Collective sale fever bubbles over Oct 9, SingPost Centre (top, right), which houses the city state’s largest post office, reopened after a ... COLLECTIVE SALE fever bubbles over

Collective sale fever bubbles over

With more private condos attempting a collective sale, resale units in some developments have been withdrawn from the market. What’s next

for the residential market? Will we see a run-up in prices? See our Cover Story on Pages 8 and 9.

PROPERTY PERSONALISED

Visit EdgeProp.sg to nd properties, research market trends and read the latest news The week of October 16, 2017 | ISSUE 801-23

MCI (P) 136/08/2017 PPS 1519/09/2012 (022805)

OffshoreKSK Land’s branded

residences in KLCC makes its Singapore debut EP6

Done DealsPickup in transactionsat Hilltops, 8 Napier

EP10

Gains and LossesUnit at The Grange sold

at $2 mil profi tEP12

Deal WatchFour-bedroom unit at

Marina Bay Suites going for $4.8 mil EP13

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View of Balestier and Whampoa area

EP2 • EDGEPROP | OCTOBER 16, 2017

E

HOMEFreehold industrial space at One Sims Lane for saleThe top-most floor of industrial development One

Sims Lane (top, left) has been put up for sale by ex-

pression of interest (EOI) at a guide price of between

$18.5 million and $19 million.

According to exclusive marketing agent Savills,

the eighth-level property — a rare full floor — has a

strata floor area of 26,242 sq ft and includes five ac-

cessory lots.

Located on Lorong 23 Geylang, off Sims Avenue,

One Sims Lane is a freehold Business-1 zoned in-

dustrial building completed in 2000. The property is

within walking distance of the Aljunied MRT station.

The EOI exercise closes on Nov 9.

Tai Wah Building launched for collective sale at $81 milTai Wah Building at Somerset has been launched for

collective sale by public tender. The asking price for

the freehold property is $81 million, or $2,035 psf per

plot ratio, according to marketing agent Edmund Tie

& Co. All the unit owners at Tai Wah Building have

agreed to the collective sale, says ET&Co.

Under the 2014 Master Plan, the 13,148 sq ft site

is zoned “Residential with Commercial at first sto-

rey”. Subject to authorities’ approval, the site can be

redeveloped up to its existing gross floor area (GFA)

of 39,809 sq ft, exceeding the permissible plot ratio

of 2.8 laid out in the Master Plan.

Completed in the mid-1980s, the existing devel-

opment has four storeys comprising six apartments

and two shops. Located on Killiney Road, it is with-

in walking distance of the Somerset MRT station and

1km of River Valley Primary School.

The tender exercise closes on Nov 15.

Jalan Besar Plaza up for collective sale at $390 milJalan Besar Plaza on Kitchener Road was launched

for collective sale — its third such attempt — on Oct

10. The guide price is $390 million, or $2,170 psf ppr.

No development charge is payable, says marketing

agent Huttons Asia.

Under the 2014 Master Plan, the 53,043 sq ft site

is zoned “Commercial and Residential”, with a gross

plot ratio of 3.0.

The existing 155-unit development has 16 storeys,

with three storeys of commercial space. Huttons says

the site can be redeveloped into a serviced residence or

a mixed-use development comprising retail, hotel and

residential components, subject to authorities’ approval.

The tender exercise closes on Nov 10.

Cairnhill Mansions to be launched for collective sale at $362 millionCairnhill Mansions will be launched for collective

sale via public tender in a few weeks.

The guide price for the strategically located prop-

erty on Cairnhill Road next to The Ritz-Carlton Res-

idences Singapore is $362 million, or $2,101 psf ppr,

says marketing agent CBRE.

The existing development is a 61-unit, 18-storey con-

dominium block, which sits on a land area of 43,103

sq ft, and has a maximum GFA of 172,239 sq ft, in-

cluding a 10% bonus GFA for balconies. The new de-

velopment could therefore yield 140 units, assuming

their average size is 1,200 sq ft, according to CBRE.

Galven Tan, director of capital markets at CBRE,

expects strong interest from local and overseas de-

velopers, given the site’s prime location and “palat-

able deal size”.

Banyan Tree to operate eco-friendly resort at MandaiMandai Park Holdings (MPH) announced on Oct 11

that Banyan Tree Holdings has been appointed the op-

erator of an eco-friendly resort in the new, integrated

nature and wildlife destination at Mandai. This marks

the first resort to be operated by the Singapore-based

Banyan Tree on home ground.

Situated on a 4.6ha plot, the resort will be owned

by MPH and jointly created and named by both MPH

and Banyan Tree. Existing back-of-house facilities for

current wildlife parks on the site will be cleared to

make way for the resort.

Scheduled for completion in 2023, the resort will fea-

ture standard and family rooms in low-rise structures

as well as elevated cabins or treehouses immersed in

greenery. According to MPH, the resort’s design and

development will be undertaken based on parameters

outlined in the Environmental Impact Assessment con-

ducted for the Mandai rejuvenation project.

SingPost Centre reopens after $150 mil revampOn Oct 9, SingPost Centre (top, right), which houses

the city state’s largest post office, reopened after a

$150 million, two-year revamp. Additions include the

flagship of a new smart post office network and ten-

ants offering digital shopping experiences.

Strategically located within walking distance of

the Paya Lebar MRT interchange, SingPost Centre is

owned by Singapore Post and managed by Capita-

Land. The five-storey mall has a GFA of 269,000 sq

ft, double that of the original.

SingPost Centre houses 130 shops over a net let-

table area of 178,000 sq ft, including Singapore’s

first all-laser cineplex by Golden Village, Platform

M by Ministry of Food — a thematic food hall remi-

niscent of the old Tanjong Pagar Railway Station —

and Gong Cha.

Smart features at the mall include a scan-and-

go system at NTUC FairPrice, where pre-registered

shoppers collect scanners at the entrance and scan

items as they shop, before making payment at ded-

icated counters.

According to Mervyn Lim, SingPost deputy group

CEO of corporate services, committed occupancy as

at Sept 30 is 80.4%.

Data centre rental marketis tenant-favourableSingapore’s data centre rental

market is tenant-favourable, ac-

cording to the 1H2017 Asia Pa-

cific Data Centres Marketview

report by CBRE Research. How-

ever, there has been less pres-

sure on occupancy as supply

eases, with only 18MW of new

deliveries in 1H2017.

Retail rental rates for data

centres in 1H2017 were between

US$282 ($383) and US$326 per

KW, exclusive of utility con-

sumption. The report found

that Singapore’s data centre

market is driven by interna-

tional demand, which makes

up 65% to 75% of total de-

mand, based on the number

of active end users in the market.

CBRE Research expects interest in Singapore’s data

centre market to continue, with increased demand

from cloud computing and online banking services

to clients and online shopping. In addition, new sup-

ply is set to enter the market at a much reduced pace

over the next 24 months.

OFFSHORESurbana Jurong wins design services contract for Yunnan projectSurbana Jurong announced on Oct 11 that it had won

a contract to provide full-suite design services for

a housing project in Baoshan City, Yunnan, China.

With a site area of 4.5 million sq ft, the project,

which was awarded by the local Baoshan government,

comprises 26 blocks housing over 2,000 residential

units. Amenities include a neighbourhood centre, kin-

dergarten and multistorey carpark.

Surbana Jurong will provide architectural, civ-

il and structural engineering, landscape design and

site coordination services, among others. The town-

ship is scheduled to be completed in three years.

Seychelles’ Eden Island launches rental guarantee return offer for selected unitsOn Oct 9, Eden Island in Seychelles launched a

rental-guaranteed return package for selected apart-

ments, which promises a 5% net rental-guaranteed

annual return for three years. The offer is avail-

able for a limited period on one- and two-bedroom

apartments in Basin 6. Prices for a one-bedroom

unit at Basin 6 start from US$489,000 ($660,000),

with furniture included.

All homes come with freehold title, water frontage

and a private mooring. In addition, Seychelles resi-

dency for the first five years — for the purchaser and

his or her spouse and children — is included in the

purchase price. A one-week stay in a similar apart-

ment each year is part of the package.

Eden Island comprises more than 550 villas,

mansion s and apartments. Facilities include a su-

peryacht marina, four beaches and a shopping mall.

Located next to the main island of Mahé, Eden Is-

land is a 10-minute drive from Mahé Internation-

al Airport.

Berkeley Homes releases final phase of London’s Chiswick GateBerkeley Homes announced on Oct 10 that it is re-

leasing for sale the final collection of townhouses and

apartments at London’s 999-year leasehold Chiswick

Gate (left). A private launch, which is strictly by ap-

pointment only, will be held on Oct 11 and 12, says

marketing agent Knight Frank Singapore.

Located in West London’s Chiswick neighbourhood,

Chiswick Gate comprises 78 luxury one- to three-bed-

room apartments, 43 Georgian-inspired, three- to

five-bedroom townhouses, as well as a coach house.

Prices of the one-, two- and three-bedroom apart-

ments start from £618,000 ($1.1 million), £814,000

and £1,072,500 respectively. For the three-, four- and

five-bedroom townhouses, they start from £1,957,000,

£2,266,000 and £2,595,000 respectively.

Knight Frank says Chiswick Gate is 75% sold as at

Oct 10. The development is scheduled for completion

by year end. — Compiled by Angela Teo

EDITORIALEDITOR | Cecilia ChowHEAD OF RESEARCH | Feily Sofi anDEPUTY EDITOR | Lin ZhiqinWRITERS | Angela Teo, Timothy TayDIGITAL WRITER | Fiona Ho

COPY-EDITING DESK | Elaine Lim, Evelyn Tung, Chew Ru Ju, Shanthi MurugiahPHOTO EDITOR | Samuel Isaac ChuaPHOTOGRAPHER | Albert ChuaEDITORIAL COORDINATOR | Yen TanDESIGN DESK | Tan Siew Ching, Christine Ong, Monica Lim, Tun Mohd Zafi an Mohd Za’abah

ADVERTISING + MARKETING ADVERTISING SALES

DIRECTOR, ADVERTISING & SALES | Cowie TanASSOCIATE ACCOUNT DIRECTOR | Diana LimSENIOR ACCOUNT MANAGER | Priscilla WongACCOUNT MANAGER |James Chua

CIRCULATIONDIRECTOR | Victor TheEXECUTIVES | Malliga Muthusamy, Ashikin Kader,Winnie Lim

CORPORATE CHIEF EXECUTIVE OFFICER | Bernard Tong

PUBLISHERThe Edge Property Pte Ltd150 Cecil Street #13-00Singapore 069543Tel: (65) 6232 8622Fax: (65) 6232 8620

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EDGEPROP | OCTOBER 16, 2017 • EP3


PERSONALITY

Knight Frank’s Tan Tiong Cheng recounts Singapore’s transformation| BY CECILIA CHOW |

Tan Tiong Cheng, president of

Knight Frank Asia Pacific and

adviser to Knight Frank Sin-

gapore since April, has spent

more than 35 years with the

firm. Since his youth, the veteran

property consultant has been fasci-

nated with the transformation of cit-

ies, especially Singapore’s.

“Most city states have a skyline

linked to the CBD,” he says. “In Sin-

gapore, the heart of the city is Raffles

Place. Located right at the mouth of

the Singapore River, it has been vital

to Singapore’s fortunes as a trading

port since the 1850s. It was where

commodities such as rice, rubber and

pepper were delivered.”

The transformation of Singapore’s

CBD was slow to take off, as the gov-

ernment had introduced the Rent

Control Act in 1947. This was done

to protect tenants from rising rents

and eviction post-World War II, he re-

counts. At that time, economic growth

was slow, the unemployment rate

was high and wages were low. “In-

flation was also a problem,” he adds.

It was only after the Rent Control

Act was lifted in 1969 that the first

wave of transformation took place

in the CBD.

The first three government sales

of sites took place in Shenton Way in

1967 to 1969, which led to the devel-

opment of the former Robina House

(now One Shenton by City Develop-

ments Ltd); Shenton House which is a

strata-titled commercial development;

and the former UIC Building, which

has since been redeveloped into the

new UIC Building and V on Shenton.

Many new developments — from

Raffles Place to Robinson Road and

Cecil Street — also sprung up in the

CBD in the late 1960s to early 1970s.

The second wave of transformation

took place in the Golden Shoe area

in the latter half of the 1970s.

Blossoming of Raffles Place, CBDIn Raffles Place, the first high-rise

tower by an internationally acclaimed

architect was OCBC Centre on Chulia

Street. It overlooks the shophouses

on Circular Road and Boat Quay. The

52-storey tower was designed by I M

Pei, who has just turned 100, and,

when it was completed in 1976, it

was considered the tallest building

in Singapore and Southeast Asia.

Other skyscrapers that joined

OCBC Centre in the Raffles Place

district in the 1980s were Six Battery

Road (completed in 1984) and One

Raffles Place (the former OUB Cen-

tre, which was completed in 1988).

At 60 storeys, the former OUB Cen-

tre — designed by Japanese architect

Kenzo Tange — was considered the

world’s tallest building outside the

US. In the 1990s, it was joined by two

other towers as Singapore’s tallest:

UOB Plaza (completed in 1992), also

designed by Tange; and Republic

Plaza (1998) designed by estab-

lished Singapore architectural firm,

RSP Archi tects Planners & Engineers.

“The beauty, of course, is that

you can see the old low-rise conser-

vation shophouses in Boat Quay sit-

ting alongside the new high-rise of-

fice towers such as UOB Plaza and

Six Battery Road from across the Sin-

gapore River,” says Tan.

Focus shifted to the reclaimed

land in Marina Bay in the late 1990s

to early 2000s. It started with Espla-

nade — Theatres on the Bay, which

opened in 2002 and was designed by

Singapore-based DP Architects and

UK-based Michael Wilford & Part-

ners. The first white site in Marina

Bay was awarded in 2003 to a con-

sortium comprising Cheung Kong

Property Holdings, Hongkong Land

and Keppel Land. It has since been

developed into the $4 billion Marina

Bay Financial Centre (MBFC), with

three office towers and two residen-

tial towers connected underground by

the Marina Bay Link Mall. MBFC was

designed by New York-based Kohn

Pedersen Fox Associates.

The other development that has

made the Singapore skyline famous

is Marina Bay Sands Integrated Re-

sort by Las Vegas Sands, designed

by world-renowned architect Moshe

Safdie. Adding to the allure of Mari-

na Bay is the billion-dollar Gardens

by the Bay and the Singapore Flyer.

“When it came to the expanded

CBD at Marina Bay and Marina South,

the challenge has always been how

to integrate the old and the new,”

says Tan. “Marina Bay and Mari-

na South bring to life the work-live-

play concept.”

Big change in public housingThe other real estate sector that has

undergone a dramatic transforma-

tion is public housing. The first wave

of public housing was in the early

1960s. In the CBD, the most iconic

HDB development is Pinnacle@Dux-

ton, Singapore’s first 50-storey pub-

lic housing project.

On the city fringe of Queenstown,

there is a new generation of HDB

high-rise flats in Dawson Estate, fea-

turing SkyVille and SkyTerrace units,

as part of the government’s renewal

of old housing estates. Today, even

the pig farms in rural Punggol have

been replaced by HDB flats, which

boast park and water views as the

area is transformed into a waterfront

town of the 21st century called Pung-

gol 21 Plus. “With the infrastructure

in place, it has become a desirable

place to live in,” says Tan.

The transformation of the private

housing sector has been less dramatic.

“Private residential projects are cer-

tainly of better quality and finishing

today, with a wider range of facilities,”

says Tan, who is on the panel of judges

of the inaugural EdgeProp Singapore

Excellence Awards 2017. “Developers

are trying to match their offerings to

changing lifestyles and homebuyer ex-

pectations. It has also raised standards

of landscaping and sustainability.”

Restricted by high land costOne of the constraints for develop-

ers is the high land cost and the re-

quirements of the development guide-

lines. For a typical high-end condo,

the land cost component makes up

70% to 75% of total development

cost. For the mid-tier and upgraders’

segment, land cost still accounts for

60% to 65% of total development

cost, says Tan.

However, Singapore’s status as a

global city has attracted foreign buy-

ers in the mid- to high-end condo-

minium segments. This has spurred

developers to raise the quality and

standards of their offerings. “The

projects submitted for the EdgeProp

Awards are a testament to that,”

adds Tan. “Many world-renowned

architects have also changed Singa-

pore’s housing standards and won

international accolades, for instance

OMA/Ole Scheeren’s design of The

Interlace, Zaha Hadid’s design for

d’Leedon, Sky Habitat by Moshe

Safdie, Reflections and Corals at

Keppel Bay by Daniel Libeskind as

well as Belle Vue and The Crest by

Toyo Ito.”

As demographics and lifestyles con-

tinue to morph, the design of housing

units will “require a rethink”, reck-

ons Tan. “At the end of the day, it’s

about meeting buyers’ demand and

expectations. And we have to think

about how these will shape private

housing in the future.”

Tan: As demographics and lifestyles continue to morph, the design of housing units will require a rethink

Focus shifted to the reclaimed land of Marina Bay in the early 2000s

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OFFSHORE

KSK Land’s branded luxury residencesin KLCC make Singapore debut| BY LIN ZHIQIN |

Developer KSK Land, a wholly-owned

subsidiary of Malaysian investment

holding company KSK Group, will

launch its maiden project in Singapore

on the weekend of Oct 14 and 15. The

RM5.4 billion ($1.7 billion), freehold mixed-

use scheme is located at 8 Jalan Conlay in the

heart of Kuala Lumpur City Centre (KLCC).

The development, called 8 Conlay, com-

prises three high-rise towers: The 62-storey

Tower A has 564 serviced apartment units

and the 57-storey Tower B has 498 units.

Both towers will feature residences branded

YOO8 and serviced by Kempinski. The third

tower will be the 68-storey Kempinski Hotel,

featuring 260 rooms and 300 strata-titled ho-

tel suites, and marking the maiden entry of

Kempinski Hotels in Kuala Lumpur. Found-

ed in Berlin in 1897, the 120-year-old Kemp-

inski Hotels is one of the oldest luxury hotel

groups in Europe.

8 Conlay is targeted for completion by end-

2020, says Joanne Kua, CEO of KSK Group and

managing director of KSK Land. The branded

residences in Tower A were launched in Kua-

la Lumpur in November 2015, and 80% of

the units have been snapped up. About 60%

of the buyers are foreigners and the rest are

Malaysians. Following its launch in KL, the

project was also showcased in other cities in

Asia such as Bangkok, Jakarta, Beijing and

Shanghai.

“This weekend will mark the project’s debut

in Singapore,” says Kua. It will be launched

at The St Regis Singapore, with SRI as the ex-

clusive marketing agent.

KSK Land purchased the four-acre freehold

site at 8 Jalan Conlay in 2013 for RM568 mil-

lion. It is situated in Kuala Lumpur’s Golden

Triangle and well served by amenities, includ-

ing KL’s biggest malls — Pavilion Kuala Lum-

pur and Suria KLCC at Petronas Twin Towers

are within a few minutes’ walk. 8 Conlay is

also within walking distance of the upcom-

ing Conlay station on the second MRT line,

which is under construction.

For the convenience of its guests and res-

idents, 8 Conlay will also have four storeys

of retail space. All the serviced apartments

branded YOO8 will be sold fully furnished.

8 Conlay was designed by renowned Ma-

laysian architect Hud Bakar of RSP Architects

in KL. Hud is the designer behind many of the

landmarks in KL such as Felda Tower, Para-

digm Mall and Matrade Exhibition and Con-

vention Centre.

Bangkok-based landscape architecture firm

TROP: Terrains + Open Spaces, headed by

Pok Kobkongsanti, was engaged as the land-

scape architect for 8 Conlay. Landscape de-

signs by TROP include Hilton Pattaya, Sento-

sa’s Seascape condominium as well as Iconic

Hotel and Residence at Bintan Island.

The interiors of the branded serviced resi-

dences in Tower A are designed by Hong Kong

designer Steve Leung in collaboration with

YOO, a partnership between property entre-

preneur John Hitchcox and world-renowned

French architect Phillipe Starck.

The branded residences at Tower A of 8

Conlay were launched at an average price of

RM2,700 psf two years ago, but today they

are priced at RM3,200 psf.

Residences range from one-bedroom units

that start from 700 sq ft to three-bedroom

units of 1,308 sq ft.

The units launched in Singapore this

weekend will range from RM2.1 million for

a one-bedroom unit to RM2.77 million for a

1,073 sq ft, two-bedroom unit with a study.

Some units will be offered for sale with a two-

year rental guarantee of 6%.

The units were deliberately kept at a com-

pact size so that the absolute prices would

be palatable, says Kua. “There are people

who like to buy branded residences around

the world, and we want to deliver a lifestyle

that people aspire to have,” she adds. “Half

of the buyers are buying for their own use,

and the rest buy for investment.”

Panoramic photo taken from a height of 226m from the site of 8 Conlay’s Tower A

Kua: We want to deliver a lifestyle that people aspire to have

Showflat showing the bathroom and bedroom of a one-bedroom unit

Showflat showing the living and dining space of a two-bedroom unit

8 Conlay comprises two towers of branded residences, a hotel tower and a retail podium

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COVER STORY

COLLECTIVE SALE fever bubbles over

| BY CECILIA CHOW |

Chef-restaurateur-turned-tai chi instruc-

tor P K Tan has always liked the Bal-

estier area. Besides its proximity to

the CBD, the main attraction is that

properties there are predominantly

freehold. “Apart from East Coast, Farrer Park

and Geylang, Balestier is the only city fringe

area that offers mainly freehold property,”

says Tan, 67.

He likes projects with sizeable units and

that sit on large and regular-shaped freehold

plots. Besides his primary residence — a 2,508

sq ft, four-bedroom unit at Mandalay Towers

— he also has an investment in Balestier: a

three-bedroom unit in the 72-unit Balestier Re-

gency on Jalan Ampas that he bought more

than a decade ago. He likes the project, as all

units are three-bedroom and measure 1,453 to

1,475 sq ft each. Tan was recently informed by

a neighbour, however, that Balestier Regency

was attempting a collective sale.

Balestier has become a hotspot for collec-

tive sales this year. Besides Balestier Regency,

collective sales are brewing in several other

ageing apartment blocks in the area. On Kim

Keat Road, the 34-unit Victory Heights is said

to be attempting an en bloc sale. The 78-unit

Boon Teck Tower on Boon Teck Road is also

attempting an en bloc sale and in the process

of collecting signatures to obtain the 80% con-

sensus to proceed. The collective sale process

has also started at the 89-unit Kemaman Point

on Jalan Kemaman.

Tan was looking to buy a second investment

property in Balestier, and he was eyeing AVA

Towers, a 124-unit freehold condominium built

in 1993, because all the units are three-bed-

room apartments ranging from 1,173 to 1,281

sq ft. He was surprised when his recent online

search for AVA Tower yielded only one unit for

sale. “I was wondering what happened to all

the listings of units for sale,” he says. “They

seem to have disappeared.” That was when

he realised that owners at AVA Towers were

also exploring a collective sale.

Resale units withdrawnTan’s experience is not an isolated one.

Lee Liat Yeang, senior partner in Dentons

Rodyk’s Real Estate Practice Group, says:

“I spoke to several agents, and was told

that quite a few units had been with-

drawn from the resale market, especial-

ly those with actual or perceived en bloc

potential.

“Some are eyeing an en bloc sale to

achieve higher prices while others are

hoping for a general uplift in prices. This

creates a shortage in the resale market

that’s more apparent than real.”

Nicholas Mak, executive director of

ZACD Group, concurs. “If you’re the

owner of a unit in a condo and you hear

your neighbours talking about going en

bloc, would you be happy if you sold

your unit and, a few months later, the

project is launched for collective sale? If

the en bloc sale goes through, you will

regret it.”

The irony is that people such as Tan in

Balestier who are looking to buy freehold

property will now have fewer choices in

the resale market, as owners in these old-

er condos are holding out for a collective

sale, observes Lee. On the other hand, most of

the new project launches are 99-year leasehold.

Competition has also intensified in the East

Coast, following the successful collective sale

of Amber Park on Oct 4 for $906.7 million

($1,515 psf ppr), making it the largest collec-

tive sale of a freehold site. Prior to that, Nanak

Mansions was sold for $201.1 million, and Al-

bracca for $69.1 million in July.

Other developments in the East Coast with

freehold sites that are also attempting a col-

lective sale are the 32-unit Parkway Mansion,

completed in 1982; the 72-unit Casa Meyfort

on Meyer Road, completed in 1992; and the

135-unit Hawaii Towers, completed in 1984.

A search for resale units in these condomin-

iums in the prime District 15 have like-

wise yielded mainly units for rent, with

very few listed for sale.

Number of collective salehopefuls doublesAccording to Tan Hong Boon, regional di-

rector of capital markets at JLL Singapore,

the number of successful collective sales

so far this year is 16, with transactions

totalling $5.84 billion. This is the high-

est level since the last collective sale fe-

ver in 2006 ($7.82 billion worth of deals)

and 2007 ($11.51 billion). “If the next

three to four collective sale tenders that

are closing are successful, you could see

the number of deals hit 20 and total sales

coming close to the 2006 figure,” he adds.

Emboldened by the recent string of

successful deals, the number of collec-

tive sale hopefuls has more than doubled

to “60 to 70 projects” today from 30 four

months earlier, says JLL’s Tan.

ZACD’s Mak notes: “This means that

owners in these 60 to 70 older estates

will now be reluctant to sell their units

on the resale market. It’s a natural reac-

tion because a lot of owners want that

windfall. So, they will put their individ-

ual unit sale on hold.”

With more private condos attempting a collective sale, resale units in some developments have been withdrawn from the market. What’s next for the residential market? Will we see a run-up in prices?

Collective sales are brewing in the Balestier area

Mandalay Towers, a low-rise 56-unit apartment block complet-ed in 1974, comprises four-bedroom units of 2,500 sq ft

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The recent collective sale fever and with-

drawal of units from the resale market will in-

evitably push up prices, concedes Mak. This

will be exacerbated by the fact that the bene-

ficiaries of collective sales will need to find a

replacement property.

“Even with a slight reduction in supply in

the resale market, we have already seen an up-

ward tick in the URA price index,” he notes.

“The en bloc fever will put upward pressure

on private residential prices, and could also

lead to upward pressure on HDB resale prices.”

Prices at inflection pointThe flash estimate for the URA private residen-

tial price index for 3Q2017 already showed a

0.5% q-o-q increase, marking a critical inflec-

tion point in prices, notes Credit Suisse in its

report on Oct 2. This was after 15 consecutive

quarters of decline from 3Q2013 to 2Q2017, dur-

ing which the property price index fell 11.6%.

Within the non-landed residential mar-

ket, price increases were led by mass market

condos in the Outside Central Region (OCR),

which rose 0.7% q-o-q, and prime condos in the

Core Central Region (CCR), which rose 0.2%

q-o-q, while the mid-tier segment in the Rest

of Central Region (RCR) was flat. HDB resale

prices were still down 0.6% q-o-q, according

to the flash estimate for 3Q2017, according to

Credit Suisse.

The collective sale fever is likely to have less

of an impact on the rental market, as beneficiaries

of collective sales prefer to buy a replacement

property instead of renting. “These are people

who are used to owning their homes, especially

those from the privatised HUDC estates,” ob-

serves ZACD’s Mak. “Their fear is that if they

were to rent for the time being, prices could

be even higher when they want to buy a unit

later on. This in turn becomes a self-fulfilling

prophecy.”

‘Bubble tea fever’This blend of fear and euphoria — which Des-

mond Sim, CBRE head of research for Singa-

pore and Southeast Asia, has labelled “the

bubble tea fever” — was also evident a decade

ago, when there was a partial dip in the sup-

ply of resale units in the wake of the collec-

tive sale fever. “But this is true only for the

older apartments and condos, where prices

have failed to catch up with market prices,”

he says. “These are the projects that have a

greater chance of going en bloc.”

CBRE’s Sim does not see it having a major

impact on the URA private property price in-

dex. His projection is for the index to rise 3%

to 8% next year. “The index measures price

per sq ft,” he says. “At the end of the day, sales

are determined by absolute prices.”

For absolute prices to be palatable to home-

buyers, and for developers to achieve their de-

sired price psf in their new developments, unit

sizes have to be sacrificed, adds Sim. There is a

limit as to how small the units can be, however,

as URA has stipulated a minimum average size of

70 sq m for new condos outside the Central area.

Buyers still price-sensitiveIn 1H2017, about 90% of residential units that

were sold were below the $2 million thresh-

old. “It takes more than gut feel and senti-

ment to drive up prices,” says Sim. “The eco-

nomic indicators may have improved, but the

real indicator is the ATM, when you see how

much money you have in your bank account.

At the end of the day, the underlying demand

is for properties priced at $2 million and be-

low. Anything priced above $3 million is be-

yond the reach of the average Singaporean.”

Dentons Rodyk’s Lee agrees. “Pricier prop-

erties still face challenges, as the additional

buyer’s stamp duty is still a major deterrent.”

Even for the beneficiaries of the collective

sales of the large privatised HUDC estates,

from Shunfu Ville to Normanton Park, most

owners are looking at a payout in the range

of $1.7 million to $1.9 million. “The amount

is just enough to buy a replacement unit, but

perhaps not of a similar size,” says ZACD’s

Mak. “It seems that the only way for the own-

ers to monetise their HUDC units is through

a collective sale.”

HUDC estate monetisationThis year, five privatised HUDC estates were

successfully sold en bloc. They were Rio Casa

in Hougang, which was sold to a consortium

led by Oxley Holdings ($575 million); Eunos-

ville, across from the Eunos MRT station,

went to MCL Land ($765.78 million); Seran-

goon Ville in Serangoon North was sold to

an Oxley-led consortium ($499 million); and

Tampines Court on Tampines Street 11 found

a buyer in Sim Lian Group ($970 million). The

latest was Normanton Park, which was sold

to Kingsford Development for $830.1 million.

Last year, only two privatised HUDC estates

found buyers. They were Shunfu Ville in Bis-

han, sold to Qingjian Realty for $638 million;

and Raintree Gardens in Potong Pasir, which

was sold for $334.2 million to a joint venture

between UOL Group and United Industrial Corp.

Ivory Heights nextThe latest to hitch a ride on the collective sale

bandwagon is Ivory Heights, the largest pri-

vatised HUDC estate on the market this year.

Built in 1986, the 654-unit Ivory Heights has

three high-rise blocks of 10- to 25-storeys and

five four-storey blocks sitting on a sprawling

land area of 825,502 sq ft with a 99-year lease

dating from 1986. Under the URA Master Plan,

the site has a plot ratio of 1.6 and can be re-

developed into a condo project with 1,400 to

1,500 units, assuming a minimum average size

of 70 sq m each.

Ivory Heights has a reserve price of $1.34

billion, which includes the differential premi-

um of $160 million for topping up the lease.

The price translates to $979 psf ppr. SLP Inter-

national, which is part of ZACD Group, is the

appointed marketing agent for Ivory Heights.

This is the first time the owners of Ivory Heights

are attempting a collective sale.

“The site has seen a lot of interest,” notes

ZACD’s Mak. “It’s the only private residen-

tial site of this scale located in Jurong East.

And the government hasn’t offered any new

land parcels for sale in Jurong East for the

last five years.”

The only government land tender for a

condo site in Jurong East was the one that

has since been developed into the 738-unit

J Gateway by MCL Land, which was completed

last year. The average selling price of J Gate-

way when it was launched at end-June 2013

was $1,480 psf. Many of the units were sold

at prices above $1,700 psf, hitting a high of

$1,774 psf for a 484 sq ft, one-bedroom unit

on the 34th floor of one of the three high-rise

towers. There were three sub-sales in August

this year; they ranged from $1,539 psf for a

unit on the 14th floor to $1,742 psf for a unit

on the 13th floor, according to caveats lodged.

Jurong Gateway, which is part of Jurong

Lake District, is poised to be Singapore’s sec-

ond CBD, with a total land area of 360ha,

equivalent to Marina Bay. The future Singa-

pore-Kuala Lumpur high-speed rail terminus

will also be located in Jurong East, on the site

of the former Jurong Country Club.

‘Unusual upturn’“This is an unusual start of a market upturn,”

notes ZACD’s Mak. “It’s driven by land pric-

es. Developers appear to be making a bet that

the market will recover, and they are buying

land in preparation to ride the next proper-

ty bull run.”

In the past three to four property booms,

transaction volume picked up first before pric-

es recovered two to three quarters later, he

notes. “It was either the HDB resale prices

that moved up first, and then pulled up the

prices of private housing, or, as in the case

of the last property boom in 2006/07, it start-

ed at the top end of the market before filter-

ing down to the other market segments. But

it had always been transaction-led.”

The more aggressive bids at government

land sales and collective sale sites could also

be because mainstream developers are fac-

ing greater competition from non-traditional

property players such as jeweller-turned-prop-

erty developer Aspial Corp, whose property

arm is World Class Land; construction group

Evan Lim & Co’s EL Development; Chip Eng

Seng’s CEL Development; and mainland Chi-

nese construction companies-turned-property

developers such as MCC Land, Qingjian Real-

ty and China State Construction Engineering

Corp’s newly formed CSC Land.

“We’ve come to a stage where the number

of property developers have trebled over the

past decade,” says CBRE’s Sim. “You have fi-

nite land parcels, but it’s being shared by a lot

more people. That’s why bid prices have be-

come more aggressive.”

Tan Tiong Cheng, president of Knight Frank

Asia, believes the collective sale fever could

“run out of steam” by the middle of next year,

if not by end-2018. “Given the collective sale

momentum, most developers would have pur-

chased one or two big sites either in govern-

ment land sales or collective sales by next

year,” he says.

Developers are taking into consideration

the steep development charges and differential

premiums, especially for topping up the leases

of the older leasehold projects. “If it’s going

to eat too much into their profit margins, they

may not be willing to pay the premium that

collective sale owners are seeking,” says Tan.

“For the collective sale owners, the premium

may not be as attractive, especially if they are

looking to buy a replacement property, and

prices are on an uptrend.”

Dentons Rodyk’s Lee reckons the supply

from the collective sale sites purchased in the

last two years will come onstream towards

end-2018 and 2019. “It takes a good 12 to 15

months for these projects to come up for sale,”

he says. “The increase in supply will be evi-

dent in 2019.”

Parkway Mansion is one of the apartment blocks in Marina Parade exploring a collective sale Owners of Hawaii Tower, a condo on Meyer Road, are hoping to be lucky in their next collective sale attempt

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The 654-unit Ivory Heights in Jurong East, which sits on a 99-year leasehold site of 825,502 sq ft, is the latest privatised HUDC estate to be put up for collective sale

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Singapore — by postal districtLOCALITIES DISTRICTSCity & Southwest 1 to 8Orchard/Tanglin/Holland 9 and 10Newton/Bukit Timah/Clementi 11 and 21Balestier/MacPherson/Geylang 12 to 14East Coast 15 and 16Changi/Pasir Ris 17 and 18Serangoon/Thomson 19 and 20West 22 to 24North 25 to 28

Residential transactions with contracts dated Sept 26 to Oct 3

District 2 76 SHENTON Apartment 99 years Sept 29, 2017 624 1,150,000 - 1,842 2014 ResaleICON Apartment 99 years Sept 27, 2017 581 1,030,000 - 1,772 2007 ResaleSKYSUITES@ANSON Apartment 99 years Oct 03, 2017 667 1,453,770 - 2,178 2014 ResaleSKYSUITES@ANSON Apartment 99 years Oct 02, 2017 700 1,393,740 - 1,992 2014 ResaleDistrict 3 ALEX RESIDENCES Apartment 99 years Sept 30, 2017 926 1,768,000 - 1,910 2017 New SaleALEX RESIDENCES Apartment 99 years Sept 27, 2017 657 1,335,800 - 2,034 2017 New SaleHIGHLINE RESIDENCES Condominium 99 years Oct 01, 2017 1,152 2,070,000 - 1,797 Uncompleted New SalePRINCIPAL GARDEN Condominium 99 years Sept 30, 2017 764 1,312,000 1,307,000 1,710 Uncompleted New SalePRINCIPAL GARDEN Condominium 99 years Sept 30, 2017 484 894,000 - 1,846 Uncompleted New SalePRINCIPAL GARDEN Condominium 99 years Sept 29, 2017 484 894,000 889,000 1,835 Uncompleted New SalePRINCIPAL GARDEN Condominium 99 years Sept 29, 2017 484 897,000 892,000 1,842 Uncompleted New SalePRINCIPAL GARDEN Condominium 99 years Sept 28, 2017 764 1,307,000 - 1,710 Uncompleted New SalePRINCIPAL GARDEN Condominium 99 years Sept 28, 2017 484 865,000 860,000 1,775 Uncompleted New SalePRINCIPAL GARDEN Condominium 99 years Sept 26, 2017 484 885,000 - 1,827 Uncompleted New SaleQUEENS PEAK Condominium 99 years Sept 30, 2017 936 1,595,800 - 1,704 Uncompleted New SaleQUEENS PEAK Condominium 99 years Sept 30, 2017 936 1,584,670 - 1,692 Uncompleted New SaleQUEENS PEAK Condominium 99 years Sept 30, 2017 775 1,219,920 - 1,574 Uncompleted New SaleQUEENS PEAK Condominium 99 years Sept 30, 2017 807 1,377,000 - 1,706 Uncompleted New SaleQUEENS PEAK Condominium 99 years Sept 30, 2017 947 1,560,600 - 1,648 Uncompleted New SaleQUEENS PEAK Condominium 99 years Sept 30, 2017 775 1,249,000 - 1,612 Uncompleted New SaleQUEENS PEAK Condominium 99 years Sept 29, 2017 936 1,609,940 - 1,719 Uncompleted New SaleQUEENS PEAK Condominium 99 years Sept 29, 2017 807 1,248,000 - 1,546 Uncompleted New SaleQUEENS PEAK Condominium 99 years Sept 26, 2017 441 814,730 - 1,846 Uncompleted New SaleQUEENS PEAK Condominium 99 years Sept 26, 2017 624 1,089,360 - 1,745 Uncompleted New SaleTANGLIN VIEW Condominium 99 years Oct 02, 2017 1,378 1,445,000 - 1,049 2001 ResaleTHE REGENCY AT TIONG BAHRU Condominium Freehold Oct 02, 2017 1,270 2,088,000 - 1,644 2010 ResaleDistrict 4 CARIBBEAN AT KEPPEL BAY Condominium 99 years Sept 28, 2017 893 1,399,000 - 1,566 2004 ResaleCORALS AT KEPPEL BAY Condominium 99 years Sept 29, 2017 1,389 2,850,000 - 2,052 2016 ResaleHARBOURLIGHTS Apartment Freehold Sept 28, 2017 1,249 1,660,000 - 1,329 1997 ResaleREFLECTIONS AT KEPPEL BAY Condominium 99 years Oct 03, 2017 1,119 1,700,000 - 1,519 2011 ResaleREFLECTIONS AT KEPPEL BAY Condominium 99 years Sept 29, 2017 1,066 1,743,280 - 1,636 2011 ResaleREFLECTIONS AT KEPPEL BAY Condominium 99 years Sept 28, 2017 1,615 2,664,200 - 1,650 2011 ResaleREFLECTIONS AT KEPPEL BAY Condominium 99 years Sept 28, 2017 1,076 1,620,000 - 1,505 2011 ResaleTHE INTERLACE Condominium 99 years Oct 03, 2017 807 1,080,000 - 1,338 2013 ResaleTHE INTERLACE Condominium 99 years Sept 28, 2017 3,983 3,000,000 - 753 2013 ResaleTHE INTERLACE Condominium 99 years Sept 28, 2017 3,993 2,870,000 - 719 2013 ResaleTHE INTERLACE Condominium 99 years Sept 28, 2017 3,972 4,230,000 - 1,065 2013 ResaleTHE OCEANFRONT @ SENTOSA COVE Condominium 99 years Sept 26, 2017 1,851 2,300,000 - 1,242 2010 ResaleDistrict 5 24 ONE RESIDENCES Apartment Freehold Sept 27, 2017 807 1,425,000 - 1,765 Uncompleted New SaleFABER HILLS Apartment Freehold Oct 03, 2017 1,668 1,399,988 - 839 1977 Resale

LAND AREA/ NETT UNIT FLOOR AREA TRANSACTED PRICE PRICE COMPLETION TYPE OFPROJECT PROPERTY TYPE TENURE SALE DATE (SQ FT) PRICE ($) ($) ($ PSF) DATE SALE

HERITAGE VIEW Condominium 99 years Sept 29, 2017 1,163 1,370,000 - 1,178 2000 ResalePARC RIVIERA Condominium 99 years Oct 01, 2017 710 928,000 - 1,306 Uncompleted New SalePARC RIVIERA Condominium 99 years Oct 01, 2017 710 885,000 - 1,246 Uncompleted New SalePARC RIVIERA Condominium 99 years Oct 01, 2017 710 925,000 - 1,302 Uncompleted New SalePARC RIVIERA Condominium 99 years Sept 28, 2017 1,152 1,343,000 - 1,166 Uncompleted New SalePARC RIVIERA Condominium 99 years Sept 28, 2017 603 725,000 - 1,203 Uncompleted New SalePARC RIVIERA Condominium 99 years Sept 28, 2017 603 802,350 - 1,331 Uncompleted New SaleTHE CLEMENT CANOPY Apartment 99 years Sept 30, 2017 1,141 1,694,000 - 1,485 Uncompleted New SaleTHE CLEMENT CANOPY Apartment 99 years Sept 28, 2017 990 1,403,000 - 1,417 Uncompleted New SaleTHE CLEMENT CANOPY Apartment 99 years Sept 27, 2017 990 1,364,000 - 1,377 Uncompleted New SaleDistrict 8 CITYLIGHTS Condominium 99 years Sept 29, 2017 926 1,320,000 - 1,426 2007 ResaleCITYLIGHTS Condominium 99 years Sept 27, 2017 926 1,380,000 - 1,491 2007 ResaleCLYDES RESIDENCE Apartment Freehold Sept 28, 2017 1,119 1,200,000 - 1,072 2005 ResaleMERGUI MANSIONS Apartment Freehold Sept 29, 2017 1,389 1,330,000 - 958 1995 ResaleSTURDEE RESIDENCES Condominium 99 years Oct 01, 2017 947 1,492,800 - 1,576 Uncompleted New SaleSTURDEE RESIDENCES Condominium 99 years Sept 30, 2017 947 1,459,800 - 1,541 Uncompleted New SaleSTURDEE RESIDENCES Condominium 99 years Sept 30, 2017 1,302 1,911,700 - 1,468 Uncompleted New SaleSTURDEE RESIDENCES Condominium 99 years Sept 30, 2017 947 1,442,000 - 1,522 Uncompleted New SaleSTURDEE RESIDENCES Condominium 99 years Sept 29, 2017 1,302 1,771,700 - 1,360 Uncompleted New SaleSTURDEE RESIDENCES Condominium 99 years Sept 29, 2017 947 1,479,800 - 1,562 Uncompleted New SaleSTURDEE RESIDENCES Condominium 99 years Sept 28, 2017 947 1,429,800 - 1,509 Uncompleted New SaleSTURDEE RESIDENCES Condominium 99 years Sept 28, 2017 947 1,395,800 - 1,474 Uncompleted New SaleDistrict 9 CAIRNHILL PLAZA Apartment Freehold Sept 27, 2017 2,293 3,220,000 - 1,404 1978 ResaleESPADA Apartment Freehold Oct 02, 2017 377 923,800 - 2,452 2013 ResaleHILLTOPS Condominium Freehold Sept 29, 2017 2,390 8,000,000 - 3,348 2011 ResaleHILLTOPS Condominium Freehold Sept 29, 2017 2,390 8,819,000 - 3,691 2011 ResaleHILLTOPS Condominium Freehold Sept 27, 2017 1,593 5,120,000 - 3,214 2011 ResaleLEONIE PARC VIEW Apartment Freehold Oct 02, 2017 2,013 4,210,000 - 2,092 2009 ResaleMARTIN MODERN Condominium 99 years Sept 28, 2017 1,399 3,507,763 - 2,507 Uncompleted New SaleOLEANAS RESIDENCE Condominium Freehold Sept 28, 2017 1,227 1,713,888 - 1,397 1999 ResalePARC EMILY Condominium Freehold Sept 26, 2017 1,733 2,780,000 - 1,604 2008 ResaleRV POINT Apartment 999 years Sept 28, 2017 463 865,000 - 1,869 2015 Sub SaleSAM KIANG MANSIONS Apartment Freehold Oct 03, 2017 1,281 2,050,000 - 1,600 1999 ResaleSOPHIA HILLS Condominium 99 years Oct 01, 2017 592 1,171,000 - 1,978 Uncompleted New SaleSOPHIA HILLS Condominium 99 years Sept 30, 2017 700 1,395,000 - 1,994 Uncompleted New SaleSOPHIA HILLS Condominium 99 years Sept 30, 2017 570 1,224,000 - 2,146 Uncompleted New SaleSOPHIA HILLS Condominium 99 years Sept 29, 2017 570 1,178,000 - 2,065 Uncompleted New SaleSOPHIA HILLS Condominium 99 years Sept 29, 2017 667 1,313,000 - 1,967 Uncompleted New SaleSOPHIA HILLS Condominium 99 years Sept 29, 2017 700 1,384,000 - 1,978 Uncompleted New SaleSOPHIA HILLS Condominium 99 years Sept 27, 2017 700 1,445,000 - 2,065 Uncompleted New SaleSOPHIA HILLS Condominium 99 years Sept 27, 2017 710 1,435,000 - 2,020 Uncompleted New SaleTHE IMPERIAL Condominium Freehold Sept 28, 2017 3,412 5,500,000 - 1,612 2006 ResaleUP@ROBERTSON QUAY Apartment 99 years Sept 28, 2017 743 1,560,460 - 2,101 2015 ResaleVIDA Apartment Freehold Sept 28, 2017 840 1,608,888 - 1,916 2009 ResaleDistrict 10 8 NAPIER Condominium Freehold Sept 27, 2017 2,013 6,483,873 - 3,221 2010 ResaleBELMOND GREEN Condominium Freehold Oct 02, 2017 1,055 1,880,000 - 1,782 2004 ResaleBOTANIC @ CLUNY PARK Detached Freehold Sept 28, 2017 6,232 7,450,000 - 1,195 Uncompleted New SaleCUSCADEN ROYALE Apartment Freehold Sept 26, 2017 1,604 2,900,000 - 1,808 2010 ResaleD’LEEDON Condominium 99 years Oct 02, 2017 635 1,140,000 - 1,795 2014 ResaleD’LEEDON Condominium 99 years Sept 29, 2017 990 1,520,000 - 1,535 2014 ResaleDUCHESS CREST Condominium 99 years Sept 29, 2017 2,088 2,500,000 - 1,197 1998 ResaleGALLOP GREEN Condominium Freehold Sept 26, 2017 3,574 6,300,000 - 1,763 2002 ResaleGRAMERCY PARK Condominium Freehold Oct 02, 2017 1,981 5,864,800 - 2,961 2016 ResaleGRAMERCY PARK Condominium Freehold Sept 28, 2017 1,270 3,961,600 - 3,119 2016 ResaleJERVOIS JADE APARTMENTS Apartment 99 years Sept 28, 2017 2,174 2,300,000 - 1,058 2000 ResaleLEEDON 2 Condominium Freehold Sept 27, 2017 764 1,150,000 - 1,505 1996 ResaleNASSIM ROAD Detached Freehold Sept 26, 2017 13,294 23,688,000 - 1,782 1983 ResaleONE BALMORAL Condominium Freehold Oct 02, 2017 969 2,239,000 - 2,311 2016 ResaleONE BALMORAL Condominium Freehold Sept 29, 2017 1,410 3,070,000 - 2,177 2016 ResaleQUINTERRA Apartment 99 years Oct 02, 2017 1,679 1,900,000 - 1,132 2009 ResaleREGENCY PARK Condominium Freehold Sept 27, 2017 3,649 6,350,000 - 1,740 1990 ResaleRV RESIDENCES Condominium 999 years Sept 29, 2017 1,292 2,300,000 - 1,781 2015 ResaleRV RESIDENCES Condominium 999 years Sept 26, 2017 1,216 2,228,000 - 1,832 2015 ResaleTHE GRANGE Condominium Freehold Sept 28, 2017 2,282 5,450,000 - 2,388 2008 ResaleVALLEY PARK Condominium 999 years Oct 03, 2017 1,808 2,980,000 - 1,648 1997 ResaleDistrict 11 CITY EDGE Apartment Freehold Sept 29, 2017 829 1,390,000 - 1,677 2007 ResaleCUBE 8 Condominium Freehold Sept 28, 2017 560 870,000 - 1,554 2013 ResaleCUBE 8 Condominium Freehold Sept 27, 2017 1,335 1,880,000 - 1,409 2013 ResaleGENTLE VILLAS Semi-Detached 99 years Sept 26, 2017 2,260 2,738,000 - 1,210 1995 ResaleM21 Apartment Freehold Sept 28, 2017 1,755 2,300,000 - 1,311 2010 ResaleMOUNT ROSIE GARDEN Condominium Freehold Sept 27, 2017 2,250 2,880,000 - 1,280 1983 ResaleJALAN NOVENA UTARA Semi-Detached Freehold Sept 28, 2017 3,154 4,800,000 - 1,525 Unknown ResaleSTRATA Apartment Freehold Sept 26, 2017 506 925,000 - 1,828 2006 ResaleTREVOSE PARK Condominium Freehold Sept 28, 2017 1,647 2,500,000 - 1,518 1991 ResaleDistrict 12 CITY SUITES Apartment Freehold Sept 26, 2017 463 803,000 - 1,735 2017 New SaleEIGHT RIVERSUITES Terrace 99 years Sept 28, 2017 3,003 2,150,000 - 716 2016 ResaleGEM RESIDENCES Condominium 99 years Oct 01, 2017 775 1,263,000 - 1,630 Uncompleted New SaleGEM RESIDENCES Condominium 99 years Oct 01, 2017 947 1,322,000 - 1,396 Uncompleted New SaleGEM RESIDENCES Condominium 99 years Sept 30, 2017 1,055 1,622,000 - 1,538 Uncompleted New Sale


| BY ANGELA TEO |

With sentiment improving and

transactions picking up at

high-end condominiums,

interest has also returned to

the luxury condo segment.

This is evident from the burst of activity

at Hilltops by SC Global Developments

in the quarter ended September, with five

units sold. Three of the five transactions

were done in September alone.

Two of the units sold were 2,390 sq ft,

four-bedroom units on the 17th and 19th

floors. They fetched $8 million ($3,348

psf) and $8.8 million ($3,691 psf) respec-

tively. The other unit sold in September

was a 1,593 sq ft, three-bedder located

on the 18th floor. It went for $5.12 mil-

lion ($3,214 psf).

The spate of transactions is not surpris-

ing, says Leong Boon Hoe, chief operating

officer of luxury residential brokerage firm

List Sotheby’s International Realty. “Many

foreigners are revisiting Singapore’s luxury

condo segment.” Indonesians, mainland Chi-

nese and Malaysians continue to be among

the most active foreign buyers in Singapore,

adds Leong.

Completed in 2011, Hilltops is the big-

gest condo project by SC Global in terms

of the number of units (241) in Singapore.

The project, located on Cairnhill Circle in

prime District 9, comprises two- to five-bed-

room units ranging from 807 to 2,874 sq

ft. There is also a sole six-bedroom pent-

house of 11,000 sq ft, and it comes with

private lift access from the ground floor.

On Napier Road is the 46-unit 8 Napier.It is adjacent to Gleneagles Hospital and

Medical Centre as well as the Singapore

Botanic Gardens. Completed in 2010, it has

seen very few units come on the market.

Last year, just one unit changed hands: A

2,013 sq ft, three-bedroom unit on the sev-

enth floor fetched $6.44 million ($3,200

psf), according to a caveat lodged in Jan-

uary 2016. The unit was last purchased

for $7.3 million ($3,630 psf) in December

2007, when the freehold project in prime

District 10 was launched.

The latest transaction in September

was also that of a 2,013 sq ft, three-bed-

room unit, but located on the eighth floor.

It was sold for $6.48 million ($3,221 psf).

An earlier caveat lodged shows that the

seller purchased the unit for $7.33 million

($3,642 psf) 10 years ago when the project

was launched.

Bulk purchases have also picked up,

according to Sotheby’s Leong. Prior to the

launch of the Deferred Payment Scheme

last month, Sotheby’s had brokered the

sale of 14 units in the two blocks at Re-flections at Keppel Bay held by Keppel

Land as corporate residences. The units

are located on the first level of one of the

villa blocks, and on the sixth level of the

neighbouring villa block. The buyer is said

to be an overseas property fund, and the

purchase price for the 14 units amounted

to $33 million.

As the property market heats up, some

developers have also withdrawn their un-

sold stock from the market in anticipation

of higher prices. This was seen recently at

Sky Habitat in Bishan, Le Quest in Bukit

Batok and, earlier in March, when Park Place Residences at Paya Lebar Quarter

sold half of its units and held the rest to

be launched at a later date. E

Pickup in transactions at Hilltops, 8 Napier

DONE DEALS

Three units at Hilltops were sold at prices ranging from $3,214 psf to $3,691 psf in September

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Residential transactions with contracts dated Sept 26 to Oct 3


GEM RESIDENCES Condominium 99 years Sept 30, 2017 980 1,356,000 - 1,384 Uncompleted New SaleGEM RESIDENCES Condominium 99 years Sept 30, 2017 1,313 1,950,300 - 1,485 Uncompleted New SaleGEM RESIDENCES Condominium 99 years Sept 29, 2017 1,012 1,497,870 - 1,480 Uncompleted New SaleGEM RESIDENCES Condominium 99 years Sept 27, 2017 936 1,366,000 - 1,459 Uncompleted New SaleRIVERSIDE MELODIES Apartment Freehold Sept 26, 2017 1,421 1,730,000 - 1,218 2014 ResaleTHE MEZZO Apartment Freehold Oct 02, 2017 840 1,135,000 - 1,352 2012 ResaleTRELLIS TOWERS Condominium Freehold Sept 27, 2017 1,485 1,808,000 - 1,217 2000 ResaleVETRO Apartment 999 years Oct 02, 2017 614 685,000 - 1,116 2010 ResaleDistrict 13 JALAN CHENGKEK Terrace Freehold Oct 03, 2017 2,702 2,250,000 - 833 1958 ResaleWOLSKEL ROAD Semi-Detached Freehold Sept 28, 2017 3,595 4,200,000 - 1,168 2003 ResaleNIN RESIDENCE Apartment 99 years Sept 26, 2017 893 1,175,000 - 1,315 2014 ResaleSOMMERVILLE REGENCY Terrace Freehold Sept 27, 2017 2,540 2,075,000 - 817 2007 ResaleTHE POIZ RESIDENCES Apartment 99 years Sept 26, 2017 1,206 1,668,600 - 1,384 Uncompleted New SaleDistrict 14 CASA EMERALD Apartment Freehold Sept 27, 2017 2,056 1,250,000 - 608 2001 ResaleD’OASIA Apartment Freehold Sept 27, 2017 861 958,000 - 1,113 2010 ResaleGUILLEMARD EDGE Apartment Freehold Oct 03, 2017 549 690,000 - 1,257 2014 ResaleIDYLLIC SUITES Apartment Freehold Sept 28, 2017 431 540,000 - 1,254 2014 ResaleMERA EAST Apartment Freehold Sept 29, 2017 1,033 1,160,000 - 1,123 2007 ResaleGUILLEMARD LANE Detached Freehold Oct 02, 2017 9,386 25,200,000 - 2,684 1960 ResaleGUILLEMARD LANE Detached Freehold Oct 02, 2017 4,919 8,300,000 - 1,688 Unknown ResaleJALAN KRIAN Terrace Freehold Sept 29, 2017 3,154 3,500,000 - 1,109 1992 ResaleLORONG MARICAN Detached Freehold Sept 28, 2017 7,642 6,200,000 - 811 Unknown ResaleSIMS GREEN Apartment 99 years Oct 03, 2017 1,238 950,000 - 767 2003 ResaleSIMS URBAN OASIS Condominium 99 years Sept 29, 2017 1,023 1,407,700 - 1,377 Uncompleted New SaleSIMS URBAN OASIS Condominium 99 years Sept 28, 2017 958 1,378,800 - 1,439 Uncompleted New SaleSIMS URBAN OASIS Condominium 99 years Sept 28, 2017 958 1,293,500 - 1,350 Uncompleted New SaleSIMS URBAN OASIS Condominium 99 years Sept 28, 2017 829 1,108,700 - 1,338 Uncompleted New SaleSIMS URBAN OASIS Condominium 99 years Sept 27, 2017 958 1,394,400 - 1,456 Uncompleted New SaleTHE ARIZON Apartment Freehold Sept 29, 2017 947 883,000 - 932 2010 ResaleTRE RESIDENCES Condominium 99 years Sept 30, 2017 850 1,212,260 - 1,426 Uncompleted New SaleTRE RESIDENCES Condominium 99 years Sept 30, 2017 861 1,246,000 - 1,447 Uncompleted New SaleTRE RESIDENCES Condominium 99 years Sept 29, 2017 861 1,257,000 - 1,460 Uncompleted New SaleTRE RESIDENCES Condominium 99 years Sept 26, 2017 764 1,190,000 - 1,557 Uncompleted New SaleVACANZA @ EAST Condominium Freehold Sept 29, 2017 807 880,000 - 1,090 2014 ResaleVACANZA @ EAST Condominium Freehold Sept 26, 2017 484 647,500 - 1,337 2014 ResaleDistrict 15 AMBER SKYE Apartment Freehold Sept 30, 2017 1,335 2,788,000 - 2,089 2017 New SaleAMBER SKYE Apartment Freehold Sept 30, 2017 1,528 2,500,000 - 1,636 2017 New SaleAMBER SKYE Apartment Freehold Sept 27, 2017 1,119 2,047,860 - 1,829 2017 New SaleAMBER SKYE Apartment Freehold Sept 26, 2017 1,119 2,190,700 - 1,957 2017 New SaleCASUARINA COVE Condominium 99 years Sept 28, 2017 1,593 1,850,000 - 1,161 1996 ResaleEAST GROVE Apartment Freehold Oct 02, 2017 990 900,000 - 909 1975 ResaleEAST PALM Apartment Freehold Sept 29, 2017 1,055 1,200,000 - 1,138 2004 ResaleEMERALD EAST Apartment Freehold Sept 27, 2017 926 1,330,000 - 1,437 1999 ResaleFRANKEL ESTATE Semi-Detached Freehold Sept 28, 2017 3,961 5,388,000 - 1,361 Unknown ResaleGRAND DUCHESS AT ST PATRICK’S Condominium Freehold Oct 03, 2017 1,044 1,515,000 - 1,451 2010 ResaleMANDARIN GARDENS Condominium 99 years Sept 28, 2017 829 880,000 - 1,062 1986 ResaleMANDARIN GARDENS Condominium 99 years Sept 27, 2017 732 675,000 - 922 1986 ResaleMELROSE VILLE Apartment Freehold Oct 03, 2017 592 720,000 - 1,216 2011 ResaleMERIDIAN 38 Apartment Freehold Oct 03, 2017 1,238 1,628,000 - 1,315 2015 ResaleJOO CHIAT PLACE Terrace Freehold Sept 29, 2017 1,776 2,180,000 - 1,227 1968 ResaleWOO MON CHEW ROAD Terrace Freehold Sept 28, 2017 1,981 3,400,000 - 1,720 1994 ResaleONAN ROAD Terrace Freehold Sept 27, 2017 2,228 3,700,000 - 1,665 1991 ResaleLORONG G TELOK KURAU Terrace Freehold Sept 27, 2017 5,231 4,400,000 - 842 1987 ResaleNANAK MANSIONS * Condominium Freehold Sept 28, 2017 101,074 201,080,000 - 1,989 1985 ResaleOLA RESIDENCES Condominium Freehold Oct 03, 2017 2,110 2,330,000 - 1,104 2011 ResaleONE AMBER Condominium Freehold Sept 28, 2017 1,389 2,060,000 - 1,484 2010 ResaleOPERA ESTATE Terrace Freehold Sept 28, 2017 1,604 1,965,000 - 1,228 Unknown ResalePARKSHORE Condominium Freehold Sept 26, 2017 1,324 1,650,000 - 1,246 1995 ResalePEBBLE BAY Condominium 99 years Sept 27, 2017 2,336 2,920,000 - 1,250 1997 ResaleSANCTUARY GREEN Condominium 99 years Oct 03, 2017 1,356 1,451,000 - 1,070 2004 ResaleSANCTUARY GREEN Condominium 99 years Sept 28, 2017 1,216 1,260,000 - 1,036 2004 ResaleSEA VIEW PARK Semi-Detached Freehold Sept 28, 2017 2,928 5,300,000 - 1,812 1997 ResaleSEASIDE RESIDENCES Apartment 99 years Oct 01, 2017 764 1,543,000 - 2,019 Uncompleted New SaleSEASIDE RESIDENCES Apartment 99 years Oct 01, 2017 786 1,434,000 - 1,825 Uncompleted New SaleSEASIDE RESIDENCES Apartment 99 years Oct 01, 2017 1,206 1,894,000 - 1,571 Uncompleted New SaleSEASIDE RESIDENCES Apartment 99 years Oct 01, 2017 786 1,600,000 - 2,036 Uncompleted New SaleSEASIDE RESIDENCES Apartment 99 years Oct 01, 2017 786 1,582,000 - 2,013 Uncompleted New SaleSEASIDE RESIDENCES Apartment 99 years Oct 01, 2017 1,087 1,664,000 - 1,531 Uncompleted New SaleSILAHIS APARTMENTS Apartment Freehold Oct 02, 2017 1,302 1,265,000 - 971 1993 ResaleSUNNY PALMS Condominium Freehold Sept 27, 2017 1,033 1,108,000 - 1,072 2004 ResaleTHE ESPIRA Apartment Freehold Sept 26, 2017 1,087 1,188,000 - 1,093 2009 ResaleTHE LINE @ TANJONG RHU Condominium Freehold Sept 30, 2017 420 961,400 - 2,290 2016 New SaleTHE LINE @ TANJONG RHU Condominium Freehold Sept 26, 2017 592 1,324,050 - 2,236 2016 New SaleTHE SHORE RESIDENCES Condominium 103 years Sept 28, 2017 592 908,000 - 1,534 2014 ResaleTHE WATERSIDE Condominium Freehold Sept 29, 2017 2,411 3,600,000 - 1,493 1992 ResaleTHE WATERSIDE Condominium Freehold Sept 26, 2017 2,433 3,780,000 - 1,554 1992 ResaleVILLA MARINA Condominium 99 years Sept 28, 2017 1,249 1,100,000 - 881 1999 ResaleVILLA MARINA Condominium 99 years Sept 27, 2017 1,615 1,400,000 - 867 1999 ResaleWATER PLACE Condominium 99 years Oct 02, 2017 1,216 1,410,000 - 1,159 2004 ResaleDistrict 16 BAYSHORE PARK Condominium 99 years Sept 29, 2017 936 850,000 - 908 1986 ResaleGRANDEUR PARK RESIDENCES Condominium 99 years Sept 27, 2017 883 1,188,000 - 1,346 Uncompleted New SaleSUNBIRD PARK Terrace Freehold Sept 27, 2017 1,615 2,080,000 - 1,288 1992 ResaleWATERFRONT ISLE Condominium 99 years Sept 27, 2017 592 660,000 - 1,115 2015 Sub SaleDistrict 17 CARISSA PARK CONDOMINIUM Condominium Freehold Sept 29, 2017 1,647 1,225,000 - 744 2001 ResaleESTELLA GARDENS Condominium Freehold Oct 02, 2017 936 760,000 - 812 1999 ResaleHEDGES PARK CONDOMINIUM Condominium 99 years Oct 02, 2017 764 725,000 - 949 2015 ResaleHEDGES PARK CONDOMINIUM Condominium 99 years Sept 27, 2017 1,346 1,190,000 - 884 2015 ResaleLIGHTHOUSE Condominium 99 years Sept 29, 2017 1,141 890,000 - 780 2004 ResaleDistrict 18 CHANGI RISE CONDOMINIUM Condominium 99 years Sept 27, 2017 1,259 920,000 - 731 2004 ResaleCOCO PALMS Condominium 99 years Oct 01, 2017 1,259 1,506,960 - 1,197 Uncompleted New SaleCOCO PALMS Condominium 99 years Sept 30, 2017 1,098 1,203,720 - 1,096 Uncompleted New SaleCOCO PALMS Condominium 99 years Sept 29, 2017 1,259 1,378,719 - 1,095 Uncompleted New SaleDOUBLE BAY RESIDENCES Condominium 99 years Oct 02, 2017 936 980,000 - 1,046 2012 ResaleLIVIA Condominium 99 years Sept 28, 2017 2,680 1,950,000 - 728 2011 ResaleMELVILLE PARK Condominium 99 years Sept 26, 2017 958 730,000 - 762 1996 ResaleRIPPLE BAY Condominium 99 years Sept 28, 2017 786 802,000 - 1,021 2015 ResaleRIPPLE BAY Condominium 99 years Sept 26, 2017 797 765,000 - 960 2015 ResaleTHE ALPS RESIDENCES Condominium 99 years Oct 01, 2017 1,410 1,492,000 - 1,058 Uncompleted New SaleTHE ALPS RESIDENCES Condominium 99 years Oct 01, 2017 1,410 1,486,000 - 1,054 Uncompleted New SaleTHE ALPS RESIDENCES Condominium 99 years Sept 30, 2017 1,410 1,449,000 - 1,028 Uncompleted New SaleTHE ALPS RESIDENCES Condominium 99 years Sept 30, 2017 936 1,017,000 - 1,086 Uncompleted New SaleTHE ALPS RESIDENCES Condominium 99 years Sept 29, 2017 1,066 1,145,000 - 1,074 Uncompleted New SaleTHE ALPS RESIDENCES Condominium 99 years Sept 29, 2017 1,087 1,192,000 - 1,096 Uncompleted New SaleTHE ALPS RESIDENCES Condominium 99 years Sept 27, 2017 936 981,000 - 1,048 Uncompleted New SaleTHE ALPS RESIDENCES Condominium 99 years Sept 26, 2017 1,066 1,192,000 - 1,119 Uncompleted New SaleTHE PALETTE Condominium 99 years Sept 29, 2017 495 605,000 - 1,222 2015 ResaleTHE SANTORINI Condominium 99 years Sept 30, 2017 1,259 1,285,730 - 1,021 2017 New SaleTHE SANTORINI Condominium 99 years Sept 29, 2017 1,152 1,166,000 - 1,012 2017 New SaleTHE SANTORINI Condominium 99 years Sept 29, 2017 1,119 1,183,720 - 1,057 2017 New SaleTHE SANTORINI Condominium 99 years Sept 28, 2017 915 954,000 - 1,043 2017 New SaleTHE SANTORINI Condominium 99 years Sept 27, 2017 1,130 1,191,500 - 1,054 2017 New SaleTHE SANTORINI Condominium 99 years Sept 26, 2017 1,787 1,376,000 - 770 2017 New SaleTHE SANTORINI Condominium 99 years Sept 26, 2017 1,130 1,131,300 - 1,001 2017 New SaleTHE TROPICA Condominium 99 years Oct 03, 2017 1,227 1,015,000 - 827 2000 ResaleWATERVIEW Condominium 99 years Sept 28, 2017 926 888,000 - 959 2014 ResaleDistrict 19 CHILTERN PARK Condominium 99 years Sept 29, 2017 915 980,000 - 1,071 1995 ResaleKINGSFORD WATERBAY Apartment 99 years Sept 28, 2017 893 1,203,384 - 1,347 Uncompleted New SaleKINGSFORD WATERBAY Apartment 99 years Sept 26, 2017 893 1,151,458 - 1,289 Uncompleted New SaleKINGSFORD WATERBAY Apartment 99 years Sept 26, 2017 883 1,150,122 - 1,303 Uncompleted New SaleKINGSFORD WATERBAY Apartment 99 years Sept 26, 2017 883 1,165,573 - 1,321 Uncompleted New SaleKINGSFORD WATERBAY Apartment 99 years Sept 26, 2017 850 1,111,798 - 1,307 Uncompleted New SaleKOVAN MELODY Condominium 99 years Oct 02, 2017 1,292 1,438,000 - 1,113 2006 ResaleKOVAN MELODY Condominium 99 years Sept 28, 2017 1,367 1,501,000 - 1,098 2006 ResaleKOVAN RESIDENCES Condominium 99 years Sept 29, 2017 1,765 1,920,000 - 1,088 2011 ResaleJALAN SONGKET Semi-Detached Freehold Sept 27, 2017 3,498 3,600,000 - 1,029 Unknown ResaleHOW SUN ROAD Terrace Freehold Sept 27, 2017 1,281 1,600,000 - 1,252 Unknown Resale


PARC CENTROS Condominium 99 years Sept 28, 2017 1,679 1,708,000 - 1,017 2016 Sub SalePEOPLE’S GARDEN Terrace 999 years Oct 03, 2017 2,648 2,650,000 - 1,001 Unknown ResalePONGGOL PARK Detached 999 years Sept 28, 2017 5,102 3,888,888 - 763 1975 ResaleREGENTVILLE Apartment 99 years Sept 29, 2017 1,076 780,000 - 725 1999 ResaleREGENTVILLE Apartment 99 years Sept 29, 2017 1,076 750,000 - 697 1999 ResaleRIVERSAILS Condominium 99 years Oct 02, 2017 506 640,000 - 1,265 2016 ResaleRIVERSAILS Condominium 99 years Sept 29, 2017 1,378 1,290,000 - 936 2016 ResaleRIVERSAILS Condominium 99 years Sept 27, 2017 1,109 1,170,000 - 1,055 2016 ResaleSERANGOON GARDEN ESTATE Semi-Detached 999 years Sept 29, 2017 2,659 3,100,000 - 1,167 1995 ResaleSERANGOON GARDEN ESTATE Terrace 999 years Sept 28, 2017 2,799 2,700,000 - 964 Unknown ResaleSTARS OF KOVAN Apartment 99 years Sept 30, 2017 743 1,151,540 - 1,550 Uncompleted New SaleSTARS OF KOVAN Apartment 99 years Sept 30, 2017 969 1,527,000 - 1,576 Uncompleted New SaleSTARS OF KOVAN Apartment 99 years Sept 30, 2017 969 1,394,000 - 1,439 Uncompleted New SaleSTARS OF KOVAN Apartment 99 years Sept 29, 2017 958 1,527,000 - 1,594 Uncompleted New SaleSTARS OF KOVAN Apartment 99 years Sept 29, 2017 732 1,120,580 - 1,531 Uncompleted New SaleSTARS OF KOVAN Apartment 99 years Sept 29, 2017 786 1,117,140 - 1,422 Uncompleted New SaleSTARS OF KOVAN Apartment 99 years Sept 28, 2017 969 1,457,000 - 1,504 Uncompleted New SaleTAI HWAN GARDEN Detached Freehold Sept 27, 2017 4,639 5,630,000 - 1,214 2002 ResaleTHE MORRIS RESIDENCES Terrace Freehold Oct 02, 2017 4,230 2,750,000 - 650 2016 ResaleTHE QUARTZ Condominium 99 years Sept 28, 2017 1,141 1,090,000 - 955 2009 ResaleTHE QUARTZ Condominium 99 years Sept 26, 2017 1,141 1,070,000 - 938 2009 ResaleTHE SCALA Apartment 99 years Sept 28, 2017 1,033 1,450,000 - 1,403 2013 ResaleTRILIVE Condominium Freehold Oct 01, 2017 1,163 1,758,000 - 1,512 Uncompleted New SaleDistrict 20 CENTRO RESIDENCES Condominium 99 years Sept 28, 2017 926 1,230,000 - 1,329 2014 ResaleCLOVER BY THE PARK Condominium 99 years Sept 29, 2017 1,249 1,608,888 - 1,289 2011 ResaleFAR HORIZON GARDENS Condominium 99 years Oct 03, 2017 1,948 1,580,000 - 811 1986 ResaleSKY HABITAT Condominium 99 years Sept 28, 2017 1,755 2,597,900 - 1,481 2015 ResaleSKY HABITAT Condominium 99 years Sept 26, 2017 1,163 1,707,500 - 1,469 2015 ResaleTHOMSON IMPRESSIONS Apartment 99 years Sept 29, 2017 1,055 1,613,600 - 1,530 Uncompleted New SaleDistrict 21 CASA ESPERANZA Condominium Freehold Sept 26, 2017 1,894 2,830,000 - 1,494 1992 ResaleCHENG SOON GARDEN Terrace Freehold Sept 28, 2017 2,013 2,665,000 - 1,322 1982 ResaleCLEMENTI PARK Condominium Freehold Sept 27, 2017 1,959 2,080,000 - 1,062 1986 ResaleJARDIN Condominium Freehold Sept 29, 2017 1,722 2,770,000 - 1,608 2012 ResaleKILAT 19 Apartment Freehold Sept 27, 2017 1,841 1,520,000 - 826 1986 ResaleJALAN SELANTING Semi-Detached Freehold Sept 27, 2017 2,788 3,600,000 - 1,289 1998 ResaleLORONG KILAT Apartment Freehold Sept 26, 2017 3,154 2,100,000 - 666 1984 ResaleSOUTHAVEN II Condominium 999 years Sept 27, 2017 1,442 1,381,700 - 958 1999 ResaleTERRENE AT BUKIT TIMAH Condominium 999 years Sept 27, 2017 1,324 1,750,000 - 1,322 2013 ResaleTHE CASCADIA Condominium Freehold Sept 29, 2017 1,496 2,380,000 - 1,591 2010 ResaleTHE CREEK @ BUKIT Condominium Freehold Sept 27, 2017 850 1,448,000 - 1,703 Uncompleted New SaleDistrict 22 LAKE GRANDE Condominium 99 years Sept 30, 2017 969 1,187,000 - 1,225 Uncompleted New SaleLAKE GRANDE Condominium 99 years Sept 26, 2017 818 1,077,000 - 1,317 Uncompleted New SaleLAKEVILLE Condominium 99 years Sept 28, 2017 721 1,025,000 - 1,421 2017 Sub SaleTHE MAYFAIR Condominium 99 years Sept 27, 2017 1,163 1,050,000 - 903 2000 ResaleTHE MAYFAIR Condominium 99 years Sept 26, 2017 893 840,000 - 940 2000 ResaleDistrict 23 BURGUNDY HILL Semi-Detached 99 years Sept 29, 2017 2,260 1,800,000 - 796 1999 ResaleHAZEL PARK CONDOMINIUM Condominium 999 years Sept 26, 2017 980 1,068,000 - 1,090 2000 ResaleHILLION RESIDENCES Apartment 99 years Sept 27, 2017 463 756,000 - 1,633 2017 New SaleHILLION RESIDENCES Apartment 99 years Sept 27, 2017 463 756,000 - 1,633 2017 New SaleINZ RESIDENCE EC 99 years Oct 01, 2017 1,044 838,000 - 803 Uncompleted New SaleINZ RESIDENCE EC 99 years Oct 01, 2017 1,012 858,000 - 848 Uncompleted New SaleINZ RESIDENCE EC 99 years Sept 30, 2017 1,130 873,000 - 772 Uncompleted New SaleINZ RESIDENCE EC 99 years Sept 30, 2017 1,044 880,000 - 843 Uncompleted New SaleINZ RESIDENCE EC 99 years Sept 30, 2017 1,066 876,000 - 822 Uncompleted New SaleINZ RESIDENCE EC 99 years Sept 29, 2017 990 837,000 - 845 Uncompleted New SaleINZ RESIDENCE EC 99 years Sept 26, 2017 1,012 772,000 - 763 Uncompleted New SaleINZ RESIDENCE EC 99 years Sept 26, 2017 1,044 808,800 - 775 Uncompleted New SaleMONTROSA Condominium 999 years Sept 28, 2017 1,152 980,000 - 851 1999 ResalePARKVIEW APARTMENTS Apartment 99 years Oct 02, 2017 936 660,000 - 705 1998 ResalePAVILION PARK Terrace Freehold Sept 27, 2017 1,615 3,000,000 - 1,858 2014 ResaleSOL ACRES EC 99 years Sept 29, 2017 1,044 847,000 - 811 Uncompleted New SaleTHE LINEAR Apartment 999 years Sept 26, 2017 1,249 1,220,000 - 977 2006 ResaleTHE MADEIRA Condominium 99 years Oct 03, 2017 1,249 960,000 - 769 2003 ResaleTHE WARREN Condominium 99 years Sept 28, 2017 1,227 970,000 - 790 2004 ResaleWINDERMERE EC 99 years Sept 28, 2017 1,453 950,000 - 654 1999 ResaleDistrict 25 NORTHOAKS EC 99 years Sept 26, 2017 1,249 830,000 - 665 2000 ResaleNORTHWAVE EC 99 years Oct 01, 2017 980 771,100 - 787 Uncompleted New SaleNORTHWAVE EC 99 years Oct 01, 2017 980 766,300 - 782 Uncompleted New SaleNORTHWAVE EC 99 years Sept 30, 2017 990 746,200 - 754 Uncompleted New SaleNORTHWAVE EC 99 years Sept 28, 2017 1,109 808,450 - 729 Uncompleted New SaleNORTHWAVE EC 99 years Sept 28, 2017 990 768,200 - 776 Uncompleted New SaleNORTHWAVE EC 99 years Sept 26, 2017 1,098 874,800 - 797 Uncompleted New SaleTHE WOODGROVE Apartment 99 years Sept 29, 2017 1,033 700,000 - 677 1998 ResaleDistrict 26 THE SPRINGSIDE Terrace Freehold Sept 29, 2017 1,765 2,880,000 - 1,627 2016 ResaleDistrict 27 ANDREWS TERRACE Terrace 99 years Sept 27, 2017 1,668 1,860,000 - 1,116 2011 ResaleNORTH PARK RESIDENCES Apartment 99 years Sept 29, 2017 732 1,042,530 - 1,424 Uncompleted New SaleNORTH PARK RESIDENCES Apartment 99 years Sept 29, 2017 1,432 1,839,600 - 1,285 Uncompleted New SaleNORTH PARK RESIDENCES Apartment 99 years Sept 27, 2017 732 1,048,110 - 1,432 Uncompleted New SaleNORTH PARK RESIDENCES Apartment 99 years Sept 27, 2017 732 1,022,070 - 1,396 Uncompleted New SalePARC LIFE EC 99 years Oct 01, 2017 753 609,560 - 809 Uncompleted New SalePARC LIFE EC 99 years Oct 01, 2017 936 723,240 - 772 Uncompleted New SalePARC LIFE EC 99 years Sept 30, 2017 1,281 1,044,680 - 816 Uncompleted New SalePARC LIFE EC 99 years Sept 29, 2017 1,281 1,010,380 - 789 Uncompleted New SalePARC LIFE EC 99 years Sept 29, 2017 1,270 997,640 - 785 Uncompleted New SalePARC LIFE EC 99 years Sept 28, 2017 753 637,980 - 847 Uncompleted New SalePARC LIFE EC 99 years Sept 27, 2017 1,109 880,040 - 794 Uncompleted New SaleSEMBAWANG SQUARE ESTATE Semi-Detached Freehold Oct 02, 2017 3,358 2,638,888 - 785 Unknown ResaleSIGNATURE AT YISHUN EC 99 years Sept 30, 2017 1,098 968,000 - 882 2017 New SaleSIGNATURE AT YISHUN EC 99 years Sept 30, 2017 1,098 844,000 - 769 2017 New SaleSIGNATURE AT YISHUN EC 99 years Sept 28, 2017 1,184 965,000 - 815 2017 New SaleSIGNATURE AT YISHUN EC 99 years Sept 26, 2017 1,098 857,500 - 781 2017 New SaleSYMPHONY SUITES Condominium 99 years Oct 01, 2017 1,023 1,071,140 - 1,047 Uncompleted New SaleSYMPHONY SUITES Condominium 99 years Oct 01, 2017 915 1,017,000 - 1,112 Uncompleted New SaleSYMPHONY SUITES Condominium 99 years Oct 01, 2017 893 1,040,000 - 1,164 Uncompleted New SaleSYMPHONY SUITES Condominium 99 years Oct 01, 2017 893 1,027,000 - 1,150 Uncompleted New SaleSYMPHONY SUITES Condominium 99 years Oct 01, 2017 893 1,010,000 - 1,130 Uncompleted New SaleSYMPHONY SUITES Condominium 99 years Oct 01, 2017 893 1,035,000 - 1,158 Uncompleted New SaleSYMPHONY SUITES Condominium 99 years Oct 01, 2017 915 1,012,000 - 1,106 Uncompleted New SaleSYMPHONY SUITES Condominium 99 years Oct 01, 2017 915 1,030,000 - 1,126 Uncompleted New SaleSYMPHONY SUITES Condominium 99 years Sept 29, 2017 915 1,019,000 - 1,114 Uncompleted New SaleSYMPHONY SUITES Condominium 99 years Sept 28, 2017 1,023 1,120,000 - 1,095 Uncompleted New SaleSYMPHONY SUITES Condominium 99 years Sept 27, 2017 893 1,011,000 - 1,132 Uncompleted New SaleSYMPHONY SUITES Condominium 99 years Sept 27, 2017 915 1,003,520 - 1,097 Uncompleted New SaleSYMPHONY SUITES Condominium 99 years Sept 26, 2017 915 1,019,000 - 1,114 Uncompleted New SaleSYMPHONY SUITES Condominium 99 years Sept 26, 2017 915 1,008,500 - 1,102 Uncompleted New SaleSYMPHONY SUITES Condominium 99 years Sept 26, 2017 893 969,000 - 1,085 Uncompleted New SaleSYMPHONY SUITES Condominium 99 years Sept 26, 2017 915 1,014,000 - 1,108 Uncompleted New SaleTHE CRITERION EC 99 years Sept 30, 2017 1,173 862,400 - 735 Uncompleted New SaleTHE CRITERION EC 99 years Sept 28, 2017 1,023 788,800 - 771 Uncompleted New SaleTHE CRITERION EC 99 years Sept 26, 2017 915 720,000 - 787 Uncompleted New SaleTHE VISIONAIRE EC 99 years Oct 01, 2017 850 697,000 - 820 Uncompleted New SaleTHE VISIONAIRE EC 99 years Sept 27, 2017 980 802,000 - 819 Uncompleted New SaleYISHUN EMERALD Condominium 99 years Sept 28, 2017 1,023 750,000 - 733 2002 ResaleDistrict 28 BELGRAVIA VILLAS Terrace Freehold Sept 29, 2017 3,584 2,992,300 - 835 Uncompleted New SaleMIMOSA PARK Condominium Freehold Sept 29, 2017 1,894 1,583,000 - 836 1979 Resale

DONE DEALS

DISCLAIMER:* Collective sale of 36 units Source: URA Realis. Updated Oct 10, 2017. The Edge Publishing Pte Ltd shall not be responsible for any loss or liability arising directly or indirectly from the use of, or reliance on, the information provided therein.EC stands for executive condominium

GAINS AND LOSSES


E

Four-bedroom unit at The Grange sold at $2 mil profit

Top 10 gains and losses from Sept 26 to Oct 3

URA,

EDG

EPRO

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Most profi table deals PROJECT DISTRICT AREA (SQ FT) SOLD ON (2017) SALE PRICE ($ PSF) BOUGHT ON PURCHASE PRICE ($ PSF) PROFIT ($) PROFIT (%) ANNUALISED PROFIT (%) HOLDING PERIOD (YEARS)

1 The Grange 10 2,282 Sept 28 2,388 Oct 03, 2005 1,484 2,063,930 61 4 12.0

2 Cairnhill Plaza 9 2,293 Sept 27 1,404 April 01, 1995 741 1,520,000 89 3 22.5

3 The Imperial 9 3,412 Sept 28 1,612 April 02, 2007 1,269 1,170,000 27 2 10.5

4 Sam Kiang Mansions 9 1,281 Oct 03 1,600 Dec 28, 1998 765 1,070,000 109 4 18.8

5 Oleanas Residence 9 1,227 Sept 28 1,397 March 21, 1999 777 761,044 80 3 18.5

6 Heritage View 5 1,163 Sept 29 1,178 Dec 24, 1998 540 741,980 118 4 18.8

7 Duchess Crest 10 2,088 Sept 29 1,197 July 22, 2009 850 725,031 41 4 8.2

8 Kovan Residences 19 1,765 Sept 29 1,088 April 28, 2009 688 706,000 58 6 8.4

9 City Edge 11 829 Sept 29 1,677 July 28, 2006 835 698,112 101 6 11.2

10 Water Place 15 1,216 Oct 02 1,159 July 24, 2003 587 696,000 97 5 14.2

PROJECT DISTRICT AREA (SQ FT) SOLD ON (2017) SALE PRICE ($ PSF) BOUGHT ON PURCHASE PRICE ($ PSF) LOSS ($) LOSS (%) ANNUALISED LOSS (%) HOLDING PERIOD (YEARS)

1 Leonie Parc View 9 2,013 Oct 02 2,092 May 03, 2007 2,550 923,150 18 2 10.4

2 8 Napier 10 2,013 Sept 27 3,221 Dec 03, 2007 3,642 846,127 12 1 9.8

3 Jardin 21 1,722 Sept 29 1,608 Nov 19, 2012 2,072 797,830 22 5 4.9

4 Regency Park 10 3,649 Sept 27 1,740 July 13, 2012 1,885 530,000 8 2 5.2

5 Reflections At Keppel Bay 4 1,119 Oct 03 1,519 June 30, 2011 1,795 309,666 15 3 6.3

6 Tanglin View 3 1,378 Oct 02 1,049 Aug 01, 2007 1,234 255,000 15 2 10.2

7 D’oasia 14 861 Sept 27 1,113 April 30, 2013 1,306 167,000 15 4 4.4

8 Livia 18 2,680 Sept 28 728 Feb 15, 2013 787 160,000 8 2 4.6

9 Vida 9 840 Sept 28 1,916 July 24, 2009 2,049 111,112 6 1 8.2

10 Mandarin Gardens 15 829 Sept 28 1,062 March 15, 2012 1,168 88,000 9 2 5.5

Note: Computed based on URA caveat data as at Oct 10 for private non-landed houses transacted between Sept 26 and Oct 3. The profit-and-loss computation excludes transaction costs such as stamp duties.

PROJECT DISTRICT AREA (SQ FT) SOLD ON (2017) SALE PRICE ($ PSF) BOUGHT ON PURCHASE PRICE ($ PSF) LOSS ($) LOSS (%) ANNUALISED LOSS (%) HOLDING PERIOD (YEARS)DISTRICT SOLD ON (2017) BOUGHT ON LOSS ($) ANNUALISED LOSS (%)

Non-profi table deals

| BY TIMOTHY TAY |

A four-bedroom unit at The Grange, in prime

District 10, was sold for a $2 million profit

on Sept 28. The 2,282 sq ft unit on the 13th

floor was bought from the developer in 2005

for $3.4 million ($1,484 psf). After a holding

period of 12 years, the unit was sold for $5.4 million

($2,388 psf), or a 61% profit.

This transaction is the most profitable at The Grange

over the past three years. In May, a three-bedroom

unit on the eighth floor was sold at a $174,800 prof-

it. It was bought for $3.57 million ($2,050 psf) and

sold for $3.74 million ($2,151 psf). There have been

four transactions at The Grange so far this year, and

only two have been profitable.

In June, a 2,282 sq ft unit and

a 2,293 sq ft unit were sold at

losses of $260,000 and $688,000

respectively.

The 95-unit The Grange is a

23-storey freehold condo situated

on a 98,000 sq ft site. Developed

by MCL Land and completed in

2008, it has a mix of three- and

four-bedroom units as well as

penthouses. Three-bedroom units

range from 1,743 to 2,076 sq ft;

four-bedroom units, from 2,281

to 2,301 sq ft; and penthouses,

from 4,379 to 4,433 sq ft.

At Cairnhill Plaza in District

9, a two-bedroom unit fetched

a $1.5 million profit on Sept 27.

The 2,293 sq ft unit on the 21st

floor was bought for $1.7 mil-

lion ($741 psf) in 1995. After a

holding period of more than 22

years, it was sold for $3.2 million

($1,404 psf). The owner pocketed

89% in profit, which translates

into an annualised profit of 3%.

Based on the matching of URA caveat data, this is the

third profitable transaction at Cairnhill Plaza this year.

The most profitable sale was in August when a 2,852

sq ft unit on the ninth floor was sold at a $2.4 million

profit ($1,402 psf) after a holding period of 12 years.

Situated on Cairnhill Road, the 204-unit Cairnhill Plaza

is a freehold development by UOL and was completed in

1978. The 30-storey condo comprises two- (2,292 sq ft),

three- (2,819 sq ft) and four-bedroom (3,303 sq ft) units.

Cairnhill Plaza is located about 400m from the Orchard

Road shopping belt.

District 9 also saw a 3,412 sq ft penthouse at the free-

hold condo The Imperial change hands at a $1.1 mil-

lion profit on Sept 28. The unit on the 13th floor was

bought in 2007 for $4.3 million ($1,269 psf) and sold

for $5.5 million ($1,612 psf). This

sale saw the highest profit at The

Imperial so far this year.

Of the five transactions this

year, only one has been unprof-

itable. The second-largest prof-

it was registered in May, when

a 990 sq ft unit on the eighth

floor was sold at a $954,000

profit. The two-bedroom unit

was bought from the developer

for $895,500 ($904 psf) in 2003,

and sold for $1.9 million ($1,868

psf), which translates into a profit

of 5% a year.

Developed by CapitaLand and

completed in 2006, the 187-unit

The Imperial is located near Fort

Canning. It comprises a mix of

two- (990 sq ft), three- (1,410 to

1,808 sq ft) and four-bedroom

units (1,900 to 2,000 sq ft) as

well as penthouses (3,400 to

3,900 sq ft). The condo is near

the upcoming Fort Canning MRT

station and about 600m from the

Dhoby Ghaut MRT station.

A four-bedroom unit at The Grange fetched a $2 million profit on Sept 28. Find the most affordable listings in the project at edgepr.link/TheGrange.

A two-bedroom unit at Cairnhill Plaza sold for a $1.5 million profit on Sept 27. Find the most affordable listings in the project at edgepr.link/Cairnhill-Plaza.

PICT

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: THE

EDG

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NG

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DEAL WATCH


| BY TIMOTHY TAY |

A four-bedroom unit at Marina Bay

Suites is on sale for about $4.8

million ($2,334 psf). The 2,056

sq ft unit, listed on the Edge-

Prop.sg website, is located on

the 42nd floor. The living room and mas-

ter bedroom have uninterrupted views of

the Marina Bay area, and the unit comes

with a private lift.

The unit was bought five years ago

from the developer and the owner paid

$5.7 million ($2,808 psf) at the time. The

owner of the property, who is a foreigner,

put it on the market at end-September,

as he is looking to buy a new house in

Bishan, where his children study.

According to PropNex Realty team di-

rector Tan Kim Suah, who is marketing the

property, the unit is currently tenanted to

an American family at $8,500 a month.

The lease will expire in August next year.

The unit is well maintained and the fur-

nishings are of high quality, says Tan. The

design and layout of the unit take advan-

tage of the high floor and the other bed-

rooms also boast sea views, he says.

The most recent transaction at Marina

Bay Suites was in June, when a 1,615 sq ft,

three-bedroom unit on the 40th floor was

sold for $3 million ($1,889 psf), according

to caveats lodged. For four-bedroom units,

the most recent transaction was that of a

2,680 sq ft unit on the 45th floor. It was

sold for $6 million ($2,239 psf) in July 2016.

The 221-unit Marina Bay Suites is situated

on Central Boulevard in prime District 1. It

is part of the Marina Bay Financial Centre

mixed-use development by a consortium

comprising Keppel Land, Hongkong Land

Holdings and Cheung Kong Property Hold-

ings. Along with Marina Bay Suites, the de-

velopment comprises Marina Bay Residences,

three office towers and the Marina Bay Link

mall, which is connected to the Downtown

MRT station.

Recent transactions at Marina Bay Suites

CONTRACT DATE AREA (SQ FT) PRICE ($) PRICE ($ PSF)

June 6, 2017 1,615 3,050,000 1,889July 26, 2016 2,680 6,000,000 2,239Jan 1, 2016 2,680 5,300,000 1,977Oct 2, 2015 2,691 6,500,000 2,415Sept 10, 2015 2,691 7,000,000 2,601Aug 26, 2015 2,691 6,900,000 2,564June 23, 2015 2,691 6,900,000 2,564June 22, 2015 2,691 7,700,000 2,861June 18, 2015 2,691 6,700,000 2,490June 9, 2015 2,067 4,800,000 2,323

TABL

ES: U

RA, E

DGEP

ROP

Recent rental contracts of four-bedroom units at Marina Bay Suites

LEASE DATE MONTHLY RENT(2017) $ $ PSF

July 8,000 3.81

July 8,000 3.81

July 10,000 3.70

June 10,500 3.89

June 11,000 4.07

Four-bedroom unit at Marina Bay Suites going for $4.8 mil

Located in prime District 1, Marina Bay Suites is part of the Marina Bay Financial Centre

SAM

UEL

ISAA

C CH

UA/T

HE E

DGE

SIN

GAP

ORE

E

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Collective sale fever bubbles over Oct 9, SingPost Centre (top, right), which houses the city state’s largest post office, reopened after a ... COLLECTIVE SALE fever bubbles over

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