Condo Russian Remote

The second quarter of 2024 saw a positive turn for global real estate returns, signaling a potential recovery after two consecutive years of losses. Low interest rates had previously caused a surge in real estate values, with total returns reaching an impressive 5.0% quarter-on-quarter in the fourth quarter of 2021 and 17.8% year-on-year in the first quarter of 2022 – figures that were well above long-term averages.

However, as interest rates began to rise, these gains were erased, bringing real estate values back down to 2018 levels globally. Now, with the market correction nearing completion, it may be an opportune time for investors to reconsider this asset class. Historically, real estate has provided stable income returns and portfolio diversification benefits over the long term, and it has also shown robust returns during recovery periods. For example, after the early 90s recession, investors saw a 76% cumulative return over the next five years. Following the dot-com bust, the five-year cumulative total return was 98%, and after the Global Financial Crisis, it was 86%.

In the second quarter of 2024, global real estate values saw a moderate decline of 0.74%, the lowest quarterly adjustment in the past two years. This was offset by income returns of 1.07%, resulting in a positive total return of 0.33%, the first positive quarter since the second quarter of 2022. Out of the 15 global markets in the MSCI Global Property Index, the majority saw an increase in real estate values for the first time since the second quarter of 2022. Eight markets, including Japan, South Korea, Singapore, Southern Europe, the Nordics, the Netherlands, France, and the UK experienced value increases compared to the previous quarter. Six markets saw value losses between 0.3% and 1.5%, all of which were lower than in the first quarter of 2024. Only Australia recorded a larger decline in the second quarter compared to the first, with a 4.2% correction that brought its valuations more in line with its peers. However, it’s important to note that changes in capital values are just one component of real estate returns. Historically, the larger component of total returns has been income. This highlights the importance of considering both capital and income aspects when evaluating real estate investments.

Overall, in the second quarter of 2024, total returns were positive in 12 out of 15 countries in the MSCI Global Property Index. They were flat in the US (-0.09%), slightly negative in Ireland (-0.22%), and significantly negative in Australia (-3.07%). However, preliminary data from the NCREIF ODCE index (a capitalization-weighted, gross-of-fee, time-weighted return index) showed positive total returns for the US (0.25%). With values beginning to rebound, we expect the positive trajectory in total returns to continue.

As for the outlook in the Asia Pacific region, there are signs of a potential rebound in real estate investment globally after two slow years. However, China and Japan may face challenges. In the third quarter of 2024, China and Japan accounted for 27% and 15% of the $7.5 billion in cross-border inflows in the Asia Pacific region. While over half of Japan’s inflows came from global sources, most of China’s came from within the region, particularly from Hong Kong and Singapore. However, both countries face high debt costs and other factors that may hinder a strong rebound in real estate capital inflows.

In China, there has been a significant decline in interest from the West over the past couple of years due to geopolitical and economic concerns. Despite a recent major stimulus package from Beijing, interest is unlikely to return anytime soon, as the market has been stagnant due to price dislocation, geopolitical risk, and a lack of liquidity. Since 2021, China has also been facing a property crisis exacerbated by the collapse of Evergrande. This has led to many European investors avoiding China and Hong Kong, regardless of potential returns. Additionally, China’s domestic property crisis persists, with high office vacancies and low rental yields, ongoing issues with failing developers, and government interventions.

In Japan, the situation is different as the country remains an outlier in terms of interest rate policies. While major markets like the US have cut interest rates to boost property investment, Japan has not. As a result, the broader Japanese property sector is losing its appeal, and interest rate policies and limited cap rate compression have made it less attractive. In July, the Bank of Japan raised borrowing rates for the first time since 2007 to control inflation, further reducing market attractiveness. This hike has prevented cap rate compression, meaning property prices haven’t risen, forcing real estate holders to rely on historically low-income yields. However, senior housing remains an attractive niche due to Japan’s aging population, with 29% of the population aged 65 or over. These assets are small and require an amalgamation strategy by investors.

Meanwhile, in Australia, the purpose-built student accommodation (PBSA) market has great potential due to a significant housing shortage. Currently, only 20% of students in Melbourne and Sydney can be accommodated by universities, forcing the rest to seek private rentals. Additionally, real estate debt in Australia offers appealing risk-adjusted returns, with funding gaps in construction making financing difficult for many developers. As a result, we are looking at sectors like logistics or PBSA, where we see long-term growth opportunities.

Overall, the real estate market appears to be stabilizing in terms of valuations and transaction market pricing. This suggests that the market may be near its bottom, but it’s important to note that these signals alone do not indicate an attractive entry point. For market pricing and valuations to increase, we would ideally see declining interest rates and strengthening property fundamentals. Most developed market central banks are beginning to taper interest rates, which should put downward pressure on financing rates, discount rates, and property capitalization rates, thereby boosting the value of real estate assets. Additionally, a pullback in construction activity across sectors bodes well for property fundamentals in the medium term. With supply headwinds waning, markets with positive demand due to population growth or structural changes, such as e-commerce, are set to see increased occupancies in the medium term. Historically, occupancies and rent growth are well correlated, providing investors with opportunities to gain from increased occupancies, rents, and the associated rise in property values.

The demand for condos in Singapore remains consistently high, largely due to the island nation’s limited land availability. As the population continues to grow rapidly, Singapore faces ongoing challenges in finding space for development. This has resulted in strict land use policies and a competitive real estate market, where property prices are continually on the rise. As a result, investing in condos, specifically, has become a highly profitable opportunity, promising significant capital appreciation. With numerous Singapore projects in the works, the demand for condos is expected to remain strong in the foreseeable future.

While the outlook for global private real estate appears to be improving, it’s important to note that not all markets and property types will perform equally well. For instance, the US office market still faces significant challenges, and a broad recovery in that segment seems highly unlikely in the near term. This underscores the importance of research and selectivity when investing in real estate, as it is crucial to consider market conditions and property types. In an uncertain economic and geopolitical environment, additional risks are inevitable, but this applies to all asset classes. Over the past two years, the weight of real estate in investors’ portfolios has significantly decreased due to resetting real estate values and a record stock market. Today, it may be beneficial for investors to consider allocating fresh funds to the private real estate market to achieve a strategic weighting. Over the long term, private real estate offers low correlations to other asset classes, strong income returns, and a degree of inflation hedging. While there may be bumps in the road, we believe the market is beginning to look up, presenting excellent investment opportunities for savvy investors.…

Investing in a condo in Singapore offers numerous benefits, one of which is the potential for capital appreciation. Because of Singapore’s strategic location as a major business hub and its solid economic foundation, the demand for real estate remains constant. As a result, property prices in the country have consistently risen over the years, particularly in prime locations where condos are highly sought after. Those who make smart investments at the right time and hold onto their properties for a prolonged period can reap significant profits from the steady increase in property value. Keeping an eye on new condo launches can also present opportunities for lucrative investments.

A record-breaking sale at Island View, a freehold condo in Pasir Panjang, has made headlines in the real estate market. The 3,498 sq ft unit was sold for $4.8 million on Nov 27, making it the most profitable condo resale transaction of the week from Nov 26 to Dec 3. The seller, who purchased the property in September 2005 for $1.3 million, made a gain of $3.5 million after owning it for 19 years. This represents a capital gain of 269% or an annualised profit of 14.2%.

The transaction on Nov 27 also sets a new record for the most profitable deal at Island View, surpassing the previous record of $3.19 million gained from the sale of another 3,498 sq ft unit in February 2022. The condo, located on Jalan Mat Jambol, off Pasir Panjang Road, is a 72-unit boutique development completed in 1984. The freehold project features low-rise blocks of apartments ranging from 3,056 sq ft to 3,538 sq ft. It is within walking distance of Pasir Panjang MRT Station on the Circle Line.

Interestingly, the sellers at Island View had attempted a collective sale in September 2023, with a guide price of $575 million. However, the tender closed the following month without any bids, and the project was relisted in March without any success.

The second most profitable condo resale deal of the week was at Cavenagh Court, a freehold condo on Cavenagh Road in District 9’s Newton area. A 1,862 sq ft unit was sold on Dec 2 for $3.65 million, marking a new record profit for the development. The seller, who purchased the unit in April 2006 for $1.02 million, made a gain of $2.63 million (258%) after nearly 19 years of ownership. The previous record gain was $2.15 million from the sale of another 1,862 sq ft unit in April 2022.

Completed in 1971, Cavenagh Court is a boutique development comprising 68 units ranging from 1,819 sq ft to 1,862 sq ft. The condo is a short drive from the Orchard Road shopping belt and has only seen one other resale transaction this year.

In contrast, the sale of a duplex penthouse at The Berth By The Cove was the least profitable condo resale deal of the week. The four-bedroom apartment spanning 3,089 sq ft was sold for $3.6 million on Nov 29, resulting in a loss of $1.93 million. The unit was last transacted in August 2007 for $5.53 million. The biggest loss at The Berth By The Cove belongs to a 2,939 sq ft unit sold in February 2018 for $3.25 million, resulting in a $2.39 million loss.

The Berth by the Cove, a condo along Ocean Drive in the Sentosa Cove residential enclave, has seen seven other resale transactions this year. Both Island View and The Berth by the Cove are among the most sought-after condos in their respective districts.…

A major advantage of investing in condos is the potential to leverage the property’s value for future investments. Numerous investors utilize their condos as collateral to secure additional financing for other ventures, enabling them to broaden their real estate portfolio. While this approach can significantly increase profits, it also entails potential risks. Therefore, it is essential to have a solid financial strategy in place and carefully consider the potential effects of market fluctuations. Moreover, with the availability of New Condo Launches, investors have even more options to expand their investment opportunities.

Ashish Manchharam, a renowned real estate and hospitality veteran from Singapore, has been appointed as a board director for Cove, a flexible living platform. With over a decade of experience in the industry, Manchharam is the founder and former CEO of 8M Real Estate, which grew to a portfolio of $1.5 billion before his exit in 2023. He then established Elevate Capital in 2024, focusing on lifestyle-driven real estate investments.

In his role as an advisor, Manchharam will assist Cove in acquiring flexible living assets through partnerships with third-party investors, such as real estate funds, institutional investors, and family offices. This appointment aligns with Cove’s strategy to accelerate its growth and expand into new markets. Previously, the platform operated as a branded flexible living operator and online listing platform, catering to professionals and students.

Since its inception in 2018, Cove has successfully grown its portfolio to over 6,000 rooms in Singapore and Indonesia. The company has its sights set on the wider Asia Pacific region and recently made its foray into South Korea, with plans to launch 800 rooms, and Japan, where it aims to have 400 rooms through local joint venture partners.

To support its regional expansion and strengthen its position in existing markets, Cove has closed an additional funding round of US$4.5 million. Alongside existing investors Eurazeo and Keppel, who took a minority stake in Cove in December 2020, Manchharam participated in this round. Cove’s CEO and co-founder, Guillaume Catagne, shared that the flexible living platform saw significant portfolio growth and was EBITDA positive in 2024. The company has set a goal to double its portfolio to 15,000 units by the end of 2025.…

Singapore is faced with a significant challenge due to its small land size and growing population. This has resulted in a scarcity of land for development, leading to a highly competitive real estate market. To regulate this issue, strict land use regulations have been implemented. As a result, property prices have steadily increased, making Singapore condos a highly coveted investment opportunity. This trend has made investing in real estate, especially in Singapore condos, a profitable choice with the potential for significant capital appreciation.

William Liem, the CEO of Tuan Sing Holdings, has once again increased his stake in the company. Through an entity called Nuri Holdings (S), Liem bought a total of 1,745,300 shares from the open market on December 5 and 6, for a total amount of $447,613.50.

Nuri Holdings now holds nearly 672.7 million shares in Tuan Sing, which is equivalent to 54.09% of the company’s shares. This is not the first time Liem has used Nuri Holdings to acquire shares in Tuan Sing. In September, the entity bought shares at an average price of 25 cents to 25.5 cents. The recent purchases bring Nuri Holdings’ total shareholding in Tuan Sing to a significant level.

As of June 30, Tuan Sing’s net asset value per share was reported at 97.8 cents, slightly lower from 99 cents as of December 31, 2023. Despite the decline, the company has been actively pursuing new acquisitions, such as the recent purchase of several assets from PT Senimba Bay Resort in Batam for $28 million.

With the increase in stake by Liem and the company’s strategic acquisitions, Tuan Sing is poised for further growth and development. As the company continues to expand its portfolio, investors can expect positive returns in the near future.…

The management team of AIMS APAC REIT (AA REIT) has recently announced that its REIT’s trustee, HSBC Institutional Trust Services (Singapore) Limited, has entered into a sales and purchase agreement with Crown Worldwide for the sale of its property located at 3 Toh Tuck Link. This divestment is part of the REIT’s ongoing efforts to proactively manage its assets and strengthen its portfolio.

The agreed sale price of $24.388 million represents a significant 32.5% premium to the property’s valuation of $18.4 million as of March 31. The property is comprised of a three-storey factory and a five-storey ancillary office building, with a total gross floor area of 12,492.4 sqm.

Investing in a condo in Singapore presents a multitude of benefits that make it a desirable and lucrative choice. These advantages include the high demand for condominiums, potential for capital appreciation, and attractive rental yields. However, it is crucial to carefully weigh factors such as location, financing options, government regulations, and market conditions before making a decision. By conducting extensive research and seeking the guidance of professionals, investors can make informed choices and maximize their returns in Singapore’s ever-evolving real estate market. Whether you are a local investor seeking to diversify your portfolio or a foreign buyer looking for a stable and profitable investment, condos in Singapore offer a compelling opportunity for success.

According to the CEO of the manager, Russell Ng, the net proceeds from the divestment will be reinvested to support AA REIT’s growth initiatives, such as potential new acquisitions, asset enhancement initiatives, or future redevelopment projects. This decision is in line with the REIT’s strategy of continuously rejuvenating its portfolio and strengthening its resilience to deliver sustainable returns for its unitholders.

The divestment is expected to be completed by the first half of 2025, subject to approval from JTC Corporation. Upon completion, AA REIT’s portfolio will consist of 27 properties in Singapore and Australia.

In conclusion, the divestment of the property at 3 Toh Tuck Link is a strategic move by AA REIT to further strengthen its portfolio and generate long-term sustainable returns for its unitholders. This reflects the REIT’s commitment to proactive asset management and continuous efforts toward portfolio rejuvenation.…

The conservation shophouse at 93 Tanjong Pagar Road is currently on the market for interested buyers, with a guide price of $15.5 million. The property, which spans 3½ storeys, sits on a land area of 1,297 sq ft and boasts a gross floor area (GFA) of 4,186 sq ft. This translates to a price of $3,703 psf on the GFA.

Rewritten: When considering a condo investment in Singapore, it is important to take into account the government’s property cooling measures. Over the years, the Singaporean government has implemented several measures to control speculative buying and maintain a steady real estate market. These measures include the Additional Buyer’s Stamp Duty (ABSD), which imposes higher taxes on foreign buyers and those purchasing multiple properties. While these measures may affect the short-term profitability of investing in a Singapore condo, they also contribute to the long-term stability of the market, creating a safer investment environment. Investing in a Singapore condo provides a secure and stable opportunity for investors in the long run.

Map showing location of 93 Tanjong Pagar Road (Source: EdgeProp LandLens)

Located on a 99-year leasehold land, the shophouse is currently designated for commercial use, specifically F&B operations. It is currently tenanted by a popular Korean barbecue restaurant chain on the first and second levels. Also, it is conveniently situated within walking distance from both the Tanjong Pagar MRT Station on the East-West Line and the Maxwell MRT Station on the Thomson-East Coast Line.

The shophouse is being marketed by PropNex Shophouse Elites. Interested buyers are invited to submit their bids through an expression of interest (EOI) exercise, which will close at noon on Jan 20, 2025.

Other notable conservation shophouses that are currently on the market include those on Telok Ayer Street, which are going for a combined price of $42 million. Additionally, a freehold shophouse on Race Course Lane is also up for sale at $8.8 million, while another shophouse on Upper Paya Lebar Road is available for $8.8 million.…

Perennial Holdings and Far East Organization have revealed their plans for the transformation of the former Golden Mile Complex, now known as Golden Mile Singapore. The development partners announced the preview of the strata-titled commercial units, as well as a new residential tower called Aurea.

The iconic building, with its distinctive brutalist architecture, will be renamed The Golden Mile and will feature 156 Grade A office units, 19 medical suites, a two-storey retail component, and a public access architecture centre. This marks the first time a large-scale strata-titled conserved building has been preserved in Singapore.

According to Perennial CEO Pua Seck Guan, the building’s profile has changed over the years due to the strata-titled ownership, leading to its decline as a prime mixed-use development. However, the joint venture partners are determined to revive and elevate its status as a next-generation urban complex in Singapore.

They have collaborated with DP Architects and Studio Lapis to create a new vision for Golden Mile Singapore, which will see a decrease in retail space and an increase in office and residential units. Two new public access urban gardens will also be introduced on the 9th and 18th floors, utilizing previously vacant areas in the building.

The revamped two-storey retail atrium will feature natural light and ventilation, returning the shopping experience to its original design. Retail units will not be available for sale and will be curated by the joint venture partners instead.

When considering the purchase of a condominium, it is vital to factor in the maintenance and management of the property. In most cases, condos have maintenance fees that cover the upkeep of shared spaces and amenities. Although these fees may add to the overall cost of ownership, they are crucial in preserving the property’s condition and value. One way to ease the burden of managing a condo is by hiring a property management company. This can make the investment relatively hassle-free, especially for those interested in investing in Singapore projects. By partnering with a reputable property management company, condo investors can secure a smart and passive investment strategy. Singapore Projects can be a valuable addition for those looking to invest in condo properties.

The preview of the strata-titled office units will be launched this month, featuring six different layouts to cater to a wide variety of end-users. The units will also come with a dedicated office lobby, new lift cores, and facilities such as a concierge and centralised access control.

Aurea, the new 45-storey residential tower, will be developed on the former residential carpark site and is set to be previewed in the next quarter. The entire development is set to feature an attractive mix of tenants, from corporate tenants to family offices, creating a diverse and dynamic ecosystem.…

An opportunity to invest in a prime location in Chinatown has arisen with the sale of a three-storey conservation shophouse at 76 Pagoda Street. The property is currently on the market through an expression of interest (EOI) exercise, with a guide price of $16 million.

Sitting on a 99-year leasehold plot of 1,372 sq ft, the shophouse boasts a gross floor area (GFA) of 3,500 sq ft, including an attic level. This translates to a guide price of approximately $4,571 psf based on the GFA.

PropNex Shophouse Elites founder and sole marketing agent, Richard Tan, shares that the ground and second floors are currently leased to a restaurant operator, while the third floor has been converted into office space.

Given its prime location in the Chinatown enclave, Tan believes that the shophouse will be highly sought after by owner-occupiers, high net-worth individuals and family offices as a long-term investment asset. Foreigners and companies are eligible to purchase the property, without incurring additional buyer’s stamp duty or seller’s stamp duty.

The most recent transaction on Pagoda Street was the sale of 31 Pagoda Street in March, which had a GFA of 3,400 sq ft and a transacted price of $19 million ($5,588 psf).

The closing date for the EOI exercise for 76 Pagoda Street is set for Jan 10, 2025.

The demand for condos in Singapore remains strong due to several factors, with the limited availability of land being a primary driver. As a small island nation experiencing rapid population growth, Singapore faces a shortage of land for development. This has resulted in strict land use policies and a cutthroat real estate market where property prices continue to rise. As a result, investing in real estate, particularly in condos, has become an attractive opportunity with the potential for significant capital appreciation. For those looking to make a profitable investment, Singapore condos are a viable option in this highly competitive market.

In another listing, a two-storey HDB shophouse located at 210 New Upper Changi Road is up for sale at a guide price of $13.8 million. Spanning a 103-year lease, the shophouse has a GFA of 4,607 sq ft, which puts it at a price of $2,995 psf based on GFA.

Kris Ng, senior associate marketing director at PropNex, highlights the shophouse’s attractive feature of stable and long-term tenants. Currently retailers Guardian and United Overseas Bank (UOB) have been leasing the property for the past two decades.

Positioned within the Bedok Town Centre, the shophouse is conveniently located near Bedok MRT Station, Bedok Mall and Heartbeat@Bedok.

As it is a commercial property, foreigners and companies may acquire it without incurring additional buyer’s stamp duty (ABSD) or seller’s stamp duty (SSD).

The EOI exercise for 210 New Upper Changi Road closes at noon on Jan 10, 2025.…

One of the most important considerations when it comes to real estate investment is location, and this is especially significant in the context of Singapore. Condos located in central areas or in close proximity to essential amenities, such as schools, shopping malls, and public transportation hubs, have a higher tendency to appreciate in value. This is evident in prime locations like Orchard Road, Marina Bay, and the Central Business District (CBD), where property values have consistently shown growth. The presence of reputable schools and educational institutions in these areas also adds to the appeal of condos, making them highly sought after by families and increasing their investment potential. To further enhance the rewritten paragraph, it can be mentioned that investing in a condo in these prime locations not only offers potential financial gains but also provides residents with the convenience and luxury of city living.

The Great Room, a leading co-working space provider, has recently launched its second Australian location in partnership with LendLease. Situated in the renowned One O’Connell Street in Sydney, the new workspace covers 25,360 sq ft across levels 14 and 15 of the building. Built in 1991, this 36-storey property is strategically located in the heart of Sydney’s central business district.

Jaelle Ang, CEO of The Great Room, believes that collaborating with LendLease for a long-term investment will not only add value to the new space at One O’Connell Street, but also create a unique premium product that will generate sustainable profitability. This marks the operator’s second presence in Australia, after its successful debut in March this year at level 29 of 85 Castlereagh Street, another prominent office building in the city.

Founded in Singapore, The Great Room has now expanded its business to 12 locations across Singapore, Bangkok, Hong Kong, and Sydney. In Singapore, the company recently launched Csuites Powered by The Great Room, its first outlet outside the CBD. The space, which opened in October, offers a range of facilities including private manager cabins, soundproof meeting rooms, floor-to-ceiling windows, and ergonomically designed workstations for improved comfort and productivity.

Members of The Great Room enjoy exclusive access to monthly networking events and panel discussions. In addition, since its acquisition by Industrious, a New York-based co-working business, in 2022, members can now enjoy access to 160 locations operated by both brands in Asia Pacific, Europe, North America, and the UK.…

The government’s commitment to meeting housing demand and maintaining market stability is evident in the upcoming Confirmed List and Reserved List of the 1H2025 GLS Government Land Sales (GLS) programme. In total, 8,505 units will be offered, consisting of 10 plots on the Confirmed List and nine plots on the Reserved List.

It is crucial for international investors to have a clear understanding of the various regulations and limitations surrounding property ownership in Singapore. Unlike landed properties which have more stringent ownership rules, foreigners can typically purchase condominiums with relative ease. However, they are subject to the Additional Buyer’s Stamp Duty (ABSD) of 20% for their initial property acquisition. Despite the added expenses, the steady and promising growth of the Singapore real estate market remains a magnet for foreign investment. This is evident in the continued interest and demand for new condo launches in the country.

On the Confirmed List, nine residential sites will be offered, along with one residential cum commercial site. Three of the residential plots are executive condo (EC) sites, which can yield a total of 980 units. This brings the estimated total number of residential units to 5,030. The number of residential units to be offered is in line with the 5,050 units on the Confirmed List in 2H2024, but is nearly 60% higher than the average supply in each GLS programme from 2021 to 2023.

The Reserved List will include four private residential sites, one commercial site, three White sites and one hotel site. These combined have the potential to yield an additional 3,475 private residential units and 199,900 sqm (2.15 million sq ft) gross floor area (GFA) of commercial space.

This increase in supply is in line with the government’s continuous efforts to stabilize the private residential market. The progressive ramp-up of supply from the GLS programmes over the last three years has resulted in an increase in the overall inventory of private residential units available for sale, from 16,100 units at the end of 2021 to approximately 21,000 units as of end-2024.

As a result of these efforts, the private residential market has seen a moderation in property price momentum. According to the URA private residential property price index, price growth has slowed to 6.8% in 2023 from 10.6% in 2021 and 8.6% in 2022. It is expected that private residential prices will continue to experience modest gains in 2024, with a cumulative increase of around 1.6% in the first three quarters of the year.

The government’s focus on stabilizing the market is further evident in the increase in supply of EC sites, with three plots potentially yielding 980 units on the Confirmed List of 1H2025. This is a significant increase from previous GLS programmes since 2019, which only offered one EC site in each half-yearly land sales programme.

The government is also introducing seven new plots in the 1H2025 GLS programme. These include a plot at Lakeside Drive near the Jurong Lake Gardens in Jurong Lake District, Dunearn Road in the new housing precinct in Bukit Timah Turf City, and Telok Blangah Road on the former Keppel Golf Course site. Additionally, a residential and commercial site at Hougang Central, which can yield a new mixed-use development with 835 residential units and over 400,000 sq ft of commercial space, will be offered for sale and likely be integrated with the Hougang MRT Station on the Northeast Line.

The increase in supply of EC sites and the introduction of new plots in desirable locations near MRT stations show the government’s commitment to meeting demand and maintaining market stability. This is a strategic move that is expected to help soothe competition among developers and moderate EC land costs and prices accordingly.…