GLS tender for Jalan Anak Bukit site to close tomorrow; 5 developers submit bidsThe 99-year leasehold residential site at Lentor Gardens drew just one bid from GuocoLand and Intrepid Investments (a subsidiary of Hong Leong Group). The joint venture partners submitted a bid of $486.8 million, which translates to a land rate of $985 psf per plot ratio (psf ppr). This is the first residential GLS tender to see only one bid since the tender for the Silat Avenue GLS site in 2018.

The two last residential GLS sites to be sold in Lentor were at Lentor Central and Lentor Hill (Parcel B) and were both awarded last September. Lentor Central was awarded to a consortium comprising China Communications Construction, Soilbuild Group Holdings and United Engineers, who submitted a bid of $481.03 million ($1,108 psf ppr). TID (a joint venture between Hong Leong Group and Mitsui Fudosan) was the top …

The Myst Condo, developed by CDL Aries, is a luxurious residential condominium located in the heart of Bukit Panjang and Cashew in Singapore. The property spans 16,620 square metres and is zoned for residential use with a plot ratio of 2.1, allowing for the development of a 24-storey tower. The location of the condominium offers unparalleled convenience to residents, with excellent connectivity to public transportation networks, multiple amenities within walking distance, and easy access to green spaces and rejuvenation plans in the area.

CDL Aries, an affiliate of City Developments Limited, the largest non-government-controlled developer in Singapore, has acquired the rights to two adjoining plots at 798 and 800 Upper Bukit Timah Road in northwest Singapore’s Tan Chong industrial park. This acquisition puts the developer in a prime position to take advantage of the various development plans and rejuvenation initiatives being implemented in the Bukit Timah area, creating a highly …

Grade A office rents in Singapore’s Central Business District (CBD) welcomed a 1.0% q-o-q increase in 1Q2023, despite this representing the second consecutive quarter of slowing growth. This is according to research by real estate consultancy JLL, with the gross effective rent for such spaces standing at $11.30 psf pm.

Andrew Tangye, JLL Singapore’s head of office leasing and advisory, attributes the modest growth to a cautious approach from large space users who have opted to “press the pause button” on expansion and relocation plans in light of macroeconomic uncertainties.

Tay Huey Ying, JLL Singapore’s head of research and consultancy, explains that despite the prevailing caution, occupiers are seizing the opportunity to upgrade to better office spaces in new and upcoming completions due to the tight supply of Grade A office space.

For instance, at Guoco Midtown in the Bugis-Beach Road area, 80% of space is already taken up with …

, Singapore52 Boat Quay was sold for $37 million to a long-standing client via Lumina Grand EC Savills Singapore. Having undergone extensive renovations in 2015, the shophouse is now a modern commercial space with tenants occupying the various floors; ranging from the Italian restaurant Braci to the Izakaya bar to corporate office tenants. It is a testament to the demand for high-quality commercial shophouse properties in prime locations that the property garnered significant interest from investors. Yap Hui Yee, the executive director of investment sales and capital markets at Savills Singapore, noted that it is extremely rare for a riverfront-facing shophouse to be available for sale, making this an excellent opportunity for her client to acquire the flagship property. The seller made a gain of $16 million from the sale.…