SINGAPORE (EDGEPROP) - Having rolled out its maiden condominium project, Infini at East Coast, last September, Singapore-listed property developer Global Dragon has decided to offer six selected three-bedroom units at special prices starting from $1.399 million or $1,800 psf under a “Spring Promotion”, according to COO Gary Tan.
Last year, two units at Infini at East Coast were sold when the project was launched -- a 754 sq ft, two-bedroom unit went for a net price of $1.44 million ($1,908 psf) in October, while a 1,066 sq ft, three-bedroom unit achieved a net price of $2.02 million ($1,896 psf) in September.
The 36-unit, boutique development sits on a 27,092 sq ft, freehold site, and is a redevelopment of the former Katong Omega Apartments along East Coast Road. Global Dragon, formerly TMC Education Corp, had purchased the site en bloc for $46.31 million in April 2018.
“The location is what drew us to the site,” says Koh Kian Soo, executive chairman of Global Dragon. “It is quite near the good schools and the amenities in the Katong area.” The project is slated for completion in June 2022, just ahead of the completion of the Marine Terrace MRT Station on the Thomson-East Coast Line the following year.
Infini at East Coast is located within 1km radius of sought-after primary schools such as Tao Nan and CHIJ (Katong) Primary School. It is also near shopping malls such as Parkway Parade and 112 Katong, as well as the famous eateries in the Joo Chiat-Katong area. In addition, it is just a 15-minute drive to the CBD, Marina Bay and Jewel Changi Airport. It is also accessible to the East Coast Park and the beach via the park connectors.
Global Dragon COO Gary Tan sees the project attracting young families and multi-generational families. As such, units at Infini at East Coast are a mix of two-, three-, and four-bedroom apartments, with sizes ranging from 753 to 1,722 sq ft. Of the 36 units, 16 are dual-key three- and four-bedroom units, which appeal to both investors and multi-generational families, he adds. There are also three- to four-bedroom penthouses within the development.
Given the prime District 15 address in the East Coast area, the project draws home buyers beyond those living in the east, adds Tan.
Koh emphasises that the units will be fitted with top-end materials, finishes and appliances, for instance, marble flooring for the living and dining area, Fermax smart home system, De Dietrich kitchen appliances, Duravit and Hansgrohe sanitary fittings and sanitaryware, as well as Fascina UPVC windows and sliding glass doors to reduce noise and heat penetration. Condominium facilities include a 25m-long swimming pool, aqua gym, jacuzzi and barbecue pit.
The former TMC Education Corp was established in 1981 as a private education provider and is listed on the Catalist board. In February 2018, the company divested its education arm, TMC Academy, to Advanced Investment Holdings. It also sold a 51% stake to tycoon Koh Wee Meng, executive chairman and CEO of listed property development and hotel chain owner, Fragrance Group, who triggered a mandatory takeover of TMC Education when his stake reached 53.05%.
In March 2018, TMC Education was renamed Global Dragon and its principal activities switched from education to property development and investment. Koh’s private investment vehicle, JK Global Assets, holds a 73.18% stake in Global Dragon, according to the company’s FY2019 report.
Aside from Infini at East Coast, Global Dragon is redeveloping a five-storey, 180-room hotel at Telok Blangah Road. The hotel will be positioned as a “tourist-class hotel”, according to Koh. Global Dragon has also developed a detached house on Lorong Mydin, off Sims Avenue East, and another detached house on Jalan Demak, off Upper Changi Road.
Last September, Global Dragon also purchased a site on Flower Road for $20.03 million. The site will be redeveloped into nine landed properties, namely one bungalow, two semi-detached houses and six terraces.
The group also holds 999-year leasehold strata office units – 21 of them – at Peninsula Plaza on North Bridge Road, located just across the road from City Hall MRT Interchange Station. The units are 90% leased. According to Koh, the group is considering divesting the units.