Asiamalls Repositions Its Suburban Malls
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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 October 2, 2017 | ISSUE 799-21 Industry Moves Gains and Losses Done Deals Deal Watch ERA relists Park Infi nia penthouse Unit at The Nassim sold Four-bedroom unit at as APAC Realty sold at $2.7 mil profi t for $3,400 psf The Sail on the market EP6 EP13 EP14 for $5 mil EP17 SAMUEL ISAAC CHUA/THE EDGE SINGAPORE CHUA/THE SAMUEL ISAAC AsiaMalls repositions its suburban malls Managing director Tan Kee Yong talks about how the assets in the property manager’s portfolio are being revamped and refreshed as community malls to meet neighbourhood needs. See our Cover Story on Pages 10 and 11. AsiaMalls’ $40 million revamp of White Sands in Pasir Ris was completed in May 2016 EP2 • EDGEPROP | OCTOBER 2, 2017 PROPERTY BRIEFS EDITORIAL EDITOR | Cecilia Chow THE EDGE SINGAPORE HEAD OF RESEARCH | Feily Sofi an DEPUTY EDITOR | Lin Zhiqin WAKEFIELD CUSHMAN & SAVILLS, WRITERS | Angela Teo, Timothy Tay DIGITAL WRITER | Fiona Ho ANALYST | Tan Chee Yuen 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 HOME ADVERTISING SALES Hewlett-Packard Enterprise Singapore $2,376 psf, compared with the 2.3% up- lion, which translates into $2,750 psf DIRECTOR, ADVERTISING & SALES | Cowie Tan SingHaiyi to buy Sun Rosier (HPE) will vacate an aggregate of 178,843 tick in the preceding quarter. In Marina on strata area. ASSOCIATE ACCOUNT DIRECTOR | en bloc for $271 mil sq ft of space at Alexandra Technopark Bay, the average capital value of Grade Located on level 29, the property will Diana Lim A SingHaiyi-led group, comprising its (ATP) (above right) upon the expiration A office space rose 6% q-o-q to $2,781 be sold with either vacant possession MANAGER SENIOR ACCOUNT | unit SingHaiyi Properties and Huajiang of relevant leases on Sept 30 and Nov 30. psf in 3Q2017 following a 3.2% rise in or a sale-and-leaseback arrangement at Priscilla Wong ACCOUNT MANAGER | International Corp, has won the Sun Currently, HPE occupies 191,846 sq ft the previous quarter. a gross rental yield of 4%. James Chua Rosier condominium tender for collec- of ATP. The space it will vacate compris- JLL expects CBD Grade A office rent The EOI closes on Oct 26. tive sale. Huajiang International Corp es about 17.1% of the total net lettable to achieve full-year growth of between CIRCULATION DIRECTOR | Victor The is controlled by Gordon Tang and Ser- area in ATP, and the rental equivalent 6% and 8%. Capital values could out- OFFSHORE EXECUTIVES | ena Tang, the controlling shareholders is 6.6% of FCOT’s total gross rental in- perform rents and grow more than 10% Malliga Muthusamy, Ashikin Kader, of SingHaiyi Group Ltd. come for the month ended June 30, 2017. this year. GIC acquires 51% stake in Winnie Lim The group submitted a top bid of The manager has already secured Sheraton Grande Tokyo Bay CORPORATE $271 million, or $1,325 psf per plot ra- commitment from a tenant for around ICB Shopping Centre set for Hotel for $612 mil CHIEF EXECUTIVE OFFICER | tio. There were a total four bids. 24,000 sq ft (13.4%) of the space that collective sale at $65 mil to $70 mil Sovereign wealth fund GIC announced on Bernard Tong Each unit owner stands to receive will be vacated by HPE. On Sept 22, the owners of ICB Shopping Sept 21 it will enter into a joint venture PUBLISHER $2.86 million to $4.77 million, aver- It is still in discussions with another Centre gave their consent for a collec- (JV) with Invincible Investment Corp, a The Edge Property Pte Ltd aging $1,885 psf. Huttons says this is tenant, Hewlett-Packard Singapore, on tive sale. The property has an indica- public hotel and residential J-REIT, to ac- 150 Cecil Street #13-00 108% over the latest transacted price its plans for the 304,920 sq ft of space tive price of $65 million to $70 million, quire Sheraton Grande Tokyo Bay Hotel Singapore 069543 Tel: (65) 6232 8622 for a unit sold early this year, or twice it occupies in ATP under leases expiring according to Strata AMC, the agency for ¥100 billion ($1.2 billion). GIC will Fax: (65) 6232 8620 what each unit could fetch if sold in- on Nov 30. The rental constitutes about handling the deal. have a majority stake of 51%. dividually. 11.1% of FCOT’s total gross rental in- Completed more than three dec- Completed in 1988, Sheraton Grande PRINTER The freehold, 146,046 sq ft site is come for the month ended June 30, 2017. ades ago on Yio Chu Kang Road, ICB Tokyo Bay Hotel is a 1,016-room ho- KHL Printing Co Pte Ltd 57 Loyang Drive zoned “Residential”, with a plot ratio Shopping Centre is about 1km from the tel with a 175-room Annex Tower that Singapore 508968 of 1.4 based on the 2014 Master Plan. JTC launches Woodlands Nex shopping mall and the Serangoon opened last December. It is adjacent Tel: (65) 6543 2222 It has a maximum gross floor area of Industrial Park and Tuas South MRT station. The mixed-use develop- to Tokyo Disney Resort and is its larg- Fax: (65) 6545 3333 204,464 sq ft, or about 204 condo units Link sites under IGLS ment comprises six apartment units of est hotel. Oriental Land Co, the oper- PERMISSION AND averaging 1,000 sq ft. The existing de- JTC Corp has launched two Confirmed between 1,324 and 1,550 sq ft, and 13 ator of TDR, announced a ¥75 billion, REPRINTS velopment consists of four blocks of List sites at Woodlands Industrial Park retail units. large-scale investment project to open Material in The Edge Property 78 apartment units. Redevelopment is E2/E5 and Tuas South Link 3 — Plot 16 The development sits on a 15,548 new attractions in spring 2020. may not be reproduced in any form without the written subject to a height limit of five storeys. (Tuas South) under the 2H2017 Industri- sq ft freehold plot and has a gross floor permission of the publisher According to Huttons Asia, the site is al Government Land Sales programme. area of 25,123 sq ft. It has a plot ratio GIC partners Indian developer to within walking distance of the Bartley These are the third and fourth of eight of 3.0 and can be developed to a max- acquire land for US$94 mil We welcome your comments MRT station. Confirmed List sites for 2H2017. imum permissable GFA of 46,643 sq ft. Affiliates of GIC have entered into a 50- and criticism: propertyeditor.sg@ Both sites are 0.5ha, zoned “Busi- Based on the maximum GFA, the ask- 50 JV with Indian real estate developer bizedge.com Adjoining South Bridge Road ness 2” and have a 20-year tenure. The ing price range translates into $1,390 to K Raheja Corp Group (KRC) to acquire shophouses for sale at $28 mil Woodlands site has a maximum per- $1,500 psf ppr. a three-acre land parcel in Mumbai Pseudonyms are allowed but please state your full name, A pair of adjoining shophouses at 273 missible gross plot ratio of 2.5 and the from Siemens for about US$94 million address and contact number for and 275 South Bridge Road (above left) Tuas South site, 1.4. Jervois Gardens sold en bloc to ($127.4 million). us to verify. is available for sale by expression of in- The tender closes on Nov 21. SC Global for $72 mil In a joint press release issued on Sept terest (EOI), according to Savills Singa- SC Global’s subsidiary Brownstone Pte 26, the sovereign wealth fund and KRC pore and Cushman & Wakefield, who are CBD’s Grade A office rent rose for Ltd has won the tender for the collec- say they intend to build a landmark of- jointly marketing the property. second consecutive quarter: JLL tive sale of the Jervois Gardens condo- fice development in Mumbai via their The three-storey conservation shop- Rent for Grade A office space in the CBD minium, according to marketing agent new JV. houses with attics have a 999-year lease- grew 4.3% q-o-q to an average month- Colliers International Singapore, beat- The land at Worli, off Dr Annie Be- hold tenure. The land area is 3,089 sq ly gross rent of $8.86 psf in 3Q2017. It ing seven other bids. sant Road, is described by GIC and KRC ft and total floor area is 10,027 sq ft. was the second consecutive quarterly This was Jervois Gardens’ third at- as a prime spot with excellent connec- According to the marketing agents, the increase following a modest 0.7% up- tempt at a collective sale. The winning tivity and an office location that “has guide price is $28.5 million, translating tick in 2Q2017, according to JLL’s pre- bid of $72 million translates into $1,373 always been sought after”. into $2,842 psf. liminary estimates. psf ppr. Depending on the size of their Last month, GIC announced it had Located in the Chinatown Conserva- In 3Q2017, rental growth was driv- units, each owner might get between entered into a 33%-owned JV with an- tion Area, the property is zoned “Com- en by the Marina Bay sub-market.