Hong Kong's Weave Co-Living to Invest $500 Mil in Singapore Via JV
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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 June 29, 2020 | ISSUE 939-161 Market Trends Spotlight Gains and Losses Under the Hammer Raising the hygiene, air Crown Group bucks Seller of Yong An Park Three-bedder at Ritz @ quality benchmarks at Covid-19 trend with unit earns record $6.8 mil Farrer going for $1.2 mil malls and hotels EP3 strong sales EP4 profitEP 11 EP12 Hong Kong’s Weave Co-Living to invest $500 mil in Singapore via JV Turn to our Cover Story on Pages 6 & 7. Weave is interested in prime locations such as Newton (pictured), Novena, River Valley, East Coast and Tanjong Pagar, where there are amenities and public transport, and where young Singaporeans want to be SAMUEL ISAAC CHUA/THE EDGE SINGAPORE CHUA/THE ISAAC SAMUEL EP2 • EDGEPROP | JUNE 29, 2020 PROPERTY BRIEFS CBRE NAN FUNG GROUP will be retiring from Knight Frank. Previously, Tan was at List Sotheby’s International ADVERTISING + Realty Singapore as director of research and consult- MARKETING ADVERTISING SALES ing for Southeast Asia for five months. Before that, VICE-PRESIDENT, SALES & she helmed the head of research and consulting role OPERATIONS | Diana Lim at Knight Frank for six years. ACCOUNT DIRECTOR | Ivy Hong With over 17 years of experience in real estate and DEPUTY ACCOUNT DIRECTOR | Janice Zhu construction sectors, Tan will be leading the consul- SENIOR ACCOUNT MANAGER | tancy team at Knight Frank in the areas of feasibility Pang Kai Xin studies, master planning, financial and business mod- ACCOUNT MANAGER | Ryan Wang elling, market analysis and development strategy. She PUBLISHER will service both public- and private-sector clients in The Edge Property Pte Ltd residential, retail, capital markets, hospitality, prop- 150 Cecil Street #13-00 Singapore 069543 erty asset management, office and industrial sectors. Tel: (65) 6232 8688 Tan’s advisory roles in the past include Our Tamp- Fax: (65) 6232 8620 ines Hub, Sentosa-Brani Master Plan, one-north Retail Master Plan and Thomson-East Coast Line MRT stations. PRINTER KHL Printing Co Pte Ltd Leonard Tay has been appointed head of research 57 Loyang Drive since May this year. He has 15 years of experience in the Singapore 508968 real estate industry and previously held senior roles in Tel: (65) 6543 2222 Fax: (65) 6545 3333 research teams under CBRE and Colliers International. His expertise is in cross-sector market research, consul- PERMISSION AND tancy advisory and tenancy administration. REPRINTS Tay’s suite of clients in the public and private sec- Material in The Edge Property may not be reproduced in any tors include Central Provident Fund Board, Ascend- form without the written as-Singbridge, Standard Chartered Bank, CapitaLand permission of the publisher GB Building is a 26-storey office development situated at the and Overseas Union Enterprise. He was previously a Designed with sustainable features, Airside will comprise junction of Cecil Street and McCallum Street lecturer on real estate subjects at Ngee Ann Polytech- Grade-A offices and a multi-storey retail complex We welcome your comments nic and also conducted courses at Singapore Institute and criticism: propertyeditor.sg@ Strata office floors at GB Building for sale of Surveyors and Valuers. bizedge.com from $11.9 mil In his new role as head of research, Tay will focus that will sit on the site of the former Kai Tak airport Pseudonyms are allowed but Two strata office floors at levels 16 and 23 of at GB on market research. He will support Knight Frank’s in Hong Kong. please state your full name, Building on Cecil Street have been put on sale. Both wider business and strategic initiatives. The 47-storey building will be the tallest in Kai Tak address and contact number for floors have a regular and column-free layout and meas- and will offer “unparalleled views of Victoria Harbour, us to verify. ure 5,425 sq ft each. The sale will be via expression of the Kai Tak Area and CBD 2.0”, according to a press CAPITALAND CAPITALAND interest, which closes on July 28. CBRE is the exclu- release by Nan Fung Group. There will be 30 storeys sive marketing agent. of Grade-A offices with a total gross floor area of 1.2 Level 16 is currently leased to various tenants. Its million sq ft and floor plates of 32,000 to 53,000 sq ft. indicative price is $11.9 million, which is approximate- Airside will also have a multi-storey retail complex ly $2,200 psf on strata area. connected to an underground shopping street that con- Level 23 has an indicative price of $12.7 million, veniently links it to Kai Tak MTR Station. Nearby fa- which is about $2,350 psf based on strata area. As it is cilities are also accessible through elevated walkways to be sold with vacant possession, the buyer can pur- and bridges. chase for owner occupation. When the upcoming Shatin-Central and Tuen-Ma Clemence Lee, senior director of capital markets at Lines are completed, Airside will be 15 minutes away CBRE, says that the indicative prices are “noticeably from Central and 40 minutes from Hong Kong Inter- competitive” compared to recent transactions. For ex- national Airport and the Shenzhen border. ample, three strata office floors at the CBD were sold The project is designed by international architec- earlier this year. Level 11 at Samsung Hub transacted at Tan Yew Chin will assume Ronald Tay will assume the role tural firm, Snohetta, whose notable works include the of CEO, CapitaLand Vietnam $49.8 million ($3,800 psf based on strata area); a 10th the role of CEO, CapitaLand Oslo Opera House and the September 11 Memorial Mu- Singapore floor unit at Suntec Tower 1 was sold for $37.1 million seum Pavillion in New York. Airside will have land- ($2,580 psf); while another on the 33rd floor of Suntec CapitaLand announces new CEOs for scaping and sustainable features such as an automat- Tower 2 fetched $38 million ($3,209 psf). Singapore, Vietnam markets ic bicycle parking bay, a sky garden, automated smart CBRE expects strong interest from investors such CapitaLand has announced two key executive appoint- waste sorting and centralised district-cooling. Airside as boutique real estate funds, family offices and high- ments in its core markets of Singapore and Vietnam that has secured five green-building pre-certifications, in- net-worth individuals. will come into effect from July 1. Tan Yew Chin will cluding US LEED, Hong Kong BEAM Plus New Build- GB Building is a 26-storey office development situat- assume the role of CEO, CapitaLand Singapore. Ron- ing and the platinum pre-certification of the WELL ed at the junction of Cecil Street and McCallum Street. ald Tay will be appointed CEO, CapitaLand Vietnam. Building Standard. It is within a three-minute walk to Tanjong Pagar MRT In his new role as CEO, CapitaLand Singapore, Tan When Nan Fung purchased the site in 2017, it set Station on the East-West Line via a sheltered walkway. will be responsible for the Singapore portfolio, which a record price for land sales of HK$24.6 billion (S$4.4 Lee says that GB Building will benefit from the CBD comprises more than 14,500 residential units, 20 re- billion). The total investment in the project is around Incentive Scheme announced last year. “As older build- tail malls, 17 commercial and integrated developments, HK$32 billion ($5.7 billion). ings in the area make way for newer mixed-use devel- and over 100 business parks, industrial and logistics opments in the journey of rejuvenation, strata proper- properties. He will also be appointed as a member of Mapletree Industrial Trust acquires remaining ty owners of GB Building can expect to enjoy potential the CapitaLand executive committee. 60% interest in 14 data capital appreciation in the midto long term,” he adds. Tan brings with him over 30 years of experience centres in US in real estate management. He joined CapitaLand as Mapletree Industrial Trust (MIT) is acquiring the re- CEO of Business Park & Commercial in July 2019. Pre- maining 60% interest in the 14 data centres currently KNIGHT FRANK KNIGHT FRANK viously, he was CEO of Singapore & Southeast Asia held by Mapletree Redwood Data Centre Trust (MRDCT) at Ascendas-Singbridge (ASB) and was one of several in the US. The purchase consideration is US$210.9 mil- former ASB leaders who joined CapitaLand Group to lion, or approximately $299.5 million. helm key management roles after the group acquired MIT currently holds a 40% interest in MRDCT. The ASB in June last year. remaining 60%, valued at US$494 million or $701.5 As CEO, Capitaland Vietnam, Tay will focus on million, is held by Mapletree DC Ventures, a whol- growing the overall business in Vietnam, where the ly-owned subsidiary of Mapletree Investments. Af- group manages two integrated developments, close ter acquisition, MIT will hold 100% interest in the 14 to 8,600 quality residential units across 15 devel- data centres, which have an agreed property value of opments, two retail malls and one business park. $823.3 million in total. CapitaLand has been operating in Vietnam for more CEO of Mapletree Industrial Trust Management, than 25 years. Tham Kuo Wei, says that the acquisition “will improve Alice Tan will rejoin Knight Leonard Tay has been Tay is currently CEO of residential & retail in Sin- MIT’s income stability with the increased freehold land appointed head of research Frank as head of consultancy gapore, Malaysia and Indonesia.