The Dempster Condo Log Book

At the heart of Adelphi Park Estate, located off Upper Thomson Road, are two freehold adjoining shophouses with a guide price of $10.5 million, or $2,665 psf on the floor area—5 and 7 Jasmine Road. Situated on a total site area of approximately 3,650 sq ft, the two-storey shophouses also encompass a combined existing floor area of about 3,940 sq ft.

The shophouses’ 2019 Master Plan zoning allows for commercial usage at the first storey with a gross plot ratio of 3.0 and building height control of up to four storeys. With their convenient location—about 50m away from Thomson Plaza shopping mall and mere minutes from Upper Thomson MRT Station (Thomson-East Coast Line) and Caldecott MRT Station (Circle Line)—these properties offer investors immediate rental income and long-term capital appreciation potential.

For those considering to redevelop the properties, the successful buyer is able to construct a four-storey building with commercial space …

At Marina Gardens Condo a guide price of $63 million, the owners of a four-storey walk-up development with 26-units at 52 to 62H Tanjong Katong Road in District 15 are relaunching the property for tender. Originally asking for $65.5 million when it was put up for collective sale in July of last year, the property failed to attract offers in line with the asking price.

With a land area of about 32,397 ft and a zoning that allows for a gross plot ratio of 1.4 under the 2019 Master Plan, this redevelopment could potentially have 49 residential apartments with an average size of 915 sq ft. Factoring in an estimated land betterment charge of approximately $530,000, the guide price translates to approximately $1,401 psf per plot ratio (psf ppr), potentially lowering to $1,375 psf ppr after factoring One Sophia in a 7% bonus balcony gross floor area.

Terence Lian, head …

The two conservation shophouses at 6 and 7 Perak Road have been put up for sale via tender after the pandemic, with a guide price of $13 million. The properties are well-maintained and require minimal refurbishments with an 11.4m-wide frontage along Perak Road and a built-up area of 5,360 sq ft. The three-minute walk to Rochor MRT Station makes them highly accessible, and the tourism sector recovery should make them attractive to hostel operators. The estimated potential gross rental yield to the future buyer is above 3%. Being zoned for commercial use, no additional buyer’s stamp duty is payable which further amplifies the attractiveness of this tender. The tender will close on May 8 at 3pm.

The two conservation shophouses at 6 and 7 Perak Road, situated in the Jalan Besar/Little India precinct, are up for sale with a guide price of $13 million. With minimal refurbishments required, these properties …

Sandeep Sethi has been appointed division president of work dynamics at JLL in the Asia Pacific region. With a diverse career spanning 27 years, including 10 at JLL, he has a deep understanding of corporate real estate and has forged strong client relationships. In his new role, Sethi will be responsible for providing services addressing the full real estate life cycle to occupiers, including integrated facilities management, construction management services, sustainability and workplace consulting, workplace experience and lease transaction management.

In addition, he will also be in charge of growing JLL’s North Asia market share in mainland China and Hong Kong, and report to Susheel Koul, JLL’s CEO for work dynamics in Asia Pacific. Koul made the following comments regarding Sethi’s appointment: “Sandeep is an established leader and a respected client advisor with an astute understanding of the dynamic nature of commercial real estate. His appointment reinforces JLL’s commitment to …

in response to the market slowdown.

Investment sales in Singapore’s real estate market got off to a “slow start” in the first quarter of 2023, with only $4.2 billion worth of investments recorded. This marks a 61% decrease compared with 1Q2022, and the lowest quarterly total since 2Q2020 when the government had implemented circuit breaker measures in response to the pandemic.

Residential-level deals were steady, totaling to $1.6 billion, including the sale of collective properties such as Meyer Park, Bagnall Court and Holland Tower. Of particular note is the sale of Holland Tower which is the first successful collective sale of a residential property in the Core Central Region since 2021. This could signal the “nascent return” of interest for prime locations, according to Knight Frank Singapore’s Head of Capital Markets (Land & Collective Sale), Chia Mein Mein.

However, a large price gap between sellers and developers continues to challenge …