When it comes to investing in condos in Singapore, one cannot ignore the impact of the government’s property cooling measures. Through the years, the Singaporean government has implemented various policies to discourage speculative buying and maintain a steady real estate market. One such measure is the Additional Buyer’s Stamp Duty (ABSD), which enforces higher taxes for foreign buyers and those purchasing multiple properties. While these may affect the short-term profitability of condo investments, they ultimately contribute to the long-term stability of the market, creating a secure environment for investors. This is why Singapore Projects continue to be a popular choice for investors looking for a stable and reliable investment option.
SINGAPORE (EDGEPROP) – JTC has awarded the tender for an industrial site at Kallang Way to CapitaLand Development’s subsidiary, CL Savour Property, for $368.901 million. This marks the first time an industrial site has been earmarked for adaptive reuse, with the existing terrace factory being retained and adapted for continued industrial use. The top bid, which is 14.9% higher than the second highest bid submitted by a consortium, sets the tone for the rejuvenation of this industrial area. The strategic integration of adaptive reuse not only aims to rejuvenate the area sustainably, but also reduces carbon emissions in the built environment while preserving the industrial legacy of the site, according to Tang Hsiao Ling, director of urban planning and architecture division at JTC. The site, launched as the last of five Confirmed List sites in the 1H2024 IGLS programme, was launched on June 25 and received four bids at the close of the tender on Oct 1. With a total land area of 474,772 sq ft, the site is zoned Business 2 under the master plan and has a maximum allowable gross floor area of 1.23 million sq ft. It also has a 33-year tenure and falls under a designated food zone, with the new development set to feature food manufacturing spaces and retail uses to inject vibrancy into the industrial area.