Latest news with #SekisuiHouse
The Star
12 hours ago
- Business
- The Star
Maiden plot in Singapore's Bukit Timah Turf City snags nine bids as developers jostle for first-mover advantage
SINGAPORE: A consortium led by Frasers Property, Sekisui House and CSC Land Group (Singapore) has submitted a top bid of S$491.5 million in a hotly contested tender exercise for the first residential site in Turf City along Dunearn Road. A total of nine bids were submitted by developers jostling for first-mover advantage in Turf City, which is among key new housing areas in more central locations identified in the Draft Master Plan 2025, and will bring 15,000 to 20,000 new public and private homes to the prime Bukit Timah area. This 13,492 sq m prime district Government Land Sales (GLS) site, which could yield 380 homes, has attracted the highest number of bids since October 2021, when 10 bids were submitted for two smallish sites at one-north, and nine bids were put in for a plot at Lentor, now Lentor Modern, in July 2021, said Tricia Song, CBRE research head for Singapore and South-east Asia. 'We believe the Draft Master Plan 2025 may have boosted sentiment for this Turf City maiden site,' she said. 'The plans for Bukit Timah Turf City look promising, with 15,000 to 20,000 homes, lush greenery, good transport connectivity and 22 heritage buildings being proposed for conservation, including the two grandstands, which will be rejuvenated as community nodes,' she added. Apart from the Dunearn Road plot and an adjacent site that is slated to be launched for tender in December 2025, Wong Siew Ying, PropNex head of research and content, noted there are '20 pure residential plots, three white sites and two residential with commercial at first storey plots potentially lined up in Turf City over the next 10 to 15 years'. Mark Yip, chief executive of Huttons Asia, said the draft masterplan has provided 'more clarity on the land usage in Turf City and reduced risks for developers'. 'The two adjacent residential sites with commercial use at the first storey will provide amenities for the new housing area. Community and recreational facilities and parks will be within a 10-minute walk,' he added. The top bid of $1,410 per square foot per plot ratio (psf ppr) is also the highest since the River Valley Green (Parcel B) plot was awarded to GuocoLand for $627.8 million, or $1,420 psf ppr, in February 2025. Among the nine bidders for the site, the top bid is 3.7 per cent higher than the second highest of $1,360 psf ppr tabled by City Developments. The two close bids suggest that the developers share a good measure of confidence for the site, despite more housing supply slated for this area, Wong noted. Nonetheless, the $1,410 psf ppr bid is still lower than land prices in December 2017, when a nearby plot in Fourth Avenue – now Fourth Avenue Residences – drew seven bids, with a top bid of $1,540 psf ppr, Song said. 'The lower land bids (today) generally reflect higher construction costs, lower efficiency from gross floor area harmonisation and higher potential Additional Buyer's Stamp Duty (ABSD) on both developers and buyers,' she said. Tight competition for the Dunearn Road site was expected as District 10 has only seen a few GLS sites made available in recent years,' Marcus Chu, chief executive of ERA Singapore, said. The most recent site awarded in District 10 was in Orchard Boulevard, now Upperhouse at Orchard Boulevard, which sold for $1,617 psf ppr in January 2024, he added. Justin Quek, chief executive of OrangeTee & Tie, noted that the Dunearn Road site is close to Sixth Avenue MRT Station and some top schools in Bukit Timah, which may fuel pent-up demand from families. Dr Lee Nai Jia, head of real estate intelligence PropertyGuru Group, noted that demand for non-landed homes in District 10 grew steadily in the first quarter in 2025 but fell in April due to heightened macroeconomic uncertainty from geopolitical and trade tensions. 'In May, demand started to rebound, but activity remained below that from a year ago. But a renewed projects pipeline, coupled with (the future project) on the Dunearn Road GLS site, could re-energise interest in this area,' he said. Soon Su Lin, chief executive of Frasers Property Singapore, said this will be 'an exciting opportunity for us to be part of the Turf City masterplan', if awarded. 'Given that the last GLS site in the vicinity was awarded nearly a decade ago, we believe that quality developments, specifically in prime districts 9, 10 and 11, will continue to be highly attractive to home buyers,' she said. - The Straits Times/ANN
Forbes
12 hours ago
- Business
- Forbes
Billionaire Charoen's Frasers Property, Partners Offer Top Bid Of $387 Million For Prime Singapore Plot
Singapore's residential properties are among the most expensive in the world. A consortium that includes Frasers Property—controlled by Thai billionaire Charoen Sirivadhanabhakdi and his family—submitted the highest bid of S$491.5 million ($387 million) for a residential plot in Singapore's upscale Bukit Timah neighborhood. Frasers Property and its partners Japan's Sekisui House and CSC Land, a unit of Beijing-based China State Construction Engineering Corp, outbid eight other groups for the hotly contested plot on the site of the former Singapore Turf City horse racing track until 1999 when it moved to the western Singapore town of Kranji. The government is closing the Kranji race track for good in 2027 and developing a housing estate on the property. Other bidders for the 99-year leasehold site on Dunearn Road include City Developments, controlled by real estate tycoon Kwek Leng Beng and his family, as well as billionaire Wee family's UOL Group, which partnered with unit Singapore Land and privately owned Kheng Leong Co. About 380 residential condominium units can be built on the 13,492 square meter site, according to the Urban Redevelopment Authority. The site is located within a coveted residential enclave near the Sixth Avenue MRT station, Leonard Tay, head of research at property consultancy Knight Frank in Singapore, said in an emailed statement. 'With limited new launches in the area in recent months, pent-up domestic demand particularly from owner-occupiers familiar with Bukit Timah's character and education belt is expected to support interest at [the project's]The project may sell for as much as S$3,200 per square foot, above the effective top bid of S$1,410 per square foot per plot ratio, Tay added. Frasers Property has been stepping up residential developments to tap into resilient demand for luxury homes in the city-state. Last November, it partnered with Sekisui House to redevelop a serviced apartment along the Singapore River near the Raffles Place central business district into a mixed use residential and retail complex. Charoen, 81, is Thailand's third-richest person with a net worth of $10.6 billion based on real-time Forbes data. The self-made billionaire took control of Frasers Property—which owns residential, offices, shopping malls, logistics properties and hotels across Australia, China, Europe and Southeast Asia—following his takeover of Fraser & Neave in 2013. Charoen also owns Chang beer maker Thai Beverages and Bangkok-based developer Asset World Corp.
Business Times
18 hours ago
- Business
- Business Times
Frasers, Sekisui, CSC Land consortium tops nine bids for Dunearn Road site with S$1,410 psf ppr bid
[SINGAPORE] A consortium comprising Frasers Property, Sekisui House and CSC Land has placed the top bid for a 99-year private housing site in Dunearn Road. Its bid of S$491.5 million works out to S$1,410 per square foot per plot ratio (psf ppr). The state tender for the site, which closed on Thursday (Jun 26), drew nine bids. Also bidding at the tender were City Developments; a partnership between Sim Lian Land and Sim Lian Development; and a tie-up involving UOL, Singapore Land and Kheng Leong Company. Other bidders include Kingsford Group and Wee Hur Development. The plot, which can generate about 380 homes, is the maiden government land sale (GLS) site in Bukit Timah Turf City. 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 An adjoining plot, zoned residential with commercial at first storey, is slated for launch in December under the confirmed list of the second-half 2025 GLS programme announced recently. It can generate 335 private homes and 1,400 square metres gross floor area of commercial space. The government has planned for 15,000 to 20,000 public and private housing units for Bukit Timah Turf City. Apart from the two GLS sites in Dunearn Road, there are three white sites and more than 20 residential plots (including those with commercial at first storey) that could be made available under the Draft Master Plan (DMP) 2025 unveiled on Wednesday, PropNex noted. 'The plans outlined will establish Bukit Timah Turf City as a self-sustaining neighbourhood with a mix of commercial offerings, healthcare amenities, as well as a school,' said PropNex chief executive officer Ismail Gafoor.
Business Times
18 hours ago
- Business
- Business Times
Frasers, Sekisui, CSC Land consortium tops bids for Dunearn Road site with S$1,410 psf ppr bid
[SINGAPORE] A consortium comprising Frasers Property, Sekisui House and CSC Land has placed the top bid for a 99-year private housing site in Dunearn Road. Its bid of S$491.5 million works out to S$1,410 per square foot per plot ratio (psf ppr). The state tender for the site, which closed on Thursday (Jun 26), drew nine bids. Also bidding at the tender were City Developments; a partnership between Sim Lian Land and Sim Lian Development; and a tie-up involving UOL, Singapore Land and Kheng Leong Company. Other bidders include Kingsford Group and Wee Hur Development. The plot, which can generate about 380 homes, is the maiden government land sale (GLS) site in Bukit Timah Turf City. 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 An adjoining plot, zoned residential with commercial at first storey, is slated for launch in December under the confirmed list of the second-half 2025 GLS programme announced recently. It can generate 335 private homes and 1,400 square metres gross floor area of commercial space. The government has planned for 15,000 to 20,000 public and private housing units for Bukit Timah Turf City. Apart from the two GLS sites in Dunearn Road, there are three white sites and more than 20 residential plots (including those with commercial at first storey) that could be made available under the Draft Master Plan (DMP) 2025 unveiled on Wednesday, PropNex noted. 'The plans outlined will establish Bukit Timah Turf City as a self-sustaining neighbourhood with a mix of commercial offerings, healthcare amenities, as well as a school,' said PropNex chief executive officer Ismail Gafoor.
Japan Forward
4 days ago
- Business
- Japan Forward
From First Female Sales Rep to Diversity Leader
このページを 日本語 で読む Japanese women are making a meaningful impact around the world. If they were ever invisible, certainly they are not now. What inspired them to step forward into their roles today? This time, JAPAN Forward set out to feature Midori Ito, who became the first female sales representative at Sekisui House, for our series " Groundbreakers ." Midori Ito served as a Standing Audit and Supervisory Board Member at Sekisui House, one of Japan's largest homebuilders. She retired from the company in the spring of 2025 after a long and successful career. Starting as the company's first female sales representative, over time, Ito took on a key role in promoting diversity. She supported female employees who wanted to continue working through various life stages. Even after retiring from the company, she hopes to create a society where people can live fulfilling lives. Her focus now extends beyond the corporate world. In 2018, shortly after being appointed an executive officer in charge of diversity at Sekisui House, Ito introduced a groundbreaking policy. It required male employees to take at least one full month of paternity leave. "I've always wanted to support motivated employees. Looking back, unfortunately, many women left their jobs because they had to shoulder housework, childcare, or eldercare alone," she recalls. "If partners support each other, they can both grow their careers. I believe that mandatory paternity leave could spark those vital conversations. And more than anything, it makes children happier too." The initiative drew widespread attention both inside and outside the industry. Midori Ito (©Sankei by Miyako Nagumo) Things were very different when Ito first joined Sekisui House. At the time, Japan had yet to enact the Equal Employment Opportunity Law. "When I first became a sales rep, most meetings were full of men. I definitely felt the pressure of being outnumbered," she recalls. But her uniqueness became her strength. "Being a woman made me stand out, and people remembered me," she says. Ito eventually became the company's first female sales representative. She later held roles such as store manager. Throughout her career, she sold a cumulative total of 300 homes and was even honored with the company's President's Award. "There was a time when I worried that customers wouldn't trust me just because I was a woman," she reflects. "But one customer once asked me, 'Why would being a woman be a problem?' It made me realize how meaningless it was to focus on gender differences. What really mattered was the value I offered the customer." When asked why she joined the company and the housing industry, she smiles. "It was a chance encounter — I just happened to see a newspaper ad. I didn't have a clear idea of what I wanted to do when I was young. And that was okay." Ito began her career as a sales assistant at a model home park in Sekisui House's Kobe Sales Office. From the start, she found fulfillment not only in satisfying customers but also in collaborating with her team. "The sense of joy and fulfillment in work comes from building it up, day by day," she reflects. Midori Ito (©Sankei by Miyako Nagumo) Unlike most women at the time, Ito continued working after marrying at 23. Back then, many female employees left the workforce upon marriage or childbirth. She credits her family's support for enabling her to keep going. "That's what people used to call 'marriage retirement,'" she explains. "When I got married, my husband respected my decision to keep working. After giving birth to my eldest daughter, I was transferred to a model home site near my house. But there was no formal maternity leave system at the time." Ito drew inspiration from her mother. "Back in the 1960s, she was financially independent and studied bookkeeping while working so she could move into a better profession," Ito recalls. "I'll never forget that when I confided in her about struggles at work in her later years, she smiled and said, 'Failure is the foundation of success.'" After returning to work, Ito became the company's first female general sales representative. At first, she accompanied her manager on sales visits. But when it came time to discuss contracts, customers often directed their questions to him. "I realized that if things continued like that, I'd never sell a house on my own," she says. "So I spoke up and asked to start handling sales independently." Her success came from genuine care for her clients. She visited company housing complexes and asked about residents' family structures and how long they'd lived there. Then she tailored proposals accordingly. She also distributed newsletters and housing information, gradually becoming a trusted advisor. "Day and night, I was always thinking about how to bring joy to the customers right in front of me," she recalls. "Even something as small as noticing, 'That household over there might be thinking of visiting a model home,' kept me motivated." Eventually, Ito was appointed store manager. "Two junior female employees approached me, saying they wanted to work in sales. When I brought it up with my manager, he agreed on the condition that I take responsibility and become the store manager. I couldn't say no after seeing the fire in their eyes," she explains. However, the new model home they were assigned to was built on the site of a former construction office. It was in a subdivision where most homes had already been sold. Some colleagues warned it was a bad idea. "I definitely sensed a 'Let's see what she can do' attitude," she says. "But it was an older subdivision, and many homes were aging. So we went door to door, reaching out to neighbors to tap into the demand for rebuilding. When we opened the model home, so many customers came that they couldn't all fit inside. We had to hold a pre-opening event to accommodate them." That initiative led to 17 years of continuous success in the area. Ito and her team maintained the top market share throughout. Her leadership was also evident during times of crisis — especially after the 1995 Great Hanshin Earthquake. At the time, she was the manager of the company's Yamanomachi model home site in Kobe. "As soon as I confirmed the safety of my family and employees, I rushed out to check on our homeowners," she says. "Not a single Sekisui House home was fully or partially destroyed. Seeing everyone's faces brought immense relief. It reaffirmed for me that a home is more than just a building — it's a shelter that protects lives and families." After turning 50, Ito reached a major turning point. Wanting to support the growth and retention of female sales staff across Japan, she volunteered to lead Sekisui House's newly established Women's Advancement Promotion Group. "The environments these women worked in and the challenges they faced were all different," she explains. "I kept asking myself, 'Are they truly receiving the support and development they need?' Until then, my focus had always been on helping customers directly. But I came to realize that by supporting female sales staff, I could indirectly support all of their customers, too." Her efforts soon expanded beyond gender, and Ito became a key driver of broader diversity initiatives. These included mandatory paternity leave for men and workplace accommodations for employees undergoing medical treatment. She worked to ensure Sekisui House could be a place where everyone could thrive, regardless of their circumstances. In the spring of 2025, Ito retired from Sekisui House after decades of dedicated service. She now continues her mission as a board member of the general incorporated association Expo 2025 Sakuyahime Congress — a group of female business leaders committed to improving lives. "It [the association] began with recipients of the first Osaka Sakuyahime Award, established in 2016 by the Osaka Chamber of Commerce and Industry to honor outstanding female leaders," Ito explains. "Led by Kayoko Fujimoto, CEO of the Fujimoto Yume Group, the group includes many influential women. We've formed deep bonds by openly sharing our challenges and how we've overcome them." The group was launched as a consortium in 2019 and became a general incorporated association in 2023. "We've been able to continue thanks to the support of so many people," Ito says. "I've always wanted to give back to my hometown, Osaka." At Expo 2025 Osaka, Kansai, the group is leading three key initiatives. One of them is the Sakuya Wolf Project, which features 10 wolf-shaped benches created by artist Tomoko Konoike. These benches are installed at the Osaka Healthcare Pavilion. Looking to the future, Ito says, "After the Expo, we plan to lend these benches to various locations free of charge. We want to use art to inspire and uplift communities." But Ito emphasizes that her focus goes beyond women to include broader diversity. "Ms Konoike reminded us that even the term 'women's empowerment' can sometimes create divisions," she explains. "Our goal is to support everyone, not just women. Through connection, we hope to help build a future rooted in well-being at its core." Founded in 1960, Sekisui House is one of Japan's leading homebuilders. In recent years, the company has expanded its global presence, particularly in the United States, with a focus on detached housing. For the fiscal year ending January 2025, Sekisui House reported sales of ¥4.0585 trillion JPY (around $27.9 billion USD). As of January 2025, the company employed 15,664 people on a standalone basis, including 3,320 licensed first-class architects. ( Read the interview in Japanese . ) Interview by: Naomi Yasuda, The Sankei Shimbun このページを 日本語 で読む
