property personalised - Corporate Visions

While the sector may continue to see falling rents and prices, demand shifts and disruption are changing the way space is used.

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 December 4, 2017 | ISSUE 808-30

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

SpotlightRaffl es Park bungalow on

the market for $22 milEP6

Industrial WatchSoilbuild and RF360 in

$610m redevelopment at

Kallang Way EP7

Done DealsDoubling of transaction

volume at Emerald

Garden EP10

Gains and LossesSeller at Valley Park

makes $1.4 mil profi t

EP12

There has been a shift in demand for

industrial space to the west. This picture

shows the industrial developments in

Jalan Buroh and Jurong Port.

Glimmer of hope in industrial space

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HOME

SingHaiyi wins How Sun Park collective sale tenderSingHaiyi Group announced on Nov 28

that SingHaiyi Huajiang Amber, a subsid-

iary of the company, will acquire How

Sun Park (top, left) for $81.1 million.

SingHaiyi Huajiang Amber is a 50:50

joint venture (JV) between Corporate

Bridge, a wholly-owned subsidiary, and

Huajiang Properties II, an entity con-

trolled by Gordon and Celine Tang, who

are controlling shareholders and direc-

tors of SingHaiyi.

How Sun Park sits on a 54,922 sq

ft freehold site. An estimated develop-

ment charge of $3 million is payable

for the redevelopment of the site to a

gross plot ratio of 1.4, says SingHaiyi.

According to SingHaiyi, a $500,000

tender fee had been paid upon submis-

sion of the tender, and 5% of the pur-

chase price (less tender fees) will be

paid within 14 days of the acceptance

date. A further 5% will be paid within

14 days after 100% of the owners have

consented, or the sale order has been

obtained from the Strata Title Board or

High Court.

Lodge 77 sold for $29 milLodge 77 (below) on Upper East Coast

Road has been sold for $29 million ($902

psf per plot ratio). The buyer is said to

be KTC Group, whose business includes

civil and infrastructure works, earth-

works and excavation, building con-

struction, coal mining and coal trading.

The three-storey, freehold proper-

ty sits on a 13,123 sq ft site and com-

prises eight residential apartments as

well as four retail units on the first

floor. Knight Frank, which brokered

the deal, says it was done through

private treaty.

Under the 2014 Master Plan, the site

is zoned residential with commercial on

the first floor, with a gross plot ratio of

3.0. The site can be redeveloped into

a four-storey residential development

with retail units on the first floor, says

Knight Frank. There is a building height

restriction of four storeys imposed on the

site. The retail units of Lodge 77 were

sold with existing tenancies.

Lian Beng Group wins $136.8 mil development contract for former Raintree Gardens siteOn Nov 28, Lian Beng Group announced

that its subsidiary, Lian Beng Construc-

tion, had won a $136.8 million contract

for the proposed condominium develop-

ment at Potong Pasir Avenue 1.

It won the contract from UVD (Pro-

jects), a 50:50 JV between UOL Group

and United Industrial Corp, which

bought the former HUDC Raintree Gar-

dens site through a collective sale in

October 2016.

The project will comprise three 20-sto-

rey, two 19-storey and four eight-storey

residential blocks, as well as two-storey

carparks and ancillary facilities.

The project is expected to commence

this month with a contract period of

38 months.

JTC launches industrial sites for tenderJTC has launched two Confirmed List

sites at Tampines North Drive 3 (Plot

2) and Tuas South Link 3 (Plot 27), as

well as two Reserve List sites at Wood-

lands Heights and Woodlands Industri-

al Park E7/E8.

The 0.48ha site at Tampines North

Drive 3 (Plot 2) and the 0.6ha site at

Tuas South Link 3 (Plot 27) have a 20-

year tenure and are zoned for Busi-

ness 2 development with a permis-

sible gross plot ratio of 2.5 and 1.4,

respectively.

The 1.61ha site at Woodlands Height

has a 30-year tenure and is zoned for

Business 1 development with a maxi-

mum gross plot ratio of 2.5, while the

0.88ha site at Woodlands Industrial

Park E7/E8 has a 20-year tenure and

is zoned for Business 2 development

with a maximum gross plot ratio of 2.5.

The tenders will close on Jan 23, 2018.

HDB to transfer industrial properties to JTC on Jan 1The transfer of HDB’s industrial proper-

ties and land to JTC will take effect on

Jan 1. The government announced the

transfer on Oct 19 and passed the Ju-

rong Town Corporation (Amendment)

Act 2017 on Sept 11.

The consolidation of all public sec-

tor industrial land and properties under

a single government agency will ena-

ble JTC to better support industrialists

in their business growth, say HDB and

JTC. Counter services will remain avail-

able at the HDB Hub in Toa Payoh af-

ter the transfer and a customer service

centre will be set up at The JTC Sum-

mit in Jurong East from Jan 1.

Dennis Wee Realty receives disciplinary action from CEAOn Nov 24, Dennis Wee Realty received

disciplinary action and a $66,000 finan-

cial penalty from the Council for Estate

Agencies (CEA) for breaching the Prac-

tice Guidelines for Estate Agents and

Salespersons Marketing Foreign Prop-

erties and the Code of Ethics and Pro-

fessional Client Care. Dennis Wee Re-

alty is also not allowed to transact or

market foreign properties for 12 months

from Nov 24.

According to CEA, Dennis Wee Re-

alty had failed to provide a written ad-

visory message to six sets of investors

who purchased through it units at pro-

jects located in the UK, drawing to their

attention that risks are involved for for-

eign property consumers, and that the

transactions are subject to foreign laws

and to any change in policies and rules

in the UK, stating that they must also

conduct due diligence.

AsiaMalls and UnionPay launch QR code payments across six mallsAsiaMalls Management and UnionPay

International signed a memorandum of

understanding accepting UnionPay QR

code payments in six malls — Hougang

Mall, Liang Court, Tiong Bahru Plaza,

Tampines 1, White Sands, and Century

Square when it reopens in 2018.

The initiative will allow merchant

discounts and payment transactions

to be processed via a single scan of the

consumer-presented QR code at all par-

ticipating AsiaMalls merchants. It also

allows shoppers without near-field

communication-enabled smartphones

to make contactless mobile payments.

This is the first large-scale partnership

between a mall manager and a glob-

al payment brand to deploy QR code

payments across malls in Singapore,

says AsiaMalls.

OFFSHORE

CapitaLand and CRCT jointly buy Guangzhou mall CapitaLand and CapitaLand Retail Chi-

na Trust (CRCT) announced on Nov 28

that they will buy Guangzhou mall Rock

Square (top, right) through a JV. This will

involve an acquisition of the firm that

owns Rock Square for roughly RMB3,360.7

million (about $688.9 million).

CRCT will hold a 51% interest in

the JV and CapitaLand will hold the

remaining 49%.

Located within Haizhu District, Rock

Square has a net lettable area of 53,107

sq m. The five-storey mall, which opened

in July 2013, has tenants such as AEON,

Uniqlo and Zara. According to CapitaLand

and CRCT, the mall has a committed oc-

cupancy of 96.4% as at June this year.

Rock Square is directly connected

to the Shayuan metro station, which

serves the Pazhou Line, a metro line

that connects Guangzhou’s eastern and

western areas.

Wee Hur buys Melbourne site to develop student housingSingapore-listed developer Wee Hur

Holdings announced that its trust had

entered into a contract of sale on Nov

24 to buy a Melbourne land plot at A$35

million ($35.8 million). The group in-

tends to develop a purpose-built stu-

dent accommodation of about 900 beds

on the site.

Located on A’Beckett Street, the

property comprises an existing heri-

tage building that sits on a freehold

land parcel measuring about 1,038 sq

m. The building has been vacant and

will be delivered with vacant posses-

sion at settlement.

According to Wee Hur, there is a

development permit granted on the

site for the development of a residen-

tial apartment block. The group plans

to apply for an amendment to the per-

mit when the acquisition is completed.

Construction of the project is slated to

begin in 4Q2018.

The student housing project is a

10-minute walk from the University of

Melbourne and the Royal Melbourne

Institute of Technology, says Wee Hur.

It is also within walking distance of

Queen Victoria Market and Melbourne

Central railway station.

The project will add to the trust’s

two other purpose-built student housing

developments, in Adelaide (772 beds)

and Brisbane (1,578 beds), bringing the

total number of beds in the pipeline to

about 3,250. — Compiled by Timothy

Tay and Angela Teo

EDITORIAL

EDITOR | 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 +

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DIRECTOR, COMMERCIAL OPERATIONS | Cowie TanASSOCIATE ACCOUNT DIRECTOR | Diana LimSENIOR ACCOUNT MANAGER | Priscilla WongACCOUNT MANAGER |James Chua

CIRCULATION

DIRECTOR | Victor TheEXECUTIVE | Malliga Muthusamy, Ashikin Kader

CORPORATE

CHIEF EXECUTIVE OFFICER | Bernard Tong

PUBLISHER

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EDGEPROP | DECEMBER 4, 2017 • EP3

BROUGHT TO YOU BY CHEUNG KONG PROPERTY DEVELOPMENT

At Stars of Kovan, developer Cheung

Kong Property Development has saved

the best for last — five strata terrace

units, which it has held back from

launch until now. Here are the reasons why these strata terrace

units are a rare find: VALUE BUY

There are no other mixed-use developments in the Kovan and Serangoon area that offer high-end apartment units, upscale strata retail and luxury strata terrace units. At $2.34 million each, or $1,279 psf, the strata terrace units at Stars of Kovan are priced to sell.

EASY ACCESS & CONNECTIVITY

The Kovan neighbourhood is sought after by both investors and homebuyers as it is an established pri-vate residential estate. Over the past decade, new private condos, trendy cafes and restaurants have opened in the area, catering to a younger and more affluent crowd. Top schools in the area include Paya Lebar Methodist Girls’ School, Rosyth School and Holy Innocents’ High School.

Stars of Kovan is well-situated at the junction of Serangoon Road and Tampines Road, just across the road from the Kovan MRT station. The biggest shop-ping mall in the northeast region, NEX, is located just one MRT stop away. NEX is integrated with the Serangoon MRT interchange station for the North-East and Circle Lines as well as the bus interchange.

Punggol North, which has been designated Singapore’s first “Enterprise District”, with growth clusters focusing on digital and cybersecurity, will soon be within easy reach when the extension of the North-East Line is completed by 2023. This will make the new growth corridor more accessible, as more trains are in the pipeline, greatly reducing waiting times during peak hours.

BEST OF BOTH WORLDS

A mixed-use development, Stars of Kovan contains both residential and commercial units. It has 46 carefully selected premium shops with classy de-

signs, shop fronts and fittings. Stars of Kovan also has 390 apartment units that

are 98% sold. The developer is now rolling out the five exclusive strata terrace units. Sized at 1,830 sq ft each, the strata terrace units span three �oors with ceiling heights of up to 3.4m. Each strata terrace unit comes with a private spa pool at the balcony, spacious liv-ing and dining area, well-appointed kitchen as well as three bedrooms, including a luxurious master suite and junior master suite. Top-end fixtures include

SMEG kitchen appliances as well as Duravit, Hans-grohe and Kohler bathroom accessories and fittings.

The strata terrace units at Stars of Kovan enjoy the best of both worlds: As the units are designed as luxurious private landed residences, owners will be able to enjoy a wide range of privileges such as 24-hour security, top notch property management and landscaping, and access to all the clubhouse fa-cilities, including a 50m swimming pool and spa, and gymnasium.

BLUE-CHIP DEVELOPER

The developer of Stars of Kovan, Cheung Kong Property Development, is a subsidiary of CK Asset Holdings (formerly known as Cheung Kong Proper-ty Holdings), which is owned by Hong Kong tycoon Li Ka-shing. CK Asset Holdings has a string of fully sold and completed residential projects across Sin-gapore, from Cairnhill Crest in prime District 9 to Thomson Grand in the sought-after Upper Thomson neighbourhood and The Vision in the West Coast.

Why Stars of Kovan

strata terrace units are attractive

Stars of Kovan is only a two-minute walk from

Kovan MRT station

Strata terrace unit owners have access to the condo facilities, including the 50m lap pool

All 46 strata retail shops are located at street level, offering excellent frontage and visibility

There are only �ve three-storey strata terrace units at Stars of Kovan

Strata Terrace Units and Retail Shopsare open for sale.

For more information, go to the sales gallery at Tampines Road

(opposite Kovan Food Centre).

Open daily from

10am to 7pm

Telephone:

6297 0111


EDGEPROP 360°

Investment opportunities in the market recovery| BY FIONA HO |

Despite the upturn in the residential

market this year, prices of high-end

properties are still looking “quite at-

tractive”, with some at levels com-

parable to those of properties in the

city fringe, says Alice Tan, director and head

of consultancy and research at Knight Frank,

who thinks they are “gems”.

“If you are looking for new private homes,

look for sites where developers got the land

cheap and not those that were bought at a high

price,” she says. “Keep a lookout for properties

in suburban areas where developers bought at

a good price.”

One such project is in Tampines, at a site

bought by City Developments Ltd, she says. In

April, CDL paid $370.1 million for the 233,767

sq ft site, which translates into $565 psf ppr.

The other is at West Coast Vale, where Chi-

na Construction paid $292 million ($592 psf

ppr) for a 176,295 sq ft site in February.

“I think that’s a good project to watch, be-

cause it is close to Jurong Lake District. This is

also China Construction’s first development pro-

ject and they will want to do their best,” says Tan.

She was speaking as a panellist at the Edge-

Prop Breakfast Talk: Decoding the Property

Market Recovery event on Nov 25. Boaz Boon,

founder and principal of THRED and direc-

tor of Vestasia, chaired the discussion, which

was also joined by Alan Cheong, head of re-

search and consultancy at Savills Singapore,

and Tan Kok Keong, CEO of REMS Advisors

and co-founder of FundPlaces.

FundPlaces’ Tan says he would keep a look-

out for residential developments located at

junctions of MRT stations.

Cheong’s tip is that some upcoming project

launches on the recent government land sales

(GLS) and collective sale sites will see prices

approaching those of older freehold terraced

houses, and are thus likely to drive up pric-

es of the latter.

On the residential market recovery, Knight

Frank’s Tan notes that it has come earlier and

stronger than expected. “Even developers are

caught by surprise, and the upturn is very much

driven by factors like GLS and en bloc sales,

which have achieved record prices,” she says.

The improving economy is also reflected in

the property trend. “It’s a good [time] to start

taking positions,” adds Tan.

There is a growing “wealth creation” effect

from the economy and the en bloc craze, says

FundPlaces’ Tan. “Just imagine this — people

have been collecting $2 million to $3 million

from the en bloc sales. This will have a big ef-

fect on property prices.”

About 3,000 households will be displaced

from the en bloc sites that have already been

sold and that will add an estimated 12,000

units to the supply of private homes.

Expanding on this point, Savills’ Cheong

says that when fully developed, many of the

projects at en bloc sites will see the number of

their units multiplied from the existing num-

ber, which could lead to traffic congestion.

To address this problem, he says, “the gov-

ernment fired a shot across the bow when it im-

posed a new rule that now requires property de-

velopers of newly acquired collective-sale sites

to obtain the Pre-Application Feasibility Study”.

On Nov 13, URA and LTA mandated the

new traffic feasibility study, which is to be

submitted to the Land Transport Authority for

approval before an Outline Application or De-

velopment Application is submitted to URA.

“If there is no way to rectify or mitigate the

traffic congestion, the number of units will

[be reduced],” Cheong explains. Therefore,

the measure also acts as a check on the sup-

ply of units. “If it doesn’t work out, there are

many other [measures the authorities] can im-

pose to slow down collective sales,” he adds.

People are wary of more measures to curb

prices and en bloc activities, notes Knight

Frank’s Tan. Nonetheless, in the long term, the

government would want to see a stable rise in

prices and asset values, she adds.

The EdgeProp breakfast talk on

Nov 25 drew a crowd of 300

Knight Frank’s Tan: If you are looking for new

private homes, look for sites where developers got

the land cheap

Cheong: The government fired a shot across the

bow when it imposed the Pre-Application Feasibility

Study

FundPlaces’ Tan: There is a growing ‘wealth creation’

effect from the economy and the en bloc craze

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SPOTLIGHT

Raffles Park bungalow going for $22 mil| BY LIN ZHIQIN |

So far this year, there have been 1,691

transactions for landed properties, 42%

more than for the whole of last year. It

is also 72% higher than the transaction

volume in 2015.

“The market has improved and there is

more activity this year,” says George Lee, CEO

of Myriad Realty, who has brokered the sale of

close to 10 landed properties this year.

One of the transactions Lee brokered was

the sale of a detached house in the Cluny Hill

Good Class Bungalow (GCB) area for $22.888

million in June. Cluny Hill is next to the Sin-

gapore Botanic Gardens.

On the other side of the Botanic Gardens

is the Cluny Park GCB area, where a bunga-

low on a 20,236 sq ft site was sold on Nov 15

for $34.5 million, according to URA caveat

data. Lee is marketing a bungalow in the vi-

cinity, which has a $29 million asking price.

The five-bedroom house sits on a 15,000 sq ft

site and was renovated two years ago. Prop-

erties in Cluny Park are sought after owing to

their proximity to the Botanic Gardens, says

Lee. “Another selling point is the serene sur-

roundings,” he adds.

In Raffles Park, a GCB area located off Eng

Lee: I foresee the total number of GCB transactions

hitting the 40 mark by end-December

The bungalow at Raffles Park has

a $22 million price tag

The property sits on an

elevated site and has a

view of the city

Neo Avenue and Dunearn Road, is another

property that Lee is marketing. The house on

Cassia Drive sits on a 10,624 sq ft freehold site

and has belonged to the owner’s family for dec-

ades, having been passed down through gen-

erations. Nine years ago, the family decided

to tear down the existing house to make way

for a modern bungalow.

The new house has a built-up area of about

The living space on the ground floor opens out to the lawn and pool

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12,000 sq ft. The main entrance is at the base-

ment level, which has a car porch that can ac-

commodate four cars. On the ground level are

the living and dining areas that open out to

the lawn and a 25m swimming pool. Also on

this level are the kitchen, a bedroom current-

ly used as the family study and an entertain-

ment room. According to Lee, the house is el-

derly-friendly, as passengers can be dropped

off by car at the ground floor via the back

gate — a feature of the property’s corner site,

which has three frontages. Future owners of

the house can easily have a lift installed, as an

area next to the back gate has been set aside

for an elevator shaft, adds Lee.

The second level houses the master bed-

room, which has a walk-in wardrobe and spa-

cious bathroom as well as a balcony that of-

fers a view of the Raffles Park estate. There are

also four other en suite bedrooms and a family

room. The top-most level is the roof terrace,

which is ideal for barbecues and gatherings.

As the house sits on one of the highest points

in Raffles Park, the roof terrace offers an un-

obstructed view of the city, which is rare for

landed homes to have, owing to their low-rise

nature, says Lee.

According to him, the house was renovat-

ed three years ago. The owners have decided

to move to another bungalow in the Newton

area and have proposed to sell the house for

$22 million. In the two months it has been on

the market, the property has attracted the at-

tention of several prospective buyers, includ-

ing “one who is quite interested”, says Lee.

Many of the residents in Raffles Park own

multiple houses in the same estate, says Lee. “I

have two clients who live here and they have

each bought another house. And they want to

buy more, to pass down to the next generation

or as investments.”

According to Lee, at least 33 GCBs, often

called the crème de la crème of Singapore resi-

dential property, have been sold so far this year.

There are another two or three upcoming trans-

actions where options have been issued, he adds.

“I foresee the total number of GCB transactions

hitting the 40 mark by end-December. Buyers

are more confident about entering the landed

market,” notes Lee. “Some have been waiting

on the sidelines for a while and have decided

not to miss the chance since the market looks

like it’s picking up.” He expects transaction vol-

ume to increase further next year. E


INDUSTRIAL WATCH

| BY ANGELA TEO |

Singapore-listed property devel-

oper Soilbuild Group Holdings

is collaborating with RF360, a

joint venture between Qual-

comm and TDK, to develop a

build-to-suit facility called Solaris @

Kallang 171. The Germany-headquar-

tered RF360 will commit $500 mil-

lion for the development of the new

customised facility, while Soilbuild

will invest more than $110 million.

The facility will have a total gross

floor area (GFA) of more than 320,000

sq ft and will be used by RF360 for

production, R&D, product testing

and ancillary purposes. The build-

ing will have customised specifi-

cations that are higher than typical

industrial buildings, such as vibra-

tion-controlled structural elements

and enhanced floor loading for cer-

tain production floors.

With the expansion into this new

facility, RF360 hopes to capture a

bigger share of the radio frequency

application market. Soilbuild E&C

Pte Ltd, a wholly-owned subsidi-

ary of Soilbuild Construction Group

Ltd, will oversee the construction of

the building, which is scheduled for

completion in June 2019.

Soilbuild had acquired the site at

171 Kallang Way (for Solaris @ Kallang

171) and the adjacent 164 Kallang Way

in 2011. The two sites were part of a

portfolio of 83 ageing flatted factories

and industrial properties with a total

GFA of more than 21 million sq ft that

JTC Corp had divested to Mapletree

Industrial Trust and Soilbuild in two

phases in 2008 and 2011.

Soilbuild’s plan was to redevelop

the two plots into an integrated, high-

tech industrial development with a

combined GFA of over 900,000 sq ft.

“The flatted factories had to be reju-

venated to meet the demands of new-

er industries,” explains Lim Cheng

Hwa, director at Soilbuild Group

Holdings. The tenants in the flatted

factories were given five years’ no-

tice to vacate the building.

The site at 164 Kallang Way is

being concurrently developed into

two blocks of nine-storey multi-

ple-user industrial building with

business park-like design and spec-

ifications. The units are targeted at

the infocomm, media, R&D, science

and engineering sectors. The de-

velopment will feature expansive

green spaces and Soilbuild is tar-

geting to obtain the Building and

Construction Authority’s Green

Mark Platinum award, the high-

est certification in sustainable de-

sign. The project, which has a GFA

of 586,530 sq ft, is scheduled for

completion in 1H2019.

Soilbuild and RF360 team up for$610m redevelopment at Kallang Way

| BY ENDA CURRAN |

House prices in Hong Kong, the world’s

most expensive real estate market, could

cool next year if the US Federal Reserve

delivers the rate hikes it has projected, accord-

ing to the International Monetary Fund.

The outlook comes as Hong Kong’s red-

hot property sector shows few signs of a slow-

down, with price gains of 11% this year even

after the government pushed through new tax-

es and mortgage curbs.

The Fed could slow that momentum, ac-

cording to Sonali Jain-Chandra, IMF mission

chief for Hong Kong. “If the Federal Reserve’s

plans to increase interest rates over the next

year materialise, as expected, we should ex-

pect a moderate slowdown of house prices in

Hong Kong,” she says in an email.

Fed officials are scheduled to meet on

Dec 12 and 13 in Washington, with economists

forecasting that they will raise the benchmark

interest rate. The US central bank has lifted

rates just four times in two years and put its

US$4.5 trillion ($6.05 trillion) balance sheet on

a very gradual path of slimming down, but fur-

ther tightening is expected next year.

Because Hong Kong’s currency is pegged to

the US dollar, it effectively imports US mone-

tary policy. Higher borrowing costs in the US

and elsewhere in the world would increase

Hong Kong’s debt burden and suck capital

away from the finance hub.

But authorities have tools to respond. If

there is a housing slump, very tight macro-pru-

dential policies and punitive stamp-duty taxes

could be reversed, Jain-Chandra says.

US economic growth could cushion the

impact of any tightening by the Fed or other

central banks around the world, Jain-Chandra

says, noting that during past periods of Fed rate

hikes, Hong Kong’s growth and exports rose.

Releasing its annual assessment of the for-

mer British colony on Nov 29, IMF says al-

though faster global growth and ongoing re-

forms in China are lifting Hong Kong’s economy,

“overall risks are still tilted to the downside”.

It described Hong Kong’s property market as

“booming and overvalued”.

Buyers continue to set new records for resi-

dential and commercial properties, putting the

city in bubble-risk territory. Mass-market home

prices are tipped to rise between 8% and 10%

next year, according to property consultancy

Colliers International Group. Real estate con-

sultant Knight Frank expects prices of such

homes to climb 5% next year, while luxury

housing advances 8%.

Because a significant portion of new mort-

gages are on floating rates and indexed to the

benchmark Hibor, or Hong Kong interbank

offer rate, borrowers are vulnerable to inter-

est rate hikes, IMF’s report said. Interest rates

for mortgages linked to Hibor have been ris-

ing since May after the Hong Kong Monetary

Authority raised the capital that banks have to

set aside to cover new housing loans.

“A disorderly housing price correction could

trigger an adverse feedback loop between

house prices, debt servicing ability and lower

consumption, which would result in weaken-

ing growth leading to second-round effects on

banks’ balance sheets,” IMF says in its report.

To deflate the housing boom, the authorities

will need to speed up the supply of new hous-

ing stock by tackling hurdles that are blocking

the release of land for development. Contin-

ued usage of macro-prudential measures also

needs to be part of the policy response.

There are other worries too. An economic

slump or financial stress in mainland China

could spill over into Hong Kong, especially via

the banking system. That echoes similar com-

mentary from rating firms. Heightened credit

risks could act as headwinds for the city’s lend-

ers, given their exposure to China, S&P Glob-

al Ratings says in a report earlier this month.

Both Moody’s Investors Service and Stand-

ard & Poor’s downgraded Hong Kong’s cred-

it rating this year on the back of earlier cuts

to China’s status, citing linkages between the

two economies.

But Hong Kong has buffers that will help

it weather any storm, according to IMF. They

consist of large net foreign assets and interna-

tional reserves, fiscal reserves amounting to 25

months of government spending and gross debt

that lies at below 0.1% of GDP. Banks have built

up strong capital buffers and asset quality re-

mains strong. — Bloomberg LP

Buyers continue to set new records for residential and commercial properties in Hong Kong, putting the city

in bubble-risk territory

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HK property to slow if Fed hikes rates, says IMF

Soilbuild and RF360 held a ceremony on Nov 29 to celebrate their partnership, with

Minister for Finance Heng Swee Keat (centre) as guest of honour

Artist’s impression of Solaris @ Kallang 171, which is slated for completion in June 2019

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OFFSHORE


COVER STORY

| BY CECILIA CHOW |

Some developers in the condominium

segment introduced the Stay First Pay

Later scheme to boost sales and now,

listed construction and property devel-

opment group Wee Hur Holdings and

its joint-venture partner ZACD Group have

launched a Rent to Buy scheme for their Mega@

Woodlands industrial development.

Located at Woodlands Close, Mega@

Woodlands contains 512 strata ramp-up fac-

tory units across eight floors. The building

is zoned for Business 1 and 2 use: clean and

light industry, warehouse, showroom, e-busi-

ness and media activities. Mega@Woodlands

is scheduled to be completed in 1Q2018. The

strata industrial units have 30-year leases

starting from 2014.

According to Wee Hur in its 3QFY2017 ended

Sept 30 results announcement, Mega@Wood-

lands was about 35% sold. Since the launch

of the Rent to Buy scheme at the beginning

of October, an additional 40 strata units have

been taken up. Tenants who participate in this

scheme will have to commit to a minimum lease

of two years. For example, if a tenant rents a

1,765 sq ft strata industrial unit on the eighth

floor — the highest level — of the building,

the rent is $1.28 psf a month, which translates

into $2,300 a month. If the tenant decides to

buy the unit six months into the lease, 80%

of the rent paid during that period ($11,040)

will be used to offset the down payment to-

wards the unit priced at $462,000.

Industrial space with facilitiesUnits on the eighth floor of Mega@Woodlands

are designed as premium units that overlook land-

scaped gardens. Facilities on this floor include a

business centre, a sky lounge, meeting rooms,

a boardroom and conference rooms that are ac-

cessible to all the tenants within the building.

Other facilities on the top level are pavil-

ions, barbecue pits, outdoor fitness stations, a

gym, jogging trail and shower facilities. Amen-

ities on the first level include a minimart, clin-

ic and two canteens. Mega@Woodlands is one

of the few ramp-up factory buildings that cater

to both B1 and B2 industrial uses. It also has

loading bays for 40-foot containers.

“Mega@Woodlands is perhaps one of the

first industrial buildings to offer such an inno-

vative Rent to Buy scheme,” says Aloyscious

Lee, director of property management at Cor-

porate Visions, a home-grown property agen-

cy that focuses on business space and indus-

trial properties. Corporate Visions has been

appointed the property manager of Mega@

Woodlands. It will manage the building and

facilities for the next two years until the man-

agement committee is formed.

At West Star in Tuas Bay Close, where ZACD

Group is also a joint developer, the same Rent

to Buy scheme is being offered. West Star is

a new B2 ramp-up factory building with 108

strata industrial units for sale. Prices start from

$679,000 ($345 psf) for a 1,959 sq ft unit on

the second level and go up to $981,000 ($440

psf) for a first-level unit. Rents start from $0.80

Glimmer of hope in industrial space

While the sector may continue to see falling rents and prices, demand shifts and

disruption are changing the way ramp-up factory and warehouse space is used

psf a month. SLP International, a member of

ZACD Group, is the marketing agent for both

Mega@Woodlands and West Star.

Available strata units equivalentto 2% of total stockAccording to JTC Corp, as at end-3Q2017, there

were about 1,000 units in uncompleted strata-ti-

tled developments still available for sale. This is

equivalent to 215,000 sq m of space, represent-

ing 2% of existing multiple-user factory stock.

“Much of the space that is available com-

prises leftover strata units on sites sold two to

three years ago,” notes Lee Chun Wye, execu-

tive director of LSZ International, a develop-

ment and asset management company.

In recent years, the number of sites offered

for sale under the industrial government land

sales (IGLS) programme has been reduced. The

sites are also smaller (typically less than 5,000

sq m), have shorter leases of 20 to 22 years and

are mainly targeted at single-users, adds Lee.

The measures were taken as part of the gov-

ernment’s overarching effort to curb speculation

in the industrial market. Property cooling meas-

ures included seller’s stamp duty on industrial

properties and land sold within the first three

years of purchase, and halving of leases on JTC

industrial land from 60 to 30 years, especially for

multiple-user industrial developments.

Since 2012, conditions were imposed on

buyers of industrial sites near MRT stations

offered for sale under the government land

sales programme: no strata subdivision for

the first 10 years after the project is complet-

Wee Hur and ZACD have launched a Rent

to Buy scheme at their Mega@Woodlands

strata industrial development

LSZ’s Lee: There are not many buildings in the

Tai Seng area with large, contiguous floor plates

that cater to the needs of the MNCs

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Ong: An encouraging sign observed recently was

that some of the consolidation included several ten-

ants expanding their footprints in a single building

CBR

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COVER STORY

ed, a minimum strata unit size of 150 sq m

for all multiple-user industrial developments,

and stipulations on the number of cargo lifts

and loading bays to be provided.

Restrictions on subletting of space were

also introduced by JTC: From Oct 1, 2014, in-

dustrial tenants are permitted to sublet up to

50% of the gross floor area of their premises

within the first five years of obtaining Tem-

porary Occupation Permit (TOP). Thereafter,

the cap on the space available for subletting

is 30% of GFA.

Falling indicesFollowing this string of measures, the overall in-

dustrial price index fell 14.8% from 4Q2014 to

3Q2017. The price index was down 7.4% y-o-y

and 0.9% q-o-q in 3Q2017. For multiple-user

factory space, the price index reflected a 12.16%

correction from 4Q2014 to 3Q2017; it was down

8.2% y-o-y and 0.8% q-o-q in 3Q2017.

The overall industrial rental index showed

an 11.19% drop from 4Q2014 to 3Q2017, while

multiple-user factory space saw a bigger correc-

tion of 13.23% over the same period. Business

park space bucked the trend, with the price in-

dex increasing 0.5% over the three-year period.

The overall industrial rental index was

down 3.2% y-o-y in 3Q2017 while that of mul-

tiple-user factory space fell 3.3%. Once again,

the business park space rental index was the

contrarian, increasing 2.5% y-o-y.

Flight to qualityDespite the manufacturing sector showing signs

of recovery, Lester Leow, director of commer-

cial and industrial at Corporate Visions, does

not expect that to translate into a significant

take-up of industrial space. “Not unless the

government relaxes its policies, especially re-

strictions on investments in industrial proper-

ty or assignment cases,” he says. “During an

economic slowdown or when businesses are

facing lean times, the ability to sublet their

unutilised space will help with cash flow.”

Demand for industrial space today is driv-

en predominantly by “flight to quality” — re-

locating from older, conventional flatted facto-

ries to new ramp-up factories and warehouses

with higher specifications, notes Leow.

At end-3Q2017, upper-floor warehouse rents

stood at $1.24 psf a month, down 0.8% q-o-q

and 3.1% y-o-y, according to CBRE Research.

Ground-floor warehouse rents were slight-

ly higher at $1.61 psf a month as at 3Q2017,

down 0.6% q-o-q and 3.1% y-o-y. “An encour-

aging sign observed recently was that some of

the consolidation included several tenants ex-

panding their footprints in a single building,”

says Brenda Ong, CBRE executive director of

industrial and logistics services, Singapore.

E-commerce, logisticsThe most active players in the industrial space

are those in the e-commerce sector. Corporate

Visions helped online furniture store Castlery

relocate from Delta House in Alexandra to Ma-

pletree Logistics Hub on Toh Guan Road East,

where it has taken up 25,000 sq ft of space. Fur-

niture and home furnishing e-retailer FortyTwo,

which moved from Yishun, has now expanded

its space to 60,000 sq ft at 5 Toh Guan Road

East. “These moves are mainly motivated by

expansion to bigger warehouse space at com-

petitive rental rates,” says Leow.

Online giant Amazon.com, a newcomer to

Singapore, took up 100,000 sq ft at Mapletree

Logistics Hub on Toh Guan Road East. Ama-

zon launched Prime Now, its two-hour deliv-

ery service, in July.

Besides e-commerce companies, logistics

companies, especially those in the “last mile

delivery” business, have also been active, says

Ronn Chee, director of commercial and indus-

trial at Corporate Visions. Such companies in-

clude DHL, Parcel Santa (in-estate parcel locker

system) and Ta-Q-Bin (part of Yamoto Trans-

port logistics company). Yamoto Transport has

taken up 90,000 sq ft at CWT Commodity Hub.

Freehold buildings in Tai Seng area sought after by investorsWith leases of industrial sites offered for sale

by JTC becoming increasingly shorter, it is

no surprise that freehold industrial sites have

become even more sought-after. This is most

noticeable in the demand for the freehold in-

dustrial buildings near the Tai Seng MRT sta-

tion, just off Upper Paya Lebar Road. “Free-

hold properties allow for a greater range of exit

options for investors compared with the new

sites on the IGLS programme with 20-plus-

year land tenures,” says CBRE’s Ong. “They

are also not bound by JTC policies and enjoy

more flexibility in subletting. They have there-

fore caught the eye of investors.”

During the latest collective sale fever, Cit-

imac Industrial Building was sold en bloc for

$430.1 million to a foreign buyer at the close

of the tender in July. The deal was brokered

by Edmund Tie & Co.

In January 2017, an eight-storey freehold in-

dustrial building near the Tai Seng MRT station,

formerly known as Kim Loong Building, was sold

for $33.5 million in a deal brokered by CBRE.

The price worked out to $771 psf, based on the

net lettable area of 43,451 sq ft.

So far this year, there have been four free-

hold transactions at Tai Seng, with the amount

totalling $472.15 million. The largest was the

collective sale of Citimac Complex.

The total transaction value in 2017 to date

has surpassed that for the whole of 2016, when

six freehold properties changed hands for $195.2

million, of which 67.4% was foreign capital, ac-

cording to CBRE. The largest purchase in 2016

was by a four-member consortium led by Nan-

shan Group, which acquired Harper Kitchen

for $51.1 million.

Tai Seng Centre 80% taken upChina-based Nanshan Group created a stir

when it purchased the former Irving Industri-

al Building at 3 Irving Road for $160 million in

March 2015, followed by Harper Kitchen last

year. The sale of both buildings was brokered

by Cushman & Wakefield.

Nanshan Group has since redeveloped the

building at 3 Irving Road into Tai Seng Cen-

tre, which is expected to obtain TOP soon.

The 12-storey building has retail and F&B

units on the first two levels and a car park

on the third and fourth levels. The B1 space

spans the fifth to 11th floors, while the 12th

floor comprises office space.

About 80% of the B1 industrial space at Tai

Seng Centre was taken up just three months af-

ter the space was offered for lease. LSZ’s Lee,

the development and asset manager for Tai

Seng Centre, attributes the speed of the take-

up by tenants to the B1 floor plates of up to

22,000 sq ft. “There are not many buildings in

the Tai Seng area with large, contiguous floor

plates that cater to the needs of the MNCs,” he

points out. Only two levels of the B1 industrial

space have small units of 2,700 to 3,000 sq ft.

One of the tenants moving into Tai Seng

Centre is web-hosting company Vodien Inter-

net Solutions, which will occupy 10,000 sq ft.

According to sources, Marvell Asia, the region-

al arm of California-headquartered chipmaker

Marvell Technology Group, will be a new ten-

ant at Tai Seng Centre, taking up about 55,000

sq ft across 2½ floors.

Meanwhile, marketing of the retail and F&B

space on the first two levels of Tai Seng Cen-

tre has just begun. According LSZ’s Lee, the

plan is to have more lifestyle elements, such

as restaurants, cafés and a food court.

New usersAs a result of automation, Panasonic, a brand

synonymous with home appliances, has become

more of an R&D-based company. With a lean-

er workforce and reduced space requirement,

Panasonic is allowed to sublet about 30% of

its total GFA of 600,000 sq ft on Bedok South

Avenue 1. Corporate Visions was the appoint-

ed marketing agent.

Some of the new tenants at Panasonic’s

building include women’s lingerie and intimate

apparel brand Sorella, which took up 45,000

sq ft, and public-listed tech company CSE

Global, which has also taken up 45,000 sq ft.

There is also a shift in demand for industrial

and business park space at Jurong East as it is

poised to be Singapore’s second CBD, says Cor-

porate Visions’ Leow. A number of consultan-

cies, especially those specialising in mechanical

and electrical engineering services, such as TY

Lin International Group, have moved there in

anticipation of new infrastructural projects in

the pipeline with the redevelopment of Jurong

Country Club and Raffles Country Club, which

will make way for the Kuala Lumpur-Singapore

High Speed Rail project.

According to Adrian Koh, who founded Cor-

porate Visions in 2002 and is now director of

commercial and industrial, the slowdown in

the oil & gas as well as offshore & marine ser-

vices sectors has also led to the affected com-

panies in these industries having to give up

their quality workshop space.

“Such space was rarely available in the last

10 to 20 years,” he says. “It’s a good opportu-

nity for other tenants to come in, and it’s par-

ticularly attractive to MNCs and companies in

the aviation sector.”

The B1 industrial space at the soon-to-be-completed Tai Seng Centre is already 80% leased

Early this year, Yamoto Transport decided to relocate to CWT Commodity Hub at 24 Penjuru Road,

taking up 90,000 sq ft

EDirectors at Corporate Visions (from left): Leow, Chee, Lee and Koh


Singapore — by postal districtLOCALITIES DISTRICTS

City & Southwest 1 to 8

Orchard/Tanglin/Holland 9 and 10

Newton/Bukit Timah/Clementi 11 and 21

Balestier/MacPherson/Geylang 12 to 14

East Coast 15 and 16

Changi/Pasir Ris 17 and 18

Serangoon/Thomson 19 and 20

West 22 to 24

North 25 to 28

Residential transactions with contracts dated Nov 14 to 21

District 1

EMERALD GARDEN Condominium 999 years Nov 15, 2017 936 1,700,000 - 1,815 1999 Resale

MARINA ONE RESIDENCES Apartment 99 years Nov 16, 2017 1,130 2,565,000 - 2,269 Uncompleted New Sale

District 2

76 SHENTON Apartment 99 years Nov 14, 2017 592 1,100,000 - 1,858 2014 Resale

ICON Apartment 99 years Nov 16, 2017 689 1,098,888 - 1,595 2007 Resale

ICON Apartment 99 years Nov 17, 2017 560 1,000,000 - 1,787 2007 Resale

WALLICH RESIDENCE AT TANJONG PAGAR CENTRE Apartment 99 years Nov 17, 2017 613 1,988,000 - 3,240 2017 New Sale

District 3

ARTRA Apartment 99 years Nov 15, 2017 1,227 1,969,100 - 1,605 Uncompleted New Sale

HIGHLINE RESIDENCES Condominium 99 years Nov 16, 2017 1,151 1,990,000 - 1,728 Uncompleted New Sale





PRINCIPAL GARDEN Condominium 99 years Nov 15, 2017 764 1,418,000 - 1,855 Uncompleted New Sale

QUEENS PEAK Condominium 99 years Nov 14, 2017 807 1,375,000 - 1,703 Uncompleted New Sale


QUEENS PEAK Condominium 99 years Nov 15, 2017 441 822,970 - 1,865 Uncompleted New Sale





QUEENS PEAK Condominium 99 years Nov 17, 2017 1,506 2,380,680 - 1,580 Uncompleted New Sale




QUEENS PEAK Condominium 99 years Nov 19, 2017 1,506 2,405,160 - 1,596 Uncompleted New Sale

THE ANCHORAGE Condominium Freehold Nov 17, 2017 1,237 1,530,000 - 1,236 1997 Resale

THE ANCHORAGE Condominium Freehold Nov 20, 2017 1,829 2,175,000 - 1,189 1997 Resale

District 4

CORALS AT KEPPEL BAY Condominium 99 years Nov 21, 2017 1,571 3,388,000 - 2,156 2016 Resale

HARBOURLIGHTS Apartment Freehold Nov 15, 2017 882 1,300,000 - 1,473 1997 Resale

REFLECTIONS AT KEPPEL BAY Condominium 99 years Nov 15, 2017 1,689 3,165,470 - 1,873 2011 Resale

THE FORESTA @ MOUNT FABER Condominium Freehold Nov 15, 2017 829 1,350,000 - 1,629 2014 Resale

THE INTERLACE Condominium 99 years Nov 17, 2017 1,184 1,399,000 - 1,182 2013 Resale

District 5

BIJOU Apartment Freehold Nov 19, 2017 570 1,041,610 - 1,826 Uncompleted New Sale

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

BLUE HORIZON Condominium 99 years Nov 14, 2017 1,151 1,160,000 - 1,007 2005 Resale

CLEMENTIWOODS CONDOMINIUM Condominium 99 years Nov 16, 2017 1,625 1,680,000 - 1,034 2010 Resale

CLEMENTIWOODS CONDOMINIUM Condominium 99 years Nov 20, 2017 1,625 1,700,000 - 1,046 2010 Resale

DOVER PARKVIEW Condominium 99 years Nov 15, 2017 968 990,000 - 1,022 1997 Resale

LYNNSVILLE 331 Terrace Freehold Nov 16, 2017 2,959 2,020,000 - 682 2009 Resale

MONTEREY PARK CONDOMINIUM Condominium 999 years Nov 21, 2017 1,141 1,200,000 - 1,052 2005 Resale

PASIR PANJANG ROAD Detached Freehold Nov 20, 2017 8,124 6,200,000 - 763 Unknown Resale

PARC RIVIERA Condominium 99 years Nov 14, 2017 1,151 1,345,000 - 1,168 Uncompleted New Sale

PARC RIVIERA Condominium 99 years Nov 14, 2017 904 1,095,000 - 1,211 Uncompleted New Sale

PASIR PANJANG COURT Apartment Freehold Nov 20, 2017 1,377 1,415,000 - 1,027 Unknown Resale

THE CLEMENT CANOPY Apartment 99 years Nov 19, 2017 990 1,448,000 - 1,462 Uncompleted New Sale

THE CLEMENT CANOPY Apartment 99 years Nov 19, 2017 990 1,413,000 - 1,427 Uncompleted New Sale

THE VISION Condominium 99 years Nov 14, 2017 1,302 1,540,000 - 1,182 2014 Resale

District 8

CAVAN SUITES Apartment Freehold Nov 21, 2017 344 580,000 - 1,684 2012 Resale

CITY LOFT Apartment Freehold Nov 17, 2017 377 560,000 - 1,486 2012 Resale

STURDEE RESIDENCES Condominium 99 years Nov 18, 2017 947 1,524,000 - 1,609 Uncompleted New Sale

STURDEE RESIDENCES Condominium 99 years Nov 19, 2017 1,302 1,999,000 - 1,535 Uncompleted New Sale

District 9

CAVENAGH COURT Apartment Freehold Nov 16, 2017 1,818 2,528,000 - 1,390 Unknown Resale

CLAREMONT Apartment Freehold Nov 16, 2017 990 1,508,000 - 1,523 2000 Resale

MARTIN MODERN Condominium 99 years Nov 14, 2017 872 2,048,850 - 2,350 Uncompleted New Sale

MARTIN MODERN Condominium 99 years Nov 19, 2017 872 2,067,990 - 2,372 Uncompleted New Sale

MARTIN PLACE RESIDENCES Condominium Freehold Nov 16, 2017 592 1,430,000 - 2,415 2011 Resale

PARC SOPHIA Apartment Freehold Nov 15, 2017 872 1,260,000 - 1,445 2011 Resale

SOPHIA HILLS Condominium 99 years Nov 14, 2017 592 1,304,000 - 2,203 Uncompleted New Sale



STARLIGHT SUITES Apartment Freehold Nov 20, 2017 1,076 1,950,000 - 1,812 2014 Resale

THE VERMONT ON CAIRNHILL Apartment Freehold Nov 17, 2017 1,431 2,830,000 - 1,977 2013 Resale

THE WHARF RESIDENCE Condominium 999 years Nov 16, 2017 1,065 2,150,000 - 2,018 2012 Resale

District 10

ARDMORE PARK Condominium Freehold Nov 14, 2017 2,884 9,300,000 - 3,224 2001 Resale

ARDMORE THREE Condominium Freehold Nov 15, 2017 1,786 6,698,340 - 3,749 2014 Resale

GOODWOOD RESIDENCE Condominium Freehold Nov 16, 2017 2,507 6,350,000 - 2,532 2013 Resale

GRANGE RESIDENCES Condominium Freehold Nov 21, 2017 2,668 6,800,000 - 2,547 2004 Resale

LEEDON RESIDENCE Condominium Freehold Nov 15, 2017 4,702 9,888,000 - 2,102 2015 Resale



MELROSE PARK Condominium 999 years Nov 17, 2017 1,313 2,450,000 - 1,866 2000 Resale

CLUNY ROAD Detached Freehold Nov 15, 2017 20,229 34,500,000 - 1,705 Unknown Resale

CORONATION ROAD WEST Semi-Detached Freehold Nov 21, 2017 4,734 8,000,000 - 1,690 Unknown Resale

NATHAN RESIDENCES Apartment Freehold Nov 14, 2017 775 1,330,000 - 1,716 2013 Resale

ONE TREE HILL RESIDENCE Apartment Freehold Nov 14, 2017 2,217 3,600,000 - 1,624 2008 Resale

PRINCESS OF WALES PARK Semi-Detached Freehold Nov 21, 2017 3,960 6,800,000 - 1,718 1978 Resale

SOMMERVILLE PARK Condominium Freehold Nov 16, 2017 1,302 2,170,000 - 1,666 1985 Resale

TANGLIN PARK Condominium Freehold Nov 14, 2017 1,592 3,000,000 - 1,883 1989 Resale

THE ASANA Apartment Freehold Nov 14, 2017 635 1,700,000 - 2,677 Uncompleted New Sale

THE FORD @ HOLLAND Condominium Freehold Nov 20, 2017 613 990,000 - 1,614 2009 Resale

THREE BALMORAL Apartment Freehold Nov 14, 2017 1,291 2,718,000 - 2,104 2016 Resale

VALLEY PARK Condominium 999 years Nov 16, 2017 1,808 2,950,000 - 1,631 1997 Resale

VICTORIA PARK VILLAS Semi-Detached 99 years Nov 17, 2017 3,831 8,075,000 - 2,107 Uncompleted New Sale

District 11

26 NEWTON Apartment Freehold Nov 16, 2017 613 1,630,602 - 2,658 2016 Resale

6 DERBYSHIRE Condominium Freehold Nov 17, 2017 1,011 2,061,304 - 2,037 2017 Resale

6 DERBYSHIRE Condominium Freehold Nov 20, 2017 527 1,206,476 - 2,287 2017 Resale

ADRIA Apartment Freehold Nov 16, 2017 1,485 2,480,000 - 1,670 2013 Resale

MONTEBLEU Condominium Freehold Nov 17, 2017 1,141 1,620,000 - 1,420 2010 Resale

GOLDHILL DRIVE Terrace Freehold Nov 17, 2017 3,325 5,920,000 - 1,781 1970 Resale

PARK VALE Semi-Detached 999 years Nov 20, 2017 2,475 5,100,000 - 2,060 2008 Resale

JALAN PANDAN Semi-Detached Freehold Nov 21, 2017 4,670 6,650,000 - 1,424 1972 Resale

NEWTON ONE Condominium Freehold Nov 17, 2017 1,216 2,400,000 - 1,973 2009 Resale

THE GREENWOOD Terrace Freehold Nov 14, 2017 2,281 4,350,000 - 1,906 2008 Resale

THE SHELFORD Condominium Freehold Nov 16, 2017 775 1,300,000 - 1,677 2005 Resale

TREASURE LOFT Apartment Freehold Nov 16, 2017 936 1,170,000 - 1,249 2004 Resale

District 12

GEM RESIDENCES Condominium 99 years Nov 14, 2017 1,248 1,880,000 - 1,506 Uncompleted New Sale

GEM RESIDENCES Condominium 99 years Nov 14, 2017 947 1,457,280 - 1,538 Uncompleted New Sale



GEM RESIDENCES Condominium 99 years Nov 17, 2017 1,011 1,684,000 - 1,664 Uncompleted New Sale


| BY TIMOTHY TAY |

A 936 sq ft unit on the 11th

floor of Emerald Garden

was sold for $1.7 million

($1,815 psf) on Nov 15.

Located on Club Street in

prime District 1, Emerald Garden is

one of the few 999-year leasehold

properties in the CBD. The latest sale

is the 11th at the condominium this

year, a doubling in resale transactions

compared with last year.

Interest in the condo began to pick

up this year and many owners who in-

tended to sell have already divested or

are putting their units on the market,

says Beverly How, marketing director

at PropNex Realty, who brokered the

sale of a unit at Emerald Garden re-

cently. The buyers are a mix of locals

and PRs seeking an investment prop-

erty, as well as expatriates looking for

an apartment in the CBD, she adds.

Spurred by the collective sale fe-

ver, those actively seeking investment

properties with en bloc potential have

zoomed in on Emerald Garden which,

with a 999-year lease at only 18 years

old, is as good as a freehold proper-

ty, says Wendy Ong, associate man-

ager at PropNex Realty, who is mar-

keting a unit there. Despite their age,

Emerald Garden units are also easily

let, as the project is within walking

distance of the Telok Ayer and Tan-

jong Pagar MRT stations.

Nearby is Wallich Residence,

where a 614 sq ft unit on the 42nd

floor sold for $1.99 million ($3,240

psf) on Nov 17. This is the fifth unit

sold by developer GuocoLand at the

District 2 project this year, accord-

ing to caveat data from URA Realis.

A 646 sq ft unit was sold for $1.92

million ($2,970 psf) in January, while

the other four were sold after May.

Prior to the transaction in January,

a 1,625 sq ft unit on the 51st floor

was sold for $5.26 million ($3,238

psf) in March 2015.

The 181-unit Wallich Residence is

on the 39th to 64th floors of Tanjong

Pagar Centre, a mixed-use develop-

ment by GuocoLand that is situated

above and directly linked to the Tan-

jong Pagar MRT station. According

to property agents, the completion

of Tanjong Pagar Centre has renewed

interest in the area.

Lodged caveats show that 21 units

at Wallich Residence were sold at

prices ranging from $2,970 to $3,244

psf. The developer is said to be in

advanced negotiations with several

buyers, with more transactions ex-

pected before year-end.

At ICON, another project in Tan-

jong Pagar, two units changed hands

last month: A 689 sq ft unit on the

7th floor was sold for $1.1 million

($1,595 psf) on Nov 16; a 560 sq ft

unit on the 12th floor went for $1

million ($1,787 psf) on Nov 17. Pric-

es at ICON ranged from $1,670 to

$1,733 psf for the 44 units sold this

year. Twenty-six units were sold last

year and 16 in 2015.

76 Shenton, which is also in

District 2, has seen 13 transactions

this year. This is more than thrice

the volume in the past two years.

The most recent transaction was on

Nov 14, when a 592 sq ft unit on the

15th floor was sold for $1.1 million

($$1,858 psf).

Rising prices in prime Districts 9,

10 and 11 have made prices in Dis-

tricts 1 and 2 look comparatively af-

fordable, leading to a pickup in inter-

est starting from the middle of this

year, says a source. As the property

market enters a new cycle, transac-

tions in the two districts are expect-

ed to rise further, she says. E

Sales at Emerald Garden double

DONE DEALS

Emerald Garden is a rare 999-year leasehold property in the CBD

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Residential transactions with contracts dated Nov 14 to 21





OPAL SUITES Apartment Freehold Nov 17, 2017 409 560,000 - 1,369 2012 Resale

RIVERBAY Apartment 999 years Nov 14, 2017 646 880,000 - 1,363 2014 Resale

RIVERSIDE MELODIES Apartment Freehold Nov 16, 2017 1,420 1,860,000 - 1,309 2014 Resale

THE CALLISTA Apartment 999 years Nov 15, 2017 1,141 1,150,000 - 1,008 2005 Resale

THE RICHMOND Apartment Freehold Nov 20, 2017 1,539 1,600,000 - 1,039 1999 Resale

VISTA RESIDENCES Condominium Freehold Nov 16, 2017 1,313 1,900,000 - 1,447 2013 Resale

District 13

BARTLEY RIDGE Condominium 99 years Nov 17, 2017 463 700,000 - 1,512 2016 Sub Sale

BLOSSOMS @ WOODLEIGH Condominium Freehold Nov 17, 2017 1,194 1,628,000 - 1,363 2007 Resale

D’ ALMIRA Apartment Freehold Nov 14, 2017 1,216 1,330,000 - 1,093 2011 Resale

NIN RESIDENCE Apartment 99 years Nov 21, 2017 1,280 1,560,000 - 1,218 2014 Resale

THE POIZ RESIDENCES Apartment 99 years Nov 17, 2017 1,732 1,758,210 - 1,015 Uncompleted New Sale

District 14

CENTRA STUDIOS Apartment Freehold Nov 16, 2017 377 540,000 - 1,433 2012 Resale

EUNOS PARK Condominium Freehold Nov 16, 2017 1,194 1,190,000 - 996 1995 Resale

GROSVENOR VIEW Condominium Freehold Nov 16, 2017 1,313 1,420,000 - 1,081 2006 Resale

REZI 35 Apartment Freehold Nov 14, 2017 452 727,720 - 1,610 Uncompleted New Sale

REZI 35 Apartment Freehold Nov 19, 2017 646 983,000 - 1,522 Uncompleted New Sale

SALLIM LODGE Apartment Freehold Nov 20, 2017 1,173 1,080,000 - 920 1995 Resale

SIMS URBAN OASIS Condominium 99 years Nov 15, 2017 958 1,310,200 - 1,368 2017 New Sale

SIMS URBAN OASIS Condominium 99 years Nov 15, 2017 1,022 1,424,300 - 1,393 2017 New Sale




SIMS URBAN OASIS Condominium 99 years Nov 18, 2017 1,442 2,104,200 - 1,459 2017 New Sale


THE SANCTUARY @ GEYLANG Apartment Freehold Nov 16, 2017 678 760,000 - 1,121 2014 Resale

THE WATERINA Apartment Freehold Nov 15, 2017 1,657 1,965,000 - 1,185 2005 Resale

TRE RESIDENCES Condominium 99 years Nov 15, 2017 947 1,255,000 - 1,325 Uncompleted New Sale

VACANZA @ EAST Condominium Freehold Nov 20, 2017 807 939,800 - 1,164 2014 Resale

District 15

91 MARSHALL Apartment Freehold Nov 17, 2017 785 1,110,000 - 1,413 2014 Resale

BUTTERWORTH 8 Condominium Freehold Nov 20, 2017 1,313 1,650,000 - 1,256 2004 Resale

CASUARINA COVE Condominium 99 years Nov 15, 2017 1,528 1,820,000 - 1,191 1996 Resale

COSTA RHU Condominium 99 years Nov 16, 2017 1,334 1,655,000 - 1,240 1997 Resale

COSTA RHU Condominium 99 years Nov 20, 2017 990 1,100,000 - 1,111 1997 Resale

COTE D’AZUR Condominium 99 years Nov 15, 2017 1,302 1,780,000 - 1,367 2004 Resale



DUNMAN VIEW Condominium 99 years Nov 16, 2017 1,216 1,120,000 - 921 2004 Resale

FRANKEL ESTATE Semi-Detached Freehold Nov 16, 2017 3,949 5,860,000 - 1,483 1956 Resale

FRANKEL ESTATE Semi-Detached Freehold Nov 21, 2017 2,152 3,330,000 - 1,548 2000 Resale

FULCRUM Condominium Freehold Nov 15, 2017 818 1,573,000 - 1,923 2016 Resale

GALAXY TOWERS Apartment Freehold Nov 15, 2017 1,420 1,550,000 - 1,091 1989 Resale

HAIG 162 Apartment Freehold Nov 16, 2017 366 555,000 - 1,516 2013 Resale

HAIG TEN Apartment Freehold Nov 17, 2017 1,474 1,460,000 - 990 2002 Resale

JUPITER 18 Apartment Freehold Nov 17, 2017 656 860,000 - 1,310 2014 Resale

MANDARIN GARDENS Condominium 99 years Nov 16, 2017 2,034 1,870,000 - 919 1986 Resale

MARINE BLUE Condominium Freehold Nov 17, 2017 689 1,490,290 - 2,163 2016 Resale

MARINE BLUE Condominium Freehold Nov 20, 2017 732 1,418,000 - 1,937 2016 Resale

JALAN ULU SIGLAP Terrace Freehold Nov 16, 2017 2,937 1,950,000 - 664 2005 Resale

LORONG H TELOK KURAU Terrace Freehold Nov 17, 2017 2,012 2,300,000 - 1,145 1962 Resale

BOURNEMOUTH ROAD Semi-Detached Freehold Nov 20, 2017 3,153 5,250,000 - 1,662 1996 Resale

DUKU ROAD Terrace Freehold Nov 21, 2017 1,614 2,700,000 - 1,677 1985 Resale

ONE AMBER Condominium Freehold Nov 17, 2017 570 1,000,000 - 1,753 2010 Resale

SEASIDE RESIDENCES Apartment 99 years Nov 19, 2017 1,022 1,540,000 - 1,506 Uncompleted New Sale

SEASIDE RESIDENCES Apartment 99 years Nov 19, 2017 785 1,582,000 - 2,013 Uncompleted New Sale

SIGLAP V Apartment Freehold Nov 14, 2017 775 910,000 - 1,174 2013 Resale

SILVERSEA Condominium 99 years Nov 20, 2017 1,485 2,400,000 - 1,616 2014 Resale

TANJONG RIA CONDOMINIUM Condominium 99 years Nov 17, 2017 1,205 1,360,000 - 1,128 1997 Resale

THE EASTSIDE Apartment Freehold Nov 15, 2017 1,216 1,800,000 - 1,480 2006 Resale

THE LUCENT Apartment Freehold Nov 21, 2017 1,560 1,850,000 - 1,185 2011 Resale

THE SEAFRONT ON MEYER Condominium Freehold Nov 20, 2017 1,614 2,850,000 - 1,765 2010 Resale

District 16

BAYSHORE PARK Condominium 99 years Nov 16, 2017 936 755,000 - 806 1986 Resale

BAYSHORE PARK Condominium 99 years Nov 17, 2017 936 830,000 - 886 1986 Resale

BREEZE BY THE EAST Condominium Freehold Nov 20, 2017 2,884 2,600,000 - 901 2011 Resale

CASA MERAH Apartment 99 years Nov 20, 2017 1,474 1,380,000 - 936 2009 Resale

EASTWOOD GREEN Condominium 99 years Nov 17, 2017 1,011 829,900 - 820 1998 Resale

GRANDEUR PARK RESIDENCES Condominium 99 years Nov 15, 2017 667 996,000 - 1,492 Uncompleted New Sale

GRANDEUR PARK RESIDENCES Condominium 99 years Nov 16, 2017 1,237 1,828,000 - 1,477 Uncompleted New Sale

GRANDEUR PARK RESIDENCES Condominium 99 years Nov 18, 2017 1,237 1,830,000 - 1,478 Uncompleted New Sale

GRANDEUR PARK RESIDENCES Condominium 99 years Nov 19, 2017 893 1,210,000 - 1,354 Uncompleted New Sale

KEW VALE Semi-Detached 99 years Nov 17, 2017 3,981 2,500,000 - 628 1996 Resale

SENNETT ROAD Terrace Freehold Nov 14, 2017 1,625 2,900,000 - 1,781 2010 Resale

PEAKVILLE PARK Terrace Freehold Nov 16, 2017 3,217 3,300,000 - 1,026 1990 Resale

STRATFORD COURT Condominium 99 years Nov 14, 2017 1,098 910,000 - 829 1998 Resale

THE TANAMERA Condominium 99 years Nov 17, 2017 1,323 1,150,000 - 869 1994 Resale

TROPICANA CONDOMINIUM Condominium 999 years Nov 20, 2017 1,765 1,350,000 - 765 1994 Resale

WATERFRONT KEY Condominium 99 years Nov 14, 2017 1,517 1,800,000 - 1,186 2012 Resale

District 17

CARISSA PARK CONDOMINIUM Condominium Freehold Nov 20, 2017 1,506 1,000,000 - 664 2001 Resale

EDELWEISS PARK CONDOMINIUM Condominium Freehold Nov 14, 2017 1,334 986,000 - 739 2006 Resale

LOYANG GARDENS Condominium 999 years Nov 14, 2017 1,711 1,200,000 - 701 1994 Resale

LOYANG VALLEY Condominium 99 years Nov 15, 2017 1,872 1,110,000 - 593 1985 Resale

PALM ISLES Condominium 99 years Nov 16, 2017 785 780,000 - 993 2015 Resale

PARC OLYMPIA Condominium 99 years Nov 21, 2017 1,022 955,000 - 934 2015 Resale

District 18

CHANGI RISE CONDOMINIUM Condominium 99 years Nov 16, 2017 1,259 950,000 - 754 2004 Resale

COCO PALMS Condominium 99 years Nov 18, 2017 1,259 1,429,310 - 1,135 Uncompleted New Sale

D’NEST Condominium 99 years Nov 15, 2017 484 640,000 - 1,321 2017 Sub Sale

D’NEST Condominium 99 years Nov 17, 2017 968 1,048,000 - 1,082 2017 Sub Sale

MELVILLE PARK Condominium 99 years Nov 15, 2017 968 720,000 - 743 1996 Resale

PASIR RIS BEACH PARK Terrace 99 years Nov 17, 2017 2,679 2,600,000 - 970 1976 Resale

RIPPLE BAY Condominium 99 years Nov 21, 2017 1,313 1,238,000 - 943 2015 Resale

RIS GRANDEUR Condominium Freehold Nov 21, 2017 1,291 1,080,000 - 836 2005 Resale

SAVANNAH CONDOPARK Condominium 99 years Nov 17, 2017 1,453 1,210,000 - 833 2005 Resale

SAVANNAH CONDOPARK Condominium 99 years Nov 20, 2017 1,227 958,000 - 781 2005 Resale

SEA ESTA Condominium 99 years Nov 14, 2017 646 720,000 - 1,115 2015 Resale

SIMEI GREEN CONDOMINIUM EC 99 years Nov 14, 2017 1,248 902,000 - 722 1999 Resale

THE ALPS RESIDENCES Condominium 99 years Nov 14, 2017 1,087 1,192,000 - 1,096 Uncompleted New Sale

THE ESPARIS EC 99 years Nov 21, 2017 1,291 800,000 - 619 2005 Resale

THE PALETTE Condominium 99 years Nov 20, 2017 506 635,000 - 1,255 2015 Resale

THE SANTORINI Condominium 99 years Nov 16, 2017 1,151 1,265,530 - 1,099 2017 New Sale

District 19

A TREASURE TROVE Condominium 99 years Nov 14, 2017 775 845,000 - 1,090 2015 Resale

A TREASURE TROVE Condominium 99 years Nov 16, 2017 775 855,000 - 1,103 2015 Resale

A TREASURE TROVE Condominium 99 years Nov 20, 2017 1,130 1,183,000 - 1,047 2015 Resale

BARTLEY RESIDENCES Apartment 99 years Nov 14, 2017 463 685,000 - 1,480 2015 Resale

CHARLTON 18 Terrace Freehold Nov 14, 2017 3,389 2,770,900 - 817 2016 Resale

FOREST WOODS Condominium 99 years Nov 17, 2017 732 1,155,000 - 1,578 Uncompleted New Sale

FOREST WOODS Condominium 99 years Nov 18, 2017 915 1,347,000 - 1,472 Uncompleted New Sale

KENSINGTON SQUARE Apartment Freehold Nov 17, 2017 613 780,000 - 1,271 2016 Resale


KOVAN MELODY Condominium 99 years Nov 20, 2017 1,227 1,330,000 - 1,084 2006 Resale

KOVAN RESIDENCES Condominium 99 years Nov 16, 2017 1,797 1,960,000 - 1,090 2011 Resale

MARLENE AVENUE Terrace Freehold Nov 15, 2017 4,659 4,228,000 - 907 1993 Resale

LOWLAND ROAD Detached Freehold Nov 17, 2017 6,327 6,300,000 - 995 1994 Resale

RIVERSOUND RESIDENCE Condominium 99 years Nov 20, 2017 753 735,000 - 975 2015 Resale

SERANGOON GARDEN ESTATE Semi-Detached 999 years Nov 17, 2017 2,819 3,150,000 - 1,118 Unknown Resale

SERANGOON GARDEN ESTATE Terrace 999 years Nov 17, 2017 1,840 2,150,000 - 1,169 Unknown Resale

SUMMER PLACE Terrace Freehold Nov 14, 2017 2,475 2,700,000 - 1,091 1988 Resale

THE FLORIDA EC 99 years Nov 15, 2017 1,291 880,000 - 681 2000 Resale

THE LUXURIE Condominium 99 years Nov 17, 2017 1,054 1,175,000 - 1,114 2015 Resale

THE MINTON Condominium 99 years Nov 20, 2017 979 930,000 - 949 2013 Resale

THE TEMBUSU Condominium Freehold Nov 17, 2017 753 1,270,000 - 1,686 2016 Resale

TRILIVE Condominium Freehold Nov 17, 2017 882 1,435,000 - 1,626 Uncompleted New Sale

WATERTOWN Apartment 99 years Nov 15, 2017 581 715,500 - 1,231 2017 Sub Sale




District 20

CLOVER BY THE PARK Condominium 99 years Nov 15, 2017 1,291 1,628,000 - 1,260 2011 Resale

ORCHID DRIVE Detached Freehold Nov 20, 2017 4,595 5,000,000 - 1,089 Unknown Resale

PEIRCE VIEW Condominium Freehold Nov 21, 2017 1,280 1,285,000 - 1,003 1996 Resale

SEMBAWANG HILLS ESTATE Semi-Detached Freehold Nov 16, 2017 2,217 2,100,000 - 945 Unknown Resale

SKY HABITAT Condominium 99 years Nov 14, 2017 1,722 2,693,658 - 1,564 2015 Resale



YEW LIAN PARK Terrace Freehold Nov 15, 2017 1,905 2,588,000 - 1,358 1967 Resale

District 21

CLEMENTI PARK Condominium Freehold Nov 15, 2017 1,345 1,350,000 - 1,003 1985 Resale

HIGH OAK CONDOMINIUM Condominium 99 years Nov 15, 2017 1,162 990,088 - 852 1999 Resale

HILLVIEW GREEN Condominium 999 years Nov 14, 2017 958 960,000 - 1,002 1998 Resale

PARC PALAIS Condominium Freehold Nov 20, 2017 1,334 1,390,800 - 1,042 1999 Resale

SOUTHAVEN II Condominium 999 years Nov 15, 2017 1,485 1,650,000 - 1,111 1999 Resale

SOUTHAVEN II Condominium 999 years Nov 16, 2017 1,054 1,040,000 - 986 1999 Resale

SUMMERHILL Condominium Freehold Nov 15, 2017 1,302 1,440,000 - 1,106 2002 Resale

THE CASCADIA Condominium Freehold Nov 14, 2017 882 1,420,000 - 1,609 2010 Resale

THE RAINTREE Condominium 99 years Nov 17, 2017 1,270 1,385,000 - 1,090 2008 Resale

THE RAINTREE Condominium 99 years Nov 20, 2017 1,291 1,400,000 - 1,084 2008 Resale

District 22

J GATEWAY Condominium 99 years Nov 15, 2017 527 840,000 - 1,593 2016 Sub Sale

LAKE GRANDE Condominium 99 years Nov 14, 2017 979 1,335,000 - 1,363 Uncompleted New Sale


LAKE GRANDE Condominium 99 years Nov 17, 2017 1,345 1,702,000 - 1,265 Uncompleted New Sale




LAKEHOLMZ Condominium 99 years Nov 14, 2017 1,775 1,300,000 - 732 2005 Resale

LAKESIDE GROVE Terrace 99 years Nov 17, 2017 1,614 1,550,000 - 960 1998 Resale

PARC OASIS Condominium 99 years Nov 14, 2017 1,227 1,090,000 - 888 1994 Resale

THE FLORAVALE EC 99 years Nov 14, 2017 1,323 822,000 - 621 2000 Resale

THE LAKEFRONT RESIDENCES Condominium 99 years Nov 14, 2017 721 955,000 - 1,324 2014 Resale

District 23

FORESQUE RESIDENCES Condominium 99 years Nov 17, 2017 1,184 1,280,000 - 1,081 2014 Resale

HILLVIEW REGENCY Condominium 99 years Nov 14, 2017 1,130 918,000 - 812 2005 Resale

INZ RESIDENCE EC 99 years Nov 15, 2017 990 812,000 - 820 Uncompleted New Sale

INZ RESIDENCE EC 99 years Nov 15, 2017 1,044 807,000 - 773 Uncompleted New Sale

INZ RESIDENCE EC 99 years Nov 16, 2017 990 869,000 - 878 Uncompleted New Sale








JALAN REMAJA Semi-Detached 999 years Nov 17, 2017 3,314 4,580,000 - 1,383 Unknown Resale

NORTHVALE Apartment 99 years Nov 17, 2017 1,291 920,000 - 712 1998 Resale

PAVILION PARK Terrace Freehold Nov 14, 2017 1,614 2,460,000 - 1,524 2010 Resale



District 25

NORTHWAVE EC 99 years Nov 17, 2017 893 648,450 - 726 Uncompleted New Sale

NORTHWAVE EC 99 years Nov 17, 2017 1,108 899,000 - 811 Uncompleted New Sale



NORTHWAVE EC 99 years Nov 18, 2017 1,130 896,000 - 793 Uncompleted New Sale

District 26

THE SPRINGSIDE Terrace Freehold Nov 17, 2017 2,679 3,324,000 - 1,242 2016 Resale

District 27

CANBERRA RESIDENCES Condominium 99 years Nov 17, 2017 936 813,000 - 868 2013 Resale

NORTH PARK RESIDENCES Apartment 99 years Nov 15, 2017 1,098 1,468,320 - 1,337 Uncompleted New Sale

NORTH PARK RESIDENCES Apartment 99 years Nov 17, 2017 1,151 1,482,120 - 1,287 Uncompleted New Sale

NORTHWOOD Condominium Freehold Nov 16, 2017 1,991 1,520,000 - 763 2009 Resale

PARC LIFE EC 99 years Nov 14, 2017 1,108 912,780 - 823 Uncompleted New Sale

SEMBAWANG STRAITS ESTATE Semi-Detached Freehold Nov 20, 2017 2,098 1,840,000 - 878 Unknown Resale

SIGNATURE AT YISHUN EC 99 years Nov 14, 2017 1,184 908,000 - 767 2017 New Sale

SIGNATURE AT YISHUN EC 99 years Nov 15, 2017 1,184 961,500 - 812 2017 New Sale

SIGNATURE AT YISHUN EC 99 years Nov 18, 2017 947 710,500 - 750 2017 New Sale

SIGNATURE AT YISHUN EC 99 years Nov 18, 2017 947 717,000 - 757 2017 New Sale

THE CRITERION EC 99 years Nov 14, 2017 915 736,800 - 805 Uncompleted New Sale

THE CRITERION EC 99 years Nov 15, 2017 915 724,800 - 792 Uncompleted New Sale

THE CRITERION EC 99 years Nov 18, 2017 1,119 980,000 - 875 Uncompleted New Sale

WATERCOVE Terrace Freehold Nov 18, 2017 3,465 2,393,000 - 690 Uncompleted New Sale

YISHUN SAPPHIRE Condominium 99 years Nov 16, 2017 1,141 808,000 - 708 2001 Resale

District 28

MIMOSA TERRACE Terrace Freehold Nov 20, 2017 1,614 2,330,000 - 1,443 2008 Resale

PARC BOTANNIA Condominium 99 years Nov 14, 2017 581 771,000 - 1,326 Uncompleted New Sale




PARC BOTANNIA Condominium 99 years Nov 15, 2017 1,280 1,557,000 - 1,216 Uncompleted New Sale



PARC BOTANNIA Condominium 99 years Nov 18, 2017 1,280 1,535,000 - 1,198 Uncompleted New Sale




PARC BOTANNIA Condominium 99 years Nov 18, 2017 979 1,261,000 - 1,287 Uncompleted New Sale





SELETAR HILLS ESTATE Semi-Detached 999 years Nov 20, 2017 4,928 4,600,000 - 933 Unknown Resale

SERENITY PARK Condominium Freehold Nov 16, 2017 1,431 1,330,000 - 929 1995 Resale

DONE DEALS

DISCLAIMER:

Source: URA Realis. Updated Nov 28, 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


Seller at Valley Park makes $1.4 mil profit

Top 10 gains and losses from Nov 14 to 21

URA

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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 Valley Park 10 1,808 Nov 16 1,631 April 14, 1999 838 1,435,000 95 4 18.6

2 The Eastside 15 1,216 Nov 15 1,480 Feb 18, 2005 597 1,074,000 148 7 12.7

3 Pasir Panjang Court 5 1,378 Nov 20 1,027 Nov 5, 2004 365 912,500 182 8 13.0

4 Cote D’Azur 15 1,302 Nov 15 1,367 Feb 3, 2006 672 905,000 103 6 11.8

5 Southaven II 21 1,485 Nov 15 1,111 Nov 22, 2004 532 860,000 109 6 13.0

6 Emerald Garden 1 936 Nov 15 1,815 Dec 8, 2001 913 845,000 99 4 15.9

7 Blossoms @ Woodleigh 13 1,195 Nov 17 1,363 March 16, 2007 681 814,020 100 7 10.7

8 Clementiwoods Condominium 5 1,625 Nov 16 1,034 Jan 16, 2007 545 793,455 89 6 10.8

9 Eunos Park 14 1,195 Nov 16 996 Aug 2, 2006 382 734,000 161 9 11.3

10 The Raintree 21 1,292 Nov 20 1,084 Feb 8, 2006 524 723,320 107 6 11.8

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

1 The Vermont on Cairnhill 9 1,432 Nov 17 1,977 Aug 8, 2014 2,457 688,000 20 6 3.3

2 Grange Residences 10 2,669 Nov 21 2,547 Oct 4, 2007 2,791 650,000 9 1 10.1

3 Starlight Suites 9 1,076 Nov 20 1,812 Sept 15, 2010 2,024 228,308 10 2 7.2

4 The Foresta @ Mount Faber 4 829 Nov 15 1,629 July 19, 2011 1,854 187,000 12 2 6.3

5 Southaven II 21 1,055 Nov 16 986 Nov 16, 2012 1,033 50,000 5 1 5.0

6 One Amber 15 570 Nov 17 1,753 June 18, 2013 1,841 50,000 5 1 4.4

7 Yishun Sapphire 27 1,141 Nov 16 708 Nov 4, 2011 745 42,000 5 1 6.0

8 The Interlace 4 1,184 Nov 17 1,182 March 26, 2013 1,214 39,000 3 1 4.6

9 Opal Suites 12 409 Nov 17 1,369 April 21, 2011 1,481 30,000 5 1 6.6

10 Costa Rhu 15 1,335 Nov 16 1,240 Aug 5, 2011 1,259 25,000 1 0.2 6.3

Note: Computed based on URA caveat data as at Nov 28 for private non-landed houses transacted between Nov 14 and 21. 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 ANGELA TEO |

On Nov 16, the seller of a 1,808 sq ft,

four-bedroom unit at Valley Park

made a profit of $1.44 million (95%),

which works out to 4% a year over

more than 18 years. This marks the

highest gain realised at the 20-year-old condo-

minium since its completion in 1997, based on

the matching of URA caveat data. The 19th-

floor unit was bought in April 1999 at $1.515

million ($838 psf) and sold for $2.95 million

($1,631 psf).

The units that reaped the three biggest prof-

its at Valley Park this year were bought in April

1999. The other two units were a two-bedroom

unit on the 13th floor and a three-bedroom

unit on the fourth level. The former was sold

on March 3 at $1.79 million ($1,472 psf) for a

$850,000 profit, and the latter changed hands

on June 23 for $2.19 million ($1,355 psf), or

an $831,400 profit. The units were bought at

$940,000 ($773 psf) and $1.36 million ($840

psf) respectively.

Valley Park’s attractions include its 999-

year leasehold status, prime-district location

and comparatively large unit sizes compared

with those at newer launches. Developed by

Singapore-listed Frasers Centrepoint, the 728-

unit condo in River Valley comprises one-

to four-bedroom units of 732 to 1,808 sq ft,

spread across five high-rise blocks. There are

also penthouses of 2,562 sq ft each.

Located next to Valley Point Shopping

Centre, which was also developed by Frasers

Centrepoint, Valley Park is within walking

distance of Great World City shopping cen-

tre and about 1km from Alexandra Prima-

ry School. The development is sited within

700m of Jervois Gardens, which was sold to

SC Global for $72 million ($1,373 psf per plot

ratio) at the close of its collective sale tender

in September.

Meanwhile, in the Cairnhill neighbourhood,

a 1,432 sq ft, three-bedroom-plus-study unit

at The Vermont on Cairnhill was sold at a

$688,000 (20%) loss, or an annualised loss of

6% over a holding period of about three years.

The seller bought the fifth-floor unit in Au-

gust 2014 for $3.518 million ($2,457 psf) and

sold it on Nov 17 at $2.83 million ($1,977 psf).

A 1,808 sq ft, four-bedroom unit at Valley Park was sold on Nov 16 at a $1.4 million (95%)

profit. Find the most affordable listing in the project at edgepr.link/ValleyPark.

The Vermont on Cairnhill is close to en bloc hopeful Cairnhill Mansions,

which was launched for sale in October. Find the most affordable

listing in the project at edgepr.link/TheVermontonCairnhill.

Owing to the short holding period, the transac-

tion is subject to a seller’s stamp duty of 4%,

or $113,200. This means the total loss incurred,

after factoring in SSD, is $801,200 (23%).

Launched in early 2010, the 158-unit The

Vermont on Cairnhill was sold out by July

2014, about a year after its completion in Au-

gust 2013, according to URA data. The free-

hold condo is near high-end projects such as

the 240-unit Hilltops and the 50-unit Alba.

About 300m from The Vermont on Cairn-

hill is collective sale site Cairnhill Mansions

and an adjacent site — 67 Cairnhill Road —

which were put up for sale by public tender

in late October. The tenders for the two free-

hold sites close on Dec 12. E

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DEAL WATCH


| BY ANGELA TEO |

A 1,959 sq ft, three-bedroom

penthouse at One Jervois

has been put on the mar-

ket, with an asking price

of $3 million ($1,531 psf).

Nik Tan, assistant division director

at PropNex Realty, who is market-

ing the corner unit, says, “This is

definitely a good price, as another

slightly smaller penthouse (1,948

sq ft) was just sold in August at

$3 million, which works out to about

$1,540 psf.”

The north-east-facing penthouse

has two levels. On the lower level is

a kitchen, living room and bedroom

with an en suite bathroom, while

the upper level contains the mas-

ter bedroom, a third bedroom and

a study area. The master bedroom

has a balcony of about 200 sq ft.

“The unit, which offers views of

Recent rental contracts for 1,900 to 2,000 sq ft units at One Jervois

LEASE DATE (2017) MONTHLY RENT

$ $ PSF

September 5,700 2.90

August 6,300 3.20

August 4,800 2.50

$

5,700

6,300

4,800

Penthouse at One Jervois going for $3 mil

SAM

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Recent transactions at One Jervois

CONTRACT DATE (2017) AREA (SQ FT) PRICE ($) PRICE ($ PSF)

Oct 20 990 1,650,000 1,666

Sept 12 1,292 2,100,000 1,626

Aug 27 1,948 3,000,000 1,540

TABL

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P

ping Centre is just a few bus stops

away from the Orchard Road shop-

ping belt.

Other amenities within reach by

public transport include Tiong Bah-

ru Plaza and Great World City. One

Jervois is also within a 1km radius

of educational institutions such as

Alexandra Primary School and Cres-

cent Girls’ School.

the city, is currently tenanted until

November 2018 at $6,800 a month,”

says Tan. Based on the asking price,

this works out to a gross rental yield

of about 2.7%.

The 275-unit, freehold One Jer-

vois is located close to the collec-

tive sale site Jervois Gardens, which

was bought by SC Global for $72

million ($1,373 psf per plot ratio)

in September. Completed in 2009

by Frasers Centrepoint, One Jervois

is in the Bishopsgate and Jervois

Road neighbourhood and near the

Chatsworth Park Good Class Bun-

galow Area.

One Jervois was designed by

Singapore-based ADDP Architects

and consists of one- to four-bed-

room units, maisonettes and pent-

houses in two 12-storey blocks.

Launched in 2006, the condomin-

ium was close to 75% sold within

that year. The 205 units sold then

were transacted at an average price

of $1,004 psf. One Jervois was ful-

ly sold in 2007.

The development is located with-

in walking distance of Valley Point

Shopping Centre on River Valley

Road, which has tenants such as

FairPrice Finest, Starbucks and Er-

win’s Gastrobar. Valley Point Shop-

E

The corner penthouse at One Jervois is currently leased out at a monthly rent of

$6,800 until November 2018




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