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The Ministry of National Development (MND) has announced revisions to the Additional Buyer’s Stamp Duty (ABSD) regime for licensed housing developers, which will take effect on March 6. As part of the revisions, the ABSD remission timeline for developers undertaking complex projects will be extended from six to twelve months. This move aims to incentivize developers to take on urban transformation developments, maximize land use through intensification or integration, rejuvenate older estates, or adopt new construction technologies.

Under the new policy, the ABSD remission timeline for developers purchasing residential redevelopment sites will be extended from six to twelve months. This applies to projects that meet certain criteria, such as en bloc redevelopments yielding at least 700 units upon completion, or those with at least 1.5 times the number of homes of the existing development. Other projects that will qualify for the extension include those with complex technical or instructional requirements, such as those integrated with major public transport facilities.

Additionally, the policy will also apply to projects approved under the Strategic Development Incentive (SDI) scheme and those aiming to achieve higher productivity targets through the adoption of new construction technologies, methodologies, or practices. Projects falling under any of these four …

into Singapore

The Land Transport Authority is currently conducting feasibility studies for two new MRT lines. These lines are scheduled for completion in the 2040s and are expected to serve more than 400,000 households.

One of the proposed MRT lines, the Seletar Line, aims to serve areas such as Woodlands, Sembawang, Sengkang West, Serangoon North, Whampoa, Kallang, and the Greater Southern Waterfront. The second line, tentatively named the Tengah Line, will supplement the transport network in the west and northwest regions and is set to serve areas including Tengah, Bukit Batok, Queensway, and Bukit Merah.

According to Transport Minister Chee Hong Tat’s speech on March 5, the Seletar Line and Tengah Line may potentially be connected, depending on the outcome of the feasibility studies. Minister Chee also announced the Land Transport Authority’s plan to extend the Jurong Region Line to connect with the Circle Line and Cross Island Line. This West Coast Extension (WCE) will be carried out in two phases, with the first phase connecting the Jurong Region Line to the Cross Island Line by the late 2030s and the second phase connecting it to the Circle Line’s Kent Ridge Station by the early 2040s.

Upon completion, the WCE …

Elias Green, a 99-year leasehold condominium located in the popular Pasir Ris neighborhood, is set to be put up for collective sale through public tender starting on March 6. The exclusive marketing agent for the development, ERA Realty Network, has announced that the property is expected to fetch a guide price of $928 million.

Built in 1994, the sprawling property spans over 516,871 square feet and is zoned for residential use with a gross plot ratio of 1.4. The condominium comprises several blocks and is home to 419 units of varying sizes ranging from 1,367 to 1,636 square feet. The lease of the land expires in 99 years from 1991, leaving a remaining lease of 65 years.

Elias Green (Picture: EdgeProp LandLens)

ERA Realty Network has shared that the guide price of $928 million translates to a land rate of $1,355 per square foot per plot ratio (ppr). This figure takes into account an estimated land betterment charge of $150.8 million for intensification, as well as a top-up to a fresh 99-year lease. It also includes a 10% bonus gross floor area.

In addition, it has been revealed that the owners of Elias Green are currently in the process of …

The tender for Parcel A at Media Circle, a prime government land sale (GLS) site located in the bustling one-north area, closed on March 4. The top bid of $315 million was submitted by a consortium comprising Qingjian Realty, Forsea Holdings, and Hoovasun Holding for the 99-year leasehold site, which has been zoned for residential use with commercial space on the first level.

The successful bid by the Qingjian-Forsea consortium translates to a land rate of $1,037 per square foot per plot ratio (psf ppr) for the 82,125 square foot site. It has the potential to yield around 325 housing units, with a maximum gross floor area of 303,865 square feet. According to a press statement by Qingjian and Forsea, the development will comprise of two high-rise residential towers with commercial spaces on the first level.

The site attracted a total of three bids, with the Qingjian-Forsea consortium’s bid being 5.7% higher than EL Development’s next bid of $298 million or $981 psf ppr. The lowest bid of $295 million or $971 psf ppr was submitted by SingHaiyi Group.

However, the top bid by Qingjian-Forsea is lower than the land rate paid for a neighboring Media Circle GLS site by …

HPL, a property and hotel company, is making strides in expanding its global presence through the purchase of InterContinental Auckland for NZ$180 million ($138.5 million). This acquisition marks the group’s first venture into New Zealand and its second InterContinental hotel purchase, following the InterContinental Maldives Maamunagau Resort.

According to JLL’s Asia Pacific Hotels & Hospitality Group, the off-market deal is the largest single hotel sale in New Zealand to date. The sale was facilitated by Precinct Properties, a New Zealand-based company. This purchase is part of HPL’s efforts to broaden its luxury hospitality portfolio in key markets across the Asia Pacific region. This is supported by the group’s experienced hospitality management team and strong partnerships with operators such as IHG Hotels & Resorts.

“We are excited about the opportunity to acquire our first premium asset in New Zealand through the InterContinental Auckland purchase,” says Stephen Lau, chairman of HPL Hotels and Resorts. The property is situated within the bustling NZ$1 billion Commercial Bay lifestyle precinct, which opened in January 2024. The hotel rooms offer stunning views of Waitematā Harbour, making it a desirable location for guests.

Currently, the hotel has 139 rooms, but it has the potential to expand to …

In the second half of 2024, institutional investments in real estate in the Asia Pacific (Apac) region reached US$83.2 billion ($112 billion), representing a 6% increase from the previous year, according to a report by Colliers. This brought the total investments for the whole of 2024 to US$155.9 billion, marking a 12% year-on-year growth. The figures cover the top nine markets in the region, including Australia, Mainland China, Hong Kong, India, Japan, Singapore, South Korea, New Zealand, and Taiwan.

This rise in investments demonstrates the resilience of the Apac real estate market and sets the stage for a strong 2025, says Chris Pilgrim, managing director of global capital markets, Asia Pacific at Colliers. He also notes that domestic investors have been the driving force behind the growth in markets such as South Korea, Taiwan, and New Zealand, with local investors contributing over 80% of real estate inflows in these markets in the second half of 2024.

The office sector was the largest contributor to the Apac investment volume, accounting for US$26.5 billion (32%) of the total in the second half of 2024. For the whole of 2024, office investments reached US$51.4 billion, up 14% from the previous year. The industrial …

for $300 mil

Lee Chee Koon, the group CEO of CapitaLand Investment Limited (CLI), has been honoured with the prestigious title of ‘Industry Figure of the Year’ for Asia Pacific at the 2024 PERE Global Awards.

These annual awards, which are hosted by a London-based publication that covers private equity real estate markets, recognize influential firms, individuals, and outstanding deals from the previous year. In addition to this accolade, CLI was also the runner-up in the ‘Firm of the Year’ category for Asia Pacific.

Unlike previous editions, where reader votes determined the winners, the 2024 winners were selected by a panel of judges from the PERE publication. In a press release on March 4, CLI stated that CEO Lee’s award is a testament to his leadership in driving the company’s transformational growth and his significant contributions to the private real estate industry in the Asia Pacific region.

Since assuming the role of CapitaLand’s group CEO in September 2018, Mr Lee has spearheaded key initiatives that have contributed to the company’s success. These include the acquisition of Ascendas-Singbridge in 2019 and the 2021 restructuring of the CapitaLand Group, which resulted in the listing of CLI and the privatization of its real …

Singapore-based private equity real estate firm, SC Capital Partners Group, has announced the sale of its student accommodation asset in Sydney, Australia. The property, situated on Anzac Parade and Lorne Avenue in Kensington, was sold at a “significant premium” to its acquisition cost and a 19% premium to its current book value, according to a press release issued on March 3.

The buyer of the asset is the University of New South Wales (UNSW) in Sydney, who will now take over ownership of the property. SC Capital Partners had acquired the property in 2016 at a reported cost of A$57 million. This latest sale marks a successful exit for the group after five years of ownership.

The purpose-built student accommodation spans over 85,000 square feet and comprises 233 beds as well as a ground-floor commercial podium. Its proximity to the UNSW Kensington Campus, within 600 meters, makes it a highly desirable location for students. Currently, the student accommodation component is fully leased out to UNSW, with a 20-year master lease signed in 2019.

This transaction highlights the increasing competition in the global private equity real estate market, with firms vying for prime assets to add to their portfolios. SC Capital …

The share price of City Developments has taken a hit, dropping by 5.47%, as the internal power struggle within the company reached the courts. The trading of shares had halted on February 26, and a scheduled results briefing was cancelled, leading to the news of a rift between executive chairman Kwek Leng Beng and his son, group CEO Sherman Kwek.

In response to this, the company stated that it will not comment on the validity of the allegations made by the media, as many of them are the subject of ongoing court proceedings. It also assured shareholders that the business operations remain unaffected and that Sherman Kwek will continue as the Group CEO until there is a resolution to change leadership.

However, analysts have downgraded their calls and reduced target prices, citing the disruption caused by the boardroom-cum-family dispute. UOB Kay Hian’s Adrian Loh downgraded the stock from “buy” to “hold” and revised his target price from $7 to $4.60, based on a two standard deviation below its five-year average P/B of 0.72 times. He believes that the stock will have difficulty performing amid this uncertainty.

Similarly, DBS Group Research’s Derek Tan and Tabitha Foo also maintained their “buy” call …

Perpetual (Asia) Limited, the trustee of Elite UK REIT, has recently sold Crown Buildings, Caerphilly at Claude Road, Caerphilly for GBP710,000 ($1.2 million). The transaction was completed at an 18% premium, according to a March 3 bourse filing by the manager of Elite UK REIT.

The vacant property, which is located in Wales, was valued at GBP600,000 at the end of 2024 based on an independent valuation conducted by CBRE. The value of the property was previously estimated at GBP530,000 at the end of 2023.

The net proceeds from the sale of Crown Buildings, Caerphilly will be used to repay Elite UK REIT’s outstanding borrowings. According to the REIT’s website, the property has a total gross floor area of 20,712 square feet.

The successful preferential offering of GBP28 million in January 2024 has enabled Elite UK REIT to reduce its leverage ratio from 50.0% at the end of 2023 to 43.4% at the end of 2024. The net gearing ratio also decreased from 47.5% to 42.5% during the same period.

Fortunately, there is no debt maturing in 2025 and 2026, and the REIT’s refinancing is only due in 2027. This provides Elite UK REIT with a stable financial standing for …