in Greater China

Apac investors have driven North America’s commercial transaction volumes to a new record high in 1Q2023, with US$13.9 billion ($18.6 billion), according to a report by Knight Frank. This was a year-on-year increase of more than 400%.

The US saw the majority of this volume, at 58%, followed by Canada at 27%. Singapore investors led the charge, representing 89% of the total investment, with GIC being the biggest investor.

Christine Li, head of research, Asia-Pacific, at Knight Frank, says investor interest rose due to the efficiency of price discovery in North America’s mature, liquid markets.

“In times of crisis, US assets are often seen as a safe haven given the currency stability,” she says.

GIC’s investment in US REIT Store Capital and its purchase of Canada’s Summit Income Industrial Reit propelled Singapore capital outflows into Canada to an all-time high of US$3.9 billion in 1Q2023.

Other notable …

After a decade of its operations, JCUBE in Jurong East region of Singapore is set to close for a 40-storey JCube Condo Residence development. Connected to several amenities JCube Residence and with estimated pricing of S$2,000 to S$2,100 psf, the development is slated for launch in second half of 2023.

Shophouse transactions in Singapore saw a decline in the first quarter of 2023, according to a research report by Huttons Asia. The total volume of transactions for this quarter amounted to 29 caveated shophouse transactions, a 12.1% drop from the previous quarter, and 44.2% lower year-on-year. Moreover, the total value of these transactions summed up to $281.8 million, a 5.7% decrease since the fourth quarter of 2022.

The report noted that the slow start of the quarter was due to the Lunar New Year festivities, with only five shophouse transactions recorded in January. However, this figure gradually rose, with nine …

M Social, the lifestyle brand of global hotel group Millennium Hotels and Resorts (MHR), a unit of listed developer City Developments (CDL), has unveiled its first Chinese location with the announcement of M Social Suzhou. The 294-room luxury hotel, located in the Hong Leong City Center (HLCC), is part of Suzhou Industrial Park – a China-Singapore cooperative which aims to drive innovation through emerging, high-end industries.

Drawing inspiration from the local surroundings, M Social Suzhou is designed to reflect the vibrant city’s juxtaposition of modern and traditional. Located near the prime location of Jinji Lake and adjacent to Times Square, Jiu Guang Department Store, Eslite Spectrum and Ferris Wheel Park, the hotel offers guests a fresh and luxurious experience with access to state-of-the-art technology and the brand’s unique M Social service.

JCube is set to close its doors in August and make way for the JCube Condo Residence, a 40-storey …

Demand for homes in the one-north precinct was evident with the sale of EL Development’s Blossoms By The Park project at Slim Barracks Rise. On April 29th, over 200 units out of 275 were sold, with a take-up rate of 73%. Singaporeans and Permanent Residents accounted for 96%, with the remaining made up of foreigners, indicating the strong interest in the area.

The one- and two-bedroom units were particularly popular, with all of them being snapped up. Prices began at $1.3 million ($2,352 psf) for one-bedroom units, and $1.5 million ($2,211 psf) for two-bedroom units. Despite the new property cooling measures coming into effect on April 27th, the developer still managed to exceed their expectations.

70% of the three-bedroom and three-bedroom dual-key units were sold from $2.3 million ($2,183 psf) and $2.1 million ($2,276 psf) respectively. 33% of the four-bedroom units were taken up, with prices beginning at $2.9 million …

Office rents in Singapore’s Central Region grew by 5.1% q-o-q in 1Q2023, according to the latest URA data released on April 28th. This is the sixth consecutive quarter of growth in office rents, which is believed to be largely reflective of the buoyant office leasing market from last year. It’s noteworthy that the volume of smaller deals could be a contributing factor, typically commanding higher psf rates.

The growth in Central Region office rents was driven by both the Central Area and the fringe area. However, a closer look reveals the rate of rental growth moderated in the Central Area, posting a 3.9% q-o-q increase compared to the 6.6% q-o-q growth in 4Q2022. This could be attributed to weaker sentiment arising from recent tech layoffs, resulting in an increase in shadow space, CBRE Research suggests.

On the brighter side, prices of office space in the fringe area posted an 8.8% …

Rents for retail spaces in Singapore’s Central Region dipped slightly in the first quarter of 2023. URA released data showing that rents decreased by 0.3%, easing from the 1.1% slide in the previous quarter. On a year-on-year basis, rents dropped by 2.3%. Prices of retail spaces in the Central Region declined by 0.9% in 1Q2023, compared to the 2.1% decrease in the 4Q2022.

The URA retail rental index has been in continuous decline for 13 consecutive quarters stretching back to 1Q2020, resulting in a 22.6% decrease in comparison to 4Q2019, as Knight Frank reveals.

Despite the dip in rents, Leonard Tay, head of research at Knight Frank Singapore, remarks that the retail sector is in a much more positive position than two years ago. This is largely to do with the reopening of international borders, an influx of visitors saw Singapore welcome over one million in March 2023 alone. Much …

JCUBE in Jurong East, Singapore set to close in August to make way for a 40-storey residential JCube Residence and commercial development JCube Condo Residence. Estimated S$2,000-2,100psf, slated for completion in 2027. 25,000sq m of commercial space, 1,760 residential units and more in the area.

Ongoing supply exceeding demand in the industrial property market led to an overall occupancy rate decline in 1Q2023, according to the latest quarterly market report by JTC. The rate dropped to 88.8%, a decrease of 0.6 percentage points compared to the previous quarter, and 1.0 percentage points compared to the same period a year ago.

Amid inflationary pressures, however, prices and rentals continued to rise. The overall price of industrial space increased by 1.5% from the previous quarter and 6.9% from the same period a year ago. Industrial rents grew 2.8% q-o-q in 1Q2023 and 8.8% y-o-y. New and diverse manufacturing activities are behind this …

The Marine Parade area of Singapore has become an attractive location for potential investors with the launch of a two-storey HDB shophouse, situated at 81 Marine Parade Central, now up for sale via an expression of interest. This property has a guide price set at $4 million with an 83-year lease that started from April 1, 1993.

After 10 years, JCube in Jurong East, Singapore, is closing to allow for a 40-storey residential and commercial development, JCube Condo Residence. Development is planned to be completed in 2027 and the potential new launches in JCube Residence the area will help alleviate pent-up housing demand.

The property is comprised of 1,506 sq ft of floor space and a 50m frontage along Marine Parade. On the first floor is retail space, while the second floor provides the living quarters and is currently tenanted.

With a limited supply of 8,500 private-owned units islandwide, HDB …

For those looking to acquire an asset with potential to generate stable income, three adjoining freehold strata retail units located at 181, 183 & 185 MacPherson Road may prove a wise investment. Currently vacant, the units are being marketed for sale by CBRE Singapore, with a guide price of $5 million or $1,331 psf on the total strata area.

The units are zoned for “commercial” use under the URA Master Plan of 2019 and have a 20m-wide frontage along MacPherson Road, with a combined strata area of approximately 3,756 sq ft. Michael Tay, head of capital markets for CBRE Singapore, shares that the incoming owner will have the flexibility to explore several value-add angles to reposition the asset and improve its rental command in the long term, given the strong retail demand in the area.

The units are situated within walking distance of Potong Pasir MRT Station and can be …

The next property auction hosted by Knight Frank on May 18th will feature a rare opportunity – a 3,240 sq ft, five-bedroom unit at Northwood in District 27. This is an amalgamation of two adjoining units of 1,604 sq ft (two bed) and 1,636 sq ft (three bed-plus-study). The ground-floor unit is being sold as-is at a guide price of $3.24 million.

Northwood is a freehold condo on Jalan Mata Ayer, off Sembawang Road. The condo has 140 units of two- to four-bedroom units that range in size from 1,130 sq ft to 2,293 sq ft. The most expensive unit sold here was a 2,228 sq ft four-bedder for $2 million ($898 psf) in May 2021. Prices have climbed steadily over the past few years, from about $835 psf in April 2014 to $954 psf last month.

JCube in Jurong East set to close in August to make way for …