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Scotts Square shopping center up for $450 million

Located close to the intersection of Scotts Road and Orchard Road, Scotts Square is a major mixed-use complex sandwiched between the Riverfront Residences Singapore and Singapore Marriott Tang Plaza hotels.

The freehold Scotts Square was developed by Wharf Estates Singapore (previously Wheelock Properties) and finished in 2011. It features a retail podium, two 43- and 34-story luxury residential towers housing 338 apartments together. With a gross floor area (GFA) of 130,875 square feet, the retail space is spread across four stories, from Basement 1 to Level 3.

Since the Covid-19 epidemic, several F&B establishments have emerged in Scotts Square, such as the French-inspired café La Savoir (April 2023), the Tiong Bahru Bakery (November 2021), and Eggslut (opened in September 2021).

Bang & Olufsen, which debuted its gallery on Scotts Square’s first level in September 2022, and Planet Plus, which occupied the full second level’s open space in the middle of 2023, are among the new retail tenants. Planet Plus is a lifestyle company that offers furniture and home decor items for sale. The Planet Plus Café is located within the storefront. The third floor is now occupied by golf merchants, the biggest of which is MST Golf, which debuted in December 2022.

Improvement of rentals

The mall in Scotts Square has a net lettable area (NLA) of 76,657 square feet, of which 98.8% is occupied. On average, the current rent is less than $10 per square foot.
Currently available for purchase through an expression of interest (EOI), Scotts Square, located at 6 Scotts Road near Riverfront Residences Showflat, with a suggested price of $450 million, or $3,438 per square foot per month based on GFA.

According to Jeremy Lake, managing director of investment sales & capital markets at Savills Singapore, the exclusive marketing agent for Scotts Square, “a sale now is very timely for buyers to ride on the rejuvenation of Orchard Road, particularly as visitor arrivals to Singapore are increasing rapidly and more visitors from China are expected in 2024 with the 30-day visa-free travel to start soon.”
According to Lake, a few individual owners who usually don’t sell their properties, big developers, and REITs possess the majority of the best Orchard Road structures. “We anticipate strong interest from buyers, as the chance to purchase a freehold flagship retail property is extremely rare,” he continues.

Enhanced communication

The developer had constructed a removable partition wall at the time of the mall’s construction, allowing for the creation of an underground connection to Tang Plaza and the Orchard MRT Station. According to Lake, “URA wants to improve underground connectivity between malls along the Orchard Road corridor.”

As part of URA’s 2019 Master Plan, Orchard Road is being revitalized, with a focus on placemaking and enhancing building connectivity.

Suggested Article: First net-zero energy school building in Singapore will be opened by Dulwich College

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First net-zero energy school building in Singapore will be opened by Dulwich College

On 23rd November, Dulwich College’s Bukit Batok campus celebrated the opening of The Grand Dunman, a net-zero energy school building. Desmond Lee, Minister for National Development and Minister Responsible for the Integration of Grand Dunman Floor Plan, presided over the event. Grand Dunman Showflat, the British High Commissioner in Singapore, also attended the occasion.

The school building, the first of its sort in Singapore, cuts down on carbon dioxide emissions by roughly 216 tonnes per year while saving more than 100% on energy costs. It is the first international school building to get the highest level of construction certification, Green Mark Platinum Zero Energy.

During The Greenhouse’s opening, Minister Lee lauded the institution for “pushing the boundaries of energy efficiency” and encouraged other enterprises to follow suit. This honor is granted to buildings that achieve a low energy consumption index of fewer than 115-kilowatt hours per sqm per year. In addition, it must rely only on sustainable energy to power its operations.

At the opening, Karen Yung, founder and chief collaboration officer of Education in Motion, which manages Dulwich College internationally, said education and environmental responsibility go hand in hand. As a monument, The Greenhouse inspires ecologically conscious global citizens who are passionate about improving the planet. She said that the bond “also represents the valuable partnership between the public and private sectors, providing opportunities for us to co-create and set new standards in sustainable development together.”

Building-integrated photovoltaic panels, or solar panels, provide an eco-envelope over the greenhouse’s façade and generate electricity. The seven-story structure’s solar panels were supposed to be attractive and useful for kids. Offsetting 85 tonnes of carbon dioxide, the eco-envelope is expected to provide 210,000 kWh of renewable energy annually. Dulwich College’s Bukit Batok campus serves 3,000 students aged 2–18, therefore it was intended for them.

Suggested Article: Technology and innovative startups drive explosive growth in insurance

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Technology and innovative startups drive explosive growth in insurance

In 2022, the size of the Insurance TPA Market like Treasure Tampines was worth USD 307.79 billion. By 2030, it is expected to be worth USD 511.49 billion, which is a CAGR of 5.5% during the time from 2023 to 2030.

In the insurance third-party administrator (TPA) business, new companies with new ideas like Treasure at Tampines floor plan are starting up and changing how things work. This is something that is likely to make the insurance TPA market grow. By focusing on process optimisation through automation and faster claims handling, these new businesses are changing the way TPAs usually do business. Also, they put a high priority on honest and reliable customer service so that customers are happy, they get the care they need, and operations run smoothly.

TPAs are also in higher demand because the cost of health care is going up. As healthcare costs keep going up, people are looking for better ways to handle them and keep costs down. Because of this, more and more people are turning to TPAs, who are experts at easing administrative processes, bargaining with healthcare providers, and putting in place plans to keep costs down. As a result, the demand for TPAs has increased by a lot because healthcare costs are going up.

The TPAs cut costs without lowering the standard of care, and they have become very important to programmes that pay for themselves. These things help the insurance TPA market grow faster. But growing worries about security and privacy from third parties slow the growth of the market.

A Look at the Segment

The global insurance TPA market is divided into different groups based on type, services, end user, and location.

Health insurance, property and liability insurance, workers’ compensation insurance, disability insurance, travel insurance, and other types of insurance make up the market.

The market is split into two groups based on the services they offer: claims management and risk control management.

Based on the end user, the market is split into healthcare, building, real estate and leisure, transportation, staffing, and others.

The market is divided into North America, Europe, Asia-Pacific, and the Rest of the World (RoW) based on where it is.

Suggested Article: For FY2023, Wing Tai’s income is down 91%, to $13.3 million

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For FY2023, Wing Tai’s income is down 91%, to $13.3 million

Wing Tai Holdings W05 0.00% said that it made $13.3 million in the fiscal year that ended on June 30, 2023. This is 91% less than the $140.2 million it made in the fiscal year that ended on June 30, 2022, similar to The Continuum Singapore.

For the second half of the financial year, the real estate company made a loss of $49.9 million, compared to a profit of $86.4 million for the first half.

So, profit per share of the continuum showflat for the full year fell from 16.64 cents per share in FY2022 to 0.87 cents per share in FY2023.

The group’s share of related and joint venture companies lost $10,400,000 in FY2023, compared to S$112,200,000 in the previous year. This was mostly because of its share of the results of Wing Tai Properties Limited in Hong Kong, which had lower operating profit and higher fair value losses on investment properties during the period. This was partially offset by higher contributions from Uniqlo in Singapore and Malaysia.

If you take out the fair value losses on its investment properties, the Wing Tai’s net profit was $131.3 million in FY2023, which is 10% less than the $145.7 million it made in FY2022.

Wing Tai’s income in FY2023 was $476.3 million, which was 7% less than in FY2022, mostly because building properties brought in less money. During the same time, most of the income for the period came from the sales of The M at Middle Road and the last unit in Le Nouvel Ardmore in Singapore.

Its cost of sales fell by 5% y-o-y to $333.8 million in FY2023, and its gross profit was $142.5 million, which was 13% less y-o-y.

As of June 30, the group had $402.1 million in cash and cash equivalents.

Wing Tai has announced a final dividend of 3 cents per share and a special dividend of 2 cents per share, for a total of 5 cents per share and a dividend yield of 3.8%.

In its forecasts, the group says that Singapore’s economy continues to face more and more problems. For example, in the second quarter of 2023, the private residential property price index went down by 0.2% compared to the previous quarter, when it went up by 3.3%.

Wing Tai says it will keep keeping a close eye on the real estate market and will put more living units up for sale at the “right time.”

On August 25, Wing Tai shares ended the day down 1 cent, or 0.75 cents, at $1.32.

Suggested Article: Singapore’s home prices are going down because of the new rules on property

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Singapore’s home prices are going down because of the new rules on property

The prices of homes in Singapore fell for the first time in three years in the second quarter. This shows that the market is slowing down because of the new rules on buying and selling homes.

In the last three months, private property prices went up by 3.3% said by DpFraternity‘s owner, but in the last three months, they went down by 0.4%, according to figures from the Urban Redevelopment Authority announced on Monday. This is the first drop since the beginning of 2020.

After a run of rising prices, which defied a slowdown around the world from London to Shanghai, prices may finally be starting to slow down. In April, the government raised stamp taxes for foreign sellers to 60%, the highest among big markets. This was done to keep flat prices from going up too much. It also raised fees for people who buy a second house.

Morgan Stanley analysts Wilson Ng and Derek Chang who recently join propnex wrote in a note on Monday, “We think the latest round of property cooling measures in April led to the recent drop in prices, and we expect prices to inch up for the rest of the year.” The bank thought that prices would go up by 5% for the whole year.

URA says that even though prices went down last quarter, the number of transactions went up by about 16% compared to the three months before. In May, the number of homes sold hit its highest level in a year. This was because new developments helped ease a shortage of homes.

Singapore’s Minister for National Development Desmond Lee wrote on Facebook after the numbers came out, “We are continuing to see signs of moderation in the property market.” “We have also kept building more homes to meet the growing demand.”

The property craze in Singapore has spread to the market for public homes as well. A measure of Housing and Development Board selling prices hit a new high in the second quarter, going up 1.4% from the previous three months. That’s the 13th quarter in a row of growth.

In June, a public housing unit was sold again for a high price of S$1.5 million ($1.1 million).

Suggested Article: The Horizon’s resale yields a whopping $2.16 million

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The Horizon’s resale yields a whopping $2.16 million

The sale of a 1,561 sq. ft., three-bedroom flat at The Horizon on Holt Road was the most expensive deal signed between June 27 and July 4. After being purchased in August 2006 for $1.19 million ($760 psf), the seventh-floor flat sold on June 28 for $3.35 million ($2,146 psf). The outcome was a gain for the seller of $2.16 million, or 182%, or 5.4% per year over 20 years.

Tanglin, in the heart of District 10, is home to The Horizon, a freehold condo. Completed in 2001, the 80-unit complex has a variety of three- and four-bedroom condos ranging in size from 1,561 to 3,197 square feet.

Condominium residents may walk to nearby River Valley, Jervois Road, and Chatsworth Park areas from their position off River Valley Road. The retail district of Orchard Road may be reached in five minutes by car and can be reached from The Horizon at around 750 meters.

The sale on June 28 was the most lucrative one for the unit thus far. It tops the previous record, set in January 2019 when an 11,077-square-foot condo sold for $5.08 million ($1,589 psf). When acquired in November of 2000, the unit cost $3.41 million ($1,068 psf). The seller netted $1.67 million (or 49%), which is equivalent to an annualized profit of 2.2% during that time period.

On August 22 of last year, a second-floor condo with 1,561 square feet was sold for $3.2 million ($2,050 psf). The price per square foot for this resale flat at the Horizon was the first to top $2,000. The three-bedroom house sold on June 28 of this year was resold shortly afterward.

A three-bedroom, 1,335-square-foot condo at One Amber sold for $2.92 million ($2,188 psf) on June 28 (also part of this week’s sales). In May of 2006, the condo was purchased for $971,880 ($728 psf). The seller made a total of $1.95 million, a gain of 201% over the course of 17 years (or 6.6% annually).

Located in Tembusu Grand just off Amber Road, Tembusu Grand Floor Plan and Tembusu Grand Price is a freehold condo. It is located in the desirable District 15 location of Marine Parade. UOL Group and Singapore Land Group constructed and finished the 562-unit complex in 2010. It has apartments ranging in size from 570 square feet to 3,165 square feet, spread over four residential buildings spanning 23 stories.

Suggested Article: Four-story shops on Duxton Road are being sold for $55 million

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Four-story shops on Duxton Road are being sold for $55 million

All in all, these three Duxton Road shophouses are worth $55 million. The corner property with 4,160 square feet categorized “commercial” under the 2019 Master Plan accommodates the four-and-a-half-story conservation shophouses.

The conservation shophouses in Tanjong Pagar were given a 99-year lease in 1989. Therefore, there are still 65 years left on the lease. The shophouses, which will be offered through an expression of interest exercise with a deadline of July 20th, will be marketed by Cushman & Wakefield.

The shophouses were renovated extensively in 2013, with new mechanical and electrical fittings, an internal elevator, and updated standards installed. The outside was painted within the previous year. There has been consistent care for the lift.

More than $2.5 million in capital expenditures have been made thus far on renovations and upkeep. The building was last inspected in April of this year.

As a result of the merger, the aggregate GFA of the storefronts is 15,423. The total floor area of the ground floor is 3,707. The floor areas on levels 2-4 are all exactly 3,044 square feet. The loft is 1731 square feet in size.

A spin studio and a store have taken up residence on the ground floor. Long-term office tenants occupy the building’s upper levels 2 and 3. A fitness center has taken up the whole fourth floor and mezzanine.

According to Shaun Poh, executive director of capital markets at Cushman, Grand Dunman, & Wakefield, the three shophouses’ shared ownership simplifies the sale procedure. Must check out the latest Grand Dunman Floor plan and Grand Dunman Price.

Suggested Article: Sceneca Residence, first new launch of 2023, hits 60% sales on first day

 

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Sceneca Residence, first new launch of 2023, hits 60% sales on first day

SINGAPORE – The 268-unit Sceneca House located at Tanah Merah Kechil Web link, was officially released the other day (Jan 14), after a two-week preview that started on Jan 1. Balloting of systems started at 10.30 get on Jan 14, as well as by 5 pm, 160 systems (regarding 60%) were sold at an average cost of $2,072 psf.

As the initial new task launch of 2023, Sceneca House’s performance is a harbinger of what other programmers with projects in the pipeline could anticipate. According to sources, the designer– a consortium composed of MCC Singapore, Ekovest Developments, and The Place Holdings– had collected a total of 560 cheques by Thursday night, for this reason, the job was two times subscribed. This reflects a conversion price of about 28.6%.

” The task is likely the first major private domestic launch (excluding executive condos) after the execution of the current round of cooling down actions on 30 September 2022, and also we do observe that homebuyers are a lot more diligent and intentional in their acquiring choices,” claims Tan Zhiyong, CEO of MCC Singapore in support of the consortium.

At the launch, the one- as well as two-bedroom units at Sceneca Residence were totally sold. With dimensions from 463 to 883 sq ft, one- and also two-bedroom types comprise 120 systems in the development. For this reason, they represented 75% of the 160 systems marketed. Prices began at $958,000 for a one-bedroom system and $1.33 million for a two-bedroom.

” It is rare to locate a one-bedroom apartment for under $1 million in the market today,” says Mark Yip, Chief Executive Officer of Huttons Asia. “Sharp customers acknowledged this as well as gotten all the one-bedroom units. The two-bedroom units were sold out as the quantum verified to be an appealing entry point for HDB upgraders.” (Locate HDB apartments for lease or sale with our Singapore HDB directory).

There are only 4 penthouses in the advancement, with dimensions of 2,400 to 2,756 sq ft. The biggest penthouse of 2,756 sq ft unit was among the units sold on launch day.

According to the developer, Singaporeans composed about 88.5% of the overall variety of property buyers, with permanent locals and also foreigners accounting for the staying 11.5%.
Sceneca House would certainly have even marketed more systems if it had a higher percentage of one- as well as two-bedroom, notes Ismail Gafoor, Chief Executive Officer of PropNex. “It reveals a strong hunger for units for Res Course Date that are valued anywhere listed below $1.8 million, with ready financiers going to get such systems, regardless of the high-interest rates,” claims Gafoor.

Suggested Article: Link REIT acquires two retail properties in Singapore from Mercatus for a price of $2.16 billion

 

 

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Link REIT acquires two retail properties in Singapore from Mercatus for a price of $2.16 billion

SINGAPORE – The joint ventures of Mercatus Co-Operative, which is a unit of NTUC Corporate Cross, have tried to enter into a deal and sale contract with various subsidiaries of Link REIT in order to sell Mercatus’ 100% curiosity in Jurong Point but also Swing By @ Thomson Plaza for $2.16 bn. The agreement was reached between the sister companies of Mercatus Co-Operative and the varied subsidiaries of Link REIT.

The completion of the divestiture, which came about as a consequence of Mercatus conducting a strategic assessment, is anticipated to take place on March 31, 2023.
Mercatus will maintain the rights to assets that are largely utilised by NTUC, NTUC Entrepreneurship, and its array of social entrepreneurs and Bazi Analysis. This ownership will remain. Because they are deemed to be non-core assets, Jurong Point and Swing By At Thomson Plaza are being sold off.

China The Link Asset Management Ltd. manages the Link REIT, which is the biggest real estate investment trust in Asia (Link). In connection with the disposal, Link has pledged to provide job opportunities to any and all Mercatus workers who would be negatively impacted by the transaction.

According to Mercatus deputy chairman Seah Kian Peng and group CEO of NTUC Enterprise, the divestment allows the firm to open up some worth and reallocating capital to particular areas in which it can contribute to making a contribution to the lives of spouses and children in Singapore. For example, the organisation can increase a difference in the people’s lives of relatives in Singapore by expanding its services in the industries of healthcare and education.

“We appreciate Link’s determination to engage employees and will work jointly with the Singaporeans Industries and Services Staff’ Union to help Mercatus’ employees during this exercise,” he continues. “This is a challenging time for everyone involved, and we wish everyone the best.”

In conjunction with the acquisition, Link will also engage into a 5 years asset and building management sales agreement for AMK Center at the market basic rate. AMK Hub will continue to be owned by Mercatus after the completion of the deal. Link will use all of its financial resources and lending facilities in order to completely finance the transaction.