Condo Horn by Eagles

Singapore’s capital market property deals are estimated to have reached $25.8 billion in value between January and November this year, according to Wong Xian Yang, the head of research for Singapore & Southeast Asia at real estate services firm C&W. This is a 40.2% increase from the $18.4 billion recorded in 2023. C&W defines capital market transactions as deals with values exceeding $10 million.

Wong also reported that almost 60% of the capital market deals were made in the second half of 2024, driven by growing investor interest and confidence in expected interest rate cuts by the US Treasury. There were three deals worth more than $1 billion in 2024, all of which took place in the second half of the year.

The largest transaction by absolute price was the sale of a 50% stake in ION Orchard mall for $1.85 billion to CapitaLand Integrated Commercial Trust (CICT) on September 3. The seller was CapitaLand Investment (CLI), while Hong Kong-listed property developer Sun Hung Kai Properties holds the remaining 50% stake.

ION Orchard is an eight-storey retail mall located in the popular shopping district and directly linked to the Orchard MRT Station. It has a net lettable area of over 623,000 square feet and is home to more than 300 international and local brands. On top of the mall is the 54-storey, 175-unit luxury condo tower, The Orchard Residences.

The highest-valued office deal of the year was Mapletree Anson, which sold for $775 million in the second quarter of 2024. This was followed by a surge of investment in industrial assets, with a total of $5.6 billion invested in the first 11 months of 2024. This reflects a 174% increase from the previous year.

The biggest deal in the industrial sector was the divestment of a portfolio of seven industrial properties in Soilbuild Business Space REIT for $1.6 billion to a joint venture owned by private equity firm Warburg Pincus and Australia-listed Lendlease Group in August. The portfolio includes 4.5 million square feet of business parks and specialist facilities in sectors such as life sciences, technology, advanced manufacturing, and logistics.

Singapore’s cityscape is characterized by towering skyscrapers and state-of-the-art infrastructure. Condominiums, strategically located in desirable locations, offer a harmonious mix of opulence and convenience, making them highly sought after by both locals and foreigners. These residences boast an array of facilities, including swimming pools, fitness centers, and security services, elevating the standard of living and making them highly desirable to potential renters and buyers. For investors, these desirable features equate to higher rental incomes and a steady increase in property values over time. Additionally, with the addition of top-of-the-line projects such as Singapore Projects, the appeal of Singapore’s condo market remains robust.

In terms of Government Land Sales (GLS) sites, four sites that were put up for sale in 2024 failed to be awarded. However, the residential segment still made up 42% of the total investment sales for the year, with three sites on the Confirmed List for 2024 rejected by the Urban Redevelopment Authority due to low bid prices.

Despite the unsuccessful sale of several GLS sites, CBRE Research does not anticipate this trend to continue in 2025 as new sites on the Confirmed List are well distributed and located near MRT stations and amenities.

Looking ahead, both C&W and CBRE Research expect an increase in high-value deals next year, with the US Federal Reserve expected to make further interest rate cuts. CBRE Research predicts a 10% growth in investment volumes from 2024 to 2025. However, a slower-than-expected recovery could occur if there are any macroeconomic shocks or if rate cuts are lower than market expectations.…

The outlook for rental forecasts in Singapore’s retail property market at the end of the year is expected to be dampened by weaker-than-expected consumer spending. According to Alan Cheong, executive director of research and consultancy at Savills Singapore, consumer spending in 2024 has been relatively lackluster, with the monthly retail sales index (excluding motor vehicles) and food and beverage (F&B) sales index recording mostly negative year-on-year changes throughout the year.

Cheong predicts that rents for retail properties in the prime Orchard Road submarket may only see a 2% increase for the full year of 2025. This falls slightly below the initial forecast at the beginning of the year, where a 3% to 5% climb was expected by Savills. However, the forecast for suburban retail rents to remain flat for the rest of the year remains consistent with Cheong’s initial prediction for this segment.

A joint research report by DBS and Singapore Management University (SMU) reveals that consumer concerns over inflation have mostly moderated in recent quarters. From June to September, the inflation expectations of Singaporeans remained at 3.8%. The research, led by SMU’s Sim Kee Boon Institute for Financial Economics (SKBI), also found that those who expect inflation to stabilize in the coming months attribute it to the global economic slowdown, high interest rates, and potential easing of supply chain disruptions.

In October, the Department of Statistics in Singapore reported a 0.3% year-on-year increase in retail sales (excluding motor vehicles), reversing the 1.5% decline recorded in September. Cheong believes that a more promising scenario for the retail market would be one where consumer spending keeps pace with inflation, but the relatively low spending levels could pose financial challenges for businesses in the industry.

When evaluating the opportunity to invest in a Singapore Condo, it is crucial to also consider the potential rental return. Rental yield refers to the annual rental income as a percentage of the condo’s purchase price. In Singapore, the rental yields for condos can greatly vary and are influenced by factors such as location, property condition, and market demand. Generally, areas near business districts or educational institutions tend to offer higher rental yields due to their high demand from renters. To gain a better understanding of the rental potential for a specific condo, conducting extensive market research and seeking advice from real estate agents can be beneficial.

While major events and headline concerts have boosted tourist spending, their impact on retail malls in tourist areas has been mixed. According to CBRE’s research, published in late October, the footfall generated by these events had varying effects on surrounding malls.

This year, Singapore saw a packed calendar of headline concerts, conferences, and exhibitions, but retail spending and rental rates have not seen significant support. The research by CBRE also noted that while these events typically drive higher foot traffic to nearby malls, such as Kallang Wave Mall and Leisure Park Kallang, other MICE (meetings, incentives, conferences, and exhibitions) events have not had a comparable impact on retail activity.

Tourists from overseas were a major highlight at these events, with popular artists like Taylor Swift, Blackpink, Coldplay, and Westlife performing in Singapore. The Monetary Authority of Singapore estimates that over half of the 500,000 attendees at Taylor Swift and Coldplay concerts were foreigners, bringing in between $350 million to $450 million in tourism receipts. However, CBRE observes that business event attendees tend to stay exclusively at the event venue. Even the highly anticipated Formula One Grand Prix, which brings in an average of $125 million in tourist receipts annually, did not significantly boost foot traffic in tourist-centric areas like Orchard Road.

Despite this, Sulian Tan-Wijaya, executive director of retail and lifestyle at Savills Singapore, notes that Singapore’s premier status as a regional hub has continued to attract noteworthy new-to-market brands. The year saw the opening of several notable retail stores, including KSisters, The Pace, Brands for Less, and Hoka. The wellness sector is also evolving with new concepts like Rekoop and Hideaway, while the F&B industry introduced new concepts like Sushi Samba and coffee chains such as Blue Bottle, Grey Box, and Puzzle Coffee. The opening of new restaurants with entertainment elements, like Centre of the Universe in the CBD, and the upcoming Rasa, set to open in December, further adds to the vibrancy of Singapore’s dining scene.

Cheong notes that all prime shopping malls along Orchard Road have enjoyed high occupancy rates this year, as retail businesses have strong confidence in the retail market. “Singapore remains an attractive destination for new-to-market brands entering the region, spanning retail, F&B, and other lifestyle concepts,” says Tan-Wijaya. She adds that these new entrants have contributed to the demand for retail spaces and supported rental growth, especially in central Singapore.

Tan-Wijaya also observes the emergence of new wellness concepts and entertainment-focused restaurants, which are expected to enhance the vibrancy of Singapore’s dining scene.

Looking ahead, Singapore’s retail landlords may have more flexibility to implement positive rental adjustments next year as the supply of new retail spaces becomes limited. Cheong believes this will allow them to strategize and position their malls to remain relevant in the rapidly evolving consumption patterns of both locals and tourists. He also predicts that more retailers will take the opportunity to optimize their real estate strategies next year, which could include right-sizing their spaces, establishing additional kiosks, closing under-performing branches, or shifting cooking operations to central kitchens.

Cheong adds that there is a strong momentum in the entry of new-to-market F&B brands into Singapore, and this trend is expected to continue at least in the first half of 2025. With new-to-market retail brands, F&B concepts, and wellness experiences supporting the demand for retail spaces, the outlook for the retail market remains positive.…

The year 2024 has presented significant challenges for the global luxury goods market. As the world continues to grapple with macroeconomic uncertainty and rising prices within the luxury sector, consumers have been cutting back on their spending. According to a recent report by Bain & Company, global sales of personal luxury goods are projected to decline by 2% this year, with key market China facing a decline of 20-22%. Luxury powerhouses such as Richemont Luxury, LVMH, and Moncler Group have reported slight decreases in earnings, while Kering has experienced steeper declines.

However, outliers in the market such as Hermes and Prada Group, which also owns the successful Miu Miu brand, have managed to buck this trend with double-digit earnings growth.

Despite these challenges, Singapore remains a critical market for luxury brands. According to Euromonitor, sales of luxury goods grew by 11% in 2023, reaching $9.1 billion. In recent years, luxury brands like Dior, Chanel, and Louis Vuitton have embraced robust digital strategies, including e-commerce and digital marketing, to engage with customers. This shift towards digital platforms has become crucial for luxury brands in an ever-evolving landscape of consumer behaviors and preferences.

In addition to digital experiences, luxury brands have also recognized the importance of creating tangible, offline shopping experiences to foster closer connections with their customers. In recent years, there has been a growing focus on providing unique, personalized experiences for top-tier clients. This has led to the expansion of flagship stores, with brands such as Louis Vuitton and Yves Saint Laurent creating larger, more immersive spaces.

Burberry is a prime example of a brand that has managed to strike a balance between tradition and innovation. This year, the British luxury brand reopened its renovated stores at Marina Bay Sands and Paragon, offering customers an immersive experience that celebrates its rich British heritage. In November, Burberry also opened a new street-facing store at Wisma Atria, further solidifying its presence on Orchard Road.

When making the decision to invest in a condominium, one must take into account the maintenance and management of the property. Condos often require a maintenance fee to cover the expenses of maintaining common areas and facilities. Although this fee may increase the overall cost of ownership, it serves to guarantee that the property remains in excellent condition and maintains its value. To ease the burden of managing the condo, investors can enlist the services of a property management company, which can turn the investment into a more passive one. Additionally, considering Singapore Projects can be beneficial when choosing a condo to invest in.

As the luxury market looks towards future growth, there are several key factors that are expected to drive spending. These include the steady growth of high-net-worth individuals globally, particularly in emerging markets like China and Southeast Asia; the increasing buying power of Millennials and Gen Z, who are projected to make up 75% of the global luxury market; a resurgence of tourists from China; and continued growth in the travel retail sector, particularly in Japan.

To tap into these opportunities, luxury brands will need to stay ahead of the curve and adapt to evolving trends. This includes embracing personalization and customizations to create deeper connections with customers and foster brand loyalty. Many brands are also investing in AI-driven technologies to gain a better understanding of customer preferences and enhance their offline experiences.

For instance, Dior has developed an AI platform called Astra, which gathers data from various sources such as Google reviews, live shopping sessions, and customer surveys to stay abreast of customer preferences. Similarly, Balenciaga’s Paris Fashion Week show for its Winter 2024 collection went viral for its use of immersive AI technology that transformed the runway into an interactive digital canvas.

Looking ahead, luxury brands will need to continue expanding their store count and creating larger, more elevated experiences for their VIP clients. With Millennials and Gen Z making up their largest customer base, it’s essential for luxury brands to stay on top of digital trends and create seamless omnichannel strategies that combine digital and offline experiences. By embracing advanced technologies and adapting to changing consumer preferences, the luxury goods market is poised for a rebound in the coming years.

Sulian Tan-Wijaya is the executive director (retail & lifestyle) at Savills…

When considering investing in a condo, it is crucial to also evaluate its potential rental yield. This refers to the percentage of the property’s purchase price that can be earned as annual rental income. In Singapore, rental yields for condos can vary greatly depending on several factors, including location, property condition, and market demand. Typically, areas with high rental demand, like those near business districts or educational institutions, tend to offer more attractive rental yields. Conducting thorough market research and seeking guidance from real estate agents can provide valuable insights into the rental potential of a specific condo. For more information on new condo launches, you can check out Hornby Eagles.

The Swiss brand prioritises simplicity and quality in its timeless approach to product designIn the ever-changing world of interior design, one thing remains constant: the value of simplicity and quality. For over 100 years, Swiss appliance brand V-ZUG has been a pioneer in this philosophy, captivating developers and designers of luxury residences worldwide with its timeless approach to product design and commitment to excellence.Since its establishment in 1913, V-ZUG has become a household name, with its products gracing homes in Switzerland and cities across the globe, including Shanghai, London, and Singapore. What sets V-ZUG apart from its competitors is its dedication to blending durability and sleek aesthetics, creating kitchen appliances that not only elevate the overall design of a space but also stand the test of time.A key aspect of V-ZUG’s approach is its unwavering commitment to craftsmanship and quality control. Each product is meticulously handcrafted in Switzerland and undergoes rigorous testing by engineers to ensure high performance and durability. Prior to production, the design team conducts extensive research to determine the most sustainable practices that can be tailored to create each appliance while maintaining its strict quality standards.In recent years, V-ZUG has also made a conscious effort to go green, incorporating Circle-Green recycled stainless steel by Outokumpu into its products. This particular type of stainless steel generates only 7% of the emissions associated with producing traditional stainless steel, further solidifying V-ZUG’s commitment to sustainability.In addition to its focus on quality and sustainability, V-ZUG also collaborates with renowned chefs from Michelin-starred restaurants to ensure that each appliance has all the necessary functions to create top-notch meals. This not only adds to the overall functionality of V-ZUG’s products but also elevates the daily culinary experience of passionate home cooks by making professional-grade kitchen technology accessible to them.Furthermore, V-ZUG prides itself on its minimalist design language, ensuring that its products seamlessly blend into any home. From its wine cabinets with multiple temperature zones to its sleek refrigerators with mirrored glass fronts, every product is designed with clean, sleek lines that tie the entire range together, creating a cohesive and practical home aesthetic.Creating a simple yet high-quality end product is no easy task, but at V-ZUG, every detail is meticulously considered, from the way a wine cabinet’s doors open and shut to the color of the LED lights on a refrigerator. The brand’s excellence lies in its ability to harmonize these various elements to create a practical yet aesthetically pleasing home.Beyond the kitchen, V-ZUG also offers products such as the RefreshButler, a garment sanitizing and deodorizing appliance that further showcases the brand’s commitment to convenience and simplicity in everyday living.Overall, V-ZUG’s dedication to simplicity, quality, and sustainability sets it apart as a leading luxury appliance brand, offering innovative and timeless designs that enhance homes around the world.…

On December 4, Taiwan’s Vanguard International Semiconductor Corporation and the Netherlands’ NXP Semiconductors broke ground for a new US$7.8 billion ($10.5 billion) wafer manufacturing facility in Tampines. The facility, owned by their joint venture company VisionPower Semiconductor Manufacturing Company (VSMC), is set to begin initial production in 2027 and is expected to produce 55,000 wafers per month by 2029. This new facility will create about 1,500 jobs.

VSMC is not the only semiconductor company expanding in Singapore. In March, Japan’s Toppan Holdings started construction on a new factory in Jurong Lake District. This plant will produce semiconductor packaging materials and is said to be invested with an estimated $450 million.

These expansions reflect the commitment of chipmakers and related businesses to establish new production plants and research and development campuses in Singapore. According to Leonard Tay, head of research at Knight Frank Singapore, this is prompted by the need to boost their supply chain resilience. He adds that Singapore continues to be a global production hub for semiconductors and chips due to its stability amidst ongoing geopolitical tensions in other parts of the world.

The semiconductor industry is recovering from a downturn in 2023, which was caused by softer demand and higher supply. According to research by London-based consultancy Omdia, the industry experienced a 26% year-on-year revenue increase for the first three quarters of 2024. This is a reversal from the previous year when revenue fell 9% to US$544.8 billion for the whole of 2023.

The rebound has had a positive impact on Singapore’s manufacturing sector. After a slow start to the year with two consecutive quarters of contraction, manufacturing output grew 11% year-on-year in the third quarter of 2024. The electronics cluster, driven by strong demand for smartphone and PC semiconductor chips, was the main contributor to this growth, according to data from the Ministry of Trade and Industry.

Rewritten:
The limited availability of land is a significant factor driving the high demand for condos in Singapore. As a small island nation experiencing rapid population growth, Singapore is faced with a scarcity of land for development. In response, the government has implemented strict land use policies, creating a competitive real estate market where property prices are continuously rising. This makes investing in real estate, particularly condos, a lucrative venture with the potential for significant capital appreciation. Interested investors can find a wide range of Singapore Projects to choose from.

While industrial property rents in Singapore have been on the rise, with 16 consecutive quarters of growth recorded in the JTC All Industrial Rental Index since the third quarter of 2020, the momentum has slowed down. Compared to the 8.9% increase in 2023, the growth rate has been progressively slowing down. In the first, second and third quarters of 2024, the index grew by 1.7%, 1%, and 0.3% respectively.

This plateauing of rents reflects a cautious sentiment among occupiers due to an uncertain macroeconomic environment. According to Catherine He, Colliers’ head of research for Singapore, occupiers have been more prudent in light of budget constraints and have been valuing flexibility to adapt to changing market dynamics. Tricia Song, head of research for Singapore and Southeast Asia at CBRE, adds that consolidation in the third-party logistics and e-commerce space has also contributed to growing occupier resistance this year.

However, the impact of these factors has varied across different segments of industrial property. Multiple-user factories and warehouses have remained relatively resilient, recording rental growth in the first three quarters of the year, supported by stable occupancy rates.

On the other hand, the single-user factory segment experienced softer demand, resulting in both rental and occupancy rates declining by 0.3% quarter-on-quarter in the third quarter of 2024. This marks the first rental decline since the third quarter of 2020. Additionally, business park rents also dipped, falling by 0.2% quarter-on-quarter in the same period, despite a slight increase in occupancy. This decrease in rents extends the 0.1% quarter-on-quarter decline recorded in the second quarter of 2024.

The industrial sales market has been livelier compared to leasing activity. After a slow start to the year, activity picked up in the second quarter, with several significant transactions taking place. These include the sales of BHL Factories at 2C Mandai Estate for $74 million in May, Kian Ann Building at 7 Changi South Lane for $63 million in June, and a single-user factory at 47 Pandan Road for $36 million in April.

The market further received a boost in the third quarter. In August, a joint venture between private equity firm Warburg Pincus and Lendlease Group acquired a $1.6 billion portfolio of seven industrial assets from Soilbuild Business Space REIT, owned by Soilbuild Group and Blackstone. Other significant deals took place in the third quarter of 2024, including ESR-Logos REIT’s purchase of a 51% stake in an industrial site at 20 Tuas South Avenue 14 for $428.4 million and Ho Bee Land’s sale of a 49% stake in Elementum, a biomedical sciences development at 1 North Buona Vista Link, to a Brunei sovereign wealth fund for $272 million.

These deals resulted in a sevenfold increase in industrial property sales to $2.45 billion in the third quarter of 2024, according to Alan Cheong, executive director of research and consultancy at Savills Singapore. In a November research report, Savills attributed this surge in transactions to improved sentiment following the US Federal Reserve’s interest rate cut in September, in addition to a better performing manufacturing sector.

However, Cheong believes that the significant industrial deals seen in the third quarter of 2024 are likely to be a one-off. He adds that while one or two more large transactions may take place in 2025, they would be significantly lower compared to the third quarter of 2024.

Despite the strong performance in the last quarter, the supply-demand imbalance in the industrial property market in Singapore is expected to persist, with the influx of new supply and weaker demand resulting in slower pre-commitment and occupancy rates in upcoming and existing developments. According to Colliers’ He, this will likely lead to a narrowing of rental and price growth in the near term.

In its third quarter 2024 market report published in October, JTC estimated that about 0.2 million square meters of new industrial space will be completed in the fourth quarter. The new supply, targeted for completion in 2025, is almost double the average annual new supply over the past three years. The majority of this new supply is single-user factory space (0.74 million sqm) and warehouse space (0.65 million sqm).

According to He, this influx of new supply, coupled with weaker demand, is expected to result in a supply-demand imbalance, leading to slower pre-commitment and occupancy rates at upcoming and existing developments. She expects the overall industrial rental growth to range between 2.5% and 3.5% in 2025, stabilizing from the 8.9% growth recorded the previous year. Similarly, price growth is anticipated to ease from 5.1% in 2023 to between 1% and 2% this year, and it may slow down further to between 0% and 2% in 2025.

Despite the more muted outlook, demand remains strong for multiple-user factory space, centrally located food factories, and logistics space in preferred locations. According to Cheong, these segments are expected to experience rental growth of up to 3% this year before tapering down to between 0% and 2% in 2025. Additionally, the electronics and advanced manufacturing sectors are expected to continue performing well and attracting investments. CBRE’s Song adds that if the US Federal Reserve continues cutting lending rates in 2025, this could encourage more companies to deploy capex to pursue growth and expansion.

Knight Frank’s Tay is also optimistic about the semiconductor industry, which is expected to continue driving demand for industrial real estate in Singapore, supported by the growing demand for electric vehicles and artificial intelligence. He adds that data centres will also play a significant role in the industrial sector, with plans to increase capacity by at least 300 megawatts as part of the Green Data Centre Roadmap launched in May 2024.

On the other hand, business park rents are expected to continue facing pressure as companies downsize their footprint to cut costs or optimize workspace in response to flexible working arrangements. According to Savills, rents could soften by 3% to 5% this year. However, demand for newer facilities in central locations is expected to remain resilient, providing some support to the segment.…

The property market in 2024 saw two distinct halves, with the first half marked by sluggish sales and cautious market sentiment. However, the second half saw a surge in activity and record-breaking sales volumes.In 1H2024, boutique developments were in the limelight, with the lowest number of units launched for sale since 1H1996. Sales volume mirrored this trend, with just 1,889 units sold – the lowest since 1996. The exception was the 533-unit Lentor Mansion, which achieved a 75% take-up rate during its launch weekend in March.However, market sentiment started to shift in 2H2024, with the launch of the 276-unit freehold Kassia on Flora Drive in late July, which achieved a 52% take-up rate. This set the stage for strong sales momentum following the Lunar Seventh Month. In September, the 158-unit 8@BT at Bukit Timah Link saw 53% of its units sold, at an average price of $2,719 psf.In 3Q2024, new home sales leapt 60% q-o-q, marking a change in market sentiment, which was attributed to the 50-basis point interest rate cut by the US Federal Reserve in September.In October, the 226-unit Meyer Blue saw more than 50% of its units sold in private sales, with prices reaching a new benchmark for the prime District 15 enclave. In Woodlands, the 348-unit Norwood Grand achieved a take-up rate of 84% during its launch weekend in October, making it the best-selling project in terms of percentage of sales as of October. The average price of units sold was $2,067 psf, setting a record for Woodlands as the first project to surpass the $2,000 psf threshold.In November, a record-breaking six new projects comprising 3,551 units were launched over 10 days. This surge in activity was driven by a year-end rush to launch projects, creating an unusually vibrant period for property launches. Despite speculation about further property cooling measures, they are unlikely unless there is sustained sales momentum into the first quarter of 2025 and a concurrent sharp increase in property prices outpacing GDP growth.

When it comes to investing in condos in Singapore, one must take into account the government’s property cooling measures. The government has implemented different measures throughout the years to prevent speculative buying and maintain a steady real estate market. One such measure is the Additional Buyer’s Stamp Duty (ABSD), which imposes higher taxes on both foreign buyers and those purchasing multiple properties. While these measures may have an effect on the immediate profitability of investing in condos, they also contribute to the long-term stability of the market, ultimately creating a more secure investment environment. In light of the changing policies, it is important for investors to keep themselves updated on new condo launches at https://www.hornbyeagles.com/ in order to make informed decisions regarding their investments.…

Projects in the Rest of Central Region (RCR) and Outside Central Region (OCR) dominated the list of best-selling new launches in 2024, driven by strong upgrader demand supported by a robust HDB resale market, revealed Mark Yip, CEO of Huttons Asia.According to Yip, three of the top 10 best-selling projects, based on the number of units sold, were launched in November, with the remaining seven being spread out throughout the year.Emerald of Katong, located in Katong, topped the list with a staggering 99% of its units sold within just two days, from Nov 15–16. This makes it the top-selling project of 2024. As of Dec 17, the 846-unit, 99-year leasehold development only has six available units left for sale, indicating its immense popularity in the market. Interested buyers can easily search for the latest New Launches to find out their prices and available units, thanks to the robust and regularly updated database which provides consumers with relevant information.The 916-unit Chuan Park comes in second, with 696 units (76%) sold within a single day on Nov 10. As of Dec 17, the project is already 79% sold, which is still an impressive feat in and of itself. The strong sales were credited to the dearth of new private condo launches in the neighbourhood since The Scala in 2010, which drove up demand for new properties in that area and led buyers to flock to Chuan Park.The 533-unit Lentor Mansion comes in third place, achieving 75% sales during its launch weekend in March. Nine months later, the project has sold 92% of its units, making it another top-performing development.The 552-unit Nava Grove comes in at the fourth rank, with a 65% take-up rate during its launch weekend in mid-November. By Dec 17, the project had already sold nearly 70% of its units, further solidifying its position as a popular choice among homebuyers.But the best-performing projects are not confined solely to the RCR and OCR regions, as evidenced by the inclusion of Norwood Grand at the fifth spot, with 291 of its 348 units (84%) taken since its launch in October. The only project from the OCR region to make it to the list, Norwood Grand’s success can be attributed to its prime location in Jurong East and the relative lack of other new properties in the area.The 341-unit Hillhaven was one of the first projects to debut in 2024. At its launch in January, the development only sold 50 units, but sales have gathered momentum in the months since. Now, with 259 units (76%) sold as of Dec 17, it is ranked sixth on the list.The 276-unit freehold Kassia on Flora Drive has moved 180 units (65%) to date, putting it at seventh place overall. Its strong performance can be attributed to its attractive price point and its location in a prime district, which garnered plenty of interest from potential buyers.The 267-unit Lentoria, located in the Lentor Hills Estate, comes in at the eighth spot, with 177 units sold to date. Initially launched in March, the project saw its sales rise from 19% on the first weekend to 66% in the months since, indicating its growing popularity among homebuyers in the area.The 440-unit Sora at Yuan Ching Road in Jurong Lake District achieved 134 sales (30%) this year, which earned it the ninth rank on the list. But not far behind is the freehold Meyer Blue, which sold 131 units (58%) out of its 226 units through private sales, making it the tenth best-selling project of the year.Furthermore, four projects launched in 2023 also gained significant traction from the sales momentum in the second half of 2024, with each moving more than 200 units. These developments benefitted from the launch of other new properties in their respective neighbourhoods, which helped to draw attention back to these localities.The Continuum, an 816-unit freehold development located at Thiam Siew Avenue, emerged as the biggest winner from the launch of Emerald of Katong. The project sold 233 units in 2024, with almost 60% of these sales transpiring after November. This brought The Continuum’s total take-up rate to 66% since its launch in May 2023.Similarly, Tembusu Grand, which is located close to Emerald of Katong, also gained from its location. The 638-unit project sold 53% of its units during its launch weekend in April 2023, and moved another 204 units this year. With an impressive 91% already sold as of Dec 17, the project’s success can be attributed to the buzz around Emerald of Katong, which spilt over to nearby properties like Tembusu Grand.The 474-unit Hillock Green, situated in Lentor Hills Estate, also did well in 2024. Initially launched in November 2023, it achieved a take-up rate of 27.6% on its first weekend. However, sales picked up significantly this year, with Hillock Green moving 217 units, bringing its total sales up to 359 (76%). This can be attributed to new projects launched in the area, such as Lentoria and Lentor Mansion in March, which helped to draw renewed attention to the Lentor Hills Estate.According to property experts, the project that showed the most growth was Pinetree Hill, which achieved strong sales for its second phase launched in September. To date, the project has already sold 208 units this year, which adds to its total sales of 374 (72%). The nearby launch of Nava Grove in November also helped to drive interest to the District 21 residential enclave.Thus, 2024 has seen a strong performance from properties in the RCR and OCR regions, with a total of 10 projects appearing on the list of best-selling new launches. These projects saw high demand from homebuyers, driven by strong upgrader demand backed by a robust HDB resale market. With so many successful projects launched this year, it is clear that the private property market is continuing to thrive.

It is crucial for foreign investors to gain a thorough understanding of the regulations and limitations surrounding property ownership in Singapore. Fortunately, purchasing a condo in Singapore is usually less restricted for foreigners compared to landed properties, which have more stringent ownership rules. Nonetheless, foreign buyers are subject to the Additional Buyer’s Stamp Duty (ABSD), which is currently set at 20% for their initial property acquisition. Despite the added expenses, the constant stability and promising potential for growth of the Singapore real estate market has continuously enticed foreign investments. This is evident in the growing number of investors flocking to Singapore, as seen in the rise of new condo launches like New Condo Launches.…

As we inch closer towards 2025, the built environment in Singapore is on the verge of a major transformation. The facilities management (FM) sector is facing the challenge of adapting to changing regulatory requirements, increasing cost pressure and rapid technological advancement. This transformation will be driven by three key factors, namely the mandatory energy-efficient regime, the impact of rising temperatures on energy costs, and the rise of adaptive reuse in construction.

The upcoming Mandatory Energy Improvement scheme, set to commence in the third quarter of 2025, will mandate existing energy-intensive buildings to undergo energy audits and implement energy-efficient measures. This requirement covers commercial, healthcare, institutional, civic, community, and educational buildings with a gross floor area of over 5,000 sq m. These buildings will be required to reduce their energy consumption by 10% from pre-audit levels – a realistic target that can be achieved by implementing the right strategies.

To keep up with this requirement, asset owners are urged to take a medium to long-term view on capital expenditure-heavy investments in energy-efficient systems. The energy audits, which will provide detailed information on energy consumption patterns and performance gaps, will guide asset owners towards a strategy that aims to prolong the lifespan of assets, reduce operating costs in the long run, and contribute to a more sustainable built environment. Building owners can seek financial assistance through grants to cover the costs of energy efficiency upgrades.

Temasek Polytechnic is Singapore’s first smart campus and serves as a good example of the future of smart and sustainable facilities management. The institution embarked on a bold initiative to digitise its campus operations in 2021. The key highlight of the smart campus is a suite of solutions that automates various campus operations, including facility bookings, repair and maintenance work orders, crowd management, and temperature control measures. These systems are integrated into a common data environment that collects and analyses data, which is then visualised, monitored, and tracked at a control centre, enabling campus operations teams to make informed decisions and maximise the efficiency and sustainability of the building’s operational systems.

The rise in temperatures predicted for 2025 will further escalate cooling demands in buildings, leading to more investments in predictive technology. The use of air conditioning and mechanical ventilation (ACMV) systems already accounts for a significant portion of operational costs, making up about 60% of total energy expenses in many buildings. To mitigate this, building owners can implement energy-efficient solutions like energy recovery systems or thermal energy storage. Optimising the operations of chiller plants to match changing weather conditions can also bring down energy waste and costs.

Extreme weather events such as floods and urban heat pose a threat to the performance and longevity of critical infrastructure, including drainage and plumbing systems, which are integral to keeping precincts running smoothly. As such, there is a growing emphasis on understanding and mitigating climate risks in building operations. Singapore has experienced several flash floods in recent years, causing significant damage to properties. To address this, building owners and city planners can harness the power of web-based geospatial IT to identify flood-prone areas and extremely heat-exposed spaces and devise a comprehensive operational plan. This proactive approach can reduce the risk of equipment failure and downtime, improve chiller plant operations, and optimise energy use.

The construction sector is facing increasing costs, prompting a shift towards adaptive reuse, with the rate of redevelopment in Singapore rising in the past five years. According to Surbana Jurong (SJ), the rise in construction costs can be attributed to a surge in logistic shipping costs by 77%, labour costs by about 9%, and construction materials prices (e.g., copper prices up by 15%) as well as the shortage of mechanical and electrical (M&E) contractors. To keep pace with these changes, more developers are turning to smart design and engineering practices, including the use of collaborative common data environments to compare construction and operational costs.

Adaptive reuse is a response to rising construction costs. Platforms that support integrated digital delivery play a critical role in promoting sustainability in construction projects. For instance, the digital ecosystem provided by Podium, developed jointly by Lendlease and Surbana Jurong, connects developers, designers and the supply chain to drive sustainable building practices and high construction productivity. By consolidating data from various sources, all stakeholders in the building cycle, from design and construction to delivery and operations, gain valuable insights into project timelines, costs, quality, and safety. They can also leverage data analytics to optimise construction and operational costs, including lowering embodied carbon levels. Data on elements such as structural frames, superstructures, and foundations is particularly useful when making the decision to redevelop or reuse them. Retaining these elements can save time, material, and labour costs.

An attractive feature of purchasing a condominium in Singapore lies in its potential for capital appreciation. The country’s advantageous position as a prominent business center and its solid economic foundation fuel an unceasing demand for real estate. This has resulted in a consistent increase in property values over time, particularly in prime locations where condos are situated. Smart investors who enter the market at the opportune moment and retain their properties for a prolonged period can reap considerable profits from capital gains. With the addition of Singapore Projects, there are even more opportunities for capital appreciation in the country’s thriving real estate market.

Post-construction, Podium can integrate with other operational platforms to monitor building performance metrics such as energy, waste, water, air quality, and occupancy trends. This data can inform the building owners’ decisions, enabling them to achieve goals to reduce operational carbon levels. Additionally, Podium can help building owners identify the most efficient ways to manage their energy usage, especially for cooling purposes, which can account for up to 60% of total operational expenditure.

Smart buildings can help mitigate cost pressures by extending the lifespan of capital expenditure-heavy equipment, such as ACMVs, lifts, and air handling units. To achieve this, asset owners need to adopt a data-driven approach that prioritises energy savings to offset capital expenditure costs. This approach not only maximises the return on investment but also helps building owners comply with local and international regulations and sustainable financing requirements. With sensors monitoring and tracking the performance of each component in the building’s equipment, predictive maintenance can be implemented to reduce downtime and improve efficiency. For instance, sensors can detect wear or potential failure of chiller equipment by analysing vibrations. Similarly, heat-sensing scanners and imaging equipment can pinpoint abnormal temperatures or heat build-up, helping to detect potential problems with the system.

AI-powered smart monitoring systems can also be deployed to track various components of a building’s M&E system using sensors. These systems provide detailed information on the performance of each component, enabling asset owners to make informed decisions about the parts that need to be replaced within a specific timeframe based on the type of defects and the frequency of breakdowns. With access to such data, building owners can explore different options, such as retrofitting or replacing entire systems, to maximise efficiency and return on investment.

In conclusion, the FM sector in Singapore is facing a wave of transformation, driven by regulatory requirements, cost pressures, and rapid technological advancement. To ensure the sustainability of the built environment, it is imperative that the sector embrace digitalisation, data analytics, and sustainable practices. By leveraging these tools, building owners can promote sustainability, drive down costs, and secure long-term operational success.…

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Press Association Roberto Mancini believes Manchester City have been unrecognisable at times this season – but has backed them to come good in the second half of the campaign. A 2-0 loss at home to Everton has left City nine points adrift of Manchester United at the top of the Barclays Premier League, while the Toffees are now just four behind last season’s champions. The result was City’s first home loss of the campaign and Mancini raised the possibility that his team have become overconfident due to their antics in 2012. In his post-match press conference the Italian said: “I think that sometimes it can happen that one team like us – that did everything perfect in the last 15 months, or in the last 21 months, because we did this – can have one moment, one game, when we don’t play like usual. “All the players think they are the best in the world, and think that they can play with 80 per cent of their strength. But in the Premier League, every game is very tough. We can lose against anyone. This is football.” Asked if the statistics worked in City’s favour – they had 19 shots compared to Everton’s eight – Mancini added: “Every time we have more possession, we have more chances, but we don’t score. “Every team that comes here defends very well, every team that plays against us plays like it’s the last game. This is normal for the top team. We should understand this quickly.” read more

A major benefit of investing in a Singapore condo is the potential for high returns in the form of capital appreciation. As a leading business hub in the world, Singapore’s robust economic foundations attract a constant demand for real estate. This has led to a consistent increase in property prices over the years, particularly for condos in prime locations. By carefully timing their investments and holding onto their properties for an extended period, investors can reap significant profits from capital gains. To stay updated on the latest opportunities in the market, investors can also consider exploring the New Condo Launches in Singapore.

RelatedPosts Diving: Cameroon stop Nigeria’s Olympics star D’Tigers, D’Tigress await 2020 Olympics foes D’Tigress, 14 others storm Lagos for Olympic qualifiers The Nigeria Basketball Federation has assured Nigerians of its plan to bid for the hosting of either the FIBA 2021 Men’s Afrobasket Championships or the 2022 FIBA Women’s Afrobasket Championship. The Secretary General of the Federation, Afolabi-Oluwayemi Olabisi, made the disclosure on Monday in an interview with the News Agency of Nigeria in Abuja. She, however, said the federation’s immediate plan was the Men’s National Team’s qualification for the 2020 Men’s Olympics in Japan. Olabisi said: “We have two championships coming up – the women’s Afrobasket in 2021 and the men’s Afrobasket in 2023. “We are looking at the possibility of hosting one of these championships – either the 2021 Women’s Afrobasket or 2023 Men’s Afrobasket Championship. “Before then, we have the men’s Olympic qualifiers in 2020 and we are looking up to that so that we can qualify for Tokyo 2020 Olympics.” On the possibility of the women’s team qualifying for the 2020 Tokyo Olympics, Olabisi said Nigeria is not in contention for the only spot from the continent. She said as the second best team in Africa, the women’s national team has to wait for the next Olympic Games in 2024. She said: “As of today, there are only five spots available for Africa, out of which one is already secured by the host country, Japan. “So as the second best team in Africa, we actually thought of the possibility of maybe a wild card for the Tokyo 2020 Olympics, but there has been no official communication from FIBA. “The hope for the team is to win the 2021 Women’s Afrobasket and qualify for the 2024 Olympics.”Tags: Afolabi-Oluwayemi OlabisiD’TigressesFIBA Men’s 2023 AfrobasketFIBA Women’s Afrobasket read more

Mitt Romney’s faith as a Latter-day Saint was inevitably going to be a tough sell to the general public in a run for President, but it was nonetheless admirable that it was not a topic brought up during the three presidential debates. While his faith was never directly addressed, his faith will nonetheless have an effect on his policies in the White House, possibly more than any other president’s would have in 2012.Romney spoke at length in the debates about his foreign policy and economic plans, but never once addressed any issues pertaining to the American family, religious institutions or the protection of human life. Why was this? While some might attribute it to wanting to appeal to the moderate and independent voters, another possibility is his faith and its impact on his policies. By avoiding these topics, which play a major role in Latter-day Saint doctrines, Romney effectively avoided having to share his views on a range of issues with the American public. However, should he win the election, he will inevitably be called upon to address issues he has evaded so long, and we can only hope his values match up with what Americans want from their next president.Latter-day Saints are, traditionally, very family-oriented people. Family is at the core of the Salt Lake City-based church, and by extension, Romney’s policies are shaped by this. His proposed policies on gay marriage, illegal immigration and the use of birth control have been shown to be controversial issues in the past, but what remains to be seen is how his faith will affect his position on the topics if he becomes commander-in-chief.For instance, much has been made of Romney’s stances on contraception and abortion. In a 2007 debate with Mike Huckabee, Romney said he would support an amendment to the Constitution to establish that life begins at conception, adding that if the amendment were passed, abortion would be effectively banned and states could pursue their own laws banning it outright. Additionally, though he stated in a Missouri debate he did not plan to restrict access to birth control, he later approved a proposal put forth by congressional Republicans that would give employers the right to deny health care options to employees that contravened their religious beliefs. If Romney’s faith had been an openly discussed topic during the election, he might have had to answer why he believed a “religious belief” of an employer was more important than protecting the ability of a female employee to pay for birth control. This is not the type of leadership America needs in a leader, and we must be able to question if Romney’s faith will influence his policies regarding women’s rights.In another instance, Romney’s stances on immigration must also be scrutinized with his faith in mind. While the Latter-day Saints are not an immigrant group, they have a history of missionary work and establishing themselves in countries around the world. Romney’s proposed immigration policies will have a major impact on the millions of undocumented immigrants living in America and on business owners who employ them. However, his opinions on their status while they are living in America have changed frequently, particularly his suggestion that illegal immigrants “self-deport” back to their home countries. We can only hope that regardless of whether or not he is part of the Church of Jesus Christ of Latter-day Saints, Romney will understand the importance of protecting the rights of those looking to better their lives by coming to this country with honorable intentions.Although Romney has evaded discussing many of these issues in light of his faith, a Mormon President will inevitably affect the way the country is run. As the highest-profile representative of the church in the world, he must consider the impact of his actions and policies on the expansion of the church’s missionary work and its standing as an institution. While this is no small task, if he does not temper the power of his position with the intelligence and thoughtfulness we expect from our elected officials, the strain between America’s views and his religious conviction will create more problems than it will resolve. And this is something we cannot have — not from the man the rest of the world will look to as the leader of the free world.Everyone is entitled to their religious rights, but as a great leader, Romney must be an impartial judge that respects the rights of all individuals, religious institutions and non-religious institutions alike. We must unearth how Romney’s religion will impact his policies before electing him to the highest office in the United States. The American people deserve to know the beliefs and ideals of the man who could run the country for four years, and those include both his views as an individual and as a devout Mormon behaving in the best interest of his faith, regardless of whether or not he is directly questioned about it. “In a word” is a weekly Point/Counterpoint column in which two Daily Trojan staff members of opposing views are given 250 words to defend their stance on a topical issue. read more…

A 4,230 sq ft, six-bedroom penthouse at JadeScape has set the record for the most profitable condo resale transaction during the week of Dec 3 to Dec 10. The unit, located on the 23rd floor of the 99-year leasehold condo on Shunfu Road, changed hands for $10.15 million ($2,399 psf) on Dec 9. This marks a hefty profit for the seller, who had purchased the unit from the developer in December 2019 for $5.8 million ($1,371 psf). After owning the unit for five years, the seller reaped a profit of $4.35 million, translating to a capital gain of 75% or an annualized profit of 15%.

According to caveats lodged, this is the highest profit ever made on a unit at JadeScape. The previous record was from the sale of a 2,099 sq ft, five-bedroom unit on the 10th floor for $4.42 million ($2,108 psf) on Aug 12. The seller, who bought the unit from the developer in September 2019 for $3.28 million ($1,562 psf), made a profit of $1.14 million on the transaction.

JadeScape, located at the junction of Marymount Road and Shunfu Road in District 20, was completed in 2022 and has 1,206 units spread across seven residential towers. The units range from one to five-bedrooms, measuring between 527 sq ft to 2,099 sq ft. There are also two penthouses measuring 4,230 sq ft. The condo is walking distance from Marymount MRT Station on the Circle Line.

Read also: Is it a Good Deal?: A duplex penthouse in Sentosa sold for a loss of $1.93 million

JadeScape has seen 72 other profitable resale transactions this year, with units selling at prices from $1,955 psf to $2,420 psf. According to data from EdgeProp Research, all of the deals were profitable, with sellers reaping gains ranging from $55,000 to $1.15 million.

The second most profitable condo resale transaction this week was the sale of a 1,410 sq ft, three-bedroom unit at The Imperial for $3.7 million ($2,624 psf) on Dec 5. The seller had purchased the unit from the developer for $1.3 million ($925 psf) in September 2004. This transaction translates to a gain of $2.4 million (184%) after holding the unit for 20 years.

The deal is the fifth most profitable resale transaction at The Imperial. The highest gain belongs to a four-bedroom unit measuring 3,918 sq ft that sold for $7.64 million ($1,950 psf) in June 2007. The seller, who had bought the unit for $3.99 million ($1,018 psf) in March 2006, made a profit of $3.65 million.

The sale of a 1,410 sq ft unit at The Imperial for $3.7 million ($2,624 psf) on Dec 5 reaped a profit of $2.4 million (Source: Google Street View)

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The demand for condos in Singapore continues to soar due to a variety of factors, with one major element being the limited amount of available land. As a compact island nation experiencing rapid population growth, Singapore struggles with a scarcity of land for development. This has resulted in strict land use regulations and a fiercely competitive real estate market, causing property prices to continuously rise. As a result, investing in real estate, including condos, has become a highly attractive opportunity, offering the potential for significant capital appreciation. For the latest in new condo launches, be sure to visit Hornbyeagles.com.

Located on Jalan Rumbia, close to Fort Canning Park in District 9, The Imperial was completed in 2006 and comprises 187 freehold units across five blocks. The units include two, three, and four-bedders between 980 sq ft and 3,918 sq ft. It is walking distance from Fort Canning MRT Station on the Downtown Line and Dhoby Ghaut MRT Interchange, which serves the North-South, North-East and Circle Lines.

On the other hand, the sale of a one-bedroom unit at The Montana was the least profitable condo resale deal this week. The 635 sq ft unit went for $1.02 million ($1,603 psf) on Dec 6. The unit last changed hands in July 2014 for $1.18 million ($1,863 psf), which means the seller suffered a loss of approximately $165,000 on the transaction.

This is the third-largest loss suffered on a unit at The Montana, based on available caveats. The highest loss was from the sale of a three-bedroom unit measuring 1,109 sq ft that was sold for $1 million ($902 psf) in May 2003. The seller, who had bought the unit from the developer in December 1999 for $1.35 million ($1,215 psf), suffered a loss of around $347,000.

Read also: Project Spotlight: This condo in Ang Mo Kio has 241 profitable and no unprofitable transactions

The Montana is a freehold condo located on Jalan Mutiara, off River Valley Road in District 10. It was completed in 2002 and has 108 units housed in a single 12-storey tower. The units are composed of one to four-bedders, ranging from 549 sq ft to 2,659 sq ft.

There have been four other resale transactions at The Montana this year, all of which were profitable. These unit were sold at prices ranging from $1,930 psf to $2,371 psf, resulting in profits ranging from around $80,000 to $525,000.…