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Thread: GuocoLand unveils plans for Tanjong Pagar Centre,

  1. #21

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    ricade, think its just you.

    even the only gay in the village never mention it to me. lol

  2. #22

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    Quote Originally Posted by mcmlxxvi
    ricade, think its just you.

    even the only gay in the village never mention it to me. lol
    Wahahaha hahha!!

  3. #23

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    PUBLISHED MAY 03, 2013

    GuocoLand unveils Tanjong Pagar plans

    It posts net loss of $13.3m for Q3 due to higher project construction costs

    [SINGAPORE] Despite what has been described in some quarters as onerous property cooling measures, GuocoLand is upbeat about the prospects for its first integrated mixed-use development, located above the Tanjong Pagar MRT station.

    Slated for completion in 2016, Tanjong Pagar Centre is an integrated development comprising Grade A offices, residential apartments, a luxury business hotel, retail space and a sheltered event space in Tanjong Pagar City Park.

    With floor space totalling 1.7 million sq ft, the project will feature Guoco Tower, a 38-storey Grade A office block, six levels of retail and food and beverage (F&B) space, as well as a luxury business hotel.

    TP180, which will feature fewer than 200 apartments ranging from one- to four-bedroom units and penthouses, will sit above Guoco Tower. This will be the tallest residential block in Singapore, starting at 180m (equivalent to 50 residential storeys up), and reaching up to 290m.

    GuocoLand aims to launch its residential component in the second half of the year.

    The retail mall, which is about 100,000 sq ft, will focus on F&B outlets and comprise high-end restaurants, trendy bistros, affordable eateries and, potentially, a food court.

    It will aim to be a one-stop convenience spot for people who live and work in the area, said Trina Loh, the group managing director, GuocoLand (Singapore).

    "What sets this apart is that the project caters to both the central business district (CBD) and the residential community within the area. Most mixed developments are in new areas, but this is in an existing community," she said.

    The offices will feature large floor plate and column-free spaces of between 25,000 and 29,000 sq ft.

    Ms Loh said: "Tanjong Pagar Centre signals a transformed portfolio for GuocoLand in Singapore. It will expand our focus on commercial properties in Singapore, and reaffirm our position as a developer of large-scale integrated developments here and in the region."

    The group is on the lookout for more opportunities, although it will focus its attention on sites within the CBD.

    "At this point, we will be focusing on the CBD because, for mixed integrated developments like this, it makes sense to be in the CBD. But we always look for unique features. In this case, we can build the tallest building in Singapore!" said Ms Loh.

    Tanjong Pagar Centre is GuocoLand's first large-scale integrated mixed-use project here, but the group already has a portfolio of mixed-use developments in China, Malaysia and Vietnam.

    The Employees Provident Fund (EPF), a pension fund in Malaysia, holds a 20 per cent stake in Tanjong Pagar Centre.

    The project will be designed by Skidmore, Owings & Merrill (SOM), which is behind buildings such as the Burj Khalifa in Dubai, Jin Mao Tower in Shanghai and One World Trade Center in New York City.

    Separately, GuocoLand announced that it had clocked a net loss attributable to owners of $13.3 million for the third quarter ended March, reversing a net profit of $162 million from a year ago. This was mainly due to additional construction cost recorded for Goodwood Residence and Sophia Residence.

    Estimated completion cost for the two projects increased as a result of the change in projects' main contractors. Nevertheless, both projects remain profitable.

    Revenue fell 12 per cent to $92.4 million from $104.5 million a year ago.
    GuocoLand's counter gained 2 cents, or 0.9 per cent, to end trading at $2.28.

  4. #24

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    Singapore penthouse on sale for S$99 million, a test for luxury market’s recovery
    JULY 13, 2017

    SINGAPORE — The asking price for a new three-storey Singapore penthouse, complete with a private pool on the 64th floor, has reached a dizzying US$72 million (S$99.17 million).

    Due to be formally unveiled later this year, Wallich Residence’s penthouse is in the tallest building in Singapore, the island of well-heeled stability that attracts the super-rich from its less-developed South-east Asian neighbours, as well as multi-millionaires from mainland China.

    The ‘bungalow in the sky’ penthouse in the GuocoLand -developed Tanjong Pagar Centre, is likely to become Singapore’s most expensive apartment. It will test the endurance of demand for luxury property in the city-state * the part of the market that has taken the biggest hit from measures aimed at cooling down property prices in recent years.

    Prices for luxury homes in Singapore have fallen 15-20 per cent from a 2013 peak, according to JLL consultancy, part of the Jones Lang LaSalle global property services group. But JLL is now starting to see the prospects of a turnaround — at least at the top end of the market — and is forecasting a 3-5 per cent increase in luxury prices this year, citing demand from both locals and foreigners who feel the market is bottoming out.

    JLL said the volume of transactions in the first four months of the year in Singapore’s core central region, which is popular among wealthy foreigners and includes the Orchard Road shopping area and Sentosa island, was 35 per cent higher than in the same period last year.

    “A lot of people think Singapore is value for money because it’s been downhill all the way - such a long winter,” said Chandran VR, managing director at a real estate agency specialising in high-end homes.

    “Now they feel it is the right time to come in,” he said. By contrast, he noted that Hong Kong apartment prices have been soaring, adding that “sensible investors will come here,” instead.

    GuocoLand Singapore Group Managing Director Cheng Hsing Yao said buying by foreigners has picked up since the start of the year at the developer’s high-end Leedon Residence project, near the 150-year-old Singapore Botanic Gardens. GuocoLand is part of Malaysian conglomerate Hong Leong Group, headed by billionaire Quek Leng Chan.

    “In absolute numbers, it may not be that huge, but the ticket sizes are actually quite significant for some of them,” Mr Cheng said. Some foreigners were buying homes worth S$8-12 million in the project, he said.

    The recent tightening of property market controls elsewhere, such as in Hong Kong and Australia, has played a part in attracting foreign demand to Singapore’s luxury property this year, Mr Cheng said.

    City Developments Ltd (CDL), one of the largest Singapore developers, also said the average sales price at its high-end Gramercy Park project has risen to more than S$2,800 per square feet in recent months, up 8 per cent from a year ago, and foreign buyers accounted for three-quarters of the project so far.

    CDL’s billionaire Chairman Kwek Leng Beng is a cousin of the Malaysian developer Quek.


    Still, Singapore’s broader residential market remains subdued, having fallen for 15 straight quarters to log its longest losing streak since official records began in 1975.

    “We are forecasting for prices to come down between 1 to 5 per cent this year before reaching an inflexion point in 2018,” said Eli Lee, an analyst at OCBC Investment Research.

    While prices in Hong Kong tripled and Sydney’s doubled over the past decade, Singapore prices rose just 29 per cent.

    Singapore introduced property price cooling measures to curb speculation as did many other “hot property” cities in the region. While some measures were relaxed slightly this year, the authorities warned last month there would be no more rolling back for now.

    Singapore is not short of policy tools to ward off speculators.

    Most of the island’s apartment blocks were built and then managed by the government, though the vast majority of the units have been sold to citizens. This allows it to keep control of some speculative activity, and therefore prices. Initial buyers of government apartments, for example, are largely prevented from flipping a property through a fast resale.

    The high home ownership rate, at about 90 per cent, also makes it easier for policymakers to craft measures targeting speculative demand when the market is overheated.

    All home buyers have to pay a stamp duty at a progressive rate of up to 3 per cent, but foreigners have to pay an additional 15 per cent for their purchases. Singaporeans also have to pay an extra stamp duty of 7-10 per cent when they make second and subsequent purchases.

    “With tightening measures taken in other countries, that could lead investors to shift funds back here. So we just have to watch that very closely,” Ravi Menon, managing director of the Monetary Authority of Singapore, said last month.

    New home sales more than doubled in March from a year earlier, reaching their highest level in nearly four years.

    And developers, led by Chinese companies, are paying record sums to secure land. Shenzhen-based developer Logan Property and its partner Nanshan Group recently paid a record S$1 billion at a government land auction. That was almost 50 per cent more than the previous record set in 1997.

    “The strong winning bid...signals developers’ strong confidence in the Singapore residential market and their belief that prices could return to growth soon,” said Christine Li, research director at Cushman and Wakefield in Singapore. REUTERS

  5. #25

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