Brave New World of Retail

MAKE BETTER DECISIONS MCI (P) 079/05/2017 PPS 1519/09/2012 (022805) Visit TheEdgeProperty.com to find properties, research market trends and read the latest news THE WEEK OF JULY 24, 2017 | ISSUE 789-11 Spotlight Property Picks Events Done Deals Allgreen Properties What you can get Investing beyond Penthouse at Gramercy relaunches SkySuites@ for about $3m to $3.5m Singapore’s residential Park sold for $17 mil Anson EP8 EP12 sector EP14 EP16 Brave new world of retail SAMUEL ISAAC CHUA/THE EDGE SINGAPORE CHUA/THE SAMUEL ISAAC With the popularity of e-commerce and overseas shopping destinations, what is the way forward for Singapore’s retail scene? See our Cover Story on Pages 10 and 11. Scale model of the new Funan built with Lego bricks EP2 • THEEDGE SINGAPORE | JULY 24, 2017 PROPERTY BRIEFS CBRE stretching down to Marina South will be lifted, allowing EDITORIAL EDITOR | for taller future developments in these areas. Cecilia Chow HEAD OF RESEARCH | CUSHMAN & WAKEFIELD CUSHMAN & Tiong Seng Holdings and Ocean Sky Feily Soﬁ an International jointly buy Jervois Road DEPUTY EDITOR | Lin Zhiqin WRITER | Angela Teo sites for $21 mil ANALYST | Tan Chee Yuen Yuan Ching Development, a wholly-owned subsidiary of Tiong Seng Holdings, and Arctic Sky Investment, COPY-EDITING DESK | Elaine Lim, Evelyn Tung, a unit fully owned by Ocean Sky International, have Chew Ru Ju, Tan Gim Ean, entered into a JV agreement to buy two freehold sites Shanthi Murugiah at Jervois Road for $21 million. Situated in prime Dis- PHOTO EDITOR | Samuel Isaac Chua trict 10, the total area of the two residential plots is PHOTOGRAPHER | Albert Chua 13,415 sq ft. The sites have a gross plot ratio of 1.4. EDITORIAL COORDINATOR | Villa D’Este up for en bloc sale at $96 mil The land plot will be purchased by the JV firm, TSky Yen Tan Villa D’Este (above), located within the White House Development, which is 60% owned by Yuan Ching DESIGN DESK | Tan Siew Ching, Park Good Class Bungalow Area (GCBA), has been Development and 40% owned by Arctic Sky Invest- Christine Ong, Monica Lim, put up for sale by public tender. According to sole ment. It is expected to be funded through bank borrow- Tun Mohd Zaﬁ an Mohd Za’abah market ing agent CBRE, the guide price for the prop- ings or internal resources, or a combination of both. ADVERTISING + erty is $96 million, or $1,730 psf per plot ratio. The According to Ocean Sky International, this move MARKETING freehold site, located about 350m from the Stevens reflects the group’s intention to expand its residen- ADVERTISING SALES MRT station, spans a land area of 55,480 sq ft and tial development activities in Singapore. Ocean Sky DIRECTOR, ADVERTISING & SALES | Cowie Tan its existing gross floor area (GFA), which has been International expects to develop the two sites into ASSOCIATE ACCOUNT DIRECTOR | verified by URA, is 49,071 sq ft. residential projects to enhance shareholder value. Diana Lim Located on Dalvey Road, the property can be sub- ACCOUNT MANAGERS | divided into three spacious GCB plots or redeveloped Hundred Palms Residences receives more than Priscilla Wong, James Chua REGIONAL BUSINESS into one luxurious GCB, according to CBRE. It can 2,000 e-applications DEVELOPMENT MANAGER | also be redeveloped into its existing condominium Hoi Hup Realty’s 531-unit executive condo, Hundred Suki Lin housing form, provided there is no intensification of before their launch, and the introduction of a new Palms Residences, has received more than 2,000 CIRCULATION the existing approved GFA and storey height. sales mode called Re-Offer of Balance Flats (ROF). e-applications, according to ERA’s Hundred Palms DIRECTOR | Victor The “This is an exceptional offering,” says Galven Tan, Under the first measure, construction work for 1,000 Residences Facebook page. E-applications for the EXECUTIVES | CBRE director of capital markets. “New condo develop- BTO flats at Sembawang, Sengkang and Yishun will development were open from July 4 to 17. Sales Malliga Muthusamy, Ashikin Kader, Winnie Lim ments located within GCB areas are sought-after by commence in 4Q2017. The flats will be launched for bookings for the EC began on July 22. foreigners — who are not allowed to own GCBs — as sale in 2H2018. HDB will set aside 95% of the four- Located on Yio Chu Kang Road, the EC comprises CORPORATE they offer prestigious GCB addresses. Both developers room and larger flats for families that are first-time buy- three-, four- and five-bedroom units across nine MANAGING DIRECTOR | Bernard Tong from Singapore and the region will be very keen on ers. This marks a 10 percentage point increase from the blocks, which have floor areas ranging from 883 to PUBLISHER the opportunity.” current quota of at least 85% in non-mature estates. 1,636 sq ft. Indicative prices for the three-bedroom The Edge Property Pte Ltd When the property was in the market in 2010, it The ROF exercise will bring together all flats that units start from $715,000, according to a separate 150 Cecil Street #13-00 had an asking price of $115 million. URA has con- are still unsold at the conclusion of the last Sale of ERA’s Hundred Palms Residences Facebook page, Singapore 069543 Tel: (65) 6232 8622 firmed that no development charges are payable for Balance Flats exercise. The first ROF exercise in August which also states that indicative prices for the four- Fax: (65) 6232 8620 the site. The tender exercise will close on Aug 25. will see 1,394 units of unsold balance flats from the and five-bedroom units start from $1.03 million and November 2016 SBF exercise being offered. $1.18 million respectively. PRINTER KHL Printing Co Pte Ltd HDB has announced plans to hold ROF exercises 57 Loyang Drive every February and August, alongside BTO exercises, New private home sales in June increase Singapore 508968 QINGJIAN REALTY in addition to the existing two SBF exercises each year. by 52.9% y-o-y Tel: (65) 6543 2222 Home seekers now have four opportunities to apply Developers moved 820 private residential units last Fax: (65) 6545 3333 for balance flats each year. month, a 52.9% increase y-o-y compared with June PERMISSION AND 2016, when only 536 new private homes were sold, REPRINTS Afro-Asia Shipping and Shimizu to jointly according to the latest figures released by URA. Material in The Edge Property may not be reproduced in any redevelop Afro-Asia Building The Santorini was the bestselling private project in form without the written A joint venture company formed by Afro-Asia Shipping June, with developer MCC Land moving 75 units at a permission of the publisher (AAS) and Shimizu Corp Investment and Development median price of $1,026 psf. Only 64 (10%) of 597 units Division is set to redevelop the Afro-Asia Building (top in the 99-year leasehold project at Tampines Avenue We welcome your comments right). The total project is estimated to cost more than 10 remain to be sold, according to the URA data. and criticism: propertyeditor.sg@ $320 million, which the JV intends to fund through In second place for the month was Parc Riviera bizedge.com loans from financial institutions. Cushman & Wakefield’s at West Coast Vale. EL Development sold 55 units at Pseudonyms are allowed but Qingjian Realty to preview mixed-use Capital Markets team is adviser for the transaction. a median price of $1,218 psf. According to the URA please state your full name, development Le Quest Situated 120m from the upcoming Shenton Way MRT figures, the 752-unit development is 75% sold. City address and contact number for Qingjian Realty (South Pacific) Group, a unit of CNQC station, the new development will house a 19-storey Developments’ Commonwealth Towers came in third us to verify. International Holdings, will preview Le Quest (above) Grade-A office building with an estimated GFA of in terms of number of units sold at a private resi- from July 22. 181,996 sq ft. Offices will be housed on the seventh dence, with 47 units sold at $1,899 psf. Both Parc Le Quest, a mixed-use development in Bukit to 18th floors, while the ground level will house an Riviera and Commonwealth Towers are 99-year lease- Batok, comprises 516 private residential units and F&B component. The development, expected to be hold properties. more than 64,584 sq ft of commercial space. It sits completed in mid-2020, will also have panora mic Desmond Sim, CBRE’s head of Singapore and South- on a 158,195 sq ft site and, when completed, will views of the CBD skyline. east Asia research, attributes the increase in buyer in- have five 12-storey apartment blocks above a four- AAS will transfer lease rights of the existing building terest in the top-selling projects to factors such as the storey podium that will house retail space, a childcare to the JV, named Robinson Development, and retain recent bullish land bids by local and foreign developers centre and car parks. a controlling interest in the JV. Its partner, Shimizu, on sites released under the Government Land Sales pro- The project has a wide range of units — studios will carry out demolition of the 60-year-old building gramme, as well as the lack of new launches in June. and one- to four-bedroom units. The studios are currently located at the site in November. Construc- The sole development launched last month was the sized at 431 sq ft and priced from $588,000; one-bed- tion is set to start next April.

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