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Homegrown Hotelier with Global Ambitions

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Homegrown Hotelier with Global Ambitions PROPERTY PERSONALISED MCI (P) 045/08/2019 PPS 1519/09/2012 (022805) Visit EdgeProp.sg to find properties, research market trends and read the latest news The week of September 9, 2019 | ISSUE 898-120 New Launch Spotlight Under the Hammer Offshore GuocoLand’s freehold Triplex penthouse at GCB in Bukit Panjang, Forest City to hand Meyer Mansion to Mount Faber Lodge Neil Road shophouse up over more than 20,000 preview on Sept 7 EP3 going for $4.8 mil EP6-7 for auction EP17 residential units EP18-19 Homegrown hotelier with global ambitions From owning a lone Hotel 81 in Geylang, Choo Chong Ngen is now a tycoon with 38 hotels in Singapore and controls 10% of the city state’s hotel inventory. Where will the self-made entrepreneur go and what will he buy next? Turn to our Cover Story on Pages 10, 11 & 20. Choo Chong Ngen, chairman of Worldwide Hotels, and his daughter, Carolyn Choo, who is the group’s managing director and CEO SAMUEL ISAAC CHUA/EDGEPROP SINGAPORE CHUA/EDGEPROP ISAAC SAMUEL EP2 • EDGEPROP | SEPTEMBER 9, 2019 PROPERTY BRIEFS EDITORIAL EDITOR | Cecilia Chow EdgeProp wins ‘Best App – Property’ at Mob-Ex Awards DEPUTY EDITOR | Amy Tan SENIOR WRITERS | Charlene Chin EDGEPROP SINGAPORE Timothy Tay | BY BONG XIN YING | WRITER | Bong Xin Ying HEAD, COPY EDITING | t the seventh annual Mob-Ex Pek Tiong Gee Awards held at Shangri-La Ho- COPY EDITOR | tel Singapore on Aug 30, Edge- Rachel Heng A Prop Singapore was awarded Gold in PHOTO EDITOR | Samuel Isaac Chua the “Best App – Property” category for PHOTOGRAPHER | Albert Chua the Mobile Consumer App, surpass- EDITORIAL COORDINATOR | ing UEM Sunrise and PropertyGuru, Yen Tan DESIGNER | which received Silver and Bronze re- Bryan Tjoa spectively. Kim Sy Mob-Ex Awards is the region’s pre- ADVERTISING + mier programme for mobile-market- MARKETING ing excellence. In its seventh year, the ADVERTISING SALES Awards has become the benchmark VICE-PRESIDENT, SALES & for mobile marketing excellence. It OPERATIONS | Diana Lim ACCOUNT DIRECTOR | Ivy Hong was judged by an expert panel of 30 DEPUTY ACCOUNT DIRECTOR | industry leaders and senior-level pro- Janice Zhu fessionals from marketing and related ACCOUNT MANAGER | Pang Kai Xin mobile marketing fields. REGIONAL BUSINESS Bernard Tong, CEO of EdgeProp Sin- DEVELOPMENT MANAGER | Cole Tan gapore, says: “As our app comes with HEAD OF MARKETING & BRANDING | Rachel Lim Shuling different tools, such as fair value, re- search tools and transaction reports, I CIRCULATION hope that it will help consumers make PARTNERSHIP MANAGER | better property decisions when it comes Jackiera Astley MANAGER | Ashikin Kader to finding their homes.” E EdgeProp Singapore was awarded Gold in the “Best App – Property” category for the Mobile Consumer App EXECUTIVE | Malliga Muthusamy CORPORATE JLL KNIGHT FRANK CHIEF EXECUTIVE OFFICER | mestic and international tenants. The Under the 2019 Draft Master Plan, Bernard Tong common walkway forms part of the the site is zoned for commercial use strata area. with a gross plot ratio of 3.0. The Lav- PUBLISHER The Edge Property Pte Ltd With significant frontage and a di- ender Collection has a combined main 150 Cecil Street #13-00 rect link from Basement 1 into the Raf- road frontage of over 300m and is with- Singapore 069543 fles Place underground network and in walking distance to Boon Keng and Tel: (65) 6232 8688 MRT station, it is one of the most rec- Farrer Park MRT Stations on the North- Fax: (65) 6232 8620 ognisable commercial assets in Raffles East Line and Bendemeer MRT Station PRINTER Place. It has seamless connectivity and on the Downtown Line. KHL Printing Co Pte Ltd heavy footfall from the professionals With the portfolio located within 57 Loyang Drive Singapore 508968 working in and around the CBD. the Jalan Besar Secondary Settlement Tel: (65) 6543 2222 The office podium at 30 Raffles conservation area, the new owner can Fax: (65) 6545 3333 Place consists of three strata lots and construct a six-storey rear extension is located from Levels 3 to 5. It has a at the back of the shophouses to dou- PERMISSION AND The guide price for the seven shophouses in REPRINTS total strata area of 58,286 sq ft. It can ble the portfolio’s GFA to 147,732 sq Geylang is about $40 million to $42 million Material in The Edge Property be easily accessed via escalator from ft. This is subject to approval by the may not be reproduced in any Level 1. Each floor features a floor-to- relevant authorities. area (GFA) of about 18,000 sq ft. There form without the written permission of the publisher floor height of 4.2m to 5.14m. The of- “With the prices of CBD shop- will be no additional buyer’s stamp Artist’s impression of 30 Raffles Place fice podium is highly visible from the houses rising over the last two years, duty and seller’s stamp duty payable. Raffles Place commercial square and we notice that investors are starting Foreigners and companies are also el- We welcome your comments owner-occupiers/tenants can poten- to divert their attention to city-fringe igible to purchase. and criticism: propertyeditor.sg@ bizedge.com Retail and office podium in tially have signage rights. shophouses instead as prices have yet The shophouses are currently fully Raffles Place up for sale They will be marketed through an to catch up and rental yields are com- tenanted and comprise a corner cof- Pseudonyms are allowed but JLL Singapore and Cushman & Wakefield expression of interest exercise which paratively higher,” says Clemence Lee, feeshop, mobile phone retailer, mas- please state your full name, address and contact number for (C&W) are jointly marketing a retail po- closes on Oct 10, at 3pm. senior director, capital markets, JLL. sage parlour and other retail trades. us to verify. dium and office space in Raffles Place. He expects interest from developers, The properties are suitable for F&B The guide prices are $5,000 to $5,500 The Lavender Collection going real estate funds, family offices and outlets and retail uses on the ground psf on net lettable area (NLA) for the for $138 mil local companies. floor, while the upper floors can be retail podium, and $3,000 to $3,300 The Lavender Collection, comprising There is no additional buyer’s designated for office use. psf on strata area for the office podi- 32 freehold shophouses along Laven- stamp duty or seller’s stamp duty im- Meanwhile, near the junction of Joo um. The strata lots can be purchased der Street and Serangoon Road, has posed on the purchase of The Laven- Chiat Road and Koon Seng Road, the two individually or collectively. been put up for sale via public tender der Collection. adjoining shophouses have a land area 30 Raffles Place (former Chevron with a guide price of $138 million. The The public tender exercise closes of 2,393 sq ft and a GFA of about 4,600 House) is currently undergoing an as- shophouses have a combined land area on Wednesday, Oct 16, at 3pm. sq ft. The properties are near Parkway set enhancement initiative (AEI) pro- of approximately 49,244 sq ft and esti- Parade, 112 Katong, Kinex, Paya Lebar gramme. The refurbishment works cost mated gross floor area (GFA) of around Conservation shophouses in Square and SingPost Centre. about $100 million and are expected 79,502 sq ft. JLL is the exclusive mar- Geylang and Joo Chiat up for sale Both sets of shophouses are zoned to be completed by 1Q2020. Major keting agent of the collection. Two sets of conservation shophouses for commercial use with a plot ratio of AEI works include a new mechani- in Geylang and Joo Chiat are up for 3 under the 2014 Master Plan. The EOI cal & equipment plant, new façade JLL sale. They are a row of seven freehold for the two sets of shophouses – both work, upgrading of toilets, lifts and adjoining conservation shophouses in marketed by Knight Frank Singapore lift lobbies. Geylang, and two freehold adjoining – will close at 3pm on Oct 3, 2019. Specifically for the retail podium, shophouses at Joo Chiat Road. Both the AEI works will also include the sets of shophouses are up for sale via Three-storey conservation conversion of carpark to retail space, expression of interest (EOI). The guide shophouse in Chinatown for reconfiguration of layout, new end-of- price for the seven shophouses is about sale at $8.5 mil trip facilities, structural strengthening $40 million to $42 million, while the A 99-year leasehold, three-storey con- and new façade works. guide price for the two tenanted shop- servation shophouse at 18 Sago Street is The retail podium consists of two houses is at $7 million to $7.5 million. up for sale at an indicative price of $8.5 strata lots and spreads across four Located at the corner of Geylang million. This translates to $2,660 psf, floors, from Basement 2 to Level 2. It Road and Lorong 14 Geylang, the row based on the gross floor area of 3,196 has a NLA of 51,376 sq ft and a stra- The Lavender Collection comprises 32 free- of seven shophouses is close to Alju- sq ft. The property has a land area of ta area of 61,516 sq ft. It is currently hold shophouses along Lavender Street and nied MRT Station. They have a total about 1,115 sq ft. 80% pre-committed to a mix of do- Serangoon Road land area of 10,520 sq ft and gross floor CONTINUES ON PAGE EP4 EDGEPROP | SEPTEMBER 9, 2019 • EP3 NEW LAUNCH Singapore-listed GuocoLand will preview on Sept 7 the new Meyer Mansion, which will comprise 200 units in a 25-storey block GUOCOLAND SINGAPORE GuocoLand’s freehold Meyer Mansion to preview on Sept 7 SAMUEL ISAAC CHUA/ EDGEPROP SINGAPORE | BY BONG XIN YING | es the sea.
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