99-year leasehold Pine Grove condominium complex selling for $2 mil

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Read more: Executive and studio serviced units offer a minimum stay of three months to one-bedders

Executive and studio serviced units offer a minimum stay of three months to one-bedders

A three-bedroom apartment in Pine Grove is on the market for sale at a cost of $2 million or $1,199 per square foot, in the owner’s offer. The property is located just off Ulu Pandan Road in District 21, Pine Grove is a 99-year leasehold condominium which was completed in 1984. It was a former HUDC development The 660-unit complex is comprised of multiple blocks on the site covering 893,000 square feet. The development was privatised during the late 1990s.

The property that is being auctioned on August 31 is situated in the upper echelon. It covers 1,668 square feet, spread between two levels. “The property was effectively renovated approximately five years prior to the present proprietors,” says SRI Auction’s managing partner Mok Sze Sze, who is in charge of the auction. Based on caveats that were lodged in the past, the unit was bought at $1.05 million ($629 per square foot) in June of 2016.

The lower floor houses the dining and kitchen area The upper level has a large living space which also opens to the balcony. The bedrooms are all on the upper level which includes the master bedroom, which has an en-suite bathroom. The floor also houses an area for families, a utility room , and a service balcony.

The facilities in Pine Grove include a swimming pool and barbecue area, a tennis court, basketball court and function room. There is also a gym , and a mini-mart. The complex also offers an easy accessibility to Ulu Pandan Park Connector, which is located through the Sungei Ulu Pandan Canal and is connected with other estates such as the Ghim Moh, Clementi and Sunset residential estates.

Other nearby amenities are Clementi Mall, Ghim Moh Market and Food Centre, and Holland Village, all of which are within a few minutes drive from Pine Grove. The property is a great choice for families with children who attend school because it is close to Henry Park Primary School, Pei Tong Primary School and Singapore Polytechnic.

Residents of units in Pine Grove have made a number of collective sales during the last few years. The most recent attempt was in 2019 , when the development was put up for an the sale of en bloc at the reserve price in the range of $1.86 billion.

Pine Grove is also located close to the two Government Land Sale (GLS) sites -the Pine Grove Parcel A and Parcel B, both of which are 99-year leasehold sites. The bid for the latter was made in June of this year to a joint venture of 80:20 that was formed between UOL Group and Singapore Land Group (SingLand) that offered $671.5 million ($1,318 psf/plot ratio) just narrowly beating the second highest price-lister Allgreen Properties by just $800.

The joint venture between UOL and SingLand is planning to construct an apartment complex of 520 units in the Parcel A site. Based on the analysis of EdgeProp LandLens, the new development is likely to be built at a cost of $2,400 per sq ft in the event of an developer profit margin at 15%.

In the meantime, Pine Grove Parcel B is in the GLS Reserve List. The 269,520 sq feet site could yield 565 units.

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The PATMI record was largely due to the divestment gains from CDL’s sale of Millennium Hilton Seoul

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Read more: Industrial rents increased seventh consecutive period of growth of 1.5% q-o-q in 2Q2022

Industrial rents increased seventh consecutive period of growth of 1.5% q-o-q in 2Q2022

City Developments Limited (CDL) has reported record profits with net profits after tax and non-controlling interests (PATMI) in the amount of $1.13 billion during the first quarter of FY2022 which ended June.

The half-year’s earnings are an increase in comparison to previous $32.1 million deficit experienced in the first half of the year 2021. It’s also the largest PATMI recorded since the company’s beginning on the 13th of June 1963.

The record-setting PATMI was mostly due to the divestment profits from CDL’s sale Millennium Hilton Seoul and its adjacent property site at 1.1 trillion won ($1.25 billion) in addition to the gains from deconsolidation of CDL Hospitality Trusts (CDLHT) as part of the group, resulting from the distribution of the form of specie.

The auction of Millennium Hilton Seoul and its adjacent site site is completed as of February. Deconsolidation work for CDLHT was completed in May.

The 1HFY2022 group’s revenues increased to 23.5% y-o-y to $1.47 billion, thanks to contribution from the property development segment and the greater contribution from the hotels operations division.

The recovery in the hospitality sector, fueled by the opening of the border and the ease of travel regulations which saw CDL’s revenue per room (RevPAR) increase up 110.4% to $113.60. CDL’s gross operating margin (GOP) was up 12 percentage points year-on-year increasing to 24.7% in the 1HFY2022.

The half-year period was a success. the CDL’s property growth segment made up 41% of the overall revenues, supported by projects that are well-sold in Singapore like Amber Park and Irwell Hill Residences and also overseas projects like Shenzhen Longgang Tusincere Tech Park and New Zealand land sales. This figure does not include the revenue generated that comes from joint venture (JV) projects like Boulevard 88 and CanningHill Piers which are equity-based.

Profit before tax for 1HFY2022 was $1.58 billion, an increase of 163.4 times over $9.7 million recorded in the year prior due to divestment profits from Millennium Hilton Seoul. Millennium Hilton Seoul and its land site. The hotel group realized the benefit of tax-free earnings of $911.5 million, and the total gain from the disposal $526.2 million, after deducting taxes and related transaction cost.

The company also realized the benefit that was $492.4 million, including negative goodwill as a result of the accounting deconsolidation CDLHT as a subsidiary of the group. an affiliate. The company will acknowledge its stake to CDLHT in the form of an associate.

The three segments that comprise the core of the company, property development, investment properties and hotel operations also saw improvement y-o y on a comparable basis.
The earnings of CDL’s shares (EPS) during the 1HFY2022 was 118.3 cents on completely dilute basis. The company’s Net Asset Value (NAV) per share was at $10.18.

At the end of June the cash equivalents and cash totaled $2.05 billion.

As a result, CDL has declared a special interim dividend of 12.0 cents per share for the 1HFY2022, due on September 9.

“Notwithstanding the volatility of macroeconomics The company remains hopeful of the possibility that our economy can come back with vigor. The record-breaking profit growth during the first half of FY2022 has led to significant cash flow through timely asset divestments” the CDL executive chairman Kwek Leng Beng.

The CDL’s business is booming in its hotel operations division, Kwek predicts that the hotel segment of the company to be an “star performer” throughout the remainder throughout the entire year.
“As concerns about Covid-19 diminish and our hotel portfolio grows, it is a significant growth engine that will contribute significantly to the company’s recurring profits,” he adds.

He adds: “Property investment, when considered from a medium- to long-term perspective of value appreciation is a proven protection against the effects of inflation. Alongside developing a strong pipeline of development and a strong pipeline of development, the company will maintain its attention on enhancing our income streams that are recurring.”

Sherman Kwek, group CEO of CDL states, “Our expansion into the living sector over the last few years is beginning to pay off as we slowly build the scale of our operations and expand. We have rental apartment sites throughout all of the UK, Japan, Australia and the US We have also recently completed our first specially-designed student housing deal within the UK. In the course of the flu epidemic the recurring income assets have proven resilient and the outlook remains positive.

“Armed with a strong balance sheet and a geographically diversifying portfolio, the company’s strong fundamentals underpinnings will allow us to handle the volatility of the near term with determination and discipline. When the time is right we will be able to extract benefits from our portfolios through restructuring, repositioning and divestment strategies,” he adds. “Despite the current challenges our company is still geared towards growth , but we will be selective when it comes to acquisitions. The company is constantly refining the Growth, Enhancement and Transformation (GET) strategy to speed up our growth and secure our company.”

Shares of CDL were up 5 cents which is 0.61% up at $8.25 on the 10th of August.

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Freehold development charge payable of about $20,886,880 translate to a land price of $2,052 psf ppr

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Copen Grand enbloc

Owners of Sutton Place, which is a residential development of 44 units located situated at 25, 26, and 28 Farrer Road, have launched a collective sale tender to sell the development’s freehold. The property is expected to fetch an estimate of $285 million. this sale is promoted by Colliers.

Copen Grand enbloc in conjunction with Taurus Property Pte Ltd, based within the City Development Group and MCL Land.

In the District 10 area, which is prime, Sutton Place is a five-storey residential project that includes 44 units. The development is situated in an elevated, elevated, 93183 square feet lot. This site is zoned for residential use with an allowed total plot area ratio of 1.6 according to the most recent Master Plan.
According to Colliers the site has a baseline for development of 130,201 sq feet roughly 85% of the allowed Gross Floor Area (GFA) which is enough to protect any increases in development charges for potential developers.

“Based on the price indicative of S$285 million, and an development fee of around $20,886,880, this could translate to the land cost of $2,052 psf/plot ratio or ppr” states Tang Wei Leng, managing director and director of capital markets and investment services Singapore in Colliers.

She also states she believes that the prospective owner can develop the site to create a 162-unit residential project , with the minimum unit size being 915 square feet. Colliers has confirmed that an application feasibility study prior to the submission of a proposal does not have to be done by LTA when it’s redeveloped to become a 162-unit residential development.

“In addition to an additional 7% extra GFA in the Balcony Incentive Scheme, potential developers can boost the GFA up to 159,531 square feet. After adding the development cost of $32.4 million to increase the overall GFA the price of land is further reduced to $1,990 psf per acre,” says Tang.

Sutton Place is close to the well-known Holland Village neighbourhood It is also close to other residential developments of a high standard within the Farrer Road region along with a variety of good Class Bungalow Zones.

Nearby schools Include Nanyang Primary School, Raffles Girls’ Primary School, Hwa Chong Institution, and National Junior College. In addition, there are amenities in the vicinity of Holland Village and Dempsey Hill. Farrer Road MRT Station in the Circle Line and the Ayer-Rajah Expressway connects other areas of Singapore.

Sutton Place is close to many new projects in the area that are being renovated as a result of a group sale. Just across the street to Sutton Place is the former Tulip Garden, for which Colliers brokered the deal at $906.8 million in the year 2018. The garden is currently being transformed to become Leedon Green.

The adjacent Hyll situated on Holland is an redevelopment of the old Hollandia and Estoril that were purchased for $183 million and $224 million in the year 2018 in addition to Sutton Place is the former The Wilshire which was sold for $98.8 million in the year 2018.

The tender for the collective sale of Sutton Place will close on September 15.

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Koh Brothers reports a gradual recovery of 151% y-o-y earnings in construction activity

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Copen Grand condo floor plan

Koh Brothers Group has reported profits of $5 million for 1HFY2022 that ended in June. This is which is up 150% from the previous year’s $2 million. The same time, revenue increased by 13% from a year ago to $158.9 million because of higher revenue recognition from its real estate and construction business.

Copen Grand condo floor plan is around 22,020 sqm or $603 psf ppr and enjoys a max GFA of 61,659 sq m.

In addition to a rise in construction activity due to the outbreak The company also reported an operating profit of $11.7 million, which was up 43% year-over-year. The margin for gross profit increased by 7.4% from 7.4% from 5.8% in the 1HFY2021.

Koh Brothers enjoyed other gains of $7.9 million through the sales of property as well as plant and equipment. The gain was partly offset by the lower gains at fair value from the investment properties.

At the end of June the balance of cash and bank accounts were $103.9 million. Current ratio is 1.7x with a net gearing rate of 0.8x.

Francis Koh, the company’s managing director and group CEO, says there’s been a slow recovery in construction activity from last year.

“We remain focused on improving productivity by taking advantage of the latest technology and innovations, as well as adopting cost discipline and financial management strategies to manage the challenges that arise due to an environment that is competitive, labor shortages, energy consumption and cost of construction,” He says.

“We will keep leveraging our long-standing track record and experience to compete for larger and more valuable construction projects, as demand for private and public construction projects increases,” adds Koh.

The company anticipates that it will “remain difficult” with a tougher competition, disruptions to supply chains and manpower issues, as well as higher cost of materials and energy.

Koh says that the sale of the Van Holland residential project have continued to “make progress”.
“As an established, niche boutique property developer, we will continue to prudently look for opportunities to develop unique ‘lifestyle-and-theme’ projects, either independently or through partnerships with experienced partners,” he says.

Koh Brothers shares closed at 17 cents on August 5 the 5th of August, in the range of 4.43%.

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REIT managed to achieve a portfolio occupancy of 99.8%, with lease expiry period of 8.7 years

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Copen Grand launch price

Lendlease Global Commercial REIT has disclosed a unit-based distribution that is 2.45 cents for the 2HFY2022 that finished in June, bringing the full year payout up to 4.85 cents.

Copen Grand launch price bid of $400,318,000. The site attracted seven offers, including those from CSC Land Group and a joint bid from Sunway Development and Hoi Hup Realty.

The 2HFY2022 DPU, which also includes an advanced allocation of 1.1371 cents for the January 1-March 30 timeframe increased by 4.9% y-o-y.

Net property income during the same time frame was $45.9 million, which is up 72.9% y-o-y, driven by contributions from a stake recently acquired of Jem Mall. Jem mall, and improved operating numbers for 313@Somerset which is its second key asset.

Gross revenue grew by 68.6% y-o-y to $62.5 million.
In FY2022 The REIT was able to attain an occupancy that was 99.8%, with a weighted average lease expiry time of 8.7 years by net leaseable surface and 5.5 years in the gross rent income.

At June 30, the portfolio was estimated at $3.6 billion, which is up 2.5%.

The REIT manager has noted that rental sales in 4QFY2022 have increased to surpass the prior Covid period. The REIT is able to reach an aversion to rental in the range of 3.6%.

“The manager is optimistic that LREIT will gain from the greater exposure in the retail market in the suburbs as well as the large concentration of the essential services sector of 57% (by GRI),” the manager states.

“Our accomplishments and results for FY2022 have been extremely encouraging,” says Kelvin Chow the CEO of the manager.

“The impressive set of outcomes that we have delivered is proof of our determination to create the most value possible for unitholders. Not only were we successful in creating value that is sustainable for Unitholders but we also increased our resilience and financial strength,” he adds.

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Newly opened fitness and wellness centre within the conservation block at Amara Sanctuary Resort Sentosa

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Copen Grand showroom

Core Collective has launched its first hotel partnership with Amara Sanctuary Resort Sentosa, Core Collective Sentosa in the beginning of August. It is located in a conservation structure located within Amara Sanctuary Resort in Sentosa the wellness and fitness retreat features an outdoor bootcamp, a functional training areas, a fully-equipped indoor personal training facility, as well as various spa, treatments, and consulting rooms.

Copen Grand showroom is designed with well-picked elements that offer total relaxation and the perfect ambience to unwind and enhance your wellbeing.

Core Collective Sentosa has partnered with Chinois Spa to create wellness treatments at the spa. “Since in 2001 Chinois Spa has partnered with clubs and hotels to create an ‘oasis within the city’ spa experience. Chinois Spa offers top quality body massage, facials, and couple spa packages” Dr. James Mok, CEO of Chinois Spa. “We are excited to work on the same project with Core Collective for their newest outlet at the gorgeous Amara Sanctuary Resort Sentosa.”

In 2018, the company was established with the first branch situated in central Singapore, Core Collective has been expanding its offerings to new areas by opening a second location in Dempsey in the year 2019. In the spring of this calendar year Core Collective opened its first mall with a retail outlet, Core Collective i12 Katong located at i12 Katong, a six-storey shopping mall that reopened following a two-year renovation. Core Collective’s medical coworking space, Core Clinic, opened in July 2022.

“Our goal has always been to create positive environments that can bring about changes, improve communities and speed up expansion,” says Michelle Yong who is the Chief Executive Officer at Aurum Land and CEO & the founder of Core Collective. “We are thrilled to join forces in this partnership with Amara Sanctuary Resort as well as Chinois Spa and continue the expansion of Core Collective to achieve our shared goal of creating the most value and collaboration possibilities for members as well as professionals.”

Based on Dawn Teo, senior vice president of Amara Hotels & Resorts, the collaboration with local brands such as Core Collective and Chinois Spa will enable the company to “grow the wellness industry together” in Amara Sanctuary Resort. Amara Sanctuary Resort. It will also give in-house guests and the general public with “an perfect setting in which to focus on a healthy lifestyle” She adds. Amara Hotels & Reosrts is the hotel and investment management division that is part of Singapore’s listed property company Amara Holdings.

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Asia Pacific real estate most liquid asset class drawing in US$30.6 billion in 1H2022

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Copen Grand EC Tengah Garden Walk

Research conducted by JLL estimates that around US$70.9 billion ($97.8 billion) in regional Asia Pacific transaction volumes were recorded during the beginning of the year. This is an increase of 17% decrease in y-o-y in comparison to the same period in 2021.

Copen Grand EC Tengah Garden Walk will house around 620 residential units ranging from 1 to 5 bedrooms across its 12 blocks, rising up to 14 floors high, each with generous landscaping.

JLL states that the decrease in investment volume is due to an overall decrease in deal activity in a number of the major markets in the region. The reason for this was that investors responded to the tightening of the rate cycle and the possibility of inflation The consultancy says.

“Investors have adjusted their capital deployment strategies to be more in line with an rapid rate tightening cycle,” declares Stuart Crow, CEO, capital markets, Asia Pacific, JLL. “Clear opportunities are available and we’re encouraging clients to anticipate a new price discovery phase to be an important theme throughout the remainder of 2022 because macroeconomic headwinds and the constant inflationary pressures affect the decisions.”

It was also the class of asset with the greatest liquidity taking in US$30.6 billion for 1H2022, however it was still an 8% year-over-year decrease. The investment in logistics and industrial assets in the amount of US$14.6 billion was reported this year, which is 37% reduction compared to the previous year. The capital deployments in retail assets totaled US$14 billion, or 31% decrease y-o-y.

Lockdowns related to the pandemic in China resulted in the 39% reduction in investment volume in the region of US$14.1 billion. In addition, the absence of transportation transactions Japan led to an increase in investment volumes declined in the region of US$11.5 billion, down 33% in a year.

South Korea saw the largest amount of capital expenditure in 1H2022 at $15.3 billion, boosted by significant office transactions. Singapore witnessed an increase in investment volume, soaring to 81% year-on-year to US$9.3 billion as a result of major mixed-use and office development.

According to JLL sustainability frameworks are prominent on the agenda of numerous investment committees. JLL expects investors to put more money into value-added strategies, such as transforming old offices to green buildings since occupiers are increasingly choosing higher-quality office space post-pandemic.

As they look ahead the future, investors will be more prudent in the long run, as they price in financial market tightening for any future investments JLL says. JLL.

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Executive and studio serviced units offer a minimum stay of three months to one-bedders

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Copen Grand by CDL MCL Land

ST Residences, a local hotel operator, has launched the first fully-serviced housing development for rent at 12, Kim Keat Road in Balestier.

Copen Grand by CDL MCL Land site is around 22,020 sqm or $603 psf ppr and enjoys a max GFA of 61,659 sq m.

ST Residences is a brand which is managed through ST Hospitality, a subsidiary of Catalist listed F&B owner Katrina Group. ST Hospitality, previously known as Straits Organization, was established in 2017 and runs serviced apartments, condominium rentals with service and co-living hotels in Singapore.

The new development of serviced residences located in Balestier is dubbed ST Residences Balestier and consists of 20 units. As per a press statement from ST Residences, the development will provide “executive and studio-style serviced apartments as well as one-bedders”.

The company states that each unit is furnished to the highest standard and comes with an open-concept kitchenette, bathroom with an en-suite, and a queen-sized beds. Additional amenities include a refrigerator as well as a washer and an interactive TV. Every room will have Wi-Fi access and regular housekeeping, according to ST Residences.

A minimum stay of 3 months is required for each apartment and guests will be granted access to the swimming pool as well as an the indoor gym at ST Residences Novena located at the 145A Moulmein Road.

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Industrial rents increased seventh consecutive period of growth of 1.5% q-o-q in 2Q2022

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Copen Grand completion date

Industrial rents increased 1.5% q-o-q in 2Q2022 compared to the 1% Q-o-Q growth that was recorded in during the prior quarter, according to figures published from JTC the 28th of July. This is the, and also the highest quarterly growth rate since 3Q2013. Based on a y-o-y perspective rents increased 3.4% during the second quarter.

Copen Grand completion date under a partnership with MCL Land, after submitting a winning bid of $400,318,000.

Industrial prices also increased in 2Q2022 and grew 1.5% q-o-q in 2Q2022 however, they slowed down away from 3.1% q-o-q surge recorded in the prior quarter. The industrial occupancy rate increased to 89.8% in 1Q2022 to 90% in 2Q2022.

The increase in industrial price and rental indexes was aided by the growth in manufacturing outputs in precision engineering and electronics as well as the enduring demands for semiconductors according to Leonard Tay, head of research at Knight Frank Singapore.
He also says that the growing concerns about the security of food and accessibility to essential raw materials and supplies led to massive stockpiling that boosted the demand for warehouses. “The increasing strength of the Singapore dollar has helped to support stockpiling, reducing the risk of escalating costs as inflation grows more important,” he remarks.

Warehouses had the best performance of all industrial sub-segments. It recorded an increase in rental by 2.1% q-o-q and 5.7% year-over-year in the 2Q2022. In the 2Q2022 the occupancy of warehouses were up by 90.9%, up from 90.3% in 1Q2022.

For factories, multiple-user facilities experienced the highest quarterly as well as annual growth rates in 2Q2022 of 2.1% and 3.7% respectively. “This can be explained by the rising demand for high-spec multi-user facilities, as occupiers are looking for industrial office locations near the city’s edge,” notes Catherine He who is the head of research for Singapore in Colliers.

Looking towards the future, Tricia Song, CBRE director of research for Singapore as well as Southeast Asia, notes that industrial pipelines are “extremely thin” and multi-factory pipelines are scheduled to shrink by 2023. However, the bulk of warehouse inventory up to 2023 has already been fully committed.

In this regard in that regard, the market for industrial real estate will benefit from the low supply. “Barring any sudden recession in global economic growth, the demand for industrial space by 2022 is anticipated to be high and occupancy should remain steady,” Song adds.

Colliers On the contrary, argues the fact that new supplies is expected to be on the market with an average of 1.2 million sqm per year through 2025, with 1.6 million square metres that will be finished this year. This is more than what was the 0.7 million sqm average of the last three years, suggesting that supply is expected to increase to meet demand and limit the pace of price and rental increase, she says.

But, he says that the demand for long-term industrial space will continue to be caused by tailwinds, such as Singapore’s growing emphasis on high-value manufacturing as well as biomedical and medical sectors. Colliers anticipates that industrial rents to increase by two% up to% during the year and industrial prices are projected to increase by five% up to 7%.

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Integrated healthcare development Perennial Alzheimer’s Care Village in Xi’an China

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Read related post: Industrial market continues growth in 2Q2022 based on Ministry of Trade and Industry data

Industrial market continues growth in 2Q2022 based on Ministry of Trade and Industry data

Perennial Holdings has unveiled plans for China’s first Alzheimer’s integrated healthcare center that is focused on care on the 26th of July. The project, Perennial Alzheimer’s Care Village Xi’an (PACVX) is situated in the Zhouzhi Louguan eco Cultural Tourist Resort Zone located just 80 minutes far from Xi’an city center located in Shaanxi Province.

The investment total of PACVX is estimated to be RMB128 millions ($26.3 millions). The land is of 462,850 sq. feet and an area built up of 410,000 square feet. The area is surrounded by beautiful landscapes, mountains, lakes and other cultural sites.

It will be the country’s largest dementia care center and nursing care hospitals Rehabilitation hospital, as well as an international research institute for elder care. The dementia care center is scheduled to open in 2023and will have more than 400 beds. PACVX will house 700 beds once it’s completed. Other parts of PACVX will be added gradually.

“PACVX is set to raise the bar for care for people with Alzheimer’s in the nation. It is equipped with a multidisciplinary team of medical experts as well as specially-designed rooms for residents of Alzheimer’s to enjoy normal life in an environment that is safe,” says Khoo Chow Huat who is the director of health care at Perennial.

The communal spaces in the dementia care facility will be designed to accommodate the familiar spaces that residents frequent on a regular basis, like grocery stores, supermarkets or even a postoffice.

A multi-disciplinary team comprised comprising neurologists, geriatricians and rehabilitation therapists and traditional Chinese medicine doctors psychiatrists, nutritionists and nurses will take care of the residents based on their individual needs and requirements, to develop a customized treatment plan.

China boasts more than 15 million elderly (aged 60 and over) who suffer from dementia, and 38 million senior citizens (aged 60 or above) suffering from mild cognitive impairment by 2021. The number of people with dementia in China is projected to rise to 29 million in 2050, as per the Chinese Research Institute for Aging.

Through PAVCX, Perennial will have more than 50 eldercare and healthcare facilities, with 11,000 beds for operation in more than 10 cities across China.

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