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\n1st February to 7th February
\nTwo freehold residential redevelopment sites in Gilstead Road changed hands, with Peak Vista, which Kheng Leong Company wholly owns, buying two bungalows for $70 million. Meanwhile, Singapore\u2019s youth want their future living environment to be sustainable with more trees, nature parks and urban-centred greenery.
\n1) Kheng Leong acquires Gilstead Road sites for $70mil
\nGilstead Road saw two freehold residential redevelopment sites change hands, with Peak Vista \u2013 which is wholly owned by Kheng Leong Company \u2013 buying two bungalows with a combined area of 43,457 sq m for $70 million, reported The Business Times (BT).
\nLocated between Newton and Novena MRT stations, the District 11 site is zoned for residential use under the 2019 Master Plan with a plot ratio of 1.4. A back-of-the-envelope calculation by BT indicates that the price works out to around $1,643 per sq ft per plot ratio (psf ppr) inclusive of development charges.
\nAn entity owned by Fission Group Founder Melvin Poh and his brother Jason also purchased an old house in Gilstead Road for $17 million or $1,618 psf based on its 10,504 sq ft land area. Melvin Poh shared that the site will be redeveloped into two bungalows, each with six bedrooms and a swimming pool.
\nThe demand for and prices of landed properties in Singapore saw strong growth in 2021. Year-on-year, landed homes prices climbed 13.3%. Despite the introduction of the Dec 2021 property cooling measures, prices climbed 3.9% quarter-on-quarter, up from the 2.6% growth recorded in Q3 2021. Demand was fuelled by wealth from new-economy sectors like tech.
\nRelated article:\u00a0Who Are Buying Good Class Bungalows (GCBs) in Singapore? (2021)
\n2) Young Singaporeans want greener, more inclusive living environment
\nBishan-Ang Mo Kio Park.
\nSingapore\u2019s youth want their future living environment to be sustainable with more trees, nature parks and urban-centred greenery.
\nThey also want the city-state to be adaptable and resilient by staying up-to-date with technological trends and inclusive by having more facilities that cater to the needs of the differently-abled.
\nThese findings were part of the Urban Redevelopment Authority\u2019s (URA) long-term plan review, in which they engaged over 1,200 youths in partnership with the National Youth Council (NYC).
\nDuring the final youth conversation of the review, the participants discussed \u201chow the creation of a sustainable and high-quality home that fulfils the needs of all Singaporeans, including youth, would require careful deliberation of how land is used and the trade-offs that would take place,\u201d said URA.
\nIn line with the Singapore Green Plan 2030, we can expect more cycling paths and\u00a0\u2018chio\u2019 green gardens and eco-friendly features built into HDB projects. To complement this vision, there is also a push for more MRT stations and lines being built, so that 8 in 10 Singaporeans will\u00a0live\u00a0a 10-minute walk away from the nearest station.
\nRelated article:\u00a0HDB Flats near MRT Stations in Singapore: Exactly How Much More do they Cost? (2021)
\n3) Singapore real estate market to continue recovery in 2022
\nCBRE expects Singapore\u2019s real estate market to continue its recovery in 2022, albeit growth in some sectors may ease, reported Singapore Business Review.
\nThe office sector is among the sectors forecasted to continue expansion, led by the Grade A market within the Core Central Business District (CBD), where rents are anticipated to increase 6.9% to $11.55 per sq ft (psf) per month by end-2022, said CBRE.
\nCBRE also expects the retail sector to register a 1.4% broad-based growth in islandwide prime floor rents in 2H 2022. The investment sector will also see investment volumes grow 10% in 2022.
\nMeanwhile, the upward momentum of the residential sector is expected to taper in 2022 as buyers \u201cre-evaluate their potential buying decisions\u201d following the government\u2019s introduction of its latest cooling measures.
\nWhile the logistics sector will continue to see an upward cycle this year, the pace of its rental growth is expected to ease to 5% in 2022 from 6.5% last year.
\n4) Auction listings up in 2021 amid spike in owner sales<\/p>\n