New mixed use development coming up in Bugis

New mixed use development coming up in Bugis
By Millet Enriquez | Posted: 14 November 2012 2338 hrs
     
SINGAPORE : A S$3 billion mixed development property is set to vastly alter the Bugis skyline over the next few years.

Named DUO, the property will comprise residences, offices, hotel and retail space.

Its developer, M+S, jointly owned by Malaysia's Khazanah Nasional and Temasek Holdings, unveiled the design of the project on Wednesday.

By 2017, two new towers will be added to the Bugis skyline.

Enclosed in a park-like environment, DUO features 660 units of prime residences, 21 storeys of Grade A offices, a five-star hotel and close to 80,000 square feet of retail space.

Designed by a renowned architect Ole Scheeren, the project is connected to the Bugis MRT interchange that will link the East-West Line and the upcoming Downtown Line.

Its developers are optimistic it will draw strong interest when it launches for sale in early 2013 - with foreign buyers possibly eyeing the residential property.

Tan Sri Azman Yahya, chairman of M+S, said: "The large three international buyers in Singapore have been Malaysians, Indonesians and Chinese. So we expect that the ratio of buyers will be quite similar to any other offerings around the CBD (Central Business District) area. We do expect a significant number of international buyers."

Property consultant HSR said homes in DUO could fetch up to S$2,000 psf depending on size, and a premium of 5 to 10 per cent, given its connectivity to the MRT station.

"Being a Khazanah project, we would expect demand to particularly come from Malaysian investors. The locality would boost the commercial hub status in the Bugis area. It has the potential of being Hong Kong's ICC Tower or Kowloon East if marketed and priced properly to attract financial companies who are saddled with high cost within the financial district," said Donald Han, special advisor at HSR Group.

The lack of Grade A offices in the area should also result in demand for the long term.

"Bugis office supply is confined to mostly grade B stock. The M+S office project can bring critical mass into the area, as a serious business hub. Residential within integrated mixed developments tend to enjoy a premium and sell well in today's market," added Mr Han.

Mr Scheeren said: "I have worked independently for Singaporean clients and independently for Malaysian clients, and I think what is really exciting about the project is that this is indeed a joint venture between both of them. Both the way that that is translated into the architecture and also in a way what that symbolises in itself, it may be both sensitive but also extremely positive."

However, analysts said initial marketing in 2013 may not result in strong take-up, given that pre-leasing usually rises a year prior to completion.

Some analysts also cautioned of downward price pressures on the prime residential market, in light of the government's cooling measures.

Nicholas Mak, executive director at SLP International Property Consultants, said office rents in the Bugis area could also face a downtrend in 2013.

CapitaLand and UEM Land Holdings are the project managers of the development.

- CNA/ms


- wong chee tat :)

Temasek, Khazanah to develop prime land parcels

Temasek, Khazanah to develop prime land parcels
By Maria Lois | Posted: 27 June 2011 2352 hrs
 
SINGAPORE: Singapore investment firm Temasek Holdings and Malaysian sovereign wealth fund Khazanah Nasional will jointly develop prime land parcels in both countries into projects worth about S$12.2 billion.

The two investment firms have established two subsidiaries - M+S Pte Ltd and Pulau Indah Ventures Sdn Bhd - for the purpose.

Temasek has a 40 percent stake in M+S while Khazanah owns the remaining 60 percent stake.

M+S will develop four land parcels in Marina South and two land parcels in Ophir Rochor, each as an integrated development.

The land parcels would be developed into mixed-use properties that will include office, residential, hotel and retail components with a combined permitted gross floor area of up to 501,020 square metres (sqm).

The project is valued at S$11 billion.

Khazanah's subsidiary UEM Land Holdings and a subsidiary of Mapletree Investments, a Temasek portfolio company, have been appointed to oversee the marketing and development of the project at Marina South.

At the same time, a subsidiary of CapitaLand(another Temasek portfolio company) and UEM Land have been appointed to oversee the marketing and development of the Ophir-Rochor site.

Meanwhile Pulau Indah, a 50:50 joint venture between Khazanah and Temasek, will develop projects in Iskandar Malaysia in Johor.

Two sites, one in Medini North and the other at the Heritage Cluster in Medini Central, have been confirmed.

Pulau Indah intends to develop serviced apartments, a corporate training centre, and commercial, retail, residential and wellness-related offerings on these sites.

The Iskandar Malaysia project is valued at about S$1.2 billion (3 billion ringgit) and will cover a vast 1.36-million sqm land.

Planning and design works on the projects began on the first quarter of this year.

In a separate statement, CapitaLand said that it has appointed its chief operating officer Mr Lim Ming Yan to lead several key projects for the Ophir-Rochor site.

It added that the Ophir-Rochor site is located between the Kampong Glam Historical District and the Beach Road Conservation Area.

The site also enjoys excellent connectivity with the existing Bugis MRT Station and the upcoming Downtown Line Bugis MRT Interchange. The total permissible gross floor area for the site is 160,020 sq m.

- CNA/ir

- wong chee tat :)