Maxwell House up for collective sale at $295 mil
St James Quarter in Edinburgh to launch here on Oct 3 weekend
London developer Native Land is set to launch its Edinburgh project St James Quarter, in Singapore on the weekend of Oct 3.
During the launch, 152 apartments located between the fifth and eighth floors of the New Eidyn development will be available for sale, says JLL which is marketing the property.
The apartments have starting prices of GBP350,000 ($610,300) for a studio apartment.
St James Quarter in Edinburgh replaces the old St James Centre as part of a GBP1 billion makeover. The project is nearing completion.
Johnson Controls opens $50-million innovation centre in NUS
Smart buildings firm Johnson Controls has opened a $50-million innovation centre in the National University of Singapore (NUS).
The OpenBlue Innovation Centre, located within the School of Design and Environment, will be a living lab for solutions that bridge core building technology with behavioural, wellness and spatial data.
The centre spans 240 sqm and will be fitted with sensors, including overhead ventilation to measure air flow and furniture that track occupants’ alertness level.
Engineers from the centre and collaborating NUS researches will collect and analyse data using Johnson Controls’ OpenBlue platform, leveraging AI and analytics to understand how tech, indoor environments and occupants well-being are connected. The partners — NUS, Microsoft and Johnson Controls — will then use the insights to create solutions for healthier, safer and connected indoor spaces.
In 2008, Johnson Controls was appointed to implement a converged campus building management solution for NUS University Town (UTown), which achieved the Green Mark District Award in 2010. Under such a solution, the campus was able to achieve energy savings of 20 percent.
The innovation centre is expected to house more than 100 employees within four years, with a focus on talent development at NUS in both the undergraduate and postgraduate levels.
Residential shophouse at Everton Road for sale at $7.5 million
A freehold conservation shophouse at 9 Everton Road is up for sale at a guide price of $7.5 million, according to Cushman & Wakefield, which is marketing the property.
The property is a two-storey corner shophouse with an attic, in the Blair Plain Conservation Area. It occupies a land area of 2,023 sq ft and has a built-up area of 4,000 sq ft. Under URA’s 2019 Master Plan, the site is zoned for residential use.
The property is a nine-minute walk away from Outram Park MRT station on the East West line, while the upcoming Cantonment MRT station on the Circle line is an 11-minute walk away.
The tender for the site will close on Oct 20, at 3pm.
Maxwell House has been put up for collective sale at a guide price of $295 million.
In a location of mostly retail, F&B options and office space, 20 Maxwell Road will be one of the rare exceptional residential plots on the market, says Cushman & Wakefield (C&W), which is handling the sale.
Assuming 80 percent of the total gross floor area (GFA) is for residential use and the remaining 20 percent GFA for commercial use, the land rate works out to $1,691 psf per plot ratio (ppr), after factoring the seven percent bonus balcony plot ratio for the residential component plus the differential premium and an estimated lease upgrading premium for the site, according to C&W.
Maxwell House is built on a trapezoidal island plot with views from all four sides of the building.
It currently houses a 13-storey commercial building and occupies 41,801 sq ft of land. Under URA’s Master Plan 2019, the site is zoned for commercial use with a plot ratio of 4.3.
Alternatively, the site could also be redeveloped into a hotel with a plot ratio of 5.6, subject to approval from authorities, says C&W. Should developers build a hotel on the site, this would increase the land rate to $1,998 psf ppr, which is inclusive of the differential premium and an estimated lease upgrading premium, it adds.
“Maxwell House is expected to be well received as there is a dearth of residential development land in this part of the business and heritage district. With the surrounding neighborhood filled with a plethora of entertainment and retail outlets plus a smorgasbord offering of much-loved Singaporean food, it will be one of the best ‘work-live-play’ sites to be made available,” says Christina Sim, director of capital markets at C&W.
“Added to this is the advantage of being in the Central Area where it is not constrained by the guideline on the maximum allowable number of units calculated based on an average size of 85 sqm per dwelling unit,” she adds, which would allow developers to build studio or dual key units.
The site is a two-minute walk to the upcoming Maxwell MRT station on the Thomson-East Coast line, slated to open in 2021.
The tender for the site will close on Nov 12, at 3pm.
Advance Apartment in Geylang launches collective sale at $26.5 million
Owners of the 14-unit Advance Apartment in Geylang have launched the development for collective sale at a guide price of $26.5 million.
The price tag translates to $877 per sq ft per plot ratio (psf ppr), or $861 psf ppr after factoring in the 7 percent bonus balcony gross floor area and a corresponding estimated development charge of about $2.968 million.
Located at No. 8 Lorong 25A Geylang, the freehold site of 11,429 sq ft currently houses an eight-storey development. Under URA’s 2019 Master Plan, it is zoned under Residential/Institution with a gross plot ratio of 2.8 and an allowable height of up to eight storeys.
A developer can potentially configure the allowable gross floor area of 32,001 sq ft up to 34 apartments each sized from 900 to 925 sq ft, says marketing agent JLL.
The plot is a five-minute walk to Aljunied MRT station on the East West line. It is also nearby to amenities such as Paya Lebar Centre and Singapore Sports Hub. Schools such as Kong Hwa School and Geylang Methodist Primary and Secondary School are within one km of the site.
The tender for the site closes on Oct 27, at 3pm.
Lendlease, TRX City launch second tower of TRX Residences in KL
Tower B, the second tower of TRX Residences, part of The Exchange TRX, has been officially launched after the positive response to Tower A with all non-Bumiputera units taken up. The development is jointly developed between Australia-based property developer Lendlease and TRX City.
TRX City is the master developer of the upcoming international financial district Tun Razak Exchange (TRX), which is slated to strengthen Kuala Lumpur’s position as the leading centre for international finance and business. The Exchange TRX is part of TRX.
TRX Residences offers one- to three-bedroom units with built-up areas from 474 sq ft. These will be priced from RM970,000 ($320,000). Residents at TRX Residences will have direct access to a wide range of events and entertainment, arts and culture, sports and leisure, dining, lifestyle offerings, new concept stores, and an activated 10-acre (4ha) public park.
Lendlease CEO Asia Tony Lombardo notes that The Exchange TRX is one of Lendlease’s largest developments globally, and TRX Residences will set a new benchmark for sustainable and integrated urban living.
The piling and foundation work at TRX Residences has been completed. The development is slated for completion by the end of 2023.
TRX City CEO Haji Azmar Talib says in a press statement, “The TRX Residences will be the epitome of sustainable city-living being in proximity with walkable amenities, public transit, great connectivity and surrounded by efficiently designed outdoor public space.”
A digital launch will begin on Sept 24, while the Discovery and Experience Gallery in Malaysia is officially open for viewing on an appointment basis.
The Exchange TRX residential director Eric Chan notes that TRX Residences has received tremendous response from buyers around the world, especially Lendlease’s loyal customers.
“Market feedback has been very positive, and we will be showcasing the project locally and internationally to interested investors … The digital launch will bring guests on a customer journey that showcases the project via engaging interactive content. This initiative will bring a breath of fresh air to the property buying experience,” he adds. — Compiled by Charlene Chin