Young and curious, SLB Development offers niche and diversified real estate projects
- SLB Development adds value to projects by leveraging existing features of land sites and buildings in redevelopment
Newly listed SLB Development is the latest player on the Singapore block of top-notch residential, industrial and mixed-use property developers. Primed to further grow in Singapore, China and in other markets within Asia-Pacific, SLB Development prudently seeks real estate opportunities as it diversifies into hospitality developments. It continues to invest in sites located in vibrant and accessible areas with suitable amenities as it adjusts its acquisition strategies to cater to emerging trends and preferences.
Prior to its listing on the Catalist Board of the Singapore Exchange last year, the group had accumulated 18 years of deep experience in property development. As a young developer, SLB Development was driven by curiosity and versatility to explore opportunities in China, Australia and other countries, but its strength lies in its partnerships. For more than a decade, SLB Development grew its business on the heels of joint ventures.
Demonstrating sharp acumen for project selection, SLB Development adds value to projects by leveraging existing features of land sites and buildings in redevelopment.
“We cut deals and do traditional development, but we are always evolving. This enables us to do more niche and different projects compared to other property developers,” says Matthew Ong, executive director and CEO of SLB Development.
Modern yet practical award-winning projects
Together with its joint venture partners, SLB Development has acquired and developed many award-winning residential, mixed-use and commercial properties. Some of its completed projects include the freehold commercial development Hexacube along Changi Road; the Mandai Foodlink; the business and industrial building Eco-tech @ Sunview; Spottiswoode Suites, which won the Best Luxury Condo Architectural Design award at the PropertyGuru Asia Property Awards (Singapore) in 2017; the Midtown & Midtown Residences; Newest; Flora Vista, Floraview and Floraville; and KAP & KAP Residences.
SLB Development has also launched the second phase of residential property Affinity @ Serangoon and the third phase of the Riverfront Residences – one of the country’s best-selling projects last year.
Within the industrial segment, SLB Development has since developed more than two million square feet of industry projects, and has completed a nine-storey industrial establishment that can accommodate more than 200 factory units, an industrial canteen, heavy-vehicle parking and other ancillary facilities. Known as T-Space @ Tampines, the venture was also awarded Best Industrial Development at the PropertyGuru Asia Property Awards (Singapore) 2017, and has already sold 99.6 per cent of its units.
SLB Development also targets to serve the food sector through its five-storey food industrial development Mactaggart Foodlink. The freehold food industrial space features an efficient layout that is ideal for culinary business operations such as food processing and packaging. Strategically located at the heart of vibrant Tai Seng Precinct – a once dusty estate that today shines with distinct restaurants and quaint cafes and shops, Mactaggart Foodlink has already sold 75 per cent of its units, and SLB Development aims to develop more of these specialised types of facilities.
One of SLB Development’s strengths is its diversified portfolio of projects. Ranging from small to large in scale, the company’s offerings are mostly backed by joint ventures with established property developers. This way, SLB Development is able to manage risks better and undertake larger property development projects. Having built a strong network of business relationships with leading developers in Singapore and in China, the firm’s management team seeks to attract more professionals that will help it navigate the next phase of its growth.
“We are one of the fastest-growing developers. Without the joint ventures, we would not be where we are today,” Ong says. “Some look at our model and say we are diluting our profit, but we are also spreading our resources. Having partners allows us to explore more markets. This is something we see evolving into SLB, and this is also how we see the future.”
Niche developments, rare investments
SLB Development sees greater opportunities for growth in the industrial and commercial sectors. Its latest project, INSPACE, which was launched in March, delves into the powerful combination of business and lifestyle spaces. A rare investment opportunity, INSPACE is designed to cater to the needs of modern businesses. Showcasing a timeless architecture, complete with recreational and social amenities, INSPACE will offer 84 vast units that are sized at about 201 to 284 square metres each, chill-out and wellness pavilions, recharge pods, a lap pool, a grill and dine canopy and smart office features.
“We are not just focusing on a single asset class. We are bringing a new product to the market,” Ong says. “The INSPACE project is a combination of experience and learnings from past projects. Having done many residential, mixed-use, industrial and commercial projects in the past 10 years, we have a good idea of what the end users prefer.”
Formerly known as Pei Fu Industrial Building, which was a property primarily used for light industrial rental and sale, INSPACE will feature smart office applications such as wireless and online control of air-conditioning, lighting and security, and charging docks for scooter and electric cars. Facility booking for the new building will also be done online, and instead of constructing an industrial canteen that is common in traditional buildings, INSPACE will spruce up and open its rooftop to welcome food vendors. With a sleek and modern design, INSPACE blends perfectly within a growing urban and commercial area, which is also strategically located near the Tai Seng and Bartley Mass Rapid Transit stations.
“More than offering a smart office, we bring life balance,” Ong says. “Its location is also in the middle of a new growth area so we are looking to enter more into the commercial space segment. We will also continue to venture out of Singapore and explore China, Australia and Britain.”
Other property development projects in the pipeline include a residential site at Lorong 24 Geylang, also launched in March, and an industrial site at 50 Lorong 21 Geylang.
Overseas, SLB Development together with its joint venture partners, is preparing to launch the Gaobeidian project, a mixed-use residential and commercial development in Hebei, China. Located just north of the recently announced Shenzhen Special Economic Zone, the Xiongan New Area comprises three counties – Beijing, Tianjin and Hebei collectively called Xiongan New Area. Gaobeidian lies midway between Xiongan and Beijing. The Gaobeidian project is an ideal investment as the area will soon be connected to Beijing via high-speed rail. The township is envisioned to feature centres for mountain climbing, outdoor sports and food safety testing.
SLB Development’s latest projects will also explore co-living and multifamily spaces in Australia and Britain. The company sees pockets of opportunities in these areas, and it will continue to focus on industrial, residential, mixed-use and commercial developments.
“We are still curious so we see a lot of potential growth in China and other markets,” Ong says. “Without a doubt, we will be more stable as we continue to grow.”
Its overseas expansion is upheld by its initial investment in a unit trust fund named AM Crossroads Equity Unit Trust (the Fund). Together with a joint venture partner, the Fund acquired a retail centre in West Sydney for A$140 million (HK$753.3 million) this year.
The company will continue to diversify its activities as it mitigates its exposure to Singapore’s cyclical property development market. Apart from diversifying its asset portfolio by sector, SLB Development also seeks to broaden its reach geographically by constantly collaborating with partners in acquiring well-located sites and buildings. Its goal is simple: to use sustainable innovative designs and lifestyle themes to develop high-quality properties. “We are young, and we are keen on exploring different markets,” Ong says. “Our collective strength brought us to places we would not have gone to alone. This model gives us more stability.”