Fed’s Bullard says ‘biggest growth quarter of all time’ will lift inflation

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Fed’s Bullard says ‘biggest growth quarter of all time’ will lift inflation

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Bullard also said he sees the unemployment rate falling to 6.5% by the end of the year, an estimate well below the median projection of 7.6% that his Fed colleagues released earlier this week.

The Farrer Park Company partners UOB for green loan

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Author: Ravi Philemon

The Farrer Park Company partners UOB on Singapore’s first green loan for a healthcare facility

  • Issued under the UOB Real Estate Sustainable Finance Framework, the S$120 million green loan is a first for The Farrer Park Company

The Farrer Park Company Pte Ltd has obtained a S$120 million green loan from United Overseas Bank Limited (UOB), the first such loan for a healthcare facility in Singapore. The loan is issued under the UOB Real Estate Sustainable Finance Framework and will be used to re-finance Connexion, Singapore’s first integrated healthcare and hospitality complex which houses the Farrer Park Medical Centre, Farrer Park Hospital and One Farrer Hotel.

Farrer Park Company

image credit: The Farrer Park Company

The Farrer Park Company is a Singapore-based company headquartered at Connexion, an integrated building that houses Farrer Park Hospital, Farrer Park Medical Centre and One Farrer Hotel.

It was founded in 2011 by a group of medical and hospitality specialists. The Company’s healthcare arm, Farrer Park Hospital and Farrer Park Medical Centre, is home to suites of specialist clinics with over 200 medical specialists and medical technology such as nuclear medicine and radiology services to support a wide range of surgical specialties in cardiology, astroenterology, oncology and orthopedic.

Designed by healthcare professionals and built above an underground train station for the convenience of their patients and visitors, the hospital’s carefully created environment is here to enable a modern yet holistic care for all its patients. The hospital shares numerous calming gardens and inspiring art works with One Farrer Hotel. Synergies between the hospital and hotel provide families and visitors with enhanced experiences in food and beverage, choices of accommodation, lifestyle programs and conference facilities.

The Connexion building has been awarded Green Mark Platinum since 2011, a testament of the Company’s commitment to making a positive difference in the environment through eco-friendly energy and water management system.

The loan supports The Farrer Park Company’s continued efforts in ensuring that it is environmentally responsible in its operations. One of the features already implemented in Connexion’s design is the use of lowemissivity glass to reflect heat and to keep cool air within its premises for more efficient energy consumption. Connexion’s management also actively monitors energy and water consumption and pursues opportunities to lower its carbon footprint.

Connexion has been certified as a Green Mark Platinum building by the Singapore Building and Construction Authority (BCA) since 2011, the highest distinction in the green building rating system. To be recognised and re-certified as a Green Mark Platinum building, Connexion needs to meet a list of performance metrics, including achieving at least 30 per cent in energy savings as compared with developments of a similar size.

Dr Peng Chung Mien, Chief Executive Officer of The Farrer Park Company, said, “Environmental sustainability has been in our DNA since our inception. Our goal to make a positive difference in the environment and society remains unchanged today. Becoming the first healthcare building to receive the green loan underscores our commitment to reduce our carbon footprint and prove how sustainability can go hand in hand with design, quality and service.”

Mr Leong Yung Chee, Head of Corporate Banking Singapore, UOB, said, “To help more of our clients access green financing as part of their sustainability goals, we launched the UOB Real Estate Sustainable Finance Framework in October last year. This is the first lending framework for the sector established by a Singapore bank and makes it easier for companies to apply for sustainability-linked or green loans as they do not need to come up with their own sustainable finance framework.

“Through our collaboration with The Farrer Park Company on Singapore’s first green loan for a healthcare facility, we hope to lead the way for more healthcare companies to consider the use of green financing in their sustainability efforts. This will not only support our collective efforts in transitioning towards a lower carbon economy but also encourages companies to consider their environmental, social and governance risks, particularly against the backdrop of the COVID-19 pandemic.”

Green loans such as the first healthcare green loan obtained by Farrer Park Company are aimed at advancing environmental sustainability and until quite recently came under the umbrella of Green Bond Principles.

They now have their own guidelines known as Green Loan Principles (GLP). The green loan market aims to facilitate and support environmentally sustainable economic activity. GLP have been developed by an experienced working party, consisting of  representatives from leading financial institutions active in the syndicated loan market, and with a view to promoting the development and integrity of the green loan product.

The green loan market aims to facilitate and support environmentally sustainable economic activity. The Green Loan Principles have been developed by an experienced working party, consisting of representatives from leading financial institutions active in the syndicated loan market, with a view to promoting the development and integrity of the green loan product.

Their aim is to create a high-level framework of market standards and guidelines, providing a consistent methodology for use across the green loan market, whilst allowing the loan product to retain its flexibility, and preserving the integrity of the green loan market while it develops.

The GLP comprise voluntary recommended guidelines, to be applied by market participants on a deal-by-deal basis depending on the underlying characteristics of the transaction, that seek to promote integrity in the development of the green loan market by clarifying the instances in which a loan may be categorised as “green”.

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Recession survival requires drastic moves and a mindshift

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Author: Ravi Philemon

By most accounts, this is going to be a long recession, we’re still on the downward slope, and as a small business owner, you will be forced to think of recession survival

By: Nesa Rahmat/

recession survivalBy most accounts, this is going to be a long recession, and we’re still on the downward slope. As a small business owner, you will be forced to make drastic moves to survive. As you get your company into survival mode, keep the following in mind:

Prepare for a deep, long recession.
Don’t count on a recovery until mid-2021, and even then, it may be a slow recovery. The global economy ran super-hot before the Covid-19 pandemic on overpriced real estate, and the correction won’t happen overnight.

Assume it’s going to get worse.
Like you, your customers are also cutting their expenses. As bad as the last 6-12 months has been, you may not be at the bottom yet.

The secret to recession survival is to be mindful of cash flow.
All of the following tips work towards improving your balance sheet – you want to pay out cash later and receive cash sooner. There are 4 main ways to do this:

  • Reduce and slow down cash outflows.
  • Increase and speed up cash inflows.
  • Position your business for a recessionary environment.
  • Get your team to be more productive than they’ve ever been.

Recession survival requires that you reduce and slow down outflows of cash. The first step is to cut or reduce your monthly cash outflows (ie., expenses).

Reduce your monthly rent.
Call your landlord and negotiate a lower monthly rent. Sign a longer term lease in exchange for the lower rent if you have to. Your landlord is running a business too, and they would rather have you stay at a lower rent, than to have the space be vacant for months. Point out that it’s better for both of you if they lower your rent.

Get a discount on utilities.
Consider all your utilities like water, power, Internet, and phones. Call your vendors’ competitors and ask what kind of deal they can offer a small business looking to save money on their utilities. Let them know you’re willing to switch vendors if they can give you a big discount (even if it’s just for the first year). The frontline sales reps will often have unadvertised discounts they can offer new customers. All you have to do is ask for them. Once you know how much you can save by switching, call your current vendors. Get them to match the offer so you don’t actually have to go through the trouble of switching.

Cut wasteful discretionary spending.
These are the newspaper and magazine subscriptions that were a nice perk during the high-revenue years, but now nibble away at your bottom line. However, this does not meant cutting cheap but morale-boosting expenses like cake for birthdays. Right now you need your employees to rally around the company’s survival, and a cake a month to keep morale up is well worth it. In the same vein, productivity boosting expenses like the coffee machine or a well-stocked soda fridge are relatively small expenses where the benefits in employee productivity far outweigh the costs.

Lease rather than buy. (Or buy used.)
Need a new computer or office furniture? Lease it instead of buying. You will end up paying more in the long run, but in a down market, it’s all about cash flow. If your business runs out of cash in 6 months, it won’t matter that you paid less for that desk by paying the full amount up front. When survival is the issue at hand, you unfortunately won’t have the luxury of doing things the “optimal” way. It might also be worth the effort to find more options of getting your equipment and further. In this economy, there may be plenty of used gear from recently closed businesses.

Pay payables later.
Call your vendors and get better terms. For example, you may be able to get 45-day terms instead of 30-day terms. Having cash on hand for an extra 15 days may be crucial in your survival. While you have your vendors on the phone, and especially if they won’t extend your terms, see if they will give you a small discount for paying early. 1-2% off for paying within 10 days is a typical example. Consider using a charge card to further extend your payables.

After slicing your expenses and cash outflows, the next step to think of in recession survival is to increase and speed up the inflow of cash. Like many other businesses, you may be facing plunging revenues.

Collect receivables sooner.
Get cash in hand by offering your customers a discount for paying sooner. A common discount is 1-2% off for paying within 10 days instead of the normal 30 days.

Keep your existing customers.
Don’t cut so much of your business expenses that you can no longer service your customers. Now is the time to remind your customers why they chose you in the first place. If it’s because you’re the most cost-effective, remind your customers that your low prices are even more important during the recession. If you’re not the cheapest, but you offer a premier product or superior customer service, remind your customers of the exceptional value you offer — and that price may not be the most important factor when determining total cost of ownership.

The business environment in a recession is very different from the good years. Customers spend differently, which forces you to adjust accordingly for recession survival.

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Renovation can be a sound strategy for smart investors

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Author: Ravi Philemon

Renovation can increase the value of your property investments

By: Nesa Rahmat/


Image credit: Grant McLean/Flickr

Getting ahead in real estate investments is not just about buying properties – the most strategic move for you may be to improve the value of a property you already own, even your home. If you are happy where you are, renovation can be a sound financial strategy. When you renovate your own home, you win twice – once when you enjoy the benefits of a better home, and once again when you sell the home.

When it comes to resale value, however, not all renovations are created equal.

Let’s look at an example. Suppose you live in a landed property and fancy a hot tub on your back deck, and decide to invest $10,000 or so. Will that add $10,000 to the value of your home? Likely not. The truth is, not everybody wants a hot tub. In fact, somebody bidding on your home might not want to bother with the maintenance, and may be inclined to get rid of it. Their bid, therefore, will not take your investment into account – it might even be seen as a negative.

The lesson here is that when you’re prioritising your renovation, make sure you consider which ones add the most value to your home.

Here are some guidelines for renovations:

  • Chose improvements that are most popular with prospective buyers. Kitchens and bathrooms are at the top of the hit list according to statistics gathered by several agencies.
  • Keep your home in top shape. Homes that are not looked after deteriorate rapidly in value. For private landed properties, a leaky roof, for example, can cause damage to your hardwood floors. Siding that is in bad shape can lead to animals and other pests getting into your attic and causing further damage.
  • When the time comes to sell, put your maintenance operation into high gear. Painting the exterior, repairing the roof, and re-doing the gutters will ensure that buyers get a positive impression.
  • Apartments purchased as investments benefit the most from sensible renovations: Renovations make it possible to derive rental income are generally big plusses for potential buyers.
  • Avoid amateur renovation jobs. The “do it yourself” renovation market may be all the rage in right now, but if you put an addition on yourself, and the roof leaks, a prospective buyer won’t be impressed. If you can’t do a professional job yourself, hire somebody who can.
  • Invest in energy efficiency. With rising energy prices, you can be sure that the payoff from investments in insulation will give a return that keeps rising. If you improve your energy efficiency.

Whatever you do, do not use personal loans before searching for renovation loans. 

In embarking in your renovations for that dream lifestyle and a nicer home, a good rule of thumb is not to leave too much of your own lifestyle in the house. The biggest mistake people make is do renovations that are very customised to their own wants and needs.

Personal loans are much more expensive than renovation loans. The interest rate is around six to nine per cent per annum. On the other hand, renovation loans can have interest rates of five per cent per annum or lower. You should always use the renovation loan first, and use personal loans only after it runs out.

Renovation loans are capped at $30,000, or six times your monthly income (whichever is lower). This is usually enough to furnish a five-room flat or smaller, if you don’t get overly lavish. To find the cheapest renovation loans, speak to some expert loan consultants. You should also source for good renovation contractors.


Even if it is a referral from a family or friend, always double check and request to see other renovation works or ongoing projects of the contractor. And never ever go with the first or only quotation you get for your renovation works. Always get at least 3 quotations from different renovation contractors to check if you are getting the best deal.

The saying, “if it is too good to be true, it probably is” is befitting especially for dishonest renovation schemes by unscrupulous contractors.

Some contractors may not always include items like cost of electrical works, bathroom accessories, curtains, air-conditioners, window-grilles, lighting fixtures, haulage, painting, cement screeding and disposal in the renovation quotation. Some contractors assume that these costs should be covered separately. Others may deliberately leave these items out to make the quotation look cheaper.

Always ask the renovation contractor to make the quotation as comprehensive as possible so that you are comparing ‘apples-to-apples’ with the different quotations you have, and so that you can award the renovation works to the right contractor.


Case executive director Loy York Jiun, for example, advocates that consumers should “always negotiate for progressive payment as the work commences, instead of paying in full up front”. A reputable renovation contractor will always provide options for progressive payments for homeowners. If anyone asks you for upfront full payment, even before the commencement of any works and regardless of the size of the works, it should make you very suspicious. It is better that you err on the side of caution with such contractors, no matter how attractive their proposal looks to you.

The following is a good guide for progressive payment to your renovation contractor:

10% – Deposit on signing of renovation contract;
40% – 1st balance payment upon commencement of renovation works;
40% – 2nd balance payment upon completion of 70% of renovation works; and
10% – Last payment should be issued 2 weeks after satisfactory completion of ALL works.

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Hexacube portfolio of 22 commercial freehold units launched for sale

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Author: Ravi Philemon

Savills Singapore and CBRE Singapore announced on 16 September that they have been appointed as the exclusive joint marketing agents for the sale of Hexacube portfolio of 22 commercial freehold units. The portfolio of 22 retail and F&B units at HEXACUBE – a freehold corner development located with prominent frontage along Changi Road.

Hexacube portfolio

image: Savills Singapore

Commanding approximately 70 metres of prominent dual road frontage onto Changi Road and Lorong 105 Changi Road, Hexacube is strategically located in an established and affluent residential enclave, comprising predominantly landed houses and private residential developments with ready catchment. Some of the notable upcoming private residential developments in the immediate vicinity include Parc Esta with approximately 1,399 units.

The sale offering comprises twenty-two commercial units on the ground floor, second floor and basement level. The total strata area for the Hexacube portfolio of 22 commercial freehold units is approximately 13,466 sq ft and approx. 3,025 sq ft space is approved as Restaurant / F&B units.

The guide price for the Hexacube portfolio of 22 commercial freehold units is in excess of $43.8 million, approximately $3,253 per square foot.

The Hexacube portfolio of 22 commercial freehold units is approved as ‘Commercial’ with no additional buyer’s stamp duty or seller’s stamp duty imposed.

Mr Galven Tan, Deputy Managing Director, Investment Sales and Capital Markets, Savills Singapore, said: “This is a valued opportunity for purchasers to acquire a sizeable commercial space in an exciting and fast-growing precinct. Pedestrian traffic flow is expected to further increase in 2022 with the completion of 1,399 units Parc Esta, bringing additional demand for retail businesses in Hexacube.”

Galven added “The stretch of Changi Road is an established F&B enclave, with other F&B outlets from the food courts, coffeeshops and restaurants that have been there for decades.”

Mr Michael Tay, Head of Capital Markets at CBRE Singapore, said: “Retailers have been adapting to the new normal, and getting creative in their offerings and choice of location. In particular, retail space located in the sub-urban and city-fringe areas such as Hexacube’s, have been highly sought after and have shown resilience – even through this challenging time – due to the domestic market they cater to.”

Michael continued: “At S$3,253 per sq ft, the units are considered affordable given its freehold tenure and strategic location at the city fringe. What’s more, there is a ready catchment of the office crowd within Hexacube, residential population in the vicinity and students from the schools nearby. The current tenancies at select units will appeal to investors who are seeking an income-producing asset at a palatable quantum. We are optimistic that the flexibility in being able to acquire the units individually or collectively, depending on interested buyers’ business needs, will be a draw as well.”

The EOI for the Hexacube portfolio of 22 commercial freehold units exercise will close at 3pm on Tuesday, 20 October 2020.

Hexacube is located just a five-minute from Eunos MRT station, it is as close to the heart of the action as you will get. It is conveniently accessible via the PIE, KPE, with short drive away to Changi International Airport. It is one of its kinds of property that people desire to have.

Hexacube has a modern and beautiful commercial that is designed by reputable and many awards winner architect (BCI Asia Top 10 Architects), DP Architect who designed Commercial offices of Square2, Mandarin Gallery, 112 Katong and many more. It was jointly developed by Wealth Development of Lian Being Group, KSH Holdings and TEE international. Lian Beng in particular, has a good record for development. The developer was established in 1973, and listed as a Group on the Main Board of the Singapore Exchange in 1999. Other projects developed by Lian Beng includes Oxley Tower, Centro, The Midtown and others.

Mr Paul Ho, chief mortgage officer at iCompareLoan, said: ” the Hexacube is a perfect place for work and relaxation. One that allows you a quick reprieve so that you can return to work refreshed and re-energised. In place are common areas with landscaping for a break with colleagues, meeting customers or a coffee and a hot meal to recharge. Here all your needs will be well taken care of right under the same roof.”

He added: “Each unit is modularly designed and comes with high ceiling and windows providing quality ventilation and adequate lightings. With a workspace that is just as flexible, the freedom of configuring a layout that caters to your business operations while enjoying a privileged lifestyle as you work.”

Hexacube @ Changi Road Factsheet

Location 160 Changi Road, Singapore
Developer Wealth Development Pte Ltd
Total Units  32 Shops, 4 Restaurants, 37 Offices

Basement 1 – 10
Level 1 – 12
Level 2 – 14
Level 3 – 12
Level 4 – 12
Level 5 – 13

No of units 73
Carpark Lots 24 lots and 1 handicap lot, 2 loading bay
Developer Wealth Development Pte Ltd
Tenure Estate in Fee Simple – (Freehold)
Date of Vacant Possession 30 June 2017
Date of Legal Possession 30 June 2020
Site Area 1669.8 sqM
Architect DP Architect
Main Contractor Paul Y Construction
Structural Engineer KCL Consultants Pte Ltd
M&E Consultant Northcroft Lim Consultants Pte Ltd
Solicitor Patricia Quah & Co
Floor to Floor Height Basement 1 Retail: 2.3m – 3.8m (Approximate)
Level 1 Retail: 2.35m – 4.7m (Approximate)
Level 2 Retail: 2.6m – 4.1m (Approximate)
Level 3 – 5 Office: 5.0m (Approximate)
Number of lifts 2
Common area facilities – Carpark at Basement 2
– Loading and Unloading Bay
– 2 Lifts
– Courtyard Garden at Level 3

Hexacube Units Mix

Type Size (sqft) No of Units
Office 452-840 28
Office with Attic 807- 1625 9
Restaurant 710- 786 4
Shop 237- 904 32
3 Bedroom 743-797 452-463
Why invest in Hexacube?
  • Within leisure stroll to Eunos MRT station and bus Interchange.
  • Strategic Location between Changi Business Hub and Paya Lebar Commercial Hub.
  • Rare Freehold commercial development in the East region.
  • Foreigners eligible.
  • Each unit features a high ceiling (at least 5 m tall from floor to ceiling).
  • No Additional Buyer Stamp Duty (ABSD) and Seller Stamp Duty (SSD).

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Clan Association building for sale by expression of interest at $36 million

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Author: Ravi Philemon

Free hold 8-storey clan association building for sale by expression of interest

Clan Association building

image: Cushman & Wakefield

The freehold institutional building located at 26 Lorong 27A Geylang (the “Property”) has been put up for sale via an Expression of Interest (“EOI”) exercise by the exclusive marketing agent, Cushman & Wakefield. It is currently home to Nanyang Pho Leng Hui Kuan, a Chinese clan association with roots dating back to 1940.

Under the 2019 Master Plan, the Clan Association building site is zoned ‘Residential/Institution’ with a gross plot ratio of 2.8. Completed in circa 2017, the eight-storey building with attic sits on a 9,360 sq ft regular plot and has an overall gross floor area of approximately 26,205 sq ft. Current uses of the Property include office, meeting room, event/function hall with stage, kitchen and a memorial hall.

The Clan Association building site is located within the transforming Geylang precinct where the Urban Redevelopment Authority has carried out extensive rezoning of areas from ‘Residential/Institutional’ to ‘Commercial/Institution’ use. It is poised to benefit from this ongoing rejuvenation.

The Clan Association building is a mere five-minute walk to Aljunied MRT Station which is one MRT stop away from both Kallang and Paya Lebar – both of which are commercial hubs with an abundance of amenities, in addition to the myriad of eateries and entertainment options in the Property’s vicinity.

The Clan Association building site is also only a 10-minute drive to the Central Business District area which is an added convenience to the potential future business hub.

Mr. Shaun Poh, Executive Director of Capital Markets at Cushman & Wakefield, says “This is a rare opportunity to acquire a freehold building which has undergone extensive redevelopment with development cost totalling $32 million. Buyers have the option to use the building for civic, cultural or association/clan purposes or apply for a potential change of use to serviced apartments or co-living residences, subject to approval from the relevant authorities.”

Ms. Brenda Ong, Executive Director of Logistics & Industrial at Cushman & Wakefield, adds “In view of the transforming suburban locality at Geylang/Paya Lebar and the pristine condition of the property, we expect keen interests for this opportunity. The sale can be on a vacant possession basis or with partial/full leaseback arrangement.”

The indicative price of the Clan Association building site is $36 million.

The EOI exercise for the Clan Association building site closes on 20 October 2020, at 3.00pm.

Mr Paul Ho, chief mortgage officer at iCompareLoan, said: “the Clan Association building is attractive investment because Geylang has become an alternative location for expatriates working near town. Geylang is only about 2.5km from Bugis junction and it is also near to Suntec City and Marina square.

“Silently though, Geylang is also gradually known as the second china town where new Chinese citizens and PR congregate to Sze Chuan Food, North Eastern food, Hunan food and so on. Fruit stalls, great food and Geylang, with its proximity to the town centre is coming to the fore. In recent years, there has also been many new developments springing up in Geylang.”

Financing a Property in Geylang

Around 2009

Banks tend to shy away from Geylang in general. Before 2009, many banks shy away from Geylang even number Lorong. That means not many banks would deal in Lorong 4 till Lorong 40. Except for on a case-by-case basis, such as for The Waterina, a 398 units development, completed in 2005, located on Geylang Lorong 40. Even so, the choice of banks was still limited.

The entire market was mostly left to Hong Leong Finance and Singapura finance.

Around or after 2010-2011

More banks are able to finance properties from Geylang Lorong 30 or 32 onwards to Lorong 40. However lesser than Lorong 30 is still a challenge.


OCBC and Maybank can finance properties from Lorong 30 upwards. Hong Leong Finance and Singapura Finance continue to be able to finance across all the even number Lorong subject to customer profile. OCBC and Maybank can finance Lorong 26, 28 subject to project as well as customer profile.

Some of the lenders impose a loading of 0.25% on top of their usual lending rates for Geylang with even number Lorong. Generally though, as long as it is for owner occupied use, 80% loan is possible, subjected to TDSR and credit profile for properties above Lorong 30.

Many residential development sprang up from Lorong 24, 26, 28. The entire area is starting to look and feel more residential as opposed to being a red light district. As such, 1 to 2 banks are able to finance properties in Lorong 26, 28, subject to it being owner occupied and loan-to-value being around 70% and if the credit profile is strong, 80% and good credit profile.

In private conversations with banks, 1 bank (on top of Hong Leong Finance and Singapura Finance) may be able to finance properties in Lorong 6 up to Lorong 24, with loan-to-value capped at around 50 to 60% for clients with good profile. However, many people who opt for 70% to 80% loan will still stick to Singapura Finance or Hong Leong Finance who has loyally supported Geylang properties for many years.

Many banks are viewing Geylang as a risk and impose Lorong restrictions, Loan-to-value restrictions as well as a cap on the quota in terms of the amount of loan lent to this area.

Sometimes you will hear comments such as, “normally we can finance this project, but we have no more quota this month”. This is an example of a cap in the quota to limit their concentration risks. Many banks internally will require Level 2 approval for Geylang properties, this means that any such property financing will be escalated to the next higher management level for their decision.

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Devonshire Road freehold development site up for public tender

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Author: Ravi Philemon

Devonshire Road freehold development site up for public tender at indicative price of S$376 million

  • Located Near Somerset MRT Station, the Devonshire Road freehold development site has a guide price of S$376 Million
Devonshire Road freehold development site

image: CBRE

CBRE announced on 16 September that it is pleased to launch the public tender of a freehold development site in District 9, which enjoys dual road frontages spanning approximately 24 meters along Devonshire Road and 64 meters along Saint Thomas Walk.

At 56,481 sq ft, the elevated Devonshire Road freehold development site currently accommodates The Bayron, a two-block condominium that comprises 96 units, and holds the addresses of 13 Devonshire Road and 49 Saint Thomas Walk. Situated in a prestigious residential enclave, the Bayron is conveniently located just 350 meters from the Somerset MRT station. Under the Master Plan 2019, the site is zoned “Residential” with a plot ratio of 2.8 and a height control of up to 36 storeys.

The guide price for The Bayron is S$376 million, which reflects a land price of approximately S$2,377 per sq ft per plot ratio. Upon considering the 7% bonus gross floor area allowed for balconies, the land price will work out to approximately S$2,287 per sq ft per plot ratio.

The Devonshire Road freehold development site can be re-developed to accommodate a brand new residential development of up to 220 apartments with an average unit size of 66 sq m (approximately 710 sq ft).

As the Devonshire Road freehold development site is situated within the Central Area, the “85 sq m” rule to derive the maximum allowable dwelling units in non-landed residential developments is not applicable.According to the development baseline reply from URA, there will be no development charge payable for gross floor area of approximately 159,892 sq ft. The gross floor area of approximately 159,892 sq ft, of which there will be no development charges payable, comprises 158,992 sq ft under the “B2” use group (non-landed residential) and 900 sq ft under “Commercial” use group.

Mr Michael Tay, Head of Capital Markets, Singapore at CBRE says, “Given the dearth of prime freehold residential sites for sale in the last 18 months, we expect this site to attract strong interest from both local and foreign developers who are starting to look out to replenish their land banks or targeting the luxurious residential market. The site thus presents them a rare acquisition opportunity, as it features superior attributes including a freehold tenure, an upscale residential address and proximity to the main Orchard Road shopping belt – at a relatively palatable quantum.”

Mr Tay adds, “The overall supply in the luxurious residential sector in Singapore remains limited. On the back of brisk sales at recent new launches such as The Avenir, Martin Modern and Nouvel 18, coupled with the low interest rate environment, we are confident that the luxurious residential sector will continue to perform well. There is potential for this site to transform into an iconic 36-storey landmark next to the Somerset MRT station, offering unblocked panoramic views of Orchard Road, Singapore River and Singapore’s CBD skyline.”

The Devonshire Road freehold development site enjoys tranquility in an upscale residential enclave, while being only a stone’s throw away to the bustling Orchard Road that offers a wide array of F&B, lifestyle and entertainment amenities. Surrounding high-rise residential developments include The Metz, Saint Thomas Suites and New Futura, while retail malls such as 313 Somerset, Orchard Central, Mandarin Gallery and Ngee Ann City, as well as medical facilities such as Paragon Medical Centre and 111 Somerset Medical Centre, are also within proximity.

Nearby educational institutions include Chatsworth International School (Orchard Campus), and River Valley Primary School. Singapore River and Fort Canning Park are also within walking distance.

The public tender for the Devonshire Road freehold development site will close at 3pm on 27 October 2020.

Mr Paul Ho, chief mortgage officer at iCompareLoan, said: “the Devonshire Road freehold development site provides an opportunity to be just less than a kilometre away from Orchard Road and 4.5 km from Marina Bay. It is is situated in a very desirable area in District 9, in the island’s Core Central Region. just a short walk from Singapore’s famous shopping strip. It’s in an area surrounded by residential buildings and commercial centres, yet still maintains the warmth of community.”

The site is just an easy stroll away from the Somerset MRT Station, which is on the North-South Line. Just one stop away is Dhoby Ghaut, which is an interchange on the North-South, North-East and Circle Lines. The following two stations are City Hall and Raffles Place (both on the North-South and East-West Lines), and the next one drops you off at Marina Bay.

If you’d rather take your own car, you can choose a number of easy routes to get to your destination. Just around any corner are roads that provide quick access to the city and the nearby suburbs, like River Valley Road, Orchard Boulevard, Grange Road, and Orchard Road. The CBD area is in fact only 4 minutes away by car or 20 minutes on foot via River Valley Road. The Central Expressway meanwhile, will allow you to travel to the rest of the island.

There are a lot of schools near by as well – which is great news if you’ve got children. You won’t have to travel too far to bring your children to school; your older kids can even go on their own. There’s an abundance of kindergartens and pre-schools, primary schools, secondary schools, even international ones. There are a lot of colleges and universities in the area too. Among the prominent institutions in the area are St. Margaret Primary School, Raffles Girls’ School, and Catholic Junior College.

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