The new Landmark capitalises on views and city living next to a park
Amid the old HDB blocks on Chin Swee Road which were built in the early 1970s, one lone tower stood apart, perched on the hillslope overlooking Pearl’s Hill City Park. It was the former 38-storey Landmark Tower, built 35 years ago. “The views here were simply the best-kept secret in Singapore,” says Kain Sim, co-founder and group chairman of ZACD Group, an investment holding and asset management company, listed on the Hong Kong Stock Exchange.
In May 2018, ZACD, together with consortium partners SSLE Development and MCC Singapore, won the tender for the collective sale site, with a bid of $286 million.
The breakdown in ownership stakes among the partners in the consortium is as follows: ZACD Group with a 38% stake, followed by SSLE Development with 32% and MCC Singapore with 30%.
The partners
This is one of the first condominium developments in Singapore where ZACD is a major stakeholder. Established in 2005, ZACD has historically taken minority stakes of between 5% and 20% in suburban residential projects of contractors-turned-property developers like Qingjian Realty, Capital Development and Wee Hur Holdings. Projects included Flo Residence at Punggol (with Capital Development), Parc Centros at Punggol Central (with Wee Hur) and Le Quest, a mixed-use development at Bukit Batok West, with Hong Kong-listed Chinese developer Qingjian Realty.
SSLE Development, the property development division of Sin Soon Lee Group, and ZACD has had a relationship spanning 20 years. “So it was a natural partnership when we saw the opportunity to tender for Landmark Tower,” says Sim.
Sin Soon Lee Group, the parent company of SSLE Development, had constructed the HDB blocks located off Chin Swee Road, next to the Central Expressway back in the 1970s. Hence, SSLE Development knows the area very well, says Ken Chew, the firm’s general manager. Sin Soon Lee Group was founded in the 1970s by Chew’s grandfather, Lim Kim Chong.
After SSLE Development came on board, “We sought another partner to complement our respective strengths,” says ZACD’s Sim.
Sim’s husband, Stanley Yeo, co-founder and group CEO of ZACD, invited Tan Zhiyong, CEO
of MCC Singapore, to view the site. “When Stanley Yeo brought me to the vantage point of Landmark Tower, I was moved by the 360-degree panoramic views,” relates MCC Singapore’s Tan in Chinese. “And I thought at that time, ‘MCC needs to do this project’.”
Tan reckons it was a twist of fate that brought all three partners together in the deal. After all, MCC Singapore’s office at WCEGA Tower, a 30-storey light-industrial complex with a nine-storey plaza at Bukit Batok Crescent, was developed by Sin Soon Lee Group. Back in 2007, a group of Chinese investors had paid $300 million for the properties to house their businesses. Hence, the building was named “WCEGA”, the acronym for World Chinese Entrepreneurs General Association.
SSLE Development’s Chew says each of the joint-venture partners brought their own strengths to the table. “ZACD has managed numerous funds and is strong in financing and marketing,” he says. “On the other hand, MCC Singapore has opened our eyes to advanced construction techniques from mainland China.”
MCC Singapore is a subsidiary of Metallurgical Corporation of China, a Fortune 500 company listed in Hong Kong and Shanghai. MCC Singapore’s businesses include property development, management and construction. Notable construction projects undertaken by MCC include Universal Studios Singapore, Resorts World Sentosa, Keppel Distripark and Singapore Expo. MCC Singapore’s property development
arm, MCC Land’s recent property developments include mixed-use development, The Poiz Centre and Poiz Residences fronting Potong Pasir MRT station as well as Queens Peak Condominium located beside Queenstown MRT station, which is developed in collaboration with Hao Yuan Investment.
Upcoming developments by MCC Land are Provence Residences, a 413-unit executive condo at Canberra Link in Sembawang; and mixeduse development One Bernam, a 350-unit apartment tower with a commercial unit on the first level, in Tanjong Pagar in collaboration with Hao Yuan Investment. Incidentally, MCC Land emerged at the top of 15 bids for the government land sales (GLS) site at Tanah Merah Kechil Link, which closed on Oct 29.
Providing closure for former owners
Following the completion of the sale of the former Landmark Tower last year, the consortium organised a Christmas party followed by a Lunar New Year party at the start of 2020 for the former owners of the 139-unit development. “We wanted to provide a good closure for all the owners, many of whom have lived there for so many years,” says ZACD’s Sim.
The consortium even converted the penthouse of the former Landmark Tower on the 37th floor into a viewing gallery for business associates, investors and property agents. “The views from the penthouse just blew us away,” recounts Sim.
Now covered by debris netting in preparation for its demolition, the former Landmark Tower will soon make way for a new 39-storey tower with 396 units.
The new-generation Landmark
Aptly named “The Landmark”, the new tower is designed by Singapore’s oldest architectural firm, Swan & Maclaren Architects, and scheduled for completion by March 2025.
“The Landmark was conceived as a timeless residence, a prized heritage that can be passsed down from one generation to the next,” says Rebecca Chia, director of Swan & Maclaren and the lead architect for the project.
The tower was designed to integrate seamlessly with the adjacent Pearl’s Hill City Park with landscaped grounds on the first level, and greenery extending to the podium, the sky terraces and rooftop terrace, says Chia.
The new project will have a mix of one- to three-bedroom apartments. One-bedders, sized from 495 to 517 sq ft, make up 144 units (36%) of the development. Two-bedders account for 180 units (45%), with sizes from 678 to 784 sq ft. Three-bedders of 1,076 to 1,141 sq ft, make up the balance 72 units (18%). They come with private lift access.
All the units are designed with the flexibility to be reconfigured, says Swan & Maclaren’s Chia. “With homes becoming the default office brought about by the Covid-19 pandemic, homebuyers are increasingly seeking bigger units with a study, which they can use as a home office,” she comments. Hence, 36 units (half of the three-bedroom units) are designed with a study.
The layout of the units are very regular to optimise the flow of spaces, and maximise light and ventilation in the interiors, explains Chia.
Units are provided with full-height windows where possible to maximise enjoyment of the views, she adds. “All units enjoy either unobstructed city skyline views and Pearls Hill Park or views towards the Singapore River and surrounding estates.”
Balconies for the units act as an extension of the interiors and provide a functional “semi outdoor space”, she adds.
‘Almost Central Park’
Facilities in the project include a 50m infinity lap pool, a children’s waterpark and an aqua lounge on the second level. The 14th level is dedicated to facilities too and will house an outdoor fitness area, an air-conditioned gym and a jacuzzi aqua spa. On Level 34 is another facilities deck, which includes a sky lounge and bistro.
When completed, The Landmark will have a side gate that gives direct access to Pearl’s Hill City Park. “It’s like being in the city, yet also in a park,” says Sim.
The landscaping at The Landmark will incorporate similar species of plants as Pearl’s Hill City Park, which is built around a reser