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Business Times
7 days ago
- Business
- Business Times
Veteran JLL Singapore dealmaker Tan Hong Boon quits capital markets team
[SINGAPORE] After more than a decade as executive director of JLL Singapore's capital markets team, veteran en bloc dealmaker Tan Hong Boon has left the firm in July. He has since established his own company, AlpsEdge Real Estate, where he is executive director alongside his business partner Carin Puah, who has also left JLL Singapore's capital markets team where she was a senior director. Tan told The Business Times that he has departed JLL to explore new ventures and further his personal development. AlpsEdge is a boutique real estate consultancy that focuses on capital markets deals, investment grade properties, development land and collective sales. Tan's real estate career began in 1989 at the Inland Revenue Authority of Singapore's Chief Valuer's Office. He later joined Debenham International as senior manager for consultancy and regional valuations, covering markets in China, Indo-China and Indonesia, before moving to Knight Frank in 1996. At Knight Frank, he held roles in research and consultancy, and investment sales over eight years. In 2004, Tan became deputy managing director at property advisory firm Credo Real Estate Singapore, which was acquired by JLL in 2012. He then served nearly 13 years with JLL, including a secondment to Kuala Lumpur from 2015 to 2016 to build its research, consultancy and capital markets functions. A NEWSLETTER FOR YOU Tuesday, 12 pm Property Insights Get an exclusive analysis of real estate and property news in Singapore and beyond. Sign Up Sign Up During his tenure, JLL Singapore's capital markets team brokered several high-profile collective sale transactions. These include the 2018 sale of Landmark Tower, a leasehold 139-unit development at Chin Swee Road, to a joint venture company for S$286 million. He also handled the sale of Watten Estate Condominium in 2021 to UOL Group and Singapore Land Group for S$550.8 million. It is now the site of a new freehold condo project Watten House. That same year, Tan oversaw the collective sale of shopping mall Peace Centre and adjoining apartment complex Peace Mansion. The mixed-use property on Sophia Road was sold for S$650 million to a joint venture comprising CEL Development, Sing-Haiyi Crystal and Ultra Infinity. In 2023, he handled the sale of Bagnall Court, a 43-unit condominium on Upper East Coast Road, which was purchased by a consortium of undisclosed buyers for S$115.3 million. Later in the year, Tan also brokered the sale of Shenton House to Lee Yeow Seng of Malaysia's IOI Properties Group for S$538 million. JLL's Singapore capital markets team is headed by Lim Ting, who was promoted to the role in 2019. According to a JLL statement at the time, Lim took over a team of 21 professionals providing investment services to pension funds, developers, major corporates, sovereign wealth funds, and international investment managers. Lim reports to JLL's head of Asia Pacific capital markets, Stuart Crow. Tan and Puah's recent departures follow in the wake of other senior exits at JLL. Singapore country head Chris Archibold left the firm earlier this year after a 21-year career with JLL Singapore. He was named country head in January 2021 after leading the firm's office leasing business for 14 years. In 2024, JLL announced the departure of its Singapore-based Asia-Pacific CEO Anthony Couse in September, while JLL South-east Asia chief executive Chris Fossick stepped down in January. According to real estate platform Mingtiandi, the changes at the top came after a corporate transformation programme launched in 2019 saw JLL shifting decision-making responsibilities to leaders of its business lines. Several other real estate firms have also seen movements in the past year. In 2024, Melvin Chay joined Knight Frank Singapore as a senior director from Colliers, where he was the director of international capital for Asia-Pacific for about three years. At Colliers, he conducted cross-border sourcing for direct and indirect real estate opportunities across all sectors, including platform and operators raising debt and equity. More recently, Colliers Apac head of capital markets Chris Pilgrim left the firm. He joined Colliers in 2021 as director for global capital markets based in London, and became managing director of global capital markets for Apac in early 2023, based in Singapore. Pilgrim has since joined UK real estate company Avison Young as its principal, managing director and UK head of capital markets.
Business Times
06-06-2025
- Business
- Business Times
Ageing Holland Road Shopping Centre finds a foothold in a changing precinct
[SINGAPORE] Just a short stroll from the sleek new One Holland Village mall, with its curated retail, open courtyards, buskers and weekend buzz, is Holland Road Shopping Centre, which stands in quiet contrast. Behind a timeworn facade lie narrow corridors lined with retro shopfronts and no-frills tenants: tailors, massage parlours, nail salons and hairdressers. Several units sit shuttered. Yet, amid the stillness, a few new tenants offer glimmers of hope that the ageing mall, completed in 1971, may adapt to a changing market. Lee Siew Ling, senior director of retail at JLL Singapore, said the vibrancy that once defined the area – especially in its heyday as a nightlife spot – has waned. 'Ground floor retail spaces continue to benefit from proximity to Holland Village MRT station, though with reduced foot traffic compared with previous years,' she added. Upper-floor units house destination-driven, service-based businesses and small food and beverage outlets that rely on specific customer visits rather than casual passers-by, said Lee. A NEWSLETTER FOR YOU Tuesday, 12 pm Property Insights Get an exclusive analysis of real estate and property news in Singapore and beyond. Sign Up Sign Up 'This trend has become more pronounced as overall spontaneous visits to the centre have decreased.' At Joo Ann Foh Colour Service, a photography shop on the third floor, footfall has plunged more than 50 per cent since it opened nearly a decade ago. 'Business has been up and down... You can see the whole Holland Village is dying left and right,' said partner Kenneth Ng. He pointed to the closure of Swiss Butchery along Lorong Mambong, a space which has remained shut for nearly six months, and an empty second-floor unit once occupied by fitness chain F45. Within the mall, speciality furniture store Lim's Holland Village closed after more than 50 years, and Thambi Magazine shut in May, after 80 years of operation. D'Artist Gallery, a fixture at the shopping centre for nearly four decades, saw sales decline by 30 to 40 per cent in the past two years. Tenants are grappling with rising rents. D'Artist's owner Sonny Wong said rental rates typically rise by around 10 per cent each time leases are renewed. Where he once signed three-year leases, he now opts for shorter two-year contracts. 'It's so unpredictable at this moment. We are so worried every time our lease ends.' For Joo Ann Foh's Ng, rents have risen by 40 per cent since the pandemic. To keep afloat, the photography shop operates with a skeleton crew and relies on regular customers. 'We are just trying to make it to the end of our lease. We have another one year plus so we are just trying to reach the end before deciding what to do.' Goodbye, expats Among the factors driving the mall's decline is a shrinking expatriate community. Holland Village began as a military enclave in the 1930s, serving British soldiers and their families. The expat presence grew in the 1960s with the addition of flats and houses at Chip Bee Gardens. Even as nearby public housing in the 1970s brought more locals to the area, Holland Road Shopping Centre remained expat-focused. ' When we first started, business was fantastic because all the international schools were here. This is the place where expats come to for every little thing, like sending parcels home... Now, it is totally different because the community has dispersed and this has hurt us. ' — Sonny Wong, owner of D'Artist Gallery 'When we first started, business was fantastic because all the international schools were here,' said Wong. 'This is the place where expats come to for every little thing, like sending parcels home.' In 2008, the government began dispersing international schools across the island, reducing their concentration in traditional expat zones such as Dover and Holland. 'Now, it is totally different because the community has dispersed and this has hurt us,' said Wong. Holland Road Shopping Centre's strata-titled ownership makes it difficult to coordinate tenant mix and marketing strategies, said JLL's Lee. This leaves a stale tenant mix, said Ng. 'It's mostly the same type of businesses – nails and massage parlours. If the mall doesn't serve a purpose, who would go there?' He contrasted it with malls such as United Square, which draws traffic with tenants such as tuition and enrichment centres. Over the last two years, the occupancy rate has stood at about 95 to 98 per cent, said a spokesperson for Holland Road Shopping Centre Management Corporation Strata Title. Glimmers of change Despite the dated facade and dwindling traffic, a handful of tenants are injecting fresh energy into the property. The shopping centre's management has also started allowing pets into the building. JLL's Lee noted that Japanese restaurant Tsukiji Kaisendon on Level 2 and Frankie and Fern's cafe on Level 4 have become niche destinations. Shermien Koh, co-founder of Frankie and Fern's, was drawn to the building's curved architecture and panoramic view over Holland Village. Koh observed fresh activity after the addition of One Holland Village in the precinct; brands such as Little Farms underwent revamps and ice cream shop Birds of Paradise opened on the ground floor. 'It was good timing for us as they were similar brands, and we have a similar target audience.' Transforming a former office into a 2,500 square foot (sq ft) cafe took about S$700,000 in renovations, including structural rework and custom fittings. The space now serves about 300 customers daily. Rent was more affordable than at One Holland Village or the nearby shophouses, she said. 'We are paying below S$10 per square foot (psf). At the new mall and around the vicinity, it's S$15 to S$20 psf.' 'We didn't want to be in a mall because a lot of brands are international or chain brands and it would take a lot to get noticed as a small brand,' said Koh. Conveyor belt sushi chain Sushiro is slated to open next door in August. The 3,844 sq ft outlet will seat 49 tables, including counter seats. Conveyor belt sushi chain Sushiro is expected to open in Holland Road Shopping Centre this August. PHOTO: CHONG XIN WEI, BT 'We were drawn to its charm and longstanding presence,' said a spokesperson for Sushiro Singapore. The sushi chain had been exploring options in the Holland area, and 'the opportunity at Holland Road Shopping Centre came at the right time'. With new developments such as One Holland Village and the upcoming public housing flats, the brand also sees 'strong potential' in the precinct. Dr Chua Yang Liang, JLL's head of research and consultancy in South-east Asia, said new projects such as One Holland Village are helping to revitalise the entire precinct. 'The introduction of such high-quality mixed-use developments often motivates owners of older assets to upgrade their offerings to remain competitive and retain tenants,' he added. Frankie and Fern's Koh said: 'There's a new breath of life coming back into Holland Village, and this mall plays a very vital role in that rejuvenation. If there isn't change, it'll lag behind.'
