4 mixed-use projects set to hit the market soon

20131017-st-4-mixed-use-projects-set-to-hit-mkt-soon-pic5 20131017-st-4-mixed-use-projects-set-to-hit-mkt-soon-pic4 20131017-st-4-mixed-use-projects-set-to-hit-mkt-soon-pic3 20131017-st-4-mixed-use-projects-set-to-hit-mkt-soon-pic2 20131017-st-4-mixed-use-projects-set-to-hit-mkt-soon-pic1 SINGAPORE'S fast-changing skyline is set for another significant reworking with four major projects in prime downtown locations on the drawing boards.

They include what will become the Republic's tallest building when it is constructed.

Progress of all four mixed-use projects is gathering pace, as developers prepare to market residential, office, retail and hotel space in the next few months.

Leading the pack is M+S, a 40:60 joint venture firm formed by Temasek Holdings and its Malaysian counterpart Khazanah Nasional. They are developing two upcoming integrated projects - DUO and Marina One.

Giving an update on the progress of both, M+S chief operating officer Kemmy Tan told The Straits Times that marketing for the residential component of DUO will start "within this month" while its commercial units will be marketed by December.

DUO, located between Ophir Road and Rochor Road, is next to the Malay heritage conservation district of Kampong Glam.

With a gross floor area (GFA) of 1.73 million sq ft, DUO will be the largest integrated development in the Bugis and City Hall area. The development will comprise a 49-storey residential block with 660 units, ranging from studio and one- to four-bedroom apartments to penthouses.

Sitting on top of the upcoming Bugis MRT station on the Downtown Line, it will also have a 39-storey commercial tower with a retail gallery, offices and a five-star hotel.

Boasting about 500,000 sq ft of office space, DUO will have floor plates of about 30,000 sq ft each - the largest in the Bugis office segment.

Ms Tan added that the firm is in talks with about five operators for its five-star hotel.

She declined to disclose prices of residential and commercial units, as they are under review by the board.

Marketing for the residential portion of M+S' other mixed-development, Marina One, will start next year, after development approvals have been obtained.

About twice the size of DUO, Marina One spans more than 3.67 million sq ft of GFA.

The project in Marina Bay will feature two 30-storey office towers, with two floor plates of about 100,000 sq ft - one of the largest in Asia.

There will also be two 34-storey residential blocks housing 1,042 apartments and 140,000 sq ft of retail space.

It will be the only development in the Marina Bay district to have a significant pocket - 65,000 sq ft - of "green space" at its heart.

The combined development value of DUO and Marina One is $11 billion.

Two other mixed-development projects slated to hit the market by the end of the next quarter are GuocoLand's Tanjong Pagar Centre and City Development's (CDL's) South Beach.

Tanjong Pagar Centre, set to be the tallest building in Singapore at 290m, will have a residential component named Clermont Residence. Its units will be launched by the end of the year, said GuocoLand.

The project will also feature a 38-storey office building named Guoco Tower, 100,000 sq ft of retail space and a 202-room luxury business hotel managed by its hotel subsidiary glh. The hotel, named Clermont Singapore, will be operational by 2016.

The marketing of retail space at South Beach, to be located between Raffles Hotel and Suntec City, will start in the first quarter of next year.

Developed by a joint venture between CDL and the IOI Group, indicative rentals are expected to fall between $9 and $10.50 per sq ft. The development will have a total GFA of 1.6 million sq ft.

It will also blend four historic buildings - three former army blocks and the Non-Commissioned Officers Club built in 1952 - with two newly-built towers.

A 29,000 sq ft private club will also be built.

CDL said it is "not in a rush" to launch South Beach's 190 residential units, but it expects foreigners to be among its buyers as recent property cooling measures have curbed locals' buying appetite.


Source: Straits Times, 17 Oct 2013