Real estate veteran Koh Teck Chuan debuts as boutique developer with The Ranz on Rangoon Road

As the former CEO of MCL Land, Koh Teck Chuan oversaw the acquisition of sizeable land plots and the development of large-scale residential projects. These included the 738-unit J’Gateway in Jurong East, the 696-unit Lakeville in Jurong West, and the 1,327-unit Sol Acres executive condo in Choa Chu Kang. After leaving MCL Land, Koh joined Frasers Hospitality as CEO in February 2019. Three years later, on April 1, 2021, Frasers Hospitality announced Koh’s retirement, from Oct 1, 2021. Koh, however, didn’t simply ride off into the sunset in a golf buggy to spend his days on the golf course (he says it’s just once a week). Instead, he founded Kefi Development with several friends and became the major shareholder of the boutique property development company. “I chose the name Kefi, which is Greek for joy, happiness, mojo, passion, and having fun,” he explains. Read also: New hipster cafés join bak kut teh shops in Rangoon Road area Advertisement Advertisement In June 2022, Kefi Development acquired two adjoining shophouses at 109 and 111 Rangoon Road for $14 million, according to a caveat lodged at the time. Formerly known as the Eng Hin & Co Building, the property was privately owned by the family behind the eponymous supplier of malleable iron pipe fittings. “Built in the 1980s, it was one of the oldest buildings along Rangoon Road before it was demolished,” says Low Choon Sin, managing partner of SRI Capital Market, who brokered the sale.

Freehold, city fringe location

Koh highlighted the site’s freehold tenure and location within the city fringe, or Rest of Central Region (RCR), as key attractions. The property is just a three-minute walk from Farrer Park MRT Station, with City Square Mall located five minutes away, offering a variety of shopping and dining options. The site is also well-served by nearby medical facilities, including Connexion, a medical centre integrated with Farrer Park Hospital, and One Farrer Hotel, both within a five-minute walk. Centrium Square, a mixed-use development featuring retail outlets, offices and medical suites, is similarly just a short five-minute stroll from the site. The original Eng Hin & Co Building sat on two freehold commercial lots at 109 and 111 Rangoon Road, with a combined land area of 5,298 sq ft. The building has been demolished to make way for a new five-storey development, The Ranz, that has recently been topped out and is slated for completion by mid-2025. The Ranz offers a mix of commercial and residential units. The first level comprises three strata-titled retail units, ranging from 893 sq ft to 1,206 sq ft. Read also: Shophouses on Rangoon Road for sale Advertisement Advertisement The upper floors of the development contain 14 residential units, with the second to fourth floors housing two two-bedroom-plus-study apartments per floor, ranging from 689 to 775 sq ft. The top-level features two luxurious four-bedroom duplexes, measuring 2,357 sq ft and 2,368 sq ft, each boasting a 5.4m ceiling in the living area.

‘More satisfying to be part of a small project’

“After spending so many years developing large sites, it is more satisfying to be part of a small project,” says Koh. “You might think small projects are a lot easier than big ones, but it’s actually the reverse.” In large-scale developments, increasing the size of amenities like clubhouses, gyms, or swimming pools has minimal impact on the overall gross floor area (GFA). However, for small-scale projects, even minor additions to the floor space can significantly affect the GFA. “As a boutique developer, you have to be even more disciplined,” Koh explains. Situated between two other buildings, ADDP Architects designed a streamlined apartment block that stands out against its surroundings. The façade features a monochromatic palette of rich brown timber for the portal frame, accentuated with coal-grey curtain walls. “This palette harmonises seamlessly with the surrounding neighbourhood,” says Lee Choon Shung, principal architect of ADDP Architects. “It also strikes a balance between a warm, inviting ambience and modern elegance.” While The Ranz may lack facilities like a gym or swimming pool, Koh has invested in advanced features such as Fermax doors and home security systems. “We designed this property with the future owners in mind, aiming to keep maintenance costs low,” he says. Despite its compact design, Koh has prioritised quality fittings and materials for the interiors. These include Grohe bathroom fixtures, Geberit sanitaryware, Bosch kitchen appliances, and Mitsubishi air-conditioning systems. He opted for a single large porcelain slab for each wall in the bathrooms, even though it’s more expensive than regular tiles. “This seamless design minimises grout lines, making the walls easier to clean and maintain,” he notes. Read also: Properties at Rangoon Road launched for sale by tender Advertisement Advertisement Koh also selected large-format floor tiles to enhance the aesthetic and functionality of the interiors. He engaged Corten Interior Solutions to craft the kitchen cabinetry, countertops, and bedroom wardrobes. For example, he explains that the kitchen countertops feature an MDI (Minerals Design Innovation) surface that is scratch-proof and durable enough for chopping. Each unit has a living room opening out to a balcony. The developer will provide Ziptrak outdoor blinds to shield the balcony from heat and rain. The owners can use the balcony as an extension of their living room or a dining space.

Previews and sales bookings begin

“I understand that buyers of small projects are often concerned about whether the developer can complete the project,” Koh adds. “That’s why we are only conducting previews and accepting sales bookings now, as the project nears completion, to assure buyers.” Koh has appointed SRI Capital Market’s Low as the exclusive marketing agent for both the retail and residential units at The Ranz. The retail units, which are approved for F&B use, are available for sale either individually or as a portfolio. Each unit has a prominent frontage featuring a 5.6m ceiling height and a mezzanine level. The units are being offered for sale through an expression of interest (EOI) exercise, which will close on Dec 10. The asking price starts from $3,380 psf, with the total price for all three units amounting to $11.02 million, says Low. Meanwhile, the residential units are now open for preview and sales bookings, with prices ranging from $2,099 psf to $2,195 psf after an 8% early-bird discount, says Low. He adds: “Although it’s a boutique development, the project features a renowned architect, ADDP Architects, and a reputable main contractor, TPS Construction, which had also been the main contractor for the luxury residential development Cuscaden Reserve.”

A spurt of new developments a decade ago

According to Low, there hasn’t been a new boutique residential development in the Rangoon Road enclave for over a decade. A series of such developments featuring compact apartments emerged in 2008, including the 46-unit freehold Urban Lofts at 89 Rangoon Road (launched in 2008 and completed in 2010), the 28-unit freehold Citigate Residence at 168 Rangoon Road (launched in 2008 and completed in 2010), and the 37-unit freehold Suites 123 (launched in 2008 and completed in 2011). Another wave of boutique developments followed in 2010 and 2011, such as the 24-unit Loft @ Rangoon (launched in 2010 and completed in 2013) and the 48-unit Rangoon 88 (launched in 2011 and completed in 2014). New cafes have opened, such as Daizu Café at 129 Rangoon Road, Old Hen Café at 88 Rangoon Road, The Bakehaus at 130 Owen Road, and Syip at 79 Owen Road. They join well-known establishments like Jia Bin Klang Bak Kut Teh at 62 Rangoon Road, Legendary Bak Kut Teh at 154 Rangoon Road, and Ng Ah Sio Bak Kut Teh at 208 Rangoon Road, the latter of which has been a fixture since 1988. “The addition of these new cafes to the area’s existing famous local cuisines has brought greater vibrancy to the neighbourhood,” Low observes. Rejuvenation of Farrer Park, Dorset Road. In 2022, URA announced plans to rejuvenate the Farrer Park area with the launch of 1,600 HDB Build-To-Order (BTO) flats integrated with sports facilities on a 10ha site at Farrer Park Field. Meanwhile, at the neighbouring Dorset Road, a 120,686 sq ft site currently occupied by the Singapore Indian Fine Arts Society could be redeveloped into a new residential project, offering approximately 300 HDB flats or about 450 private residential units. Another notable development in the Farrer Park neighbourhood is Piccadilly Grand, a joint venture between City Developments (CDL) and MCL Land, a wholly-owned subsidiary of Hongkong Land. When Piccadilly Grand was launched in May 2022, 77% of its 407 residential units were sold during the first weekend at an average price of $2,150 psf. By December 2023, all units in the 99-year leasehold residential development had been sold. In October, CDL and MCL Land launched Piccadilly Galleria, the retail podium of the project, for sale by expression of interest. The indicative price was $75 million, or $3,724 psf, based on its net lettable area of 20,140 sq ft. Targeted for completion in the second half of 2025, Piccadilly Galleria will feature 15 retail units, including 11 restaurants, four shops, and a 5,382 sq ft childcare centre. Low is optimistic that these new developments and the government’s rejuvenation plans will benefit the Rangoon Road enclave due to its proximity to both Farrer Park and Dorset Road. With three decades of experience in the real estate business, Koh has grown philosophical. Reflecting on the recent flurry of six new project launches offering 3,551 units over just 10 days from Nov 6 to 16, he observes, “In Singapore, whatever isn’t sold today becomes pent-up demand tomorrow. As a developer, you just have to make sure your project is launch-ready when the moment comes.” Judging by The Ranz’s debut, it seems Koh has taken his own advice. Check out the latest listings for The Ranz properties Ask Buddy What is the buyer profile for The Ranz? Condo projects with most expensive average PSF in District 8 Condo projects with most profitable transactions in District 8 Show me condo listings in District 8 View sale transactions for The Ranz What is the buyer profile for The Ranz? Condo projects with most expensive average PSF in District 8 Condo projects with most profitable transactions in District 8 Show me condo listings in District 8 View sale transactions for The Ranz