BS Capital offers Hmlet@Lumiere portfolio for $93 mil

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/ EdgeProp Singapore
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March 22, 2019 12:30 PM SGT
On Friday morning, March 8, Raymond Ng, founder of property development firm BS Capital, paid an impromptu visit to Lumiere. He toured some of the newly furnished apartments on the top 12 floors of the 45-storey residential tower located on Mistri Road, just off Shenton Way in the CBD.
Co-living company Hmlet was putting the finishing touches on the units, with a feature wall of deep blue in the living room – a Hmlet signature – contemporary Scandinavian style furniture, home accessories from Ikea and potted plants to give the apartments a homely vibe.
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A one-bedroom unit at Hmlet@Lumiere featuring the signature feature wall in every Hmlet-branded apartment (Credit: Albert Chua/EdgeProp Singapore)
They were certainly a contrast to the stark white walls of the past, acknowledges Ng. “I always thought a co-living or serviced-apartment type concept will work,” he says.
Ng, whose BS Shenton Pte Ltd is the developer of Lumiere, owns all the 43 units which span the 34th to 45th storeys. He had been holding onto these units since the 168-unit residential tower was completed in 2010. Meanwhile, the units on the lower floors have already been sold over the years.
Conversion to co-living
Initially, he baulked when he was told that all the existing furniture in his units at Lumiere had to go. That was after Hmlet’s ground staff took possession of the units on Feb 15. “All the furniture was usable,” Ng says. “But Hmlet wanted them removed so they could bring in their own furniture. It would have cost $40,000 to get someone to take them away.”
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Ng: I always thought a co-living or serviced-apartment type concept will work for Lumiere (Credit: Albert Chua/EdgeProp Singapore)
Samuel Eyo, managing director of Lighthouse Property Consultants, came to the rescue by offering the furniture for free to friends who were property leasing agents.
Eyo had also introduced Ng to Hmlet co-founders Yoan Kamalski and Zenos Schmickrath in January. That coincided with the end of the master tenancy agreement that Ng had with his previous...