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Singapore property: First circuit breaker scorecard


This report summarises statistics on valuations, performance, and capital structures of the 44 real estate investment trusts (REITs) and business trusts listed in Singapore, with a combined market capitalisation of US$74.0bn. In terms of YTD price performance; SREITs are down -8.2% while Developers are down -24.7%.

The Q220 results season reinforced the resilience of Industrials with steady performance and minimal rebates required. This momentum should continue through H2 and would be supplemented by inorganic opportunities.

Headlines for Office were within expectations though the decline in market rents accelerated (-3% QoQ) and vacancies rose. Leasing activity stayed muted with little leasing progress at KREIT’s ORQ, and
CCT’s Six Battery Road and CapitaSpring.

The ‘Circuit Breaker’ phases hindered take-up though we believe tenants are also adopting a wait-and-see approach while assessing their post-pandemic space requirements. Grade A rents could undershoot our -5% 2020 forecast. In Retail, most managers increased payout ratios given better cashflow visibility upon reopening.

However, we think there would be challenges ahead as operations are far from normal. Occupancies and rents started to trend 0.8-2ppt and 0-3% lower in Q2. Store closures have been minimal and could increase.

Guidance is increasingly cautious. Suburban malls with strong neighbourhood support have demonstrated greater resilience versus downtown alternatives.

For example, the decline in FCT’s footfall narrowed to -39% in July, ahead of 50-60% fall for industry peers. Its rent reversion also stayed flat while competitors were negative.

Source: UBS

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Best selling new projects in Jun 2020


Top selling new projects in Jun 2020 are Treasure at Tampines, Parc Clematis, The Florence Residences, Parc Esta and Stirling Residences.

These projects are mainly in the OCR region, with the exception of Parc Esta and Stirling Residences in the RCR.

Projects with the highest median prices are Boulevard 88 at S$3,621 psf, The Avenir at S$3,359 psf, Midtown Bay at S$3,125 psf and One Draycott at S$3,076 psf. All other projects had selling prices below S$3,000 psf.

The projects that launched the most number of units was Stirling Residences (150 units), Parc Esta (100 units), The Florence Residences (100 units), The Tapestry (70 units) and Daintree Residence (60 units).

Project nameStreet NameDeveloperProperty TypeLocalityTotal Number of Units in ProjectCumulative Units Launched to-dateCumulative Units Sold to-dateTotal Number of Unsold UnitsCumulative Units Launched but UnsoldUnits Launched in the MonthUnits Sold in the MonthMedian Price ($psf) # in the Month Number Sold By Price RangeLowest Price ($psf) # in the MonthHighest Price ($psf) # in the Month
TREASURE AT TAMPINESTAMPINES LANESim Lian (Treasure) Pte LtdNon-LandedOCR2,2031,3001,2639403701041,3481,1151,492
PARC CLEMATISJALAN LEMPENGSing-Haiyi Gold Pte LtdNon-LandedOCR1,4681,0007587102420901,6371,0521,710
THE FLORENCE RESIDENCESHOUGANG AVENUE 2Florence Development Pte LtdNon-LandedOCR1,410850746664104100891,5221,3091,718
PARC ESTASIMS AVENUEMCL Land (Everbright) Pte LtdNon-LandedRCR1,3991,3251,29310632100821,6711,4901,958
STIRLING RESIDENCESSTIRLING ROADLN Development (Stirling) Pte LtdNon-LandedRCR1,2591,1301,05220778150741,9451,5662,184
JADESCAPESHUNFU ROADQingjian Realty (Marymount) Pte LtdNon-LandedRCR1,2061,0008313751690561,7381,4991,840
THE TAPESTRYTAMPINES STREET 86Bellevue Properties Pte LtdNon-LandedOCR861850801604970411,3491,2091,585
KENT RIDGE HILL RESIDENCESSOUTH BUONA VISTA ROADOxley Spinel Pte LtdNon-LandedRCR5484003531954750371,7841,4651,940
DAINTREE RESIDENCETOH TUCK ROADSetia (Bukit Timah) Pte LtdNon-LandedRCR3272201421857860351,6811,5761,821
AVENUE SOUTH RESIDENCESILAT AVENUEUnited Venture Development (Silat) Pte LtdNon-LandedRCR1,07450550457015272,0321,7552,252
WHISTLER GRANDWEST COAST VALECDL Pegasus Pte LtdNon-LandedOCR716550528188220271,4861,3441,611
AFFINITY AT SERANGOONSERANGOON NORTH AVENUE 1Oxley Serangoon Pte LtdNon-LandedOCR1,052800740312600251,5641,0491,682
KOPAR AT NEWTONMAKEWAY AVENUECEL Newton Pte LtdNon-LandedCCR3783781212572570252,3972,1642,531
LE QUESTBUKIT BATOK STREET 41Qingjian Realty (BBC) Pte Ltd/Qingjian Realty (BBR) Pte LtdNon-LandedOCR51651649224240201,4041,2331,446
RIVERFRONT RESIDENCESHOUGANG AVENUE 7Rio Casa Venture Pte LtdNon-LandedOCR1,4721,3801,296176840191,3611,2591,454
THE WOODLEIGH RESIDENCESBIDADARI PARK DRIVEThe Woodleigh Mall Pte Ltd/The Woodleigh Residences Pte LtdNon-LandedRCR6673252234441020191,8701,7982,230
THE GARDEN RESIDENCESSERANGOON NORTH VIEWGardens Development Pte LtdNon-LandedOCR613320306307140161,6081,4061,641
THE JOVELLFLORA DRIVETripartite Developers Pte. LimitedNon-LandedOCR4282501332951170151,2241,1521,333
PIERMONT GRANDSUMANG WALKPavo Properties Pte LtdExec CondoOCR8208205402802800141,1131,0481,183
VIEW AT KISMISLORONG KISMISRoxy-TE2 Development Pte LtdNon-LandedRCR186100998710141,6801,5401,805
PARC CANBERRACANBERRA WALKHoi Hup Sunway Canberra Pte LtdExec CondoOCR4964963671291290131,1029781,166
ONE PEARL BANKPEARL BANKAreca Investment Pte LtdNon-LandedRCR774368279495890122,4722,1972,741
QUEENS PEAKDUNDEE ROADHY Realty (Dundee) Pte LtdNon-LandedRCR73673673155091,9161,8151,947
SEASIDE RESIDENCESSIGLAP LINKEast Vue Pte LtdNon-LandedOCR8418417964545091,8311,6922,032
MARTIN MODERNMARTIN PLACEMartin Modern Pte LtdNon-LandedCCR4504203925828082,6402,4182,707
THE ESSENCECHONG KUO ROADChong Kuo Development Pte LtdNon-LandedOCR8484414343071,2711,1091,438
ARENA RESIDENCESGUILLEMARD CRESCENTRH Guillemard Pte LtdNon-LandedRCR9890821681061,8871,7671,921
LEEDON GREENLEEDON HEIGHTSAsia Radiant Pte LtdNon-LandedCCR63850495891062,5722,4512,665
MARGARET VILLEMARGARET DRIVEMCL Land (Regency) Pte LtdNon-LandedRCR30930930900061,7301,6822,181
MAYFAIR MODERNRIFLE RANGE ROADCitrine Property Pte LtdNon-LandedRCR1711007110029061,9131,8741,998
OLAANCHORVALE CRESCENTAnchorvale Pte LtdExec CondoOCR548548179369369061,1951,0331,213
PULLMAN RESIDENCES NEWTONDUNEARN ROADEL Development (Horizon) Pte LtdNon-LandedCCR340251332712062,6792,6362,965
THE ANTARESMATTAR ROADFSKH Development Pte LtdNon-LandedRCR26526543222222061,7281,6521,845
GRANDEUR PARK RESIDENCESBEDOK SOUTH AVENUE 3CEL-Changi Pte LtdNon-LandedOCR7207207101010051,5621,5361,577
NEU AT NOVENAMOULMEIN RISERH Novena Pte LtdNon-LandedCCR877570175052,6502,5382,960
THE TRE VERPOTONG PASIR AVENUE 1UVD (Projects) Pte LtdNon-LandedRCR7297006894011051,5901,5681,691
AMBER 45AMBER ROADUOL Development (Amber) Pte LtdNon-LandedRCR13913912118181942,2312,0432,415
AMBER PARKAMBER GARDENSAquarius Properties Pte LtdNon-LandedRCR59222020938311042,5222,4112,692
ARTRAALEXANDRA VIEWFEC Skyline Pte LtdNon-LandedRCR40040039911042,0932,0272,160
FOURTH AVENUE RESIDENCESFOURTH AVENUEValleypoint Investments Pte LtdNon-LandedCCR476245125351120042,2562,0402,308
JUI RESIDENCESSERANGOON ROADTiara Land Pte LtdNon-LandedRCR117117853232041,8271,6431,888
PARK COLONIALWOODLEIGH LANECEL Unique Development Pte LtdNon-LandedRCR8058057218484041,8951,8182,122
ROYALGREENANAMALAI AVENUESky Top Investments Pte LtdNon-LandedCCR2851085922649042,7022,6962,787
SENGKANG GRAND RESIDENCESCOMPASSVALE BOWSiena Residential Development Pte Ltd/Siena Trustee Pte LtdNon-LandedOCR68028024143939041,7901,7771,836
UPTOWN @ FARRERPERUMAL ROADPerumal Development Pte LtdNon-LandedRCR116116328484041,8971,7191,914
PARC KOMOUPPER CHANGI ROAD NORTHCEL Real Estate Development Pte LtdNon-LandedOCR276276117159159031,5101,4551,547
REZI 24LORONG 24 GEYLANGDevelopment 24 Pte LtdNon-LandedRCR110110644646031,6121,4921,623
RIVIEREJIAK KIM STREETFrasers Property Quayside Pte LtdNon-LandedRCR4551005639944032,6682,6382,669
TWIN VEWWEST COAST VALECSC Land Group (S) Pte LtdNon-LandedOCR5205204705050031,5101,5071,521
15 HOLLAND HILLHOLLAND HILLPeak Opal Pte LtdNon-LandedCCR5953562022,9142,7653,063
35 GILSTEADGILSTEAD ROADTEE Forward Pte LtdNon-LandedCCR7070294141022,5692,5692,569
BOULEVARD 88ORCHARD BOULEVARDGranmil Holdings Pte LtdNon-LandedCCR1541109658141023,6213,5623,680
COASTLINE RESIDENCESAMBER ROADSL Capital (3) Pte LtdNon-LandedRCR14414435109109022,3822,3782,386
DUNEARN 386DUNEARN ROADRH Central Pte LtdNon-LandedCCR3535102525022,5672,5372,597
FYVE DERBYSHIREDERBYSHIRE ROADRH Developments Two Pte LtdNon-LandedCCR7136244712022,1992,1722,225
KANDIS RESIDENCEKANDIS LINKDillenia Land Pte LtdNon-LandedOCR130111104267021,2581,2291,286
MIDTOWN BAYBEACH ROADGuoco Midtown Pte Ltd/Midtown Bay Pte LtdNon-LandedCCR21960511689023,1252,8883,362
MONT BOTANIK RESIDENCEJALAN REMAJAEpiscia Land Pte LtdNon-LandedOCR1086460484021,6371,6231,651
THE HYDEBALMORAL ROADAurum Land Pte LtdNon-LandedCCR117117189999022,8032,7692,836
VAN HOLLANDHOLLAND ROADKBD Holland Pte LtdNon-LandedCCR6969165353022,7732,7562,789
1953TESSENSOHN ROADOxley Amethyst Pte LtdNon-LandedRCR5858322626011,8941,8941,894
BUKIT 828UPPER BUKIT TIMAH ROADRH Capital Pte LtdNon-LandedOCR34302595511,4851,4851,485
CASA AL MAREJALAN LOYANG BESARSL Capital (4) Pte LtdNon-LandedOCR4949163333011,5691,5691,569
DAIRY FARM RESIDENCESDAIRY FARM LANEUE Dairy Farm Pte LtdNon-LandedOCR460402443616011,6771,6771,677
FOREST WOODSLORONG LEW LIANSerangoon Green Pte. Ltd.Non-LandedOCR51951951722011,5831,5831,583
MEYER MANSIONMEYER ROADMeyer Mansion Pte LtdNon-LandedRCR20040361644012,4752,4752,475
ONE DRAYCOTTDRAYCOTT PARKChampsworth Development Pte LtdNon-LandedCCR646446060013,0763,0763,076
ONE HOLLAND VILLAGE RESIDENCESHOLLAND VILLAGE WAYCommons Residential Pte Ltd/Commons SR Trustee Pte Ltd/Commons Commercial Trustee Pte LtdNon-LandedCCR29615612517131012,7962,7962,796
PARC BOTANNIAFERNVALE STREETFernvale Green Pte LtdNon-LandedOCR73573573500011,3551,3551,355
PARKSUITESHOLLAND GROVE ROADKentish View Pte Ltd/Lucky Pinnacle Pte LtdNon-LandedCCR11950259425012,0582,0582,058
PARKWOOD COLLECTIONLORONG 1 REALTY PARKFantasia (Park) Pte LtdStrata-LandedOCR53534494901675675675
PARKWOOD RESIDENCESYIO CHU KANG ROADOxley Garnet Pte LtdNon-LandedOCR1818117171811,3231,3231,323
RV ALTITUDERIVER VALLEY ROADRH Capital Two Pte LtdNon-LandedCCR14063429821012,9242,9242,924
THE AVENIRRIVER VALLEY CLOSECarmel Development Pte LtdNon-LandedCCR376401935721013,3593,3593,359
THE GAZANIAHOW SUN DRIVESinghaiyi Huajiang Sun Pte LtdNon-LandedOCR25012525225100012,0812,0812,081
THE RAMFORDRAMBAI ROADCentra East Development Pte LtdLanded / Non-LandedRCR16161511012,2532,2532,253
VERTICUSJALAN KEMAMANSB (Kemaman) Development Pte LtdNon-LandedRCR16220111519011,9921,9921,992
10 EVELYNEVELYN ROADCreative Investments Pte LtdNon-LandedCCR56565515100
120 GRANGEGRANGE ROADRH Orchard Pte LtdNon-LandedCCR56504511500
183 LONGHAUSUPPER THOMSON ROADTEE Ventures Pte LtdNon-LandedRCR4040391100
19 NASSIMNASSIM HILLParksville Development Pte LtdNon-LandedCCR1012511002400
3 CUSCADENCUSCADEN WALKSL Capital (2) Pte LtdNon-LandedCCR969683131300
77 @ EAST COASTUPPER EAST COAST ROADKDC (77) Development Pte LtdNon-LandedOCR41223381900
8 HULLETHULLET ROADHullet Development Pte LtdNon-LandedCCR4444377700
AMBER SEAAMBER GARDENSUrban Park Pte LtdNon-LandedRCR13200132000
ASPEN LINQINSTITUTION HILLOptimus Hill Pte LtdNon-LandedCCR1818171100
BELGRAVIA GREENBELGRAVIA DRIVEFairview Developments Pte LtdStrata-LandedOCR8181756600
BIJOUJALAN MAT JAMBOLJU-I Properties Pte. Ltd.Non-LandedRCR12012086343400
BOTANIC @ CLUNY PARKCLUNY PARK ROADCluny Development Pte LtdStrata-LandedCCR6633300
CAIRNHILL 16CAIRNHILL RISETSky Cairnhill Pte LtdNon-LandedCCR390039000
CASHEW GREENCASHEW ROADLucky Realty Co Pte LtdLandedOCR1911712400
CLAVONCLEMENTI AVENUE 1United Venture Development (Clementi 1) Pte LtdNon-LandedOCR64000640000
CONDOMINIUM DEVELOPMENTNASSIM ROADShun Tak Residential Development Pte LtdNon-LandedCCR140014000
CUSCADEN RESERVECUSCADEN ROADCuscaden Homes Pte LtdNon-LandedCCR192192418818800
DALVEY HAUSDALVEY ROADDalvey Breeze Development Pte LtdNon-LandedCCR27271262600
EDENDRAYCOTT PARKCelestial Fortune Pte LtdNon-LandedCCR200020000
[email protected] TIMAHTOH TUCK ROADQingjian Perennial (Bukit Timah) Pte LtdNon-LandedRCR63300633000
GRANGE 1866GRANGE ROADGrange 1866 Pte LtdNon-LandedCCR600060000
HAUS ON HANDYHANDY ROADCDL Regulus Pte LtdNon-LandedCCR1884034154600
HYLL ON HOLLANDHOLLAND ROADFEC Skypark Pte LtdNon-LandedCCR31900319000
JERVOIS PRIVEJERVOIS ROADJervois Midas Pte LtdNon-LandedCCR430043000
JERVOIS TREASURESJERVOIS ROADFragrance Treasures Pte LtdNon-LandedCCR36360363600
JUNIPER HILLEWE BOON ROADAllgreen Properties LimitedNon-LandedCCR11552121034000
LA MARIPOSAMANGIS ROADLakeview-LR Pte LtdNon-LandedRCR17170171700
LATTICE ONESERAYA CRESCENTTEE Development Pte LtdNon-LandedOCR484829191900
M5JALAN MUTIARATTH Development Pte LtdNon-LandedCCR333311222200
MAYFAIR GARDENSRIFLE RANGE ROADCitrine Property Pte LtdNon-LandedRCR215180166491400
MEYERHOUSEMEYER ROADSecure Venture Development (N0.1) Pte LtdNon-LandedRCR5615749800
MIDWOODHILLVIEW RISEHillview Rise Development Pte LtdNon-LandedOCR564100245407600
MYRAMEYAPPA CHETTIAR ROADTiara Land Pte LtdNon-LandedRCR850085000
NYONAMBER ROADAurum Land Pte LtdNon-LandedRCR929221717100
OLLOILORONG 101 CHANGIK16 Development Pte LtdNon-LandedRCR343414202000
ONE MEYERMEYER PLACESL Capital (5) Pte LtdNon-LandedRCR666620464600
PARK PLACE RESIDENCES AT PLQPAYA LEBAR ROADRoma Central Pte Ltd/Milano Central Pte Ltd/Verona Central Pte LtdNon-LandedRCR4294294290000
PENROSESIMS DRIVENovaSims Development Pte LtdNon-LandedRCR56600566000
PERMAI RESIDENCESKAMPONG BAHRU ROADPopular Land Investment Pte LtdNon-LandedRCR170017000
RIVERCOVE RESIDENCESANCHORVALE LANEHoi Hup Sunway Sengkang Pte LtdExec CondoOCR6286286280000
RYMDEN 77LORONG H TELOK KURAUQHS Development Pte LtdNon-LandedOCR310031000
SEASUITESPASIR PANJANG ROADLink (THM) Greenleaf Pte LtdNon-LandedRCR5252502200
SERAYA RESIDENCESSERAYA LANEMacly 33 Pte LtdNon-LandedRCR17171161600
SKY EVERTONEVERTON ROADSL Capital (6) Pte LtdNon-LandedRCR262262205575700
STRATA LANDED HOUSING DEVELOPMENTPEIRCE ROADFar East Land And Housing Development Company Pte LtdStrata-LandedCCR110011000
SUNSTONE HILLBALMEG HILLSunstone Properties (Pasir Panjang) Pte LtdNon-LandedRCR280028000
TEDGECHANGI ROADMacly 18 Pte LtdNon-LandedOCR42428343400
THE ALPS RESIDENCESTAMPINES STREET 86MCC Land (Tampines) Pte LtdNon-LandedOCR6266266260000
THE ATELIERMAKEWAY AVENUEBukit Sembawang Land Pte LtdNon-LandedCCR12000120000
THE ENCLAVE . HOLLANDHOLLAND ROADThree Sixty-Nine Development Pte LtdNon-LandedCCR2626260000
THE IVERIAKIM YAM ROADMacly Iveria Pte LtdNon-LandedCCR515113383800
THE LANDMARKCHIN SWEE ROADLandmark JV Pte LtdNon-LandedRCR39600396000
THE LILIUMHOW SUN ROADSinghaiyi Huajiang Amber Pte LtdNon-LandedOCR80401793900
THE LINQ @ BEAUTY WORLDUPPER BUKIT TIMAH ROADAlika Properties Pte LtdNon-LandedRCR12000120000
THE MMIDDLE ROADWingcharm Investment Pte LtdNon-LandedCCR52252237414814800
TK ONELORONG N TELOK KURAULongfor Pte LtdStrata-LandedOCR5505500
URBAN TREASURESJALAN EUNOSFragrance Treasures Pte LtdNon-LandedOCR2372372121621600
WATERCOVEWAK HASSAN DRIVESembawang Estates (Pte) LtdStrata-LandedOCR8080791100

If you’re looking to purchase a new property, sell your current place, get advice on how to restructure your property portfolio, rent out your property or need any other advice related to property, do drop us a line at the contact form and we will be in touch with you.

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Home prices rose 0.3% QoQ in 2Q20


The URA private residential price index in Singapore rose 0.3% QoQ in 2Q, after a 1.5% upward revision to an earlier released flash estimate on July 1, suggesting prices rose more significantly in the later part of June.

The increase was driven by a 3% rise in the non-landed city centre (CCR) segment. Meanwhile, public housing (HDB) resale prices rose 0.2% QoQ.

Unsold inventory (comprising mostly projects which have yet to launch) fell further, from 29k units to 28k units (2000-19 average: 35k), as home sales continued to outpace landbank replenishment. Vacancies were unchanged at 5.4%.

We think the uptick in home prices is likely a positive surprise to market expectations, that could help drive a narrowing of the gap between property developer share prices and their RNAVs.

Source: Morgan Stanley

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One Normanton Park (Former Normanton Park) New Condo By Kingsford Near Clementi MRT

One Normanton Park | Kent Ridge New Launch Condo - near NUS

One Normanton Park is set to be the largest development in Singapore’s District 5 (Clementi area).

Occupying over 660,000 square feet of land, One Normanton Park offers a vast degree of tranquility, exclusivity and privacy for residents.

One Normanton Park is located right next to Science Park; a leading innovation hub in Singapore. More than 300 companies are housed in this R&D compound.

One Normanton Park | Kent Ridge New Launch Condo - near NUS
Science Park – One Of Singapore’s Leading Business And Innovation Centres

This presents a unique opportunity for unit owners to make consistent rental income. Many among the thousands of employees working at Science Park (and nearby industrial/commercial hubs) will be keen to rent a home so close to their work place.

Getting around the island via public transport will be a breeze. One Normanton Park is close to MRT stations like Haw Par Villa, Clementi and Kent Ridge.

The nearby Clementi MRT Station

Drivers will be happy to know that the new condo at Normanton Park is right beside AYE, and connects easily to CTE and MCE.

Schools nearby are plentiful as well. Prominent ones include Pei Tong Primary School, Clementi Primary School, Qifa Primary School, Nan Hua High School, Singapore Polytechnic, National University Of Singapore (NUS), National Technological University (NTU) and Singapore Institute Of Management (SIM).

A Majestic View Of The NTU Campus Located Close By

Even though the new condo at One Normanton Park is not chock full of walking distance amenities, a short bus or car ride allows residents to reach several shopping, food and entertainment districts.

Clementi Central is home to shopping malls like 321 Clementi and Clementi Mall. Other mega complexes like Westgate and JEM are easily accessible via public and private transport too.

Residents Can Get Their Shopping Fix At Clementi Mall

One of the major attractions enjoyed by One Normanton Park is a lifestyle filled with nature and recreational activities. Some of Singapore’s most scenic parks are located close by.

They include Kent Ridge Park, Labrador Park, Hort Park, Telok Blangah Hill Park and Mount Faber Park. Residents can look forward to many fun-filled weekends away from the busy city lights!

The Always Lovely View From Mount Faber

As mentioned above, One Normanton Park offers a unique opportunity for investors. Its short distance from Science Park and other business hubs like One-North are likely to result in a high-demand for rental units.

The next few years will see the transformation of the west into Singapore’s next CBD. This will further increase the potential for both rental demand and capital appreciation.

One Normanton Park New Condo Project Summary

DeveloperKingsford Development Pte Ltd
Condo NameOne Normanton Park
TOP DateExpected in 2024
Total UnitsEstimated 1,882 units total : 1,863 strata residential units, 19 units of of strata landed houses and 8 commercial units
Tenure99 Years Leasehold
AddressNormanton Park 118998
FacilitiesFull Condo Facilities Including Swimming Pool, BBQ Pits, Gym, Function Rooms Etc

One Normanton Park artist impressions

One Normanton Park pool (artist impression)
One Normanton Park is located right next to Kent Ridge Park and will be surrounded by trees and nature

One Normanton Park Location

One Normanton Park is located close to a few MRT stations, such as Haw Par Villa, Clementi and Kent Ridge.

It is also convenient for drivers, as it is right beside AYE, and connects easily to CTE and MCE.

One Normanton Park Units

One Normanton Park is estimated to have 1,882 units in total from. It will comprise of 1,863 strata residential units from 1 to 5 bedrooms, 19 units of of strata landed houses and 8 commercial units

One Normanton Park Pricing

Kingsford Huray won the former Normanton Park with a bid of $830.1 million in October 2017 through an enbloc exercise. The land price works out to about $923 per square foot per plot ratio (psf ppr), which means that the developer could be looking to sell at S$1,600 – S$1,900 psf.

One Normanton Park Floorplans

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One Normanton Park nearby amenities

The west of Singapore is home to many renowned schools of all levels. Prominent ones include Pei Tong Primary School, Clementi Primary School, Qifa Primary School, Nan Hua High School, Singapore Polytechnic, National University Of Singapore (NUS), National Technological University (NTU) and Singapore Institute Of Management (SIM).

Residents can hop on a short bus or car ride to Clementi Central, and enjoy the various delights at shopping malls like 321 Clementi and Clementi Mall. Other mega complexes like Westgate and JEM can be reached easily via public or private transport.

Nature lovers will love the many scenic attractions close to the new condo at Normanton Park.

They include Kent Ridge Park, Labrador Park, Hort Park, Telok Blangah Hill Park and Mount Faber Park.

Comparative Market Analysis

Pricing Overview

As one of the most desirable estates in the west, District 5 properties command some of the highest prices for residential neighborhoods in Singapore.

The table above illustrates the healthy prices enjoyed by other District 5 properties.

The good news is that the new condo at Normanton Park has the potential to do even better than its counterparts.

This is mainly due to its location directly beside Science Park. As we all know, such a strategic location is likely to greatly boost the value of a property.

The key for buyers is to make their purchases early. In this way, buyers can capitalize fully on the price upswing when the new condo at Normanton Park moves toward its expected TOP date in 2024.

Capital Gain Overview

The government has repeatedly emphasized the importance of their west-side project. Their goal is to transform the area into Singapore’s next CBD within the next 3-5 years.

As a result, District 5 properties have benefited massively from this nation-building project in terms of capital appreciation.

Besides already being one of the west’s most in-demand locations, the draw of District 5 properties has now been further enhanced.

The new condo at Normanton Park’s TOP 2024 date coincides nicely with this next CBD vision.

As mentioned above, buying early is key. Fast action takers can reap the immense financial benefits associated with this west-side development.

Rental Overview

Commercial and business like One-North and Science Park have established themselves as landmarks in the west.

Thousands of working professionals, many of them expats, ply their trades there. This has seen a stark increase in rental demand for District 5 properties over the years.

The new condo at Normanton Park is right next to Science Park. This gives investors an advantage over other District 5 properties in terms of location and preference from tenants.

Even though the table above indicates a good volume of rental transactions, the new condo at Normanton Park is likely to surpass other District 5 properties.

In other words, choosing to rent out a unit at the new condo at Normanton Park is a financially-sound decision that can provide long-term rental income.


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Bernam Street Mixed Development By Hao Yuan Near Tanjong Pagar MRT


The new condo at Bernam Street is an upcoming premium mixed use development right in the heart of the CBD.

Its attractive and convenient location is bound to be a major draw for investors and home stayers alike.

Even though the new condo at Bernam Street is surrounded by office buildings aplenty, the layout is specially designed to provide tranquility amidst the noise.

With many on-site facilities like an alfresco kitchen, a party pavilion and a sky BBQ area (just to name a few), residents will get to bask in luxury and comfort without stepping out of the premises.

Just 3-4 minutes away from Tanjong Pagar MRT station, the new condo at Bernam Street is strategically located to provide ease of access for residents.

Tanjong Pagar MRT Station Is Just 3-4 Minutes Away

It is also close to major expressways like AYE, CTE and MCE.

One of the biggest perks of the new condo at Bernam Street is the centralized CBD location. Any and all amenities associated with quality living is close by, including dining, shopping and entertainment.

Shopping malls within walking distance include 100 AM and Icon Village. Residents can satisfy all their food cravings with the large variety of international cuisine available in those malls and nearby buildings.

One Of The Many Eateries At 100 AM Mall

For cheaper alternatives, the critically-acclaimed Amoy Street food centre is home to many famous stalls selling affordable yet mouth-watering hawker fare.

The Famous Amoy Street Food Centre Is Always Crowded During Lunch Time

Investment-wise, the new condo at Bernam Street is likely to attract a higher class of tenants, who don’t mind paying top dollar for a truly luxurious lifestyle close to their work places.

With the development of the nearby Greater Southern Waterfront set to get underway, residents can enjoy the inevitable capital appreciation as a by-product of improved area conditions.

In other words, investors of the new condo at Bernam Street can expect a variety of profit paths that can easily fulfil their investment goals.

Bernam Street Mixed Development Project Summary

DeveloperHao Yuan Realty Pte Ltd
Condo NameTo Be Announced
District 2
TOP DateTo Be Announced
Total UnitsEstimated 250 in total
Tenure99 year leasehold
AddressBernam Street Singapore
FacilitiesSwimming Pool, BBQ Pits, Gym, Function Room. Retail Outlets On Lower Floor

Bernam Street New Condo Location

Bernam Street mixed development is walking distance to Tanjong Pagar MRT and is in between Cantonment MRT station and Prince Edward MRT station (Circle Line)

The new condo at Bernam Street is just 3-4 minutes away from Tanjong Pagar MRT station, and also close to other stations like Clarke Quay, Shenton Way, Raffles Place and Maxwell. It is also located in between the upcoming Cantonment MRT and Prince Edward MRT station which is along the Circle Line.

An abundant array of bus stops are scattered across the vicinity, making traveling by public transport convenient and simple.

For drivers, it is close to major expressways like AYE, CTE and MCE.

Bernam Street New Condo Pricing

Bernam Street land bid pricing

Based on the bid price of $1,463 psf ppr submitted by Hao Yuan, the estimated breakeven price for the Bernam Street land would be $2,100 psf.

Bernam Street New Condo Floorplans

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Nearby Amenities

The new condo at Bernam Street’s centralized CBD location makes it a hotbed for all types of amenities. There are many dining, shopping and entertainment options within walking distance.

Popular malls in the area include 100 AM and Icon Village. The large variety of restaurants in the area are sure to satisfy every resident’s taste buds.

A more affordable option is at the nearby Amoy Street food centre; home to many famous hawker stalls. Best to go early to avoid the snaking long queues!

Comparative Market Analysis

Pricing Overview

There aren’t many residential developments in District 2 (Tanjong Pagar area), compared to other parts of Singapore.

In an area dominated by high-rise office buildings, residential developments are forced to play second fiddle in terms of quantity.

Quality-wise however, less is in this case, definitely more.

District 2 properties make up for their fewer numbers with high prices; some of the steepest in Singapore as seen from the table above.

However, the value it provides is well-worth the money. District 2 properties tick all the boxes for key considerations like convenience, amenities, and transport.

The new condo at Bernam Street can potentially do better than its District 2 counterparts. Especially since its location is arguably the most strategic of the lot.

This is likely to attract high-quality tenants who can afford pricier rental rates, in exchange for a better quality of life.

Rental Volume Overview

As mentioned above, District 2 properties have the ability to command high rental rates.

This may affect rental volume to a certain degree. But it’s more than adequately compensated by the higher quantum/profits per rental.

A quick glance at the table above will show that even though rental volume isn’t as high as other more affordable areas, numbers are still healthy.

The good news is that rental volume is projected to grow in future. As Singapore begins importing more C-Level executives to our shores, the new condo at Bernam Street is very possibly, a prime choice for their temporary homes.

Rental Yield Overview

Traditionally, District 2 properties tend to make sizable profits for landlords.

District 2’s centralized location is a key factor in attracting tenants looking for fast commutes to their work places in the CBD.

The new condo at Bernam Street has a slight advantage over other District 2 properties, as its status as a mixed use development offers greater convenience.

The unique structural design aimed at providing tranquility also differentiates it positively from other run-of-the-mill condos.

Although prices have not been released, it’s safe to assume that the new condo at Bernam Street will be a savvy investment that can reap long-term rental income.

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[email protected] Coast By KDC At Upper East Coast Road Near The Upcoming Siglap MRT Station

77 @ Upper East Coast Road. District 15 freehold new launch condo

In Nov 2017, Lodge 77 at Upper East Coast Road was sold for SGD29million through an enbloc sale to local developer KTC Group, and is currently being re-built into a brand new mixed use development.

Named [email protected] Coast, residents can look forward to a modern lifestyle in one of Singapore’s most established residential hotspots.

[email protected] Coast offers a minimalistic black and white architecture, yet its simplicity conveys a regal elegance. With only 3 stories of residential units available, [email protected] Coast is perfect for those looking for an exclusive and private lifestyle.

However, [email protected] Coast’s biggest draw is still the wide array of amenities available in the area. Residents can enjoy the many shopping malls, cafes and eateries right at their doorsteps.

77 @ Upper East Coast Road. District 15 freehold new launch condo
The Siglap Area Offers Plenty Of Convenience And Amenities

The upcoming Siglap MRT Station, due to be completed in 2024, is within a 4-5 minute walk. Other stations like Bedok, Eunos and Paya Lebar are close by as well.

Drivers will rely on ECP, PIE and KPE to connect to other key parts of Singapore, including Changi Airport and CBD.

School-wise, the east coast area is renowned for the high concentration of top quality education institutions. Some of them include Tao Nan School, Victoria School, Opera Estate Primary School, Global Indian International School, Temasek Junior College, Victoria Junior College, Ngee Ann Primary School, Bedok Green Primary School and Ping Yi Primary School.

Victoria School Is One Of The Top Secondary Schools In Singapore

[email protected] Coast is surrounded by a variety of bars, restaurants, coffee shops and cafes. Not many developments can boast the impressive line-up of F&B options within the vicinity.

Popular food havens like Simpang Bedok, Katong and Joo Chiat are sure to satisfy cravings for local culinary delights.

Nearby shopping malls I12 Katong, Bedok Mall, Siglap V and Parkway Parade provide more dining and shopping options.

Residents Can Chill And Hangout At I12 Katong

Another major attraction close to [email protected] Coast is East Coast Park. Chock full of outdoor activities, greenery and hang-out spots, it’s the perfect place to spend a relaxing weekend with friends and family!

The Nearby East Coast Park Is A Perfect Weekend Getaway From Busy City Life

Although considered a residential haven, [email protected] Coast offers high potential for investors as well.

Its city fringe location is likely to attract plenty of rental demand, while improvements in the area can lead to significant capital appreciation.

In summary, [email protected] Coast is a versatile development suitable for both home stayers and investors.

[email protected] Coast Project Summary

DeveloperKDC Development Pte Ltd
TOP dateTo Be Announced
Total number of units41
Address77 Upper East Coast Road 455218
SpecificationsMixed Development With Residential Units On 2nd-4th Floors, And Commercial Units On 1st Floor
Type of units1 to 4 bedroom units

[email protected] Coast Location

[email protected] Coast is within a 4-5 minute walk from the upcoming Siglap MRT Station, part of the Thomson East Coast Line set to launch in 2024. Current stations like Bedok, Eunos and Paya Lebar are close by as well.

Major expressways ECP, PIE and KPE easily connect drivers to other key parts of Singapore, including Changi Airport and CBD.

[email protected] Coast Pricing

To Be Announced

[email protected] Coast Floorplans

[email protected] Coast Site Plan

Nearby Amenities

[email protected] Coast is close to many top schools in Eastern Singapore. Some of them include Tao Nan School, Victoria School, Opera Estate Primary School, Global Indian International School, Temasek Junior College, Victoria Junior College, Ngee Ann Primary School, Bedok Green Primary School and Ping Yi Primary School.

The surrounding area is populated by an impressive mix of bars, restaurants, coffee shops and cafes. Residents can indulge in different culinary delights on a daily basis.

Popular nearby food havens like Simpang Bedok, Katong and Joo Chiat provide even more eating options. Foodies will be in for a treat!

Nearby malls I12 Katong, Bedok Mall, Siglap V and Parkway Parade offer modern shopping experiences. Residents can buy anything from groceries to branded goods from the various retail outlets available.  

Another major attraction close to [email protected] Coast is East Coast Park. Be it going for a morning jog on the weekends or having a BBQ feast in the evenings, it’s the perfect place to spend a relaxing time with friends and family!

Comparative market analysis

District 15 property prices have traditionally been robust. The city fringe location and easy access to a wide range of amenities make the area one of the best places to live in.

Further developments underway, such as new MRT stations to improve connectivity, is set to enhance District 15’s living conditions.

This is likely to reflect in property prices. Meaning to say, current prices are predicted to increase even more over the next few years.

This bodes well for [email protected] Coast, which will benefit from the area’s improvements and see a gradual year-on-year pricing increment.

Investors and buyers who take action fast, can capitalize on this uptrend and snag their preferred units at an under-valued price.

Capital Gain Overview

The table above shows the tremendous capital gain potential of District 15 properties.

2 key factors are usually present when analyzing capital gain numbers: Demand and area improvement.

District 15 properties tick both boxes, and that’s why capital gain numbers have soared.

When [email protected] Coast hits its TOP date 3-5 years from now, it is likely to be high-in-demand, especially since it only has 41 units available.

District 15’s living conditions will have improved massively as well, which is projected to result in a spike in [email protected] Coast’s capital gain figures.

Rental overview

City fringe areas like District 15 have always been popular among tenants. Convenience and close proximity to the city are always major draws for professionals looking to rent.

What sets District 15 apart from other city fringe locations is the superior living environment. More amenities usually means higher standard of living.

[email protected] Coast’s exclusivity (41 units only) can be a differentiating factor too. Many tenants value privacy, and not many developments can offer peace and quiet in our bustling city.

Those factors are likely to elevate [email protected] Coast to one of Singapore’s most in-demand properties among potential tenants.

Contact us for [email protected] Coast pricing and floorplans today!

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Daily property news 9 Apr 2020


AFTER putting it on the backburner, Keppel Land may finally be going ahead to redevelop its office asset in Hoe Chiang Road.

The property comprises two towers – Keppel Towers and Keppel Towers 2 – that have been been vacated.

Completed nearly 30 years ago, the property may be ripe for redevelopment to take advantage of its strategic location at the gateway to the much-talked-about Greater Southern Waterfront.


FRASERS Property has temporarily shut its three hotels in Germany and will also progressively close its 11 hospitality properties in the UK.

In Australia, the real estate giant has closed all food and beverage (F&B) outlets at two hotels – one in Sydney and the other in Melbourne – in the interim.

In Singapore, its malls remain open only for essential services. Restaurants operating on its premises are limited to offering takeaways or deliveries.


CROMWELL European Real Estate Investment Trust (Cromwell E-Reit) is proposing to offer tenants the option to pay their rent every month instead of every quarter. It may also allow payments to be deferred by one to three months in special cases, it said in a bourse filing on Wednesday.

This comes after 139 tenants, comprising 9.7 per cent of the Reit’s annual rent roll, requested for rental payments to be deferred for one or two months.

The group comprises mostly small- and medium-sized enterprises such as cafes, childcare centres, and gyms, as well as the Reit’s four-star hotel in Saronno near Milan, which is temporarily closed.


THE Tangs are a classic Singapore power couple.

Gordon, a former professional windsurfer and avid sailor, and his wife Celine moved from China in the 1990s, founded trading firm Tang Dynasty and then established a real estate empire.

Their SingHaiyi Group invests in commercial and residential properties in the island state and has expanded to the US and Australia. Neil Bush, brother of former US president George W Bush, is on the board, where Celine serves as group managing director.


THE BOARD of directors and top executives at Starhill Global Reit (SGReit)’s manager will take pay cuts in light of the Covid-19 situation, the savings of which will be passed on to unitholders as part of a 10 per cent reduction in base management fees payable by SGReit for the next three months from April.

The board of directors will take a 20 per cent cut in directors’ fees. The chief executive officer and chief financial officer will each take a pay cut of 10 per cent, while other senior staff will have their salary reduced by 5 per cent.

SGReit will switch from quarterly to semi-annual distribution starting from the quarter ended March 31, 2020. The manager said the move will allow for better capital management and cost-saving, given the need to maintain “financial flexibility until (there is) more visibility on the pandemic”.


SOME HDB resale transactions continue to bust the million dollar price tag even as Covid-19 rages on, with one sold last month for a record S$1.232 million.

In March 2020, there were five HDB resale flats transacted for at least S$1 million, according to real estate portal SRX Property. Together with nine resales sold for at least S$1 million in January and February, a total of 14 units were transacted in the first three months of this year, double the seven in Q4 2019.

Last month’s S$1.232 million resale is a 5-room unit with a floor area of 107 sq m at The [email protected] on the 40-42 storey with a remaining lease of almost 90 years.


SOME top-performing US fund managers see opportunities in one of the sectors hardest hit by the coronavirus pandemic, cautiously increasing stakes in niches of the real estate market like cell phone towers and warehouses, which they see as benefiting from an eventual economic recovery.

While real estate is typically considered a defensive sector, real estate investment trust (Reit) values have been slammed by the lockdown of the US economy to slow the spread of Covid-19.

Many retailers and restaurants are unable to serve customers in person, leaving them unable to pay rent.


Daily property news 8 Apr 2020


BUSINESSES that apply to defer payments for their secured property loans, as well as property owners doing so for residential mortgages, will not be subject to the total debt servicing ratio (TDSR), the Monetary Authority of Singapore (MAS) said on Tuesday.

Businesses that have taken up mortgage equity withdrawal loans secured on residential or non-residential properties are also not subject to property curbs such as TDSR and loan-to-value (LTV) limits.

The TDSR sets limits on how much property buyers can borrow against their monthly income.


CHINESE tycoon Tong Jinquan has sold a substantial stake in IReit Global to the real estate investment trust’s key unitholders and strategic partners, Tikehau Capital and City Developments (CDL), for S$64 million.

A Tuesday announcement said that French asset management and investment group Tikehau Capital has raised its stake to 29.2 per cent from 16.64 per cent, while Singapore-based developer CDL increased its stake to 20.87 per cent from 12.52 per cent in the Reit. This takes their aggregate shareholding to over 50 per cent. Following this transaction, Mr Tong’s stake will be reduced to about 6 per cent.

The Business Timesreported on March 27 that Mr Tong offloaded 8.2 million IReit Global units for S$4 million from March 13 to March 23, effectively paring his stake from 34.4 per cent to 32.89 per cent.


FITCH Ratings has lowered its outlook on Lippo Malls Indonesia Retail Trust’s (LMIRT) long-term foreign-currency issuer default rating to negative from stable due to the coronavirus outbreak.

The negative outlook is based on an expectation that the pandemic will impact operating earnings, with average occupancy rate dropping to around 50 per cent in 2020, Fitch Ratings said on Monday.

It also affirmed the mainboard-listed retail real estate investment trust’s long-term senior unsecured rating at BB.


MARKET watchers are expecting office rents in Singapore to decline in the coming months, amid the coronavirus pandemic that is showing no signs of abating.

“The office market has peaked, with Grade A central business district (CBD) rents falling by 0.5 per cent to S$10.61 per square foot per month (psf pm) during the first three months of 2020 over the last quarter of 2019,” Cushman & Wakefield said in a press statement on Tuesday.

Likewise, Colliers International on Tuesday also noted that the negative impact of the pandemic on office rents could start rearing its head in the second quarter this year.


CHINA’S top developers are prising open their war chests to snap up land this year as local governments sell more prime real estate to boost revenues and smaller, distressed property firms look to offload assets as the coronavirus takes a toll.

Many of the country’s major property companies said at recent earnings conferences that they planned to ramp up spending, thanks to a faster-than-expected sales recovery in the first quarter and more abundant liquidity.

Others said they would maintain purchasing levels on par with last year as they were confident demand for housing will remain intact in the long run.


The Covid-19 pandemic will hit demand, supply and prices of condos in Phuket as 90% of buyers are foreigners from heavily affected countries: China, Hong Kong and Singapore.

Nattha Kahapana, executive director of property consultant Knight Frank Phuket Co, said discounts are useless at the moment as all activities including sales office are locked down.

“When everything resumes, sales prices will not be decreased by more than 5%,” he said. “Some developers will offer campaigns to attract buyers.”


Britain’s housing market is largely on pause due to the government’s coronavirus lockdown which will make it hard to calculate price changes, but it is too soon to gauge the long-term impact, mortgage lender Halifax said.


Daily property news 7 Apr 2020


THE high merchant fees charged by food delivery platforms are under scrutiny amid the Covid-19 outbreak, in a reckoning that may be overdue. The big question now is if these apps have fallen short on delivering productivity gains that translate to cost savings.

With the freeze on dining-in up to May 4, on-demand food delivery apps GrabFood, foodpanda and Deliveroo have been elevated to the league of essential services.

It would seem like the opportunity of a lifetime for the disruptors to display operational efficiency. After all, scale is something that these players have fought tooth and nail for in a years-long cash burn war.


THE Reit Association of Singapore (Reitas) has cautioned against putting “significant strain” on landlords’ finances with a new Bill that may give businesses a reprieve from contractual obligations including rent payments, even as it acknowledged the importance of supporting tenants in the crisis.

The association flagged its concerns in a statement on Monday night, ahead of Tuesday’s Parliament sitting where the Covid-19 (Temporary Measures) Bill will be introduced.

Under the Bill, a tenant whose business is affected by the coronavirus outbreak is entitled to suspend rental payments for six months. Also, a landlord cannot terminate the lease or licence due to non-payment of rent, if the reason is Covid-19. This covers rental payments due from Feb 1 onwards, and where the agreement was entered into before March 25.


WHILE valuations for Singapore’s hospitality Reits look attractive after the counters have been driven down in recent weeks, it may be too early for investors to take the plunge just yet.

For one, with countries around the world slamming their borders shut, there is very little visibility as to when travel demand will return.

Meanwhile, with hotels running at low occupancies, it is likely that cuts to distribution per unit (DPU) are imminent, analysts say.


SUNTEC City said it is waiving the rents for mall tenants for a month, in line with the government’s call to boost support for businesses and protect jobs during the circuit-breaker period.

The waiver of rent from April 1 to April 30, 2020 will be funded entirely by the landlord. It will also extend this rental waiver to tenants providing essential services such as supermarkets, pharmacies, food and beverage outlets and banks.

Suntec City said it will also pass on the full savings of the property tax rebates to all tenants in May 2020. A portion of the savings had been passed on in March, and the balance will be passed on in the form of rental rebates for the period from May 1 to May 31, 2020.


MAINBOARD-LISTED developer Oxley Holdings said on Monday that it has sold 73 per cent of its Singapore development portfolio, which comprises 3,923 units in total.

The group is set to recognise S$2.4 billion in secured revenue from its Singapore projects. The sum will be recognised over the next two years.

The bulk of the secured revenue comes from sales at Riverfront Residences, in which Oxley has a 35 per cent stake, and Affinity at Serangoon, in which the group has a 40 per cent stake.


PROPERTY group CapitaLand has reopened all its malls in China that were previously shut due to the country’s coronavirus lockdown.

The group’s four malls in Wuhan – the epicentre of the outbreak – reopened on April 2 after receiving clearance from local authorities.

About 80 per cent of stores in CapitaLand’s malls and business parks in China were in operation as at end-March, the property giant said in a bourse filing on Monday.


CITY Developments Limited (CDL), one of Singapore’s largest commercial landlords, on Monday said it is committing more than S$17 million in property tax and rental rebates to help its office and retail tenants tide over the novel coronavirus outbreak.

The amount includes the full quantum of the government’s enhanced property tax rebates, announced last month under the Resilience Budget, to be passed on to CDL’s tenants. These enhanced rebates comprise the 100 per cent property tax rebate for qualifying commercial properties and 30 per cent for businesses in other non-residential properties such as offices and industrial properties.

CDL on Monday said it has disbursed rental rebates “in a targeted manner” to qualifying retail tenants in March.


REAL estate agencies are rolling out support packages to their salespeople to tide them over the mandated one-month stoppage due to Covid-19.

The five largest property agencies which account for the lion’s share of the 30,000 agents in Singapore say their help includes commission advances, waiving fees as well as paying for professional courses agents have to attend to stay licensed.

Propnex, Singapore’s largest property agency has rolled out a S$30 million plan to help its 8,500 agents.


MAPLETREE Investments, which is owned by Singapore’s state investor Temasek Holdings, has said it has raised some US$1.8 billion in equity for its pan US-European logistics fund.

The syndication of the fund, MUSEL Private Trust, was supported by institutional, corporate and high-net-worth investors.

This is in line with Mapletree’s business model, which includes being “an active capital manager in both the private and public markets”, the company said.


SINGAPORE firms have registered their worst payment performance since the third quarter of 2016, and the downtrend is expected to continue as firms are exposed to a higher risk of payment delinquency in the months to come, the Singapore Commercial Credit Bureau (SCCB) said in a report on Monday.

“The marked deterioration in payment performance is a clear sign that firms are struggling to meet their debt obligations with creditors,” said Audrey Chia, chief executive officer of D&B Singapore, which SCCB operates under.

Prompt payments plunged 8.5 percentage points year-on-year (y-o-y) to 43.20 per cent from 51.70 per cent while on a quarterly basis, it had fallen 3.03 percentage points from 46.23 per cent.


Popular closes all 16 bookstores in Hong Kong after 40 years


Popular Bookstore announced on March 18, 2020, the closure of all its 16 bookstores after 40 years of operation in HK.

This is the first mass-retail chain closure in 2020, after mid- to high-end fashion retailer J Crew and Aland closed all their stores in HK in Feb-20 and Mar-20 respectively.

Stocks that are impacted by the above include Link REIT and SHKP (3 bookstores; 1 fashion store each), Sino (3 bookstores), Wharf REIC (2 fashion stores), Kerry (1 bookstore and 1 fashion store) and Fortune REIT (1 bookstore).

Among malls, Link REIT’s TOP and Kerry’s Megabox have closures of both bookstores and fashion stores.

Analysts remain cautious on both luxury and mass retail landlords.

Mass retail malls operators (such as Link REIT, Fortune REIT) will also likely see vacancy pressure, despite resilient retail sales performance.

This is because chain retailers’ cash flow will be stretched for their stores in mid- to high-end malls/streets, in a prolong retail downcycle since 3Q19.

Singapore hotel industry decimated by Covid-19


Singapore hotel occupancy was 51% in February, bringing RevPAR declines for the month to 41%.

Performance is likely to deteriorate further as occupancies have since fallen to 20%.

Worst even months expected in Mar/Apr.

On track for worst-ever monthly performance: Singapore hotel RevPAR dropped 41% on average, according to data released by the Singapore Tourism board for the month of February.

This was a result of average hotel occupancy shrinking 37ppt to 51% (ARR: +2% YoY). These numbers are about to worsen come March, which is shaping up to be the worst month in history for the industry.

Deputy Prime Minister Heng announced on March 26 that Singapore hotel occupancy has since reached 20% – materially below the trough occupancy of 34% last seen during the SARS period (May-03).

Assuming room rates stay unchanged in Mar-20, we estimate an unprecedented RevPAR decline of 76% for the month.

Murky outlook for Singapore hospitality in wake of Covid-19: Operational headwinds expected for the Singapore hotel industry, in light of the Covid-19 pandemic, which has more recently brought about border closures in Singapore (announced March 22).

Hospitality is the worst-hit asset class from the pandemic in the March 26 relief measures announced during Singapore’s Supplementary Budget 2020.

Decline in Singapore hotel occupancy, average room rates and revpar 1993 to 2020 due to Covid-19
Morgan Stanley: Occupancy and average room rate hitting new lows

Daily property news 2 Apr 2020


A SPECIAL committee of directors has been set up with a focus on “safeguarding value for and protecting the interests of” Eagle Hospitality Trust’s (EHT) stapled security holders.

The five-member committee comprises all of EHT’s independent directors and the managers’ chief executive officer. They are Carl Gabriel Florian Stubbe (who will chair the special committee), Davy Lau, Tarun Kataria, Kelvin Tan Wee Peng and Salvatore Takoushian.

They will oversee matters relating to the strategic review and the voluntary trading suspension announced last week, EHT’s managers said on Wednesday.


THE Covid-19 outbreak and economic slowdown have started to bite; the Urban Redevelopment Authority’s flash estimates for the first quarter shows its benchmark overall private home price index shrank 1.2 per cent over the previous quarter.

The drop followed three consecutive quarter-on-quarter gains. Year on year, the index is up 2.2 per cent.

Analysts expect private home prices to continue heading south, to the tune of up to 8 per cent for the whole year. However, they are not predicting a steep fall like the 24.9 per cent slide over four quarters during the Global Financial Crisis.


THE recent selldown in Singapore real estate investment trusts (S-Reits) has been toughest on hospitality Reits but has left the data centre, industrial and healthcare-related Reits relatively unscathed.

Analysts see some bargains emerging but add that risks remain high and valuations are still above historical lows.

For the first quarter of this year, the FTSE ST Reit index has returned -24 per cent. Keppel DC Reit is the only S-Reit to have generated positive returns. Its outperformance parallels what is happening in the US, where data centre Reits are also trading at a premium to their peers.


SPH Reit on Wednesday announced that it would distribute just 0.30 Singapore cent per unit for its second quarter ended Feb 29, 2020.

This represents a 78.7 per cent year-on-year decline in its distribution per unit, from 1.41 cents a year ago.

The decline comes in spite of a 23.3 per cent increase in net property income (NPI), to S$56.5 million from S$45.9 million in the same period last year.


SINGAPORE Press Holdings (SPH) is allowing students living in its purpose-built student accommodation (PBSA) properties in the United Kingdom to leave their tenancies early for the academic year 2019/20 (AY19/20), the group said in a statement on Wednesday.

This comes as SPH, which publishes The Business Times, said it “recognises the impact Covid-19 situation has on students’ study plans and their finances”.

The UK had ordered a three-week lockdown last week to tackle the spread of Covid-19. The move led to all universities moving to online teaching for the remainder of AY19/20.


MAINBOARD-LISTED housing operator Centurion Corp will be holding off redevelopment plans for its workers’ dormitory at Toh Guan after the site was declared a new Covid-19 cluster on Tuesday.

The reconstruction of an existing block at its Westlite Toh Guan facility into an eight-storey dormitory and industrial training centre was slated for April 2020.

But the chief executive of Centurion Kong Chee Min told The Business Times on Wednesday that the company will “delay implementation of the asset enhancement initiative (AEI) until the Covid-19 situation in Singapore normalises”.


PROPERTY group OUE has joined a string of landlords in Singapore offering rental reliefs to tenants amid poor business brought on by the novel coronavirus outbreak.

OUE and the manager of OUE Commercial Real Estate Investment Trust (OUE C-Reit) on Wednesday said retail tenants of Downtown Gallery, Mandarin Gallery, OUE Bayfront, OUE Link and OUE Tower will receive a rent reduction of between 15 per cent and 25 per cent, which will be reviewed monthly.

The mainboard-listed company said it will also pass on all property tax rebates from the government to tenants in full.


LAKESIDE shopping centre, located just outside of London, is a mecca of consumerism. It’s situated in the county of Essex, which loves shopping so much that a reality TV show captures the exploits of its glamorous, bauble-buying residents.

But since last week, the mall has been open for only essential purchases, in line with government guidance.

Its owner Intu Properties said last Thursday that it had collected just 29 per cent of the rent due from its tenants there and around the country. At the same time last year, it had received 77 per cent of the amount due.


HOUSING and Development Board (HDB) resale prices were flat in the first three months of 2020 amid the Covid-19 outbreak, compared with the last quarter of 2019.

The resale price index was 131.5, the same level as in the last quarter of 2019, according to the latest HDB flash estimates released on Wednesday.

The prices were flat after two consecutive quarters of increase in 2019. The final figures, with more detailed public housing data, will be released on April 24.


CLOSING day arrived for two Manhattan condos that brokers Jacky Teplitzky and Barak Dunayer had listed for sale – and that, in the age of the coronavirus, was a problem.

The process, usually an easy glide toward the finish line, is fraught with human interaction as agents, buyers and lawyers all walk through the unit for one final look before the paperwork gets signed.

So in an instant, the veteran brokers at Douglas Elliman Real Estate became amateur movie directors, with Mr Dunayer going alone into each apartment, summoning a group Zoom call and starting his show for a live audience.


AUSTRALIAN home prices extended gains in March, although conditions are expected to cool as the coronavirus pandemic causes widespread economic disruption and hits household confidence.

Figures from consultancy CoreLogic on Wednesday showed home prices across Australia’s capital cities climbed 0.7 per cent in March, the lowest monthly rise since the property market turned around in July last year. Home values are up 8.9 per cent from a year ago.

Sydney clocked a monthly gain of 1.1 per cent, taking its annual rise to 13 per cent, while Melbourne was up 0.4 per cent for the month and 12 per cent higher on a year-on-year basis.


Peak Residence By Tuan Sing and Rich Capital At Thomson Road Near Novena MRT

Peak Residence Condo By Tuan Sing & Rich Capital. 333 Thomson Road

Peak Residence is an upcoming freehold residential development situated at Thomson Road. It is the former Peak Court, and was sold through collective sale for S$118.88 million to Rich Capital Holdings and Tuan Sing Holdings.

Its central location provides ease of travel along a quiet and exclusive area, making it an attractive purchase for both young families and working professionals.

The Thomson/Novena area is a premium residential district. New launches within the area are highly sought after, and it’s predicted that Peak Residence will enjoy similar (or higher) levels of interest from both home stayers and investors.

Peak Residence is within 1km to 3 very popular primary schools – Anglo Chinese School Primary, CHIJ Primary and St Joseph’s Primary School.

The Lively Thomson Area Area Is Home To Many Popular Bars, Restaurants And Cafes

Located just a few minutes from Novena MRT Station, and also close to th upcoming Mount Pleasant and Toa Payoh MRT Stations, Peak Residence offers the ultimate ease of travel to other parts of Singapore.

Novena MRT Station Is Just A Few Minutes Away

PIE and CTE are the connecting expressways that make travel by car and public transport a breeze.

Many renowned schools near Peak Residence provide quality education across all levels. Some of them include Balestier Hill Secondary School, St Joseph’s Institution International, CHIJ Primary School, Anglo Chinese School, San Yu Adventist School, and St Joseph’s Institution Junior.

CHIJ Is A Popular Option For Parents With Primary School Children

Residents can also take advantage of the excellent interconnected transport system to gain fast and easy access to shopping centres, restaurants, parks, bars and other amenities.

Nearby shopping malls like Zhongshan Mall, United Square, Novena Square and Balestier Hill Shopping Centre provide essentials like food outlets, supermarkets and the occasional retail indulgence.

Starker Bistro – One Of The Many Quality Eateries At Zhongshan Mall

The Orchard Shopping Belt is just a few MRT stops away, providing an unlimited amount of shopping and entertainment options.

Another one of Peak Residence’s significant advantage is the close proximity to world-class health care facilities. A number of health care institutions are situated close by, ensuring that residents can receive top quality treatment should the need arise.

Thomson Medical Centre, Tan Tock Seng Hospital, Novena Medical Centre, Healthway Medical Centre and Mount Alvernia Hospital are the major health care options around Peak Residence.

TTSH Is One Of Singapore’s Leading Hospitals

Investors are closely monitoring developments at Peak Residence too. This is mainly due to its suitability as a rental option, and potential for capital appreciation.

As a centrally-located development, Peak Residence should prove popular among working professional tenants. The Thomson area is also quieter compared to other central regions, making it an even more attractive proposition for those looking for a private and serene lifestyle.

Peak Residence project summary

Developer Tuan Sing Holdings & Rich Capital
District 11
Launch date2nd quarter of 2020
TOP DateTo be announced
Total number of units90
Address333 Thomson Road 307675
FacilitiesSwimming Pool, BBQ Pits and Gym

Peak Residence location

Peak Residence Condo By Tuan Sing & Rich Capital. 333 Thomson Road
Novena MRT is a a mere 11 minutes walk by foot

Peak Residence is located just a few minutes away from Novena MRT Station. Mount Pleasant and Toa Payoh stations are nearby as well, allowing residents to connect to other parts of Singapore through the various train lines.

For drivers, PIE and CTE are the expressways that link Peak Residence to key areas like Orchard Road and CBD.

Peak Residence Floorplans and Pricing

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Peak Residence nearby amenities

The nearby Zhongshan Mall

Reputable schools around Peak Residence provide quality education options for parents and students. Some of them include Balestier Hill Secondary School, St Joseph’s Institution International, CHIJ Primary School, Anglo Chinese School, San Yu Adventist School, and St Joseph’s Institution Junior College.

Nearby shopping malls like Zhongshan Mall, United Square, Novena Square and Balestier Hill Shopping Centre provide essentials like food outlets, supermarkets and the occasional retail indulgence.

Residents can also hop on a short train ride to the Orchard area. Definitely plenty of shopping, entertainment and culinary options all around!

With many placing greater emphasis on quality health care, Peak Residence is well-positioned to offer fast and easy access to world-class health facilities.

Thomson Medical Centre, Tan Tock Seng Hospital, Novena Medical Centre, Healthway Medical Centre and Mount Alvernia Hospital are the major health care options around Peak Residence.

Comparative Market Analysis

District 11 is one of the most stable areas in Singapore in terms of capital gain. With a centralized location, plenty of amenities on offer and known as an exclusive premium estate, property prices have steadily increased over the years.

Even though recent years have not seen a sharp spike in capital gain numbers, its stability is highly valued by investors who want safe and secure housing options.

This could change positively in the near future. According to URA’s masterplan, District 11 will soon be the proud home of a sprawling integrated health care facility that covers 600,000 square meters.

Coupled with improvements in transport options and commercial developments, Peak Residence can be one of the properties that see a major boost in capital gain figures a few years down the road.

The truth is that District 11 properties are not cheap. However, they’re worth every penny.

As the saying goes: price is what you pay, value is what you get.

Living in a luxurious central neighborhood has its advantages. Close proximity to town, amenities aplenty, quality lifestyle, just to name a few.

Peak Residence can potentially offer even greater value than other District 11 properties. This is mainly due to timing.

Peak Residence is projected to TOP within the next 3-5 years. This timeline coincides with the estimated conclusion of District 11’s development (as explained in the previous section).

Which means that the price buyers pay today, is very likely to be a drop in the ocean compared to Peak Residence’s future value.

Peak Residence Rental Overview

District 11 properties are a favorite among investors, no matter if they’re looking to profit from capital gain or rental yield.

While capital gain figures have been stable and steady, rental yield has been performing better than most areas of Singapore.

The key to District 11’s attraction as a rental option is due to its central location. More importantly, it offers a more peaceful and quiet environment compared to other central areas.

As we all know, tenants value privacy. That’s why District 11 is such a popular rental option.

Peak Residence is likely to continue District 11’s proud tradition as a rental favorite, making it a very good purchase for investment purposes.

Contact us today for Peak Residence floorplans and pricing!

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Singapore REITs crashing – time to buy?


A lot of ink and blood has been shed by analysts, commentators and talking heads etc. about the crash in the stock market.

Singapore REITs have also taken the brunt of the hit, with prices of many REITs falling significantly over the last couple of weeks.

Is now a good time to buy?

Let’s take a look at the price charts of all the REITs to see which one has taken a beating and might be worth investing in.

Mapletree REITs have had some correction but not a drastic as many other REITs.

Keppel DC REIT has also taken a beating, but the decline isn’t as drastic as others.

Many small-cap REITs have taken a significant beating.

Hospitality REITs have suffered a fair bit.

Retail REITs have been beaten down a lot. Capitaland Mall Trust is down, but not as much as other retail REITs.

Newcomers to the market Elite Commercial REIT, Prime US REIT and Lend Lease REIT have declined quite a bit. However, Lend Lease REIT has started to climb on some people starting to buy.

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Midtown Modern (Tan Quee Lan Street New Condo By Guocoland and Hong Leong) next to Bugis MRT

Midtown Modern Condo at Tan Quee Lan St, Bugis MRT by Guocoland.

Midtown Modern is an upcoming new condo at Tan Quee Lan Street, located on top of Bugis MRT. It is slated as mixed use development located at a hip, urban and trendy area in Bugis. It was won on 5 September 2019 as a joint venture between Guocoland and Hong Leong Holdings with a bid of S$800.19 million. This translates to $1,535 psf per plot ratio (psf ppr). 

Besides the many shopping and entertainment options available, the new condo at Tan Quee Lan Street will be the crown jewel in the future Beach Road/Ophir/Rochor Corridor – A new business hub as indicated in URA’s 2019 masterplan.

The area around Midtown Modern at Tan Quee Lan Street is currently being transformed from a history-rich and predominantly commercial precinct, into a vibrant lifestyle-centric haven.

Midtown Modern Condo at Tan Quee Lan St, Bugis MRT by Guocoland.
Residents Can Enjoy The Many Culinary Delights Around The Area

Investors and homestayers are sitting up and taking notice. With high rentability, potential for capital appreciation and seen as a great place to start/raise a family, Midtown Modern at Tan Quee Lan Street is likely to be one of Singapore’s most hotly contested new launches.

Convenience is a key reason why Midtown Modern at Tan Quee Lan Street is attractive to potential buyers. MRT stations such as City Hall, Bugis, Rochor and Esplanade are within the vicinity, allowing residents to travel around the island from a centralized location.

Can you imagine living above Bugis MRT Station?

It is also near to Nicoll Highway, and easily connects to AYE, CTE, ECP and KPE.

For parents, there are nearby schools of all levels to choose from. They include Rosemary Hall Montessori Kindergarden, Stamford Primary School, St. Margaret’s Primary School, Singapore Management University (SMU), Nanyang Academy Of Fine Arts and Laselle College Of The Arts.

SMU, One Of Singapore’s “Big 3” Universities, Is Within Walking Distance

In terms of amenities, not many other areas can boast the variety of shopping, dining and entertainment options around.

Nearby shopping malls like Suntec City, Shaw Leisure Gallary, Bugis Junction, Marina Square and Bugis Plus are some of Singapore’s most popular hang-out spots.

Shop Till You Drop At Bugis Junction, One Of The Many Popular Malls In The Area

Retail-therapy, cinemas and restaurants are plentiful and easily accessible. Residents will be spoilt for choice!

For more affordable eating options, Midtown Modern at Tan Quee Lan Street is near to hawker havens Gluttons Bay, Albert Centre, Tekka Market and Golden Mile food centre.

The Hawker Delights At Albert Centre Are Certainly Queuing For!

Due to the reasons listed above, some experts believe that District 7 (Bugis area) can become Singapore’s most prime residential area in the near future.

Prices are increasing rapidly, with even more room for growth once ongoing developments are complete.

This gives investors a limited window of opportunity to capitalize on the area’s rejuvenation. Midtown Modern at Tan Quee Lan Street could be the perfect opportunity to snag a property with high potential capital appreciation.

Midtown Modern project summary

District 7
TOP DateEstimated 2024
Total number of units585
Tenure99 year leasehold
AddressTan Quee Lan Street
Facilities50m swimming pool, BBQ pits, gym and retail outlets on first floor

Midtown Modern Location

Midtown Modern on Tan Quee Lan Street is located adjacent to Bugis MRT and has a centralized location close to many bus stops and MRT stations. Other MRT stations and lines such as City Hall, Rochor and Esplanade stations are close by, allowing residents to conveniently access other parts of Singapore through the various MRT lines.

For drivers, Midtown Modern on Tan Quee Lan Street is near to Nicoll Highway, and easily connects to AYE, CTE, ECP and KPE.

Midtown Modern unit mix

It is estimated that Midtown Modern at Tan Quee Lan Street will have a total of 585 units, from 1 to 3 bedrooms. Sign up below to receive exclusive invites, floorplans and pricing once they are released!

Midtown Modern nearby amenities

Midtown Modern at Tan Quee Lan Street is close to many schools of all levels. They include Rosemary Hall Montessori Kindergarden, Stamford Primary School, St. Margaret’s Primary School, Singapore Management University (SMU), Nanyang Academy Of Fine Arts and Laselle College Of The Arts.

As one of the leading lifestyle-centric areas in Singapore, residents will have plenty of shopping, entertainment and dining options to choose from.

Popular nearby shopping malls like Suntec City, Shaw Leisure Gallary, Bugis Junction, Marina Square and Bugis Plus offer a healthy dose of retail therapy and exemplary dining choices.

For residents who prefer hawker fare, the new condo at Tan Quee Lan Street is near to hawker havens Gluttons Bay, Albert Centre, Tekka Market and Golden Mile food centre.

Midtown Modern floorplans

To be announced. Sign up below to receive exclusive invites, floorplans and pricing once they are released!

Midtown Modern comparative market analysis

There may not be a whole lot of residential properties in District 7. However, this scarcity trend is actually working in their favor.

Due to an increasing demand for centralized properties which offer convenience and a quality lifestyle, sales volume for District 7 properties have shot up in recent years.

With not a whole lot of choices, the current properties in the area are enjoying intense attention from buyers.

When Midtown Modern at Tan Quee Lan Street is added to the mix, it has the potential to surpass other District 7 properties in terms of sales transactions.

This is because of its mixed use development status which offers even greater convenience, and a slightly better location that its counterparts.

Which means that interested buyers should act fast and secure their preferred units before the likely buying frenzy.

Midtown Modern rental volume comparison

As mentioned above, District 7 properties are high in-demand now due to its close-to-town location and promise of an idyllic lifestyle.

This has led to a surge in rental transactions, especially from working professionals looking for homes close to CBD, with a host of amenities nearby.

Midtown Modern at Tan Quee Lan Street is likely to enhance this trend, especially when the Beach Road/Ophir/Rochor corridor (part of the URA’s masterplan) is developed.

This will create even more jobs in the area, naturally leading to more rental demand.

Midtown Modern rental comparison (per square feet)

Experts have predicted that District 7 will soon become Singapore’s leading residential area. This is reflected in the rental income enjoyed by current landlords.

While a few other areas still command higher rental fees, District 7 is fast catching up and could soon overtake its “competitors”.

The good news is that the developments in District 7 are far from complete. As the area progresses year after year, landlords can command higher rental fees and still have no lack of potential tenants.

This is why tMidtown Modern at Tan Quee Lan Street can be a sensible investment for long-term rental income.

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