Logan Property bets big with Stirling Residences

/ EdgeProp
June 29, 2018 12:30 PM SGT
The first level for residential units at Stirling Residences has been raised 15m above street level (Credit: Samuel Isaac Chua/The Edge Singapore)
The preview of Stirling Residences will be held on the weekend of June 30. The 1,259-unit private condominium is the maiden Singapore residential project by Hong Kong-listed, Shenzhen-headquartered property developer Logan Property Holdings Co.
Stirling Residences is a 51:49 joint-venture project between Logan Property and Chinese developer Nanshan Group. For Nanshan Group, Stirling Residences will be its second residential project in Singapore. Its first was the 288-unit Thomson Impressions, located on Sim Ming Avenue, off Thomson Road. Launched in November 2015, the private residential project is fully sold except for two strata houses. It is expected to obtain its Temporary Occupation Permit in July. Logan Property and Nanshan Group won the 99-year leasehold, 227,220 sq ft site on Stirling Road, located off Commonwealth Avenue, with a top bid of $1.003 billion, which translates into $1,051 psf per plot ratio (ppr). It beat 17 other bidders in May last year, winning the first fully residential site that crossed the billion- dollar mark.
The bid price was considered high even in psf ppr terms until it was surpassed two months later by a consortium led by Singapore- listed construction group Chip Eng Seng Corp, which won the Woodleigh Lane residential site 12 months ago with a bid of $700.7 million, or $1,100 psf ppr. The site will be developed into the 805-unit Park Colonial, which will also hold its preview on June 30.
Location and scale
The rainforest trail within Stirling Residences (Credit: Logan Property)
“It’s all about location,” says Chng Chee Beow, executive director of Logan Property (Singapore). “Stirling Residences is just a three-minute walk to the Queenstown MRT station; it has three towers of 38 to 40 storeys, which means units from the 20th floor will have a view of the city skyline or the sea.”
Chng, who joined the firm in January, heads the Singapore team at Logan...