21 March 2014

Sim Lian Group introduces strata offices, medical suites and F&B spaces with Vision Exchange in Jurong Regional Centre - Mar 2014

Singapore, March 20, 2014 – Sim Lian JV (Vision) Pte. Ltd. will on Saturday launch for sale the first phase of Vision Exchange, a 25-storey office tower with two levels of food & beverage (F&B) space and medical suites. The 99-year leasehold commercial development is strategically located at the heart of Jurong Gateway which is set to become the biggest commercial hub outside the city centre.

Vision Exchange features 740 units consisting of 640 offices, 53 medical suites and 47 F&B units on a 124,097 square feet (11,529 square metres) site along Venture Avenue, and is slated for completion in 2018. The development has a total Gross Floor Area (GFA) of approximately 688,890 square feet (64,000 square metres). A total of 250 units will be released in phase one with average prices of S$2,150 psf for office units and S$4,498 psf for medical suites and F&B units.

The development provides businesses direct access and connectivity to:
 A resident catchment population of one million
 Global companies at the International Business Park with Sony, Acer, Dell, German Centre for Industry and Trade, and The Nordic European Centre,
 Medical facilities such as Ng Teng Fong General Hospital and Jurong Community Hospital,
 Visitors to nearby attractions including the Jurong Lake, Science Centre Singapore and shopping options nearby, and
 Tertiary institutions and research hubs such as the Nanyang Technological University (NTU), National University of Singapore (NUS), One-North and the Science Park.

Designed to suit multiple needs, unit sizes at Vision Exchange range from 183 to 1,690 Sqft (17 – 157 square metres) with the option of combining units for larger work or retail spaces. Buyers will be exempted from Seller‟s Stamp Duty („SSD‟) and Additional Buyer Stamp Duty („ABSD‟) with no restrictions on ownership, and foreigners are also eligible to purchase. The showroom is located at Venture Avenue (entrance via Jurong East St 11) and is open daily from 10am to 9pm. 

Mr. Kuik Sing Beng, Executive Director of Sim Lian Group said, “Vision Exchange is one of the few strata offices in Jurong Regional Centre, and businesses will benefit from being at the heart of this thriving commercial and leisure destination in Singapore. We are confident that Vision Exchange will be a good investment to owner occupiers and investors, and will complement the „live, work, play and learn‟ environment  for the community.” 
Vision Exchange is a sustainable and energy efficient building with Building & Construction Authority („BCA‟) Green Mark GoldPlus with full height facade glazing offering an expansive view of the lush greenery around Jurong Lake World-class Connectivity Businesses will benefit from Vision Exchange‟s close proximity to more than 3,000 global and local companies around the International Business Park as well as the Jurong and Tuas Industrial Estates. The statutory boards Agri-Food & Veterinary Authority of Singapore (AVA) and Building & Construction Authority (BCA) will also relocate to the area by 20156
Ease of Commuting 

Vision Exchange is easily accessible both by public and private transportation, offering excellent connectivity within Singapore and across the causeway with Iskandar Malaysia, Johor. It is minutes away from the PIE and AYE, and is also connected to both the Jurong East MRT station and bus interchange via sheltered pedestrian walkway. Approximately 1.8 million commuters pass through these transportation nodes monthly.
Connectivity of Vision Exchange will be further enhanced with the upcoming Tuas West extension (TWE) on the East-West train line in 2016. This will be followed by completion of the Jurong Region line by 2025.  

Access to Amenities 

Vision Exchange is at the centre of activities in Jurong. It is a short walk from shopping centres such as JEM, Westgate, IMM and JCube, as well as Ng Teng Fong General Hospital and Jurong Community Hospital. Other amenities nearby include the CPF Jurong Building, Jurong Country Club, as well as an upcoming 550-room hotel by Genting Group.

Celebrating Nature 

In addition, a stone‟s throw away from Jurong Lake, Vision Exchange includes a large landscaped sky terrace on the fifth floor featuring a gymnasium, multi-purpose pavilions, fitness station, event plaza, a jogging track and an outdoor lounge. There are also designated bicycle parking spaces to complement the Jurong Lake „Remaking Our Homeland‟ (ROH) Primary Cycling Path and the Park Connector network. 

Vision Exchange is Sim Lian Group‟s first development in Singapore primarily focused on commercial spaces. It follows successes in the development of residential and projects across Singapore and Malaysia over 13 years. In the last 12 months, Sim Lian Group acquired a prime freehold commercial development in Sydney as well as a retail portfolio of five neighbourhood shopping centres in East Australia

My View:

My estimation of the total GDV is in the range of about S$1.3B - S$1.7B. As Sim Lian's management revealed that it would be completed by 2018, so I think the group could get around 20% net profit margin (it would be around S$300M net profit depending on how efficient the group could manage the operating efficiency).

It is the group's first foray into commercial property development, so I think it would strengthen its position as a niche player in Singapore market. The location of this project is quite strategic as it is close to Jurong MRT station as well as the shopping area nearby. I believe that Jurong East would be a good satellite town in Singapore and we would see a lot of game changes projects to be launched here.

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