Property Briefs
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PROPERTY PERSONALISED MCI (P) 136/08/2017 PPS 1519/09/2012 (022805) Visit EdgeProp.sg to ˎ nd properties, research market trends and read the latest news The week of May 7, 2018 | ISSUE 829-50 Market News Offshore Gains and Losses Done Deals Highest quarterly gain in Thailand’s Sansiri charts Ridgewood Condominium West Coast condos see eight years for 1Q2018 course for future unit sold for $1.69 mil rise in interest private-home prices EP3 EP10 profi t EP13 EP14 YTL HOTELS & RESORTS YTL’s long-term view pays off With businesses ranging from luxury resorts to bespoke residences, the Malaysia-listed property giant controlled by the Yeoh family has the ability to ride through the storms. Mark Yeoh, executive director of YTL Hotels, tells EdgeProp why. See our Cover Story on Pages 8 ,9 and 12. Pangkor Laut, YTL Hotels & Resorts’ flagship luxury resort EP2 • EDGEPROP | MAY 7, 2018 PROPERTY BRIEFS JLL SINGAPORE REALTORS CUSHMAN & WAKEFIELD EDITORIAL EDITOR | Cecilia Chow DEPUTY EDITOR | Lin Zhiqin WRITERS | Timothy Tay, Bong Xin Ying, Charlene Chin DIGITAL WRITER | Fiona Ho COPY-EDITING DESK | Elaine Lim, Evelyn Tung, Chew Ru Ju, Shanthi Murugiah PHOTO EDITOR | Samuel Isaac Chua PHOTOGRAPHER | Albert Chua EDITORIAL COORDINATOR | Yen Tan DESIGN DESK | Tan Siew Ching, Christine Ong, Monica Lim, Tun Mohd Zafi an Mohd Za’abah ADVERTISING + MARKETING ADVERTISING SALES DIRECTOR, COMMERCIAL OPERATIONS | Cowie Tan Margate Point launched for of Fine Arts and LaSalle College of the Arts raises In the first phase, PSD will focus on Asian proper- ASSOCIATE ACCOUNT DIRECTOR | Diana Lim en bloc sale at $38 mil demand for serviced apartments in the area, says ties in popular tourist destinations. The list includes SENIOR ACCOUNT MANAGER | Margate Point (above, left), a 12,800 sq ft, 15-unit Terence Lian, head of investment sales at Huttons Kuala Lumpur, Bangkok, Jakarta, Bali, Phuket, To- Janice Zhu apartment development on Margate Road, has been Asia. kyo and Hong Kong. In the second phase, PSD will ACCOUNT MANAGERS | launched for its first collective sale with an asking price The site is close to the Bras Basah-Bugis hub and evaluate hospitality properties in Europe, the Middle James Chua, Bernard Wong SALES STRATEGIST | of $38 million, according to sole marketing agent JLL. is an eight-minute walk from the Jalan Besar MRT East and the US. Han YaoGuang Owners representing 14 of the 15 units have already station. It is also just a five-minute drive to the CBD. inked their consent. There is a high chance of get- The public tender will close on June 5. Retail space for sale at The Rise @ Oxley CIRCULATION ting 100% consent, notes Karamjit Singh, senior con- Oxley has launched its prime retail space on Levels 1 DIRECTOR | Dominic Kevin Sim MANAGER | Bryan Kek sultant at JLL. Holland Tower up for collective sale at $65 mil and 2 of The Rise @ Oxley (above, right) for sale, at an EXECUTIVE | With full consent, the owners can bypass the Stra- Freehold Holland Tower (above, centre) has been asking price of $75 million ($4,557 psf). The freehold Malliga Muthusamy, Ashikin Kader ta Titles Board application process and work towards launched for collective sale at a reserve price of $65 commercial space sits in a mixed-use development CORPORATE legal completion taking place within three months million ($1,489 psf ppr), says sole marketing agent near the Orchard Road shopping belt in District 9. CHIEF EXECUTIVE OFFICER | of contract. Singapore Realtors Inc. The retail space comprises 29 shops, with 11 dedi- Bernard Tong Located off Meyer Road and Mountbatten Road, Under URA’s 2014 Masterplan, the site is zoned cated restaurant units on the first floor and 16 retail PUBLISHER Margate Point is zoned “residential” with an allowa- “residential”. The potential developer could rebuild units and two restaurants on the second floor. The The Edge Property Pte Ltd ble gross plot ratio (GPR) of 2.1 under the 2014 Mas- the development to its original intensity, subject to retail units could also be rented out for alternative 150 Cecil Street #13-00 ter Plan. The site may be redeveloped into a maxi- the authorities’ approval. The 21,871 sq ft site is in a uses, subject to approval. Singapore 069543 Tel: (65) 6232 8688 mum of 35 apartments with an average size of 70 sq district zoned for Good Class Bungalows. According to URA’s 2014 Master Plan, the site is zoned Fax: (65) 6232 8620 m each, subject to design and approval from the rel- Located at 10 Holland Heights in District 10, the “commercial and residential” with a plot ratio of 4.2. evant authorities. development is a three-minute drive to the Holland The potential owner will hold 16,459 sq ft out of a PRINTER Also subject to confirmation on the property’s Village MRT station. total of 97,408 sq ft, and have full control of the ten- KHL Printing Co Pte Ltd 57 Loyang Drive development baseline, Margate Point’s reserve price There have been six successful collective sales ancy mix. There will be no additional buyer’s stamp Singapore 508968 translates into a land rate of $1,417 psf per plot ra- in District 10 so far this year: Olina Lodge at $1,712 duty charged. Foreigners are also eligible to pur- Tel: (65) 6543 2222 tio (ppr), excluding the bonus gross floor area (GFA) psf ppr; Tulip Garden at $1,790 psf ppr; Hollandia chase the site. Fax: (65) 6545 3333 for balconies. at $1,703 psf ppr; Toho Mansion at $1,805 psf ppr; The retail units are expected to receive footfall PERMISSION AND According to JLL, the current apartment size of City Towers at $1,847 psf ppr; and The Wilshire at from residents staying at The Rise @ Oxley Resi- REPRINTS 1,280 sq ft makes it rentable. The development can $1,600 psf ppr. dences and visitors from neighbouring offices and Material in The Edge Property also be held as a long-term investment by institu- The tender for the collective sale will close on schools. It is within a 10-minute walk of the Dhoby may not be reproduced in any form without the written tional investors to hedge against rising property pric- May 30. Ghaut and Somerset MRT stations. The Rise @ Oxley permission of the publisher es in the area. Residences has a total of 120 freehold apartments, all The collective sale tender will close on June 6. SPH REIT buys The Rail Mall for $63.2 mil fully sold, according to Cushman & Wakefield, the We welcome your comments SPH REIT has entered into an agreement to purchase marketing agent for the retail site. The expression of and criticism: propertyeditor.sg@ Lakeside Towers going for $305 mil The Rail Mall for $63.24 million, with funding from interest will close on May 24. bizedge.com The 14,236 sq m (153,237 sq ft) Lakeside Towers has debt and internal resources. been launched for sale by public tender. Owners are SPH REIT will be acquiring the property from Pu- Bvlgari to operate first hotel Pseudonyms are allowed but please state your full name, expecting a price of $305 million, according to mar- lau Properties, owned by Lee Foundation and the in Japan from 2022 address and contact number for keting agent Huttons Asia. Lee family. Hotel operator Bvlgari will be opening its first hotel us to verify. The site is zoned “residential” with an allowable The Rail Mall is a 99-year leasehold commercial in Tokyo at end-2022, in partnership with Japanese GPR of 2.1. It can yield a GFA of 321,797 sq ft upon estate in District 23, comprising 43 single-storey shop real estate company Mitsui Fudosan. redevelopment. Developers could choose to build units, 95 private car-park lots and 360m of main road Bvlgari Hotel Tokyo will be fully integrated into between 250 units and 350 units, with average sizes frontage on Upper Bukit Timah Road. The commer- a mixed-use development at Tokyo Station, in one ranging from 860 to 1,200 sq ft. cial strip is a three-minute walk from the Hillview of Japan’s busiest business districts. The hotel The estimated differential premium and lease up- MRT station. It has a total net lettable area of about will offer 98 guest rooms, occupying the top sev- grading premium payments of $57 million to intensify 50,000 sq ft. The property lease started on March 18, en floors (Levels 39 to 45) of a skyscraper planned land use and for topping up to a fresh 99-year lease 1947, with 28 years remaining. for construction in the Yaesu 2-Chome North Dis- translates into a land rate of $1,125 psf ppr. Edmund Tie & Co, an independent valuer, valued trict. This building is part of the redevelopment The development overlooks the 90ha Jurong Lake the retail strip at $62.9 million. project approved by the Tokyo Metropolitan gov- Gardens. Strategically located in the Jurong Lake Dis- ernment in January. trict, it is a high-growth area, notes Angela Lim, deputy Reidao and Pacific Star in holiday From Tokyo Station, visitors have easy access to head of investment sales at Huttons Asia. properties tie-up art galleries, museums and the Tokyo Imperial Palace. The public tender will close on May 28. Blockchain start-up Reidao has partnered Singa pore- “In line with the Japanese government’s efforts listed Pacific Star Development (PSD) to ride the lat- to improve Tokyo’s competitiveness and position it Jalan Besar Plaza relaunched ter’s expertise to evaluate holiday properties that are as a global city, we have seen an increasing number for sale at $380 mil worthwhile to rent or purchase.