Club Street commercial land tract for sale at $30 million

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SORA Condo floor plan

A commercial parcel of land at Club Street has been put on the market for sale through the expression of interest (EOI) with the minimum price guide that is $30 million.

SORA Condo floor plan spanning over an area of 191,972 Square Feet (sqft), it boasts a maximum floor area of 403,141 sf.

The site is classified as commercial under the Urban Redevelopment Authority’s (URA) Master Plan and covers an area of 6,929 sq. ft. URA has also granted outline permission for planning (OPP) to be used as an hotel. Since it is an envelope controlled site currently, the OPP permits for the site to develop to a maximum of two stories, with the roof terrace as well as basement.

Loyalle Chin Director of PropNex ShophouseHuat and associate district director at PropNex Realty, says: “With Freehold/999 years commercial property in Singapore being scarcer and this parcel of land in the highly sought-after Club Street is an attractive opportunity for family-owned businesses and developers who want to increase their “land bank” or to purchase for their own use.”

It is situated in the Club Street and Ann Siang Hill Park area It is located near Maxwell MRT Station, Chinatown MRT Station, Tanjong Pagar MRT Station and Telok Ayer MRT Station. It is also located near The Singapore Chinese Weekly Entertainment Club located at the 76th floor of Club Street.

The EOI process for the parcel of land will end on November 1 at 3pm.

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

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SORA Condo price

The amount of leasing in the industrial market grew to 3,298 tenancies in the 2Q2023, an increase of 6.1% y-o-y, according to the Savills Research report. In a press release issued on September 18, Savills Singapore says that the growth resulted from more leases for multi-user factory space, which grew by 10.6% y-o-y and is the highest level since 2021. The lease transactions in single-use factories and warehouse segments decreased in 5.7% and 1.3% per year and 1.3%, respectively.

SORA Condo price includes a differential premium that may be used to optimize overall plot ratio to 2.1.

Based on a sample of industrial properties that are tracked by Savills and Savills, the costs for leaseholds with a 30-year or 60-year term industrial properties were up 1.4% and 2.4% per month to $320 psf, and $495 per sq ft, respectively.

The report forecasts more rises in rents and prices throughout the remainder of the year for most industrial property kinds despite increasing negatives and slowing development in the production industry. The demand for multi-user factories will likely be driven by the emergence of emerging growth areas like high-value manufacturing, and rents are expected to rise up to up to 4% or 6%.

The rents for warehouses are predicted to increase from 3-5%% or 5% because of the growing demand for high-end and modern logistical spaces as well as the limited availability of high-quality warehouses.

Alan Cheong, Savills Singapore’s executive director of research and consultancy, says that rents as well as prices for warehouses and industrial spaces will remain on the rise for the remainder of the year. “One reason that keeps these two in check is inflation. The other factor is higher interest rates. Since the majority of landlords are financially stable this puts them in a better position to transfer their higher interest costs on to the tenants” Cheong adds.

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

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SORA Condo showflat

Two adjacent Good Class Bungalows (GCBs) located at 53 and 52 Belmont Road are up for the sale through expressions of interest. The freehold properties are situated on two separate land parcels that total land area of 41,741 square feet.

SORA Condo showflat includes anticipated differential premium that may optimise total plot ratio to 2.1 for prolonged leasehold of 99 years.

The sellers of the properties anticipate an offer of $2100 per square foot for the land as per Tan Hong Boon, executive director at JLL who is the marketing company for the GCBs. Belmont Road, 52 Belmont Road has a land space of 24,178 sq ft and 54 Belmont Road occupies 17,563 sq feet. The prices for the properties are $50.77 million or $36.88 million, which is around $87.7 million when taken together.

The GCBs of 54 and 52 Belmont Road, situated near the cul-de-sac of Belmont Park, were built in the 1970s. The 52 Belmont Road is a single-storey bungalow, whereas 54 Belmont Road is a single-storey house that has a lower level. Both houses have their private swimming pools.

“Potential buyers seeking large adjacent GCB parcels within this sought-after neighborhood are aware that this kind of property is not often available,” says Tan. Tan says that potential purchasers “are likely to remodel the sites” in accordance with their requirements and lifestyles.

The exercise to express interest to apply for the 52 or the 54 Belmont Road will close on Oct 27 at 3pm.

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

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SORA Condo at Lakeside Jurong

Two-storey Good Class Bungalow (GCB) located at 20 Third Avenue is up for auction on public tender worth $30 million, as per the press release issued from Knight Frank Singapore on Sept 18. The land is 14,576 sq ft, with an overall surface area gross of 100,000 square feet The guide price amounts to around $2,058 per square foot on the land.

SORA Condo at Lakeside Jurong strategically situated to ensure an effortless commute around the neighbourhood and to the rest of Singapore.

This GCB will be Hin Leong Trading founder OK Lim’s second GCB to be sold in the region. Prior to that, his first GCB located on Fifth Avenue Second Avenue, was sold in the month of October 2021, in the amount of $33.39 million. Both bungalows are in the midst of an order from the court to freeze all of the Lim family’s assets due to Hin Leong’s bankruptcy and closing at the end of March in 2021.

The property is located within walking distance to The Sixth Avenue MRT Station, just a short distance towards Singapore Botanic Gardens. Singapore Botanic Gardens and the CBD. It is also within walking distance of Gleneagles Medical Centre and Hospital. Gleneagles Medical Centre and Hospital and schools such as Hwa Chong Institution and Hwa Chong International School, Anglo Chinese International School and United World College of South East Asia (Dover).

The executive director of Knight Frank Singapore’s department for capital markets Mary Sai, notes that the offer is an “ultra-rare chance” for buyers to buy an GCB with a highly sought-after address. “Such assets are typically kept in a secure location for the long-term preservation of wealth or capital appreciation” Sai says. “We believe this listing will attract a lot of attention due to the limited supply of prime land properties and the high demand from ultra-high-net-worth families in the world.”
The tender will end on October 16 at 3pm.

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

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SORA Condo By Chip Eng Seng

Island View, the freehold condominium located situated on Jalan Mat Jambol in Pasir Panjang, is scheduled to go through a tender for a collective sale. The announcement, which was made in a press statement issued by the marketing Agent PropNex Realty on Sept 18 The release The release reveals that the property will be sold with an initial value in the amount of $575million. The tender will begin on September 19.

SORA Condo By Chip Eng Seng SingHaiyi Group and KSH Holdings completed an acquisition of Park View Mansions, now known as SORA, following tender closure.

The 72-unit project was completed in the year 1984 and is located on an undeveloped freehold site covering 309,543 sq feet which makes it the biggest freehold condominium site located in Pasir Panjang, says PropNex. The site is designated for residential use, with an average plot ratio of 1.4.

An upcoming development at the site could be constructed with up to five floors and could result in 402 new houses that are based on the average size of 100 square meters or 1,076 sq feet. “In addition to that, the site is located on the southern coast of Singapore and could offer those on higher floors views of the sea,” states Laurence Wong who is PropNex’s head of sales collective.

The land cost for the site amounts to $1,623 per plot ratio after taking in costs for land improvement as well as an additional 7% additional balcony. Wong states that the upcoming development of the site will be able to meet the high leasing demand from professionals, due to its proximity to commercial zones such as Mapletree Business City, Science Park, Alexandra Technopark One-North and The National University of Singapore and the National University Hospital. The site is also within walking distance from Pasir Panjang MRT Station. The connection is expected to be enhanced upon completion of the Circle Line in 2026.

“Over the long-term it is possible that the Pasir Panjang district may gain from the new developments to the area, including The Greater Southern Waterfront — – a major new entrance to urban living and commercial activities and the continuing revitalization of Sentosa and its amenities,” Wong continues.

The tender for the collective sale for Island View is scheduled to close on the 19th of October at 2pm.

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

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SORA Condo

CapitaLand Open End Real Estate Fund (COREF) COREF, the principal regional core-plus investment funds of CapitaLand Investment (CLI) 9CI -0.93%, has purchased a recently completed Grade Logistics property located in South Korea for $112 million.

The acquisition will boost COREF’s total funds under administration (FUM) to $1 billion.

SORA Condo enjoys an ideal position in a residential zone under URA guidelines.

The property, Anseong Seoungeun Logistics Centre, is comprised of two four-storey buildings that have basement floors. The property comprises 60,407 square meters of net leaseable space.

It is situated in the northern region of Anseong it is an emerging logistics hub within the Gyeonggi province. The area is believed to be well served by primary expressways, which provide convenient access for Seoul in addition to Greater Seoul. A brand-new expressway, scheduled to be completed in 2024, will provide an additional level of access and accessibility to the property.

“Leveraging our deal sourcing team’s deal sourcing and execution skills and a 20-year track record, we got this asset of high-quality for a fair price by an off-market transaction,” says Matthew Sohn the director for Korea at CLI. “We anticipate that the supply of logistics to be able to decrease in the near term due to rising construction costs as well as the challenges of financing projects and more stringent development restrictions. We think this asset is a good investment due to its strategic spot in the northern region of Anseong, a rapidly growing region that’s lured large logistics firms to establish bases and a number of global investment companies are looking to acquire logistics properties.”

“This acquisition is in addition to COREF’s existing portfolio of offices and multifamily properties across Japan, Singapore and Australia and broadens the portfolio towards the robust South Korean logistics sector,” says Simon Treacy, CEO of private equity real estate at CLI. “Demand for high-quality logistics facilities in South Korea is growing steadily due to the rapid growth of online commerce, which has led to the country being among the top e-commerce penetration rates in the world. The deal also aligns with COREF’s main areas of investment, which include investing in emerging submarkets within the fund’s targeted developed nations and the rising popularity of e-commerce.”

“Asia Pacific will continue to reap the benefits of rapid urbanisation as well as robust economic growth. Since the inception of COREF we have created an extensive portfolio of quality assets across four countries of Asia Pacific that offer investors appealing returns that are risk-adjusted. We will continue to draw on our teams’ in-country knowledge to increase the size of the private funds we manage,” Treacy continues.

Since its beginning at the end of September 2021 COREF is investing in asset across Australia, Japan and Singapore.

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