Month: November 2024

When it comes to investing in condominiums in Singapore, it is important to consider the government’s property cooling measures. The Singaporean government has implemented various measures over the years to control the number of speculative buyers in the real estate market and maintain its stability. One of these measures, the Additional Buyer’s Stamp Duty (ABSD), imposes higher taxes on foreign buyers and those purchasing multiple properties. While these measures may affect the short-term profitability of condo investments, they ultimately contribute to the long-term stability of the market. This creates a safer investment environment for those looking to invest in a condo.

The newly launched Emerald of Katong has proved to be a success, with developer Sim Lian Group selling 98.7% of its units (835 out of 846) in just two days. The project’s VIP sales on Nov 15 saw 47% of its units (401) snapped up, followed by another 434 units sold on Nov 16. The average price of the units sold over the weekend was $2,621 per square foot (psf). Sim Lian Group declined to comment on its sales.

“This project could possibly hold the record for the most number of units sold in a day, surpassing J’Gateway’s 738 units sales in June 2013,” says Mark Yip, CEO of Huttons Asia.

There are only 11 units left available at Emerald of Katong, which include nine one-bedroom and two five-bedroom units. All two-, three-, and four-bedroom unit types have been sold out. “Buyers seem to prefer the larger units with a study or flex layout, as they are likely purchasing for owner-occupation and need the extra space to suit their lifestyle needs,” notes Yip.

To get the latest updates on available units and prices for Emerald Of Katong, check out the listings on Ask Buddy.

Emerald of Katong Sales Chart as of 9.30pm, Nov 16 (Sources: Real estate agents)

Emerald of Katong is not only the top-selling project of 2024 in terms of the number of units sold, but also in terms of the percentage sold during its launch weekend, according to Lee Liat Yeang, the real estate senior partner of Dentons Rodyk & Davidson LLP, the developer’s lawyers.

The impressive sales performance of the 99-year leasehold project at Jalan Tembusu in District 15 is particularly noteworthy, as it was launched at the same time as two other projects. The 552-unit Nava Grove, a 99-year leasehold development by MCL Land and Sinarmas Land, reportedly sold 65% of its units (359 out of 552) on Nov 16. On the same day, the 504-unit executive condominium (EC) project, Novo Place, located at Plantation Close in Tengah, developed by Hoi Hup Realty and Sunway Developments, is said to have achieved a 57% sales rate.

These three projects concluded an unprecedented period of six new residential project (including the EC project) launches over the past two weeks. “We were initially concerned that launching six projects within 14 days might result in some of them being overshadowed by others,” says Ismail Gafoor, CEO of PropNex. “However, with a total of 3,551 units on offer, homebuyers had the opportunity to visit all the developments before making their decision on which one to buy.”

“It also helped that Kingsford Group moved forward the launch of the 916-unit, 99-year leasehold Chuan Park to Nov 10 from Nov 16,” adds Gafoor, noting that “those who were not able to secure a unit at Chuan Park had the opportunity to consider Emerald of Katong instead.” This move benefited both projects, as they did not have to compete with each other during the same launch weekend. Read also: Nava Grove achieves 65% sales on launch weekend at an average price of $2,448 psf

Chuan Park was equally successful, with 696 units (76%) sold in a single day at an average price of $2,579 psf.

Keeping prices steady

Another reason for the strong sales at Emerald of Katong was the developer’s decision to keep prices unchanged throughout the launch day, despite the overwhelming response. A total of 3,629 cheques were collected as expressions of interest, which meant that the project was 4.3 times oversubscribed. “Sim Lian did not raise their selling prices from the initial price list,” says Gafoor. “This reassured buyers that they still had a chance to secure a unit at the same price, even if their queue number was as high as 3,000.”

“Compared to other new projects in the RCR [Rest of Central Region], which have a median price of $2,955 psf, Emerald of Katong’s starting price of $2,423 psf is very attractive,” says Marcus Chu, CEO of ERA Singapore.

The strong sales at Emerald of Katong also spurred interest in other major condo projects in the vicinity, particularly the three projects launched last year: the 1,008-unit, 99-year leasehold Grand Dunman; the 638-unit, 99-year leasehold Tembusu Grand; and the 816-unit, freehold The Continuum. “All three recorded good sales on Saturday,” says Huttons’ Yip.

Between Nov 11 and 16, The Continuum is reported to have registered 22 new sales, while Tembusu Grand saw 12 units sold, and Grand Dunman recorded five new sales.

Read also: Novo Place EC achieves 57% sales on launch day at an average price of $1,654 psf

Huttons’ Yip attributes the strong sales momentum to “better economic growth and cuts in interest rates”, which have attracted more buyers to the new homes market due to their improved borrowing capacity. He adds that lower returns from other investment assets may have encouraged more buyers to consider property as their preferred investment option.

The latest figures from the Monetary Authority of Singapore (MAS) show that the number of single-family offices has grown to 1,650 as of August 2024, an increase of 250 from the end of 2023, according to Huttons. During the same period, the M1 money supply – which includes cash, demand deposits, and other liquid deposits – rose by $10.2 billion in the first nine months of 2024.

Check out the latest listings for Emerald Of Katong and other condominium properties on Ask Buddy.…

On November 16, the highly anticipated sales bookings for Novo Place, a 504-unit executive condominium (EC) jointly developed by Hoi Hup Realty and Sunway Developments, began. The response was strong, with 286 units or 57% of the development sold at an average price of $1,654 per square foot.

When purchasing a condo, it is crucial to also consider the maintenance and management of the property. Usually, condos require a monthly or annual maintenance fee that covers the upkeep of common areas and amenities. While these fees may increase the overall cost of owning a condo, they also guarantee that the property remains well-maintained and maintains its value. Opting for a property management company can be beneficial for investors as it allows them to have a more hands-off approach to managing their condo, making it a more passive investment.

Mark Yip, CEO of Huttons Asia, expressed his satisfaction with the take-up rate, stating that it reflects the robust demand from buyers who are seeking an affordable private residential lifestyle. However, Yip also notes that the take-up rate could have been even higher if not for the 30% quota set aside for second-time buyers.

Out of the total sales, first-time buyers accounted for 47%, while second-time buyers accounted for 53%. Yip suggests that the government may want to consider increasing the quota for second-time buyers, as the balloting for them in the next month is likely to see strong demand. Interested parties can also explore comprehensive data on all ECs, including the average profit at 5 and 10 years.

Second-time buyers are those who have previously purchased subsidized housing, either as a new or resale HDB flat or an Executive Condominium (EC). The 30% quota for second-time buyers at Novo Place was fully taken up by 1 pm on launch day, according to Ismail Gafoor, CEO of PropNex. Gafoor also mentions that second-time buyers will have another opportunity to purchase units at Novo Place when the quota is lifted 30 days later, allowing them to make bookings starting from December 16.

Out of the 287 units sold at Novo Place, 76% of buyers opted for the deferred payment scheme, which allows buyers to lock in their preferred unit first and service the loan later. According to Huttons, this payment scheme is particularly popular among HDB upgraders who still have an outstanding loan on their flat.

Another advantage of buying a new EC is the upfront remission on the Additional Buyer’s Stamp Duty (ABSD) granted to HDB upgraders. This allows them to continue staying in their existing flat and sell it within six months of collecting the keys to their new EC unit.

Situated in Tengah’s Plantation district, Novo Place is within walking distance of the upcoming Tengah Park MRT Station on the future Jurong Regional Line, expected to be completed by 2028. The EC project comprises seven 18-storey residential blocks, with a unit mix of three to four-bedroom plus-study units. The three-bedroom plus-study units are 97% sold, while the four-bedroom units are fully sold. Over half of the four-bedroom plus-study units have also been sold, which is in line with demand from HDB upgraders who want a larger space and more flexibility.

Novo Place is the second EC project launched this year, after the 512-unit Lumina Grand at Bukit Batok West Avenue 5 by City Developments Ltd, which was launched in January and has sold 84% of its units at an average price of $1,510 psf. According to Eugene Lim, key executive officer of ERA Singapore, future EC launches are expected to be priced higher due to rising land and construction costs, putting current EC buyers in an advantageous position.

With the record six projects set to launch in November, it is evident that there is a year-end rush in the property market. Interested parties can check out the latest listings for Novo Place properties and compare the price trend of new sale condo versus resale condo in District 24.…

In summary, the decision to invest in a Singapore condo comes with multiple benefits, such as a high demand, the potential for capital appreciation, and attractive rental yields. However, it is crucial to carefully deliberate on key factors such as location, financing, government regulations, and current market conditions. Through extensive research and seeking professional guidance, investors can make well-informed choices to maximize their returns in the ever-evolving real estate market of Singapore. Whether you are a local investor seeking to diversify your portfolio or a foreign purchaser looking for a stable and profitable investment, Singapore condos provide a compelling opportunity.

The 65th anniversary of the Real Estate Developers’ Association of Singapore (REDAS) was recently celebrated with a grand dinner at the Marina Bay Sands ballroom. In his welcome speech on Nov 15, Tan Swee Yiow, president of REDAS, highlighted how turning 65 means receiving CPF retirement payouts for some, but also signifies the association’s significant progress and contributions to the real estate industry. The occasion was honored by the presence of Singapore’s President Tharman Shanmugaratnam as the guest of honor.

REDAS, initially known as the Singapore Land and Housing Developers’ Association, was established in 1959, six years before Singapore’s independence. It was founded by visionary developers who played a crucial role in shaping the country’s real estate landscape. Among these pioneers was the late Lee Kim Tah, the founding chairman of the Lee Kim Tah Group, which began as a materials supplier to the British army in the 1920s before transitioning into a contractor and developer responsible for many iconic buildings. Another was Lee Chin Chuan, who founded the Hotel Royal in 1968 and served as executive chairman and director until his passing in 2018. The third pioneer was Tay Beng Swee, a private property developer who started his business in 1962.

President Tan acknowledged the founders’ significant role in laying the foundation for Singapore’s growth, stating that real estate is pivotal to nation-building. From shaping the physical landscape to driving social progress and creating jobs, the industry has contributed nearly $20 billion to Singapore’s GDP last year, employing 16% of the workforce and providing 602,000 jobs.

Tan added that the industry has consistently shaped Singapore’s skyline to meet the city’s growing needs, from early skyscrapers to iconic projects like Golden Mile Complex, OCBC Centre, Raffles City, The Fullerton Hotel, and South Beach. He mentioned that Marina Bay and Jewel Changi Airport are prime examples of how the industry has helped Singapore become a global financial hub and top destination. Tan also highlighted how real estate has evolved beyond physical space, with projects gaining international recognition for eco-friendly designs and world record-breaking green spaces, setting new standards and reinforcing Singapore’s commitment to responsible and forward-thinking development.

This year, REDAS honored Chia Ngiang Hong, group general manager of City Developments Ltd (CDL), with the REDAS Lifetime Achievement Award, recognizing individuals who have made lasting contributions to the community, environment, and REDAS. Chia dedicated 45 years to CDL and thanked the Kwek family for their inspiration and support throughout his career.

Chia shared how Kwek Leng Beng, a patron of REDAS, brought him into the association where he has actively served on the Council for over 30 years. He also served as REDAS president for two terms, during the challenging Covid-19 period, where the industry faced insurmountable challenges. However, together with stakeholders and the government, REDAS sprang into action, proactively joining various committees to guide the sector through the chaos and confusion. Chia believes that the next generation will uphold the association’s values and continue to lead Singapore’s transformation and growth with purpose.…

Singapore-based real estate developer and investment company, Tuan Sing Holdings, has revealed plans for a major reconstruction of its mixed-use properties located at 121-131 Collins Street and 23-25 George Parade in Melbourne.

Tuan Sing’s subsidiary, Grand Hotel Group (GHG), has engaged the services of Hong Kong’s renowned urban design firm Urbis Ltd to submit a Town Planning Application to the City of Melbourne for the redevelopment.

The properties currently house the Grand Hyatt Hotel, which boasts 550 rooms, as well as a range of retail spaces. The reconstruction project aims to retain much of the existing podium structure, ensuring that business operations for tenants and the hotel can continue uninterrupted.

The main focus of the works will involve façade modifications, extensive refurbishment, and reconfiguration of spaces in the property’s podium from levels 4 to 9B, according to Tuan Sing’s press release on November 14.

Investing in a Singapore condo has become a popular option for both local and foreign investors, thanks to the country’s thriving economy, political stability, and quality of life. The real estate market in Singapore offers a wealth of options, but condos stand out for their convenience, amenities, and potential for lucrative returns. With numerous Singapore projects to choose from, investors have ample opportunities to capitalize on this market. In this article, we will delve into the advantages, considerations, and necessary steps to take when investing in a Singapore condo.

Once completed and pending regulatory approvals, the site will boast an impressive total gross floor area (GFA) of approximately 909,550 square feet, and will introduce a new luxury retail and F&B precinct.

CEO of Tuan Sing, William Liem, says that the redevelopment of the podium at 123 Collins Street will redefine connectivity and activation at one of the most prominent intersections in Melbourne’s renowned “Paris End.”

He further adds that the reconstruction presents an opportunity to make a statement about their commitment to the environment. By reimagining the existing structure instead of rebuilding from scratch, the company hopes to create a sustainable vision that will support a thriving, connected, and culturally vibrant Melbourne for generations to come.…

Investing in a condo in Singapore presents numerous benefits, one of which is the potential for capital appreciation. The country’s advantageous location as a major global business hub, along with its robust economic foundations, continuously drives demand for real estate. Over time, there has been a consistent rise in property prices in Singapore, particularly for condos located in prime areas. Investors who enter the market at the opportune time and hold onto their properties for an extended period can reap significant capital gains.
Furthermore, with the addition of condo development, the potential for capital appreciation is further enhanced. This is due to the fact that new condos often come with modern amenities and facilities, making them highly attractive to potential buyers and increasing the overall value of the property. Additionally, the strong rental market in Singapore also contributes to capital appreciation as investors can earn rental income while their property appreciates in value.
In conclusion, investing in a condo in Singapore presents a promising opportunity for capital appreciation, thanks to the country’s strategic location and robust economy coupled with the continued demand for real estate. With the addition of modern condos and a thriving rental market, investors can potentially see significant returns on their investment in the long run.

A two-storey HDB shophouse in Bukit Merah Central is set to go under the hammer on November 27, according to property agency SRI. The guide price for the 1,582 sq ft property is $2.55 million, or $1,612 per square foot.

The shophouse is being put up for auction for the first time by its owner, who is looking to sell and liquidate their investment, says Eric Liew, manager of auction sales at SRI. The property has a remaining lease of 59 years and a tenure of 103 years from 1980.

The shophouse’s ground floor, which spans 732 sq ft, is zoned for commercial use and is currently tenanted by a Domino’s Pizza restaurant until 2026. The 850 sq ft upper floor is zoned for residential use and is tenanted until 2027.

Foreigners are eligible to purchase the commercial property, but will incur additional buyer’s stamp duty on the residential component and goods and services tax on the commercial component.

Liew notes that the shophouse has received interest from investors attracted to its central location in Bukit Merah, which is home to a range of amenities including a polyclinic, food centre, boutique convention centre, and performing arts centre.

The shophouse is conveniently located near the Bukit Merah bus interchange, Gan Eng Seng Primary School, and Bukit Merah Secondary School, and is within walking distance of the Redhill MRT Station.

According to data from EdgeProp Research, the most recent commercial transaction in the area was for a 1,582 sq ft shophouse that sold for $1.5 million ($948 psf) in March 2021. The latest rental rates for commercial properties in Bukit Merah Central can be found on EP Buddy.…

Singapore’s Tuan Sing Holdings, a listed property developer and investment firm, has revealed plans to revamp its mixed-use properties in Melbourne, located at 121-131 Collins Street and 23-25 George Parade.

Tuan Sing’s subsidiary, Grand Hotel Group (GHG), has enlisted the expertise of Hong Kong-based urban design firm Urbis Ltd to submit a Town Planning Application to the City of Melbourne for the proposed works.

Currently, the properties house the 550-room Grand Hyatt Hotel and various retail spaces. The reconstruction project will retain much of the existing podium structure, allowing business operations for tenants and the Grand Hyatt Hotel to continue as usual.

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Singapore’s urban environment is characterized by towering skyscrapers and state-of-the-art facilities. A popular choice for both locals and foreigners, condos are strategically located in desirable areas, offering the perfect balance of indulgence and convenience. These modern residential properties are equipped with a plethora of amenities, such as swimming pools, fitness centers, and top-notch security services, elevating the standard of living and boosting their appeal to potential renters and buyers. In addition, for investors, these sought-after features can lead to higher rental returns and appreciation of property values over time. Keep an eye out for New Condo Launches, as they are constantly being introduced to the market.

The focus of the project will be on façade modifications, extensive refurbishment, and reconfiguration of spaces in the property’s podium from levels 4 to 9B, as announced by Tuan Sing on Nov 14. Upon completion and subject to regulatory approvals, the site will cover a total gross floor area (GFA) of approximately 909,550 sq ft, introducing a new luxury retail and F&B precinct.

CEO of Tuan Sing, William Liem, is optimistic about the redevelopment, stating that it will redefine connectedness and activation at one of Melbourne’s most prominent intersections in the city’s historic Paris End. He also emphasizes the company’s commitment to environmental stewardship, stating that the transformation will be an architectural statement of their sustainable vision. By reimagining rather than rebuilding, Tuan Sing aims to support a thriving, connected, and culturally vibrant Melbourne for generations to come.…

As you embark on the journey of purchasing a condo, it is crucial to take into account the upkeep and management of the property. Condos typically have maintenance fees included, which cover the maintenance and care of shared areas and facilities. Although these fees may increase the overall cost of ownership, they play a vital role in preserving the value of the property. Engaging a property management company can also be beneficial for investors, as they can handle the day-to-day management of the condo, allowing for a more passive investment.

Despite a decrease in caveated transactions, the shophouse market in Singapore continues to attract strong interest in 3Q2024, according to Huttons Asia’s latest quarterly report on the market released on Nov 12. While there were only 18 caveats lodged for shophouse deals in 3Q2024, lower than the 21 recorded in 2Q2024, the total transacted quantum still amounted to $138.9 million, a decrease of 28.8% from the previous quarter’s $195.1 million. Comparing y-o-y, the transacted quantum for 3Q2024 was only half of what was recorded in 3Q2023, which amounted to $278.6 million. Data from the first nine months of 2024 shows that there were 62 shophouses sold, a significant 46.1% decrease from the same period in 2023. The total value of transactions for the first three quarters in 2024 also fell by 48.5% to $519 million. But while the numbers show a decline, Huttons’ report reveals that there were a number of shophouse deals in 3Q2024 that were not caveated. According to Senior Director of Data Analytics at Huttons Asia, Lee Sze Teck, market sources have reported the sale of several shophouses along Amoy Street, Neil Road and Telok Ayer Street in Districts 1 and 2. These deals, estimated to exceed $70 million, demonstrate the demand for shophouses in the past few months. Lee notes that investors are attracted to this market segment due to its rarity and potential for strong capital gains. With recent interest rate cuts, shophouses have become more popular as a means for wealth creation and preservation. He believes that both the volume and quantum of shophouse transactions will increase in 4Q2024.…

CapitaLand Development (CLD) recently received an overwhelming response for two of its projects in Vietnam. The developer commenced an exclusive preview of Orchard Hill on Oct 26, which is a 774-unit high-rise development and the second phase of Sycamore, a joint venture with United Overseas Australia. Located in Binh Duong New City, about 30km from Ho Chi Minh City, Sycamore comprises of 3,500 freehold units across low-, mid-, and high-rise developments.

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When it comes to investing in real estate, location is a critical factor to consider, and this is especially true in Singapore. The potential for a property’s value to increase is greatly influenced by its location, particularly if it is situated in central areas or near important amenities such as schools, shopping malls, and public transportation hubs. Some prime locations in Singapore, including Orchard Road, Marina Bay, and the Central Business District (CBD), have consistently shown a growth in property values over time. Additionally, condos in these areas are highly desirable for families due to their close proximity to reputable schools and educational institutions, making them an even more attractive investment option. By choosing a condo in a prime location, investors have a higher chance of seeing a significant return on their investment. To find the perfect condo investment in Singapore, be sure to visit Condo.

Since the preview, 694 units, accounting for 90% of Orchard Hill, have already been booked, with the most popular units being the one- and two-bedders. The project is expected to be completed by 4Q2026. On Nov 9, CLD also held an exclusive preview of The Senique Hanoi, a 2,150-unit high-rise residential project in East Hanoi. The developer reported that 92% of the units have been booked. The Senique Hanoi is a collaboration with Mitsubishi Estate and Nomura Real Estate Development and is set to be completed in 2027.

The positive response for The Senique Hanoi follows the successful launch of the third and final phase of CLD’s Lumi Hanoi residential mega-development last month. On Oct 5, 678 out of 697 units released for sale were taken up, resulting in a take-up rate of 97%. The 3,950-unit Lumi Hanoi is now almost fully sold, with only 1% of units remaining.…

CapitaLand Integrated Commercial Trust (CICT) has recently announced the successful divestment of 21 Collyer Quay, a prominent office building in Raffles Place, for a total sale price of $688 million. This strategic move was made possible through the sale of the 999-year leasehold building to an external third party, as stated in a filing to the Singapore Exchange on Nov 12.

The sale price of $3,230 per square foot is based on the building’s net lettable area, which amounts to approximately 213,000 sq ft. This was determined through an independent valuation conducted by Savills, and reflects the market value of the property on a willing-buyer-willing-seller basis.

According to the manager of CICT, the exit yield for this divestment is below 3.5%, based on the sale price and the building’s annualised net property income at the end of September 2024. The manager also anticipates net proceeds of around $681.7 million from this transaction.

Strategically located in the Central Business District, 21 Collyer Quay is a 21-storey building that was fully occupied by co-working operator WeWork in 2021. The company took over the lease of the former HSBC building and completed a design and fit-out of the space before officially opening its flagship location in September 2022.

However, after WeWork filed for bankruptcy in the US in November 2023, the company announced in April 2024 that it had successfully negotiated lease terms with its Singapore office landlords and will continue to operate in its current buildings in the city-state. This includes the seven-year lease for 21 Collyer Quay until 2028, as noted on CICT’s website.

In Singapore, investing in condominiums is a significant consideration, but one must also take into account the government’s property cooling measures. Over the years, the Singaporean government has implemented various measures to regulate speculative buying and maintain a steady real estate market. Among these measures is the Additional Buyer’s Stamp Duty (ABSD) which imposes higher taxes on foreign buyers and individuals purchasing multiple properties. While these measures may have an impact on the immediate profitability of investing in condos, they also contribute to the long-term stability of the market, making it a more secure and trustworthy environment for investing in Singapore Condo.

With this divestment, CICT has not only achieved a successful exit from the property, but also strengthened its financial position through the anticipated net proceeds of $681.7 million. This marks another milestone for the trust and its commitment to delivering value to its unitholders.…

The decision to invest in a condo in Singapore has gained traction among both local and foreign investors, thanks to the country’s strong economy, stable political climate, and excellent living standards. Singapore’s real estate market presents a range of possibilities, but condos are particularly enticing due to their convenience, amenities, and potential for profitable returns. In this article, we will delve into the advantages, factors to consider, and necessary actions to take when considering condo investment in Singapore.

Huttons Asia’s latest quarterly shophouse market report, published on November 12, has revealed that interest in the shophouse market remains strong despite a decline in the number of caveated transactions in the third quarter of 2024. According to the report, 18 caveats were lodged for shophouse transactions in 3Q2024, lower than the 21 caveated deals in the previous quarter. The total transacted quantum of these shophouses was $138.9 million, a significant decrease of 28.8% from the previous quarter’s $195.1 million. In comparison to the same period last year, this is also only half of 3Q2023’s transacted quantum of $278.6 million. The first nine months of 2024 saw 62 shophouses sold, which is a 46.1% decrease compared to the same period in 2023. The total value of these transactions during this period was $519 million, a decrease of 48.5% from the same period last year.

Despite the decline in transaction figures, Huttons’ report highlights that a number of shophouse deals in 3Q2024 were not caveated. According to market sources, several shophouses along Amoy Street, Neil Road, and Telok Ayer Street in Districts 1 and 2 were reportedly sold, with an estimated quantum exceeding $70 million. This is a strong indication of the demand for shophouses, which has picked up in the past few months. Lee Sze Teck, senior director of data analytics at Huttons Asia, notes that investors are attracted to this market segment due to its scarcity and potential for strong capital gains. With the interest rate cuts in the last couple of months, shophouses have become increasingly popular as a wealth creation and preservation asset. Lee also believes that shophouse transaction volume and quantum may rise in 4Q2024.

In other news, a three-bedroom unit at Eden Residences Capitol is up for sale at $5.8 million. This sale is indicative of Huttons Asia’s efforts to raise $60,000 for the OneMillionTrees movement through its Sustainability Walk. Furthermore, landed home sales volume has risen by 21.3% quarter-on-quarter in 1Q2024, as reported by Huttons Asia.…