SingHaiyi Group launches Grand Dunman and plans to launch TMW Maxwell in 3Q2023

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Read more: Three freehold shophouses on Jalan Besar are for sale for $30 million

Three freehold shophouses on Jalan Besar are for sale for $30 million

SingHaiyi Group will preview its 1,008-unit Grand Dunman condo on July 1st, and the official launch date is one week later the 15th of July.

“Grand Dunman was the very first mega-development that exceeds 1,000 units this year” declares Mark Yip, CEO of Huttons Asia.

In the district 15 area, which is the most desirable located in the East, Grand Dunman will be the third launch of a project in the year. First was the 6-unit 99-year leasehold Tembusu Grand by City Developments Ltd (CDL) and MCL Land. The weekend of the opening in April 54% of units sold for an average of $2,465 per square foot. Based on caveats that were lodged by URA Realis, 362 units (close to 57%) have been snapped up.

In the Continuum The Continuum, which was launched in the beginning of May 229 units have already been sold for an average of $2,734 per square foot. The freehold, 816-unit condo is a renovation of homes on Thiam Siew Avenue by joint venture owners Hoi Hup Realty and Sunway Group.

“We are fortunate to be having the opportunity to see the debut of The Continuum and Tembusu Grand,” says Raymond Chia the director of SingHaiyi Group. “We will need to determine interest in the preview period before deciding regarding the pricing. We will however price the project with care so that those who are looking for a place in the east can be able to consider Grand Dunman.”

Chia Chia, who is currently the chief executive officer of the Chip Eng Seng Chia, who is the Chip Eng Seng Group CEO, took over the position as SingHaiyi Group CEO on April 1st. His appointment came after property developer SingHaiyi’s withdrawal from Singapore Exchange’s principal board on January 31, 2022. He also delisted from the delisting of Chip Eng Seng Corporation removal on April 11 2023. Both companies have common shareholders — Celine Tang, her spouse Gordon the tycoon Gordon Tang.

Chia is the chief executive in both of the firms, Chia intends to pool departments like administration, human resource and business development in order to create efficiency gains. Chia says that the other departments, like project management are still operating independently.

“There is no redundant,” he says. “It’s more about the exchange of knowledge and experience.”

Chia adds: “We will keep them separated for the time being. The teams are busy working on their own projects.”

Joint ventures
Before the Tangs privatized Chip Eng Seng, they acquired the Lim family’s 29.73% stake in the company for $201 million on October 2018. Celine Tang was then appointed the chairman non-executive for Chip Eng Sing.

This was the time that Chip Eng Seng and SingHaiyi began to unite to offer bids on sites together. For example, the former Maxwell House en block site was acquired at $276.8 million from a group of Chip Eng Seng, SingHaiyi and Chua Investments in May 2021.

On December 20, 2021 Chip Eng Seng and SingHaiyi joined together with the listed firms KSH Holdings and SLB Development and construction company Ho Lee Group to purchase Peace Centre and Peace Mansion located at 1. Sophia Road for $650 million. The price is equivalent to $1,388 psf for each plot ratio (psf ppr).

The acquisition took place in April of 2022. Chip Eng Seng and SingHaiyi bought 21% stake in 8 Shenton Way (formerly AXA Tower). It is the developer of the mixed-use project is part of a joint venture with Alibaba Group and Perennial Holdings.

The brand new 99-year leasehold, mixed-use project situated on the site will rise to 305m above the ground, making it the highest skyscraper in Singapore. The project was designed in collaboration with SOM (Skidmore Owings Merrill) which is the same architecture firm behind Guoco Tower, which is 64 stories tall. Wallich Residence as well as the Guoco Tower, which is currently the highest tower located in Singapore in terms of 290 m.

The 63-story tower of Perennial Holdings and Alibaba is situated at the junction between Anson as well as Prince Edward Roads. It will house 215 luxurious residences, including a super penthouse located on the highest floor. The luxurious residences are referred to as Skywaters Residences.

‘Transformer apartments’
The leasehold of 99 years Maxwell House in Tanjong Pagar will be transformed as TMW Maxwell. The new development is 20 stories high and includes a three-storey podium as well as eleven commercial buildings. The upper floors will be 324 homes. TMW Maxwell is targeted for launch in the 3rd quarter of 2023.

“The location for our TMW Maxwell project is very different from Skywaters Residences,” says Chia. “Given the location of TMW Maxwell close to the rows of shophouses that are conservation-friendly on Tanjong Pagar Road, we will concentrate on the local lifestyle.”

Close by are Maxwell Food Centre which houses bars, restaurants and clubs located in Chinatown, Ann Siang and Tanjong Pagar, Ann Siang and Chinatown regions. “The units will be constructed as transformer homes with the ability to be used for many usages,” says Chia. “In the daytime the furniture is used for working. Later in the evening it can be transformed into a venue to entertain your guests. At night, it can become the bedroom of your dreams.”

Solo bid
In at the Grand Dunman site, SingHaiyi offered the highest of 2 bids to secure the 27,622 sq. ft 99-year leasehold site in the Government Land Sales tender that was closed on June 20, 2022.

SingHaiyi’s offer for the deal was $1.284 billion ($1,350 PSF price per share), 20.3% above the $1.067 billion ($1,122 per psf) offered through CDL, Hong Leong Group and TID.

The development will comprise seven residential blocks that are 18 stories. The apartments vary from one-bedroom units with 442 sq ft up to six-bedroom, dual-key units. “We are able to serve an array of owners and investors,” says Gary Lim SingHaiyi’s senior director of marketing and sales.

Additionally, there are 5 strata-titled commercial buildings situated on the first floor in Grand Dunman, which SingHaiyi plans to keep to manage the mix of tenants.

The units in Grand Dunman will be north-south facing. These facing Dunman Road will have views of the swimming pools as well as landscaping. The ones facing south will have views of the estate that is a landed property which is located on Mountbatten Road and Meyer Road towards the ocean beyond, according to SingHaiyi’s Lim. He also says to the Dakota MRT Station is a two-minute walk from Grand Dunman.

According to Huttons”Yip,” according to Huttons’ Yip, the CBD as well as the Sports Hub are just minutes away via train or automobile. Grand Dunman is also within 1km of schools that are popular, such as Kong Hwa Primary School and Tanjong Katong Primary School.

Nearby MRT station and schools
With the cost of land at $1,350 per square foot per acre to Grand Dunman, Ismail Gafoor the PropNex’s CEO, PropNex believes that SingHaiyi will probably cost the project “very similar to or slightly more in comparison to Tembusu Grand”.

Nearly half of the units located at Grand Dunman are one- or two-bedroom homes, which will appeal to buyers and investors who not had the opportunity to purchase the smaller units in Tembusu Grand, notes Gafoor. One-bedroom units start at 452 square feet, while two-bedroom units starting at 667 sq feet. Three-bedrooms can be as large as 980 sq feet. There are 34 dual-key two-bedroom units of 721 sq ft and 775 sq ft and 36 three-bedroom dual-key units that range between 1,044 and 1,055 sq feet.

As per Eugene Lim, ERA Realty Network’s chief executive officer Grand Dunman’s location near its proximity to the Dakota MRT Station sets it distinct from the two other condo developments. “As this is the case, we may not be seeing a market saturation in District 15 even a bit,” he says. “We expect a high demand for two-bedroom apartments since they’re desired by many buyers.”

The ERA’s Lim says that properties located within walking distance of MRT stations are highly sought-after because of their ease of use and accessibility. “Grand Dunman is likely to draw a mix of homeowners, investors as well as HDB upgrades,” he adds.

“The million-dollar HDB flats that were resold in the Geylang estate during 1H2023, as per HDB’s classifications were inside the Dakota precinct” Lim observes. “This is a good thing for HDB homeowners who are considering moving to private condominiums in the same neighborhood.”

‘Rare plot’
The Grand Dunman site is a unique plot It is an extremely rare plot, according to Ken Low, SRI managing partner. “The two condos that are available in the area include Waterbank in addition to Dakota Residences,” he declares. Waterbank at Dakota, which has 616 units Waterbank in Dakota was opened in 2010, and was sold and completed by 2013.

The apartments at Waterbank have high rental yields due to its location in the city’s fringe and its close proximity the Dakota MRT Station, says Low of SRI. He anticipates Grand Dunman enjoying similar attributes.

Inside Grand Dunman are two tiers of units. There is a gold-colored block with 100 units that are comprised of large three- to five-bedroom apartments. Three-bedroom units within this block start at 1,475 sq ft, four bedroom units start at 1,787 sq ft and five-bedroom units starting at 2,131 sq feet.

There are only 10 penthouses within the entire development. Five-bedroom penthouses span from 2,336 to 2,756 square feet, while six-bedroom penthouses vary from 3,057 up to 3,068 sq ft.

Grand Dunman aims to achieve an Green Mark Platinum Super Low Energy rating. The development is estimated to use 65% of the project uses prefabricated volumetric construction that is prefinished and prefabricated. Its developer will install solar panels onto the roofs and fan-like ceilings in the living areas of each unit and double-glazed windows in west-facing units.

Due to its efficiency in energy use, SingHaiyi is providing Samsung refrigerators to all units at Grand Dunman. They will also provide units with Gessi showers and taps in the bathrooms as well as Kohler toiletries, due to their commitment to environmentally sustainable methods in its manufacturing process.

Upcoming launches
One month after SingHaiyi bought its Grand Dunman site, Chip Eng Seng together alongside KSH Holdings and SingHaiyi, jointly purchased Park View Mansions located on Yuan Ching Road in July 2022 for $260 million ($1,023 psf per ppr). The 99-year leasehold condominium site is located on Lakeside Gardens in Jurong.

A month earlier, in the month of May 2022 Wing Tai Holdings purchased Lakeside Apartments in Jurong for $273.9 million ($1,250 to 1,260 psf per ppr).

On a basis of psf’s ppr, Chia reckons, the Chip Eng Seng consortium’s land price is 20% less. Therefore, Chia plans to begin the redevelopment of the old Park View Mansions sometime at the close of the year or during 1Q2024.