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Business Times
02-07-2025
- Business
- Business Times
Loyang Valley owners make third try for en bloc sale at S$880 million
[SINGAPORE] Changi condominium Loyang Valley is being put up for collective sale for S$880 million, in its third attempt at an en-bloc deal. The 99-year leasehold property sits on a 840,648 square feet (sq ft) plot of land, which now houses 362 apartments. Subject to planning approval, developers may build around 1,249 dwelling units, assuming an average unit size of 1,076 sq ft, marketing agent Huttons Asia said on Wednesday (Jul 2). The indicative price of S$880 million works out to a land cost of S$936 per sq ft per plot ratio (psf ppr), inclusive of an estimated Land Betterment Charge of approximately S$221 million, and a lease upgrading premium of approximately S$245 million after factoring in a 7 per cent bonus balcony gross floor area. Loyang Valley's first attempt at a collective sale was made in 2018, at a reserve price of S$750 million, but it failed to garner sufficient support. In 2022, the condominium was launched for sale at S$980 million, but pulled in no bids when the tender closed later that year. 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 Huttons Asia's head of investment sales Terence Lian said: 'Given current market dynamics, the reduced reserve price of S$100 million below the previous level offers a compelling and achievable opportunity for developers.' Owners stand to receive between S$1.67 million and S$3.9 million for their properties, which range from 1,001 sq ft for the smallest two-bedroom unit to 3,272 sq ft for the four-bedroom unit, the development's largest. Four units in Loyang Valley were sold this year, said URA Realis. The most recent sale was in May 2025, when a 1,980 sq ft unit changed hands for S$1.9 million or S$959 psf. Huttons' Lian said: 'Loyang Valley offers a rare opportunity to develop a tranquil residential enclave in the East, blending modern living with the charm of Changi's heritage.' Built in 1985, the development has 56 years left on its 99-year lease. Under the 2019 Master Plan, the site is zoned for residential use and has a gross plot ratio of 1.6. The last new launch in the Changi East area was freehold condominium Kassia, which sold 52 per cent of its 276 residential units on its launch weekend in July 2024. The prices ranged between S$1,821 and S$2,177 psf. The development's site on Flora Drive is being developed by Hong Leong Holdings, City Developments and TID. Significant infrastructure and industrial developments are expected in the Changi East area, and these include the Loyang Viaduct and the Cross Island Line, which will put a new Loyang MRT station next to the condo's site. The Changi East area now under development expand to nearly double the footprint of the current Changi Airport; it will add 10.8 sq km of new infrastructure, including Terminal 5, a third runway, the Changi East Industrial Zone and the Changi East Urban District. Loyang Valley is also near industrial hubs such as Aviation Logistics Park, Loyang Industrial Estate and Changi Business Park. Lian said: 'With growing demand from the semiconductor and aviation sectors in Tampines North, Pasir Ris and Changi, the site offers a strong rental catchment for investors, while providing residents with convenient access to job opportunities and lifestyle offerings.' The tender for Loyang Valley, to be launched on Jul 8, closes on Sep 9.
Business Times
30-04-2025
- Business
- Business Times
Kheng Leong launches ultra-luxury condo 21 Anderson with prices from S$10 million
[SINGAPORE] Kheng Leong, the private real estate arm of the family of Wee Cho Yaw, has begun selling its ultra-luxury Tanglin project 21 Anderson. Out of the condominium's 18 units, two 4,489 square feet (sq ft) four-bedroom units were sold in April, according to URA Realis data. One was sold for S$21 million or S$4,672 psf on Apr 10, while another was sold for S$23 million or S$5,127 psf on April 15. The two units were sold to a Singaporean and a permanent resident. The Business Times (BT) understands that another unit was sold on Apr 24. According to sources, five other units have been reserved. Of the units remaining, there are two-bedder units priced at S$10 million (S$3,128 psf) while the remaining four-bedroom units are priced from S$22.5 million (S$5,025 psf) to S$25.4 million (S$5,663 psf), sources said. One five-bedroom triplex penthouse is still on the market for S$58.6 million (S$5,604 psf). 21 Anderson has 18 units – two two-bedders of 3,197 sq ft each, 14 four-bedders of 4,489 sq ft in size, and two five-bedroom penthouses that span 10,452 sq ft. Kheng Leong acquired the prime Tanglin area property – then also called 21 Anderson – in 2021 for S$213 million or about S$2,490 psf of strata area. BT understands that the developer embarked on addition and alternation works to reconfigure the block of 34 units into one with 18 extra-large apartments. The project is expected to receive its temporary occupation permit (TOP) later this year. 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 At the high end of Singapore's condo market, in the S$4,500 to S$5,600 psf range that most of the 21 Anderson units are priced at, only 13 units have been sold over the last two years, according to caveats data. Sales have slowed since sharply higher Additional Buyer's Stamp Duty (ABSD) rates for foreign buyers kicked in from April 2023. In comparison, 15 caveated sales in that psf price range were transacted in the 12-month period between April 2022 and April 2023, while 38 caveated deals were done in the corresponding 2021-2022 period. At the top of the luxury residential segment, a 3,089 sq ft unit at freehold The Marq on Paterson Hill holds the record for the highest psf transaction at S$6,650 psf, in a S$20.5 million sale sealed almost 13 years ago in November 2011. In January 2025, a Park Nova penthouse changed hands for S$38.9 million, or S$6,593 psf, surfacing out of the slump that has permeated the prime market since 2023. In May 2024, a 7,761 sq ft luxury apartment on the 57th floor of Skywater Residences in Shenton Way was sold for S$47.34 million or S$6,100 psf. The transaction set a new benchmark for 99-year leasehold condominiums. New projects at the top end of the market are few and far between, but elsewhere in the Core Central Region (CCR), several projects are expected to be launched in the next few months. These include W Residences Singapore Marina View by IOI Properties, the Orchard Boulevard project by UOL and SingLand, and the redevelopment of Robertson Walk by Frasers Property and Sekisui House. According to URA data, prices of non-landed properties in the CCR rose by 0.8 per cent in the first quarter of 2025, moderating from the 2.6 per cent increase in the previous quarter.
Business Times
29-04-2025
- Business
- Business Times
Kheng Leong launches Tanglin ultra-luxury project 21 Anderson
[SINGAPORE] Kheng Leong, the private real estate arm of the family of Wee Cho Yaw, has begun selling its ultra-luxury Tanglin project 21 Anderson. Out of the condominium's 18 units, two 4,489 square feet (sq ft) four-bedroom units were sold in April, according to URA Realis data. One was sold for S$21 million or S$4,672 psf on Apr 10, while another was sold for S$23 million or S$5,127 psf on April 15. The two units were sold to a Singaporean and a permanent resident. The Business Times (BT) understands that another unit was sold on Apr 24. According to sources, five other units have been reserved. Of the units remaining, there are two-bedder units priced at S$10 million (S$3,128 psf) while the remaining four-bedroom units are priced from S$22.5 million (S$5,025 psf) to S$25.4 million (S$5,663 psf), sources said. One five-bedroom triplex penthouse is still on the market for S$58.6 million (S$5,604 psf). 21 Anderson has 18 units – two two-bedders of 3,197 sq ft each, 14 four-bedders of 4,489 sq ft in size, and two five-bedroom penthouses that span 10,452 sq ft. Kheng Leong acquired the prime Tanglin area property – then also called 21 Anderson – in 2021 for S$213 million or about S$2,490 psf of strata area. BT understands that the developer embarked on addition and alternation works to reconfigure the block of 34 units into one with 18 extra-large apartments. The project is expected to receive its temporary occupation permit (TOP) later this year. 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 At the high end of Singapore's condo market, in the S$4,500 to S$5,600 psf range that most of the 21 Anderson units are priced at, only 13 units have been sold over the last two years, according to caveats data. Sales have slowed since sharply higher Additional Buyer's Stamp Duty (ABSD) rates for foreign buyers kicked in from April 2023. In comparison, 15 caveated sales in that psf price range were transacted in the 12-month period between April 2022 and April 2023, while 38 caveated deals were done in the corresponding 2021-2022 period. At the top of the luxury residential segment, a 3,089 sq ft unit at freehold The Marq on Paterson Hill holds the record for the highest psf transaction at S$6,650 psf, in a S$20.5 million sale sealed almost 13 years ago in November 2011. In January 2025, a Park Nova penthouse changed hands for S$38.9 million, or S$6,593 psf, surfacing out of the slump that has permeated the prime market since 2023. In May 2024, a 7,761 sq ft luxury apartment on the 57th floor of Skywater Residences in Shenton Way was sold for S$47.34 million or S$6,100 psf. The transaction set a new benchmark for 99-year leasehold condominiums. New projects at the top end of the market are few and far between, but elsewhere in the Core Central Region (CCR), several projects are expected to be launched in the next few months. These include W Residences Singapore Marina View by IOI Properties, the Orchard Boulevard project by UOL and SingLand, and the redevelopment of Robertson Walk by Frasers Property and Sekisui House. According to URA data, prices of non-landed properties in the CCR rose by 0.8 per cent in the first quarter of 2025, moderating from the 2.6 per cent increase in the previous quarter.
