Yahoo Finance Third-gen scions of International Plaza tycoon put up 33 Devonshire for lease
Brothers, Rodney (left) and Gerald Cheong, executive directors of Tian Teck Investment Holding and shareholder of Sekon International, the developer of 33 Devonshire (Photo: Samuel Isaac Chua/EdgeProp Singapore)
Along Devonshire Road, near Orchard Road, is a new 21-unit boutique condo. Named 33 Devonshire, the project was developed by Sekon International, whose shareholders are brothers Rodney and Gerald Cheong. They are also the controlling shareholders and executive directors of the Singapore-based Tian Teck Investment Holding, which owns a substantial stake in International Plaza in the CBD.
Adjacent to the new condo at 33 Devonshire is Tong Xian Tng Temple, built in 1894 and fashioned after a traditional two-storey Teochew house. According to Gerald, the new 14-storey condo at 33 Devonshire Road is the redevelopment of a building that once housed the monks at the temple. The building belonged to the temple and occupied two land plots at 33 and 35 Devonshire Road. It was then sold to Rodney and Gerald’s father, Cheong Hooi Hong (or HH Cheong), who passed away in October 2022.
Property title searches showed that HH Cheong’s investment vehicle, Sekon International, purchased the freehold plot of 3,602 sq ft at 35 Devonshire Road in March 2015, followed by the 3,636 sq ft freehold site at 33 Devonshire Road in August 2016.
After purchasing the two freehold plots, HH Cheong bought the adjacent strip of land intended to serve as a fire escape route for the temple occupants. “But it was a disused road and was not well-maintained,” says Gerald. “We saw instances of illegal parking of cars and littering on the disused road.” Hence, Sekon International purchased the remnant land parcel from the Singapore Land Authority.
The new residential block at 33 Devonshire has 21 units across 14 floors (Photo: Samuel Isaac Chua/EdgeProp Singapore)
Investment property
The three plots were amalgamated to create a 10,647 sq ft freehold plot. “The site is big enough to build a nice boutique condo,” says Gerald. “We believe it’s a good time to rent out now because rental rates are still high, and with the latest cooling measures, more expats are choosing to rent rather than buy.”
About $20 million was spent on the construction of 33 Devonshire. Amenities include a lap pool and function room on the first level, an air-conditioned gym and open-air exercise area, an entertainment area and a sky garden on the third level. In the basement is a mechanised parking system for 18 cars.
The boutique development has 10 three-bedroom units of 1,342 sq ft and another 10 two-bedroom units of 1,001 sq ft. A sole penthouse of 2,443 sq ft is on the topmost level. According to Rodney, there are two units on each level: a two-bedroom and a three-bedroom. Typical units span the fourth to 13th levels, crowned by the 2,443 sq ft penthouse, which extends across the entire floor plate of the 14th level.
The three-bedroom units on the high floors have a view of Marina Bay Sands from the balcony, says Rodney. On the other hand, the two-bedroom units overlook greenery and the surrounding neighbourhood in prime District 9.
While the typical units have a standard ceiling height of 2.7m, the penthouse has a ceiling height of 4.5m. The units are fitted with marble flooring for the living and dining room, full-marble bathrooms, engineered timber flooring for the bedrooms, solid-surface kitchen countertops, and De Dietrich kitchen appliances. The master bedrooms have walk-in wardrobes, while the other bedrooms have built-in wardrobes. The units will also be fitted with lights and curtains.
The condo is scheduled to obtain its temporary occupation permit sometime in late March or early April. The project was designed by P&T consultants, with O2X Studio as the landscape consultant.
The 181-room DusitD2 at Samyan, Bangkok CBD, was developed by Tian Teck Property, a subsidiary of Tian Teck Investment, and opened in May 2023 (Photo: Dusit International website)
Holding onto assets
The units at 33 Devonshire will be kept within the family and are not for sale. “My late father [HH Cheong] liked to hold onto assets and let them appreciate over time, especially in the past,” says Gerald. “But of course, with the cooling measures, the price increase will be more gradual.”
Tian Teck Investment’s subsidiary, Tian Teck Property, has also developed a 181-room hotel in Samyan, the CBD of Bangkok, Thailand. The firm signed an agreement in August 2019 with Dusit International, one of Thailand’s leading hotel and property development companies, to manage the hotel under the first dusitD2 brand. The hotel opened in May 2023.
Since 2019, the group has developed two projects: 33 Devonshire in Singapore and dusitD2 hotel in Bangkok. “We haven’t been active in the past, but moving forward, depending on the situation, this could change,” says Gerald.
In Singapore, the last residential project developed by Tian Teck Investment’s HH Cheong was Oxley Residence, completed in 2014. The project was developed jointly with three other brothers linked to Tian Teck Investment, each holding a quarter-stake. The boutique luxury development has five strata houses and a five-storey condo with 12 units. The freehold development has a prime District 9 address.
Oxley Residence has five terraced houses and 12 condo units and was developed by HH Cheong and his three brothers related to Tian Teck Investment. The project was completed in 2014 (Photo: Samuel Isaac Chua/EdgeProp Singapore)
While HH Cheong held onto his units, some of his brothers have either leased or sold theirs. Rodney and Gerald both live in Oxley Residence.
Based on caveats lodged, two terraced houses and five condo units at Oxley Residence have been sold. The latest transacted unit was a 3,617 sq ft, four-bedroom unit that fetched $7.8 million ($2,157 psf) in December 2023.
HH Cheong controlled the Singapore-based Tian Teck Investment until his passing in October 2022, after which Rodney and Gerald assumed control. The most significant asset in Tian Teck Investment’s portfolio is International Plaza, in which it owns most of the retail units on the first and second levels.
International Plaza is a 50-storey, strata-titled, mixed-use development with 192 shops in the first three levels, 559 office units across 27 floors, and 209 apartments spanning the top 14 floors. Two penthouses with roof terraces are at the topmost level. The project is next to the Tanjong Pagar MRT Station.
In September 2021, International Plaza attempted its first collective sale with a price tag of $2.7 billion. It made a second attempt in April 2022 at the same price and would have set a new record in the collective sale market had it been successful.
Tian Teck Investment owns almost all the retail units on the first and second levels of the International Plaza in the CBD, making it the biggest asset in its investment portfolio (Photo: Samuel Isaac Chua/EdgeProp Singapore)
Legacy properties
International Plaza was built 48 years ago by Rodney and Gerald’s grandfather, property tycoon Cheong Eak Chong. The patriarch had three wives and 28 children — 16 sons and 12 daughters. Some of them are based in Hong Kong, and others are in Singapore.
The Singapore property business controlled by the Cheong family is split mainly between the listed company Hong Fok Corp and the privately-held Tian Teck Investment.
Two years ago, the patriarch’s former home at 5 Oxley Rise was launched for sale at $300 million. Sitting on a hilltop site of 117,230 sq ft, the double-storey bungalow comes with four other outhouses. The property includes the road bordering it, which brings the combined area to 151,205 sq ft.
The property is held by seven sons, each with a one-seventh stake. Three of the sons are linked to Hong Fok Corp, and the other four are part of Tian Teck Investment. They include HH Cheong, Rodney and Gerald’s father.
Rodney and Gerald’s three uncles, who are part of Tian Teck Investment, control the Hong Kong companies Tian Teck Land and Associated International Hotels Ltd (AIHL), both listed on the Hong Kong Stock Exchange.
Cheong Kheng Lim, based in Hong Kong, is the chairman of Tian Teck Land and AIHL. The other two brothers are executive directors of both firms. One of them is Cheong Keng Hooi, who owns The Warehouse Hotel on Havelock Road. The other, Cheong Sim Lam, owns Ascott Raffles Place, which he purchased for $353.3 million in 2019.
Cheong Eak Chong’s (Rodney and Gerald's grandfather) mansion at 5 Oxley Rise was on the market for $300 million two years ago (Photo: Samuel Isaac Chua/EdgeProp Singapore)
Joining the family business
Gerald joined Tian Teck Investment in Singapore in 2017 after working in a corporate advisory firm and corporate finance with a law firm, where he handled initial public offerings and mergers and acquisitions after his graduation.
As the eldest son, Rodney joined the family business after graduation and national service. His father told him to work for Seiko Wall, a building facade design and build specialist majority owned by the Cheong family. The firm was established in 1978.
“My second brother said, ‘Just go and work for a month, then come back to the main business’,” Rodney recalls. “But it’s been 30 years.” He was appointed CEO and managing director of Seiko Wall in 2001. In that time, the staff strength has grown to about 500. Besides Singapore projects, Seiko Wall is also involved in projects in the US and Canada.
According to Rodney, he maintains a 6½-day work-week, which usually does not end before 11pm.
Rodney has been hands-on in the development and project management of 33 Devonshire. “I’m involved in the details, and I’m personally on the ground to oversee the project,” he says.
Seiko Wall provided the aluminium and glass building facade for 33 Devonshire and other high-end residential developments such as 3 Orchard By-The-Park, Le Nouvel Ardmore and Midtown Modern.
Panoramic view from the penthouse of 33 Devonshire, which also captures Marina Bay Sands in the distance (Photo: Samuel Isaac Chua/EdgeProp Singapore)
Privacy, District 9
According to Rodney, 33 Devonshire is a premium project. “The materials we are using — marble flooring, Toto sanitaryware and De Dietrich kitchen appliances — are part of our project’s positioning,” he says. “It’s freehold and in a prime location, with amenities in the area — eateries along Killiney Road, malls along Orchard Road, and the Somerset MRT Station less than a five-minute walk away.”
He adds that with only 21 units, the residents at 33 Devonshire will have privacy.
Huttons Asia has been appointed the exclusive marketing agent for 33 Devonshire and will handle the leasing of the units. Indicative asking rents are around $8 psf per month, or about $8,000 for a two-bedroom and $10,000 for a three-bedroom.
“For a brand-new condo, the asking rents are very competitive,” says Lee Sze Teck, senior director of data analytics at Huttons Asia. He points to a neighbouring condo, the 169-unit The Metz, completed 14 years ago in 2007. In the last six months, a two-bedroom unit at The Metz was rented out for between $7,000 and $8,000, while a three-bedroom unit fetched $9,000 per month.
The sole penthouse has four bedrooms and a total floor area of 2,443 sq ft on the 14th floor of 33 Devonshire (Photo: Samuel Isaac Chua/EdgeProp Singapore)
The full-marble bathroom at the penthouse of 33 Devonshire (Photo: Samuel Isaac Chua/EdgeProp Singapore)
‘Appeal to professionals’
Given its location in the neighbourhood of Orchard Road, Irene Tan, associate marketing director at Huttons Asia, says the two-bedroom and three-bedroom units at 33 Devonshire are likely to appeal to professionals — from CEOs and managing directors to vice presidents and senior executives from multinational companies across a wide spectrum of industries, such as finance, tech and biomedical.
The minimum lease term at 33 Devonshire is 24 months. Huttons’ Tan also sees a “positive response” for the sole penthouse. The developer is open to renting units to individual tenants or co-living operators. “We are seeing good interest from both,” she says. “Some tenants prefer the more traditional lease, while others prefer the co-living lifestyle.”
The developer also intends to stage two units. “If the potential tenants like it, then we will link them up with the furnishing vendor,” says Gerald.
Islandwide rents may be weak in 1H2024 as the market absorbs the excess supply of completed non-landed homes, notes Huttons’ Lee. “Rental demand for private non-landed homes may pick up on the back of better economic growth in 2024,” he says. “Thus, the rental market should bottom out in 2H2024 and recover subsequently.”
However, rental movements tend to be “micro-market specific”, he adds. “In areas with limited supply of new homes like Devonshire Road, rents may trend higher in 2024.”
Tian Teck Investment’s Gerald says: “We are still quite confident about Singapore because it is politically stable, and people still want to come here.”
See Also:
Singapore Property for Sale & Rent, Latest Property News, Advanced Analytics Tools
New Launch Condo & Landed Property in Singapore (COMPLETE list & updates)
En Bloc Calculator, Find Out If Your Condo Will Be The Next en-bloc
