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Forbes
20-07-2025
- Business
- Forbes
UOL Sells 54% Of Upscale Singapore Housing Project Despite New Property Curbs
The Marina Bay Sands hotel and casino in Singapore. UOL Group—controlled by the family of the late banking and real estate tycoon Wee Cho Yaw—sold more than half of an upscale residential project even as the government recently introduced new measures to curb housing prices in one of the world's most expensive property government earlier this month raised the stamp duty for investors who sell their private homes within four years, with those selling their property within Earlier this month, the government raised the stamp duty on homebuyers who sell their property within one year of purchase to 16% tax from 12% previously. The holding period for homes that will incur the stamp duty has also been extended to four years from three years previously. Undaunted by the fresh property curbs, UOL started selling the Upperhouse, a 35-story residential tower in the Orchard Road shopping district, on Saturday. The launch of Upperhouse follows recent launches of several upscale projects within the Singapore central business district such as W Residences, a 683-unit project being built by Malaysia's IOI Properties in Marina Bay, and Robertson Opus, a 348-unit development along the Singapore River by Frasers Property and Japan's Sekisui House. UOL said it sold 162 of the 301-unit residential skyscraper on Saturday at an average selling price of S$3,350 ($2,610) per square foot. A high floor unit was sold at about S$7.66 million or around S$3,724 per square foot, it added. 'The strong take-up at Upperhouse at Orchard Boulevard's private preview reflects buyers' confidence in its location in the Orchard Road precinct,' Yvonne Tan, chief corporate and development officer at UOL Group, said in an emailed statement. 'It also affirms that buyers are drawn to launches with strong product and locational attributes.' The 99-year leasehold site was acquired by UOL and its subsidiary Singapore Land in a government land auction in February 2024 for S$428 million. The property is adjacent to the Orchard Boulevard MRT station and right across Park Nova, the most expensive residential condominium in the city-state developed by billionaire Pansy Ho's Shun Tak Holdings. UOL, along with United Overseas Bank, is among the assets left by billionaire Wee Cho Yaw—who passed away in February last year at age 95—to his family. With a net worth of $7.8 billion, the Wee family is among the wealthiest in Singapore. The late tycoon's three sons—Ee Cheong, Ee Chao and Ee Lim—joined the Forbes billionaires list in April this year. Ee Cheong is the vice chairman and CEO of UOB, while Ee Lim is chairman of UOL.
Business Times
17-07-2025
- Business
- Business Times
Kheng Leong, Low Keng Huat launch Canberra Crescent Residences with prices from S$1,880 psf
[SINGAPORE] Joint developers Kheng Leong and Low Keng Huat will soon start previews for the suburban residential development Canberra Crescent Residences, with prices starting at S$1,880 per square foot (psf). Located along Canberra Crescent in District 27, the 99-year leasehold development houses 376 units across four 12-storey towers. It spans a total land area of 20,435.8 square metres (sq m), with a gross floor area of 35,265.8 sq m. One-bedders of 409 square feet (sq ft) – accounting for just three units in the entire development – will be priced from S$880,000 or S$2,152 psf. Prices start at S$1.11 million or S$1,950 psf for two-bedders sized 570 to 667 sq ft; S$1.53 million or S$1,920 psf for three-bedders sized 797 to 990 sq ft; and S$2.2 million or S$1,880 psf for four-bedders sized 1,163 to 1,324 sq ft. The Canberra Crescent land parcel was acquired by Kheng Leong, the private real estate arm of the family of Wee Cho Yaw, and builder Low Keng Huat in a state land tender in July last year. The joint venture outbid two other offers, with a top bid of S$279 million or S$793 psf per plot ratio (ppr). Observers noted then that the bid was the lowest land rate for a suburban government land sale site, excluding executive condos, since 2020. Still, the land rate of S$793 psf ppr was about 20 per cent above the S$644 psf ppr and S$650 psf ppr bids for two Canberra Drive sites sold in 2020. 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 The project is also Kheng Leong's second in the Canberra area. In 2021, it launched the 448-unit The Watergardens at Canberra as part of a joint venture with UOL Group and Singapore Land Group. Some 60 per cent of units were sold at around S$1,400 to S$1,500 psf over its launch weekend in August that year. Most recently, in early July, a 646 sq ft unit was subsold at S$1.1 million or S$1,703 psf. Caveats data indicated that the median price of private non-landed homes in the area was S$1,311 psf in the year thus far. The latest transaction was for a 700 sq ft unit at 99-year leasehold North Park Residences at S$1.35 million or S$1,930 psf on Jul 8. This was over 40 per cent of the seller's original purchase price of S$946,000 or S$1,352 psf in April 2015. ERA Singapore chief executive officer Marcus Chu reckoned that Sembawang, as a relatively new estate, is likely to see stronger demand from public housing upgraders and local buyers. 'The active HDB resale market there, along with firm transacted prices for the flats that recently attained their minimum occupation status, helps support a strong appetite for private homeownership in this precinct,' said Chu. He added that Canberra Crescent Residences is likely to be among the most affordable new private condominiums launched this year, with one of the lowest entry prices for a new suburban project. In the third quarter of 2025, for instance, there will be four new launches in the prime Core Central Region. This includes Upperhouse at Orchard Boulevard, with agents advertising indicative prices from just under S$3,000 psf; and The Robertson Opus, with prices starting at S$3,150 psf. Both are slated to be marketed this weekend. 'With a tighter supply of private homes in Sembawang, Canberra Crescent Residences presents a compelling choice for both homeowners and investors seeking long-term growth potential (and) lifestyle vibrancy,' said Chu. Previews for Canberra Crescent Residences will begin on Jul 19, with sales bookings starting on Aug 2. It is expected to receive its temporary occupation permit in April 2030.
Straits Times
23-05-2025
- Business
- Straits Times
Ultra-luxury condo sales in Singapore see uptick in Q1 2025 despite economic headwinds
SINGAPORE – The ultra-luxury condominium market in the Republic appears to be regaining some traction, with 17 sales recorded in the first three months of 2025. This is more than double the seven units sold in the same period in 2024, and more than both the 15 units sold in the first quarter of 2023 and the 14 sold in the same period in 2022, before the Additional Buyer's Stamp Duty (ABSD) on foreign buyers was hiked to 60 per cent in April 2023. Urban Redevelopment Authority data showed that from January to May 22, there were 24 ultra-luxury condos – defined as units priced at $10 million and above in the Core Central Region (CCR) – sold, already exceeding the 17 units transacted in the first half of 2024. Among the standout transactions in 2025 was a penthouse at Park Nova, which changed hands for $38.888 million or $6,593 per square foot (psf) – the second-highest psf achieved. The highest psf record still belongs to a 3,089 sq ft unit at The Marq on Paterson Hill, which was sold for $6,650 psf in November 2011. Four deals exceeding $20 million each were recorded at 21 Anderson, a new freehold development by Kheng Leong, the real estate arm of the Wee Cho Yaw family. These high-end deals come as the economic outlook remains subdued . Singapore's gross domestic product (GDP) growth forecast for 2025 remains at a modest 0 to 2 per cent, reflecting broader global uncertainties. OCBC Bank chief economist and head of treasury research and strategy Selena Ling noted that the ultra-rich may have different priorities when it comes to property investment. 'They will likely prioritise macroeconomic and political stability, currency and capital appreciation potential, as well as ability to transact smoothly (both purchase and sale), so short-term slower economic growth forecasts may not matter that much since the purchases are not funded by ongoing earned income but by stock of wealth,' said Ms Ling. Ms Ling also pointed to de-dollarisation as a market theme that is gaining traction. With investors looking into potentially moving away from US dollar assets, top-tier currencies like the Japanese yen, Swiss franc and Singapore dollar are becoming more attractive. 'At the end of the day, Singapore's attractiveness is the Singapore dollar appreciation, limited land resources, affordable funding conditions, and role as a financial hub,' said Ms Ling. Still, market watchers cautioned it is too early to call this a rebound in the ultra-luxury condo market, although the uptick in sales signals renewed interest in ultra-luxury homes. 'Recent data points to a pickup in ultra-luxury transactions, but it's more a function of selective demand for standout projects than a broad-based recovery,' said Mr Mohan Sandrasegeran, head of research and data analytics at Singapore Realtors Inc (SRI). Mr Sandrasegeran cited sales at Park Nova and 21 Anderson as examples of how well-located, prestigious projects continue to attract high-net-worth individuals and investors. ERA Singapore chief executive Marcus Chu made similar observations, noting that many buyers in this segment often seek out specific features: freehold tenure, large floor areas and multiple bedrooms. This demand is being further fuelled by scarcity. Only 78 new units were launched in the CCR in the first three months of 2025, said Mr Sandrasegeran. He added that upcoming projects such as W Residences – Marina View, Robertson Opus, and River Green could further invigorate interest in the second half of the year. Ms Christine Sun, senior vice-president of research and analytics at OrangeTee & Tie, believes the ongoing global volatility may drive more capital into Singapore's luxury homes. Despite the recent 90-day tariff pause between the United States and China, investors remain wary of renewed volatility. 'It depends on how the macroeconomic conditions evolve over the next few months, especially after the 90-day truce period. If the macroeconomic landscape remains uncertain due to increased global trade challenges arising from the tariff policies enacted by the United States, then demand for luxury units may continue to rise,' said Ms Sun. 'This is because many investors consider these luxury properties to be safe haven assets that can help preserve their wealth during economic uncertainties. Therefore, more investors may park their money in luxury homes, especially if there is fresh turmoil in the equities market,' she added. The luxury segment is also seeing a shift in buyer demographics. Prior to the ABSD hike in 2023, foreign buyers dominated top-tier condo purchases. Now, local buyers – both citizens and permanent residents (PRs) – are playing a more prominent role in this segment. Of the 17 super luxury condos sold in the first three months of 2025, five units were purchased by Singapore citizens while eight were bought by PRs , noted Ms Sun. The numbers showed that there is a mix of local and foreigners supporting the ultra-luxury market, she said. Mr Chu of ERA said: 'We have seen a notable increase in the number of Singapore Permanent Residents purchasing luxury homes this year. It is likely that some of them are newly minted PRs entering the market and would take advantage of the lower ABSD payable.' Permanent residents pay 5 per cent ABSD on their first property, while citizens face 20 per cent ABSD only on their second property. Buyers from the US, Iceland, Liechtenstein, Norway and Switzerland do not need to pay ABSD for their first residential home in Singapore. Join ST's WhatsApp Channel and get the latest news and must-reads.
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.
