PROPERTY PERSONALISED MCI (P) 029/08/2020 PPS 1519/09/2012 (022805) Visit EdgeProp.sg to find properties, research market trends and read the latest news The week of October 19, 2020 | ISSUE 955-177 Co-Working Personality Personality Under the Hammer Arcc Spaces navigates DP Green’s Yvonne Tan Colin Seah’s Ministry of Combined penthouse at co-working’s uncharted on looking beyond lush Design: Emboldened by The Quinn on the market future EP4 greenery EP6 risks EP7 for $3.5 mil EP18 Guz Wilkinson pursues sustainable design amid high land prices Turn to our Cover Story on Pages 10 & 11. SAMUEL ISAAC CHUA/THE EDGE SINGAPORE CHUA/THE ISAAC SAMUEL EP2 • EDGEPROP | OCTOBER 19, 2020 PROPERTY BRIEFS PROPNEX, SAVILLS ERA lates school, audio retailer and an education centre. ADVERTISING + The wedding service company MARKETING ADVERTISING SALES transformed approximately 12,000 sq VICE-PRESIDENT, SALES & ft of the premises into two grand wed- OPERATIONS | Diana Lim ding ballrooms with a fully equipped ACCOUNT DIRECTOR | Ivy Hong commercial kitchen. DEPUTY ACCOUNT DIRECTOR | Janice Zhu Bukit Timah Plaza is a mixed SENIOR ACCOUNT MANAGER | development comprising a four- Pang Kai Xin storey retail podium and two residen- ACCOUNT MANAGER | Ryan Wang tial blocks, called Sherwood Towers. PUBLISHER The retail plaza comprises a mix of The Edge Property Pte Ltd education centres, music schools, 380 Jalan Besar #16-01 Singapore 209000 foreign domestic worker agencies, Tel: (65) 6970 7793 banking hall, F&B outlets, as well as an NTUC Finest supermarket. PRINTER It is located at the junction of KHL Printing Co Pte Ltd 57 Loyang Drive Jalan Anak Bukit and Upper Bukit Singapore 508968 Timah Road, and is an eight-minute Tel: (65) 6543 2222 walk to Beauty World MRT Station Fax: (65) 6545 3333 20 Cecil Street is located at the junction of on the Downtown Line. PERMISSION AND Cecil Street and Church Street The expression of interest exer- REPRINTS cise will close on Nov 24 at 3pm. ERA’s CEO Jack Chua, with a screen featuring a virtual property tour in the background Material in The Edge Property 27 strata office units at Cecil may not be reproduced in any form without the written Street for sale at $100 mil OrangeTee & Tie to hold (based on Facebook figures) on the Dance looking to set up in Singapore is permission of the publisher A total of 27 strata office units, on virtual property expo on weekend of Oct 10-11, says ERA. just the beginning of the potential de- levels 4, 5, 9 and 17 at 20 Cecil Street, Oct 17-18 weekend The virtual real estate gallery of- mand coming from China-based tech- We welcome your comments are for sale at a guide price of $100 Real estate agency OrangeTee & Tie fered home buyers access to over 140 nology companies, Knight Frank says. and criticism: propertyeditor.sg@ million, or $3,143 psf on strata area. is set to hold a virtual property expo virtual tours of projects in Singapore. The residential sector showed resilient bizedge.com If the units are purchased indi- on the weekend of Oct 17-18. Home buyers could also access prop- demand from the Good Class Bungalow vidually, the individual unit price Attendees will be able to move erty information, factsheets, site and (GCB) segment, with deals amounting Pseudonyms are allowed but please state your full name, starts from $2.35 million, say Prop- around virtually, engage with booths, floor plans, and units for sale. They to $128.3 million in 3Q2020. This comes address and contact number for Nex Singapore and Savills Singa- and attend more than 40 talks at the could also book personal appointments close to reaching the $166.4 million re- us to verify. pore, which are jointly marketing virtual convention hall. with ERA agents. Developers’ discounts corded in 1H2020. Key transactions in- the properties. The booths will be focused on were made available on selected units cluded the sale of GCBs along Garlick The portfolio of office units has a new project launches and resale list- for the two days. Avenue, adds the research consultancy. total strata area of about 31,979 sq ft, ings, and will be hosted by Orange- There were also 16 talks by indus- The industrial sector registered a with individual strata units ranging Tee and its partners such as Citib- try experts, which included ERA’s CEO total of $406.6 million. Transactions from 786 sq ft to 2,303 sq ft. ank, Gigacover and Juwai IQI, and Jack Chua, COO Marcus Chu, and key include a warehouse at 7 Bulim Street “The strata units at 20 Cecil Street real estate lawyers from William Poh executive officer Eugene Lim. by Titan (Wenya), which was sold to present a rare investment opportu- & Louis Lim. AIMS APAC REIT for $129.6 million, nity for investors looking to buy OrangeTee & Tie managing direc- Singapore’s total property and a business park development at Grade-A offices within the 600-1,300 tor Steven Tan will deliver the key- investment sales hit $4.4 bil in 26A Ayer Rajah Crescent by Mapletree sq ft range. It is not often that you note speech at the virtual expo. Oth- 3Q2020, down 55% y-o-y Industrial Trust, which was purchased can find individual Grade-A strata er speakers will cover topics ranging Total property investment sales in Sin- by Equinix Singapore for $125 million. offices for sale within the CBD, let from property investment and wealth gapore across all sectors hit $4.4 bil- There were no transactions in the alone units of this size,” says Navin management to lifestyle. The speak- lion in 3Q2020, representing a 55.1% public sector in 3Q, as no sites were Bafna, associate division director of ers for the event include Bernard y-o-y decline. sold under the Government Land Sales PropNex Realty. Tong, CEO of EdgeProp Singapore. However, both interest and activity programme. 20 Cecil Street is located at the “The OrangeTee Property Expo in the real estate market have picked up Meanwhile, Singapore outbound junction of Cecil Street and Church 2020 is our flagship event to con- considerably since the easing of Covid- investment sales totalled $2.8 billion Street. It is within walking proximi- nect developers, agents and con- 19 restrictions, particularly from the in the third quarter, contracting 24.3% ty to Raffles Place MRT Interchange sumers,” says Simon Yio, executive commercial sector, notes Knight Frank. y-o-y from $3.7 billion in the same pe- Station on the North-South and East- director of OrangeTee & Tie. “We This includes the sale of a 50% stake riod last year. Key deals include the ac- West Lines, and Telok Ayer MRT Sta- want to provide an exciting virtual of Frasers Property’s Northpoint City quisition of a residential development tion on the Downtown Line. venue where developers can show- (South Wing) to TCC Group for $550 site in Shanghai by a joint venture be- case their projects, where consum- million, as well as the sale of Robin- tween Yanlord Land Group and Hua- Ground-floor commercial unit at ers can learn from experts and con- son Point by Tuan Sing Holdings for fa Industrial Zhuhai for approximately Bukit Timah Plaza for sale nect with agents.” $500 million. $0.9 billion (RMB4.5 billion) as well as at $30 mil The virtual expo will start at 10am Foreign investors have also expand- the purchase of Pinnacle Office Park in A ground-floor commercial unit at on Oct 17, and end at 11.59pm on ed their operations in Singapore. The Sydney, Australia, by Keppel REIT for Bukit Timah Plaza is up for sale at a Oct 18. likes of Alibaba acquiring a 50% stake $303.3 million (A$306.0 million). — guide price of $30 million, or $1,729 in AXA Tower earlier in May and Byte- Compiled by Charlene Chin E psf based on the strata area. ERA’s virtual real estate The property has an area of 17,351 gallery on Oct 10-11 attracts sq ft, and includes 12 carpark lots. 168,000 viewers It is currently tenanted to a wedding Real estate agency ERA’s virtual real and catering services company, pi- estate gallery drew 168,000 viewers SRI * Bukit Timah Plaza is a mixed development comprising a four-storey retail podium and two residential blocks EDGEPROP | OCTOBER 19, 2020 • EP3 EP4 • EDGEPROP | OCTOBER 19, 2020 CO-WORKING SRI As a reflection of soft office demand, Grade-A office monthly rents in Singapore’s CBD fell by 5.1% q-o-q to $9.84 psf in 3Q PICTURES: SAMUEL ISAAC CHUA/THE EDGE SINGAPORE Arcc Spaces navigates co-working’s uncharted future BY CHARLENE CHIN although they are unlikely to ever match up CBD fell by 5.1% q-o-q to $9.84 psf in 3Q. and creative design needs to get together [email protected] to face-to-face networking. Real estate consultancy Cushman & Wakefield and collaborate’.” (C&W) projects that Singapore’s office leas- In essence, Arcc Spaces, which used to he verdict is out on working from Navigating choppy waters ing market is likely to weather a 10% fall for ink deals with companies accommodating home: the trend is here to stay, to Arcc Spaces’ latest offering at One Marina the full-year 2020, with a further decline in their full team size, now finds itself cater- varying degrees — and that means Boulevard — spanning 19,000 sq ft on the 2021. Ultimately, it says, the leasing market ing to the respective needs of smaller teams co-working operators will vie directly 20th floor — opened its doors officially to will begin to improve in 2022, but reach its within these firms.