Read more Looking for Penthouse at Chelsea Gardens for $4.9 mil

Looking for Penthouse at Chelsea Gardens for $4.9 mil

New sales of condos below 500 sq feet rose to 15.1percent this quarter, compared to 13.6percent in Q2 2019. Condos involving 700 sq feet and 1,000 sq feet also increased from 30.3percent to 33.5percent in the same interval

Given their affordable price quantum, smaller condos — or even people measuring under 1,000 square feet (sq feet ) — made up 81.7percent of total new sales from the next quarter of 2019, reported Singapore Business Review mentioning Edmund Tie Research.

The percentage of condo sales measuring less than 500 sq feet rose from 13.6percent in Q2 to 15.1percent in Q3, while people measuring between 700 sq feet and 1,000 sq feet increased from 30.3percent to 33.5 percent. The percentage of all other unit dimensions, however, dropped.

Therefore, there was a larger share of units priced under $1.5 million.

Read more Lodge investment sales in Singapore doubles in volume in order to $828 mil from the year ago

Liang Court site in Clarke Quay to be transformed into blended use advancement with 700 condos

The website includes Liang Court mall, midscale hotel Novotel Singapore Clarke Quay and serviced dwelling Somerset Liang Court Singapore.

Subject to approval by the authorities, the Liang Court site is going to probably be turned into an integrated improvement with total gross floor area (GFA) of 100,263 sq m.

The planned project will include two residential towers that provide about 700 residential units, a commercial component, an”upper midscale” resort with 460 into 475 rooms, and a 192-unit serviced residence using a resort license.

The proposed mixed-use job will start in phases in 2024.

The new resort will be operated under the Moxy brand by Marriott International if it’s finished around 2025, whereas the brand new serviced residence will continue to keep its Somerset branding once it opens from the next half of 2024.

The deal entails CDL Hospitality Trusts (CDLHT) promoting its entire stake in Novotel Singapore Clarke Quay into the 50:50 CDL-CapitaLand joint venture (JV) entities and CDL.

Ascott Reit said it signed up a put-and-call alternative agreement with CDL to market 15,170 sq m of their website’s GFA for about $163.3 million to CDL, and retain 13,034 sq m of GFA.

The residential and commercial components of the new development is going to be possessed by the 50:50 CDL-CapitaLand JV entities, whereas the serviced house is going to likely be possessed by Ascott Reit. CDLHT will have the resort beneath a forward purchase agreement with CDL.

Ascott Reit said in its filing that it is going to utilize its net profits from selling part of its interest in Somerset Liang Court Singapore to create the serviced home, by the retained 13,034 sq m of GFA. Upon conclusion, the estimated job development expense of this brand new serviced residence will likely be about $300 million.

Ascott Reit noted that the present Somerset Liang Court is an ageing serviced dwelling and has been facing competition from newer resorts.

Along with the redevelopment, the consortium will also rejuvenate the river promenade beside the land, in accord with the Urban Redevelopment Authority’s Draft Master Plan 2019 to further enhance the area’s vibrancy.

The promenade’s facelift is forecast to generate social activities around the projected integrated advancement, increase footfall and enhance pedestrian accessibility along the Singapore River.

Inside the Singapore River precinct, CDL possesses Central Mall, an office-and-retail improvement along Magazine Road, while CapitaLand has a stake at the Clarke Quay mall – placed in five blocks of shophouses – throughout CapitaLand Mall Trust and a stake in Park Hotel Clarke Quay through Ascott Reit.

CDLHT is managed by subsidiaries of Millennium & Copthorne Hotels, that’s the resort arm of the CDL group.

Separately, CapitaLand announced on Wednesday that it is selling The Star Vista mall into New Creation Church’s company arm for about $296 million.

Shares of CapitaLand dropped two pennies or 0.5 percent to $3.66 on Wednesday, while CDL ended down 24 cents or two percent at $10.61. Components of Ascott Reit dropped two pennies or 1.5 percent to close at $1.31.

Read more View Avenue South Residence, One Pearl Bank and Riviere Homes

Together with Singles’ Day Nov 11, Qingjian Realty (South Pacific) Group is going to be the primary programmer to provide special rates for a limited number of components.

JadeScape is a redevelopment of the previous Shunfu Ville, which Qingjian Realty purchased en bloc for $638 million in May 2016. When finished in January 2023, JadeScape will feature seven cubes of 21 to 23 storeys. The project sits around the sprawling, 99-year leasehold website of 408,927 sq feet, and can be located in a brief walking distance of this Marymount MRT Station on the Circle Line.

According to Qingjian, the undertaking is going to be the initial residential improvement to adopt a”smart estate management program” as well as brand new smart home devices such as facial recognition at the elevator lobbies; smart dishwashers with ultrasonic fruit and vegetable cleansing capabilities; and a smart heat recovery system that disrupts the heat generated from air-conditioners to heat up water to warm showers.

Recent jobs in Singapore made by the renowned architectural firm comprise One Raffles Place Tower 2; Orchard Gateway, that features a bridge spanning across Orchard Road; and The Rochester, a mixed-use advancement at one-north.

The JadeScape sales gallery is located with Bishan MRT Station and Bishan Bus Interchange Hub (entrance via Bishan Place), and will be available daily from 10am to 7pm.