ZACD reinvents itself, prepares for launch of The Landmark

SINGAPORE (EDGEPROP) - The Landmark, an upcoming 396-unit, high-rise condominium tower, is scheduled to launch sometime in 1Q2020, says Darren Chew, COO of ZACD Group. The project is on the site of the former Landmark Tower on Chin Swee Road, which ZACD and its joint-venture partners purchased en bloc for $286 million in May last year.
ZACD’s joint-venture partners in the project are Singapore-based MCC Land, the real estate development arm of Chinese state-owned enterprise MCC Group; and SSLE Development, an investment vehicle of the Lim family-controlled construction company, Sin Soon Lee, and its property development arm, Elitist Development.
ZACD and its various funds, together with SSLE Development, own a 70% stake in the joint-venture development company, Landmark JV, with MCC Land taking up the remaining 30% stake.
The existing Landmark Tower which will be torn down and redeveloped into the new 396-unit The Landmark (Photo: Samuel Isaac Chua/EdgeProp Singapore)

Lead developer, major stakeholder

The Landmark is the first residential development project where ZACD is the majority stakeholder, says Chew.
“In the past, we were happy with a minority stake and being just an investor in a development,” he explains. ZACD has historically taken stakes ranging from 5% to 20% in suburban residential projects of contractors-turned-property developers, primarily Qingjian Realty as well as Capital Development and Wee Hur Holdings.
Qingjian Realty’s residential development projects that ZACD has invested in, typically through a fund structure, range from Riverparc Residence, its first investment in an executive condo (EC) in Punggol in 2010; to more recent projects such as iNZ Residence EC in Choa Chu Kang; Le Quest mixed-use commercial development in Bukit Batok; and JadeScape private condominium in the Marymount-Thomson Road area.
Other minority stakes in residential developments include Wee Hur Holdings’ Parc Centros in Punggol, as well as Capital Development’s Flo Residences in Punggol and Vue 7 Residences in Pasir Ris.
Chew: We’re a hybrid of all these businesses – property development, fund management, asset management, property investment and property management (Photo: ZACD Group)

‘Hybrid’

Over the past three years, the group has re-fashioned itself into...