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Business Times
3 days ago
- Business
- Business Times
PropNex commits more than S$30 million to philanthropic initiatives, funding education
[SINGAPORE] Real estate agency PropNex announced on Tuesday (Jul 15) its commitment of more than S$30 million towards philanthropic initiatives, as well as the launch of PropNex Foundation to fund student education. It will make a landmark contribution of S$6 million to Community Chest (ComChest) over a 12-month period – its largest donation to the charity in the real estate agency's history. This amount comprises voluntary pledges of a portion of sales commissions by PropNex salespersons. PropNex also signed a memorandum of understanding with ComChest to donate S$1.5 million annually from 2025 to 2027. This supports the SG Gives Enhanced Matching Grant, where the government matches up to S$1.50 for every S$1 donated – amounting to at least S$250,000 in matching funds annually. There is a minimum commitment period of three years. The funds will go towards helping beneficiaries under ComChest's programmes – in particular children with special needs, children with physical and sensory challenges, as well as underprivileged youth and families in need. Chew Sutat, chairman of ComChest, said: 'Programmes such as special needs education, student care centres, counselling, financial and social support can provide much-needed assistance to help families achieve stability and resilience.' PropNex has been collaborating with ComChest since 2013, donating more than S$10 million to its programmes. A NEWSLETTER FOR YOU Friday, 2 pm Lifestyle Our picks of the latest dining, travel and leisure options to treat yourself. Sign Up Sign Up Ismail Gafoor, executive chairman of PropNex, said: 'Over the years, we have supported vulnerable groups aligned with our values, such as children, families and individuals with special needs, through both financial contributions and volunteer efforts.' The announcements were made as part of PropNex's 25th anniversary celebrations on Thursday. In April this year, PropNex worked with ComChest, Families for Life Council, and the Ministry of Social and Family Development to launch the PropNex Family Zone at Gardens by the Bay. The agency said this is Singapore's first inclusive, family-themed playground that spans more than 64,000 square feet and comprises a community garden, event lawn and upcoming community stage in 2026. The playground incorporates educational and inclusive play elements. PropNex Foundation On Thursday, the real estate agency launched PropNex Foundation to fund student education. The foundation has an initial endowment of S$10 million, and co-founders Gafoor and Alan Lim have pledged to grow the fund to S$25 million over the next 10 years. PropNex Foundation will support underprivileged students and advance educational initiatives. Its beneficiaries are from primary school to university. As a start, the foundation has awarded S$254,000 in the form of PropNex Education Awards to 160 students to help them pursue their educational goals. Primary and secondary students received S$1,000; junior college, Millennia Institute and Institute of Technical Education students received S$2,000; polytechnic students received S$3,000; and students from autonomous universities received S$4,000. To be eligible, applicants' gross monthly household per capita income cannot exceed S$2,000, and gross monthly household income could not exceed S$7,500. 20-year-old Branwenn Tang, a beneficiary from Singapore Polytechnic pursuing a diploma in food science and technology, said she aims to use the funds to kickstart her entrepreneurial journey. Outside of her studies, she is interested in starting a business selling crocheted flowers.
Business Times
10-07-2025
- Business
- Business Times
Q3 wave of condo launches will test demand for Singapore prime projects above S$3,000 psf benchmark
[SINGAPORE] A wave of new condominium launches in the coming weeks will pose a litmus test of buyer appetite for prime properties, with prices pushing past S$3,000 per square foot (psf) for several projects. Some 10 new projects offering about 4,750 homes are expected to be marketed in July and August, before the start of the Hungry Ghost Festival. Beginning in the last week of August, the month-long event is a seasonally slow period for the property market. Four of these projects are in the prime Core Central Region (CCR): W Residences Marina View, The Robertson Opus, Upperhouse at Orchard Boulevard, and River Green. Another two – Amber House in the east and Promenade Peak at Zion Road – have Rest of Central Region (RCR) addresses, but will likely be priced close to CCR benchmarks due to their location. In September, two more centrally located condos could be launched: Skye at Holland at Holland Drive, and Zyon Grand at Zion Road. Within the CCR, some 1,857 homes will be marketed – the largest number of new units there since 2021, said Mark Yip, chief executive officer of Huttons Asia. A NEWSLETTER FOR YOU Tuesday, 12 pm Property Insights Get an exclusive analysis of real estate and property news in Singapore and beyond. Sign Up Sign Up PropNex chief executive officer Ismail Gafoor noted that for the whole of 2023, only two new prime condos totalling 258 units were launched; in 2024, three projects offered 571 units. There was just one CCR condo (the 367-unit The Collective at One Sophia) launched in the fourth quarter of 2024, and two smaller projects (the 188-unit Aurea and the 18-unit 21 Anderson) in the first half of 2025. Property players will be watching the upcoming launches closely, to determine strategies for a market where high-end condo sales have been squashed by cooling measures and overall sentiment is soft. Developers' sales of new projects fell sharply in Q2 2025 after a surge in buying in the two quarters before. Across all regions, total new sales were down 66 per cent at 1,124 units in Q2. The batch of CCR projects this quarter will bring not just a step-up in supply, but also higher price points than the mass-market condos that sold well in the past. Alan Cheong, executive director of research and consultancy at Savills Singapore, said: 'We don't expect demand to flood in, like what we saw for a few projects in the RCR and Outside Central Region (OCR) in 2024 and early 2025. Once developers have established S$3,000 psf as the benchmark, subsequent new launches in the CCR will build on that baseline.' While the boost in supply at the top of the market is raising some concerns, 'over time, if the pricing remains flexible, you will see take-up come in at a steady rate', he added. Palatable prices for local buyers IOI Properties' W Residences Marina View, a 683-unit branded residences project being built on top of a new W hotel, begins booking sales this Saturday (Jul 12), with prices starting above S$2.1 million for the smallest one-bedroom units. On a psf basis, prices are estimated to range from S$3,800 to S$6,000 psf. In the River Valley area, the first out of the gate is the 999-year leasehold The Robertson Opus, followed by three 99-year leasehold condos bunched around the River Valley Green and Zion Road locale. Prices for The Robertson Opus, a Frasers Property-Sekisui House project, start from S$3,150 psf. Wing Tai will begin previews for its 524-unit River Green on Jul 17. UOL and Singapore Land have also started marketing Upperhouse at Orchard Boulevard, with agents advertising indicative prices from just under S$3,000 psf to about S$3,500 psf. The last 99-year leasehold project launched in the Orchard area was Cuscaden Reserve, released in 2019 at prices ranging from S$3,300 to S$3,500 psf. The boost in new CCR supply, most of it coming out of government land sale sites, is likely to cap prices at levels palatable to local buyers. PropNex's Gafoor anticipates that 'developers will likely price units sensitively to try to get sales going during the initial stages of the project launch'. The current market is price-sensitive, especially with the broad line-up of launches available, added Justin Quek, Realion's deputy group chief executive officer. Demand in the CCR has been tepid since the government hiked additional buyer's stamp duty (ABSD) rates in April 2023. Foreign buyers, who typically account for a larger share of sales in the CCR compared with the city fringe and suburban areas, stayed away after ABSD for such purchasers was doubled to 60 per cent. Based on caveats data from Realis, foreigners now account for 6.9 per cent of new non-landed private home sales in Q1, and 7.1 per cent in Q2. These figures are among the lowest on a quarterly basis since 2021, said Gafoor. That said, Huttons' Yip noted there were buyers who picked up properties priced above S$4,000 psf in 21 Anderson and Park Nova in Q2 this year. Moreover, in June, a 3,326-square-foot (sq ft) unit at Sculptura Ardmore changed hands at S$20 million or S$6,013 psf, and a new 5,285 sq ft unit at Skywaters Residences was sold for S$30.9 million or S$5,841 psf. 'Window of opportunity' Yip said that as the price gap between properties in the CCR and RCR shrinks to one of the narrowest on record, buyers may view this as a 'window of opportunity' to enter the CCR market. Statistics from ERA research showed that with prices in other regions rising at a faster clip than those in prime areas, the median price difference in H1 2025 between the CCR and RCR has been whittled down to just S$59 psf; between the CCR and OCR, the gap is S$479 psf. Yip believes that with prices benchmarked around S$3,000 psf, new 99-year leasehold CCR condos could be 'very attractive' to buyers. In comparison, the average price of a new freehold or 999-year leasehold project in the CCR has risen 23.4 per cent to S$3,437 psf since 2020, he said. ERA's key executive officer, Eugene Lim, added that in the new Zion Road and River Valley cluster, prices are likely to be relatively competitive, even if neighbouring sites fall under different regions. These projects may also garner more interest from home upgraders, said Gafoor. They are not far from the Bukit Merah public housing estate, where resale values are high and numerous 'million-dollar' flat sales have been transacted. Savills' Cheong added that the government's latest seller's stamp duty (SSD) revisions are unlikely to affect those buying a unit for their own use or rental. 'It should also not affect prices of new launches, as developers (have already sewn up) their marketing strategies and pricing,' he said. 'Nevertheless, it may take the wind out of the sails of those who had crafted the narrative that buyers can flip (their properties) before they even need to draw down on their housing loans, or (need to rent them out), which they may now have to do with the extended SSD period.' Supply boost The increase in CCR supply in Q3 comes amid a significant boost in private housing supply. At least 10 projects are slated for launch, offering close to 5,000 new homes. In comparison, 3,251 units were marketed across six projects in Q1, and 1,526 units were pushed out through five projects in Q2. This upcoming wave of launches is larger than the bumper crop marketed in the last quarter of 2024. In November alone, six projects yielding a total of 3,551 units were launched – among them were Chuan Park, Nava Grove, Emerald of Katong, Novo Place Executive Condominium, and The Collective at One Sophia. The projects rolled out then were in popular residential estates that for some time had not had new launches, and some were attractively priced. Interest rates were also easing, and the economic outlook was brightening. 'You could say that the stars aligned in Q4 2024,' said Tricia Song, head of research for South-east Asia at CBRE. Developers sold about 4,000 new homes that quarter, and rang up another 4,240 units in new sales in the following three months as buying momentum continued – another large batch of new homes was released in Q1 2025. Three major projects – Lentor Central Residences, The Orie in Toa Payoh, and Parktown Residence in Tampines – all notched take-up rates of about 90 per cent over their launch weekends. But sentiment has since turned cautious, with growing tariff stress and geopolitical tensions, as well as fresh downside risks to the economy, said Gafoor of PropNex.
Business Times
08-07-2025
- Business
- Business Times
Chuan Grove site draws 7 bids, with top offer of S$1,376 psf ppr from Sing Holdings-Sunway joint venture
[SINGAPORE] A joint venture between Sing Holdings and Sunway Developments placed the top bid for a 99-year leasehold private housing site in Chuan Grove, beating out six other bidders at the close of the government tender on Tuesday (Jul 8). The S$703.6 million bid works out to S$1,376 per square foot per plot ratio (psf ppr), which is on the higher end of predictions by analysts polled earlier by The Business Times. At this rate, the 550-unit project on the Chuan Grove site could be launched at prices starting at S$2,700 psf. Noting that this was the first tender closing following fresh anti-speculative curbs announced on Jul 4, Ismail Gafoor, PropNex's chief executive officer, said: 'Developers' appetite for land appears unaffected by the latest policy measures, reflecting their confidence in the resilience and depth of demand in the property market.' The Seller's Stamp Duty (SSD) rates were raised by four percentage points to a maximum of 16 per cent, and their applicable period extended from three to four years, in a move directed at a rise in sub-sale activity. The winning bid for the Chuan Grove plot was 7.3 per cent higher than the second-highest of S$655.5 million (S$1,282 psf ppr) placed by City Developments Ltd. The next highest offer of S$655 million, or S$1,281 psf ppr, was placed by Sim Lian Group. Recent government land sales (GLS) tenders have seen a marked shift in sentiment, with more players turning up and putting in firm offers for what were regarded as attractive sites. In March, an eastern region site in Bayshore attracted eight bids and a top bid of S$1,388 psf ppr – the highest land price chalked up for a 99-year leasehold site in the suburban Outside Central Region. A NEWSLETTER FOR YOU Tuesday, 12 pm Property Insights Get an exclusive analysis of real estate and property news in Singapore and beyond. Sign Up Sign Up In June, a prime District 11 Dunearn Road plot, the site of the first private condominium in the new Bukit Timah Turf City estate, was hotly contested by nine bidders; the top offer was S$1,410 psf ppr, made by a Frasers Property-led group. On Tuesday, the top bid for the Chuan Grove site was 'just 2.4 per cent lower than the land rate for the prime Dunearn Road residential site, illustrating the bullishness of this bid', said Nicholas Mak, chief research officer at property search portal It also exceeds the S$1,360 psf ppr price paid for a Toa Payoh Lorong 1 site in the city fringe Rest of Central Region, which is now being developed into The Orie, noted Marcus Chu, CEO of ERA Singapore. A total of seven bids were submitted for the Chuan Grove plot. Kingsford Group, the developer of the nearby Chuan Park project launched last year, was fourth in line with its bid at S$639.6 million (S$1,251 psf ppr). Tricia Song, CBRE research head for South-east Asia, said: 'The top four bid prices are relatively tightly banded, within a 10 per cent difference (of each other), showing consensus about the attractiveness of the site, which is within 1 km of several primary schools, right next to the Australian International School and within walking distance of Lorong Chuan MRT station.' The state land tender also attracted an offer from China developer China Overseas Land & Investment's Coli (Singapore) with a bid of S$1,203 psf ppr, and a Hong Leong-TID tie-up bid at S$1,171 psf ppr. Japura Development, owned by Li Ka-shing's CK Asset Holdings, placed the lowest bid of S$1,002 psf ppr. Rising interest Developers were likely encouraged by 2024's launch of Chuan Park, which Kingsford marketed in November, selling 76 per cent or nearly 700 of its 916 units at an average price of S$2,579 psf ppr over its launch weekend. Kingsford had acquired the old Chuan Park condominium site at a collective sale in May 2023 for S$890 million. BT understands that the land cost for the site, including a land betterment charge, came to around S$1,200 psf ppr. The Chuan Grove GLS site has an area of almost 16,000 square metres. A second parcel adjacent to the site, which can yield another 505 new units, is also up for offer in a tender that closes in September. The site tendered this week was the first state land site released in the area around the Lorong Chuan MRT station since 2009, when Hong Leong Group won a land parcel in Serangoon Avenue 3 for S$221 million or S$529 psf ppr, said Leonard Tay, Knight Frank Singapore's head of research. Units of The Scala, a condominium since developed on the site, were sold at an average of about S$1,150 psf when it was launched in 2010. SRI's head of research and data analytics, Mohan Sandrasegeran, noted that transaction data for Kingsford's Chuan Park between November 2024 and June 2025 indicated that the project's overall average unit prices hovered between S$2,545 psf and S$2,693 psf in the first half of this year; the tab for the priciest units surpassed S$2,700 psf. Lee Sze Hao, CEO of Sing Holdings, said: 'Subject to the tender award... we plan to develop a residential development comprising three high-rise towers of approximately 550 units, with full facilities and community-centric features.' By the time the Chuan Grove project is brought to market around Q3 2026, Chuan Park is likely to be fully sold, having already achieved over 83 per cent in sales less than a year since its launch, said Sandrasegeran. Justin Quek, deputy group CEO of Realion Group, said: 'There is a large catchment of potential HDB upgraders from the nearby areas of Serangoon, Bishan and Ang Mo Kio, as well as landed home downgraders in the vicinity of Serangoon Gardens and Lorong Chuan who may be looking to right-size their property.'
Business Times
08-07-2025
- Business
- Business Times
Chuan Grove site draws 7 bids, with bullish S$1,376 psf ppr top bid from Sing Holdings, Sunway joint venture
[SINGAPORE] A joint venture between Sing Holdings and Sunway Developments placed the top bid for a 99-year leasehold private housing site in Chuan Grove, beating out six other bidders at the close of the government tender on Tuesday (Jul 8). The S$703.6 million bid works out to S$1,376 per square foot per plot ratio (psf ppr), which is on the higher end of predictions by analysts polled earlier by The Business Times. At this rate, the 550-unit project on the Chuan Grove site could be launched at prices starting at S$2,700 psf. Noting that this was the first tender closing following fresh anti-speculative curbs announced on Jul 4, Ismail Gafoor, PropNex's chief executive officer, said: 'Developers' appetite for land appears unaffected by the latest policy measures, reflecting their confidence in the resilience and depth of demand in the property market.' The seller's stamp duty (SSD) rates were raised by four percentage points to a maximum of 16 per cent, and their applicable period extended from three to four years, in a move directed at a rise in sub-sale activity. The winning bid for the Chuan Grove plot was 7.3 per cent higher than the second-highest of S$655.5 million (S$1,282 psf ppr) placed by City Developments. The next highest offer of S$655 million, or S$1,281 psf ppr, was placed by Sim Lian Group. Recent government land sales (GLS) tenders have seen a marked shift in sentiment, with more players turning up and putting in firm offers for what were regarded as attractive sites. In March, an eastern region site in Bayshore attracted eight bids and a top bid of S$1,388 psf ppr – the highest land price chalked up for a 99-year leasehold site in the suburban Outside Central Region. A NEWSLETTER FOR YOU Tuesday, 12 pm Property Insights Get an exclusive analysis of real estate and property news in Singapore and beyond. Sign Up Sign Up In June, a prime District 11 Dunearn Road plot, the site of the first private condominium in the new Bukit Timah Turf City estate, was hotly contested by nine bidders; the top offer was S$1,410 psf ppr, made by a Frasers Property-led group. On Tuesday, the top bid for the Chuan Grove site was 'just 2.4 per cent lower than the land rate for the prime Dunearn Road residential site, illustrating the bullishness of this bid', said Nicholas Mak, chief research officer at property search portal It also exceeds the S$1,360 psf ppr price paid for a Toa Payoh Lorong 1 site in the city fringe Rest of Central Region, which is now being developed into The Orie, noted Marcus Chu, ERA Singapore's chief executive officer. A total of seven bids were submitted for the Chuan Grove plot. Kingsford Group, the developer of the nearby Chuan Park project launched last year, was fourth in line with its bid at S$639.6 million (S$1,251 psf ppr). Tricia Song, CBRE research head for South-east Asia, said: 'The top four bid prices are relatively tightly-banded, within a 10 per cent difference (of each other), showing consensus about the attractiveness of the site, which is within 1 km of several primary schools, right next to the Australian International School, and within walking distance of Lorong Chuan MRT station.' The state land tender also attracted an offer from China developer China Overseas Land & Investment's Coli (Singapore) with a bid of S$1,203 psf ppr, and a Hong Leong-TID tie-up bid at S$1,171 psf ppr. Japura Development, owned by Li Ka-Shing's CK Asset Holdings, placed the lowest bid of S$1,002 psf ppr. Rising interest Developers were likely encouraged by 2024's launch of Chuan Park, which Kingsford marketed in November, selling 76 per cent or nearly 700 of its 916 units at an average price of S$2,579 psf ppr over its launch weekend. Kingsford had acquired the old Chuan Park condominium site at a collective sale in May 2023 for S$890 million. BT understands that the land cost for the site, including a land betterment charge, came to around S$1,200 psf ppr. The Chuan Grove GLS site has an area of almost 16,000 square metres. A second parcel adjacent to the site, which can yield another 505 new units, is also up for offer in a tender that closes in September. The site tendered this week was the first state land site released in the area around the Lorong Chuan MRT station since 2009, when Hong Leong Group won a land parcel in Serangoon Avenue 3 for S$221 million or S$529 psf ppr, said Leonard Tay, Knight Frank Singapore's head of research. Units of The Scala, a condominium since developed on the site, were sold at an average of about S$1,150 psf when it was launched in 2010. SRI's head of research and data analytics Mohan Sandrasegeran noted that transaction data for Kingsford's Chuan Park between November 2024 and June 2025 indicated that the project's overall average unit prices hovering between S$2,545 psf and S$2,693 psf in the first half of this year; the tab for the priciest units surpassed S$2,700 psf. Lee Sze Hao, Sing Holdings' chief executive officer, said: 'Subject to the tender plan to develop a residential development comprising three high-rise towers of approximately 550 units with full facilities and community-centric features.' By the time the Chuan Grove project is brought to market around Q3 2026, Chuan Park is likely to be fully sold, having already achieved over 83 per cent in sales less than a year since its launch, said Sandrasegeran. Justin Quek, deputy group CEO of Realion Group, said: 'There is a large catchment of potential HDB upgraders from the nearby areas of Serangoon, Bishan and Ang Mo Kio, as well as landed home downgraders in the vicinity of Serangoon Gardens and Lorong Chuan who may be looking to right-size their property.'
Straits Times
06-07-2025
- Climate
- Straits Times
Thousands evacuate as Typhoon Danas lashes Taiwan
Sign up now: Get ST's newsletters delivered to your inbox At least 28 people have been treated for minor injuries. TAIPEI - Nearly 3,000 people in Taiwan evacuated their homes on July 6, authorities said, as Typhoon Danas dumped torrential rain on the island, triggering floods and landslides. Packing maximum sustained wind speeds of 137kmh, Danas is expected to sweep northwards along Taiwan's west coast overnight, the Central Weather Administration said in an advisory. At least 28 people have been treated for minor injuries, according to the National Fire Agency. Danas dumped more than 500mm of rain across southern Taiwan over the weekend, the weather agency said, warning of heavy to torrential rain across the rest of the island as the typhoon moves north. 'Tonight through tomorrow morning will see the strongest wind and rain impacts,' the weather agency said. Most of the 2,853 people evacuated from their homes were in mountainous areas around the southern port city of Kaohsiung, the National Fire Agency said. At least 10 landslides were recorded and 49 areas flooded, but the water has since receded, it added. Top stories Swipe. Select. Stay informed. Singapore First BTO project in Sembawang North to be offered in July HDB launch Singapore Woman on SMRT bus 190 injured after bottle thrown at vehicle leaves hole in window Asia 'Don't be seen in India again': Indian nationals pushed into Bangladesh at gunpoint Asia Two women fatally stabbed at bar in Japan by man Business High Court orders Instagram seller to pay Louis Vuitton $200,000 in damages over counterfeit goods Singapore MOH studying 18 proposals to integrate TCM into public healthcare Asia Malaysian commando dies during military diving exercise off Kuantan coast Singapore His world crashed when he got F9 in O-level Tamil but PropNex co-founder Ismail Gafoor beat the odds Taiwan is accustomed to frequent tropical storms from July to October. AFP
