SDB remains upbeat on One Draycott and Jui Residences

By
/ EdgeProp Singapore
|
June 29, 2019 10:00 AM SGT
SDB Asia, the Singapore property arm of Malaysian-listed Selangor Dredging Bhd, launched two projects last year: the luxury, 64-unit One Draycott at 1 Draycott Park in June, followed by the 117-unit Jui Residences on Serangoon Road in September.
Based on caveats lodged with URA Realis to date, three units have been sold at One Draycott at an average price of $3,042 psf. Meanwhile, at Jui Residences, 53 units or 45.3% of the project has been sold to date, with an average transacted price of $1,713 psf.
Since the property cooling measures introduced last July, sales have slowed, concedes Teh Lip Kim, group managing director of SDB, in a phone interview with EdgeProp Singapore. “But we are prepared to hold out and continue with the construction of our projects,” she adds.
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SDB's One Draycott, a 64-unit luxury project, comprising 60 two-bedroom units of 732 and 797 sq ft, and four penthouses with sizes of 1,238 and 1,345 sq ft (Credit: SDB)

‘Few competing projects’

Teh’s confidence in One Draycott stems from its location in the exclusive Ardmore Park, Draycott Park-Draycott Drive and Claymore Hill enclave in prime District 10. She notes that there are few competing projects in the area. As such, Teh is holding onto the selling prices of One Draycott, which she says are at “about $3,500 psf”.
There are 60 typical units, all two-bedroom configurations, with sizes of 732 sq ft and 797 sq ft. On the top floor, which is the 18th floor at One Draycott, are four penthouses, also two-bedroom units, with double-volume ceiling and sizes of 1,238 sq ft and 1,345 sq ft.
One of the 1,345 sq ft penthouses has been sold for just under $3.5 million (S2,600 psf) and it marked the first sale in the development when it was launched in June last year.
Unlike One Draycott, many of the new luxury projects in the posh Draycott Park-Ardmore Park enclave feature sizeable units, predominantly four-bedroom apartments. For instance, at the 43-unit Le Nouvel Ardmore by developer Wing Tai Holdings, four-bedroom units start from 3,789 sq ft, with prices upward of $15 million.
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The latest transaction at Le Nouvel Ardmore, a freehold development completed in 2014, was for a 4,058 sq ft, four-bedroom unit, which was sold for a prosperous-sounding $16.888 million ($4,162 psf) in May this year. Meanwhile, the 13,575 sq ft, triplex super penthouse at Le Nouvel Ardmore fetched $51 million ($3,757 psf) in April 2015.
Another luxury development in the area is the 34-unit Sculptura Ardmore by SC Global Developments. The super penthouse of 10,300 sq ft at Sculptura Ardmore was sold for over $60 million or $6,000 psf two years ago. The only caveat lodged to date for the development was for a 2,982 sq ft, four-bedroom unit that was sold for $12.4 million ($4,171 psf) in October 2017.
Both Sculptura Ardmore and Le Nouvel Ardmore were completed in 2014.
Teh: I feel that British architects are good when it comes to spatial planning and making small spaces look big. (Credit: SDB)

New, ultra-luxury offering

Located opposite One Draycott is an upcoming “ultra-luxury project”, named Eden, by Hong Kong-based developer Swire Properties.
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Located at 2 Draycott Park, Eden is designed by renowned British architect Thomas Heatherwick. The development is scheduled to be completed in 4Q2019, and it contains just 20 units, each spanning an entire floor of more than 3,000 sq ft.
Eden is a redevelopment of the former Hampton Court, which Swire Properties purchased in December 2012 for $375.5 million or $2,526 psf per plot ratio (ppr). It was considered a record price for an en bloc purchase in terms of price psf ppr, beating the record set by the former Westwood Apartments on Orchard Boulevard, which was sold for $435 million or $2,525 psf ppr to Malaysian developer YTL Group in November 2007. However, a new record price psf ppr was set in the en bloc market in June last year, when Hong Kong-listed Shun Tak Holdings paid $375.5 million ($2,910 psf ppr) for the former Park House on Orchard Boulevard.
Meanwhile, SDB paid $72 million for the former apartment block at 1 Draycott Park in June 2017. The price for the 17,442 sq ft, freehold site was $1,787 psf ppr, inclusive of development charge. The former apartment block at 1 Draycott Park was only seven storeys tall with eight apartments.
SDB chose London-based architectural firm CarverHaggard Architects as well as British artists and designers Anna and David Hiscock to collaborate on the design of One Draycott. “We have worked with [CarverHaggard Architects] on other projects in the past,” says Teh. “I feel that British architects are good when it comes to spatial planning and making small spaces look big.”
The landmark building has been conserved as it bears the hallmarks of Bauhaus and Miami Art Deco styles from the 1950s. These elements were the inspiration for the new 18-storey residential block at Juir Residences located behind the conserved building (Credit: SDB)

Conservation of a landmark building

CarverHaggard Architects is not just the design architect for One Draycott, but Jui Residences as well. The 117-unit development on Serangoon Road sits on a 31,705 sq ft, freehold site which SDB purchased for $47 million in December 2016.
On the site is a two-storey building formerly owned by National Aerated Water Company, where soft drinks such as Sinalco, Royal Crown Cola, Green Spot and Kickapoo Joy Juice were manufactured, bottled and distributed.
The landmark building has been conserved as it bears the hallmarks of Bauhaus and Miami Art Deco styles from the 1950s. These elements were the inspiration for the new 18-storey residential block located behind the conserved building.
“We try to bring in different aspects of the Art Deco style into the new residential development, such as the archways and the vertical flutes on the façade,” says Teh.
SDB also specially commissioned renowned landscape designer and sculptor, Colin K Okashimo, for the landscape design of Jui Residences. For instance, Okashimo is creating a series of sculptural works named “Sinalco to Kickapoo” on the fifth-level landscaped deck. The former petrol pump on the site has also been retained and is one of the features of the landscaped deck.
Jui Residences is located near two MRT stations, namely Potong Pasir and Boon Keng on the North-East Line. The development also fronts Kallang River, and has a freehold tenure. The project has a mix of one- to three-bedroom units with sizes ranging from 431 to 1,001 sq ft. According to Teh, the buyers are mainly young professionals in the 30-45 age group who are either buying for their own use or for investment.

Freehold sites

Since venturing into property development in 2004, SDB has developed 14 projects in Malaysia. Its first foray in Singapore was over a decade ago, with the launch of Jia at Wilkie Road in June 2008. One Draycott and Jui Residences mark the developer’s sixth and seventh respective projects in Singapore to date.
Its five earlier completed developments are: the 22-unit Jia at Wilkie Road in Mount Sophia (completed in 2012); the 110-unit Gilstead Two (completed in 2014); the 41-unit Hijauan on Cavenagh (completed in 2015); the 104-unit Okio Residences along Balestier Road (completed in 2015); and the 148-unit The Village at Pasir Panjang (completed in 2016).
“We only look at sites that are freehold,” says Teh. “For now, we need to get in certain sales figures for these two projects before we look at other sites.”