MARKET UPDATES

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Extending its golden touch to Singapore's luxury property market

Extending its golden touch to Singapore's luxury property marketA much-lauded property developer that enjoys a stellar reputation across 15 cities in China, Yanlord Land Group Limited is known for creating beautiful, quality homes that do not compromise on either luxury or functionality. Among the iconic luxury properties that the Group has developed are Yanlord on the Park in Shanghai, Phoenix Hill in Nanjing, Yanlord Landmark in Chengdu and Yanlord Reverie Apartments in Shenzhen. Presence in a coveted district As a further testament to its prominence, Yanlord Land recently won a land tender to secure a site in Jing-an, one of Shanghai's prime central districts, placing it on track to developing up to 67, 500 sq. m. of premium residences that have come to be synonymous with its name. Strategic partnership In a bid to expand its portfolio, Yanlord Land became the single largest shareholder of United Engineers Limited last October, making the business a subsidiary of the Group. Separately, in a landmark joint venture with Hongkong Land for the development of Hangzhou Bay, Yanlord Land celebrated yet another esteemed partnership through the successful collaboration. Upcoming jewel in District 10 With its sights set on establishing a strong foothold in Singapore, Yanlord Land - in partnership with MCL Land (a Hongkong Land company) - has unveiled Leedon Green, where the Group has extended its Midas touch to. The former Tulip Garden condominium will be transformed into a timeless, luxurious living space for discerning home buyers. Leedon Green Leedon Green is situated in prime District 10, near the central precinct's Good Class Bungalow cluster, Leedon Heights, and boasts seamless connectivity islandwide. The 638-unit development is expected to be completed in 2023. This prestigious 3ha freehold estate will feature a mix of one- to four-bedroom types, as well as only five grand, double-storey Garden Villas. Selected three- and four-bedroom owners can also relish in the luxury of having a private lift. Exuding a unique charm of its own, Leedon Green boasts indulgent amenities like a spa pavilion, tree top walk, jacuzzi and a majestic tree barbecue pavilion. Homes will also come with bespoke fittings and finishings such as marble finishing, Antonio Lupi bathroom fixtures from Italy and Hansgrohe (AXOR) sanitary wares from Germany. Careful thought has gone into the provision of a high-performance kitchen, with Ernestomeda kitchen sets and large format tiles imported from Italy, as well as Swiss-made V-ZUG kitchen appliances and Liebherr fridges from Germany. Washers and dryers are also provided for a fuss-free move-in. With Leedon Green successfully cementing the Group's entry into Singapore, Yanlord Land will leave its indelible mark on Singapore's luxury property market.

Source: Straits Times
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China developers face cash crunch as coronavirus freezes home sales

SHANGHAI (BLOOMBERG) - China's debt-laden developers are facing a cash-crunch as the coronavirus outbreak brings the property market to its knees. Most builders have a cash buffer of just three months, according to the China Real Estate Chamber of Commerce, one of the nation's largest developer associations. With lockdowns and travel restrictions entering their second month in some cities, the clock is starting to tick. "The property market has ground to a halt everywhere, "said Zhang Dawei, a research director at Centaline Group in Beijing."If developers can't resume normal sales quickly, funding stress will emerge as a widespread issue in March." The ramifications of a housing market in limbo are potentially huge. Not only does the property industry directly account for about 7 per cent of China's GDP, that climbs to about one-fifth of economic output once indirect contributions are added, and the flow-on effect could smash demand for building materials like steel and cement, as well as new appliances and furnishings, putting millions of jobs at risk. "If the virus persists for two months and there's no policy support, property companies will face substantial business risks, "the Real Estate Chamber of Commerce said in a Feb 11 open letter calling for government action."If the sector is battered, it not only hurts economic development, but also leads to a wave of unemployment." Developers were already under pressure before the worst of the virus hit. Home prices rose at the slowest pace in almost two years in January, data last week showed. The impact will be felt more fully in February, after developers were forced to shut showrooms as authorities sought to restrict large gatherings of people to stop the spread of the virus. New apartment sales plummeted 97 per cent in the first week after the Lunar New Year holiday from a year earlier, according to China Real Estate Information Corp. Fewer than four units a day were sold in Beijing, whereas daily transactions would usually number about 400. The sales drought has shut off a key source of cash-flow that developers need to service mountainous debts. Firms have the equivalent of about US$340 billion (S$476.7 billion) of yuan and US dollar bonds due by the end of 2021, according to data compiled by Bloomberg. That's led some to take drastic steps to keep sales ticking over. China Evergrande Group, whose net debt stood at US$88.5 billion as of June last year, is offering a discount of up to 25 per cent on many of its projects until the end of March. Buyers can secure an apartment with a downpayment of as little as 5, 000 yuan (S$994) and if prices fall further before early May, Evergrande will match the lower price. The developer received deposits for more than 95, 080 homes in the first six days of the promotion. Evergrande assumes 70 per cent of the deals will lead to actual sales, with the total potential value of contracted transactions hitting about 60 billion yuan in just a few days. Fantasia Holdings Group Co. has upped the ante even further, with a 'buy two apartments, get one free offer, ' and is taking deposits of as little as 1, 777 yuan. Not only that, if a buyer backs out within 30 days, they get their deposit back, plus interest. In China, developers tend to use debt to fund land purchases and initial construction costs, then take proceeds from pre-sales to pay those debts and borrow more to start a new project, said Rosealea Yao, an analyst at Gavekal Dragonomics in Beijing. The"sudden stop"of sales threatens that model, she said in a Feb 12 report."The key issue is that the huge loss of sales will squeeze developers' finances and could thus drag down construction activity even after the epidemic subsides, "she said. Home price growth will slow to 2 per cent this year, said Yang Hongxu, a director at E-House China Enterprise Holdings Ltd's research institute. That would be the smallest increase since the 2008 financial crisis. Before the epidemic, he'd been forecasting 4 per cent growth. Authorities have taken steps to help avert that situation. Local authorities in Foshan and Chengdu have allowed showrooms to open as long as visitor numbers are minimized. Shanghai and Xi'an allowed fees for land purchases to be delayed. Suzhou and Wuxi went further, allowing developers to sell projects earlier than planned. Meantime, the central government appears to have paused its push to deleverage developers. The People's Bank of China is said to be planning to underpin new-loan growth by softening its stance on property-related loan quotas, which may have the effect of spurring lending. With property such a key part of the economy, the industry is seen as too big to fail. Revenue from land sales accounted for 40 per cent of total income for local governments last year, while almost 70 per cent of Chinese household wealth is tied up in real estate, a 2016 study by Chengdu's Southwestern University of Finance and Economics showed. That compares to about 35 per cent in the US. "Real estate is still the final stabilizer of the economy, even if it's no longer the driver, "said Yang Kewei, a research director at China Real Estate Information Corp."As the virus clouds the economy, the government has to make developers survive."

Source: Straits Times
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Wing Tai sells 70% of The M over launch weekend

SINGAPORE (THE BUSINESS TIMES) - Wing Tai Asia sold 70 per cent or over 360 units of its latest condominium project, The M, over the weekend, even amid the ongoing Covid-19 outbreak. Units were sold at an average price of $2, 450 per sq ft. The M is the first major private residential development opened for public preview since the virus outbreak hit Singapore. Ms Stacey Ow Yeong, head of marketing, Wing Tai Property Management, said the majority of buyers are Singaporeans in their 30s and 40s, comprising both owner-occupiers and investors. "Many of them were drawn to The M's prime location in the Ophir-Rochor Corridor, which is rapidly transforming into a vibrant, mixed-use and eventually car-lite district, our unique work-life design concept and our reasonable pricing, "she said. More than 2, 000 people visited The M's sales gallery at the junction of Middle Road and Selegie Road when it opened its doors to the public on Feb 15-16. Various health and safety precautions were taken to ensure the well-being of clients, including professional cleaning of the sales gallery on an hourly basis, temperature screening, collection of contact details, and limiting the number of people inside at any one point in time, according to a statement by Wing Tai Asia. As the expressions of interest in the first weekend were strong, balloting was carried out between 8.30am and 3pm on Feb 22. The M comprises studio and one- to three-bedroom units from 409 sq ft to 904 sq ft spread across three 20-storey towers and one six-storey tower. The studio and one-bedroom units feature a design concept called home/work, which allows for living areas to be converted into workspaces. Design elements include a multi-function kitchen table for dining and entertainment that can be converted into a work desk, and a sliding wardrobe that doubles up as workspace storage solution. The M is situated near to offices, shopping malls and medical facilities in the central business district, while the Bugis, City Hall and Esplanade MRT stations are a short walk away. The condominium is expected to be completed by the first quarter of 2024.

Source: Straits Times
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4th generation of multi-millionaire Woh Hup family set to keep shaping Singapore's iconic skyline

SINGAPORE (BLOOMBERG) - They are places that encapsulate Singapore: Gardens by the Bay, with its gigantic artificial trees and botanical conservatories dripping with orchids; Lau Pa Sat, the colonial-era food hall beckoning with chili crab and chicken rice; Jewel Changi Airport, the futuristic shopping and entertainment complex straight out of Crazy Rich Asians. All of those landmarks, and many more, are the handiwork of a company that has endured for nearly a century under a single family: the Yongs. Since the 1920s, when tigers still roamed what was then a steamy outpost of imperial Britain, the Yongs have been shaping the cityscape. Today, a fourth generation is preparing to take over leadership of the family's private empire, Woh Hup Holdings. That the Yongs have maintained control of Woh Hup is testament to Singapore's transformation as well as the clan's shifting focus from basic infrastructure - such as prisons and piers - to entertainment and luxury apartments. Woh Hup executive director Eugene Yong is the first to admit construction isn't a glamorous job - "It's more important that people are proud of what we've done, "the 67-year-old says. But however low-key the family may be, serving as a contractor to some of the nation's biggest property projects has created fabulous wealth. Woh Hup's revenue in the year through June 30, 2018, was $1.1 billion, up 31 per cent from the year prior and net income totalled $51.8 million. The family declined to disclose any more recent data, but according to Bloomberg estimates the clan is worth around US$600 million (S$840 million). Woh Hup traces it origins back to 1927, when Mr Eugene Yong's grandfather, Mr Yong Yit Lin, founded the group after moving from Malaysia in the pursuit of government construction tenders. Mr Yong Yit Lin, originally from China, got his first big break as a contractor when he scored a job building fences and garden-gate posts for a British residence. In Singapore, the business expanded to deliver large-scale projects such as Clifford Pier, Changi Prison and the former Ministry of Labour, buildings that helped fill in the city's landscape in the early years. Mr Eugene Yong's father, Nam Seng, took over the business as a second-generation member in the late 1950s and is still Woh Hup's chairman. Mr Eugene Yong's elder brother, Tiam Yoon, is deputy chairman. Now that Woh Hup is into its fourth generation, it is easily defying the stereotype that the third generation of wealth tends to blow through a fortune. Ms Michelle Yong, Mr Yong Nam Seng's granddaughter, is one of the new guard. She joined the family business in 2007 after a period studying and working in Britain, and heads Aurum, a fully-owned subsidiary that focuses on boutique residential properties. Key to Woh Hup's success has been its ability to diversify. "So many family members had already added much value, "the 41-year-old Ms Yong said in an interview from an office in Tanjong Pagar, a district where Chinese trading and tea houses have made room for yoga studios and fashionable bistros."When the Aurum opportunity came up, it was a chance for me to take the reins and try to make something out of it." Other businesses Ms Yong has helped spearhead under the Aurum umbrella include co-working firm Found8, venture capital outfit Aurum Investments, which nurtures property technology start-ups, and Core Collective, a collaborative centre for fitness and wellness professionals. Aurum reduces reliance on Woh Hup, which Ms Yong refers to as the"castle". She describes her other ventures as"little villages outside the castle"that contribute to its success. Found8 has plans to expand beyond Singapore and Malaysia, for example, while Ms Yong is also considering a retirement living concept. "I do believe that if you have too many people fighting over the same steering wheel, it can lead to problems, "she said."It's better to create a lot of opportunities for not just family members but also team members to grow." As a mum to three children with another on the way, Ms Yong knows something about multitasking. Having domestic live-in help also plays a part, as does Ms Yong's husband. "He's the one who gets the two older boys ready for bed every night so that I can work late if need be, and he also takes them out for boys-only trips to give me some down time at the weekends, "she said. Still, Ms Yong doesn't like the word sacrifice; as a mum, she has incorporated flexibility into the companies she runs. "Being an entrepreneur and being my own boss definitely gives me a lot more flexibility than if I were just an employee, "she said."I've brought the baby into the office, and we've turned meeting rooms into a creche. At Found8, there's a nursing room and working mums can bring their children in so long as they don't disrupt other members. We have a very baby-friendly policy." On the question of whether her children will be Woh Hup's fifth generation, Ms Yong says she would like them to be, but there are no obligations. "In fact, we're starting to think about family governance, like corporate governance, where we set rules as to what expectations we have of different family members wanting to join the business, "she said."It's got to be merit-based rather than a charitable handout."

Source: Straits Times
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IOB Building in Cecil Street up for sale with $217.7m guide price

SINGAPORE (THE BUSINESS TIMES) - IOB Building, a six-storey office block with two levels of basement car park at 64 Cecil Street, has been put up for sale via tender at an overall guide price of $217.7 million, said exclusive marketing agent Knight Frank on Monday (Feb 17). The redevelopment property at the junction of Cecil Street and Cross Street in the central business district (CBD) has a tenure of 99 years from May 1983 and a site area of 891.8 square metres or about 9, 599 square feet (sq ft). The site is zoned"commercial"according to the Urban Redevelopment Authority's (URA) 2019 Master Plan, with an allowable gross plot ratio of 12.6. This means a 15-storey office building with a total gross floor area of around 120, 947 sq ft can be developed on the site, subject to approval from the relevant authorities, according to Knight Frank. An outline application for a change of use to"residential with commercial at the first storey"and"hotel"has been submitted to the URA, with a reply to be"expected soon", it added. Knight Frank added that the property's owner is expecting offers in excess of $1, 800 per square foot per plot ratio (psf ppr), which is inclusive of a differential premium for the site's intensification, and extension of its lease to 99 years. Ian Loh, Knight Frank Singapore's head of investment and capital markets (land, building and collective sales), said IOB Building presents a unique and rare redevelopment opportunity within the CBD given the exceptional, tightly held commercial market in Singapore. He added that office supply in the CBD is likely to remain low until 2025 as the government has yet to place any office sites on the confirmed list under the government land sales programme, and that there is only one white site at Marine View on the reserve list. IOB Building is situated across Telok Ayer MRT station and is within walking distance to both Raffles Place MRT interchange and the upcoming Shenton Way MRT station. Other landmarks in its immediate vicinity include CapitaGreen, Manulife Tower, Prudential Tower and upcoming developments CapitaSpring and The Clan Hotel. In April 2019, Realty Centre in Enggor Street was sold for $148 million or $2, 438 psf ppr

Source: Straits Times
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China home price growth hits near 2-year low in January as coronavirus spreads

BEIJING (REUTERS) - New home prices in China grew at their weakest pace in nearly two years in January, as the economy slows and a fast-spreading coronavirus outbreak brings the country's property market to a standstill. Worryingly, analysts say the worst is yet to come for the property market, noting that with stepped-up measures to contain the spread of the epidemic, aggressive price-cutting by developers and widespread business disruption will be fully reflected only in coming months. Average new home prices in China's 70 major cities rose 0.2 per cent in January from the previous month, lower than a 0.3 per cent gain in the previous month and marking the slowest pace since February 2018, according to Reuters calculations based on National Bureau of Statistics (NBS) data released on Monday (Feb 17). On a year-on-year basis, home prices rose 6.3 per cent in January, slowing from a 6.6 per cent rise in the December, hitting an 18-month-low. Home sales have plummeted as the virus outbreak keeps property showrooms shut and potential buyers are afraid or unable to venture outside for long. "Overall, the prices data have yet to reflect the impact from the coronavirus. There will be widespread price cutting in the country in February, "said Zhang Dawei, a Beijing-based analyst with property consultancy Centaline in a note to clients. Nearly 1, 800 people have died from the virus in China and more than 70, 000 have been infected, prompting widespread transport curbs and tough public health measures that are weighing heavily on activities from service sector to manufacturing. Most of the 70 cities surveyed by the NBS still reported monthly price increases for new homes, though the number was down to 47 from 50 in December. Speculation is growing that more local governments and banks may relax restrictions on buyers to reduce pressure on the economy. China has clamped down on property speculation since 2016 to stop prices from overheating, but they had still risen for nearly 6 straight years. Property prices had already been expected to cool this year before the outbreak as economic growth slowed. Real estate investment had hit a two-year low in December. China Evergrande Group, the third-largest developer by sales in the country, said on Sunday that it will offer 25 per cent discount for all properties on sales from Feb 18 to Feb 29. Indeed, property developers and realtors are turning to virtual reality salesrooms, livestream marketing and generous incentives but the market has all but ground to a halt.75 confirmed cases in SingaporeAnalysts say the spread of the disease is expected to have a devastating impact on first-quarter growth in the world's second-biggest economy. January property sales by value reported by Chinese top 100 developers fell 12 per cent from same period a year earlier, according to property researcher CRIC. The NBS will only release January-February combined official sales data in March. "The required closure of sales offices of property developers may challenge their liquidity conditions amid rising debt repayment pressure and the cooling property sector, especially for those with high exposure to virus-affected regions, "analysts with Nomura said in a note prior to the data release.

Source: Straits Times
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Where Freehold luxury meets natural splendour

It's the ultimate luxury resort experience of your dreams - right within your own home Leedon Green, an upcoming freehold condominium in one of Singapore's most exclusive districts, promises to elevate everyday living to the sublime. Dotted with 3 pools, pavilions and open lawns across 3 ha of prime freehold land, the Leedon Green living is an experience to behold and covet. Delight will greet you at every turn, whether it's at the jacuzzis, tree top walk or the majestic tree BBQ pavilion - all breathtaking backdrops for you to make precious memories. This District 10 condominium and its 638 homes have been exquisitely crafted by MCL Land, a subsidiary of Hongkong Land and Singapore-listed Yanlord Land Group. The two developers have had decades of experience delivering premium real estate to Asia's well-heeled, discerning buyers. Bearing the coveted Leedon Heights address, your very own private oasis is nestled within an exclusive Good Class Bungalow estate with proximity to Dempsey Hill and the UNESCO-recognised Singapore Botanic Gardens. Still, all the staples of city living are not far from the comforts of home: You'll reach Farrer Road MRT within eight minutes by foot; and schools like Nanyang Kindergarten, Nanyang Primary School, Hwa Chong Institution and Anglo-Chinese School (Independent) are in the vicinity. Orchard Road, Singapore's most famous shopping precinct, is also just a stone's throw away. Fine living awaits With a wide variety of unit types - from one- to four-bedroom units - to choose from, you will find one that suits your family's needs. Among the selection are three- and four-bedroom units that come with a private lift; perfect for those who desire exclusivity and privacy. To create a spacious and seamless look, Leedon Green's units have high ceilings and ceiling-to-floor glass that allows natural light to stream into the home. The attention to details extend into different parts of the home. Every master bedroom wardrobe comes with built-in lighting and a dehumidifier; fashionistas will be delighted to know that units under the three- and four-bedroom Exclusive series are fitted with walk-in wardrobes. Bathrooms and kitchens are fitted with the finest wares and fittings by European designer brands such as Italy's Antonio Lupi, and Germany's Axor and Hansgrohe. Unleash your culinary creativity in a designer kitchen fitted with top-end Italian Ernestomeda kitchen sets imported from Italy, complete with appliances by Swiss brand VZUG and German brand Liebherr. All white goods will be provided. At Leedon Green, the ultimate luxury of convenience and security is just a few screen taps away with future-ready smart home technologies. Digital locksets and home surveillance cameras will keep you and your loved ones safe, while smart parcel lockers, online facility bookings and QR code visitor access will make life easier at the touch of a screen. Smart mirrors in three- and four-bedroom units exclusive series can transform into digital screens, where you can watch your favourite shows and browse social media on one elegant interface. With personalised touches such as on-call concierge services at hand, expect to be pampered with the ultimate hospitality experience at Leedon Green. Own a slice of paradise today at Leedon Green.

Source: Straits Times
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Parc Canberra executive condo sells 64% of its 496 units at weekend launch

SINGAPORE (THE BUSINESS TIMES) - The 496-unit executive condominium project Parc Canberra has sold at least 64 per cent or 316 of the apartments at the weekend launch. The average price was $1, 085 per square foot (psf). Developer Hoi Hup Sunway Canberra said in a statement on Sunday (Feb 16) that it launched all the units of Parc Canberra for sale at 9am on Saturday, after an online balloting exercise was conducted the previous day. As at 4.30pm on Sunday, it has moved 316 units. The remaining units in the development - which is within a five-minute walk from the upcoming Canberra MRT Station - are a mix of two-, three-, four- and five-bedroom apartments. Its showflat, located along Sembawang Vista (next to Sembawang MRT Station), is open daily from 11am to 7pm. The executive condominium was launched amid the ongoing Covid-19 outbreak. Hoi Hup Sunway Canberra said it has put in place precautionary measures at the showflat, such as mandatory temperature checks, hand sanitising, and recording of contact information of all visitors as well as checking their travel history. Those who had travelled to mainland China in the last two weeks were requested not to visit the showflat. In addition, the developers ramped up the frequency of cleaning at the premises. Hoi Hup Sunway Canberra has also adopted online balloting for the project. In order to spread out the crowds, the company told applicants to drop off their ballot tickets in person over two days - instead of one - at the sales gallery in the presence of an auditor. On Friday, the balloting exercise was broadcast live on Parc Canberra's Facebook page. Successful applicants were then asked to visit the sales gallery during allotted time slots on Saturday to book their preferred unit.

Source: Straits Times
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Amazon's Jeff Bezos sets record with $228.9 million purchase of Beverly Hills mansion

SEATTLE (BLOOMBERG) - Jeff Bezos is on a shopping spree befitting the world's richest man. The Amazon founder agreed to pay US$165 million (S$228.9 million) for a Beverly Hills mansion on 3.6 hectares, according to a person with knowledge of the matter, setting a record for a Los Angeles-area home. The property designed for Hollywood film titan Jack Warner in the 1930s was described by Architectural Digest in 1992 as the"archetypal studio mogul's estate, "built in Georgian style with expansive terraces and its own nine-hole golf course. It's emerging just days after regulatory filings showed Bezos cashed out US$4.1 billion of Amazon shares and comes amid reports that he's also entered the art market. He reportedly set a record for artist Ed Ruscha at a Christie's auction with a US$52.5 million purchase of "Hurting the Word Radio #2" in November and also bought "Vignette 19" by Kerry James Marshall for US$18.5 million. The purchase of the Warner estate, described by the person on condition they not be named, was reported earlier on Wednesday by the Wall Street Journal. The property has belonged to David Geffen since 1990, when he paid US$47.5 million. Bezos was seen socializing on the entertainment mogul's mega-yacht last summer, visible in an Instagram post with girlfriend Lauren Sanchez and Goldman Sachs Group's former chief, Lloyd Blankfein. It's something of a style makeover for Bezos, 56, whose once-low-key personal life has been a source of frequent headlines since he and MacKenzie Bezos divorced in 2019. He's been walking red carpets with Sanchez and has even been drawn into geopolitical controversies over allegations that the crown prince of Saudi Arabia was involved in hacking his phone. Bezos had been shopping for an estate for months, according to agents who were contacted during the search. In a January interview, realtor Josh Flagg said he'd get a call"at least once a month from different agents asking if I have something." The purchase adds to a string of mega-deals for high-end residential properties since the start of 2019. Citadel founder Ken Griffin plunked down record US$238 million for a New York penthouse at 220 Central Park South. Lachlan Murdoch, the son of media mogul Rupert Murdoch, paid a then-California record of about US$150 million for a Bel-Air estate that had been featured about a half century ago on "The Beverly Hillbillies" TV show. Hedge fund billionaire Steven Schonfeld and his wife Brooke closed on a mega-mansion in Palm Beach, Florida, for US$111 million. Bezos's real-estate empire already features homes on both US coasts, such as a Washington, DC, mansion where he recently hosted a party for capital elite including Jared Kushner and Ivanka Trump. He also owns 170, 000 hectares of desert scrub in Texas. Regardless, he can afford it. Even after his marital split, he's worth US$131.9 billion, according to the Bloomberg Billionaires Index.

Source: Straits Times
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2 shophouses in Neil Road, 3 in Jasmine Road for sale

Two conservation shophouses in Neil Road and three others with adjoining land in Jasmine Road are separately up for sale. The adjoining two-storey units with an attic at 65/67 Neil Road have an indicative price of $15.57 million, or about $2, 800 per sq ft (psf), based on the total gross floor area (GFA) of 5, 563.7 sq ft. The 2, 703.6 sq ft site, which has a 99-year land tenure with effect from July 4, 1989, is near Tanjong Pagar and Outram Park MRT stations and within the Chinatown district. Mr Steven Tan, senior director of capital markets at marketing agent Colliers International, said the firm expects healthy interest from local and foreign investors. He added that the shophouses have space at the rear for deliveries or an alfresco food and beverage area, subject to approval. "We believe there is an upside for rental revision, particularly in a robust leasing market with limited supply, "Mr Tan said. The ground floor of both shophouses and the second floor of 67 Neil Road are tenanted to an entertainment outlet that has been leasing the space for many years. The second floor of 65 Neil Road is vacant. It could be used for various purposes, including a restaurant, clinic, gym, karaoke, student hostel or residential. The site is zoned commercial so there is no additional buyer's stamp duty and seller's stamp duty. The expression of interest exercise closes at 3pm on March 12. Potential buyers can also check out the three freehold shophouses at 7, 9 and 11 Jasmine Road, which have a total guide price of $22.88 million. They comprise a mix of two-and three-storey properties and an adjoining vacant site belonging to 11 Jasmine Road. The guide price works out to about $1, 185 psf, inclusive of the estimated development charge based on the proposed GFA of 21, 363 sq ft upon redevelopment, Colliers said. The shophouses, which may be bought separately or collectively, and the land behind have a combined area of 7, 121 sq ft. The site is zoned"residential with first storey commercial"and has a gross plot ratio of 3.0. It can be redeveloped into a building of up to four storeys, with commercial space on the first floor and about 16 residential units, based on an average flat size of 861 sq ft. The site is surrounded by a landed housing estate and is near the upcoming Upper Thomson MRT station on the Thomson-East Coast Line and Marymount station on the Circle Line. Amenities nearby include Thomson Plaza, Junction 8 mall, Whitley Secondary, Catholic High and MacRitchie Reservoir Park. The expression of interest exercise for the Jasmine Road units and the adjoining land closes at 3pm on March 19.

Source: Straits Times
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