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The 11 stations, which come under stage 3 of the TEL, run from Stevens to Gardens by the Bay is expected to be ready for passenger service by the end of this year in 2022 - Straits Times Graphics
On 17 August, the Land Transport Authority (LTA) officially handed over eleven new MRT stations along the Thomson-East Coast Line (TEL) including Orchard, Great World and Maxwell to transport operator SMRT setting a milestone to mark the completion of all civil, structural works, systems integration and testing activities for TEL stage 3.
The 11 stations, which come under stage 3 of the TEL, run from Stevens to Gardens by the Bay is expected to be ready for passenger service by the end of this year in 2022. Commuters taking the MRT directly from Springleaf to Great World City can look forward to saving more than 40 per cent in travel time compared to a 60-minute journey by bus and train. While TEL Stage 3 has 13 stations, two of them - Mount Pleasant and Marina South - will remain closed until developments around them are ready.
Below are the 11 stations that are set to open this year:
1. Stevens
The station along Stevens Road in Bukit Timah is already a Downtown Line station. Nearby landmarks include Raffles Town Club and Singapore Chinese Girls' School. There is also the Equatorial condominium complex, which used to be one of Singapore's most famous luxury hotels, the Hotel Equatorial.
2. Napier
The station in Napier Road is near Gleneagles Hospital, the Botanic Gardens and several embassies including the Australian High Commission, the United States Embassy, the Embassy of Indonesia, the Embassy of China and Singapore's Ministry of Foreign Affairs. The Dempsey Hill dining enclave is a short bus ride away.
3. Orchard Boulevard
Located slightly off Orchard Road along Orchard Boulevard, the station is near hotels such as The St. Regis Singapore, the Regent Singapore and JEN Singapore Tanglin by Shangri-La. It is also near the Singapore Tourism Board and the Hard Rock Cafe.
4. Orchard
Orchard MRT station is already on the North-South Line. Alighting here will give commuters access to Orchard Road and its malls including Wheelock Place, Ion Orchard and Wisma Atria.
5. Great World
The station in River Valley Road is near Great World City and Kim Seng Park, named after Peranakan philanthropist Tan Kim Seng. There are also a few hot selling new condominium projects like Irwell Hill Residences by CDL, Riviere by Frasers as well as the Amped Trampoline Park, which is the first facility of its kind, equipped with nearly 50 trampolines in an indoor studio.
The 11 stations, which come under stage 3 of the TEL, run from Stevens to Gardens by the Bay is expected to be ready for passenger service by the end of this year in 2022. Commuters taking the MRT directly from Springleaf to Great World City can look forward to saving more than 40 per cent in travel time compared to a 60-minute journey by bus and train. While TEL Stage 3 has 13 stations, two of them - Mount Pleasant and Marina South - will remain closed until developments around them are ready.
Below are the 11 stations that are set to open this year:
1. Stevens
The station along Stevens Road in Bukit Timah is already a Downtown Line station. Nearby landmarks include Raffles Town Club and Singapore Chinese Girls' School. There is also the Equatorial condominium complex, which used to be one of Singapore's most famous luxury hotels, the Hotel Equatorial.
2. Napier
The station in Napier Road is near Gleneagles Hospital, the Botanic Gardens and several embassies including the Australian High Commission, the United States Embassy, the Embassy of Indonesia, the Embassy of China and Singapore's Ministry of Foreign Affairs. The Dempsey Hill dining enclave is a short bus ride away.
3. Orchard Boulevard
Located slightly off Orchard Road along Orchard Boulevard, the station is near hotels such as The St. Regis Singapore, the Regent Singapore and JEN Singapore Tanglin by Shangri-La. It is also near the Singapore Tourism Board and the Hard Rock Cafe.
4. Orchard
Orchard MRT station is already on the North-South Line. Alighting here will give commuters access to Orchard Road and its malls including Wheelock Place, Ion Orchard and Wisma Atria.
5. Great World
The station in River Valley Road is near Great World City and Kim Seng Park, named after Peranakan philanthropist Tan Kim Seng. There are also a few hot selling new condominium projects like Irwell Hill Residences by CDL, Riviere by Frasers as well as the Amped Trampoline Park, which is the first facility of its kind, equipped with nearly 50 trampolines in an indoor studio.
The 11 stations, which come under stage 3 of the TEL, run from Stevens to Gardens by the Bay is expected to be ready for passenger service by the end of this year in 2022 - Straits Times Graphics
6. Havelock
Havelock MRT station in Zion Road is near Concorde Shopping Centre and the waterfront avenue next to Grand Copthorne Waterfront Hotel Singapore. It is also near Bukit Ho Swee, where one of the most major kampung fires broke out in 1961 and destroyed the homes of nearly 16,000 people. Within walking distance is the Taoist Giok Hong Tian Temple, which has survived multiple fires in Singapore's history and is today one of the oldest temples in the country.
7. Outram Park
Outram Park MRT station in Outram Road will become a major interchange connected to three lines: the TEL, the East-West Line and the North-East Line. The station is located near the Singapore General Hospital, Outram Polyclinic, the Health Promotion Board, the National Dental Centre and the Health Sciences Authority building. Also within walking distance is the Everton Park area lined with conservation shophouses, private art galleries, cafes and pottery studios as well as three new condo projects like One Pearl Bank by Capitaland and The Landmark by MCC Land and Avenue South Residence by UOL.
8. Maxwell
Maxwell MRT station in Neil Road is near the Kreta Ayer People's Theatre, funded by public donations in 1969 to bring Chinese opera to the public. The station is located next to the famous Maxwell Food Centre, and near many religious sites such as the Sri Mariamman Temple and Thian Hock Keng Temple, as well as Ann Siang Road, known for its nightlife.
9. Shenton Way
This station in Park Street is at the heart of the Central Business District, near the UIC Building, Shenton House and the Marina One towers.
Havelock MRT station in Zion Road is near Concorde Shopping Centre and the waterfront avenue next to Grand Copthorne Waterfront Hotel Singapore. It is also near Bukit Ho Swee, where one of the most major kampung fires broke out in 1961 and destroyed the homes of nearly 16,000 people. Within walking distance is the Taoist Giok Hong Tian Temple, which has survived multiple fires in Singapore's history and is today one of the oldest temples in the country.
7. Outram Park
Outram Park MRT station in Outram Road will become a major interchange connected to three lines: the TEL, the East-West Line and the North-East Line. The station is located near the Singapore General Hospital, Outram Polyclinic, the Health Promotion Board, the National Dental Centre and the Health Sciences Authority building. Also within walking distance is the Everton Park area lined with conservation shophouses, private art galleries, cafes and pottery studios as well as three new condo projects like One Pearl Bank by Capitaland and The Landmark by MCC Land and Avenue South Residence by UOL.
8. Maxwell
Maxwell MRT station in Neil Road is near the Kreta Ayer People's Theatre, funded by public donations in 1969 to bring Chinese opera to the public. The station is located next to the famous Maxwell Food Centre, and near many religious sites such as the Sri Mariamman Temple and Thian Hock Keng Temple, as well as Ann Siang Road, known for its nightlife.
9. Shenton Way
This station in Park Street is at the heart of the Central Business District, near the UIC Building, Shenton House and the Marina One towers.
The 11 stations, which come under stage 3 of the TEL, run from Stevens to Gardens by the Bay is expected to be ready for passenger service by the end of this year in 2022 - Straits Times Graphics
10. Marina Bay
Like Outram Park station, Marina Bay station in Park Street will be connected to three MRT lines: TEL, Circle Line and North-South Line. It is near the Marina One towers and Marina Bay Financial Centre.
11. Gardens by the Bay
This station will give commuters another option to get to Gardens by the Bay. The attraction is currently served by Bayfront MRT station, which is an interchange station on the Circle Line and the Downtown Line. The Marina Barrage is also near this new station, which is located in Marina Gardens Drive.
The entire Thomson-East Coast Line – comprising 32 stations with eight interchange stations was initially expected to be fully operational in 2024. The MRT line stretches to the eastern part of Singapore, including Bayshore, Siglap and Marine Parade. However, the timeline for completion had been pushed back due to the COVID-19 pandemic and manpower constraints. Once the TEL line is fully completed, more than 240,000 households will be within a 10-minute walk from a TEL station.
The government has previously announced that by 2030, eight in ten households will be within a ten minute walk to a MRT station. By 2026, three stations will be added between HarbourFront and Marina Bay MRT stations, closing the loop for the Circle Line. By around 2027, 24 stations on the Jurong Region Line (JRL) serving the north-western part of Singapore, connecting towns like Choa Chu Kang, Tengah and Jurong to Nanyang Technological University are expected to be completed and from 2030, the Cross Island Line is projected to be completed in several stages.
Like Outram Park station, Marina Bay station in Park Street will be connected to three MRT lines: TEL, Circle Line and North-South Line. It is near the Marina One towers and Marina Bay Financial Centre.
11. Gardens by the Bay
This station will give commuters another option to get to Gardens by the Bay. The attraction is currently served by Bayfront MRT station, which is an interchange station on the Circle Line and the Downtown Line. The Marina Barrage is also near this new station, which is located in Marina Gardens Drive.
The entire Thomson-East Coast Line – comprising 32 stations with eight interchange stations was initially expected to be fully operational in 2024. The MRT line stretches to the eastern part of Singapore, including Bayshore, Siglap and Marine Parade. However, the timeline for completion had been pushed back due to the COVID-19 pandemic and manpower constraints. Once the TEL line is fully completed, more than 240,000 households will be within a 10-minute walk from a TEL station.
The government has previously announced that by 2030, eight in ten households will be within a ten minute walk to a MRT station. By 2026, three stations will be added between HarbourFront and Marina Bay MRT stations, closing the loop for the Circle Line. By around 2027, 24 stations on the Jurong Region Line (JRL) serving the north-western part of Singapore, connecting towns like Choa Chu Kang, Tengah and Jurong to Nanyang Technological University are expected to be completed and from 2030, the Cross Island Line is projected to be completed in several stages.
Straits Times online on 19 August 2022
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A fire engulfed Mr Lim Guo Liang’s two-storey Tampines maisonette flat on July 3, 2019. It cost the family around $90,000 to restore and renovate the flat. PHOTOS: SHIN MIN DAILY NEWS
Victims of home fires often regretted not purchasing home insurance or not getting adequate coverage for their homes in their home fire insurance policies. Fire insurance alone is not sufficient to cover the full costs of a fire in one's home and home owners are advised to purchase a home insurance policy as well to cover the potential damage to their home's contents, as well as any damage caused to their neighbour's property. In a densely populated nation like Singapore, it is not uncommon for fires to spread beyond a unit or to neighboring houses, even for landed properties.
Home Fire Insurance
Fire insurance covers only the expenses incurred to restore a building's structural integrity after a fire.
Home Insurance
Home insurance is more comprehensive, typically covering personal property, removal of debris and alternative accommodation during renovations.
It is important for home owners to know the coverage of the home insurance plan they have purchased. There is a misconception among some home owners that home insurance insures the amount they had paid for the property. Home insurance claims cover only the cost of reconstructing the property, and it is almost always lower than the market value of the property. Rebuilding a home damaged by fire and other unexpected perils, and counting the losses of your destroyed home contents, can be costly if you do not have a comprehensive home insurance plan.
Home Fire Insurance
Fire insurance covers only the expenses incurred to restore a building's structural integrity after a fire.
Home Insurance
Home insurance is more comprehensive, typically covering personal property, removal of debris and alternative accommodation during renovations.
It is important for home owners to know the coverage of the home insurance plan they have purchased. There is a misconception among some home owners that home insurance insures the amount they had paid for the property. Home insurance claims cover only the cost of reconstructing the property, and it is almost always lower than the market value of the property. Rebuilding a home damaged by fire and other unexpected perils, and counting the losses of your destroyed home contents, can be costly if you do not have a comprehensive home insurance plan.
Image from MSIG
Just this year alone, at least three fires this year have resulted in deaths.
On 16 Aug (Tues) morning a fire broke out in a ninth-storey flat in Jurong East where one resident was killed and three others rescued from a next door unit. In May, a Bedok North flat fire killed three people including a three-year-old, and in March, another fire in a New Upper Changi Road flat claimed one life.
HDB Fire Insurance Enough?
A common misconception among many HDB homeowners is that the Housing Development Board (HDB)'s fire insurance - which is mandatory with every purchase of a HDB flat - is enough.
Housing Development Board's fire insurance cover is very basic as the insured value is limited to either the outstanding loan amount or the cost of reinstating the building structure. HDB's fire insurance scheme does not include household contents such as furniture and personal belongings, or the cost of work done during renovations.
Therefore it is important for a separate policy covering incidental costs such as the loss of rent, damages to third-party property, renovations, alternative accommodations during renovations and content of the house, etc. However, many home owners do not see home insurance as an essential purchase. These are important elements to consider, especially if there is widespread damage to the property.
Real estate professional Kiwi Lim felt home insurance premium is low when compared to cost of property and its contents. Depending on the coverage, annual premiums usually range from $50 to $350 per $100,000 coverage. Insurers often bundle a variety of benefits factored into the premiums. A good home insurance will cover both the building structure and the home contents. In other words, it is a combination of fire insurance and home contents insurance. Therefore examine your policy and look through your risk exposure carefully when choosing your insurer.
On 16 Aug (Tues) morning a fire broke out in a ninth-storey flat in Jurong East where one resident was killed and three others rescued from a next door unit. In May, a Bedok North flat fire killed three people including a three-year-old, and in March, another fire in a New Upper Changi Road flat claimed one life.
HDB Fire Insurance Enough?
A common misconception among many HDB homeowners is that the Housing Development Board (HDB)'s fire insurance - which is mandatory with every purchase of a HDB flat - is enough.
Housing Development Board's fire insurance cover is very basic as the insured value is limited to either the outstanding loan amount or the cost of reinstating the building structure. HDB's fire insurance scheme does not include household contents such as furniture and personal belongings, or the cost of work done during renovations.
Therefore it is important for a separate policy covering incidental costs such as the loss of rent, damages to third-party property, renovations, alternative accommodations during renovations and content of the house, etc. However, many home owners do not see home insurance as an essential purchase. These are important elements to consider, especially if there is widespread damage to the property.
Real estate professional Kiwi Lim felt home insurance premium is low when compared to cost of property and its contents. Depending on the coverage, annual premiums usually range from $50 to $350 per $100,000 coverage. Insurers often bundle a variety of benefits factored into the premiums. A good home insurance will cover both the building structure and the home contents. In other words, it is a combination of fire insurance and home contents insurance. Therefore examine your policy and look through your risk exposure carefully when choosing your insurer.
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Is the enbloc fever back again in 2022?
After 17th January 2019, where URA announced that developers will face new restrictions on the number of units they can squeeze into a development meaning for land outside the Core Central Region of Singapore, the maximum number of units allowed will be the Gross Floor Area (GFA) divided by 85 square metres (sqm) whereas in some areas, the restrictions are even stricter, e.g, in Pasir Panjang the allowable number of units is the GFA divided by 100 sqm.
This restriction, together with a slew of announcements by the government effectively ended the en-bloc fever that saw around 100 private residential developments being acquired by various property developers in Singapore creating more than 9,000 millionaire households. Some bought properties immediately for their new accommodation but almost half of them kept the funds.
Real estate professional Kiwi Lim believe that during the Circuit Breaker period in 2020 when Covid-19 threaten to bring down the healthcare system in Singapore, families realized they need more space and probably used these funds to acquire more properties either for investment or for family members to have their own private space thus driving the property market in Singapore to new heights.
This restriction, together with a slew of announcements by the government effectively ended the en-bloc fever that saw around 100 private residential developments being acquired by various property developers in Singapore creating more than 9,000 millionaire households. Some bought properties immediately for their new accommodation but almost half of them kept the funds.
Real estate professional Kiwi Lim believe that during the Circuit Breaker period in 2020 when Covid-19 threaten to bring down the healthcare system in Singapore, families realized they need more space and probably used these funds to acquire more properties either for investment or for family members to have their own private space thus driving the property market in Singapore to new heights.
However, it seems the en bloc fever is building up again with at least 11 private residential developments being acquired by developers in the first half of this year 2022, e.g. Park View Mansions, Lakeside Apartments, Tanglin Shopping Centre (commercial), Chuan Park, Gloria Mansion, Golden Mile Complex, 173-183 Haig Road, etc. Last year in 2021, there were only about 10 private residential developments being acquired through en-bloc or private treaties.
To date, more than 20 other developments, including the latest freehold private residential development Trendale Tower also started the collective sale process just months after the government’s market cooling measures announced in December 2021 that triggered a slight knee jerk reaction which lasted for about two months before the buying resumed due to strong local demand for property.
On 11 Aug, it was announced that Trendale Tower has been put up for sale again, this time with a higher guide price of S$178 million via a public tender exercise. Situated at 79 Cairnhill Road, the 20-storey development houses 18 apartments of 298 square metres each, which works out to S$2,386 per plot ratio after factoring in the 7 per cent bonus gross floor area for balconies. Excluding the bonus gross floor area, the guide price rounds to S$2,449 per plot ratio. The nearest MRT station is Newton station, only less than 500 metres away and future residents will have access to schools like Anglo-Chinese School (Primary), Anglo-Chinese School (Primary) and EtonHouse International Pre-School, which are situated within 1 kilometre of the development.
To date, more than 20 other developments, including the latest freehold private residential development Trendale Tower also started the collective sale process just months after the government’s market cooling measures announced in December 2021 that triggered a slight knee jerk reaction which lasted for about two months before the buying resumed due to strong local demand for property.
On 11 Aug, it was announced that Trendale Tower has been put up for sale again, this time with a higher guide price of S$178 million via a public tender exercise. Situated at 79 Cairnhill Road, the 20-storey development houses 18 apartments of 298 square metres each, which works out to S$2,386 per plot ratio after factoring in the 7 per cent bonus gross floor area for balconies. Excluding the bonus gross floor area, the guide price rounds to S$2,449 per plot ratio. The nearest MRT station is Newton station, only less than 500 metres away and future residents will have access to schools like Anglo-Chinese School (Primary), Anglo-Chinese School (Primary) and EtonHouse International Pre-School, which are situated within 1 kilometre of the development.
Enbloc or enbloc potentials - ST Graphics
Below are a list of some private developments that are on developer's shopping list of en-bloc / private acquisitions as compiled from Business Times.
ORCHARD, OXLEY, RIVER VALLEY, TANGLIN:
High Point
Asking: S$550 million Tenure: Freehold
Land rate: S$2,508 psf ppr Land area: 47,606 sq ft
Elizabeth Towers
Asking: S$630 million Tenure: Freehold
Land rate: S$2,400 psf ppr Land area: 54,317 sq ft
Oxley Garden
Asking: S$200 million Tenure: Freehold
Land rate: S$2,346 psf ppr Land area: 58,207 sq ft
5 Oxley Rise
Asking: S$300 million Tenure: Freehold
Land rate: S$1,984 psf Land area: 151,205 sq ft
The Beaumont
Asking: S$468 million Tenure: Freehold
Land rate: S$2,448 psf Land area: 74,739 sq ft
Orchard Bel Air
Asking: S$587.5 million Tenure: 99-year leasehold
Land rate: S$2,600 psf ppr Land area: 93,126 sq ft
ORCHARD, OXLEY, RIVER VALLEY, TANGLIN:
High Point
Asking: S$550 million Tenure: Freehold
Land rate: S$2,508 psf ppr Land area: 47,606 sq ft
Elizabeth Towers
Asking: S$630 million Tenure: Freehold
Land rate: S$2,400 psf ppr Land area: 54,317 sq ft
Oxley Garden
Asking: S$200 million Tenure: Freehold
Land rate: S$2,346 psf ppr Land area: 58,207 sq ft
5 Oxley Rise
Asking: S$300 million Tenure: Freehold
Land rate: S$1,984 psf Land area: 151,205 sq ft
The Beaumont
Asking: S$468 million Tenure: Freehold
Land rate: S$2,448 psf Land area: 74,739 sq ft
Orchard Bel Air
Asking: S$587.5 million Tenure: 99-year leasehold
Land rate: S$2,600 psf ppr Land area: 93,126 sq ft
Enbloc or enbloc potentials - ST Graphics
JURONG:
Lakepoint Condo
Asking: S$640 million Tenure: 99-year leasehold
Land rate: S$988 psf ppr Land area: 562,286 sq ft
THOMSON:
Thomson View Condo
Asking: S$950 million Tenure: 99-year leasehold
Land rate: S$1,294 psf ppr Land area: 540,319 sq ft
SERANGOON:
Kensington Park
Asking: S$1.28 billion Tenure: 999-year leasehold
Land rate: S$1,414 psf ppr Land area: 491,000 sq ft
EAST COAST:
Meyer Park
Asking: S$420 million Tenure: Freehold
Land rate: S$1,720 psf ppr Land area: 96,672 sq ft
KALLANG:
Sultan Plaza
Asking: S$360 million Tenure: 99-year leasehold
Land rate: S$1,549 psf ppf (mixed use), S$1,629 psf ppr (hotel)
Land area: 63,440 sq ft* *including adjoining state land
DOWNTOWN:
People’s Park Centre
Asking: S$1.8 billion Tenure: 99-year leasehold
Land rate: S$2,620 psf ppr Land area: 95,467 sq ft
International Plaza
Asking: S$2.7 billion Tenure: 99-year leasehold
Land rate: S$2,448 psf ppr Land area: 75,090 sq ft
Lakepoint Condo
Asking: S$640 million Tenure: 99-year leasehold
Land rate: S$988 psf ppr Land area: 562,286 sq ft
THOMSON:
Thomson View Condo
Asking: S$950 million Tenure: 99-year leasehold
Land rate: S$1,294 psf ppr Land area: 540,319 sq ft
SERANGOON:
Kensington Park
Asking: S$1.28 billion Tenure: 999-year leasehold
Land rate: S$1,414 psf ppr Land area: 491,000 sq ft
EAST COAST:
Meyer Park
Asking: S$420 million Tenure: Freehold
Land rate: S$1,720 psf ppr Land area: 96,672 sq ft
KALLANG:
Sultan Plaza
Asking: S$360 million Tenure: 99-year leasehold
Land rate: S$1,549 psf ppf (mixed use), S$1,629 psf ppr (hotel)
Land area: 63,440 sq ft* *including adjoining state land
DOWNTOWN:
People’s Park Centre
Asking: S$1.8 billion Tenure: 99-year leasehold
Land rate: S$2,620 psf ppr Land area: 95,467 sq ft
International Plaza
Asking: S$2.7 billion Tenure: 99-year leasehold
Land rate: S$2,448 psf ppr Land area: 75,090 sq ft
Enbloc or enbloc potentials - ST Graphics
Developers will always need land parcels to build on and en-bloc will always be a possibility as Singapore is faced with tight land constraint and if the number of new government land sales (GLS) are insufficient to satisfy the property market demand, we will see a situation where developers will start looking for private residential developments with en-bloc potential.
Faced with the possibility of a recession in Europe and United States next year, Kiwi Lim felt developers are currently more keen to target smaller plots for en-bloc in order to reduce their exposure to economic risks even though Singapore is not likely to see a recession next year. Therefore, “bite-sized” smaller older developments could still attract developer’s attention. Kiwi expects around 20 private residential / commercial developments to enbloc this year - approximately double of last year.
Faced with the possibility of a recession in Europe and United States next year, Kiwi Lim felt developers are currently more keen to target smaller plots for en-bloc in order to reduce their exposure to economic risks even though Singapore is not likely to see a recession next year. Therefore, “bite-sized” smaller older developments could still attract developer’s attention. Kiwi expects around 20 private residential / commercial developments to enbloc this year - approximately double of last year.
Extracted from Business Times and Straits Times online
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Jack Ma and Alibaba will have the biggest slice of Singapore’s tallest tower
URA spokesperson said on 5 August (Friday) that they approved a building in Shenton Way with a building height of 305m at 8 Shenton Way - the highest granted by the authority for developments in Singapore.
The grant of written permission dated 7 July for the proposal by China tech giant Alibaba and a consortium of companies led by real estate firm Perennial Holdings to redevelop the AXA Tower at 8 Shenton Way into a 63-storey mixed-use skyscraper measuring up to 148,450 square metres (1.6 million square feet) in total space.
About 60 percent of the building’s permitted gross floor area may be dedicated to commercial use, with around 33 percent allocated for 215 “residential flats with sky terraces”, while the remaining percentage of space usage will be allocated for hotel component and set aside for balconies, indoor recreational space and the rooftop.
According to URA, the allowable building heights are subject to technical requirements as well as evaluation based on respective site context. Developments would have to be built in accordance to the approved plans and guidelines.
The grant of written permission dated 7 July for the proposal by China tech giant Alibaba and a consortium of companies led by real estate firm Perennial Holdings to redevelop the AXA Tower at 8 Shenton Way into a 63-storey mixed-use skyscraper measuring up to 148,450 square metres (1.6 million square feet) in total space.
About 60 percent of the building’s permitted gross floor area may be dedicated to commercial use, with around 33 percent allocated for 215 “residential flats with sky terraces”, while the remaining percentage of space usage will be allocated for hotel component and set aside for balconies, indoor recreational space and the rooftop.
According to URA, the allowable building heights are subject to technical requirements as well as evaluation based on respective site context. Developments would have to be built in accordance to the approved plans and guidelines.
The building will be located at 8 Shenton Way. (Photo: Perennial Holdings Private Limited)
The towering skyscraper, which has a maximum approved height of 305 meters, is set to be taller than Singapore’s current tallest building – the 284-meter Tanjong Pagar Centre's Guoco Tower. Expected to be completed in 2028, the iconic building has plans to include retail, restaurant, office, hotel, and residential components, with a gross floor area of 148,450 square meters.
Currently the tallest building in Singapore is Guoco Tower at Tanjong Pagar Centre which is a mixed-use development skyscraper in Tanjong Pagar of the Downtown Core district of Singapore. With a height of 283.7 m, it broke the record held jointly by UOB Plaza, One Raffles Place and Republic Plaza for more than 20 years. The residential component of Guoco Tower is Wallich Residence.
Wallich Residence situated in Singapore’s CBD contains 181 prestigious homes which offer stunning city views. Wallich Residence is designed by world-renowned Skidmore, Ownings & Merrill, they are the same architects who designed One World Trade Centre in New York (2014), Trump Tower (2009), Burj Khalifa (2010), and Willis Tower (1973).
Currently the tallest building in Singapore is Guoco Tower at Tanjong Pagar Centre which is a mixed-use development skyscraper in Tanjong Pagar of the Downtown Core district of Singapore. With a height of 283.7 m, it broke the record held jointly by UOB Plaza, One Raffles Place and Republic Plaza for more than 20 years. The residential component of Guoco Tower is Wallich Residence.
Wallich Residence situated in Singapore’s CBD contains 181 prestigious homes which offer stunning city views. Wallich Residence is designed by world-renowned Skidmore, Ownings & Merrill, they are the same architects who designed One World Trade Centre in New York (2014), Trump Tower (2009), Burj Khalifa (2010), and Willis Tower (1973).
Residents of Wallich Residence enjoys privileges such as a priceless, bird’s-eye view of the city from the Sky Gardens and the Viewing Deck, as well as the Viewing Deck at the Apex located at Level 62.
The Merdeka 118 tower will stand at 678.9m. PHOTO: THE STAR/ASIA NEWS NETWORK
Scheduled for completion by 2028 based on earlier announcements, the new mixed skyscraper at 8 Shenton Way will dethrone the 64-storey Guoco Tower as the tallest skyscraper in Singapore a little over a decade after GuocoLand completed the tower in 2016.
However, this still pales in comparison to Malaysia who will set another world record when its megatall structure, The Merdeka 118 Tower, touted as the world's second tallest building, is due for completion by mid-2023, according to the developer at nearly 700 metres above sea level.
Merdeka 118's current architectural height is about 644 metres, measured from the ground all the way to the top. The true height of the 118-floor megatall structure in Kuala Lumpur is expected to be revealed next year, when it is fully completed.
However, this still pales in comparison to Malaysia who will set another world record when its megatall structure, The Merdeka 118 Tower, touted as the world's second tallest building, is due for completion by mid-2023, according to the developer at nearly 700 metres above sea level.
Merdeka 118's current architectural height is about 644 metres, measured from the ground all the way to the top. The true height of the 118-floor megatall structure in Kuala Lumpur is expected to be revealed next year, when it is fully completed.
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Image: Capitaland Malls
If you have not visited JCube shopping centre or the first and one of only two public ice skating rink in Singapore - The Rink located in Jurong East, you should go and visit before its transformed into a mixed residential condo development with a 2 storey shopping mall.
Capitaland announced on 7th Feb 2023 that JCube mall in Jurong East Central will close down on 6th Aug at 10pm to make way for a 40-storey residential development called J'den that will include commercial space on the first and second storeys.
The new residential building, targeted for completion in 2027, will complement the Government’s plans to bring new homes, businesses, recreational facilities and amenities to the Jurong Lake District. The highly anticipated new mixed condo project will also be linked to the upcoming Jurong East Integrated Transport Hub, which will include an air-conditioned bus interchange, a public library, a community club, and a sports centre among other commercial spaces.
Capitaland said it is working closely with the tenants and providing them with the necessary support to ensure a smooth handover of the premises.
JCube currently opens from 10 am to 10 pm and is home to Singapore’s first Olympic-size ice rink and the first IMAX theatre in the suburbs. JCube was built on the former site of the Jurong Entertainment Centre. The name, JCube was decided on after a naming competition held in 2010. J represents the mall’s location in Jurong. Cube represents what JCube was designed to look like - an ice cube. It was co-designed by RSP Architects and Benoy.
Capitaland announced on 7th Feb 2023 that JCube mall in Jurong East Central will close down on 6th Aug at 10pm to make way for a 40-storey residential development called J'den that will include commercial space on the first and second storeys.
The new residential building, targeted for completion in 2027, will complement the Government’s plans to bring new homes, businesses, recreational facilities and amenities to the Jurong Lake District. The highly anticipated new mixed condo project will also be linked to the upcoming Jurong East Integrated Transport Hub, which will include an air-conditioned bus interchange, a public library, a community club, and a sports centre among other commercial spaces.
Capitaland said it is working closely with the tenants and providing them with the necessary support to ensure a smooth handover of the premises.
JCube currently opens from 10 am to 10 pm and is home to Singapore’s first Olympic-size ice rink and the first IMAX theatre in the suburbs. JCube was built on the former site of the Jurong Entertainment Centre. The name, JCube was decided on after a naming competition held in 2010. J represents the mall’s location in Jurong. Cube represents what JCube was designed to look like - an ice cube. It was co-designed by RSP Architects and Benoy.
Click to view J'den Residences website, e-brochure & register for VIP invite to view the upcoming showflat
The former JCube Shopping Mall will be transforming into the First & Tallest Mixed-Use Development in the heart of Jurong Lake District, Singapore’s 2nd CBD - a thriving & vibrant key growth area with massive growth potential - J'den
The concept and design of J'den will offer future J'den residents a level of ultra convenience that is not yet seen in any condo project in Singapore. J'den will link to all other amenities and transformations in Jurong Gateway District sheltered from harsh / rainy weather via J-Walk, directly from the podium of the condo development itself. This is a rare and eagerly anticipated condo launch that you won’t want to miss, if you are looking for an opportunity to enter the market now.
📕Expected Unit Mix & Sizes of J'den:
➡️1BR : 527sqft | 37units
➡️1BR+S : 624sqft | 37 units
➡️2BR : 710/721sqft | 74 units
➡️2BR+S : 818/850sqft 74 units
➡️3BR : 1141/ 1184sqft 73 units
➡️3BR+S : 1259sqft | 36 units
➡️4BR : 1485sqft | 37 units
🔥Preview of J'den is expected to commence from 28th Oct 2023 (Sat) to 7th Nov 2023 (Tues). Viewings are strictly by appointment only. You may RSVP to view J'den with the Kiwi Lim at 9386 4036 - core marketing team at Huttons.
The nostalgic CapitaLand-owned mall - JCube finally says goodbye to make way for a mixed-use residential development.
Real estate professional Kiwi Lim said the last residential condo project launched in Jurong East area was J Gateway in 2013 which was fully sold out on the first preview day. This 738 unit condo project were sold at an average of $1,480 psf with the one-bedrooms selling for about $1,778 psf and four-bedrooms sold at around $1,400 psf onwards.
Buyers were attracted by the J Gateway's proximity to Jurong East MRT station and four malls earmarked for the area.
Public who wished to ice skate in future may be able to enjoy their favorite sport at the other ice skating rink at Kallang Ice World located right next to Stadium MRT which also has a gallery-style spectator seating and boasts competition-standard ice to match professional players requirements.
You may visit the website below for more updates regarding JCube's upcoming mixed condo development J'den .
Real estate professional Kiwi Lim said the last residential condo project launched in Jurong East area was J Gateway in 2013 which was fully sold out on the first preview day. This 738 unit condo project were sold at an average of $1,480 psf with the one-bedrooms selling for about $1,778 psf and four-bedrooms sold at around $1,400 psf onwards.
Buyers were attracted by the J Gateway's proximity to Jurong East MRT station and four malls earmarked for the area.
Public who wished to ice skate in future may be able to enjoy their favorite sport at the other ice skating rink at Kallang Ice World located right next to Stadium MRT which also has a gallery-style spectator seating and boasts competition-standard ice to match professional players requirements.
You may visit the website below for more updates regarding JCube's upcoming mixed condo development J'den .
The former JCube Shopping Mall will be transforming into the First & Tallest Mixed-Use Development in the heart of Jurong Lake District - J'den. Find out more about J'den
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An estimated one third of wealthy mainland Chinese with minimum assets worth US$4.5 million either toyed with the idea or are seriously considering emigrating to another country for better education systems elsewhere and to flee the country's polluted cities and strict government with the intention to also protect their wealth.
Since the COVID-19 pandemic began, Chinese citizens have endured the government’s punishing zero-tolerance strategy that aims to stamp out the virus at all costs. Now, faced with a continued “zero-COVID” future, China’s rich are plotting their escape. Around 10,000 high-net-worth individuals (HNWI) in China are seeking to leave their country this year and could take US$48 billion in wealth with them, according to a recent 2022 wealth migration report by Henley and Partners, an reputable investment migration consultancy.
But Chinese authorities have anticipated this and enforced tough barriers aimed at preventing a mass exodus of people and money. In May this year, Xi's government announced that it would stringently “restrict the nonessential exit activities of Chinese citizens” citing the need to contain the virus. Many in China viewed these draconian measures as a way for the authorities to avert major brain and capital drain. China’s harsh exit and entry policies have made it difficult for citizens to obtain the documents they need to leave, including procuring passports.
China has also implemented tough regulations to control the movement of funds out of the communist country, e.g. by strictly allowing Chinese citizens to exchange around $50,000 worth of Chinese yuan into foreign currencies every year and banning cryptocurrencies to prevent massive outflow of funds.
Since the COVID-19 pandemic began, Chinese citizens have endured the government’s punishing zero-tolerance strategy that aims to stamp out the virus at all costs. Now, faced with a continued “zero-COVID” future, China’s rich are plotting their escape. Around 10,000 high-net-worth individuals (HNWI) in China are seeking to leave their country this year and could take US$48 billion in wealth with them, according to a recent 2022 wealth migration report by Henley and Partners, an reputable investment migration consultancy.
But Chinese authorities have anticipated this and enforced tough barriers aimed at preventing a mass exodus of people and money. In May this year, Xi's government announced that it would stringently “restrict the nonessential exit activities of Chinese citizens” citing the need to contain the virus. Many in China viewed these draconian measures as a way for the authorities to avert major brain and capital drain. China’s harsh exit and entry policies have made it difficult for citizens to obtain the documents they need to leave, including procuring passports.
China has also implemented tough regulations to control the movement of funds out of the communist country, e.g. by strictly allowing Chinese citizens to exchange around $50,000 worth of Chinese yuan into foreign currencies every year and banning cryptocurrencies to prevent massive outflow of funds.
As part of Singapore's attempt to build and improve our economy, the Economic Development Board (EDB) and the Ministry of Manpower (MOM) launched The Global Investor Program (GIP) in 2004 - a Permanent Residency scheme specially designed for wealthy investors, entrepreneurs and business owners who wish to invest in our economy and relocate to Singapore. Under The Global Investor Programme (GIP), foreign nationals can acquire a Permanent Residency (PR) status by investing a minimum of S$2.5 million in Singapore-registered companies or GIP funds that in-turn invest in Singapore companies. We may also require these individuals to have a substantial business track record and successful entrepreneurial background to qualify in order to drive businesses and investment growth in Singapore.
As countries around the world compete to attract investments and grow their economies, such global investor programs are very common among developing or developed nations. Thailand recently introduced a form of GIP program to attract rich foreigners to invest in Thailand while allowing foreigners to fully own land for residential use in an attempt by Thailand to boost its economy by attracting a million new big-spending residents from overseas.
Thailand has for decades been a popular expatriate destination for investment, retirement and for starting small businesses, but foreign land ownership has been restricted. Under this recently introduced scheme, foreign nationals will now be permitted to own up to 1 rai (0.16 hectares) from September this year if they are able to invest 40 million baht (S$1.5 million) in properties, securities or funds in Thailand over the time span of 3 years.
As countries around the world compete to attract investments and grow their economies, such global investor programs are very common among developing or developed nations. Thailand recently introduced a form of GIP program to attract rich foreigners to invest in Thailand while allowing foreigners to fully own land for residential use in an attempt by Thailand to boost its economy by attracting a million new big-spending residents from overseas.
Thailand has for decades been a popular expatriate destination for investment, retirement and for starting small businesses, but foreign land ownership has been restricted. Under this recently introduced scheme, foreign nationals will now be permitted to own up to 1 rai (0.16 hectares) from September this year if they are able to invest 40 million baht (S$1.5 million) in properties, securities or funds in Thailand over the time span of 3 years.
In a 2018 survey report from the Hurun Research Institute, a China-based wealth research firm, and Visas Consulting Group - the top destination among Chinese millionaires looking to move their families, and money, to another country is the United States of America while the U.K. ranked second, followed by Ireland and then Canada. CNBC estimated that overseas assets currently account for an estimated ten percent of the total assets of mainland Chinese millionaires and billionaires.
However, world geopolitics have changed greatly and are much different now in 2022 with the current strong anti-China sentiment running in Europe and the United States as western nations fear the growing economic prowess of China which some analysts predict will overtake the United States as the world's largest economy within the next decade. Many believe the number of countries these mainland Chinese millionaires can emigrate to seem quite limited as much lesser mainland Chinese now aspire to move to Europe and the United States.
Real estate professional Kiwi Lim felt that foreign exchange deposits and real estate are the most popular way for the Chinese rich to store their fortunes offshore due to high cost-effectiveness, followed by stability and permanent property rights.
However, world geopolitics have changed greatly and are much different now in 2022 with the current strong anti-China sentiment running in Europe and the United States as western nations fear the growing economic prowess of China which some analysts predict will overtake the United States as the world's largest economy within the next decade. Many believe the number of countries these mainland Chinese millionaires can emigrate to seem quite limited as much lesser mainland Chinese now aspire to move to Europe and the United States.
Real estate professional Kiwi Lim felt that foreign exchange deposits and real estate are the most popular way for the Chinese rich to store their fortunes offshore due to high cost-effectiveness, followed by stability and permanent property rights.
The Government announced on 16 Dec 2021 a series of measures to cool the private residential property and HDB resale markets
From Fortune Magazine online article on 21 July 2022
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Sceneca Residence is a 99 years leasehold upcoming mixed development condo right in front of Tanah Merah MRT station in District 16
A Sale Licence allows the developers to sell the units once Building Plan Approval is given whereas developers who are issued with No-sale Licence usually mean that the developer can only commence construction but are not allowed to sell any units before Temporary Occupation Permit (TOP) is obtained for the project.
A No-sale Licence has just been issued to MCC Land by URA for Sceneca Residence - an upcoming mixed development project in Tanah Merah right with direct access to the MRT station that has been garnering keen interest from mass market home buyers.
The No-Sale Licence states that the developer "shall not, in respect of any unit in the development, grant any option to purchase, or enter into any sale and purchase agreement, or dispose of it in any way, without first obtaining the approval of the Controller in writing"
More information will be released soon as we get more updates from MCC Land and URA.
A No-sale Licence has just been issued to MCC Land by URA for Sceneca Residence - an upcoming mixed development project in Tanah Merah right with direct access to the MRT station that has been garnering keen interest from mass market home buyers.
The No-Sale Licence states that the developer "shall not, in respect of any unit in the development, grant any option to purchase, or enter into any sale and purchase agreement, or dispose of it in any way, without first obtaining the approval of the Controller in writing"
More information will be released soon as we get more updates from MCC Land and URA.
Straits Times online on 20 July 2022
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AMO Residence saw a very strong turnout in its first weekend of preview as it is the first major condo launch in the OCR [Outside Central Region] in 2022
AMO Residence - a beautifully designed private condo development consisting of 372-units along Ang Mo Kio Avenue 1, opened for preview on Saturday, July 9. Over the long weekend, the project has attracted a crowd of about 7,500 to its sales gallery.
The Government Land Sale (GLS) land parcel at which AMO Residence occupies at Ang Mo Kio Ave 1, was sold to a consortium consisting of UOL, Singapore Land Group and Kheng Leong in June 2021, at a land cost of $1,118 psf ppr. Estimating from current construction manpower and materials costs, the overall breakeven price is estimated to be above $1,900 psf.
Located within 1km to CHIJ St Nicholas and Ai Tong School, AMO Residence is also within a short five minute walk to the new Mayflower MRT Station (Thomson-East Coast Line) and one stop from Bright Hill MRT Interchange Station on the future Cross Island Line.
AMO Residence consists of two 25-storey residential towers, with a combination of unit types from two bedrooms to five bedrooms and penthouses. Two- and three-bedroom units with sizes ranging from 614 sq ft to 1,367 sq ft make up 81% of the units. AMO Residence also offers three amazing penthouses of between 2,293 sq ft to 2,497 sq ft for the well heeled buyer.
The Government Land Sale (GLS) land parcel at which AMO Residence occupies at Ang Mo Kio Ave 1, was sold to a consortium consisting of UOL, Singapore Land Group and Kheng Leong in June 2021, at a land cost of $1,118 psf ppr. Estimating from current construction manpower and materials costs, the overall breakeven price is estimated to be above $1,900 psf.
Located within 1km to CHIJ St Nicholas and Ai Tong School, AMO Residence is also within a short five minute walk to the new Mayflower MRT Station (Thomson-East Coast Line) and one stop from Bright Hill MRT Interchange Station on the future Cross Island Line.
AMO Residence consists of two 25-storey residential towers, with a combination of unit types from two bedrooms to five bedrooms and penthouses. Two- and three-bedroom units with sizes ranging from 614 sq ft to 1,367 sq ft make up 81% of the units. AMO Residence also offers three amazing penthouses of between 2,293 sq ft to 2,497 sq ft for the well heeled buyer.
Another condo project that launched for sale in July is a luxury development Cape Royale at Sentosa Cove by joint developers IOI Properties and Ho Bee Land. Cape Royale started sale previews for the 99-year-leasehold project on 28 June (Tuesday) sold about 50 per cent of the 50 units put up for sale on its first day of bookings on 6 July (Wednesday). Its 3-bedroom units were understood to be sold at a median price of S$4 million, while 4-room apartments went for a median S$5.5 million.
Jointly developed by IOI Properties and Ho Bee Land, the 302-unit Cape Royale have been rented out since the project was completed in 2013, when the developers felt prices were weak following 2 rounds of property cooling measures that year. However, the launch this week is encouraging due to changing sentiment and current market condition.
This is the first large-scale Sentosa Cove condo launch in over a decade, as the previous projects Seascape and Residences at W, were sold at median prices of S$2,680 psf and S$2,816 psf respectively during their launch in March 2010.
Jointly developed by IOI Properties and Ho Bee Land, the 302-unit Cape Royale have been rented out since the project was completed in 2013, when the developers felt prices were weak following 2 rounds of property cooling measures that year. However, the launch this week is encouraging due to changing sentiment and current market condition.
This is the first large-scale Sentosa Cove condo launch in over a decade, as the previous projects Seascape and Residences at W, were sold at median prices of S$2,680 psf and S$2,816 psf respectively during their launch in March 2010.
This weekend's preview may see units at AMO Residence priced from $1,890 psf for the larger units with two-bedroom units expected to be priced from close to $2,100 psf onwards, starting from $1.26 million; three-bedroom units from $1.81 million; four-bedroom units from $2.48 million; and five-bedroom units from $2.85 million.
Real estate professional Kiwi Lim from Huttons Asia said "recently, we have been consistently seeing new condo launches selling more than 70% and prices have been climbing progressively due to shortage in supply of new condos in the market and rising construction, manpower and fuel costs."
Developers are watching this weekend's preview of AMO Residence to know whether mass market condo buyers are ready to accept a new psychological benchmark above $2,100 psf for OCR condos in the heartlands. Kiwi Lim felt that previous condo launches that saw more than 70% sellout on preview day like Pasir Ris 8 only has a few units selling close to $2,100 psf, Piccadilly Grand is a city fringe condo and therefore naturally commands above $2,100 psf, Liv@MB in D15 is not considered as a typical mass market condo and therefore averaged above $2,300 psf. Therefore AMO Residence will be a litmus test.
Real estate professional Kiwi Lim from Huttons Asia said "recently, we have been consistently seeing new condo launches selling more than 70% and prices have been climbing progressively due to shortage in supply of new condos in the market and rising construction, manpower and fuel costs."
Developers are watching this weekend's preview of AMO Residence to know whether mass market condo buyers are ready to accept a new psychological benchmark above $2,100 psf for OCR condos in the heartlands. Kiwi Lim felt that previous condo launches that saw more than 70% sellout on preview day like Pasir Ris 8 only has a few units selling close to $2,100 psf, Piccadilly Grand is a city fringe condo and therefore naturally commands above $2,100 psf, Liv@MB in D15 is not considered as a typical mass market condo and therefore averaged above $2,300 psf. Therefore AMO Residence will be a litmus test.
Find out what are the upcoming new condo launches in the year 2022
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US Labor Department data revealed on 13 July (Wednesday) that the consumer price index rose 9.1 per cent from a year earlier, the largest gain since the end of 1981. Compared to one year ago, the index in June hit 9.1%, rising from the 8.6% year-on-year increase the month before — staying at the fastest pace in 40 years.
The red-hot inflation figures reaffirm that price pressures are across all sectors and almost all industries and broadly throughout the whole American economy which inadvertently reduces purchasing power of the mass population.
Geopolitical risks including Covid lockdowns in China and Russia’s war in Ukraine also pose risks to supply chains and the inflation outlook.
Real estate professional Kiwi Lim from Huttons Asia believe this latest inflationary data may keep Federal Reserve officials on an aggressive policy course to slow down inflation by reducing demand as President Biden & his government has seen support dropping sharply ahead of midterm elections.
The red-hot inflation figures reaffirm that price pressures are across all sectors and almost all industries and broadly throughout the whole American economy which inadvertently reduces purchasing power of the mass population.
Geopolitical risks including Covid lockdowns in China and Russia’s war in Ukraine also pose risks to supply chains and the inflation outlook.
Real estate professional Kiwi Lim from Huttons Asia believe this latest inflationary data may keep Federal Reserve officials on an aggressive policy course to slow down inflation by reducing demand as President Biden & his government has seen support dropping sharply ahead of midterm elections.
US Federal Reserve officials have already signaled a second 75 basis-point hike in interest rates later this month in July amid persistent inflation as well as still-robust job and wage growth in America, but Kiwi felt there is a 50% chance that the Federal Reserve could raise a full percentage point at this July's meeting.
Singapore home loan interest rates may hit 3.5% by the end of 2022 and 4% by mid of next year. However several factors such as limited supply, labor shortage, higher manpower cost and higher construction costs will continue to see housing prices in Singapore on an upward trend but at a much slower rate as compared to last year.
Singapore home loan interest rates may hit 3.5% by the end of 2022 and 4% by mid of next year. However several factors such as limited supply, labor shortage, higher manpower cost and higher construction costs will continue to see housing prices in Singapore on an upward trend but at a much slower rate as compared to last year.
The euro dollar has also suffered a swift and brutal slump this year, and now it has crossed a major threshold for the first time in more than two decades: parity with the US dollar as Russia's invasion of Ukraine has worsened the outlook for growth in the euro zone and pushed up the cost of its energy imports. The common currency of Europe has slipped around 12 per cent to touch a low of US$0.9998 on 13 July (Wednesday).
The rapid currency depreciation is a big challenge for the European Central Bank (ECB), given that the euro was trading close to US$1.15 just a few months ago in February. The scenario of a "complete gas shutoff" from the very important Nord Stream 1 pipeline which carries fossil fuel supply from Russia could have contributed to the loss of confidence in the European market and this has a major impact for consumers in the €12 trillion (S$17 trillion) economy, as a depreciated currency will feed an inflation spike that is already out of control, with prices rising at a record pace close to 9 per cent.
"The flour that makes the bread is not getting any cheaper, how do you expect the price of bread to stay the same?" Kiwi Lim felt that oil prices must not go beyond its current average of US$100 per barrel in order to manage inflation. But winter is arriving in Europe, if Russia decides to cut its oil and gas to Europe due to the Russia - Ukraine war, prices of fossil fuel may continue to go up as the season turns cold by the end of the year for Europe. Oil and gas affects almost every industry and business sector, especially transport and logistics and this may add upward price pressures of goods and services in spite of the Fed's increase in interest rates.
On the bright side, Fixed Deposits in Singapore may see higher interest rates, probably to the tune of 3% annual interest offered by banks in Singapore towards the end of this year.
The rapid currency depreciation is a big challenge for the European Central Bank (ECB), given that the euro was trading close to US$1.15 just a few months ago in February. The scenario of a "complete gas shutoff" from the very important Nord Stream 1 pipeline which carries fossil fuel supply from Russia could have contributed to the loss of confidence in the European market and this has a major impact for consumers in the €12 trillion (S$17 trillion) economy, as a depreciated currency will feed an inflation spike that is already out of control, with prices rising at a record pace close to 9 per cent.
"The flour that makes the bread is not getting any cheaper, how do you expect the price of bread to stay the same?" Kiwi Lim felt that oil prices must not go beyond its current average of US$100 per barrel in order to manage inflation. But winter is arriving in Europe, if Russia decides to cut its oil and gas to Europe due to the Russia - Ukraine war, prices of fossil fuel may continue to go up as the season turns cold by the end of the year for Europe. Oil and gas affects almost every industry and business sector, especially transport and logistics and this may add upward price pressures of goods and services in spite of the Fed's increase in interest rates.
On the bright side, Fixed Deposits in Singapore may see higher interest rates, probably to the tune of 3% annual interest offered by banks in Singapore towards the end of this year.
NBC News and Straits Times online
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Singapore’s red-hot residential market saw homebuyers spending more than S$20 billion during the first half of 2022 alone – as the frenzy continues for locals and foreigners to own properties in the small island nation with a very limited amount of land space for residential properties amidst rising demand
Private residential home prices in Singapore has been seeing high growths in 2020 and 2021 as Covid brought about the need for more space and a desire among young adults to enjoy more privacy by finding their own accommodations away from their parents. The ultra-rich worldwide have also been shifting their funds from economies adversely affected by the pandemic, especially in Hong Kong and China, by political turmoil and the ultra strict Covid measures.
This year, the boom in Singapore's property is only slightly tamed by the recent property curbs and the seeming recession that may slow down soaring property prices by the mid of next year in 2023.
Private residential home prices in Singapore has been seeing high growths in 2020 and 2021 as Covid brought about the need for more space and a desire among young adults to enjoy more privacy by finding their own accommodations away from their parents. The ultra-rich worldwide have also been shifting their funds from economies adversely affected by the pandemic, especially in Hong Kong and China, by political turmoil and the ultra strict Covid measures.
This year, the boom in Singapore's property is only slightly tamed by the recent property curbs and the seeming recession that may slow down soaring property prices by the mid of next year in 2023.
Below are some nice resale condo projects I have shortlisted with below criteria:
High Park Residences:
A very large condo project in Fernvale (District 28), High Park Residences has 1,390 residential units that range from studio and 1 bedders up to 5 bed ones and bungalows and semi-detached homes plus 9 commercial units including restaurants and a childcare centre. High Park Residences boasts 118 facilities including an infinity pool, tennis courts, gymnasium, a boxing ring, flying fox and jamming room. High Park Residences is next door to Thanggam LRT meaning it is a 30-minute commute into the city. Its proximity to the expressways means it is less than 20 minutes by car. CEL Development (CEL) – the developer for High Park Residences, is a Singapore-listed property development and investments firm with projects and interests in Singapore, Vietnam & Australia.
- Must have full condo facilities
- Must be within 10 years from TOP date
- Currently has avail 2 bedroom condo units below $1 million (as at 9pm on 11 July 2022)
High Park Residences:
A very large condo project in Fernvale (District 28), High Park Residences has 1,390 residential units that range from studio and 1 bedders up to 5 bed ones and bungalows and semi-detached homes plus 9 commercial units including restaurants and a childcare centre. High Park Residences boasts 118 facilities including an infinity pool, tennis courts, gymnasium, a boxing ring, flying fox and jamming room. High Park Residences is next door to Thanggam LRT meaning it is a 30-minute commute into the city. Its proximity to the expressways means it is less than 20 minutes by car. CEL Development (CEL) – the developer for High Park Residences, is a Singapore-listed property development and investments firm with projects and interests in Singapore, Vietnam & Australia.
Click to view avail units for sale at High Park Residences in Propertyguru
Kingsford Waterbay:
Overlooking the beautiful Sungei Serangoon, the 9 towers that make up Kingsford Waterbay are arranged so that every unit either overlooks the river, or the facilities. Located in a private residential enclave of Upper Serangoon View in District 19, Kingsford Waterbay has 1,165 units spread across nine 16 storey towers, arranged in such a way that all residents either have a view over Sungei Serangoon or the large number of facilities that the development boasts. Its condo facilities include river style lengthy pool, a wave pool, tennis court, aqua gym, putting green and sky bar among others.
Kingsford Waterbay is not near the MRT but a shuttle bus and 2 regular bus services will take residents there in around 10 minutes. The KPE nearby allows a short drive into the CBD in around 20 minutes. Kingsford Development (KDL) is a real estate company with a strong portfolio of investment and development properties across Asia.
Overlooking the beautiful Sungei Serangoon, the 9 towers that make up Kingsford Waterbay are arranged so that every unit either overlooks the river, or the facilities. Located in a private residential enclave of Upper Serangoon View in District 19, Kingsford Waterbay has 1,165 units spread across nine 16 storey towers, arranged in such a way that all residents either have a view over Sungei Serangoon or the large number of facilities that the development boasts. Its condo facilities include river style lengthy pool, a wave pool, tennis court, aqua gym, putting green and sky bar among others.
Kingsford Waterbay is not near the MRT but a shuttle bus and 2 regular bus services will take residents there in around 10 minutes. The KPE nearby allows a short drive into the CBD in around 20 minutes. Kingsford Development (KDL) is a real estate company with a strong portfolio of investment and development properties across Asia.
Click to view avail units for sale at Kingsford Waterbay in Propertyguru
The Alps Residences:
Situated in District 18 of Tampines estate, The Alps Residences is an attractively priced, well designed and built condo project. Although there are few amenities nearby and not near MRT station, The Alps Residences is situated nicely between the matured estates of Tampines Central and Pasir Ris Central.
MCC Land (Singapore) Pte Ltd is part of the MCC Group in Singapore which is a subsidiary of the Fortune 500 company Metallurgy Corporation of China Ltd. It is a total building services provider with capabilities in property development, construction and project management, as well as engineering services.
Situated in District 18 of Tampines estate, The Alps Residences is an attractively priced, well designed and built condo project. Although there are few amenities nearby and not near MRT station, The Alps Residences is situated nicely between the matured estates of Tampines Central and Pasir Ris Central.
MCC Land (Singapore) Pte Ltd is part of the MCC Group in Singapore which is a subsidiary of the Fortune 500 company Metallurgy Corporation of China Ltd. It is a total building services provider with capabilities in property development, construction and project management, as well as engineering services.
Click to view avail units for sale at The Alps Residences in Propertyguru
Signature At Yishun:
Signature At Yishun is a beautiful condo project in Yishun, District 12. Signature At Yishun offers great facilities and features like foot reflexology, slide pool, swing beds, cascading water, a jogging trail, art alley, a clubhouse, a tennis court, jacuzzi and more. Residents may need to take public buses to Khatib MRT Station or Yishun MRT Station as the condo project is not near the MRT nor amenities.
Signature At Yishun is a beautiful condo project in Yishun, District 12. Signature At Yishun offers great facilities and features like foot reflexology, slide pool, swing beds, cascading water, a jogging trail, art alley, a clubhouse, a tennis court, jacuzzi and more. Residents may need to take public buses to Khatib MRT Station or Yishun MRT Station as the condo project is not near the MRT nor amenities.
Click to view avail units for sale at Signature at Yishun in Propertyguru
d’Nest:
Located in the matured estate of Pasir Ris at District 18 in Singapore, d’Nest is a large residential condo project consisting of 912 units, set in 12 blocks that of 11 to 13 storeys in height. d’Nest has a good choice of units ranging from 1 bedroom to 5 bedrooms and rare dual-key units offering a wide range of facilities that is within less than 10 minutes’ walk to White Sands shopping mall and Pasir Ris MRT Station along the East West MRT Line as well as a bus interchange.
City Developments Limited (CDL) is a leader in the real estate industry since 1963 developing more than 36,000 luxurious homes and owns close to 7.2 million square feet of commercial, retail, residential and hotel space locally and globally.
Located in the matured estate of Pasir Ris at District 18 in Singapore, d’Nest is a large residential condo project consisting of 912 units, set in 12 blocks that of 11 to 13 storeys in height. d’Nest has a good choice of units ranging from 1 bedroom to 5 bedrooms and rare dual-key units offering a wide range of facilities that is within less than 10 minutes’ walk to White Sands shopping mall and Pasir Ris MRT Station along the East West MRT Line as well as a bus interchange.
City Developments Limited (CDL) is a leader in the real estate industry since 1963 developing more than 36,000 luxurious homes and owns close to 7.2 million square feet of commercial, retail, residential and hotel space locally and globally.
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The Tapestry:
The Tapestry is a beautiful condominium located in District 18 of Tampines with 861 units developed by City Developments Limited, a very reputable developer in Singapore. The Tapestry is a beautiful high end condominium building with a variety of facilities residents can enjoy. Residents can find facilities such as adult fitness station, jogging track, playground, gymnasium room, lap pool, pool deck, tennis court, community garden, lounge, pavilion, steam bath and multi-purpose hall. While not being near the MRT, there is a bus stop nearby and residents of The Tapestry can access the CBD and Orchard Road, the heart of shopping and the business hubs, via Bartley Road East, Central Expressway and The Pan Island Expressway (PIE).
The Tapestry is a beautiful condominium located in District 18 of Tampines with 861 units developed by City Developments Limited, a very reputable developer in Singapore. The Tapestry is a beautiful high end condominium building with a variety of facilities residents can enjoy. Residents can find facilities such as adult fitness station, jogging track, playground, gymnasium room, lap pool, pool deck, tennis court, community garden, lounge, pavilion, steam bath and multi-purpose hall. While not being near the MRT, there is a bus stop nearby and residents of The Tapestry can access the CBD and Orchard Road, the heart of shopping and the business hubs, via Bartley Road East, Central Expressway and The Pan Island Expressway (PIE).
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Terrasse:
Terrasse is resort style condominium located along Terrasse Lane in District 19. It is a condominium project that was completed around 2015 comprising 414 units. Residents at Terrasse can enjoy the rain tree boulevard, palm courtyard, viewing deck, serene garden, sun deck, barbeque pavilion, fern valley, side gate, fitness area, tennis court, multi-purpose court, jogging track, children's pool, lagoon playscape, castle playscape, floating islands, misty falls, firefly creek, jacuzzi, 50m lap pool, jungle jacuzzi, cascading springs, ripple pond, arcadia clubhouse, mirage esplanade and wellness sanctuary (outdoor fitness, gymnasium, spa room, exercise studio). Terrasse enjoys convenient public transportation and was developed by the reputable MCL Land (Serangoon) Pte Ltd.
Terrasse is resort style condominium located along Terrasse Lane in District 19. It is a condominium project that was completed around 2015 comprising 414 units. Residents at Terrasse can enjoy the rain tree boulevard, palm courtyard, viewing deck, serene garden, sun deck, barbeque pavilion, fern valley, side gate, fitness area, tennis court, multi-purpose court, jogging track, children's pool, lagoon playscape, castle playscape, floating islands, misty falls, firefly creek, jacuzzi, 50m lap pool, jungle jacuzzi, cascading springs, ripple pond, arcadia clubhouse, mirage esplanade and wellness sanctuary (outdoor fitness, gymnasium, spa room, exercise studio). Terrasse enjoys convenient public transportation and was developed by the reputable MCL Land (Serangoon) Pte Ltd.
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Hillsta:
Hillsta is a 99 yrs leasehold condominium development located along Phoenix Road in District 22. It is a rustic condominium project completed in 2016 with a total of 416 units with shops and amenities nearby. Developed by Trust House Pte Ltd, the nearest LRT station to Hillsta is Phoenix LRT station.
Hillsta is a 99 yrs leasehold condominium development located along Phoenix Road in District 22. It is a rustic condominium project completed in 2016 with a total of 416 units with shops and amenities nearby. Developed by Trust House Pte Ltd, the nearest LRT station to Hillsta is Phoenix LRT station.
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Boathouse Residences:
Located along Upper Serangoon View in D19, Boathouse Residences is a 99 year leasehold condominium completed in 2015. Boathouse Residences was developed by Easthouse Properties Pte. Ltd comprising of 493 units. Designed to be aesthetically pleasing to the eyes, Boathouse Residences is a modern style condominium that offers full facilities like a nice swimming pool, gymnasium room, jogging track, putting green, jacuzzi, wading pool, playground and basement car park with ample parking. Boathouse Residences is surrounded by eateries and amenities although the nearest MRT at Hougang MRT is around a 15 minute walking distance. Residents enjoy easy access to major expressways such as the Kallang – Paya Lebar Expressway, Tampines Expressway and the Central Expressway.
Located along Upper Serangoon View in D19, Boathouse Residences is a 99 year leasehold condominium completed in 2015. Boathouse Residences was developed by Easthouse Properties Pte. Ltd comprising of 493 units. Designed to be aesthetically pleasing to the eyes, Boathouse Residences is a modern style condominium that offers full facilities like a nice swimming pool, gymnasium room, jogging track, putting green, jacuzzi, wading pool, playground and basement car park with ample parking. Boathouse Residences is surrounded by eateries and amenities although the nearest MRT at Hougang MRT is around a 15 minute walking distance. Residents enjoy easy access to major expressways such as the Kallang – Paya Lebar Expressway, Tampines Expressway and the Central Expressway.
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Midtown Residences:
Midtown Residences is a leasehold condominium development that along Upper Serangoon Road in District 19. It is a condominium project completed in 2016 with a total of 160 units located within 3 minutes walk to Hougang MRT serving the North East MRT Line and is surrounded by eateries and amenities. In fact, this development is a mixed development with shopping mall directly below it offering food and amenities. Residents can enjoy the swimming pool, kid’s pool, pool deck, gymnasium, fitness corner, playground, basketball court, pavilion, barbeque pit, family lawn and roof garden. Midtown Residences are served by Hougang bus interchange in Hougang Central.
Midtown Residences is a leasehold condominium development that along Upper Serangoon Road in District 19. It is a condominium project completed in 2016 with a total of 160 units located within 3 minutes walk to Hougang MRT serving the North East MRT Line and is surrounded by eateries and amenities. In fact, this development is a mixed development with shopping mall directly below it offering food and amenities. Residents can enjoy the swimming pool, kid’s pool, pool deck, gymnasium, fitness corner, playground, basketball court, pavilion, barbeque pit, family lawn and roof garden. Midtown Residences are served by Hougang bus interchange in Hougang Central.
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Riversails:
Riversails is a 920 unit residential condo development located along Upper Serangoon Crescent in District 19. Completed in 2016 and developed by All Green Properties Limited, Riversails is situated close to shops and amenities. Residents can enjoy the grand pavilion, peak pavilion, cabanas, floating pavilion, discovery pavilion, outdoor living deck, outdoor breakfast patio, tea party lounge, patio living terrace, bbq pod, patio dining, party deck, play pool, kid’s spa, interactive water feature, miniature golf, tree house playground, flying fox, water swings, paddle boats, climbing cubes, jungle gym mini theatre and stage of tales, children’s project area, reflexology walk, lawn hammocks, water hammocks, floating pontoon decks, sun deck, dance deck, aqua deck, tennis court, badminton court lawn, wi-fi pod, outdoor gym, table tennis room, yoga pod, jogging track, island swirl spa, lagoon spa, dip pool 50m lap pool, timber boardwalk, rain garden, island planting, aroma-peutic garden, courtyard water feature & sculpture, palm garden, koi pond, kinectic water feature, green trellis, stream of stars, water garden, bar counter, camping lawn, star gazing lawn, outdoor fitness, reading corner, outdoor dining, bird spotting and viewing deck, children play area, bbq, gym, function room, reading room and audio visual room.
Riversails is a 920 unit residential condo development located along Upper Serangoon Crescent in District 19. Completed in 2016 and developed by All Green Properties Limited, Riversails is situated close to shops and amenities. Residents can enjoy the grand pavilion, peak pavilion, cabanas, floating pavilion, discovery pavilion, outdoor living deck, outdoor breakfast patio, tea party lounge, patio living terrace, bbq pod, patio dining, party deck, play pool, kid’s spa, interactive water feature, miniature golf, tree house playground, flying fox, water swings, paddle boats, climbing cubes, jungle gym mini theatre and stage of tales, children’s project area, reflexology walk, lawn hammocks, water hammocks, floating pontoon decks, sun deck, dance deck, aqua deck, tennis court, badminton court lawn, wi-fi pod, outdoor gym, table tennis room, yoga pod, jogging track, island swirl spa, lagoon spa, dip pool 50m lap pool, timber boardwalk, rain garden, island planting, aroma-peutic garden, courtyard water feature & sculpture, palm garden, koi pond, kinectic water feature, green trellis, stream of stars, water garden, bar counter, camping lawn, star gazing lawn, outdoor fitness, reading corner, outdoor dining, bird spotting and viewing deck, children play area, bbq, gym, function room, reading room and audio visual room.
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Parc Riviera:
Parc Riviera is a 99-year leasehold condo situated in District 5 along West Coast Vale sitting on more than 200,000 square feet of sprawling land area. Parc Riviera is a few bus-stops to Clementi MRT with an easy access to amenities and schools. Parc Riviera consists of two towers of around 36-storeys with a total of 752 units developed by EL Development (West Coast) Pte Ltd. West Coast Vale is an extension of the West Coast Road and Parc Riviera is accessible via AYE and PIE.
Parc Riviera is a 99-year leasehold condo situated in District 5 along West Coast Vale sitting on more than 200,000 square feet of sprawling land area. Parc Riviera is a few bus-stops to Clementi MRT with an easy access to amenities and schools. Parc Riviera consists of two towers of around 36-storeys with a total of 752 units developed by EL Development (West Coast) Pte Ltd. West Coast Vale is an extension of the West Coast Road and Parc Riviera is accessible via AYE and PIE.
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A Treasure Trove:
A Treasure Trove is a leasehold condominium located along Punggol Walk in District 19. Completed in 2015 with a total of 882 units, A Treasure Trove is conveniently located across the Punggol interchange MRT station and the Punggol Bus Interchange. Developed by Sim Lian JV (Punggol Central) Pte Ltd, a medium-scale property development group that has built about 19 property projects in Singapore. There are various facilities that residents can enjoy while living in A Treasure Trove like barbeque area, fitness corner, gymnasium room, lap pool, sauna, tennis courts, clubhouse, function, Jacuzzi, playground and swimming pool. For those with vehicles, the CBD and Orchard Road can be easily accessed via Central Expressway and Kallang-Paya Lebar Expressway in 20 to 25 minutes.
A Treasure Trove is a leasehold condominium located along Punggol Walk in District 19. Completed in 2015 with a total of 882 units, A Treasure Trove is conveniently located across the Punggol interchange MRT station and the Punggol Bus Interchange. Developed by Sim Lian JV (Punggol Central) Pte Ltd, a medium-scale property development group that has built about 19 property projects in Singapore. There are various facilities that residents can enjoy while living in A Treasure Trove like barbeque area, fitness corner, gymnasium room, lap pool, sauna, tennis courts, clubhouse, function, Jacuzzi, playground and swimming pool. For those with vehicles, the CBD and Orchard Road can be easily accessed via Central Expressway and Kallang-Paya Lebar Expressway in 20 to 25 minutes.
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The above information is from Propertyguru and serve as a reference for buyers looking to buy a 2 bedroom in Singapore below S$1 million budget. All listings are available as at 9pm on 11 July 2022.
