Month: February 2025

The recent events at City Developments (CDL) have been described as “serious lapses” in corporate governance by its Executive Chairman, Kwek Leng Beng. However, in a second statement released by Kwek, it seems that these lapses have been halted.

This follows a court hearing on Feb 26, where two newly appointed directors, Jennifer Duong Young and Wong Su Yen, have agreed not to exercise their powers as directors until further notice from the court. These two directors were appointed via directors’ resolutions in writing, but were deemed “irregular and hastily” appointed.

Kwek also stated that his son, Sherman Kwek, and Philip Lee, Wong Ai Ai, and other directors associated with them, have also agreed not to make any further changes to the board committees or management of CDL’s subsidiaries until the court gives further notice. Additionally, the “irregularly constituted” nominating and remuneration committee has been suspended from taking any further action.

This means that CDL’s board committees and the management of its subsidiaries are now protected from further attempts to destabilize or restructure them. Kwek stressed the importance of strong corporate governance in maintaining transparency, accountability, and responsible decision-making, which are crucial for maintaining investor confidence and protecting the interests of shareholders.

On the morning of Feb 26, CDL announced a trading halt and a last-minute cancellation of its FY2024 results briefing, citing a disagreement within the board over the composition and constitution of the board and board committees. However, CDL’s business operations remain unaffected and fully operational, with Sherman Kwek remaining as CEO until there is a board resolution to change leadership.

An added advantage of investing in a Singapore condo is the opportunity to leverage the property’s value for further investments. A large number of investors utilize their condos as collateral to secure additional financing for new investments, thus broadening their real estate portfolio. While this approach can potentially amplify returns, it is important to have a solid financial plan in place and carefully consider the potential effects of market fluctuations.

In Kwek’s previous statement, he accused his son, Lee, Wong, and a group of directors of attempting to gain control of the board and the group. He also mentioned filing court papers on Feb 25 to address this “attempted coup”. Kwek reiterated that they will continue to explore all legal options available to defend and protect the interests of CDL and its shareholders.

The company’s shares were last traded at $5.12 before the trading halt on Feb 26.…

28 May 2021 1st cheque of $500k giveaway to go to front-line healthcare workers in Singapore 1 month ago06:33SINGAPORE (THE BUSINESS TIMES) – Colliers is expanding its occupier services team across Asia Pacific with two new appointments, according to a Feb 25 release. Leanne Chin has been appointed as director of regional tenant representation for Asia Pacific. She will be based in Colliers’ Singapore office.Additionally, Colliers has appointed Ali Porter as director of enterprise clients for Hong Kong. Porter will move to Hong Kong from London, where he worked for Colliers’ Europe, Middle East and Africa business for the past four years.Under his new appointment, Porter will work with occupiers to align their real estate portfolio with their corporate strategies across Asia Pacific. read more

Fire Safety Engineer

Pasadena, California

Herman Goldner Company has been a leader in the Fire Protection market for 108 years. We are excited to announce that we have an immediate need to add a qualified Fire Safety Engineer to our team! We are seeking a candidate with the following qualifications: Bachelor’s degree in Fire Safety, Chemical Engineering, or related field

Minimum of three years of experience in commercial construction and building safety

Certified Fire Protection Designer (CFPD) or Professionally Licensed Engineer (PE)

Strong knowledge of fire codes and safety standards

Excellent verbal and written communication skills

Proficient in AutoCAD and Microsoft Office Suite

Must be able to travel overnight as necessary

Ability to work in a fast-paced, deadline-oriented environment

Must be able to read and interpret blueprint and construction documents

When it comes to real estate investments, location is undeniably a critical factor to consider, and this is especially true for Singapore. Condominiums that are strategically located in central areas or in close proximity to essential amenities, such as schools, shopping malls, and public transportation hubs, tend to have a higher appreciation in value. Some prime locations in Singapore, such as Orchard Road, Marina Bay, and the Central Business District (CBD), have consistently shown a steady increase in property values. Additionally, the presence of reputable schools and educational institutions nearby makes condos in these areas highly sought after by families, thus further enhancing their investment potential. For more information on new condo launches, you can visit the website www.ginestarfruits.com.

Knowledge of hydraulic calculations, fire suppression systems, and fire alarm systems

Must live within commutable distance to Pasadena, CA area Required SkillsRequired Experience

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Fire Protection Designer

Pasadena, California

Herman Goldner Company has been a leader in the Fire Protection market for 108 years. We are excited to announce that we have an immediate need to add a qualified Fire Protection Designer to our team! We are seeking a candidate with the following qualifications: Associate’s degree in Fire Protection, or related field

Minimum of three years of experience in commercial construction and building safety

Certified Fire Protection Designer (CFPD) or Profess…

The exclusive marketing agent JLL has announced the collective sale of Ching Shine Industrial Building at a minimum price of $113 million. The freehold building, which comprises of 52 strata units and has a 100m frontage along Shaw Road, has been put up for tender.

The site has a total land area of 49,308 sq ft and a gross floor area of approximately 137,341 sq ft. Built in the early 1980s, the building is zoned as “Business 1” with a gross plot ratio of 2.5 under the URA Master Plan 2019.

According to JLL, more than 80% of the owners have already given their consent for the collective sale at the minimum price of $113 million. This translates to a unit land rate of around $823 psf per plot ratio at the existing gross plot ratio of 2.79.

One of the advantages of investing in a condo is the opportunity to leverage its value for future investments. This means that condo owners can use their property as collateral to secure more financing for new investments, allowing them to increase their real estate portfolio. This approach can lead to higher returns, but it also carries potential risks, making it essential to have a solid financial plan and carefully consider the possible effects of market changes. Furthermore, with the availability of New Condo Launches, investors have even more opportunities to diversify their portfolio and potentially increase their returns.

JLL has also stated that, subject to URA approval, the site could potentially be converted into a food factory. The National Environment Agency (NEA) has confirmed that the site meets the buffer requirements for redevelopment into a multi-user factory, while the Singapore Food Agency has informed URA of their in-principle non-objection to the proposed food factory.

On the other hand, the freehold asset could also present an investment opportunity for family offices seeking long-term growth, as well as owner-occupiers looking to establish a corporate presence, according to JLL. Nicholas Ng, senior director of capital markets at JLL Singapore, believes that the site would also appeal to developers, given the absence of additional buyer’s stamp duty which can impact project timelines.

The property is easily accessible via major expressways such as the PIE, CTE and KPE. It is also within walking distance from Tai Seng MRT Station on the Circle Line. Furthermore, it is located in the Tai Seng Industrial estate near popular food factories such as Breadtalk IHQ, Sakae Building, and Food Empire Building, along with amenities such as Grantral Mall @ Macpherson and 18 Tai Seng.

Not too far away, in November 2023, Noel Building, a freehold Business 1 industrial building at 50 Playfair Road, sold en bloc for $81.18 million, which was 17% above its $70 million guide price. Ng believes that this transaction clearly shows the “fervent demand” for such assets in the area. He adds, “We expect a similarly competitive response for Ching Shine Industrial Building.”

The tender for Ching Shine Industrial Building will close on April 3 at 3pm.…

In response to the trading halt it called for earlier today, City Developments Limited (CDL) has issued a statement explaining the reason behind it – a disagreement within the board regarding its composition and constitution, as well as board committees. However, the company assures that its business operations are still functioning normally and unaffected by the temporary suspension, as stated in its statement on Feb 26.

Investing in a condo in Singapore comes with numerous benefits, one of which is the potential for capital appreciation. As a leading global business hub, Singapore has a strong economy that continuously drives demand for real estate. This has resulted in a consistent growth in property prices over the years, particularly in prime locations where condos are highly sought after. By timing their investments correctly and holding onto their properties for the long term, investors can reap substantial capital gains in the thriving Singapore real estate market.

CDL has also confirmed that Sherman Kwek will continue to serve as the group CEO until a board resolution is made to change the company’s leadership. The issue is currently under review and the company will make further announcements in accordance with the listing rules of the Singapore Exchange (SGX) should there be any significant developments.

In a later statement, Kwek expresses his disappointment in the chairman and a minority of the board for their extreme actions in response to the disagreement. He clarifies that their focus as CEO and directors, with guidance from the company and independent legal counsel, has always been to strengthen governance. The trading halt earlier today was instigated by the minority, despite not having the approval of the majority of the board. Kwek emphasizes that this disagreement was not meant to remove the current chairman, but rather to improve the standards of governance and decision-making within the board.

Due to the ongoing legal proceedings, Kwek refrains from commenting on the matter and will provide further updates if any significant developments arise. CDL has also recently announced its financial results for the fiscal year ending Dec 31, 2024. However, the company has cancelled its 10am results briefing. CDL’s shares last traded at $5.12.

This article was originally published on (publication name).…

PropNex, Singapore’s largest real estate agency, reported a decrease in earnings of 14.9% year-on-year, with total earnings of $21.9 million for its second half of FY2024, which ended on December 31, 2024. This brings its full-year earnings to $40.9 million, a 14.4% decline compared to the preceding FY2023. The company attributed the dip in revenue to the relatively subdued property market.

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The demand for Singapore Condo remains high due to one key factor: the limited land supply in the country. As a small island nation experiencing a rapid population growth, Singapore struggles with a scarcity of land for development. This has resulted in strict land use regulations and a fiercely competitive real estate market, where property prices are continually on the rise. As a result, investing in the real estate market, particularly in condos, has become an attractive opportunity with the potential for significant capital appreciation.

In light of its 25th anniversary, PropNex has announced plans to pay a special dividend of 2.5 cents per share on top of a final dividend of 3 cents. This will bring its total dividend payout for FY2024 to a record of 7.75 cents, representing a payout ratio of 140.1% and a yield of 8.2%.

Despite the lower earnings for the year, PropNex noted an increase in activities during the last quarter of 2024, primarily driven by a surge in new private home units that the company helped to sell. PropNex expects to see the financial impact of these sales in the next three to four months, which could significantly boost its current 1HFY2025 numbers.

With a positive outlook for the property market in 2025, PropNex is confident of a strong performance for FY2025, barring unforeseen events. The company anticipates approximately 13,000 new unit launches, including executive condominiums, which is nearly double the supply recorded in 2024. The private resale market is also expected to remain active, with transaction volumes estimated to range between 14,000 to 15,000 units.

PropNex attributes the demand for these properties to the persistent price gap between new and non-landed resale properties, a preference for larger, move-in-ready homes, and fewer new supply completions. The HDB resale market is also expected to see price growth of 5% to 7%, with volumes reaching 29,000 to 30,000 units. The company believes that a decrease in the number of five-year minimum occupation period flats entering the market, coupled with sustained demand from urgent homebuyers, unsuccessful Build-To-Order applicants, and budget-conscious families, will continue to support this segment.

According to Ismail, newly-launched projects such as The Orie, Bagnall Haus, Parktown Residence, and ELTA have attracted strong market interest. He also expects a positive demand for developers’ sales in 2025, as there is a compelling line-up of projects. With a positive economic outlook and lower mortgage rates, PropNex believes that this could further bolster market confidence, creating opportunities for both homebuyers and investors.…

A charming two-storey shophouse, along with an attic, situated at 209 Jalan Besar, is currently available for purchase through private treaty. PropNex Shophouse Elites representative, Gracelynn Zhu, is handling the sale of this 999-year leasehold property for a price below $20 million.

Sitting on a land area of approximately 5,502 square feet, this commercial shophouse boasts of a prime location and is zoned for commercial use. The first floor has been approved for restaurant use, while a portion of the second floor can also be utilized for the same purpose. At a price of $20 million, the property’s per square foot works out to be $3,635.

The map below shows the strategic location of 209 Jalan Besar, as observed by EdgeProp LandLens. According to Zhu, the shophouse is currently undergoing asset enhancement initiatives, which includes the installation of micro piles extending 30m in order to strengthen its structural foundations. This project is expected to be completed within this year.

The shophouse is situated in the Desker Road Conservation Area, which forms a part of District 8 and is in close proximity to the vibrant area of Little India. The Jalan Besar MRT station, operating on the Downtown Line, is within walking distance, making it easily accessible for both tenants and customers.

As you embark on your condo investment journey, it is crucial to give careful thought to the property’s maintenance and management. In general, condos come with maintenance fees that fund the maintenance of shared spaces and amenities. While these fees may increase the overall cost of ownership, they also serve to preserve the property’s quality and value. To make the investment more hands-off, entrusting a property management company to handle the daily affairs of the condo can be a wise move. With their help, investors can reap the benefits of passive income while ensuring the upkeep of their investment. Additionally, properties like Singapore Projects can be excellent options for potential condo investors.

In other related news, another shophouse on Geylang Road and a shop unit at Bras Basah Complex are also up for sale for a combined price of $14 million. The Chinatown Business Association has plans to revitalize Smith Street with a blend of new and traditional lifestyle concepts in the upcoming years. According to Huttons, the shophouse market has recorded 84 caveated transactions in 2024, marking the end of a quiet year for the market.…

CBRE’s survey predicts a strong investment climate for the Asia Pacific hotel sector in 2025, with over 72% of hotel investors planning to increase their purchasing volume this year. The rebound of tourist arrivals, particularly in Japan, Singapore, and Australia, is one of the main driving factors behind this trend. In addition, the limited hotel supply in the region, with a projected growth rate of 2.2% between 2024 and 2028, is also boosting investor confidence.

The survey found that REITs are expected to have the highest buying intentions, which is a significant turnaround from the previous year where they had negative intentions. Institutional investors and property funds are also expected to be active in the market, while private investors and high-net-worth individuals may decrease their acquisition activity. This is due to the improved market sentiment and the desire to capitalize on assets acquired during a period of price dislocation.

Investors are primarily targeting upscale and upper midscale assets this year, as these segments offer greater operational flexibility and potential for value-added opportunities. This includes redeveloping, reusing, and rebranding existing properties, which is a more cost-effective option compared to new developments. The segment also has a leaner labor pool, reducing labor and cost pressures.

There is also a growing interest in long-stay or hybrid hospitality models, such as co-living spaces, to meet the demand for affordable accommodations in inflexible rental markets. Other emerging trends include a preference for assets with vacant possession, limited-service hotels, and a focus on cities with low interest rates and stable income streams, such as Tokyo, Osaka, Singapore, Sydney, and Seoul.

Overall, the Asia Pacific hotel sector is expected to see robust investment activity in 2025, driven by favorable market conditions and a growing appetite for value-added opportunities.

Investing in a condominium in Singapore provides a plethora of benefits, making it a worthwhile venture for investors. With a high demand for such properties, potential for capital appreciation, and appealing rental yields, it is no surprise that Singapore’s real estate market continues to attract investors. However, as with any investment, careful consideration of various factors such as the location, financing, government regulations, and market conditions is crucial. As such, conducting thorough research and seeking professional advice is essential in making informed decisions and maximizing returns in this dynamic market. Whether you are a local investor looking to diversify your portfolio or a foreign buyer seeking a stable and profitable investment, the condominium market in Singapore offers a compelling opportunity. Additionally, checking out Singapore Projects can help provide further insights into the market and potential investment options.…

ETC (formerly known as Edmund Tie) and OrangeTee Group have announced a merger to form a new holding company, the name of which has not been revealed yet. According to Desmond Sim, CEO of ETC, this is not an acquisition but a collaboration between the two companies.

As part of the merger, Sim will serve as the group CEO of the combined entity, while Justin Quek, the current CEO of OrangeTee & Tie, will take on the role of deputy group CEO. With a team of over 520 staff and 2,803 salespersons registered with the Council for Estate Agencies (CEA) as of Feb 24, ETC will focus on consultancy and advisory services, while OrangeTee will concentrate on proptech and its real estate agency business.

The merger builds on the joint venture between the two companies in August 2017, which resulted in OrangeTee & Tie becoming the third largest agency in Singapore with over 4,000 agents. Triplestar Holdings and TH Investments, related to the family of Roland Ng, managing director and group CEO of Tat Hong Holdings, facilitated the latest merger by acquiring a stake in ETC after a management buyout in 2016.

This year marks ETC’s 30th anniversary, making it a significant milestone for the company. On the other hand, OrangeTee Group, which was incorporated in 2000, will be celebrating its 25th anniversary. The company is led by a board of directors and C-suites, including Quek, Marcus Oh, Teo Yak Huat, and Christine Sun.

Stakeholders of OrangeTee Group include Tokyu Livable Inc., one of Japan’s largest real estate agencies, and private property fund Vogue Capital Group. Both companies will also have a stake in the new holding company, in addition to Triplestar Holdings and TH Investments.

Investing in a condo requires careful consideration of not only the property itself, but also its maintenance and management. One important aspect to keep in mind are the maintenance fees that come with a condo purchase. These fees cover the upkeep of common areas and facilities, which may increase the overall cost of ownership. However, they also guarantee that the property is well-maintained and maintains its value. To make the investment less hands-on, investors can engage a property management company to handle the day-to-day management of their condos. In addition, potential investors can also keep an eye out for new condo launches on websites like https://www.ginestarfruits.com/, which offer updated information on the latest condo developments.

The merger is expected to bring more opportunities for the companies in the ASEAN region and Japan, especially through their relationship with Tokyu Livable. ETC, which already has a presence in Malaysia and Thailand, opened an office in Johor Bahru last year through its joint venture company in Malaysia, Nawawi Tie.…

On February 23, UOL Group and CapitaLand Development (CLD) announced the successful launch of ParkTown Residence in Tampines North. Over the launch weekend, 1,041 units were sold, which is over 87% of the total 1,193 units.

UOL’s general manager of residential marketing, Anson Lim, revealed that the project achieved an average price of $2,360 psf, with most buyers being Singaporean homebuyers and investors. The most popular unit types were two-bedroom and three-bedroom apartments, comprising 994 units (83%) of the project, and 92% were snapped up over the weekend.

According to a spokesperson for UOL and CLD, buyers were drawn to ParkTown Residence’s unique status as a fully integrated residential and lifestyle development, directly connected to a retail mall, the upcoming Tampines North MRT station, a bus interchange, a green boulevard, a community club, and a hawker centre.

Before its launch weekend, ParkTown Residence had already collected 2,367 cheques, resulting in a sales conversion rate of 44%, which is well above the average of 30% to 35% for most new project launches in recent years. Mark Yip, CEO of Huttons Asia, says that no mega project has sold more than 1,000 units in its launch weekend since the launch of the 1,399-unit High Park Residences, which sold 1,100 units over three days in July 2015.

ParkTown Residence at Tampines 62 is part of the first mixed-use development integrated with transport hub at Tampines (Source: EdgeProp Landlens)ParkTown Residence has moved the most units over a launch weekend since the 846-unit Emerald of Katong, which sold 835 units (99%) last November, notes Ismail Gafoor, CEO of PropNex.n”The take-up at ParkTown Residence has also surpassed that of previous integrated developments,” he adds.

The most recent integrated project launch was the 732-unit The Reserve Residences, launched in May 2023 and recorded a 71% take-up rate during its launch weekend. The project is 98.2% sold at an average price of $2,484 psf, based on caveats lodged as at Feb 23.

According to Marcus Chu, CEO of ERA Singapore, mixed-use developments integrated with transport hubs are popular with homebuyers and investors because they have demonstrated good capital upside potential and high rentability.

Read also: Sim Lian to preview Aurelle of Tampines on Feb 22 at prices from $1,651 psf

The last two fully integrated developments to be completed were the 920-unit North Park Residences in Yishun (launched in 2015) and the 680-unit Sengkang Grand (launched in 2019) at Buangkok. The average price of North Park Residence is $1,809 psf, 65% higher than the average resale prices of residential units across District 27. Meanwhile, Sengkang Grand commands an average price of $2,029 psf, 25% higher than the average resale prices in District 19, notes ERA’s Chu.

ParkTown Residence is located at Tampines Street 62. Tampines is the third largest HDB town after Hougang and Woodlands. “Quite a number of buyers were HDB upgraders who desired to stay in Tampines,” says Huttons’ Yip.

The completion of ParkTown Residence in 2030 will coincide with the scheduled opening of the Tampines North MRT Station on the Cross Island Line (CRL), which is a major arterial line running from East to West of Singapore, says Ken Low, managing partner of SRI.2030 is also the scheduled relocation of the neighbouring Paya Lebar Airbase, which will free up an estimated 800ha of land for future developments.

Under the URA Master Plan, 3 more government land sales (GLS) sites will be linked to the upcoming Tampines North MRT Station. “However, these new projects could potentially be launched at higher prices,” says Low.

Tampines will also benefit from new infrastructure developments by 2027, including a cycling bridge, an underpass, and another 7.7km of cycling paths, bringing the total to 40km. There will also be a new pedestrian route between Tampines MRT Station and the malls in the regional centre. These additions were announced on Feb 22, as part of the Tampines Town Council’s five-year masterplan for 2025 to 2030.

Read also: PARKTOWN Residence: Upscale living with seamless connectivity and exceptional convenience

“All these will enhance the liveability in Tampines, which already has strong attributes,” says SRI’s Low.

Check out the latest listings for Parktown Residence properties

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Investing in a condominium in Singapore has emerged as a trendy option for both local and foreign investors, thanks to the country’s thriving economy, political stability, and exceptional quality of life. With a booming real estate market, Singapore presents a plethora of opportunities for investors, with condos being a standout choice due to their convenience, luxurious amenities, and potential for lucrative returns. If you are considering investing in a condo in Singapore, here are the benefits, key factors to consider, and steps to follow. To explore the latest offerings in the market, be sure to check out the new condo launches.

Condo sale transactions in District 18

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