A PULLOUT WITH MCI (P) 056/03/2017 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 MARCH 27, 2017 | ISSUE 772 Land Deal Eat, Play, Live Research Gains & Losses Rare redevelopment sites Keong Saik’s second wave Making sense of Unit at Astrid Meadows on Balmoral-Ewe Boon of gentrifi cation recent land bids sees $2.5 mil profi t Road for sale EP2 EP4&6 EP10 EP14 Mortgagee sales rising EDGE SINGAPORE CHUA/THE SAMUEL ISAAC As the slowing economy continues to take its toll, more property owners are facing diffi culty meeting mortgage payments. See our Cover Story on Pages 8 and 9. EP2 • THEEDGE SINGAPORE | MARCH 27, 2017 PROPERTY BRIEFS EDITORIAL EDITOR | Ben Paul THE EDGE PROPERTY SECTION EDITOR | Rare redevelopment sites on Cecilia Chow HEAD OF RESEARCH | Feily Sofi an DEPUTY SECTION EDITOR | Michael Lim Balmoral-Ewe Boon Road for sale SENIOR ANALYST | Lin Zhiqin ANALYST | Tan Chee Yuen COPY-EDITING DESK | | BY CECILIA CHOW | ET&CO The former Balmoral Condo- Elaine Lim, Evelyn Tung, Chew Ru Ju, Tan Gim Ean, minium has since been redevel- Geraldine Tan wo adjoining, prime free- oped into the 72-unit Goodwood PHOTO EDITOR | hold residential redevel- Grand, which is scheduled for Samuel Isaac Chua opment sites owned by completion by 2Q2017. Spanning PHOTOGRAPHER | Albert Chua EDITORIAL COORDINATOR | two Singaporean fam- 12 storeys, it contains 65 condo Rahayu Mohamad ilies have been put on units and eight strata bungalows. DESIGN DESK | Tthe market. One is a rectan- Goodwood Grand is 44% sold. Tan Siew Ching, Christine Ong, Monica Lim, Mohd Yusry, gular plot fronting Balmoral Units were sold last year at prices Tun Mohd Zafi an Mohd Za’abah Road; the other is located on ranging from $1.89 million Ewe Boon Road. ($2,442 psf) for a 775 sq ft unit ADVERTISING + MARKETING The two sites have a com- on the ninth floor to $2.8 mil- ADVERTISING SALES bined land area of 57,349 sq ft lion ($2,282 psf) for a 1,227 sq ft DIRECTOR, ADVERTISING & SALES | and are zoned residential, with unit on the third floor. Cowie Tan a gross plot ratio of 1.6 and a Located adjacent to Good- ASSOCIATE ACCOUNT DIRECTOR | Diana Lim maximum building height of wood Grand is the 85-unit free- ACCOUNT MANAGERS | 12 storeys under the 2014 URA hold condo Volari, which was Priscilla Wong, James Chua Master Plan. An estimated to- completed in 2012. Volari is a THE EDGE SINGAPORE tal development charge of $31.5 redevelopment of the former ADVERTISING + MARKETING million is payable to redevel- Garden Hotel. ADVERTISING SALES op the combined land parcel, According to Swee, the two MARKETING OFFICER CHIEF | which can yield 121 residential sites on Balmoral Road and Ewe Cecilia Kay ASSOCIATE ACCOUNT DIRECTOR | units, assuming an average size Boon Road are regular and rec- Windy Tan of 750 sq ft. tangular-shaped. “It’s rare to MANAGER ACCOUNT | The bigger plot is the one The freehold land parcel on Ewe Boon Road can be redeveloped into a 39-unit condominium find two such redevelopment Elaine Tan EVENTS on Balmoral Road, which can plots in the Balmoral-Ewe Boon SENIOR MANAGER | be developed into an 82-unit bid for both sites “because when Ewe Boon Road site is $41 mil- Balmoral Condominium in 2011. Road area,” she says. Interest- Sivam Kumar condominium; the Ewe Boon combined, they can be devel- lion. The total purchase price of It was purchased by a consorti- ed parties include locally list- MARKETING Road site can be developed oped into a bigger project with $160.5 million, including devel- um made up of Tiong Eng Group, ed companies and construction EXECUTIVE | Tim Jacobs into a 39-unit apartment block more facilities”. ET&Co is mar- opment charge, translates into Clarus Corpo (controlled by the groups as well as Chinese de- COORDINATOR | if sold separately. However, keting both sites. about $1,750 psf per plot ratio. Ng family of Pan United Corp) velopers that do not yet have Syazana Jumari Swee Shou Fern, Edmund Tie As the two sites are being The tender is expected to and Yuan Ching Development, a stake in the prime residen- CIRCULATION & Co (ET&Co) senior director sold in separate tenders, the ask- attract a lot of developer in- a wholly-owned subsidiary of tial neighbourhood, adds Swee. BUSINESS DEVELOPMENT DIRECTOR | of investment advisory services, ing price for the Balmoral site terest as the last site sold on Tiong Seng Holdings that paid The tender for the two sites will Victor The thinks developers are likely to is $88 million, and that of the Balmoral Road was the former $141 million for the site. close on April 20. E EXECUTIVES | Malliga Muthusamy, Ashikin Kader, Winnie Lim CORPORATE CHIEF EXECUTIVE OFFICER | Ben Paul DIRECTOR | Anne Tong CBRE PUBLISHER The Edge Publishing Pte Ltd 150 Cecil Street #08-01 ROCKET INVESTMENTS MAPLETREE INVESTMENTS Singapore 069543 Tel: (65) 6232 8622 Fax: (65) 6232 8620 PRINTER KHL Printing Co Pte Ltd 57 Loyang Drive Singapore 508968 Tel: (65) 6543 2222 Fax: (65) 6545 3333 The Atlas to be showcased in Singapore Freehold ground-floor shop at Sim Lim Tower commodation assets. The trust holds about US$1.3 UK property developer Rocket Investments is releas- billion ($1.8 million) in student accommodation as- We welcome your comments going for $16.2 mil and criticism: propertyeditor.sg@ ing The Atlas Building (above, left) in Singapore over A freehold, ground-floor shop unit at Sim Lim Tow- sets in the UK and the US. bizedge.com the weekend of March 25 and 26. The project is a er (above, centre) has been put up for sale by public About £195 million ($339.7 million) of equity was mixed-use development in Tech City, Shoreditch, Lon- tender. The indicative price for the 4,908 sq ft unit is raised for the 5,910-bed UK portfolio and US$291 mil- Pseudonyms are allowed but please state your full name, don, and comprises a 40-storey residential tower and $16.19 million, or $3,300 psf. The ground-floor unit is lion for the 8,363-bed US portfolio. The UK portfo- address and contact number for a 10-storey office block. A major occupier in the of- currently tenanted and comes with approval for F&B lio includes Hawley Crescent (above, right), which is us to verify. fice block is co-working operator WeWork. There are use, which is very rare, especially in a prime freehold close to top universities such as Imperial College Lon- also retail and F&B outlets fronting a public piazza. development in the city-fringe area. Sim Lim Tower is don, University College London, King’s College and Designed by the award-winning MAKE Architects, near the Rochor MRT station and the upcoming Jalan Goldsmiths, University of London. the 152m-high residential building is located close to Besar MRT station on the Downtown Line. The property Major investors include The Great Eastern Life Assur- Old Street roundabout. It will be the tallest structure is marketed by CBRE, and the tender closes on April 18. ance Co Ltd, DBS Bank and UBS AG, which are invest- in Tech City when completed in 2019. It is also close ing in the trust on behalf of their high-net-worth clients. to London’s financial district, the Square Mile. The At- Mapletree raises US$535 mil las Building contains a total of 302 apartments, with a for student dorm private trust Eco World to provide accommodation mix of studio and one- to three-bedroom apartments. Mapletree Investments has closed the Mapletree Global for University of Reading Malaysia Prices start from £797,000 ($1.38 million). The prop- Student Accommodation Private Trust (MGSA P-Trust), Eco World Development Group Bhd has inked a mem- erty is marketed by Colliers International and will be the first trust in Singapore that focuses on student ac- orandum of understanding with the University of Read- showcased at Regent Hotel Singapore. ing Malaysia to provide student accommodation at Eco Nest Service apartments. KSH clinches $145.7 mil contract from NUS ECO WORLD Located in the heart of Iskandar Puteri, Eco Nest is a KSH Holdings Ltd announced on March 20 that it had serviced apartment project in the 270-acre Eco Botanic clinched a $145.7 million contract from the National township. Eco Nest is also surrounded by shop offices in University of Singapore. KSH will construct a 16-sto- Eco Boulevard and Eco Galleria, an integrated commer- rey research building with a basement. Construction cial development. Units at Eco Nest start from 582 sq ft, is scheduled to start on April 1 and targeted for com- with a starting price of RM550,000 ($174,603). There pletion within 24 months. The project will lift KSH’s are also 1,238 sq ft duplex units that start from RM1.069 order book to more than $360 million. million. — Compiled by Tan Chee Yuen E THEEDGE SINGAPORE | MARCH 27, 2017 • EP3 EP4 • THEEDGE SINGAPORE | MARCH 27, 2017 EAT, PLAY, LIVE PICTURES: SAMUEL ISAAC CHUA/THE EDGE SINGAPORE CHUA/THE SAMUEL ISAAC PICTURES: The Keong Saik Road area was once a prominent red-light district peppered with brothels from the 1960s up to the 1980s Keong Saik Road’s second wave of gentrification | BY MICHAEL LIM | highest and best use”, according to Poh. Alter- ing the property. The shophouse will be sold natively, the new owner can convert the upper with vacant possession.