Category Archives: Lifestyle

Raffles Place commercial building seeking new owner

Chevron House, a commercial building located near the entrances to the Raffles Place MRT station, is reportedly available for sale. The building owner, Deka Immobilien GmbH — a unit of DekaBank Group of Germany — bought the premises in 2010 for around S$420M. The previous owner was a Goldman SachGroup-managed property fund.

The market price was understood to be S$700M based on anonymous sources. Recent prominent completed commercial deals includes:
– S$2.6B bid led by Malaysian IOI on a Marina Bay white site
Sale of Sime Darby Centre in Bt Timah area by Blackstone to Tuan Sing
Purchase of Wilkie Edge from Capitaland by Lian Beng Group

Chevron House is a skyscraper building in CBD housing Chevron Corp. The 262,650 sqft building consists of a 4-storey retail podium with a basement as well as a 29-storey office block.

Golden Shoe Carpark’s billion-dollar redevelopment plan finally unveiled

A highly anticipated redevelopment project in Raffles Place, touted for years, was finally unveiled over the week by the press. A 51-storey mixed-use development – slated for completion in the first half of 2021 – will be built on the site. It will comprise office space, serviced residences, a multi-storey carpark, a food centre and shops.

The redevelopment will be led by CapitaLand in a joint venture (JV) for an estimated cost of $1.82 billion. The JV partners are: CapitaLand, CapitaLand Commercial Trust (CCT) and Mitsubishi Estate Co (MEC).

Of the $1.82 billion development cost, about 52.6 %, or $957.8 million, was attributed to charges for the intensification of land use and other land-related costs.

At 280m high, it will be among the tallest buildings in the heart of the Central Business District. The other highlights of the plan include:

– 635,000 sq ft of net lettable area
– 29 floors of Grade A office space
– 299 serviced residences over eight storeys managed by CapitaLand’s The Ascott – five floors of carpark space
– 12,000 sq ft of retail space at ground level
– a shared four-storey-high “Green Oasis”, where tenants can hold meetings or other activities amid lush greenery
– a new food centre owned by the government, which will house former stallholders of Market Street Food Centre in Golden Shoe Car Park on the second and third levels of the new building’s podium. In the meantime, starting from 1 Aug, the stallholders will be at an interim centre next to Telok Ayer MRT station
– flexible offices and co-working spaces.

Robertson Quay’s newest “garden in the city”

Robertson Quay is having its the first large-scale launch in eight years: Martin Modern. The new condo project will comprise 450 residential units set within a botanic garden. It will offer a range of two, two plus study, three and four-bedroom apartments with sizes spanning 764 sq ft to 1,798 sq ft. Prices start from S$1.8 million.

Residents will be able to enjoy lush greenery in this development, more than 80% of the land area set aside for a beautiful botanic garden with over 200 species of plants and more than 50 species of trees and palms.

The project highlights includes:

– 2 Towers of 450 units (up to 30 storeys)
– Low site-coverage with Extensive Botanical Landscape
– Bespoke concierge services
– Panoramic Views of gardens / city / the Singapore River
– 2 to 4 Bedrooms (2BR, 2+S sizes from 800-880sqft / 3BR, 3+S sizes from 1,000-1,300sqft/ 4BR with private lift 1,800sqft ) on average price of $2300psf  (prices and sizes subject to change)

This next masterpiece by renowned Guocoland Singapore in District 9 Orchard/River Valley is slated for launch on 22 July 2017. There is a preview period prior to the official launch. Due to overwhelming response for the past 2 days, Martin Modern show suite operating hour is extended to this coming weekend 10 – 14 July (10am – 1pm)

Call +65-94772121 or email davidking.property@hotmail.com for preview and launch details.

Wilkie Edge sold to Lian Beng and Apricot Capital

Located at the junction of Wilkie Road and Selegie Road, Wilkie Edge is a leasehold 12-storey development comprising office and retail units as well as a serviced residence, Citadines Mount Sophia Singapore. It has 88 years left on the lease. The mixed-use commercial and residential building located near Little India, is being sold for S$280 million — works out to a price of S$1,812 per square foot (psf) based on the building’s net lettable area, and a price of S$1,299 psf based on gross floor area.

Lian Beng Group and Apricot Capital, the private investment firm of Super Group’s Teo family, have agreed to acquire Wilkie Edge from CapitaLand Commercial Trust (CCT).

The sale is expected to be completed in September. The sale consideration is 39.3 % above Wilkie Edge’s valuation of S$201 million or S$1,301 psf as at Dec 31, and 53.3 % higher than its original purchase price of S$182.7 million in 2008.

Woodleigh site to build 600 private homes plus mall

Singapore Press Holdings (SPH) and Kajima Development are planning to develop more than 600 residential units and a retail/commercial component with a gross floor area of about 310,000 square feet on a 99-year leasehold site in the new Bidadari Estate that they have won the tender. The two teamed up to form an equal partnership that placed the top bid for the site at a tender conducted by the Housing & Development Board.

The winning bid of S$1.132 billion translates to S$1,181 per square foot plot ratio based on the maximum gross floor area of 958,450 sq ft allowed for the commercial and residential site next to Woodleigh MRT Station.

The site’s proximity to popular primary schools and other educational institutions and the green environment in the Bidadari Estate including a park and a lake are the key attractions.

As part of the tender conditions, the successful bidder will also have to build a 6,000 square metre community club, a 2,190 sq m neighbourhood police centre, a commercial bridge towards Bidadari Park and an underpass to connect to the bus interchange as part of the development.

Beach Road site with former Police Station going for public tender

A Beach Road commercial site hits the market on sale with some stiff competition expected. The 2ha plot can be developed for office and retail use, as well as hotel, service apartments and residential options. The reserve list site was put up for sale by public tender by the Urban Redevelopment Authority after a developer committed to bid at least $1.138 billion for the 99-year leasehold parcel.Under the reserve list system, a site goes up for tender when a developer lodges an acceptable minimum bid.

The URA says the plot, which will have a maximum permissible gross floor area of 88,313 sq m, includes the former Beach Road Police Station. At least 70 per cent or 61,820 sq m of the GFA must be for office use, while a maximum of 3,000 sq m can be use for retail. The Beach Road commercial site comes with the condition that the former station be conserved.

Keen competition for the site is expected from both local and foreign developers. The “trophy asset” developed on the Beach Road site could hit the market around 2022 – when there is limited supply of prime office space.

The Beach Road plot will have a maximum permissible gross floor area of 950,592 sq ft. At least 70 per cent – or 665,424 sq ft – must be used for offices, with a maximum of 32,292 sq ft for retail space.

Nearby South Beach was commanding “achievable rents of $9 per sq ft (psf)” – close to the average Marina Bay rent of $9.48 psf. Thus the winning bid is likely to be in the range of $1,400 to $1,700 psf per plot ratio (ppr), translating into a total bid quantum of $1.3 billion to $1.6 billion, and possibly match the $1,689 psf ppr paid for the Central Boulevard site.

The tenant profile of the commercial space in the area has evolved with the completion of mammoth mixed-use development Duo in Bugis and South Beach, a joint venture between CDL and Malaysia’s IOI Group. These have brought firms such as pharmaceutical group Sanofi, Rabobank and Mastercard into the area, he said, adding that the makeover of the Kampong Bugis area will also boost development.

https://www.ura.gov.sg/uol/land-sales-repository/sites-available/beach-rd-ma.aspx

Waterfront facing Reflections unit for Rent @ $8K

For Rent  –  Reflections at Keppel Bay (D04)

S$ 8,200 / month   |  S$ 5.11 psf   |  1,604 sqft (149.02 sqm)    |  3 Beds   |  2 baths

Homes by The Bay

http://www.sgbayhomes.com/8934933

Features that will delight you
* Spacious Balconies for Villa Units
* Sky bridge (for Tower Blocks) on #08/15/22
* Luxurious swimming pools (Main/Children/Reflecting/Jacuzzi)
* Clubhouse overlooking the sea.
* Gymnasium by the pool
* Steambath
* Function Room
* Playground
* Tennis Courts
* Basement Car Park
* 24-Hour Security

Unique features of the unit
* Modern furnishings
* Trendy designs
* Luxury Statement
* Spacious Patios
* 3 bedrooms
* Breathtaking Views of the Bay/ Sentosa/ Greenery

Main Attractions of the vicinity:
* Surrounded by panoramic views of Mt Faber, Keppel Golf Course, Labrador Park, Sentosa, Resorts World Sentosa and the city skyline.
* Waterfront Lifestyle
* Mins to CBD, Business Districts, Science Parks, Sentosa and RWS
* MRT (Telok Blangah & Harbourfront) & Shopping Mall (Harbourfront & Vivocity)

Call 94772121 for more details.

http://www.sgbayhomes.com/8934933