PROPERTY PERSONALISED MCI (P) 047/08/2018 PPS 1519/09/2012 (022805) Visit EdgeProp.sg to find properties, research market trends and read the latest news The week of May 6, 2019 | ISSUE 880-102 Highlight Market Trends Under the Hammer Oxley sells Chevron House Private residential prices Unit at Skies Miltonia for $1.03 bil fall by 0.7% in 1Q2019 going for $1.14 mil EP2 EP4 EP11 Beach Road’s changing skyline From Guoco Midtown and Shaw Towers to the new residential developments at Tan Quee Lan Street and Middle Road, the Beach Road-Rochor Road area is set for a massive renewal. Turn to our Cover Story on Pages 6 & 7. The new Shaw Towers and Guoco Midtown will be linked to each other CapitaLand’sand to their neighbouring M&A will give developments it access to Ascendas-Singbridge’s as well as MRT stations Changi Business Park SAMUEL ISAAC CHUA/EDGEPROP SINGAPORE CHUA/EDGEPROP ISAAC SAMUEL EP2 • EDGEPROP | MAY 6, 2019 PROPERTY BRIEFS SAMUEL ISAAC CHUA/EDGEPROP SINGAPORE Oxley sells Chevron House for cluding tenant representation, corporate $1.03 bil solutions and capital markets and in- EDITORIAL EDITOR | Oxley Holdings has signed a deal to sell vestment, across key gateway cities in Cecilia Chow Chevron House for $1.03 billion, after the Asia-Pacific. DEPUTY EDITOR | acquiring the prime office space for $660 “This strategic appointment under- Amy Tan million in December 2017. scores our intent to continue to grow SENIOR WRITER | Timothy Tay Located at 30 Raffles Place, Chevron our share of business and influence in WRITERS | Bong Xin Ying, House is a 32-storey commercial devel- the market, both in Singapore and inter- Charlene Chin opment with 27 levels of office space nationally,” says Tang Wei Leng, man- HEAD, COPY EDITING | Pek Tiong Gee and a five-storey retail podium with a aging director at Colliers International. COPY EDITOR | net lettable floor area of 261,274 sq ft. In 1Q2019, the firm’s occupier ser- Rachel Heng In a filing to the Singapore Exchange vices team closed real estate transac- PHOTO EDITOR | Samuel Isaac Chua on April 29, Oxley said it has entered tions amounting to more than 330,000 PHOTOGRAPHER | Albert Chua into a sale and purchase agreement sq ft. These included deals involving EDITORIAL COORDINATOR | with Golden Compass (BVI). The lat- blue-chip clients and prime Grade-A Yen Tan ter is a subsidiary of US-based real es- buildings in the CBD. DESIGNER | Kim Sy tate fund AEW. AEW will buy the entire interest in IWG appoints Samit Chopra as ADVERTISING + Oxley’s wholly-owned subsidiary, Ox- executive vice president for MARKETING ADVERTISING SALES ley Beryl, and take over the existing enterprise and sales VICE-PRESIDENT, SALES & bank loans for an aggregate value of Flexible workspace provider IWG has OPERATIONS | Diana Lim up to $1.025 billion. Oxley Beryl owns appointed Samit Chopra as its executive DEPUTY ACCOUNT DIRECTOR | Janice Zhu Chevron House. vice president for enterprise and sales. SENIOR ACCOUNT MANAGER | The proposed sale is expected to Based in Singapore, he leads the com- James Chua have a positive impact on Oxley’s net pany’s enterprise business function and ACCOUNT MANAGER | tangible assets per share and earnings is responsible for aligning IWG’s mul- Pang Kai Xin REGIONAL BUSINESS per share for the current financial year ti-brand flexible solutions with the port- DEVELOPMENT MANAGER | Cole Tan ending June 30. Oxley will complete Chevron House is a 32-storey commercial development with 27 levels of office space and a folio needs of clients across the Middle HEAD OF MARKETING & BRANDING | the alterations, additions and asset five-storey retail podium East and Asia-Pacific regions. Rachel Lim Shuling enhancement works on the property, He also oversees its sales platforms CIRCULATION which started on March 1, before the Europe. It currently has five freehold erty investment activity as previously in Australia, New Zealand, China, Sin- MANAGERS | Ashikin Kader, final completion of the proposed sale. office properties valued at $800 million strong interest from mainland Chinese gapore and Hong Kong, and drives over- Bryan Kek in its portfolio. buyers has abated. all sales strategy. EXECUTIVE | Malliga Muthusamy Public tender for industrial site The properties, located in Berlin, Singapore has overtaken China as Prior to joining IWG, Chopra was CORPORATE at Gul Circle launched Bonn, Darmstadt, Munich and Mun- the major source of Asian investments based in London and served as JLL’s in- CHIEF EXECUTIVE OFFICER | An industrial site along Gul Circle in ster in Germany, have a total net letta- in global property markets, as capital ternational director and head of integrat- Bernard Tong the Pioneer industrial estate has been ble area of 2.16 million sq ft and com- outflows from China have slowed fur- ed portfolio services for Europe, Mid- PUBLISHER launched for sale via public tender, JTC prise about 3,400 carpark lots. ther due to regulatory restrictions. As a dle East and Africa (EMEA). His career The Edge Property Pte Ltd Corp announced on April 30. The plot The properties have an overall oc- result, total investment by Asian inves- at the global real estate firm spanned 150 Cecil Street #13-00 Singapore 069543 is the fourth of five industrial sites to be cupancy rate of 98.6%. As at end-De- tors into the real estate sector outside over 20 years. Tel: (65) 6232 8688 launched for sale under the Confirmed cember, the weighted average lease Asia fell 31% last year to US$50.5 billion. “We’re pleased to welcome Samit Fax: (65) 6232 8620 List of the 1H2019 Industrial Govern- expiry is around four years with more An expected rebound of 21% in Asia- to IWG, as he brings with him exten- ment Land Sales programme. than 90% of leases due for renew- to-global investments this year, to US$61 sive experience in integrated portfolio PRINTER KHL Printing Co Pte Ltd The 89,766 sq ft site is zoned for al only in 2022 and beyond. Tenants billion, hinges on the success of the on- services, with a proven track record 57 Loyang Drive B2 industrial use under the 2014 Mas- include blue-chip companies such as going Brexit negotiations, says Terence of successfully expanding the growth Singapore 508968 ter Plan, with a permissible gross plot Allianz Handwerker Services GmbH, Tang, managing director of capital mar- of international businesses across re- Tel: (65) 6543 2222 Fax: (65) 6545 3333 ratio of 1.4 and a 20-year tenure. It is Deutsche Rentenversicherung Bund, kets & investment services Asia at Col- gions, and planning of flexible work- served by the Ayer Rajah Expressway Deutsche Telekom subsidiary GMG liers International. space products,” says Christos Misa- PERMISSION AND and the Pan-Island Expressway, as well and ST Microelectronics. Intra-Asian property investment ilidis, CEO, Asia Pacific and Middle REPRINTS as the Tuas Second Link. Other trans- “This investment in a Reit is in line continued to grow strongly, climbing East, IWG. — Compiled by Amy Tan Material in The Edge Property E may not be reproduced in any port connections include the Gul Circle with our aim to achieve assets under 10% last year to reach US$98.2 billion. and TimothyTay form without the written and Joo Koon MRT Stations. management (AUM) of US$5 billion This direction of capital flow is nearly COLLIERS permission of the publisher It is close to the Tuas Amenity Centre [$6.8 billion] by 2023,” says Frank Khoo, double that of Asia-to-global property and other industrial canteens, as well CDL’s group chief investment officer. flows, thanks to strong investment ac- We welcome your comments as recreational facilities like the SCAL He adds that this deal will also en- tivity from Hong Kong, Singapore, and and criticism: propertyeditor.sg@ Recreation Centre. hance the group’s diversification and South Korea. This trend is expected to bizedge.com The tender closes on June 25. increase its presence in European econ- continue, and Colliers forecasts another Pseudonyms are allowed but omies such as Germany. 10% increase to US$108 billion this year. please state your full name, CDL acquires 12.4% of IREIT Investment into Asian real estate address and contact number for Global and 50% of trust’s Transactions of completed from outside the region has grown to its us to verify. manager for $77.8 mil properties in Asia expected to highest level since the 2007-2008 glob- City Developments Limited (CDL) has fall 5% in 2019 al financial crisis, and climbed 38% acquired a 12.4% stake in IREIT Glob- Transactions of completed properties last year to reach US$24 billion. This al for $59.4 million and a 50% stake in in Asia are expected to drop 5% to trend indicates renewed confidence in the trust manager IREIT Global Group US$122 billion ($166 billion) this year, the prospects for the property markets (IGG) for $18.4 million. compared to the record US$128.4 bil- in the region. The amount this year is Listed on the Singapore Exchange, lion last year, according to a report by expected to grow 25% to reach US$30 IREIT Global focuses on investing in of- Colliers International. Hong Kong is billion, with investments from the US fice, retail and industrial properties in expected to see a 15% decline in prop- leading the way, says Colliers. Van Beijsterveldt will drive business deve- CITY DEVELOPMENTS Colliers appoints Bastiaan van lopment in occupier services for Colliers Beijsterveldt as director of IWG occupier services Colliers International has appointed Bastiaan van Beijsterveldt as director of occupier services to drive business development in this segment for the real estate firm.