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A PULLOUT WITH MCI (P) 043/03/2016 PPS 1519/09/2012 (022805) MAKE BETTER DECISIONS Visit TheEdgeProperty.com to find properties, research market trends and read the latest news THE WEEK OF FEBRUARY 27, 2017 | ISSUE 768 Offshore Under the Hammer Your Neighbourhood Done Deals Hatten Land takes RTO Estate sales of Lakefront living Sales pick up at route for SGX listing landed homes in Jurong Ardmore Park EP4 EP8 EP14&15 EP18&19 SAMUEL ISAAC CHUA/THE EDGE SINGAPORE CHUA/THE SAMUEL ISAAC Orchard Road’s latest landmark CapitaLand to showcase Cairnhill Nine’s unsold units in Singapore and Jakarta following the project’s completion last October. See our Cover Story on Pages 10 and 11. EP2 • THEEDGE SINGAPORE | FEBRUARY 27, 2017 PROPERTY BRIEFS C&W EDITORIAL EDITOR | Ben Paul THE EDGE PROPERTY QINGJIAN REALTY SECTION EDITOR | Cecilia Chow HEAD OF RESEARCH | Feily Sofi an DEPUTY SECTION EDITOR | Michael Lim SENIOR ANALYST | Lin Zhiqin ANALYST | Tan Chee Yuen COPY-EDITING DESK | Elaine Lim, Evelyn Tung, Chew Ru Ju, Tan Gim Ean, Geraldine Tan PHOTO EDITOR | Samuel Isaac Chua PHOTOGRAPHER | Albert Chua EDITORIAL COORDINATOR | Rahayu Mohamad DESIGN DESK | Tan Siew Ching, Christine Ong, Monica Lim, Mohd Yusry, Tun Mohd Zafi an Mohd Za’abah 42-room boutique hotel up for sale dence began on the same day and will close ADVERTISING + MARKETING Chinatown Hotel (above), a 42-room on March 5. The 497-unit iNz Residence ADVERTISING SALES boutique hotel located on Teck Lim will have a mix of two- to four-bedroom CHIP ENG SENG DIRECTOR, ADVERTISING & SALES | Road, has been put up for sale by ex- apartments of 689 to 1,378 sq ft, and five- Cowie Tan pression of interest (EOI). The indica- bedroom maisonettes of 1,690 to 1,711 sq ASSOCIATE ACCOUNT DIRECTOR | Diana Lim tive price for the hotel is $40 million, ft. The units are spread across nine 15- and ACCOUNT MANAGERS | or about $952,000 per room. 16-storey blocks, with landscaped deck, Priscilla Wong, James Chua The hotel occupies three 3½-storey sky terrace, communal facilities and one THE EDGE SINGAPORE adjoining shophouses and is located with- common basement car park floor. ADVERTISING + MARKETING in the Chinatown-Bukit Pasoh Conser- Separately, Qingjian has tied up with ADVERTISING SALES vation Area and Keong Saik Road area. Singapore Telecommunications (Singtel) CHIEF MARKETING OFFICER | According to Cushman & Wakefield, the and smart home solutions provider HiLife Cecilia Kay SENIOR MANAGERS | marketing agent for the sale, the new Interactive to provide internet-ready smart Windy Tan, Garry Lo owner has the option to continue to op- home solutions. With this collaboration, MANAGER | erate China town as a hotel, which is Qingjian hopes to make iNz Residence Elaine Tan EVENTS the “highest and best use”, or convert the first internet-ready smart EC. SENIOR MANAGER | it to F&B use on the ground floor, with The collaboration means that all resi- of Grandeur Park Residences (above) over director Chng Chee Beow. He reckons Sivam Kumar offices on the upper floors, subject to dential units in iNz Residence will come the weekend of Feb 18 and 19. the response was fuelled by the price MARKETING approval from the relevant authorities. fitted with 1Gbps Singtel fibre broadband. The 99-year leasehold condo by CEL quantum and pent-up demand as there EXECUTIVE | Tim Jacobs The EOI closes on March 28. Singtel will also provide WiFi services to Development, the property development has been no new launch in the area for COORDINATOR | the other facilities and common spaces arm of listed construction group Chip the past three years. Syazana Jumari Qingjian unveils first EC within iNz Residence, such as the club- Eng Seng Corp, is located next to the Sales of the 720-unit Grandeur Park CIRCULATION for 2017, iNz Residence house, fitness gym and poolside. Tanah Merah MRT station, at the corner Residences will start on March 4. The BUSINESS DEVELOPMENT DIRECTOR | On Feb 24, Qingjian Realty unveiled the of New Upper Changi Road and Bedok units will be priced at an average of $1,350 Victor The first Executive Condominium (EC) for Overwhelming crowd at South Avenue 3. psf, says Raymond Chia, Chip Eng Seng’s EXECUTIVES | Malliga Muthusamy, Ashikin Kader, 2017, iNz Residence (top, right) in Choa Grandeur Park preview “We expected a good response, but it executive chairman and group CEO. — Winnie Lim Chu Kang. E-applications for iNz Resi- About 10,000 people attended the preview was overwhelming,” says CEL executive Compiled by Michael Lim E CORPORATE CHIEF EXECUTIVE OFFICER | Ben Paul DIRECTOR | Anne Tong PUBLISHER The Edge Publishing Pte Ltd 150 Cecil Street #08-01 Singapore 069543 UK set to give limited rates relief Tel: (65) 6232 8622 Fax: (65) 6232 8620 PRINTER to beleaguered retailers KHL Printing Co Pte Ltd 57 Loyang Drive Singapore 508968 | BY SAM CHAMBERS & Tel: (65) 6543 2222 ative Party have been vocal in Fax: (65) 6545 3333 SVENJA O’DONNELL | their support for the campaign. BLOOMBERG Store-based retailers say they ritain’s Chancellor of the are being unfairly discriminated We welcome your comments and criticism: propertyeditor.sg@ Exchequer Philip Hammond against because business rates bizedge.com Bwill not be able to offer sig- have little impact on online- nificant concessions to retailers only retailers such as Amazon. Pseudonyms are allowed but please state your full name, facing a hike in taxes on their com. Online sales account for address and contact number for stores in his Budget next month, over 12% of all retail sales in us to verify. according to an official familiar the UK, the highest proportion with his plans. globally, according to market There is little room to help research firm Mintel. high-street retailers on March 8 The Treasury official acknow- as the scale of reform needed ledges that the current system is is too broad, the official says. out of step with the rise of the dig- With Article 50 set to be trig- ital economy, saying Hammond gered by end-March, Hammond An American Apparel fashion retail store on Carnaby Street, London. The UK government earns about £26 billion is in “listening mode”. Changes has limited capacity for give- a year from business rates, according to Colliers International. to the tax system could be in- aways, according to the official, troduced in the autumn Budget, who asked not to be identified the site, is set to come into ef- because it’s a great revenue more than 200%, according to which will become the chan- because the talks are private. fect in England, Scotland and generator. From the Treasury’s Colliers. cellor’s main fiscal event of the Business rates, a tax on com- Wales in April. point of view, it’s a lovely tax.” UK retailers — from multi- year, the official says. mercial properties, earn the UK “The business rates system is A boom in property prices, billion-pound businesses such Business rates are typically government about £26 billion out of line with any other devel- particularly across London and as J Sainsbury to small inde- revalued every five years. The ($46 billion) a year, according oped country; it’s no longer fit the southeast of England, means pendents — have pressured the government delayed this year’s to real estate advisers Colliers for purpose,” Helen Dickinson, many businesses will suffer dra- government to reform a system review by two years, claiming it International. A revalua tion of CEO of the British Retail Con- matic increases to one of their which they claim does not re- would create uncertainty among the levy, determined by the rent- sortium, says in a telephone largest outgoings. The rental flect their industry in the 21st businesses, in the process making al value of the premises rath- interview. “The government value on shops in some central century. Lawmakers from Prime this year’s increases more dra- er than the sales generated by is persisting with this system London districts has jumped by Minister Theresa May’s Conserv- matic. — Bloomberg LP E THEEDGE SINGAPORE | FEBRUARY 27, 2017 • EP3 EP4 • THEEDGE SINGAPORE | FEBRUARY 27, 2017 OFFSHORE SAMUEL ISAAC CHUA/THE EDGE SINGAPORE CHUA/THE SAMUEL ISAAC Tan: As a developer, we want to create quality and iconic projects. And people don’t just want a property — they want quality amenities with healthcare, wellness or lifestyle facilities. Hatten Land’s Tan brothers make their mark in Singapore with reverse takeover | BY CECILIA CHOW | Corp, formerly known as sporting goods SGX listing Hatten Land’s initial portfolio of four de- chain World of Sports, acquired privately On completion of the acquisition of Sky Win velopment projects in Melaka are three mixed- hen Colin Tan took over a com- held Sky Win Management Consultancy in Management, VGO Corp was renamed Hatten use projects (Hatten City Phases 1 and 2 and pany called Lianbang Ventures June last year. Land on Jan 26. Assuming the 123.1 million Harbour City on Pulau Melaka) and the Vedro in 2005 in order to revive an Sky Win Management Consultancy was in new shares are fully placed out, the indicative by the River mall. abandoned shopping mall pro- turn a company controlled by the Tans and market capitalisation for Hatten Land will be Hatten City Phases 1 and 2 are located in ject in Melaka, his friends used owned a portfolio of four development pro- $393 million. the city centre fronting the Malacca Straits. The Wto tease him about the firm’s name. That was jects in Melaka. The acquisition cost of Sky Trading of Hatten Land shares on the Catalist RM628 million ($200 million) Phase 1 was com- when Tan decided to choose a company name Win Management Consultancy totalled $386 board of the SGX will start on Feb 28.