JCube set to close in Aug, CapitaLand to build JCube Residence 40-storey JCube Condo Residence residential and commercial development in Jurong East, Singapore, connected to multiple amenities; estimated launch for sale in 2nd half of 2023.

to 712 unitsNew home sales in Singapore remained steady in February 2023, with developers selling 432 units, up 9.9% from the previous month. There were 401 new units released, with the majority from Core Central Region (CCR) projects. The Reserve Residences at Jalan Anak Bukit by the joint venture between Far East Organization and Sino Group, as well as other projects, are expected to launch in the coming months which could galvanise more buyers into action. Despite a decrease of 20.3% from February 2022, this marks a second straight month of improvement, following the 130% m-o-m surge recorded in January.The majority of the new home sales in February (51.4%) were driven by CCR projects, …

Four shophouses located in the Little India area of Singapore are up for sale through an expression of interest exercise with a guide price of $23 million. Located on Dunlop Street, Desker Road and with a total gross floor area (GFA) of 3,879 JCube Residence sq ft, the portfolio comprises three conservation shophouses on Dunlop Street, one on Desker Road which has a three-storey property with a GFA of 3,000 sq ft, with a land size of 1,060 sq ft.

The properties, which are all owned by a single owner, are open to being sold as a unit or individually. Lukas Teo, from Shophouse Collective, appointed as the sole marketing agent for the properties, states the three shophouses at Dunlop Street have a guide price of $15 million, which works out to $3,867 psf on the GFA. The shophouse at Desker Road is priced at $7 million, translating to $2,667 …

Ho Bee Land had disposed off its property at 10 Eunos Road 8 in September 2019 for a total consideration of $81 million.

Ho Bee Land announced on March 15 that it had disposed of its properties at 12 Tannery Road and 31 Tannery Lane for a total consideration of $115 million. The properties, known as HB Centre I and HB Centre II, are located off MacPherson Road in District 13.

The group had signed a sale and purchase agreement (SPA) with an unrelated third party on March 7. The purchaser has since paid $11.5 million, or 10% of the total consideration, and the remaining balance will be paid upon the completion JCube Residence of the disposal. The conditions of the disposal were satisfied on March 14, making the transaction unconditional.

The completion of the disposal is expected to take place on or before June 27.

HB Centre I is …

Land sale at Parc Komo fetches top bid of $102.2 mil

Wincove Investment, the wholly-owned subsidiary of Wing Tai Holdings, has won a tender to purchase the freehold Holland Tower site in prime District 10 of Singapore for a total of $76.3 million. Spanning an area of 2,032.6 sqm (21,878.72 sq ft) with a gross floor area of 4,059.05 sqm, the elevated site is located at 10 Holland Heights and is within close proximity to the Singapore Botanic Gardens and the Orchard Road shopping belt.

Tan Hwee Bin, executive director of Wing Tai Holdings, said the site was chosen due its superior location attributes, which include stunning unblocked views of the lush greenery in Holland Park and the Singapore city skyline. He added that the plan for the site is to develop a luxurious and iconic residential development.

The site is located within a five-minute drive or a 15-minute walk …

URA has announced a set of new requirements for developers looking to detect and deter money laundering (ML) and terrorism financing (TF). The Developers (Anti-Money Laundering and Terrorism Financing) Act 2018 has been put into effect, with a Mar 10 circular.

The requirements focus on customer due diligence (CDD) of purchasers, requiring developers to check the purchasers’ identification, understanding the purpose of the purchase to confirm if they are an entity JCube Residence or legal arrangement, understanding the control structure and the nature of the business of the purchaser, and screening purchasers off lists of identified terrorists, terrorist entities and designated individuals.

For select buyers who are prominent public figures in a foreign country, those who come from countries considered high-risk by FATF, or those identified by authorities as having a high ML or TF risk, developers must impose additional CDD requirements. Such requirements include obtaining approval from a senior …

Two residential sites have been launched for sale under the 1H2023 Government Land Sales (GLS) Programme on March 14. The sites comprise a private residential site at Jalan Tembusu and an executive condo (EC) site at Tampines Street 62 (Parcel B).

The Jalan Tembusu site spans 20,572.1 sqm (221,436 sq ft) and has a gross plot ratio of 3.5, with a maximum GFA of 72,003 sqm (775,034 sq ft). It can generate about 840 housing units.

The Tampines Street 62 (Parcel B) site measures 28,000.2 sqm (301,392 sq ft), and has a gross plot ratio of 2.5 or a maximum GFA of 70,001 sqm (753,484 sq ft). It can yield 700 units. The tender for the two land parcels will close on July 18.

OrangeTee & Tie CEO Steven Tan says the Jalan Tembusu site is well-located and close to the upcoming Tanjong Katong MRT Station on the Thomson-East Coast …

The recently-sold unit at Nassim Park Residences is a 4,284 sq ft, four-bedroom unit on the fifth floor in the five-storey block. It was not listed for sale but transacted directly between the buyer and seller without going through the open market.

Recently, a four-bedroom condo at Nassim Park Residences in Singapore changed hands for a record high of $20.5 million, translating to a psf price of $4,785. As per property title searches, Subodh Mithu Chanrai, the youngest son of the Chanrai Summit Group, a family-owned conglomerate, was the buyer.

The unit was originally purchased from the developer in 2009 by an Indonesian for $14 million ($3,268 psf), demonstrating a capital appreciation of $6.5 million over 14 years. This was the fourth instance where a unit in the 100-unit, freehold condo on Nassim Road crossed the $4,000 psf threshold.

Sitting across the street is The Nassim, a 55-unit freehold development. …

V-ZUG has unveiled a range of new products and opened its new flagship showroom at ION Orchard. The Swiss luxury appliances brand’s customer-oriented exhibition area at the second floor of the mall allows shoppers to see the brand’s kitchen and laundry appliances up close.

In a bid to promote sustainability, the brand incorporated a number of green elements into the showroom, including the use of Inalco flooring that consumes fewer resources and a smart LED lighting system. In addition, V-ZUG reused furniture and fixtures from its previous showroom, Zugorama at Scotts Square.

The launch of the showroom on Mar 8 saw the introduction of various new products – the Grand, Combi-Cooktop, Supreme CombiCooler, Supreme Wine Cooler, Cooktop V4000 I904, CombiMiwell and AdoraDish. To illustrate their commitment to quality, V-ZUG has extended the warranty period from two years to a full 10 years on these appliances.

V-ZUG managing director for Singapore …

On March 16, a nursing home located along Sims Avenue will go up for auction with a guide price of $27 million. Knight Frank, the sole marketing agency for the property and its handler, revealed that it will be an owner’s sale.

The spacious building boasts a total floor area of 11,859 sq ft and is situated on a freehold land area of 6,350 sq ft. The property, zoned for health and medical care use in accordance with the 2019 URA Master Plan, is currently being operated by the owners as Charis Manor Nursing Home.

The guide price, based on the total floor area, works out to be about $2,278 psf. Apart from Charis Manor, the owners also run CSM Academy International, a private education institution for healthcare services and caregiver training.

Lock Sau Lai, senior manager, auction & sales at Knight Frank, shared that the owners are seeking for …

Singapore is a “critical” city for the world’s wealthy, according to the latest edition of Knight Frank’s The Wealth Report. In 2022, the city-state saw 121 transactions of super-prime residential properties, costing at least US$10 million as well as 18 ultra-prime deals, amounting to at least US$25 million, placing it sixth for both.

This strong performance in the luxury sector has been echoed in the top 10 cities tracked by Knight Frank, with 1,392 super-prime sales totalling US$26.3 billion and 241 ultra-prime sales amounting to US$9.8 billion. Although this is lower than the record-breaking numbers from 2021, it is still 49% higher than 2019 levels.

New York topped the list for super-prime deals with 244 transactions, followed by Los Angeles (225) and London (223). The three also had the most ultra-prime deals, with New York and London clocking 43 each and Los Angeles 39. Other Asia Pacific cities included Hong …