CNA: Residential project at Capitol Building site to be launched in 2012

Residential project at Capitol Building site to be launched in 2012

By Millet Enriquez | Posted: 22 November 2011 2057 hrs


SINGAPORE: A high-end residential project will soon rise at the site of the iconic Capitol Building and Stamford House as it broke ground on Tuesday for a possible launch between March and April 2012.

It is part of a landmark project that will feature residential, hotel, retail and theatre components in the conserved site. Its developer Capitol Investment Holdings said it has awarded the S$338 million contract to Japanese firm Shimizu Corporation for the project.

The project is expected to be completed by the fourth quarter of 2014. Capitol Development said it has secured a 42-month tenure, S$532.0 million syndicated loan facility from an OCBC-led consortium of banks to fund the development.

The residential property will only have 34 units. Meanwhile, the Capitol Theatre will also be conserved and transformed into a theatre with 800 seats.

-CNA/ac

BT: Capitol to be the epitome of luxury

Business Times - 23 Nov 2011

Capitol to be the epitome of luxury

By MICHELLE TAN

IT IS yet to be launched, but the property market already seems to be abuzz about the 34 uber luxurious residential units that will be built on the old Capitol site.

Attributing the residential tower's popularity to its exclusivity and stellar location, executive chairman of Perennial Real Estate Pte Ltd (Perennial), Pua Seck Guan, noted that a number of 'serious buyers' have already expressed their interest in the project despite not knowing the finalised launch price.

Centrally located and just a short walk from the City Hall Interchange MRT station, which straddles both the major North-South and East-West lines, the residential units of the Capitol Development Project by Capitol Investment Holdings Pte Ltd (Capitol) will boast views of the Marina Bay area as well as that of the Saint Andrew's Cathedral.

An average apartment will be around 3,000 square feet. In addition, two garden villas (over 9,000 sq ft) and five penthouses will also form part of Capitol's residential offering upon the development's completion.

Commenting on the generous-sized units, Mr Pua highlighted that due to the site configuration and the surrounding landscape, larger units would be better able to bring out the 'advantages' of the development.

Due to the exclusivity of the units, Mr Pua also remains unfazed by the site's 99-year leasehold status and remains confident of the demand and pricing of the apartments going forward.

Just yesterday, Capitol - a consortium comprising Chesham Properties Pte Ltd, Perennial (Capitol) Pte Ltd and Top Property Investment Pte Ltd - held a ground-breaking ceremony to mark the commencement of the Capitol Development, which involves the redevelopment of conservation pieces such as Stamford House, Capitol Building and Capitol Theatre into a high-end mixed development.

The 34 highly exclusive residential units will be attached to a six-star hotel wing, retail components as well as a theatre-cum-cinema, and is expected to become a landmark destination in the downtown area when it is completed.

Leading Japanese construction player, Shimizu Corporation, will be the developer for the Capitol Development project, following a $338.2 million contract win from Capitol.

The development is slated to be completed by the last quarter of 2014.

BT: Top Global unit clinches Braddell Park for $85m

Business Times - 21 Jun 2011

Top Global unit clinches Braddell Park for $85m

Brookvale Park, off Sunset Way, up for en bloc sale at $550m

By NICHOLAS YEO

IT may be the school holiday season but activity continues in the collective sales market. A unit of Top Global Limited, listed on the Singapore Exchange, has clinched Braddell Park for $85 million or $665 per square foot per plot ratio.

In the Sunset Way location, Brookvale Park has been put up for en bloc sale with an asking price of $550 million or $950 psf ppr.

Braddell Park is a 45-unit apartment at Jalan Lateh, off Braddell Road and Upper Serangoon Road.

Under the 2008 Master Plan, the site is zoned for residential use with a plot ratio of 1.4 and an allowable height of up to five storeys. The sale was brokered by Credo Real Estate.

The site is freehold and has a land area of 91,360 square feet.

Singapore Land Authority has granted an in-principle approval for the sale of an adjoining piece of state land measuring some 6,540 sq ft, thereby allowing the purchaser to enlarge the site to about 97,900 sq ft and build up to a gross floor area (GFA) of 137,060 sq ft - sufficient for a new condo project with about 130 apartments averaging 1,000 sq ft, depending on layout and configuration, Credo said in a news release on Monday.

If the developer chooses to purchase the adjoining state land parcel, its effective land rate of the amalgamated site may be lowered to around $639 psf ppr.

'The locality has seen major transformations with NEX mall at Serangoon Central and the completion of the MRT interchange between the North-East Line and the Circle Line,' said Tan Hong Boon, deputy managing director of Credo.

'Coincidentally, the Woodleigh MRT station, which is some 350 metres away from the site, commenced operations today after being closed in 2003.'

Top Global is controlled by Sukmawati Widjaja, who has a 30 per cent stake in the consortium that is developing a retail/theatre, hotel and residential project on the landmark Capitol site.

The sale is subject to the approval of the Strata Titles Board, if necessary.

Brookvale Park, off Sunset Way, has been put up for collective sale with an asking price of $550 million or $950 psf ppr, inclusive of an estimated development charge (DC) of $16.77 million.

The 373,000 sq ft, 999-year leasehold residential site is zoned for residential use with a gross plot ratio of 1.6 and a maximum height of 12 storeys under Master Plan 2008.

If the successful developer fully utilises the 10 per cent bonus balcony allowance, the unit land price works out to a lower $892 psf ppr (including an estimated DC of $35.4 million), said CB Richard Ellis, which is marketing Brookvale Park's collective sale.

'At this price, the potential developer can expect to break even at below $1,400 psf,' said Charles Hoon, director of investment properties, CB Richard Ellis.

'New residential launches in nearby Bukit Timah Road such as Floridian and Jardin have recently transacted at a median price of $1,700 to $1,800 psf. The Trizon, situated nearby at Ridgewood Close, off Mt Sinai Drive, recently transacted between $1,500 and $1,800.'

The site enjoys easy access to the downtown Central Business District (CBD) and the Marina Bay Sands integrated resort via the Alexandra Expressway (AYE). The Orchard Road shopping belt is also easily accessible via Holland Road.

'Developers can take advantage of the site's unique hilly characteristics to incorporate balconies into their design scheme,' said Mr Hoon.

'We expect strong local and foreign interest, in particular, parties who are considering a 'freehold equivalent' site in prime District 21.

'Brookvale Park is likely to be the only condominium site available in this locality.'

CB Richard Ellis is the sole and exclusive marketing agent for this tender exercise, which closes on July 28 at 3pm.

BT: How to invest in foreign currencies

Business Times - 23 May 2011


How to invest in foreign currencies

The asset class is gaining popularity as a means of diversification, says MINDY TAN

THE term 'safer' is relative, to be sure, but it must be said that despite its inherent dangers, the forex market can be a lucrative one, if played right. In particular, because currency markets are not strongly linked to stock and bond markets, forex is gaining popularity as a means of diversification.

Low Buen Sin, director of the NTU-SGX Centre for Financial Education, notes: 'Foreign currencies can be a rewarding asset class to invest in. Having exposure in FX will help investors gain diversification.'

In fact, don't be surprised if you are already exposed to foreign currencies, even though you haven't made a conscious decision to dabble in it!

Prof Low explains: 'Even if you buy a stock that is listed in Singapore, all of the company's revenue could come from other countries. Take, for instance, Global Logistics Properties.'

The company, which was listed on the Singapore Exchange in October last year, owns, manages and leases 296 properties within 122 integrated parks, according to its prospectus. Its network is spread across 25 major cities in China and Japan.

Prof Low says: 'Most of (the company's) income comes from Japan and China . . . (and it) doesn't have any property in Singapore, despite being priced in Singapore dollars.' As such, the company's bottom line is affected by market sentiment, economic performance and natural disasters affecting those two countries.

But what about investors who wish to be directly exposed to FX? There are a couple of options available:

Dual currency deposit

A dual currency deposit (DCD) is a derivative instrument which combines a money market deposit with a currency option to provide a (potentially) higher yield than what is available for a standard deposit.

How does it work?

1. The base currency is deposited for a pre-determined term, from a week to a few months.

2. A specific exchange rate between the two currencies (the strike price) is agreed upon. These two currencies are known as the base currency and the alternative currency.

3. The return you get on your deposit depends on the market movement of the exchange rates between the two currencies, i.e. the investor is obligated to exchange an agreed amount of the base currency for the alternative currency at the strike price when the alternative currency weakens beyond the pre-agreed price.

Factors affecting return:

# Investment tenor: A longer investment period translates into higher returns.

# Strike price: The further away the strike price is from the current price, the lower the return. In other words, the higher the chance of the investor getting the alternate currency, the higher the investor's returns.

# Volatility of currency pair: Currency pairs with higher volatility will reap higher returns.

What are the risks?

# Foreign exchange risk: Apart from the inherent risks involved when dealing with FX, investors should be aware of potential losses when converting currencies. When the maturity proceeds are returned in the alternative currency and subsequently converted back to the base currency, a loss may be experienced due to movements in currency exchange rates. These losses may offset any interest earned on the deposit.

# Liquidity risk: Investors are essentially locking in their money for the tenure of the deposit as penalties are enforced if withdrawal is made prior to maturity.

# No guarantees: This is a non-principal guaranteed product, which means investors may lose part of their principal sum. This may happen especially when the investor ends up holding the alternative currency.

# Credit risk: As this is an investment product, it is not protected by the Monetary Authority of Singapore's guarantee on saving deposits.

Foreign currency fixed deposits The foreign currency fixed deposit (FCFD) is similar to the Singapore dollar fixed deposit in that a sum of money is deposited with the bank for a fixed tenure and at a fixed interest rate. The main difference is that this deposit is denominated in a foreign currency.

Factors affecting returns:

# Investment tenor: A longer investment period translates into higher returns.

# The interest rate is calculated based on prevailing foreign currency market interest rates, and is adjusted to accommodate the bank's costs, risks associated with the product, and the bank's profit margin. The interest rate quoted at the start of the term is fixed for the entire tenure.

# Volatility of currency pair: Generally, an investor has to be confident that the target currency will appreciate in order to ensure positive returns. Alternatively, ensure that you have a sufficiently long investment horizon to ride out exchange rate fluctuations.

Bonds

Bonds are issued by corporations or governments from around the world. Some banks here offer foreign bonds in an international currency.

Such investments can be attractive, especially compared to local bonds. However, as this requires conversion to a foreign currency, it is a good proposition only as long as the Singapore dollar does not appreciate substantially against that currency.

Who should enter the tiger's den?

Broadly speaking, these investment alternatives are suitable for investors who:

# Have sufficient funds to withstand the loss of capital in the event that the currency option is exercised;

# Understand forex risks;

# Don't mind holding an alternative currency.

Finally, an investor should be aware that currency exchange rates can be influenced not only by the monetary policies of his own country's central bank but also the monetary policies of trading partners. Market sentiment, economic performance and even natural disasters can play a role in shifting currencies up or down relative to the currencies of other countries.

The Asian proverb, 'You cannot catch a tiger cub unless you enter the tiger's den', holds true. If you decide to dabble in FX, however, make sure you have a firm grasp of the market and its accompanying risks.

Prof Low points out: '(For) young investors building and establishing their careers, FX trading is definitely not for him/her. They should consider investments in FX instead.'

BT: Forex dos and don'ts

Business Times - 16 May 2011


Forex dos and don'ts

Trading and investing in the volatile currency market calls for understanding and care. MINDY TAN reports

THE global foreign exchange market is huge. In April 2010, the market's average daily turnover was estimated at US$3.98 trillion, a growth of some 20 per cent over April 2007, according to the Triennial Central Bank Survey of Foreign Exchange and Derivatives Market Activity in 2010 conducted by the Bank for International Settlements (BIS).

While it is true that the foreign exchange market is one of the most exciting markets around, is it the right platform for young investors?

Low Buen Sin, director of NTU-SGX Centre for Financial Education, says: 'Newcomers in forex, stock and other asset markets should first try to become investors instead of traders. Trading should be done only after you have accumulated an adequate sum of investment and can afford to put some spare cash to take trading risk.'

While used interchangeably by laymen, a clear line should be drawn between 'trading' and 'investing'.

In trading, the appreciation of capital is the objective; if dividends are paid out, this is an added advantage. Traders look to profit on short-term price fluctuations, which means the amount of time an active trader holds onto an asset is very short.

In contrast, investing looks more towards income over time. Income producers - for example, dividends or bond interest payments - are thus the prime motivation.

Professor Low adds: 'Foreign currencies can be a rewarding asset class to invest in. The investment can be done by directly investing in foreign currency deposits or bonds, or FX funds. It can also be invested indirectly through equities and other foreign currency- denominated assets. A more sophisticated investor can consider capital-protected structured products.'

What is forex?

When talking about forex, the image conjured up in the mind of most people is the risky and exciting world of forex trading.

The foreign exchange market is the figurative place where currencies are traded. The need to exchange currencies is the primary reason why the forex market is the largest, most liquid financial market in the world.

There is no central marketplace for foreign exchange; rather, currency trading is conducted electronically between traders around the world.

The main thing young investors should be aware of is the fact that forex trading has much higher leverage than the stock market. When someone decides to invest in forex, they can expect higher profits - and, conversely, higher losses.

Currency trading is generally short-term in nature. A day trader who buys euros versus the dollar is not trying to predict what is going to happen to the euro in the next 10 years; he is concerned with the price fluctuations after he enters a position.

His goal is for the euro to appreciate in value as soon as possible after his purchase. In order to increase his chances of trading successfully, a currency trader will study the past price history of the currency pair he is trading and compare it to the current prices to determine what the price is probably going to do next.

Many people use forex as a means of diversification. According to Jeremy Goh, associate professor of finance at SMU's Lee Kong Chian School of Business: 'The key to having a diversified portfolio is to not hold just a single class of assets. Hence, having forex in one's portfolio can be a good source of diversification. The basic idea is that forex returns are not perfectly correlated with the market, just like bonds, real estate and commodities. So as long as you have an asset class that is not perfectly correlated to the market, having them in a portfolio will help with diversification of unsystematic (or idiosyncratic) risks.'

The trading pairs

Major currency trading consists of seven international currency pairs which are divided into the majors, and the commodity pairs.

The majors are the most liquid and thus most widely traded major currency pairs. They include euro/US dollar, US dollar/Japa- nese yen, British pound/US dollar, and US dollar/Swiss franc.

The commodity pairs consist of major currencies trading associated with commodities.

US dollar/Canadian dollar is associated with oil commodities, whereas Australian dollar/US dollar and New Zealand dollar/US dollar are closely associated with gold commodities. Forex traders often trade these commodity pairs to gain exposure to commodity volatility.

Each pair responds to different events and requires a unique approach and strategy.

'The specific currency pairs that you choose would depend on several factors,' says Ser-Keng Ang, senior lecturer of finance at SMU's Lee Kong Chian School of Business. 'One such factor is liquidity or volume. Generally, the G-7 currencies have good liquidity or volume. It is also dependent on your appreciation and understanding of the economies of the two countries - for example, to understand how the Australian dollar performs, you would need to understand that its value is driven by commodities (hence it is known as a commodity currency), and who it sells these commodities to (for example, China, to fuel its growth). This explains why the Australian dollar has appreciated significantly, in tandem with China's fast pace of growth.'

A final caveat emptor

Though currencies don't tend to move as sharply as equities on a percentage basis (where a company's stock can lose a large portion of its value in a matter of minutes after a bad announcement), it is the leverage in the spot market that creates the volatility. It is therefore important to take into account the risks involved in the forex market before diving in.

NTU's Prof Low says: 'Before entering the FX market, you must know the forex market well and you must have time. Trading is not something you spend 5-10 minutes on. You must pay attention to market movements because you are essentially taking advantage of short-term changes. You must also understand how to control downside risk and the maximum loss you are willing to incur.'

SMU's Mr Ang adds: 'I would recommend that young investors undergo requisite training to understand the market and to monitor the market carefully before putting a significant proportion of their monies into FX trading. Set some trading rules to ensure trading discipline is maintained - for example, set a time horizon, level of return and/or cut-loss levels. This will provide a non-emotional way of trading. Prudence also dictates that one should diversify one's portfolio.'

(Next week, we will show you how you can get exposure to currencies and forex, without getting involved in forex trading.)

BT: Rise in private, HDB home prices slowing

Business Times - 02 Apr 2011

Rise in private, HDB home prices slowing

Govt cooling measures working, say analysts, as URA index climbs 2.1% in Q1 while HDB resale prices see slowest rise in 7 quarters

By KALPANA RASHIWALA

IN a sign that the property cooling measures are taking effect, Urban Redevelopment Authority's overall private residential price index posted a 2.1 per cent quarter-on-quarter increase in Q1, compared with a q-on-q increase of 2.7 per cent in Q4 last year, latest government flash estimates show.

'The rate of increase has moderated for six consecutive quarters since Q4 2009,' URA said in its release.

Similarly, the Housing & Development Board's resale flat price index registered a 1.6 per cent q-on-q gain in the first quarter, the slowest increase in seven quarters.

URA's sub-index for prices of non-landed private homes posted a q-on-q gain in Q1 2011 of 0.9 per cent for Core Central Region (which includes the prime districts 9, 10 and 11, as well as the financial district and Sentosa Cove) - a smaller hike than the 2.2 per cent q-on-q rise for Q4 2010.

However, the index for Rest of Central Region (which covers places like Bukit Merah, Queenstown, Geylang, Toa Payoh and Katong) increased 2.2 per cent in Q1 over the preceding quarter - a bigger gain than the 1.9 per cent q-on-q gain in Q4 2010. The index for Outside Central Region (covering suburban mass-market locations like Woodlands, Clementi, Jurong, Hougang, Tampines and Bedok) posted a 3.1 per cent q-on-q rise in the first three months of 2011, after rising 2.1 per cent q-on-q in Q4 2010.

Credo Real Estate executive director Ong Teck Hui said: 'The cooling measures did not affect genuine home buyers as much as they did investors and speculators. And demand for OCR is sustained by genuine buyers.' Some market watchers suggest there may be some diversion of investment demand from high-end property to lower-priced segments as the cooling measures stretched budgets.

However, some analysts point out that the rate of q-on-q price increases for OCR had moderated in Q3 and Q4 last year before rising again in Q1. And the Q1 flash estimate for the region reflected a year-on-year appreciation of 13.6 per cent; this figure has been easing since peaking at 36.1 per cent in Q2 last year.

CB Richard Ellis executive director Li Hiaw Ho attributes the 3.1 per cent rise in the Q1 flash estimate for OCR to projects like Waterfront Isle along Bedok Reservoir, The Lakefront Residences near Jurong Lake, and The Tennery in Bukit Panjang which registered strong take-up at median prices (in the first two months of this year) of about $990 psf, $1,050 psf and $1,200 psf respectively. 'These projects attracted home buyers mainly because of their proximity to an MRT station,' Mr Li said.

He attributes the 2.2 per cent appreciation in the RCR's price index to Spottiswoode 18 and The Cape - both transacting at a median price of about $2,000 psf - as well as projects with small-format units like Palmera East ($1,225 psf).

URA said that as at end-2010, there were about 33,000 yet-to-be-sold private homes in uncompleted projects with planning approval - of which 40 per cent is in OCR. In addition, there were 1,500 executive condominium units (a hybrid of public and private housing) that were still unsold.

The above supply figures do not take into account new sites that were recently sold (which can generate about 8,100 units) or which will be made available for development through the confirmed list of the Government Land Sales (GLS) Programme in H1 2011 (which can generate about 5,360 units). Additional supply may also come from private land sources, such as en bloc sales.

Nomura Singapore analyst Sai Min Chow said: 'The combination of more completions (tempering rental expectation), government measures that cap home buying capability, and supply that could be launched from sites (both GLS and en-bloc) sold will continue to weigh on home prices. We expect this to translate into a flattish outlook for mass prices and up to 8 per cent correction for luxury prices this year.

Colliers International, however, predicts that overall private home prices will rise by up to 8 per cent for the whole of this year.

Knight Frank chairman Tan Tiong Cheng said: 'Certainly the cooling measures are working. If developers' sales continue to come off, prices may ease. But any price drop may be mitigated in a scenario of rising construction costs amid the increase in oil prices and expected reconstruction efforts in Japan.

'Interest rates are likely to remain low for the foreseeable future and the fact that HDB resale prices are still strong will continue to create a push for upgrading to the private market.'

HDB yesterday said it will launch about 17,800 build-to-order flats in the first nine months of this year - close to the 17,700 new flats offered for the whole of 2010.

ERA Realty Network and Propnex said cash-over-valuation amounts have stabilised at about $20,000 in Q1 based on transactions handled by their firms.

ERA's key executive officer Eugene Lim said: 'We estimate the total HDB resale volume for Q1 to be just below 7,000 deals.' The figure for Q4 was 6,454.

For the whole of 2011, he predicts HDB's resale price index to increase about 6-9 per cent with total resale applications of about 28,000-30,000. The index rose 14.1 per cent last year, when there were 32,257 resale applications.

PropNex CEO Mohamed Ismail predicts a 6-8 per cent hike in HDB's resale price index this year.

BT: Top Global's top gun has ambitious plans

Business Times - 08 Feb 2011

Top Global's top gun has ambitious plans

Group sets up joint venture property consultancy

By KALPANA RASHIWALA

(SINGAPORE) Top Global, controlled by Sukmawati Widjaja - sister of tycoon Oei Hong Leong - is looking at building up a property investment and development business in Singapore, China, Indonesia and Malaysia. It also plans to acquire or lease hotels in Chinese cities, says CEO Hano Maeloa, who is the son of Madam Sukmawati.

And the Catalist-listed company recently established a property consultancy company in Singapore with two partners which it hopes to franchise in Indonesia. Top Global set up Global Property Strategic Alliance Pte Ltd, or GPS Alliance Pte Ltd for short, late last year with Dennis Yong and Jeffrey Hong.

The two men were previously chief operating officer and executive director (agency) respectively at HSR and each holds a 15 per cent stake in the new property consultancy group.

Top Global controls the remaining 70 per cent. GPS Alliance's existing suite of services includes real estate brokerage (covering resales of condominiums and landed properties in Singapore), corporate leasing, commercial properties, and investment sales.

Next month, it plans to begin brokerage of HDB resale flats and marketing of overseas properties.

GPS Alliance Pte Ltd currently has about 30 full-time staff and over 100 associates (who are paid by commission only). The target is to grow the associates number to 500 to 1,000 by year end.

Setting up a property consultancy business will not only help parent Top Global source for deals like development sites in Singapore but give it first-hand knowledge of the latest property market trends, says Mr Maeloa.

Mr Hong is GPS Alliance's CEO and Mr Yong, its agency mentor. 'Top Global is not involved with the day-to-day management at GPS. Our partners run GPS separately and our offices are also in separate locations. So we keep it at arm's length,' says Mr Maeloa when asked if rival developers may not be comfortable with giving marketing and other jobs to GPS, because of its links to Top Global.

GPS Alliance's office is at Jalan Pemimpin near Bishan (Top Global's premises are at Shaw Centre in Scotts Road) and 'we plan to franchise the GPS name to Indonesia, and when we have a presence there, we can do a lot of cross border selling. For example, we can market Singapore properties in Indonesia, or sell Indonesian properties here, or Australian properties in Indonesia'.

Top Global has a 30 per cent stake in the consortium developing a retail/theatre, hotel and residential project on the landmark Capitol site in Singapore.

Chesham Properties, controlled by members of the Kwee family of Pontiac Land Group, and Perennial Real Estate hold 30 and 40 per cent stakes respectively in the consortium.

'(Chesham director) Kwee Liong Seen is my mum's very good friend and approached us on this site,' explains Mr Maeloa.

Mr Maeloa bought a stake of about 20 per cent in Top Global in 2007 but sold it within a year because he could not get control of the company. He remained an executive director.

In early 2010, Madam Sukmawati emerged as a substantial shareholder in the company, taking up a placement offer, which led her to do a general offer for Top Global.

The company also did a rights issue last year. Madam Sukmawati's stake in Top Global today stands at slightly over 50 per cent.

Under the leadership of Madam Sukmawati, who is the company's executive chairman, and Mr Maeloa, Top Global has divested the construction and waterproofing business and decided to focus on three core businesses - property development/investment; hotels; and real estate support services including property consultancy.

For the property business in Singapore, Top Global initially focused on the residential sector, but following the introduction of the Jan 13 property cooling measures, it decided to broaden its focus to include commercial and industrial properties since these segments are not targeted by these measures.

As well, capital values in these segments have not gone up as much as for the residential sector, notes Mr Maeloa.

'It has become more viable to have mixed developments comprising residential and commercial components rather than doing pure-residential projects in Singapore,' he observes.

'Residential property prices have gone up so much...and I think going forward there will be some sort of oversupply in the residential sector, so you have to position yourself as a niche player.'

Equally at ease at Nassim or Chomp Chomp

By KALPANA RASHIWALA

HANO Maeloa is just at ease sipping fine wine in his house at Nassim Road as eating at hawker centres. His favourite hawker food is carrot cake at Chomp Chomp in Serangoon Gardens.

His most expensive wine investment is a Romanee-Conti magnum, which he had bought from a London merchant about 10 years ago for $50,000. All in, he estimates that he could have invested about $20-30 million in his wine collection of about 8,000-10,000 bottles housed in the 2,000-square-foot cellar in the basement of his residence at Nassim Road.

Mr Maeloa, his homemaker wife and their three school-going children, along with his mother, Sukmawati Widjaja (of the family that controls the Sinar Mas group in Indonesia), and his sister live in the bungalow.

The family developed the house on a site of about 40,000 sq ft which Madam Sukma purchased in 2006 from Peter Kwee. The house was designed by local architect Timothy Seow and the interiors were done by Hirsch Bedner Associates, Mr Maeloa says.

Perhaps Mr Maeloa's ease at fitting into both ends of the lifestyle spectrum may have to do with his having spent some of his early years here.

He did his entire primary school education at Catholic High (in Queen Street) followed by a few years at Whitley Secondary School (at Dunearn Road) - before moving to Boston for prep school. He holds a BSc in business administration from the University of Southern California.

Mr Maeloa used to run an IT fund in Los Angeles around the time of the Internet bubble, and when the bubble burst, he returned to Singapore in 2001 and set up a shipping business to coordinate the logistics requirements of the Sinar Mas group.

Around 2007, he sold the shipping business and invested in Top Global in Singapore, but failed to gain control of the company. He soon sold off his interest in Top Global but stayed on as an executive director.

His mother arrived on the scene a few years later, taking up a placement issue by Top Global in early 2010. She later made a general offer and also participated in Top Global's rights issue last year. Her stake is slightly over 50 per cent.

'My passion has always been in property,' declares Mr Maeloa, in an interview with BT on his 42nd birthday. Both Madam Sukma and Mr Maeloa are Singapore citizens now.

As a student of Whitley Secondary School, he excelled in badminton, winning trophies in interschool tournaments. These days, his hobbies include travelling with his family to ski resorts and hot springs in Japan, and touring the US and Europe. 'When I'm overseas, I like to visit places with unique architecture.'

In Singapore, he visits showflats of other developers in his free time. 'I like looking at how people do wonders with just a square space and sometimes small units.' Mr Maeloa is the only son and the eldest of four children of Madam Sukma.