Month: February 2025

According to a recent statement issued by City Developments (CDL) executive chairman Kwek Leng Beng, the “serious lapses” of corporate governance at the company have been brought to a halt. This comes after a court hearing on Feb 26, where two new directors, Jennifer Duong Young and Wong Su Yen, who were “irregularly and hastily appointed” on Feb 7, have agreed not to exercise any powers as directors until further notice of the court.

The two new directors were appointed as independent non-executive directors via directors’ resolutions in writing. Kwek also stated that his son, Sherman Kwek, Philip Lee, Wong Ai Ai, and the remaining directors acting in concert with them, have promised not to take any further actions regarding their attempted changes to the board committees and management of certain CDL’s subsidiaries until further notice of the court.

Additionally, the “irregularly constituted” nominating and remuneration committee has been suspended from taking any further action. This means that CDL’s board committees and the management of the relevant subsidiaries are now safe from any attempts to destabilize, dismantle, and reconstitute them, according to Kwek.

“The board and the management of these subsidiaries will now be able to function normally and without unwarranted interference as they were prior to the attempted coup,” says Kwek. “I must stress that strong corporate governance is the foundation of a well-functioning and sustainable business. It ensures transparency, accountability, and responsible decision-making, which are critical to maintaining investor confidence and protecting the long-term interests of our shareholders.”

On the morning of Feb 26, CDL announced a trading halt and a last-minute cancellation of its FY2024 results briefing, which was scheduled for later that day. In a statement released at 1.51pm, CDL said the trading in its shares was suspended temporarily due to a disagreement within the board regarding the composition and constitution of the board and the board committees.

However, the company assured that its business operations remain fully functional and unaffected. Sherman Kwek continues to be the group CEO until there is a board resolution to change the company leadership. In his first press statement, Kwek accused his son, Lee, Wong, and a group of directors acting with them of attempting to consolidate control of the board and the company.

He also revealed that he had filed court papers on Feb 25 to “set things right”, calling it a necessary move to deal with the “attempted coup”. ” We intend to change the CEO at the appropriate time. We will continue to explore all legal options to vigorously defend and protect the interests of CDL and its shareholders,” said Kwek. If Sherman is removed as CEO, the current chief operating officer, Kwek EIk Sheng, will serve as the interim CEO.

CDL shares last traded at $5.12 before the trading halt on the morning of Feb 26.…

1 day ago Share on FacebookShare on TwitterShare on RedditShare on LinkedInShare via SINGAPORE – Colliers, a leading real estate services company, has announced two new appointments to its occupier services team in Asia Pacific. The new appointments are part of Colliers’ continued expansion in the region and will bring valuable expertise to its team. Leanne Chin has been named as the new director of regional tenant representation for Asia Pacific. Chin will be based in Colliers’ Singapore office, bringing with her a wealth of experience in the real estate industry. Additionally, Ali Porter has been appointed as the new director of enterprise clients for Hong Kong. Porter, who has previously worked for Colliers’ Europe, Middle East and Africa business, will be relocating from London to take on this role. In his new position, Porter will work closely with occupiers to align their real estate portfolio with their corporate strategies across the Asia Pacific region. These two new appointments reflect Colliers’ dedication to providing top-quality services to its clients in Asia Pacific. With their extensive experience and expertise, Chin and Porter will play an important role in driving Colliers’ growth in the region and delivering exceptional results for its clients. Advertisement Trending News Singapore leads global markets as mainboard recovers from early COVID-19 losses

By Lisa Rex

SINGAPORE – Real estate services company Colliers continues its steady expansion in Asia Pacific with the addition of two new members to their occupier services team. In a news release on Feb. 25, the company announced the appointment of Leanne Chin as director of regional tenant representation for Asia Pacific. Based out of Colliers’ Singapore office, Chin joins the group with years of experience in the real estate industry.

Meanwhile, Ali Porter has been appointed as director of enterprise clients for Hong Kong. He will be relocating from Collier’s Europe, Middle East and Africa business in London, where he has been for the past four years.

In his new role, Porter will work closely with occupiers to align their real estate portfolio with their corporate strategies across the Asia Pacific region.

The additions to the team come in line with Colliers’ ongoing growth strategy in the region, bringing in fresh talent and expertise to better serve its clients. With their vast experience and industry knowledge, both Chin and Porter are poised to drive the company’s growth and provide top-notch services to its clients in Asia Pacific.

– Brought to you by Colliers International…

In response to the trading halt called earlier this morning, City Developments Limited (CDL) has released a statement stating that the halt was due to a disagreement within the board regarding the composition and constitution of the board and its committees. However, despite the temporary suspension, CDL assures that its business operations remain fully functional and unaffected.

Sherman Kwek will continue to serve as the group CEO until a board resolution is made to change the company’s leadership. The company will provide further updates in line with the Singapore Exchange (SGX) listing rules as the matter is currently under review.

In a later statement, Sherman Kwek expressed disappointment at the extreme actions taken by the chairman and a minority of the CDL board in response to the disagreement over the size and make-up of the board. He reiterated that the focus of the CEO and majority of the directors, with the guidance of legal counsel, has been to improve governance.

CDL’s trading suspension today, in light of the ongoing legal dispute, was not approved by the majority of the board. Sherman Kwek clarified that the issue was never about removing the chairman, but rather to strengthen the board and ensure the company’s high standards of governance and robust decision-making.

CDL released its FY2020 results on Feb 26, but later cancelled its 10am results briefing. CDL also offered to privatize Millennium & Copthorne Hotels New Zealand for $1.72 per share.

Shares in CDL closed at $5.12 before the trading halt.…

Ching Shine Industrial Building, a freehold property located along Shaw Road, has recently been put up for collective sale through tender by sole marketing agent JLL. The minimum price for the building has been set at $113 million.

The building, which was built in the early 1980s, comprises of 52 strata units with a 100m frontage along Shaw Road. It sits on a total land area of 49,308 sq ft and has a gross floor area of approximately 137,341 sq ft. Under URA Master Plan 2019, the building is zoned as “Business 1” with a gross plot ratio of 2.5.

According to JLL, more than 80% of the owners have given their consent for the collective sale at the minimum price of $113 million. This translates to a unit land rate of around $823 psf per plot ratio at the existing gross plot ratio of 2.79.

The site has the potential to be converted into a food factory, subject to URA approval. JLL has confirmed that the National Environment Agency (NEA) has given the green light for redevelopment into a multi-user factory, while the Singapore Food Agency has in-principle non-objection to the proposed food factory.

Alternatively, the freehold property could also be an attractive investment opportunity for family offices looking for long-term growth or owner-occupiers seeking to establish a corporate presence. According to Nicholas Ng, senior director of capital markets at JLL Singapore, the absence of additional buyer’s stamp duty makes it even more appealing to developers, as it would not affect project timelines.

The location of the property is easily accessible via major expressways such as the PIE, CTE and KPE. It is also within walking distance from Tai Seng MRT Station on the Circle Line. The Tai Seng Industrial estate is home to various food factories, including Breadtalk IHQ, Sakae Building, and Food Empire Building, with amenities such as Grantral Mall @ Macpherson and 18 Tai Seng nearby.

In November 2023, Noel Building, a freehold Business 1 industrial building located at 50 Playfair Road, was sold en bloc for $81.18 million, 17% above its $70 million guide price. Ng believes this transaction reflects the strong demand for such assets in the area and expects a similarly competitive response for Ching Shine Industrial Building.

The tender for Ching Shine Industrial Building closes on April 3 at 3pm.…

Singapore’s leading real estate agency, PropNex, has reported a decline in earnings of 14.9% year-on-year, recording $21.9 million for its second half of the financial year 2024 that ended on Dec 31, 2024. This brings its full-year earnings to $40.9 million, a decrease of 14.4% compared to the previous financial year, FY2023.

The dip in revenue of 6.6% in FY2024 compared to FY2023 is attributed to the relatively subdued property market. Despite this, to commemorate its 25th anniversary, PropNex intends to pay a special dividend of 2.5 cents per share, on top of the final dividend of 3 cents. This will result in the highest dividend payout for the financial year ending 2024 of 7.75 cents, representing a payout ratio of 140.1% and a yield of 8.2%.

Even though the company recorded lower earnings in the year, it has noted an increase in activity in the last quarter of 2024, led by a surge in new private home units which it facilitated the sale of.

In light of this, and with expectations of a favorable property market outlook in 2025, PropNex is confident of a strong performance in the financial year 2025, unless there are any unforeseen events. This optimism is supported by an estimated 13,000 new unit launches (including ECs) in the upcoming year, almost double the supply recorded in 2024.

The private resale market is also expected to remain active, with transaction volumes anticipated to range between 14,000 and 15,000 units. PropNex attributes this to the persistent price gap between new and non-landed resale properties, the preference for larger, move-in-ready homes, and the impact of fewer new supply completions.

The HDB resale market, another key market for PropNex, is forecasted to experience price growth of 5% to 7%, with volumes expected to reach 29,000 to 30,000 units. According to PropNex, this is due to the limited number of five-year minimum occupation period flats entering the market, coupled with sustained demand from urgent homebuyers, unsuccessful Build-To-Order applicants, and budget-conscious families.

The company’s Executive Chairman and CEO, Mr. Ismail Gafoor, is confident about the future, noting that newly-launched projects such as The Orie, Bagnall Haus, Parktown Residence, and ELTA have generated significant market interest. He further adds that there will be a positive demand for developers’ sales in 2025, with a strong line-up of projects. The positive economic outlook and lower mortgage rates could also boost market confidence, creating opportunities for both homebuyers and investors.…

A two-storey shophouse with an attic situated at 209 Jalan Besar is now available for purchase through private treaty. Gracelynn Zhu of PropNex Shophouse Elites, the designated marketing agent for the property, reveals that the 999-year leasehold shophouse is being offered for “under $20 million”.

This shophouse spans over approximately 5,502 square feet and is designated for commercial use. Its first level is approved for use as a restaurant, along with a section of the second floor. With a price tag of $20 million, the property’s per square foot price comes to $3,635.

Zhu mentions that the shophouse is currently undergoing asset enhancement initiatives (AEI), including the installation of micro piles that will extend 30 meters in order to strengthen the property’s structural foundations. Completion of the AEI is expected by the end of this year.

The shophouse is located within the Desker Road Conservation Area in District 8, in close proximity to Little India. It is also within walking distance to the Jalan Besar MRT Station on the Downtown Line.

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A shophouse on Geylang Road and a shop unit at Bras Basah Complex are currently up for sale at $14 million.

The Chinatown Business Association has plans to revitalize Smith Street with a mix of new and traditional lifestyle concepts.

In 2019, the shophouse market recorded a total of 84 caveated transactions, marking a quiet year for the market. However, Huttons predicts a more active market in 2024.…

According to a survey conducted by CBRE, the Asia Pacific (Apac) hotel sector is expected to see robust investment activity in 2025. The consultancy’s 2025 Asia Pacific Hotel Investor Intentions Survey revealed that more than 72% of hotel investors surveyed in November and December last year plan to acquire more hotel assets this year. Nearly 45% of the respondents intend to increase their purchasing volume by more than 10%. Steve Carroll, Head of Hotels, Capital Markets, Asia Pacific at CBRE, said that investors are anticipating optimistic pricing expectations for hotel and living assets in Apac in 2025. The rebound in tourist arrivals, particularly in Japan, Singapore, and Australia, is a key factor driving this trend. Carroll added that the increase in international visitors from key markets has led to a rise in hotel room rates, ensuring continued income growth for hotel operators. Furthermore, the limited supply of hotels in the region is also encouraging investors. Data from hospitality data intelligence group STR shows that the hotel supply pipeline in Apac is expected to grow at a CAGR of 2.2% between 2024 and 2028, which is significantly lower than the 5% CAGR recorded between 2013 and 2023. The survey also found that REITs have the highest net buying intentions at 22%, up from -13% in last year’s survey. This is a sharp contrast, and the report suggests that REITs are expected to be active in buying assets this year after several years of negative intentions. Institutional investors and property funds closely followed with net buying intentions of 12% and 10%, respectively. Private equity and real estate funds are also expected to remain active this year, as they were in 2024. However, private investors and high-net-worth individuals may not drive as many hotel acquisitions this year as they have been over the past two years. The report notes that private investors are expected to sell more assets this year after acquiring properties during a period of price dislocation. The survey found that for 2025, the preferred investment strategy among respondents is value-add. CBRE notes that in select markets, assets have been repriced to a point where investors believe they can achieve value-add returns. As a result, the upscale and upper midscale hotel categories were voted the most attractive asset types, overtaking the upper upscale category, which topped last year’s survey. This shift is due to the operational flexibility and greater scope for value-added opportunities offered by the upscale and upper midscale segment. These include redevelopment, adaptive reuse, and rebranding of existing properties, which are a more cost-effective alternative to new developments. Furthermore, this segment has a leaner labor pool compared to higher-tier assets, reducing labor and cost pressures. The survey also showed a growing appetite among investors for long-stay or hybrid hospitality models. CBRE cites the growing trend of converting assets into co-living spaces, which is expected to continue gaining traction in places like Japan, Hong Kong, and Singapore, where there is demand for cost-effective accommodation in relatively inflexible rental markets. Other emerging trends include a preference for assets with vacant possession at the time of acquisition, which allows for flexibility in terms of operator selection and refurbishment works. The limited-service hotel segment also saw higher interest from respondents as investors remain focused on minimizing operational costs. Among the top cities, Tokyo retained its top position as the preferred city for hotel investors. The low-interest rates and stable income streams generated by hotel properties support its position. Osaka is another top choice due to similar reasons. Singapore and Sydney also ranked among the top cities, thanks to solid hotel fundamentals such as growth in daily rates and underlying operating profits. Seoul also stood out as Chinese visitors have driven up the daily rates, leading to an uptick in investor activity in recent months.…

On February 24, two real estate giants ETC and OrangeTee Group announced their plans to merge and form a new holding company, whose name is yet to be revealed. “It is a collaborative merger of minds, not a takeover,” explains ETC CEO Desmond Sim.

Sim will take on the role of group CEO for the newly merged entity, while OrangeTee’s CEO Justin Quek will become deputy group CEO. ETC will now focus primarily on consultancy and advisory services, while OrangeTee will concentrate on proptech and its real estate agency business. The agency currently has a network of 2,803 salespersons registered with the Council for Estate Agencies (CEA) as of February 24.

The merger between the two companies, which began as a joint venture in 2017, will create a combined force of over 520 staff and more than 2,803 salespersons. “By combining our expertise, resources and networks, we can drive meaningful growth, create value for all stakeholders and achieve the scale needed to thrive in today’s dynamic real estate landscape,” says Sim.

The merger was made possible with the support of Triplestar Holdings and TH Investments, both companies related to the family of Roland Ng, managing director and group CEO of Tat Hong Holdings. The two companies acquired a stake in ETC after a management buyout in 2016. When some of the original shareholders retired, ETC bought back their shares, giving Triplestar Holdings and TH Investments a 60% stake. Today, the two companies hold 100% stake in ETC.

This year marks the 30th anniversary of ETC, which was recently rebranded as ETC from Edmund Tie & Co. On the other hand, OrangeTee Group was incorporated in 2000 and is celebrating its 25th anniversary this year. The group is led by a board of directors and supported by CEO Quek, managing director of OrangeTee Advisory Marcus Oh, CFO Teo Yak Huat, and chief researcher and strategist Christine Sun.

“With a strengthened brokerage and consultancy team supported by advanced proptech, we are set to scale our capabilities to deliver innovative, seamless solutions across all real estate sectors,” says Quek.

Stakeholders in OrangeTee Group include Tokyu Livable Inc., which took a 22.5% stake in the firm in 2014. Tokyu Livable is a subsidiary of Tokyu Fudosan Holdings, the real estate business of conglomerate Tokyu Group. Private property fund Vogue Capital Group is also a shareholder of OrangeTee Group.

Both Vogue Capital and Tokyu Livable will have a stake in the new holding company post-merger, along with Ng’s Triplestar Holdings and TH Investments. Last year, ETC expanded its presence into Johor Bahru through its joint venture company in Malaysia, Nawawi Tie, and already has offices in Penang and Thailand.

“We believe this merger will present more opportunities for us in the ASEAN region and Japan, especially through our relationship with Tokyu Livable,” says Sim.…

On Feb. 23, UOL Group and CapitaLand Development (CLD) jointly announced that the launch weekend of ParkTown Residence in Tampines North resulted in the sale of 1,041 units, which accounted for more than 87% of the total 1,193 units in the development. According to Anson Lim, UOL’s general manager of residential marketing, the average price achieved at the launch was $2,360 psf. The majority of buyers were Singaporean homebuyers or investors. The most popular unit types at ParkTown Residence were the two-bedroom and three-bedroom apartments, which made up 994 units (83%) of the project and were the first to be snapped up, with a take-up rate of 92% during the weekend.

A spokesperson for UOL and CLD stated that buyers were attracted to the unique features of ParkTown Residence, which is a fully integrated residential and lifestyle development connected to a retail mall, the future Tampines North MRT station, a bus interchange, a green boulevard, a community club, and a hawker centre.

Before the launch weekend, 2,367 cheques had been collected for ParkTown Residence, resulting in a sales conversion rate of 44%. This is above the average rate of 30% to 35% for most new project launches in recent years. Mark Yip, CEO of Huttons Asia, notes that no mega project has sold more than 1,000 units in its launch weekend since the launch of the 1,399-unit High Park Residences in July 2015, which sold 1,100 units over three days. With its successful launch, ParkTown Residence at Tampines 62 has become the most sought-after development to have sold the most units in a launch weekend since the 846-unit Emerald of Katong, which sold 835 units (99%) last November.

Ismail Gafoor, CEO of PropNex, adds that the take-up rate at ParkTown Residence has also exceeded that of previous integrated developments. The most recent integrated project launch was the 732-unit The Reserve Residences, which was launched in May 2023 and recorded a 71% take-up rate during its launch weekend. The project is currently 98.2% sold at an average price of $2,484 psf, based on caveats lodged as of February 23.

Marcus Chu, CEO of ERA Singapore, explains that mixed-use developments connected to transport hubs are popular with both homebuyers and investors due to their potential for capital appreciation and high demand for rental properties.

The last two fully integrated developments to be completed were the 920-unit North Park Residences in Yishun (launched in 2015) and the 680-unit Sengkang Grand (launched in 2019) at Buangkok. The average price of North Park Residence is $1,809 psf, which is 65% higher than the average resale prices of residential units in District 27. Meanwhile, Sengkang Grand commands an average price of $2,029 psf, which is 25% higher than the average resale price in District 19.

Located at Tampines Street 62, Tampines is the third-largest HDB town after Hougang and Woodlands. Huttons’ Yip notes that many of the buyers at ParkTown Residence were HDB upgraders who wanted to live in Tampines. The development is expected to be completed by 2030, which coincides with the scheduled opening of the Tampines North MRT Station on the Cross Island Line (CRL), a major arterial line running from East to West of Singapore. In addition, the neighbouring Paya Lebar Airbase is set to be relocated by 2030, freeing up an estimated 800ha of land for future developments.

Under the URA Master Plan, three more government land sales (GLS) sites will be connected to the upcoming Tampines North MRT Station. Ken Low, managing partner of SRI, predicts that these new projects could be launched at higher prices than ParkTown Residence, as per the recent trend.

Tampines will also benefit from new infrastructure developments by 2027, including a cycling bridge, an underpass, and another 7.7km of cycling paths, bringing the total to 40km. There will also be a new pedestrian route between Tampines MRT Station and the malls in the regional center. These additions were announced on February 22 as a part of the Tampines Town Council’s five-year masterplan for 2025 to 2030.

According to SRI’s Low, all these developments will enhance the overall liveability of Tampines, which already has strong attributes.…

Elta – the joint venture project between MCL Land and CSC Land Group at Clementi Avenue 1 – has sold 65% of its total units within the first month of its launch, with an average price of $2,537 psf. Out of the 501 units offered, 326 have been sold, with 90% of buyers being Singaporeans and 10% being permanent residents. The two-bedroom units were the most popular, with 98% being sold at prices starting from $1.388 million. About 81% of the 108 three-bedroom units have also been taken up, with prices beginning at $2.198 million. There was also a high demand for one-bedroom plus study units, with 78% being snapped up starting from $1.158 million. The most buyers came from districts 19, 5, and 23, with the development being the final private condo launched on government land sales sites at Clementi Avenue 1. Its popular location, close to employment nodes, the upcoming Cross Island Line, and educational institutions, has contributed to the strong sales. The average selling prices of The Clement Canopy and Clavon at Clementi Avenue 1 have also seen an increase of 45% (to $1,922 psf) and 27% (to $2,086 psf) respectively. With a healthy pool of HDB upgraders and a rise in tenants from the area, Elta is expected to continue doing well in the market. The developers, MCL Land and CSC Land Group, are optimistic about buyers’ confidence in the development, which seamlessly blends modern living with convenience and comfort. With sales surpassing 1,300 units in February, the primary market is expected to remain lively throughout the year, with Huttons revising its full-year projection for 2025 to between 7,500 and 8,500 units.…