Category Archives: Singapore Property News

Nominees for Cambodia property awards revealed

The official shortlist of nominees for the PropertyGuru Cambodia Property Awards 2018 has been revealed, with developers specialising in mixed-use projects dominating the line-up.

In fact, the top three companies with the most number of nominations are all involved in integrated developments. Borey Peng Huoth Group, the two-time winner of the Best Developer accolade, secured 16 nominations, followed by LIXIN Construction (seven) and Parkway Investment Co Ltd (six).

In addition, the prestigious event is poised to honour Re-Edge Architecture + Design Founder Hun Chansan. He has been chosen by the editors of PropertyGuru Property Report magazine as the country’s Real Estate Personality of the Year for his efforts to raise the profile of Cambodian architects and designers in the global scene.

For the third annual PropertyGuru Cambodia Property Awards, Key Real Estate Co Ltd Founder and Director Sorn Seap will be returning as the Chairman of the judging panel.

Its other members include CBRE Cambodia Director Thida Ann, SokSiphana&associates Managing Partner Sok Siphana and Archetype Cambodia Managing Director Michel Cassagnes. Other experts joining the committee are Urban Assets Solutions Managing Director Simon Griffiths, Comin Khmere Sales & Marketing Manager David Littlejohn, Century 21 Cambodia Executive Director Grace Rachny Fong and Knight Frank [Cambodia] Pte Ltd Country Head Ross Wheble.

“The judges have been universally impressed by the efforts of Cambodian developers to improve their offerings year after year, especially in the mixed-use segment, which has become popular among investors and consumers,” said Terry Blackburn, Founder and Managing Director of PropertyGuru Asia Property Awards.

“Cambodia offers a lot of potential and we’re proud of what local developers have accomplished in the last two years that we’ve held the Awards there. We look forward to recognising their contributions to the sector at this year’s ceremony,” he added.

The 2018 PropertyGuru Cambodia Property Awards is supported by platinum sponsor KHI, co-sponsors Jotun and Panasonic, as well as official portal partner Realestate.com.kh.

All nominees will be either named as winners or be highly commended during the awards ceremony, which will be held at a black-tie gala dinner on 16 March 2018 at the ballroom of Sofitel Phnom Penh Phokeethra.

The winners will then advance to the 8th PropertyGuru Asia Property Awards Grand Final, which will be hosted by Thailand for the first-time. It will be held during the two-day PropertyGuru Asia Real Estate Summit at The Athenee Hotel, Bangkok on 8-9 November 2018.

Below is the full shortlist:

DEVELOPER AWARDS

 Best Developer

  • Winner to be revealed at the gala dinner on 16 March 2018

 Special Recognition in CSR

  • Borey Peng Huoth Group
  • Creed Asia (Cambodia) Co., Ltd. and Triple Gem Assets Co., Ltd.

 Special Recognition in Sustainable Development

  • Creed Asia (Cambodia) Co., Ltd. and Triple Gem Assets Co., Ltd.

 DEVELOPMENT AWARDS (RESIDENTIAL)

 Best High-End Condo Development (Phnom Penh)

  • CEO KT Pacific by LIXIN Construction
  • One Park by GRED – Graticity Real Estate Development Co., Ltd

 Best Affordable Condo Development (Phnom Penh)

  • Star Polaris 23 by Borey Peng Huoth Group
  • The Parkway by Parkway Investments Co., Ltd.

Best Housing Development (Phnom Penh)

  • ARATA Garden Residences by Creed Group
  • Borey The Mekong Royal by Mekong Phnom Penh Development Corporation (MPDC)
  • Star Platinum Euro Ville by Borey Peng Huoth Group
  • Star Platinum Rosato by Borey Peng Huoth Group

Best Residential Development (Sihanoukville)

  • The Seagate Suite by KHCN Investment and Development Co., Ltd.

DEVELOPMENT AWARDS (COMMERCIAL)

Best Office Development

  • CEO KT Pacific by LIXIN Construction
  • The Parkway by Parkway Investments Co., Ltd.

 Best Retail Development

  • Eden Garden by Phnom Penh City Center
  • Euro Park by Borey Peng Huoth Group
  • The Seagate Suite by KHCN Investment and Development Co., Ltd.

 Best Mixed-Use Development

  • CEO KT Pacific by LIXIN Construction
  • Greater Euro Ville by Borey Peng Huoth Group
  • The Parkway by Parkway Investments Co., Ltd.
  • The Seagate Suite by KHCN Investment and Development Co., Ltd.

 Best Serviced Apartment

  • CEO KT Pacific by LIXIN Construction
  • Mansion51 Hotel & Apartment by Mansion51 Hotel & Apartment
  • Tronum by Tronum Home Co., Ltd.

DESIGN AWARDS

 Best Condo Architectural Design

  • CEO KT Pacific by LIXIN Construction
  • Star Polaris 23 by Borey Peng Huoth Group
  • The Parkway by Parkway Investments Co., Ltd.

 Best Condo Interior Design

  • CEO KT Pacific by LIXIN Construction
  • Star Polaris 23 by Borey Peng Huoth Group

 Best Housing Architectural Design

  • ARATA Garden Residences by Creed Group
  • Borey The Mekong Royal by Mekong Phnom Penh Development Corporation (MPDC)
  • Star Platinum Euro Ville by Borey Peng Huoth Group
  • Star Platinum Rosato by Borey Peng Huoth Group

 Best Housing Interior Design

  • Star Platinum Euro Ville by Borey Peng Huoth Group
  • Star Platinum Rosato by Borey Peng Huoth Group

 Best Retail Architectural Design

  • Eden Garden by Phnom Penh City Center
  • NORO Mall by NI Development Co., Ltd.
  • The Heritage Walk by Metro Lifestyle Development Co., Ltd.

 Best Retail Interior Design

  • NORO Mall by NI Development Co., Ltd.

 Best Office Architectural Design

  • Chief Tower by JS Property International Co Ltd.
  • The Parkway by Parkway Investments Co., Ltd.

 Best Serviced Apartment Interior Design

  • Mansion51 Hotel & Apartment by Mansion51 Hotel & Apartment
  • Tronum by Tronum Home Co., Ltd.

 Best Housing Landscape Architectural Design

  • ARATA Garden Residences by Creed Group
  • Borey The Mekong Royal by Mekong Phnom Penh Development Corporation (MPDC)
  • Star Platinum Euro Ville by Borey Peng Huoth Group
  • Star Platinum Rosato by Borey Peng Huoth Group

 Best Retail Landscape Architectural Design

  • Eden Garden by Phnom Penh City Center
  • Euro Park by Borey Peng Huoth Group
  • NORO Mall by NI Development Co., Ltd.

 Best Mixed-Use Landscape Architectural Design

  • CEO KT Pacific by LIXIN Construction
  • Greater Euro Ville by Borey Peng Huoth Group
  • One Park by GRED – Graticity Real Estate Development Co., Ltd
  • The Parkway by Parkway Investments Co., Ltd.

SPECIAL AWARDS

Best Universal Design Development

  • Eden Garden by Phnom Penh City Center

 CARE Special Recognition for Positive Construction Practices

  • Winner to be revealed at the gala dinner on 16 March 2018

 Special Recognition for Public Facility

  • Winner to be revealed at the gala dinner on 16 March 2018

PUBLISHER’S CHOICE

Cambodia Real Estate Personality of the Year

  • Hun Chansan, Founder, Design Director & Principal Architect, Re-Edge Architecture + Design

 

This article was edited by Keshia Faculin.

Latest News from PropertyGuru

32,000 households are in mortgage of 3 months or more

A drop in household income and prolonged unemployment or illness are among the common reasons why Singapore households fall into mortgage arrears, revealed the Ministry of National Development.

Notably, out of the 405,000 households with outstanding Housing and Development Board (HDB) loans for the past three years, 7.9 percent or around 32,000 households were in mortgage arrears of three months or more.

“Of these 32,000 households, almost half are in the 41-55 age group (based on the age of the oldest owner). Another 38 percent are above 55, and the rest are in the 21-40 age bracket,” it said in a written answer to Parliament.

At end-2017, 57 percent of these households or around 18,200 were no longer in mortgage arrears of three months or more.

To help with their mortgage arrears, HDB provides financial counselling to households and refers them to agencies that offer employment, social and financial aid.

For those with temporary financial problems, HDB helps them by “reducing or deferring their mortgage installment payments to ease their cash flow”.

HDB also helps those with prolonged financial difficulty explore long-term solutions, such as including working adult children as joint owners to help pay with the mortgage installments or right-size to a flat that is within their means.

 

This article was edited by Keshia Faculin.

Latest News from PropertyGuru

Brookvale Park sold en bloc for $530m

Aerial view of Brookvale Park in Sunset Way. (Photo: JLL)

The 160-unit development Brookvale Park has been sold to Hoi Hup Sunway – a joint venture between Hoi Hup Realty and Sunway – for $ 530 million, revealed marketing agent JLL.

Including an estimated development charge of around $ 26 million, the sale price translates to a land rate of about $ 932 psf per plot ratio.

SEE ALSO: Jervois Green sold for $ 52.9mil, Brookvale Park up for en bloc sale

JLL regional director Tan Hong Boon said the owners could expect to receive gross sales proceeds of between $ 2.5 million to $ 4.4 million per unit.

“This is the largest investment in our 11 years of partnership with Sunway Group,” noted Hoi Hup Realty chairman Wong Swee Chun.

“The sprawling 999-year leasehold land is in a centralised but yet lush and green location and setting. We believe this provides a great opportunity to create a unique residential product.”

Located in the Sunset Way enclave designated for two-storey bungalows and private residential developments, the site is zoned for residential use under the 2014 Master Plan with a gross plot ratio of 1.6.

This means that the site could be redeveloped into a condominium development with a total gross floor area of about 656,494 sq ft, including a 10 percent bonus balcony area.

It is also a short drive away from Bukit Timah Nature Reserve, Holland Village and near to reputable tertiary and international schools, such as Singapore Polytechnic, Ngee Ann Polytechnic, Singapore University of Social Sciences, National University of Singapore and the Canadian International School.

“The sale of Brookvale Park brings the tally of successful en bloc sales to $ 3.17 billion, arising from nine deals over the last seven weeks of this year. The tally for the entire 2017 was $ 8.78 billion from 32 deals,” said JLL senior consultant Karamjit Singh.

“Our view is that the market is on track for last year’s tally to be surpassed by middle of 2018, as the strong momentum driven by the positive outlook of the residential market sustains.”

 

Romesh Navaratnarajah, Senior Editor at PropertyGuru, edited this story. To contact him about this or other stories, email romesh@propertyguru.com.sg

Latest News from PropertyGuru

Roxy-Pacific to launch six sites for sale in 2018

Roxy-Pacific bought Harbour View Gardens for $ 33.25 million in 2016. (Photo: Colliers International)

Roxy-Pacific Holdings reported a revenue of $ 43.3 million during the fourth quarter of 2017, down 53 percent from $ 93.1 million over the same period in 2016. Net profit also fell 39 percent to $ 7.3 million from $ 11.9 million in Q4 2016.

For the full-year 2017, revenue fell 36 percent to $ 246.8 million, while net profit dropped 41 percent to $ 29.4 million.

The property development segment remained the key revenue driver of the group, accounting for 78 percent of total group revenue in FY2017.

Roxy-Pacific noted that the segment’s comparatively lower revenue in FY2017 of $ 191.8 million from 2016’s $ 326.6 million was “mainly due to the absence of revenue recognised in FY2016 on projects that had completed in 2016 and early 2017”.

Meanwhile, Roxy-Pacific revealed that it currently counts 10 development sites in Singapore as its land bank. Of these, it plans to launch six development sites for sale this year, including The Navian and development sites at Grange Road, Upper Bukit Timah Road, Guillemard Lane as well as Harbour View Gardens at Pasir Panjang and River Valley.

Comprising a total of 440 units, these projects are expected to positively contribute to the earnings of the group progressively from the first quarter of 2019.

“Over the last couple of years, we’ve progressively accumulated predominantly freehold sites at attractive prices amidst the property downturn,” said Roxy-Pacific executive chairman and CEO Teo Hong Lim.

“Now that prices and sales volumes are picking up, we are well positioned to ride on this turnaround with six property launches planned for this year. We’ll continue to prudently strengthen our land bank while focusing on execution to ensure sustainable long-term growth.”

 

Romesh Navaratnarajah, Senior Editor at PropertyGuru, edited this story. To contact him about this or other stories, email romesh@propertyguru.com.sg

Latest News from PropertyGuru

Residential land sales could reach $16b in 2018

Developers are bidding more aggressively for land amid estimations that they are sitting on a $ 22.9 billion war chest. (Photo: Nikki De Guzman)

Property consultancy Cushman & Wakefield thinks that land purchases in Singapore by real estate developers could hit $ 16 billion this year, with more record land deals emerging, reported Bloomberg.

This is because Cushman’s research director Christine Li believes that developers have accumulated plenty of cash since the housing market was previously weak.

Now that the sector is recovering, they are bidding more aggressively for land, she explained, estimating that home builders are sitting on a $ 22.9 billion war chest from selling homes and as loans from banks.

“Against this backdrop, land deals could continue to set record prices in 2018, especially for sites with little competition in the vicinity,” she said.

Last December, Frasers Property bought a residential site in Jiak Kim Street near the Singapore River for $ 955.4 million ($ 1,733 psf), the highest in terms of psf.

Furthermore, if the $ 16 billion overall tally is achieved for 2018, it will exceed the $ 12.8 billion worth of residential investment sales involving en bloc and public land deals in 2017 as revealed by Colliers International.

“With the residential market on the cusp of a sustained recovery, developers are likely to continue replenishing their land banks, via public land tenders and private collective sales,” noted Tricia Song, Colliers International’s director and research head for Singapore.

 

Romesh Navaratnarajah, Senior Editor at PropertyGuru, edited this story. To contact him about this or other stories, email romesh@propertyguru.com.sg

Latest News from PropertyGuru

error: Content is protected !!