Lendlease Spreads Its Bets Across Key Global Cities
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A PULLOUT WITH MCI (P) 043/03/2016 PPS 1519/09/2012 (022805) MAKE BETTER DECISIONS Visit TheEdgeProperty.com to find properties, research market trends and read the latest news THE WEEK OF DECEMBER 5, 2016 | ISSUE 757 Eye on Property Your Neighbourhood Done Deals Gains & Losses Condos that escaped Sims Urban Oasis — Discounts at Coral Bay, Unit at Orchard Scotts ABSD charges catalyst for Aljunied One Balmoral drive sales sold at $1.8 mil loss EP4 transformation EP6&7 EP12–14 EP15 ALBERT CHUA/THE EDGE SINGAPORE CHUA/THE ALBERT Lendlease spreads its bets across key global cities Australian property giant banks on urban regeneration projects in Asia with TRX Lifestyle Quarter in KL and Paya Lebar Quarter in Singapore See our Cover Story on Pages 8 and 9. Tony Lombardo, CEO of Lendlease Asia EP2 • THEEDGE SINGAPORE | DECEMBER 5, 2016 PROPERTY BRIEFS EDITORIAL EDITOR | Ben Paul Ninety per cent of retail space at The first is the 56,548 sq ft site Tamp- THE EDGE PROPERTY Hillion Mall taken up ines Industrial Drive (Plot 1), on the SECTION EDITOR | Sim Lian Group has announced that SIM LIAN GROUP Confirmed List. It is zoned for Busi- Cecilia Chow 90% of Hillion Mall’s (right) net letta- ness-2 development and has a 20-year HEAD OF RESEARCH | Feily Sofi an ble area of 174,730 sq ft has been tak- tenure with a maximum permissible DEPUTY SECTION EDITOR | en up. It also revealed that the mall gross plot ratio of 1.4. The tender clos- Michael Lim will have five anchor tenants: NTUC es on Jan 24, 2017. SENIOR ANALYSTS | Esther Hoon, Lin Zhiqin FairPrice, PCF Sparkletots Preschool, The second is the 50,456 sq ft site ANALYST | Tan Chee Yuen Amore Fitness & Boutique Spa, Kopi- at Tuas South Link 3 (Plot 24), on the tiam and Best Denki. Located along Reserve List, which is zoned for Busi- COPY-EDITING DESK | Elaine Lim, Evelyn Tung, Petir Road in Bukit Panjang, it is slat- ness-2 development and has a 20-year Chew Ru Ju, Tan Gim Ean, ed to open by 1Q2017. tenure with a maximum permissible Geraldine Tan The mall is connected with Hill- gross plot ratio of 1.4. PHOTO EDITOR | ion Residences as well as a bus inter- Samuel Isaac Chua PHOTOGRAPHER | Albert Chua change, Bukit Panjang MRT station Lower property tax for HDB flat EDITORIAL COORDINATOR | on the Downtown Line, and LRT ser- owners next year Rahayu Mohamad vices, making Bukit Panjang the ninth HDB flat owners will pay lower prop- DESIGN DESK | Tan Siew Ching, Christine Ong, town in Singapore to have an integrat- erty tax in 2017, while almost all pri- Monica Lim, Mohd Yusry, ed transport hub. vate residential property owners will Tun Mohd Zafi an Mohd Za’abah Hillion is Sim Lian Group’s first see lower or no change in their proper- ADVERTISING + mixed-use development in Singapore. ty tax bills. This was announced by the MARKETING Located above the mall is the 546-unit Inland Revenue Authority of Singapore ADVERTISING SALES Hillion Residences, a 99-year leasehold (IRAS) on Nov 28. DIRECTOR, ADVERTISING & SALES | private condominium project. Hillion hold site, which is zoned residential could potentially yield 325 residen- The tax savings for HDB flat own- Cowie Tan ASSOCIATE ACCOUNT DIRECTOR | Residences is scheduled to receive its with commercial on the first storey, tial units. ers range from 13.1% to 51% in 2017, Diana Lim Temporary Occupation Permit in Sep- has a maximum gross floor area (GFA) According to Nicholas Mak, head compared with this year. ACCOUNT MANAGERS | tember 2018. of 173,955 sq ft and could potentially of research with SLP, due to the soft Owners of one- and two-room HDB Priscilla Wong, James Chua yield 200 homes. residential property market, this site flats will continue to be exempted from THE EDGE SINGAPORE URA releases two sites for sale The tender for the Perumal Road site is not the most attractive among the paying property tax. Three-room flat ADVERTISING + MARKETING URA has released two sites for sale in closes on Jan 10, 2017. other sites in the GLS Programme and owners will pay up to $18.40 next year, ADVERTISING SALES November under the 2H2016 Govern- The other residential site available is unlikely to be triggered for tender down from a maximum of $37.60 this CHIEF MARKETING OFFICER | Cecilia Kay ment Land Sales (GLS) Programme. for sale is located on Toh Tuck Road and in the next 12 months. year. Four-room flat owners will pay be- SENIOR MANAGERS | The first site, located along Perumal has been placed on the Reserve List. The tween $52 and $100, down from a range Windy Tan, Garry Lo Road and next to Farrer Park MRT sta- 99-year leasehold site is located near JTC launches two sites for sale of $71.20 to $119.20 this year, while MANAGER | Elaine Tan tion, has been launched for sale under the Beauty World MRT station. It has a JTC launched two sites for sale under five-room flat owners will pay between EVENTS the Confirmed List. The 99-year lease- maximum GFA of 282,122 sq ft and the 2H2016 Industrial GLS Programme. $83.20 and $131.20, down from between SENIOR MANAGER | Sivam Kumar MARKETING EXECUTIVES | Tim Jacobs, Sam Ridzam COORDINATOR | Nor Aisah Bte Asmain CIRCULATION BUSINESS DEVELOPMENT DIRECTOR | Singapore 77 Bencoolen St | Kuala Lumpur Level 3 The Intermark Victor The Jalan Tun Razak | Sydney, Melbourne, Brisbane ASSISTANT MANAGER | spacefurniture.asia | Instagram @spacefurnitureasia Sandrine Gerber EXECUTIVES | Malliga Muthusamy, Ashikin Kader CORPORATE CHIEF EXECUTIVE OFFICER | Ben Paul DIRECTOR | Anne Tong CORPORATE AFFAIRS $104.80 and $152.80. Meanwhile, own- ago, according to a report by property psf and located in the Core Central Re- DIRECTOR | Ng Say Guan ers of executive flats will pay between consultancy JLL. Leading the charge gion (CCR). $95.20 and $143.20, down from $116.80 are buyers from China, followed by In- The Chinese and Malaysian buyers PUBLISHER to $164.80. donesians, Malaysians and Americans. are more budget conscious as a high- The Edge Publishing Pte Ltd 150 Cecil Street #08-01 All property owners will receive their According to JLL, there were 782 er proportion of the properties they Singapore 069543 property tax bills by end-December. transactions made by foreigners in the picked up were priced below $1.5 mil- Tel: (65) 6232 8622 These should be paid by Jan 31 next first nine months of this year, an 11.7% lion and within the $750 to $1,700 psf Fax: (65) 6232 8620 year. IRAS says that it reviews the an- rise from a year ago. The figure excludes range. However, in terms of geographic PRINTER nual value of properties every year to permanent residents. preference, the Chinese are more active KHL Printing Co Pte Ltd ensure that they reflect prevailing mar- Chinese buyers were the most ac- in the Outside Central Region market 57 Loyang Drive Singapore 508968 ket rentals. tive, accounting for 29.4% of all foreign while the Malaysians are more active Tel: (65) 6543 2222 purchases from January to September. in the CCR market. Fax: (65) 6545 3333 Demand for Singapore property The Indonesians were a distant second, JLL expects the recovery in foreign by foreigners on the rise accounting for 14.6%. Chinese buyers demand seen this year to continue into We welcome your comments Foreigners have started snapping up have overtaken Indonesians as the top next year, and homes in the CCR to re- and criticism: propertyeditor.sg@ private residential properties here in foreign buyers of private homes in Sin- main the preferred choice of foreigners. bizedge.com greater numbers compared with a year gapore since 2010. This can be attribut- Pseudonyms are allowed but ed to the wealth growth of the Chinese Karamjit Singh to leave JLL’s please state your full name, and their increasing familiarity with the residential team address and contact number for Singapore residential market. JLL has announced that real estate vet- were both part of the management of us to verify. Malaysians accounted for 10.5% of eran Karamjit Singh (right) will be leav- Credo Real Estate and joined JLL with foreign transactions, and the Americans ing his position as head of residential Singh in 2012 when the consultancy firm were at 7.3%. JLL noted the growing to pursue his own entrepreneurial inter- acquired Singh’s company, Credo Real prominence of American buyers. This ests. Even though Singh will be leaving Estate. Deals concluded by Credo Real is a significant increase in proportion, JLL, he will continue to advise JLL and Estate include the $1.338 billion Farrer relative to the 1.1% in 2011. US na- its clients on major residential capital Court sale in 2007, the largest collective tionals are exempted from Additional markets transactions in his new capaci- sale in Singapore’s history. PICTURES: SAMUEL ISAAC CHUA/THE EDGE SINGAPORE CHUA/THE SAMUEL ISAAC PICTURES: Buyer’s Stamp Duties under the Free ty as senior consultant with effect from JLL has also advised several signifi- Trade Agreement, which may have January 2017. cant deals under Singh’s leadership, in- contributed to the rise in the number Following Singh’s move, Tan Hong cluding the collective sales of Shunfu of purchases. Boon and Yong Choon Fah will take on Ville ($638 million), Thong Sia Building JLL also reports that Indonesians the day-to-day running of the residen- ($380 million), Raintree Gardens ($334 have higher budgets among foreign tial arm of the firm’s Singapore capital million), NOL Building ($380 million), buyers, with most of their deals fall- markets business.