Archive for category: Executive Condo

Over the last two years, the plans to redevelop of the old Caldecott Broadcast Centre (CBC) have attracted the attention of those living nearby and surrounding areas, including Caldecott Hill, which is the Caldecott Hill Good Class Bungalow (GCB) Estate located in the heart of District 11.

Piccadilly Grand Condo Northumberland Road is conveniently located near The Farrer Park MRT Station.

The most recent update residents received was an email from URA on November 17 2021. It invited residents to attend a discussion session about the plans for development by owner-developer Perennial Holdings and its appointed architects, DP Architects.

In the circular that EdgeProp Singapore received a snapshot of, Perennial is proposing to transform the old CBC site in 15 GCBs, with areas ranging from 1,400 sq meters (15,070 sq ft) up to 23,300 square meters (250,801 sq feet). There is a chance that the site could be subdivided into larger parcels, however, the minimum size of land remains at 15,070 sq ft according to URA’s guidelines for planning for GCBs. The maximum amount of GCBs located on the site is set at 26.

Each of fifteen GCB parcels is via the existing roads, specifically Andrew, John and Olive Roads in accordance with the URA circular. Perennial will work together with the Land Transport Authority to enhance the roads by widening car carriageways. Improvements include planter strips and pedestrian paths around the perimeter of the site. The existing plants and walkways for pedestrians will remain to reduce the inconvenience for residents. A new park for the public will be created with the help of Perennial on the site and will function as a walkway for pedestrians connecting the northern and southern areas of the estate.

The speculation about the future plans on the CBC site started in the early part of 2020, when Mediacorp originally proposed the development of 80-90 bungalows on sites that measure 400 square metres (4,306 sq feet) as well as 800 square meters (8,611 sq feet). The proposed development was reduced to 65 bungalows and a minimum land sizes of 8,611 square feet in response to the feedback of residents.

“The people living there were worried about the effect on traffic and the potential disproportional effect of an increase in the number of dwelling units might affect the environment in an GCB zone” states Michael Tay, CBRE head of capital markets. Tay is one of the marketing agents who jointly worked on the CBC site two years ago alongside Karamjit Singh, CEO of Delasa (formerly Showsuite Consultancy).

To address residents’ concerns There were other versions of bigger bungalow plots that were located on the CBC site that culminated in Perennial selecting 15 full-fledged GCB sites with a minimum of 15,070 square feet. When asked for comment an Perennial Holdings’ spokesperson said: “We are still in the process of planning and cannot yet provide information.”

Perennial as well as its Chairman Kuok Khoon Hong won the auction of the previous CBC site in the month of December in 2020 with the bid that was $280.9 million. It was the most expensive private development site ever sold in that year.

Kuok is ranked the 12th richest person in Singapore at the end of 2021 according to Forbes Kuok is also the co-founder Chairman as well as CEO at Wilmar International which is one of the biggest palm oil producers as well as food processing firms. Kuok is believed to be planning to purchase the land of 250,821 sq feet to his extended family. The site is big enough to accommodate 11 GCBs and is expected to be constructed by Perennial.

“Today there aren’t any big GCB sites that are available to families that want to be with each other,” notes Singh of Delasa. “This offers a unique chance, and with the layout, the investment and infrastructure that has been built into the project will help to reduce any leasehold issues.”

The first major release of leasehold 99-year GCBs

The last time an enormous GCB plot was offered for sale was in 2003 the year that Raymond Ng of niche property developer BS Capital purchased a 276,112 sq ft freehold GCB site located in Bishopsgate by HSBC at $69.8 million. Ng then sliced the property into 16 small GCB sites that range from 15,070 sq feet to 16,000 sq feet for sale to owners who own the property. The purchasers then hired themselves to have their own architect design the homes.

URA However, it had stated that the developer-owner for the CBC site must offer these sites that have houses. Perennial will therefore be expected to sell fifteen GCB sites featuring bungalows that were designed in the style of DP Architects. Buyers could be offered some flexibility when it comes to designing and interior areas, according to CBRE’s Tay.

“This is the first of 99-year leasehold GCBs to be introduced,” says Tay. “In order to convince GCB buyers wanting to establish a presence in the most desirable Caldecott Hill Estate to sign up for the 99-year leasehold site the prices must be attractive compared to the freehold GCBs within the region.”

Samuel Eyo, managing director of Lighthouse Property Consultants, agrees. “The new GCB development on an earlier CBC site will definitely draw the attention of potential buyers,” Eyo declares. “There isn’t a lot of GCB inventory for sale currently, as some owners have removed their properties from auction, due to property cool measures, as well as worries regarding replacement costs as the prices for GCBs have risen over the last couple of years.”

in 2021 there was half dozen bungalow transactions on the Caldecott Hill Estate, based on caveats that were lodged by URA Realis (see table). This is the most significant level of activity for a decade.

The cost of freehold GCBs Old and new
The transaction prices of relatively recent, freehold GCBs in the area have already exceeded $2,000 per sq ft according to CBRE’s Tay, pointing out selling a house on Lornie Road. The property is located on freehold site that covers 10,529 square feet and was sold to the value of $26.8 million ($2,545 per square foot) as per the caveat filed last September. Its buyer was Diana Lim, according to an property record search. It is believed she is her mother’s daughter Lim Bee Huat, the founder of the local brand of cafes and food courts shops Kopitiam. It is believed that the property has been believed to had its completion five years ago, since written permission to redevelop the property was granted in 2015 as per EdgeProp Inspector.

A more dated house on an undeveloped freehold site with 9,900 square feet located at Caldecott Close was sold for $13.9 million, or $1,391 per square foot in accordance with an agreement signed in November. Its buyer was Christopher Han, an entrepreneur and the founder of plumbing and sanitary works firm Magnificent Seven Corp., as well as the founder and director of the operator and owner of a data centre Dodid The property was transferred by YTL DC, a Singapore-based subsidiary of Malaysia’s YTL Power, last December.

The most recent transaction was for the purchase of a GCB situated at the corner of Lornie Road and Joan Road. The price was $24.8 million, or $981 per square foot in accordance with the caveat filed on January 4 of this year. The GCB is freehold site with a total area of 25,272 sq. ft. The purchaser of the property was James Koh, founder, CEO and executive chairman of Fragrance Group, property developer and hotelier. The property was acquired in October, and the finalization extended to the beginning of January. The sale was handled through Bruce Lye, managing partner of SRI who refused to comment on the deal.

A trustee sale the property located at Lornie Road was listed at a cost that was $27 million ($1,068 per square foot) when it was put up for sale through expressions of interest late in 2020. The price of the purchase is only 8% lower than the initial price of the property.

The access for this property is currently through Lornie Road, but the new owner has the option to switch the access point from Lornie Road to Joan Road, subject to approval by authorities. The bungalow that is currently located on the site is around 40 years old. It was been constructed in the year 1982.
On the market

“Construction costs for the construction of a GCB in the present are anticipated to be around $600 per sq ft,” notes CBRE’s Tay.

The asking prices for old GCBs with freehold sites within the Caldecott area are about $1,700 currently. For example an GCB located at Joan Road sitting on a freehold site that covers 29,483 square feet is worth $50 million ($1,696 per square foot). The property is advertised through Mary Sai, executive director of capital markets and investment for Knight Frank Singapore.

Lee Hsien Yang, the brother of the Prime Secretary Lee Hsien Loong, and his wife, Lim Suet Fern, sold their bungalow at Caldecott Close last July, according to the results of a property Title Search. The bungalow is situated on the freehold site with 9,920 square feet.

Lee is offering for sale a bungalow that is located situated at Caldecott Drive. The property covers a gross floor space of 7,000 square feet and includes an underground swimming pool and basement. It is situated on the freehold site with 9,885 square feet. It is a property is currently leased, and is being offered for purchase at $16.8 million ($1,700 per sq ft). Knight Frank’s Sai is also advertising the property.

Alternative alternative to GCBs close to Botanic Gardens

Interest in GCBs within the Caldecott area is continuing to be strong as per SRI’s Lye and certain sellers being more realistic with their pricing because changes in the market that were taken last month. “It’s an intriguing option for Botanic Gardens, if prefer living close to a nature Park,” he adds.
The previous year an GCB which was under development in 2 Cluny Hill was sold for $63.7 million, which is a record $4,291 per square foot. The GCB is located on an undeveloped corner freehold site comprising 14,844 square feet and is located near Botanic Gardens. In addition, Lye brokered that sale too.

“With the cost of GCBs in the vicinity of Botanic Gardens having shot through the ceiling The Caldecott region is an excellent option for those who want to be close to MacRitchie Nature Trail and Reservoir Park,” he says.

The highest total price for an GCB within the Caldecott region is $36 million. That’s the sum Ian Ang, the 29-year-old co-founder and CEO of Secretlab the furniture company famous as a gaming furniture manufacturer paid in June last year for 23424 square feet, freehold GCB site situated at Olive Road. The land price was calculated to $1,537 per square foot The deal was negotiated through Stephen Ho, vice president of residential services at CBRE. The current bungalow located on the site was constructed in 1940 and Ang is expected to renovate it in the near future. The property was sold under the an existing lease.

“The draw of Caldecott Hill Estate is its serene surrounding,” notes Knight Frank’s Sai. In addition to its closeness the MacRitchie Nature Trail, and Reservoir Park, it is close to two new MRT stations, including Caldecott MRT Interchange Station for the Circle and Thomson-East Coast Lines; and Bukit Brown MRT Station located on the Circle Line.

Perennial is anticipated to start rolling out new leasehold GCBs for 99 years located on its CBC site at some point in the latter half of 2022.

“The renovation on the old CBC site is definitely an important factor in the increase in demand for this Caldecott Hill Estate,” says SRI’s Lye.

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RealVantage, a Singapore-based real estate investment platform RealVantage was granted a capital markets service (CMS) license through the Monetary Authority of Singapore (MAS).

The license means that RealVantage can now seek investment capital from investors who are retail in Singapore. In the past, RealVantage could only seek investment capital from accredited investors within Singapore, as well in investors outside of Singapore.

RealVantage lets investors gain access to numerous real estate investment opportunities around the world which includes institutional-grade deals that are usually not available by retail investors.

In a press announcement announcing the license, RealVantage states it has completed 23 transactions across Australia, the UK, Australia, US and Singapore since its inception at the beginning of the year 2019. Its 2021 year-end report shows that the firm grew its investors by six-fold, and was able to complete four deals.

“The CMS licence grants us the capacity to pool capital as a major property investor, and also put ourselves on the same level with major institutional investors in the real estate industry and secure even better deals” says Keith Ong, co-founder and CEO of RealVantage.

Ong believes that the larger capital base will enable RealVantage to offer investors an array of investment choices.

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David Tan, chairman of TID Associates, one of Singapore’s most renowned Interior design companies, always dreamed of “walking through water”. To achieve this effect in his home on the 114 Cairnhill Road Rene Tan, co-founder of RT+Q Architects, designed a walkway that has a backdrop with overflowing water along either side.

Beyond the entryway there is an elegant living area with a feature wall that is an intricate antique door that comes from India which was once a feature of Tan’s house in London. The house on Cairnhill Road is fitted with a built-in lighting system and Bose’s audio system. “I invested a significant amount of money for that,” he says. “The light can be set to provide the appropriate temperature and mood, no matter if you’re in a peaceful, contemplative or having a party at your home.”

Tan’s obsession with good music and lights goes from the beginning of his career, during the time that TID (Total Integral Design) was known as “the disco design experts”. This was also when he realized that light “seduced people to remain”. The company was founded in 1979. TID created a number of clubs and discotheques that were built in Singapore during the 1980s, including the exclusive Club The Library to discotheques such as Studio M at Plaza Hotel and Xanadu at Shangri-La Hotel. TID’s popularity grew far beyond Singapore and he also created clubhouses in Hong Kong, Kuala Lumpur, Mumbai and Seoul. “We were the reigning disco King of the night,” he relates.

In the 90s, TID collaborated with the then Public Works Department (now CPG Corp) to design the interior of Parliament House that was completed in July 1999 with an estimated expense at $115.2 million. The brand new Supreme Court building, which was opened in 2005 was created by the British architects Foster and Partners. The firm, however, CPG was the local architect and collaborated with TID on the interiors. Tan hopes that to be known by the title of “the design director who created the Parliament House as well as The Supreme Court”.

In the past forty-two years Tan developed an vast portfolio of properties, from private yachts and private homes of wealthy individuals, luxurious hotels, One-degree 15 marina club, as well as boutiques of luxurious brands like Bulgari, Fendi, Hermes and Tiffany & Co. Although these luxury brands have internal or appointed concept designers They also work with local design firms on implementation projects and also. “We are honored to work with these brands in the past as well as at present,” says Tan. TID manages some of the projects associated with these luxury companies, not only in Singapore but also in a few of the most important markets of Southeast Asia too, he says.

Culture, heritage, soul
In terms of his pastime or investment in real estate, Tan prefers something that is a product with “soul or heritage, as well as cultural value”. Tan explains: “That is what gives the item its value and it isn’t able to be duplicated.” Tan’s collection of cars includes the Porsche 964, which he bought in 1989, and took to Germany to be restored about two years later. “I continue to drive the car,” he says. Another example is an British hand-built sports car called Morgan that he bought in 1983. The car was recently taken to the UK for a full restoration as well, and is kept there until his return.

He’s equally cautious in his investments in real estate. Being aware of the importance of heritage properties He bought not three but three terraced homes, located situated at 114, 116 and 118 Cairnhill Road in the late 1980s. The location was chosen because of its proximity to facilities like shopping malls located on Orchard Road and the short drive to the CBD. “When I first purchased this property it became at the central point of many events,” he says.

There are only 40 properties on Cairnhill Road, and they were believed to have been constructed around 1900. It wasn’t until 1989 that these houses on Cairnhill Road and those at Emerald Hill Road were designated for preservation by the URA together with the shophouses located in the historical regions in Chinatown, Little India and those that lie along Singapore River. Singapore River.

The three houses on Cairnhill Road were being in the possession of tenants who were subject to the Rent Control Act when Tan bought the properties. To persuade them to move to a new location, he offered the property $250,000. The old lady who lived at the address 114 Cairnhill Road acknowledged Tan for his kindness, but also gave Tan a few words of advise: “If you choose to sell the properties later , make sure you sell the two other units, but don’t list this one because it’s a great one”, Tan recalls.

He inquired of the elderly woman what she meant by the word and she told him that the house was once home of famous banker and social philanthropist Tan Chin Tuan in his young age. Former OCBC chairman later bought the Tan Chin Tuan Mansion at 42 Cairnhill Road in 1939. He was a resident for over 60 years before his passing in 2005, at the age of 99. The mansion was constructed during the 20th century by the previous owner an entrepreneur and patron of the philanthropic cause Tan Kah Kee.

TID’s Tan followed the elderly lady’s suggestion. Over the time, he sold the two terraced houses he owned however, he remained at the 114 Cairnhill Road, which was his main home.

A new extension is now in place, with covered parking
In the past he made an application and received permission from URA to begin an extensive renovation, which included a rear extension of 2,200 to 2,500 square feet. While the majority of the neighbors have built-up areas of around 4,000 sq feet the Tan’s property includes a total floor space of between 6,500 and 6,700 sq feet. The major renovation, which was carried out by TID together with RT+Q the project was completed in the year 2010.

The house is surrounded by two internal courtyards. One courtyard is covered by a skylight and is situated within the space between living and formal dining area, with bridges connecting both. “When seen in the living area, the view appears like the dining area is floating in the pond” Tan says. Tan. The other courtyard that is open is fully landscaped and located next to the kitchen.

The staircase was created to be “a suspended staircase” and a brand new internal glass lift for each floor was installed.

As Tan enjoys entertaining The house has two dining areas as well as two kitchens equipped with top of the line Miele appliances. The main wet kitchen is located on the first floor, and there is a another dry kitchen that is gourmet located on the second level. Both kitchens have ample storage space, with the gourmet kitchen equipped with two wine storage compartments. The kitchen located on the mezzanine is linked to a casual dining room on one hand and a lounge to the opposite. The lounge can be opened to an entertainment area. This space is perfect for intimate gatherings since guests can park their vehicles at the rear and then walk directly to the entertainment area at the mezzanine level.

The second floor is the private space in which Tan has a huge master suite that has windows that look out onto greenery, a his and hers walk-in closet and a master bathroom that has floating bathtub. The study is furnished with an Terence Conran desk which he bought at his Conran Shop in London. In this study, there is also a hidden staircase, as well as an entrance to the “secret room” in the attic. The room was previously the bedroom of his son. There’s an en-suite guest bedroom on the upper floor as well.

The attic has an additional room with an en-suite bathroom as well as in the area where there are facilities -the fifteen-meter lap pool with a steam room, shower, as well as an area for barbeque cooking with a private terrace that has a view of the lush greenery. There’s also an area for storage that is accessible from the attic that is perfect for storage of ski equipment and other luggage. The house is home to five bedrooms with en suite bathrooms.

The house located at the address 114 Cairnhill Road was under renovation, Tan relocated to his weekends residence at Sentosa Cove. After the renovations had been completed Tan and his family returned to Cairnhill. After four years the wife of the owner decided she would prefer a smaller. Tan bought an apartment at the Interlace which is the 1,040-unit condo that is famous for its hexagonal form that was designed around eight courtyards by German architect Ole Scheeren.

Lifestyle Changes in lifestyle
Tan was inspired to revamp The penthouse of The Interlace for their use. “There are just two penthouses in The Interlace that have an open spiral staircase leading onto the terrace on the top,” Tan says. “I designed two dining areas which include an air-conditioned indoor dining room and an outdoor dining space. Why would you want to live in the tropical climate if you don’t like dining outdoors and indoors?”

The penthouse he lives in located at The Interlace features windows that overlook the greenery. In many prime neighborhoods the view is of the buildings around He states. “At The Interlace, I look out my window and observe the sunrise, sunset, the greenery and even the ocean.”

While Tan as well as his spouse lounge in their penthouse in The Interlace and the terraced home at Cairnhill Road is leased to tenants. The tenants are international. First, he was an American CEO of a multinational corporation The second tenant was an Dutch banker and the most recent tenant is the British leader of a global professional consulting company and his family.

According to Tan Tan, the rent in the past was $14,000 per month, however, the market for rental has improved in the last year. The most recent tenant is paying an average monthly rent of $18,750. “If I had waited a bit longer, I could have received $22,000. But I got an apartment within a matter of one week and am therefore not grieving,” he says.

What he loved most about his home located in Cairnhill was the area to entertainguests, as well as its proximity to shops in the vicinity of Orchard Road and F&B outlets. “You walk down the street and you’re at Paragon and you can take your assistant down to get milk, if you require it,” he says. “I used to visit Newton Food Centre on my electronic scooter to buy the char kway teow. It’s right near.”

Tan was initially planning for his Cairnhill property in the interest of his grown children. However, they now have properties that they own. “They don’t require Cairnhill as a property located at Cairnhill,” he says. So, he’s taken the decision to place the property for auction. He has chosen Jerry Tan, founder of JTResi which is a boutique company that focuses on residential high-end property as his sole marketing agent. “Jerry is a very dear friendof mine, as we were able to purchase retrofit and sell properties,” he says.

Tan chose high-quality materials for his remodel of the property in Cairnhill in the year 2010. The flooring was made of marble for the ground floor, and the upper floors are white oak. The bathrooms feature complete travertine tiles, and feature high-end, Toto water closets. Instead of a single-phase power supply that is the norm for the majority of homes, Tan has a three-phase power source to the house. “All you’ll need in is your art collection as well as your furniture and life style,” he says.

New rich, old rich
In the past two years, JTResi made a name for itself in the high-end residential market, by marketing and selling projects like MCL Land’s Waterfall Gardens, SC Global Developments’ The Marq on Paterson Hill and GuocoLand’s Goodwood Residence.

JTResi’s Tan believes that the next purchaser of the property at Cairnhill Road could be “young possibly with new money , and might be permanent residents (PR)”. This could be who is younger in the wealthy families of the past. Since these terraced homes are considered to be landed residential property and are limited to Singapore residents, PRs who purchase these properties must obtain an approval of the Singapore Land Authority’s Land Dealings Approval Unit. “For PRs instead of paying the $25 million price for penthouses you now have the option of getting something unique,” he says.

Before it was an area for residential development, Cairnhill was a nutmeg orchard which was owned by Charles Carnie. Carnie was the very first person to construct his house there. In the event that the nutmeg apple orchard failed the house was purchased by Carnie in 1884, and was redeveloped into an office for the director at Chartered Bank. The houses with terraces on Cairnhill Road were built later in the first decade of the 1900s. As time passed Cairnhill was transformed into a luxury residential enclave. Cairnhill region grew into a prestigious residential area in the District 9.

The house, which is a conservation terrace, is to be sold through expressions of interest from JTResi. The most recent property cooling measures announced on December 16 won’t make any pressure on the market according to JTResi’s Tan believes. “There are some assets that are unique, and due to their low number they are highly sought-after such as Good Class Bungalows are one example, while conservation terraced homes is yet another” Tan said.

These properties are a source of pride as well. “These conservation properties cannot be duplicated unlike condominiums and conventional land property,” adds JTResi’s Tan. “Conservation properties that are freehold located in prime residential area such as Cairnhill are distinct from other properties. They are rarely available for sale. Once sold, they are rarely available for sale again.”

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One-bedroom loft units located at The Clift situated in McCallum Street in District 1 The property will be offered to auction by the bank at $1.6 million ($2,036 per square foot) on the 19th of January as per Edmund Tie who will conduct the auction.

The leasehold 99 year property is 786 sq feet located on the 32nd floor of the building, and is in an “well-kept property that is ready for occupancy with the potential new owners won’t have to invest a lot in repairs, especially if the property is used for rental,” says Joy Tan the senior director and the head of auctions as well as sales for Edmund Tie.

The duplex house has the ceiling height of a double volume in the living space as well as the master bedroom at the top. “With the ceiling’s double volume that the homeowner will feel a feeling of space. They can also decide to construct a deck with a study area on top to make the most of the space” says Tan.

The bedroom is located on the upper floor and the owner can use the lower level for entertaining guests, which will allow for complete privateness in her bedroom. She says and adds that the apartment provides “excellent view” over the CBD as well as Telok Ayer Conservation Area. Telok Ayer Conservation Area.

Similar-sized units within the development were priced between $3,500 and $5,150 in November of last year in accordance with URA caveats that were lodged. Tan believes that similar units using loft-style concepts could fetch rents of $4,600 per month, translating into a yield of around 3.4% based on the estimate that is $1.6 million.

The Clift is located in a convenient location and it is just a five minute walk from 3 train stations: Telok Ayer MRT Station located on the Downtown Line, Tanjong Pagar MRT Station located on the East-West Line and the upcoming Maxwell MRT Station on the Thomson-East Coast Line. The Clift is also surrounded by numerous eateries on Telok Ayer Street and is just a short distance from the amenities of 100AM Mall, which is located on Tras Street.

One of the most recently completed transactions that took place at the development occurred on December 16 when a 527 square foot unit on the 17th floor sold for $990,000 ($1,877 per square foot). On November 8 the 8th, a 495 square foot unit located on the 16th floor sold for $1.03 million ($2,080 per sq ft) in accordance with URA caveats that were lodged.