Condo in Northumberland road is just mins to the city

The Northumberland Road Condominium is the year’s first residential Government Land Sales (GLS) tender. This is a plum location in the Ferrer Park neighborhood. This property receives ten offers from developers and a competitive bid price, demonstrating the developers’ desire for the land.

City Developments (CDL) and joint venture partner MCL Land won the auction with an offer of $445.9 million, which equates to $1,129 per square foot per plot ratio (psf per).

This property has the potential to be developed into a mixed-use complex with up to 408 residential apartments and commercial retail space. On the bottom level, there will be an infant care and daycare center.

According to analysts, the new project at Northumberland Road Condo may be priced between $1,900 and $2,300 per square foot. (original source: the straits times) Northumberland Condo is next to the Farrer Park MRT Station on the North East Line.

Future inhabitants will only require around eight minutes to reach the Dhoby Ghaut MRT Interchange, which is just three stations away. This will facilitate their access to both the North South Line and the Circle Line.

Additionally, this condo is just one station away from the Little India MRT Station, from which future occupants may access the Downtown Line. With all of these amenities, future inhabitants will find it simple to travel to any area of Singapore. Additionally, the new condo on Northumberland Road is close to the Central Expressway (CIE), which will take future occupants about 8 minutes and 6 minutes to reach the Central Business District (CBD) and Orchard Shopping Belt, respectively.

Location


Northumberland Residence is located about 200 meters from City Square Shopping Mall, which has a variety of food and beverage establishments, as well as a grocery and a theater. Prospective homeowners may just stroll to Mustafa Centre for late-night shopping, a 24-hour, seven-day-a-week mega mall. Sim Lim Square, Albert Complex, Golden Mile Complex, Bugis+, Bugis Junction, and United Square Retail Mall are other nearby shopping malls.

There are many options for local cuisine as well as fresh market goods for its prospective inhabitants. Northumberland Residences is located near Berseh Food Centre, Pek Kio Market and Food Court, Tekka Market, Bendemeer Road Block 29 Market and Food Centre, and Whampoa Drive Market and Food Centre.

Northumberland Residences is located “near the corner of Racecourse Road and Gloucester Road, directly across from Farrer Park MRT station and Farrer Park Hospital.”

Additionally, since the property is located just outside the Little India Historic District, it is close to major retail projects such as Mustafa Centre and City Square Mall.

The property has a corner frontage on a major road and has the potential to accommodate about 405 residential units.

Additionally, it includes a retail limit of 1,500 square meters gross floor area and a minimum of 500 square meters gross floor area for a daycare center.

The 99-year leasehold property, which is zoned residential with commercial on the first floor, has a maximum gross floor area (GFA) of 36,679 square meters and a maximum building height of 83 meters.

About developer
City Developments Limited (CDL) is a market leader in worldwide real estate, operating in 112 sites across 29 nations and regions. The Group, which is listed on the Singapore Exchange, is one of the biggest businesses in terms of market capitalization. Its income-generating portfolio is geographically diversified and includes homes, offices, hotels, serviced apartments, retail malls, and integrated projects.

With more than 55 years of immobilization, investing and management expertise., CDL has built over 47,000 houses and owns over 23 million square feet of residential, commercial, and hospitality properties worldwide. Its globally diverse land bank has 3.5 million square feet of land.

Apart from defining skylines with architectural icons, CDL has reimagined Singapore’s built environment via a series of award-winning green skyscrapers. CDL has embraced the concept of “Conserve as we Construct” for more than two decades, investing in game-changing technologies that have been critical facilitators of resource efficiency and productivity.

How to finance a commercial property with a commercial loan

The loan-to-value (LTV) property ratio is the percentage of the loan value that is less than the market value of the commercial property secured by the loan. If you have a loan with a high LTV, your lender may charge a higher interest rate on it. Depending on the lender, you can expect to pay 20% to 30% cash down, whether you’re buying a retail office, a single-family home, a commercial property or an investment. 

Private loans are typically shorter, such as three years or less, and can be amortized over 25 to 30 years, unlike a traditional bank. If the property needs work, you can use a private loan to finance the development and construction and then convert it to a conventional loan once the property has stabilized and is less risky in the eyes of traditional banks. You will get more favorable financing terms if you plan to live in your commercial property and operate your business. 

The first way to finance a commercial property is through a business loan, a traditional loan used by small businesses. The structure of business loans is simple and it is easy for the borrower to schedule and predict payments of a fixed amount per month over the life of the loan. Business loans usually have a limited term and the term tends to be short, which means higher monthly payments. 

Commercial real estate loans for the purchase and renovation of commercial property recognize owner-occupied properties, which means that at least 51% of the property is owned by a business. If you want to renovate, improve, or expand a commercial building you own, a long-term loan may work for you, but it may not be suitable for a major land or property purchase. A commercial construction loan is a mortgage used to purchase an existing building, expand an existing property, or construct a new building. 

A commercial construction loan is a type of loan used to finance the construction or renovation of a commercial building. Commercial loans are not made to individuals, unlike ordinary mortgages which are paid to individuals. Funds from a construction loan are used to pay workers and materials to build a new property, purchase and develop land for a new commercial property, or renovate an existing property. 

For small businesses, purchasing a commercial property – such as building a new facility for office or warehouse storage or expanding an existing one – is a major commitment that can be financed with a commercial real estate loan. If you intend to renovate your existing premises or build a new building from scratch, you will need a commercial construction loan. For business owners who want to buy an existing commercial property, the loan is called a commercial mortgage. 

Your business’s access to a commercial real estate loan depends on several factors, which can vary depending on the loan source. A conventional commercial real estate loan, also known as a traditional loan, is made to a property by a bank or credit union. There is also a Small Business Administration ( SBA ) program that guarantees these loans. 

Conventional commercial real estate loans are not backed by the federal government. Conventional loans have a reputation as the most commonly used commercial real estate loans today, traditionally used to purchase and finance the assets of owners of occupied office buildings, retail centers, shopping malls and industrial warehouses. Commercial hard money loans are used to repair and relocate properties so they can be financed quickly in the future, or to refinance them at favorable interest rates if the borrower does not have the necessary credit background to qualify for other types of commercial real estate financing. 

If you want to finance the purchase, development or construction of a commercial property, you will need to secure financing through commercial real estate financing. Investors seeking financing to purchase income-producing real estate, business owners looking to build or purchase property for their business, and developers needing financing for upcoming projects need to understand the many aspects of commercial real estate financing. In this article, we will describe the different types of commercial financing available to investors and business owners, how loans differ based on ownership, and detail some of the leading commercial real estate lenders. 

This article is geared toward business owners who need a commercial real estate loan that want to purchase a building or regear an existing property for their business. Commercial real estate loans are a type of financing used to purchase property for business purposes. To settle for a commercial loan, you need to have a good credit score, make a down payment of at least 25%, and plan to use the majority of the property to finance your own business.

Commercial construction loans require that your small business occupy at least 51% of the building. Lenders require that the owner own 51% of the property, which means that your business must own the majority of the property. If you do not occupy a large portion of the building, it is considered a rental, which means you can apply for an investment property loan.

With commercial real estate loans, you will need to determine what type of commercial real estate loan you need and narrow down the lender options depending on the property and business. In addition to the type of loan you need, you should also review interest rates, fees, qualifications, and user ratings. Lenders have three types of requirements to provide a commercial loan for your small business. 

A commercial real estate loan is a long-term SBA loan, line of credit or portfolio loan. It can have a term of five or ten years, a grace period of up to 25 years, or high balloon payments at the end of the term. Most lenders require that the borrower have a credit score of at least 660 to qualify for the loan. 

Commercial real estate loans have restrictions on advances that are designed to preserve the expected return on the loan. To repay the lender cash, the borrower must exchange new collateral (e.g., U.S. government bonds) for the loan’s original collateral. The terms for early repayment are usually set forth in the loan documents and are negotiated with the other loan terms of the loan. 

When evaluating a commercial real estate loan, lenders consider the loan collateral, the creditworthiness of the business (primary investor), including three- to five-year financial statements and income tax returns, and financial ratios such as loan-to-value ratio and debt service ratio.