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 April 9, 2018 | ISSUE 825-46 En Bloc Watch Property Take Done Deals Gains and Losses LKY’s house at Collective sales this year A third of units at Penthouse at Hazel Park 38 Oxley Road could to outshine 2017, says 38 Jervois sold in sold at $1.67 mil profi t be demolished EP4 Colliers EP11 three weeks EP12&13 EP14 M&L HOSPITALITY M&L Hospitality doubles portfolio in five years The Kum family-owned hotel group is extending its footprint across Australia, Europe and the UK, and exploring opportunities in South America. See our Cover Story on Pages 8 and 9. The 182-room West Hotel Sydney is M&L Hospitality’s latest hotel opening EP2 • EDGEPROP | APRIL 9, 2018 PROPERTY BRIEFS KNIGHT FRANK EDITORIAL EDITOR | Cairnhill Heights sold en bloc for $72.6 mil Cecilia Chow Cairnhill Heights condominium has been sold en bloc DEPUTY EDITOR | Lin Zhiqin for $72.6 million to TSky Development, the 60:40 WRITERS | Timothy Tay, Bong Xin Ying joint-venture company between Tiong Seng Hold- DIGITAL WRITER | Fiona Ho ings and Ocean Sky International. The condo was launched for collective sale with an asking price of COPY-EDITING DESK | $80 million in December 2017. Elaine Lim, Evelyn Tung, Chew Ru Ju, Shanthi Murugiah Located in prime District 9 with a site area of about PHOTO EDITOR | 15,408 sq ft, Cairnhill Heights is zoned “residential”, Samuel Isaac Chua with a gross plot ratio of 2.8. The site may be redevel- PHOTOGRAPHER | Albert Chua oped into a residential development of about 42 units, EDITORIAL COORDINATOR | Yen Tan based on an average size of 95 sq m. It is situated DESIGN DESK | in the prestigious Cairnhill enclave, within walking Tan Siew Ching, distance of the Newton MRT station and Anglo-Chi- Christine Ong, Monica Lim, Tun Mohd Zafi an Mohd Za’abah nese School (Junior). TSky Development will set up a project company ADVERTISING + to undertake the redevelopment of the site. MARKETING ADVERTISING SALES In 2017, TSky Development bought Sloane Court DIRECTOR, COMMERCIAL OPERATIONS | Hotel and a small, adjoining parcel in Balmoral Road Cowie Tan for $80.5 million. It is developing a 12-storey, 80-unit ASSOCIATE ACCOUNT DIRECTOR | Diana Lim condo on the site. SENIOR ACCOUNT MANAGER | $878,000. One- bedroom units with study, at 602 sq Tower and GSH Plaza on the same street were con- Janice Zhu Chancery Court in Newton up ft, are priced from $1.08 million. Two-bedroom units tracted at above $2,600 and $2,900 psf, respectively. MANAGERS ACCOUNT | for en bloc sale at $390 mil and two-bedroom premium units have sizes from 646 Both developments have a 99-year leasehold tenure. James Chua, Bernard Wong SALES STRATEGIST | Privatised HUDC estate Chancery Court (below, left) sq ft and 689 sq ft, respectively. Prices start from $1.2 Owing to the prime location, freehold tenure and Han YaoGuang has been launched for sale by tender with an asking million for the former and $1.28 million for the latter. limited strata office floors of this size for sale on the price of $390 million, announced OrangeTee Adviso- Three-bedroom and three-bedroom premium units market, strong interest is expected for the property, CIRCULATION DIRECTOR | Dominic Kevin Sim ry, the sole marketing agent. have sizes from 904 to 968 sq ft and 990 to 1,087 sq says Shaun Poh, executive director of capital markets MANAGER | Bryan Kek The asking price includes an estimated $180 mil- ft, respectively. Prices start from $1.62 million for the at Cushman & Wakefield. EXECUTIVE | lion premium to top up the lease on the 99-year lease- former and $1.78 million for the latter. There are also The EOI exercise will close on May 4. Malliga Muthusamy, Ashikin Kader hold site, which has a balance tenure of 62 years, as 20 four-bedroom units, with sizes from 1,248 to 1,291 CORPORATE well as the intensification of the site to its maximum sq ft, which are priced upward of $2.2 million. With- Freehold shophouses at 71 to CHIEF EXECUTIVE OFFICER | gross plot ratio of 1.4. This translates into a land rate in the development are three townhouses of 2,174 sq 73B Jalan Besar going for $20 mil Bernard Tong of $1,572 psf per plot ratio (ppr). ft each, with prices starting from $3.38 million. Sales A row of four adjoining two-storey conservation shop- PUBLISHER Chancery Court sits on a 259,134 sq ft site, which of The Verandah Residences will start on April 14. houses with attic, at 71 to 73B Jalan Besar (above), The Edge Property Pte Ltd is zoned for residential use under the 2014 Master Hoi Hup and Sunway Developments held a pre- has been launched for sale by EOI with an asking 150 Cecil Street #13-00 Plan. The 136-unit development includes a 16-sto- view of their latest executive condo (EC) project, price in excess of $20 million, according to sole mar- Singapore 069543 Tel: (65) 6232 8688 rey block with 52 apartment units and eight stra- namely the 628-unit Rivercove Residences at An- keting agent Knight Frank. Fax: (65) 6232 8620 ta commercial units, as well as 42 walk-up maison- chorvale Lane in Sengkang, over the same week- The freehold shophouses, 71, 73, 73A and 73B ette units housed in seven four-storey blocks. The end. The project has a mix of three- to five-bed- Jalan Besar, have a land area of about 3,495 sq ft and PRINTER redevelopment could potentially yield a maximum room units with sizes from 904 to 1,485 sq ft. The a floor area of about 6,407 sq ft. The site is zoned KHL Printing Co Pte Ltd 57 Loyang Drive of 480 units of 70 sq m each. indicative prices are said to be from $918 to $990 “commercial” within a conservation area under the Singapore 508968 The site is subject to the Pre-Application Feasi- psf. Three-bedroom units have starting prices from 2014 Master Plan. Tel: (65) 6543 2222 bility Study on traffic impact, and OrangeTee has $830,000, four-bedroom units from $1.1 million and The premises is suitable for use as a showroom, Fax: (65) 6545 3333 commissioned a traffic consultant to undertake the five-bedroom units from $1.34 million. retail, office and co-working space, subject to ap- PERMISSION AND study, which is expected to be completed before the Last year, Hoi Hup launched Hundred Palms, a proval of the relevant authorities, says Mary Sai, REPRINTS tender closes, says Marcus Oh, managing director 531-unit EC on Yio Chu Kang Road. All the units were executive director of investment and capital mar- Material in The Edge Property of OrangeTee Advisory. Therefore, developers will sold within seven hours on the first day of its launch kets at Knight Frank Singapore. may not be reproduced in any form without the written be able to conduct their redevelopment feasibility at an average price of $836 psf. Located at the junction of Jalan Besar and Up- permission of the publisher with peace of mind, he adds. per Weld Road, the site is next to the Jalan Besar Chancery Court is close to schools such as An- Two freehold strata office floors at MRT station. We welcome your comments glo-Chinese School (Primary), St Joseph’s Institution The Octagon up for sale The site presents a rare opportunity for inves- and criticism: propertyeditor.sg@ Junior, Singapore Chinese Girls’ School, CHIJ Primary On April 2, two freehold office floors at The Octagon tors to own four adjoining shophouses with dual bizedge.com (Toa Payoh) and St Margaret’s Primary School. Res- were put up for sale by expression of interest (EOI). frontage in a heritage-rich area and is suitable for idential developments nearby include Good Class According to exclusive marketing agent Cushman & end users who want to occupy the premises im- Pseudonyms are allowed but please state your full name, Bungalows, landed houses and private condos. It is Wakefield, the asking price is about $30.3 million mediately, since vacant possession can be granted address and contact number for served by the Newton MRT interchange on the North- ($2,450 psf). upon sale,” according to Ian Loh, executive direc- us to verify. South and Downtown Lines. The offices are on the ninth and 10th floors and tor and head of investment and capital markets at The tender closes on May 15. have a total strata area of about 12,378 sq ft. Each Knight Frank Singapore. floor has a plate size of about 6,189 sq ft. Buyers The EOI will close on May 8. Strong turnout at preview of The Verandah have the option to purchase both floors together or Residences, Rivercove Residences individually. Far East Consortium buys Despite the rain over the Good Friday-Easter week- The Octagon is a 25-storey office building on a The Estoril for $224 mil end, crowds thronged the sales gallery of Oxley Hold- prime freehold plot on 105 Cecil Street in the CBD. Freehold development The Estoril at 95 and 97 Hol- ings’ The Verandah Residences (below, right) at Pasir It has two levels of basement car parks for season- land Road has been sold to FEC Properties, a whol- Panjang. More than 2,500 people showed up over the al parking.