The top bid by Qingjian and Forsea’s consortium is 5.7% higher than the next bid by EL Development, which was $298 million, or $981 psf ppr. The third and lowest bid was submitted by SingHaiyi Group, at $295 million, or $971 psf ppr.

According to Du Dexiang, managing director of Qingjian Realty, the company is confident in the upcoming transformation of Media Circle, supported by a well-designed master plan and the government’s continued investment in the one-north precinct, as announced in the 2025 budget.

Wang Xin, director at Forsea Holdings, adds that this project is another important step in their commitment to developing high-quality residential communities in tandem with the growth of one-north, which is akin to Singapore’s “Silicon Valley”.

It is vital for international investors to have a clear understanding of Singapore’s laws and limitations regarding property ownership. The regulations surrounding foreign ownership of property in Singapore differ for different property types. Condominiums can usually be purchased without excessive restrictions, unlike landed properties that have stricter ownership guidelines. However, foreign buyers are subject to an Additional Buyer’s Stamp Duty (ABSD), which currently stands at 20% for their initial property purchase. Despite this additional expense, the steady and promising growth of the Singapore real estate market continues to entice foreign investment. Considering condominiums for purchase may be a favorable option for foreign investors due to the more lenient regulations and potential for profitable returns.

The future project at Media Circle (Parcel A) will be the third joint venture between Qingjian and Forsea. Last August, the partners were awarded an executive condominium site at Jalan Loyang Besar after submitting the top bid of $557 million ($729 psf ppr). The site can yield up to 710 new homes.

Huttons Asia’s senior director of data analytics Lee Sze Teck says that Qingjian’s latest bid for Media Circle (Parcel A) reflects the developer’s confidence in the demand for homes in the area. “If awarded, the developer will have influence over the supply and pricing of new homes in Media Circle,” he adds.

The site in Media Circle (Parcel A) was launched for sale last November, together with the adjacent Media Circle (Parcel B) site, which spans 107,936 sq ft and can potentially yield about 500 residences. The tender for Parcel B will close on April 29. Both Media Circle Parcels A and B are on the Confirmed List of the 2H2024 GLS Programme.

Under the Reserve List of the 1H2025 GLS Programme, there is another Media Circle site available for application. The 60-year leasehold site, zoned for residential with commercial space on the first storey, is designated for long-stay serviced apartments only and can yield an estimated 520 units, along with retail space limited to 4,306 sq ft.

Huttons’ Lee points out that the Media Circle area is a unique location within one-north, surrounded by greenery and black and white bungalows. According to him, the area has limited non-landed residential properties, with only 987 units, and less than 100 new homes remaining unsold.

Given the high number of foreigners working in one-north, Science Park, and the nearby Tanglin Trust School, Lee believes the area has a strong pool of quality tenants and is also close to diverse retail and dining options such as Anchorpoint Shopping Centre, Alexandra Central Mall and Timbre+ One North.

Leonard Tay, head of research at Knight Frank Singapore, believes that the future project at Media Circle (Parcel A) could launch with selling prices starting from $2,300 psf. While the site is located in a quieter section of one-north business park, it is within walking distance to Mediapolis, he observes. He also adds that a residential project, or a mix of residences for sale together with serviced apartments for lease, could appeal to workers in the media and entertainment industry.…