Real estate dealmaker Steven Ming gives up corporate world to be an entrepreneur

/ EdgeProp
March 13, 2018 8:00 AM SGT
On March 2, Savills announced that Marcus Loo had been appointed the new managing director of Savills Singapore with immediate effect. Former managing director Steven Ming had relinquished his position in January, but is staying on over the next few months as consultant to Savills.
Ming had been with Savills Singapore for 14 years. His decision to leave the corporate world was two years in the making, he says. “I want to pursue other interests in the real estate industry, including real estate management and PropTech, with several business partners who are also experienced real estate practitioners.”
One of the projects Ming is still involved in at Savills is the recent launch of a residential development site for sale. Located at 27 Moulmein Rise, the 21,742 sq ft freehold site is on the market together with an adjacent small plot, which brings the total land area to 22,198 sq ft. The site at 27 Moulmein Rise was the former Grand Tower, a 28-unit development that was sold en bloc to 27MR, a wholly-owned subsidiary of boutique developer New Century Real Estate, in August 2011.
Ming is marketing the site at 27 Moulmein Rise for a second time, after selling the former Grand Tower en bloc in 2011
(Image source: Steven Ming)
The purchase price for Grand Tower was $88.5 million ($1,376 psf per plot ratio) then. However, after demolishing the building, 27MR did not redevelop the site. Hence, it is once again on the market. Savills’ Ming, who brokered the deal seven years ago, is now marketing it a second time. Under the 2014 Master Plan, the site at 27 Moulmein Rise is zoned for residential use and has a plot ratio of 2.8. The site can therefore be developed into a new, 20-storey residential tower with 63 units and shared facilities.
One of the recent deals Ming brokered is the sale of portfolios of retail properties in late 2016. These were the sale of three floors at Heartland Mall in Kovan and two strata retail units in Havelock II to property and construction group Master Contract Services for $250...