Patrick Lam in the Signature at Yishun showflat. The EC is JBE Holdings’ latest project. (Photo: Cheryl Marie Tay)
From Hong Kong to Singapore, Patrick Lam has enjoyed an impressive degree of success in the property industry. We speak to the man, who exemplifies how ambition, tempered with practicality and humility, leads to great things.
by Cheryl Marie Tay
Patrick Lam, 58, is no stranger to the property business. Before he began developing residential projects in Singapore, he was involved in real estate investments, even directing a Chinese infrastructure investment business while still living in his native Hong Kong.
He exited the infrastructure industry in 2000 and a year later, arrived in Singapore with his eye on property development. In 2003, he set up JBE Holdings, which then launched its first project, a mixed-use residential and commercial development on Handy Road called The Luxe.
Proud but not loud
JBE Holdings has since enjoyed considerable success in Singapore, with other developments such as the 50-unit Luxe Ville condominium in Pasir Panjang, SkyPark Residences, and 53 terrace houses in Sembawang having sprung up after The Luxe.
Still, Lam is not one to boast about his accomplishments. He will gladly tell you about his projects past and present if you ask him, but he is usually soft-spoken and reticent, preferring to stay out of the limelight and let his work speak for itself.
Even when he is asked about himself and his career, he tends to shift the focus of the conversation towards JBE Holdings, rather than concentrate on himself as an individual. I ask him what he thinks sets him apart from other leaders in the real estate industry, and he replies: “Our company’s vision, which is to build quality homes at affordable prices.”
Straight talk
Lam is a man of few words, and he uses them wisely, speaking in a plain, straightforward manner. His answer to the question of why he chose to set up shop in Singapore is a clear indication of his direct, practical demeanour: “Property development and investment in predominantly Chinese countries are always lucrative. Better yet, the economy in Singapore is open, even more so than in Hong Kong.”
JBE Holdings has approximately 30 staff, he says, involved in project management, sales and marketing, customer service, quality control, and outsourcing construction work for its developments.
When asked about his secret to success, his answer is typical of his pragmatic approach to business and life in general: “It’s a matter of looking at buyers’ preferences and expectations, and trying to cater our developments accordingly.”
And when it comes to Singapore’s property cooling measures, he doesn’t mince his words. His main critique of the cooling measures lies in the fact that despite having been somewhat effective in lowering property prices, they are actually of little help to HDB buyers.
“It’s two different markets. Raising taxes on private home purchases will not deter the wealthy from buying bungalows in Sentosa if they really want to do so. Neither will it help make public housing more affordable for HDB buyers.”
The unbeatable market
Lam may shy away from spouting catchy anecdotes and regaling interviewers with grand stories, but his simple, straightforward replies reveal his unique outlook on the property business. I enquire as to whether or not he had a mentor when he first started out, and if so, who this person was.
He smiles wryly as he says, “I look at the market and the buyers as my mentors. You can’t beat the market. If we treat our key demographics as our mentors and give them what they want, we will succeed.”
Executive decisions
In 2013, Lam decided to capitalise on the growing popularity of the executive condominium (EC) market. In collaboration with Keong Hong Holdings, JBE Holdings made its entry into the EC market with SkyPark Residences in Sembawang, so named for the 100 m sky park perched atop the project’s three towers. The 506-unit development was more than three times oversubscribed almost immediately after being launched, perhaps giving Lam the confidence to venture further into the EC market.
JBE Holdings’ latest labour of love is the 525-unit Signature at Yishun, the first EC launched after the government raised the qualifying income ceiling for home buyers from $12,000 to $14,000. Voracious demand saw about 20 percent of its units sold almost immediately after it opened for bookings in late September last year.
So what makes this particular project so attractive? According to Lam, “Signature is a luxury EC, hence the branded appliances and superior finishes. The 2.8 m floor-to-ceiling height is something not common in other ECs. We do try to differentiate ourselves from our competitors in this way.”
But what is truly uncommon about Signature at Yishun is its theme. It is Singapore’s only SG50-themed EC, with classic Singaporean-inspired features such as a dragon playground, five stones water pods, and chapteh terrace.
Lam says of the EC: “Signature at Yishun is a development of which I’m very proud. It’s an SG50 project, so we’ve included classic features like a five stones water feature and a dragon playground.”
Evidence of his commitment to excellence and meeting the market’s demands becomes unmistakable when he reveals the decision to build fewer units in Signature at Yishun, in order to ensure higher ceilings for all the units.
He explains: “The higher ceiling height (of each unit) meant we had to sacrifice one floor, reducing the project from 13 to 12 storeys, which resulted in fewer units available for sale. We even roped in a President’s Design Award winner, Peter Tay, to select the finishes.”
Looking into the crystal ball
As someone who has seen a significant degree of success in Singaporean real estate, what does Lam have to say about the future of the property market here?
“I feel there is a genuine demand for new homes in Singapore. The population is growing, albeit in a controlled manner, but the demand is there. With all these cooling measures, I think the real estate prices have stabilised. Eventually, some of the measures will be lifted.
“Many Singaporeans are actually loaded with cash, but are still staying on the sidelines. Once something triggers the market upwards, they will enter the market. I don’t think prices will go down anymore.”
In terms of future plans for JBE Holdings, he says, “We are still very confident about the EC market, which we feel is a very stable market in Singapore. We will stay focused on it and we hope to develop one EC a year.”
Parting words
It is clear that Lam treasures high standards and strives towards excellence. But at the same time, he believes in taking a step back to reflect on lessons learnt, as well as to appreciate the success he has enjoyed.
And while it goes without saying that more often than not, success comes with its fair share of hardship, he maintains a positive attitude about the ups and downs he’s faced throughout his career.
“The economy is more open in Singapore than in Hong Kong, but the laws here are stricter. Still, I have had a very easy life. I would say the recent cooling measures have been my biggest challenge so far.”
His solution? “We just have to price our EC units very competitively. We throw in unique items and features to tackle these measures.” Signature at Yishun, for instance, boasts appliances by Bosch, Mitsubishi air-conditioners, and timber bedroom and bathroom doors, among other top-of-the-line fittings and furnishings.
Ultimately, despite the challenges the Singapore property market poses to his business, he is happy to be able to offer high-quality homes to suit a wide range of homebuyers. “I’m very proud that since we’ve come to Singapore, we’ve had a few different types of property projects, including a mixed-use development, landed terrace homes, private condos and ECs. In fact, our first EC, SkyPark Residences, will achieve its TOP in a few months.”
With his plan to launch one EC a year, he currently has his hands full with Signature at Yishun, a development that is undoubtedly his pride and joy. In a rare show of self-assurance — though without any arrogance or self-importance — he states, in a tone of voice akin to that of a proud father’s: “This is a superior EC project.”
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