{"id":134412,"date":"2023-02-06T06:50:39","date_gmt":"2023-02-05T23:50:39","guid":{"rendered":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/wilkinson-road-bungalow-sold-for-55-5-million-singapore-property-market-braces-for-increased-chinese-demand-and-more\/"},"modified":"2023-02-06T14:57:22","modified_gmt":"2023-02-06T07:57:22","slug":"wilkinson-road-bungalow-sold-for-55-5-million-singapore-property-market-braces-for-increased-chinese-demand-and-more","status":"publish","type":"post","link":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/wilkinson-road-bungalow-sold-for-55-5-million-singapore-property-market-braces-for-increased-chinese-demand-and-more\/","title":{"rendered":"Wilkinson Road Bungalow Sold for $55.5 million, Singapore Property Market Braces for Increased Chinese Demand, and More"},"content":{"rendered":"


\nWilkinson Road Bungalow Sold for $55.5 million, Singapore Property Market Braces for Increased Chinese Demand, and More31st January to 6th February 2023
\nAn old house along Wilkinson Road in District 15 has been sold for $55.5 million, which works out to $2,161 per sq ft (PSF) based on its 25,680 sq ft land area. Meanwhile, China\u2019s reopening has sparked demand for Singapore property, with real estate agencies witnessing more enquiries from mainland Chinese buyers.
\n\u00a0
\n1. Wilkinson Road bungalow sold for $55.5 million
\nSource: Google Maps
\nAn old house along Wilkinson Road in District 15 has been sold for $55.5 million, which works out to $2,161 PSF based on its 25,680 sq ft land area.
\nAgents believe it is the highest land rate fetched within District 15 for a landed housing site of such a large size, reported The Business Times.
\nBoutique property agency Realstar is rumoured to have co-brokered the deal. However, its founder William Wong declined to comment on the agency\u2019s role, saying only that the pricing was \u201con par with that of bungalow sites in prime Districts 10 and 11 (excluding Good Class Bungalow Areas)\u201d.
\nThe property, which is within an area designated for two-storey bungalows, could potentially be subdivided into three smaller plots.
\nHowever, observers suggest the buyer \u2013 Pang Sze Khai, Chairman of Octava Foundation and Executive Director of Octava Pte Ltd \u2013 may redevelop the site for his family\u2019s own occupation.
\nThe sellers, on the other hand, are believed to be members of the Koh family involved in the civil engineering and construction-related businesses.
\n\u00a0<\/p>\n

Singapore property market braces for increased demand from Chinese buyers<\/p>\n

China\u2019s reopening has sparked demand for Singapore property, with real estate agencies witnessing more enquiries from mainland Chinese buyers.
\nOrangeTee & Tie, for instance, noted a 10% to 15% hike in inquiries in January.
\nBloomberg reported that the border reopening also led to a spike in queries about migration.
\nIn fact, investment migration consultant Henley & Partners registered a 600% jump in migration inquiries from Chinese nationals after the reopening announcement.
\nDespite the additional 30% tax\u00a0foreign buyers have to pay on property, ERA Research and Consultancy sees more Chinese moving to Singapore to work, live and invest, primarily due to the \u201callure of Singapore being a safe haven, as well as their preference for real estate as a store of wealth\u201d.
\nHowever, some Chinese buyers are held back by the city-state\u2019s relatively high prices.
\n\u201cFor one house in Singapore, I can buy two houses elsewhere and still have leftover cash,\u201d noted Jeremy Zhang.
\n\u201cSo of course it is not a decision I will rush into without thinking through properly,\u201d said the 27 year-old electronic business owner from Shenzen.
\nRelated article:\u00a0Buyer\u2019s Stamp Duty Guide for Singapore Property Buyers: What It Is and How Much to Pay (Up to 4%)
\n\u00a0<\/p>\n

Rent for 4-room flat in Tiong Bahru hits $6,200 monthly<\/p>\n

Source: Google Maps
\nRental prices for HDB flats have been rapidly increasing, with a 4-room flat in Seng Poh Road, Tiong Bahru being rented out for $6,200 per month, reported Mothership.
\nThis surpassed the $4,600 monthly rent registered for a 4-room flat at 38A Bendemeer Road in October 2022.
\nThe Seng Poh Road unit is 73 years old and spans about 1,200 sq ft, which is sizeable by today\u2019s standards.
\nHDB data showed that the number of 4-room flats that are being rented for more than $4,000 has doubled over the last two months.
\nProperty experts interviewed by Shin Min Daily believe rents will likely remain high due to four major factors \u2013 namely fewer HDB units reaching the Minimum Occupation Period (MOP), high demand for rental, acceptance of higher rental prices and higher bank interest rates.
\nNonetheless, the supply of Build-to-Order (BTO) flats and private rental units are expected to increase in 2023, which could help slow this trend of rising rents.
\nRelated article:\u00a0HDB MOP (Minimum Occupation Period): A Guide for Flat Owners in Singapore (2023)
\n\u00a0<\/p>\n

Chestnut Drive GCB on sale for $38.88 million<\/p>\n

A Good Class Bungalow (GCB) site at Chestnut Drive has been put up for sale via private treaty for $38.88 million, revealed marketing agent PropNex Realty.
\nNotably, a two-storey detached house with an attic and basement is being constructed on the 999-year leasehold site.
\nWith the Temporary Occupation Permit (TOP) set to be obtained in 2024, the new property will feature six en suite bedrooms, a theatre hall, swimming pool, dry and wet kitchen, gym or entertainment area, and a lift.
\nPropNex pointed that the $38.88 guide price translates to around $2,677 PSF based on a 14,526 sq ft land area or around $1,996\u00a0PSF based on the upcoming bungalow\u2019s built-up area of about 19,481 sq ft.
\nSituated within the Chestnut Avenue GCB area, the site is around 600m from the Cashew MRT station and is near various amenities including The Rail Mall, HillV2 mall, Hillion Mall, Junction 10 and Bukit Panjang Plaza.
\n\u00a0<\/p>\n

Orchard Bel Air relaunched for en bloc sale for $587.5 million<\/p>\n

\u00a0
\nOrchard Bel Air, a 99-year leasehold condominium along Orchard Boulevard, has been relaunched for collective sale with a guide price of $587.5 million, revealed sole marketing agent Knight Frank.
\nLocated next to the newly-opened Orchard Boulevard MRT station, the development occupies an 8,651.70 sq m or 93,126 sq ft site that comes with a gross plot ratio of 2.8 under the 2019 Master Plan.
\nKnight Frank noted that the site has the potential \u201cto be redeveloped up to its existing verified gross floor area of 25,668 sq m or approximately 276,298 sq ft at a gross plot ratio of 2.96\u201d.
\nIt pointed that the guide price works out to a land rate of about $2,620 PSF per plot ratio (PSF ppr) after considering an upgrading premium of about $136 million for the lease top-up. This could go lower to about $2,551 PSF ppr after factoring the 7% bonus gross floor area for balconies.
\nThe tender for Orchard Bel Air closes on 1 March 2023.
\n\u00a0<\/p>\n

Construction works for Elias MRT station to start in Q2 2023<\/p>\n

\u00a0
\nThe Land Transport Authority (LTA) has announced that construction works for Elias station and tunnels along the Cross Island Line-Punggol Extension (CPe) are expected to commence in the second quarter of 2023, with service set to start in 2032.
\nThe civil contract for the design and construction of Elias station and tunnels was awarded to a joint venture between CES_SDC and Chip Eng Seng Contractors (1988).
\n\u201cThe contract, valued at around $562 million, completes the appointment of contractors for all four CPe stations,\u201d said LTA.
\nThe 7.3km-long CPe will feature four stations \u2013 namely, Elias, Riviera, Punggol and Pasir Ris \u2013 providing \u201cbetter rail connectivity and greater accessibility for those living in eastern areas such as Pasir Ris and Tampines North as well as north-eastern areas such as Punggol and Sengkang\u201d.
\nLTA expects the CPe to benefit over 40,000 households.
\n\u00a0<\/p>\n

The Tanamera owners gunning for collective sale<\/p>\n

Source: Knight Frank
\nOwners of The Tanamera condominium have joined the en bloc hopefuls, having started the collective sale process in the fourth quarter of 2022.
\nIn fact, the collective sale committee will begin collecting signatures from the requisite 80% of unit owners soon, reported The Business Times.
\nIf a collective sale tender is launched for the 99-year leasehold development, marketing agent Knight Frank expects the reserve price to exceed $500 million, pending finalisation.
\nSituated at Tanah Merah Kechil Road, the 288-unit condominium occupies a 236,778 sq ft site with a gross plot ratio of 2.1 under the 2019 Master Plan.
\nThe Tanamera\u2019s collective sale committee chairman Desmond Teo believe it is an ideal time for them to sell now, \u201cespecially with the success seen at the recent launch of Sceneca Residence\u201d.
\n\u201cWith our decaying tenure, it makes sense for owners to sell sooner rather than later,\u201d said Teo. \u201cWho knows when the chance will come again if we miss it this time round?\u201d
\n\u00a0<\/p>\n

Government files motion reaffirming commitment to keep public housing affordable<\/p>\n

National Development Minister Desmond Lee has submitted a motion in Parliament reaffirming the commitment of the Government to \u201ckeeping public housing affordable and accessible while protecting the interests of both current and future generations of Singaporean\u201d, reported TODAY.
\nThe motion comes in light of growing concerns over the red-hot property market.
\nSenior Minister for State for National Development Sim Ann clarified that this motion is different from the one submitted by Progress Singapore Party (PSP) Non-Constituency MPs Leong Mun Wai and Hazel Poa.
\n\u201cImplicit in the PSP\u2019s motion is the claim that the Government has not done enough to deliver affordable and accessible HDB flats, strengthen the owner-occupation intent of public housing, protect retirement adequacy or keep public housing inclusive. We disagree with this claim,\u201d she said.
\nSeparately, resale condo transactions continued to decline for the third consecutive month in December 2022, with 661 units sold, reported The Business Times.
\nProperty data showed that this was a 14% drop from the previous month and a 49% decline over the same period in 2021.
\nAnalysts attributed the drop in sales to cooling measures and the mismatch between buyers and sellers\u2019 price expectations.
\n\u00a0<\/p>\n

Investment sales drop 1% year-on-year to $24.7bil in 2022<\/p>\n

Real estate investment sales in Singapore dipped 1% to $24.7 billion in 2022 from $24.9 billion in 2021, revealed Savills Research.
\nThe residential sector emerged as the largest contributor, accounting for 49.9% of total investment sales value, despite a sharp 64.4% quarter-on-quarter decline to $1.40 billion in the fourth quarter of 2022.
\nThe office sector, on the other hand, saw investment sales increase 45.8% year-on-year to $7.52 billion in 2022. On a quarterly basis, the commercial sector rose 28.4% to $1.02 billion in Q4 2022, following two consecutive quarterly drops.
\nOverall, total investment sales volume fell to $2.81 billion in Q4 2022 from $4.40 billion in the previous quarter \u2013 the lowest since Q2 2020 when investment sales hit $2.14 billion.
\n\u201cDespite unfavourable economic and interest rate climate, given the openness of the economy and a positive perception of Singapore, total investment sales value should still be afloat in 2023,\u201d said Savills Research Executive Head Alan Cheong.
\nTotal investment sales value for 2023 is forecasted to range between $24 billion and $25 billion.
\n\u00a0<\/p>\n

Guoco Midtown office tower achieves 80% pre-commitment take-up rate<\/p>\n

Source: GuocoLand
\nGuocoLand\u2019s Guoco Midtown office tower saw 80% of its 709,000 sq ft space pre-committed, inclusive of deals in advanced stages of negotiation.
\nSingapore Business Review reported that interested global multinational firms drove the strong take-up rate in the 30-storey Grade A office tower.
\nThe strong take-up has enabled Guoco Midtown to obtain a TOP.
\n\u201cAt Guoco Midtown, we will have tenants from multiple sectors, just as we currently do over at Guoco Tower,\u201d said Valerie Wong, Managing Director of Asset Management at GuocoLand.
\nMeanwhile, GuocoLand CEO Cheng Hsing Yao noted that Guoco Midtown\u2019s phased completion will grow the company\u2019s portfolio of investment properties as well as boost its recurring income.
\n\u201cLike how Guoco Tower transformed and uplifted Tanjong Pagar, Guoco Midtown will in time also do the same for the Beach Road-Bugis area. This will enhance GuocoLand\u2019s track record as an expert in urban rejuvenation,\u201d he said.
\n\u00a0<\/p>\n

Freehold shophouse at Kitchener Road on sale for $12 million<\/p>\n

\u00a0
\nA three-storey freehold shophouse along Kitchener Road has been launched for sale via expression of interest (EOI) with a guide price of $12 million, reported The Business Times.
\nSituated across City Square Mall, the shophouse occupies a 1,440.2 sq ft site that is zoned for commercial use under the 2019 Master Plan with a gross plot ratio of 3.0. The property is currently leased to a restaurant and office.
\nMarketing agents say buyers can potentially increase the property\u2019s floor area to around 4,321 sq ft, with the rear extension built up to six storeys.
\nExperts say that Kitchener Road presents an opportunity for investment and owner-occupiers seeking a well-located freehold F&B shophouse.
\nThe EOI exercise for the shophouse closes on 11 April 2023.
\n
\nSource : proppertyguru.com.sg\/Property Market
\nRead more…Wilkinson Road Bungalow Sold for .5 million, Singapore Property Market Braces for Increased Chinese Demand, and More<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

Wilkinson Road Bungalow Sold for $55.5 million, Singapore Property Market Braces for Increased Chinese Demand,...<\/p>\n","protected":false},"author":1,"featured_media":134413,"comment_status":"false","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"spay_email":"","footnotes":"","jetpack_publicize_message":"","jetpack_is_tweetstorm":false,"jetpack_publicize_feature_enabled":true},"categories":[1],"tags":[],"class_list":["post-134412","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-property-news"],"jetpack_featured_media_url":"https:\/\/i2.wp.com\/www.siamlandbank.com\/propertynews\/wp-content\/uploads\/2023\/02\/singapore-skyline-hdb-flat.jpg?fit=820%2C410&ssl=1","jetpack_publicize_connections":[],"jetpack_sharing_enabled":true,"jetpack_shortlink":"https:\/\/wp.me\/p75ss1-yXW","jetpack-related-posts":[{"id":90738,"url":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/freehold-bungalow-plot-off-meyer-road-up-for-sale\/","url_meta":{"origin":134412,"position":0},"title":"Freehold bungalow plot off Meyer Road up for sale","date":"June 7, 2018","format":false,"excerpt":"\r The 16,160 sq ft site near the upcoming Katong Park MRT station has an asking price of between $22 million and $24 million. (Photo: JLL) A prime bungalow site off Meyer Road in District 15 has been put up for sale by expression of interest (EOI) with an asking\u2026","rel":"","context":"In "Property News"","img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":109518,"url":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/is-this-the-most-expensive-property-transaction-in-singapore-ever\/","url_meta":{"origin":134412,"position":1},"title":"Is this the most expensive property transaction in Singapore ever?","date":"July 31, 2019","format":false,"excerpt":"\r A sprawling Good Class Bungalow (GCB) at 33 Nassim Road has been sold for $230 million, marking a new record in absolute price terms, reported The Business Times. A privately-owned firm controlled by Cheng Wai Keung, chairman of Wing Tai Holdings, and his wife, Helen, sold the 84,543 sq\u2026","rel":"","context":"In "Property News"","img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":122695,"url":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/ok-lims-gcb-at-second-avenue-sold-for-33-39mil\/","url_meta":{"origin":134412,"position":2},"title":"OK Lim\u2019s GCB at Second Avenue sold for $33.39mil","date":"October 20, 2021","format":false,"excerpt":"\r The $33.39 million price tag for the 19,984 sq ft\u00a0Good Class Bungalow translates to $1,671 per sq ft for the freehold property. Source: Google Maps The Good Class Bungalow (GCB) at Second Avenue owned by the founder of collapsed firm Hin Leong, Lim Oon Kuin and his wife Tan\u2026","rel":"","context":"In "Property News"","img":{"alt_text":"","src":"https:\/\/i0.wp.com\/www.siamlandbank.com\/propertynews\/wp-content\/uploads\/2021\/10\/OK-LIM-HIN-LEONG-GCB.jpg?fit=820%2C410&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":120527,"url":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/grab-ceos-wife-acquires-gcb-in-bin-tong-park-for-40mil\/","url_meta":{"origin":134412,"position":3},"title":"Grab CEO\u2019s wife acquires GCB in Bin Tong Park for $40mil","date":"July 12, 2021","format":false,"excerpt":"\r The 21,6327 sq ft Bin Tong Park property, bought for $40 million, is expected to be redeveloped by the couple. Source: Google Maps The wife of Grab Co-founder and CEO Anthony Tan has acquired a property within the Bin Tong Park Good Class Bungalow (GCB) area for $40 million,\u2026","rel":"","context":"In "Property News"","img":{"alt_text":"","src":"https:\/\/i1.wp.com\/www.siamlandbank.com\/propertynews\/wp-content\/uploads\/2021\/07\/GOOD-CLASS-BUNGALOW.jpg?fit=820%2C410&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":109079,"url":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/belmont-road-gcb-to-go-under-the-hammer\/","url_meta":{"origin":134412,"position":4},"title":"Belmont Road GCB to go under the hammer","date":"July 17, 2019","format":false,"excerpt":"\r A Good Class Bungalow (GCB) at 80 Belmont Road is set to be auctioned on 23 July (Tuesday), carrying a guide price of $42 million or around $1,557 per sq ft (psf), reported The Straits Times citing Knight Frank Singapore. Situated near the Holland Village enclave, Sixth Avenue as\u2026","rel":"","context":"In "Property News"","img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":120575,"url":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/secretlab-gaming-chair-ceo-acquires-two-properties-for-51mil-in-a-week\/","url_meta":{"origin":134412,"position":5},"title":"Secretlab gaming chair CEO acquires two properties for $51mil in a week","date":"July 1, 2021","format":false,"excerpt":"\r Secretlab gaming chair CEO acquires two properties for $51mil in a weekThe 28-year-old co-founder of the ergonomic chair retailer acquired a good class bungalow (GCB) on Olive Road for $36 million, as well as a five-bedroom triplex penthouse at Leedon Residence.\u00a0Photo: Google Street View Within a week, gaming chair\u2026","rel":"","context":"In "Property News"","img":{"alt_text":"","src":"https:\/\/i2.wp.com\/www.siamlandbank.com\/propertynews\/wp-content\/uploads\/2021\/07\/27-olive-road-gcb-crop.png?fit=820%2C411&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]}],"_links":{"self":[{"href":"https:\/\/www.siamlandbank.com\/propertynews\/wp-json\/wp\/v2\/posts\/134412"}],"collection":[{"href":"https:\/\/www.siamlandbank.com\/propertynews\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.siamlandbank.com\/propertynews\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.siamlandbank.com\/propertynews\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/www.siamlandbank.com\/propertynews\/wp-json\/wp\/v2\/comments?post=134412"}],"version-history":[{"count":0,"href":"https:\/\/www.siamlandbank.com\/propertynews\/wp-json\/wp\/v2\/posts\/134412\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.siamlandbank.com\/propertynews\/wp-json\/wp\/v2\/media\/134413"}],"wp:attachment":[{"href":"https:\/\/www.siamlandbank.com\/propertynews\/wp-json\/wp\/v2\/media?parent=134412"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.siamlandbank.com\/propertynews\/wp-json\/wp\/v2\/categories?post=134412"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.siamlandbank.com\/propertynews\/wp-json\/wp\/v2\/tags?post=134412"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}