A local couple tore down their bungalow to create a four-story, seven-bedroom house for a total cost of $4.2 million
4 min
A single-family home is the exception to the rule in high-rise Singapore, where most of the city-state’s 5.5 million residents live in apartments. So when it came time for Mark Tan and Stella Gwee to trade in their starter bungalow for something larger and grander, they decided to stay put, tear down and begin again on their rare 1/10th-acre lot.
In 2009, Tan, now 48, and Gwee, 46, paid 2.2 million Singapore dollars, or about US$1.6 million, for their original 1,500-square-foot house, located in a single-family enclave in Singapore’s North-East region. The couple then spent $2.6 million to replace the three-bedroom, semidetached structure, built in a Balinese-fusion style, with a four-story, seven-bedroom brick house that combines Asian and Western elements across 7,400 square feet.
In all, Tan and Gwee have invested just over $4.2 million in their new home. Multibedroom Singapore homes of a similar size could sell now for twice that.
The couple—Gwee works with her husband, a local entrepreneur—began demolition in 2020, relocating with their two children, Xavier, now 17, and Andrea, 13, to a nearby rental for the two years of construction. The family, along with dogs Furry and Brownie, moved into the finished house in early 2022.
The new home’s standout feature is a landscaped vertical courtyard, rising nearly 40 feet. “A lot of Singaporeans won’t sacrifice the space to build a courtyard like this,” says Tan, a Singapore native, who grew up nearby.
Enclosed by a skylight, the space is outfitted at the top with a large industrial fan 8 feet in diameter that is powerful enough to ventilate a factory floor. Made by Southern California’s MacroAir, the fan helps the family keep cool in Singapore’s year-round tropical weather. It is part of a $74,000 climate-control system that allows every room individual air-conditioning units.
The flora-rich courtyard, featuring an indoor koi pond and fronted by an open-air outdoor swimming pool, opens to the street at its base between the pool and the pond. The house can be closed off and revert entirely to air conditioning on especially hot days.
The open-plan first floor includes living and dining areas, and has space enough for a Steinway piano for music student Andrea. The second floor is given over to a mahjong room that doubles as a guest bedroom and a study. The bedrooms are on the third floor. The fourth floor serves as a penthouse recreation room for the kids and their friends.
The elevator makes for easy transitions, but Tan says his health-conscious wife takes the stairs.
Windows and terraces orient the house around the courtyard. Designing an expansive vertical courtyard was a challenge, says the couple’s architect Han Loke Kwang, principal in Singapore’s HYLA Architects, which specialises in upscale single-family projects (or landed properties, as locals call them). Immense vertical spaces like this are seen in commercial structures but are unusual in a residential setting, says Han.
The goal in the Tan-Gwee home, he says, was “to make sure the scale of the courtyard wasn’t overwhelming.”
Foliage—chosen to flourish in the courtyard’s shaded conditions and kept fresh with an elaborate irrigation system—and the koi pond help ornament the space. The pond gives the first floor a waterfront feel.
The couple spent $148,000 on the pool and pond areas. Tan filled the pond with $59,000 worth of top-dwelling adult koi, mostly imported from Japan, and several bottom-dwelling freshwater stingrays, costing $22,000.
Singapore, which is smaller than Los Angeles County, is a blending of cultures, bringing together East Asian, South Asian and European influences. The Tan-Gwee home has a decidedly cosmopolitan flair, combining Italian designer furniture, British and Canadian lighting, kitchen appliances from Germany’s Miele, and bathroom details inspired by vacations in Dubai and the Maldives.
The fortresslike facade, which preserves the privacy of the home, is in keeping with Asian residential models, says Han.
Many of Han’s clients have two kitchens—an open area for Western-style cooking and a closed-off Asian-style cooking space with wok stations, requiring extra ventilation. While finishing the house, Tan and Gwee decided to forgo the planned Asian kitchen, converting it into a kitchen terrace equipped with an $11,000 barbecue.
Back inside, the kitchen was outfitted with a steam oven, two conventional ovens of different sizes and a built-in Miele coffee machine.
These are booming times in Singapore. The city-state now has a per capita GDP of more than $91,000, higher than anywhere else in Asia and one of the world’s strongest residential markets.
Overall residential real-estate prices rose 7.5% between the second quarters of 2022 and 2023, with those of landed residences increasing by 9.4% in the same period, says Nicholas Keong, senior director of Knight Frank’s Singapore affiliate. Also, Singapore came in first in Knight Frank’s Prime Global Rental Index—far exceeding London, New York, Monaco and Tokyo—with rent prices rising 28% in 2022.
The couple seem to have exhausted their wish list. When you have everything from three ovens to a stingray budget, there isn’t much left. What about a home spa? “No sauna here,” counters Tan, who relies on the primary bedroom’s three air conditioners to maintain comfort. “It’s already too hot in Singapore.”
OTHER COSTS
Foundation and framing: $589,400
Electrical work: $148,000
Designer Lighting: $74,000
Elevator: $88,400
Kitchen (including appliances): $222,000
Bathrooms (7): 148,000
Brickwork/masonry: $222,000
Glazing, including windows and sliding glass doors: $222,000
Landscaping, including indoor plants and irrigation: $73,700
Copyright 2020, Dow Jones & Company, Inc. All Rights Reserved Worldwide. LEARN MORE
What a quarter-million dollars gets you in the western capital.
Alexandre de Betak and his wife are focusing on their most personal project yet.
New amenities, from a gym to a movie theatre, and a good commuter location filled this suburban office tower
3 min
Manhattan’s office-vacancy rate climbed to more than 15% this year, a record high. About 80 miles away in Philadelphia, occupancy also is at historically low levels. But a 24-storey office tower located between the two cities has more than doubled its occupancy over the past five years.
Developer American Equity Partners bought the New Jersey office tower, known as 1 Tower Center, for $38 million in 2019. At the time, the 40-year-old building felt dated. It had no gym, tenant lounge or car-charging stations. The low price enabled the firm to spend more than $20 million overhauling and luring tenants to the 435,000-square-foot property.
Now, the suburban building is nearly fully leased at competitive rents, mopping up tenants from other buildings after the owner added a new lobby, movie theatre, golf simulator, fitness centre and a tenant lounge featuring arcade games and ping-pong tables.
“Our tenants told us what they needed in order to fill up their offices,” said David Elkouby , a co-founder of American Equity, which owns about 4 million square feet of New Jersey office space.
The new owner also liked the location at the 14-acre hotel and conference-centre complex, off the New Jersey Turnpike’s Exit 9 in East Brunswick. The site is a relatively short commute for millions of workers in central New Jersey and is passed by 160,000 vehicles daily.
The property’s turnaround shows how office buildings can thrive even during dismal times for most of the U.S. office market, where vacancies remain much higher than pre pandemic.
Success often requires an ideal location—one that shortens the commute time of employees used to working at home—and the sort of upgrades and amenities companies say are necessary to lure employees back to the workspace.
One Vanderbilt, a deluxe office tower with a Michelin-star chef’s restaurant and plenty of outdoor space in Midtown Manhattan, is fully leased while charging some of the highest rents in the country.
The 11-story Entrada office building, in Culver City, Calif., is making the same formula work on the other coast. It opened two years ago with a sky deck, concierge services and recessed balconies. A restaurant is in the works. The owner said this month that it has signed three of the largest leases in the Los Angeles area this year.
1 Tower Center shows how the strategy can be effective even in less glamorous suburban locations. The tower is prospering while neighbouring buildings that are harder to reach with outdated facilities and poor food options struggle to fill desks even at reduced rents.
The recent interest-rate cut and reports that some big companies such as Amazon .com are re-instituting a five-day office workweek have raised hopes that the office market might be getting closer to turning.
But with more than 900 million square feet of vacant space nationwide and remote work still weighing on office demand, more creditors are seizing properties that are in default on debt payments.
Rates are still much higher than they were when tens of billions of dollars of office loans were made, and much of that debt is now maturing. The recent interest-rate cut doesn’t mean “office-sector woes are now over,” said Ermengarde Jabir, director of economic research for Moody’s commercial real-estate division.
Lenders are dumping distressed properties at steep discounts to what the buildings were worth before the pandemic. Some buyers are trying to compete simply by cutting their rents.
“Most owners don’t have the wherewithal to do what is required,” said Jamie Drummond, the Newmark senior managing director who is 1 Tower Center’s leasing agent. “Owners positioned to highly amenitise their buildings are the ones who are successful.”
HCLTech, a global technology company, illustrates the appeal. It greatly expanded its presence in New Jersey by moving this year to a 40,000-square-foot space designed for its East Coast headquarters at 1 Tower Center.
The India-based company said it was drawn to the building’s amenities and design. That made possible a variety of workspaces for employees, from quiet nooks to an artificial-intelligence lab. “You can’t just open an office and expect [employees] to be there,” said Meenakshi Benjwal , HCLTech’s head of Americas marketing.
HCLTech also liked the location near the homes of its employees and clients in the pharmaceutical, financial-services and other businesses.
Finally, it didn’t hurt that the building is a short drive from nearby MetLife Stadium. The company has a 75-person suite on the 50 yard line where it entertains clients at concerts and National Football League games.
“All of our clients love to fly from distant locations to experience the suite and stadium,” Benjwal said.
