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"I spent my Saturday tracking the Vela Bay launch and the results are a wake-up call for those waiting for the market to 'cool'." said Kiwi Lim, Associate Group Director of PropNex Realty.
By 6 PM on 25th April 2026 - Vela Bay, developed jointly by SingHaiyi and Chuan Capital moved 371 units—that’s a 72% take-up rate out of the 515-unit development at an average of $2,886 PSF. For the first private launch in the brand-new Bayshore precinct, these numbers are significant.
One lucky Singaporean buyer even secured a 5-bedroom penthouse with that 180-degree sea view for $5.83M ($3,303 PSF). When people are willing to pay a $3,300 psf premium for sea view, you know the appetite for 'Trophy Assets' is alive and well.
The Bayshore precinct would be the one to watch in 2026, at an average of $2,886 psf, buyers weren't just looking at the price—they were looking at the Future.
More than half the units sold at Vela Bay enjoy sea views - an effective property inflation hedge. With more than 90% Singaporean buyers, the demand is domestic and deep. If you’ve been eyeing the East Coast, the 'Vela Effect' is going to ripple through the market this month.
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The stellar performance of Vela Bay marks a pivotal moment for 2026. Despite a backdrop of cautious global sentiment, buyers doubled down on the rare sea view units in the East Coast. The average launch price — which many previously thought was close to Rest of Central Region (RCR) pricing — has now set a new benchmark for 99 year leasehold Outside Central Region (OCR) properties.
Key takeaways from the ground:
- The Entry-Level Sweep: 1-bedroom-plus-study units (starting from $1.2M+) are almost entirely gone. Investors clearly see the rentability of this node.
- Family Dominance: We saw about 75% of the 3-bedroom units (from $2.2M) snapped up. This tells me that families are buying into the Bayshore 'lifestyle' vision for the long haul.
- Local Confidence: 90% of Vela Bay buyers are Singaporeans. This isn't speculative foreign money; this is local capital betting on the East Coast’s transformation.
- Scarcity: Projects with direct sea views in the East Coast are becoming 'Trophy Assets'.
- Confidence: Investors are shifting from shares volatility back to brick and mortar investments.
- The Move: Many of these buyers aren't looking at the psf—they are looking at the Asset Class.
Top bid Of $962 psf ppr for Dairy Farm Walk GLS site
"The 72% take-up rate at an average price of $2,886 PSF is a clear vote of confidence," says Kiwi Lim, Associate Group Director of PropNex Realty. "In an era where stocks ad digital assets are volatile, the 2026 investor is returning to the fundamentals: Scarcity, Sea Views and Strategic Connectivity with first mover advantage".
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Rivelle Tampines developed by Sim Lian Group is now currently the only Executive Condominium (EC) that famously sold out within one month, officially hitting 100% sell-out status on April 25, 2026
Sim Lian Group’s latest executive condominium (EC), Rivelle Tampines, has officially sold out its final units today, just one month after its blockbuster launch in March 2026.
The 572-unit project at Tampines Street 95 reached its 100% sell-out status following a swift second-timer balloting session this morning (April 25), where the remaining 58 units were snapped up in just over an hour.
The "Quantum Play" Success Despite setting a new benchmark for EC pricing with a median launch price of $1,937 psf, the project’s success reinforces the market's shift toward Absolute Quantum.
- Affordability: With over 93% of units priced below the $2.5 million mark, it hit the "sweet spot" for HDB upgraders.
- Deferred Payment Strategy: Interestingly, 87.9% of buyers opted for the Deferred Payment Scheme (DPS), highlighting a strategic move by investors to manage cash flow while navigating 2026’s interest rate environment.
Kiwi Lim, Associate Group Director of PropNex Realty believe Rivelle Tampines is now the best-selling EC of 2026 by take-up rate, surpassing its neighbor Aurelle of Tampines. Its proximity to the Tampines West MRT and the upcoming Pinery Mall made it an irresistible "utility" asset for those looking for long-term "Flourishing" potential in District 18.
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Why Did The One Month Sellout Defy Gravity?
The $2M Psychological Wall:
While the media fixates on the record-breaking $1,937 median PSF, smart buyers looked at the Quantum. With most units staying under $2.5M, it hit the absolute sweet spot for HDB upgraders and DINK couples.
The 'Deferred' Advantage: A staggering 87.9% of buyers chose the Deferred Payment Scheme. They aren't just buying a home; they are buying time and cash flow liquidity. In a 2026 market, cash is king, and deferred payments are the crown.
Utility: Being 2 minutes from Tampines West MRT (DTL) and the upcoming Pinery Mall isn't a luxury; it’s a utility. Investors are moving away from 'lifestyle fluff' and toward assets that solve the daily commute.
As the supply of new ECs in the East remains tight, Rivelle’s rapid exit signals that for the right location and price quantum, the appetite for Singapore’s "hybrid" condo remains insatiable.
"Is $1,937 PSF for an EC the 'new normal,' or is it a peak? Only time will tell" says Kiwi Lim, Associate Group Director of PropNex Realty.
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Photo from Straits Times
As of January 10, 2026, the Housing & Development Board (HDB) has introduced a new measure requiring successful bidders of HDB shops to commit to their tendered rent for six years (two 3-year terms), rather than the previous three years. This applies to those who successfully bid for any HDB shop, including coffee shops and medical facilities, to encourage prudent bidding.
Whether this reduces rental bids depends on the trade-off between risk and certainty. Here is the breakdown of how this policy is expected to impact bidding behavior:
The "Prudence" Effect (Likely to Reduce Bids)
The primary goal of the 6-year commitment is to encourage prudent bidding.
- Speculation Curb: Previously, some bidders would submit "eye-watering" high bids to secure a prime location, hoping to renegotiate or see the rent adjusted downward by a valuer at the 3-year renewal mark.
- Long-term Accountability: Now, bidders must live with their bid for 6 years. For smaller businesses, the risk of being "locked in" to an unsustainable rent for half a decade is a major deterrent, which should theoretically lead to more rational, conservative bidding.
The "Prime Location" Exception (Unlikely to Reduce Bids)
Analysts suggest that for high-footfall areas (e.g., shops near MRT stations or in new "Prime" and "Plus" BTO estates), the 6-year rule may not stop aggressive bidding.
- First-Mover Advantage: Large healthcare groups or well-funded chains often bid aggressively to "capture" a new estate’s market early. For them, a 6-year lease is actually an advantage as it provides long-term rental certainty and protection against sudden market spikes.
- Record Bids: In 2025, a record-high bid of $52,188/month for a Tampines GP clinic was received by HDB. For such high-margin businesses, securing the location is often more important than the rent cost.
Shift Toward "Price-Quality" Tenders
In tandem with the 6-year lease, HDB is moving away from purely price-based auctions.
- PQM (Price-Quality Method): For essential services like GP clinics, HDB now uses a scoring system where price only accounts for 40% of the score, while the "Quality" of the proposal (affordability, track record, community initiatives) accounts for 60%.
- Direct Result: This has already shown a significant reduction in awarded rents. For example, a clinic in Bartley was awarded at $16.70 psf, less than half the market average of $35.50 psf for purely price-based tenders.
"HDB understand the increasing concern over higher costs of living due to rising rental bids for HDB shops, coffee shops and medical facilities after a general practitioner’s clinic in Tampines placed a record-high bid at $52,188 a month in 2025 for a HDB shop." said Associate Group Director of PropNex Realty, Kiwi Lim.
"For the average neighborhood shop, you will likely see more sensible bidding as businesses weigh the 6-year risk. However, for "trophy" locations, aggressive bidding by large corporates is expected to persist."
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Dairy Farm, located in District 23, has evolved from a quiet historical outpost into one of Singapore’s most sought-after residential enclaves. Its appeal lies in a unique "hybrid" lifestyle that combines rugged nature with modern convenience.
The latest tender for a Government Land Sale (GLS) land parcel site at Dairy Farm Walk closed today on 22 Jan 2026 (Thursday), drawing five bids from many well known developers. A consortium led by Roxy-Pacific Holdings, together with Macly Group, LWH Holdings and ABR Holdings, emerged as the highest bidder with an offer of $427 million, or $962 psf per plot ratio (ppr). Roxy-Pacific will also be the project manager for the site.
The latest Dairy Farm Walk GLS site was launched in November last year. It is the fourth residential plot launched for sale in the neighbourhood. Spanning a land area of 316,937 sq ft, the 99-year leasehold residential site is estimated to yield about 480 residential units.
Only 0.3% above the second-highest offer
The consortium’s bid was just 0.3% above the second-highest offer of $425.4 million ($959 psf ppr), submitted by a joint venture between GuocoLand and Hong Leong Holdings. The remaining bids came in at $410.9 million ($923 psf ppr), $377 million ($850 psf ppr) and $372.5 million ($840 psf ppr).
The third-highest bid of $926 psf ppr came from the same consortium that is previewing the 540-unit Narra Residences next door. Narra Residences was previewed on Jan 17 at prices starting from $1,930 psf and is slated for launch on Jan 31. The consortium led by Santarli Realty and Apex Asia, together with construction companies Soon Li Heng Civil Engineering and Kay Lim Realty, submitted the higher of the two bids received for the site when it closed in January 2025. Their bid was $504.52 million, or $1,020 psf ppr.
"This area has become a hotbed for developers due to the successful sell-out of recent projects like The Botany at Dairy Farm and Dairy Farm Residences." said Kiwi Lim, Associate Group Director of PropNex Realty, "Historically, the area was seen as "quiet but inconvenient." This changed with the introduction of Dairy Farm Mall, an integrated retail hub bringing convenience to the doorstep of the residents there."
The most significant draw is the immediate proximity to the Dairy Farm Nature Park and the Bukit Timah Nature Reserve. Residents have direct access to hiking and mountain biking trails like the Wallace Trail. Living next to over 3,000 hectares of greenery offers a cooler ambient temperature and significantly better air quality compared to the concrete-heavy city center.
5.7% lower than the land price paid for Narra Residences' site
The top bid land rate in this tender at $962 psf ppr is 5.7% lower than the land price paid for Narra Residences' site, as the latest site has a lower gross plot ratio of 1.4. This in turn, could have moderated land bids, notes Wong Siew Ying, head of research and content at PropNex. For context, the other four GLS residential sites awarded in the Dairy Farm area all have a higher gross plot ratio at 2.1.
The latest GLS site attracted the highest number of bidders since 2022, when another GLS site at Dairy Farm Walk drew seven bids. That 168,536 sq ft site was awarded to Sim Lian Group, which submitted the top bid of $347 million ($980 psf ppr). The site is being developed into the 386-unit The Botany at Dairy Farm. The project was launched at an average price of $2,070 psf and is fully sold, with recent transactions ranging between $1,929 and $2,165 psf, based on caveats lodged.
Real estate professional Kiwi Lim said "The drop in land price from $1,020 psf ppr (Plot 2) to $962 psf ppr (Plot 3) is likely due to the lower plot ratio (1.4 vs 2.1). A lower plot ratio means the developer has to build multiple low-rise blocks instead of a few high-rise ones, which increases construction costs per square foot (more lifts, more roofing, more foundations)."
Extracted from: EdgeProp News on 22 Jan 2026
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We all love Star Wars and Master Yoda’s wisdom is some of the most profound in cinematic history, blending Eastern philosophy with the mystical nature of the Force. His teachings often focus on the power of the mind, the danger of negative emotions and the importance of humility.
Here are the most iconic teachings from the Grand Master, categorized by the lessons they impart.
On Commitment and Belief
Yoda taught that success starts with the mind. If you approach a task with doubt, you have already invited failure.
- "Do or do not. There is no try."
- The Lesson: Half-hearted attempts lead to half-hearted results. Commitment must be absolute.
- "You must unlearn what you have learned."
- The Lesson: To grow, you must be willing to let go of old biases and rigid ways of thinking that limit your potential.
- "Luminous beings are we, not this crude matter."
- The Lesson: Our true strength comes from our spirit and our connection to the world around us, not just our physical bodies.
On Fear and the Dark Side
Perhaps his most famous philosophy, Yoda warns that internal conflict is the root of external suffering.
- "Fear is the path to the dark side. Fear leads to anger. Anger leads to hate. Hate leads to suffering."
- The Lesson: Negative emotions are a chain reaction. To avoid a life of suffering, one must address the internal fear.
- "Named must your fear be before banish it you can."
- The Lesson: You cannot overcome an obstacle you refuse to acknowledge. Identification is the first step to mastery.
- "Train yourself to let go of everything you fear to lose."
- The Lesson: Attachment and possessiveness create a vulnerability that fear can exploit. True peace comes from acceptance of change.
On Failure and Growth
Even after 900 years, Yoda believed that learning never truly ends.
- "The greatest teacher, failure is."
- The Lesson: Mistakes are not the end; they are the most valuable lessons we can receive.
- "We are what they grow beyond. That is the true burden of all masters."
- The Lesson: A teacher’s ultimate goal is for their student to eventually surpass them.
- "Truly wonderful, the mind of a child is."
- The Lesson: Never lose your sense of curiosity and openness. Sometimes the simplest perspective is the most accurate.
On Strength and Peace
Yoda redefined what it meant to be "powerful," shifting the focus from violence to inner peace.
- "Wars not make one great."
- The Lesson: True greatness is found in wisdom and the protection of life, not in the ability to destroy.
- "A Jedi uses the Force for knowledge and defense, never for attack."
- The Lesson: Power should be used to preserve and understand, not to dominate others.
- "Size matters not. Look at me. Judge me by my size, do you?"
- The Lesson: Exterior appearances are deceptive. Real power is internal and boundless.
"Always in motion is the future."
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Dual-key condos are a unique "two-in-one" property type where a single title is split into two independent living areas (typically a main unit and a studio) sharing a common foyer.
In real estate markets like Singapore, dual-key condos have become a strategic asset for both homeowners and investors due to tax savings as well as lifestyle flexibility. Here are some reasons why dual-key condos are highly considered:
1. The Financial Advantage (Tax Savings)
For many homebuyers and property investors, the biggest draw of owning a dual-key condo unit is the ability to "own two properties" while legally only owning one.
- Savings on ABSD: In regions like Singapore, buying a second property triggers a hefty Additional Buyer’s Stamp Duty (ABSD) (often 20% or more for Singapore citizens). Since a dual-key unit is under one title, you avoid this tax entirely while still getting two separate rentable spaces.
- Lower Property Tax: If you live in one side and rent out the other, the entire property can often be taxed at Owner-Occupier rates, which are significantly lower than the "Non-Owner Occupied" rates applied to pure investment properties.
If you're seeking a brand new dual-key condo in Toa Payoh, you may like this 1,130 sqft harmonised 3 bedroom dual-key unit at below $3 million for a 24th storey unit as at 20 Dec 2025. Click to find out more.
2. Higher Rental Yields
Dual-key condo units often outperform standard units in terms of cash flow.
- Premium for Privacy: Tenants are willing to pay more for a self-contained studio (with its own kitchenette and bathroom) than they would for a common room in a shared apartment.
- Double Income Stream: Investors of dual-key condo can rent to two different sets of tenants simultaneously. This often results in a higher total rent compared to renting out a single large 3-bedroom unit.
- Risk Mitigation: If one tenant leaves, you still have income from the second unit to help cover the mortgage, reducing the impact of vacancies.
3. Flexibility for Homeowners
Dual-key condos offer "future-proofing" that standard layouts cannot match.
- Multi-Generational Living: It is the perfect solution for families who want to live with elderly parents or adult children. You stay close enough for care and meals but maintain separate entrances and "walls" for privacy.
- The "Live-and-Earn" Model: Young couples can live in the main unit and rent out the studio to help pay off their mortgage. As the family grows, they can take over the studio unit for a nursery or home office.
- Home Office Privacy: With the rise of remote work, the sub-unit in the dual-key condo serve as a professional office space completely separated from the noise of the main household.
In the above 3 bedroom dual key, ground floor 1,432 sqft at Esparina Residences, the yellow portion is the studio unit, the green portion is the 2 bedroom unit & the blue portion is the common area shared between the occupants
Important Considerations
"While the benefits are strong for buying dual-key condo units, be aware that dual-key condo units often come with a slightly higher price per square foot (PSF) because of the extra plumbing and cabinetry required for the second kitchen and bathroom" said Kiwi Lim, Associate Group Director of PropNex Realty, "because dual-key condo units serves a niche market, they can sometimes take a bit longer to sell on the resale market compared to "standard" family layouts, however dual-key condo unit layouts are rare in the new launch and resale markets in Singapore and I expect the demand to pickup for dual-key condo units as more and more buyers see the attractiveness in terms of lifestyle flexibility and higher rental yield."
"You may enquire with your real estate professional more about dual-key condo units and discover the potential rental yield or tax savings for a specific dual-key unit you're looking at." suggested Kiwi Lim who has been analysing the real estate market and helping buyers with selecting their choice property for more than a decade.
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The first government land sale (GLS) plot offered out of the former Keppel Club site received only three bids at a tender that closed on 4 November 2025 (Tuesday). The bid prices were within expectations but property analysts had expected at least five bids for this plum site in The Greater Southern Waterfront region. This Telok Blangah Road GLS land parcel is just a short walk from Telok Blangah MRT (Circle Line) and one stop away from HarbourFront MRT providing excellent connectivity to its future residents.
Kingsford Group placed the top bid of S$918.3 million or about S$1,326 per square foot per plot ratio (psf ppr) for the 99-year leasehold private housing site, which can yield about 745 private homes. The second-highest bid was S$880 million or about S$1,271 psf ppr from a tie-up between GuocoLand and Intrepid Investments and the third bid of S$863.26 million (or S$1,246.49 psf ppr) was from a consortium comprising Frasers Property, Metro Holdings and Soilbuild Group Holdings.
"The tight range of approximately 6% price difference by the top three bidders reflect confidence in the market sentiment for Singapore's real estate in 2027" said Kiwi Lim, Associate Group Director of PropNex Realty.
The Former Keppel Golf Course Site (also referred to as the former Keppel Country Club / Keppel Club site) is launched via the Government Land Sales (GLS) programme and is part of the government’s plan to transform Singapore’s southern coastline under the The Greater Southern Waterfront (GSW) vision.
The GLS land parcel located along Telok Blangah Road is earmarked for private housing and is the first such residential site in this precinct. Being part of the The Greater Southern Waterfront redevelopment means this site is poised to become a major city-fringe, lifestyle-oriented district with waterfront living, jobs and amenities.
The Greater Southern Waterfront, which extends from Pasir Panjang to Marina East, will be transformed into a new major gateway and location for urban living along Singapore’s southern coast. Development will take place in phases, starting with the former Pasir Panjang Power District, Keppel Club and Mount Faber in the next 5 to 10 years.
The last condo project launched in the vicinity was The Reef at King's Dock, a 99 year leasehold - 429 private residential unit waterfront condo along Harbourfront Avenue occupying 284,266 sqft of land space developed by Mapletree Investments and Keppel.
The Reef at King's Dock is steeped in rich history named from its location at King’s Dock, a site that has contributed significantly to Singapore’s position as a maritime hub. When it opened in 1913, the dry dock, located in Keppel Harbour, was declared the second-largest dock in the world.
Besides housing facilities, the deck has the added function of preserving King’s Dock’s marine ecosystem harvesting corals from King’s Dock and transplanted back to the deck where they can be viewed from the marine viewing hammock installed at one end. In addition to the deck, The Reef at King's Dock offers a range of facilities, including function rooms, gym, fitness studio, tennis court, playground and several gardens pavilions, including sky terrace roof gardens.
"Residents at The Reef at King's Dock have access to a floating pool deck — the first of its kind for residential properties in Singapore sitting on a 180m-long pontoon that is moored to the wall. Featuring three interconnected sections housing the condo’s swimming pools, including a 50m lap pool, this one of a kind floating deck in Singapore is truly an engineering feat" said Kiwi Lim who also owns a unit there.
Source: Edgeprop
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The 111,934 sq ft site in Dorset Road can yield about 425 private homes. GRAPHIC: DAVID LI, BT
A top bid by a joint venture (JV) between UOL, SingLand and Kheng Leong were submitted at $1,338 psf per plot ratio (ppr) or $ 524.3 million for a government land sale (GLS) site located at Dorset Road which closed on 9 Oct 2025. If the site is awarded to the JV, they will develop it into a 428-unit project comprising two 27-storey residential towers.
The recent jubilee of amazingly strong sales at the recent private residential condo project launches and an attractively located city-fringe site resulted in an impressive nine bids received for the 99-year leasehold Dorset Road land plot near Farrer Park MRT station. The top offer of S$524.3 million, or S$1,338 per square foot per plot ratio (psf ppr) is towards the upper end of the S$1,000 to S$1,400 psf ppr forecast by property analysts.
Besides having Farrer Park MRT station nearby, the upcoming private residential condo project is also within walking distance to City Square Mall and close to a wide range of amenities, such as Mustafa Centre, Centrium Square, Bugis Junction, Jalan Besar Sports Centre and Singapore Sports Hub. There are also numerous F&B establishments in the neighborhood as well as proximity to St Joseph Institution Junior and Hong Wen School.
The Dorset Road GLS land plot was the only land parcel site within the fringe of CCR region from the GLS Confirmed List sites for 2025.
The second-highest bid was submitted by a consortium comprising ABR Holdings, LWH Holdings, Macly Group, Roxy-Pacific Holdings and Wee Hur Holdings, who put in a $518.88 million (or $1,324 per square foot per plot ration (psf ppr)) bid. They were followed by Hoi Hup, which submitted a $515.18 million ($1,315 per square foot per plot ration (psf ppr)) bid.
The strong bidding turnout from nine developers for this GLS site indicates improved developer confidence, supported by the healthy sales results of recent new condo launches in Singapore and the site’s appealing city fringe location surrounded by amenities. The submitted bidding prices also indicate that the winner paid the right market price for this land plot given that the price difference between the top three bids is around 2%, said Kiwi Lim, Associate Group Director of PropNex Realty. "Many developers are also running low on their land banks for developing new condo projects".
With the Farrer Park MRT station (North-East Line) nearby, these condo projects including the recent government land sale (GLS) site at Dorset Road is just two stops from Dhoby Ghaut MRT station, an interchange for three lines, namely Northeast, North-South and Circle Lines. Residents enjoy a short train ride to Orchard Road and the CBD, as well as a short drive via the Central Expressway or Pan Island Expressway.
Kiwi Lim, Associate Group Director of PropNex Realty mentioned there were previously two other 99-year leasehold private residential condo projects launched nearby - Uptown @ Farrer and Piccadilly Grand which were both already sold out. Uptown @ Farrer is a condo project on Perumal Road developed by Low Keng Huat who paid $174 million or approximately $1,000 psf per plot ratio (psf ppr) for the government land sales (GLS) site in January 2017 - the highest of 11 bids received.
"Piccadilly Grand was the other GLS land site on Northumberland Road won by CDL and MCL Land in April 2021 with a bid of $445.9 million or approximately $1,129 psf per plot ratio (psf ppr) - highest of 10 bids submitted at the close of the tender. Owners of Picadilly Grand would be celebrating" said Kiwi Lim, who has been advising clients about the real estate market trends in Singapore for more than a decade.
From Edgeprop & Business Times
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Do Kwon placed an offer for Sculptura Ardmore before eventually not proceeding with the purchase of the unit
In a case reported by the Straits Times yesterday on 31 Oct 2025, Do Kwon, the co-founder of fallen blockchain company Terraform Labs, filed an appeal against a High Court decision to dismiss his claim for a partial refund of the amounts he paid for a $38.8 million penthouse.
Kwon had made payments totalling $19.4 million to the vendor before he ultimately decided not to go ahead with the purchase of the unit at the Sculptura Ardmore condominium in Ardmore Park. He sought a High Court declaration that the forfeiture of the sum was invalid and unlawful.
Sculptura Ardmore is a luxury condo in the prestigious Ardmore Park in Orange Grove sub-town of District 10 - Core Central Region (CCR). It is a freehold private residential condo development with an exclusive 34 units developed by Covenson Pte. Ltd. on a land size of approximately 42,690 sqft that attained its TOP in 2014.
Who Is Do Kwon?
Kwon later narrowed down his claim to the return of two sums totalling $18.4 million, which were paid to the vendor before the option to purchase was exercised. Justice Philip Jeyaretnam had dismissed Kwon’s claim on Aug 26.
On Oct 30, the judge issued written reasons, noting that Kwon had filed a notice of appeal on Sept 22 against his decision. The written decision did not link Kwon to the Singapore-based Terraform Labs or his other legal troubles from Do Kwon's cryptocurrency crash in May 2022.
The crash involving Do Kwon and the collapse of his crypto projects (especially TerraUSD (UST) and LUNA) in May 2022 had significant global repercussions across the cryptocurrency ecosystem..
Do Kwon’s company, Terraform Labs, issued the algorithm-based stablecoin UST and its linked token LUNA. The model attempted to maintain UST’s USD peg via automated mint/burn mechanics with LUNA. In May 2022, UST lost its peg; LUNA’s value collapsed almost overnight, wiping out approximately USD$60 billion in value from the Terra ecosystem's market capitalization within a week. The incident also caused a ripple effect across the broader cryptocurrency market, contributing to an estimated over USD$400 billion in losses for the wider crypto space.
Kwon fled to Montenegro while a warrant for his arrest was issued in September 2022. He was arrested in the Balkan nation in March 2023 and extradited to the United States in December 2024 after a lengthy legal battle.
This may be the 2nd most highly anticipated condo project launch in 2027 in Singapore
What Happened in Sculptura Ardmore's case?
In the current case of the penthouse unit at Sculptura Ardmore (the property), Kwon had offered $38.8 million for the property through his estate agent on Dec 11, 2021. The next day, the vendor, a company named Covenson - who is also the developer, indicated its agreement.
On Dec 15, the Government announced an increase in the additional buyers’ stamp duty (ABSD) for foreigners from 20 per cent to 30 per cent of a property’s purchase price. In the light of this new measure, Kwon asked for either a longer option exercise period of 18 months as he was in the process of applying for permanent residency, or a lower offer price to account for the increase in ABSD.
The option period for private property is usually 14 days, but the duration is negotiable.
The developer of Sculptura Ardmore - Covenson Pte. Ltd. (the vendor) agreed to a longer option period of 18 months in exchange for further payments being made during that period. The option to purchase was granted on Dec 23, 2021, after Kwon paid the option fee of $388,000. Kwon then made two further payments: a sum of $1.6 million on Jan 6, 2022, and a sum of $16.8 million on Feb 28 that year.
Justice Jeyaretnam found that the two sums which Kwon wanted returned to him were part of the payment made for the option to purchase of the penthouse unit at Sculptura Ardmore (the property) granted by the vendor, Covenson Pte. Ltd - who is also the developer. The judge determined that the vendor was entitled to retain the money and that the payments were “fully earned” by the vendor’s keeping the property off the market during the option period, he said. The judge also allowed the vendor’s counterclaim against Kwon for additional rent amounting to $40,000.
A tenancy agreement was also signed between Covenson and Kwon. While it was not common for such penthouse units to be rented out, Covenson stated that exceptions could be made for buyers like Mr Kwon “who expressed significant commitment to purchasing the unit” and sought to rent the unit in the short term pending their purchase of the property.
On top of the monthly rent of $40,000, a lump sum rental of $640,000 was paid. On Feb 28, 2022, the property was handed over to Kwon. Renovations were carried out and he lived there with his family from June to August 2022.
On May 17, 2023, Kwon’s wife exercised the option on his behalf. Two weeks later, on May 31, Kwon’s lawyer at the time told the vendor’s lawyer that he had “come to a settled decision not to proceed with the purchase”.
On June 22, 2023, the sale and purchase contract was terminated and the tenancy came to an end.
The property was handed back to Covenson on July 25, 2023. It has since been sold to a new buyer for $34.5 million. The option period for the deal was one month.
Kwon, who was represented by Mr Colin Seow, contended that the two sums were advance part payments for the purchase, and thus the forfeiture was invalid.
Think Big, Live Bigger. Do you know why buyers / tenants prefer integrated condo developments?
On the other hand, Convenson, which was represented by Mr Aaron Lee, contended that the sums were paid as part of the consideration for the grant of the option. The vendor counterclaimed against Kwon for reinstatement costs, additional rent for holding the property for a month after the tenancy expired, and damages for failing to complete the deal.
Justice Jeyaretnam noted that Kwon had asked for a longer option period in the hope of changing his immigration status during that time to avoid incurring the increased ABSD. This required Covenson to keep the property off the market for a longer period, taking on the risk that property prices might decline.
"The option fee, also known as the booking fee, is a deposit paid to secure the right to purchase a property during a specific timeframe. For private properties, it is typically about 1% of the purchase price for the property. This fee demonstrates the buyer's seriousness and if the buyer proceed, it is typically credited toward the purchase price; however if the buyer backs out, the buyer forfeit the fee" said Kiwi Lim, Associate Group Director of PropNex Realty.
“It is natural that the longer the option period (and hence the longer the period during which the grantor takes this risk of falling prices), the higher the option fee that is needed to compensate for the period of risk,” said the judge.
Citing a previous case, Justice Jeyaretnam added that sums paid before the exercise of an option would typically be part of the option fee, and not part payment towards the purchase.
From The Straits Times
The Sen is targeted for preview on Oct 31, with the official launch on Nov 15. The private condominium comprises 347 units with Beauty World MRT Station (Downtown Line) just a six-minute bus ride away
- Published on
A five-room HDB flat at 8 Boon Keng Road was recently sold for $1.55 million ($1,231 psf). The 1,259-sq ft flat, located on the 31st to 33rd storeys, is part of City View @ Boon Keng, a Design, Build and Sell Scheme (DBSS) project. The price paid for the subject flat is a record high for five-room flats in Kallang/Whampoa. The long remaining lease of approximately 85 years could have contributed to the high prices paid for these flats along Boon Keng Road.
Just last month, a five-room flat nearby at 7 Boon Keng Road was sold for $1.54 million ($1,202 psf). The 1,281 sqft City View @ Boon Keng HDB flat located on the 25th to 27th storeys. Few months ago in May, yet another five-room flat in the same DBSS City View @ Boon Keng at Block 9 and on the 22nd to 24th storeys fetched $1.49 million ($1,163 psf).
These HDB flats enjoy transport convenience and are surrounded by amenities, within walking distance of both Boon Keng and Bendemeer MRT Stations (North-East and Downtown Lines) near Bendemeer Market & Food Centre. Bendemeer Primary School, Hong Wen School, Bendemeer Secondary School and Northlight School are also within 1km radius.
The prices for the above City View @ Boon Keng may seem high, but they are still significantly below the $1.659 million ($1,263 psf) paid in June this year for a five room HDB flat at 92 Dawson Road a record price for five room HDB flats across Singapore. The 1,313-sqft flat along Dawson Road enjoys a long remaining lease of approximately 90 years, as well as proximity to Queenstown MRT Station and the plenty of surrounding convenient amenities.
"Over the past few years, Singapore has seen a steady rise in million-dollar HDB transactions. We may see around 2,000 HDB flats transacted over a million dollars this year representing close to 7% of the total number of HDB flats transacted for 2025" said Kiwi Lim, Associate Group Director of PropNex Realty. "Last year saw 1,035 million dollar HDB flats sold and only 470 million-dollar flats were transacted in 2023."
To curb the rise of million dollar HDB flats, the HDB announced that from October 2024 onwards, new BTO projects launched will be classified as Standard, Plus or Prime flats, to better reflect their locational attributes:
- Standard flats will come with significant market discounts that are applied to all BTO flats. They will continue to form the largest category of BTO flats to be launched every year.
- Plus flats will be in choicer locations across Singapore (e.g. good connectivity, proximity to amenities, and the city centre. Some may come with unique features, such as waterfront living).
- Prime flats are in the choicest locations (e.g. centrally located, well-served by comprehensive amenities and have excellent transport connectivity).
Due to their attractive locations and attributes, Plus and Prime flats would naturally command higher market values. They will be priced with additional subsidies to keep them affordable and enable Singaporeans over a wider range of income levels to buy them. They will also come with tighter resale and rental conditions, to ensure that buyers purchase such flats primarily for owner occupation.
Once considered rare but now increasingly normal, what’s driving this million dollar HDB flat phenomenon?
Prime Locations, Limited Supply
Many of these record-breaking flats are in mature estates like Bishan, Toa Payoh, Queenstown, Bukit Merah and Kallang/Whampoa — areas with excellent amenities, transport links and proximity to the city. These locations are highly sought after, but new supply is limited, pushing up resale prices.
Spacious, Unique Layouts
Some million-dollar HDBs are executive apartments, maisonettes, or rare corner units with large floor areas — something modern flats no longer offer. Homebuyers are willing to pay a premium for space, privacy and comfort, especially with more people working from home in a hybrid work environment.
Upgrading Aspirations
Many Singaporeans see property as both a home and a long-term investment. Buyers who have benefited from rising private property or BTO values are more willing to reinvest in prime HDBs for convenience and location, even at higher prices.
New freehold condo expected to TOP in 2027 currently selling at attractive leasehold pricing. Find out more here
Longer Remaining Lease Still Matters
Flats with long leases (80 years or more) command much higher prices, as buyers value security and financing eligibility. Older flats - even those in prime areas, usually fetch less unless well-renovated or in highly desirable blocks.
Confidence in Singapore
Despite global uncertainty, Singapore’s property market remains resilient — supported by stable governance, economic strength and demand for quality homes. Buyers see value in well-located HDB flats as a safe and stable asset.
"Singapore is also attracting foreigners who are key to Singapore's workforce and Singapore has been seen as a preferred choice safe haven worldwide for foreigners to relocate to." said Kiwi Lim who has been advising investors and home buyers on their property asset planning for more than a decade, "around 50,000 new citizens and SPRs are registered in Singapore every year and a portion of them would be looking at HDB flats as their property of choice, while others prefer an upgraded lifestyle in private residential properties."
From Edgeprop, Asiaone and Business Times
