Latest news with #Residences
Business Times
18-07-2025
- Business
- Business Times
CBD homes can be the dark horse that shines
When the 1,111 unit 99-year leasehold The Sail @ Marina Bay - the first major condo project in the Central Business District (CBD) - was launched for sale in 2004, demand was brisk. Fast forward to today, buyers appear to be fairly lukewarm to private homes in the CBD. Some units of developments with initial land leases of 99 years such as Marina Bay Suites, One Shenton and V on Shenton have been transacted recently at below S$2,000 per square foot (psf) - lower than that of prices fetched by some resale condo units further out from the city centre in Tiong Bahru and Queenstown. The tough Additional Buyer's Stamp Duty regime is hurting buying of multiple homes by Singapore citizens and permanent residents (PRs) as well as the purchase of any home by non-PR foreigners. The ABSD rates for buying a second or subsequent home are 20-30 per cent for a local and 30-35 per cent for a PR. A non-PR homebuyer pays 60 per cent ABSD. ABSD does not apply to a local buying a first home, while a PR purchasing a first home pays 5 per cent ABSD. Indeed, with a private housing market now dominated by Singaporeans buying their first homes, some new condo launches in the suburbs and city fringe have flourished. Key selling points for projects that have seen strong take-up include proximity to MRT stations, retail amenities and reputable schools. 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 Potential buyers might do well to pay greater attention to CBD homes. After all, the Urban Redevelopment Authority has in recent years been moving away from a downtown dominated by offices, to one which is more mixed use and lively after office hours. Today, a home dweller in the CBD can easily access public transport, shops, F&B outlets, hawker centres, parks, cultural amenities, conserved shophouses and so forth. W Residences Marina View Amid a flurry of new condo launches, might a project in the vicinity of Marina Bay - the centrepiece of Singapore's urban transformation - such as W Residences Marina View - Singapore be a dark horse that shines? The developer IOI Properties is part of Kuala Lumpur-listed IOI group, one of Malaysia's biggest conglomerates, and has been steadily growing its Singapore footprint. In the Marina Bay area, it also built IOI Central Boulevard Towers, a mixed-use development with two Grade-A office towers and a seven-storey retail podium. The 99-year leasehold luxury W branded residence project is now in the early phase of private previews, with 'special preview prices' from just over S$3,200 psf for a limited number of units. In perspective, two upcoming new condo launches in the River Valley area have prices that are not far off the above price. Prices for Wing Tai Holdings' River Green start from S$2,846 psf, while prices for Allgreen Properties' Promenade Peak could be around S$3,000 psf. The 683-unit W Residences Marina View, with easy access to the Shenton Way MRT station on the Thomson-East Coast Line, has 171 one-bedders, 310 two-bedders, 103 three-bedders, 32 four-bedders, 64 five-bedders, and three penthouses. Part of a 51-storey mixed-use development, the homes will be perched atop the new 360-room five-star W Singapore – Marina View hotel. CBD housing demand There are first-time local private homebuyers who buy mainly for investment, such as a person whose spouse owns their owner-occupied home and a young adult living with parents. For this profile of buyers, a one-bedder or two-bedder at W Residences Marina View could make sense. Rental demand for CBD homes is supported by easy access to Grade A CBD offices, which are the option of choice for many leading businesses across diverse sectors as well as the increasing liveability of the CBD. An added edge for a landlord of a unit at W Residences Marina View could come from the residences being operated by Marriott International. The project's residents will have access a high level of services for their lifestyle needs. In addition, smaller configuration condo homes in the CBD, especially in developments that are well crafted and have great common facilities, may attract owner-occupiers who are high-earning singles or couples without children. Meanwhile, some owner-occupiers might be drawn to living in large premium condo homes in the Marina Bay vicinity and other parts of the CBD. Think of wealthy PR households who may not be able to buy landed housing here and need not live close to sought-after local schools. Or older well-heeled local couples whose children have grown up and moved out from their home, who could be moving from say a landed home to a large format centrally-located condo unit with ample space for entertainment and hobbies. In short, a four-bedroom unit of about 2,250 square feet (sq ft) or a five-bedder of about 2,809 sq ft at W Residences Marina View might appeal to affluent homebuyers looking for a high quality abode to live in. Sure, CBD living is not everyone's cup of tea. And even as the CBD transforms into a more vibrant live, work and play destination, its undoubted strength is as a host of premier work spaces for leading businesses. Nonetheless, don't underestimate the appeal of homes in the CBD. The unique selling points of such homes include their easy access to luxury shopping at The Shoppes at Marina Bay Sands, top attractions like Gardens by the Bay and Marina Bay Sands, great recreational spaces like Marina Barrage as well as leading arts venues and museums. Moreover, a CBD that is quieter at nights and on weekends relative to the bustle of weekday mornings and afternoons could be a plus for residential dwellers who are largely at home during weekday nights and weekends. Ultimately, in a resilient and steady Singapore private housing market, betting on a dark horse in CBD homes may deliver relative outperformance in the long run.
Chicago Tribune
17-07-2025
- Business
- Chicago Tribune
Naperville council OKs new residential developments, one with proposed rents of up to $5,000
The Naperville City Council has signed off on two new residential developments — one with rents ranging from $3,900 to $5,000 — that will add a total of 154 new homes to the city when construction is complete. A final plat for M/I Homes' Northwoods of Naperville, which proposes converting the former 12-acre DeVry University site at 1151 E. Warrenville Road off Interstate 88 into 64 single-family townhomes, was approved by the council Tuesday as were the land annexation and variances needed for The Residences at Naper & Plank. The latter will bring 34 townhouses and 56 rowhouses, all leased luxury units with monthly rents of up to $5,000, to an 8.2-acre site at Naper Bouelvard and Plank Road. Plans for the Lincoln Property Co. development include a public park at the southeast corner of the site, created in cooperation with the Naperville Park District, as well as the construction of sidewalks and a walking path. Neighboring property owners urged the council to vote against the project at Tuesday's meeting, citing concerns about traffic congestion, the high rental prices, the park plans and the impact it will have on the neighborhood's character. 'I understand that the community petitioned for this level of density in 2022 and I'm not here to argue against that,' Alice Chin, a Naperville resident and local real estate broker, said. 'However, I don't think the community expected high priced rentals to be developed instead.' Traffic in the area, particularly because of the nearby Costco store on East Ogden Avenue and the drive-thru coffee shop 7 Brew just off Ogden, is already bad without adding so many more people to the mix, some opponents said. 'The proposed development is situated in one of the most already congested intersections in the area — Ogden, Naper, Plank and Tuthill,' Mulberry Hills Estates resident Elizabeth Baugmart said. 'This area was never intended to absorb this volume of new car traffic.' That was also an issue for Councilman Nate Wilson, who was the only council member to vote against the Naper & Plank project. Vincent Rosanova, an attorney representing the developer, said traffic was something they took into consideration when planning the project. That's why they provided access to the townhouses and rowhouses via both Tuthill Road and Burlington Avenue, something that should help ease traffic flow in the area, he said. 'One of the advantages of this location, from a traffic standpoint, is the ability of the traffic to be dispersed in multiple directions,' said Luay Aboona, a consultant who conducted a traffic study for the developer. Baugmart also argued that the density of the project would 'stand out starkly against surrounding single-family neighborhoods.' Initially The Residences at Naper & Plank was to have a 268-unit apartment complex but that plan was modified after developers received feedback from the city. 'When a developer comes back with feedback from the community and significantly adjusts its plan with what the community asks for and what council asks for and what city staff ask for, I think we have to seriously take that into account,' Councilman Ian Holzhauer said. As for the rental prices, he acknowledged the concerns raised but noted there was not much that could be done about that 'other than a market fix.' That said, Holzhauer said he hoped the council might have a discussion later this year about establishing an inclusionary zoning ordinance that would give developers more guidelines on how to bring more mixed-housing into new Naperville residential projects.
Web Release
01-07-2025
- Business
- Web Release
MERED Reveals 2025 Buyer Insights on Dubai's Evolving Premium Property Market
MERED, the award-winning international real estate developer, has released new buyer insights from ICONIC Residences Design by Pininfarina, revealing changing expectations among Dubai's premium real estate purchasers. Compiled from direct buyer engagements in H1 2025, the analysis provides a snapshot of how high-net-worth individuals (HWNI) are navigating the city's residential market. Key Buyer Priorities The report shows that 65% of buyers emphasized privacy and exclusivity, while 60% identified architectural quality as a key factor influencing their decisions. Location and connectivity were important to 55% of respondents, with 50% focused on long-term investment value. Lifestyle-driven amenities and services ranked as a priority for 45% of buyers. In every case, investors sought insights into capital appreciation potential, underscoring that financial performance remains a core consideration. Preferred Property Types and Ownership Intent Demand is strongest for one- and two-bedroom layouts, which offer greater flexibility and are well suited to both personal use and short-term rental strategies. Ownership intent is also becoming increasingly diverse, with one dataset showing 45% of buyers purchasing for self-use, 30% for investment, and 25% opting for a hybrid model. This reflects a rising demand for adaptable property formats that can accommodate diverse buyer needs and lifestyles. Changing Buyer Demographics Buyers aged between 40 and 50 still make up the majority of the market from diverse professional backgrounds, including finance, private equity, trading, legal, and healthcare. However, a growing number of younger buyers are entering the market from emerging wealth sectors like technology, digital finance, and crypto industries. This cohort brings different expectations, favoring branded residences, functional layouts, and properties that support mobility and income generation. Amenities and Lifestyle Features in Demand More than 85% of buyers asked about amenities during their first conversations, showing strong interest in private outdoor terraces and a mix of wellness and lifestyle features. These include natural green spaces, an ice-spa, padel courts, yoga studios, indoor cinemas, and dedicated kids' play areas. Although environmental sustainability is not yet a leading motivator, there is a huge appreciation for features that enhance quality of life, such as medical-grade air filtration and ultra-purified water systems, both available at ICONIC Residences Design by Pininfarina. Unique Selling Points of ICONIC Residences Experienced investors who have purchased properties across Dubai were surprised to find a rare offering in ICONIC Residences. It is the only development featuring fully wooden-floor apartments and heated bathrooms, creating a carefully designed microclimate that adds an extra layer of comfort to the living experience. Speaking on the evolving profile of Dubai's premium buyer, Michael Belton, the CEO of MERED commented: 'Today's generation of investors is sophisticated and discerning, expecting timeless architecture, wellness integration, and a genuine sense of community. At MERED, we see this as an opportunity to set a new benchmark with projects that speak to ambition, identity, and the way people want to live and invest in their future.' Purchase Decision Drivers The analysis highlighted four key motivations that consistently influence final purchase decisions. Around 40% of buyers are most drawn to the architectural quality and design pedigree of the project. Another 30% cite long-term investment value and returns as their primary driver. A further 20% are motivated by lifestyle and the surrounding sense of community, while 10% are focused on the developer's track record. As Dubai continues to evolve as a global capital for investment and architecture, MERED's latest findings confirm a more sophisticated premium buyer who sees property as an extension of lifestyle and legacy. Projects like ICONIC Residences are answering that demand by offering a project that sits at the intersection of performance, personality, and prestige.
New Straits Times
25-06-2025
- New Straits Times
Singaporean man, wife cheat her lover of S$220k in property investment scam
KUALA LUMPUR: A married couple from Singapore pleaded guilty to cheating the woman's lover of S$220,000 (RM770,000) in a bogus property investment scheme. The Straits Times reported that Felicia Tay Bee Ling, 49, and her then-husband Eric Ong Chee Wei, 50, conspired to deceive 48-year-old David Tan into investing in supposedly high-value condominium units at discounted prices at Residences @ Emerald Hill. Tan believed the units could later be sold for significant profits. Though Tan never met Ong, he was aware that Ong was Tay's husband at the time. Tay and Tan's affair lasted from 2014 to 2017. Tay was a housewife, while Ong previously worked as a property agent before moving on to various jobs. Deputy public prosecutor Kiera Yu said the couple's goal was to con Tan into handing over "security deposits" for property units that, in reality, did not exist. Tay assured Tan that the properties could be resold quickly for a large profit, promising high returns within three months. She also advised him to keep the deal confidential, describing it as a private offer. To support their scheme, Ong gave Tay fake option-to-purchase (OTP) forms using the name of a legitimate salesman from real estate agency OrangeTee. The agent was unaware his credentials were being misused. Between September and November 2015, Tan gave Tay a total of S$220,000 as security deposits for seven units. Six of the units did not exist, while the seventh was not for sale. Tay filled out the forms and sent screenshots of them to Tan via WhatsApp. She even promised Tan that he would earn over S$1.7 million in returns once the units were sold. When no returns materialised, Tan confronted her in early 2016. She failed to provide clear answers. In an attempt to reassure him, Tay, using information from Ong, prepared a document dated Jan 8, 2016, claiming Ong would repay the money. Tay and Tan's affair ended in March 2017. On Dec 11, 2019, Tan contacted OrangeTee to verify the property deals, only to find that none of the transactions were legitimate. He lodged a police report the following day. Both Tay and Ong were arrested in June 2022. So far, Ong has repaid S$10,000 to the victim. Both will be sentenced in July.
Yahoo
11-06-2025
- Business
- Yahoo
Holiday Inn Club Vacations Celebrates Completion of First Luxury, Six-Bedroom Homes at Orange Lake Resort
The Residences offer a new era of multi-generational travel at flagship Orlando property ORLANDO, Fla., June 11, 2025 /PRNewswire/ -- Holiday Inn Club Vacations Incorporated, an international vacation ownership company, today marked a major milestone with a ribbon-cutting ceremony celebrating the completion of the first phase of The Residences at Orange Lake Resort. The expansion includes three completed six-bedroom luxury homes and one fully furnished model home, now ready to welcome multi-generational travelers seeking a high-end, private-vacation experience. The ceremony comes just shy of two years after the company broke ground on the project on August 8, 2023. The event included remarks from company and industry leaders, including John Staten, President and Chief Executive Officer of Holiday Inn Club Vacations; Jorge Reyes, Regional Vice President of Operations for Holiday Inn Club Vacations; Jason Gamel, President and CEO of the American Resort Development Association (ARDA); Mike Campbell, HICV Vice President of Sales; and Robert Agrusa, President and CEO of the Central Florida Hotel and Lodging Association (CFHLA). "This is more than just the completion of four stunning homes—it's the realization of a bold vision to reimagine how families travel together," said Staten. "We believe that multi-generational travel is the future, and The Residences represent our ongoing commitment to leading that movement by offering innovative, spacious accommodations at the very resort where our company began more than 40 years ago." Built with family connection, comfort, and luxury in mind, each Residence spans more than 5,575 square feet and features: Six bedrooms and six bathrooms with dual master suites Large entertainment spaces with 85" TVs and surround sound Private screened-in pool with sun shelf, hot tub, and fire pit area Game and fitness rooms Chef's kitchen with island seating and dining room to seat 20 Outdoor kitchen and covered patio Smart home technology and personal golf cart use The Residences are now available for preview through the model home, with the first three homes ready for stays later this summer. Priority booking will be offered to Holiday Inn Club members. Originally opened in 1982 by Holiday Inn founder Kemmons Wilson, Orange Lake Resort has grown into a 1,100-acre flagship destination featuring more than 2,400 villas across four villages. The property offers guests a wide range of amenities including a lazy river, four golf courses, restaurants, mini golf, sports courts, and more. For photos: Click HERE:Photo Caption: From L to R: Jason Gamel, President & CEO of the American Resort Development Association (ARDA); Jorge Reyes, Regional Vice President of Operations; John Staten, President & CEO of Holiday Inn Club Vacations; Mike Campbell, Holiday Inn Club Vacations Vice President of Sales; and Robert Agrusa, President/CEO, Central Florida Hotel and Lodging Association (CFHLA).For Video: Click HERE About Holiday Inn Club Vacations IncorporatedEncompassing resorts across the United States and the Mexican Caribbean, Holiday Inn Club Vacations Incorporated is a resort, real estate and travel company with a mission to be the most loved brand in family travel by delivering easy-to-plan, memorable vacation experiences that strengthen families. Based in Orlando, Fla., the company has been a leader in the vacation ownership industry since 1982, when Holiday Inn® founder Kemmons Wilson debuted the company's flagship property, Holiday Inn Club Vacations® at Orange Lake Resort, next to Orlando's Walt Disney World® Resort. Today, the Holiday Inn Club Vacations resort portfolio spans across the United States, and into the Mexican Caribbean, with the company's international expansion in May 2023. Throughout its history, the company has maintained the core family values true to its founding Wilson family, while aggressively pursuing growth, transforming its member engagement model and building an industry-leading team passionate about the guest experience. Media Contact:pr@ View original content to download multimedia: SOURCE Holiday Inn Club Vacations Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
