BUY AND SELL A SINGAPORE PROPERTY FROM THE COMFORT OF YOUR HOUSE

On May 8 this year, the High Court dismissed a lawsuit filed by beauty salon operator Crystal Beauty against property agent Jasmine Xu and her agency, ERA Realty Network. The salon had alleged that Xu and ERA misrepresented the size of a commercial unit the company purchased. Crystal Beauty’s director, Madam Pan Ying, claimed she was misled into buying the unit under the impression that it was larger than it actually was. However, she discovered the discrepancy only after taking possession and commissioning renovation work, when measurements revealed the usable floor space was significantly smaller than expected due to unusual upward-sloping walls in the unit. As a result, Mdm Pan said she was forced to continue operating from her original unit alongside the new one, rather than consolidating her business in a single space. Both units are located at D’Leedon condominium. The salon sought S$591,255.38 in damages, citing fraudulent, negligent, and/or innocent misrepresentation. It also argued that ERA Realty Network was liable as Xu’s employer. The claimed amount included rental costs for the original unit and wages for four employees who continued working there. Background of the Case Crystal Beauty began operations at D’Leedon in 2019, where Xu was a customer. The two women became acquainted as their children attended the same kindergarten. In September 2018, Mdm Pan expressed interest in purchasing the unit opposite her salon to expand the business. Her first attempt fell through due to financing issues. A second effort was made in January 2020, while the unit was still occupied by a clinic. Following negotiations, the asking price was reduced from S$1.57 million to S$1.49 million (excluding GST). The clinic continued to occupy the premises until late 2021, even as the sale went through. Throughout the process, Mdm Pan and Xu relied on information from property portals, as well as a title search, all of which listed the unit’s size as approximately 818 square feet. However, in late 2021, an interior designer hired for renovation work measured the unit and found the actual usable space was just 619 square feet—only marginally more than the 603 square feet of the original unit. The shortfall was attributed to the unusual shape of the property, which featured upward-sloping walls. As Judicial Commissioner Mohamed Faizal explained in his ruling, the title documents and property listings reflected the ceiling area—818 square feet—not the floor area, which is typically the usable space. This configuration is rare and led to a misleading impression of the unit's size. In contrast, Mdm Pan’s original unit had downward-sloping walls, resulting in a larger floor area relative to the ceiling. She argued that the reduced space in the new unit hindered her expansion plans, forcing her to eliminate one treatment room and a planned manicure/pedicure area, and requiring continued use of the original premises. Crystal Beauty also brought claims against three other parties: the seller of the new unit, PLS Holdings; the seller's agent, Eric Kwek; and his agency, PropNex Realty. The case against PLS Holdings was dropped after the company was struck off, while Kwek and PropNex reached a confidential settlement with Crystal Beauty. High Court’s Findings To assess the responsibilities of property agents in such scenarios, the court appointed Adjunct Associate Professor Tay Kah Poh from the National University of Singapore’s Business School as a joint expert.  Judicial Commissioner Faizal concluded that Xu had acted reasonably, performing the standard due diligence expected of an agent, including cross-referencing property data from multiple sources. Given the unusual shape of the unit, he questioned what more Xu could realistically have done. “This case was a perfect storm of rare and unusual circumstances,” said the judge, adding that even the expert, Prof Tay, admitted to never encountering a similar situation. There was no evidence that Xu knew the usable area was less than stated, nor that she made any false representations. The judge also criticized the damages sought by Crystal Beauty as "considerably inflated" and lacking clear proof of actual financial loss. In his concluding remarks, Judicial Commissioner Faizal noted that the disparity between floor space and the listed strata size caught all parties by surprise. He said that in Singapore’s property market—characterized by transparency and consistency—such ambiguities are rare. “Once in a while, a case arises that defies the norm. When it does, the responsibilities of property agents and agencies are put to the test,” he said. “But in this instance, there was little more a diligent agent could have done.” Caveat Emptor Buyers are advised to conduct property research and analysis before purchasing the unit. So that you pay for the recent transacted resale price based on the given floor area. The facing and frontage can affect the footfall of a commercial business. 

City Developments Limited (CDL) has signed a share sale agreement with IOI Properties Group Berhad (IOIPG) to divest its 50.1% stake in the iconic South Beach mixed-use development in Singapore. This transaction, based on a 100% property valuation of S$2.75 billion—approximately 3.0% above its latest valuation of S$2.67 billion (as of 31 December 2024)—will see IOIPG become the sole owner of the development. The sale will be executed through the transfer of shares in the holding company, Scottsdale Properties Pte. Ltd. Based on CDL’s equity share and the consolidated net assets as of 30 April 2025, the sale consideration amounts to approximately S$834.2 million. CDL and IOIPG have been joint venture partners in South Beach since 2011, having co-developed the 3.5-hectare site into one of Singapore’s most recognisable landmarks. Strategically located with direct links to Esplanade and City Hall MRT stations, the development comprises: South Beach Tower: Grade A office space JW Marriott Hotel Singapore South Beach: A 634-room luxury hotel South Beach Avenue & Quarter / NCO Club: Dining and lifestyle venues South Beach Residences: 190 luxury residential units (fully sold as of September 2021) The site, awarded in 2007 via a Government Land Sales (GLS) tender using the two-envelope Concept and Price system, received its Temporary Occupation Permit in 2015/2016. It is held on a 99-year lease that began on 10 December 2007, with around 81 years remaining. The transaction is expected to close by Q3 2025. Upon completion, IOIPG will assume full ownership of the commercial components of the development. This strategic move allows CDL to unlock value from a mature asset, in line with its capital recycling and portfolio optimisation strategies. For IOIPG, the acquisition strengthens its portfolio of recurring income assets, especially in Singapore’s Core Central Region (CCR) and CBD fringe, which continues to evolve. Leadership Commentary Mr Kwek Leng Beng, Executive Chairman of CDL, reflected on the partnership: “South Beach was envisioned as a transformative development, blending modern and sustainable architecture with heritage conservation. It was a privilege to partner with the late Tan Sri Dato' Dr Lee Shin Cheng in creating this landmark. With the asset now mature, this divestment enables CDL to realise significant value while entrusting the future of South Beach to a long-standing and capable partner.” Mr Sherman Kwek, CEO of CDL, added: “This transaction marks a pivotal milestone in CDL’s capital recycling efforts. From securing the land in 2007 to navigating economic headwinds and creating a stabilised, high-performing asset, we have fulfilled our vision. The proceeds will help reduce our gearing and support our continued growth.” Mr Lee Yeow Seng, CEO of IOIPG, said: “South Beach is more than an investment—it represents a landmark achievement for IOIPG. Partnering with CDL and Mr Kwek Leng Beng’s visionary leadership helped shape this development into a world-class icon. This acquisition enhances our presence in Singapore, alongside our other strategic assets such as IOI Central Boulevard Towers and W Singapore – Marina View.” Strategic Expansion for IOIPG With this acquisition, IOIPG’s total net lettable area (NLA) in Singapore rises to 1.8 million sq ft. Across all markets—Malaysia, Singapore, and Xiamen—IOIPG’s property investment portfolio now spans 9.82 million sq ft of NLA, across five malls and six offices. As of 31 March 2025, the Group's total assets, including development and hospitality assets, reached RM47.93 billion. This move aligns with IOIPG’s broader strategy of acquiring premium, income-generating assets in stable, mature markets such as Singapore. Despite global uncertainties, IOIPG remains committed to exploring value-creation opportunities, enhancing its offerings, and strengthening revenue streams as a leading regional property group. Current Performance As of 31 March 2025, South Beach’s commercial components continue to perform well, with committed occupancy rates of 92.4% for office space and 92.5% for retail units. CDL’s Ongoing Presence Following this divestment, CDL retains a substantial portfolio in Singapore, including approximately 2.6 million sq ft of commercial and retail space. It also continues to manage six hotels (2,608 rooms) under its Millennium Hotels and Resorts brand, and owns properties such as The St. Regis Singapore and The Singapore EDITION.

The government is open to reviewing or lifting the 15-month wait-out period imposed on private homeowners looking to purchase public resale HDB flats, once the resale market shows sustained signs of cooling. Minister for National Development Chee Hong Tat made this announcement on Wednesday (May 28), citing a recent slowdown in Housing and Development Board (HDB) resale price growth. "This restriction was implemented as a temporary measure due to concerns over rapidly rising resale HDB prices," said Chee. Introduced in 2022, the wait-out period requires private property owners to wait 15 months before they can buy a non-subsidised HDB resale flat. HDB had earlier stated the policy would be reviewed based on market demand and trends. Recent HDB data shows resale flat prices grew by 1.6% in the last quarter, down from 2.6% in the previous quarter and below the 2024 quarterly average of 2.3%. This represents the slowest price increase since the first quarter of 2024. Chee attributed the previous price hikes to a mismatch between supply and demand. Speaking after a visit to the Toa Payoh Ridge Build-To-Order (BTO) project, he noted that efforts to ramp up supply are beginning to ease price pressures. Former Minister for National Development Desmond Lee had earlier noted that the wait-out policy had curbed speculative demand. From January to September 2022, about 34% of million-dollar HDB flat buyers were private homeowners. After the policy was introduced, that figure dropped to 12% between January and November 2024. Construction delays caused by the Covid-19 pandemic severely impacted the delivery of new BTO flats. A total of 72,101 flats across 92 projects were delayed. As of March 8, 2025, HDB has completed all 75,800 flats affected by the disruptions. These delays, combined with shifting housing preferences, fueled demand for resale flats and pushed prices up. Looking ahead, Chee expressed optimism that the market will stabilise further as more newly built flats reach their five-year minimum occupation period (MOP) starting in 2026. While analysts predict that resale flat prices may stay elevated in the short term—only 6,974 flats are expected to reach MOP in 2025, the lowest number in 11 years—supply is set to rebound significantly to 13,480 units in 2026. “With more MOP flats entering the resale market, along with continued BTO launches, we can expect resale prices to moderate over time,” Chee said. Chee also acknowledged the contributions of his predecessor, Desmond Lee, under whose leadership more than 100,000 new flats were launched between 2021 and 2025. Looking forward, the government aims to construct at least 50,000 more BTO flats over the next three years. In 2025 alone, about 19,000 households are expected to receive the keys to their new homes. Beyond increasing housing supply, the Ministry of National Development (MND) is also focused on enhancing the quality of life in new estates, especially those located further from town centres and key amenities. Chee highlighted ongoing efforts to rejuvenate older HDB towns, including plans to launch the new Silver Upgrading Programme. A few blocks in Toa Payoh will be among the first to benefit, with improvements designed to create more senior-friendly living environments.

Approximately 1,000 Build-to-Order (BTO) flats will be launched for sale in October at the former Keppel Club site, announced National Development Minister Desmond Lee on Thursday (May 15). This upcoming project will include a mix of two-room flexi to four-room units, alongside public rental flats. Located adjacent to Berlayer Creek — an area noted for its rich biodiversity and maritime heritage — the development aims to blend modern living with nature. "Residents can look forward to the conveniences of downtown living, complemented by scenic waterfront views," Mr Lee shared in a Facebook post. "The estate will be thoughtfully designed to respect the area’s ecological value, featuring lush greenery and buildings ranging from 19 to 46 storeys in height." The estate will also include a preschool and a nature-themed playground to serve young families. Landscaped terraces and green corridors will be integrated into the development to support wildlife movement and habitat creation, following recommendations from an environmental impact study and input from nature groups. The Keppel Club site is set to house about 9,000 new homes, with roughly two-thirds designated as Housing and Development Board (HDB) flats. Mr Lee previously stated in April 2022 that the first BTO project on the site would be launched within three years. When asked in 2022 whether the flats at this site would fall under the Prime Location Public Housing (PLH) model, HDB said several factors would be considered, including the site's location and market value. PLH flats come with higher subsidies to maintain affordability, but also carry stricter resale and rental conditions to mitigate windfall gains — often referred to as the “lottery effect.” These include a 10-year minimum occupation period and a subsidy clawback upon resale. New BTO Flats in Toa Payoh Town (West) In addition to the Keppel Club launch, Mr Lee also announced that about 740 new flats in Toa Payoh Town (West) will be available in the July BTO exercise. This new estate will feature amenities such as a preschool, an eating house, and retail shops. "Located conveniently near Caldecott MRT station, residents will also enjoy easy access to a hawker centre and neighbourhood shops," Mr Lee said. According to HDB’s site map, the new flats will be located at the junction of Toa Payoh Rise and Braddell Rise, next to the Lighthouse School. The site is within a five-minute walk from Caldecott MRT and is also near Braddell MRT. These flats are part of the broader July BTO launch, which will offer around 5,400 units across various locations including Bukit Merah, Bukit Panjang, Clementi, Sembawang, Tampines, and Woodlands. Mr Lee emphasized the government’s ongoing commitment to keeping public housing affordable, inclusive, and accessible for all Singaporeans. “By building more homes across the island — including areas close to the city centre — we support families who wish to live nearer to their workplaces or to aging parents in older estates for mutual care and support,” he said. The government aims to launch about 19,600 new homes in 2025.

Singapore government has launched three highly anticipated residential land parcels for sale, setting the stage for major developments in the Bukit Timah, Jurong Lake, and Woodlands regions. Among them is the first residential plot in the rejuvenation of Turf City along Dunearn Road, alongside a prime site in Jurong's Lakeside area and an executive condominium (EC) parcel in Woodlands. These launches, part of the first-half 2025 Government Land Sales (GLS) programme, are expected to draw keen interest from developers, though some may bid more cautiously due to global economic uncertainty stemming from recent U.S. tariffs trade war by President Donald Trump. Key Land Parcels Unveiled The 13,492 sqm Dunearn Road site is poised to yield 380 private homes in the heart of the prestigious Bukit Timah district. The Lakeside Drive parcel, measuring 13,485 sqm, could accommodate up to 575 units, while the 25,207 sqm Woodlands Drive 17 site is designated for an EC project with approximately 420 units. Spotlight on Jurong Lakeside Among the trio, JT Chia, Managing Director at Propertyforsale, predicts the Lakeside Drive site will receive the most attention. He highlighted the plot's strategic location near the Lakeside MRT station and its integrated commercial component, which will provide about 1,000 sqm of retail space in an underserved area. “There is a lack of supermarket and F&B so this new residential launch with commercial could help meet pent-up demand,” said Chia, citing that only 1,114 new private homes have been introduced in the Jurong area over the past two years. With projects like The Lakegarden Residences, J’den and Sora, around 350 units remain unsold. The Lakeside plot could offer a timely supply boost and support the continued growth of the Jurong Lake District. We anticipate up to 8 bids for the plot, with prices ranging from S$1,000 to S$1,200 per square foot per plot ratio (psf ppr).  Revitalising Bukit Timah’s Turf City The Dunearn Road site marks the first step in the long-term transformation of Bukit Timah’s Turf City. With its prime location and proximity to top schools, the last project launched nearby was Fourth Avenue Residences in 2017, which achieved a median price of S$2,406 psf. Top bids for the Dunearn plot are projected to be S$1,300 psf ppr since the 60% Additional Buyer’s Stamp Duty (ABSD) on foreign investment will limit potential buyers to Singaporeans.  Moderate Expectations for Woodlands EC While ECs continue to see strong demand, the Woodlands Drive 17 parcel may attract more tempered bidding. This is due in part to its shared tender closing date with another EC site at Senja Close. Still, the Woodlands EC site has potential due to future developments in the north, such as the Johor Bahru-Singapore Rapid Transit System. Average land costs for ECs reached S$733 psf ppr in 2024, a significant jump from the S$566 psf ppr seen in 2015 for Northwave, the last EC in Woodlands. Tender Closing Dates Lakeside Drive: June 3, 2025 Dunearn Road: June 26, 2025 Woodlands Drive 17: August 5, 2025 With strategic locations, varied housing options, and proximity to key infrastructure, these land parcels are set to shape the next wave of residential development in Singapore’s evolving urban landscape.