Following on the heels of local big guns IOI Bhd and YTL Group, SDB Properties Sdn Bhd (SDBP) is making its maiden foray into Singapore with two residential projects already underway and a commercial venture probably in the near future.
The property arm of Selangor Dredging Bhd has ambition to expand beyond the country’s shores and believes it is prudent to begin with Singapore given the republic’s cultural similarities, stable market fundamentals and lucrative opportunities.
"We are new to the market there, but we’re keen to make a name for ourselves and introduce the same development and design principles as well as the look and feel that have made our properties a success in Malaysia," said SDBP senior sales and marketing manager Leon Kim Yoke.
SDBP’s debut project is the S$64 million (RM152.9 million) Jia – which means "home" in Mandarin.
Located on a 17,000sq ft plot along Wilkie Road, which is within walking distance to Orchard Road, the high-end project comprises only 22 units housed in seven storeys.
Because of its central business district location, a Jia unit has been pegged at S$1,637psf (RM3,912psf) which puts prices from S$2.1 million (RM5.01 million) for a two-bedroom apartment to over S$5 million (RM11.95 million) for the larger duplex units. Also on offer are three-bedroom units and another three units that boast sizeable private gardens.
Leon said Jia is doing something new by offering at least 1,200sq ft of space as most inner city apartments in Singapore are no larger than 700sq ft. This is because those projects are largely targeted at the "double-income no kids" or "DINK" market.
"We are targeting larger, well heeled families … and because of the dearth of sizeable properties in the CBD, we believe there is growing demand for more spacious apartments," she said.
Jia is also aimed at Malaysians who are among the city state’s top three investors.
Jia is due to be officially launched soon, but has been inviting registrants for previews over the past month.
Leon said SDBP’s second residential project in Singapore, a 33-storey apartment named 2 Gilstead, is planned for launch before year’s end.
A joint venture with three Singaporean companies, it will take shape on Gilstead Road, off Scotts Road in the Newton Circus vicinity. The 37,000sq ft site was purchased last year for S$96.5 million (RM232.5 million) and SDBP indicated that the units will be marketed at about S$2,200psf.
In Singapore, entry into schools is allocated based on residential proximity and the Newton Circus area boasts many popular schools, which are expected to drive demand for the project.
Recently, SDBP also purchased Balstier Complex in the suburban commercial hub of Balstier Road for S$45 million (RM107.55 million) with a view to redevelop the tenanted building.
By The New Straits Times
Subscribe to:
Post Comments (Atom)
Posts
No comments:
Post a Comment