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Property Briefs PROPERTY PERSONALISED MCI (P) 136/08/2017 PPS 1519/09/2012 (022805) Visit EdgeProp.sg to ˎ nd properties, research market trends and read the latest news The week of February 5, 2018 | ISSUE 816-37 Industry Watch On the Market Done Deals Gains and Losses Bullish bids continue Property linked to Prices at Nassim Park, Leedon Road GCB at GLS tenders mysterious deaths up for Ritz- Carlton buoyed fetches $39.8 mil profi t EP4 auction EP5 by new launches EP8 EP10 SAMUEL ISAAC CHUA/THE EDGE SINGAPORE CHUA/THE SAMUEL ISAAC Frasers Centrepoint rebranded as Frasers Property Even as the group continues to grow its global real estate portfolio, group CEO Panote Sirivadhanabhakdi reaffi rms that Singapore remains a core market. See our Cover Story on Pages 6 and 7. EP2 • EDGEPROP | FEBRUARY 5, 2018 PROPERTY BRIEFS JLL C&W Located on Lorong 18 Geylang, the 18,259 sq ft EDITORIAL EDITOR | site is about 700m from the Aljunied MRT station. Cecilia Chow The tender closes on Mar 22. HEAD OF RESEARCH | Feily Sofi an CDL appoints AXA veteran Frank Khoo as DEPUTY EDITOR | Lin Zhiqin WRITERS | Angela Teo, Timothy Tay Group CIO DIGITAL WRITER | Fiona Ho On Jan 29, City Developments (CDL) announced the appointment of Frank Khoo as group chief investment COPY-EDITING DESK | Elaine Lim, Evelyn Tung, officer (CIO) beginning Feb 1. Chew Ru Ju, Shanthi Murugiah Khoo was previously global head of Asia at AXA PHOTO EDITOR | Investment Manager — Real Assets from September Samuel Isaac Chua 2008 to November 2017, where he achieved total as- PHOTOGRAPHER | Albert Chua EDITORIAL COORDINATOR | sets under management of $10 billion for Asian cli- Yen Tan ents in Asia and Europe. Khoo has over 20 years of DESIGN DESK | international experience in fund management, pri- Tan Siew Ching, Christine Ong, Monica Lim, vate equity, acquisition of real estate assets and the Tun Mohd Zafi an Mohd Za’abah repositioning and restructuring of real estate busi- and the upcoming Maxwell MRT stations. The prop- nesses. He has an extensive network of investors, ADVERTISING + Prime bungalow plot off Meyer Road MARKETING on the market for $22 mil erty is at the junction of Craig Road and Neil Road. ranging from insurance companies, pension funds, ADVERTISING SALES A prime bungalow plot off Meyer Road (above, left) It is connected to the Central Expressway, Canton- sovereign wealth funds and high-net-worth individ- DIRECTOR, COMMERCIAL OPERATIONS | has been put up for sale by tender by the trustees of ment Road, New Bridge Road and Eu Tong Sen Street. uals across Asia and Europe. Cowie Tan the estate of the late owner, announced JLL, the sole The tender will close on March 15. Khoo will assist CDL group CEO Sherman Kwek ASSOCIATE ACCOUNT DIRECTOR | Diana Lim marketing agent. The freehold property is located at in establishing a dedicated fund management plat- ACCOUNT MANAGER | 12 Broadrick Road and sits on a 16,160 sq ft plot. Six-storey shophouse on Hongkong form, as well as sourcing for and executing new in- James Chua The asking price is $22 million, which works out to Street for sale at $20 mil vestment opportunities. CIRCULATION about $1,361 psf. A newly refurbished, six-storey commercial shop- DIRECTOR | Victor The 12 Broadrick Road may be subdivided and rede- house on 9 Hongkong Street has been put on the Prime districts lead price recovery for condos EXECUTIVE | veloped into a maximum of three bungalow plots, market for $20 million, announced CBRE, the sole and apartments Malliga Muthusamy, Ashikin Kader subject to approval from planning authorities, says marketing agent. The sale, by expression of interest Resale property prices in the prime districts rose 7.9% CORPORATE Karamjit Singh, senior consultant at JLL. (EOI), is open to both local and foreign buyers and is y-o-y, according to the latest flash values of the NUS CHIEF EXECUTIVE OFFICER | The bungalow is situated in a cluster of about 140 not subject to additional buyer’s stamp duty or sell- Singapore Residential Price Index Series (SRPI) for Bernard Tong two-storey bungalows in an area bounded by Meyer er’s stamp duty. December 2017. PUBLISHER Road, Mountbatten Road and Crescent Road that has The property sits on a 1,691 sq ft plot with a to- Nicholas Mak, ZACD Group executive director, The Edge Property Pte Ltd been designated for detached houses with a minimum tal GFA of about 7,481 sq ft, and is a full commercial attributes the price increase in the prime districts to 150 Cecil Street #13-00 land area of 4,306 sq ft. zone property under the 2014 Master Plan. It is lo- limited new supply, which led buyers to turn to the Singapore 069543 Tel: (65) 6232 8688 The tender will close on March 7. cated within the Upper Circular Road Conservation secondary market. Well-heeled investors are also typ- Fax: (65) 6232 8620 Area, which is the only shophouse zone in the CBD ically among the first to respond to a market recovery Katong Park Towers’ collective under secondary conservation rules where a six-storey by purchasing prime properties, notes Mak. PRINTER KHL Printing Co Pte Ltd sale for $288 mil rear extension is allowed at a maximum plot ratio of The growth in resale prices for the prime districts 57 Loyang Drive The 99-year leasehold Katong Park Towers (above, 4.2, according to CBRE. contributed to the 5.5% increase in overall prices of Singapore 508968 right) has been put up for collective sale for $288 mil- The property underwent major restoration and condominiums and apartments in the same month, Tel: (65) 6543 2222 lion, announced Cushman & Wakefield (C&W), the refurbishment works that added a rear six-storey says Mak. Fax: (65) 6545 3333 sole marketing agent. The property has garnered the extension block, new mechanical and engineer- The SRPI for small units — defined as those with PERMISSION AND requisite 80% consensus by share value and strata ing systems and the installation of mechanical car a floor area of 506 sq ft and below — performed the REPRINTS area for the tender launch. parking lots. worst, with a 2.4% y-o-y growth. This could be partly Material in The Edge Property With a $5.6 million development charge for the ad- Situated between Clarke Quay and Boat Quay, the owing to the weak leasing demand for small units, as may not be reproduced in any form without the written ditional 10% bonus balcony and an estimated lease- area is an up-and-coming work-play lifestyle destina- tenants have more options due to the increasing new permission of the publisher upgrading premium of $51 million, the land rate for the tion frequented by locals and tourists. The property supply of such apartments, reckons Mak. site is projected at about $1,165 psf per plot ratio (ppr), is served by the Clarke Quay MRT station. All four indices are expected to continue to reg- We welcome your comments says Christina Sim, director of capital markets at C&W. The EOI closes on March 16. ister positive growth in 2018, with the SRPI Central and criticism: propertyeditor.sg@ Katong Park Towers is a prime residential devel- continuing to lead the demand, says Mak. “The SRPI bizedge.com opment situated on a 140,758 sq ft site. It is zoned Geylang site on the market for $36 mil Central could increase by up to 10% y-o-y by Decem- Pseudonyms are allowed but for residential use with a plot ratio of 2.1 and a max- On Jan 31, marketing agent ET&Co launched a site ber 2018,” he estimates. please state your full name, imum building height of up to 24 storeys, according at Geylang for sale by tender. The property, which Mak reckons that demand from investors and address and contact number for to the 2014 Master Plan. is held under single ownership, has an asking price homebuyers for prime district properties will contin- us to verify. A future residential development could yield about of $36 million. ue to grow this year while supply of such properties 388 units at an average size of 753 sq ft, subject to It was re-zoned for “Commercial/Institution” use will remain limited. approval, says C&W. with a gross plot ratio of 2.8 in 2015. This means it On the other hand, the continued stream of supply The property is close to Chung Cheng High School, can be developed into an eight-storey development of new residential units in the non-central regions is Dunman High School and the Canadian Internation- with a maximum allowable GFA of 51,124 sq ft, ac- expected to “cap the growth” of the SRPI Non-Cen- al School. It is about 200m to the future Katong Park cording to ET&Co. tral at between 4% and 7% y-o-y in 2018, says Mak. MRT station, which is set to be completed in 2023. To redevelop the site for commercial use at a plot It is connected to Mountbatten Road, Nicholl High- ratio of 2.8, the developer would have to pay an es- Jalan Besar Plaza may relaunch collective way and the East Coast Parkway. timated development charge of $12.5 million, says sale tender in April The tender will close on March 15. ET&Co. There is no development charge if the site Singapore-listed aluminium products and compo- is developed for institutional use. The land cost will nents distribution company New Wave Holdings an- Collective sale of Chinatown be $948 psf ppr for commercial use and $704 psf ppr nounced on Jan 29 that the tender exercise for the Plaza for $270 mil for institutional use.
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