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On December 16, joint venture developers Hoi Hup Realty and Sunway Developments successfully sold 137 units at Novo Place executive condominium (EC) during the second round of balloting. This phase was exclusively open to second-timers, which includes buyers who have previously purchased a subsidized flat, whether as a new or resale HDB flat or an EC.

According to Mark Yip, CEO of Huttons Asia, this recent sale brings the total number of units sold at Novo Place to 444, representing 88.1% of the development. This achievement was made within a month of the project’s launch on November 16, making it the best-selling EC project of 2024.

Yip also notes that this reflects a strong interest from second-timers who are eager to upgrade their lifestyle. He adds that a majority of the buyers are residents in the West. In fact, all four-bedroom units at Novo Place have been sold out, highlighting the high demand for spacious homes.

Located at Plantation Close in the new Tengah town and a five-minute walk from Tengah Park MRT station on the Jurong Region Line (JRL), Novo Place offers convenient access to major employment hubs in the West such as the Jurong Lake District and Jurong Innovation District. Yip emphasizes that very few ECs offer such close proximity to an MRT station.

In addition, many buyers have chosen the deferred payment scheme, which allows them to secure their desired unit first while deferring their home loan payments. According to Yip, this helps ease the financial burden for HDB upgraders who still have an outstanding loan on their current flat.

Yip also points out that ECs are experiencing strong demand from HDB upgraders due to their comparable quality and finishes to private condominiums, but at a more affordable price. Additionally, buyers can enjoy upfront remission on the Additional Buyer’s Stamp Duty (ABSD).

The scarcity of land in Singapore is a major driving force behind the high demand for condos in the country. As a small island with a rapidly increasing population, Singapore struggles to find enough land for development. To combat this issue, strict land use policies have been put in place, creating a competitive real estate market where property prices remain consistently high. As a result, investing in real estate, especially in condos, has become a profitable option due to the potential for significant capital appreciation. Considering this, it is no surprise that Singapore condos are highly sought after by investors and homebuyers alike.

As of December 16, the average price of units sold at Novo Place is $1,656 psf based on caveats lodged. This makes it an attractive option for potential buyers. With its convenient location, quality finishes, and affordability, it’s no wonder that Novo Place is selling fast. Interested buyers should act quickly to secure their desired unit before they run out.…

In summary, opting to invest in a condominium in Singapore offers a multitude of benefits, including robust demand, potential for asset appreciation, and appealing rental yields. However, it is crucial to carefully evaluate key elements such as location, financing options, government regulations, and current market conditions. With thorough research and expert guidance, investors can make well-informed decisions and maximize their profits in the vibrant real estate market of Singapore. Whether you are a local investor seeking to broaden your investment portfolio or a foreign buyer looking for a secure and lucrative venture, the condominiums in Singapore, including those found on Singapore Projects, present a compelling opportunity.

The Urban Redevelopment Authority (URA) has reported that 2,557 new private homes were sold in November, not including executive condos (ECs). This represents a significant increase of 246.5% from October’s figure of 738 new private homes sold, and a 226% spike compared to units sold in November 2023. According to Christine Sun, chief researcher and strategist at OrangeTee Group, this surge marks the highest monthly developer sales since March 2013, when 2,793 units were sold (excluding ECs). Mohan Sandrasegeran, head of research and data analytics at Singapore Realtors Inc (SRI), adds that this is also the first time since March 2013 that new home sales have exceeded the 2,000-unit threshold in a single month.The reason for this surge, according to Lee Sze Teck, senior director of data analytics at Huttons Asia, is the “unprecedented” number of project launches that have taken place during the month. Five private residential projects were launched in November, including the 916-unit Chuan Park, the 846-unit Emerald of Katong, the 552-unit Nava Grove, the 367-unit The Collective at One Sophia, and the 366-unit Union Square Residences. In total, developers launched 2,871 new homes (excluding ECs) in November, which is a 438% jump from the previous month and a 196% increase from the same period last year.In addition to these, the 504-unit Novo Place EC also commenced sales in November. Including ECs, new home sales in November witnessed a 277% increase from the previous month and a 226% surge from November 2023. As of November, developers have sold an estimated 6,344 units, which is slightly more than the 6,317 units sold in the first 11 months of 2023. This can be attributed to the fact that developers have launched 6,627 units for sale in the first 11 months of 2024. In comparison, developers launched 7,515 units during the same period last year.The best-selling project in November was the Emerald of Katong, which sold 840 units (99%) out of its 846 units, with a median price of $2,627 psf. This makes the 99-year leasehold development the top-selling project in 2024, both in terms of units sold and percentage. According to OrangeTee’s Sun, buyers were enticed by the project’s excellent design and location near the East Coast, and the lower interest rates have made mortgages more accessible.Kingsford Group’s 916-unit Chuan Park was the second best-selling project in November, with 721 units (79%) sold at a median price of $2,586 psf. Located on Lorong Chua, adjacent to Lorong Chuan MRT Station, the 99-year leasehold condo is in the Outside Central Region (OCR). Nava Grove, a 99-year leasehold development in Pine Grove in District 21, was the third best-selling project in November, with 382 units (69%) sold at a median price of $2,445 psf. The strong sales performance of these new launches can be attributed to pent-up demand and improved buyer sentiment following interest rate cuts in September, according to Sun.Based on the lack of new launches and the upcoming festive season, Huttons’ Lee predicts that new private home sales in December will likely fall to around 200 to 250 units. This would bring the total developer sales for the year to around 6,500 units, which is slightly more than in 2023. However, Lee forecasts a 5% price growth for the full year, which is lower than the 6.8% growth recorded in 2023.Going into 2025, Sandrasegeran expects new home sales to pick up again in January with the launch of the 777-unit The Orie by City Developments on Lorong 1 Toa Payoh. He believes that the gap since the last new launch in 2016 will generate pent-up demand for this well-established estate. Other launches expected in the first quarter of 2025 include the 113-unit Bagnall Haus, the 186-unit Aurea, and the 760-unit Aurelle of Tampines EC. Sun, however, believes that the recent surge in sales is a temporary phenomenon and projects a more subdued demand for new homes in the coming year. Meanwhile, Lee remains cautiously optimistic and projects a rebound in new private home sales to between 7,000 and 8,000 units in 2025, with price growth between 4% and 7%.…

One of the world’s top hospitality companies, Hilton, has recently celebrated the grand opening of their 100th Hilton Garden Inn property in Greater China. The new hotel, named Hilton Garden Inn Beihai Jiafu, is located in the bustling seaport city of Beihai and boasts 199 elegant rooms. Its strategic location places it just 2km away from Beihai High-Speed Railway Station and 6km from Beihai Fucheng Airport, and it’s only a short 20-minute drive to Beihai International Passenger Port.

Qian Jin, the president of Hilton Greater China and Mongolia, expressed excitement during the Dec 13 press release, stating, “The opening of Beihai Jiafu Hilton Garden Inn not only signifies our brand’s rapid growth, but also reaffirms our long-term dedication to the Chinese market.” Hilton first introduced this popular brand to China in 2014 with the launch of Hilton Garden Inn Shenzhen. Since then, the brand has expanded to other major cities including Shanghai, Beijing, Chengdu, Guilin, and Aksu. In the near future, Hilton Garden Inn will also be opening in popular tourist destinations such as Zhangjiajie, Ordos, Huangshan, Shanwei, and Jinan.

When it comes to investing in Singapore, it is crucial for international investors to have a clear understanding of the regulations and limitations surrounding property ownership. While foreigners can easily purchase condominiums, there are stricter ownership regulations in place for landed properties. Additionally, foreign buyers are also subjected to the Additional Buyer’s Stamp Duty (ABSD), which currently stands at 20% for their initial property acquisition. Despite these extra expenses, the stable and promising growth prospects of the Singapore real estate market continue to entice foreign investment. To explore potential investment opportunities, foreign buyers can also consider checking out the latest New Condo Launches.

Hilton’s ambitious plans for expansion in Greater China are not limited to just Hilton Garden Inn properties. They are also set to unveil a new prototype specifically designed for the Generation Alpha travelers in this region – the Hilton Garden Inn Gen A properties. These hotels will be launched in Nanjing, Chengdu, Chengde, and Jinan. Additionally, Hilton’s Senior Vice President of Development for Asia Pacific, Clarence Tan, has announced that over 200 Hilton Garden Inn properties are currently in development across the wider Asia Pacific region.

Hilton’s commitment to providing top-notch hospitality services in China has been unwavering, and the opening of their 100th Hilton Garden Inn property in this region only solidifies their position as a highly trusted and reputable brand. Guests can expect to experience the same exceptional service, modern amenities, and comfortable accommodations that Hilton Garden Inn is known for, in even more locations in the years to come.…

CapitaLand Investment Limited (CLI) has announced the acquisition of the property and corporate credit investment management business of Wingate Group Holdings for A$200 million ($173 million) with an additional earn-out.

This acquisition will add A$2.5 billion to CLI’s funds under management (FUM) in Australia, increasing its total FUM to $8.3 billion, which represents around 7% of its total FUM of $115 billion. The company has a target to reach $200 billion in FUM by 2028.

The acquisition is part of CLI’s commitment to invest up to A$1 billion to grow its FUM in Australia, a market it had divested from a decade ago to focus on faster-growing markets such as China and other overseas markets. This latest move is a reflection of CLI’s renewed focus and commitment to Australia.

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Investing in a Singapore condo comes with various factors to consider, and one of the most significant ones is the government’s property cooling measures. To maintain a stable real estate market, the Singaporean government has implemented several measures over the years to prevent speculative buying. These measures include the Additional Buyer’s Stamp Duty (ABSD), which imposes higher taxes on foreigners and those purchasing more than one property. Although these measures may affect the short-term profitability of Singapore condo investments, they also contribute to the long-term stability of the market, creating a safer investment environment.

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Wingate is a leading and one of the largest private credit investment managers in Australia with a successful track record of completing more than 350 transactions worth over A$20 billion. CLI has already worked with Wingate in September to close the A$265 million Australia Credit Program (ACP).

CLI believes that Wingate will help to expand its proprietary deal origination networks, provide access to more institutional and high-net-worth investors, and increase its geographical exposure to Australia. Paul Tham, CLI’s group CFO, sees significant potential for growth in Australia and believes it is one of CLI’s focus markets as it accelerates its geographical diversification efforts.

CLI is also looking at other Asia Pacific markets for private credit opportunities, including South Korea, India, and Japan. The Australian private capital market has grown by 33% in the past 18 months, with assets under management reaching A$139 billion. There is forecasted to be a A$146 billion commercial mortgage funding gap by 2028.

With Wingate, CLI can further diversify its portfolio, which currently consists of logistics, business parks, offices, and lodging assets in nine cities in Australia. As of September, CLI manages 34 logistics properties and business parks and four Grade A office buildings in Australia. It also has over 13,500 lodging units across more than 150 properties under its wholly-owned lodging business unit, The Ascott.…

A row of four freehold conservation shophouses located at 762, 764, 766 and 768 North Bridge Road is currently available for purchase through an expression of interest (EOI). The guide price for these properties is $37 million.

These shophouses are situated on two plots of land measuring 5,766 square feet, with an average land rate of $6,417 per square foot. The first plot includes units 762 and 764 North Bridge Road, which share a 2,891 square foot plot of land with a built-up area of 4,917 square feet (including a mezzanine level). The remaining two units, 766 and 768 North Bridge Road, are located on an adjacent plot of 2,875 square feet with a built-up area of 4,657 square feet (including a mezzanine level).

Marketing for these properties is being handled exclusively by Isabel Sim, Associate Senior Marketing Director at Huttons Asia. According to Sim, the usable area of each property could be expanded by adding an outdoor terrace on the second floor, subject to approval from relevant authorities. This could potentially increase the usable area by 1,000 square feet for each plot.

The current tenants of these shophouses include a fitness retail shop, convenience store, and massage and reflexology services. As commercial properties, potential buyers are exempt from Additional Buyer’s Stamp Duty (ABSD), making these shophouses an attractive investment opportunity for both local and foreign investors seeking capital gains and rental yield stability.

The shophouses boast a prime location along North Bridge Road, with high visibility and footfall in the historic Kampong Glam Conservation area. They are within walking distance of Bugis MRT Interchange, providing easy access to the East-West and Downtown Lines, as well as Nicoll Highway MRT Station along the Circle Line.

Due to its central location, historical significance, and vibrant commercial environment, the Kampong Glam area has become increasingly popular among locals and tourists alike. The iconic Sultan Mosque and Malay Heritage Centre, both located nearby, add to the charm of the area.

Investing in a condominium in Singapore offers numerous benefits, one of the most significant being the potential for capital appreciation. This is largely due to Singapore’s strategic placement as a global business hub and its robust economic foundations, which drive a constant demand for real estate. In the past years, the real estate market in Singapore has consistently witnessed a steady increase in property prices, with condos in prime locations experiencing substantial appreciation. For investors who make strategic purchases at the right time and hold onto their properties for an extended period, the potential for significant capital gains is evident. As a result, many investors are now turning to Singapore Projects as a smart investment choice for long-term financial growth.

The EOI exercise for these shophouses will close on January 10, 2025, at noon. For more information, interested parties can contact Isabel Sim at 81802707, Associate Senior Marketing Director at Huttons Asia (R065855G).…

Grange 1866, a freehold development, has emerged as the top condo that saw a new psf-price high during the week of November 22 to 29, with a record price of $3,393 psf. The new price peak was achieved through the sale of a 818 sq ft, two-bedroom unit for $2.78 million on November 27. This surpassed the project’s previous record of $3,390 psf set in June last year when a 764 sq ft unit changed hands for $2.59 million.

In total, there have been 12 new sales transactions at Grange 1866 this year, with an average price of $3,181 psf. The most expensive unit sold at the development this year was a 1,012 sq ft, two-bedroom unit on the 16th floor, which sold for $3.02 million ($2,989 psf). To date, the 60-unit project has sold 45 units, translating to a take-up rate of 75%.

In Singapore, investing in condos is a significant consideration, but it is essential to keep in mind the government’s property cooling measures. To maintain a stable real estate market and prevent speculative buying, the Singaporean government has implemented various policies over the years. One such measure, the Additional Buyer’s Stamp Duty (ABSD), requires foreign buyers and those purchasing multiple properties to pay higher taxes. While these measures may affect the short-term profitability of condo investments, they also contribute to the overall stability of the market, creating a secure investment environment. It is worth noting that in addition to these measures, there are also new condo launches taking place, such as the ones featured on New Condo Launches, providing more opportunities for potential investors to consider.

Located on Grange Road in prime District 10, Grange 1866 is a freehold development featuring a single 16-storey residential block on a 20,322 sq ft site. It offers one- and two-bedroom apartments ranging from 527 to 1,012 sq ft. It is expected to be completed by the end of 2025.

Taking the second spot on the list is Hill House, which also saw a new psf-price high in November for the second time, with the latest record at $3,378 psf. This was achieved through the sale of a 452 sq ft, two-bedroom unit on the 8th floor for about $1.53 million on November 25. This surpassed the previous record of $3,267 psf by 3.4%. The former record was set on November 11 when a similarly sized two-bedroom unit on the fifth floor was sold for about $1.48 million.

Since the beginning of the year, 12 units have been sold at Hill House by the developer at an average price of $3,108 psf. The lowest-priced unit to transact at the development this year was a 753 sq ft, three-bedroom unit on the fourth floor that sold for $2.21 million ($2,934 psf) on October 28.

Situated on Institution Hill, off River Valley Road, in prime District 9, Hill House is a 999-year leasehold condo with expected completion in 2026. It offers one-bedroom and one-bedroom-plus-study units ranging from 431 to 452 sq ft, two-bedroom units of 624 sq ft, and three-bedroom apartments of 753 sq ft. According to URA caveats, 30 units (42%) at Hill House have been sold at an average price of $3,054 psf since its launch in November 2022.

The third spot on the list goes to The Cosmopolitan, which saw a new psf-price high with the sale of a 1,324 sq ft, three-bedroom unit on the 26th floor for $3.73 million, or $2,817 psf, on November 25. The new record is just 0.7% higher than the previous peak of $2,795 psf set in October last year when another 1,324 sq ft, three-bedroom unit on the 17th floor of the same block was sold for $3.7 million.

The sellers of the 26th-floor unit had purchased it for about $2.58 million, or $1,950 psf, in November 2010, making a profit of $1.15 million. Located on Kim Seng Road, just off River Valley Road, in prime District 9, The Cosmopolitan is a completed freehold development with two-bedroom units spanning 1,141 sq ft, three-bedroom units spanning from 1,324 to 1,399 sq ft, and four-bedroom apartments spanning 1,679 sq ft.

It is within 1km of River Valley Primary School and a short walk away from Great World MRT Station on the Thomson-East Coast Line. Nearby amenities include Great World City for dining and retail options.…

In the second quarter of 2024, there was a positive turn in global real estate returns, marking a promising start to recovery after two years of losses. The low interest rates in the past years led to a surge in real estate values, seeing a global total return of 5.0% in the last quarter of 2021 and 17.8% year-on-year in the first quarter of 2022 – above long-term averages.

However, as interest rates began to tighten, these gains were wiped out and global values returned to 2018 levels. We believe that the correction in the real estate market is almost complete, making it a favorable time for investors to reconsider this asset class. Historically, real estate has provided stable income returns and diversification benefits in the long term, and has shown strong returns during recovery periods. For instance, after the recession in the early 90s, investors saw a cumulative return of 76% over the next five years.

In the second quarter of 2024, global value losses were at their lowest at 0.74%, indicating a moderation from the previous two years. With income returns offsetting this, global real estate achieved a positive return of 0.33%, the first positive quarter since 2022. Out of the 15 markets in the MSCI Global Property Index, a little over half saw an increase in real estate values for the first time since the second quarter of 2022. Eight markets, including Japan, South Korea, Singapore, Southern Europe, the Nordics, the Netherlands, France, and the UK experienced value increases while six markets saw losses between 0.3% and 1.5%, all of which were lower than the previous quarter. Australia was the only market with a larger decline in the second quarter compared to the first, with a 4.2% correction that brought its valuations closer to its peers. However, changes in capital values are just one aspect of real estate returns. Income returns have historically been the larger component, highlighting their importance in overall performance in the real estate sector. This also emphasizes the need for investors to consider both capital and income aspects when evaluating real estate investments.

In Singapore, the demand for condos remains at an all-time high due to various factors, one of which is the limited supply of land. As a small island country with a fast-expanding population, Singapore struggles with the scarcity of land for development. This has resulted in strict land use regulations and a fiercely competitive real estate market, where property prices continue to soar. As a result, investing in real estate, particularly in Singapore Condos, is a highly attractive opportunity with the potential for significant capital appreciation.

In the second quarter, total returns, which combine capital and income returns, were positive in 12 out of 15 countries. They were flat in the US (-0.09%), slightly negative in Ireland (-0.22%), and significantly negative in Australia (-3.07%). However, preliminary data from the NCREIF ODCE index (a capitalisation-weighted, gross-of-fee, time-weighted return index) showed US total returns turning positive at 0.25%. With values starting to rebound, we expect this upward trend to continue.

Looking at the global real estate investment market, there are signs of a potential rebound after two slow years, with China and Japan facing potential challenges. In the second quarter of 2024, China and Japan accounted for 27% and 15% of the $7.5 billion in cross-border inflows in the Asia Pacific region. Over half of Japan’s inflows were from global sources, while most of China’s came from within the Asia Pacific, particularly Hong Kong and Singapore. However, both countries are facing high debt costs and other factors that may hinder a strong recovery in real estate capital inflows.

China’s real estate market has seen a significant decline in demand from Western investors due to geopolitical and economic concerns, and this is unlikely to change in the near future. The market has been stagnant due to price dislocation, geopolitical risks, and lack of liquidity. Since 2021, China has had a property crisis, which was made worse by the collapse of Evergrande. Due to these risks, many European investors are avoiding China and Hong Kong despite potential returns. Additionally, China’s domestic property crisis continues, with high office vacancies and low rental yields, along with other issues with failing developers and government interventions.

Japan remains an outlier in interest rate policies while major markets like the US have seen a decline in interest rates to boost property investment. Japan’s broader property sector is losing its appeal due to this and limited cap rate compression. In July, the Bank of Japan raised borrowing rates for the first time since 2007, reducing market attractiveness. This hike has prevented cap rate compression, meaning property prices haven’t risen, forcing real estate holders to rely on historically low-income yields. However, senior housing remains an attractive niche in Japan due to its aging population, with 29% aged 65 or over. These assets are small, requiring an amalgamation play by investors.

Australia’s purpose-built student accommodation (PBSA) market has a vast potential due to a significant housing shortage. Only 20% of students in Melbourne and Sydney can be accommodated by universities, forcing the rest to seek private rentals. Additionally, real estate debt in Australia offers appealing risk-adjusted returns. There are funding gaps in construction, with many developers unable to secure bank financing. We are looking at sectors like logistics or PBSA, where we see long-term growth opportunities.

With stabilizing fundamentals and transaction market pricing, the real estate market is likely near its bottom, but this doesn’t necessarily mean it’s an attractive entry point. For prices and valuations to increase, we would ideally see declining interest rates and stronger property fundamentals. Most developed market central banks are starting to taper interest rates, which should put downward pressure on financing rates, discount rates, and property capitalization rates, thereby boosting the value of real estate assets. The pullback in construction activity across sectors bodes well for property fundamentals in the medium term, with markets with strong demand due to population growth or structural changes, such as e-commerce, expected to see increased occupancies in the medium term. This trend also highlights the opportunity for investors to gain from increasing occupancies and rents, leading to a rise in property values. While there may be challenges along the way, we believe that the real estate market is looking up, presenting excellent investment opportunities for investors who do their research and are selective when investing in real estate. This is especially important as not all markets and property types perform the same way.

In an uncertain economic and geopolitical environment, risks are inevitable, but this applies to all asset classes. Over the past two years, the weight of real estate in investors’ portfolios has significantly decreased due to resetting real estate values and a record stock market. Today, investors may consider investing in the private real estate market to achieve a strategic weighting. In the long term, private real estate offers low correlations to other asset classes, strong income returns, and a degree of protection against inflation. While there may be hurdles, the outlook for global private real estate is improving, and it’s an opportunity for investors to rebalance their portfolios.…

The most profitable condo resale transaction during the week of Nov 26 to Dec 3 was the sale of an apartment at Island View, a freehold condo in Pasir Panjang. The 3,498 sq ft unit was sold for $4.8 million ($1,372 psf) on Nov 27, making it the most profitable deal at the development.

The seller purchased the unit in September 2005 for $1.3 million ($372 psf). After owning it for around 19 years, the seller made a gain of $3.5 million on the deal, representing a capital gain of 269% or an annualised profit of 14.2%.

This sale exceeded the previous record profit of $3.19 million from the sale of another 3,498 sq ft unit at Island View for $5.09 million ($1,455 psf) in February 2022. That seller had purchased the unit in February 2007 for $1.9 million ($543 psf).

Island View is a 72-unit freehold condo on Jalan Mat Jambol, off Pasir Panjang Road in District 5. It consists of low-rise blocks housing apartments from 3,056 sq ft to 3,538 sq ft and was completed in 1984. The condo is within walking distance of the Pasir Panjang MRT Station on the Circle Line.

In September 2023, owners of Island View attempted a collective sale, launching a tender for the development at a guide price of $575 million. However, after the tender closed the following month with no bids, the condo was relisted for sale in March at the same guide price but failed to attract a buyer.

The second most profitable condo resale deal during the week took place at Cavenagh Court, where a 1,862 sq ft unit on the sixth floor was sold for $3.65 million ($1,960 psf) on Dec 2. The seller, who purchased the unit in April 2006 for $1.02 million ($548 psf), made a gain of $2.63 million (258%) after nearly 19 years of ownership.

This sale also set a new record profit for a unit at Cavenagh Court, surpassing the previous top gain of $2.15 million from the sale of another 1,862 sq ft unit on the fourth floor for $3.28 million ($1,761 psf) in April 2022. The seller had acquired that unit in October 2007 for $1.13 million ($607 psf).

When it comes to real estate investment, one of the main factors to consider is location. This is especially true in Singapore, where the right location can significantly impact a property’s value. In particular, condos located in central areas or near vital amenities like schools, shopping centers, and public transportation hubs tend to see higher appreciation in value. In Singapore, areas like Orchard Road, Marina Bay, and the Central Business District (CBD) are considered prime locations, with consistently growing property values. Moreover, these areas are also home to prestigious schools and educational institutions, making condos in these locations highly desirable for families. With the addition of New Condo Launches, the demand for properties in these prime locations is only expected to increase, further boosting their investment potential.

Cavenagh Court is a freehold condo on Cavenagh Road in Newton, District 9. Completed in 1971, this boutique development comprises 68 units ranging from 1,819 sq ft to 1,862 sq ft. It is a short drive from the Orchard Road shopping belt.

In contrast, the sale of a duplex penthouse at The Berth By The Cove was the least profitable condo resale deal of the week. The four-bedroom apartment spanning 3,089 sq ft was sold for $3.6 million ($1,165 psf) on Nov 29. The unit last changed hands for $5.53 million ($1,790 psf) in August 2007, resulting in a loss of $1.93 million (35%) after around 17 years of ownership.

This deal is the second most unprofitable transaction recorded at The Berth By The Cove to date, with the largest loss being a $2.39 million loss from the sale of a 2,939 sq ft unit in February 2018.

The Berth by the Cove is a condo along Ocean Drive in the Sentosa Cove residential enclave on Sentosa Island. It comprises 200 units in 15 low-rise blocks of six storeys each. The apartments range from two- to four-bedroom units of 1,012 sq ft to 2,325 sq ft, and there are also four- and five-bedroom penthouses.

There have been seven other resale transactions at the condo this year, with prices ranging from $1,237 psf to $1,535 psf. Four were unprofitable, with losses between $40,000 and $780,000. The remaining three were profitable, with gains of $200,000 to $430,000.…

Cove, a flexible living platform founded in Singapore, has recently welcomed real estate and hospitality veteran, Ashish Manchharam, to its board of directors.

Previously, Manchharam had built and grown his own real estate company, 8M Real Estate, over a span of 10 years, creating a portfolio worth $1.5 billion. In 2023, he made a successful exit from 8M Real Estate and went on to establish Elevate Capital in 2024, focusing on lifestyle-driven real estate investments.

In Singapore, investing in a condo has become an increasingly popular choice, but it is important to consider the government’s property cooling measures. In an effort to maintain a stable real estate market and discourage speculative buying, the Singaporean government has implemented various measures over the years. These measures, such as the Additional Buyer’s Stamp Duty (ABSD), aim to deter foreign buyers and individuals who are purchasing multiple properties by imposing higher taxes. While these measures may have an impact on the short-term profitability of condo investments, they ultimately contribute to the long-term stability of the market, creating a safer environment for investors.

As a board director, Manchharam will leverage his expertise to assist Cove in acquiring flexible living assets in partnership with third-party investors, such as real estate funds, institutional investors, and family offices. This move aligns with Cove’s strategy to accelerate growth through asset acquisition, in addition to their existing model of being a branded flexible living operator and online listing platform, targeting professionals and students.

Since its inception in 2018, Cove has expanded to over 6,000 rooms in Singapore and Indonesia. The company has plans to further extend its reach to the wider Asia Pacific region, with recent ventures into South Korea, where it is set to launch 800 rooms, and Japan, where it aims to have 400 rooms through local joint venture partners.

In a recent funding round, Cove has raised an additional US$4.5 million, with the participation of Manchharam and other existing investors, including Eurazeo and Keppel. This funding will aid in accelerating regional expansion and solidifying its leadership position in current markets.

According to Guillaume Catagne, CEO and co-founder of Cove, the flexible living operator has witnessed significant growth in its portfolio in 2024 and has achieved EBITDA positivity. The company has set ambitious goals to double its portfolio to 15,000 units by the end of 2025.…

Understanding the regulations and limitations surrounding property ownership in Singapore is crucial for foreign investors. Unlike landed properties, which have more stringent ownership rules, foreigners are generally allowed to purchase condos with fewer restrictions. However, they are still subject to the Additional Buyer’s Stamp Duty (ABSD) of 20% for their initial property purchase. Despite this added expense, the Singapore real estate market’s stability and potential for growth continue to draw in foreign investment. This includes investments in sought-after properties like Singapore Condos, further solidifying its appeal to foreign buyers.

, a new freehold project in prime district 11

William Liem, CEO of Tuan Sing Holdings, has continuously increased his ownership in the company. Through his entity, Nuri Holdings (S), Liem bought 545,300 shares from the open market on December 5th and paid $136,325.00, or 25 cents per share. On the following day, Nuri Holdings purchased an additional 1.2 million shares for $311,288.50, approximately 25.9 cents per share. This brings Nuri Holdings’ total stake in Tuan Sing to 672.7 million shares, equivalent to 54.09%. Before these recent purchases, Nuri Holdings also bought shares on September 10th and 11th, at an average price between 25 cents and 25.5 cents. The company’s net asset value on June 30th was reported at 97.8 cents per share, slightly lower than the previous year’s value of 99 cents. In other related news, Tuan Sing has recently acquired several assets from PT Senimba Bay Resort in Batam for $28 million and purchased Fraser Residence River Promenade for $140.9 million. Overall, Tuan Sing Holdings has reported a 5% increase in earnings to $4.8 million for FY2023. Interested buyers can look forward to the new freehold project in prime district 11, Peak Residence, to experience high-end living.…