Latest news with #JustinQuek
Straits Times
13-05-2025
- Business
- Straits Times
URA puts up second Chuan Grove site for sale; firm bids expected amid steady demand in the area
The 14,514.3 sq m site, which is on a 99-year lease, can accommodate 505 new condominium units. PHOTO: SCREENGRAB FROM GOOGLE MAPS URA puts up second Chuan Grove site for sale; firm bids expected amid steady demand in the area SINGAPORE – A second Chuan Grove residential site has been released for sale under the 2025 Government Land Sales (GLS) programme. The 14,514.3 sq m site, which is on a 99-year lease, can accommodate 505 new condominium units. It is expected to attract firm interest amid steady demand for housing in the area. The release of this plot follows the December 2024 tender launch for a similarly sized adjacent site in the Lorong Chuan area. That tender, expected to yield an estimated 555 units, closes on July 8. Strong sales The two Chuan Grove plots are on the market after a launch in the area recorded strong sales in November 2024. Kingsford Development moved nearly 700 of the 916 units at its Chuan Park project over the launch weekend, making for a 76 per cent take-up rate at an average price of $2,579 per sq ft. OrangeTee & Tie chief executive Justin Quek said: 'With only 168 units left as of March 2025, based on URA monthly developers' sale data, there will be limited new housing options, which may translate to higher demand for future private land sites.' Market watchers expect the latest plot to draw three to six bidders, and a top bid of between $1,000 and $1,350 per sq ft per plot ratio (psf ppr). In 2022, Kingsford acquired the old Chuan Park condo in a collective sale for $890 million, at about $1,256 psf ppr. Before the November 2024 launch of Chuan Park, the last new project in District 19 was Bartley Vue in 2019, noted ERA Singapore chief executive Marcus Chu. Taking in the two sites now being tendered by the Government, 'including Chuan Park, the estate will likely see almost 2,000 units launched in two years', he said. Still, the project would be of relatively lower risk, given the low level of unsold units in the area, said Huttons Asia chief executive Mark Yip. He pointed out that the outside central region (OCR) has 4,361 unsold units in the market as at the first quarter of 2025 – the lowest number since the fourth quarter of 2022. 'With an annual average sales of 3,019 units in the OCR in the last five years, this unsold supply can be easily absorbed by the market in slightly more than a year,' Mr Yip said. OrangeTee's Mr Quek expects demand in the Lorong Chuan area to be supported by home owners looking to upgrade from Housing Board flats or downsize from landed properties. He noted a 'large catchment' of HDB upgraders in the nearby areas of Serangoon, Bishan and Ang Mo Kio, as well as many landed homes in Serangoon Gardens and Lorong Chuan. Desirable location The location is also desirable, thanks to its proximity to educational institutions and Lorong Chuan MRT station, said chief research officer Nicholas Mak. 'The current economic outlook, which would affect property market sentiment, is murky due to the ever-changing tariff stance of the US Trump administration. But by the time this new condominium is ready to be launched in 2027, there could be more clarity on the economic front.' The tender for the Chuan Grove site closes on Sept 4. THE BUSINESS TIMES Join ST's WhatsApp Channel and get the latest news and must-reads.
Business Times
13-05-2025
- Business
- Business Times
URA puts up second Chuan Grove site for sale; firm bids expected amid steady demand in the area
[SINGAPORE] A second Chuan Grove residential site has been released for sale, under the 2025 government land sales (GLS) programme. The 14,514.3 square metre (sq m) site, which can accommodate 505 new 99-year leasehold condominium units, is expected to see firm interest amid steady demand for housing in the area. The latest plot released comes after an adjacent similar-sized site in the Lorong Chuan area was launched for tender last December. The tender for the first Chuan Grove site, to yield an estimated 555 units, closes on Jul 8. Strong sales The two Chuan Grove plots are also on the market after a new launch in the area saw strong sales last November. Kingsford Development moved nearly 700 of the 916 units at its Chuan Park project over the launch weekend, making for a 76 per cent take-up rate at an average price of S$2,579 per square foot (psf). OrangeTee & Tie's chief executive Justin Quek said: 'With only 168 units left as of March 2025, based on URA monthly developers sale data, there will be limited new housing options, which may translate to higher demand for future private land sites.' Market watchers expect the latest plot to draw three to six bidders, and a top bid of between S$1,000 and S$1,350 per square foot per plot ratio (psf ppr). A NEWSLETTER FOR YOU Tuesday, 12 pm Property Insights Get an exclusive analysis of real estate and property news in Singapore and beyond. Sign Up Sign Up In 2022, Kingsford acquired the old Chuan Park condo in a collective sale for $890 million, at about S$1,256 psf ppr. Before the November 2024 launch of Chuan Park, the last new project in District 19 was Bartley Vue in 2019, noted ERA Singapore's chief executive Marcus Chu. Taking in the two sites now being tendered by the government, 'including Chuan Park, the estate will likely see almost 2,000 units launched in two years,' said Chu. Still, the project would be of relatively lower risk given the low level of unsold units in the area, said Huttons Asia's chief executive Mark Yip. Yip noted that the outside central region (OCR) has 4,361 unsold units in the market as of the first quarter of 2025 – marking the lowest level since the fourth quarter of 2022. 'With an annual average sales of 3,019 units in the OCR in the last five years, this unsold supply can be easily absorbed by the market in slightly more than a year,' explained Yip. OrangeTee's Quek expects demand in the Lorong Chuan area to be supported by homeowners looking to either upgrade from current Housing and Development Board (HDB) flats or downsize from landed properties. He noted a 'large catchment' of HDB upgraders in the nearby areas of Serangoon, Bishan and Ang Mo Kio, as well as many landed homes in Serangoon Gardens and Lorong Chuan. The location is also desirable, thanks to its proximity to educational institutions and the Lorong Chuan MRT station, said chief research officer Nicholas Mak. 'Although the current economic outlook, which would affect property market sentiment, is murky due to the ever-changing tariff stance of the US Trump administration, by the time this new condominium is ready to be launched in 2027, there could be more clarity on the economic front,' added Mak. The tender for the Chuan Grove site closes on Sep 4.
Independent Singapore
27-04-2025
- Business
- Independent Singapore
Smarter Tools, Stronger Agents: The importance of human connection in real estate
Depositphotos/DragonImages By Justin Quek As technology continues to transform the real estate industry, AI will become an integral part of the process. Real estate agents and their clients increasingly leverage AI to enhance efficiency, with industry players introducing AI-powered solutions across various platforms to support client needs. AI is continuously reshaping the property industry, from automated chatbots to using algorithms to provide property recommendations and predict market trends. The technology will continue to remain an ever-changing tool for clients and agents. However, it will be difficult to replace one major aspect of the industry – the human connection. The Role Of AI And How Agents Use It In Singapore's fast-paced and competitive property market, AI integration has transformed how agents and agencies operate, enabling them to deliver seamless, personalised services. With the rise of AI-powered market analysis tools, homebuyers can now make smarter and faster decisions, as AI can analyse data in mere seconds, helping with assessing risks and rewards to identify properties that align with clients' financial qualifications and investment goals. For agents, the availability of these tools reduces the need to manually search and analyse data. This will allow agents to save time and focus on giving advice based on their experience and provide unique insights, such as cultural nuances, which could elevate the client's understanding compared to the repetitive responses AI might give. In addition to reducing the wait time for clients to receive responses to their queries, these avenues assist in elevating the client-agent relationship and experience with personalised interactions and data-driven insights based on frequently asked questions. With the assistance of AI, not only can it save time for clients, but it also allows agents to provide them with informed options based on the client's unique needs. Role Of AI In Real Estate With time spent on repetitive administrative tasks by agents starting to dwindle with the assistance of AI, agents can focus on building relationships and personalising services based on the client's interaction and needs. During the COVID-19 pandemic, the rapid advancement of AI and other digital tools has made property searches and research much more convenient for clients, with them having the option to partake in virtual tours of their ideal properties at their convenience to shortlist their choices. Yet, while they are narrowing down their choices, agents still have the opportunity to differentiate their services by how they provide a tangible experience that would ultimately affect the client's decision-making process. However, the benefits do not stop there, with real-estate platforms having been seen to decrease commission rates after integrating their versions of AI into their consumer journey. While at first glance, this may seem like a boon for agents and a win for clients, it is, however, truly a win-win. Agents are now able to focus their efforts on the negotiation and finishing touches of the transactions instead of handling the entire consumer journey. Buying Homes Requires A Human Touch As AI continues to advance, there is no doubt it will continue to integrate into our daily and professional lives. This begs the question: can AI replace agents? The short answer: No. Despite AI's numerous capabilities, the real estate market in Singapore remains human-driven. In a country that is land-scarce with high and increasing property values, purchasing a home is still a significant financial and emotional decision buyers make. Hence, homebuyers still rely on the guidance, assistance, and experience of agents to provide their expertise based on their understanding of the market while keeping in mind the client's financial restraints. AI-driven tools will continue to help more clients streamline property recommendations. However, they currently still lack the human touch needed to provide reassurance during the buying process. While AI models enhance efficiency, they do not yet possess the empathy and intuition of seasoned agents, whose human affirmation remains essential in easing uncertainty and ultimately closing deals. The Future Of Real Estate: AI And Agents In the entire consumer journey of purchasing a property, while there are aspects that AI can enable consumers and provide a better experience, there is still room for human intervention in certain areas, which can prove to be fruitful for buyers and sellers alike. In hindsight, AI should be viewed as a complement to existing services rather than a replacement. The future of AI in the real estate industry is not one about replacing agents; rather, it is about empowering them with efficient and effective tools to provide a more focused and higher-quality service to homebuyers. As the real estate industry continues to embrace more of the digital solutions available for its agents, the value of human expertise and connections remains paramount. The future of the industry lies not in choosing between AI and human engagement but in finding the balance between integrating the two to develop the best possible experience for the client while increasing the productivity of the agents. Justin Quek is the Chief Executive Officer of OrangeTee & Tie. Justin has a multifaceted experience as a property agent, proptech entrepreneur, and strategic manager. He championed initiatives like the Consumer Insider Series and Luxe by OrangeTee, empowering clients and agents to navigate the property sector in Singapore
Independent Singapore
24-04-2025
- Independent Singapore
'Why Indonesia?': Singaporean couple share 5 reasons why they moved after their HDB MOP
SINGAPORE: A Singaporean couple who love to travel recently shared why they moved to Indonesia after meeting the Minimum Occupation Period (MOP) of their Housing & Development Board (HDB) flat. On Instagram, they wrote, 'People often ask us, 'Huh? Why Indonesia?′ We can choose Australia or Canada, but wouldn't it be the same situation [as] Singapore?' Since September 2023, they've been travelling almost every month. They realised it didn't make sense to own a car in Singapore that they rarely used or hold on to a flat they hardly stayed in. So they made Indonesia their 'base', sharing five reasons why. 1. Slower pace of life and lower cost of living The couple said living in Indonesia gave them space to slow down and focus on themselves without the constant rush. 'We can go into our batcave mode to work on ourselves and not have distractions,' they shared. 2. Same experiences, but at half the cost Comparing the dining experience between the two countries, they pointed out that a date at Sky @57, by well-known chef Justin Quek, a restaurant once located on the 57th storey of Marina Bay Sands, used to cost over S$500 for two people. In Indonesia, they could have a similar meal for S$200—and for four people. 3. Affordable pet sitters instead of pet hotels When living in Singapore, their 'antisocial' cat Aurelia found pet hotels stressful, and they often relied on friends or family to care for her during long trips. In Indonesia, they now have someone who looks after her at home. 'Our cat has a personal butler,' they said—something they said 'wouldn't be possible' if they chose to be in Australia or Canada. 4. A condo with three bedrooms at 20% the price of an HDB flat While they admitted it's not always easy for foreigners to find housing in Indonesia, it was still more affordable than in other countries. They rented a three-bedroom condo at just 20% of the cost of a similar HDB flat in Singapore. They noted that even in Melbourne, rent for a house 40 minutes from the city was around S$2,500 per month. 5. A helper at S$250 per month The couple now employ a full-time helper who cooks, does the groceries, and cares for both their home and cat—for just S$250 a month. 'We can travel at ease, work on our businesses, and have more time to sleep and do yoga,' they said. As a bonus, they use the rental income from their Singapore HDB flat to support their travelling lifestyle. 'If we make Indonesia our so-called base, it would be more cost-effective compared with places like Singapore, Canada, or Australia,' they added. /TISG Read also: 'You just have to count on yourself': Is this also true for Singaporeans who rely on the traditional retirement model of CPF, personal savings and gratuity? Featured image by Depositphotos (for illustration purposes only)
