Three-storey conservation shophouse for sale at $18.8 mil

, ,

Read also: The sales activity increased by 25.3% q-o-q to 475 deals led by transactions of multiple-user factory

The sales activity increased by 25.3% q-o-q to 475 deals led by transactions of multiple-user factory

A 999-year leasehold storehouse at 10, Lorong Telok located in the Boat Quay conservation area is available for sale through an expressions of interest for an estimated cost in the range of $18.8 million. Huttons Asia is the exclusive marketing agent for the property.

The property is situated on land of 1,410 square feet that is classified as commercial property. It’s a three-storey storehouse that has an attic and the floor-to-ceiling ceiling height is 4.5m on the first floor. The built-up area is 4,400 square feet.

The shophouse is just a few steps away from Raffles Place MRT Station on the East-West Line and North-South Lines.

The property has F&B authorization for its ground floor, that is currently leased for the F&B operator. Second floor utilized as an office and the third floor and attic are leased to yoga studio.

Jeremy Lim, senior group district director at Huttons Asia, expects the property to receive a significant rate of interest. “Conservation shophouses with leasehold tenure of 999 years or freehold are sought-after because high-net-worth individuals view them as legacy assets which are able to hold their value,” he says.

Many companies and businesses are also opting to work from shophouses located in the most prestigious CBD region, according to Aric Lim director of the group division at Huttons Asia. “Many run their operations from the third or second storeys because they can be more flexible regarding operating hours and leasing agreements” Lim adds.

A lookup of the EdgeProp Research tool shows that the most recent time the property located on Lorong Telok changed hands was in April of 2021. an office building with an size of 1,004 square feet was sold to the value of $11.64 million.

The exercise to express interest is due to close on September 14th at 3pm.

/by

Collective sale has been put up for Telok Blangah House at a lower price

, , ,

Read related article: A six-storey commercial building is to be redevelop with a gross floor area of up to 27,125 sqft

A six-storey commercial building is to be redevelop with a gross floor area of up to 27,125 sqft

Telok Blangah House A mixed-use development that is freehold located at 52 Telok Blangah Road, has been launched for collective sale through public tender at an estimated value of $92 millionless that the original $98million cost at the time it was put for auction in March.

This property has a nine-storey building which is situated on the freehold site that covers 14,841 square feet. It is comprised of 4 levels of units for business, and five levels of apartments for residential use. The site is designated for residential and commercial usage under the new 2019 Master Plan, with an allowed net plot ratio of 3.5. This is equivalent to a maximum permitted Gross Floor Area (GFA) of approximately 51,943 square feet.

The guide price is now working into a land rate of $1,744 per plot proportion (psf ppr) with the bonus GFA for balconies, claims the exclusive market agent SRI Capital Market. SRI states that a development cost of around $2.36 million applies to bonuses on the balcony GFA only. The price guide is based on the property’s permitted gross plot ratio. assuming that 60% percent of the GFA is intended for residential purposes, and 40% is intended for commercial use.

According to SRI Based by the ratio 60/40 the new mixed-use project could be able to house 34 new housing units along with 20,788 square feet in commercial spaces.

Telok Blangah House is situated across the street of VivoCity and is located about 200m of Harbourfront MRT Station on the Circle and North-East Lines. The site is protected by a walkway connecting them to Harbourfront MRT Station.

Low Choon Sin, managing partner of SRI Capital Market, says that the future development of The site is a benefit of the expansion of the Greater Southern Waterfront. “The site, which is situated just across Sentosa is also expected to benefit from the Sentosa Brani Master Plan which aims to direct the development of both islands into a popular tourist destination in the next couple of years,” Low adds.

There are currently 415 condo units that are currently available within the 500m radius around Telok Blangah house, according to an analysis by EdgeProp LandLens. The most recent condo resales transactions within the region (excluding Telok Blangah Home) indicate units sold with an average price of $1,249 and $1,626 per square foot.

The tender process for public tenders to bid on Telok Blangah House will close on September 13 , at 2.30pm.

/by

The sales activity increased by 25.3% q-o-q to 475 deals led by transactions of multiple-user factory

, , ,

The Botany at Dairy Farm brochure

In a real-estate industrial report from Savills Singapore, the local industrial sales in the strata last quarter increased by 28% over the previous quarter to reach an overall 548 transactions. This is the largest q-o-q increase since 3Q2014. consulting firm states.

The Botany at Dairy Farm brochure will provide a new, sustainable lifestyle for those who want to live in the heart of the city yet enjoy a more relaxed way of life.

The rise in sales was driven by transactions involving multi-user factory deals which increased 25.3% q-o-q to 475 deals. Savills states that the majority of the deals took place in two industrial projects -Mega@Woodlands and the West Connect Building. West Connect Building and Mega@Woodlands.

“Transactions in this area are likely to be backed by local SMEs that have acquired ramp-up facilities that meet modern requirements and decent remaining terms to run their own businesses,” says Savills.

The company suggests that a domestic infusion of capital into the industry is possible when the economy in the outside slows as local owners and investors generate demand for prime industrial space and create more capacity to handle new work orders.

Savills expects the rents for multi-user manufacturing spaces to increase by 10% to 12% over the course of 2022.

In the industrial market and in the business park market, prime monthly rents continued to climb in trend, climbing 0.7% q-o-q in 2Q2022 to $5.93 per sq. ft. The data is from the basket of commercial park-zoned properties that are monitored by Savills.

According to the report, this rising trend to the shortage and constant need for commercial parks particularly located in Mapletree Business City, one-north and Labrador top industrial areas.
“The market for logistics and industrial is one of the most durable sub-asset classes within the real estate sector,” says Alan Cheong who is the executive head of research at Singapore.

Even though a decrease in economic activity during 2H2022 was predicted to bring lower industrial rental costs, SMEs’ need to buy more stock has prompted them to expand their space, thereby boosting rents, according to Cheong.

/1 Comment/by

One Pearl Bank is scheduled for completion by the end of next year

, , ,

Read related post: Kartar Apartments redeveloped into a 22-unit of 915 sqft

Kartar Apartments redeveloped into a 22-unit of 915 sqft

The construction of One Pearl Bank is in full swing and expected to be completed by the end of the year. The twin-39-storey 774-unit project located at the highest point in Pearl’s Hill is designed by Serie+Multiply which is a joint venture of British-based Serie Architects and Singapore-based Multiply Architects. The curving façade of the two towers pays tribute to the horseshoe design of the old Pearl Bank Apartments, which was the highest residential building in Singapore at the time it was completed in 1976.

CapitaLand has acquired the 99-year leasehold Pearl Bank Apartments in an arrangement that cost $728 million in February of 2018. The company is currently building a brand new landmark on Pearl’s Hill that will be more tall than the former Pearl Bank Apartments. At 178 meters, One Pearl Bank will be the highest residential tower located in the Outram Chinatown district of Singapore’s Central area of Singapore.

The units start at the second level of towers. It is elevated by 27m above road level, it’s equivalent to the 9th or 10th floor of a typical tower. Because of its high elevation it is guaranteed that units have views. Even the mid-level units located on the 18th floor have panoramic views, according to John Cheong, Huttons’ associate director of the district and project manager in-charge of One Pearl Bank. Cheong was the guest speaker at EdgeProp’s NDP Master Plan Master Class webinar in the Outram area on August 6.

North-facing units will enjoy 180deg views over Clarke Quay and the city skyline and south-facing units will be able to see Sentosa Island and the sea according to Cheong.

One Pearl Bankis located within five minutes of the soon-to-open Outram Park MRT Station. CapitaLand will build an enclosed walkway to protect against the harsh weather. Accessibility will be significantly improved thanks to Outram Park MRT Station designated as an interchange point for 3 MRT routes: North East, East-West and the soon-to-be Thomson-East Coast Line, which is expected to go into operation in the near future.

Along the border with Pearl’s Hill City Park, there will be a brand-new side gate that leads directly into the park. The gate will be secured to ensure that the gate will be only accessible to those who live at One Pearl Bank. One benefit for those who live at One Pearl Bank is that Pearl’s Hill City Park is getting a makeover with adding a kids’ playground as well as social areas.

The most innovative feature is the sky allotment garden concept that CapitaLand introduces in the One Pearl Bank. The bank will have 18 allotment gardens in the sky that will be spread across the two towers on different floors. They will provide more than 200 plots to residents to cultivate their own vegetables, herbs, and fruits. The idea is to foster bonds of community among residents.

Over 500 trees in 35 species and over 135,000 plants, shrubs and flowers will be planted across One Pearl Bank. The greenery is expected to cover up to 60,000 square feet (75%) of the total site area.

CapitaLand is also introducing its “Renovation-Zero concept” which means that new owners can be in the property immediately without the need to make any changes. The kitchen will be fully equipped with a swivel cabinetry and table created in collaboration with Italian business Ernestomeda.

The kitchen appliances are of top quality Swiss manufacturer V-Zug. Kitchen sinks, to bathroom tiles, flooring The materials were chosen due to their longevity and ease of maintenance, according to CapitaLand. The developer has provided LED lighting in all its buildings. The developer has developed”Renovation-Zero Concept”, owners can enjoy their units immediately “Renovation-Zero Concept” owners can relocate immediately or lease out their units at the time of handover without any hassle.

Its completion is scheduled to be completed by the end of 2023 the people who own One Pearl Bank will be able to benefit from the capital gain that comes from URA Master Plan 2019. URA Master Plan 2019, that outlines strategies to rejuvenate and transform central area. Central Area.

It also includes opening the brand new Thomson-East Coast Line, which is located at the entrance of One Pearl Bank; the new Singapore General Hospital (SGH) site, set to become the most prestigious medical center in Singapore as well as The Greater Southern Waterfront, with its 10-km promenade along the coast and the possibility of adding more amenities to the neighborhood. From the Outram zone, Chinatown, the CBD, Orchard Road, Robertson Quay and Tiong Bahru are all within the distance of a few minutes and MRT ride.

Cheong from Huttons expects a potential large rental pool that originates out of Huttons sees a potential strong rental pool coming from the SGH campus within the near future due to the increasing number of medical experts. Before One Pearl Bank, the most recent new development was launched about a decade ago . It was the Dorsett Residences, a 68-unit complex that was launched in October of 2010. All units were purchased within the same day, at an average of $1,800. The project, which is linked with Dorsett Hotel, was completed in 2013.

One Pearl Bank was introduced in July 2019 and has surpassed 85% sold as of today at an average cost of $2,425 per sq ft. The development offers a broad selection of different types of units including studios, one-bedroom units and even four-bedroom sky villas. There are just four basicx sky villas on the 38th level, comprising four bedrooms with sizes of 2 626 sq ft up to 2,788 sq feet. Prices for sky villas start at $8.42 million ($3,206 per square foot).

Studio units start at $1.229 million and one-bedroom units start at $1.664 million Two-bedroom units can go up to $1.917 million. Three-bedders start at $2.866 million, and four-bedders cost at the minimum $3.437 million. Prices start at $2,416 per square foot.

/by

New price high of $3,406 psf for Sky Everton

, , ,

Read more: Undeveloped condominium project with freehold rights with a reserve in the amount of $420million

Undeveloped condominium project with freehold rights with a reserve in the amount of $420million

It was sold as a penthouse with six bedrooms located at Sky Everton fetched a new price per square foot. The 2,228 square foot unit was offered through developer SL Capital — an entity that is a combination of Sustained Land, Ho Lee Group, Kwong Lee Land and Penjuru Capital — for $7.59 million on the 26th of July which amounts to $3,406 per square foot.

Sky Everton is an open-hold development that is situated at Everton Road in District 2. The development consists of a 36-storey building that will accommodate 262 homes. The units are comprised of one-to four-bedroom units which range from 463 sq ft up to 1,345 sq feet. Penthouses are available in four different sizestwo five-bedders that measure 1,819 sq feet and two six-bedders with 2,228 square feet.

The project was announced for sales in June of this year, with over 40% of the units being sold on the weekend of its launch with an average cost of $2,500 per square foot. Based on analysis of EdgeProp Singapore’s research tool the project has had steady sales, and prices have steadily increased up to an average $2,865 per sq ft over the past twelve months, as of August.

The penthouses of three in Sky Everton were sold this year including the penthouse with 2,228 square feet that was sold on the 29. The 2,228 sq feet penthouse was sold on the 31st of March to $7.11 million ($3,189 per square foot) which was the highest price reported by Sky Everton at the time. In addition, one of the two penthouses of 1,819 square feet was sold on January 30 , for $5.69 million ($3,127 per square foot). Sky Everton is within walking distance to the new Cantonment MRT Station on the Circle Line and is scheduled to be completed in 2023.

Another development that is in the pipeline, One Bernam, also witnessed a record psf record after a one-bedroom apartment that was 452 square feet located on 26th Floor was purchased to developer developer at $1.37 million ($3,039 per square foot) on the 25th of July.

One Bernam is an 99-year leasehold mixed-use project situated on Bernam Street located situated off Anson Road in District 2’s Tanjong Pagar area. The development is part of a joint with MCC Land and Hao Yuan Investment. Apart from 351 housing homes, One Bernam comprises a two-storey retail platform comprising 15,726 square feet as well as the first floor is a serviced unit, each with 13 keys.

The residences at One Bernam were made available to the market in May of last year. So far, 121 homes (34%) have an average of $2,467 per square foot according to caveats that were lodged. The units located at One Bernam comprise a mix of one-to three-bedroom unitsthat range in size between 452 and 1,421 sq feet. There are two penthouses with three bedrooms with 1,744 sq ft and 1,948 sq ft The largest penthouse is home to five bedrooms and covers 4,306 square feet. It is situated close to Tanjong Pagar MRT Station on the East-West Line.

In the meantime, One Meyer -the freehold property located in Meyer Place within District 15, which is located on the Marine Parade — saw an all-time low in terms of cost when a 926 square foot 3-bedroom apartment was purchased to a buyer for $2.24 million ($2,419 per square foot) on the 28th of July. It was the final residence at the boutique development of 66 units through Sustained Land, which means it’s 100% sold. The project, which went up on the market in March 2019 was able to sell its units at an average cost of $2,580 per square foot in the last three years.

The units at One Meyer are comprised of smaller one-, two and three-bedroom units that range from 614 to 1,033 square feet. The project, scheduled to be completed in 2023 It is situated just between Katong Park and Katong Park MRT Station on Thomson East Coast Line, set to be completed in 2024.

/by

Demand for property in the city-state last quarter was broad-based

, , ,

Read more: PLP Architecture collaborating with metaverse property platform

PLP Architecture collaborating with metaverse property platform

Investment in commercial real estate in Singapore has increased by 774% year-on-year in 2Q2022 and increase to US$5.6 billion ($7.7 billion) according to a market study from MSCI. The world’s leading market analytics company found that the consumers’ demand in property that is located in city states in the past quarter was broad in nature, with CBD offices being the most popular source of the investment capital , while hotels and shopping centers were not far behind on the investors’ radar.

“Commercial real estate investments in Singapore has been quiet for both of the previous recessions, however 2022 has proved to be the third time lucky by registering an unprecedented level of activity thus far. While the broader regional slowdown has largely been attributable to a fall-off in smaller deals, Singapore’s institutionally-dominated market has shrugged off the macroeconomic headwinds,” says Benjamin Chow, head of asia real assets research at MSCI.

However other regions portion of Asia Pacific market did not perform as well, as the financial and economic environment slowed commercial property deals in the 2Q2022 period, according to MSCI.
The last quarter saw investments in the amount of US$45.1 billion, which represents the equivalent of a 24% decrease compared to the previous. This was primarily due to an increase in the value of the trades of particular properties which reached US$33.1 billion in the quarter, as compared the average figure of $40 billion in 2021.

The company also stated that the number deal makers and buyers in the area decreased and this suggests that the liquidity of the region is suffering. “The increase in interest rates has had a negative impact on the activity of deals in a variety of the core markets. The rising cost of borrowing has made it difficult for smaller buyers to buy and this is evident in deal values with less than $50 million were the lowest in all activity measures,” says Chow.

Sector-wise the industrial properties performed the worst in the in the last quarter, with transaction volumes falling to 62% from a year ago in the range of US$7.2 billion. MSCI reports that yield spreads in the industrial sector have been squeezed because of rising borrowing costs.

The office industry reported investment deals of US$22.2 billion in the 2Q2022 9% growth y-o-y, while retail investment saw 30% reduction in value compared up to US$9.6 billion.

/by

Emerald Hill sold for $3.4 mil profit for a 4-bedroom unit

, , ,

Read related article: 22 luxury apartments at Draycott Eight were sold to an Indonesian family for $168 million

22 luxury apartments at Draycott Eight were sold to an Indonesian family for $168 million

Penthouses and large four-bedroom apartments in prime areas led the way on the leaderboard of the most profitable as well as unprofitable transactions over the two weeks between July 12 and 26. The deal that brought the largest price gain was the largest unit in the Top Ten the eleven-unit, six-storey freehold apartment block on Emerald Hill Road, built in 1978.

The 3,143 square foot four-bedroom penthouse located at Top Ten changed hands for $5.19 million ($1,650 per square foot) in accordance with an agreement on 19 July. The property was bought at $1.75 million ($557 per sq ft) in the month of August 1999. This is an annual capital profit in the amount of $3.44 million or 193% following a 23-year ownership period.

Top Ten Apartment Block Top Ten apartments are located in The building is located at 134 Emerald Hill Road, amid the historic shophouses that are located along Emerald Hill Road, just from Orchard Road on one side and Cairnhill Road on the other. The development is situated within District 9’s prime area.

The second most profitable deal from July 12 to 26 , was situated in the Shelford. The purchase included a 2174 square 4 ft penthouse with four bedrooms situated on the top floor on one of the building’s five-storey blocks. The penthouse was purchased 13 years ago at $1.93 million ($888 per sq ft) It was recently transferred ownership to the value of $4.15 million ($1,909 per square foot). For the seller, this is a profit in the amount of $2.22 million.

The 215-unit freehold condominium, which is located at Shelford Road in prime District 11 It was designed by CapitaLand and was completed in 2005. It is a favorite among families with children who attend school due to its proximity to schools, including Anglo-Chinese Schools (Junior) as well as Saint Margaret’s Secondary School the Anglo Chinese School (Primary) as well as Raffles Girls’ Primary School.

However, the least profitable deal involved a $7503 square feet, five-bedroom penthouse in the Arcadia. The penthouse has recently sold to the value of $7.7 million ($1,026 per square foot) in accordance with an agreement signed on the 14th of July. The penthouse was bought on August 10, 2010 and cost $10 million ($1,333 per sq ft) that is an $2.3 million profit over the 12 year holding period.

The Arcadia is a condominium with a 10 storey project with only 164 units. Three-bedroom units range from 3,466 to 3,735 square feet, while four-bedroom units range between 3,714 and 4,672 sq feet. In contrast, penthouses have 7,503 sq ftand five-bedroom simplexes. The 99-year leasehold condominium has an agreement from 1979 which was then being completed in 1983.

The development is situated at Arcadia Road, off Adam Road in the District 11’s prime area.
In the meantime, the second-most unprofitable purchase was the freehold, 70-unit CityVista Residences. It is located in Peck Hay Road, just from Clemenceau Avenue in prime District 9. The 20-story condominium block was built in 2010.

The most recent sale included a 2 626 square feet, four-bedroom apartment on the 12th floor . The unit was auctioned off at $4.95 million ($1,885 per square foot) on the 19th of July. The unit was purchased at $6.83 million ($2,600 per square foot) at the height of the previous property growth in the year 2007. Thus, the seller noticed the value of the property decreased in the amount of $1.88 million.

/by

Construction commodity volatility in Singapore combined with alternative methodologies

, , ,

Read also: Shophouse at 266 Joo Chiat Road corner for sale at $16.88 mil

Shophouse at 266 Joo Chiat Road corner for sale at $16.88 mil

According to a report on commodities from the global construction firm Linesight Construction commodity prices in Singapore are beginning to show signs of slowing down throughout the remainder of the year.

The cost of building materials in the local construction sector are likely to be affected by the geopolitical turmoil the price increases which will occur later in the year will expected to be “modest” according to the consultancy predicts.

The construction industry in Singapore could witness an estimated 5.7% growth in real values for the entire period of 2022. Contracts for construction awarded in the coming year are expected to be the primary factor behind this projected growth in the years ahead and will be supported by investments in residential, transportation renewables, manufacturing, says Michael Murphy, director of Linesight Singapore.

“The global geopolitical situation can impact (the construction commodity market) which will result in the price of materials to remain volatile in addition to high energy costs, and supply chain challenges and posing risks for the downside,” says Murphy.

For instance, Linesight expects steel prices to rise because of disruptions in supply, increased cost of inputs, and rising demand from industries that consume steel. The global supply of steel has been in decline due to the Ukraine-Russia conflict, both countries being the primary iron and steel producers. The cost of flat steel and steel rebar are expected to rise to 1.5% this quarter.

Although Covid-lockdowns in China have slowed some need for copper the prices of the metal are likely to be volatile because of the general decline in expectations for global economic growth. “In light of the uncertain outlook for economic growth the prices will remain volatile during the next months,” says Linesight.

The company anticipates copper prices to decline by around 13% this quarter, but it believes that investment in the electric automobile and renewable energy sectors will boost demand for copper over the long run.

In the meantime, lumber prices are likely to remain fairly high throughout this year. This is fueled in part by an increase in residential construction as well as global supply demand.

“Looking ahead we expect the levelling of costs for supply as well as a rise in demand for alternative construction techniques like modular construction will create a highly busy construction industry during the second quarter of 2022 and through 2023.” states Murphy.

Linesight is encouraging its clients to take an approach that is more strategic to procurement over the next few months, to minimize the risk that are associated with supply chain issues as well as the rise in commodity prices and logistical challenges.

/by

A six-storey commercial building is to be redevelop with a gross floor area of up to 27,125 sqft

, , ,

The Botany at Dairy Farm floor plan

A group of six freehold shophouses along Serangoon Road will be offered for sale in a group with a price guide of $63 million. It will be an auction on August 2. The properties are being marketed through PropNex Realty.

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

The six adjacent properties comprise 322 and 332 Serangoon Road in District 8. The two-storey shops are situated near the intersection with Serangoon Road and Kitchener Road and have double street frontage on both roads.

The building is situated on a 9,042 square foot site which is designated for commercial use and has an average plot ratio of 3.0 according to the most recent Master Plan. This means that the new owner can choose to transform the site to create a six-storey commercial building that has an gross floor space of 27125 sq ft According to PropNex.

The shophouses are located next to Centrium Square and face City Square Mall. The developments in the vicinity include retail centers like Mustafa Centre and hotels like Parkroyal located on Kitchener Road and Holiday Inn Singapore Little India and Little India, in addition to Farrer Park Hospital.

Farrer Park MRT Station on the North-East Line is less than 200m away from the row of shops.

In the release issued by PropNex Realty, the ground-floor shophouse units are currently leased to a variety of F&B operators and the second floor units are leased out to public entertainment companies.

“We anticipate that the shophouse portfolio to draw a lot of attention since it’s rare to locate freehold commercial assets with high visibility, a large pedestrian population and are close of an MRT station.” states Tracy Goh the director of investment and selling at PropNex.

She says these characteristics will help support the rental as well as the capital value appreciation for these properties. “Foreigners who are high net-worth as well as family office owners will appreciate this asset due to the fact that buyer’s stamp duty as well as seller’s stamp duty is not applicable in commercial properties,” she says.

The auction on this group of properties is due on September 9.

/1 Comment/by

Kartar Apartments redeveloped into a 22-unit of 915 sqft

, ,

The Botany at Dairy Farm Bukit Panjang price

A four-storey apartment block on the corner of 41 and 43 Thomson Road has been put on the market by private treaty, with an asking cost in the region of $18.5 million. The property is advertised by property consulting firm Delasa.

The Botany at Dairy Farm Bukit Panjang price of $347 million, translating to $980 psf per plot ratio (ppr).

As per a press statement issued by the agent for marketing the building’s freehold is being offered for sale by a family-owned business that developed the project, Kartar Apartments, in the 1980s.

The property is located on a 7,300 square feet plot with an area of gross floor (GFA) 8300 square feet. The asking price is an average land value of $917 per sq ft per plot ratio, which includes development costs, according to Delasa. “At this rate the developer might expect to achieve a break-even at about $1,800 per square foot subject to approvals by officials,” declares Karamjit Singh who is the director of Delasa.

The site is classified as “residential” according to the most recent Master Plan with an allowable plot ratio of 2.8. This would result in a possible GFA of 20,400 square feet subject to approval.

The building is situated about 300m away from United Square Shopping Mall and is also near to Novena MRT Station on the North-South Line.

As per the news release, this property was initially listed for sale in the month of November 2021 at a cost of $18 million. The buyer initially opted to exercise the option of buying the property in the month of November however, they were unable to finish the transaction due to financial issues.

“In the course of proceedings the buyer received an advisory of the Urban Redevelopment Authority in response to a pro forma permission application for the redevelopment of the site into a serviced apartments development.” Singh explains. Singh.

He says this will make the opportunities to redevelop the site more appealing for developers or investors who want to profit on the highly competitive rental market. This site could be developed into an apartment building comprising 22 units that have the average size of 915 square feet, Singh says. Singh.

/1 Comment/by