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

The government land sale (GLS) tender for a prime site along Bayshore Road in Singapore closed on March 18, 2025, drawing significant interest from property developers and setting a record land price for a 99-year leasehold site in the suburbs. The plot, located adjacent to Bayshore MRT station and capable of yielding approximately 515 private homes, attracted eight bids, demonstrating developers' confidence in the site's potential and the recovering sentiment in the private housing market. Fierce Bidding and Record Land Price The highest bid of S$658.9 million came from a consortium comprising SingHaiyi Group and Haiyi Holdings, part of the Gordon and Celine Tang business empire. This translates to S$1,388 per square foot per plot ratio (psf ppr), exceeding analysts' expectations of S$1,000 to S$1,400 psf ppr. The competition was intense, with the second-highest bid by Sing Holdings coming in at S$1,377 psf ppr, just 0.8% lower. Other notable bids included City Developments at S$1,308 psf ppr, while the lowest bid of S$1,022 psf ppr came from a partnership between Sim Lian Land and Sim Lian Development. This level of participation is the highest seen in a GLS tender for a private residential site since January 2022, when a plot in Jalan Tembusu also garnered eight bids.  Benchmark Land Price for Suburban Sites At S$1,388 psf ppr, the Bayshore Road site now holds the record for the highest land price achieved for a suburban site at a state tender, surpassing the previous benchmark of S$1,250 psf ppr set in November 2023 for a site in Clementi Avenue 1. The bid even exceeded recent land rates for residential plots in more central regions. For instance, Zion Road Parcels A and B in the Rest of Central Region (RCR) fetched S$1,202 psf ppr and S$1,304 psf ppr, respectively, while Core Central Region (CCR) plots in Holland Drive and River Valley Green (Parcel A) were awarded at S$1,285 psf ppr and S$1,325 psf ppr, respectively. This trend indicates a diminishing price gap between different market segments, with developers placing greater emphasis on site attributes rather than strict regional classifications. Strong Location and Demand Drivers The Bayshore Road site boasts several compelling attributes that contributed to the strong bidding interest: Excellent Connectivity: Located adjacent to Bayshore MRT station on the Thomson-East Coast Line, providing seamless transport links. The site is also near the East Coast Parkway, enhancing accessibility for private vehicle owners. Proximity to Amenities: The site is within 1 km of Temasek Primary School, a sought-after educational institution. Additionally, a future mixed-use development above Bedok South MRT station, just one stop away, will enhance retail and lifestyle offerings. Scenic Views: Certain units in the future development are expected to enjoy waterfront views of East Coast Park, adding to the site’s appeal. Pent-Up Demand: The Bayshore area has seen limited new private housing launches since the 1990s, with Costa Del Sol being the last major project in 2000. This suggests strong demand from HDB upgraders in nearby estates such as Marine Parade and Bedok. The most recent comparable GLS transaction in the area was the 2016 sale of the Siglap Road site, now home to Seaside Residences. That site was awarded at S$858 psf ppr, with its 841 units launching in 2017 and selling out by 2021. Implications for the Market and Future Launch Pricing Property analyst at PropertyForSale predicts that with a land rate of S$1,388 psf ppr, launch prices for the new development could start from S$2,500 psf. The Bayshore precinct is set to become a vibrant waterfront neighborhood, with plans for 10,000 new homes—3,000 private residences and 7,000 HDB flats. The site tendered by the Urban Redevelopment Authority (URA) sits at the western edge of the precinct, near the first two Build-To-Order (BTO) projects, Bayshore Vista and Bayshore Palms, launched in October 2024. Conclusion The overwhelming interest in the Bayshore Road GLS site underscores the site's attractiveness and the broader optimism among developers about Singapore’s private housing market. As the Bayshore precinct develops into a prime residential enclave, future homebuyers can expect high-quality housing options with excellent connectivity and amenities. The record land bid also signals developers’ willingness to invest in well-located sites with strong demand potential, setting the stage for an exciting new chapter in Singapore’s property market.

The 477-unit Lentor Central Residences at Lentor Hills Road recorded an impressive 93.3% take-up rate by Sunday evening (March 9), with 445 units sold at an average price of S$2,200 per square foot (psf). Developers Hong Leong Holdings, GuocoLand, and CSC Land Group noted that the three-bedroom and four-bedroom units were the most sought-after. About 90% of buyers were Singaporeans, with permanent residents and foreigners making up the remaining 10%. Most purchasers were owner-occupiers. The average price at Lentor Central Residences was competitive compared to other Outside Central Region (OCR) projects such as Chuan Park (S$2,579 psf) and Elta in Clementi (S$2,537 psf). The project’s proximity to an MRT station and commercial amenities, along with limited unsold stock in the area, contributed to its strong sales performance. Before this launch, over 90% of the 2,477 units from five previous projects in Lentor Hills had already been sold, demonstrating the sustained demand for mass-market private condominiums. As of early March, only 147 units remained unsold across the earlier Lentor Hills projects, primarily comprising three-bedroom and larger units. The launch of Lentor Central Residences has helped replenish the dwindling supply of new homes in the precinct. Land Acquisition and Pricing The 158,263-square-foot Lentor Central Residences site was acquired at S$982 per square foot per plot ratio (psf ppr), the lowest land rate recorded in the area since the government began selling sites there in 2021. The previous five plots in the estate were transacted at S$985 to S$1,204 psf ppr. Since September 2022, six residential projects with a total of 2,954 units have been launched in Lentor Hills, with 93% of units sold, including the latest sales from Lentor Central Residences. The project’s successful launch weekend sales percentage even outperformed Lentor Modern, an integrated mixed-use development, which achieved an 84% sales rate at launch. Prices at Lentor Central Residences started at: S$975,000 (S$2,106 psf) for one-bedroom units (463 sq ft and up) S$1.388 million (S$2,047 psf) for two-bedroom units (678 sq ft and up) S$1.813 million (S$1,981 psf) for three-bedroom units (915 sq ft and up) S$2.368 million (S$2,000 psf) for four-bedroom units (1,184 sq ft and up) Key Demand Drivers Beyond pricing, the project’s appeal is bolstered by its proximity to Lentor Modern Mall, Lentor MRT Station on the Thomson-East Coast Line, and nearby primary schools such as Anderson Primary, Mayflower Primary, and St. Nicholas Girls’ School. Conclusion The weekend’s strong sales reinforce the continued demand for well-located, competitively priced residential projects in Singapore. Lentor Central Residences’ near sell-out performance underscores the enduring appeal of Lentor Hills, while Aurelle of Tampines’ robust take-up highlights the strong demand for executive condominiums. With supply tightening, future launches in these areas are likely to continue attracting keen interest from homebuyers.

A dramatic conflict has erupted within property giant City Developments Ltd (CDL), as tensions between executive chairman Kwek Leng Beng and his son, group CEO Sherman Kwek, come to the forefront. The power struggle within the Kwek-family controlled company has been simmering for years, culminating in a dramatic showdown. In a statement issued on Wednesday (Feb 26), Kwek Leng Beng, 84, announced that he had filed court papers to address what he described as an "attempted coup" by his son Sherman Kwek, Philip Lee, Wong Ai Ai, and a group of directors acting with them. The elder Kwek accused the group of trying to consolidate control of the board and the company, bypassing corporate governance principles. Following a late-night court hearing, Kwek Leng Beng declared that the alleged lapses in corporate governance at CDL and its subsidiaries had been halted. He stated that two new directors, who were irregularly and hastily appointed on Feb 7, had undertaken not to exercise any powers until further notice from the court. Additionally, the Nominating and Remuneration Committee was suspended from taking any further actions. Kwek Leng Beng emphasized his responsibility to CDL, its shareholders, and its future, stating that he prioritized the interests of all shareholders, not just his family. He acknowledged the difficulty of firing his son, noting that while business mistakes are understandable, circumventing corporate governance laws is unacceptable. In response, Sherman Kwek, 49, expressed his disappointment in a statement, arguing that the chairman and a minority of the CDL board had taken extreme actions over a disagreement about the board's size and composition. He maintained that the recent changes were never intended to oust the chairman. The elder Kwek cited several instances where he believed Sherman Kwek's decisions had put City Developments Ltd in a precarious position, including the group's investment in China developer Sincere Property Group, which resulted in a S$1.9 billion loss in 2020, poor investment decisions in the UK property market, and the consistent underperformance of CDL’s share price since Sherman Kwek assumed leadership in 2018. The power struggle reached a critical point with the sudden cancellation of CDL's FY2024 results briefing on Feb 26 after the company called for a trading halt. Despite the internal turmoil, CDL assured stakeholders that business operations remained fully functional and unaffected, with Sherman Kwek continuing as group CEO until further notice. If the legal action by the elder Kwek is successful, Mr Kwek Eik Sheng, currently group chief operating officer, will serve as interim group CEO should Mr Sherman Kwek be removed.  Mr Kwek Eik Sheng is the son of the late Kwek Leng Joo. Therefore, he is the nephew of Mr Kwek Leng Beng. This high-stakes family feud underscores the challenges of balancing corporate governance with familial loyalty, as the Kweks navigate the complexities of managing one of Singapore's leading property companies. Founding of Hong Leong Group: The Kwek family's business empire began with the founding of Hong Leong Group by Kwek Hong Png in 1941. The conglomerate has core businesses in property development, hotels, financial services, and trade and industry. Acquisition of CDL: In 1972, Hong Leong Group acquired a controlling stake in City Developments Ltd (CDL), which was struggling financially at the time. Under the leadership of Kwek Leng Beng, CDL turned profitable through strategic diversification into investment properties. Expansion into Hospitality: CDL entered the hospitality market with a hotel-buying spree, starting with the acquisition of King's Hotel (now Copthorne King's Hotel Singapore) in 1980. In 1995, CDL acquired the iconic Plaza Hotel New York from Donald Trump and purchased the Copthorne Hotel chain, adding more hotels in the UK, Germany, and France. Key Family Members: Kwek Leng Beng: Executive chairman of Hong Leong Group and CDL. He joined Hong Leong Finance as general manager and director in 1967 and became CDL's managing director in 1974. He succeeded his father as executive chairman of Hong Leong Group by 1990. Sherman Kwek: Son of Kwek Leng Beng and group CEO of CDL. He joined CDL in 2010 and has held senior management roles, including deputy CEO and chief investment officer. Kwek Leng Joo: Brother of Kwek Leng Beng, who joined CDL as a director in 1980 and served as its deputy chairman until his death in 2015. Quek Leng Chan: Cousin of Kwek Leng Beng, who runs the Hong Leong Group in Malaysia. Notable Achievements: CDL's transformation into one of Singapore's leading property players. The acquisition of over 150 hotels worldwide. Kwek Leng Beng's reputation for acquiring valuable assets at bargain prices, such as the Plaza Hotel deal with Saudi prince Al Waleed bin Talal Al Saud. Challenges and Controversies: The group's investment in China developer Sincere Property Group, which led to a S$1.9 billion loss in 2020. Poor investment decisions in the UK property market, contributing to significant financial losses. The consistent underperformance of CDL's share price since Sherman Kwek assumed leadership in 2018. City Development (CDL) Share Price Action When Sherman Kwek began his tenure as group CEO in January 2018, CDL's share price was around S$12. By Tuesday, shares had closed at S$5.12. The company has seen its shares decline by nearly 60% since the start of 2018. Investors do not like uncertainties. Having a clear succession plan reassures shareholders that the company is prepared for leadership changes, which can positively influence the company's stock price and overall market perception.

The Prime flats in Kallang Whampoa emerged as the most sought-after units in February’s Build-to-Order (BTO) sales exercise, with four-room flats in the area attracting over five applicants per unit. As of Monday, February 17, 5 PM, there were 12,431 applications for the 5,032 new flats available in this exercise. The application period concluded at 11:59 PM the same day. Strong Demand for Tanjong Rhu Parc Front Tanjong Rhu Parc Front, the only Prime project in this BTO exercise, received an overwhelming response. A total of 4,232 applications were submitted for the 812 two-room flexi, three-room, and four-room flats available. Among them, four-room flats were the most sought after, with 2,488 applications for just 464 units. Similarly, Stirling Horizon in Queenstown, the sole Plus project in this exercise, garnered significant interest, attracting 2,571 applications for 1,126 units. Four-room flats were again the most in-demand. Prime and Plus flats are distinguished by their attractive locations and enhanced subsidies, ensuring affordability. However, they also come with stricter conditions to mitigate speculative demand. These include a 10-year minimum occupation period (MOP) and a subsidy clawback upon resale. Strong Demand for Two-Room Flexi Flats Among Singles Two-room flexi BTO flats remained highly popular, especially among singles and seniors. More than 4,000 applicants vied for the 1,411 two-room units available. The highest demand came from singles applying for units at Tanjong Rhu Parc Front, where the 261 two-room flexi flats were over 11 times oversubscribed. This surge in demand follows a policy shift in October 2024, which allowed singles to apply for two-room flexi flats in all locations, including mature estates. Analysts note that this has created more opportunities for singles to secure homes in well-connected, amenity-rich areas. Weaker Demand for Standard Flats in Non-Mature Estates In contrast, demand was lower for flats in non-mature estates like Woodlands and Yishun. Woodlands North Verge, the first project in the Woodlands North Coast precinct, saw three-, four-, and five-room flats undersubscribed among first-time applicants. Analysts attribute this to the area's currently limited amenities. Meanwhile, the Chencharu Green and Chencharu Vines projects in Yishun had slightly higher demand. The first-timer application rate for three- and five-room flats was 1.3, while four-room flats had an application rate of one. Overall Application Rates Decline Across all projects, there were 12,400 applicants for the 5,032 flats on offer, resulting in an overall application rate of 2.47 per unit. This marks a significant drop from the October 2024 sales exercise, which saw 35,678 applicants vying for 8,573 flats, with an overall application rate of 4.16. Property analysts highlight the impact of the high demand for the SBF exercise, where over 22,000 applicants competed for 5,590 available flats. Many buyers were drawn to balance flats due to their shorter waiting times. A More Balanced Demand-Supply Situation National Development Minister Desmond Lee noted a more balanced demand-supply dynamic in the BTO market. The overall application rate for first-time families across all flat types was lower compared to previous sales launches and even pre-pandemic levels. The median application rate for three-room and larger BTO flats for first-time families stood at 1.0. First-timer singles, however, continued to show strong interest in two-room flexi flats. The median application rate for three-room and larger Sale of Balance flats (SBF) from first-timer families was 2.5, the lowest in the past three years. This February’s SBF exercise featured the largest offering to date, with 5,590 units up for sale. Resale Market Supply Outlook Minister of National Development, Desmond Lee highlighted that the supply in the resale market remains relatively tight, with fewer flats reaching their MOP due to construction delays caused by the COVID-19 pandemic in 2019 and 2020. However, the situation is expected to improve in the coming years. The number of flats completing their MOP will increase steadily, rising from 8,000 in 2025 to 19,500 in 2028. Why Is Tanjong Rhu Parc Front So Popular? JT Chia, Managing Director at Propertyforsale, attributed the strong demand for Tanjong Rhu Parc Front to its strategic location between the Tanjong Rhu and Katong Park MRT stations and its proximity to the city center. Additionally, many units in this project are likely to offer scenic river views, further boosting its appeal. The announcement of the Kallang Alive Master Plan has heightened interest in the area, he added. Stirling Horizon’s Lower-Than-Expected Demand While Queenstown’s Stirling Horizon received a decent response, its overall application rate was lower than expected. The project attracted fewer applications compared to Holland Vista, the previous BTO launch in Queenstown, which recorded a striking 9.8 applications per four-room unit. In contrast, four-room flats in Stirling Horizon had an application rate of approximately 2.5. Stirling Horizon’s relatively long waiting period of more than four years may have dampened demand. Conclusion The February BTO exercise reflected evolving buyer preferences and a more balanced market. While Prime flats in Tanjong Rhu Parc Front saw overwhelming demand due to their prime location and scenic views, Stirling Horizon’s response was more subdued, likely due to its longer waiting period and competition from previous launches. With the number of flats reaching their MOP set to increase significantly in the coming years, homebuyers can expect a wider range of options in both the BTO and resale markets.

UOL, Singapore Land (SingLand), and CapitaLand Development are set to unveil their latest residential project, Parktown Residence, with previews commencing on Friday, February 7. The highly anticipated development, located in Tampines Avenue 11, will feature prices starting in the range of S$2,100 to S$2,300 per square foot (psf). Project Details and Unit Pricing Parktown Residence is a 99-year leasehold project encompassing 1,193 residential units across 12 blocks. The development includes: Two blocks of six or seven storeys, Eight blocks of 11 storeys, and Two blocks of 12 storeys. The project offers a variety of unit sizes and price points: One-bedroom (plus study) (463 to 506 sq ft): Priced from S$1.07 million (S$2,311 psf) Two-bedroom (592 to 764 sq ft): Starting at S$1.33 million (S$2,246 psf) Three-bedroom (926 to 1,184 sq ft): Priced from S$2.07 million (S$2,235 psf) Four-bedroom (1,335 to 1,496 sq ft): Starting at S$2.85 million (S$2,134 psf) Five-bedroom (1,679 sq ft): Priced from S$3.78 million (S$2,251 psf) The development sits on a substantial 550,000 sq ft site, acquired in a state tender in July 2023 for S$1.21 billion, equating to S$885 per square foot per plot ratio. The project is a 50-50 joint venture between UOL-SingLand and CapitaLand Development. Strategic Location and Connectivity Positioned in District 18, Parktown Residence will enjoy direct connectivity to the upcoming Tampines North MRT station on the Cross Island Line and a nearby bus interchange. The development will also be integrated with retail outlets, food and beverage spaces, a community club, and a hawker centre, ensuring convenience for residents. Anson Lim, UOL’s General Manager for Residential Marketing, emphasized the strategic timing of the launch. “The launch of Parktown Residence is timely, aligning with Singapore’s strong economic rebound in late 2024, which saw growth of 4 per cent. Launching Parktown Residence at the start of the year leverages this momentum as we anticipate continued recovery, supported by improved household incomes and economic stability.” Market Comparison and Prospects Parktown Residence enters the market as the first private residential launch in Tampines since the 2,203-unit Treasure at Tampines by Sim Lian, which debuted in March 2019. During its launch weekend, Treasure at Tampines sold 272 units at an average price of S$1,280 psf. By January 2025, resale prices ranged between S$1,600 psf and S$1,830 psf, while the median price for units sold in the Tampines planning area over the last six months stood at S$1,510 psf, according to URA caveat. With a scheduled booking date of February 22, Parktown Residence is expected to be completed by June 2030. Additionally, Tampines will see another mixed-use development in Tampines Street 94, where a Hoi Hup Realty-Sunway Developments joint venture secured a site in September 2024, outperforming five other bidders. As Tampines continues to evolve into a vibrant residential and commercial hub, Parktown Residence is poised to set a new benchmark for integrated living in Singapore’s eastern region. VVIP Preview and Showroom Location Andy Chia from ERA Realty is an official property agent of Parktown Residence for sale. Reach out to him at +6583239888 to schedule an exclusive preview at the showroom. You can get the Parktown floor plans and site plan from him.