A leadership bench change has been announced by Frasers Property Group

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Read more: The collective sale tender for Sultan Plaza will close on October 26

The collective sale tender for Sultan Plaza will close on October 26

Frasers Property Group has announced changes to its leadership staff which will be in effect from February 1. In a news release, the company announced Eu Chin Fen as the current CEO for Frasers Hospitality. She is currently the CEO of the management of Frasers Hospitality Real Estate Investment Trust (FH-REIT) as well as the administrator of trustees of Frasers Hospitality Business Trust (FH-BT). FH-REIT and FHBT form part of the Frasers Hospitality Trust (FHT) principal group.

Eu will direct report direct to Panote Sirivadhanabhakdi, group CEO of Frasers Property. As part of her new role she will take on the responsibility for the hospitality business, currently headed by Sirivadhanabhakdi.

Frasers Property also announced Eric Gan who is currently CFO of FH-REIT’s manager as well as the trustee-manager for FH-BT is set as the successor to Eu as FH-REIT’s CEO as well as FH-BT. He will be in charge of the overall business, investment , and operating strategies at FHT FH, FH REIT and FH-BT.

As of now, Liu Qingbin has been appointed chief of finance for the FH-REIT manager and the trustee-manager of FH-BT and reports the FH-BT trustee manager Eric Gan. Liu Qingbin will be accountable for the capital and financial management of FHT as well as FH-REIT and FH BT.

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Opportunities still exist in the real estate industry as the Asia Pacific economies prepare for challenges

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Read also: Sim Lim Square a 99-year leasehold tenure from 1983 sits on a land area of 78,152 sq ft

Sim Lim Square a 99-year leasehold tenure from 1983 sits on a land area of 78,152 sq ft

2022 will be an era of growing economic recovery in Asia Pacific (Apac) economies as the majority of nations in the region have shook off the restrictions of Covid-19, triggering an economic revival. But, macroeconomic obstacles that have been causing a lot of concern, such as stubborn rates of inflation, hikes in interest rates and a global slowdown which have led to growing worries about a recession in recent times.

This is what has led to a more cautious outlook, particularly within the real estate industry. According to the research organization Urban Land Institute (ULI) investors have taken an approach of waiting and watching in the face of increasing uncertainty. “Investors recognize that risk is increasing, but aren’t clear on how much headwinds are affecting them as well as how markets is likely to be affected,” ULI says in its Emerging Trends in Real Estate Asia Pacific 2023 report.

To this end the volume of real estate transactions in Apac have plummeted since investors shift into a holding pattern and put off making decisions. ULI’s report, released in conjunction with PwC in the third quarter of 2018, cites MSCI figures that show how Apac real estate transactions decreased by 38% over the course of 3Q2022 in the range of US$32.6 billion ($44 billion) -the lowest total for 3Q in the past decade. Not surprisingly, of all Apac regions, China saw the biggest decrease of 23% in a year, which was aided by the restrictions of Covid-19 that hinder investment.

However, while a number of Apac economies are likely to see growth increase over the next few months, others are likely to break the trend. That includes China along with Hong Kong, where Covid-19 restrictions are being relaxedin the direction of the long-anticipated economic recovery. Furthermore, Knight Frank projects recovering demand in the domestically-oriented economies like India and the emerging Southeast Asian countries to further help boost growth. “Asia Pacific will be the fastest-growing region in the world,” the consultancy states in its Asia Pacific Outlook Report 2023.

This could be a positive sign for this Apac housing market as the fundamentals of the market are strong according to Henry Chin, CBRE’s global head of thought leadership for investors and research head. As investors navigate the “increasingly turbulent waters” that are expected in the near future investing strategies are being refined to capitalize on opportunities that are present on the market Chin adds. Chris Pilgrim, director, global capital markets at Colliers is in agreement. “In Asia Pacific, now is the best time for investors to choose their assets and markets,” he says.

Rate hikes are now clear and will bring back momentum in transactions
Surveys carried out with ULI and Colliers indicate how interest rate hikes are the primary issue for Apac real property investors. Since March this year, the US Federal Reserve has instituted an increasing number of rate hikes, the most recent being a 50-basis-point hike announced on Dec. 14. The increase brings an increase in the US base rate up to a range approximately 4.25% and 4.5% and is the highest level since the past 15 years.

The Fed’s rate increases have been a cascade across most of Apac but with the notable exceptions of China that has cut rates, and Japan in which rates are extremely low. With the changing economic climate investors are becoming more cautious because financing is becoming more difficult to acquire and deals are more difficult to secure.

But, Colliers anticipates the real property market to stabilize around mid-2023, when more certainty is built around the outlook for interest rates. “Similar in 2022 to the year 2022-2023 is two-part game and the main difference is that the momentum of transactions will increase during the second half of the year, as the market adjusts to a price reset,” says Joanne Henderson, Colliers’ national director research for Australia.

David Faulkner, president of ULI Asia Pacific, agrees that an asset repricing could be coming up. “Rising rates of interest and the global slowdown are starting to affect regional asset valuations , and are changing the way that investors evaluate possible transactions,” he says.

Cap (cap) rates that are used to determine the value of properties and are expected to rise in Apac in the coming years, changing from the low levels that were established over the last decade and in the wake of an expansion which is being implemented across Europe. US in the US and Europe. “Cap rates need to be lowered in order for buyers to maintain an acceptable spread over the price of debt,” ULI sates in its report.

Defensive assets
When investors are navigating the volatility over the next few months, they will seek out security-based assets that be used to protection against rising inflation says Knight Frank. “Commercial real estate that exhibits potential for growth in income along with diversification benefits, and relative stability will experience a surge in interest,” it states in its outlook.

Offices, by most accounts the biggest asset class in Apac and are likely to experience a steady demand, despite the economic downturn that has created uncertainties regarding growth in business and leasing. According CBRE’s Chin centrally-located offices that are of high-quality in cities with high growth potential are likely to provide the best opportunities, aided by the return to office by employees as well as a constant move to higher quality. ULI says that rents are likely to be higher in areas where occupant conditions favor landlords which is the case the cities of Seoul, Singapore and Sydney.

In the same way, the logistics sector will continue to be bolstered by the “seemingly endless” market that’s remained robust even as production and consumption are stagnating. Demand in major markets like South Korea, China and Australia are driven by a deficiency in availability for modern facilities in logistics and a growing use of “China and one” strategy that allows companies to diversify their manufacturing operations outside of China is expected to boost investment flows to other markets.

ULI is also highlighting that the new economy sub-sectors like data centers, cold storage infrastructure life science facilities, and self-storage spaces are anticipated to boost demand for logistics. Data company Preqin reports that a total of $16 billion in funds attained this year by close of October — more than the amount that was raised in 2021 — for the same opportunistic strategies. This demonstrates the growing interest in these different asset classes.

In the residential market multifamily properties especially in Japan are thought of as an investment class which is able to generate long-term stable streams of income. Other residential properties like senior living facilities as well as student housing have begun to attract attention and the majority of% or 43% of investors polled by ULI declaring that they are planning to participate in these areas in the coming year.

Top markets
Within the Apac regions, Singapore, Japan, Australia and South Korea stand out as locations where transaction volume and demand from investors are expected to remain strong. According to Colliers real estate investor survey, these four markets were the top of investors’ choices across different types of assets, pointing to the “overwhelming” choice for larger, established cities which are more likely provide value in a price determined.

According to ULI, Singapore is the most ranked city for potential investment opportunities, according to the survey conducted by ULI. ULI points out that the city-state continues to reap the benefits of the redirection of capital that could be directed towards China. Offices, which facilitated the deal flow within Singapore in the past, is predicted to continue to draw attention, as evidenced by the healthy rental growth projections, despite a slower pace of transactions in the final quarter of last year.

In Japan the investor’s enthusiasm has increased due to the weakening yen as well as an improved inflation outlook. Furthermore, the accommodating policies of the monetary authorities have resulted in caps rates staying firm and in some instances shrinking, attracting an interest from investors, according to ULI. Japan is also attractive due to its multifamily sector, which, CBRE highlights, offers the highest yield on cash in the world.

Australia is predicted to be resilient, largely supported by market for office space that are located in Sydney and Melbourne and the logistics industry that is a notable asset category for the country in recent times. Additionally multifamily housing, student housing and senior housing sectors have begun to gain popularity within the country. In the meantime, South Korea has been supported by a robust office market that has been boosted by a surge in office rents following the Covid-19 and record-low unemployment, according to Colliers. In Seoul the prime office rents increased 21.4% y-o-y in 3Q2022 and reached an all-time high according to research conducted by JLL.

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A delicate balance must be struck between development and environmental protection

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Read related article: Sim Lim Square seven retail units for sale at $17 mil

Sim Lim Square seven retail units for sale at $17 mil

It’s been 18 years that Colin Low assumed the CEO position of the statutory board Singapore Land Authority (SLA). The 44-year-old was a different job title before, the the CEO for Frasers Hospitality Asset Management and Frasers Hospitality Trust Management, the manager of the Singapore listed Frasers Hospitality real estate investment trust (REIT) beginning in July 2019 until April 2021.

With an $1.9 billion portfolio (as as of September of this year) the REIT has 14 assets as well as fourteen master lease contracts. They are spread across six countries, ranging from Dresden, Germany, to Edinburgh, Glasgow and London in the UK in the UK; and on into Kobe and Kobe in Japan, Singapore, Malaysia and Sydney and Melbourne in Australia.

“Running REITs was about maximizing the distribution per unit for participants, which was mainly the shareholders of the REIT” Low explains. Low. “When Covid hit, it was a major epidemic that it was unprecedented. Many people began to reconsider their lives. The same was true for me. And when I got the call to fill this position I was delighted to be amazed.”

SLA is the custodian for State property and properties and has two-700 structures and 11,000 ha (110 million square meters) of land. This amounts to around fifteen% of the land across the island. “SLA offers a broad range of services and is all about Singapore,” says Low. “Once you’re a member of the public sector there’s an underlying sense of commitment because the people who make up the public service are ordinary Singaporeans. Therefore, you must think about what’s best for people in your vicinity.”

‘Balancing act’

Sometimes, it’s also about taking care of public concerns. One recent instance is the outrage that was triggered by the release of the Housing Development Board’s (HDB) environmental impact assessment report that recommended the clearing of 31.2ha of forest areas in order to build the proposed Bayshore precinct. HDB posted this report via its site on November 1 and invited feedback from the public until November 29.

Bound with Upper East Coast Road, East Coast Parkway and Bedok Camp located on Upper East Coast Road, the Bayshore Precinct covers 60 ha of site. The plan is to build approximately 12,000 dwelling units comprising 6,500 private residential units , and 6000 comprise HDB flats. The planned precinct will include a main pedestrianized street and be serviced via two MRT stations along the Thomson-East Coast Line — Bayshore and Bedok South — by 2024.

The report on environmental impact assessment from DHI Water and Environment consultant in September concluded that the negative impact on the clearing of 31.2ha vegetation will become “irreversible”. The impact will be lower than “minor negative” in the absence of proper control as well as mitigation strategies. However, the report states it is likely that loss of habitats for avifauna and flora in the course of construction could be an “moderate negative” impact, even with mitigation measures.

“This is a delicate balance between development and nature conservation,” concedes SLA’s Low. “The truth is Singapore is extremely small. Every square metre counts and there’s an opportunity for cost in every single thing that we undertake.”

The authorities from SLA to Ministry for National Development to SLA and the various other agencies, recognize the necessity of “a well-balanced approach to achieve the most effective outcome” the official says. “If we think that housing is necessary in the area and we want look at how we can take different approaches by carrying out an environmental assessment.”

It’s all about the perspective

It’s everything to do with perception, and to illustrate his argument, Low gave an analogy: “If you look at an in-depth shot of a man who is rough coming towards, and then shoving an elegant gentleman at first, you’ll think that the man was trying to hurt the latter,” he says. “But when you look further away and look at the scene from a different angle, you’ll see that it was actually the rough-looking man was trying to protect the gentleman in good clothes from falling bricks.”

In addition, he says: “If we zoom in on a specific location it’s easy to ask why something hasn’t been implemented. However, if we take a look outward and consider the requirements of the entire island taking into account infrastructure, housing, like train stations, roads and railway lines What are the compromises?”

Another site that has been identified to be developed into a residential area can be found in Turf City. The site was secured to be used for this purpose from the Master Plan. SLA is managing Turf City since 1999. The facility is currently leased for leisure and lifestyle purposes which include shopping, F&B, sports and recreationcentres, childcare facilities and motor vehicle showrooms.

Tenants were granted extended tenancy of 18 months until December 31, 2023. The lease was renewed in September. LTA confirmed that the first station of phase 2 of Cross Island Line would be situated at Turf City. The station is situated in Turf Club Road, off Dunearn Road, Turf City is situated in the prestigious Bukit Timah residential enclave in District 11.

“The rehabilitation of brownfield sites like Turf City will allow the Government to make the best utilization of land as well as the transport system,” says URA in its September 23rd announcement. URA stated that in-depth technical studies like heritage and environmental studies would be conducted “to make sure that the development is in harmony with the surrounding environmental conditions”.

The reuse of the former school buildings is adapted to suit

Land is “a important resource in the an area of dwindling land in Singapore”, Low sees SLA as a facilitator of place-making also. State land parcels that have been left vacant located at Wilmonar Avenue, off Dunearn Road and Yarrow Gardens in the Siglap region, off East Coast Road, have been converted into recreational and community spaces including a dog-friendly park as well as a multi-generational playground.

The declining birth rate in Singapore have resulted in school mergers over the last two decades. The unintended result is that more than a few defunct schools properties given back to SLA. The legal board is currently looking into an adaptive recycling of properties, “which is the most sustainable way to go,” says Low.

A former Henderson Secondary School along Henderson Road in Redhill is a prime example. The school is run by a social enterprise called City Sprouts since 2020, it was given an overhaul as a 9,000 square meter (close to 98,000 square feet) eating and entertainment hub with regular workshops and events. The urban farm is a place to an allotment of farm plots to rent. The former school cafeteria was converted into a home for F&B tenants. It is currently undergoing a renovation and renovation, the F&B space is scheduled to reopen by the end of 4Q2022.

In the same building as located in the same building as City Sprouts is situated in the same premises as PAP Community Foundation (PFC) Sparkletots preschool as well as Sunnyville Nursing Home dialysis nursing center. “We were intrigued by the idea of having an urban farm within an area that is co-located which is, in this case between a childcare centre and a nursing facility to demonstrate the possibility of farms being built wherever you want, with a bit of imagination,” Chee Zhi Kin the co-founder of City Sprouts commented.

Another instance could be the old Batu Berlayar School at Pasir Panjang Road. The three-storey structure located on an 88,000 square feet site is now an office space that is campus-like that includes a community library as well as a town hall to accommodate the 220 staff members of ShopBack. Cashback rewards for online shoppers across Asia Pacific, ShopBack was founded by Henry Chan and Joel Leong in the year 2014. The property is the headquarters of ShopBack. The ground floor has been shared by the studio for content creation Third Space.

In the opposite direction that previously-used Loyang Primary School was divided into two parts because of its size. One parcel was taken with My First Skool, which runs a preschool and a kindergarten on the premises. The remaining parcel will be divided for different uses that are complementary to the original.

“With the majority of schools being located in residential zones, they work as a community hub that is integrated to meet the requirements of the people living there,” adds SLA’s Low. They can also be used for co-working spaces, he says.

Activating vacant properties

Another reason for under-utilized properties is the former community centers. In the 10 Kampong Eunos, the former community centre has been leased to the social-impact organization Vivita that seeks to provide youth with robotics and artificial intelligence through interactive workshops, interactive programming camps, and competitions.

Another state-owned property located at Lorong J Telok, Kurau let to the charity Willing Hearts, which moved in at the close of June. It operates an onsite soup kitchen, which prepares and distributes 11,000 meals a day.

An historic structure that was recently restored to the stables of SLA is the old Command House at 17 Kheam Hock Road. The building was built between 1937 and 1938, it is situated on an 11.5 acres (500,940 square feet) site and was formerly the residence of the highest-ranking British Commander in Malaya as well as other officials from the military. In 2007 the Command House was renamed the Command House became the UBS Business University until 2021 at which point it was moved to new campus located at 9, Penang Road. The old Command House hosted the Louis Vuitton Savoir Faire 2022: The Art of Living this year. The two-week festival showcased modern designs by designers Nicolas Ghesquiere, Virgil Abloh and Louis Vuitton’s famous trunks as well as other exclusive designs. “It is a demonstration of how vacant state properties are able to be utilized to be used for creative purposes which includes pop-up event spaces,” says SLA’s Low.

Rejuvenating Gillman Barracks

With Dempsey Hill now established as an upscale lifestyle and F&B Enclave, SLA has turned its attention to revitalizing Gillman Barracks. The former military barracks that date to 1936 contain seventeen colonial-era state properties that are spread over the 6.6ha site.

The park is situated next to the connecting network that runs located along the Alexandra Garden Trail that links to Hort Park with Labrador Park and the Southern Ridges, Gillman Barracks is a great to stop for people who love nature and leisure hikers, according to SLA. The barracks is also just only a 10-minute walk away near The Labrador Park MRT Station.

The initial phase of competitions for the five blocks of Gillman Barracks, launched in May, attracted 19 bids. SLA examined the bids on the basis of price (with 40% weightage)% weightage) as well as the quality of concept proposals, which were given 60% weightage. The lease duration is also changed to a five-year initial lease and renewable for another two years. It was previously an unbroken 3+3+3 year lease.

“It’s not only the top bidder that wins and the winner will be the one who has an innovative business concept which is an intriguing concept that is based on community involvement and incorporates elements of sustainable development,” says Low.

Two blocks were given for two brand new F&B tenants -two of them – Wheeler’s Estate at 9A Lock Road and The BlackBird at 8 Lock Road. The remaining three tenders were granted to three existing tenants: Creamier at 5A Lock Road, Handlebar at 10 Lock Road and Hopscotch at 45 Malan Road, which feature updated menus and programming that are aligned to Gillman Barracks’ creative lifestyle position.

The second phase of the tender was announced on October 18. Two tenders were launched for sites located in Blocks 9 43, and 47. Block 43 on Malan Road has the largest gross floor space in Gillman Barracks, at more than 10,000 square feet. Blocks 47 and 43 are adorned with an exterior that is rustic and red brick. “The more spacious floorspace and outdoor space offer possibilities such as artisanal crafts as well as health and fitness, vertical agriculture as well as family bonding and co-working areas,” says Low. The tender deadline is 8 weeks after the 18th of October and will have a closing date of December 13. The tenders will similarly assessed based on pricing and the quality of proposals as in the initial stage. Leases will also be built on a five-year initial lease with the option to renew it for another two years.

Geospatial technology

Apart from being a pioneer in adaptive reuse properties, SLA has been in favor of geospatial technology and applications. Memoranda of understanding (MOUs) have been signed by the five largest real estate companies from September through December 2021. They began with PropNex and then and then ERA, Huttons Asia, OrangeTee and SRI. “The leading five residential real estate companies are able to claim 80% market share among the realtors within Singapore,” says Low. “We are trying to make it easier for people to get usage of OneMap and increase its acceptance in the market.”

With 3DOneMap real estate agents are able to show prospective buyers the distance from the new house to the closest elementary school, as well as the nearest MRT station, with more precision. It also displays 3D renderings of the area surrounding it from various levels of various blocks. The feature of shadow casting will aid buyers in understanding the shadows that are cast at various periods of the day especially when the units are not located in the direction of north-south.

SLA also signed MOUs Singapore’s Real Estate Developers Association in Singapore. the courier company Ninja Van, Kabam robotics engineering company, and Singapore Business Federation. Singapore Business Federation. Low believes that geospatial technology could be used in a variety of applications in the mainstream, including education.

Geospatial technology can be employed to assist the community. As the population ages and a map that shows barriers-free routes can benefit people who are elderly, have mobility problems, as well as parents with children, he states.

The SLA geospatial team is mapping its solar energy potential in Singapore. They are developing 3D simulation and modeling applications in conjunction with Singapore’s Public Utilities Board to map out areas that are most vulnerable to flooding in the inland. SLA has also signed an MOU together with National University of Singapore (NUS) faculty of science in October, to make use of geospatial data and technologies to conduct research on carbon estimation. Low believes that geospatial technology is “a key enabler of sustainability”.

It’s difficult to imagine that Low was initially struggling with many acronyms at the time he started at SLA. “There are a lot of acronyms that are used in the world of public service,” he says. Over time, he’s developed a proficiency in them.

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The properties in the multifamily, hotel, senior residential, and logistics sectors were singled out by the real estate professional

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The Botany at Dairy Farm ebrochure

Singapore, Tokyo, and Sydney are among the top three cities among investors. Singapore was benefited by the redirection of capital which could otherwise be used to investments within Mainland China and Hong Kong.

The Botany at Dairy Farm ebrochure you’re looking for a quiet place to call home. Surrounded by nature, The Botany At Dairy Farm is the ultimate destination.

While at the same time, Tokyo continues to enjoy an environment of zero interest rates that guarantees lower relative cost of borrowing and a favorable spread over what debt costs.

These are the results of The 17th Edition of the Emerging Trends in Real Estate Asia Pacific Report released by PwC. Urban Land Institute and PwC. It was published on November 24, 2014.

This report was based on a poll by 233 real estate experts as well as 101 conversations with developers, investors developers, property company representatives, and broker for lenders.

The report overall showed a decrease in investor sentiment due to concerns about the increasing cost of debt, rising inflation, and a possible recession. Many investors suspending purchasing activities until projections of rate hikes across the globe are made more clear.

“Rising interest rates and a weakening of the global economy is starting to impact regional asset values and altering the way investors evaluate potential deals,” says David Faulkner the ULI Asia Pacific’s president. ULI Asia Pacific.

The gloomy mood was evident in the 38% decrease in transaction volumes for the region during the 3Q2022 quarter up to US$32.6 billion. It was the lowest 3Q volume for the past decade in the region, according to the report.

Investors must take a cautious approach to buying new assets in some Asian markets, and shift their attention away from traditional asset classes to a variety of niches that have a better prospects according to the report it adds. It also suggests that these could include defensive havens as well as emerging economies.

The respondents to the survey of real estate professionals identified hotels, multifamily seniors living, multifamily, along with logistics properties as safe refuges. While, real estate that is defensive will have favorable characteristics like rent indexation, leases with a shorter term, and consistent recurring income.

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It will strengthen the facilities services that Savills Singapore is able to provide

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The Botany at Dairy Farm condo floor plan

While some consider cleaning services to be an unattractive venture, Savills Singapore sees it as an added benefit to its facilities service offerings. This is why it acquired the majority part of Absolute Maintenance Services (AMS) the 20-year old cleaning and sanitising service provider in September.

The Botany at Dairy Farm condo floor plan to develop the 1.56-hectare plot and maximize the neighbourhood’s good attributes.

The acquisition will propel Savills from an unbeatable position in facilities service providers to within the top five. “We want to be the sole international service provider within the three top players within Singapore,” says Chris Marriott, Savills Southeast Asia CEO.

Over the past 10 years, Savills has been building its property management integrated facilities management and facilities management businesses in Singapore. “Combined with the facilities management business, we hope that the turnover of the entire property managing business is expected to reach $100 million in the next calendar year.” claims Marriott.

He hopes to replicate his strategy and strategy in Singapore and the rest of the region. After being working in Asia since 1990, and working with Savills in 1995 Marriott was a resident of Hong Kong and Singapore. He is based in Singapore at present, he manages Savills’ entire operations across Southeast Asia.

“I’ve always believed that in Asia we’ve faced the challenges of the famine and feast more than we do in the Western world, whether you’re talking about an Asian Financial Crisis, the dotcom boom and bust, Covid or property cooling measures,” says Marriott. “We’ve been required to be flexible in how we conduct our business. This requires a strong plan that is able to withstand the fluctuations and highs that occur in real estate market.”

Counterbalance
To counterbalance the transient nature of the agency business, which is known to be volatile, Savills is building up its revenue stream through contracts-based companies, also known as “perennials” according to Marriott. For Savills this began with the purchase of CKH the Strata Management company established in 2011 by Chan Kok Hong, with the beginning stake of just 51% in 2011.

Since since then, CKH Strata Management has been integrated into Savills’ property management business with Chan in charge as managing director. It’s now the biggest strata property manager in Singapore with a portfolio that includes more than 160 government corporation-owned strata title (MCST) buildings that include around 10,000 housing units. Winnie Wong is deputy director for Savills property management plans to expand its portfolio by 200 structures that will have more than 60,000 units.

Alongside the residential strata management business Savills is believed to be expanding its presence in the industrial and commercial area, in both single-ownership as well as strata-titled properties like Orchard Gateway and 20 Collyer Quay. This segment of business is run by Tang Chee Charn, executive director of Savills property management. Tang was recruited to Savills following his departure from Colliers just two years back. He was the last director for property management.

An integral component of Savills its overall property managing business Facilities management, as well as its facilities management services, which is led by the executive director Robin Leow. Some of Savills Facilities Management customers are Bank of East Asia and Visa corporate offices.

Leow was key in the acquisition process of AMS the company that offers cleaning and facilities services for large-scale industrial and commercial warehouses, buildings, commercial kitchens, and institutions. The company’s clients are The Building and Construction Authority, Singapore Press Holdings and Fullerton Bay Hotel. The company that AMS’s sister, Solute, a professional home cleaning service was purchased by AMS.

Other acquisitions
Since January 1, Savills acquired a significant stake in the Singapore-based project management service firm Merx Group. Established in 2001 and led by the Chief Executive Officer William Forwood, Merx has 50 staff across Asia and covers a range of industries from data centres to workplaces hotel, industrial, and retail.

Recent projects executed through Merx in Singapore include the fitting of Dyson’s headquarters of 148,000 square feet in the St James Power Station heritage building, as well as Axis Communications’ regional office in an area of 11,484 square feet Grade-A office space in Suntec City Tower 1. A different significant undertaking was Metrojet’s automated aerospace plant located in Clark located in the Philippines.

“Merx is the foundation for growing our regional services for managing projects,” says Marriott. Merx’s operations are completely integrated into Savills”, Forwood, regional lead for project management, is “actively looking to expand our reach across Southeast Asia and the rest of the Asia Pacific region”, Marriott says.

According to Marriott Merx, the company’s services complement Savills project management services which is led by Vincent Lau, which handled the office fitting-out process for Lazada in its brand new office of 109,000 square feet on four floors in Lazada One situated in Bras Basah and KPMG’s brand new office in Asia Square Tower 2.

On July 20, 2021 Savills acquired a strategic stake in the Malaysian supply chain consulting firm, LCA. It is now rebranded as LCA-Savills. The consultancy for logistics and supply chain firm has a regional presence. “This firm has allowed us an opportunity to sit at the boardroom table alongside the C-suite of manufacturers, distributors, e-retailers and logistics companies, to help them develop their logistics and real estate strategies for this region,”” Says Marriott.

To expand its property management company, Savills spent $650,000 on an “re-engineering program” which takes two years finish. “We’ve hired consultants to assist us in assessing the digitization and digitalisation of the services we provide,” says Marriott. “It’s not only about introducing new technologies and applications, but rather about streamlining our service to make it more efficient and adaptable. It is a response to the challenges which every business in Singapore has to face that is the workforceboth in the office as well as in the field.”

Replicating the recurring income business within the region
Outside of Singapore, Savills is expanding its recurring income business model to the remainder of the region. It’s starting with Vietnam in which the company employs more than 2,500 people at Hanoi, Ho Chi Minh City and Danang and is in charge of 140 buildings throughout Vietnam and is mainly residential. The firm is currently experimenting with commercial properties, with several under the management of assets.

“The Vietnam market is ahead of others emerging economies,” says Marriott. “It’s dynamic, modern and has adopted technology in many areas that are related to business.”

The firm also increased its property management services in Thailand as well as Malaysia. For Indonesia, Savills bought a controlling stake in CBI CBI, which is a property management company that was once one of Coldwell Banker franchise.

Savills achieved a major coup during its time in Indonesia in the year it appointed the sole agency to Rajawali Place, a mixed-use development featuring two towers which include the 65-story St Regis Jakarta Hotel and the 30-storey Rajawali Place office tower. The office tower covers an overall lettable area of approximately 455,900 square feet. It also has 26,049 square feet in retail spaces. This mixed-use project was finished in the 3rd quarter of 2022 and is located on a 62.937 square feet site with a view of West Setia Budi Reservoir in Setiabudi, Jakarta, Indonesia.

Along with Savills Proptech investment affiliate Grosvenor Hill Ventures, Marriott is looking to invest in technology that will enhance its real property business. In the year 2019, Savills teamed up with HomeClick to develop iCondo which is an online management system for residential residents. It allows residents to connect with building managers as well as facilities in the development.

As per Marriott, iCondo now dominates in its market within Singapore and is looking to expand along with Savills to the other regions including Indonesia, Vietnam and Thailand.

Savills is also investing in, and is working closely with Banco the new invoice financing service that aids SMEs within the property management industry. “A large number of SMEs are plagued by problems with cashflow and must provide their services prior to when they receive payment,” notes Marriott. “And it’s very costly to access traditional banks to finance that gap in cashflow that is usually over an adolescent two-to-three-month time. Therefore, they utilize factors.” Banco is therefore designed to let small businesses get financing at a lower cost, says Marriott.

Agency business
In addition to the agency’s operations, there is Sally Tan, who came to the company in April, in the role of Savills Singapore’s director for commercial and industrial leasing. Tan is responsible for the expansion of the company’s leasing and sales business capability in the industrial and office space.

As per Marcus Loo, CEO of Savills Singapore, the firm offers advice to the online retailer Lazada as well as its subsidiary Alibaba Alibaba regarding their property needs in Singapore as well as elsewhere in the region.

Other notable office leasing customers the firm has been able to represent in recent times include multinational financial services firms like UBS, Allianz and EFG Bank as well as the global engineering firm Howden and Samsung, the consumer electronics giant Samsung and the international law firm of British-American origin Norton Rose Fulbright; and the most recent, international professional services company KPMG. “We also assist some of our clients throughout the region, not only in Singapore since a large portion of the top decision makers reside in Singapore,” says Loo.

Savills the capital markets and investment division, which is headed by Jeremy Lake and Galven Tan is also completing a variety of important market transactions, including that of the purchase Tanglin Shopping Centre for $868 million in February of this year, and the purchase of Private Freehold sites on Thiam Siew Avenue for $815 million in November. The team also has advised institutional investors about major commercial properties, shophouses, the strata title commercial properties and Good Class Bungalows and Good Class Bungalows, according to Loo.

Hybrid working is in the future and many companies are experiencing “right-sizing” currently, Loo observes. And that’s why the need for a workplace strategy team is essential: “Our team will assess what is most effective for a company from a property perspective,” says Loo. “It is not about cost, but rather the requirements of a business to create the ideal workplace strategy.”

In addition to offering workplace strategy consulting services for businesses, Savills has also created an workthere.com online platform that serves as an aggregater of all co-working spaces located in Singapore. Additionally, there are Savills leasing agents in place to help users find the best co-working space that will meet their requirements, according to Loo. “The market offers a vast selection of service providers, and can become difficult for the customer,” says Loo. “So we help them understand the different options, taking away all the frills so that they are aware of what they’re getting on the price they pay in terms of membership charges.”

Portal for landlords and tenants livethere.com
An alternative in the direction of workthere.com is livethere.com it is a platform that connects landlords of residential properties and tenants via an online portal. “We have seen more multi-property owners purchasing properties to invest or for their children’s future,” Loo says. Loo. This means there’s an imperative to help to get “the most profitable yield” on their investment properties Loo says.

Livethere.com was which was launched in April of in the year that is now live, links landlords with potential tenants . They can view the list of residential properties that are available for lease and the rental rates they are asking for. The platform is also beneficial for landlords. platform assists them in managing their portfolios, and warning them six months in advance of when leases for their properties expire and lets them evaluate the rent and yields in relation to most recent rate of rent and market yields. This helps them renew a lease with their current tenant upon renewal, says Loo. This will give the landlord “a comprehensive perspective” in relation to the residential investments in his portfolio, he says.

Since livethere.com was launched in April, it’s received between 300 and 400 inquiries every month, as per Loo. It’s beneficial to tenants as well because they’ll be able, in a short time, to identify and evaluate the various properties that meet their needs and location preferences. “Because the supply is extremely tight on the market for rental properties, lots of expatriates are looking to find a place before arriving into Singapore,” he says. “So livethere.com aids newcomers and those who are planning to relocate from abroad, both Singaporeans as well as expatriates.”

Another added benefit offered by livethere.com will be Savills Residential leasing agents can help tenants negotiate with landlords, says Loo.

Livethere.com is a livethere.com site was created as a result of Savills reputation as the biggest estate-owned strata-titled property management company in Singapore as per Loo. Therefore, in addition to managing the property, MCST representatives and the residents frequently inquire Savills’ property managers if they could assist in various aspects within the estate he says.

Savills Singapore has close to 600 employees within the property managing team. In addition to the AMS business, which employs more than 1,600 employees, Savills’ total headcount for the property management business in generalwhich encompasses facilities and management management -around 2,200according to his estimates.

“From my point of view, Savills is no longer only a consultancy and transaction firm,” says Loo. “We have evolved into a company that has a solid revenue stream which is augmented by the digitization of the business.”

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On November 12–13, potential customers gathered around the Tenet scale model during the preview weekend

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The Botany at Dairy Farm condo price

Tenet the 6-18 unit executive condo (EC) located on Tampines Street 62 in Tampines North it was revealed on November 12, attracting over 5,000 guests. As per the developers that all appointment slots were taken. The EC is a joint venture between Qingjian Realty, Santarli Realty and Heeton Holdings.

The Botany at Dairy Farm condo price of $347 million, translating to $980 psf per plot ratio (ppr) comes after the tender for the site development was awarded to a renowned developer, Sim Lian Group March last year.

Aimed at first-time buyers as well as upgraders Tenet EC comprises a mix of units. Three-bedroom units are available between 893 to 958 square feet, while three-bedroom luxury units have 930 sq ft. 4 bedroom units begin at 1,098 square feet, and four-bedroom and study units measuring at 1,367 sq feet. Five-bedroom and study units vary in size between 1,561 and 1,572 sq feet.

Around 59% (363 units) of the 618 units are three bedders, and four-bedders account for the remaining 210 units (34%) and five-bedders and the remainder of seven% (45 units).

Three-bedroom study apartments begin at $1.098 million ($1,230 per square foot) and three-bedroom premium units with 980 square feet cost $1.268 million ($1,294 per sq ft). The indicative prices for four-bedroom apartments start at $1.438 million ($1,310 per square foot) 5 bedroom and study-related units are listed at prices starting from $2.078 million ($$1,331 per sq ft). The average indicative price is $1,331 per sq ft.

The development comprises 11 blocks with 15 storeys each. It is developed by award-winning local architect company ADDP Architects, with East 9 Architects & Planners as the interior designer. Ecoplan Asia is the landscape architect. Santarli Realty will be handling the construction of the project and is expected to be completion by the 1st quarter of 2026.

Tenet is Qingjian Realty’s initial project in the east region of Singapore and also the developer’s 8th EC development in Singapore According to Yen Chong the deputy general manager of Qingjian Realty.

‘Mature estate’
Chong anticipates high demands for units in Tenet. Tampines North is located within the Tampines Regional Centre, an established zone. “Tampines North is an established estate, close to both the lifestyle and business centres,” she adds.

Tenet is just a five minute walk from the planned Tampines North MRT Station on the Cross Island Line which is set to be completed by 2030.

The area is also within a 1-km radius of primary schools like Angsana Primary School Elias Park Elementary School, and Park View Primary School. Secondary and tertiary institutions nearby are Dunman Secondary School, St Hilda’s Secondary School, Tampines Junior College, Temasek Polytechnic and Singapore University of Technology and Design. Schools that are international in the area comprise United World College Southeast Asia (East Campus), Overseas Family School and The Japanese School.

Chong anticipates that the project will be very popular with families with kids who are in school. The location in Tampines makes it easily located within a five to 10-minute drive from malls like Tampines Mall Tampines One, Ikea Tampines, Giant Hypermart and Jewel at Changi. In the near future it will also have an additional mall called Pasir Ris Mall.

She also points out the proximity of Tenet to other construction projects as well as economic growth corridors like Paya Lebar New Town, Punggol Digital District and Changi Region will also benefit the growth.

Facilities
Each block has only four units on each floor. The majority of units are equipped with large balconies. Bedrooms are fitted with a curtain wall that allows wide-ranging views. Apartments will be fitted with kitchen fixtures including appliances by Bosch and Franke, with fixtures for bathrooms and sanitaryware from Hansgrohe as well as Roca.

Units are designed to have flex spaces along the hallway which could be converted into a study space or a workspace. The walls between bedrooms could be torn down to create larger spaces. “We create flexible spaces that are able to be changed when family needs change as time passes,” says Chong.

Facilities for the community are scattered across the first and third floors of the building in addition to the top of the multi-storey car park. There is a 50-meter swimming pool, an infinity pool, entertainment area and various function rooms, along with the karaoke space as well as a music room, the piano area, a multi-purpose court half-court basketball, as well as a full-sized tennis court. There’s libraries and peaceful areas within the grounds that those looking for a tranquil space to work or study can go to, according to Chong.

In the near future, residential projects developed from Qingjian Realty include The Arden located on Phoenix Road, off Choa Chu Kang Road and an EC site at Bukit Batok West Avenue 8. Qingjian Realty and Santarli Realty were the winners of the bid of Bukit Batok West EC. Bukit Batok West EEC site in March of this year. They paid an unprecedented price of $662 per sq ft per plot ratio.

EC demand
Tenet’s launch follows on the occasion of the debut of 639 units Copen Grand which is an EC located at Tengah Garden Walk. Copen Grand was launched on Oct 22nd and, up to the present there have been the apartments of 483 (75.6%) have been sold at an average price of $1,337 per sq ft, based upon reservations made by URA Realis.

The most recent EC project that was launched within Tampines included that of the 700 unit Parc Central Residences located at Tampines Street Tampines Street. It was officially launched in January 2021. the project was sold within less than a year at an average cost of $1,174 per square foot in accordance with caveats filed in conjunction with URA Realis.

In spite of the present uncertain financial climate, Chong remains optimistic about the demand for ECs as well as for Tenet. “I think there will be a lot of demand, particularly for Tampines,” she adds.

Chong believes EC prices to be constant, considering the household income of $16,000 per month minimum requirement as well as that the ratio for mortgage service is 30%. Apart from the usual progressive payment plan, EC buyers are also able to select the deferred payments scheme. Buyers do not have to pay an additional stamp duty on the buyer’s behalf as she explains.

Furthermore, second-time homeowners are not required to sell their current HDB flats until they’ve obtained key keys for their brand-new EC units. After that, they will have six months to complete the sale According to Chong.

The sales booking for Tenet is scheduled for Dec 3.

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Regina Lim becomes the Asia research leader of M&G Real Estate Asia

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The Botany at Dairy Farm showflat location

Regina Lim has taken up the new position of director and director of property research Asia at M&G Real Estate. She will be under the supervision of Jing Dong Lai, CEO and CIO of M&G Real Estate Asia.

The Botany at Dairy Farm showflat location is situated close to the city centre and a mere 10-minute walk to Hillview MRT station.

“The inclusion to the team of Regina in the group builds on the momentum that the Asia team has created in the region. Asia continues to attract international investors and we are determined to provide our partners and clients with the best local expertise and capability to make gains and realize them for our clients,” says Lai.

In her new job, Lim will lead and supervise the research team in order to develop investment recommendations for Asia Pacific. Asia Pacific market. She will be working in close collaboration with Lai as well as Jose Pellicer, global head of investment strategy, and Richard Gwilliam, global head of research.

Lim holds more than twenty years experience in the field of real estate. She is a part of JLL where she was the head for strategic advice and research on capital markets for Asia Pacific and Southeast Asia. She also had roles in Standard Chartered Bank, UBS and the URA.

“I am extremely pleased to join M&G as it has built itself up as a reputable and dependable player on the market. Asia Pacific is an exciting region, and one in which M&G is well-positioned with its experience and track record. I am thrilled to be a part in this adventure,” Lim says. Lim.

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The collective sale tender for Sultan Plaza will close on October 26

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The Botany at Dairy Farm Bukit Panjang

Sultan Plaza will end its auction on the 26th of October at 3 pm, according to the marketing agent Teakhwa Real Estate. The commercial site located at 100 Jalan Sultan, off Beach Road, was relaunched for sale by collective auction for a third time on September 9 and had a reserve value of $325 million, less than the reserve of $360 million from the previous round.

The Botany at Dairy Farm Bukit Panjang is a new condo development in the heart of Singapore.

In a September 8 press announcement, Teakhwa Real Estate stated that the closing date of the tender would be decided “only when there is confirmation of interest from potential buyers” or when the owners with an eighty% authority has been granted to sell at a lesser reserve.

At the time of the launch owners with around eighty% of the strata in addition to 72% by value of shares had signed the supplemental agreement that would reduce the reserve price of $360 million down to $325 millions.

The marketing agent has now said that it’s “close to” getting the mandate. “We only need one or two units more to get to the threshold of 80% that will be achieved in the near future,” the firm adds in its Sept. 28 announcement.

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Sim Lim Square a 99-year leasehold tenure from 1983 sits on a land area of 78,152 sq ft

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The Botany at Dairy Farm developer

The owners of the IT as well as electronics shopping mall Sim Lim Square are planning to give the sale an additional chance. A group sale commission (CSC) established at the close of June is looking for a consultant in marketing to assist them in the process.

The Botany at Dairy Farm developer comes after the tender for the site development was awarded to Sim Lian Group.

It will be the owners of the company’s two attempts at conducting a joint sale. The first one was in the year of 2019 and featured the initial price of $1.1 billion. It was unable to secure the required 80% consent from owners for the sale to proceed. This led the CSC to increase it up to $1.25 billion. The auction ended in July, but it did not attract any bids. In the month of December, Sim Lim Square was renewed for sale at the same reserve amount, however it failed to find buyers.

Three years later three years later, the new CSC is aiming for a different outcome in an increasingly buoyant property market that has emerged from the pandemic. “Now since the property market is booming we’re hopeful of an en bloc sale that is successful this time around,” claims Rajesh Bafna who is a CSC member. of the CSC and spokesperson for CSC.

Sim Lim Square was developed by Sim Lim Realty, a affiliate of the Sim Lim Group of Companies. It was opened in 1987. The strata-titled property has 492 commercial units arranged across the building’s six levels as well as two levels of basement. The development is situated on land of 78,152 square feet that is designated for commercial use and has a leasehold tenure of 99 years starting in 1983.

Retail environment that is challenging

The majority of the owners of Sim Lim Square have been there for a long period of time according to Raymond Chua, chairperson of Sim Lim Square’s Management Corporation Strata Title (MCST). “A number of them have their own businesses in their own shops,” he adds. There are currently more than 300 owners who control the 492 units in the development.

Chen Lin, Sim Lim Square’s CSC chairperson, states that the mall is one of the only independent IT centers in Singapore. Over 80% of the stores are focused on technology, offering computer, camera , and mobile phone related products and services. “It’s one stop store for everything digital,” she adds. Other stores include food courts as well as a hair salon and the ability to change money.

Like the other retail spaces The mall was also impacted by the pandemic. Chua states that the mall’s reputation is improving since security measures for managing the disease were relaxed and the border was are now open. The current occupancy is around 80% However, Chua estimates that rents are 10% or 20% below levels prior to the pandemic.

Bafna says that the pandemic caused a surge in online shopping that has had a significant impact on the number of people who visit the mall. “Twenty decades ago, when you went into the shopping mall during a Saturday and needed to take the elevator, you’d need to wait for half an hour waiting to get it since there were hundreds of people. Today, it’s not as it used to be,” he laments. With the tougher retail landscape, Bafna believes that the mall’s owners could be more inclined to part with their property through the planned collective sale. “Many of the owners who are older are also on the brink of retirement, and it’s possible that they’d like to make a profit to fund their retiring years,” he adds.

Connectivity is plentiful

Sim Lim Square’s CSC members think that the primary draw for Sim Lim Square’s site is its closeness in proximity to MRT stations. It is located next to Rochor MRT Station, which is on the Downtown Line, while Bugis, Little India and Bras Basah MRT Stations also are close by, offering an additional route towards those on North-East, East-West and Circle Lines. The site is linked to major highways, including that of East Coast Park Expressway, the Central Expressway as well as the Kallang-Paya-Lebar Expressway along with the Ayer Rajah Expressway.

Because of its proximity, Bafna believes the site has a strong potential for redevelopment. “The potential owner may consider developing the site to create part of an overall development” Bafna says.

Because it’s commercial property The sale is not subject to stamp duty on the buyer which makes both locals as well as foreigners able to buy the property.

As per Tan Hong Boon, executive director of capital markets JLL commercial sites are sought-after by developers as long as they can afford the right price. “As numerous developers are running out of landbanks for residential use, they could decide to look at mixed-use or commercial sites,” he adds.

“The right price”

There have been a number of profitable deals that involved large-scale mixed-use and commercial developments in the last year. The most significant transaction to date is the acquisition of Tanglin Shopping Centre for $868 million or $2,769 per square foot per plot ratio in February to the Tanoto family’s Pacific Eagle Real Estate in February.

In the Bugis Beach Road area the Mixed-use developments Golden Mile Complex was sold in May for $700 million to a group that included Far East Organization, Perennial Holdings and Sino Land.

Sim Lim Square’s owners Sim Lim Square are not the only ones looking at the possibility of a billion-dollar collective sale. The month of September was the time for the launch of International Plaza, situated at Tanjong Pagar, in its first attempt at a collective sale with a reserve value at $2.7 billion. It was later launched again in April, at the same price however, it did not receive any bids.

In August the $1.8 billion attempt to sell the collective property to develop a mixed-use project People’s Park Centre in Chinatown ended without any bids.

According JLL’s Tan, determining the correct price is essential to an en bloc sale, that starts by ensuring that the owners manage their expectations regarding the development’s value. “For an attempt at a collective sale to succeed, the sellers need to be realistic, and determine an amount that is appropriate to the property’s characteristics,” he explains.

To purchase Sim Lim Square, the CSC members have stated that they would be willing to lower the cost, but a precise price has not been set. “We are currently evaluating the possibility of reductions in cost with further advice from the designated marketing advisor,” says Bafna.

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Sim Lim Square seven retail units for sale at $17 mil

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The Botany at Dairy Farm launch

Seven retail units in Sim Lim Square is available for sale by private agreement with a target cost of $17 million.

The property is zoned to Commercial use in the new 2019 URA Master Plan. The property is estimated to have a strata floor of 5,156 square feet. The guide cost is $3,297 per square foot for the area of strata.

The Botany at Dairy Farm launch is a new condo development in the heart of Singapore. This comes after the tender for the site development was awarded to a renowned developer, Sim Lian Group March last year.

It also is licensed as a class one entertainment that permit operating hours of up until 3 am, according to James Wong, head of auction and sales of Huttons Asia, which is marketing the property. He also says that these retail stores are ideal for investors who are savvy and business operators looking for an income from rentals or a suitable location to run their business from.

The apartments are located near an elevator lobby which leads directly to the car park that is located in the basement of the building. They also have 24-hour private air conditioning ventilators as well as exhaust system, high-power infrastructure, and floor traps.

Sim Lim Square is situated along Rochor Canal Road which is next to Rochor MRT Station located on the Downtown Line. It is also 10 minutes walk from Bugis and Little India MRT Stations. Little India and Bugis MRT Stations that also act in the interchange of both the North-East as well as the East-West Lines.

Lee Sze Teck, Huttons Asia’s research director, states that the portfolio offers an average rental yield of 4%. “With an outstanding balance master tenancy that is over five years in the ground investors can anticipate steady rental income for the long term when they purchase this property,” he adds.

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