Before he came to Singapore in 2017, James Puddle was based in London, where he spent close to 12 years marketing UK residential property to investors in Southeast Asia and the Middle East. He worked at two of the UK’s most well-known real estate firms, Hamptons International and Strutt & Parker. He was with Strutt & Parker for more than six years, where he was last associate partner of residential development and investment, heading the international project marketing team.       

In May 2017, about 1½ years ago, Puddle bit the bullet and resigned from Strutt & Parker. He relocated his young family from London to Singapore. “I had always wanted to set up my own company,” says Puddle. “The market was very difficult then, as it was just a year after the Brexit referendum [in June 2016]. All my colleagues in London thought I was crazy.” During his frequent trips to Singapore, he had met Avril Lee, who was running her own real estate brokerage firm. “She understands the Singapore market and, with my experience in international project marketing, we felt there was a lot of synergy, and agreed to [join forces],” says Puddle.       

Puddle: I had always wanted to set up my own company. The market was very difficult at that time. All my colleagues in London thought I was crazy. It was almost a year after the Brexit referendum [in June 2016] (Photo Credit: Samuel Isaac Chua/EdgeProp Singapore)

That led to the creation of One Global Property Services, of which Puddle is founding partner and managing director and Lee is key executive officer (KEO) and director. The duo started out working from a serviced office at One Raffles Place. Within 15 months, the team has expanded to 14 staff, many of whom have international property sales experience and had worked at international property consultancies such as Colliers International, CBRE, Knight Frank and ERA.       

In mid-April this year, the firm moved to a double-storey conservation shophouse at 127 Devonshire Road. Besides Singapore, One Global is opening an office in Hong Kong and exploring the possibility of expanding to Indonesia. “Our ethos is to be a boutique agency business that provides high-quality service to our purchasers and clients,” says Puddle. The aim is to be a “one-stop-shop” not just for handling the marketing of overseas properties but also for leasing and resales. “When we spoke with our Singapore-based clients looking to purchase an overseas property, we found that many of them have a portfolio of properties in Singapore that they would like us to manage,” says Puddle. “That is why we have created a hybrid company that handles both Singapore and overseas properties to provide all-round services.”       

James Puddle joined forces with Avril Lee (pictured) to create One Global (Photo Credit: Samuel Isaac Chua/EdgeProp Singapore)

To provide a comprehensive services platform, One Global shares its office space at Devonshire Road with representatives of other service providers, such as Life Residential, a lettings and management specialist in London property; Capricorn Finance, a UK-based mortgage specialist; and Accouter Group, a UK-based interior design and furnishings company.       

While the UK will remain One Global’s primary focus, it has diversified its overseas property offerings to include Bangkok projects by established Thai developer Sansiri such as The Base Sukhumvit 50; and Australia-based Crown Group’s latest project in Sydney, Mastery by Crown Group, which will be marketed in Singapore on the first weekend of December. “In the UK, Brexit went very badly, and we need to depend on other markets for our business,” concedes Puddle.       

One West Point in Acton, London, which was jointly marketed by JLL and One Global in Singapore (Photo Credit: One Global)

In March this year, One Global jointly marketed One West Point in Singapore with JLL. One West Point is located in Acton, London and is developed by UK-based City and Docklands. According to Puddle, One Global achieved more than 25 sales over the three months from July to September — “the highest number of sales secured in Singapore for any London project by any agency or developer since 2014”.      

One Global is also the appointed marketing agent in Singapore for the 150-acre Greenwich Peninsula by the River Thames, which, when fully completed, will have 15,000 new homes. Greenwich Peninsula is an £8.4 billion ($14.77 billion) regeneration project by Hong Kong-based Knight Dragon, the private property arm of Henry Cheng, chairman of Hong Kong’s New World Development.       

One Global is the marketing agent in Singapore for Timber Yard, a 379-unit residential development in Birmingham’s Southside district by Galliard Homes and Apsley House Capital (Photo Credit: One Global)

In Singapore, One Global is also marketing Timber Yard, a 379-unit residential development in Birmingham’s Southside district by Galliard Homes and Apsley House Capital. All of Global One’s property exhibitions and consumer seminars are held on its premises at 127 Devonshire Road, which functions as a sales gallery and office. “We have moved away from doing weekend exhibitions at fivestar hotels on Orchard Road unless our clients specifically request for it,” says Puddle. “By holding the exhibition at our premises, we save our clients $15,000, which they would otherwise have to pay for renting an event space in a hotel.”       

Over the last few years, more overseas markets, from Australia to Canada and the UK, have increased foreign buyers’ stamp duty. However, Puddle still sees demand for overseas property coming from younger buyers in Singapore. “There are also en bloc millionaires — a phenomenon of the last two years — who are looking to invest overseas, since it has become more expensive to buy homes here,” he notes.      

Apt Living in Brentwood, London is near Kew Bridge Station and Gunnersbury Park is one of the projects marketed by One Global in Singapore (Photo Credit: One Global)

The market has changed. “In the past, the international firms had it easy,” Puddle observes. “They just relied on their brands, ran a lot of advertisements in newspapers, did an email marketing campaign, held an exhibition in a hotel and hoped that people would come. You can’t do that anymore.”       

Instead, marketing agents have to be more “proactive”, adds Puddle. “We have to do a lot of research; we hold consumer seminars. We focus on educating our buyers, not hard- sell. We are trying to reach the younger generation, who have not purchased a London property before. They are predominantly our buyers today.”      

Many of the international agencies no longer have an international property sales team in Singapore. For instance, Darien Bradshaw, CBRE executive director and head of international project marketing in Asia, now collaborates with One Global when it comes to marketing projects in Australia and the UK. One Global will focus on working with reputable developers in established markets such as Australia, the UK and Thailand. “In the year ahead, I want to continue to grow the Singapore business and further establish our brand as the ‘go-to’ agency here,” Puddle says.

Artist’s impression of the view towards the Chao Phraya River from oka Haus’ roof garden (Pictures: Sansiri)

Singapore is a key market for Thai property developer Sansiri Public Co, says CEO Apichart Chutrakul. The company is Thailand’s market leader in the foreign buyer segment. This year, it aims to increase sales to foreign internationals by 40% to THB13 billion ($550 million), with Singaporeans accounting for THB1.3 billion, or 10% of the international sales.

Chinese nationals are expected to make up the biggest source of this revenue stream at THB5.22 billion of international sales by value, followed by Hong Kongers at THB4.35 billion. Buyers from Taiwan, another key market for Sansiri, are expected to contribute THB630 million of revenue. The company also plans to expand into South Korea and Japan this year.

Apichart: We believe things will change, and planning for the future will ensure our survival

To tempt both foreign and local buyers, Sansiri will offer an abundance of choices by launching 31 projects worth nearly US$2 billion ($2.6 billion) this year. This is a 65% increase in total gross development value compared with the 14 projects with US$1.2 billion in GDV launched in 2017. The projects will span the whole gamut of property types, from condominiums to townhouses and detached houses, with the majority (77%) in Bangkok and the remainder in other areas, including Chiang Mai, Pattaya and Phuket.

Established in 1984, Sansiri has been listed on the Stock Exchange of Thailand since 1996. According to Sansiri, it had a portfolio of more than 320 projects as at last September. It has set itself apart from other developers with subsidiary Plus Properties, which enables it to provide a more complete suite of services in addition to property development. They include consultancy and brokerage services, project sales, property management and concierge service.

Strategy of partnerships

Sansiri has charted a strategy of long term partnerships with leading companies and government agencies to entrench its position as Thailand’s leading and only full-service developer. Last November, Sansiri invested a total of US$80 million in six international brands, which are in “highgrowth sectors in global markets that offer new sources of revenue”.

The six investments “are all related to Sansiri and there’s synergy”, says chief operating officer Uthai Uthaisangsuk. “We are trying to incorporate more into our homes. Everything we do is for the customer.” They are Singapore-based co-working operator JustCo; hotel booking app One Night; smart indoor farming solution provider Farmshelf; London-based Airbnb management company Hostmaker; hospitality group Standard International; and London-based media group Winkontent, which publishes the popular Monocle magazine.

Uthai: We are trying to incorporate more into our homes. Everything we do is for the customer

Sansiri’s Singapore office operates out of JustCo at UIC Building. The co-working operator will open four centres in Bangkok this year, which will “bring clients better working conditions”, says Apichart. Hostmaker has operations in London, Rome, Paris and Barcelona, and it will expand to Bangkok this year to offer its home rental management service to Sansiri’s customers. There are also plans to develop Standard and Monocle branded residences, the first of which is likely to be in Thailand. “The strategy is to partner with internationally renowned brands and bring them to Asia,” says Apichart. “We can facilitate [their entry].”

In 2015, Sansiri and BTS Group — a Thai mass transit operator and real estate developer — announced a joint venture (JV) to develop 25 projects worth a combined THB100 billion over the next five years. The condos are branded “The Line” and located near transport nodes.

The first among them is The Line Jatujak-Mochit, located near Mochit BTS station and Chatuchak MRT station and completed last year. All 841 units were sold out when it was launched for sale in May 2015; 200 units were snapped up by buyers from Singapore and Hong Kong. Subsequent projects under this brand, such as The Line Sathorn and The Line Sukhumvit 101, have also proven popular with Singaporeans, according to Sansiri. The Line Sathorn is fully sold, with its 327 units going at an average of THB270,000 psm ($1,050 psf). The Line Sukhumvit 101 has 778 units, of which 30% (223 units) are still available at an average price of THB160,000 psm. The condo is located between Bang Chak and Punnawithi BTS stations and is slated for completion in 2020.

Last year, Sansiri set up a JV with Japanese department store operator and real estate developer Tokyu Corp to develop a THB2 billion project called taka Haus in Bangkok’s Ekkamai district. The first condo under the “Haus” brand was designed to cater for the lifestyles of both Thais and Japanese, but has also appealed to Singaporeans, who form a high proportion of buyers. All 269 units have been sold since it was launched last September and it is slated to be completed next year.

Launched last September, taka Haus is the first project by Sansiri and Tokyu

Building communities

Two of the most recent projects by the Sansiri and Tokyu JV are oka Haus and kawa Haus, which were launched late last year. Located on Rama 4 Road, the 1,178-unit oka Haus is billed as an urban resort. It will have a co-working area, a shared communal cooking space called a co-kitchen and a sky lounge that leads to the rooftop garden with an outdoor theatre. International buyers have snapped up 20% of the 648 units sold at oka Haus.

The 1,178-unit oka Haus is billed as an urban resort and is 55% sold

The sky lounge at oka Haus will lead to the roof garden

Meanwhile, kawa Haus is billed as a modern resort for those who seek a slower pace of life. It comprises 546 units in three seven-storey buildings and is located at Community T77.

kawa Haus comprises 546 units in three seven-storey buildings

Community T77 is a cluster of developments by Sansiri that is located on an 8ha site by a canal in Bangkok’s On Nut district. Other projects in the cluster include Blocs 77, The Base Sukhumvit 77, The Base Park West, The Base Park East and Hasu Haus. There is also Habito, a three-storey mall developed at a cost of THB400 million to serve the 5,000 households that live near it.

Community T77 is a cluster of developments by Sansiri in On Nut district in Bangkok

Community T77 holds special meaning for Ou Baholyodhin, who was appointed Sansiri’s first chief creative officer in February. Ou was creative director for renowned Thai silk company Jim Thompson and settled on The Base Park West when he needed a condo.

“I was really particular when house-hunting,” Ou recounts. Apart from its location — five minutes from his office — The Base Park West is “part of a community, had lots of greenery and there was the mall. It wasn’t just the condo but the whole lifestyle”, he explains.

The Base Park West, where Ou lived, is part of Community T77

Charting the future

According to Ou, a key real estate trend is the shrinking size of housing units because of affordability. Although this is not as prevalent in Bangkok as it is in Hong Kong and Singapore, it is important to start thinking about how people can continue to enjoy a good living experience in the future, he says. One way would be to provide good-quality communal space, explains Ou. “If there are 600 units and we allocate an extra one sq m each, there would be 600 sq m of additional communal space for them to enjoy.”

In addition to the gym and pool, the space could be used for meeting and socialising spaces “like co-working spaces or hotel lobbies”, says Ou. “We don’t want people to pour their life savings into buying a property and then have to entertain their friends and family elsewhere.”

Ou: The new generation values experiences, so we want to involve them in the process of creating their perfect home

To help steer Sansiri “to become a developer of intelligent properties that will shape the way people will live in the future”, Ou will helm Sansiri Creative Studio, a team of designers that will oversee property design and also focus on personalisation and customisation with the aim of giving customers a more engaging experience. “The new generation values experiences, so we want to involve them in the process of creating their perfect home,” says Ou.

Another initiative is a research unit named Haus 2025, whose task is to anticipate what will happen in the next seven years, explains Uthai. “What kind of houses would people like to have then?” he asks.

“By that time, the millennials will be about 27 years old and [form our main clientele],” says Apichart. “We believe things will change, and planning for the future will ensure our survival.”

This article appeared in the EdgeProp Pullout #829 (May 7, 2018)

Units at 98 Wireless are priced from about $2.7 million

Thailand’s listed property developer Sansiri Public Co has launched eight condominium projects so far this year, and plans to launch four more before year-end. According to the developer, in 1H2017, demand from Singapore buyers increased fivefold compared with the same period a year ago.

The jump in sales from Singapore buyers was attributed to Sansiri’s recent condo launches, which were priced “at the sweet spot of US$120,000 [$162,257] to US$350,000”, says Sansiri president Sretta Thavisin.

Thavisin: The sweet spot for Singapore buyers is in the range of US$120,000 [$162,257] to US$350,000

Top-selling projects in Singapore in 1H2017 included the 778-unit The LINE Sukhumvit 101, which comprises one- and two-bedroom units, as well as duplexes with one or two bedrooms. Units at the development were transacted at an average price of $250,000 in 1H2017. The LINE Sukhumvit 101 is slated to be completed in 2020.

The LINE Sukhumvit 101 is one of the projects under The LINE series, developed in a joint venture with BTS Group. These projects are located within 500m of a BTS or MRT station. The maiden project under The LINE series was in Chatuchak; it was sold out within two days of its global launch, and was popular among Singapore buyers, given its proximity to the famous Chatuchak market, says Cobby Leathers, Sansiri’s head of international business.

The LINE Sukhumvit 101 was the top-performing Sansiri project in the Singapore market for 1H2017

Another best-selling project under The LINE Series was the 981-unit The LINE Phadon-Pradipat, which previewed in November 2016. The project is located near the Saphan Khwai BTS station in Bangkok’s Phayathai district. Units in the development were sold at an average price of $250,000 in 1H2017.

Another top-performing Sansiri project in Singapore was The LINE Phadon-Pradipat, located just minutes away from the Saphan Khwai BTS station 

Given the heightened demand from Singapore buyers, Sansiri is co-hosting a Thai lifestyle event at the Royal Thai Embassy called “The Finest Thai” from Sept 8 to 10 to showcase the developer’s projects as well as Thailand’s cuisine, fashion and lifestyle.

Sansiri opened its first international office in Singapore in March this year at Ocean Financial Centre. Earlier in 2017, an “agents’ conference” was held in Singapore to familiarise them with Sansiri’s projects. Nearly 100 agents from various property agencies attended the event.

Sansiri is also showcasing its condo project Taka Haus in Ekamai at “The Finest Thai” event in Singapore, with the global launch scheduled for Sept 16. The low-rise project comprising less than 300 units is a joint venture with Japanese conglomerate Tokyu Corp.

The upcoming Taka Haus in Ekamai is part of Sansiri’s pipeline of four projects in Bangkok scheduled for launch before end-2017. The other upcoming developments are in Sukhumvit and Sathorn, which are traditionally popular with international buyers, including Singaporeans.

Sansiri is also planning an exclusive roadshow for its ultra-luxury project 98 Wireless at Bangkok’s Embassy Row. The 77-unit development was completed in March and as at end-August, 60% of the units had been sold. Prices start from $2.7 million for a two-bedroom unit. The project is said to be “the first Ralph Lauren-furnished residence in Southeast Asia”.

Sansiri is projecting international sales to contribute $336 million in revenue in FY2017, compared with $211.2 million last year. In 1H2017, the three biggest foreign buyers of Sansiri’s projects in Thailand were from Hong Kong (39%), China (32%) and Singapore (18%).

According to Leathers, Thailand remains attractive to international buyers as it has not imposed any stamp duties.

Leathers: Thailand remains attractive to international buyers

This article appeared in The Edge Property Pullout, Issue 796 (Sept 11, 2017) of The Edge Singapore.