SORA new launch

Real estate development, investment as well as property management Hines has launched a new financial vehicle for real estate investments focusing on Asia. The fund is known under the designation Hines Asia Real Estate Partners (Harep) This fund is diversified and closed-ended. It will extend Hines its investor platform across the region.

SORA new launch has a 403,141 sf maximum floor area. 160 units are currently located there.

Harep’s launch Harep comes after Hines Asia Property Partners (Happ) which is the company’s flagship, multi-sector, core plus open-ended fund which first launched in May 2021. Since its launch, Happ has raised over US$1.3 billion ($1.8 billion) from 15 international investors.

“The new strategy of value-add in Asia completes our set of core-plus options that are open-ended as well as closed-ended value-add strategies across the globe that allow us to satisfy the demands of investors across different regions and across the risk spectrum,” says David Steinbach the chief investment officer for the world at Hines in a October 3 press announcement.

Hines has also confirmed the hiring of Caleb Shen as senior managing director for Harep. He is a subordinate of Chiang Ling Ng, Hines chief investment officer of Asia. Shen comes to Hines following his departure from GLP Capital Partners, where she was head of the Asia Asset and portfolio management.

Based on these changes, the upcoming October round could result in the least number of applicants applying increasing the odds for first-time buyers, says Lee Sze Teck, senior director of data analytics at Huttons Asia.

Christine Sun, senior vice for analysis and research of OrangeTee & Tie concurs. “We expect a decline in applications since people who aren’t yet ready to make buying a home or aren’t sure about the purchase decision likely not be able to apply right now,” she says.

However, the demand for BTOs could also be affected through the reclassification process for estates, which was announced at the National Day Rally 2023. Beginning in 2H2024, all the newest BTO apartments will be classified into Standard, Prime Plus and Standard flats. Flats classified as Plus and Prime are subject to a longer minimum occupancy period (MOP) and clawbacks for subsidy as well as more stringent resale requirements. This means that some buyers who want to stay clear of the restrictions will try to buy a house prior to the reclassification process Sun says. Sun.

Ismail Gafoor, CEO of PropNex Realty has a similar perspective. “We could see a more expensive fee for homes that are located in “Plus” comparable areas, since these flats could be the last batch of new flats on sites which are offered by the MOP standard of five years” Gafoor says.

Six of six developments in the November 2023 BTO exercise are classified by the BTO as Prime Location Public Housing (PLH) projects. In Kallang-Whampoa Verandah at Kallang will have 1,143 two-room Flexi three-, three-, and four-room apartments. Prices start at $193,000 $3688,000, $535,000 and $368,000 in each case, and exclude grants.

PropNex’s Gafoor anticipates the project to draw a significant amount of interest, given its location on the city fringe near to Kallang MRT Station. He says that in the month of November in 2022 BTO exercises, Kallang Horizon, a 477-unit PLH project that is located right close to Kallang MRT Station, was oversubscribed, with the application rate that was 10.7 times.

Another PLH development will be Tanglin Halt Cascadia located in Queenstown. It has 973 units of three-room apartments starting from $344,000 and four-room flats starting at $537,000. The project is a mere minutes walking distance from Commonwealth MRT Station. Commonwealth MRT Station.

Of the remaining four BTO sites Two are situated in the Kallang-Whampoa. Rajah Residences is located on an site which is bounded with Jalan Rajah and Kim Keat Road, Rajah Residences, offers 739 2 room Flexi or four-room units. On a different site located along Jalan Tenteram, Tenteram Vantage will be home to 1,040 two-, three- or four-room homes. Prices start at $176,000 for a one-room Flexi flat, and go up to $339,000 for a 3-room flat and up to $480,000 for a flat with four rooms without grants.

in Choa Chu Kang, Rail Green I & II is the biggest site during the last month of BTO exercise. With 12 blocks of housing comprising 1,895 units consisting of two-room Flexi and three-, fourfive-room, as well as 3Gen apartments. Flats start of $106,000, $216,000 $319,000, $463,000, and $471,000 in total. The flats are the only BTO project that is connected to that of the Rail Corridor, notes Huttons’ Lee.

Within Tengah, Plantation Edge I & II has one hundred and ten units that are two-room Flexi three, four as well as five-room flats. Prices start at $114,000, $232,000 $353,000, $460,000 and $456,000 and $460,000 respectively. The project is situated the vicinity of the upcoming Tengah Park MRT Station on the Jurong Region Line which is scheduled to be completed in 2028. PropNex’s Gafoor adds that the site has the lowest waiting period of 36 – forty months (around three years) and will draw applicants seeking the shortest waiting time.

Overall, Gafoor estimates the overall participation of the BTO exercise to be between 4 to 6 times, with higher enthusiasm for two PLH projects. He anticipates that there will be a lot of enthusiasm for the Tengah project due to its close proximity and proximity to the MRT station.

SORA Condominium

Mrs and husband the couple Mr. and Mrs. Tan doctors in their particular fields, visited 75 houses over the course of three months while looking for a house in 2021. “It was the height of the madness surrounding house purchasing in 2021,” Mrs. Tan. “We were repeatedly smacked and were getting close to getting to the bottom of our rope and decided that we should take a look at off-plan homes as we could not find a property we wanted that was built.”

SORA Condominium, formerly known as Park View Mansion, is a 99-year leasehold development located on Yuan Ching Road.

A lot of the homes they visited were outdated and needed to be renovated. “This was in 2021 and during the time of pandemics I would not want to buy an unfinished house that required much renovation,” says Mrs Tan. The first thing they discovered following the 75th home was two semi-detached homes located at 51A as well 51A Vanda Road that were still being constructed.

The roof and structure were completed The structure and roof were up, and the developer had set a goal to finish and obtain a temporary occupation permits (TOP) in the homes by March 2022.

Due to Covid the construction process was slow and hindered because of delays to the supply of some components. TOP was not even completed until nine months later on Dec 5 2022. “We thought we were waiting for a long time to get our house to be ready,” adds Mrs. Tan. “We have finally moved in one week prior to Christmas.”

The site was previously an unattached house that was situated on an undeveloped freehold site with 7,246 square feet and was sold at $10.5 million ($1,449 per square foot) in 2017.

The buyer then rented the property for two years, until the end of 2019. In the beginning of 2020, approval was received to develop the property to create two semi-detached homes 51A as well 51A Vanda Road. Pau Loh the director from Tellus Design, was engaged to create the new pair of semi-detached homes.

“Streamlined modern architecture”
Due to Covid work at the site were put off by one year. But Tellus’s style was not changed in that Loh was inspired by “the modern and sleek design” from Tiong Bahru, in which the low-rise blocks of public housing constructed from the 1930s to 1950s under the Singapore Improvement Trust — the forerunner of HDB was gazetted to be conserved in 2003. “It’s an elegant Art Deco style, and it’s perfect for to our climate that is tropical,” he says.

Loh created his own interpretation by creating a wider eaves with a higher overhang and more recessed recesses to provide an airy and cool interiors. “We wanted to break free from the modern rectilinear homes that dominate contemporary design of houses,” he adds.

The home located at 51 Vanda Road appears more spacious due to its horizontal elements that are incorporated according to Loh including the recessed walls as well as the wraparound balcony that has a large overhang on the third floor.

Tellus has also created a variety of homes across Singapore. The works of Loh located in Bukit Timah enclave. Bukit Timah enclave consist of two semi-detached homes located at 16, Greenview Crescent; an ongoing house on 23 Maple Avenue; and a Redevelopment property located at 50 53 and 50 Jalan Ampang, off Coronation Road West.

Construction at 51 and 51A Vanda Road started in 2021 when a neighbor approached the developer to purchase one of the detached homes. The semi-detached home located at 51A Vanda Road sits on a freehold site that covers 3,504 square feet and was bought at $10.9 million ($3,111 per square foot) during the month of September, 2021 in accordance with a caveat filed with URA. Mr Tan and Mrs Tan purchased their house in 51 Vanda Road, which sits on a slightly bigger site of 3,667 sq feet at $11.18 million ($3,049 per square foot) in the month of November 2021. in accordance with the caveat filed in the previous year.

Home with high-specs
The house is equipped with top-quality specifications including marble flooring in the dining and living spaces and a lift for the home that can be used on every floor, as well as fully travertine marble bathrooms fitted with the most luxurious fixtures for bathrooms and sanitaryware. The kitchen is equipped with a assortment of luxurious Gaggenau appliances such as a dishwasher, and Blum kitchen cabinets.

If you had to choose between an open or closed kitchen Mrs Tan chose “the most efficient of both” customized glass panels that fold inwards or closed.

A custom wine cellar was also constructed for Mr. Tan and his family, with interior design company Kuhlmann International working closely with Celsius Equipment, a specialist manufacturer and designer of wine cellars. The wine cellar can accommodate more than 1,000 bottles.

The wine cellar having claimed the space originally used for the room used by the helper The room was then moved into the backyard. A brand new kitchen with a wet area was also constructed in the backyard.

The house is equipped with solar panels that are mounted on the roof which help reduce the power bill.

The property features a car port and driveway that is able to accommodate 4 cars. It also has a garden as well as a 16m lap pool. The semi-detached home with three floors has an area built up of 9,000 square feet and five bedrooms that are en-suite.

The master bedroom as well as two bedrooms are located on the second floor, and the remaining two bedrooms on the third floor. The couple collaborated closely with Kuhlmann for the layout of their walk-in closet located in the bedroom of their master, as well as the built-in wardrobe in the bedrooms of their sons as well as the interiors of the house.

Mrs Tan’s favorite place is the living room, which lies on the second floor in which she can sit and play Netflix and monitor her two sons regularly to ensure that they’re working within their bedroom. “We have seen a variety of houses, but only a handful contain a family space with minimum three bedrooms that are on the same level,” she adds.

The third floor is transformed into a family entertainment space featuring a pool room as well as foosball room, where her boys can entertain their guests. Two bedrooms on the 3rd level are guest rooms. However, one is used as a home office for Mr. Tan.

Alongside air conditioning, Haiku ceiling fans have been fitted in all bedrooms and in the principal areas of the house. The house is fitted with 3.2m ceilings, and is north-south facing, which provides a pleasant breeze most days. “The property is shielded from sun due to the neighboring house and the pool gets shaded” says Mrs. Tan.

Mr. Tan says they spent around $500,000 for the interiors as well as in furnishing the house.

The hunt is on again
The couple is looking for a bigger house that is detached this time. “We are always looking for new start,” says Mr Tan. “We have been in Canada as well as the UK and have made a number of house changes. We’ve moved three times in the UK. After returning to Singapore it is now our third home.”

It’s the creative process couples thrive on. “We love creating our own designs, but currently, we’re looking to explore other options,” he adds. “We decided to put our house up for sale If we can obtain the best price, we’ll be content to find another option.”

This time they are looking for an older property that they are able to begin additions and changes. Or, Tan adds, it could be a piece land “where you be given the freedom” to design the home.

Mrs. Tan is in agreement. “It’s an enjoyable pastime,” she says. “We took a lot of control during the design process for this house, and we chose the final touches ourselves. We also enjoy wine, art and other things that have functional and aesthetic elements.”

The couple has viewed the majority of the houses that are on the market. “We haven’t been in the similar tizzy as previously,” says Mrs Tan. “If there’s an opening for a house we’ll go to take a look. However, there is a limited inventory which means there’s fewer prospective buyers. We’re just watching the market and observing the prices.”

Alvin Choo, associate district director of Affluent and investment sales at PropNex is in charge of this sale for the half-detached property located at 51 Vanda Road, which will be sold through a private contract. The price for the house will be $13.8 million ($3,763 per sq. ft.).

The property is located on Vanda Road is in a peaceful private housing estate that is located situated off Dunearn Road in prime District 11. The top schools within the area comprise Nanyang Girls’ High, National Junior College, Raffles Girls’ Primary and Hwa Chong Institution. Choo observes that Vanda Road area has wider roads and a majority of detached and semi-detached homes. It is also bordered with the Eng Neo and Raffles Park Good Class Bungalow areas. “The residential area is not as dense and, consequently, less exclusive” He says.

Costs of building a new home as compared to old
According to Choo who explains the large surface area that is built up of 9000 square feet The semi-detached home located on Vanda Road can easily fit an entire family of three generations. “It’s practically brand-new with a top-quality interior design and a wine cellar and it’s in move-in-ready condition,” he says.

Based on caveats filed on the property, two semi-detached houses that were that were sold in the last twelve months were situated at 6A Vanda Drive on a 3,542 square feet site that sold for $12 million ($3,388 per square foot) on September 20, 2022 as well as 6B Vanda Drive that also went for $12 million, or $3,375 per square foot in January due to its slightly bigger size of 3,555 sq feet. Both houses were built in the spring of this year. The two semi-detached homes at Vanda Drive have smaller built-up spaces of 7000 sq feet, Choo points out.

In the opposite direction of to 51 Vanda Road is 56 Vanda Road that is an older semi-detached property that was sold to a buyer for $8.8 million ($2,230 per square foot) on March 20, 2022. The property is located within a freehold site with 3,946 psf. The home was constructed in 1977, it’s likely to be demolished and rebuilt.

Choo believes that land prices for Vanda Road are likely to be in the range of $2,200-$2,500. Vanda Road neighbourhood are likely to be between $2,200 and $2,500 per square foot today, based on the form and size of the property, the elevation as well as the location, among other aspects.

Tellus’s Loh estimates it would cost between $2.5 million to to build the new semi-detached residence that will have identical specifications, and area similar to the property on 51 Vanda Road today.

As opposed to Mr. and Mrs. Tan There aren’t many homeowners are enthused by the thought of developing an property according to PropNex’s Choo. The majority would rather have something brand new. In the past the area has seen a rise in “emerging professional success” in the region -it is “partly because of the excellent schools as well as the facilities and the prime location” He says.

Check this article: Neil Road shophouse for sale for $16.5 million

Neil Road shophouse for sale for $16.5 million

A freehold industrial property located at Jalan Pemimpin, Bishan is available to auction via an expressions of interest (EOI) with the minimum guide price of $138 million as reported in a September 19 press release issued by the Joint marketing agent SRI as well as Signature International Properties.

The property is situated on land that is 42,593 square feet that is classified as Business 1 under the Urban Redevelopment Authority’s 2019 Master Plan with an area ratio of 2.5. According to this ratio the site could be developed up to 106,000 sq feet.

The press release states that buyers have the option to keep the building personal use or to divide it into up to 54 strata units that are available for sale. The acquisition of the building offers an exceptional opportunity for businesses or investors to secure a valuable asset that has the potential to be a long-term investment according to Signature International Properties’ managing director Evan Chung.

Sharon Kow, SRI’s associate director of division, states: “We are excited to show this industrial building with a freehold situated at Jalan Pemimpin as an outstanding property situated in the heart of Singapore.”

Due to its central position it has excellent access to and connectivity with other areas on the island. It is also close to the Marymount as well as Bishan MRT stations.

The EOI closes on October 23 at 4pm.

Read more: Club Street commercial land tract for sale at $30 million

Club Street commercial land tract for sale at $30 million

A food processing plant located between 28, and 30, Senoko Crescent, within the JTC Senoko Food Zone in Sembawang it is for auction. The property has an estimated price at $14 million as per the marketing agent Colliers.

The property covers a land area of 31,678 square feet, which is which is zoned to Business 2 use with a plot ratio of 2.5. The land is subject to an JTC leasehold duration of 30 years starting in June 1991. The lease was extended by an additional 30 years. It means that approximately 28 years remain in the lease.

The facility has a gross floor space of 47,803 square feet. Based on the approval of the plot’s ratio to land, it has the potential to expand the property’s GFA to around 80,000 square feet. The property is licensed for food processing, manufacturing and packaging. It is equipped with cold rooms, non-halal and halal preparation areas, plenty of loading areas, a two-tonne cargo lift as well as an ancillary office.

Raphael Lee, Colliers’ industrial services director, believes that the property is perfect for manufacturers of food and beverages expanding their operations in a rapidly expanding industry.

Read related article: In the second quarter of 2023, industrial leasing volume increased by 6.1% to 3,298 tenants

In the second quarter of 2023, industrial leasing volume increased by 6.1% to 3,298 tenants

Lendlease has announced a new protocol to address the emission of carbon in Scope 3, in Climate Week NYC, an annual climate conference organized by the the international nonprofit Climate Group in partnership with the United Nations General Assembly.

According to a September 19 press release issued by Lendlease the protocol aims to accelerate the speed as well as scale of carbon reduction throughout the real estate market. The built environment currently accounts for 40% of carbon emissions globally.

Scope 3 emissions refers specifically to indirect emissions of the value chain of a company that result from upstream activities like the production from building material, as well as downstream processes like business travel or energy consumption. By contrast, Scope 1 emissions refer to direct emissions from controlled by the company resources like fuels and Scope 2 emissions are emissions of energy that are purchased from a supplier like electricity that is used by the business.

In the release even though they typically comprise the bulk of an organization’s carbon footprint Scope 3 emissions are difficult to tackle within the property industry because of the lack of guidance on reporting limits.

In the case of Lendlease, Scope 3 emissions comprise 90% of the company’s total carbon emissions worldwide. In its initiatives to decarbonize Lendlease is aiming to reach net-zero carbon emissions in Scope 1 and 2 emissions in Asia in 2025 and to reach absolute zero emissions, that is, the elimination of Scope 3 emissions, by 2040.

To accomplish this, Lendlease’s protocol outlines what needs to be measured, tracked and reported on for Scope 3 emissions. “To determine where we should focus our efforts to reduce carbon emissions, we need to know first what we’re accounting for all of our Scope 3 emissions – what is significant and what’s in or out of the range” claims Cate Harris Lendlease’s group chief of sustainability, as well as Lendlease Foundation.

To illustrate, for example, the measurement of Scope 3 emissions from purchased products and services, the Lendlease protocol specifies a reporting threshold that also includes measuring construction materials bought by subcontractors or directly at the production stage.

Harris says the protocol’s goal is to stimulate discussion and participation within the real estate industry regarding how to measure and provide reports regarding Scope 3 emissions. “If we are able to achieve that, then perhaps we could join forces as an industry to tackle the two biggest issues that are systemic in the process of decarbonising harder materials to mitigate emissions as well as the digitization and exchange of Scope 3 emissions data.”

Read this: Adjacent GCBs on Belmont Road are on the market for $2,100 psf

Adjacent GCBs on Belmont Road are on the market for $2,100 psf

Two shophouses that are freehold located at 284 and 286 Lavender Street are up for auction priced at $6.25 Million each and $12.5 million in total according to a statement in a press release by Savills Singapore on Sept 18. The two properties are on a land size of 3,520 square feet and are designed for residential use, with commercial space on the top of the storey. They have a an area ratio of 3.0. They are permitted to have a maximum floor space of 10,560 square feet. The shophouses are in walking distance from Bendemeer MRT Station and are 10 minutes away from the CBD.

In the release purchasers could increase their plot-to-plot ratio for the property by adding a six-storey rear extension, and thereby growing the floor area to a maximum of 10,560 sq feet subject to approval by the relevant authorities. There is also the possibility to use the upper floors for different applications or to merge the two shophouses.

Savills Singapore’s director for capital markets and investment sales, Sophia Lim, says that the area around Lavender as well as Jalan Besar precinct has been going through “rejuvenation” as well as being “gentrified into a vibrant, active lifestyle location”. She also says that “284 or 286 Lavender Street offer astute investors, owners-occupiers and developers the chance to acquire two shophouses located in a city fringe location.

“The shophouses will also permit buyers to buy two freehold heritage shophouses that offer strong value in a fast-growing, exciting area.”

The EOI deadline is October 19 at 3pm.

Check this post: Third Avenue freehold GCB is up for auction for $30 million

Third Avenue freehold GCB is up for auction for $30 million

The 2023 Singapore Grand Prix benefited not only the luxury hotels but also the budget ones as well. In Hongkong Street, many boutique hotels also had high occupancy and some were running at full capacity including Fragrance Hotel Riverside at 20 Hongkong Street, Bluewaters Pods Hotel located at 38 Hongkong Street, Hotel Nuve Elements located at 41 Hongkong Street and Hotel Bencoolen located at 47 Hongkong Street.

Restaurants and bars on Hongkong Street include a cocktail bar on the 28th floor of Hongkong Street (voted one of Asia’s 50 top bars of 2023), Greek restaurant Vios by Blu Kouzina on 31 Hongkong Street, Italian restaurant Amo located at 33 Hongkong Street, Korean bistro bar Soollounge2 on 38 Hongkong Street and Japanese restaurant Mizume located at 41 Hongkong Street.

It is located just off New Bridge Road, Hongkong Street is just three minutes away to Clarke Quay MRT station and Clarke Quay Central Mall. Then, you’re an easy stroll to the affluent bars, restaurants and clubs in Clarke Quay, Robertson Quay and Boat Quay along the Singapore River. Marina Bay, the Core CBD, Chinatown and Marina Bay are also nearby.

“Hotels located on Hongkong Street are extremely popular with American and European travelers who are looking for to experience living in a historical zone in the middle of Clarke Quay,” says Sammi Lim, founder and director of Brilliance Capital.

From January through July, the average rate for rooms has increased by 25.2% y-o-y to $275.21 and the average occupancy rate of 80.09%, up 10.7% per year, as per Singapore Tourism Board statistics. Hotel rates across all categories have increased in following the Covid revival.

Since since then, there’s been increasing interest from investors in the hospitality industry as per Briilliance Capital’s Lim. The owners of the shophouse at 41 Hongkong Street are hoping to draw some of this interest from investors and put the property for sale. The sale will be through the expression of interest (EOI) and Brilliance Capital as the exclusive marketing agent. The EOI will close on November 9.

Lower Circular Secondary Settlement
Hongkong Street, off New Bridge Road is situated inside New Bridge Road is located within the Upper Circular Conservation Area. It is regarded as an additional Settlement which is comparable with Balestier, Beach Road, Joo Chiat and Geylang -which was established in the period between 1900 and 1960 when the city’s centre grew to the west.

In contrast to the shophouses in those Historic Districts, which have strict conservation regulations The shophouses in Secondary Settlements have greater redevelopment potential, for instance, adding an extension of six stories to the rear, insofar as the front facade remains.

The owners at 41 Hongkong Street purchased the property in the past decade it was used by a dry goods store as well as the higher floors in the shophouse with four levels were let to a hostel for backpackers. operator.

However, in the year 2016 the owners opted to go through an overhaul of $5 million which lasted for three years. This included adding a six-storey rear extension as well as installing an elevator to each floor. The property is designated for commercial use and has an area ratio of 4.2 according to the Master Plan 2019. The total constructed-up area is 8,872 square feet.

Approval granted for Hotel, F&B operations
A few years back, the city obtained approval for hotel use on upper floors, and F&B usage on ground level. “Hotel licenses are very restricted and various restrictions are put at the sites,” says Lim. “Hence, properties with a hotel license are highly valuable.”

The Temporary Occupation Permit was obtained in October of 2019. The owners also extended the lease with a new 99 years as of December 2018. Upper floors let to the hotel with 30 rooms Nuve Elements, while Japanese restaurant Mizume was able to take over the ground floor.

The fifth floor is home to the reception of the hotel, which has an open-air terrace that has been transformed into an indoor nursery where plants are sold. The rooftop terrace on the floor on which it is transformed into a spa complete with a Jacuzzi for guests of the hotel to take in the city view.

41 Hongkong Street is on the market for $33 million, which is equivalent to $3,945 per square foot based on the constructed area.

After deducting the cost of F&B room of 1,051 square feet (excluding any common area) on the first floor, estimated at $5,800 per square foot or the total amount of $6.1 million Brilliance Capital’s Lim estimates the cost of the hotel component located at 41 Hongkong Street to be about $963,000 for each key.

Revitalization on Hongkong Street

The revival of Hongkong Street began a decade ago, when a minimum of 13 shophouses were sold between the years 2010 and 2011, according to Lim. Another wave occurred in the year 2018, when at least four shops were sold: 43 Hongkong Street for $7 million in March 2018. This was then six Hongkong Street for $13.75 million (May 2018) 9, Hongkong Street for $18.8 million (June 2018) and 28 Hongkong Street for $9 million (October 2018).

This year, additional shops on Hongkong Street have been put up for sale. In April, a shophouse located at 18, Hongkong Street was sold for $9.6 million. The property is situated on a 1,884 square foot site with 99 years of lease beginning January 1st, 1951. This means that the property has a remaining 27 years on the lease. The walk-up property is a gross surface area of 507 4 square feet and brings the total cost to $1,892 per sq ft.

In the 18th floor of Hongkong Street, City Backpackers @ Clarke Quay leased the shophouse for seven years. The lease includes permission for the hostel’s planning operation end in 2024. It is possible that the property could be transformed to create a brand new structure that has a six-storey rear extension according to Krystal Khor director of Mondania who brokered the deal.

Price difference between leasehold and freehold
17. Hongkong Street was put up for sale on September 6 by CBRE. The shophouse is situated on land of 1,793 square feet and has a built-up total of 7,950 square feet. In the URA Master Plan 2019, the property is classified as commercial property with the plot ratio being 4.2.

Its ground level of the 5-storey structure located at 17 Hongkong Street has been leased to Japanese Omakase restaurant Kappo Shunsui. Meanwhile, the upper floors are leased as offices to companies that deal in a variety of trades. The property located at 17 Hongkong Street is on the market for $47.5 million, which amounts to $5,975 per square foot based on floor space.

With the high cost of the freehold property, “a price below $4,000 for an almost fresh 99 year leasehold property located in the CBD region is deemed attractive” According to the Brilliance Capital’s Lim.

The shophouse located at 41 Hongkong Street is likely to draw hotel and shophouse investors. Lim believes there is a chance of family-owned offices being a part of the mix as well. It could be a possibility to hold the property as a long-term investment and possibly turning the building into one office to use in the near future.

Lim also believes in the return of investors who had been withdrawn from her Singapore property market in the last three years. “They thought that prices had been raised to unreasonably high levels for some shops, and we now know why,” she says. Lim is referring to the scandal of money laundering this month, which saw 10 suspects who were originally originated from Fujian, China, arrested in Singapore and $1.8 billion in assets which included high-priced real estate confiscated.

“These real buyers are returning to the market and as sellers become more real in their prices, we believe that the cost gap can be reduced,” Lim adds.

Read also: Island View will be listed for collective sale at $575 million

Island View will be listed for collective sale at $575 million

Singapore Telecommunications (Singtel) Z74 2.07%has agreed to sell 20% of its regional data centre business to a global venture capitalist KKR. It will then be purchased through a fund that is managed through Kohlberg Kravis Roberts & Co. L.P. (KKR) where it will invest as much as $1.1 billion of cash. The deal puts the overall value of Singtel’s global region-wide data center business to $5.5 billion, which is around 60% over the $3.4 billion estimated by DBS Group Research.

KKR can choose of increasing its share up to 25% by 2027 based on the agreed-upon valuation.

It is the very first time collaboration that has been made between Singtel with KKR. Based on the statement from the telecom they will have the ability to draw the KKR’s experience in investing in data centres and telecommunications infrastructure across the globe, in addition to capital. KKR owns the investment in its Asia infrastructure plan.

The profits from the deal will be used to expand the scope and expansion of our regional data center service across Asean markets that include Singapore, Indonesia and Thailand. Additionally, it will go towards investigating markets such as Malaysia and other countries.

Singtel’s regional data center business makes up the Digital InfraCo unit which was created in June. The company is among the biggest operators of data centres in Singapore.

In addition to the 62MW of capacity already within Singapore, Singtel is building an additional 58MW DC Tuas in Singapore and has also joined forces with Telkom as well as Medco Power in Indonesia and GULF and AIS in Thailand to build data centres located in Batam as well as Bangkok respectively. The portfolio of data centres will provide a total capacity of more than 155MW when the three projects are operational by 2025. There is the possibility of scaling up to over 200MW.

“KKR’s investment underscores the high-quality of our data centre portfolio as well as trust in our plan for scaling the business, leveraging the speed of digitalisation and AI implementation that are changing the region. Our expertise in the design and building data centres and our leading position in connectivity within the region, in conjunction with KKR’s long-standing track record of supporting digital infrastructure assets and platform-building skills make for a formidable combination. We’re looking at building on the momentum we’ve created to build the business to become one of the leading regional environmentally sustainable and green data center platforms, with a wealth of hyper-connectivity capabilities,” states Bill Chang, CEO of Singtel’s Digital InfraCo.

“The industry of data centres is expanding at an exponential pace due to the unprecedented trends in the industry we’re seeing. KKR can be described as a reliable company in the Data center sector and we look at our partnership as a strategic one in transforming the platform to become an effective expansion powerhouse for Singtel. The investment made by KKR highlights the hidden benefit of Singtel’s data centres, and we expect this to reveal the value of our shareholders over the months ahead. More than $6.5 billion is not being accessed since we started our strategic reset in the year 2000 and we are still focusing on maximizing potential value for our shareholders.” states Arthur Lang, group CFO at Singtel.

“We are delighted to offer this customized solution that will support the regional data center platform of Singtel which is one of the longest-running and prestigious companies located in Singapore and a top service provider of digital infrastructure across Asia Pacific. A robust digital infrastructure, which includes top-quality data centers are expected to play an important part in supporting Southeast Asia’s thriving digital economy and Singapore is well placed to become a key point for the region. We are looking forward working along with Bill, Arthur and Singtel’s skilled staff to satisfy this massive demand and to share our expertise and networks across the globe to boost the growth of the platform throughout the region.” declares David Luboff, partner and director for Asia Pacific Infrastructure at KKR.

The market for data centres within Southeast Asia is expected to expand by 17% in the course of five years as compared with 12% in the other regions of the globe. A range of US$9 billion ($12.27 billion) or US$13 billion worth of investments are expected to be poured into the region.

According to Singtel the demand for data centers is predicted to exceed supply due to increased data consumption, companies moving to cloud computing and the rapid growth AI (AI) in the region.

Malaysia, Indonesia and Thailand are likely to see the largest capacity increase, with Johor specifically benefiting from the spillover demands coming from Singapore due to Singapore’s supply limitations. The rising demand for the most demanding computing tasks, like AI that is generative AI can also lead to an increase in the number of graphic processing unit (GPU)-powered data centers in the near future.

The net assets unaudited of Singtel’s regional Data Centre business at the end of June was around $19 million.

The deal is expected be completed in the fourth quarter of 2023.

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CLI's main regional fund pays $112 million for a newly finished Grade A logistics property in South Korea

The global asset management company PGIM Real Estate, a global asset manager has strengthened its rental housing investments across Asia Pacific (Apac) with strategic acquisitions and the launch of new initiatives across Australia, Mainland China and Hong Kong. The assets were purchased to support its value-add, core and core-plus strategies within Apac.

“The residential sector of Apac is extremely under-supplied and has a strong opportunities for investors to grow,” says Benett Theseira the director for Asia Pacific at PGIM Real Estate.

Within Australia, PGIM Real Estate has purchased the acquisition of two properties together along with Point Capital, an Australian real private equity, real estate and funds management company. The properties are located within Brisbane and Sydney and each comprises around 300 apartments. The aim of the joint venture is to pursue other projects similar to the ones it has already completed and eventually aim for an inventory of 1,250 to 1500 apartments when it is completed.

Then, in China, PGIM Real Estate has formed a partnership with a local business to purchase a 19-story rental apartment in Shanghai that has more than 500 units. Then, in Hong Kong, PGIM Real Estate purchased two hotel properties in the year 2022 The 29th floor Weave Studios in Kowloon West as well as the 22-storey Dash Living on Hollywood Road located on Hong Kong Island — and transformed the properties into apartments for co-living in the year that is currently underway.

The recent acquisitions of PGIM Real Estate represent a major expansion of other market for the Apac rent-to-own housing collection that prior to this consisted of multifamily assets in Japan. “We anticipate that this sector will give the steady returns and income investors are looking for in a volatile and inflationary economic environment,” Theseira remarks.

SORA Condo brochure

A commercial shophouse that is freehold located in 128 Neil Road is up for sale via the expression of interest (EOI) exercise, with an estimated minimum cost that is $16.5 million. That’s $5,882 per square foot for the area that is built-up.

SORA Condo brochure boasting expansive site and gross floor areas, SORA Condo provides spacious units to ensure an enjoyable living experience.

The two-storey shophouse within Bukit Pasoh Conservation Area. Bukit Pasoh Conservation area was offered for sale via tender in June for the offer in the range of $18.8 million ($6,866 per sq ft) but was unable to find buyers.

The shophouse is situated on an that is 1,336 square feet which is zoned for commercial usage. It has mezzanine, and has an approximate built-up space of 2,805 square feet, subject to an site survey. It is currently rented out and is utilized for office use.

The property is located close of Outram Park MRT Stations. Maxwell, Tanjong Pagar and Outram Park MRT Stations.

Loyalle Chin Director of PropNex ShophouseHuat and associate district director at PropNex Realty remarks that the location and the property’s features make it a great investment for those looking to purchase an office space to run their company or as an instant income-generating asset. He believes that the shophouse will draw investors looking for “value purchase” under $20 million.

The EOI process to apply for the 128 Neil Road will close on November 1 at 3pm.