SingHaiyi Group rolls out Grand Dunman, prepares launch of TMW Maxwell in 3Q2023
By Cecilia Chow
/ EdgeProp Singapore |
SINGAPORE (EDGEPROP) - SingHaiyi Group will preview its 1,008-unit Grand Dunman condo on July 1, with the launch targeted for a fortnight later on July 15.
“Grand Dunman is the first and only launch of a mega development above 1,000 units this year,” says Mark Yip, CEO of Huttons Asia.
However, in the prime District 15 neighbourhood in the East, Grand Dunman will be the third project launch this year. The first was the 638-unit, 99-year leasehold Tembusu Grand by City Developments Ltd (CDL) and MCL Land. At the launch weekend in early April, 53% of the units were sold at an average price of $2,465 psf. Based on caveats lodged with URA Realis, 362 units (close to 57%) have been taken up.
At The Continuum, launched in early May, 229 units have been sold at an average price of $2,734 psf. The 816-unit, freehold condo is a redevelopment of houses along Thiam Siew Avenue by joint-venture partners Hoi Hup Realty and Sunway Group.
Chia: We will keep them [Chip Eng Seng and SingHaiyi] separate for now. The teams are busy with their respective projects (Photo: Samuel Isaac Chua/EdgeProp Singapore)
“We have the advantage of seeing the launch of The Continuum and Tembusu Grand,” says Raymond Chia, CEO of SingHaiyi Group. “We will have to gauge interest during the preview period before we decide on the price. But we will price the project sensitively so those looking for a home in the east will consider Grand Dunman.”
Chia, the current group CEO of Chip Eng Seng, assumed the role of SingHaiyi Group CEO on April 1. His appointment followed property developer SingHaiyi's delisting from the Singapore Exchange's main board on Jan 31, 2022, and Chip Eng Seng Corp’s on April 11, 2023. Both companies now share common shareholders — Celine Tang and her husband, tycoon Gordon Tang.
Being at the helm of both real estate companies, Chia intends to pool together departments such as human resource, administration and business development to achieve economies of scale. He adds that other departments, such as project management, will continue to run separately.
“There is no redundancy,” he says. “It’s more of an exchange of experience and knowledge.”
Chia further states: “We will keep them [the two companies] separate for now. The teams are busy with their respective projects.”
In April 2022, Chip Eng Seng and SingHaiyi acquired a 21% stake in 8 Shenton Way (formerly AXA Tower) and the future Skywaters Residences [Picture: SOM]
Joint ventures
Even before the Tangs privatised Chip Eng Seng, they bought over the founding Lim family’s 29.73% stake in the company for $201 million in October 2018. Celine Tang subsequently became the non-executive chairman of Chip Eng Seng.
That was when Chip Eng Seng and SingHaiyi began to join forces to bid for sites together. For instance, the former Maxwell House en bloc site was purchased for $276.8 million by a consortium of Chip Eng Seng, SingHaiyi and Chua Investments in May 2021. (See potential condos with en bloc calculator)
In December 2021, Chip Eng Seng and SingHaiyi joined forces with listed companies KSH Holdings and SLB Development and construction company Ho Lee Group to purchase Peace Centre and Peace Mansion at 1 Sophia Road for $650 million. The price translates to $1,388 psf per plot ratio (psf ppr).
In April 2022, Chip Eng Seng and SingHaiyi acquired a 21% stake in 8 Shenton Way (formerly AXA Tower). The developer of the new mixed-use development is a joint venture between Alibaba Group and Perennial Holdings.
The new, 99-year leasehold, mixed-use development on the site will rise 305m above ground, making it the tallest skyscraper in Singapore. The project is designed by SOM (Skidmore Owings Merrill), the same architectural firm for the 64-storey Wallich Residence and Guoco Tower, currently the tallest tower in Singapore at 290m.
The 63-storey tower by Perennial Holdings and Alibaba is at the junction of Anson and Prince Edward Roads. It will contain 215 luxury apartments, including a super penthouse on the topmost floor. The luxury residences are called Skywaters Residences.
The future TMW Maxwell is a redevelopment of Maxwell House and is located within walking distance of the Maxwell MRT station on the Thomson-East Coast Line (Photo: Samuel Isaac Chua/EdgeProp Singapore)
‘Transformer apartments’
The 99-year leasehold Maxwell House in Tanjong Pagar will be redeveloped into TMW Maxwell. The new project is a 20-storey block with a three-storey podium and 11 commercial units. On the upper floors will be 324 residential units. TMW Maxwell is targeted for launch sometime in 3Q2023.
“The positioning of our TMW Maxwell project is very different from Skywaters Residences,” says Chia. “Given its location next to the rows of conservation shophouses along Tanjong Pagar Road, we will focus on the area’s lifestyle.”
Nearby is Maxwell Food Centre, the eateries, bars and clubs in the Tanjong Pagar, Ann Siang and Chinatown areas. “The units will be designed as transformer apartments with the flexibility of multiple uses,” says Chia. “In the daytime, the furniture will be for work. In the evening, you can transform it into a place to entertain friends, and then at night, the unit will be turned into your bedroom.”
Grand Dunman sits on a 271,622 sq ft, 99-year leasehold site along Dunman Road in prime District 15 in the east (Source: EdgeProp Landlens)
Solo bid
At the Grand Dunman site, SingHaiyi submitted the highest of just two bids for the 271,622 sq ft, 99-year leasehold site in a Government Land Sales tender that closed in June 2022.
SingHaiyi’s bid was $1.284 billion ($1,350 psf ppr), 20.3% above the $1.067 billion ($1,122 psf ppr) submitted by CDL, Hong Leong Group and TID.
The project will have a total of seven residential blocks of 18 storeys. The units range from one-bedroom units of 420 sq ft to six-bedroom and dual-key units. “We can cater to a whole spectrum of investors and owner-occupiers,” says Gary Lim, SingHaiyi Group’s senior director of sales and marketing.
There are also five strata-titled commercial units on the first level of Grand Dunman, which SingHaiyi intends to hold to control the tenant mix. (Find Singapore commercial properties with our commercial directory)
All the units at Grand Dunman will be north-south facing. Those fronting Dunman Road will have views of the swimming pools and landscaping. Those facing south will overlook the landed estate of Mountbatten Road and Meyer Road to the sea beyond, says SingHaiyi’s Lim. He adds that the Dakota MRT Station is a two-minute walk from Grand Dunman.
According to Huttons’ Yip, the CBD and Sports Hub are just minutes away by train or car. Grand Dunman is also within 1km of popular schools like Kong Hwa Primary School and Tanjong Katong Primary School.
The Grand Dunman site (right) is just a two-minute-walk to the Dakota MRT station on the Circle Line (Photo: Samuel Isaac Chua/EdgeProp Singapore)
Proximity to MRT station, schools
Given the land cost of $1,350 psf ppr for Grand Dunman, Ismail Gafoor, CEO of PropNex, reckons SingHaiyi will likely price the project “very close to or slightly higher than Tembusu Grand”.
About half the units at Grand Dunman are one- and two-bedroom units, and should appeal to home buyers and investors who had missed out on the smaller units at Tembusu Grand, notes Gafoor. One-bedroom units start from 452 sq ft with two-bedroom units from 667 sq ft. Three-bedrooms are upward of 980 sq ft. There are also 34 two-bedroom dual-key units of 721 and 775 sq ft and 36-three-bedroom dual-key units of 1,044 and 1,055 sq ft.
According to Eugene Lim, ERA Realty Network’s key executive officer, Grand Dunman’s proximity to the Dakota MRT Station sets it apart from the other two condo projects. “As such, we may not see market saturation in District 15 at all,” he says. “We expect swift demand for the two-bedroom units as they tend to be sought-after by many buyers.”
ERA’s Lim adds that properties within walking distance of MRT stations are highly desired due to their convenience and accessibility. “Grand Dunman is expected to attract a mix of investors, owner-occupiers and HDB upgraders,” he adds. (Find HDB flats for rent or sale with our Singapore HDB directory)
“The million-dollar HDB resale flats sold in Geylang estate in 1H2023, based on HDB’s classifications, were located within the Dakota precinct,” Lim observes. “This is good news for HDB homeowners considering upgrading to private condos within the same locality.”
Units at Grand Dunman are north-south facing, with those fronting Dunman Road with pool views, while those facing south looking at the private landed housing estate of Mountbatten Road and Meyer Road as well as the sea (Photo: Samuel Isaac Chua/EdgeProp Singapore)
‘Rare plot’
Grand Dunman’s site is a rare plot, notes Ken Low, SRI managing partner. “The only two condos in the vicinity are Waterbank and Dakota Residences,” he says. The 616-unit Waterbank at Dakota was launched in 2010 and entirely sold and completed by 2013.
Units at Waterbank enjoy high rental yields given its city-fringe location and proximity to Dakota MRT Station, says SRI’s Low. He sees Grand Dunman enjoying similar attributes.
Within Grand Dunman are two tiers of units. There is a gold block with 100 units, comprising large three- to five-bedroom units. Three-bedroom units in this block start from 1,475 sq ft, four-bedroom units from 1,787 sq ft, and five-bedroom units from 2,131 sq ft.
There are just 10 penthouses in the entire development: Five-bedroom penthouses range from 2,336 to 2,756 sq ft; while six-bedroom penthouses are from 3,057 to 3,068 sq ft.
Grand Dunman aims to achieve a Green Mark Platinum Super Low Energy rating. About 65% of the development uses prefabricated prefinished volumetric construction. The developer is installing solar panels on the rooftops, providing ceiling fans in the living room of all the units, and double-glazed windows for west-facing units.
Given its energy efficiency, SingHaiyi is providing Samsung refrigerators for all units at Grand Dunman. Units will also be provided with Gessi taps and showers in the bathrooms and Kohler sanitaryware, given the latter’s commitment to sustainable practices in its production process.
Chip Eng Seng, together with KSH Holdings and SingHaiyi, jointly acquired Park View Mansions on Yuan Ching Road in July 2022 for $260 million ($1,023 psf ppr) [Photo: Albert Chua/EdgeProp Singapore]
Upcoming launches
A month after SingHaiyi acquired the Grand Dunman site, Chip Eng Seng, together with KSH Holdings and SingHaiyi, jointly acquired Park View Mansions on Yuan Ching Road in July 2022 for $260 million ($1,023 psf ppr). The 99-year leasehold condo site overlooks Lakeside Gardens in Jurong.
Two months earlier, in May 2022, Wing Tai Holdings purchased Lakeside Apartments in Jurong for $273.9 million ($1,250 to 1,260 psf ppr).
On a psf ppr basis, Chia reckons, the Chip Eng Seng consortium’s land price is about 20% lower. Hence, he is targeting to launch the redevelopment of the former Park View Mansions sometime at the end of this year or in 1Q2024.
Check out the latest listings near Maxwell House, Tembusu Grand, The Continuum, Wallich Residence, Guoco Tower, Skywaters Residences, Waterbank at Dakota, Maxwell Food Centre, Park View Mansion, Lakeside Apartments, Dunman Road, Sophia Road, Thiam Siew Avenue, Dakota MRT Station, Kong Hwa Primary School, Tanjong Katong Primary School
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