News by EdgeProp Singapore

The 186,000 sq ft site has a gross floor area (GFA) of 651,007 sq ft. The ground floor will have 96,000 sq ft of commercial, F&B and retail space, including a supermarket and childcare facilities. The development will be integrated with the upcoming Lentor MRT station on the Thomson-East Coast Line

The last quarter also saw shophouse transactions rebound by 132% q-o-q to $310 million, after the sector declined 53.6% q-o-q in 1Q2021. Meanwhile, commercial sales rose 24% q-o-q on the back of several major deals.

Although majority of the respondents leaning towards having their staff working from office, workplace safety remained as main concern. Hence, corporations are thinking of adopting hybrid model, to incorporate flexibility in real estate.

“All the buyers of the five units are ultra-high networth foreigners... For these buyers, price was no object. They zoomed in on the best units, which were the largest units on the topmost floors. It’s clear that they want a product that stands out from the crowd, a product that can’t be found elsewhere,” Dominic Lee, head of luxury at PropNex.

Last month, it was reported that Sergey Brin, Google co-founder and the eighth richest person in the world with a net worth of US$88.4 billion, according to Forbes, is setting up a branch of his Bayshore Global Asset Management family office in Singapore. In November, Ray Dalio, billionaire founder of hedge fund Bridgewater Associates, announced that he is also opening a family office in Singapore.

Even before the Covid-19 pandemic hit, YTL had already planned for its headquarters to embody a “future workplace design”.

The property spans 752,015 sq ft, and has a balance lease of 73 years. An application has also been made to the Singapore Land Authority for the lease to be extended to a fresh 99-year lease tenure.

“There were already signs that demand has returned,” says Ismail Gafoor, CEO of PropNex.

The bungalow is located along Ocean Drive on the east of Sentosa Cove, and a jogging track connects it to Cape Royal. The rent for the pool is close to the average monthly rent for a three- or four-bedroom unit in the prime districts.

The addition of these three locations will bring the number of WeWork locations in Singapore to 12 by end of this year.