CapitaLand steers market with game-changing initiatives
By Feily Sofian
/ The Edge Property |
Amid a challenging property market, CapitaLand has stepped up its game in Singapore while spreading its bets in China, Vietnam and several core markets. This year, the property group has pulled off a host of innovative and value-add initiatives on home ground and in international markets.
In June, CapitaLand rolled out a stay-then-pay programme at its two mega projects, d’Leedon and The Interlace. The scheme allowed Singaporeans and permanent residents to put down a 10% payment upfront, stay in the property and pay the remaining 90% one year later. For foreign purchasers, the upfront payment was 15%. The scheme gave buyers with an outstanding loan more time to dispose of their existing properties and allowed them to borrow up to 80%, subject to other terms and conditions. Other wise, a buyer with an existing loan would only be eligible for a 50% loan. Based on caveats lodged, buyers have since snapped up 85 units at d’ Leedon and another 76 at The Interlace.
In June, CapitaLand rolled out a stay-then-pay programme at projects d’Leedon and The Interlace (pictured)
The projects’ prime locations and bespoke architecture further underscore their value propositions. The petal-shaped towers of d’Leedon were the brainchild of the late architect Zaha Hadid, known for her daring and curvaceous designs. The Interlace, meanwhile, clinched the prestigious World Building of the Year title in 2015 — the crème de la crème of architecture accolades. The project, renowned for its interlocking blocks, was designed by world-acclaimed architect Ole Scheeren, who was behind other iconic buildings, such as the China Central Television Headquarters in Beijing and the floating auditorium on Nai Pi Lae Lagoon in Thailand.
Luxury offerings
CapitaLand also launched three luxury residences this year — Cairnhill Nine, The Nassim and Victoria Park Villas. To date, buyers have snapped up 220 of the 268 units at Cairnhill Nine since its launch in March. The project’s location and affordable price quantum have been credited for its bumper sales. About half of the units are priced at $2 million or below. When completed, Cairnhill Nine will be linked to Paragon Shopping Centre via an overhead bridge. The project will include serviced residence Ascott Orchard Singapore.
The Nassim, meanwhile, made headlines in June when an Indonesian family picked up two units at $20.3 million and $13.7 million. In September, a Singaporean buyer shelled out $14 million, or $3,204 psf, for a 4,370 sq ft unit in the project.
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At least 10 units have been sold to date, with prices ranging from $2,248 psf for the $20.3 million unit to $3,260 psf for a 1,927 sq ft unit, based on caveats lodged. The Nassim comprises only 55 units on a sprawling 122,600 sq ft freehold site. CapitaLand had envisioned a project reminiscent of the black-andwhite bungalows of the early 1900s and commissioned Mok Wei Wei’s W Architects to deliver this vision.
In September, a Singaporean buyer shelled out $14 million, or $3,204 psf, for a 4,370 sq ft unit at The Nassim
Mok is also the master planner for Victoria Park Villas, which offers 106 semi-detached houses and three bungalows on a 403,000 sq ft, 99-year leasehold site. He collaborated with AR43, HYLA Architects and Studio Wills + Architects, which designed the individual houses. Another appeal of Victoria Park Villas is its location at the junction of Coronation Road and Victoria Park Road, flanked by Good Class Bungalow areas in prime district 10. Transacted prices at Victoria Park Villas ranged from $4.2 million to $5.1 million, based on caveats lodged.
The houses at Victoria Park Villas were designed by AR43, HYLA and Studio Wills + Architects with Mok Wei Wei of W Architects as master planner
Evolving with the new economy
Riding on the fast-growing trend of co-working, CapitaLand has formed a 50:50 joint venture with Collective Works, a co-working operator, to transform 22,000 sq ft space on the 12th floor of Capital Tower into a premium co-working space.
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In the retail segment, CapitaLand is stepping up its technology capabilities as bricks-and-mortar retailers grapple with competition from e-commerce. On Nov 1, the group started an artificial intelligence “chatbot” called Sparkle on its CapitaStar platform, offering virtual concierge services such as making restaurant bookings and answer ing queries from customers.
Separately, Funan DigitaLife Mall is being revamped into a live-workplay destination. When completed in 2019, Funan will take visitors’ shopping experience to a whole new level with an indoor cycling path, rock-climbing wall as well as an experiential cinema and a smart foodcourt. The mall will also offer a drive-through click-and-collect, and hands-free shopping service, where shoppers can choose to either pick up their purchases from Funan’s concierge when they are done, or have them delivered to their homes.
The new Funan mall will feature an indoor cycling path, rock-climbing wall as well as a drive-through click-and-collect, and hands-free shopping services
Funan will have a total gross floor area of 887,000 sq ft comprising 500,000 sq ft of retail use spanning six levels, 266,000 sq ft Grade A office space from levels five to 10, and 279 co-living apartment units from levels four to 12.
CapitaLand’s serviced residence unit, The Ascott Limited, has also embarked on a major technology initiative. Last year, it led a consortium to invest $67.7 million in Tujia, China’s largest online apartment- sharing platform, the equivalent to Airbnb. Ascott is now making its serviced residences available for booking via Tujia to capitalise on the growing number of Chinese travellers. Earlier this year, it announced its new Tujia Somerset brand. More than 1,700 units across 10 properties in China have signed up to be managed under this brand.
Recently, Ascott unveiled Lyf, a new brand that targets millennial travellers who wish to experience destinations as locals do. The properties under this brand will be managed by Lyf Guards, millennials who may be residents themselves, community managers, city and food guides or bar keepers. Lyf Guards and its partners can conduct workshops with local craftsmen, hackathons with local start-up accelerators or innovation talks. To facilitate interaction, the Lyf properties will feature communal areas such as a social kitchen and foosball area, as well as co-working space.
Ascott’s new brand, Lyf, targets millennial travellers who wish to experience destinations as locals do
This article appeared in The Edge Property Pullout, Issue 760 (Dec 26, 2016) of The Edge Singapore.
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