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Herman and Joan Chang, father-and-daughter team at niche property developer Macly Group, intend to launch a new brand that meets the needs and aspirations of younger home buyers.
Macly Group's new residential brand targets young home buyers who aspire towards a certain lifestyle (Pictures: Macly Group)
Herman Chang, founder and managing director of niche property developer Macly Group, believes that as a businessman, it is important to “respond to, and capture opportunities”. From January to May 2018, Macly Group made three en bloc purchases totalling over $128 million.
The first purchase in January 2018 was a stretch of nine single-storey shophouses located at Lorong K, Telok Kurau Road, for $35.5 million. It was launched a month later as FiveNine, an exclusive, 15-unit, five-storey boutique condo development.
All the units are three-bedders, with typical sizes of 1,055 sq ft each. By end-March 2018, the project was 100% sold, at prices ranging from $1.56 million to $1.87 million apiece or at an average price of $1,509 psf. FiveNine is a freehold project located in prime District 15 in the East.
FiveNine, an exclusive, 15-unit, five-storey boutique condo development by Macly Group
In February 2018, Macly Group purchased Riviera Point along Kim Yam Road for $72 million. The new development will be called The Iviera: “We just dropped the ‘R’ in front of ‘Riviera’ ”, quips Chang.
He intends to offer what he calls “the perfect layout” for the units at The Iviera: three-bedroom apartments with sizes ranging from 900 to 1,000 sq ft. The project, located at the corner of Kim Yam Road and River Valley Road, is also within the prime District 9 locale. There will only be 51 units in the boutique development which sits on a freehold site of 14,579 sq ft.
The sale price for the former Riviera Point translates to a land rate of $1,461 psf per plot ratio (psf ppr). “I believe we have a price advantage as we bought the site for about...