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Category: Real Estate

Retail News Asia is committed to providing both local and global retailers with the latest Real Estate news throughout the Asian market. This on a daily base.

  • Ayala launches Philippines’ most luxurious condo

    Ayala launches Philippines’ most luxurious condo

    Ayala Land Premier (ALP), the top-tier market segment unit of Ayala Land Inc. is launching the country’s most expensive residential development to date with a total value of P20.5 billion—including an ultra-luxurious unit sold at P477 million.

    “ALP competes in a valuable segment in the market. The players are very select, and it is by delivering these one-of-a-kind properties in choice locations that ALP handily distinguishes itself,” said ALP Managing Director Jose Juan Jugo in a press briefing.

    Park Central Towers will be an ultra-luxury, two-tower development at the corner of Paseo de Roxas and Makati Avenue. The 69-storey Park Central South Tower worth P20.5 billion will rise across Ayala Triangle and shall have 281 private residences with 12 different unit designs and layouts.

    Unit sizes range from a two-bedroom unit at approximately 138 sqm to a three-level penthouse unit called Anadem Villa One at approximately 1,635 sqm (inclusive of a limited common area, 281 sqm pool deck).

    “Park Central South Tower will sell for an average price of about P300,000 per sqm. Unit prices range from P32 million to an unprecedented P477 million with an average unit costing close to P80 million,” said ALP Sales Head Mike Jugo adding that the units are the size of houses in exclusive subdivisions.

    Jugo said they have so far sold 40 percent of the project, or 116 units, with a total value of P8.3 billion in a preview sale to their most valued clients. Units sold include the $10 million Anadem Villa.

    There will be 54 Aquaview Villas, which feature their own private elevators and a 5.7 meter high living room area that flows out to a private plunge pool and lounge deck.

    At the corners opposite the Aquaview Villas are 54 Skyview Villas. While the Skyview Villas do not have the private elevators and pool areas, they feature floor-to-ceiling and wall-to-wall windows that wrap around a 5.7-meter high living room space.

    The 54 Gallery Villas meanwhile provide a heightened level of exclusivity, with their private elevators opening up to a gallery where discerning homeowners can feature prized possessions or works of art.

    The 112 Glass Suites are aptly named because all of the rooms feature floor-to-ceiling and wall-to-wall windows maximizing views and bathing these luxury apartments with natural light.

    “There are typically only five units per floor. Since most units have their own dedicated private elevators, well-heeled residents will likely not see each other in the elevator lobbies or lifts,” said Jose Juan Jugo.

    Park Central Towers will rise on a vast 15,860-sqm. parcel adjacent to an equally opulent Ayala Land Premier project, Roxas Triangle Towers.

    The building’s unique architectural design includes special four-storey high common spaces called Sky Terraces that will house either a gym, swimming pools, residents’ lounge or spas.

    Anchoring the luxury appointments and central location is an upscale retail podium that will house highly-curated shops and restaurants.

    The renowned Leandro V. Locsin & Partners collaborated with a boutique luxury Singaporean architectural firm, Soo Chan Design Associates (SCDA), and noted Japanese design group, Studio Taku Shimizu to come up with an iconic design for the structure, befitting its exceptional Makati CBD address.

     

  • ICONSIAM teams up with True Group to build True ICONSIAM Hall

    ICONSIAM teams up with True Group to build True ICONSIAM Hall

    ICONSIAM Co., Ltd., the developer of ICONSIAM – the iconic new landmark of Thailand, and True Group, the convergence lifestyle leader which offers a full range of communication services and solutions, today, is building “True ICONSIAM Hall” , an advanced world-class venue complete with the best innovation and technology and world-class international standard design worthy of being called 1 of the 7 Wonders of ICONSIAM – a first-in-Thailand and a first-in-the-world phenomenon.

    True ICONSIAM Hall was born out of the vision of ICONSIAM and True Group, one a leader in the real estate and retail industry, and the other a leader in technology, which never ceases to introduce innovations to their national-scale projects and businesses in order to promote Thailand’s reputation on the world stage.  This time, they joined together to bring the best of Thailand to the world with the creation of “True ICONSIAM Hall”, an advanced, world-class international conference and exhibition centre, the first of its kind on the Chao Phraya River, in the ICONSIAM project.

    H.E. Mrs. Kobkarn Wattanavrangkul, Minister of Tourism and Sports, said, “In Thailand, MICE is a service sector that brings in a lot of quality tourists and generates enormous revenues for the country.  It also has a major role in income distribution to related sectors such as hotels, restaurants, conference centres and exhibition centres.  Foreign travellers for MICE activities in Thailand, on average, spend two to three times more than tourists in general.  The partnership between ICONSIAM and True Group to build “True ICONSIAM Hall” is a good sign that the private sector has joined the government sector to support and promote tourism and MICE in order to stimulate revenue generation for the country and give the economy a driver in line with the government’s policy to synergize all stakeholders to make Thailand a MICE destination of the region and the world.”

    Mrs. Chadatip Chutrakul, Director of ICONSIAM Co., Ltd., said, “ICONSIAM has a commitment to give Thailand an important position on the world stage. ICONSIAM then joins forces with True Group to create “True ICONSIAM Hall” aiming to promote and elevate the standard of MICE and show business in Thailand as we work to make the country a hub for world conference and show performance – a fully integrated one with the highest potential and the most outstanding in Asia.

    “True ICONSIAM Hall” which is worth more than Bht 2,000 million investment has an area of 12,000 square metres and a capacity of 3,000 seats and is situated on ICONSIAM’s Floor 7 and 7M overlooking the beautiful scenery of the Chao Phraya River. It will be an advanced world-class venue for international conference and show performance complete with the best innovation and technology comprises:

    – The First Time Ever Retractable Seating System in Thailand:  seats are automatically folded away by the latest advanced technology to suit all ranges of customer’s venue requirements and save time for all event arrangements. Each seat has the best view and is equipped with all sorts of communication such as advanced translation system, Wifi system, Microphone etc.

    -The Best Acoustic Tri-wall Panel System, the First Time in South East Asia: With automatically adjustable wall panels and ceiling panels in 3 types being equipped with the aesthetic sound absorbing system to accommodate all types of performance and assembly such as conference, world class performance, and concert will offer each audience seating enjoyable experience for watching and listening to the most sophisticated ever seen before.

    – Stage Rigging System for scene changes of the world’s performance and special wall which is movable to meet the platform edge of the stage to create the most completed atmosphere of the performance and to provide a different experience every time it shows.

    “True ICONSIAN Hall” will be an international conference hub of Asia and will attract world-class performances to Thailand supporting all event arrangements as follow:

    1. International Conference such as G20 Summit, ASEAN Summit, APEC, OPEC, medical meetings and conferences, to accommodate up to 3,000 attendees. There are also medium and small meeting rooms to accommodate small meetings.
    2. World Class Performance such as Broadway show, musical show, Opera, ballet and Thailand’s cultural performance which is Royal Khon Performance.
    3. World Class Concert such as Orchestra and concerts by leading Thai and international artists.
    4. International Exhibition After conference chairs are kept automatically supporting by fully public utility system, this will be the first time in Thailand to accommodate proudly a global fair such as Maison Object, Millionaire Show, Luxury Lifestyle Exhibition.
    5. Special Event such as major sporting tournaments (sport show), Haute couture fashion shows, international competition, awards ceremony, product launches, international film festival etc.
    6. Catering can accommodate all types of catering up to 3,000 attendees and is fully equipped with food preparation rooms and banquet facilities such as various party occasions, wedding receptions etc. among the spectacular views of the Chao Phraya River.

    “True ICONSIAM Hall” is situated on a prime landmark location of the world on the Chao Phraya River surrounded by 3-5 star hotels with more than 10,000 rooms and is connected with the most complete transportation (road-rail-river) system in Thailand, which will make it convenient for a large number of visitors.  In particular, waterway transportation on the Chao Praya River from the surrounding hotels is easily reached “True ICONSIAM Hall” in a short time, within no more than 20 minutes and is also commuted from Siam Area by BTS Sky Train’s Green Line and Gold Line with less than 18 minutes.

    Mr. Suphachai Chearavanont, Chief Executive Officer of True Corporation Plc, said the partnership is one True is proud of because it allows True to play a part in strengthening the country’s MICE industry to make it outstanding and a pride of the nation in the world community. “True ICONSIAM Hall” clearly reflects the vision of the two organizations, both ICONSIAM and True Group, in committing to bring their expertise and leadership in the business to jointly create the best thing to happen in Thailand. “True ICONSIAM Hall” will open a new dimension for the era’s most advanced world-class centre for international conferences and exhibitions with exceptional location, special and superior functions, the most modern technology in communication and the content leader and wide variety of media of True Group will combine experience and impression for exhibitors and visitors. We are confident that “True ICONSIAM Hall” will be able to attract the exhibitors for MICE and tourists from around the world in order to stimulate revenue generation for the country and give the economy a driver in line with the government’s policy to synergize all stakeholders to make Thailand a MICE destination of the region and the world. Moreover, it will also reflect the potential of Thailand with its readiness to be a hub of regional tourism helping drive Thailand to be an outstanding country in Asia in hosting all kinds of world-class events.

    True ICONSIAM Hall will be ready to open within 2018.

  • SM Seaside City Cebu recognized in ULI Philippine Healthy Places Awards

    SM Seaside City Cebu recognized in ULI Philippine Healthy Places Awards

    SM Prime’s SM Seaside City Cebu was recognized recently by the Urban Land Institute (ULI) Philippines Building Healthy Places Awards in the Commercial-Retail category.

    Building Healthy Places Awards recognize outstanding and innovative projects that add value to the community, promote healthy life choices and enhance the environment.

    SM Seaside City Cebu is the center of a future 30-hectare mixed-use masterplan which will hold office, residential, and hospitality components. It provides not only convenient retail, food and beverage outlets, services, and leisure activities, but also public transport access, outdoor roof-gardens, and a green inner courtyard in which social and communal activities can take place.

    The mall holds outlets for several physical and leisure activities, such as fitness centers, bowling-lanes and ice-skating. It also contains medical clinics, health-food outlets, drug-stores and spas. Outdoor playgrounds and water-playgrounds in the roof-garden provide physical outlets for kids, while a perimeter jogging path allows visitors, workers, and residents to stay fit.

    Aside from the mall’s content, its architecture aim to promote human interaction in the mall, which is considered critical to its success. SM Seaside City Cebu is not just a place to shop; it is designed to be the social hub of the local community, and the architecture aims to reflect this role, with its grand entrances, central courtyard, and sweeping gardens.

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  • Singapore retail rent decline worsens

    Singapore retail rent decline worsens

    The Singapore retail rent decline gathered pace in the last quarter according to data from Edmund Tie & Company.

    In the second quarter, retail rents across the board fell by 3.9 per cent quarter-quarter.  That was double the 1.9 per cent decline of the preceding quarter.

    Amid weaker demand, occupancy levels also dipped, falling by 0.5 percentage points quarter-on-quarter to 92.2 per cent.

    “In light of declining rents, several established retailers have taken – or are taking – advantage of the lower rents to reinforce their brand presence in Singapore through flagship stores,” the company’s quarterly review said.

    These include:

    • Choo Yilin at Mandarin Gallery.
    • HP at Marina Square.
    • Christian Dada at 268 Orchard.
    • Victoria’s Secret at Mandarin Gallery.
    • Uniqlo at Orchard Central.
    • Michael Kors at Mandarin Gallery.

    victoria secret

    “As the sector undergoes bouts of restructuring, retailers are also constantly reinventing themselves to reach out to the rising number of technological-savvy consumers. This includes the recent launch of digital wallets (eg: Apple Pay, Samsung Pay, Android Pay) which a string of established retailers have adopted, including Starbucks, Uniqlo, NTUC FairPrice and Cold Storage.”

    Headquartered in Singapore and supported by offices in Kuala Lumpur and Bangkok, Edmund Tie & Company is an established real-estate consulting firm that operates across Malaysia, Thailand and other countries in Southeast Asia.

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  • CapitaLand Mall Trust overcomes ‘soft’ retail market

    CapitaLand Mall Trust overcomes ‘soft’ retail market

    CapitaLand Mall Trust (CMT) has overcome what it describes as a “soft” Singapore retail market to increase its profit and distribution.

    A 3.7 per cent increase in distributable income to S$193.9 million (US$143 million) for the first half-year coincides with a second quarter distributable income of S$97.1 million, a 3.3 per cent increase over the $94 million for the same period last year.

    “Despite a soft retail market, CMT continued to produce steady operational results in the first half,” says CMTML CEO Wilson Tan. “Backed by our portfolio of well-located shopping malls and extensive network of retailers, CMT had year-on-year increases of 3.6 and 2.3 per cent in shopper traffic and tenants’ sales per square foot respectively.

    “As at June 30, portfolio occupancy remained high at 97.9 per cent.”

    CMT’s Funan DigitaLife Mall, which closed from July 1, will undergo a three year redevelopment to become a lifestyle destination in the revitalised Civic and Cultural District, says Tan. Scheduled to be ready in the fourth quarter of 2019, the integrated development will include retail, office and serviced residences. The mall redevelopment is expected to achieve a return on investment of 6.5 per cent.

    For the second quarter, CMT registered higher gross revenue and net property income (NPI) of 7.1 and 6 per cent respectively year-on-year, mainly through a contribution of $14.5 million to gross revenue from Bedok Mall, acquired on October 1, and higher rental revenue from IMM Building, Tampines Mall and Bukit Panjang Plaza after asset enhancement.

    This was partially offset by the divestment of Rivervale Mall in December and lower gross revenue from Funan DigitaLife Mall.

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  • A force in the property market

    A force in the property market

    ZEON Properties Group, the exclusive event partner of the StarProperty.my Fair 2016 that opens in Gurney Plaza and Gurney Paragon Mall in Penang today, is a real estate powerhouse.

    Among the most recognised brands in the industry in Malaysia, it has a dynamic 500-strong team of operations personnel and agents in several countries throughout South-East Asia.

    The company has based its international headquarters in Penang at the Maritime Automall in Persiaran Karpal Singh and there are many other branches and broker offices also established in major cities.

    It is spearheaded by group CEO Leon Lee (pic), a visionary and resourceful leader who also founded the group and is leading it towards success both in Malaysia and internationally.

    Lee is a civic-conscious citizen, having contributed substantially towards society as the incumbent Penang Chinese Chamber of Commerce (Young Entrepreneur section) state chairman-cum- director and deputy chairman of the National Young Entrepreneur Committee.

    He is also the Penang state advisor for the Malaysia Entrepreneurs’ Development Association and deputy chairman of the ASEAN Retail-Chains and Franchise Federation Northern State Liaison.

    His other accomplishments include being a past president of JCI United Penang and Assistant District Commissioner George Town (North) 2007 of the Scout Association of Penang.

    Lee was named Young Entrepreneur of the Year (2013) in the McMillan Woods Global Awards.

    Zeon Properties Group is also the preferred marketing arm for over 10 projects in Malaysia which property buyers and investors can check out at the fair.

    Besides real estate and marketing, the company also specialises in real estate investment advisory, foreign direct investment, international project marketing, and retail planning and consultancy.

    It is also involved in the Malaysia My Second Home programme plus property development and management, offering the best of services with the highest professionalism and efficiency.

    Zeon Properties Group’s subsidiaries encompass Zeon Properties Kuala Lumpur, Zeon Properties Singapore, Zeon Properties Indonesia, Zeon Properties Hong Kong, Zeon Properties China, Zeon Properties Taiwan, Zeon Properties MM2H International Sdn Bhd, Zeon Land Sdn Bhd, Zeon Computer Sdn Bhd and Zeon Online Sdn Bhd.

    Meanwhile, its retail division engages in a number of different businesses which include the Hairstory chain, Karpal Singh Drive Food Court, Macau Street restaurant, Iyara Thai Restaurant, and entertainment outlets like The Bank, Wine and Cigar, Whisky and Champagne, Levels and Studio Room.

    As a new age integrated property and infrastructure solutions provider, Zeon Properties Group is proud of its brand that is built on core values of passion and excellence that resonate with brokers, agents and consumers.

    Its global reach and understanding of property enables it to achieve the best outcomes for all stakeholders.

    To find out more about its offerings, visit the company’s booths at the fair that runs until Sunday and is open from 10am to 10pm.

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  • CapitaMall Xinduxin & Laguardalow works together on mall design

    CapitaMall Xinduxin & Laguardalow works together on mall design

    A new six-storey CapitaLand shopping centre in Qingdao, China, was designed by New York design and planning firm Laguarda.Low Architects.

    CapitaMall Xinduxin comprises a six-level above-ground retail centre, two levels of below-ground retail, and two levels of underground parking.

    Covering more than 1.7 million sqft (157,935 sqm), it is the first international large-scale shopping centre in Qingdao. It has a direct link to Qingdao’s new M3 subway line.

    Laguarda.Low’s concept is an exterior form of interconnected bands along the plane of the facade. The fluid form is accentuated by banded metal-panel cladding on the upper levels, as well as red accent panels and inset LED signage. At ground level, the curtain-like metal facade lifts away from a double-height glazing to reveal activities within the mall.

    Throughout each level, warm and light materials set the tone for a sophisticated and serene environment. The sinuous corridors and expansive floor openings at each level encourage circulation and provide views to the upper levels.

    At the sixth level, a dramatic diagrid roof structure filters in natural light. The varying apertures of the pattern work to maximise daylight for several key spaces, while minimising light for more intimate environments. The resulting variation in pattern evokes the feeling of walking beneath a canopy of trees.

    Indoor garden

    At the fifth and sixth levels, a central, double-height atrium space is completed with lush plantings to create an indoor garden.

    “The design focusses on creating a relaxing shopping experience for guests,” says Laguarda.Low Architects principal Pablo Laguarda. “To achieve this, we positioned key elements like the dining and entertainment spaces on the upper levels, next to the interior garden. This provides a perfect respite from the high energy of the shops and street below.”

    As well as fashion and lifestyle retailers, CapitaMall Xinduxin includes a cinema, dining options and more than 1000 parking spaces.

    Founded 16 years ago, Laguarda.Low Architects is an award-winning architecture practice with a global portfolio including large-scale master plans, mixed-use developments, office and residential towers, hotels, and retail centres. Its projects include OCT Happy Harbor in Shenzhen, a shopping and entertainment destination of 3.2 million sqft overlooking Shenzhen Bay.

    Singapore-headquartered CapitaLand is one of Asia’s largest real-estate companies.

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  • AccorHotels picks Ruckus Wireless as Wi-Fi vendor

    AccorHotels picks Ruckus Wireless as Wi-Fi vendor

    AccorHotels Group  has selected Ruckus Wireless as the preferred Wi-Fi partner for its chain of more than 3,700 hotels in 90 countries.

    The company has started implementing 802.11ac access point technology from the vendor at hotels including Novotel Hong Kong Nathan Bay Kowloon to improve performance for both customers and staff.

    As part of the agreement, Ruckus ill also update the hotel group’ technical infrastructure to help support new standards and customer requirements.

    “Our digital strategy is hyper-focused on our customers and owners—and their expectations for high-performance, multi-access, personalized Wi-Fi services,” said David Esseryk, vice president of guest technology and innovation at AccorHotels.

    “Ruckus’ understanding of the hospitality industry and close relationship with global HSIA services providers made the choice clear-cut. We look forward to working together, streamlining processes and ultimately further enhancing our powerful brand DNA.”

    Hotels require strong Wi-Fi infrastructure to support what is often a large number of concurrent users. Guests have also come to consider Wi-Fi as a must-have requirement.

    Ruckus Wireless Wi-Fi technology includes unique selling points including directional, high-gain RF signal routing to improve coverage, performance and cost-effectiveness, making the company a popular choice for the hospitality sector.

  • SM Prime’s P10B Retail Bonds Priced at 4.2005%

    SM Prime’s P10B Retail Bonds Priced at 4.2005%

    SM Prime Holdings, Inc. has set the interest rate for its Peso-denominated Series F, 10-year retail bonds at 4.2005% per annum.

    SM Prime will issue an aggregate principal amount of Php10.0 billion of the Series F bonds, which will be offered to investors through underwriters from July 13 to 19, 2016.

    The retail bonds will be issued on July 26, 2016. According to the underwriters, SM Prime received a strong demand for the retail bonds.

    The SM Prime bonds have been rated PRS Aaa by Philippine Rating Services Corporation (PhilRatings), the highest rating assigned by PhilRatings.

    Obligations rated PRS Aaa are of the highest quality with minimal credit risk, and denotes that the Issuer’s repayment capacity is extremely strong.

    This series of SM Prime bonds is the third offering of Peso-denominated retail bonds to the public.

    “The retail bond to be issued will sustain SM Prime’s development roadmap, which is geared towards provincial expansions mostly allotted on malls and offices developments. We remain optimistic on the huge growth potential in the provinces where large areas remain unserved.” SM Prime President Hans T. Sy said.

    The SM Prime bonds’ joint issue managers, joint lead underwriters and joint bookrunners are BDO Capital & Investment Corporation, BPI Capital Corporation, China Bank Capital Corporation and First Metro Investment Corporation.

    East West Banking Corporation, PNB Capital and Investment Corporation and United Coconut Planters Bank are participating underwriters for the bond issue.

    SM Prime remains committed to its role as a catalyst for economic growth, delivering innovative and sustainable lifestyle cities, thereby enriching the quality of life of millions of people.

    SM Prime Holdings, Inc’s stock was up 3.89% in today’s trading at the Philippine Stock Exchange.

    SPMH ended the day with a trade price of P29.40 a share, up P1.10 from the previous day’s trading.

    A total of 41 million SMPH shares, with a total value of P1.19 billion, exchanged hand today.

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  • Parc Central retail ‘stadium’ opens doors

    Parc Central retail ‘stadium’ opens doors

    Urban park retail development Parc Central, Guangzhou is now fully open in the heart of the CBD.

    Commissioned as masterplanner, architect and interior designer, Benoy has delivered the Pearl River Delta city project in collaboration with Ronald Lu & Partners. Described as a “stadium for retail”, it blends low-rise and below-ground retail spaces within a multi-level parkland along a major thoroughfare.

    On the site of a former square, Parc Central was developed to contribute socially and spatially to the city, as well as economically. It is a focal point along the city’s “green axis’”, a 110,000 sqm retail development designed around an open parkland environment. Its gardens, planted walkways and living walls create an undulating green space.

    Parc Central is only 24m high, lower than surrounding buildings, with two levels above ground and three levels below ground. Drawing on the symbol for peace, harmony and fortune in the Chinese culture, the architecture references the “double fish” in the form of a steel monocoque roof structure. The two buildings curve around the central gardens and are joined by a pedestrian bridge. The roof canopies are supported by tree-like columns beneath which gardens extend the landscape element up the building.

    Sustainable design

    Sustainably designed, Parc Central has a rainwater collection system, low-E (low thermal emissivity) glass facades and a corrosive-resistant plastic EFTE roof.

    Inside, the Benoy team has introduced flowing ceiling cove forms and uninterrupted joinery with atriums to punctuate the retail journey and draw light into the arcades. A neutral colour palette of white and reconstituted stone creates a natural background for the mall, showcasing tenants and their merchandise.

    Part of the scheme is a new public transport interchange for Guangzhou, connecting the metro system with a bus network. Overhead footbridges connect to neighbouring developments.

    Parc Central, Guangzhou - Benoy full

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  • Yoma to redevelop Yangon project, Centrium Square retail units sold

    Yoma to redevelop Yangon project, Centrium Square retail units sold

    A consortium – that includes Yoma Strategic Holdings, its wholly-owned subsidiary Yoma Strategic Investments (YSIL); Mitsubishi Corporation and Mitsubishi Estate; First Myanmar Investment (FMI); and the International Finance Corporation (IFC) – will redevelop a Yangon mixed-used development.

    The Asian Development Bank (ADB) will become party to the deal, with the rest of the corporate entities establishing a joint venture (JV) corporation – Meeyahta Development Limited (MDL).

    Yoma will maintain a 48 per cent share in the JV firm with smaller shares held by FMI (12%), Mitsubishi (30%), IFC (5%) and ADB (5%).

    The proposed development excludes Yoma’s plan to redevelop the former headquarters of the Burma Railway Company into a five-star hotel, The Peninsula Yangon, which was announced in 2013.

    According to Yoma Strategic, it is currently awaiting the approval from the Myanmar Investment Commission for the incorporation of the joint venture (JV) entity.

    According to the deal, yhe shareholders agreement will be terminated should the first subscription of shares fail to take place on or before the deadline of 30 June 2017.

    The agreement is deemed an interested person transaction as FMI’s chairman and controlling shareholder, Serge Pun, also holds about 36.27 per cent of direct and deemed interests of Yoma Strategic. As such, Yoma requires shareholder approval to finalise the deal.

    Centrium Square retail units sold in bulk for S$70.1m

    Thirty two retail units at Centrium Square with a total strata area of 16,738 sq ft are likely to have been sold through a bulk purchase for S$70.1 million, based on caveats published by the URA. This transaction saw first storey retail units sold at an average price of S$6,015 psf, with second storey units fetching an average price of S$3,932 psf.

    Centrium Square is a freehold development comprising two levels of retail units, 39 medical suites and 143 office located close to Farrer Park MRT station and is on the site of the former Serangoon Plaza. The developer is Feature Development, an affiliate of Tong Eng Group.

    According to a report from The Edge Property, the buyer is believed to be Canali Logistics, which purchased Hotel Grand Chancellor at Belilios Road in Little India in 2014.

    The opening of Farrer Park Hospital,  part of an integrated complex comprising Farrer Park Medical Centre, which houses specialist clinics and One Farrer Hotel and Spa, have positioned the area to be a medical hub.

    Separately, RB Capital is developing Farrer Square, a mixed-use project comprising medical suites and 300-room Park Hotel Farrer Park.

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  • Indonesia plans emergency law to let foreigners buy apartments

    Indonesia plans emergency law to let foreigners buy apartments

    Property sector needs reform to attract investments, says minister. Indonesia plans to issue an emergency law – known as a perppu – to break an impasse of more than a decade in efforts to streamline unfriendly laws as the country aims to allow foreigners to purchase apartments in Indonesia.

    The government had in the past repeatedly tried to move forward and set regulations to allow foreigners to own apartments in South-east Asia’s biggest economy.

    But they were never able to get these implemented because the basic stipulation under Indonesia’s 1960 Agrarian Law is that foreigners just cannot own homes in the country, Coordinating Minister for Political, Legal and Security Affairs Luhut Pandjaitan said.

    “But the era has changed now. The property sector needs a reform so we could attract foreign investment. Foreigners should be allowed to buy apartments – but not landed houses – even if they don’t hold Kitas (Indonesia’s residence permit),” Luhut told The Straits Times.

    “It is similar to that in Singapore,” he added.

    Indonesia’s Constitution gives the President the right to issue a rule in lieu of law (perppu) when he determines that an emergency in the country requires it.

    A perppu is immediately effective after the President signs it, and Parliament can either let it remain effective or end it within a year after the perppu is issued.

    Luhut said the perppu that covers a new rule allowing foreign investors to buy apartments is one of between four and five perppu that Indonesia plans to issue by August, to resolve other obstacles hindering the government reform programme.

    “This is a revolutionary step to address such problems,” he said.

    A so-called debottlenecking working committee has been set up to identify problematic and protracted clauses in all laws.

    “We will comb all legislations that overlap with each other,” Purbaya Yudhi Sadewa, who heads the working committee, told The Straits Times.

    The perppu will supersede only the problematic clauses in each law and serve to bypass them, Luhut said.

    He added that one perppu could address problems in five to more than 10 existing laws, and about 80 per cent to 90 per cent of the existing laws can be harmonised.

    Issuing perppu is a normal practice that some foreign governments, such as the United States, also use, Luhut said, adding that the term used in the US is “presidential Act”.

    In May, President Joko Widodo signed a perppu that allows courts to increase penalties for sex crimes, which include for the first time chemical castration and death sentence, after the media highlighted a growing number of attacks against children.

    Previously, the maximum sentence for a child sex offence was 15 years’ jail. Indonesians have mostly welcomed the move.

    Amending existing laws through the normal process, by proposing Bills to Indonesian Parliament, can drag on for several years, and in some cases, proposed Bills were thrown out.

    Numerous government reform programs in Indonesia in the past decades have hit a snag due to conflicting laws that need amendment.

  • Major museum to anchor IconSiam development

    Major museum to anchor IconSiam development

    Thailand’s first world-class museum is to be built as part of the massive IconSiam development on the banks of the Chao Phraya River in Bangkok.

    The Fine Arts Department of the Thai Ministry of Culture and IconSiam Co have signed a memorandum of understanding to mark their collaboration to preserve Thailand’s arts and cultural artifacts, to be displayed in the 8000 sqm IconSiam Heritage Museum.

    The museum, which will open in 2018, is set to become a space where different cultures interact as well as a major tourist attraction, according to a statement from IconSiam.

    “Local and foreign visitors will be able to witness the pride of Thailand and the elements that signify our national identity.”

    More than 500 retailers will be housed in two shopping malls being built in the IconSiam development, which also includes a hotel and luxury apartment complex. The US$1.538 billion (54 billion THB) project is scheduled to open in late 2017.

    heritage iconsiam

     

    The Fine Arts Department will be in charge of analysing, sourcing and preserving antiques and artifacts to be displayed in the National Heritage Gallery, one of the museum’s  three exhibition spaces.

    Vira Rojpojchanarat, Minister of Culture Ministry, described the collaboration as auspicious for the country.

    “The private sector will officially play an important role in helping the government support, promote and showcase Thai culture. This answers directly to the government’s public-private collaboration policy. The museum will communicate with Thai values to both locals and tourists, driving forward our admirable culture and national identity. The project will also push our identity and the creative cultural industry to an international level.”

    IconSiam director Chadatip Chutrakul said it is “the mission and ambition” of IconSiam to create a unique project that represents the admirable identity of Thailand from every aspect. “Our excellent indigenous wisdoms, intricate handicraft skills, architectural brilliance, our history, traditions, cultures etc, will be represented here.”

    The display of Thailand’s precious cultural heritage and historical treasures.

    The display of Thailand’s precious cultural heritage and historical treasures.

    IconSiam will invest more than THB 500 million (US$14 million) in the museum. “This investment, although great in number, is not a move that seek profit in return. We hope that this museum initiative will inspire other organisations to see the value and importance of museum which is a significant symbol of the country’s economic and social advancement,” said Chutrakul.

    Part of the museum’s earning from the National Heritage Gallery admission fee will be donated to the Archeology Foundation for future restorations of historical sites, artifacts and the National Museum.

    The other two exhibition spaces will be a Temporary Exhibition Gallery  featuring exhibitions from master artists and world class museums from all over the world, and the River Gallery, which will aim to present contemporary works from renowned local and international artists and host art related activities.

    Lord Cultural Resources, a global professional practice dedicated to creating cultural capital worldwide which has worked on museums such as France’s The Louvre and Spain’s Guggenheim Museum, Bilbao, is working with IconSiam on the project. The company also has experience working with Britain’s Tate Modern, The US’s Library of Congress’s security and filing systems as well as setting up exhibition models for Thailand Creative and Design Centre.

  • Hans Sy Semi Retirement Announcement

    Hans Sy Semi Retirement Announcement

    SM Prime CEO, Hans Sy, has announced a semi-retirement.

    Sy has also served as SM Prime’s president since 2004, while holding key positions in SM subsidiaries and affiliates.

    Teresita Sy-Coson, vice chairperson of SM Investments – parent company of SM Prime, said Sy “wants to have more free time for himself and his organization is developed enough to take on many of his responsibilities.”

    Jeffrey Lim, who served as SM Prime executive VP and SM Development Corp president, will take Sy’s position.

    Sy has grown SM Prime into the biggest mall and integrated property developer in the Philippines and one of the biggest in Southeast Asia. The company now has 58 malls in the country and six in China.

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  • The next Korea’s largest retail multiplex

    The next Korea’s largest retail multiplex

    Shinsegae Group will open a multiplex shopping mall in Hanam in South Korea’s Gyeonggi province, around September.

    It says it will be the country’s biggest shopping multiplex with a dining area bigger than the Olympic stadium in Seoul. It will have four storeys above ground and another four below.

    As well as luxury brands, the mega-mall will even have vehicle showrooms including BMW, Hyundai and Harley Davidson.

    A Shinsegae department store and wholesale retailer E-mart Traders will bookend the mall.

    On the rooftop will be outdoor swimming pools and spas, while the fourth floor will feature a sports area with badminton, basketball and tennis courts.

    Shinsegae CEO Chung Yong-jin says the mall will be the culmination of the group’s retail know-how.

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