PROPERTY PERSONALISED MCI (P) 045/08/2019 PPS 1519/09/2012 (022805) Visit EdgeProp.sg to find properties, research market trends and read the latest news The week of October 21, 2019 | ISSUE 904-126 CapitaLand’s M&A will give it access to Ascendas-Singbridge’s Changi Business Park EPJ2 • EDGEPROP | OCTOBER 21, 2019 O R C H A R D R D NS23 SOMERSET MRT NS23 CC1 NE6 DHOBY GHAUT O X L E Y R D MRT KILLINEY RD RIVER VALLEY RD K KIM SENG RD I M L C Y A Y M E L R TONG WATT RD T A N K R D Z I O N R D DT20 L D A V FORT R CANNING E Y MRT V M A R T I N P L A I R W SHOW S S GALLERY E R P X E G A N G E S A V E L A R T N E C theovecollection theovecollection.com PROPERTY PERSONALISED MCI (P) 045/08/2019 PPS 1519/09/2012 (022805) Visit EdgeProp.sg to find properties, research market trends and read the latest news The week of October 21, 2019 | ISSUE 904-126 Personality Spotlight Market Trends Under the Hammer Khew Sin Khoon: The Iveria: A luxury New home sales up 13% Unit at D’Hillside Loft Sustainability advocate residence inspired by m-o-m to 1,270 units in going for $1.04 mil EP4 New York building EP8 September EP9 EP13 James Koh’s Global Premium Hotels gets Accor boost Franchise agreement with international brand Accor sees the rebranding of 15 hotels in his privately-held Singapore portfolio. Turn to our Cover Story on Pages 6, 7 & 13. The 126-room ibis budget Emerald was the former Fragrance Hotel – Emerald, and is one of the 15 hotels in CapitaLand’sGlobal Premium M&A Hotels will give Ltd thatit access have to recently Ascendas-Singbridge’s been rebranded Changiunder the Business franchise Park agreement with Accor SAMUEL ISAAC CHUA/EDGEPROP SINGAPORE CHUA/EDGEPROP ISAAC SAMUEL EP2 • EDGEPROP | OCTOBER 21, 2019 PROPERTY BRIEFS HONG LEONG HOLDINGS SAMUEL ISAAC CHUA/EDGEPROP SINGAPORE floor area of 13,839 sq ft and comprises tre frontage along Holland Avenue. Key four en suite bedrooms, an entrance hall, tenants include Cold Storage, UOB, Wat- EDITORIAL EDITOR | a spacious living room, a dining room, sons, and Guardian. The carpark repre- Cecilia Chow an internal landscape courtyard, and a sents 25% of the total strata area in the DEPUTY EDITOR | helper’s room. development. Amy Tan “Investors are well cognisant of the The carpark is a convenient park- SENIOR WRITERS | Charlene Chin premium that Nassim Road commands ing venue for motorists visiting Holland Timothy Tay in the GCB market in Singapore,” says Village and Chip Bee Gardens. It enjoys WRITER | Angela Lim, senior manager of capital high occupancy and parking turnover as Bong Xin Ying The GCB on Belmont Road is located on a HEAD, COPY EDITING | markets at CBRE, adding that this is an a result of the shortage of parking spac- Pek Tiong Gee Midwood is a 99-year leasehold condo by “exceptional opportunity” to acquire a es, coupled with high patronage in the 16,329 sq ft site Hong Leong Holdings and Hong Realty COPY EDITOR | large GCB land plot in the area, espe- F&B and lifestyle enclave. When the house first appeared at the Rachel Heng cially since ownerships are tightly held. The area is expected to become more Colliers International auction in January PHOTO EDITOR | Samuel Isaac Chua Hong Leong previews Midwood Other transactions in the Nassim Road vibrant with the upcoming development 2017, it went under the hammer for $25.5 PHOTOGRAPHER | Albert Chua condo on Oct 19 GCB area included the sale of 33 Nas- of One Holland Village less than 200 me- million ($1,562 psf). It would be offered EDITORIAL COORDINATOR | Hong Leong Holdings will open the pub- sim Road, which went for $230 million tres from Holland Road Shopping Centre. for $25 million ($1,531 psf) at a second Yen Tan DESIGNER | lic preview of its 564-unit development ($2,721 psf), and 50 Cluny Road which The mixed-use development will feature Colliers auction a month later. In both Kim Sy Midwood on Saturday, Oct 19. The con- was sold for $45 million ($2,980 psf). 550 residential and serviced apartments, instances, the property did not receive do is jointly developed by Hong Leong “GCBs in Singapore have always been offices, retail shops, and F&B spaces. Up- any bids and was withdrawn from the ADVERTISING + MARKETING Holdings and Hong Realty, and is locat- a unique asset class that is consistently coming residential developments com- auction. The property would later appear ADVERTISING SALES ed in the Hillview Rise enclave. well sought after by ultra-high-net-worth prising 2,400 units are also expected to in the private treaty lists of the various VICE-PRESIDENT, SALES & Midwood features a pair of 29-storey individuals and prominent families who increase footfall in the area. auction houses. OPERATIONS | Diana Lim residential blocks that are 120m apart, a are always on the lookout for wealth pres- Swee Shou Fern, executive director of ACCOUNT DIRECTOR | Ivy Hong DEPUTY ACCOUNT DIRECTOR | feature uncommon among high-rise resi- ervation. This asset class has also prov- investment advisory at ET, says: “Strata-ti- Allianz, Alpha Investment Partners Janice Zhu dential developments today. Apartments en to be resilient through market cycles tled carparks are tightly held and rarely JV to acquire stake in Beijing ACCOUNT MANAGER | range from one-bedroom units of 484 sq ft, and hence we anticipate keen interest available for sale. Strategically located in office complex Pang Kai Xin REGIONAL BUSINESS to four-bedroom units of 1,259 sq ft. Ear- from both owner-occupiers and inves- a highly successful lifestyle hub, the car- Allianz Real Estate has formed a joint DEVELOPMENT MANAGER | Cole Tan ly bird prices start from $750,000 ($1,550 tors,” Lim says. park offers a strong and steady cash flow. venture (JV) with Alpha Asia Macro HEAD OF MARKETING & BRANDING | psf) for a one-bedroom unit, $1.015 mil- The public tender will close on Nov 14. Such an investment opportunity is hard Trends Fund III (AAMTF3) to acquire an Rachel Lim Shuling lion for a two-bedder, $1.42 million for a to come by and we expect keen interest 85% stake in Ronsin Technology Centre, CIRCULATION three-bedder, and $1.99 million ($1,588 Heritage terrace house on Neil from investors who wish to capitalise on a Grade-A office building in Beijing. Al- PARTNERSHIP MANAGER | psf) for a four-bedroom unit. Road going for $4.8 mil the tight supply of parking spaces in this lianz is acting on behalf of several Alli- Jackiera Astley Between the two towers is a six-sto- A two-storey terrace house with attic bustling enclave.” anz companies, while AAMTF3 is a fund MANAGER | Ashikin Kader EXECUTIVE | Malliga Muthusamy rey block that includes a 569-lot car- at 141 Neil Road is up for sale for $4.8 The EOI exercise will close on Nov 20. managed by Alpha Investment Partners, park, a covered link bridge connect- million, which translates to $1,503 psf the private fund management arm of CORPORATE ing the residences, and a clubhouse. It on the land area. The house will be put Penthouse at Mount Faber Lodge Keppel Capital. CHIEF EXECUTIVE OFFICER | Bernard Tong will also feature a 50m rooftop infini- up for sale via an expression of inter- sold for $4.4 mil Allianz will have a 62% share in the ty pool. There will also be a childcare est (EOI) exercise conducted by Knight A triplex penthouse at Mount Faber Lodge JV, with AAMTF3 holding 38%. Ronsin PUBLISHER centre within the site. Frank Singapore. was sold for $4.4 million ($1,188 psf) on Technology Centre has a valuation of The Edge Property Pte Ltd 150 Cecil Street #13-00 The condo is on a 99-year leasehold The house sits on a land area of about Oct 13. The 3,703 sq ft penthouse had about EUR1 billion ($1.51 billion). The Singapore 069543 site that was awarded in a government 3,193 sq ft and has a gross floor area of been marketed by SRI since June this remaining 15% stake in the building will Tel: (65) 6232 8688 land tender last year. The 153,882 sq close to 4,813 sq ft. The property will be year, and was featured by EdgeProp Sin- be retained by the seller, D&J China. The Fax: (65) 6232 8620 ft plot is the first residential site to be sold with vacant possession. It is close gapore in September. The caveat for the sale and purchase agreement, as well as PRINTER awarded under the two-envelope Con- to Outram Park MRT Station on the East- sale has not yet been lodged. the JV agreement, have been executed, KHL Printing Co Pte Ltd cept-and-Price-Revenue tender approach. West Line, and the upcoming Cantonment When it was on the market, the pent- and the transaction is expected to close 57 Loyang Drive Midwood is accessible by the Bukit Station on the Circle Line. The property house attracted interest from other expa- by year-end. The building will be joint- Singapore 508968 Tel: (65) 6543 2222 Timah Expressway and Pan Island Ex- will also be close to the planned Great- triates because of the unit size, its views ly managed by Alliaz Real Estate, Alpha Fax: (65) 6545 3333 pressway, and is close to amenities such er Southern Waterfront.