Month: March 2025

Steve Leung Design Group (SLD), founded by renowned architect and designer Steve Leung, is taking on the European market with a new partnership with Italian designer Andrea Bonini. The Hong Kong-based company, which is publicly traded on the stock exchange, is excited to announce the launch of its first European branch, SLD . Andrea Bonini.

Combining their expertise and experience, SLD and Andrea Bonini will provide interior design services and products to clients in Asia and Europe. From luxurious residential projects to high-end hospitality designs, the collaboration aims to elevate the design industry on a global scale.

SLD . Andrea Bonini will make its debut in April at Salone del Mobile, Milan’s popular furniture fair. This event will also showcase the brand’s first products – a smart home lighting collection created in partnership with smart home manufacturer Moorgen.

This move marks SLD’s first venture overseas. According to a press release on March 11, the company is excited to embark on a new business direction centered around “rejuvenation, diversification, and globalisation.” With over 28 years of experience and a strong presence in the market, SLD hopes to bring better lifestyles to clients around the world through innovative designs.

The collaboration with Andrea Bonini is just the beginning of SLD’s expansion plans, as they continue to explore opportunities in the international design scene. Stay tuned for more exciting developments from SLD as they bring their exceptional design services and products to a wider audience.…

CapitaLand Group recently announced a new partnership with Microsoft to leverage artificial intelligence (AI) and advanced technologies in its various businesses. Under this memorandum of understanding (MOU), CapitaLand will have access to Microsoft’s AI Pinnacle Program, enabling the company to utilize various Microsoft platforms, services, and solutions to improve customer engagement and operational efficiency in its funds, investments, retail, lodging, and development businesses.

Specific areas of collaboration between CapitaLand and Microsoft will include infrastructure development, utilizing Microsoft’s Azure cloud computing platform to enhance the design and products of CapitaLand Investment’s data centers, and integrating AI, data analytics, and machine learning to strengthen the company’s digital and business transformation efforts.

According to Quah Ley Hoon, Group Chief Corporate Officer of CapitaLand Investment, this partnership is a crucial step in the company’s digital transformation journey. AI will play a crucial role in shaping the future of CapitaLand, bringing operational efficiencies and creating value for stakeholders.

In addition to the partnership with Microsoft, Capitaland Investment (CLI) has also signed an MOU with the Singapore Business Federation (SBF) to establish a framework for digitalization and integration of AI across CLI’s retail ecosystem. This collaboration aims to drive the adoption of AI, data analytics, and cybersecurity solutions among retail tenants to enhance business efficiency and competitiveness. It will also focus on developing AI-focused skills and competencies among retail partners.

Overall, these partnerships highlight CapitaLand’s commitment to embracing advanced technologies to drive digitalization and enhance its business operations. In related news, CapitaLand Investment has recently acquired three properties in Singapore and Thailand and expects a significant decline in its profit after tax and minority interests (Patmi), but its cash flow is expected to remain stable. The last remaining penthouse in CapitaLand’s One Pearl Bank development has also been sold, with the development achieving a 100% sale. As CapitaLand continues to expand and innovate, these partnerships will play a crucial role in its growth and success.…

Capitaland Group has recently announced a partnership with Microsoft to utilize the latest AI and advanced technologies in its various businesses. This partnership comes in form of a memorandum of understanding (MoU) signed between the two, allowing Capitaland access to the Microsoft Singapore’s AI Pinnacle Program.

Through this program, Capitaland will be able to utilize various Microsoft platforms, services, and solutions to enhance customer engagement and improve operational efficiency across all its sectors including funds, investment, retail, lodging, and development. Some of the specific collaboration areas include utilizing Microsoft’s Azure cloud computing platform to develop the data center design and products for CapitaLand Investment, as well as integrating AI, data analytics, and machine learning to drive digital transformation efforts.

According to Quah Ley Hoon, the Group Chief Corporate Officer of CapitaLand Investment, this collaboration marks a significant step in the company’s digital transformation journey. With the help of AI, they aim to streamline their operations and create value for their stakeholders.

Apart from the partnership with Microsoft, Capitaland Investment has also signed an MoU with the Singapore Business Federation (SBF). Under this MoU, a framework will be established for the digitalization and integration of AI across Capitaland’s retail ecosystem. This will involve facilitating the adoption and proof of concept for AI, data analytics, and cybersecurity solutions to enhance business efficiency and competitiveness. Additionally, initiatives will be undertaken to develop AI-focused competency and skills among retail tenants.

In conclusion, with these collaborations, Capitaland is set to take its digital transformation efforts to a whole new level, making use of the latest AI and advanced technologies to drive growth and deliver value to its stakeholders.…

14 Retail Shops at Peninsula Plaza, Sim Lim Square, and Far East Plaza Available for Sale

A collection of 14 retail shops located at Peninsula Plaza, Sim Lim Square, and Far East Plaza are now up for sale through an expression of interest exercise. The properties are being marketed by ERA Realty Network with a total price of $26.46 million.

Two of the retail units are situated at Peninsula Plaza, a 999-year leasehold mixed-use development on North Bridge Road. These adjoining ground-floor shop units have a combined strata area of approximately 990 sq ft and are being sold for $8 million, or $8,081 psf.

Completed in 1980, Peninsula Plaza is a 30-storey commercial development consisting of a six-storey retail podium and a 24-storey office tower. The development is linked to the City Hall MRT Interchange Station, providing convenient access to both the North-South and East-West lines.Read also: Two retail units at Sim Lim Square for sale at $3.38 milAdvertisementAdvertisement11 strata units with a total strata area of 5,081 sq ft are up for sale at Sim Lim Square. These units are zoned for commercial use and are all located on the fifth floor with a 99-year lease starting from April 1983, leaving approximately 57 years remaining. According to ERA, most of the units are currently tenanted and face the mall’s main atrium, providing direct access from the escalators and lifts.The retail units at Sim Lim Square can be purchased individually or collectively, with prices starting from $840,000 for individual units. The entire portfolio is priced at $15.855 million, which ERA says is a 20% discount from its latest valuation. This translates to a price of $3,120 psf on the strata area.

Sim Lim Square is a strata-titled commercial development located on Rochor Canal Road in District 7. It was completed in 1987 and features 492 commercial units spread across six floors and two basement levels.

The last remaining unit for sale is situated at Far East Plaza on Scotts Road. This freehold retail unit is located on the second floor and offers a strata floor area of 355 sq ft, facing the escalator near the mall’s main entrance. It is being sold for $2.6 million, or $7,324 psf.

Far East Plaza is a freehold mixed-use development completed in 1982, featuring a five-storey retail mall and serviced apartments. The development is within walking distance of Orchard Road MRT Station.

Donald Goh, director of capital markets and investment sales at ERA, believes that the properties will attract interest from both property investors and business owners. He notes that strata retail sales in the Downtown Core and Orchard Planning Area have remained resilient last year, with 28 and 33 deals recorded respectively. Goh adds: “A ground-floor unit at Lucky Plaza was sold for $15,242 psf while units at Orchard Towers and The 101 were sold for $5,309 psf and $5,657 psf respectively, proving that strata retail shops are still an attractive investment.”Read also: Retail podium at Sky Eden@Bedok up for sale at $45.2 milAdvertisementAdvertisementThe EOI exercise will close on April 17 at 3pm. For the latest listings of Peninsula Plaza properties, please visit our website.RELATED NEWSSix commercial units in Peninsula Plaza launched for sale from $8.6 milPortfolio of four retail units in Peninsula Plaza for sale at $50.8 milRetail units at Peninsula Plaza on sale for $26.2 mil…

GuocoLand has recently secured a staggering $367.1 million green club facility from DBS Bank to develop its Faber Walk site. The site, awarded through a Government Land Sale tender in November last year to GuocoLand and its joint venture partners TID and Hong Leong Holdings, spans 277,659 sq ft. The partners had submitted the top bid of $349.86 million, equivalent to $900 psf per plot ratio.

The upcoming development is planned to include 399 residential units spread across nine low-rise blocks. It is strategically located within the Faber Walk landed private residential enclave, adjacent to the Faber Hills estate. Situated next to the Pandan River and the forthcoming Old Jurong Line Nature Trail, the waterfront development boasts a prime location.

This latest green facility for the Faber Walk project is a testament to GuocoLand’s commitment to sustainable development. The company has already implemented various eco-friendly initiatives in its other projects such as Guoco Tower on Wallich Street, Guoco Midtown on Beach Road, Midtown Modern on Tan Quee Lan Street, and Lentor Mansion in Lentor Gardens.

Moreover, the Faber Walk development is expected to receive the prestigious BCA Green Mark Platinum award for its extraordinary energy efficiency and the Maintainability badge upon completion. Dora Chng, Residential Director of GuocoLand, expressed excitement about creating sustainable and biophilic designs for the residents, similar to the successful launches of Lentor Modern and Lentor Mansion in the Lentor Hills estate.

To add to its list of impressive projects, GuocoLand has also announced its upcoming collaboration with Hong Leong Holdings for a 941-unit development at its Upper Thomson Road (Parcel B) site, awarded in April last year. The joint venture project is set to launch in the second half of this year, showcasing the company’s continuous growth and development.…

With its prime location, luxurious amenities, and unique design, Aurea has captured the attention of luxury homebuyers in Singapore. The highly anticipated project, launched for sale on March 8, has already sold 23 units at an average price of $3,005 per square foot in the Core Central Region (CCR). Developed jointly by Far East Organization and Perennial Holdings, Aurea is one of the first luxury residential developments to be launched in 1Q2025 in the CCR. The developers have released 78 units in phase one, which comprises a mix of two- to four-bedroom apartments from levels 4 to 16. This phase has achieved a sales rate of 30%, based on the 78 units released. With a total of 188 units, this translates to a sales rate of 12.2%. Designed by DP Architects, Aurea boasts a unique “hanging garden concept”. It is also the first new private condominium connected to a mixed-use development to be sold en bloc and conserved, now known as Golden Mile Singapore. According to the joint venture, 83% of the buyers at Aurea are Singaporeans, with the remaining 17% comprising of permanent residents (PRs) from Malaysia. This reflects the strong appeal of this development to locals. The very successful sales rate is being attributed to the well-designed, functional and investment potential of the two- and three-bedroom apartments in the Prestige Collection, which accounted for 74% of the sales. The four-bedroom units from the Signature Collection also attracted buyers with their large balconies offering breathtaking views of Marina Bay and Kallang Basin. The units in the Sky Villa Collection are particularly sought after, with just 18 five-bedroom apartments up to 3,251 square feet and two exclusive six-bedroom penthouses of up to 8,816 square feet. These large-format homes are a rarity in the downtown area, making them highly desirable to buyers. The strong sales at Aurea reflect the buyers’ appreciation of the opportunity to own a luxurious home blending heritage with modern sophistication. “Many have shared that they are especially captivated by the magnificent views and recognise the value of being part of the exciting ongoing evolution of this prime Downtown Core precinct,” says Shaw Lay See, COO of Far East Organization’s sales & leasing group. Ken Low, managing partner of SRI, notes that the price gap between private residential properties in the CCR and the Rest of Central Region (RCR) has significantly narrowed in recent years, from around 40% in the last 10 years to just 20% regardless of tenure. Marcus Chu, CEO of ERA Singapore, explains that this is due to the slower growth of CCR prices, which lagged behind the RCR and Outside Central Region (OCR) in recent years due to fewer new launches. However, with nine CCR launches set to take place in 2025, Chu expects a notable rise in CCR home prices this year. “Savvy investors may shift their focus back to CCR once again, since the non-landed new home price gap between CCR and RCR narrowed from 50% in 2018 to 10% in 2024, with the expectation that the gap could widen once again as more new luxury homes debut,” adds Chu. Low believes that Aurea will benefit from Singapore’s ongoing urban renewal efforts, with major infrastructural and lifestyle upgrades planned for the surrounding area. “Aurea is also situated at the doorstep of probably the largest transformation in Singapore,” he notes, adding that the 120-km Southern coastline redevelopment, stretching from the Greater Southern Waterfront, Marina Bay, Kallang Basin, and the future Long Island project, will enhance accessibility, connectivity, and vibrancy in this key city district. With its prime location, luxurious amenities, and unique design, Aurea has captured the attention of luxury homebuyers in Singapore. Its sales success is a testament to the strong demand for high-end properties in the CCR, despite the cooling measures in place. As the development progresses, it is expected to continue to attract buyers and set a new benchmark for luxury living in the CCR.…

Sim Lian’s Aurelle of Tampines sees strong sales with 90% of units sold on launch day

On March 8, Singapore developer Sim Lian Group experienced great success as it sold 682 units, which accounts for 90% of its 760-unit executive condominium (EC) project, Aurelle of Tampines. The average price achieved for the units sold was $1,766 per square foot (psf).

According to Sim Lian Group, all the four- and five-bedroom units were sold, and 84% of the three-bedroom units were also snapped up.

“This overwhelming response demonstrates the high demand for well-designed and conveniently located modern homes like Aurelle of Tampines, in the heart of one of Singapore’s most well-connected regional centers,” said Kuik Sing Beng, the executive director of Sim Lian Group Limited.

Interested buyers can find information on available units and their prices through advertisements.

Ismail Gafoor, the CEO of PropNex, remarked that the average price of $1,766 psf has set a new record for launch prices in the EC market. He also mentioned that the 90% launch take-up rate is the highest for a new EC project since the 531-unit Hundred Palms Residences was sold out on launch day in July 2017 at an average price of $841 psf.

Sim Lian also reported that the 30% quota allocated for second-timers was met by 3.15pm on the launch day. The quota for second-timers will be lifted a month after the launch date.

“The take-up rate could have been even higher without the quota limit on second-timers,” remarked Eugene Lim, the key executive officer at ERA Singapore. However, he added that second-timers will have another chance to ballot for a unit a month after the launch date.

“The government may consider increasing the quota for second-timers buying an EC, in line with the recent increase in quota for second-timers purchasing BTO [build-to-order] flats with three bedrooms or more,” said Mark Yip, the CEO of Huttons Asia.

PropNex’s Gafoor also noted that 68% of buyers opted for the Deferred Payment Scheme (DPS) to finance their property purchases, while the remaining chose the Normal Payment Scheme.

Before the launch, over 2,200 electronic applications (e-apps) were received since the project opened for preview on February 21. This figure is the highest number of e-apps since the launch of Copen Grand, the first EC in Tengah, which received 2,300 e-apps in 2022.

Aurelle is the second EC launched in Tampines North, following the neighboring 618-unit Tenet, a joint venture of Qingjian Realty, Santarli Realty, and Heeton Holdings. Tenet, launched in December 2022, saw 72% of the units sold on the launch day, and it is now fully sold at an average price of $1,348 psf.

Prices at Aurelle of Tampines start from $1.417 million ($1,687 psf) for a three-bedroom unit at 840 sq ft; $1.689 million ($1,651 psf) for a four-bedroom at 1,023 sq ft; and $2.258 million ($1,665 psf) for a five-bedroom unit at 1,356 sq ft.

“The attractive pricing, strategic location, and unique features of this project have made it a sought-after choice for eligible first-time buyers and upgraders,” says ERA’s Lim.

Aurelle’s strong sales could also be attributed to its proximity to ParkTown, a fully integrated mixed-use development with a transport hub (MRT station and bus interchange), shopping mall, hawker centre, and community club.

The 1,193-unit ParkTown Residence, a joint venture between CapitaLand and UOL Group, sold 1,041 units on its launch weekend on February 22-23. To date, 1,043 units have been sold at an average of $2,361 psf.

“Aurelle is probably the second EC to be located next to a fully integrated mixed-use development,” says Huttons’ Yip. The first was the 573-unit Esparina Residences in Sengkang. Launched in October 2010, the average price at that time was around $748 psf. However, based on recent caveats lodged, the average price of units sold from January 2024 to January 2025 is $1,625 psf, which is a 117% increase.

In November 2019, a 1,367 sq ft unit on the seventh floor of Esparina Residences was sold for $2.388 million ($1,747 psf), the second-highest psf price achieved at the development. The highest price was for another 1,367 sq ft unit on the 14th floor, which was sold for $2.4 million ($1,756 psf) in November 2023, based on recent caveats lodged.

Compared to new private condos in 2025, new ECs are priced around $600 psf cheaper, notes ERA’s Lim. Yet, when compared to resale condos in the suburbs or Outside Central Region (OCR), the average price of a new EC is only 1% higher. “This, combined with a fresh 99-year lease and modern facilities, makes new ECs an attractive option for buyers,” he concludes.

Read also: Sim Lian’s Aurelle of Tampines to set new price benchmark for executive condos

New ECs are priced about $600 psf cheaper than new private condos in 2025, notes ERA’s Lim. However, compared with resale condos in the suburbs or Outside Central Region (OCR), the average price of a new EC is just 1% higher. “This, coupled with a fresh 99-year lease and modern facilities, makes new ECs a compelling choice for buyers,” he adds.

New ECs are priced approximately $600 per square foot cheaper than new private condos in 2025, as stated by ERA’s Lim. However, when compared to resale condos in the suburbs or Outside Central Region (OCR), the average price of a new EC is only 1% higher. “This, combined with a fresh 99-year lease and modern facilities, makes new ECs an attractive option for buyers,” he concludes.…

A unit at One Holland Village Residences fetched a record high of $3,781 psf, topping the list of private condos with new psf-price highs last week. The 1,238 sq ft three-bedroom apartment was sold for $4.68 million on Feb 17, marking the first transaction at the 99-year leasehold development this year. The buyers, who had purchased the 25th floor unit from the developer for around $4.19 million in November 2023, made a profit of $490,000. This surpasses the previous psf-price high of $3,426 psf set in August 2022 when the developer sold a four-bedroom unit for $7.15 million. One Holland Village Residences, a 296-unit development in District 10, comprises one-, two-, three-, four- and five-bedroom units. It is currently under construction and is expected to be completed in 2029. The highest transacted price at the development was $11.4 million for a five-bedroom apartment. The second-highest psf-price recorded last week was at boutique condo Hill House, which saw a unit sold for $3,402 psf on Feb 21. The 452 sq ft, two-bedroom unit on the ninth floor was sold for $1.538 million, a new record for the development. Hill House comprises one-, two- and three-bedroom units ranging from 431 sq ft to 753 sq ft. Including this latest transaction, nine units have been sold at an average price of $3,213 psf since the start of the year. The third-highest psf-price high recorded last week was at Chuan Park, where a 732 sq ft, two-bedroom apartment on the 20th floor was sold for $2.04 million ($2,785 psf) on Feb 19. This narrowly beats the development’s previous record of $2,765 psf set in November last year. Chuan Park comprises two- to five-bedroom units ranging from 700 sq ft to 1,841 sq ft. It has sold 81% of its 916 units at an average price of $2,589 psf since its launch in 2024. Chuan Park is located near Lorong Chuan MRT Station and Nanyang Junior College in District 19.…

An exclusive marketing agent, Colliers International, has announced the sale of a three-storey terrace factory at Midview City for a guide price of $6.2 million or $688 psf.

The property, which comprises of a basement and roof terrace, is located in the heart of Sin Ming Industrial Estate along Sin Ming Lane. With a total strata area of around 9,009 sq ft, this factory is zoned as a “Business 1” site under the URA Masterplan 2019.

According to Colliers International, this 60-year leasehold property is fully leased and has been approved for use as a childcare centre. Currently, the property is occupied by Star Learner preschool and childcare centre.

Midview City, a 60-year leasehold light industrial building that was completed in 2012, offers easy access to Bright Hill MRT Station on the Thomson-East Coast Line. Two entrances, via Sin Ming Lane and Bright Hill Drive, make the property easily accessible from residential areas such as Bishan and Upper Thomson.

Raphael Lee, director of industrial services at Colliers, views the sale of this property as a rare opportunity for investors. As the property is being sold with the existing preschool operator in place, it presents a unique chance for those interested in this specific type of investment.

Moreover, as a Business 1 light-industrial property, it is not subject to Additional Buyer’s Stamp Duty (ABSD), and therefore, can be purchased by foreigners. Interested parties can submit their Expression of Interest (EOI) until April 29 at 3pm to participate in the sale.

For those seeking further information on industrial property sales and rentals, the table below provides a price trend comparison between commercial and industrial properties, as well as past transaction data for both sales and rentals.…

Investors are expressing their interest in deploying capital into property markets in Asia Pacific that have ample liquidity, according to Hamish MacDonald, head and chief investment officer of APAC Real Estate at BlackRock.

Property sectors set to benefit from economic tailwinds this year include accommodation, logistics, and alternative assets. MacDonald says Australia, Japan, Singapore, and Auckland, New Zealand are the markets with high liquidity. This is the order of focus for BlackRock this year. He expects investor sentiment to be more positive this year compared to 2023 and 2022. Institutional investors will be initiating more talks about deploying and recycling capital in selective Asia Pacific real estate markets this year. In Singapore, BlackRock has been acquiring serviced apartment properties. In partnership with YTL Corp, it bought Citadines Raffles Place for approximately $290 million in October last year. In February 2024, it teamed up with Hong Kong-based accommodation operator Weave Living to purchase Citadines Mount Sophia for $148 million. This week, the property has been reopened under the name of Weave Suites – Hillside. MacDonald says the latest transactions in Singapore demonstrate the firm’s belief that there is a need for more serviced apartment supply in the city-state. Yet, the demand for this type of accommodation remains high. The focus will not be on building an aggregated portfolio, but on targeting the deals more. “We prefer existing properties which we can refurbish, reposition, and add new amenities with our partners,” he says. MacDonald is positive about opportunities in Singapore, saying that the country continues to attract significant capital inflows and high-skilled labour, thus supporting its business growth. Japan will remain a target for real estate investors this year, notes MacDonald, who adds that the firm is bullish about the Japanese economy. “Our analysis of domestic pricing power, wage growth, and corporate reform shows that real estate growth is supported,” he says. Daigo Hirai, head of Japan real estate at BlackRock APAC, says the Japanese residential market has been recording relatively strong rental uplift in recent quarters due to a combination of factors. “In major cities like Tokyo and Osaka, residential rents are expected to grow 7% and 8% this year. Additionally, tenants are seeking larger-sized apartments instead of compact units such as studios,” he says. BlackRock is aiming to collaborate with a seasoned operator to oversee a hybrid residential investment strategy. This strategy will cater to both inbound tourist accommodation requirements and domestic rental demand. By doing so, BlackRock will ramp up its investment presence in cities dominated by tourists such as Kyoto and Fukuoka. Hirai reveals that the best assets in this plan are close to train stations in residential-commercial areas such as Osaka’s Namba district. They also include smaller developments with a maximum of 50 units. Hirai adds that the company will consider acquiring assets with JPY1 billion ($8.93 million) to JPY3 billion to accommodate its exit strategy. Meanwhile, MacDonald says BlackRock’s focus in Japan is on residential assets, and the primary goal is to invest in potential acquisition deals at a considerable discount. Ben Hickey, Head of Australia Real Estate at BlackRock, says the Australian real estate market is supported by long-term population growth projections. It is also typically characterised by low vacancy rates and under-supply of most property sectors. Hickey says any investment plan in Australia should take into consideration whether rental growth can surpass inflation, a favourable exit strategy, and the ongoing long-term supply-demand imbalance. For this reason, BlackRock is putting its weight behind four niche asset classes in Australia – childcare properties, last-mile logistics assets, life science real estate, and self-storage properties. Hickey explains that all these four sectors benefit from the country’s enduring population growth and are a rarity in terms of domestic supply and when compared to the wider regional markets. “This enables us to record sizable returns with minimal risk,” he says, adding that the company cannot rely on an optimistic interest rate outlook to generate its real estate returns.…