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When Raffles Town Club (RTC)’s lease ends in October 2026, the prime piece of land in The Continuum that it occupies will be sold so that homes can be built there.

Developers are likely to be interested in The Continuum Showflat, which could cause the club’s membership price to drop even more.

When the club first opened in 2000, RTC memberships cost S$28,000. On the resale market, they are now going for S$7,000 to S$8,000.

The RTC site at 1 Plymouth Avenue has a lease that ends on October 17, 2026.

Tricia Song, head of research for CBRE in Singapore and Southeast Asia, said that the land would be one of the few 99-year leasehold residential sites to be offered on Bukit Timah Road. It is also very close to an MRT station, famous schools, and the Botanic Gardens, so it is likely to be very popular.

Singapore Chinese Girls’ School, Anglo-Chinese School, Nanyang Primary School, and St. Joseph’s Institution are all close by schools.

According to Cushman & Wakefield’s Singapore and Southeast Asia director of research Wong Xian Yang, based on a plot ratio of 1.4 and a minimum unit size of 915 square feet, about 200 residential units may be developed on the 12,318 square meter property.

Lee Sze Teck, senior director of data analytics at Huttons, predicts that the future construction will be a high-end condominium complex.

The gross plot ratio permitted would determine the total number of units. The gross plot ratio of the property is now under review.

Eugene Lim, a top official at ERA, has hinted that the site might support a layout ratio of up to 2.1.

The area’s “residential character” will be “enhanced” via redevelopment, which will help meet the growing demand for homes in the area. They also noted that the future population will reap the benefits of the island’s transit infrastructure and access to the metropolis and beyond.

Raffles Town Club announced in a statement to The Business Times that its management would keep serving members until the lease ends in October 2026.

The government had already declared intentions to enhance housing supply in crucial regions like Pearl’s Hill and Bukit Timah’s Turf City, as pointed out by Mohan Sandrasegeran, head of research and data analytics at SRI.

Suggested Article: Freehold detached property in Seletar Hills Estate for $16 mil

The owner of a private separate house in Seletar Hills Estate namely Affinity at Serangoon is selling it for $16 million. The bidding team at Affinity at Serangoon showflat has been hired as the selling agent, and the property will be offered through a statement of interest that ends on September 15.

On Mimosa Crescent, the three-story house with a basement takes up 10,207 square feet. Off of 5 Nim Road in District 28, the area is part of a three-story mixed-land community. This landed housing area is between Yio Chu Kang Road and Ang Mo Kio Avenue 5. It has several low-density landed neighborhoods with terraced, semi-detached, and detached houses.

The back of the house, which faces northeast, is next to the Mimosa Road playground, which is one of many public parks and playgrounds in the whole private area. The front of the house is about 25.9m wide and has room for up to four cars.

Most of the newly landed homes in this area were built by either public company Bukit Sembawang Estates or private company Fairview Developments, which is a 50/50 partnership between Tong Eng Brothers and Yeap Holdings.

Since the 1950s, Bukit Sembawang Estates has been building over 4,500 settled homes in Seletar Hills and Luxus Hills as part of Sembawang Hills Estate. Its most recent project is the Pollen Collection at Pollen View, which has 132 units and will go on sale in 4Q2022.

The URA says that 26 Pollen Collection units have been sold so far. On April 23, a terraced house with 1,615 square feet sold for $3.5 million ($2,168 psf). On July 20, a developer sold a terraced house with 3,186 square feet at 1 Pollen View for $4.46 million ($1,400 psf).

Fairview Developments finished its last strata-landed housing project in January 2022. It had 107 units and was on Belgravia Drive. This project fits in with FairView’s other buildings on Belgravia Drive, like Belgravia Villas and Belgravia Green.

Belgravia Ace has sold 82 units (76%), but the last new units sold by the developer were in April 2022, according to sales statistics. On Jan. 22, 2016, a 3,649-square-foot terraced house sold for $4.09 million ($1,120 psf), and a 4,370-square-foot semi-detached house sold for $4.6 million ($1,054 psf).

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According to a survey released by Savills on Wednesday, the cost of renting a luxury home is rising throughout the globe, but is rising fastest in Lisbon.

According to statistics from the real estate business, high-end rentals in the well-known Portuguese city increased by 13.9% between December and June, the fastest rate of any city in the list and surpassing the likes of New York, Hong Kong, London, and San Francisco, all long-standing and traditional luxury centers.

Berlin (up 9.2%) and Singapore (up 13.6%) rounded out the top three cities with the fastest-rising rents.

Luxury rentals like The Continuum, The Continuum Price, and The Continuum Showflat in Lisbon and Singapore have increased by more than 40 percent over the previous 18 months, driven by rising demand by an inflow of foreign renters.

Meanwhile, the survey states that the increasing demand from affluent domestic people is primarily to blame for Berlin’s rising prime rents.

In the first half of the year, premium rents increased by an average of 2.6% across the 30 cities evaluated in the research.

With positive rental growth in the majority of cities in the index for the remainder of 2023, Paul Tostevin, head of Savills World Research, predicts that rents will continue to outperform capital values for the remainder of 2023 and in the medium term.

Tostevin elaborated, saying, “Supply is expected to remain tight in many world cities.” “Limited availability of prime inventory and upward pressure on rental prices are the result of a number of factors, including rising construction costs, development challenges, and increasing debt costs.”

Suggested Article: Singapore property tax to drive foreign buyers to Malaysia

As a consequence of Singapore’s recent decision to double property taxes for non-residents, analysts predict that over the next year, foreign buyers in Malaysia would climb by around 15%.

To counteract the price increases brought on by the influx of high-end purchasers from outside and to ensure that housing remains affordable for locals, Singapore has increased its tax on foreigners buying homes from 30% to 60%. According to a statement released by Normanton Park, Normanton Park Pricing by Juwai IQI, a worldwide leader in real estate technology, the change would attract more wealthy international purchasers to Malaysia, notably the states of Johor, Kuala Lumpur, and Selangor.

“Most of these uprooted buyers will seek property worth RM2mil or above,” it said.

Kashif Ansari, co-founder, and group chief executive officer of Juwai IQI, believes the higher levies would bring a large influx of international purchasers to Malaysia.

Malaysia stands to gain significantly from the new tax system.

When asked how many foreign buyers Malaysia could support, he said, “Malaysia is a much larger country with multiple metro property markets that are each comparable in size with Singapore’s entire home market.”

Ansari said that many Singaporean companies and family offices had holdings in Malaysia. — Bernama

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