The Towers of the Waldorf Astoria and its landmark development with a rich personal history in New York

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Piccadilly Grand price

The legendary Waldorf Astoria New York has been a prominent part of the New York City skyline for more than 90 years and the hotel has hosted world-class top leaders Hollywood celebrities, and generations of wealthy, upper-class Americans.

Piccadilly Grand price comprising 405 units which include a variety of bedrooms that range from 1 to 4 bedrooms.

The Waldorf Astoria New York is set to complete the multi-year renovation and restoration program that began in the year 2017. The rooms on the upper floors of the hotel into a condominium of 375 units named The Towers of the Waldorf Astoria.

Once the renovations are complete next year, the complete block property will include the luxurious condos and the hotel with 375 keys Waldorf Astoria New York hotel, as in a groundbreaking reconstruction of the building’s Art Deco heritage.

The inclusion of a residential element means that, as the only time ever in Waldorf Astoria, buyers can purchase a house in The Towers of the Waldorf Astoria and take advantage of a variety of services and amenities the hotel can provide. International hospitality company Hilton Hotels & Resorts manages the whole development.

New York City icon

“The importance that is The Waldorf Astoria in New York is unparalleled,” says Dan Tubb who is the director of sales, senior for The Towers of the Waldorf Astoria. “The hotel has been a go-to spot for world leaders and celebrities throughout many years The hotel has hosted a number of memorable galas and other events.”

For instance, previous US Presidents who stayed in the Waldorf Astoria following the expiration of their term comprised Herbert Hoover, who lived at the Waldorf for a period of 30 years following the expiration the presidency of 1933 in addition to Dwight D Eisenhower, who was a resident there from 1967 to 1969.

The long and distinguished time, as well as the hotel’s close relationship to notable figures and the past The hotel is distinctive to New York City and a landmark building with a long personal past, says Tubb.

This is why a lot of attention is paid to the initial Art Deco design of the building. A renowned architectural company Skidmore, Owings & Merrill has spent years working to study the building’s past and to preserve its past for the future, while taking the whole development into the contemporary age.

“It can be both an honor and a tremendous responsibility to oversee this next version of the iconic Waldorf Astoria New York. The project was started from a position of deep admiration for the history of the building and a detailed study of its past, as well as the many changes that have been made to it through the many years,” says Frank Mahan the associate director of Skidmore, Owings & Merrill.

This includes a careful attempt to restore public spaces in their original form as a way to respect the legacy of the more than a century old hotel.

The brand new rooms of the Towers of the Waldorf Astoria will be helmed by a renowned design expert Jean-Louis Deniot. He has created custom items for the project, including solid , custom-made interior doors that have unique vintage bronze fittings, cabinetry made from Molteni & C in Italy and vanities that have polished marble countertops and tile mosaics featuring an inspired pattern of the Waldorf Astoria.

Bathrooms can also be heated with bathrooms with heated floors and rain showers as well as customized Italian vanities. Natural materials, hand-crafted finishes as well as soft Art Deco design references bring an old-fashioned feel to modern living areas.

Every home will have the concierge closet built into the entryway that is used for the safe and secure delivery of laundry, packages as well as room services. It can be accessed from the main corridor and the interior of the house, and items will be placed in the closet of the concierge with confirmation from the staff but with no personal contact.

“The Waldorf Astoria has a everlasting lavish atmosphere. The interiors will be a reflection of the splendor of the past, mingled with the modern day’s dazzling energy. They are grand and lively and inviting with a lot of surprises and excitement” Deniot says. Deniot.

Local and international inquiries rebound

Tubb says that the newly renovated hotel suites, the brand new condos, and the quality of service throughout the development will meet the needs of ultra-high net-worth buyers. “This segment of buyers and investors is accustomed to high levels of luxury and quality service and would prefer this luxurious development that fits the lifestyle they prefer.”

The initial sales of condominium apartments located at The Towers of the Waldorf Astoria began in the early months of 2019 but the pace of progress slowing as the virus was spread throughout the world and stopped travel across the globe, according to Tubb.

There has been a substantial increase in the amount of global requests for the development in the last 3Q2021. A majority of inquiries have come from buyers who are located on London, Paris, Milan, Sydney, Singapore, Manila and Australia,” he says.

Local enquiries have also risen due to the increasing wealth of American buyers are re-entering the market for luxury property market, according to Tubb. “We have seen a lot of wealthy New Yorkers purchase homes in our development to use as their own residence as well as high-net worth US buyers who have several US properties”.
The units are selling quickly and in high demand.

The last three months have proved to be particularly hectic and busy for Tubb along with his staff of sales. While he didn’t disclose the number of units sold to date however, Tubb “strongly recommends serious buyers not to hold off for too long because units are selling fast (over the last several years) and the number of units available is shrinking”.

The developer has kept the majority of the information about the apartments, like the floor space however, they are accessible upon the request of.

There is “good supply” of one- and three-bedroom apartments however there is an increase in interest for the apartment units with 25 terraces. They are designed individually with an exclusive interior style.

For instance the 5,000 square feet Park Residences unit overlooks Park Avenue. “This property is the kind of property that will resonate with buyers who appreciate an extravagant space that has views of City skylines,” Tubb adds. Tubb.

Prices for the penthouses and terraced apartments have not been released publicly and are only accessible through the sales department. Tubb says Tubb says that Studio units start at US$1.8 million ($2.43 million) One-bedroom units start at US$2.7 million, and two-bedroom units cost between US$5 million and US$7 million.

Three-bedroom apartments can be purchased for as little as $10 million, while four-bedroom apartments are available for over US$18.5 million. The buyers can anticipate some terrace apartments to cost greater than $25 million, whereas the for penthouses “is significantly higher” Tubb says. Tubb.

“Branded homes are extremely sought-after properties in the eyes of ultra-high-net-worth buyers. This group will pay more for a home that is branded to meet their expectations of a luxurious lifestyle.”

He also says that the global supply of high-end real estate has not kept pace with the demand over the last few years. So, there’s a the demand to purchase exclusive residential assets such as The Towers of the Waldorf Astoria

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Green Assets from Investors Becoming a Growing Trend in Real Estate

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Piccadilly Grand showflat

Green assets are expected to be in high demand by investors, claims M&G in its report on global outlook, which highlights the major trends that are currently impacting the world of property investment. “The result will be a growing divergence in value depending on the quality of the asset and the sustainability requirements of occupiers. The tenant-landlord relationship will be defined in the process of reaching net zero, which requires unimaginable levels of cooperation,” the report states.

Piccadilly Grand showflat is situated at Northumberland Road District 08 of Singapore.

The emphasis on the green aspect of real estate been gaining momentum in Asia Pacific and is currently “gaining significant momentum” According to Richard van den Berg, fund manager for Asia of M&G Real Estate, in a panel discussion on Asia Pacific’s residential real estate forecast for 2022.

“I believe that the entire Covid effect has made people realize how crucial that it is be in a safe and healthy work environment,” he says. This is evident through calls for high-efficiency particle air filters or better ventilation, as well as methods to control crowds in workplaces, as an example.

“In Asia, the ‘green revolution’ will create significant prospects for investors especially by financing green projects as well as the supply of renewable energy as well as construction and manufacturing projects,” says M&G.

This can be observed through initiatives like Singapore’s CleanTech Park and South Korea’s Pangyo Technovalley 2, which give investors the chance to benefit from clean-tech development and structural changes that are longer-term in relation to ESG by investing directly in real estate properties, which highlights the company.

M&G states that buildings with inadequate environmental, social and management (ESG) features will likely be subject to greater pressure. Additionally, “asset managers will face an uneasy balance between delivering ESG improvements and having to weigh the short-term cost in comparison to the long-term performance advantages” M&G states.

CBRE is also forecasting the possibility of stricter ESG standards in the near future. “With more countries vowing to achieve carbon neutrality by 2030 and 2060 and occupying companies have to comply with ESG standards for sustainable disclosures,” it highlights in its report on market outlook.

“This year, businesses will scrutinize their choices for office spaces based on sustainability and wellness-related features, and the landlord’s ESG performances,” it adds, noting that “green leases, energy audits, and resilience will appear more prominently in the leasing portfolios”.

The guidelines on hybrid work are also likely to impact the workplace sector. “While occupiers want to save money through a smaller footprint however, they have concerns over the impact this could have on engagement, productivity and corporate culture” CBRE says. CBRE. “The problem for the occupiers is how to redefine the purpose of the office, while monitoring space usage and establishing an agile office network to accommodate a larger workforce that is dispersed.”

Office expansion is set to increase

Within Asia Pacific, CBRE expects that offices across the region will reopen in the 2H2022 timeframe. As of now, Hong Kong, South Korea and Taiwan’s traffic patterns in office zones have already returned to pre-Covid levels as per Google Mobility Index data. It is believed that Asian companies will likely return to office-based work. Initial responses to the issue from North Asia showed that despite the widespread spread of Covid-19, many companies have remained in offices, but with restrictions on team rotation or occupancy.

New office space in Grade-A across Asia Pacific is projected to increase by 15% per year to nearly 70 million square feet by 2022, which is the largest amount in more than 10 years. With nearly half of the new office space being located in China cities such as Shanghai as well as Shenzhen will witness an increase in supply by 2022, according to CBRE. However, the greatest supply pressure will occur in non-CBD areas. This makes up 90% of the new space.

CBRE forecasts the leasing industry is predicted to increase across Hong Kong, Japan and Australia however, the demand is expected to be lower in South Korea and Singapore will be constrained by the new supply.

It is also expected to be flight-to-quality relocations that will constitute an “major factor in demand” in the coming year, the report states. This is due to the emphasis placed on wellness and sustainability.

To achieve this, CBRE advises office landlords to invest in intelligent and green buildings, as well as retro-fitting older buildings. The new ESG standards must be metby incorporating sustainability considerations into every phase of the lifecycle of a building like design, planning construction and operation.

To accommodate a degree of uncertainty and flexibility, landlords could consider ways to incorporate flexible office spaces into their portfolios as well as forming alliances with coworking operators CBRE suggests. CBRE.

Bright spots for retail stores

Even though the pandemic dramatically increased the growth of online shopping however, there appears to exist a need for brick-and-mortar shops. One of the reasons is the need for the omnichannel delivery and sales. Physical stores play a role in fulfilling online orders in the “click and collect” model. To this end, many online retailers are joining forces with physical stores to enhance the customer experience , and product return processing is increasingly happening through physical retail stores as per M&G.

CBRE anticipates more emphasis on the concept of experiential retail. “With the shift towards internet-based shopping in the wake of the pandemic, which has come in the face of the physical stores shops and retailers, they have to be able to differentiate their offerings in order to attract customers back to brick-and-mortar shops,” it says. Methods to do this include the launching of promotions as well as expanding display areas and establishing more thematic stores, and implementing innovative F&B ideas that can make shoppers more interested.

M&G predicts that the retail market may be nearing the “turning point in its cycle and cites early signs of increasing capital values as well as positive sentiment in certain parts that are part of the market. “As the economy recovers rents for retail may stabilize or increase, as they move ahead, which could trigger the return of investors who are seeking yield,” it says.

But, CBRE advises its clients that, while growth will likely to last through the year, it is likely that the expansion is likely to be driven by certain malls and street shops that are outperforming. “Secondary retail stores — including those properties that are located in the core areas are not likely to be subject to further rent cuts, and tenant departures,” it says.

It is expected to China along with Hong Kong will see retail rent growth accelerate from last year’s levels however, it will remain in the single percentage. The high-street retail outlets in Taipei as well as the majority of Australian CBD districts will likely undergo an additional rental correction in 2022, but with a less pronounced rate. The trend is likely to persist with a high level of vacancy and a shortage of international tourists and students However, a swift change could be anticipated after the return of international travel as it states.

Looking ahead, while CBRE believes that the lease market for retail will be favoring tenants in the coming year, the firm anticipates that “the trend will slowly change as landlords take a risk-sharing approach to leasing that involves the use of turnover rent clauses as well as more fit-out assistance and tenant improvement”.

For general retailers pop-up shops and stores that have leases shorter are expected to continue to grow because they allow them to gauge consumer reaction as well as landlords to be able to change the mix of tenants more frequently according to CBRE.

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Former Mediacorp Caldecott Broadcast Centre site to be redeveloped by jointly owned by Perennial Holdings into 15 leasehold GCBs

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Piccadilly Grand Condo Northumberland Road

Over the last two years, the plans to redevelop of the old Caldecott Broadcast Centre (CBC) have attracted the attention of those living nearby and surrounding areas, including Caldecott Hill, which is the Caldecott Hill Good Class Bungalow (GCB) Estate located in the heart of District 11.

Piccadilly Grand Condo Northumberland Road is conveniently located near The Farrer Park MRT Station.

The most recent update residents received was an email from URA on November 17 2021. It invited residents to attend a discussion session about the plans for development by owner-developer Perennial Holdings and its appointed architects, DP Architects.

In the circular that EdgeProp Singapore received a snapshot of, Perennial is proposing to transform the old CBC site in 15 GCBs, with areas ranging from 1,400 sq meters (15,070 sq ft) up to 23,300 square meters (250,801 sq feet). There is a chance that the site could be subdivided into larger parcels, however, the minimum size of land remains at 15,070 sq ft according to URA’s guidelines for planning for GCBs. The maximum amount of GCBs located on the site is set at 26.

Each of fifteen GCB parcels is via the existing roads, specifically Andrew, John and Olive Roads in accordance with the URA circular. Perennial will work together with the Land Transport Authority to enhance the roads by widening car carriageways. Improvements include planter strips and pedestrian paths around the perimeter of the site. The existing plants and walkways for pedestrians will remain to reduce the inconvenience for residents. A new park for the public will be created with the help of Perennial on the site and will function as a walkway for pedestrians connecting the northern and southern areas of the estate.

The speculation about the future plans on the CBC site started in the early part of 2020, when Mediacorp originally proposed the development of 80-90 bungalows on sites that measure 400 square metres (4,306 sq feet) as well as 800 square meters (8,611 sq feet). The proposed development was reduced to 65 bungalows and a minimum land sizes of 8,611 square feet in response to the feedback of residents.

“The people living there were worried about the effect on traffic and the potential disproportional effect of an increase in the number of dwelling units might affect the environment in an GCB zone” states Michael Tay, CBRE head of capital markets. Tay is one of the marketing agents who jointly worked on the CBC site two years ago alongside Karamjit Singh, CEO of Delasa (formerly Showsuite Consultancy).

To address residents’ concerns There were other versions of bigger bungalow plots that were located on the CBC site that culminated in Perennial selecting 15 full-fledged GCB sites with a minimum of 15,070 square feet. When asked for comment an Perennial Holdings’ spokesperson said: “We are still in the process of planning and cannot yet provide information.”

Perennial as well as its Chairman Kuok Khoon Hong won the auction of the previous CBC site in the month of December in 2020 with the bid that was $280.9 million. It was the most expensive private development site ever sold in that year.

Kuok is ranked the 12th richest person in Singapore at the end of 2021 according to Forbes Kuok is also the co-founder Chairman as well as CEO at Wilmar International which is one of the biggest palm oil producers as well as food processing firms. Kuok is believed to be planning to purchase the land of 250,821 sq feet to his extended family. The site is big enough to accommodate 11 GCBs and is expected to be constructed by Perennial.

“Today there aren’t any big GCB sites that are available to families that want to be with each other,” notes Singh of Delasa. “This offers a unique chance, and with the layout, the investment and infrastructure that has been built into the project will help to reduce any leasehold issues.”

The first major release of leasehold 99-year GCBs

The last time an enormous GCB plot was offered for sale was in 2003 the year that Raymond Ng of niche property developer BS Capital purchased a 276,112 sq ft freehold GCB site located in Bishopsgate by HSBC at $69.8 million. Ng then sliced the property into 16 small GCB sites that range from 15,070 sq feet to 16,000 sq feet for sale to owners who own the property. The purchasers then hired themselves to have their own architect design the homes.

URA However, it had stated that the developer-owner for the CBC site must offer these sites that have houses. Perennial will therefore be expected to sell fifteen GCB sites featuring bungalows that were designed in the style of DP Architects. Buyers could be offered some flexibility when it comes to designing and interior areas, according to CBRE’s Tay.

“This is the first of 99-year leasehold GCBs to be introduced,” says Tay. “In order to convince GCB buyers wanting to establish a presence in the most desirable Caldecott Hill Estate to sign up for the 99-year leasehold site the prices must be attractive compared to the freehold GCBs within the region.”

Samuel Eyo, managing director of Lighthouse Property Consultants, agrees. “The new GCB development on an earlier CBC site will definitely draw the attention of potential buyers,” Eyo declares. “There isn’t a lot of GCB inventory for sale currently, as some owners have removed their properties from auction, due to property cool measures, as well as worries regarding replacement costs as the prices for GCBs have risen over the last couple of years.”

in 2021 there was half dozen bungalow transactions on the Caldecott Hill Estate, based on caveats that were lodged by URA Realis (see table). This is the most significant level of activity for a decade.

The cost of freehold GCBs Old and new
The transaction prices of relatively recent, freehold GCBs in the area have already exceeded $2,000 per sq ft according to CBRE’s Tay, pointing out selling a house on Lornie Road. The property is located on freehold site that covers 10,529 square feet and was sold to the value of $26.8 million ($2,545 per square foot) as per the caveat filed last September. Its buyer was Diana Lim, according to an property record search. It is believed she is her mother’s daughter Lim Bee Huat, the founder of the local brand of cafes and food courts shops Kopitiam. It is believed that the property has been believed to had its completion five years ago, since written permission to redevelop the property was granted in 2015 as per EdgeProp Inspector.

A more dated house on an undeveloped freehold site with 9,900 square feet located at Caldecott Close was sold for $13.9 million, or $1,391 per square foot in accordance with an agreement signed in November. Its buyer was Christopher Han, an entrepreneur and the founder of plumbing and sanitary works firm Magnificent Seven Corp., as well as the founder and director of the operator and owner of a data centre Dodid The property was transferred by YTL DC, a Singapore-based subsidiary of Malaysia’s YTL Power, last December.

The most recent transaction was for the purchase of a GCB situated at the corner of Lornie Road and Joan Road. The price was $24.8 million, or $981 per square foot in accordance with the caveat filed on January 4 of this year. The GCB is freehold site with a total area of 25,272 sq. ft. The purchaser of the property was James Koh, founder, CEO and executive chairman of Fragrance Group, property developer and hotelier. The property was acquired in October, and the finalization extended to the beginning of January. The sale was handled through Bruce Lye, managing partner of SRI who refused to comment on the deal.

A trustee sale the property located at Lornie Road was listed at a cost that was $27 million ($1,068 per square foot) when it was put up for sale through expressions of interest late in 2020. The price of the purchase is only 8% lower than the initial price of the property.

The access for this property is currently through Lornie Road, but the new owner has the option to switch the access point from Lornie Road to Joan Road, subject to approval by authorities. The bungalow that is currently located on the site is around 40 years old. It was been constructed in the year 1982.
On the market

“Construction costs for the construction of a GCB in the present are anticipated to be around $600 per sq ft,” notes CBRE’s Tay.

The asking prices for old GCBs with freehold sites within the Caldecott area are about $1,700 currently. For example an GCB located at Joan Road sitting on a freehold site that covers 29,483 square feet is worth $50 million ($1,696 per square foot). The property is advertised through Mary Sai, executive director of capital markets and investment for Knight Frank Singapore.

Lee Hsien Yang, the brother of the Prime Secretary Lee Hsien Loong, and his wife, Lim Suet Fern, sold their bungalow at Caldecott Close last July, according to the results of a property Title Search. The bungalow is situated on the freehold site with 9,920 square feet.

Lee is offering for sale a bungalow that is located situated at Caldecott Drive. The property covers a gross floor space of 7,000 square feet and includes an underground swimming pool and basement. It is situated on the freehold site with 9,885 square feet. It is a property is currently leased, and is being offered for purchase at $16.8 million ($1,700 per sq ft). Knight Frank’s Sai is also advertising the property.

Alternative alternative to GCBs close to Botanic Gardens

Interest in GCBs within the Caldecott area is continuing to be strong as per SRI’s Lye and certain sellers being more realistic with their pricing because changes in the market that were taken last month. “It’s an intriguing option for Botanic Gardens, if prefer living close to a nature Park,” he adds.
The previous year an GCB which was under development in 2 Cluny Hill was sold for $63.7 million, which is a record $4,291 per square foot. The GCB is located on an undeveloped corner freehold site comprising 14,844 square feet and is located near Botanic Gardens. In addition, Lye brokered that sale too.

“With the cost of GCBs in the vicinity of Botanic Gardens having shot through the ceiling The Caldecott region is an excellent option for those who want to be close to MacRitchie Nature Trail and Reservoir Park,” he says.

The highest total price for an GCB within the Caldecott region is $36 million. That’s the sum Ian Ang, the 29-year-old co-founder and CEO of Secretlab the furniture company famous as a gaming furniture manufacturer paid in June last year for 23424 square feet, freehold GCB site situated at Olive Road. The land price was calculated to $1,537 per square foot The deal was negotiated through Stephen Ho, vice president of residential services at CBRE. The current bungalow located on the site was constructed in 1940 and Ang is expected to renovate it in the near future. The property was sold under the an existing lease.

“The draw of Caldecott Hill Estate is its serene surrounding,” notes Knight Frank’s Sai. In addition to its closeness the MacRitchie Nature Trail, and Reservoir Park, it is close to two new MRT stations, including Caldecott MRT Interchange Station for the Circle and Thomson-East Coast Lines; and Bukit Brown MRT Station located on the Circle Line.

Perennial is anticipated to start rolling out new leasehold GCBs for 99 years located on its CBC site at some point in the latter half of 2022.

“The renovation on the old CBC site is definitely an important factor in the increase in demand for this Caldecott Hill Estate,” says SRI’s Lye.

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Hong Lai Huat makes progress in the construction for Royal Platinum in Cambodia

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Piccadilly Grand by CDL & MCL

Hong Lai Huat is optimistic about the progress and sales in the development of their Royal Platinum and D’Seaview project units, in light of the improved the situation of Covid-19 in Cambodia.

In a recent update to its business the company stated that Royal Platinum’s construction work is on schedule and has reached the 10th level in the entire of 28. The project is Hong Lai’s second mixed-use development located in Phnom Penh, has a total with 851 units of residential as well as 50 commercial spaces.

Piccadilly Grand by CDL & MCL is mixed-use development that comprises 405 units that have a range of bedrooms ranging from 1 to 4 and retail space located on the 1st floor.

Around 90% of the penthouse and commercial Royal Platinum units Royal Platinum were sold to both international and local buyers.

“With an overall Gross Development Value of 220 dollars million The sales are growing well. The group is positive about the prospects for FY22 particularly following the Cambodian government has announced that there will be no quarantine travel for those who have been fully vaccinated returning in the fourth quarter of FY21.” the company stated.

In the months of Sept. 2020 and Nov. 2021 Hong Lai Huat acquired its third and fourth plots of land within Phnom Penh as well as Sihanoukville province. Both projects are currently in design and feasibility studies as well as designing phases.

Based on preliminary estimates that both projects will have the potential to develop a gross amount of around $400 million.

In October of last year, Hong Lai Huat entered into an agreement for joint venture in October last year with HSC Group for the exploration and mining of mineral resources within the construction material area within the Agri Hub.

Applications for licenses are in review, and are awaiting approval by the regulatory authorities in Cambodia. The company will continue to look for strategic partners to leases or joint collaboration for other land plots in the Agri Hub in the coming months.

Hong Lai Huat has sufficient liquidity from business actions that it took in FY21, including an rights issue the sale of property units, the sale of the hotel D’Seaview and selling the subsidiary of Hong Lai Huat in Singapore to cover its short-term operating and debt obligations.

The company will announce its FY21 financial results on February 28.

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Teo Family of Tong Eng Group sold Gloria Mansion en bloc to Fraxtor Capital for $70.3 mil

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Piccadilly Grand new launch

Gloria Mansion has been sold in a single transaction to a group of buyers for $70.3 millions to Fraxtor Capital and a group headed by the family offices that are run by Daniel Teo and his brother Teo Teck Weng, part of the Teo family of the Tong Eng Group.

Piccadilly Grand new launch will attract investors and homeowners who desire to live in an exciting historic neighbourhood.

The brothers also founded Hong How Group, where Daniel is the chairman as well as managing director. Daniel also serves as an investment advisor to Fraxtor.

The agreement was brokered through Strata AMC, which was appointed as the sole marketing agent. The property was listed for sale by a collective tender on the 2nd of December last year.

It is also the first fully residential collective sale that has been conducted following the addition of cooling measures that became effective in Singapore on December 16, 2021.

It is located at situated at Pasir Panjang Road. Gloria Mansion located at 292 Pasir Panjang Road, Gloria Mansion is a freehold residential project of 12 floors with 31 apartments. It is situated close the Haw Par Villa MRT Station and is easily accessible via The West Coast Highway and Ayer Rajah Expressway.

Gloria Mansion is an overall site size of 45,742 square feet with a an area size of 1.4. The floor area of the house without balcony is 64,039 square feet.

A residential project built on the site could potentially include 59 apartments. Patrick Ee, a partner at Legal Solutions LLC, which serves as the legal advisor for the collective sale states that interest on the site was extremely high.

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Knight Frank chart for Prime Office Rents as Second Quarter of Growth in 4Q2021

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The prime-quality office rental rates within the Raffles Placeand Marina Bay precinct recorded a second consecutive quarter of modest rise in 4Q2021, as per an analysis report from Knight Frank.

Prime office rents increased 1.5% q-o-q to $10.13 per month. This is following an increase of 0.2% increase last quarter. The total decrease for prime office rentals for 2021 was just 0.3%, compared to the drop by 10.2% in 2020. In the 4Q2021 quarter, occupancy levels within Raffles Place and Marina Bay Raffles Place/ Marina Bay precinct decreased in the Marina Bay precinct by 1.8 percent, mostly due to the closing of CapitaSpring.

But, Knight Frank notes that despite the general decrease in office usage due to the flexibility of workplace requirements and other factors, overall CBD occupancy was steady at over 90%.

“The office reconfiguration so that less space is utilized more efficiently by a larger number of employees continues to fuel the “flight for quality” as corporations are increasingly taking up smaller spaces before rents begin to climb significantly,” the report reads.

Knight Frank highlights that more executives are now being pressured to design a pleasant and flexible workplace that draws and keeps the best talent. In this regard as the market for office spaces changes with the advent of hybrid working, bringing it from the fringes to standard, Knight Frank anticipates the size of the space needed by businesses will be dramatically altered.

In the study, businesses are advised to be discerning in finding the ideal balance in working from home and hybrid arrangements even after the government has stopped mandating work-from-home. Based on a survey conducted of EY for 2021 Knight Frank notes that 54% of respondents said they might consider quitting their jobs once the pandemic has gone away in the event that some type of flexible working is not available.

Additionally, Knight Frank points out that occupiers who are operating with short-term ventures are increasingly incorporating coworking spaces in a hybrid and distributed workplace strategy, gaining flexibility in leasing obligations. For instance, the DataStax, a data management company DataStax is a recent example, having established a Regional headquarters in Singapore and has leased space in WeWork in the Suntec Tower 5. Suntec Tower 5.

In the future, Knight Frank maintains a prediction that ranges from 3% or 5% in rent increases throughout 2022 and 2022, based on the limited availability of office supplies and a more robust economy.

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A non-conservation freehold shophouse on Koon Seng Road bought by Aaron Wan

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Aaron Wan, senior group district director of PropNex who has just purchased his second shophouse, the freehold shophouse that is not conservation-free situated at 94B and the 94C Koon Seng Road in District 15. Wan has not disclosed the cost that the house is worth.

The purchase was made less than three months after his initial purchase -which was the freehold shophouse situated at 47 Kitchener Road, off Jalan Besar, on Aug 23rd 2021.

This Koon Seng Road shophouse is comprised of two levels, with 94B as the unit on the ground floor with 94C being the upper floor. It is situated on lot of land measuring 1,574 sq feet and is an overall built-up area of 2,800 square feet.

Although the ground floor was granted the permission to be used as a confectionery shop by the URA but it is completely designed for residential use.

With an area size in the range of 1.4, Wan is able to transform the shophouse to become the 3.5-storey residential landed home and was an “big selling factor” for the owner.

1994B Koon Seng Road is currently the home of a bakery called Yummi Chiffon, which has been operating at the location since the year 2008.

It’s also one block away from the famous row of brightly painted shophouses on that same road. In the vicinity is Common Man Coffee Roasters, Haig Girls school, CHIJ Katong Convent and Tao Nan School.

In the wake of Wan’s purchase Yummi Chiffon, which has multiple outlets in Singapore and Singapore, will close the shophouse before the end of January.

When deciding to buy, Wan says he has been searching for a shophouse close to the home of his wife and him in the East Coast.

“This property stood out because it’s freehold, well-maintained and, the most important thing is that it has a decent size of land, plus it is just 1km away from Tao Nan School. It’s a uncommon one-of-a-kind 100% residential shophouse that has been approved to use the its ground floor as a confectionery. The distance of 1km from Tao Nan School also helps in securing the future rental and capital appreciation value” Says Wan.

When Wan is in place and takes over the building, he’ll turn the office space for his staff of close around 280 employees.

“We have been searching for an appropriate location to set up our office. The shophouse is located close to many eateries, restaurants and hip cafes and bars all along East Coast Road, Joo Chiat Road and Tanjong Katong,” he adds.

The second shophouse you own is not enough to satisfy Wan it seems. The property agent says Wan is considering another conservation shophouse which is 100% designed to commercial use in the near the future.

“We expect to purchase one within the next one or two years. We’re also open to nonconservation shops too, so they are good value for money in the long run and has a an excellent capital appreciation potential,” the director states.

“A non-conservation shophouse implies that it is possible to develop the land in the future as long as there aren’t issues with the roadline design,” he continues. “I would like to buy one within District 1 or 2 or 7, to expand our investment portfolio. The next property will definitely have to be freehold because both my husband and wife don’t have anything leasehold until now.”

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RealVantage has been granted a capital markets services by Singapore-based real estate investment platform

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Singapore’s Industrial Sector set to continue its growth this year

RealVantage, a Singapore-based real estate investment platform RealVantage was granted a capital markets service (CMS) license through the Monetary Authority of Singapore (MAS).

The license means that RealVantage can now seek investment capital from investors who are retail in Singapore. In the past, RealVantage could only seek investment capital from accredited investors within Singapore, as well in investors outside of Singapore.

RealVantage lets investors gain access to numerous real estate investment opportunities around the world which includes institutional-grade deals that are usually not available by retail investors.

In a press announcement announcing the license, RealVantage states it has completed 23 transactions across Australia, the UK, Australia, US and Singapore since its inception at the beginning of the year 2019. Its 2021 year-end report shows that the firm grew its investors by six-fold, and was able to complete four deals.

“The CMS licence grants us the capacity to pool capital as a major property investor, and also put ourselves on the same level with major institutional investors in the real estate industry and secure even better deals” says Keith Ong, co-founder and CEO of RealVantage.

Ong believes that the larger capital base will enable RealVantage to offer investors an array of investment choices.

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650 New Private Residential units sold with a decline of 58% sales from November 2021

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PropNex beefed up their management team ready to seize bigger market share

Developers have sold 650 new housing units (excluding executive condos, also known as executive condos or) for the month of December in 2021. This is an increase of 58% over the 1,47 homes that were sold in November.

In addition to ECs In addition, the number of new homes sold decreased in 55.4% m-o-m, from 1,611 units sold in November up to 719 in the month of December.

In comparison to 2020, the number of sales of new units excluding ECs fell in 46.6% y-o-y from 1,217 units. Consultants believe that the decrease in sales was anticipated since Singapore’s most recent cooling measures were implemented in the month of July, on top of the fact that there were fewer projects launched in the closing quarter of this year.

The impact upon property cooling measures

As of Dec 16th on Dec 16, the stamp duty for additional buyers (ABSD) was increased along with the debt service ratio (TDSR) threshold is now a bit higher. Loan-to-value (LTV) maximum for loans made by HDB has been decreased to 90% up to%.

But, December’s home sales might not reflect the full effect of the cooling measures that affected the property market, since “a majority of transactions were completed before property curbs were put in place on the 16th of December” according to Christine Sun, senior vice director of research and analysis, OrangeTee & Tie.

“Based upon URA realis caveats that show that around 60% of the sales that involved new residences (including EC) were closed in the first part of the month. In contrast, there were 289 sales during the second halfof the month,” she says.

Leonard Tay, head of research at Knight Frank Singapore, says: “As with past announcements of measures taken by the government to curb prices in the residential housing market, there’ll be a period of pause while buyers and sellers, developers as well as investors assess the new parameters and their impact on the demand and price.”

However, the experts think that those new cool measures are not likely to discourage new homeowners or homeowners who have only one property at any given time.

“Owner-occupiers who are looking to upgrade or right-size their homes are typically not affected by the ABSD changes and will make up large proportions of purchasers by 2022.” Says Tay.

“Therefore that is why new families purchasing their first property and families that move from one house to the next – basically households that own just 1 property at any time, and which has been the primary buyer demographic over the last 18 months – these new ABSD rates could be a little less impactful,” he adds.

“The increase in ABSD rates will impact homeowners who buy second and later properties for investment and to earn recurring rental income significantly more than those who purchase their primary property for personal use. The buyers are likely to adopt an approach of waiting and watching in the near future and expect that prices will decrease,” he says.

The Rest of Central Region (RCR) was the top new home sales region by selling 292 homes. then the Outside Central Region (OCR) with 224 units as in the Core Central Region (CCR) had 134 units sold.

In the month the number of units launched was just 383 units launched, opposed to 1,283 units which were that were launched in November. The amount of new launches launched in the month also showed an increase in the range of 71.6% y-o-y, from the 1,349 units that were launched in December.

The latest projects to be launched in the month of March included Mori, Perfect Ten and Zyanya. The top-selling property in December came from Normanton Park located within the RCR area, which sold 73 units for the median price of $1831 per square foot.

“In terms of median prices for December 2021 the median price was 1.9% m-o-m increase from $2,976 to $3.033 psf was observed by newly built houses within CCR. CCR, 0.3% m-o-m increase ($1,674 to $1,679 per square foot) for OCR as well as a m o-m decrease by 1.8% ($2,221 to $2,182 per square foot) was observed for the new houses within the RCR,” says Lam Chern Woon who is the head of research and consulting at Edmund Tie.

In the near future, experts expect for the property market to recover with a strong market backed by “robust employment market, continuous economic growth and strong demand-supply dynamics within the property market” Lam. Lam.

“We believe that the slowdown on sales would be temporary. Based on historical data there was a small amount of new homes were sold over the course of about seven months following property cooling policies were introduced in July, 2018, after ABSD rates were increased as well as LTV was tightened.” according to OrangeTee and Tie’s Sun.

“During the time period, monthly average sales was 680 new homes, excluding ECs between July 2018 and February 2019, which was lower than the 964 average monthly transactions that were recorded in 2017. The demand then began to increase as the monthly average sales averaged around 995 units from March 2019 until November 2021.” Sun continues.

OrangeTee & Tie expects 8,000 to 9,000 homes to be sold over the course of 2022, based on the cooling measures and the fewer projects being launched this year.

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Cairnhill Conservation Terrace and Family Lounge Area with a bridge leading to a formal dining room

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David Tan, chairman of TID Associates, one of Singapore’s most renowned Interior design companies, always dreamed of “walking through water”. To achieve this effect in his home on the 114 Cairnhill Road Rene Tan, co-founder of RT+Q Architects, designed a walkway that has a backdrop with overflowing water along either side.

Beyond the entryway there is an elegant living area with a feature wall that is an intricate antique door that comes from India which was once a feature of Tan’s house in London. The house on Cairnhill Road is fitted with a built-in lighting system and Bose’s audio system. “I invested a significant amount of money for that,” he says. “The light can be set to provide the appropriate temperature and mood, no matter if you’re in a peaceful, contemplative or having a party at your home.”

Tan’s obsession with good music and lights goes from the beginning of his career, during the time that TID (Total Integral Design) was known as “the disco design experts”. This was also when he realized that light “seduced people to remain”. The company was founded in 1979. TID created a number of clubs and discotheques that were built in Singapore during the 1980s, including the exclusive Club The Library to discotheques such as Studio M at Plaza Hotel and Xanadu at Shangri-La Hotel. TID’s popularity grew far beyond Singapore and he also created clubhouses in Hong Kong, Kuala Lumpur, Mumbai and Seoul. “We were the reigning disco King of the night,” he relates.

In the 90s, TID collaborated with the then Public Works Department (now CPG Corp) to design the interior of Parliament House that was completed in July 1999 with an estimated expense at $115.2 million. The brand new Supreme Court building, which was opened in 2005 was created by the British architects Foster and Partners. The firm, however, CPG was the local architect and collaborated with TID on the interiors. Tan hopes that to be known by the title of “the design director who created the Parliament House as well as The Supreme Court”.

In the past forty-two years Tan developed an vast portfolio of properties, from private yachts and private homes of wealthy individuals, luxurious hotels, One-degree 15 marina club, as well as boutiques of luxurious brands like Bulgari, Fendi, Hermes and Tiffany & Co. Although these luxury brands have internal or appointed concept designers They also work with local design firms on implementation projects and also. “We are honored to work with these brands in the past as well as at present,” says Tan. TID manages some of the projects associated with these luxury companies, not only in Singapore but also in a few of the most important markets of Southeast Asia too, he says.

Culture, heritage, soul
In terms of his pastime or investment in real estate, Tan prefers something that is a product with “soul or heritage, as well as cultural value”. Tan explains: “That is what gives the item its value and it isn’t able to be duplicated.” Tan’s collection of cars includes the Porsche 964, which he bought in 1989, and took to Germany to be restored about two years later. “I continue to drive the car,” he says. Another example is an British hand-built sports car called Morgan that he bought in 1983. The car was recently taken to the UK for a full restoration as well, and is kept there until his return.

He’s equally cautious in his investments in real estate. Being aware of the importance of heritage properties He bought not three but three terraced homes, located situated at 114, 116 and 118 Cairnhill Road in the late 1980s. The location was chosen because of its proximity to facilities like shopping malls located on Orchard Road and the short drive to the CBD. “When I first purchased this property it became at the central point of many events,” he says.

There are only 40 properties on Cairnhill Road, and they were believed to have been constructed around 1900. It wasn’t until 1989 that these houses on Cairnhill Road and those at Emerald Hill Road were designated for preservation by the URA together with the shophouses located in the historical regions in Chinatown, Little India and those that lie along Singapore River. Singapore River.

The three houses on Cairnhill Road were being in the possession of tenants who were subject to the Rent Control Act when Tan bought the properties. To persuade them to move to a new location, he offered the property $250,000. The old lady who lived at the address 114 Cairnhill Road acknowledged Tan for his kindness, but also gave Tan a few words of advise: “If you choose to sell the properties later , make sure you sell the two other units, but don’t list this one because it’s a great one”, Tan recalls.

He inquired of the elderly woman what she meant by the word and she told him that the house was once home of famous banker and social philanthropist Tan Chin Tuan in his young age. Former OCBC chairman later bought the Tan Chin Tuan Mansion at 42 Cairnhill Road in 1939. He was a resident for over 60 years before his passing in 2005, at the age of 99. The mansion was constructed during the 20th century by the previous owner an entrepreneur and patron of the philanthropic cause Tan Kah Kee.

TID’s Tan followed the elderly lady’s suggestion. Over the time, he sold the two terraced houses he owned however, he remained at the 114 Cairnhill Road, which was his main home.

A new extension is now in place, with covered parking
In the past he made an application and received permission from URA to begin an extensive renovation, which included a rear extension of 2,200 to 2,500 square feet. While the majority of the neighbors have built-up areas of around 4,000 sq feet the Tan’s property includes a total floor space of between 6,500 and 6,700 sq feet. The major renovation, which was carried out by TID together with RT+Q the project was completed in the year 2010.

The house is surrounded by two internal courtyards. One courtyard is covered by a skylight and is situated within the space between living and formal dining area, with bridges connecting both. “When seen in the living area, the view appears like the dining area is floating in the pond” Tan says. Tan. The other courtyard that is open is fully landscaped and located next to the kitchen.

The staircase was created to be “a suspended staircase” and a brand new internal glass lift for each floor was installed.

As Tan enjoys entertaining The house has two dining areas as well as two kitchens equipped with top of the line Miele appliances. The main wet kitchen is located on the first floor, and there is a another dry kitchen that is gourmet located on the second level. Both kitchens have ample storage space, with the gourmet kitchen equipped with two wine storage compartments. The kitchen located on the mezzanine is linked to a casual dining room on one hand and a lounge to the opposite. The lounge can be opened to an entertainment area. This space is perfect for intimate gatherings since guests can park their vehicles at the rear and then walk directly to the entertainment area at the mezzanine level.

The second floor is the private space in which Tan has a huge master suite that has windows that look out onto greenery, a his and hers walk-in closet and a master bathroom that has floating bathtub. The study is furnished with an Terence Conran desk which he bought at his Conran Shop in London. In this study, there is also a hidden staircase, as well as an entrance to the “secret room” in the attic. The room was previously the bedroom of his son. There’s an en-suite guest bedroom on the upper floor as well.

The attic has an additional room with an en-suite bathroom as well as in the area where there are facilities -the fifteen-meter lap pool with a steam room, shower, as well as an area for barbeque cooking with a private terrace that has a view of the lush greenery. There’s also an area for storage that is accessible from the attic that is perfect for storage of ski equipment and other luggage. The house is home to five bedrooms with en suite bathrooms.

The house located at the address 114 Cairnhill Road was under renovation, Tan relocated to his weekends residence at Sentosa Cove. After the renovations had been completed Tan and his family returned to Cairnhill. After four years the wife of the owner decided she would prefer a smaller. Tan bought an apartment at the Interlace which is the 1,040-unit condo that is famous for its hexagonal form that was designed around eight courtyards by German architect Ole Scheeren.

Lifestyle Changes in lifestyle
Tan was inspired to revamp The penthouse of The Interlace for their use. “There are just two penthouses in The Interlace that have an open spiral staircase leading onto the terrace on the top,” Tan says. “I designed two dining areas which include an air-conditioned indoor dining room and an outdoor dining space. Why would you want to live in the tropical climate if you don’t like dining outdoors and indoors?”

The penthouse he lives in located at The Interlace features windows that overlook the greenery. In many prime neighborhoods the view is of the buildings around He states. “At The Interlace, I look out my window and observe the sunrise, sunset, the greenery and even the ocean.”

While Tan as well as his spouse lounge in their penthouse in The Interlace and the terraced home at Cairnhill Road is leased to tenants. The tenants are international. First, he was an American CEO of a multinational corporation The second tenant was an Dutch banker and the most recent tenant is the British leader of a global professional consulting company and his family.

According to Tan Tan, the rent in the past was $14,000 per month, however, the market for rental has improved in the last year. The most recent tenant is paying an average monthly rent of $18,750. “If I had waited a bit longer, I could have received $22,000. But I got an apartment within a matter of one week and am therefore not grieving,” he says.

What he loved most about his home located in Cairnhill was the area to entertainguests, as well as its proximity to shops in the vicinity of Orchard Road and F&B outlets. “You walk down the street and you’re at Paragon and you can take your assistant down to get milk, if you require it,” he says. “I used to visit Newton Food Centre on my electronic scooter to buy the char kway teow. It’s right near.”

Tan was initially planning for his Cairnhill property in the interest of his grown children. However, they now have properties that they own. “They don’t require Cairnhill as a property located at Cairnhill,” he says. So, he’s taken the decision to place the property for auction. He has chosen Jerry Tan, founder of JTResi which is a boutique company that focuses on residential high-end property as his sole marketing agent. “Jerry is a very dear friendof mine, as we were able to purchase retrofit and sell properties,” he says.

Tan chose high-quality materials for his remodel of the property in Cairnhill in the year 2010. The flooring was made of marble for the ground floor, and the upper floors are white oak. The bathrooms feature complete travertine tiles, and feature high-end, Toto water closets. Instead of a single-phase power supply that is the norm for the majority of homes, Tan has a three-phase power source to the house. “All you’ll need in is your art collection as well as your furniture and life style,” he says.

New rich, old rich
In the past two years, JTResi made a name for itself in the high-end residential market, by marketing and selling projects like MCL Land’s Waterfall Gardens, SC Global Developments’ The Marq on Paterson Hill and GuocoLand’s Goodwood Residence.

JTResi’s Tan believes that the next purchaser of the property at Cairnhill Road could be “young possibly with new money , and might be permanent residents (PR)”. This could be who is younger in the wealthy families of the past. Since these terraced homes are considered to be landed residential property and are limited to Singapore residents, PRs who purchase these properties must obtain an approval of the Singapore Land Authority’s Land Dealings Approval Unit. “For PRs instead of paying the $25 million price for penthouses you now have the option of getting something unique,” he says.

Before it was an area for residential development, Cairnhill was a nutmeg orchard which was owned by Charles Carnie. Carnie was the very first person to construct his house there. In the event that the nutmeg apple orchard failed the house was purchased by Carnie in 1884, and was redeveloped into an office for the director at Chartered Bank. The houses with terraces on Cairnhill Road were built later in the first decade of the 1900s. As time passed Cairnhill was transformed into a luxury residential enclave. Cairnhill region grew into a prestigious residential area in the District 9.

The house, which is a conservation terrace, is to be sold through expressions of interest from JTResi. The most recent property cooling measures announced on December 16 won’t make any pressure on the market according to JTResi’s Tan believes. “There are some assets that are unique, and due to their low number they are highly sought-after such as Good Class Bungalows are one example, while conservation terraced homes is yet another” Tan said.

These properties are a source of pride as well. “These conservation properties cannot be duplicated unlike condominiums and conventional land property,” adds JTResi’s Tan. “Conservation properties that are freehold located in prime residential area such as Cairnhill are distinct from other properties. They are rarely available for sale. Once sold, they are rarely available for sale again.”

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