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 July 2, 2018 | ISSUE 837-58 Market news Gains and Losses Done Deals URA releases six GLS sites on the Four-bedroom unit at The Claymore River Valley home prices Confi rmed List for 2H2018 EP2 rakes in $3.4 mil profi t EP10 riding high EP12 SAMUEL ISAAC CHUA/THE EDGE SINGAPORE Homebuyers’ buffet This weekend will see the preview of two new projects: Park Colonial by a consortium led by Chip Eng Seng Corp in the Woodleigh area; and Stirling Residences by a joint venture between Logan Property and Nanshan Group in Queenstown. In addition, M+S will be launching the second tower of Marina One Residences in prime District 1. The roll-out of new projects will provide homebuyers with a wide spectrum of choices. EP2 • EDGEPROP | JULY 2, 2018 PROPERTY BRIEFS CUSHMAN & WAKEFIELD EDITORIAL Dalvey Court up for collective EDITOR | sale at $160 mil Cecilia Chow Owners of the freehold Dalvey Court CONTRIBUTING EDITOR | (right) have put up the 32-unit residen- Pek Tiong Gee tial block for collective sale. WRITERS | Timothy Tay, Bong Xin Ying, Charlene Chin The reserve price of $160 million DIGITAL WRITER | Fiona Ho translates into an estimated $2,009 psf per plot ratio (ppr), says Cushman & COPY-EDITING DESK | Elaine Lim, Evelyn Tung, Wakefield, the appointed marketing Chew Ru Ju, Shanthi Murugiah agent for the sale. There is no devel- PHOTO EDITOR | opment charge payable due to the high Samuel Isaac Chua development baseline. PHOTOGRAPHER | Albert Chua EDITORIAL COORDINATOR | Given the estimated gross floor area Yen Tan (GFA) of 79,660 sq ft, the site can be DESIGN DESK | redeveloped into 93 apartment units Tan Siew Ching, Christine Ong, Monica Lim, of 753.5 sq ft each, according to Cush- Tun Mohd Zafi an Mohd Za’abah man & Wakefield. Under the 2014 Mas- ter Plan, the residential site has a plot ADVERTISING + MARKETING ratio of 1.6 and a 12-storey height limit. ADVERTISING SALES Completed in 1976, Dalvey Court, DIRECTOR, COMMERCIAL off Bukit Timah Road, is a six-minute OPERATIONS | Diana Lim walk to the Stevens MRT station on the SENIOR ACCOUNT MANAGERS | Janice Zhu, James Chua Downtown Line. ACCOUNT MANAGER | In February, the 77-unit City Tow- Bernard Wong ers, another freehold development off SALES STRATEGIST | Han YaoGuang Bukit Timah Road, was sold for $401.9 million, or $1,847 psf ppr. CIRCULATION The tender for the Dalvey Court site DIRECTOR | Dominic Kevin Sim MANAGER | Bryan Kek will close on Aug 2. Free Trade Zone. The site in Xinpaifang is part of a (GLS) programme for 2H2018. Nine other sites are EXECUTIVES | well-established residential area surrounded by high- under the Reserve List. Malliga Muthusamy, Ashikin Kader CapitaLand buys mixed-use end residential developments and government offices. The confirmed GLS sites can potentially yield CORPORATE site in Chongqing, China “Chongqing is one of China’s fastest-growing cities 2,705 private residential units (including 695 ex- CHIEF EXECUTIVE OFFICER | CapitaLand has acquired all the shares in Chongqing with strong investment potential. The city’s growing ecutive condominium (EC) units), 454,237 sq ft Bernard Tong Zhonghua Real Estate, a Chinese company that owns a population and rising income per capita have gener- (42,200 sq m) of gross commercial space and 390 prime 32ha mixed-use site in Chongqing, China. A cash ated demand not only for residential properties but hotel rooms. Two of the confirmed GLS sites are in PUBLISHER The Edge Property Pte Ltd consideration of RMB2.2 billion ($459 million) is payable also premium retail and office spaces in central lo- prime districts. 150 Cecil Street #13-00 and takes into account the agreed value of the property, cations,” says Lucas Loh, CEO of CapitaLand China. OrangeTee & Tie believes that the Kampong Java Singapore 069543 which is RMB5.7 billion. The site in Chongqing’s Xin- Road GLS site in prime District 9 will be “the most Tel: (65) 6232 8688 Fax: (65) 6232 8620 paifang comprises two greenfield sites — where a future Hwa Hong buys two Jalan Besar highly contested area” among developers, as there development could yield 1,900 residential units and a commercial sites for $13.8 mil has not been a GLS site sold in the area for years. PRINTER 3.6 million sq ft shopping mall — as well as brownfield Hwa Hong Corp has bought two commercial free- The property consultant estimates that the site — op- KHL Printing Co Pte Ltd sites with an inventory of 223 residential units, and 1.1 hold sites on Jalan Besar from City Developments posite the Newton MRT station, at the fringe of Or- 57 Loyang Drive Singapore 508968 million sq ft of office and retail space. for $13.8 million. chard Road — could be successfully bid for $1,400 Tel: (65) 6543 2222 “Given its significant scale, strategic location and The two sites measure an estimated 3,230 sq ft and to $1,600 psf. Fax: (65) 6545 3333 excellent connectivity, the land parcel in Chongqing’s are zoned for commercial use, with a gross plot ratio The government has also included a 51,667 sq ft PERMISSION AND Xinpaifang is a prized acquisition that will boost Cap- of 3.0. Hwa Hong intends to develop the sites into hotel site on Club Street in the confirmed GLS list. REPRINTS itaLand’s landbank in a key gateway city in the south- one or two commercial buildings, with a maximum This is the first site of its kind since the Bukit Cher- Material in The Edge Property western region of China,” says Lim Ming Yan, group GFA of 9,691 sq ft. The move is in line with the com- min hotel plot was released in 2008. may not be reproduced in any CEO of CapitaLand Group. pany’s strategy to strengthen its future rental incomes Other notable GLS sites include a 16,146 sq ft plot form without the written permission of the publisher Xinpaifang is a mature residential and commercial and benefit from the capital appreciation of the sites. on Middle Road that can house up to 390 residential zone in Liangjiang New Area, part of Chongqing’s The sites are within walking distance of the Far- units. OrangeTee & Tie believes that the site would rer Park and Jalan Besar MRT stations, and are close be popular among developers, owing to its proximi- We welcome your comments ROXY-PACIFIC and criticism: propertyeditor.sg@ to City Square Mall and Little India. ty to the Bugis MRT station. Other property consult- bizedge.com ants agree. “The completion of South Beach and DUO Roxy-Pacific and Tong Eng sell Sydney integrated developments, together with the upcom- Pseudonyms are allowed but property for $154.3 mil ing Beach Road mixed-use development site won by please state your full name, address and contact number for Roxy-Pacific Holdings and Tong Eng Group have sold GuocoLand, would inject a dose of vibrancy in the us to verify. off their freehold commercial property in Sydney to area,” says Christine Li, senior director of research ICPF Nominees, an Australian private company, for at Cushman & Wakefield. A$153 million ($154.28 million). The only EC site released in the land sales pro- The 14-storey building at 117 Clarence Street (left) gramme is at Tampines Avenue 10. OrangeTee & Tie was acquired in February 2016 by the two compa- expects the site to be sold at around $580 to $600 psf nies for A$81 million through a 50:50 joint venture. ppr, based on the bid price fetched by the Sumang The sale follows that of another freehold office Walk EC GLS in Punggol. building in Sydney, which Roxy-Pacific sold off in Meanwhile, under the Industrial Government Land 2017 for A$158 million. Roxy-Pacific purchased the Sales programme, six sites were released in the Con- 28-storey office building at 59 Goulburn Street in Syd- firmed List, with a total GFA of 7.65ha. Seven sites ney’s south CBD for A$90.2 million, above its valu- are under the Reserve List. — Compiled by Charlene ation of A$86 million, in July 2014. Chin and Timothy Tay E “Both prime commercial buildings in Sydney had contributed healthy recurring income before they were divested at a good price. We hope to replicate this model and extend our investment track record in the near future, recycling the capital from the sale of 117 Clarence Street into other yield-accretive invest- ments to enhance shareholder value,” says Teo Hong Lim, executive chairman and CEO of Roxy-Pacific. Meanwhile, Tong Eng Group intends to grow its presence and investment portfolio in Australia, says Teo Tong Lim, group managing director of the company. Tong Eng Group’s first foray into Australia was the purchase of the Harley Davidson building at 111- 125 A’Beckett Street, Melbourne, in April 2015 for A$38 million. It was subsequently sold for A$61 mil- lion in July 2017. URA releases six GLS sites for 2H2018 The Singapore government has released six con- firmed land sites under the Government Land Sales EDGEPROP | JULY 2, 2018 • EP3 EP4 • EDGEPROP | JULY 2, 2018 DISTRICT 13 PICTURES: SAMUEL ISAAC CHUA/THE EDGE SINGAPORE The 805-unit Park Colonial will be launched on June 30, ahead of Woodleigh Residences by the SPH-Kajima JV Park Colonial leads new launch in Woodleigh | BY BONG XIN YING | new project will be launched ahead of Sized to sell “the project located opposite our site”, To cater for a wide spectrum of buy- his time last year, property de- says Raymond Chia, Chip Eng Seng ers, units at Park Colonial will range velopers had bid aggressive- executive chairman and group CEO.