Latest news with #FrasersProperty
The Star
5 days ago
- Business
- The Star
Maiden plot in Singapore's Bukit Timah Turf City snags nine bids as developers jostle for first-mover advantage
SINGAPORE: A consortium led by Frasers Property, Sekisui House and CSC Land Group (Singapore) has submitted a top bid of S$491.5 million in a hotly contested tender exercise for the first residential site in Turf City along Dunearn Road. A total of nine bids were submitted by developers jostling for first-mover advantage in Turf City, which is among key new housing areas in more central locations identified in the Draft Master Plan 2025, and will bring 15,000 to 20,000 new public and private homes to the prime Bukit Timah area. This 13,492 sq m prime district Government Land Sales (GLS) site, which could yield 380 homes, has attracted the highest number of bids since October 2021, when 10 bids were submitted for two smallish sites at one-north, and nine bids were put in for a plot at Lentor, now Lentor Modern, in July 2021, said Tricia Song, CBRE research head for Singapore and South-east Asia. 'We believe the Draft Master Plan 2025 may have boosted sentiment for this Turf City maiden site,' she said. 'The plans for Bukit Timah Turf City look promising, with 15,000 to 20,000 homes, lush greenery, good transport connectivity and 22 heritage buildings being proposed for conservation, including the two grandstands, which will be rejuvenated as community nodes,' she added. Apart from the Dunearn Road plot and an adjacent site that is slated to be launched for tender in December 2025, Wong Siew Ying, PropNex head of research and content, noted there are '20 pure residential plots, three white sites and two residential with commercial at first storey plots potentially lined up in Turf City over the next 10 to 15 years'. Mark Yip, chief executive of Huttons Asia, said the draft masterplan has provided 'more clarity on the land usage in Turf City and reduced risks for developers'. 'The two adjacent residential sites with commercial use at the first storey will provide amenities for the new housing area. Community and recreational facilities and parks will be within a 10-minute walk,' he added. The top bid of $1,410 per square foot per plot ratio (psf ppr) is also the highest since the River Valley Green (Parcel B) plot was awarded to GuocoLand for $627.8 million, or $1,420 psf ppr, in February 2025. Among the nine bidders for the site, the top bid is 3.7 per cent higher than the second highest of $1,360 psf ppr tabled by City Developments. The two close bids suggest that the developers share a good measure of confidence for the site, despite more housing supply slated for this area, Wong noted. Nonetheless, the $1,410 psf ppr bid is still lower than land prices in December 2017, when a nearby plot in Fourth Avenue – now Fourth Avenue Residences – drew seven bids, with a top bid of $1,540 psf ppr, Song said. 'The lower land bids (today) generally reflect higher construction costs, lower efficiency from gross floor area harmonisation and higher potential Additional Buyer's Stamp Duty (ABSD) on both developers and buyers,' she said. Tight competition for the Dunearn Road site was expected as District 10 has only seen a few GLS sites made available in recent years,' Marcus Chu, chief executive of ERA Singapore, said. The most recent site awarded in District 10 was in Orchard Boulevard, now Upperhouse at Orchard Boulevard, which sold for $1,617 psf ppr in January 2024, he added. Justin Quek, chief executive of OrangeTee & Tie, noted that the Dunearn Road site is close to Sixth Avenue MRT Station and some top schools in Bukit Timah, which may fuel pent-up demand from families. Dr Lee Nai Jia, head of real estate intelligence PropertyGuru Group, noted that demand for non-landed homes in District 10 grew steadily in the first quarter in 2025 but fell in April due to heightened macroeconomic uncertainty from geopolitical and trade tensions. 'In May, demand started to rebound, but activity remained below that from a year ago. But a renewed projects pipeline, coupled with (the future project) on the Dunearn Road GLS site, could re-energise interest in this area,' he said. Soon Su Lin, chief executive of Frasers Property Singapore, said this will be 'an exciting opportunity for us to be part of the Turf City masterplan', if awarded. 'Given that the last GLS site in the vicinity was awarded nearly a decade ago, we believe that quality developments, specifically in prime districts 9, 10 and 11, will continue to be highly attractive to home buyers,' she said. - The Straits Times/ANN
Forbes
5 days ago
- Business
- Forbes
Billionaire Charoen's Frasers Property, Partners Offer Top Bid Of $387 Million For Prime Singapore Plot
Singapore's residential properties are among the most expensive in the world. A consortium that includes Frasers Property—controlled by Thai billionaire Charoen Sirivadhanabhakdi and his family—submitted the highest bid of S$491.5 million ($387 million) for a residential plot in Singapore's upscale Bukit Timah neighborhood. Frasers Property and its partners Japan's Sekisui House and CSC Land, a unit of Beijing-based China State Construction Engineering Corp, outbid eight other groups for the hotly contested plot on the site of the former Singapore Turf City horse racing track until 1999 when it moved to the western Singapore town of Kranji. The government is closing the Kranji race track for good in 2027 and developing a housing estate on the property. Other bidders for the 99-year leasehold site on Dunearn Road include City Developments, controlled by real estate tycoon Kwek Leng Beng and his family, as well as billionaire Wee family's UOL Group, which partnered with unit Singapore Land and privately owned Kheng Leong Co. About 380 residential condominium units can be built on the 13,492 square meter site, according to the Urban Redevelopment Authority. The site is located within a coveted residential enclave near the Sixth Avenue MRT station, Leonard Tay, head of research at property consultancy Knight Frank in Singapore, said in an emailed statement. 'With limited new launches in the area in recent months, pent-up domestic demand particularly from owner-occupiers familiar with Bukit Timah's character and education belt is expected to support interest at [the project's]The project may sell for as much as S$3,200 per square foot, above the effective top bid of S$1,410 per square foot per plot ratio, Tay added. Frasers Property has been stepping up residential developments to tap into resilient demand for luxury homes in the city-state. Last November, it partnered with Sekisui House to redevelop a serviced apartment along the Singapore River near the Raffles Place central business district into a mixed use residential and retail complex. Charoen, 81, is Thailand's third-richest person with a net worth of $10.6 billion based on real-time Forbes data. The self-made billionaire took control of Frasers Property—which owns residential, offices, shopping malls, logistics properties and hotels across Australia, China, Europe and Southeast Asia—following his takeover of Fraser & Neave in 2013. Charoen also owns Chang beer maker Thai Beverages and Bangkok-based developer Asset World Corp.
Business Times
5 days ago
- Business
- Business Times
Frasers, Sekisui, CSC Land consortium tops nine bids for Dunearn Road site with S$1,410 psf ppr bid
[SINGAPORE] A consortium comprising Frasers Property, Sekisui House and CSC Land has placed the top bid for a 99-year private housing site in Dunearn Road. Its bid of S$491.5 million works out to S$1,410 per square foot per plot ratio (psf ppr). The state tender for the site, which closed on Thursday (Jun 26), drew nine bids. Also bidding at the tender were City Developments; a partnership between Sim Lian Land and Sim Lian Development; and a tie-up involving UOL, Singapore Land and Kheng Leong Company. Other bidders include Kingsford Group and Wee Hur Development. The plot, which can generate about 380 homes, is the maiden government land sale (GLS) site in Bukit Timah Turf City. A NEWSLETTER FOR YOU Tuesday, 12 pm Property Insights Get an exclusive analysis of real estate and property news in Singapore and beyond. Sign Up Sign Up An adjoining plot, zoned residential with commercial at first storey, is slated for launch in December under the confirmed list of the second-half 2025 GLS programme announced recently. It can generate 335 private homes and 1,400 square metres gross floor area of commercial space. The government has planned for 15,000 to 20,000 public and private housing units for Bukit Timah Turf City. Apart from the two GLS sites in Dunearn Road, there are three white sites and more than 20 residential plots (including those with commercial at first storey) that could be made available under the Draft Master Plan (DMP) 2025 unveiled on Wednesday, PropNex noted. 'The plans outlined will establish Bukit Timah Turf City as a self-sustaining neighbourhood with a mix of commercial offerings, healthcare amenities, as well as a school,' said PropNex chief executive officer Ismail Gafoor.
Business Times
5 days ago
- Business
- Business Times
Frasers, Sekisui, CSC Land consortium tops bids for Dunearn Road site with S$1,410 psf ppr bid
[SINGAPORE] A consortium comprising Frasers Property, Sekisui House and CSC Land has placed the top bid for a 99-year private housing site in Dunearn Road. Its bid of S$491.5 million works out to S$1,410 per square foot per plot ratio (psf ppr). The state tender for the site, which closed on Thursday (Jun 26), drew nine bids. Also bidding at the tender were City Developments; a partnership between Sim Lian Land and Sim Lian Development; and a tie-up involving UOL, Singapore Land and Kheng Leong Company. Other bidders include Kingsford Group and Wee Hur Development. The plot, which can generate about 380 homes, is the maiden government land sale (GLS) site in Bukit Timah Turf City. A NEWSLETTER FOR YOU Tuesday, 12 pm Property Insights Get an exclusive analysis of real estate and property news in Singapore and beyond. Sign Up Sign Up An adjoining plot, zoned residential with commercial at first storey, is slated for launch in December under the confirmed list of the second-half 2025 GLS programme announced recently. It can generate 335 private homes and 1,400 square metres gross floor area of commercial space. The government has planned for 15,000 to 20,000 public and private housing units for Bukit Timah Turf City. Apart from the two GLS sites in Dunearn Road, there are three white sites and more than 20 residential plots (including those with commercial at first storey) that could be made available under the Draft Master Plan (DMP) 2025 unveiled on Wednesday, PropNex noted. 'The plans outlined will establish Bukit Timah Turf City as a self-sustaining neighbourhood with a mix of commercial offerings, healthcare amenities, as well as a school,' said PropNex chief executive officer Ismail Gafoor.
Business Times
7 days ago
- Business
- Business Times
Billionaire leaves ownership of Thai beermaker to five children
[BANGKOK] Thailand's richest man Charoen Sirivadhanabhakdi distributed stakes in holding firms which control about 66 per cent of Thai Beverage to his five children, though stopped short of handing over full control of the drinks giant. The scions of the octogenarian billionaire put into effect a shareholders' agreement which will confer on their father 'the authority to manage and make all decisions in respect of the business and assets' of the entity, according to filings to the Singapore exchange late on Monday (Jun 23). That move means that a key question over who will ultimately take over Charoen's sprawling business empire remains unanswered, as a succession plan gathers pace. The tycoon is worth an estimated US$10.9 billion, according to the Bloomberg billionaires Index. A cornerstone of that is Thai Beverage, the maker of Chang beer, which also operates distilleries across Scotland. The share transfer is part of a longer term shift in the holdings of the patriarch and his late wife Khunying Wanna Sirivadhanabhakdi as succession beckons. The company did not immediately respond to a request for comment. Thapana Sirivadhanabhakdi, his elder son, is ThaiBev's current chief executive officer. The restructuring means he will share the family's controlling stake in the firm with his brother, Panote Sirivadhanabhakdi, who's the CEO of Singapore-listed property developer Frasers Property, as well as three sisters – Atinant Bijananda, Wallapa Traisorat and Thapanee Techajareonvikul. Thapanee is the CEO of Berli Jucker – a conglomerate with interests including grocery retailer Big C, while Wallapa helms Asset World, a Thailand-focused hospitality firm. BLOOMBERG
