Archive for category: Property Management

Property developer Hong How Land is planning to open Claydence the boutique condominium located at the intersection of Still Road and Koon Seng Road on February 11. The launch will mark “Hong How Group’s return to residential developments after more than 15 years” According to Teo Teck Weng director at Hong How Land, a joint venture of Hong How Corp (60%) and Marrion Capital (40%). He is the owner of the company along with his older sister Daniel Teo, chairman and director of the Hong How Group; their children also own shares of the firms.

Skywaters Residences floor plan of 268 beautiful apartments, retail space of 86,187 sq ft and offices covering 847,808 sq ft of total Gross Floor Area (GFA).

Its 28-unit Claydence is located on a 23,541 square feet freehold plot that is it is the result of the merger of three adjoining sites which Hong How purchased two years ago. A site has been the site of the previous 29-room Malacca Hotel on 99 and 97 Still Road, and the third site is the adjoining two-storey apartment block located at the 137th floor of Koon Seng Road that is used for workplace and also to conduct its administrative tasks. Hong How purchased the two sites in a single transaction for $21 million through the course of a deal mediated by CBRE at the end of the tender in March 2021. ( Find potential condos by using the block calculation )

Hong How followed up with the purchase of the third site located at the 133 Koon Seng Road for $14.5 million under an agreement with a private treaty four months afterward. The site at 1333 Koon Seng Road is a five-storey apartment building that houses 10 units. Teo discovered that the family who owned the property was planning to sell the property. Therefore, it was logical to buy the site to amalgamate since “the Malacca Hotel site was too small” Teo says. Teo.

The old Malacca Hotel is now destroyed. The five-storey apartment block located at the 133rd floor of Koon Seng Road is the next building to be demolished. As excavation work is being carried out on the site the sale gallery of Claydence can be found at the number 01-09/10, Wilkie Edge, which is located at 8. Wilkie Road. The finalization of Claydence is planned to be completed in April 2026.

Mix of one-to four-bedders
Apartments in Claydence vary from one and three bedroom units. One-bedroom units are 614 sq ft, with two-bedroom units of 786 sq ft and two-bedroom-plus-study units ranging from 872 sq ft to 915 sq ft. Three-bedroom units are 1,076 sq ft, with three-bedroom-plus-study from 1,206 to 1,313 sq ft.

There are four duplex penthouses on the fourth and fifth floors: a two-bedroom penthouse of 980 sq ft, three-bedroom of 1,475 sq ft, a four-bedroom premium of 2,185 sq ft, and four-bedroom-plus-study of 2,164 sq ft.

“We have placed Claydence to appeal to homeowners who are looking for the vibes of the nearby Joo Chiat, and proximity to desirable schools as well as East Coast Park,” Teo says. Teo. The most popular schools within the area are CHIJ Katong Primary and Tao Nan School. It’s also less than 800m away from Eunos MRT Station, which is only one MRT station away from that station. Paya Lebar Interchange Station for the East-West and Circle Lines.

DS Architects is the appointed architect for Claydence and Wallflower as designer. The architects’ initial inspiration for the design of the project was “the New York brownstone” Teo says. Teo. “Theirs is a contemporary version that combines the Brownstones iconic colors to the brick façade features.”

In addition to the brick-tiled façade are the walls and floors that will be finished with European porcelain tile made of white clay. “The name “Claydence” was an inspiration from “clay as the primary material, and also the living” Teo says. Teo.

Facilities, landscaping
Landscapes at Claydence by landscape architect Coen Design International. Coen Design International includes tropical and historic trees and shrubs on Still Road and Koon Seng Road to absorb any noise from traffic. The units will all have aluminum-framed glass panels that lead to balconies. The frames made of aluminium are made by Belgian aluminium manufacturer Reynaers Aluminium “will have wind load resistance as well as noise reduction features” According to Teo.

A basement parking lot will feature 27 parking spaces that will be used by 28 units. This will reduce any fears residents might feel about not being able to get parking spaces -the – “a common annoyance for residents living in small developments with little parking on the first floor” Teo says. Teo.

The communal facilities at the attic include an elevated pool that is shaded by trees and shrubs, a terrace bar with a jacuzzi, an edible garden, and an indoor fitness center. On the ground floor , there are various themed gardens including Chin Chow Garden, Ulam Garden and Ylang Ylang Garden, along with a multi-purpose area as well as a barbeque area.

‘Joo Chiat’s vibes’
It is located at the end situated at the end of Still Road, Claydence is located within walking and cycling distance from Joo Chiat Road. “Joo Chiat has become the next Tiong Bahru,” quips Teo. Famous restaurants located in the Joo Chiat region comprise Fei Fei Wantan Mee, Joo Chiat Place Char Kway Teow and Kim Choo Kueh Chang, along with Spanish Restaurant Asadore along with Italian eateries like Cugini Trattoria Pizzeria.

The sleepy coffee shops that once dotted on the Joo Chiat area are now gourmet bakeries and cafes that are artisanal which range including Tigerlily Patisserie to Tiong Bahru Bakery and Kings Cart Coffee Factory, along with Apiary Ice-cream shop, The Cheese Shop, wine shop Bound By Wine and Japanese butchery Ginkakuji Onishi.

“In the future, the quiet stores on Still Road (towards Eunos) and some on Koon Seng Road might undergo the process of gentrification, taking Joo Chiat’s style towards the doorsteps of Claydence,” says Teo.

Commercial developments
Prior to Claydence Hong How’s development in the last decade and a half was mostly commercial. The buildings include two four-storey, conserved shophouses on 37 and 38 Armenian Street that were built within the Art Deco style between the 1930s and the 1950s. The shops offer a mixture of F&B and art galleries on the lower floor and office spaces in the Soho style in the higher floors.

Another project of Hong How is at 292 Joo Chiat Road, a restored four-storey commercial preservation building. Hong How purchased the building in the year 2016. In the past, there were shops on the first floor and a hostel for students on the higher levels. The prior owner was OCBC who had run an office there from the 1950s.

Hong How restored the building located at 292 Joo Chiat Road and its anchor tenant IWG signed the 10-year lease that runs from April 1st, 2020 to run an area of 20,000 square feet, co-working space. The builder and architect of 292 Joo Chiat Road are the same as for Claydence which is DS Architects and Boon Tian Contractor.

Hong How also project-managed two office buildings in the 47 as well as 50 North Canal Road for Maybank Kim Eng Securities. The company developed and maintains B1 industrial properties for rental income.

‘Resort-style’ developments
The most recent residential development of Hong How is the 51-unit 99-year leasehold boutique condominium Lighthouse located in Pasir Ris near the Pasir Ris Park and the beach. It was first launched in 2001. The construction was finished in the year 2004. When the project first went live the average cost was $483 per square foot Based on caveats filed by URA Realis.

In 2022 the average price of units sold on the resales market was $900 per square foot. It topped an all-time high of $971 when a 1,195 square foot three-bedroom apartment located on the second floor of the four-storey complex traded hands for $1.19 million in September.

In the meantime, Claydence will have prices starting at $1.582 million ($2,577 per square foot) to the 6,14 square feet, one-bedroom unit, up and $5.353 million ($2,450 per square foot) in the case of the 2,185 sq ft four-bedroom penthouse. The “blended price is $2,500 per sq ft,” says Teo.

Even though Claydence is targeted towards small households, Teo sees the project as appealing to couples, singles and investors , too, due to the size of the units. The variety of unit sizes and bedrooms, which include areas for dining at the home, will possess distinct appeal, Teo says.

Teo thinks Claydence will be a hit with buyers from abroad, too, due to its large rooms and resort-style facilities “including areas of breakout space in the lush vegetation”.

Boustead Singapore has launched a free unconditional offer to all shares in Boustead Projects it does not have for 90 cents per share.

The company is planning to privatise Boustead Projects and delist it from the Mainboard of SGX ST.

Skywaters Residences sales gallery is expected to house 100 executive hotel rooms, 268 beautiful apartments, retail space of 86,187 sq ft and offices covering 847,808 sq ft of total Gross Floor Area (GFA).

As of February 6 Boustead Singapore directly holds 171 million shares, which is roughly 54.87% of the total number of shares that are issued by Boustead Projects.

The planned acquisition of shares is in the spirit of Boustead Singapore’s plans in its ongoing review of strategic strategies as well as its aim to streamline its investment as well as operations, business operations, as well as the organizational structure of the company.

The company says the fact that Boustead Projects’ engineering and construction (E&C) business was affected by the covid-19 pandemic. It has posted significant lower profits when compared to previous profits in the prior pandemic time.

Boustead Singapore believes that the proposed acquisition will enable it to concentrate on building its business again and its E&C business, as private limited company, without the additional obligations that go along when a company is listed that is listed on the Mainboard SGX-ST.

The proposed acquisition will allow for an improvement in the group structure and also reduce the organizational complexity. This would provide a better concentration on operations and improve efficiency, as well as increasing the value of shareholders.

This offer offers the chance for investors to realize the value of their investments at a price that is superior to market prices currently in place that is about 7.8% over the last exchanged price per share reported on February 3.

The price is also an increase that is 15.2% over the last volume-weighted mean price of the shares over the one month period preceding and including the date of announcement.

The shares of Boustead Projects closed 0.5 cents higher or 0.6% up on Feb 6 at 85 cents.

Read also: Along Joo Chiat Road and Joo Chiat Lane, the shophouses have a frontage of 70 meters

The growth in the Singapore retail market picked up steam during the latter part of the year because of social distancing rules being eased and the reopening of borders. “The retail sector fought hard and is now through an extremely difficult period of unprecedented pressure, but is now getting started to gain momentum from the elimination of the measures beginning in 2Q2022 and beyond,” says Ethan Hsu, Knight Frank Singapore’s retail head.

According to the data from Knight Frank Research, prime retail rents across the island increased 1.7% q-o-q in 4Q2022 to average $26.10 per month. The full-year peak retail rents up to 2.6% for 2022.

In its report on the retail sector for 4Q2022, Knight Frank notes that prime retail locations located in areas like the Orchard Road area led the way with regards to rental growth with an average increase by 3.1% y-o-y in 4Q2022 to $29.10 per month. This was being followed by prime retail spaces within the Marina Centre, City Hall and Bugis sub-markets, which recorded an increase by 2.6% y-o-y to $23.90 per month. The increase in rent was helped by an increasing number of tourists from abroad as well as the return of employees to work.

A separate report from Edmund Tie Research also highlights evidence that further indicates the growing the demand for retail space in the Orchard region. Based on the track of retail assets by the company, the prime retail spaces on the first floor of Orchard along with Scotts Road saw the strongest rent increase that was 7.4% for the whole of 2022, ranging from $39.20 per sq ft per month. In the suburban and fringe regions, rents increased to 6.7% in 2022 to $33.10 per month. however, in other cities they increased to 3.7% to $19.20 psf per month. This is based on Edmund Tie’s statistics.

Edmund Tie’s research reveals it was 3Q2022 when the island’s retail space absorption was recorded at 323,000 sq ft. This is an increase of fourfold from 86,000 sq ft recorded in the previous quarter, which indicates an increase in demand.

Lam Chern Woon, head of research and consulting at Edmund Tie, expects a brighter future in retailers in the property market, which is bolstered by the ongoing growth in the sector of tourism. “With the majority of the pipeline for supply set to start coming on stream in 2023, which includes The Woodleigh Mall, and retail stores at One Holland Village, Guoco Midtown and IOI Central, the supply-demand patterns are predicted to be balanced in the coming year.” He adds.

The company is forecasting that prime retail rents on the first floor for Orchard as well as Scotts Road to sustain its growth approximately 7% to 9% in 2023. In contrast, rents in other sub-markets of retail are expected to increase by between% to 6%.

Knight Frank’s Hsu also projects the prime rent for retail to keep increasing this year, pointing out that the retail industry is “in an excellent position right now” considering the rise of taxes like the Goods and Services Tax (GST) and a more muted economic outlook. “So long as there’s no limits on the size of gatherings and the requirements for quarantine for cross-border arrivals, prime rents for retail spaces are expected to rise between 3% to 5% over the course of 2023. The affluent shopping area Orchard Road leading the recovery,” he predicts.

Read also: Three-bedroom, 1,302 square foot corner unit at The Heliconia is for sale by private treaty for $1,321 per square foot

A 99-year leasehold commercial site that is bordered with Hoe Chiang Road and Lim Teck Kim Road will go on public sale on the 19th of January in a news release issued by the marketing agent PropNex Realty, The site is comprised of two commercial buildings and a portion of land between them, comes with the reserve price in the amount of $216million.

The buildings are situated in the 1-9 Hoe Chiang Road (odd numbers only) and 2-10 Lim Teck Kim Road (even numbers only). Along with the remaining land that lies to the south, the whole site comprises an estimated land area of approximately 18,540 square feet. The rectangular-shaped area is designated for commercial use and has a plot ratio gross of 5.6.

The reserve price equates at an approximate land price of $2,602 psf/plot percentage (psf per plot ratio) in the case of an office project that includes the land betterment cost that is $54.1 million, as per PropNex. The consultant says that buyers have the option to develop the site into a hotel and in that case, the reserve price would be equated to a land cost of $2,662 psf per plot, with the estimated land betterment cost of $60.4 million.

Tracy Goh, head of collective and investment sales at PropNex She points out that the two buildings currently on the site are five storeys tall. “The successful buyer could transform the site to construct 35-storey tall towers to reap potential benefits by leveraging the plot’s proportion of 5.6 in the URA Master Plan,” she explains.

She says that the site offers a great chance to construct a new hotel or serviced apartments to accommodate business and tourists. “As international travel returns post-pandemic and the government has set aside approximately $500 million to boost the tourism industry, we are expecting Singapore’s hospitality industry to experience an increase in its growth over the next couple of years.”

The site is located close to it’s location in the Greater Southern Waterfront precinct and is walking distance from the Tanjong Pagar MRT Station, as well as the forthcoming Cantonment as well as Prince Edward Road MRT Stations scheduled for completion in 2026. Goh expects the site to benefit further from the ongoing revitalization happening within its immediate vicinity. Redevelopment projects in the region comprise Keppel South Central, Newport Tower and the former Realty Centre and the upcoming multi-use project One Bernam is located close by.

With the site’s geographical location and the potential for redevelopment, Goh expects keen buying interest in the plot. Goh says that because that of property cooling measures that were announced by the government between the months of September 2022 and December 2021 More real estate investors might be looking at commercial property sites that aren’t subject to any an additional stamp duty on buyers.

The tender for the collective sale of the site will end on March 22nd at 2pm.

Three floors of contiguous office space in the strata of Plus Building, an office tower situated at 20 Cecil Street in the CBD is available for sale. Each floor has gross floor area (GFA) that is 11,216 sq ft. This means that the total space takes approximately 33,648 sq feet.

Skywaters Residences showflat is situated in the prime area of Marine Bay, district 1 in Singapore.

Colliers along with PropNex International have been jointly selected to sell the property. According to a joint press release from the two firms The prices for the floors will be between $37 million and $36 million. The offices are floor-to-ceiling height of 2.8m as well as floor-to ceiling windows that offer an 180-degree view across the urban area.

Plus Building is a Grade-A office building located within Raffles Place. The 28-storey building is a 99-year leasehold beginning on Dec 7 1989. It has two frontages, Cecil Street and Church Street as well as direct access to sheltered areas to The Raffles Place Metro Rail Interchange Station. It’s also just a two-minute walk from The Telok Ayer MRT Station.

Tang Wei Leng, managing director and director of capital markets and investment services in Singapore at Colliers The property an “rare chance” to buy strata office space within the CBD area, which is a highly held market. “Currently there is a limited supply of premium office space in the heart of the CBD because of a shortage of new inventory and the depletion of existing inventory for redevelopment,” she explains. The supply has been further limited by the new government policy that restricts strata subdivisions of commercial assets located in central regions.

Ismail Gafoor, executive chairman and CEO of PropNex agrees, adding that empty full-floor plates in Grade-A offices located in the CBD are difficult to find, especially in the sought-after Raffles Place area. “We have witnessed a huge interest from families offices as well as tech companies that are shifting office spaces in Singapore and are looking for empty spaces for their personal usage and with Raffles Place being their top priority,” he observes.

Tang emphasizes that a limited supply could result in a high rental return for the property as she notes that rents for premium as well as Grade-A office spaces in the core CBD have increased 5.9% y-o-y in 2022. “Investors ought to consider buying several floors in order to benefit from capital appreciation over the long term or anticipate the possibility of an eventual future collective sales in the near future in which they will enjoy more substantial voting rights in this particular development,” she says.