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 23, 2018 | ISSUE 827-48 Spotlight Home-sharing Done Deals Deal Watch CSC Land aims high Airbnb-type rentals Rise in luxury property Two-bedroom unit at with Twin VEW allowed only if 80% of purchases by foreign Auralis going for EP6 neighbours agree EP10 buyers EP12 $1.25 mil EP15 SAMUEL ISAAC CHUA/THE EDGE SINGAPORE Race for the $1 billion COLLECTIVE SALE Even as the property market remains buoyant, concerns about fi nding a replacement home are rising. Will this cloud the prospects of collective sale hopefuls? See our Cover Story on Pages 8 to 10. View of Faber Garden (centre) with the construction of Bright Hill MRT station next door EP2 • EDGEPROP | APRIL 23, 2018 PROPERTY BRIEFS CBRE JLL EDITORIAL EDITOR | Cecilia Chow DEPUTY EDITOR | Lin Zhiqin WRITERS | Timothy Tay, Bong Xin Ying, Charlene Chin DIGITAL WRITER | Fiona Ho 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 ADVERTISING SALES DIRECTOR, COMMERCIAL OPERATIONS | Cowie Tan ASSOCIATE ACCOUNT DIRECTOR | Diana Lim Faber Garden owners launch en bloc sale at The sale price reflects a land rate of $1,722 psf included extensive structural works, a new building SENIOR ACCOUNT MANAGER | $1.18 bil, potentially largest deal in 2018 per plot ratio (ppr) and owners are expected to re- façade, installation of a brand-new lift, an air-condi- Janice Zhu Owners of Faber Garden (above, left) on Upper Thom- ceive gross sale proceeds of $3.476 million to $7.73 tioning system and full F&B provisions. The heritage ACCOUNT MANAGERS | son Road have launched a collective sale of their million per unit. property was transformed into a modern and con- James Chua, Bernard Wong SALES STRATEGIST | 34-year-old freehold condominium at a reserve price T here will be no additional development charge, temporary space. Han YaoGuang of $1.18 billion, with bidding to start on April 17. The owing to the high development baseline, says Swee Located within the Central Business District, the development sits on a 12.5-acre (5.1ha) plot and is Shou Fern, senior director of investment advisory site is a short walk from the Chinatown and Telok CIRCULATION located next to the Bright Hill MRT station, which is at Edmund Tie & Co. The land rate therefore stands Ayer MRT stations as well as the upcoming Maxwell DIRECTOR | Dominic Kevin Sim MANAGER | Bryan Kek slated to open in 2021. at $1,565 psf ppr, including the 10% bonus balcony MRT station. EXECUTIVE | According to URA’s 2014 Masterplan, the site is area. Asia Gardens comprises a 23-storey block with The public tender exercise for 64 Club Street clos- Malliga Muthusamy, Ashikin Kader zoned “residential” with a plot ratio of 1.6 and height 80 units and four penthouses. es on June 1. CORPORATE limit of 12 storeys. The maximum gross floor area The condo is close to the Central Business Dis- CHIEF EXECUTIVE OFFICER | (GFA) allowed is 871,581 sq ft and 958,739 sq ft for trict and prime locations such as Marina Bay, Clarke Choon Kim House launched for Bernard Tong units with balconies. Quay and Orchard Road. en bloc sale at $55 mil PUBLISHER Based on guidelines, the site can accommodate Last July, Sustained Land purchased The Albracca Choon Kim House (below, right), a freehold four-sto- The Edge Property Pte Ltd more than 1,150 units. The estimated development in an en bloc deal for $69.119 million. Following that, rey-cum-attic development located on Upper Seran- 150 Cecil Street #13-00 charge to maximise the GFA is $52.8 million and in December, SL Capital (3) Pte Ltd, a Sustained Land- goon Road, is up for collective sale by tender at an Singapore 069543 Tel: (65) 6232 8688 $106.7 million if it includes the 10% bonus balcony led consortium, purchased Parkway Mansion in a col- asking price of $55 million ($1,287 psf ppr), accord- Fax: (65) 6232 8620 area, according to marketing agent CBRE. lective sale for $146.99 million. ing to sole marketing agent JLL. Faber Garden comprises three shop units and 233 A land rate of $1,257 psf ppr can be obtained after PRINTER apartments. Prominent landmarks in the area include Shophouse at 64 Club Street up for sale factoring in the 10% bonus balcony area for the resi- KHL Printing Co Pte Ltd 57 Loyang Drive Windsor Nature Park, Lower Pierce Reservoir and the with $25 mil price tag dential component. This is inclusive of the estimated Singapore 508968 Singapore Island Country Club. A restored two-storey conservation shophouse at 64 $4.9 million development charge payable. Tel: (65) 6543 2222 The collective sale, if successful, will be the largest Club Street (above, right) is up for sale at an asking Completed in the early 2000s, Choon Kim House Fax: (65) 6545 3333 en bloc sale this year. The record for the highest en price of $25 million, according to exclusive market- consists of 20 commercial and 10 residential units, PERMISSION AND bloc sale price in Singapore is held by Farrer Court, ing agent JLL. as well as 19 carpark lots in the basement. Under REPRINTS which was sold for $1.34 billion in 2007. The 2,250 sq ft site has a GFA of 5,618 sq ft and the 2014 Master Plan, the 14,988 sq ft site is zoned Material in The Edge Property is located in the Telok Ayer Conservation Area. As it “commercial and residential”, with a gross plot ra- may not be reproduced in any form without the written Asia Gardens sold en bloc to Sustained is zoned “commercial” under the 2014 Master Plan, tio of 3.0. The site may support a total GFA of 47,661 permission of the publisher Land-led consortium for $343 mil foreigners are eligible to purchase the property. There sq ft, which is inclusive of the 10% bonus balcony Asia Gardens (below, left), on Everton Road in Dis- is also no additional buyer’s stamp duty or seller’s area; or an estimated 35 residential and 22 commer- We welcome your comments trict 2, has inked an en bloc deal of $343 million with stamp duty imposed. cial units, assuming a 60:40 mix for the residential and criticism: propertyeditor.sg@ a consortium led by Sustained Land. Situated in the cul-de-sac of Club Street, the property and commercial components. bizedge.com The development sits on 72,059 sq ft of land and has a 40m-wide dual frontage and comes with a base- More than 90% of the owners consented to the can be redeveloped into a 36-storey condominium ment and an attic. It is permanently fully approved for collective sale during the general meeting. Pseudonyms are allowed but please state your full name, with 264 apartment units, subject to approval from restaurant use. There are two entrances to the property Choon Kim House is 700m away from the Seran- address and contact number for the authorities. — one on Club Street and the other on Ann Siang Road. goon bus and MRT interchange. A wide range of amen- us to verify. The shophouse is fully leased to Caffe B, a Japa- ities at the nearby Nex megamall will be accessible to ET&CO nese-Italian fusion restaurant, and is located next to future residents of the development. The site is near the Chinese Weekly Entertainment Club, a private reputable educational institutions such as Paya Leb- millionaire’s club with a history going back to 1891. ar Methodist Girls’ School, Maris Stella High School In April 2016, the shophouse was refurbished for and CHIJ Our Lady of Good Counsel. about $3 million. The asset enhancement programme The tender for Choon Kim House closes on May 21. JLL EDGEPROP | APRIL 23, 201 • EP3 PROPERTY BRIEFS MILEAGE COMMUNICATIONS Banyan Tree’s new Brisbane project So far, the fund, LAO V, has invested about London developer launches Cashmere showcased at St Regis Singapore 37% of its capital. It owns a diversified port- Wharf apartments Banyan Tree’s newly launched Brisbane Resi- folio of office, retail, hospitality and logis- Cashmere Wharf (left), an apartment build- dences will be showcased at The St Regis Sin- tics properties in Singapore and Asian cit- ing in the heart of mixed-use development gapore on April 21 and 22 from 11am to 7pm. ies such as Tokyo, Osaka, Nagoya, Shanghai London Dock in Wapping, will be launched The project, located at Kangaroo Point in and Hangzhou. for sale over the weekend of April 21 and 22 Brisbane’s Central Business District, features LAO V is the fifth in LaSalle’s series of in Singapore by London residential develop- 100 freehold private residences over 10 levels, closed-end funds in Asia and has secured er St George. at prices starting from A$550,000 ($560,700). commitments of US$1.15 billion. The total Standing at 26 storeys and designed by Pa- There are four penthouses, 15 three-bedroom amount was obtained from 20 external insti- tel Taylor, Cashmere Wharf will be the tallest apartments, 41 two-bedroom apartments and tutional investors from Asia, Europe, the Mid- building at London Dock when the building 40 one-bedroom apartments. dle East and the US.