Latest news with #Swee
The Star
5 days ago
- Business
- The Star
‘We can do more'
THE business community must do more to ensure society cohesiveness, says Projek57 co-founder Colin Swee. Affectionately describing entrepreneurs as 'crazy people', he says the community can give back to the people through their available resources; and Projek57 has been on the ground engaging them to promote positive narratives on uniting Malaysians. 'They are very creative, they are very driven. So we are trying to mobilise them. And a lot of them have big organisations, thousands of staff members.' Projek57 itself has carried out various activities with businesses including Eco World, Touch 'n' Go and Allianz. They held talks, a walk and cycling tours, among others. 'It has been a very interesting endeavour because we met people from different back-grounds; and the business people came and they got their employees involved as well.' Working together: Youth making unity ribbons at a Projek57 workshop. — The Star Projek57's unity ribbon pins are used to spread the message of unity. Swee reiterates a question: Does the forging of unity or cohesion rest solely with the government? 'That is a good question. Everyone relies on the government to do something about it. But for us, this is where we can play our part too as a company, entrepreneurs and members of the public.' He also calls for a shift in mindset about Malaysia's trajectory; social cohesion can be an issue, policies for the betterment of the people remain in place although they are not perfect. 'Many people think Malaysia is in a bad shape. But compared to some countries, we're doing better than we think. 'The United States is one of the richest countries, yet there's real fighting [about the economic pie] and all the wealth is concentrated at the top. 'Malaysia has subsidies. School is free. Our policies aren't perfect, but they're there. Maybe the winds are strong now but we just need to reset the sails. In Malay-sia, I think the wind is actually quite calm. We just need to ride with it.' Projek57 executive director Debbie Choa also urges Malaysians not to give up on their own country too easily. 'A lot of people say, 'Let's just move to Singapore, the US, or Australia'. But we believe there's still so much in Malaysia worth working for. 'People before us have made sacrifices for this country. It is a waste if everyone just runs away. And it's not just Chinese youths. We see it across the board – Malay families, our friends – they're all thinking about leaving. 'But Malaysia still has heart. We just need to believe in it and do the work to make it better.'
Business Times
10-06-2025
- Business
- Business Times
United House relaunched for sale at S$166 million
[SINGAPORE] United House, a freehold commercial development in the Orchard Road area, has been put up for collective sale again with an unchanged reserve price of S$166 million. This time, the Urban Redevelopment Authority has granted in-principle approval for the building to be redeveloped for hotel use, with the same gross plot ratio of 4.9. The S$166 million price tag translates to a land rate of S$3,045 per square foot per plot ratio (psf ppr), assuming it is redeveloped for commercial use, said marketing agent Edmund Tie in a Tuesday (Jun 10) press statement. If redeveloped for hotel use, the land rate works out to S$3,254 psf ppr. The prime freehold site is located just behind Concorde Hotel and Shopping Centre, which was sold in November 2024 to Hotel Properties Limited for S$821 million. This was a shade above the guide price of S$820 million and works out to around S$1,804 psf ppr. United House sits on a freehold land parcel of 1,193 square metres (sq m). It is currently zoned for commercial use under the Urban Redevelopment Authority's Master Plan 2019. This means that there is no Additional Buyer's Stamp Duty and no foreign ownership restriction on buyers. 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 The property can be redeveloped into a 10-storey commercial building with a gross floor area of up to 62,900 square feet, Edmund Tie head of investment advisory Swee Shou Fern previously said. Successful buyers will also have the option to pursue a strata-titled commercial development, said the agency. Swee noted a growing appetite for quality hospitality assets in Singapore, driven by a resurgence of tourism; meetings, incentives, conventions and exhibitions; and music-related travel. 'Its proximity to (transportation nodes), arts institutions, and cultural landmarks… makes it ideal for modern hospitality concepts such as urban explorer hubs, wellness retreats, or experiential hotels catering to both leisure and business travellers,' she said. This is United House owners' second relaunch attempt. It was first launched for sale last October, and later relaunched for sale in February this year. Prior to that, the development was put up for sale in 1989 by UOL and sold in 1990 for S$30.6 million or S$900 psf to Hong Kong-based First Pacific Land, which had ties to Indonesian businessman Liem Sioe Liong. Barely a year later, First Pacific put the property up for sale. According to media reports then, marketing consultant Jones Lang Wootton was instructed to sell the five-storey property en bloc or on a floor-by-floor basis. Separately, property consultancy CBRE has extended the tender submission deadline for the en bloc sale of Upper Serangoon Shopping Centre by three months to Sep 9, from Jun 10. This is because CBRE has just received the outline planning permission (OPP) for the freehold site, as well as an adjoining plot of land. This would allow the plots – which span a total site of 5,443.3 sq m – to be redeveloped into a mixed-use development comprising serviced apartments, retail and residential components. With the OPP, the redevelopment could span a gross floor area of 16,424.5 sq m, comprising 3,283.5 sq m of commercial units and serviced apartments, and 13,141 sq m for residential use. Assuming an average home size of 85 sq m, this works out to over 150 residential units. The guide price of S$260 million then translates to about S$1,470 psf. This represents a premium of up to 50 per cent of units' existing market value, chairman of the collective sale committee Mathews Thomas previously told The Business Times. Given the changes, CBRE has agreed to provide potential investors and developers more time to 'assess the implications and consider their options for the sites'. This includes the development mix and pricing for the site. Michael Tay, CBRE deputy managing director of Singapore advisory and capital markets head, added that the dearth of freehold redevelopment opportunities has led to keen interest in the site. 'The OPP will now provide developers with greater clarity on the development potential,' said Tay. 'We anticipate strong interest from developers who have looked at the site with interest since we first launched the tender on Apr 7.' The tender for United House will close Jul 1, while that of Upper Serangoon Shopping Centre will close on Sep 9.
