Former Crystal Tower By Allgreen Properties
The Kuok Group real estate arm in Singapore is Allgreen Properties Limited. Incorporated in 1986, Allgreen was listed on the Singapore Stock Exchange in May 1999 and was then majority owned by the Kuok group. It was delisted in August 2011 from the Singapore Stock Exchange following its compulsory acquisition by Brookvale Investments Pte Ltd (which is itself part of the Kuok group of companies). Today, Allgreen is one of the largest property groups in Singapore reputed for its quality products and track record of strong take-up rate for its projects. As at 31 December 2014, the Allgreen group has 35 subsidiaries and 13 associated companies. Although Allgreen began operations in 1986, the history and track record of Allgreen’s property-related businesses can be traced back to the times when it started as a division of Kuok (Singapore) Limited in early 1980.
In Singapore, Allgreen has a diversified portfolio of properties comprising residential, retail and office space, serviced apartments and a hotel.
Allgreen’s portfolio of development properties consists of a mix of condominiums, terrace and semi-detached units. These properties are on freehold and 99-year leasehold tenures. Allgreen purchases land from private parties and participates in land tenders called by the Government to selectively and continuously maintain a landbank.
Allgreen has also entered into various joint ventures to participate in the development of mixed projects in Shanghai, Tianjin, Chengdu, Qinhuangdao, Shenyang and Tangshan in the People’s Republic of China. These PRC projects comprise a mix of residential developments, commercial, offices, serviced apartments and hotels. In line with its strategy to expand regionally, it has also acquired a prime site in District 2, Ho Chi Minh City, Vietnam to develop a condominium project and another site in Vung Tau City, Vietnam for a mixed development. As one of the largest property groups in Singapore, Allgreen Properties has a balanced quality portfolio of residential and commercial properties which caters to a wide spectrum of homebuyers’ needs and budgets.
Allgreen is engaged in project management through its wholly-owned subsidiary, Leo Property Management Pte Ltd (“LPM”). LPM provides support services primarily for properties developed by the group. In project management, LPM’s role includes concept planning, advising on design development, calling and awarding of tenders for construction work, supervising and monitoring construction, budgets and progress payments. LPM’s capabilities include development of residential, retail, hotel and serviced apartments projects.
Allgreen’s investment property portfolio comprises Great World City, Tanglin Mall and Tanglin Place. The wholly-owned flagship Great World City is one of Singapore’s largest integrated property development at approximately 1.06 million square feet lettable area and comprises two 18-storey office towers connected by a 4-storey podium, a 3-storey retail mall with 3 basements and 304 serviced apartments, Great World Serviced Apartments, one of Singapore’s largest serviced apartment complex with comprehensive facilities and amenities. The Great World City retail mall enjoys high occupancy and strong rentals attributable to strong tenant relations, continued high maintenance of the mall and customer-friendly initiatives. The serviced apartments and office space similarly achieve high occupancy levels and have shown strong profit growth due to their key location and convenient facilities.
Tanglin Mall and Tanglin Place are owned through a 55.4% stake in Cuscaden Properties Pte Ltd. Cuscaden Properties Pte Ltd also owns Hotel Jen Tanglin Singapore (a 565-room hotel near Orchard Road). Tanglin Mall is a 3-storey shopping complex with 4 basements of approximately 146,000 square feet lettable area located in the prime District 10, whereas Tanglin Place is a 4-storey commercial complex of 34,000 square feet lettable area, all of which are located near bustling Orchard Road. The property investment and hotel portfolio provides a stable source of recurring income and strengthen Allgreen’s earning base. Shangri-La Hotel Ltd, the wholly-owned subsidiary of Shangri-La Asia Ltd owns 44.6% of Cuscaden Properties Pte Ltd.