Bursa Malaysia-listed property developer Tropicana Corporation believes it is time to scale up its expansion in Johor, Malaysia. It intends to unlock 800 acres of “premium landbank” with a gross development value (GDV) of RM43 billion ($12.3 billion).
JLL is the marketing agent for Shenton House.
The existing 72-unit condominium block at Flynn Park was built in 1986, and sits on an elevated, freehold plot of 208,443 sq ft. The site can be redeveloped into a new condominium of about 271 residential units
The 186,000 sq ft site has a gross floor area (GFA) of 651,007 sq ft. The ground floor will have 96,000 sq ft of commercial, F&B and retail space, including a supermarket and childcare facilities. The development will be integrated with the upcoming Lentor MRT station on the Thomson-East Coast Line
“All the buyers of the five units are ultra-high networth foreigners... For these buyers, price was no object. They zoomed in on the best units, which were the largest units on the topmost floors. It’s clear that they want a product that stands out from the crowd, a product that can’t be found elsewhere,” Dominic Lee, head of luxury at PropNex.
Last month, it was reported that Sergey Brin, Google co-founder and the eighth richest person in the world with a net worth of US$88.4 billion, according to Forbes, is setting up a branch of his Bayshore Global Asset Management family office in Singapore. In November, Ray Dalio, billionaire founder of hedge fund Bridgewater Associates, announced that he is also opening a family office in Singapore.
“There were already signs that demand has returned,” says Ismail Gafoor, CEO of PropNex.
The addition of these three locations will bring the number of WeWork locations in Singapore to 12 by end of this year.
Completed high-end condos that Hong Kong action-hero Donnie Yen and wife Cissy Wang were said to have visited included The Oliv on Balmoral Road, Bishopsgate Residences at the exclusive Bishopgate neighbourhood, Nouvel 18 on Anderson Road, and South Beach Residences on Beach Road.