Medical Suites at Camden Medical Centre marks 100% occupancyIn the article provided, it is reported that the asset manager and operator, Keppel, will be shifting its focus to other brownfield redevelopment projects after the completion of Keppel South Central. According to Samuel Ng, the president of the real estate division in Singapore, the redevelopment of this project is considered to be the company’s flagship and will act as a showpiece.This commercial tower, which offers approximately 650,000 sq ft of office, retail and event space, is situated along Hoe Chiang Road in Tanjong Pagar. The building comprises of 27 storeys and is equipped with typical office floor plates ranging between 20,000 and 22,000 sq ft. Additionally, it has a clear ceiling height of 3.2m. Nearly 50% of the building’s office space and retail units have been either leased or are in active negotiations. Keppel has secured a leading financial services group as the first anchor tenant, who will be leasing two whole floors. The occupants of the office are expected to move in by June.AdvertisementFurthermore, the building boasts various facilities such as retail and event spaces on the ground floor, health and wellness spaces on the fifth and sixth floors, a landscaped terrace on the 18th floor, and end-of-trip facilities on the Basement 1. These facilities were not present in the original Keppel Towers and have been added to match the standards of Grade-A office spaces. Ng commented that the company has a team in place to organise events on the tower’s premises.According to Ng, the Keppel South Central has been certified by BCA as a Green Mark Platinum Super Low Energy building. It is a drastic improvement to its energy efficiency compared to before its redevelopment. Ng mentioned that the company expects to save about 6.2 million kilowatt-hours (kWh) of energy annually, which is equivalent to the power consumption of 1,300 homes in Singapore. This will result in savings of $1.8 million every year. The company has made use of various green solutions that were initially tested in Keppel Bay Tower, which was built in 2002. Keppel Land took advantage of BCA’s grant to test five new technologies in the building, which resulted in their success and made the building Singapore’s first zero-energy commercial building in 2020.AdvertisementNg also mentioned that this experience has given the company a vast amount of knowledge to implement these new technologies in their buildings worldwide. The improvements that were implemented at Keppel South Central include physical hardware such as treated external windows to minimise heat transfer into the building, and software applications that help optimise energy usage. This redevelopment has made the building a testbed for green technology and has also made it eligible to receive a zero-energy certification from BCA.Keppel, with its new Sustainable Urban Renewal (SUR) strategy, is now looking to replicate the success of Keppel South Central across the region. Ng commented that, in the Asia Pacific region alone, there is an extensive pool of office buildings that were completed in the 1990s or earlier, and most of them do not meet the new standards for Grade-A office space. This presents a massive opportunity for sustainability-focused retrofits and the company plans to take advantage of it.In a survey conducted by JLL in March 2024, 87% of occupiers across the Asia Pacific are looking to have entirely green-certified properties in their portfolio by 2030. However, only two sq ft of low-carbon space is projected for development for every 5 sq ft of demand across Asia Pacific from now until 2028. To address this issue, Keppel announced the first close of its Keppel Sustainable Urban Renewal Fund (KSURF). The total funds under management for this project are over $2.3 billion. Keppel believes that it has the technical capabilities to execute the renewal projects themselves. This capability helps the company to stand out from other asset managers.AdvertisementAdditionally, Ng commented that, after acquiring the asset, Keppel can complete the enhancement works, stabilise occupancy and sell it within the fund’s life of seven years. To date, Keppel has applied the SUR initiative to eight projects in five different countries. While three of these projects have yet to be completed, five have been completed. Keppel has also announced the launch of two new projects — Kohinoor, a 1.1 million sq ft office block in Maharashtra, India, and Inno88 Tower, a 367,210 sq ft office building in Seoul. Keppel believes that these projects will be added to their portfolio, and the completion of Keppel South Central will provide fresh office supply in the CBD area, which currently has no available sites for an office tower development.
For international investors, it is vital to have a thorough understanding of the rules and limitations surrounding property ownership in Singapore. Fortunately, purchasing condominiums is generally less restrictive for foreigners compared to landed properties, which have stricter ownership regulations. However, foreign buyers are still required to pay the Additional Buyer’s Stamp Duty (ABSD), which currently amounts to 20% for their initial property purchase. Despite the added expenses, the steady growth and potential of the Singapore real estate industry continue to lure foreign investments. Stay updated on the latest developments in the market with New Condo Launches.
Investing in condos in Singapore has become a popular choice among investors due to its potential for high returns. However, one must also consider the government’s property cooling measures when making such investments. The Singaporean government has implemented various measures over the years to prevent speculative buying and maintain a stable real estate market. These measures include the Additional Buyer’s Stamp Duty (ABSD), which imposes higher taxes on foreign buyers and those purchasing multiple properties. While these measures may affect the short-term profitability of condo investments, they also contribute to the long-term stability of the market, making it a safer environment for investing. With reputable Singapore Projects available, investors can still find great opportunities in the condo market.