Archive for category: Real Estate

Read more: Lentor Modern prices starting price from $1,880 psf for preview on Sept 2

Two historic shophouses that are located adjacent to each other on Devonshire Road are being offered for sale through tender at $15.6 million.

The two shops have an estimated land size of 3,069 square feet which is currently designated for residential use, with the gross plot ratio being 2.8 According to the marketing agency Huttons Asia. The property includes five bedrooms including a front porch and outdoor space.

The freehold shophouses form part of 16 shophouses situated about 350 metres from Somerset MRT Station on the North-South Line. Its Orchard Road shopping belt is only five minutes away.

“Buyers are able to reside in a shophouse, which isn’t often seen as many use them for commercial use,” says Lawrence See the associate district director of Huttons Asia. “Subject to the approval of buyers can make an addition or alteration that will allow for the construction of an attic as well as additional bedroom,” he adds.

The tender ends on October 30.

Read more: Private housing resale prices up 1% from the 1.2% m-o-m growth recorded in June

Following the pandemic, workers are putting their faith in flexible working. In the last month, results from a poll carried out by the Randstad Singapore, the human resources (HR) service provider Randstad Singapore highlighted that over 40% of Singapore employees will not accept an offer if they were not able to work at home or if the job doesn’t allow flexible working hours.
The shift in the employee attitudes is a sign that hybrid work is on the rise — which is causing more organizations to reconsider their office space. “The next three years are going to become an inflection moment for real estate, because the changes brought on by the pandemic provide an opportunity to take a step back, consider a long-term real estate strategies and how it will align with the business goals of the future,” notes Anthony Couse CEO of Asia Pacific, at JLL.

JLL’s Future of Work Survey 2022 conducted a survey of CRE executives in corporate settings, (CRE) executives across the globe and discovered it that 56% of Asia Pacific (Apac) respondents declared that they would allow remote work to everyone in 2025. At a briefing for media on August 18, Couse emphasizes the many options in the field of hybrid working arrangements, based on many factors like the size of the company, its business industry, work culture as well as the country of operations and many more. “Everybody is different in how they interpret hybrid,” he says.

However, it is evident that organizations must change their workplaces to accommodate flexible working patterns that Couse states is now an essential instrument in the battle for talent, and also as an element of diversity equity, equity and inclusion strategies. The importance of the office Although hybrid workplaces are essential but they do have limits. A survey conducted in March 2022 by JLL with Apac HR decision-makers showed that the 67% of the managers who were surveyed found it harder to manage a workforce that is hybrid.

The most important issue is advancement in the workplace, particularly for those who are just starting out or new to their professions. “Sixty percent of HR executives consider the office to be the best place to grow your career as well as to gain knowledge. It’s not possible to do this outside of the office,” Couse explains. Another aspect is organisational culture, which is difficult to establish without employees having meetings in person at the workplace.

The survey also discovered how hybrid jobs are pushing businesses to discover new ways to facilitate collaboration through the application of technology as well by providing areas that encourage teams.

To this end, Couse emphasises that the office is still an integral part of organizations. “Seventy-seven percent of CRE experts agree that offices will continue to be essential to the company’s overall system,” he says.

Contrary to reports that organizations are cutting down on office space due to the shift towards flexible work arrangements Couse asserts that leasing data from Apac indicates a consistent need for offices. Despite the challenging macroeconomic climate, Apac recorded a net absorption of office space of four million square meters (43 million square feet) in 2021, which is similar to the 10 year running average for Apac. “It’s clear evidence that the office remains extremely, extremely relevant since there is a greater demand for spaces,” he says.

Alongside this need organizations are also looking into redesigning their workplaces to reflect the changing conditions of a post-pandemic world. In its poll on Apac HR leaders, JLL discovered the following: 56% of respondents intend to redesign or revamp the workplace within the next twelve months in order to create a workplace that is envisioned as a place for meeting face-to-face, collaboration and encouraging the spirit of creativity and innovation.

Moving to green buildings

Another factor that is driving the change in workplaces is the increasing demand for environmental socio-economic and management (ESG) as well as sustainability. Nations that are developed around the globe like Japan, Canada and the US have set goals to achieve zero carbon emissions in 2050. In Singapore The National Climate Change Secretariat announced on Sept . 5 that they were also considering an 2050 net zero goalpost. In the meantime, private-sector companies around all over the world are beginning to draw the plans to achieve net zero carbon emissions.

Kamya Miglani from JLL’s head for ESG analysis, Asia Pacific, highlights that decarbonizing building environments is an essential element to reaching net zero carbon goals. In the JLL’s decarbonizing cities and Real Estate report released in May, she points out the fact that a study of 32 cities across the globe discovered that the built environment accounts for about 60% of the overall emissions. In Singapore with its greater proportion of modern buildings that are built, the built environment accounts for 40% from carbon emission.

Due to the importance to the built ecosystem to the quest to achieve net zero corporations are trying to find ways to create green real estate portfolios and that includes occupying green certified buildings, according to Miglani. JLL’s Future of Work survey found that 7 out of 10 businesses located in Apac would be willing to fork out a cost to lease buildings with green certifications.

The demand for green buildings is much greater than the amount available particularly in cities with established infrastructure in which about the 80% of the buildings that will be present in 2050 was already built. This is why Miglani says the fact that retrofitting buildings of the past is crucial to achieving an adequate supply in green-certified buildings. To reach net zero targets in 2050, the present rate of retrofitting buildings should be greater than 3% annually, which is higher then the rate currently at 1% up to%.

Another green approach Miglani is convinced will be popular is green leases. They are lease agreements between tenants and landlords with clauses that lay out the environmental standards for what the building’s future plans are to be managed or used in a sustainable way. A majority of% of the CRE pros interviewed with JLL in Apac believe that green leases are “a game changer to ensure that real estate is future-proof” with 30% of them% already having signed an agreement to renew a green lease.

However, Miglani says that green leases need the appropriate tools and infrastructure to collect data that will accurately determine whether sustainability requirements are being fulfilled. “Again this is why retrofitting buildings enters it,” she says. In the end, Miglani argues the fact that businesses that adopt sustainable real estate practices are in the process of securing their business. “A green office does not only aid in [net zero carbon goals] and meet the requirements of employees in a constantly changing multi-faceted, hybrid setting,” she says.

Read more: Six new luxury hotels including LXR Bali to open in Asia Pacific

In August, 2022 the BTO exercise ended on September 5th, with 39,136 requests to purchase the 4993 units that were launched to be sold. This is 30% higher than the 27,000 who submitted applications in the May BTO exercise, where there were 4,583 units launched in the exercise, according to Christine Sun, senior vice head for research and analysis for OrangeTee & Tie.

Sun believes that the increased amount of applicants could be a sign of increasing demand for buyers in market BTO market, considering that BTO units are less expensive than the increasing rates of resale flats as well as private residences. “There aren’t any new launches of private homes in the last few months. Thus, buyers are now faced with limited options when it comes to housing, especially for those with cash issues,” she adds.

Large flats in older estates have the highest rate of applications. Apartments with five and four rooms located at Sun Plaza Spring in Tampines were able to get applications between 22.3 in the 2nd and 26.3 for the 177 and 150 available flats for the 177 and 150 flats. Central Weave@AMK, located in the city of Ang Mo Kio in Ang Mo Kio, the 398 four-room apartments received the 12.6 percent rate of application, whereas the five-room, and three-generation (3Gen) flats that totaled 372 units were offered an 17.5 applicant rate.

Sun is adamant that the success of projects in estates that are mature due to the abundance of amenities , as well as the proximity in proximity to MRT stations. “The Tampines project also has one of the most short durations of completion, which is about 36 to 36 months” She adds.

Two projects which were launched in the public housing prime-location (PLH) model the two projects Havelock Hillside and Alexandra Vale which are both within Bukit Merah There were application rates in the range of 2.7 per three-room apartments, and 6.1 4 for apartments with four rooms. The total number of applications was 8,883. had been submitted for 1,651 PLH units that were launched.

When PLH models were sold out, Sun says the application rate was lower than earlier PLH launches. “Perhaps the number of potential buyers has dwindled since a number of PLH flat models were launched in the last year, and a few people might have already purchased one in earlier BTO exercise,” she opines.

She says the minimum 10-year period of occupation for PLH flats as well as stricter selling requirements may have discouraged buyers. PLH apartment owners will be entitled to the clawback tax in the amount of six% in the event of selling their home in the very first instance.

In the non-mature estates by the developer, the project located in Woodlands had the highest applications rates, at 6.6 in two-room flats that are Flexi. The rate was 8.1 in three-room apartments as well as 11.7 in four-room flats. In contrast, flats in the developments which were launched at Choa the Chu Kang had rates of application ranging from 2.0 to 2.6 The project located in Jurong East saw the highest rates of applications, ranging from 4.1 and 6.7.

The preview weekend of Singapore-listed Frasers Property’s Sky Eden @ Bedok on August 27-28 attracted an audience of more than 4,000. The development is expected to have the 158 homes spread in two towers of 16 stories connected with “sky bridges”. The residential towers are situated on the top of a podium for retail with 12 shops that line the street. The project is just 3 minutes from Bedok MRT Station. Bedok MRT Station on the East-West Line.

Lentor Hills Residences ebrochure is ideally positioned for living convenience. It is surrounded by an established transport system which includes free-flowing highways, MRT stations, and bus stops that allow the residents to access neighbouring estates.

In Bedok as with most HDB properties, the primary point of action is in the town’s center. In this instance the town centre is Bedok Town Centre or Bedok Central. The first fully-fledged Shopping Mall, Bedok Mall, with over 200 stores and an FairPrice Finest supermarket, opened in the year 2013. Bedok Mall is linked directly to the Bedok MRT Station, a bus interchange, and an hawker center.

Sky Eden @ Bedok at 1 Bedok Central is right in the middle of the town’s central. Two blocks away from Sky Eden @ Bedok are The Heartbeat @ Bedok community hub featuring a public library, Bedok Swimming Complex, Kampong Chai Chee Community Centre and an open market, and a Hawker Centre.

The area of Bedok Central, there are two supermarkets that are open 24 hours a day, FairPrice supermarket and Sheng Siong. There is another supermarket in the area, Scarlett. In the vicinity of the bus interchange there is Djitsun Mall, a redevelopment of the previously used Princess Theatre. It was opened in the year 2018. is a mall that has F&B outlets as well as the Golden Village cinema.

Second reincarnation

Sky Eden @ Bedok is an redevelopment of the previous four-storey mall Bedok Point, which opened on the 16th of December in 2010. Frasers Property had purchased Bedok Point from its REIT for retail malls, Frasers Centrepoint Trust (FCT) at a price of $108 million on September, 2020 with the aim of developing it.

Bedok Point was an upgrade of the neighboring Bedok as well as Changi theatres that Frasers Property had purchased in November 2006 for $40.8 million. The company had transformed these combined sites in Bedok Point. After the mall stabilized it was put into FCT’s portfolio.

“As this area well-served with retail centers We applied for an amendment of use to an urban development with mixed-use,” says Elson Poo, Frasers Property Singapore senior vice-president, sales and marketing residential.

Another developer that has attempted similar work has done the same is CapitaLand Development, the development division that is part of CapitaLand Group. In January, it announced that it would acquire JCube Singapore’s first mall that has an Olympic-sized ice-skating arena, in exchange for CapitaLand Integrated Commercial Trust for $340 million. CapitaLand Development intends to redevelop JCube into a mixed-use residential property. JCube will be located within Jurong East, where the previous JGateway, a new condominium project, was launched JGateway in 2013.

The last new project to be launched in December of 2011

The Bedok Central project was launched in Bedok Central, the last new residential project launched by a private developer included the five-83 unit Bedok Residences in December 2011. More than 75% of the units were sold in the first month following its debut at an average of $1,334 per square foot. Bedok Residences sits on top of Bedok Mall and is linked to the hub of integrated transportation which comprises The Bedok MRT Station and bus interchange. The project was completed in 2015 and units have sold this year for prices that range from $1,080 per square foot for a fourth-floor unit up to $1,694 for an 11th-floor unit, which is averaging $1,471 per square foot, based on the caveats that have been filed to date.

Sky Eden @ Bedok is “the first residential project to open at Bedok Town Centre for the last 10 years” according the Frasers Property in a media announcement on August 25. The units vary from two- to four-bedrooms with sizes ranging from 657 to 1,302 square feet. Prices start at $1.31 million ($1,994 per sq ft) for an area of 657 square feet, two-bedroom apartment; $1.73 million ($1,937 per square foot) for 893 sq feet, three-bedroom unit, as well as $2.6 million ($1,997 per square foot) for the 1,302 sq ft four-bedroom apartment. The sales booking process is scheduled to begin on the weekend of the 10th of September.

Lee Sze Teck, Huttons Asia director of research believes that an increase in interest from upgraders in the region. In the end, Bedok has the most amount of residents in any area of planning in Singapore. As per data from the Singapore 2020 Census the region has 27,990 Singapore residents.

Apart from the Bedok area, the home-buyer’s interest is expected to originate from the east region, such as Tampines, Pasir Ris and Changi. “Sky Eden @ Bedok will be a popular choice for them, particularly those who prefer living in the east, but would like to be in the city. Bedok Central is a sweet location,” says Frasers Property’s Poo.

The 12 shops in the retail strata located at Sky Eden @ Bedok have been all cleared to be used for F&B use. The units in the shop aren’t available for sale in the moment.

Apart from the facilities like public transport food outlets, malls and other eateries There are also a variety of primary schools close by like Red Swastika and Yu Neng Primary School, both of which are within a 1km radius. Temasek Junior College, St Stephen’s School and Anglican High School are also close by. Further to the east is Temasek Polytechnic and Singapore University of Technology and Design.

Catering for the work-from-home lifestyle
Sky Eden @ Bedok sits on the 99-year leasehold site with a total area of 44,526 square feet. ADDP Architects is the design architect of the project, and Tinderbox acting as the landscaping consultant. The amenities like the pool, clubhouse as well as function spaces are set in front, while two residential blocks are situated on the rear at the rear of the site. “The facilities provide the visual and sound buffer for residents,” states Tang Kok Thye, associate partner of ADDP Architects.

For people who work at home The developer has set up the “co-working sanctuary” featuring a co-working space that residents can use and workpods for users who require video calls, and meeting rooms for discussion. This “co-working space” is situated in a tranquil area at the same level as the other amenities but is separate from the pool area and meeting rooms.

“Even even though there are only one hundred and 158 units available in the development, we’re offering full condominium services,” says Poo. “For those looking for tennis play, the tennis center located at Heartbeat @ Bedok is nearby.”

Another thing that sets Sky Eden apart from other towers Sky Eden @ Bedok is the sky bridges connecting each floor in the towers. “Most condominiums only have 2 or 3 sky bridges that connect the blocks of residential homes,” Poo points out. “But we have an sky bridge on each floor, which lets you make the space the extension to your home -where you can practice yoga, connect with your neighbors and also enjoy the views and greenery,” he says.

For landscaping The the plants with butterflies in them are picked. “The sky bridges were designed as eco-links to draw birds and butterflies,” says ADDP’s Tang. “We would like to add more greenery in Bedok Central.” Bedok Central area.” Because of its biophilic design, Sky Eden @ Bedok was given the BCA Green Mark Gold certification to ensure sustainability.

Each tower is comprised of five units on each floor. All penthouse units have a ceiling with a double volume that measures 4.8m. This gives residents the opportunity to benefit from a tall ceiling, which gives them the option of creating a 5 sqm (53.8 sq feet) mezzanine deck, which can create the space needed for displays as well as a space for a hobby or smaller study space at the top level, in the event that they want to create additional space.

Hidden storage space is offered, particularly in corners, such as in the kitchen space near the entrance as well as the closet area. Bedrooms are generally designed to fit the queen size bed, while those bedrooms for masters can accommodate the size of a king bed.

‘Well-subscribed’
Huttons’ Lee is confident that the apartments in Sky Eden @ Bedok is likely to get highly-subscribed. “Bedok is a mature community that has facilities such as schools, hawker centers as well as supermarkets, coffee shops and retail malls, MRT station and bus interchange,” he says. “It will be appealing to people who seek an area that is convenient and with all amenities just a few steps away.”

In reality, Ismail Gafoor, CEO of PropNex believes the Sky Eden @ Bedok will reach the same level of sales similar to projects such as Piccadilly Grand at Farrer Park and Liv @ MB in Mountbatten. The two projects went live in May and have achieved sales that were 75 or more%. “Besides Sky Eden @ Bedok’s close proximity the MRT station and the location in an older estate in the region, it hasn’t seen an upcoming residential development launch for more than 10 years” claims Gafoor.

Gafoor expects the cost at Sky Eden at Bedok for the project to range “in the price range of $2,000-$2,100 per square foot”. The demand for larger and three-bedroom units is driven by owners Gafoor predicts a group of investors attracted by the two-bedroom units within the projectdue to the area of operation.

Sky Eden @ Bedok is located in the Outside Central Region, where there is currently a low amount of inventory that is not sold, according to Gafoor. So, he is expecting Sky Eden at Bedok “to sell very well”.