{"id":85508,"date":"2025-05-23T11:30:48","date_gmt":"2025-05-23T03:30:48","guid":{"rendered":"https:\/\/www.99.co\/singapore\/insider\/?p=85508"},"modified":"2025-11-17T11:29:15","modified_gmt":"2025-11-17T03:29:15","slug":"textile-centre-en-bloc-raymond-giam","status":"publish","type":"post","link":"https:\/\/www.99.co\/singapore\/insider\/textile-centre-en-bloc-raymond-giam\/","title":{"rendered":"Textile Centre En Bloc opportunity: Why investor Raymond Giam acted decisively \u2014 and what buyers should know now"},"content":{"rendered":"
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Singapore’s en bloc real estate market has experienced a notable slowdown in recent years. In 2024, only about 25% of en bloc attempts were successful, mirroring the 2023 rate, with many deals falling through due to missed payment deadlines or lack of buyer interest.<\/p>\n

In early 2024, while most buyers hesitated due to rising interest rates and market uncertainty, one investor moved in when others looked away, and he was proven right.<\/p>\n

That investor was PropNex Millionaire Raymond Giam, who made a decisive acquisition at Textile Centre \u2014 a mixed-use development in Singapore\u2019s Downtown Core \u2014 at a time when few were paying attention.<\/p>\n

\"Raymond<\/p>\n

Giam says, \u201cSome called it a \u2018dying mall.\u2019 I saw it as a strategic downtown asset that was fundamentally undervalued \u2014 and positioned for potential upside.\u201d<\/p>\n

\ud83d\udcc9<\/strong> When the listings told the wrong story<\/strong><\/h2>\n

\"\"<\/p>\n

Since multiple units at the Textile Centre were up for sale, many assumed something was wrong. That perhaps owners were rushing to exit due to deteriorating prospects or declining value. But Giam dug deeper.<\/p>\n

\u201cI started with primary desk research \u2014 reviewing past transactions, yields, and comparable mixed-use assets. Then I began speaking with owners, agents, and tenants on the ground to verify what I saw in the data,\u201d adds Giam.<\/p>\n

What he found surprised him. Many owners had bought the units decades ago and had long paid off their loans. Some weren\u2019t even renting them out \u2014 they were using them for storage or leaving them vacant.<\/p>\n

Giam says that to him, \u201cthey weren\u2019t distressed sellers. They were just disengaged after years of stalled en bloc attempts. To me, that presented a rare opportunity, not a red flag.\u201d<\/p>\n

\ud83c\udfd7\ufe0f<\/strong> Undervalued, underutilised \u2014 and widely overlooked<\/strong><\/h2>\n

\"\"<\/p>\n

As Giam\u2019s research progressed, one thing became clear: The Textile Centre was grossly undervalued, and very few were paying attention.<\/p>\n

The site sits on a rare full commercial zoning, yet hosts residential, office, and retail components \u2014 a flexible and developer-friendly combination. It also occupies a large land plot in a central fringe location, something rarely found in strata-titled developments today.<\/p>\n

In fact, in October 2023, it was reported that Crescendas Group chairman Lawrence Leow and his family acquired the multi-storey car park at Textile Centre, along with an adjacent plot, for approximately S$26 million.<\/p>\n

At the heart of Giam\u2019s conviction were four crucial factors<\/strong>:<\/p>\n

    \n
  • \u2705 Commercial zoning<\/strong> \u2014 No ABSD and no 5-year sell-down deadline, making it highly attractive to developers<\/li>\n
  • \u2705 Undefined plot ratio<\/strong> \u2014 Greater flexibility for future redevelopment under URA guidelines<\/li>\n
  • \u2705 Double frontage<\/strong> \u2014 Along both Jalan Sultan and North Bridge Road, improving visibility and access<\/li>\n
  • \u2705 Underutilised tenant mix<\/strong> \u2014 A fragmented profile that makes owner alignment and negotiation more achievable<\/li>\n<\/ul>\n

    \u201cThese aren\u2019t just nice-to-haves. These are structural advantages that directly impact a site\u2019s en bloc potential and appeal to developers,\u201d according to Giam.<\/p>\n

    While these planning characteristics were key, Giam also appreciated the site\u2019s connectivity and cultural context:<\/p>\n

      \n
    • Within 1km of five MRT stations: Bugis, Nicoll Highway, Lavender, Rochor, and Jalan Besar<\/li>\n
    • Located in the Downtown Core planning area<\/li>\n
    • Surrounded by a vibrant mix of heritage shophouses, national monuments, boutique hotels, HDBs, condos, malls, and offices<\/li>\n
    • Directly across from the Kampong Glam conservation district<\/li>\n<\/ul>\n

      \u201cTextile Centre offers the kind of flexibility, scale, and location that\u2019s increasingly rare \u2014 especially for older leasehold sites in the Downtown Core that haven\u2019t yet been optimised,\u201d says Giam.<\/p>\n

      Nearby indicators also supported his view.<\/p>\n

      \u201cWhen I made the move, I believed Golden Mile\u2019s redevelopment would eventually cross $4,500 psf. That\u2019s now happened \u2014 and it proves this precinct is gaining market acceptance.\u201d
      \n\u201cThis wasn\u2019t emotion. It was a data-backed, planning-led decision. And it continues to play out as expected.\u201d<\/p>\n

      \ud83d\udcb0<\/strong> A year later: A $550K appreciation \u2014 and multiple offers<\/strong><\/h2>\n

      \"\"<\/p>\n

      By February 2025, Giam\u2019s retail unit, which is currently leased to three corporate tenants \u2014 a commercial school, a sports therapy provider, and a car dealership \u2014 had appreciated by approximately $550,000. He received several offers \u2014 both before and after his appointment into the Collective Sale Committee (CSC) \u2014 and declined them all.<\/p>\n

      Giam states that he \u201cbelieved the en bloc payout will be even more rewarding. But even if it doesn\u2019t happen, I\u2019d still come out ahead from rental returns alone.\u201d<\/p>\n

      He also made a conscious decision based on investor prudence and regulatory awareness.<\/p>\n

      \u201cIn 2023, I sold a HDB shophouse at Owen Road and made a profit. I didn\u2019t want to risk being mischaracterised by IRAS as a property trader. That also factored into my decision to hold,\u201d he clarifies.<\/p>\n

      His portfolio is structured for long-term income. Besides the Textile Centre, Giam also owns an industrial property that is delivering excellent yield, and views each property as a self-sustaining asset.<\/p>\n

      \u201cEven if en bloc never happens, I\u2019m still collecting strong rent and holding a prime-located, rare-use asset. It\u2019s a win either way,\u201d he adds.<\/p>\n

      \ud83e\udde9<\/strong> A functional yet fragmented asset with new upgrades<\/strong><\/h2>\n

      To the casual eye, Textile Centre might seem disjointed \u2014 with shops selling religious goods, eateries, night spots, entertainment venues, and even a snooker centre. A church has also long occupied a large former cinema hall, and the space is open for rental. Several car dealers lease space on-site and park their vehicles within the building.<\/p>\n

      \"\"<\/p>\n

      Yet the building is evolving. A solar panel installation has been completed, and recent R&R works have upgraded the toilets and common areas \u2014 improving both energy efficiency and aesthetics.<\/p>\n

      Giam says, \u201cIt may seem eclectic, but to me, it\u2019s a mature yet underutilised property \u2014 exactly the kind developers look for when eyeing transformation.\u201d<\/p>\n

      \ud83c\udfdb<\/strong> From investor to CSC member \u2014 and treasurer of the 42nd MCST Council<\/strong><\/h2>\n

      \"\"<\/p>\n

      In early 2025, hundreds of Subsidiary Proprietors (SPs) gathered at the Extraordinary General Meeting (EOGM) to elect the new Collective Sale Committee (CSC). Out of 12 nominees, 7 were elected \u2014 and Giam received the 5th highest vote count.<\/p>\n

      He now works closely with the CSC chairman and fellow members:<\/p>\n

        \n
      • Assisting in the preparation of meeting minutes<\/li>\n
      • Providing data-driven inputs and market analysis<\/li>\n
      • Sharing zoning insights and comparable redevelopment cases<\/li>\n
      • Supporting owner engagement and expectation management<\/li>\n<\/ul>\n

        Talking about his role at the CSC, Giam states, \u201cThe chairman leads. I contribute with insights, analysis, and collaboration.\u201d<\/p>\n

        In April 2025, Giam was also nominated as Treasurer of the 42nd Management Council of Textile Centre (MCST 695). In this role, he supports financial oversight, budgeting, and compliance matters, and provides advisory input to assist the council in making sound financial decisions \u2014 all while remaining committed to building on the strong foundation established by previous councils.<\/p>\n

        \u201cWhile we work towards en bloc, we cannot afford to remain passive. Small enhancements today can benefit everyone \u2014 and strengthen our collective position for tomorrow,\u201d says Giam, underscoring the importance of taking proactive, practical steps even as the collective sale process unfolds.<\/p>\n