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Golden Mile Complex May Be Used For Integrated Development

Posted by Singapore Property Launch on 9th January 2019 in Blog
Golden Mile Complex + Tower CROP

The iconic development has been put up for collective sale at $800 million. (Photo: ET&Co)

The landmark Golden Mile Complex may be developed into an integrated development with a gross floor area (GFA) of 85,977.5 sq m, provided its main building is conserved, according to the Urban Redevelopment Authority (URA).

This comes after the property’s marketing agent Edmund Tie & Company filed an outline application to retain the existing 16-storey building and to add a new block next to the building.

“The planning advice from URA indicates that under the existing commercial zone, the property may be developed as an integrated development comprising uses such as retail, office, residential, serviced apartments and hotels.”

With a land area of about 1.3ha, the iconic development is located within the Beach Road/Ophir-Rochor Corridor, near the Nicoll Highway MRT station on the Circle Line and just outside the ERP zone.

“Golden Mile Complex is a national icon that has shaped the visual character of our built landscape. We are proud to present this rare opportunity for adaptive reuse,” said Swee Shou Fern, senior director of investment advisory at Edmund Tie & Company.

“Its distinctive architecture and worldwide iconic status will offer tremendous potential to transform the property into an exciting work-live-play destination in this growth area.”

Golden Mile Complex is up for collective sale at $800 million.

Edmund Tie & Company noted that the differential premium and lease upgrading premium to intensify the land use and to top up the lease to a fresh 99 years respectively would depend on the proposed land use mix by the developer.

The tender exercise for Golden Mile Complex closes on 30 January.

credits: propertyguru

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Singapore Home Prices Up 8.8% YOY In Q3

Posted by Singapore Property Launch on 2nd January 2019 in Blog
Singapore home prices up 8.8% YOY in Q3

The city-state was ranked 28th in Knight Frank’s Global Residential Cities Index report.

Residential property prices in Singapore rose 8.8 percent year-on-year during the third quarter of 2018, revealed a Knight Frank report.

The city-state was ranked 28th in Knight Frank’s Global Residential Cities Index Q3 2018, while Chinese city Xi’an topped the index with a price growth of 20 percent.

Five other Asian cities join Xi’an in the top ten rankings, including Hong Kong (seventh) and four Indian cities – Ahmedabad (second), Hyderabad (fourth), Bengaluru (fifth) and Surat (ninth).

Completing the top ten list are Budapest (third), Porto (sixth), Rotterdam (eighth) and Amsterdam (10th).

“Analysis by world region shows cities in Asia Pacific have seen a surge in growth over the last 12 months,” said Knight Frank.

“On average, prices across Asia Pacific cities increased 6.2 percent over the 12-months to September 2018, up from 3.3 percent a year ago. Of the remaining world regions, only Latin America and Russia/CIS have seen price growth accelerate, all others, including Europe and North America, have registered slower growth.”

Globally, home prices rose 4.5 percent on average.

The report noted that 123 of the 150 cities tracked registered a hike in residential prices, while several first tier cities such as London, Shanghai, Melbourne and Kuala Lumpur posted a drop in prices.

Stockholm, Tel Aviv and Turin represented the three weakest city markets during the period, with price declines of seven, eight and 13 percent respectively.

“A mix of economic stagnation, high rates of new supply and affordability constraints are contributing to softening prices in a number of these urban markets,” said Knight Frank.

credits: propertyguru

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Singapore Economy To Grow 3.3% This Year

Posted by Singapore Property Launch on 15th December 2018 in Blog
PGNV 115 National Spotlight

The finance and insurance industry is expected to contribute to economic growth.

Private economists expect Singapore’s economy to grow by 3.3 percent this year, slightly higher than the previous forecast of 3.2 percent in September, revealed the latest survey from the Monetary Authority of Singapore (MAS).

During the third quarter of 2018, the economy expanded by 2.2 percent over the same period last year, slightly higher than the 2.1 percent forecasted in the September survey.M

With this, the construction sector is now expected to contract by only 3.5 percent, a moderation from the 4.2 percent drop predicted in the previous survey.

Growth in the manufacturing sector is also expected to slow to 7.4 percent, down from the 7.6 percent growth forecasted previously.

The finance and insurance industry, on the other hand, is expected to expand by 6.9 percent, up from the 6.7 percent growth forecasted in the last survey.

Meanwhile, respondents expect headline and core inflation for this year to come in at 0.5 percent and 1.7 percent respectively.

“As for the labour market, the respondents expect the unemployment rate to be 2.1 percent at year-end, unchanged from the previous survey,” said MAS.

Respondents cited the easing of trade tensions as a potential upside to the city-state’s growth outlook, while the intensification of US-China trade tensions continue to be a downside risk.

“In addition, a growing number of respondents flagged slower growth in China as a downside risk, on the back of tightening credit conditions. Faster than expected US interest rate hikes, which could trigger financial market turbulence, also continue to be a downside risk for a number of respondents, with the proportion rising from 37 percent in the previous survey to 41 percent,” noted MAS.

Moving forward, respondents expect Singapore’s GDP growth to ease to 2.6 percent next year, a slight change from the 2.7 percent reported in the previous survey. Inflation is forecasted to come in at 1.3 percent and core inflation at 1.8 percent.

credits: propertyguru

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Singapore’s Super-Posh Homes Are World’s 2nd Most Expensive

Posted by Singapore Property Launch on 13th December 2018 in Blog
Singapore's super-posh homes are world’s 2nd most expensive

Aerial view of luxury apartments in Singapore.

In Singapore, 12 residential properties costing over US$25 million (S$34.33 million) have been transacted in the year to August 2018, according to Knight Frank’s inaugural Global Ultra-Prime Market report.

These 12 luxury homes were transacted at an average price of US$44.1 million (S$60.55 million), the second highest among 17 ultra-prime markets across the globe.

“Singapore is undoubtedly an ultra-prime market – although it sees the smallest number of transaction numbers compared to our other city markets,” said the property consultancy.

“Transactions at this price level (over US$25 million) are mainly found close to Orchard Road, with proximity to this being the key defining factor. Properties transacting at the top-end of the market tend to be large houses or bungalows with additional amenities such as a swimming pool and large gardens. There have been a handful of apartments in this space, but only large penthouses are likely to achieve this price point,” noted Knight Frank.

Meanwhile, Hong Kong saw the highest average price of US$52.8 million, while Sydney took the third spot with an average price of US$43.8 million.

In terms of transaction numbers, Hong Kong once again took the top spot with over 47 homes costing more than US$25 million changing hands in the year to August 2018. This was followed by New York with 39 units sold and London (38).

Overall, 116 ultra-prime residential properties were transacted in the first eight months of 2018 with a combined value of USD$5.1 billion. In comparison, last year recorded 155 transactions collectively worth US$6.9 billion.

Knight Frank defines ultra-prime residential markets as locations with at least three sales of homes costing over $25 million per annum over the past three years.

The 17 markets include the four ski markets of St Moritz, Gstaad, Courchevel and Aspen. The second-home ultra-prime markets consist of Malibu and Palm Beach in the US, the Caribbean as a whole, plus Cote d’Azur and Monaco in Europe. For cities, these include London, New York, Hong Kong, Los Angeles, Sydney, Miami, Paris and Singapore.

credits: propertyguru

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Singapore Is Asia’s Second Most Expensive City For Wealthy People

Posted by Singapore Property Launch on 7th December 2018 in Blog
Apartment buildings in the Orchard Road area.

Singapore remains one of the most expensive cities.

Singapore has been ranked as Asia’s second most expensive city to maintain an upscale lifestyle, revealed the latest Julius Baer Lifestyle Index.

In fact, the city-state rose one spot in the rankings partly due to the stronger Singapore dollar and an improvement across the board in price rankings of luxury goods and services.

“On a price-weighted basis, Singapore is now the second most expensive city in Asia. Unsurprisingly, it is the most expensive city to purchase a car, owing to heavy levies and duties on automobile purchases. It is also the third most expensive city to secure a luxury property. Individuals looking to enjoy an evening out at a two Michelin-starred restaurant would also be forking out the highest prices in the region.

“One would be hard-pressed to find a bargain in Singapore, albeit pianos (4th cheapest regionally) jewellery (5th cheapest regionally) are relatively price competitive compared to the rest of the region,” said Julius Baer.

Nonetheless, the Swiss multinational private bank highlighted that the city-state remains an attractive choice for both investments and talented staff as it was named Asia’s most liveable city, and ranked second for ease of doing business.

However, the US-China trade dispute could negatively impact Singapore’s exports, while prices of goods and services could increase at a higher rate of 1.5 percent in 2019 compared to 1.0 percent in 2018 due to rising power costs.

“In the short run, a strengthening US dollar, worsening trade spat and China’s economic slowdown will be a drag on the Singapore dollar. However, in the longer term, we believe strong fundamentals and greater economic productivity will support the Singapore dollar,” it noted.

Meanwhile, Shanghai rose one spot and took the lead as Asia’s second most expensive city for luxury living. While Hong Kong dropped two places to third place, it is still the costliest city in terms of property prices.

“Hong Kong, Tokyo and Singapore remain the three most expensive cities for property in Asia, whereas Kuala Lumpur, Manila and Jakarta are the most price competitive cities,” said Julius Baer.

The Julius Baer Lifestyle Index takes into account the prices of luxury goods and services across 11 cities in Asia. These include business class flights, residential property, wedding banquets, hotel suites, Lasik eye surgery, hospital rooms, golf club membership, legal services, wine, jewellery and accessories, clothes, Botox, piano, car, cigar, shoes, skin cream and degustation dinner.

credits: propertyguru

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Luxury Condo Architectural Design Award 2018

Posted by Singapore Property Launch on 28th November 2018 in Blog
Best luxury condo architectural design

Wu Zhi Wei, Director, Asia at DP Architects (right), collecting the prize at the recent gala dinner.

Contributor Feature

By Nadia Willan

The “art of sophistication” and design in harmony, every element of the architectural design of 8 St Thomas inspires luxury condo living that feels contemporary, lifestyle-friendly and aesthetically stunning. Developer Bukit Sembawang Estates brings over 50 years of experience to the fore with eye-catching aplomb, presenting a visually stunning development with an art-inspired façade in Singapore’s iconic Orchard Street.

Winning Best Luxury Condo Architectural Design at the 8th annual PropertyGuru Asia Property Awards (Singapore) in October 2018, 8 St Thomas is an expression of a creative condo development. Bukit Sembawang utilises design to create the property’s best features and enhance the luxurious, city-living experience for residents.

DP Architects were involved with the rare freehold project, which boasts 250 units of one to four bedrooms, including two penthouses, in two towers set in almost a hectare of greenery. Stylish interiors by Janet McGlennon and stunning Ong & Ong landscaping seamlessly complement the architectural features.

Judge Henry Woon, director of environmental design consultants Atelier Ten, has a background in leading award-winning projects and renowned, standout developments. Part of this year’s judging panel, he praises the artistic architectural elements of the luxury condo. “The architects’ design of the exteriors of 8 St Thomas was inspired by the great painter Piet Mondrian, who was one of the key 20th century artists of abstract style and favoured simple, geometric elements. The wonderful inspiration gave this project an exquisite and timeless look, symmetric, but not square.”

Mondrian architecture creates a strong façade design using glass and balconies that look like drawers pulled out of the sleek structure to connect residents with the outdoors. Strategically positioned units, some with bay and corner windows, plus spacious living spaces with balconies are all designed to make the most of views over the city and the Marina Bay skyline. Within the abstract-art design philosophy are well thought-out architectural principles.

Communal sky gardens and sky terraces with dining facilities, along with fitness and chillout pods, offer further proof of Bukit Sembawang’s intention to utilise the architectural design of 8 St Thomas to create the art of living luxuriously with nature. Meanwhile, the artistic lines of the towers express a sense of evolved city living in District 9.

Beyond the façade, architectural design reaches out into social spaces too, with every element of 8 St Thomas fitting together as agilely as a Mondrian composition. The tropical-inspired waterfalls complement the geometry of the façade, with the green spaces, lap pool and garden trail adding a sense of movement and life to the architectural concept. The result is a coherent living environment with residential spaces invigorated with rich foliage. While art may be considered a way of life, the way of life at 8 St Thomas is directed by the impressive architectural design, set within a luxury framework.

Even the contemporary style of the interiors’ built-in features and elongated living-area design complement the architectural vision of creating a feeling of flowing yet seamlessly ordered space.

credits: propertyguru