PROPERTY PERSONALISED MCI (P) 047/08/2018 PPS 1519/09/2012 (022805) Visit EdgeProp.sg to find properties, research market trends and read the latest news The week of July 8, 2019 | ISSUE 889-111 Spotlight Market Trends Smart Cities Industry Insights Funan Mall leverages Private home prices How real estate drives Dragages Singapore: tech to refine shopper climb 1.3% in 2Q2019 smart city initiatives Disrupting construction experience EP6 EP8 EP9 with PPVC EP12 Allgreen Properties to launch Juniper Hill on July 13 The 115-unit, exclusive residential development on Ewe Boon Road is the second project to be launched under the developer’s Bukit Timah Collection. A first phase of 52 units will be released for sale. Turn to our Cover Story on Pages 10 & 11. CapitaLand’sLocated on Ewe M&A Boon will Road,give it just access off Bukitto Ascendas-Singbridge’s Timah Road in prime Changi District Business 10, Juniper Park Hill comprises a 12-storey residential block ALBERT CHUA/EDGEPROP SINGAPORE CHUA/EDGEPROP ALBERT EP2 • EDGEPROP | JULY 8, 2019 PROPERTY BRIEFS PROPNEX C&W The site is zoned for commer- tio of 2.5 under the 2019 Draft cial use under the 2019 Draft Master Plan. EDITORIAL EDITOR | Master Plan, and the site has “The immediate vicinity has Cecilia Chow a plot ratio of 3.0. This means seen a buzz of transaction ac- DEPUTY EDITOR | the successful buyer has the tivities with most of the build- Amy Tan option to expand the property ings snapped up by institu- SENIOR WRITER | Timothy Tay to a maximum allowable gross tional investors such as China WRITERS | Bong Xin Ying, floor area of about 8,616 sq ft. Mobile, Ascendas-Singbridge, Charlene Chin “With government initia- Starhub and Mapletree Indus- HEAD, COPY EDITING | Pek Tiong Gee tives to inject vibrancy into the trial Trust to convert into data COPY EDITOR | area and enhanced connectiv- centres,” says Lynus Pook, di- Rachel Heng ity with the upcoming Thom- rector of commercial/indus- PHOTO EDITOR | Samuel Isaac Chua son-East Coast MRT line, we trial at C&W. Other buildings PHOTOGRAPHER | Albert Chua have observed strong buyers’ close by include those of DHL, EDITORIAL COORDINATOR | interest in commercial prop- Eu Yan Sang, and several data Yen Tan erties located in the East, par- centres such as those of Equi- DESIGNER | Kim Sy The entire shophouse at 198 Telok ticularly those that hold poten- nix and Global Switch. Ayer Street is approved for F&B tial for value-add and plot ratio The property will be sold ADVERTISING + use and is tenanted to the Pantler intensification,” says Yap Hui with vacant possession. This Yew Lee Building at 17 Tai Seng Drive is a purpose-built, single-user, MARKETING café ADVERTISING SALES Yee, associate director of capi- allows the buyer to take im- detached industrial building VICE-PRESIDENT, SALES & Shophouse in Telok Ayer tal markets at CBRE. mediate possession to carry OPERATIONS | Diana Lim on the market for The mixed-use development out any redevelopment or re- equity transaction, worth about business in China, says Loh. ACCOUNT DIRECTOR | Ivy Hong $16.5 mil is located at the junction of furbishment plans, especial- US$1.8 billion ($2.44 billion), The completion of its acquisi- DEPUTY ACCOUNT DIRECTOR | Janice Zhu A 999-year leasehold shop- Balestier Road and Kim Keat ly given its under-utilised plot was first announced in March tion of Ascendas-Singbridge has ACCOUNT MANAGER | house at 198 Telok Ayer Street Road. The four-storey build- ratio, says Pook. this year. JLL shareholders will enlarged CapitaLand’s portfolio Pang Kai Xin is on the market for $16.5 mil- ing, at 320 Balestier Road, en- The expression of interest now own about 87% of the in China, which will be organ- REGIONAL BUSINESS DEVELOPMENT MANAGER | Cole Tan lion. The two-storey building joys dual frontages of about 40 exercise will close on Aug 6. shares in the combined compa- ised according to: residential HEAD OF MARKETING & BRANDING | comes with an attic and sits metres. It sits on a 4,377 sq ft ny, while HFF shareholders are and urban development, re- Rachel Lim Shuling on a 1,654 sq ft plot. It has a plot, and has a built-up area of Thakral boosts Japanese expected to hold about 13%. tail and commercial, and busi- gross floor area of 4,171 sq ft. about 17,093 sq ft. The top two HFF is a leading capital ness parks. CIRCULATION portfolio with acquisition MANAGERS | Ashikin Kader, Based on the indicative price, levels are private residences, the of office building markets adviser covering US Bryan Kek this translates to $3,956 psf on second level is a student hostel, Singapore-listed Thakral Corp and global markets. It raked UOL submits top bid of EXECUTIVE | Malliga Muthusamy the floor area. and the ground floor houses a has added a new commercial in more than US$650 million $491.3 mil for GLS site on CORPORATE The entire building is ap- lighting shop. The ground-floor property to its portfolio in Osa- in revenue in 2018. Mark Gib- Clementi Ave 1 CHIEF EXECUTIVE OFFICER | proved for F&B use and is cur- unit has been granted approval ka, Japan. The acquisition was son, former CEO of HFF, will The public tenders for a land Bernard Tong rently tenanted to the Pantler for F&B use. conducted through its direct join JLL as CEO of capital mar- parcel at Clementi Avenue 1 and PUBLISHER café. Its location in the CBD “Offering naming rights and subsidiary in Singapore, TJP kets Americas, and co-chair of an executive condo site at Can- The Edge Property Pte Ltd means that it receives a high the potential of some vacant Private Ltd. TJP is a pooled its global capital markets board. berra Link, both under the Gov- 150 Cecil Street #13-00 footfall from the large catch- space in the near term, we are investment vehicle with equi- “Increasing the scale of ernment Land Sales (GLS) pro- Singapore 069543 Tel: (65) 6232 8688 ment of office workers. It is optimistic that the property ty interests from Thakral and our capital markets business is gramme, closed on July 3. The Fax: (65) 6232 8620 also close to three MRT sta- will appeal to owner-occupi- co-investors, with the intent to one of the key priorities in our land parcel at Clementi Avenue tions – Tanjong Pagar, Telok ers who are seeking premises invest in Japanese properties. strategic vision to drive long- 1 is zoned for residential use PRINTER Ayer, and the upcoming Max- near the city for their corporate The recent acquisition is the term sustainable and profita- and attracted five bids, while KHL Printing Co Pte Ltd 57 Loyang Drive well station in 2021. headquarters,” says Yap. Since Nikke Yotsubashi Building that ble growth. The combination the EC site saw eight bids. A Singapore 508968 The property will be sold the building is fully tenanted, is located on Yotsubashi Suji with HFF provides a unique op- final decision on the award of Tel: (65) 6543 2222 with its existing tenancy, and this will also provide immedi- in Osaka. The 10-storey office portunity to accelerate growth the tenders will be made known Fax: (65) 6545 3333 the new owner could be look- ate rental income. building is close to Yotsubashi and establish JLL as a leading at a later date. PERMISSION AND ing at a rental yield of about The public tender for the Subway Station, and features capital markets intermediary,” Two subsidiaries of UOL REPRINTS 2.5%, says Loyalle Chin, an as- properties closes on Aug 7. a broad street frontage. It sits says Christian Ulbrich, global Group, namely UOL Venture Material in The Edge Property sociate branch director at Pro- on a freehold site of 9,485 sq CEO of JLL. Investments and UIC Homes, may not be reproduced in any form without the written pNex, the marketing agent for Industrial building in Tai ft, and the building has a gross submitted the top bid of $491.3 permission of the publisher the shophouse. Seng for sale at $23 mil floor area of 80,987 sq ft. The CapitaLand divests stake million for the 178,064 sq ft plot “With Singapore’s rising of- A six-storey industrial build- office building has a net renta- in Central China Real at Clementi Avenue 1. It trans- We welcome your comments fice rents and an existing strong ing at 17 Tai Seng Drive, also ble area of 54,950 sq ft and an Estate for $496 mil lates to about $788 psf per plot and criticism: propertyeditor.sg@ rental yield of close to 2.5%, known as Yew Lee Building, is occupancy rate of 95%. Property giant CapitaLand ratio (ppr) on the maximum al- bizedge.com this shophouse is attractive to on the market for $23 million, The latest investment in- has announced that its whol- lowable gross floor area (GFA) investors who are keen on a announced the sole marketing creases Thakral’s real estate ly-owned subsidiary CapitaLand of 623,229.8 sq ft. This means Pseudonyms are allowed but please state your full name, property for capital apprecia- agent Cushman & Wakefield. portfolio in Japan to 11 prop- (LF) Cayman Holdings has en- the potential average selling address and contact number for tion, or for their own usage,” The property is a pur- erties, covering three hotels tered into an agreement to divest price of the new development us to verify. says Chin. pose-built, single-user, de- and eight commercial and of- its entire 24.09% stake in Hong could be about $1,400 psf, says tached industrial building.