Hong Kong’s Shui On Land forms JV for Shanghai redevelopment project

Shui On Land, a Hong Kong-listed property company, has announced a joint venture with state-owned enterprise Shanghai Pucheng to carry out a redevelopment project at Pujiang Town, in the Minhang district of Shanghai, China. The project will focus on the redevelopment of Zhaojia Lou Ancient Town, a popular, AAAA-rated tourist attraction. This area is bordered by the Shanghai Shenjiahu Expressway, the Shanghai North-South Elevated Road and two subway lines.

The joint venture between Shui-On Land and Shanghai Pucheng will redevelop land parcels bordered by Jiageng Road to the east, Yaojia Bang to the south, Huichi Road to the west and Xiaoyan Lake to the north. The new development will include residential, commercial and ancillary facilities and will attempt to preserve the unique history and culture of Pujiang Town.

Jessica Wang, CEO of Shui On Land and the Shui On Group, expresses confidence in the success of the redevelopment project. “Over the past 30 years, Shui On Land has developed a strong foothold in Shanghai and participated in urban renewal projects with proven capabilities in master planning, cultural preservation, community operation and urban regeneration.” She also highlights their successes in the Panlong Tiandi project in Shanghai as an example of their ability to successfully undertake urban-village renovation.…

Five-bedder at Parc Stevens sold for $2.65 mil profit

Parc Stevens in District 10 was the site of the most profitable condo resale transaction recorded during the week of April 4 to 11 according to caveats lodged. On April 10 a first-floor unit spanning 3,466 sq ft with five bedrooms sold for the impressive sum of $7.86 million, a significant increase from the price of $5.2 million it had been purchased for in April 2007. This resulted in a massive profit of $2.65 million or 51% after a 16 year holding period.

This sets the highest psf-price ever seen at Parc Stevens, composed of three lowrise blocks spanning four storeys each, and marks the first unit sold at the development this year as well as the second most profitable transaction ever recorded. Last May, a 3,305 sq ft unit on the fourth floor changed hands at an astounding $1,885 psf or a gain of $2.73 million.

The second most profitable transaction took place at Yong An Park, a freehold condo in the River Valley area. On April 6 a four-bedroom unit measuring 3,434 sq ft on the 10th floor was sold for $8.1 million, resulting in a 35% profit of $2.08 million over an 11 year period for the seller.

The most unprofitable transaction was recorded at Marina Bay Suites. The 2,680 sq ft four-bedroom on the 25th floor, purchased from the developer for $6.39 million in December 2009, sold for $5.25 million on April 10 resulting in a loss of $1.14 million or 18% for the seller. This development is a 99-year leasehold, with 221 three- and four-bedroom homes ranging in size from 1,572 to 2,691 sq ft.

Since the beginning of 2021, with the exception of the unit sold in March, all units at Marina Bay Suites have sold below the purchase price. Losses range from $7,000 to $3.25 million.

The week in review showed sizeable profits at Parc Stevens, Yong An Park and even large losses at Marina Bay Suites, despite its location in the Marina Financial District. It is clear that the success of any resale transaction hinges on many factors, including the location and length of the holding period.…

EL Development draws 4,000 at three-day preview of Blossoms By The Park

, and the Greater Southern Waterfront

Since its sales gallery opened on April 14, Blossoms By The Park has seen an impressive 4,000 visitors in the past three days, mostly locals according to Lim Yew Soon, managing director of EL Development. The 275-unit private condo stands tall at Slim Barracks Rise in One-North and is set to launch on April 29. The property features a mix of 1 to 4 bedroom premium units appealing to potential investors.

Prices begin at $1.291 million ($2,352 psf) for a 1 bedroom plus study and move up to $1.499 million ($2,211 psf) for a two bedroom. Additionally, two bedroom plus study units start from $1.585 million ($2,198 psf), while 3 bedroom dual-key units begin at $2.082 million ($2,276 psf). Three bedroom units are priced from $2.279 million ($2,183 psf), 4 bedroom units start at $2.921 million ($2,243 psf), and 4 bedroom premium units start from $3.335 million ($2,213 psf). Ken Low, managing partner of SRI, believes the average sale price will be within the $2,350 – $2,400 psf range.

The building’s proximity to amenities present great investment appeal. It is just a 3-minute walk away from Buona Vista MRT Interchange Station, a 5-minute walk to The Star Vista mall, 1km to Fairfield Methodist School and a mere 5-minute distance to the Greater Southern Waterfront.

For those considering buying, the numerous lifestyle options in the area are an added bonus. EdgeProp’s Landlens feature allows prospective buyers to check out the latest listings near Blossoms.…

Two adjoining shophouses off Upper Thomson Road for sale at $10.5 mil

At the junction of Upper Thomson Road and Jasmine Road lies two freehold connecting shophouses, which are now up for sale via expression of interest (EOI) with a guide price of ten and a half million dollars. This equates to two thousand six hundred and sixty-five Singapore dollars psf for the floor area.

Standing two-storey tall, the properties occupy a total area of three thousand six hundred and fifty square feet and boast an existing floor area of thirty-nine hundred and forty square feet. The area is designated for both residential and commercial use, with a gross plot ratio of three, and a building height limit of four stories, in line with the 2019 Master Plan.

With an array of amenities and services in close proximity, the shophouses are just fifty metres away from the local shopping mall, and a minute’s walk from Upper Thomson MRT Station, with the Caldecott MRT interchange just one stop away. Steven Tan, managing director of capital markets and investment sales at ERA Realty Network, highlights the buyer’s options for this purchase.

Firstly, the shophouses can be rented out for immediate rental income, as well as future capital appreciation. Alternatively, if approved by the authorities, the two shophouses can be redeveloped into a four-storey residential building with a commercial space on the first floor, which would boast a total floor area of ten thousand nine hundred and fifty square feet.

The sale of these properties comes with existing tenancy and is sold as-is-where-is, to any interested buyer. The deadline for the EOI is 3 pm on May 8th.

This area is home to a number of services and amenities, including popular eateries and cafes along Upper Thomson Road, Sin Ming Plaza, and the nearby Junction 8 shopping mall. It also sits near some of Singapore’s renowned educational institutions, such as Ai Tong School, Catholic High School, CHIJ St Nicholas Girls’ School, Marymount Convent School, and Whitley Secondary School, which are within a one to two kilometre radius.

What’s more, with recent commercial transactions taking place in the surrounding area, the shophouses of Jasmine Road offer a unique chance for a highly profitable investment.

This rare opportunity offers the potential for both immediate rental income and long-term capital appreciation. The two freehold shophouses at 5 and 7 Jasmine Road are located in a strategic location, just a stone’s throw away from Upper Thomson MRT Station, as well as other major expressways and roads.

In close proximity to a range of amenities such as popular eateries and cafes, as well as prestigious educational institutions, the properties are easily accessible via roads such as Upper Thomson Road, Lornie Road, Thomson Road, Braddell Road, Marymount Road, and the Pan Island Expressway.

The EOI exercise for the shophouses closes on May 8th at 3 pm. If approved by the authorities, the successful buyer is also able to consider redeveloping the properties into a four-storey residential building with commercial space on the first storey, which would have a gross floor area of about 10,950 sq ft.

For those interested in investing in the shophouses of Jasmine Road, now is the time to act and take advantage of this exclusive opportunity.…

Collective sale of Tanjong Katong development relaunched at $63 mil

At 52 to 62H Tanjong Katong Road, the owners of a 26-unit walk-up development have relaunched the property for tender at a guide price of $63 million. The four-storey site, located in District 15, first had an asking price of $65.5 million last July and generated several offers below the figures.

Spread over 32,397 sq ft, the property has a land rate of $1,401 psf ppr – including an estimated land betterment charge of $530,000. This rate could be further lowered to $1,375 psf ppr once factoring in an added 7% bonus balcony floor area.

With a gross plot ratio of 1.4, the development has the potential to yield approximately 45,356 ft of gross floor area after improving the site. This could potentially have 49 residential apartments with an average size of 915 sq ft.

The collective sale property is situated in a desirable location. It enjoys a 10-minute drive away from the CBD and a 500m walk from Paya Lebar MRT Station. Additionally, it has nearby shopping malls, recreational facilities, F&B and cafe offerings within the Katong and Joo Chiat area.

“We expect that there would be keen interest from several developers in view of the brisk sale of Tembusu Grand,” shares Terence Lian, head of investment sales at Huttons Asia, referring to the 638-unit condo by City Developments and MCL Land.

Angela Lim, deputy head of investment sales at Huttons Asia adds: “We believe that it will be popular with professionals and young couples that prioritize convenience, being five stops to City Hall Interchange and within a stone’s throw to Paya Lebar Commercial Hub.”

The tender closes on May 9 at 2pm.

Recent transactions of condominiums around the area hint at the collective sale property’s potential. Tembusu Grand launched its units at an average price of $2,456 psf – with 53% of its units sold over the April 8 and 9 weekend.

This is the perfect opportunity for developers and homebuyers to look into investing in the area. With such convenience, abundant amenities and the space to expand, it is no wonder why the district is a popular choice.…

Two shophouses at Perak Road up for sale at $13 mil

Reinvigorated interest in tourism, given the global pandemic situation, has spurred the sale of two conservation shophouses at 6 and 7 Perak Road in Singapore. As they are zoned for commercial use, no additional buyer’s stamp duty is payable on the purchase of the properties. With an expected guide price of $13 million, this works out to $2,425 psf on the total floor area.

The two-storey shophouses, with mezzanine space and boasting a build-up area of 5,360 sq ft and occupying a land area of approximately 2,870 sq ft, have an 11.4m-wide frontage along Perak Road. Additionally, the properties have approval for usage as a backpackers’ hostel and are a mere three-minute walk from Rochor MRT Station.

Gracelynn Zhu of PropNex Shophouse Elites, which is marketing the property, notes that these well-maintained structures require minimal refurbishments and, being located in the Little India/Jalan Besar area, enjoy strong rental demand.

With the potential to offer a gross rental yield of over 3%, Zhu expects keen interest from investors looking for assets to provide strong rental and capital growth, as well as prospective hostel operators hoping to cash in on the recovery of the tourism sector.

The tender for the property will close on May 8 at 3pm. Vacant possession may be requested, allowing the new owner to decide which type of tenant profile they desire for the property.…

JLL promotes Sandeep Sethi to Asia Pacific division president for work dynamics

Sandeep Sethi has been appointed as Division President of Work Dynamics in Asia Pacific by JLL. Sethi will bring 27 years of corporate experience, 10 of which were with JLL, to the role. He is currently the Managing Director and Head of Work Dynamics for West Asia.

As Division President, Sethi will be responsible for providing integrated facilities management, construction management services, sustainability and workplace consulting, workplace experience and lease transaction management for occupiers, along with overseeing services delivered to clients in North Asia, and developing and growing JLL’s North Asia market share in Mainland China and Hong Kong.

Under his new role, Sethi will report to Susheel Koul, JLL’s CEO for Work Dynamics in Asia Pacific. Koul commented; “Sandeep is an established leader and a respected client advisor with an astute understanding of the dynamic nature of commercial real estate. His appointment reinforces JLL’s commitment to developing and elevating our people to serve our rapidly diversifying client base across Asia Pacific.”

Within his current portfolio, Sethi has been responsible for managing over 160 million sq ft of office space across 1,500 client sites in India, Sri Lanka, Mauritius and Bangladesh. He is based in Gurgaon and will continue to maintain this role as well.

Accompanying this appointment, Cushman & Wakefield has also made senior leadership promotions in the Asia Pacific region. This order of changes signifies a strengthening of the sector, with active investors set to venture into opportunistic deals in 2023, according to a recent report from CBRE.

JLL has expressed its confidence in Sethi’s ability, believing he will be a strong addition to the team and a key driver of success in the real estate industry.…

JLL promotes Sandeep Sethi to Asia Pacific division president for work dynamics

Sandeep Sethi has been appointed as the Division President of JLL’s Work Dynamics in Asia Pacific. Sethi previously served as Managing Director and Head of Work Dynamics for West Asia, where he was responsible for managing over 160 million square feet of office space across 1,500 client sites in India, Sri Lanka, Mauritius and Bangladesh.

In his new role, Sethi will expand his portfolio to include North Asia, overseeing services provided to clients, and growing JLL’s North Asia market share in mainland China and Hong Kong. Based in Gurgaon, Sethi will report to Susheel Koul, JLL’s CEO for Work Dynamics in Asia Pacific.

Commenting on his appointment, Koul said: “Sandeep is an established leader and a respected client advisor with an astute understanding of the dynamic nature of commercial real estate. His appointment reinforces JLL’s commitment to developing and elevating our people to serve our rapidly diversifying client base across Asia Pacific.”

With over 27 years of experience in the corporate space, Sethi’s decade of service at JLL gives him the background to excel in his new role.

As one of the leading providers of integrated real estate services, JLL’s Work Dynamics provides comprehensive solutions for occupiers, encompassing the full real estate lifecycle. This includes integrated facilities management, construction management services, sustainability and workplace consulting, workplace experience, and lease transaction management.

JLL has confidence that Sethi’s appointment to the position of Division President of Work Dynamics in Asia Pacific will help to further strengthen their commitment to developing and serving their client base.…

Shipyard at Benoi Road for sale at $11.3 mil

The property at 1 Benoi Road in Singapore’s Jurong Industrial Estate has been launched for sale at an expression of interest (EOI) exercise and a guide price of $11.3 million. This site of a shipyard has a site area of over 500,000 sq ft with waterfront access.

Located at the junction of Benoi Road and Pioneer Road, it’s approximately 24km from the City Centre and nearby housing estates such as Jurong East, Jurong West, Bukit Batok and Boon Lay Gardens. Additionally, the property has easy access to the island’s highways – the nearby Ayer Rajah Expressway and Pan-Island Expressway. Joo Koon MRT Station is just a five minute drive away.

Associate Division Director of Huttons Asia, Isabel It, describes the plot as regular in shape and possessing a corner frontage of 255m on Benoi Road and Pioneer Road with an average plot depth of 213m. The land also has a 230m frontage along the waterfront to the east and is generally found at an access-road level with a flat contour.

Recent transactions around Benoi Road, according to EdgeProp Research tool, indicate the last known sale of a similar-usage property was at 5 Benoi Road in December 2020 with a site area of 328,105sq ft and sold for $10.5 million. ST Engineering purchased a shipyard of 1.5 million sq ft at 55 Gul Road – about a 10 minute drive from 1 Benoi Road – for $95 million back in February this year.

Given the scarcity of sites suitable for shipbuilding or vessel repair and maintenance, Lee Sze Teck, Senior Director of Research at Huttons Asia, believes this property for sale is perfect for companies looking to expand their business.

The sale of the property is subject to approval from relevant authorities, and the deadline for the EOI exercise is April 27 at 3pm.

For those looking out at potential real estate investments near Benoi Road, the Jurong Industrial Estate is worth some attention. Check out the latest listings today.…

GuocoLand sole bidder for Lentor Gardens GLS site at $985 psf ppr

Sold! Singapore residential land prices soar, setting new GLS records

The 99-year leasehold residential government land sale (GLS) site at Lentor Gardens closed today with only one bid from GuocoLand and Intrepid Investments (a subsidiary of Hong Leong Group). The joint venture partners submitted a bid of $486.8 million, which translates to a land rate of $985 psf per plot ratio (psf ppr).

According to Mark Yip, CEO of Huttons Asia, the bid of $958 psf ppr is the lowest for a land parcel in the Lentor precinct and it is also the first residential GLS tender to receive only one bid since the tender of the Silat Avenue GLS site in 2018. The site was launched as the 1,074 unit Avenue South Residences in September 2019 and is now fully sold.

The last two residential GLS sites to be sold in Lentor were in Lentor Central and Lentor Hill (Parcel B), both of which were awarded last September. Lentor Central was awarded to a consortium comprising China Communications Construction, Soilbuild Group Holdings and United Engineers, who submitted a bid of $481.03 million ($1,108 psf ppr). Meanwhile, TID (a joint venture between Hong Leong Group and Mitsui Fudosan) was the top bidder for Lentor Hills (Parcel B) at $276.36 million ($1,130 psf ppr).

The two land parcels can yield about 470 and 265 units respectively. Prior to this, a GLS site at Lentor Hills Road (Parcel A) was sold for $586.6 million ($1,060 psf ppr) in January 2022.

Leonard Tay, head of research at Knight Frank Singapore notes that all seven residential sites in Lentor- the five that have now been sold and the two still available for sale- could potentially bring about some 3,500 new units to the area. This would translate to almost 11,000 new residents.

“We are envisioning a new high-end residential development with around 533 units, and with 600 sqm of childcare facilities,” say a GuocoLand spokesperson of the Lentor Garden site. “The future development will complement our other two upcoming developments – Lentor Modern and Lentor Hills Residences – in our plans to transform the Lentor Hills estate to be widely known as a premium residential area.”

GuocoLand’s 605-unit Lentor Modern integrated development launched last September and saw 84% of the units sold on launch weekend. According to caveats lodged, the project is 88% sold at an average price of $2,104 psf.

There are a number of existing and upcoming sites around the Lentor area and GuocoLand’s launch of the 598-unit Lentor Hills Residences is expected to be launched soon.

Steven Tan, CEO of OrangeTee & Tie believes that the eventual launch of the 530-unit site at Lentor Gardens could see units priced around $1,950 to $2,050 psf. Potential homebuyers would be drawn to its connectivity to public transport and recreational facilities such as Thomson Nature Park and Yio Chu Kang Stadium and Sports Complex and its proximity to CHIJ St Nicholas Girls’ School.

The site’s downside is that developers may have been deterred by the cloudy economic outlook, along with the risk of additional buyer’s stamp duty if they are unable to sell all units within five years.

Two other GLS sites at Lentor are available for sale under the 1H2023 GLS Programme: one at Lentor Central (475 units) and one at Lentor Gardens (500 units).

Check out the latest listings near Lentor Gardens, Lentor Central, Lentor Hills Residences, Lentor Modern, Lentor MRT station, CHIJ St Nicholas Girls’ School for more details.

GuocoLand’s emergence as a dominant player in the upcoming Lentor Hills estate (Photo: Samuel Isaac Chua/EdgeProp Singapore) is an indication that the area will soon become a premium residential neighbourhood. Developers may be wary of the potential influx of 11,000 residents within the 0.5 sq km area, although the areas excellent connectivity and amenities may outweigh such concerns.…