CHINA-based Nanshan Group is set to launch its maiden private condominium project in Singapore at an average price of S$1,400 per square foot (psf) when it starts selling on Oct 31.
The public preview for the 288-unit Thomson Impressions at Lorong Puntong will commence this Saturday.
Nanshan Group has lately formed a joint venture with Vico Construction Pte Ltd to develop the project, which sits on a 99-year leasehold land parcel acquired for S$173.57 million or S$731.10 psf per plot ratio in October 2014.
Vico Construction is owned by Zuo Haibin - who was executive director of Qingjian International (South Pacific) Group until February - and his wife Li Ming Hua.
Mr Zuo, who has been appointed director of the JV's special purpose vehicle NS Property (Thomson) Pte Ltd and the spokesman for Thomson Impressions, said the project is one that goes "back to basics", targeting occupiers amid a deluge of shoebox units in the market.
With the target group in mind, the units are designed such that the master bedrooms can accommodate a king-sized bed and the junior bedrooms can accommodate a queen-sized bed, Mr Zuo pointed out.
The project is some 600 metres by walking distance to the upcoming Bright Hill MRT station along the Thomson MRT line. ERA Realty and Huttons are the marketing agents for the project.
Citing the project's strong locational attributes, small scale, pricing and the limited availability of resale units in the vicinity, Mr Zuo said he is confident of the sales take-up.
"We view the Thomson location favourably, an exclusive location that presents many possibilities; it is near an upcoming MRT and the Ai Tong school, and the Singapore Island Country Club," said Mr Zuo, a Singaporean permanent resident whose wife and son are Singaporeans. Song Jianbo, eldest son of China-based Nanshan Group founder Song Zuowen, has also lately become a Singaporean..
"We are here to stay in the long haul. We do not just do one project and walk away," Mr Zuo said. He came to Singapore in 1999 when Qingjian first started out in Singapore as a construction company before it branched into development business in 2008.
Vico Construction is now eyeing other opportunities to work with Nanshan Group, particularly in mass-market residential projects in good locations. Mr Zuo said he believes fundamental demand in Singapore for residential remains strong given its large potential pool of upgraders.
"If the Singapore economy continues to remain stable, the property market should be on a steady long-term uptrend," he said. Meanwhile, he is keeping his fingers crossed on any possibility of policy tweaking by the government.
Nanshan Group's business in China spans across multiple industries ranging from finance, aviation, real estate, education, tourism to garments. It has lately engaged Vico Construction to re-develop Irving Industrial Building, a 65,309 sq ft freehold site in Singapore that was bought through a collective sale for S$160 million. The re-development is still in planning stage.
According to Mr Zuo, Vico Construction was a dormant company when it was founded in 2008 by his wife Ms Li and a friend until he took over the stake from the friend and became its managing director after he quit Qingjian.
LSZ International Pte Ltd, a newly formed consultancy firm majority owned by Lee Chun Wye, is providing project management and development consultancy for Nanshan Group's Thomson Impressions and the Irving Industrial Building project. Prior to this, Mr Lee was executive director at ZACD Investments, deputy general manager at Soilbuild Group and manager at JTC Corporation.
Some 100 units in Thomson Impressions are one-bedroom units of 463 sq ft with prices starting from over S$600,000, while 72 units are two-bedders of 732-764 sq ft. There are 72 three-bedders of 1,055 sq ft and 34 three-bedroom premium units of 1,195 sq ft.
There are five penthouses and five strata-landed homes consisting of two pairs of semi-detached houses and one bungalow. Foreigners need to seek approval from Land Dealings Approval Unit of the Singapore Land Authority to purchase the strata-landed homes.
Amendment: In the earlier version, we mentioned that Nanshan Group founder Song Zuowen has become a Singaporean. This is incorrect. It is actually his eldest son Song Jianbo. We also corrected the purchase date for the land site at Lorong Puntong and a typo error on the name of majority shareholder of LSZ, Lee Chun Wye.