As of January 31, the average price attained was $4,061/psf

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Read also: Launch of the $280 million collective sale of Manhattan House

Launch of the $280 million collective sale of Manhattan House

The sales gallery was reopened at Klimt Cairnhill on Jan 3 — following closing for six weeks, which saw the three showflats being renovated the showflats Low Keng Huat Low Keng Huat, one of the property developer in the 138-unit luxury condominium located on Cairnhill Road has closed on 18 sales. The total in units sold at 25 (28.4%) out of the 88 units that have been released up to date. The median price was $4,061 as of Jan 31st.

Alvin Teo, executive director of Low Keng Huat, says Singaporeans comprised 25% of the buyers and permanent residents accounted for another 10%. A further twenty-five% is foreign-owned buyers coming from Southeast Asia, namely Indonesia, Cambodia, Myanmar and Vietnam.

But, it was Chinese nationals that drove the growth in Klimt Cairnhill since the start of the year. They made up 40% of buyers, according to Teo. There’s been a rise in the interest of Chinese buyers after travel restrictions were lifted in China on January 8 following a three-year Covid-19 lockdown.

“Many among these Chinese buyers are relatively new in Singapore,” says Dominic Lee PropNex’s director of its luxury department. “They require large apartments that have freehold tenure as well as an ideal district address. There’s not much new stock of these properties available at present. That’s why many of the huge, four-bedroom apartments located at Klimt Cairnhill were taken up by Chinese buyers.”

Since Covid-19, the demand for larger homes has grown. The last time Klimt Cairnhill previewed in August 2021, it was only the larger units that included threeand four-bedroom apartments as well as penthouses — were offered to the market for auction.

Big units in demand
There are two penthouses in Klimt Cairnhill There is a 4,898 square feet six-bedroom duplex located on the 36th floor and a 5,290 square foot duplex with six bedrooms located on the 35th floor and the 36th floors.

The simplex penthouse was auctioned off at the end of November in 2021 to a buyer who paid $26million. With a price of $5,309 per square foot basing it on the floor area it established a new record for the area of development.

Two parties are competing for the 5,920 square feet duplex penthouse: a local and one Chinese national. The penthouse is priced above $5,300 per square foot The price of the total ticket of the penthouse will be greater than 30 million. PropNex handled the transaction.

Low Keng Huat offered multiple-unit buyers the possibility of combining two four-bedders that are on floors to meet the growing demand for spacious units with more than 4,500 sq ft of area. Both units include six bedrooms with ensuites and will be serviced by an internal staircase and private lift. In addition, Klimt Cairnhill offers two kinds of four-bedroom units ranging from 2,056 sq ft and 2 368 sq ft — the combined units will be duplexes with 4,112 sq feet and 4,736 sq ft and 4,736 sq ft, respectively.

Seven of the four-bedroom units that were sold were to buyers who bought multiple units, including those who purchased the units with family members. Certain buyers were offered the option of combining their units. The buyers were mostly Chinese or Southeast Asian buyers, says Low Keng Huat’s Teo. As of now no one has accepted the offer to combine the two units.

Ken Low, the managing partner of SRI Ken Low, who is the managing partner of SRI, has no reason to be surprised by the interest in the four-bedroom apartments at Klimt Cairnhill after the firm sold the first unit, which was 2,056 sq feet on the 33rd level to $7.72 million ($3,755 per square foot) on the 7th of January. The buyer is also believed to originate from China. “Attention has been paid towards Klimt Cairnhill after the large units in Park Nova, which is a 54-unit complex Park Nova was closed,” says Low. In fact, the Les Maisons Nassim which is home to only 14 units which have the smallest sizes with a floor area of 6,049 sq feet and prices starting from $35 million has sold 11 units so far. The most recent sale on the market at Les Maisons Nassim was for an area of 6,179 square feet on the second level , which sold for $36 million ($5,827 per sq ft) in accordance with the caveat that was lodged.

“Larger than average unit sizes’
The units at Klimt Cairnhill, it is not only the four-bedroom apartments that are large, however, the three- and two-bedroom apartments are “larger than the average” according to Teo. The two-bedroom apartments at Klimt Cairnhill are sized at 829 square feet, and two bedrooms plus study units that are 893 square feet. Three-bedroom units come in two sizes: 1,432 sq feet and 1,496 sq feet.

Since the beginning of the year Teo reports that there’s increased interest for two-bedroom apartments from local buyers, particularly young couples or families with children. Teo attributes this to Klimt Cairnhill’s location near schools which include Anglo-Chinese Schools (Junior) situated within a distance of 1km; Eton- House International Preschool, just two minutes away, as well as Anglo-Chinese school (Barker Road), St Joseph’s Institution and Singapore Chinese Girls’ School just a short drive away.

Given the increased interest in the two-bedroom types, Low Keng Huat is releasing all 50 units of two- and two-bedroom-plus-study apartments when it relaunches Klimt Cairnhill on Feb 6.

Two-bedroom units will cost from $3,200-$3,600 per square foot. The total cost of 829 sq feet, two-bedroom apartments start at $2.65 million for the floor with the lowest price to below $3 million on the top floor. The two-bedroom plus study units with 893 sq feet will have prices ranging between $2.86 million to $3.2 million.

The return to the ultra-rich Chinese?
The high demand for large apartments and penthouses in most desirable areas was evident in 3 Orchard By the Park. According to reports the report states that a Chinese buyer bought two duplex penthouses within the Prestige Penthouse Collection. Each duplex measures 6,092 square feet and features five bedrooms and the pool. The interiors are created by Formwerkz to the cost of $1.7 million per.

The buyer is planning to merge the two penthouses duplex. The price of the purchase is thought to be in the vicinity of $60,000 for each penthouse that is the price per unit that ranges from $4,963 to $5.029 psf. According to sources in the market, ERA was the broker for the sale.

“This may be the time in which the luxury market will see more notable deals thanks to the return of super-rich Chinese,” says Mark Yip the CEO of Huttons Asia. “This could not be included in the caveats since it isn’t required to file an objection. Certain deals be governed by a different arrangement or are bought under an international passport.”

Foreign buyers, particularly those from China are seeking to buy units for personal for their own use, according to Doris Ong, deputy CEO of ERA Singapore. “They are looking for units that they can live in within a short time. A majority of them have completed their research prior to when arriving in Singapore. They’re pretty sure they have an idea of what they would like to purchase. The buying decision is much quicker.”

Narrowing price gap draws Singaporean value-seekers
ERA’s Ong believes that the two-bedroom units are attractive to those looking for to be part of District 9. The two-bedroom units offer an entry cost that is more affordable for young couples or those who are looking to be near relatives, she adds. “Their parents could afford to purchase the unit for them or help in the down amount.” She also says the higher rates of interest will not be a major reason for those who are buying in this market.

Another reason for the increase in interest in condominium developments within Central Region (CCR) is the fact that Core Central Region (CCR) is the decreasing price gap in comparison to city fringe or Rest of Central Region (RCR) projects. In the entire this calendar year, median cost for RCR developments was at $2,242 per square foot as compared to CCR project was at $2,806 per sq ft. This shows a gap of 25.2% in 2022, contrasted with 42.7% over the past decade, from 2012 until 2021, according to Huttons Asia.

In December, brand new RCR projects were sold at the median price of $2,648 per sq ft as opposed to CCR projects were valued at $2,886 per sq ft which brought the price difference in between these two groups reducing to 9%. “If prices remain at a steady level in 2023, this dwindling gap in price would remain as there would be more buyers seeking to purchase a unit from CCR projects. CCR project, as it could provide better value,” says Huttons’ Yip.

This may be the reason for the increase in sales of other freehold developments in the CCR which were launched earlier. A good illustration can be found in the Perfect Ten located in Bukit Timah, which was launched three days following the December 2021 round in cooling procedures. The 230-unit freehold project located on Bukit Timah Road, in District 10’s most sought-after district is more than 81.3% sold to date. The average price between December 2021 through December 2022 was $2.995 per sq ft. In the 10 units that were sold this year the average price jumped to $3,207 per fsf.

Another project that was launched at the beginning of the year with a brand-new showroom and sales gallery. It is the Cairnhill 16. It has 39 units. Cairnhill 16.. Since the 5th of January 8 units were sold. The majority of buyers are believed to be local Singaporeans purchasing to move into the project is scheduled to completion in the 4th quarter of 2023. The units sold on average were $2,682 per square foot according to caveats that were lodged. “Cairnhill 16 has smaller unit sizes , and is more affordable quantum costs that attracted Singaporean homeowners and investors,” says SRI’s Low.

He attributes a portion of the increased demand for housing at Cairnhill 16 Perfect Ten and Klimt Cairnhill due to the change to the ministry of education’s principal one-school registration process this year. “With the fewer spaces available to children in the Phase 2A which includes alumni, parents who wish their children to go to their old school might have decided to purchase an apartment in a condominium within a radius of 1km from the school to boost the likelihood of their children attending,” adds Low.

In the wake of Chinese wealthy and Singaporean buyers scouting properties in the CCR Low Keng’s Teo believes that “the timing of the launch of Klimt Cairnhill is much better for buyers” because of the less time-consuming project’s completion time and the Temporary Occupation Permit expected by the late 2024 or 2025.

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Investors in Asia-Pacific real estate are looking for opportunistic transactions for 2023

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Read more: The Singapore Exchange announced that it will purchase 22% of Eurocapital Joint Stock Company’s issued share capital

The Singapore Exchange announced that it will purchase 22% of Eurocapital Joint Stock Company’s issued share capital

On December 20, 2022 Hong Kong’s listed Link REIT signed a deal to acquire two Singapore shopping malls -the malls – Jurong Point and Swing By Thomson Plaza — from NTUC unit Mercatus Co-operative for $2.16 billion. The price of the purchase is the equivalent of a 6.1% discount to the total worth that is $2.3 billion for the two properties on December 28th 2022.

This month Goldin Financial Global Centre (GFGC) -an 28-storey Grade-A office building located in Kowloon East, Hong Kong was sold for HK$5.6 billion ($947 million) to a 50/50 joint venture with the Singapore-based Mapletree Investments and Hong Kong investment company PAG. This is the culmination of a legal battle that lasted nearly two years in between the conglomerate in distress Goldin Financial Holdings, which Hong Kong property tycoon Pan Sutong manages.

Receivers took over the former headquarters of Goldin Financial in July 2020 when the company failed to pay the company’s debts. The company was involved in several failed sale attempts and an HK$14.3 billion deal that was announced in September 2020. However, the deal was later canceled.

These deals are the latest cases of Asia Pacific (APAC) real property investors looking for distressed or discounted assets in an overall shift toward more flexible strategies. According to property consulting firm CBRE’s 2023 Asia Pacific Investor Intentions Survey 31, 31% of those surveyed are focused on opportunistic deals distressed assets, and non-performing loans, up from 26% the year prior. Additionally 60% of US$39.7 billion of funds raised by real estate funds focusing on APAC in 2022 are based on strategic strategies that are opportunistic — the largest amount ever in the last decade.

The increasing demand for this strategy is a reaction to the current economic conditions, such as the increasing cost of financing and a moderate rate of yield growth that are reducing the attraction of traditional strategies, says CBRE. Greg Hyland, the consultancy’s director of capital markets for Asia Pacific, also points that investors are prudent with regard to macroeconomic risks. He says “Despite the fact that fundraising is healthy however, the majority of investors are taking cautious approaches when they are looking for indications of an increase in yields and for the rate of tightening to stabilize.”

The cautious expectation is anticipated to continue into 2023, underlying the wait-and-see approach that investors have adopted from the latter part of 2022. Yet, Hyland expects investment activity in APAC to grow during the second half this year. This is helped by better clarity about the economic outlook and China’s opening.

Intentions to buy and the most sought-after asset classes
The survey is in line with Hyland’s optimism of the market, and shows that the majority (93%) APAC institutional investors are expecting their real estate investments to grow or to remain steady by 2023. Additionally, the survey found that high-net worth families, individuals and private investors had greater buying intent with a focus on principal assets, as well as selected opportunities to buy.

The firm says that logistic and industrial are two of the top sought-after assets that are then office and residential. “While there’s been a decrease in interest in offices largely because of concerns over the current yield levels but the survey shows that the majority of investors opt for office space as their first option,” adds Henry Chin the CBRE’s global head of thought leadership and research for Asia Pacific for CBRE.

CBRE believes that high-quality office spaces located in CBDs across APAC are likely to remain highly sought-after due to the limited supply of space and the high demand from corporates who want better quality office space. Chin states that investors are showing more attraction to the residential market specifically in multifamily properties and those built-to-rent.

However the retail and hotels continue to receive less attention from investors due to the current market turmoil. CBRE claims that the less interest is a reason for more cautious prices for assets in retail with more than 60% of respondents anticipating discounts on malls, shopping centres and high-street shops.

A mere 5% of survey respondents expressed an interest in investing into alternative investments. In this group, CBRE says that healthcare-related properties which include medical offices and medical sciences — have taken over data centers as the leading option for investors. Interest in data centers dipped this year, mostly due to the properties emitting high levels of carbon caused by their extensive consumption, according to.

Top investment destinations
As for APAC investing destinations Tokyo was ranked as the most preferred destination in cross-border investments for the fourth year in a row as Singapore was ranked second. Both countries continue to be the top choice for both investors who are looking for value and core investment with solid market fundamentals.

The report also revealed that within Southeast Asia, Vietnam’s Ho Chi Minh City was placed third, and the capital city of Vietnam Hanoi was also ranked in into the top 10. CBRE states it believes that Vietnam continues to reap the benefits of the status of a China plus One destination, which has prompted the interest of investors looking for opportunities to make money and value in this sector.

The company also states that Hong Kong has ranked within the top five investment destinations for the first time since. After the reopening the frontier to China mainland China and more fair prices, investors have found Hong Kong attractive, adds the report.

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At the fourth quarter of 2022, prime office rentals in Raffles Place and Marina Bay increased by 1.7% quarter over quarter to $10.69 psf

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Read also: The fourth quarter of this year saw the lowest industrial sales volume since Q2 of 2020, totaling $715.1 million

The fourth quarter of this year saw the lowest industrial sales volume since Q2 of 2020, totaling $715.1 million

Prime-grade office rents for Raffles Place and Marina Bay grew by 1.7% over a period of time to $10.69 per sq ft in 4Q2022, according information compiled by Knight Frank. This brings the year-over-year increase for prime office rentals up to 5.5%, exceeding Knight Frank’s prediction for 3.0% up to% at the beginning in the new year.

According to the company that rents were supported by the slack availability of office space in tandem with the steady demand for co-working and traditional office space. “The office market has turned into an occupant’s market for landlords,” says Calvin Yeo who is the managing director for strategies and solutions for occupiers, of Knight Frank Singapore.

The occupancy levels of those areas of Raffles Place as well as the Marina Bay precinct stood at 95.5% as of end-2022 The overall occupancy of the CBD has increased to 93.6% to 94.2% in the last quarter. Yeo puts this down to businesses searching for offices of high-quality which can facilitate the return of operations prior to the outbreak.

It is because more employees work from home full-time This is reflected in the percentage of remote workers expected to range between 10% to 15% less then the 20% predicted earlier. “The long-term use of hybrid working may not be as widespread and continuous in Singapore as was initially thought during the peak of the pandemic” says Yeo. Therefore the market for leasing remains active, with office workers seeking better spaces of higher quality.

Additionally, Knight Frank highlights that more flexibility and choices are offered by co-working locations in the CBD. For instance, Trehaus at Funan incorporates preschool and childcare services as well as Japanese co-working center One&Co is located at Twenty Anson supports Japanese companies expanding into Singapore. “Occupiers who aren’t sure if they want to move or renew their lease can opt for an interim co-working spaces, especially for those with smaller spaces,” says Yeo.

In the future, he anticipates slow growth in the rental market by 2023 for offices that are prime quality which is fueled by the macroeconomic downturn and the fluctuations in the tech industry that has led to the sacking of employees. But Singapore’s status as a safe-flight location is likely to help boost demand, as international companies moving into Singapore or shifting their the business operations to other regions of Asia.

Additionally, Yeo notes that despite the cuts to tech jobs and the decline in employment, levels of employment increased in non-tech firms like those in the financial and banking sectors, are taking on the talents available to build their technology platforms. A preliminary report from the Ministry of Manpower states that the unemployment rate for residents of executives, professionals, managers and technicians fell by 3.4% in 2021 to 2.6% in 2022.

Due to the consistent level of demand, and the limited supply of office space Yeo expects rents to rise approximately 3% over the course of 2023, excluding any significant pre-termination or removal of space leased by technology companies.

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Susheel Koul is named by JLL as the CEO of work dynamics for Asia Pacific

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Read more: Despite the global economic slowdown, Singapore real estate is anticipated to stay resilient

Despite the global economic slowdown, Singapore real estate is anticipated to stay resilient

JLL has appointed Susheel Koul as the company’s CEO for work-related dynamics within Asia Pacific. Koul will succeed Jordi Martin. Martin is set to retire at the end March, after 31 years at JLL.

Koul located in Singapore and has been working for JLL for the last year. Koul has served in a variety of top positions within JLL that focused on client service and sales. He was the most recent division head for work-related dynamic for Asia Pacific.

“Susheel has earned an impressive reputation over his 22 years at JLL. He has been an experienced adviser to our clients’ most important clients as we assist them to navigate the constantly changing working and workplace environment,” says Neil Murray JLL’s CEO of working and workplace dynamics.

The business unit of work dynamics of JLL offers a range of services covering the complete real estate lifecycle for corporate occupiers. This includes holistic facilities management, sustainable consultancy and construction project management. leasing transaction management.

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At a loss of $3.78 million, a three-bedroom penthouse at Turquoise Sentosa was sold

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Read more: The top ten transactions’ sizes in 2022 were 2.4% less than they were in 2021

The top ten transactions’ sizes in 2022 were 2.4% less than they were in 2021

The least profitable resale deal that took place in the week from December 27, 2022 to January 3 was the purchase of a 3,283 sq . ft penthouse with three bedrooms located at Turquoise in Sentosa Cove. The property was sold in the amount of $4.63 million ($1,410 per square foot) on December 27 the previous year. However, the unit was previously sold for $8.42 million ($2,564 per sqf) on November 7, 2007. This means that the seller suffered the loss of $3.78 million profit (45%), which amounts to an annualized cost that was 3.9% over 15 years.

Note an previous version stated that the $3.78 mil loss December 27, 2022 at Turquoise was the sale of a penthouse with four bedrooms. However, the property that was sold was an apartment with three bedrooms. We regret the mistake.

It is the second least profitable to date in 99 year leasehold condominium. The most significant loss is the sale of a 3,746 square feet, five bedroom penthouse unit for $4.4 million ($1,175 per square foot) in September of this year. It was purchased at $9.53 million ($2,545 per sq ft) on November 7, 2007. In the process, the seller suffered record $5.13 million loss. This is equivalent to an annualised cost in the range of 6.8% over 10 years.

Turquoise is among a few 99-year leasehold condominiums within Sentosa Cove. Sentosa Cove residential enclave. Although the majority of condos like Seascape, Cape Royale, The Oceanfront @ Sentosa Cove, and The Coast @ Sentosa Cove offer views of the sea The majority of units at Turquoise as well as the neighboring Marina Collection have views of the marina.

On the other hand that most lucrative resale sale this week included the purchase of 2,852 sq . ft four-bedroom apartment located at Nassim Mansion

in prime District 10. The property was sold for $9.28 million ($3,253 per sqf) on December 29 this year. It was bought at $5.89 million ($2,068 per square foot) during May 2007. This means that the seller walked out of the deal with an $3.38 million gain (57%), which is equivalent to an annual increase in the range of 2.9% over 15 1/2 years.

The sale also marks a record price for psf record for the development’s freehold and surpasses that previous mark set back in with selling a 3 412 sq . ft unit that cost $10.6 million ($3,107 per sq ft).

Nassim Mansion is located in an exclusive residential area which is located close to The Orchard Road shopping belt and the Singapore Botanic Gardens.

There were at most four resales in the Nassim Mansion last year, in accordance with the matching of URA conditions. The majority of transactions produced profits, including the sale on December 27. Two other deals involved the 2,852 square foot unit at $8.45 million ($2,962 per sq ft) in March 9 which brought in 87,000 in gain for the vendor as well as a 2,852 sq. feet unit that cost $8.19 million ($2,871 per square foot) the 27th of June which yielded an $2.4 million return for the owner.

In the case of Fifth Avenue Condominium The selling of an 1,604 square feet, two-bedroom unit on the 28th of December last year was the 2nd highest-profit deal of the time in review. The condo was purchased at $3.38 million ($2,107 per square foot). It was worth $1.05 million ($655 per square foot) at the end of May. The seller made an $2.33 million gain (222%), which amounts to an annualised increase that was 6.5% over 18 1/2 years.

Fifth Avenue Condominium is a freehold property in the District 10 area of the exclusive Bukit Timah neighbourFourth Avenue Residehood. The area has a lot of land housing estates. Luxury condominiums in the vicinity comprise Royalgreen as well as Fourth Avenue Residences as well as nearby commercial developments that comprise Guthrie House, Sixth Avenue Centre along with The Grandstand at Turf Club Road.

According to URA cautions the sale of the property on Dec 28, at Fifth Avenue Condo is also the second-highest profit resale that the development has had to date. It’s just short of the profits of $2.69 million that was earned in selling a 217 square area unit for $4.19 million ($1,894 per square foot) at the end of March in 2020. Prior to that, the unit was purchased at $1.51 million ($681 per square foot) during September of 2004. The result was an of 178% profit, which amounts into an annualized increase that was 6.8% over 15 years.

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the 28-story office building that had served as Goldin Financial Holdings’s distressed investment holding company headquarters

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TMW Maxwell e brochure

Mapltree Investments, together with the investment company PAG has entered into an agreement to create an 50:50 joint venture in order to purchase Goldin Financial Global Centre (GFGC) from receivers for HK$5.6 billion or 713 million dollars ($948 millions).

TMW Maxwell e brochure from the planned rejuvenation of Tanjong Pagar and the planned developments of the Greater Southern Waterfront precinct.

The office tower of 28 stories, situated at Kowloon East, Hong Kong was once the headquarters of the distressed investor holding firm Goldin Financial Holdings. The building was completed in 2016. It is lettable for a total area of 886,703 sq feet. The building was taken over by receivers in the year 2020.

In the press release of January 12, J-P Toppino, president of PAG said that the acquisition is “very excellent value for money at a substantial discount to the replacement cost”. “This deal further increases PAG Real Assets’ footprint in Hong Kong, where we are seeing the continuing post-Covid recovery offering attractive opportunities to PAG Real Assets and our investors,” Toppino adds.

Wong Mun Hoong, regional chief executive officer for Australia & North Asia, Mapletree remarks that this deal offers an ideal opportunity to acquire an office building of high-quality located in Hong Kong. “With the opening of the frontier to China and the relaxation on travel regulations, we’re confident of the resurgence of the office market of Hong Kong.”

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In 4Q2022, sales of real estate investments dropped by 22% year over year to $4.5 billion

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TMW Maxwell floor plan pdf

The real estate investment market was worth $31.9 billion by 2022. This is an increase of 20.4% y-o-y from the $26.5 billion that was recorded in 2021, according research conducted by Knight Frank Singapore. This growth was helped by the opening up of borders and economies around the globe during the first quarter in the calendar year.

But, business confidence slowed during the second quarter of the year due to fears of a slowdown in the economy along with heightened inflation, international political tensions, and disruptions to supply chain. In the end, total investment sales saw a 22% drop in the 4Q2022 quarter q-o -q up to $4.5 billion.

TMW Maxwell floor plan pdf measures 41,799 sq ft or 3,883.3 sqm with a potential gross floor area (GFA) of 21,746 sqm.

Despite the market’s recent shift to more cautious, Daniel Ding, head capital markets (land and construction and International real estate) at Knight Frank Singapore, notes that the biggest deal of the year was made in the final day of the month in December 2022. the Hong Kong listed Link REIT agreed to purchase Jurong Point and Swing By @ Thomson Plaza for a combined $2.16 billion from Mercatus Co-Operative.

In light of rising interest rates Ding suggests that institutional funds are more likely to opt for an approach of waiting and watching. “This means that there is a chance for the private sector, not as dependent on debt financing and will be more involved in the commercial real estate sector in the coming months and with Singapore still being an oasis of peace in the uncertain global environment,” he adds.

Accordingly the appetite of investors for office space in strata was strong in the fourth quarter of 2022. Two of the high floors at Springleaf Tower were sold for $53.9 million ($2,510 per square foot) in November to Esteel Enterprise in November, and the fourth floor of 15 Scotts was transferred by Cortina Holdings for $49 million in October. “Given the larger scale and magnitude that the investments within the office sector of strata are likely to continue over the next weeks,” Ding says.

Overall commercial sales accounted for the largest portion of the investment sales in 2022. They were being followed by residential sales. Knight Frank highlights that residential sales increased in 4Q2022 following the award the two Government Land Sale sites, making $520.8 millions in revenue.

Regarding the collective sale, Knight Frank notes the market is active, with numerous sites are already in the process. “More launches could be anticipated in 2023 and possibly with higher results, as long as the prices remain reasonable and are compared to an amount that falls within the risk tolerance for developers,” comments Chia Mein Mein, the head of capital markets (land and collective sale) for Knight Frank Singapore.

Chia says that the limited availability of fresh inventory could be a factor in developers in their demand for common sale parcels.

Additionally, Singapore recorded outbound investment sales of $13.7 billion in the 4Q2022 according to data from Real Capital Analytics. This represents an 22.4% decrease from the prior quarter. The assets acquired were mostly warehouse and office buildings and the gateway cities of Japan are among the top choices of Singapore investors.

Outbound deals that were significant in 4Q2022 include M&G Real Estate’s purchase an office building of prime quality, Minato Mirai Center, located in Yokohama with a value of more than $997 million as well Gaw Capital Partners’ purchase of a collection that includes logistics properties in Tokyo in the amount of $732 million.

Overall, Knight Frank views the decline in investment activity as likely to continue for the 1H2023 period until there are further tangible signs of stabilisation in the economy and improved business conditions. Knight Frank is predicting the real estate investment market to range between $22 billion to $25 billion in the entire period of 2023.

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Launch of the $280 million collective sale of Manhattan House

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TMW Maxwell condo price

Manhattan House, the commercial site on Chin Swee Road, next to Pearl’s Hill City Park, is now available to tender. According to a January 10 press release from marketing agent JLL the group sale site has a reserve value at $280 million. Owners of Manhattan House had previously made an attempt to sell the property en bloc in September of 2019 in which the property was placed on the market for $350 million.

TMW Maxwell condo price deal will see a transfer of $276.8 million to the owners of TMW Maxwell.

This 99 year leasehold property is a commercial block which was constructed in the year 1976. It has 269 units. It’s situated on an area of 4,167.7 square meter (44,860 sq feet) site zoned for commercial usage with a plot-to-plot size of 4.7.

According to JLL according to JLL, the site could be rezoned to “residential with commercial on the first floor” usage, in line with recent guidance from URA. The possible redevelopment would permit a 30-storey residential tower, with the maximum gross floor space of 21,000 square metres (226,042 sq feet).

A reserve of $ 280 million equates to a land value of $1,715 psf for each plot ratio, which is based on an average net plot ratio of 5.03875 after taking into account the lease top-up fee and a land improvement charge.

Tan Hong Boon, executive director Tan Hong Boon, executive director of JLL Tan Hong Boon, executive director of JLL, says that the location of the property near the CBD puts it within easy proximity to the most important areas. “It is located close to the historic region of Chinatown and the modern CBD located at Raffles Place, and the Marina Bay lifestyle and entertainment areas of Robertson Quay and Clarke Quay and the chic and historic Tiong Bahru enclave around the corner,” he says.

Manhattan House is within a 6 to 10 minute stroll to it’s Chinatown or Outram Park MRT Interchange Stations. It is also within walking distance of schools like River Valley Elementary School located only 1km away from the site. Additional schools located within 2km from this site are CHIJ (Kellock), St Margaret’s School (Primary), Alexandra Primary School, Cantonment Primary School, and Zhangde Primary School.

“The Singapore General Hospital Campus will be able to provide future residents with access to cutting-edge medical services in close proximity to their home,” Tan adds.

The bid to purchase Manhattan House will close on March 8 at 3pm.

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The Singapore Exchange announced that it will purchase 22% of Eurocapital Joint Stock Company’s issued share capital

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TMW Maxwell showflat location

Real estate service provider APAC Realty, the operator of the ERA brand, is expanding their stake within ERA Vietnam to 60% from the initial 38% stake it acquired in February of 2020.

The Singapore Exchange (SGX) Mainboard-listed company also announced on January 9 that it will acquire 22% of the shares issued capital Eurocapital Joint Stock Company.

Eurocapital serves as the sub-franchisor for the ERA brand to ERA Vietnam. APAC Realty has, in its turn, granted Eurocapital the permission to sub-franchise ERA brand.

TMW Maxwell showflat location will benefit from the planned rejuvenation of Tanjong Pagar and the planned developments of the Greater Southern Waterfront precinct.

Following the completion of the transaction, APAC Realty will increase its stake following the transaction’s completion. ERA Vietnam and Eurocapital to 60% each.

The total amount payable for the upfront payment totals $4.9 million and includes an earn-out reward that could reach $10.5 million. “The earn-outs were arranged to encourage sellers to reach their goals of performance and to further boost the success and growth that are the hallmarks of ERA Vietnam and Eurocapital,” APAC Realty. APAC Realty.

The figure for earn-outs, $2.8 million is subject to certain conditions, and based on the revenues and net income earned through ERA Vietnam and Eurocapital from July 1, 2023 until June 30th 2024. In addition, $7.7 million as an incentive to earn out is scheduled to run beginning January 1st, 2025 through December 31st 2025.

APAC Realty had invested $1.5 million to acquire 38% stake in ERA Vietnam in February 2020. In the 4Q2020 period the Group also provided an investment of $1 million to help expand.

With the deal, APAC Realty plans to extend an equity loan worth $1.5 million for ERA Vietnam. As per APAC Realty, the loan proceeds will be used to help the expansion plans of ERA Vietnam’s its operations and ensure the launch of new projects and gain market share.

ERA Vietnam has the right to draw down the loan in accordance with the date of agreement until June 30th 2023. The loan is due to mature five years after the date of drawdown with five% annually interest.

The six-month period which ended on June 30th, 2022 ERA Vietnam posted net profit of $0.1 million and revenues of $5.5 million. Eurocapital posted an operating loss of $0.03 million and a revenue of $0.4 million during the same time frame.

The acquisitions are expected to drive expansion of the business in Vietnam and will consolidate the ERA brand in the region, and help promote cooperation across the different subsidiaries of the group and affiliated enterprises across Southeast Asia, says APAC Realty. The increased stake of the company will allow it to integrate both ERA Vietnam and Eurocapital in its financial statements, the company says.

Vietnam CEO reduces stake by 15%
The buyers in this deal include Pham Thanh Tuan Pham Thanh Tuan, director from ERA Vietnam; along with Vu Duy Khuong, Vu Duc Hieu, Vu Trung Phong, Tran Dong An and Tong Nam Tran.

Pham has sold the equivalent of 4% out of the 19% stake, which means that the shareholding after purchase would be fifteen% for the two companies, ERA Vietnam and Eurocapital. Pham has therefore retained the majority of his share in ERA Vietnam and Eurocapital.

After the acquisition the remaining 25% of each of ERA Vietnam and Eurocapital will be owned through KTP & Partners Joint Stock Company. KTP is an investment-holding firm and has contributed to ERA Vietnam’s expansion and progress since its beginning APAC Realty. APAC Realty. “KTP is a strategic local partner who will help support the Group’s strategies in the Vietnam real property brokerage market moving forward.”

Established in 2017, ERA Vietnam is based in Ho Chi Minh City. Under the direction of Pham the agency has expanded its base of agents from just more than 1,500 salespeople as of December 31, 2020, to close to 3,900 salespeople by December 31 2022.

In its FY2023 pipeline ERA Vietnam has secured marketing obligations for 23 new homes that total 6,460 units, according to APAC Realty.

“The capital for growth that was lent through our first purchase was the trigger that drove ERA Vietnam’s massive expansion over the past two years in terms of sales and headcount of agents,” says Marcus Chu the chief executive officer for APAC Realty. “We believe that our investment in the second round will help ERA Vietnam’s next phase of growth , and help us to realize greater benefits in the eyes of APAC Realty shareholders over the long-term.”For its 2023 pipeline Era Vietnam has already secured marketing mandates for 23 brand new homes that total 6,460 units. This includes the 9 Stellars by Sonkim Land, Zeit River Thu Thiem by GS E&C, Cadia by Phat Dat, iD Junction by Tay Ho as well as Grand Marina Saigon by Masterise.

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The fourth quarter of this year saw the lowest industrial sales volume since Q2 of 2020, totaling $715.1 million

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TMW Maxwell in Maxwell Road

Deals for investment in industrial real estate decreased in 4Q2022 due to a more uncertain economic outlook and a decline in business confidence, according to the Knight Frank Singapore 4Q2022 industry and logistic research study.

In total, $715.1 milllion in commercial sales were recorded in the 4Q2022 period. Based on Knight Frank, this is the lowest volume for a quarter since 2Q2020 when $324.8 million of sales were registered at the beginning of the pandemic.

TMW Maxwell in Maxwell Road will also benefit from the planned rejuvenation of Tanjong Pagar and the planned developments of the Greater Southern Waterfront precinct.

The most notable transactions of this quarter comprised selling Enterprise Logistics Centre, a two-storey ramp-up warehouse located in Tuas in the city of Tuas, at $120.6 million during November and the selling of two industrial sites at 10 , 12 and Mandai Estate at $100 million during December. Knight Frank highlights that other deals in the quarter were mostly smaller, with 97.2% of the caveats that were filed during 4Q2022 being transactions that were less than $10 million.

The drop in transaction volumes is due to a slowdown in manufacturing. In 4Q2022, growth in GDP in the manufacturing industry slowed by 3% in contrast to previous 1.4% growth recorded in the preceding quarter. “The decline in the global demand for semiconductors has impacted the electronics sector and the overall , declines in the chemicals and biomedical clusters hindered development in the 2nd quarter of the year.” Says Norishikin Khalik. director of strategy and solutions for occupiers in Knight Frank Singapore.

The lower growth of manufacturing and concerns about recession have weighed on business optimism. According to the Singstat 4Q2022 business Expectations Survey, Knight Frank says that more manufacturing firms that were surveyed expect a less favorable business outlook for the period between the months of October 2022 and March 2023 as compared with the prior quarter’s survey. Furthermore the Singapore Purchasing Managers Index (PMI) is which is a monthly survey of purchasing managers from private manufacturing companies and companies, reported an eighth consecutive month of decline during December of 2022.

However, despite the fact that sales decreased, leasing transactions for industrial use continued to be relatively steady in the months of November and October 2022. driven by companies that specialize in general production, manufacturing related to construction transportation engineering as well as precision engineering. Median rents of multi-user factories has increased by 8.7% y-o-y to $1.94 per sq ft per month, which equates to 1,571 tenancies, according to Knight Frank.

Despite the headwinds, Singapore continues to attract fixed asset investment to industry. Manufacturing fixed asset investments decreased between $3.6 billion at the end of 2Q2022 and $411 million in 3Q2022, a number of manufacturing facilities that are new are currently in the pipeline. The most notable is an $600 million semiconductor plant located in Tampines through Applied Materials and a $571 million extension of Soitec’s Wafer Fab Park in Pasir Ris.

In the future, Norishikin anticipates industrial prices and rents to be stable with a modest growth of one% up to% in 2023. “In the logistics industry in which supply is scarce and warehouse space is in high demand, the rent for high-quality warehouse space could rise up to three% up to% over the next year,” she adds.

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