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On October 1st, the specialized real estate developer Euro Properties will launch its next freehold development K Suites, which will consist of 19 individual units and be located at Lorong K Telok Kurau. Off Still Road, in the high sought-after East Coast enclave that is District 15, the boutique condominium may be found.
According to a caveat that was filed in June 2021, K Suites is located at former Ji Liang Gardens, which was located at 21 Lorong K Telok Kurau. Euro Properties acquired the whole property en bloc for $18.6 million. The collective sale was approved by all of the property owners in Ji Liang Gardens, which consisted of six terraced dwellings lying on a freehold land of 14,289 square feet. In order to create room for K Suites, the homes that once stood in Ji Liang Gardens are scheduled to be redeveloped in the fourth quarter of 2022.
Euro Properties is a familiar face in the Telok Kurau neighborhood, and they have another development located at 81 Lorong K, which is located along the same street. It is a five-story boutique construction that was finished in 2012 and has a total of 24 apartments called Cubik. The seven freehold terraced residences at 79 to 81 Lorong K that will be redeveloped as part of this project were acquired by Euro Properties in one transaction for a total of $8.4 million in July 2007. In November of 2009, the brand new private condominium was introduced and put up for sale.
Neo Que Yau, founder and CEO of Euro Properties, a member of his Euro Group International, says, “I like to develop boutique, freehold projects as Covid made me realize that I don’t want to live and also share facilities with, 1,000 other people.”
Neo is used to living in a home, most specifically a Good Class Bungalow, in the city-state of Singapore. The Peak is home in Hong Kong, and it’s one of the most expensive places on the island because to its breathtaking views of Victoria Harbour. In the event that he were to stay in a condominium, he would want it to be “a tiny community, where residents know one other,” as he explains further.
About K Suites Condo
As a result, K Suites is planned to appeal to homebuyers in a manner quite similar to that of Neo. JGP Architecture has been given the responsibility of serving as the design architect. On a freehold plot of 14,875 square feet, the brand-new condominium building will feature only 19 apartments spread over its five stories. In addition to manicured gardens and a landscaped roof deck, the amenities will feature a lap pool, an aqua pool, both an indoor and an outdoor gym, and landscaped gardens.
The units at K Suites range from three to four bedrooms, while the penthouses include anything from three to five bedrooms each. Five of the 19 units are three-bedroom apartments ranging in size from 797 to 1,087 square feet each. The bulk of the apartments are four-bedroom styles, which account for ten of the units. Their square footage ranges from 1,076 to 1,270 square feet. The last four apartments are duplex penthouses, one of which has four bedrooms and is 1,389 square feet in size. The other three units all have five bedrooms and range in size from 1,625 to 1,679 square feet.
Every level has a total of four units, with the exception of the first level, which only has a total of three troops. Two of the apartments on the first floor have their own private entrances leading straight out to the pool. The three apartments that are located on the first floor each have a ceiling height of 4.3 meters. The ceiling height is 3.5 meters in all of the apartments located on the second through fourth floors. The duplex penthouses each feature a ceiling height of seven meters in the middle of the unit that is double-volumed. Neo adds that he likes living in places that have high ceilings because they make the area seem more open and airy. “As a result, I set out to evoke that emotion among prospective purchasers here.”
In addition to having high ceilings, house purchasers are looking for bigger apartments that are more thoughtfully constructed, particularly with the release of Covid, says Neo. Because the condo building is higher than the residences that surround it, which are just two to three stories tall, the penthouses are built with roof terraces that provide unobstructed views of the city. These views may be enjoyed from the penthouses’ elevated positions.
Neo adds that the residences would be equipped with home automation, and the whole complex will be equipped with WiFi, allowing the owners to make financial and environmental savings.
Neo has been investing in Telok Kurau for the last 15 years, so he has a good understanding of the area. The convenience appeals to him, since it only takes seven minutes to drive to the Central Business District (CBD) through the East Coast Park Expressway, and it only takes twelve minutes to go to Changi Airport.”
Ultimate Convenience at Telok Kurau Location
According to Lee Sze Teck, of Huttons Asia, one of the main draws for local families is the neighborhood’s proximity to well-known primary schools like CHIJ Katong Convent, Tao Nan School, and Haig Girls’ School, all of which are located within a radius of one kilometer from the subject property. He continues by saying, “The initiative ought to be appealing to families with small children of school-going age.”
In addition to the Eunos and Kembangan MRT Stations that are already located nearby on the East-West Line, the addition of the Marine Terrace and Marine Parade MRT Stations on the Thomson-East Coast Line will make the property more accessible. This is because it will mean that the property is located close to four MRT stations. Through subterranean passageways, it is possible to reach a number of parks and park connections, in addition to the East Coast Park and the seashore. Julian Neo, office manager at Euro Properties and Neo’s nephew, just joined the family firm. “You have all the facilities, yet the region still keeps its resort vibe,” says Julian Neo.
Neo Que Yau is undeterred by the impending development of large-scale projects in other areas of District 15. He adds, “Smaller tasks are far more intriguing to me than larger ones,” and I agree with him.
Big Developments in the Pipeline at East Coast
Along Dunman Road, one of the most significant upcoming private residential buildings in the prime neighborhood will have an estimated 1,040 apartments. In June of this year, SingHaiyi Group won a land tender held by the government and acquired a site that was 271,662 square feet and had a 99-year leasehold for a total price of $1.284 billion ($1,350.48 psf per plot ratio, or psf ppr).
Thiam Siew Avenue upcoming condo is yet another large-scale project that is now in the planning stages. Hoi Hup Realty and Sunway Developments have collaborated on this project to form a joint venture. In the neighborhood, City Developments paid $768 million ($1,302 psf ppr) for a 99-year leasehold property that was located on Jalan Tembusu in January of this year. It is expected that there will be 640 residential units built on this land, which is situated next to Tanjong Katong Primary School and next to the Canadian International School.
Appeal of Boutique Development
“Boutique projects like K Suites appeal to consumers who demand exclusivity and are only interested in purchasing property with a freehold tenure,” says Lee of Huttons. “Boutique developments like K Suites are becoming more popular.” “As a residential enclave with a low population density, Telok Kurau has a certain allure of its own. It is one of the neighborhoods in the very desirable East Coast area that has a significant number of freehold properties.
Due to the fact that Neo is marketing K Suites as a luxury development in terms of design and finishing, he believes that he will be able to charge rates in the region of $2,400 to $2,500 per square foot. He indicates the 298 apartments that make up the Liv @ MB condo, which is located on Arthur Road, just off Mountbatten Road. Since its opening in May of this year, the 99-year leasehold condominium has seen 79.5% of its units go under contract at an average price of $2,398 per square foot. This information is based on caveats that have been submitted.
About Euro Properties
Euro Properties made an investment in the construction of a high-end residential skyscraper on 118E 59th Street in New York City, United States, in the year 2013. According to a story that was published in March 2019, Euro Properties sold its investment in the project to its partner company Yuzhou Properties, which is situated in Shanghai.
In 2015, Euro Properties and Michael Jiang, an Australian-based restaurateur and fund manager who works for Lotus Capital Asset Management, purchased the former headquarters of the Nine Network TV station in Sydney, Australia, for a total price of 147 million Australian dollars (about US$102 million). In 2019, the partners decided to put it up for sale, and they received interest from a total of 12 potential buyers. Three of these potential buyers were Iwan Sunito’s Crown Group, Frasers Property Group of Singapore, and Australian property developer Mirvac. In the end, Mirvac was the one who purchased the property early in 2020 for a price of A$249 million. Neo reports that they were successful during their time in Australia. “From 2018 to 2020, I will be selling off part of my assets in international companies.”
As long as he has children still living and attending school in the United States, he will continue to have property there. Neo has been quite active in the United Kingdom over the last several years, purchasing office properties and repositioning them in order to obtain a greater income and capital gain over the long term.
Potential of Singapore Property Market
According to Neo, there are “a lot of prospects and upside potential” in the market for real estate in Singapore. As a result, he plans to reside in Singapore for a longer period of time and is already making preparations to do so. He states, “I’ve made my home in Hong Kong for the last 35 years.” “And I still enjoy Hong Kong. It’s a wonderful community to grow up in.
In the past, Neo saw a large number of Chinese businesspeople relocating to Hong Kong. He makes the observation that “now, a lot more people desire to migrate to Singapore.” “Because of the rules that are particularly favourable to foreign investors, Singapore is becoming a more appealing destination.”
According to Neo, when it comes to investing in real estate, it is essential to take into consideration the supply and demand of the market. “If you have a six-year waiting period for Build-To-Order flats, and private developers are cautious about developing too many residential units, then we have an undersupply situation,” said a real estate agent. “This is especially true given the rising demand, not only from buyers in other countries but also from buyers in Singapore who are upgrading their homes.”
He goes on to say that there has been an increase in the cost of everything, including interest rates, from the cost of land to the cost of building to the cost of labor and taxes.
When compared to Hong Kong, New York, and other big cities, property prices in Singapore are “cheaper on a psf basis” in Singapore than they are in Hong Kong, New York, and other major cities. Neo, an international investor, believes this to be an appealing feature. “And if you convert from US currency to Singapore dollar, at US$1 to $1.40 today, it is still quite reasonable,” he says. “And if you convert from US dollar to Singapore dollar, at US$1 to $1.50 today.”
Euro Properties is continuing its search for more land for development. Neo adds that they will continue to evaluate each potential location on an individual basis. Because they will enable us to develop the appropriate project, location and site layout both have a significant amount of importance for us.