Belgravia Ace showroom

It’s difficult to find a lasting and mutually beneficial collaboration that is a perfect match between the two property developers in Singapore like the one formed between Hoi Hup Realty and Sunway Developments. Based on Koon Wai Leong who is the general director at Hoi Hup, the first joint venture (JV) project was launched in 2007. Since since then the partners in the joint venture have created 15 projects that comprise more than 8,000 housing units.

Belgravia Ace bid price is for strata landed housing featuring 3-storey – 100 strata terrace houses and 18 strata semi-detached houses in a perfect ambience.

Hoi Hup is one of the longest-running locally-based property developers located in Singapore Hoi Hup is among the top local property developers. Sunway Developments is an affiliate of the listed Malaysian real property conglomerate Sunway.

This year, the two developers have been recognized for their achievements, and took their Top Developer Award at the EdgeProp Excellence Award 2021. 3 of their developments were being recognized this year as well which include Ki Residences, Parc Central Residences along with Parc Canberra.

Solid base of experience

The partnership with the developers began over fourteen years ago, when each firm was trying to create a larger impact on Singapore’s real estate industry.

“At the beginning of our partnership, Hoi Hup Realty was an older, more upscale property developer located in Singapore that gradually developed a market for larger housing developments for the public. At the time the company was mostly taking smaller residential projects that were private and later HDB Design, Build, and Sell Scheme (DBSS) housing projects for the public,” recounts Koon.

The team responsible for development at Hoi Hup Realty was introduced to Sunway Developments through its sister company Straits Construction, which had contracted Sunway numerous times as sub-contractor.

Each of Hoi Hup as well as Sunway were keen to embark on larger projects in the near future, and realized they could do this through combining their skills and resources Koon says. Koon.
“We endeavor to offer top-quality, highly-livable homes for our prospective home buyers. This is our goal starting the moment we select the site and all the way through the process of development,” says Wong Kok Leong, the general manager of Sunway Developments.

In June 2007, a joint venture comprised of Hoi Hup Realty, Sunway Concrete Products as well as Oriental Worldwide Investments won a DBSS site located on Boon Keng Road that would be transformed as City View at Boon Keng.

The DBSS initiative was concluded in January of 2011 and the prime units continue to set records for resales Most recently, in November of 2020, when the five-room unit was purchased at $1.2 million ($938 per square foot).

Following having achieved success with their initial joint venture the two continued to offer projects jointly. Others DBSS project include: 1,203 unit The Peak @ Toa Payoh which is completed in the year 2012 as well as the 682-unit Lake Vista @ Yuan Ching in the year 2015.

“During these crucial years, our development teams gained experience in the delivery of high-quality housing for a broad range of owners-occupiers. Singapore has high standards for all its housing projects for public use which is why we had to think about every aspect of each one of these projects,” says Koon.

He states that this past experience and track record of the delivery of public housing has affected the thinking of the teams working on development of Hoi Hup as well as Sunway to concentrate on their strengths in the delivery of highly comfortable housing.

Enhancing strengths of EC projects

After the DBSS was deactivated in 2011 The joint venture owners began to focus on executive condominiums, or ECs that also cater to the sandwiched classes -people whose incomes were higher than the HDB income threshold but were unable to afford private property. ECs comprise a hybrid type of private and public housing designed to bridge the gap between those who want to own a private condominium.

Koon, speaking on behalf of Hoi Hup, Koon says Hoi Hup’s developer saw this opportunity to develop its skills in the development of high-quality public housing, pushing the envelope in terms of both quality in its design EC projects.

“Many of the most important factors in the development of ECs remain the same as those of other public housing, like living costs, affordability and the kinds of homeowners. The primary market for ECs is local owners-occupiers instead of the investors” He says.

“Home buyers of today are highly educated, and developers must provide the best product to meet their requirements while establishing price that is competitive. We’re selling a house not just a piece of property,” says Sunway Developments’ Wong.

The most notable EC projects designed in collaboration with Hoi Hup and Sunway include the 628-unit Rivercove Residences in Sengkang and the 531-unit Hundred Palms Residences in Yio Chu Kang. The JV’s latest EC projects include the Parc Central Residences located in Tampines and Tampines, which opened in January, as well as Parc Canberra in the new Canberra area in the north of the city, which will be launched in February 2020.

Parc Central Residences took home the Marketing Excellence Layout Excellence along with the top Executive Condominium Awards as well as Parc Canberra won the Layout Excellence award at the EdgeProp Excellence Awards 2021.

While focusing on public housing developments, Hoi Hup and Sunway have been slowly adding to their private condominium developments, including Ki Residences at Sunset Way. The 660-unit leasehold project was the very first to be launched in the residential area in 20 years when it was announced in November, 2020.

“With Ki Residences, we kept focusing on large and comfortable living spaces as well as a predominantly family-oriented design. The concept of designing a condo in this coveted area, which hadn’t had a new development for twenty years provided us the opportunity to create additional layers of sophisticated aesthetics throughout the condominium,” Koon. Koon.

He is in agreement with many real estate professionals and market watchers that the pandemic is causing the majority of home buyers to analyze their lives to make sure the house they buy can meet the needs of their particular lifestyle.

“Speed of market entry is among the main factors that contribute to the success of launching. The key takeaways for us are the effects of policy changes as well as understanding the expectations of buyers,” says Wong.

Making preparations to prepare for next property cycle

The year before, Hoi Hup and Sunway added land to their shared bank in anticipation of the ongoing robustness of the housing market.

In September of this year, the two developers joined forces to purchase Flynn Park in a single transaction in a deal worth $371million. The cost is for the freehold site located in Pasir Panjang works out to $1,318 per plot ratio (ppr).The site can be redeveloped to create a 271-unit condominium according to Savills Singapore, which handled the deal.

The JV also acquired two freehold sites in Thiam Siew Avenue at $815 million November 19 of this year. The purchase includes 22 plots of land on Thiam Siew Avenue, sitting between Haig Road and Tanjong Katong Road situated in the highly sought-after District 15.

The land value is set to $1,440 psf per square foot and is the most significant residential land purchase since the previous collective sale wave that took place in 2017-2018. This deal also mediated by Savills.
There was a lack available residential building sites that were available for sale in the last 2 years Hoi Hup’s Koon reckons that the land supply from public land auctions could pick up in the coming year.

He says the two developers are likely to focus the majority of their time creating and developing two sites they recently acquired. Could this mean that their desire for land has now been satisfied?

“I don’t think we should rule out the possibility of buying another site however we’ll be careful,” Koon says. “Any site we pick up should complement our current focus and potential and should develop into a plan that offers competitively priced and high-quality homes for homeowners.

As the years progress, the JV partners are expected to climb higher up the value chain, resulting in higher-end residential properties. “Based on our history and knowledge, both firms can offer a lot to different segments of the residential market that is private,” Koon says. Koon. As an example, the redeveloped site located at Flynn Park will likely comprise twoto five bedroom units They hope to provide bigger units than what is normally expected.

“The epidemic has taught us to adjust quickly, in particular when it comes to how we design and plan our future houses, as well as the speed of completion of projects. It’s even more difficult today to meet our clients’ expectations in this new environment,” says Wong.

Koon believes that the market for real estate has proven robust, and the market continues to grow in its strength. This will give both local and foreign buyers more confidence to buy an apartment in Singapore.

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