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 November 25, 2019 | ISSUE 909-131 Shophouses Spotlight Office Gains and Losses Bugis and Duxton Street-level commercial Workplace concierge Resale unit at Tanglin units on the site at St Martin’s Drive First Contact comes Residences reaps $1.5 mil market EP4 going for $5,900 psf EP6 to town EP10 profitEP 14 Urban Treasures: A gem in the east The freehold project is a redevelopment of the former Eunos Mansion, in an area where neighbouring projects are already sold out. Turn to our Cover Story on Pages 8 & 9. CapitaLand’sJames Koh, executive M&A will chairman give it access and CEO to Ascendas-Singbridge’s of Fragrance Group, sitting Changi in Business front of thePark 237-unit Urban Treasures scale model SAMUEL ISAAC CHUA/THE EDGE SINGAPORE CHUA/THE ISAAC SAMUEL EP2 • EDGEPROP | NOVEMBER 25, 2019 PROPERTY BRIEFS ADVERTISING + MARKETING Savills makes four top appointments in ADVERTISING SALES VICE-PRESIDENT, SALES & OPERATIONS | Diana Lim ACCOUNT DIRECTOR | Ivy Hong investment sales and capital markets team DEPUTY ACCOUNT DIRECTOR | Janice Zhu ACCOUNT MANAGER | | BY CHARLENE CHIN | years of experience in the Singapore “Jeremy and his team bring with Chris Marriott, CEO of Savills South Pang Kai Xin REGIONAL BUSINESS investment market, says Savills. In them tremendous depth of experience East Asia, says: “Jeremy and Galven DEVELOPMENT MANAGER | Cole Tan avills Singapore has appointed four the last five years, both of them were in this marketplace, having handled a have built up a reputation for their pro- HEAD OF MARKETING & BRANDING | senior leaders in its investment sales in charge of real estate transactions significant portion of Singapore’s largest fessionalism in underwriting, market- Rachel Lim Shuling Sand capital markets team. of over $19 billion across the office, investment transactions across a myri- ing and executing transactions for sov- PUBLISHER Joining the company is Jeremy Lake retail, residential, hotel and industri- ad of asset classes,” Loo says. ereign wealth, institutional funds and The Edge Property Pte Ltd as managing director, Galven Tan as al sectors. “This is significant for us as their private clients, both locally and globally. 150 Cecil Street #13-00 Singapore 069543 deputy managing director, Yap Hui Yee Marcus Loo, CEO of Savills Singa- stellar track record and extensive client “As cross-border investment grows, Tel: (65) 6232 8688 as director, and Sophia Lim as senior pore, says: “I am extremely delighted contact base will enable Savills to serve Savills is carving out a dominant posi- Fax: (65) 6232 8620 manager. that we have been able to secure the our clients better, not just in Singapore, tion in this sector of the region’s real Lake and Tan bring with them 43 top investment team here in Singapore.” but in the region as well,” he adds. estate service industry.” E PRINTER KHL Printing Co Pte Ltd PICTURES: SAVILLS 57 Loyang Drive Singapore 508968 Tel: (65) 6543 2222 Fax: (65) 6545 3333 PERMISSION AND REPRINTS Material in The Edge Property may not be reproduced in any form without the written permission of the publisher We welcome your comments and criticism: propertyeditor.sg@ bizedge.com Pseudonyms are allowed but please state your full name, address and contact number for Jeremy Lake Galven Tan Yap Hui Yee Sophia Lim us to verify. CAPITALAND JTC rejects bids for Seng Holdings, King Wan Corp ing at the Singapore Land Au- industrial site at Tampines and TA Corp – it was completed thority and Inland Revenue Au- North Drive 5 in 2016 and is fully sold to date. thority of Singapore. There has been no successful “We are pleased with the bidder for the industrial site at turnout and it shows that there Singapore’s office market Tampines North Drive 5, Plot is inherent interest in living near is one of the strongest in 9, JTC announced on Nov 20. nature,” comments Stephanie the world: JLL The tender for the site was Chua, UEL’s head of develop- Singapore’s office market has launched on July 30 and closed ment sales. Dairy Farm Resi- shown one of the strongest per- on Oct 22. dences is in proximity to Dairy formances in the world, with vol- Although two bids were re- Farm Nature Park and the Bukit umes rising by over 175% y-o-y ceived for the site, the higher bid Timah Nature Reserve. due to strong rental growth and The Star Vista was valued at $262 million as at June 30 was not accepted as the price The interest came mostly net absorption, highlights JLL in offered was below the reserve from those who are already re- and is expected to generate net CBRE appoints head of its report on global capital flows. price, it says. siding in the west of Singapore, proceeds of about $145 million, valuation and advisory Transaction volume in Singa- The Tampines North Drive 5 although some visitors stay in and a net gain of about $32 mil- services for Singapore pore reached an all-time high, site was launched under the sec- the central area, and some po- lion for CapitaLand. Based on CBRE has appointed Png Poh supported by Allianz and Gaw ond half of the 2019 Industrial tential buyers came from as far the latest independent valua- Soon to join the firm as head Capital’s US$1.15 billion ($1.6 Government Land Sales (IGLS) as Pasir Ris, Chua shares. tion as at June 30, The Star Vis- of valuation & advisory services billion) acquisition of Duo Tow- programme. It has a lease tenure Apartment layouts offered in- ta was valued at $262 million. for Singapore, with effect from er in July. of 20 years and is zoned under clude two-bedroom units from “The divestment of The Star Jan 2, 2020. China also saw an increase “B2” for heavier industrial use. 624 to 775 sq ft, three-bedroom Vista is in line with CapitaLand’s Png has 17 years of experi- in transaction volumes. Notably, The land spans 0.49ha and has units from 915 to 1,313 sq ft, and active and disciplined asset recy- ence in real estate professional investment in Shanghai reached a gross plot ratio of 2.5. four-bedroom apartments from cling strategy. In the year to date, services with specialisation in US$14.4 billion in the year to 1,324 to 1,475 sq ft. CapitaLand has divested close to land acquisitions and proper- date, with US$3.5 billion received Dairy Farm Residences UEL is launching Dairy Farm $5.7 billion worth of assets, ex- ty tax. He will report to Moray in the third quarter of the year. preview draws crowd of Residences in a few phases, at ceeding our annual target divest- Armstrong, managing director Shanghai was the largest re- 1,000 an average starting price from ment of $3 billion,” says Jason of CBRE Singapore, and Vamshi cipient of cross-border invest- The preview of the 460-unit $1,500 to $1,700 psf. The two-bed- Leow, president, Singapore & In- KK Nakirekanti, head of valua- ments among Asia-Pacific cit- Dairy Farm Residences by Singa- room units will start from below ternational, CapitaLand Group. tion & advisory services, South ies in the first three quarters of pore-listed United Engineers Ltd $1 million. Upon completion of the di- East Asia. the year, followed by Singapore (UEL) drew a crowd of 1,000 over vestment, CapitaLand will own “[Png’s] vast experience in CONTINUES ON PAGE EP4 the weekend of Nov 16 and 17. CapitaLand sells The Star 19 malls in Singapore, one of working with leading multina- Dairy Farm Residences marks Vista for $296 mil which is under development. tional companies, financial in- SENTOSA BUNGALOWS FOR SALE the first new condo offering in CapitaLand will sell The Star Vis- The Star Vista is right next to stitutions and regulatory bodies, Seaview $16.8m/$24.8m/$33m/$35m the Dairy Farm area since The ta to Rock Productions, owner of Buona Vista MRT Interchange as well as his extensive network Panoramic views, Modern, Bigger plots Skywoods was launched in 2013. The Star Performing Arts Cen- Station on the Circle and East- of industry contacts, will further Golf & Lake view $12.8m/$16m/$19.8m The Skywoods is a 420-unit, 99- tre, for $296 million, the proper- West Lines. It is part of a 15- extend CBRE’s reach and offer- Brand New & Almost New year leasehold condo. Developed ty group announced on Nov 20. storey integrated development, ings to grow our valuation busi- Waterway Brand New $13.xm upwards by a consortium of three listed The divestment is targeted which includes a 5,000-seat au- ness; in particular, expanding our ID Units Available property players – Hock Lian to be completed by end-2019, ditorium. share of pie in mortgage valua- Unblocked Waterway $13m/$15m/ Opened in September 2012, tion,” says Armstrong. $20m/$24m for 50ft yacht UEL the mall comprises three levels Png last served as senior di- Homes by award winning architects of retail space, with a net letta- rector of valuation & advisory at $18m-$28m Bespoke homes with ble area of about 162,500 sq ft. Knight Frank, where he led ap- exceptional views. The mall registered an oc- praisal projects such as Maple- *For a friendly discussion or cupancy of 95% as at June 30, tree Business City, Frasers Tower _pleasure of ownership, please call ROWENA CHAN 9_0383166 2019. Main tenants include Beau- and Jurong Country Club.