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Make Better Decisions 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 SEPTEMBER 5, 2016 | ISSUE 744 EPJ2 • THEEDGE SINGAPORE | SEPTEMBER 5, 2016 Viewing by appointment only 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 SEPTEMBER 5, 2016 | ISSUE 744 Eye on Property Focus on Indonesia Property Take Gains and Losses Investing in medical Samator Land offers Offi ce market ins More District 9 sellers suites from a doctor’s foreigners a chance to and outs in the red perspective EP5 invest in Indonesia EP7 EP12 EP15 SAMUEL ISAAC CHUA/THE EDGE SINGAPORE CHUA/THE SAMUEL ISAAC Realtor, investor, financier, pop-up store operator Privately held ZACD is positioning itself to be an investment fi rm and integrated service provider with a whole suite of fi nancial and real-estate services. See our Cover Story on Pages EP8 and EP9. ZACD group managing director Ryan Gwee EP2 • THEEDGE SINGAPORE | SEPTEMBER 5, 2016 PROPERTY BRIEFS JLL EDITORIAL Development charge rates for CAPITALAND EDITOR | Ben Paul three sectors raised THE EDGE PROPERTY The government has increased the development SECTION EDITOR | charge (DC) rates for three sectors — commercial, Cecilia Chow non-landed residential and hotel/hospital — with ef- HEAD OF RESEARCH | Feily Sofi an fect from September. DEPUTY SECTION EDITOR | Among the three sectors, the non-landed resi- Michael Lim dential use saw the biggest increase of an average SENIOR ANALYST | Esther Hoon, Lin Zhiqin of 2.7%. The largest increase of 12% applies to sec- ANALYST | Tan Chee Yuen tor 48, which covers River Valley Road/River Valley Close/Kim Yam Road/Martin Road/Martin Place/ COPY-EDITING DESK | Elaine Lim, Evelyn Tung, Mohamed Sultan Road. In June, a unit of Guoco- Chew Ru Ju, Tan Gim Ean Land submitted the top bid of $1,239 psf per plot PHOTO EDITOR | ratio (ppr) for a 99-year leasehold condominium Samuel Isaac Chua site at Martin Place/River Valley Close. It was the PHOTOGRAPHER | Albert Chua EDITORIAL COORDINATOR | highest psf price fetched for a pure residential site Rahayu Mohamad sold at a state tender. The site attracted 13 bids. DESIGN DESK | The upward revision reflects the more upbeat Tan Siew Ching, Christine Ong, Monica Lim, market sentiment. In 2Q2016, the URA price index Mohd Yusry, Tun Mohd Zafi an for private non-landed homes slipped 0.1% q-o-q, Mohd Za’abah the smallest decline seen in 11 consecutive quarters. ADVERTISING + Meanwhile, the price index for non-landed private MARKETING homes in the Core Central Region rose for the second ADVERTISING SALES straight quarter in 2Q2016. DC rates for the landed , ADVERTISING DIRECTOR home segment remain unchanged. & SALES | Cowie Tan ASSOCIATE ACCOUNT The commercial sector saw a smaller increase in DIRECTOR | Diana Lim DC rates, averaging 0.6% on average. The revision der. According to JLL, the appointed marketing agent sha Pilot Investment Holdings Group to manage the ACCOUNT MANAGERS | Ken Tan, was likely driven by several big-ticket investment for the collective sale, the minimum guide price for retail component of Fortune Finance Center (above, Priscilla Wong deals that took place recently, including the sale of Raintree Gardens is in excess of $315 million. The right) in Changsha, China. This marks the start of THE EDGE SINGAPORE Asia Square Tower 1 and Straits Trading Building. guide price translates into $759 psf ppr, inclusive of CapitaLand’s asset-light strategy to grow its mall ADVERTISING + MARKETING Lastly, the DC rates for the hotel/hospital segment differential premium payable to the government to network through third-party management contracts. ADVERTISING SALES have been raised by 1.4% on average. top up the lease to 99 years and for intensification CapitaLand will be involved in asset planning, CHIEF MARKETING OFFICER | Cecilia Kay of site. According to JLL, more than 80% of Raintree pre-opening and retail management for a total GFA, SENIOR MANAGERS | Central Boulevard white site Gardens’ owners have agreed to the collective sale. excluding car park, of about one million sq ft. The Windy Tan, Kevin Sim launched for sale The development comprises two 12-storey mai- mall is currently under construction and scheduled MANAGER | Elaine Tan URA has launched the white site at Central Boulevard sonette blocks and one 7-storey maisonette block. It to be completed by end-2018. EVENTS (below, left) for sale by public tender. The site was was completed in the late 1980s. The property sits Fortune Finance Center is located in Binjiang SENIOR MANAGER | reportedly triggered for sale by a Chinese developer on a land area of 201,405 sq ft with a gross plot ra- New Area, the new CBD in western Changsha. Sivam Kumar MARKETING in August. The developer had committed to bid at a tio of 2.8, based on URA’s Master Plan 2014. JLL es- It comprises a seven-storey shopping mall, a Grade EXECUTIVES | Tim Jacobs, price of not less than $1.54 billion, which works out timates that up to 748 units could be built on the A office building, a residential tower and Changsha’s Sam Ridzam to $1,010 psf ppr. The white site was on the reserved site, with the break-even cost coming in at $1,250 first JW Marriott hotel. The property is owned and list of the 2H2016 Government Land Sales programme. psf. The new units are expected to be priced in the developed by Changsha Pilot Investment Holdings. COORDINATOR | Nor Aisah Bte Asmain “The tender for the Central Boulevard site is ex- $1,450 psf region. pected to garner keen interest, given the scarcity of The tender exercise for Raintree Gardens clos- Astaka unveils masterplan for CIRCULATION vacant plots available for the development of good- es on Oct 5. One Bukit Senyum BUSINESS DEVELOPMENT DIRECTOR | Victor The grade modern offices in the city centre,” says Tay Huey Singapore-listed Astaka Holdings unveiled the ASSISTANT MANAGER | Ying, head of research, Singapore, JLL. Compass One reopens on Sept 1 masterplan for its mixed-use development One Sandrine Gerber The 116,990 sq ft plot is located opposite the Lau Compass One (below, right), formerly known as Com- Bukit Senyum (OBS), located in Johor Baru’s new EXECUTIVES | Keith Lee, Pa Sat food centre and within the Marina Bay area. It pass Point mall, located in Sengkang, reopened on CBD. Malliga Muthusamy is also located close to the Downtown MRT station, Sept 1. The mall was closed in October 2015 for a The OBS development sits on a 516,186 sq ft free- CORPORATE Raffles Place interchange station and the upcoming major upgrading exercise. hold site with a GFA of 6.3 million sq ft. It will be CHIEF EXECUTIVE OFFICER | Ben Paul Shenton Way MRT station. M&G Real Estate, a fund owned by insurance gi- developed in two phases. The first phase comprises DIRECTOR | Anne Tong CORPORATE AFFAIRS At least 1.08 million sq ft, or 71%, of the 1.52 ant Prudential, says Compass One will reopen with The Astaka @ OBS, which contains two residential DIRECTOR | Ng Say Guan million sq ft maximum allowable gross floor area is 95% of its retail space taken up. According to M&G, towers — 65 and 70 storeys — with a total of 438 dedicated for office use. The successful bidder is also the mall will feature a wider range of shops and ser- units. Meanwhile, phase two will include Menara PUBLISHER allowed to develop retail units, a hotel, serviced apart- vices, including more than 50 new retailers. At least MBJB, the new headquarters of the Johor Baru City The Edge Publishing Pte Ltd 150 Cecil Street #08-01 ments and residential units on the remaining GFA. 80% of the tenants were expected to operate from day Council (MBJB); a five-star hotel with 450 rooms; Singapore 069543 “With the substantial investment outlay involved, one of its reopening. The upgrading works include 1,012 residential units; 254 serviced apartments; a Tel: (65) 6232 8622 interested parties are likely to form consortiums to improved access from the MRT station and more con- 1.5 million sq ft shopping mall; and a Grade A of- Fax: (65) 6232 8620 pool together resources, including market knowledge, venient passages between levels. fice building. PRINTER experience and expertise, and to share the develop- In December 2015, Frasers Centrepoint sold its Astaka held its groundbreaking ceremony on Aug KHL Printing Co Pte Ltd ment risk,” adds Tay. 18.99% stake in the mall to its joint-venture partner 28 for MBJB’s new headquarters. The ceremony also 57 Loyang Drive Singapore 508968 The tender for the site closes on Nov 8. M&G Real Estate for $19.6 million. M&G Real Estate, marks the start of the construction of phase two of the Tel: (65) 6543 2222 which had owned a majority stake since 2002, took OBS development. Menara MBJB will have a GFA of Fax: (65) 6545 3333 Raintree Gardens launched for full ownership of the mall in February 2016. 445,848 sq ft and 558 car parks. Once it is complet- collective sale at $315 mil ed at end-2019, about 800 employees will relocate to We welcome your comments Raintree Gardens (above, left), a 175-unit former CapitaLand to manage retail podium the new MBJB headquarters. and criticism: propertyeditor.sg@ HUDC residential development fronting Kallang Riv- of Fortune Finance Center The entire OBS development is expected to be bizedge.com er in Potong Pasir, has been launched for sale by ten- CapitaLand has inked a contract with Chang- completed by 2021.
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