SingHaiyi Group will preview its 1,008-unit Grand Dunman condo on July 1st, and its launch is scheduled for one week later the 15th of July.
“Grand Dunman” is the only mega-development with more than 1,000 units this year” claims Mark Yip, CEO of Huttons Asia.
In the District 15 neighborhood, which is one of the most sought-after located in the East, Grand Dunman will be the third new project launched in the year. It was preceded by the 638 unit 99-year leasehold Tembusu Grand by City Developments Ltd (CDL) and MCL Land. On the weekend of its launch in April the 53% from the apartments were sold for the average price of $2,465 per square foot. Based on caveats that were lodged in conjunction with URA Realis, 362 units (close to 57%) were snapped up.
The Myst Upper Bukit Timah price acquired for S$126.3 million, the residential development is 16,630 sq ft and is in a prime location.
In the Continuum The Continuum, which was launched in the early months of May 229 units have already been sold for an average price of $2734 per square foot. The freehold, 816-unit condo is a renovation of homes that are located along Thiam Siew Avenue through joint venture owners Hoi Hup Realty and Sunway Group.
“We benefit from having the opportunity to see the debut of The Continuum and Tembusu Grand,” says Raymond Chia chief executive officer of SingHaiyi Group. “We will need to determine the response during the preview phase before deciding about the cost. We will however price the project in a way that those who are looking for a place in the East will be able to be able to consider Grand Dunman.”
Chia Chia, who is currently the chief executive officer of the Chip Eng Seng was appointed the position as SingHaiyi Group CEO on April 1st. Chia’s appointment was prompted by property developer SingHaiyi’s withdrawal from Singapore Exchange’s principal board on January 31, 2022. He also delisted from Chip Eng Sung Corp’s removal on April 11 2023. Both companies have common shareholders -the former Celine Tang, her spouse Gordon the tycoon Gordon Tang.
Chia is the chief executive in both of the firms, Chia intends to pool departments like administration, human resource and business development to gain economics of scale. Chia says that the other departments, like project management are still operating independently.
“There is no redundant,” he says. “It’s more about the exchange of knowledge and experience.”
Chia adds: “We will keep them separated for the time being. Both teams are working on their own projects.”
Prior to the time that the Tangs privatized Chip Eng Seng, they purchased the original Lim family’s 29.73% stake in the company for $201 million on October 2018. Celine Tang then became the chairman non-executive of the company Chip Eng Seng.
This was the time that Chip Eng Seng and SingHaiyi started to work together to compete on sites together. For instance, the old Maxwell House en block site was bought at $276.8 millions by a group of Chip Eng Seng, SingHaiyi and Chua Investments in May 2021.
On December 20, 2021 Chip Eng Seng and SingHaiyi joined the forces of the listed firms KSH Holdings and SLB Development and construction company Ho Lee Group to purchase Peace Centre and Peace Mansion located at 1. Sophia Road for $650 million. The cost is $1,388 per plot ratio (psf ppr).
On April 20, 2022 Chip Eng Seng and SingHaiyi bought 21% stake in 8 Shenton Way (formerly AXA Tower). It is the developer of the mixed-use building is an joint venture with Alibaba Group and Perennial Holdings.
The brand new 99-year leasehold, mixed-use project situated on the site will rise to 305m above the ground, making it the tallest building in Singapore. The project was designed in collaboration with SOM (Skidmore Owings Merrill) which is the same architecture firm that designed The 64-storey Wallich Residence as well as the Guoco Tower, currently the tallest building within Singapore in terms of 290 m.
The 63-story tower of Perennial Holdings and Alibaba is located at the intersection between Anson as well as Prince Edward Roads. It will have 215 luxurious homes, including a deluxe penthouse at the top. The luxurious residences are referred to as Skywaters Residences.
The leasehold of 99 years Maxwell House in Tanjong Pagar will be transformed as TMW Maxwell. The new project will be an 20-storey block that includes an edifice of three floors and eleven commercial buildings. On the upper floors, there will be 324 housing units. TMW Maxwell is targeted for launch in the 3rd quarter of 2023.
“The position for our TMW Maxwell project is very different from Skywaters Residences,” says Chia. “Given its position close to the conservation shophouses on Tanjong Pagar Road, we will concentrate on the local lifestyle.”
Close by to the Maxwell Food Centre which houses bars, restaurants and nightclubs in areas such as Tanjong Pagar, Ann Siang and Chinatown regions. “The areas will be planned as transformers that can be used for many applications,” says Chia. “In the daytime the furniture will be used for working. Later in the evening you can turn it into a space to host guests, and at night, it can become the bedroom of your dreams.”
In The Grand Dunman site, SingHaiyi offered the highest of two offers for the 271,622 sq. ft 99-year leasehold site in an Government Land Sales tender that ended at the end of June in 2022.
SingHaiyi’s offer of $1.284 billion ($1,350 per psf per price per share), 20.3% above the $1.067 billion ($1,122 per psf) made through CDL, Hong Leong Group and TID.
The development will comprise seven residential blocks that are 18 floors. The homes are available in one-bedroom apartments of 442 sq ft up to six-bedroom units with dual-keys. “We are able to serve an array of owner-occupiers and investors,” says Gary Lim SingHaiyi Group’s director of marketing and sales.
There are five commercial stratas situated on the top level in Grand Dunman, which SingHaiyi will hold to regulate the mix of tenants.
All units in Grand Dunman will be north-south facing. These facing Dunman Road will have views of the swimming pools as well as landscaping. The ones facing south will have views of the land estate which is located on Mountbatten Road and Meyer Road towards the ocean beyond, according to SingHaiyi’s Lim. Lim adds to the Dakota MRT Station is a two-minute walk from Grand Dunman.
According to Huttons”Yip,” The CBD as well as the Sports Hub are just minutes away by car or train. Grand Dunman is also within 1km of famous schools such as Kong Hwa Primary School and Tanjong Katong Primary School.
Close proximity to MRT station Schools, MRT station
Based on the land price of $1,350 per square foot per acre to Grand Dunman, Ismail Gafoor the director of PropNex believes that SingHaiyi will probably estimate the cost of the project “very similar to or slightly more that Tembusu Grand”.
The majority of units in Grand Dunman are one- or two-bedroom homes, which will appeal to buyers as well as investors who been unable to access the smaller units in Tembusu Grand, notes Gafoor. One-bedroom units start at 452 sq ft, with two-bedroom units beginning at 667 sq feet. Three-bedrooms can be as large as 980 square feet. There are 34 dual-key two-bedroom units of 721 sq ft and 775 sq ft and 36 triple-bedroom dual-key units of 1,044 and 1,055 sq feet.
Based on Eugene Lim, ERA Realty Network’s chief executive officer, Grand Dunman’s closeness to its proximity to the Dakota MRT Station sets it above the two other condo developments. “As as a result, we might not experience a saturation of the market in District 15 even a bit,” he says. “We anticipate a rapid demand for two-bedroom apartments since they’re desired by many buyers.”
The ERA’s Lim says that properties located within walking distance of MRT stations are sought-after because of their ease of use and accessibility. “Grand Dunman is likely to draw a mix from homeowners, investors along with HDB upgrading enthusiasts,” he adds.
“The million-dollar HDB flats that were resold in the Geylang estate 1H2023, as per HDB’s classifications, are located in the Dakota precinct” Lim observes. “This is great news for HDB homeowners looking to upgrade to private condominiums in the same neighborhood.”
The Grand Dunman site is a rare parcel It is an extremely rare plot, according to Ken Low, SRI managing partner. “The two condos that are available in the area include Waterbank as well as Dakota Residences,” he states. A 616-unit development called Waterbank located at Dakota was opened in the year 2010 and sold completely and completed by 2013.
The units at Waterbank are a good rental investment because of its city-fringed location as well as its proximity close to Dakota MRT Station, says Low of SRI. He anticipates Grand Dunman enjoying similar attributes.
Inside Grand Dunman are two tiers of units. There is a gold block that has 100 units, which are made up of huge three- to five-bedroom apartments. Three-bedroom units within this block start at 1,475 square feet, four-bedroom units starting from 1,787 sq feet and five-bedroom units start at 2,131 sq feet.
There are only 10 penthouses available in the whole development. Five-bedroom penthouses span between 2,336 and 2,756 sq feet; while penthouses with six bedrooms vary from 3,057 up to 3,068 sq ft.
Grand Dunman aims to achieve the Green Mark Platinum Super Low Energy rating. Around 65% of the project uses prefabricated, prefinished volumetric construction. Its developer will install solar panels onto rooftops and fan-like ceilings in the living areas of each unit and double-glazed windows in west-facing units.
Due to its efficiency in energy use, SingHaiyi is providing Samsung refrigerators to all units at Grand Dunman. The units will also come with Gessi showers and taps in bathrooms, as well as Kohler toiletries, due to Kohler’s commitment to eco-friendly methods of production.
One month after SingHaiyi purchased its Grand Dunman site, Chip Eng Seng along alongside KSH Holdings and SingHaiyi, together acquired Park View Mansions located on Yuan Ching Road in July 2022 for $260 million ($1,023 psf per ppr). The 99-year leasehold condominium site has a view of Lakeside Gardens in Jurong.
A month prior, in May 2022 Wing Tai Holdings purchased Lakeside Apartments in Jurong for $273.9 million ($1,250 to 1,260 psf per ppr).
Based on a psf ppr based, Chia reckons, the Chip Eng Seng consortium’s land cost is around 20% less. Therefore, Chia plans to start the redevelopment process of the old Park View Mansions sometime at the close of the year or during 1Q2024.