New luxury developer bullish despite weak market

SINGAPORE — Prices of high-end properties continued to weaken in the first quarter of this year, but that has not deterred DC13 Development, which is bullish about the segment as it markets its landed homes in Pasir Ris.

In the first quarter of this year, the average price of top-tier homes fell by 0.7 per cent from the previous quarter to S$2,091 psf. Property consultancy Knight Frank said in a research report that owners of luxury homes are under pressure to lower their price expectations because of fears of a further decline in prices and the ongoing loan curbs imposed on buyers.

Taking a longer view of the business, realtor-turned-developer David Cheang, chief executive of DC13 Development, said: “This market segment is attractive because we are a land-scarce country with a stable government and economy, and investors are constantly looking for good locations to purchase.”

DC13 Development has launched its first projects, Seafront Villas at Pasir Ris Avenue and Seaview Villas at Pasir Ris Road, with four landed homes facing the sea priced from S$3.7 million each onwards. The company also has a stake in the recently launched 84-unit freehold condominium Neem Tree in Balestier.

Mr Cheang started as a real estate salesperson with Dennis Wee Group during the Asian financial crisis before advancing to a managerial role where he led close to 800 agents at HSR Property six years later. He went on to become the CEO of two real estate agencies before setting up DC13 Development in 2013.

DC13 Development aims to achieve a turnover of S$17 million to S$20 million next year and a cumulative turnover of S$100 million in three years. The developer also has plans to build a township in Indonesia and invest in Cambodia and Australia.