New Reporter
30-06-23, 10:43
SingHaiyi Group rolls out Grand Dunman, prepares launch of TMW Maxwell in 3Q2023
June 30, 2023
SingHaiyi Group will preview its 1,008-unit Grand Dunman condo on July 1, with the launch targeted for a fortnight later on July 15.
“Grand Dunman is the first and only launch of a mega development above 1,000 units this year,” says Mark Yip, CEO of Huttons Asia.
However, in the prime District 15 neighbourhood in the East, Grand Dunman will be the third project launch this year. The first was the 638-unit, 99-year leasehold Tembusu Grand by City Developments Ltd (CDL) and MCL Land. At the launch weekend in early April, 53% of the units were sold at an average price of $2,465 psf. Based on caveats lodged with URA Realis, 362 units (close to 57%) have been taken up.
At The Continuum, launched in early May, 229 units have been sold at an average price of $2,734 psf. The 816-unit, freehold condo is a redevelopment of houses along Thiam Siew Avenue by joint-venture partners Hoi Hup Realty and Sunway Group.
“We have the advantage of seeing the launch of The Continuum and Tembusu Grand,” says Raymond Chia, CEO of SingHaiyi Group. “We will have to gauge interest during the preview period before we decide on the price. But we will price the project sensitively so those looking for a home in the east will consider Grand Dunman.”
Chia, the current group CEO of Chip Eng Seng, assumed the role of SingHaiyi Group CEO on April 1. His appointment followed property developer SingHaiyi's delisting from the Singapore Exchange's main board on Jan 31, 2022, and Chip Eng Seng Corp’s on April 11, 2023. Both companies now share common shareholders — Celine Tang and her husband, tycoon Gordon Tang.
Being at the helm of both real estate companies, Chia intends to pool together departments such as human resource, administration and business development to achieve economies of scale. He adds that other departments, such as project management, will continue to run separately.
“There is no redundancy,” he says. “It’s more of an exchange of experience and knowledge.”
Chia further states: “We will keep them [the two companies] separate for now. The teams are busy with their respective projects.”
Joint ventures
Even before the Tangs privatised Chip Eng Seng, they bought over the founding Lim family’s 29.73% stake in the company for $201 million in October 2018. Celine Tang subsequently became the non-executive chairman of Chip Eng Seng.
That was when Chip Eng Seng and SingHaiyi began to join forces to bid for sites together. For instance, the former Maxwell House en bloc site was purchased for $276.8 million by a consortium of Chip Eng Seng, SingHaiyi and Chua Investments in May 2021.
In December 2021, Chip Eng Seng and SingHaiyi joined forces with listed companies KSH Holdings and SLB Development and construction company Ho Lee Group to purchase Peace Centre and Peace Mansion at 1 Sophia Road for $650 million. The price translates to $1,388 psf per plot ratio (psf ppr).
In April 2022, Chip Eng Seng and SingHaiyi acquired a 21% stake in 8 Shenton Way (formerly AXA Tower). The developer of the new mixed-use development is a joint venture between Alibaba Group and Perennial Holdings.
The new, 99-year leasehold, mixed-use development on the site will rise 305m above ground, making it the tallest skyscraper in Singapore. The project is designed by SOM (Skidmore Owings Merrill), the same architectural firm for the 64-storey Wallich Residence and Guoco Tower, currently the tallest tower in Singapore at 290m.
The 63-storey tower by Perennial Holdings and Alibaba is at the junction of Anson and Prince Edward Roads. It will contain 215 luxury apartments, including a super penthouse on the topmost floor. The luxury residences are called Skywaters Residences.
More at: https://www.edgeprop.sg/property-news/singhaiyi-group-rolls-out-grand-dunman-prepares-launch-tmw-maxwell-3q2023
June 30, 2023
SingHaiyi Group will preview its 1,008-unit Grand Dunman condo on July 1, with the launch targeted for a fortnight later on July 15.
“Grand Dunman is the first and only launch of a mega development above 1,000 units this year,” says Mark Yip, CEO of Huttons Asia.
However, in the prime District 15 neighbourhood in the East, Grand Dunman will be the third project launch this year. The first was the 638-unit, 99-year leasehold Tembusu Grand by City Developments Ltd (CDL) and MCL Land. At the launch weekend in early April, 53% of the units were sold at an average price of $2,465 psf. Based on caveats lodged with URA Realis, 362 units (close to 57%) have been taken up.
At The Continuum, launched in early May, 229 units have been sold at an average price of $2,734 psf. The 816-unit, freehold condo is a redevelopment of houses along Thiam Siew Avenue by joint-venture partners Hoi Hup Realty and Sunway Group.
“We have the advantage of seeing the launch of The Continuum and Tembusu Grand,” says Raymond Chia, CEO of SingHaiyi Group. “We will have to gauge interest during the preview period before we decide on the price. But we will price the project sensitively so those looking for a home in the east will consider Grand Dunman.”
Chia, the current group CEO of Chip Eng Seng, assumed the role of SingHaiyi Group CEO on April 1. His appointment followed property developer SingHaiyi's delisting from the Singapore Exchange's main board on Jan 31, 2022, and Chip Eng Seng Corp’s on April 11, 2023. Both companies now share common shareholders — Celine Tang and her husband, tycoon Gordon Tang.
Being at the helm of both real estate companies, Chia intends to pool together departments such as human resource, administration and business development to achieve economies of scale. He adds that other departments, such as project management, will continue to run separately.
“There is no redundancy,” he says. “It’s more of an exchange of experience and knowledge.”
Chia further states: “We will keep them [the two companies] separate for now. The teams are busy with their respective projects.”
Joint ventures
Even before the Tangs privatised Chip Eng Seng, they bought over the founding Lim family’s 29.73% stake in the company for $201 million in October 2018. Celine Tang subsequently became the non-executive chairman of Chip Eng Seng.
That was when Chip Eng Seng and SingHaiyi began to join forces to bid for sites together. For instance, the former Maxwell House en bloc site was purchased for $276.8 million by a consortium of Chip Eng Seng, SingHaiyi and Chua Investments in May 2021.
In December 2021, Chip Eng Seng and SingHaiyi joined forces with listed companies KSH Holdings and SLB Development and construction company Ho Lee Group to purchase Peace Centre and Peace Mansion at 1 Sophia Road for $650 million. The price translates to $1,388 psf per plot ratio (psf ppr).
In April 2022, Chip Eng Seng and SingHaiyi acquired a 21% stake in 8 Shenton Way (formerly AXA Tower). The developer of the new mixed-use development is a joint venture between Alibaba Group and Perennial Holdings.
The new, 99-year leasehold, mixed-use development on the site will rise 305m above ground, making it the tallest skyscraper in Singapore. The project is designed by SOM (Skidmore Owings Merrill), the same architectural firm for the 64-storey Wallich Residence and Guoco Tower, currently the tallest tower in Singapore at 290m.
The 63-storey tower by Perennial Holdings and Alibaba is at the junction of Anson and Prince Edward Roads. It will contain 215 luxury apartments, including a super penthouse on the topmost floor. The luxury residences are called Skywaters Residences.
More at: https://www.edgeprop.sg/property-news/singhaiyi-group-rolls-out-grand-dunman-prepares-launch-tmw-maxwell-3q2023