Singapore Property Weekly Issue 16

8/4/2019 Singapore Property Weekly Issue 16

1/13

Issue 16 | www.Propwise.sg

8/4/2019 Singapore Property Weekly Issue 16

2/13

SINGAPORE PROPERTY WEEKLY Issue 16

Contribute

Do you have articles and insights and articlesthat youd like to share with thousands of

readers interested in the Singapore propertymarket? Send them to us [email protected], and if theyre goodenough, well publish them here, on our blog

and even on Yahoo! News.

Advertise

Want to get your brand, product, service orproperty listing out to thousands of Singaporeproperty investors at a very reasonable cost?Head over to www.propwise.sg/advertise/ tofind out more.

Contents

Singapore Property News This Week Pg 2Safe Havens in Turbulent Times Pg 6Resale Property Transactions(August 19-25) Pg 9Singapore Property Classifieds #6 Pg 12

From the Editor

Welcome to the sixteenth edition of the SingaporeProperty Weekly. Weve added a Tenure column

to our property transactions in this issue based onreader feedback. Hope it is helpful!

Mr. Propwise

Copyright 2011 www.Propwise.sg. All Rights Reserved.

Page | 1

8/4/2019 Singapore Property Weekly Issue 16

3/13

SINGAPORE PROPERTY WEEKLY Issue 16

Singapore Property This WeekResidential News

The Meyerise sold 70% of its units, and TheLuxurie sees 82% take-upThe preview for The Meyerise and the officiallaunch of The Luxurie received positiveresponses. Located at District 15 Meyer Road,the 239-unit freehold The Meyer sold 70% ofthe 120 units released during its launch, atprices between $1,400 psf and $2,540 psf.90% of the buyers were Singaporeans andPR, and almost half of the units sold werethree-bedroom units. Over at Sengkang, 99-year leasehold The Luxurie sold more than180 units out of the 220 units launched at anaverage price of $980 psf. The penthouse andgroundfloor units have all been bought.

Two residential redevelopment sites inDistrict 10 up for sale via a tenderAlong Sixth Avenue, the freehold DynastyGarden has been put up for sale with anindicated price of $105 million ($1,432 psf).Housing 33 walk-up apartments with unit sizesbetween 97 sq m and 242 sq m, DynastyGarden has a land area of 6,809.8 sq m(around 73,300 sq ft). The current owners areexpected to receive between $2.8 million and$5.4 million from this sale. Adjoining toDynasty Garden, 21 Lim Tai See Walk, whichhas a land area around 12,691 sq ft, is also upfor sale with an indicated price of $17 million

($1,340 psf). The combination of DynastyGarden and 21 Lim Tai See Walk will give atotal land area of 85,991 sq ft. Zoned for

C i h 2011 P i All Ri h R d

Copyright 2011www.Propwise.sg. All Rights Reserved.

Page | 2

8/4/2019 Singapore Property Weekly Issue 16

4/13

SINGAPORE PROPERTY WEEKLY Issue 16

three-storey mixed landed, the combined sitescan house a total of 52 strata terrace housesor 38 strata semi-detached houses. Tenders

for both sites will end at 4pm on 5th

October.

99-year leasehold Park West up for enblocsale with asking price of $803 millionSituated at Jalan Lempeng in Clementi, the 99-year leasehold prime residential site Park Westhas been put up for collective sale with anasking price of $803 million (around $603 psfppr). The site has a remaining lease of 70years and a total site area of about 633,644 sqft. Currently housing 432 residential and fourcommercial units, the site, which has a plotratio of 2.1 and a GFA of around 1,330,653 sqft, can be redeveloped into 25-storey blocksthat contain around 1,000 to 1,100 units of1,200 sq ft each. The tender for the site endsat 3.30 pm on 20th October.

Arc at Tampines and A Treasure Trove seebrisk take-upTwo 99-year leasehold residential

developments Arc at Tampiness and ATreasure Trove saw positive responsesduring their launches. Along TampinessAvenue 8, 220 units of 574-unit EC Arc atTampines were sold for $722 psf on average.Situated near to Punggol MRT station, around210 units out of the 300 released units of 882-unit private condo project A Treasure Trovewere sold at an average price of $866 psf. Theproject consists of two bedders and fourbedders units with sizes up to 1,658 sq ft, and42 penthouses between 1,528 sq ft and 4,876sq ft.

Redas suggests government to use reservelist to moderate land supply; CityDevelopments predicts slight fall in homeprices in next few monthsRedas hopes that the government will

C

Copyright 2011www.Propwise.sg. All Rights Reserved.

Page | 3

8/4/2019 Singapore Property Weekly Issue 16

5/13

SINGAPORE PROPERTY WEEKLY Issue 16

moderate land sales through the reserve listand also make prompt reviews regarding thevarious cooling measures and policies. As land

sales under the confirmed list were terminatedin H1 2009 and H2 2009 in order to preventoversupply,Redas is afraid that similar situationmight take place in 2011 under the economicdownturn. As for situations in the upcomingmonths, City Developments mentioned thathome prices are likely to decrease slightly anda clearer picture of how the market will beheading will be revealed in three to six monthstime.

Commercial News

Upper Serangoon site drew only 3 bids anda lower-than-expected top bid of $270.3million; 2 to 8 Robin Road up for sale withasking price of $58 millionA 99-year leasehold housing site located atUpper Serangoon drew only three bids in astate tender. The top bid of $270.3 million

($291 psf ppr) submitted by Allgreen Propertieswas not only the lowest land price in psf termachieved since 2009, it was also below

analysts expectation; analysts expected topbid of $300 psf ppr to $450 psf ppr. Credo RealEstate mentioned that the gloomy economicconditions have affected developersconfidence in bidding for GLS residential sites.At Robin Road, a potential boutique freeholddevelopment 2 to 8 Robin Road has been putup for sale with asking price of $58 million

Copyright 2011www.Propwise.sg. All Rights Reserved. Page | 4

8/4/2019 Singapore Property Weekly Issue 16

6/13

SINGAPORE PROPERTY WEEKLY Issue 16

($1,782 psf ppr). Zoned for residentialdevelopment, the site has a land area ofapproximately 23,084 sq ft and a gross plot

ratio of 1.4. Tender for the site will end at2.30pm on 5 October.

A few mid-sized investment property dealssealed recently: The Saff Hotel sold for$42.1 million and 182 Clemenceau Avenuesold for around $74 millionThe Saff Hotel at Keong Saik Road and 182Clemenceau Avenue are two among the fewmid-sized property investment sale dealssealed lately. The Saff was sold for about$42.1 million ($1600 psf on existing GFA) toHind Group. Similarly, the six-storey officeblock 182 Clemenceau Avenue was sold forapproximately $74 million ($1,600 psf on its

NLA). The site, which has a remaining lease ofaround 80 years, is located near Dhoby GhautMRT station. The buyer is said to be aconsortium of Asia-based private investors.

Copyright 2011www.Propwise.sg. All Rights Reserved. Page | 5

8/4/2019 Singapore Property Weekly Issue 16

7/13

SINGAPORE PROPERTY WEEKLY Issue 16

Safe Havens in Turbulent TimesBy Ku Swee Yong

In the first half of August, a few days after Standard& Poors downgraded US debt and caused a 600-point drop in the US stock market, a related entityS&P Equity Research published their stockrecommendations which consisted of big namessuch as General Electric, PepsiCo, McDonalds,Abbott Laboratories, etc.

This list of high quality companies were selectedbased on S&P Equitys opinion that investors shouldstick to traditional matrices such as dividend,consistent profits, strong cash flow, minimal debt,large cash reserves, etc. Given the seesawingequities markets, they recommend that investors goback to basics and examine fundamentals.

The thin ray of positive light coming from the US isfor interest rates to remain low over the next twoyears, hopefully on the back of a US recovery. Letsnot forget that troubles in Europe and Japan maydelay the US recovery by some more.

Copyright 2011www.Propwise.sg. All Rights Reserved. Page | 6

8/4/2019 Singapore Property Weekly Issue 16

8/13

SINGAPORE PROPERTY WEEKLY Issue 16

Are there safe havens in Singaporeproperty?

Citibank analysts Wendy Koh and Tan Chun

Keong published their views on the Singaporeproperty sector and stated that in the currentenvironment, they prefer defensive stocks,reiterating their preference for REITs whichhave outperformed the broader market. In thatpublication of 11 Aug 2011, they stated thatFederal Reserves pledge to keep US interest

rates at record lows until mid-2013 will benefitREITs through low interest costs which canpossibly widen profit margins.

Furthermore, since the Lehman Crisis 3 yearsago, the Singapore REITs have maintainedaverage debt-to-asset ratios which are a little

above 30%, i.e. they have a lot more room toleverage for acquisitions if attractively prizedassets could be found.

Similar to the recommendations by S&P EquityResearch for the US stocks, S-REITs are

preferred by Citibank for their strong cashflow, dividend streams and low debt.

There are investors who still want to invest in

residential products because keeping cash issimply frustrating, when the cash is generatingnegative real returns. But turbulence and airpockets lie ahead. The rough patch may lastover the next 2 years, or even longer and weneed to select products that can weather thestorm.

What are the safer choices in physical realestate?

Therefore, if REITs are considered safe havenstocks in the equities world, what might beconsidered safe haven properties in physical

real estate? I risk sounding like a brokenrecord, always recommending boring productsbut in my mind, the characteristics of safehaven properties translate to:

1. Freehold or 999-year leasehold properties

Copyright 2011www.Propwise.sg. All Rights Reserved. Page | 7

SINGAPORE PROPERTY WEEKLY I 16

8/4/2019 Singapore Property Weekly Issue 16

9/13

SINGAPORE PROPERTY WEEKLY Issue 16

2. Trading at more than 10% discount relativeto other projects within walking distance

3. Comes with a good quality tenancy

contract of at least 3% gross rental yield

With the prices rising faster in the outskirts ofSingapore, and prices of older freeholdproperties in D9, 10, 11 being stagnant, mychoice targets are centered around propertiesin the CCR. Based on the above attributes,

examples of properties that qualify might be:Aspen Heights, Valley Park, Mirage Tower,Palm Spring, Spanish Village, Holland Peak,etc.

And given the low interest rates over the next 2or more years, investors can consider taking

on some borrowings to boost the cash-on-cashreturns. However, leaning on the side ofconservatism and allowing some space forerrors, an investor can borrow at between 50-

70% of the property value and still sleepsoundly even if the downpour should become athunderstorm.

Recent GDP numbers for developed nationssuch as Japan, Germany and even Singaporeare showing signs of weakness. There mightbe technical recessions in several countries,including the US. As one of my clients puts itsuccinctly, Formost global investors, it is backto basics again: food, energy and

accommodation. No matter how heavy therain is, we need to eat, we need basic utilitiesand we need a roof over our heads.

By Ku Swee Yong, founder of real estateagency International Property Advisor, whichprovides services to high net worth individuals.

Copyright 2011www.Propwise.sg. All Rights Reserved. Page | 8

SINGAPORE PROPERTY WEEKLY I 16

8/4/2019 Singapore Property Weekly Issue 16

10/13

SINGAPORE PROPERTY WEEKLY Issue 16

Non-Landed Residential Resale Property Transactions for the Week of Aug 19 to 25

Postal

DistrictProject Name

Area

(sqft)

Transacted

Price ($)

Price

($ psf)Tenure

1 MARINA BAY RESIDENCES 2,379 7,374,900 3,100 99

1 EMERALD GARDEN 980 1,580,000 1,613 999

1 EMERALD GARDEN 1,259 1,950,000 1,548 999

2 CRAIG PLACE 667 1,025,000 1,536 99

3 QUEENS 1,410 1,780,000 1,262 99

3 THE METROPOLITAN CONDOMINIUM 1,733 2,150,000 1,241 99

3 THE ANCHORAGE 1,830 2,230,000 1,219 FH

3 QUEENS 1,184 1,410,000 1,191 99

3 EMERALD PARK 947 1,000,000 1,056 99

4 THE BERTH BY THE COVE 1,076 2,000,000 1,858 99

4 CARIBBEAN AT KEPPEL BAY 1,356 2 ,100,000 1 ,548 99

5 FLYNN PARK 2,067 2,700,000 1,306 FH5 VARSITY PARK CONDOMINIUM 1,313 1,290,000 982 99

5 REGENT PARK 958 938,888 980 99

5 DOVER PARKVIEW 1,249 1,140,000 913 99

7 SOUTHBANK 958 1,415,000 1,477 99

7 BOON SING BUILDING 1,119 1,300,000 1,161 999

8 CITY SQUARE RESIDENCES 1,518 2,277,000 1,500 FH

8 CITY SQUARE RESIDENCES 1,216 1,700,000 1,398 FH

8 MERA SPRINGS 1,044 1,320,000 1,264 FH

8 PRISTINE HEIGHTS 850 1,050,000 1,235 FH

8 KERRISDALE 1,259 1,300,000 1,032 99

8 KERRISDALE 990 1,000,000 1,010 99

8 KERRISDALE 1,259 1,250,000 993 99

9 THE METZ 570 1,500,000 2,629 FH

Postal

DistrictProject Name

Area

(sqft)

Transacted

Price ($)

Price

($ psf)Tenure

9 RIVERGATE 1,496 2,880,000 1,925 FH

9 THE IMPERIAL 1,905 3,668,000 1,925 FH

9 ONE OXLEY RISE 753 1,450,000 1,924 FH

9 WATERMARK ROBERTSON QUAY 1,033 1,970,000 1,906 FH

9 RIVERGATE 1,550 2,950,000 1,903 FH

9 WATERMARK ROBERTSON QUAY 1,076 1,975,000 1,835 FH

9 WATERMARK ROBERTSON QUAY 1,033 1,680,000 1,626 FH

9 WATERMARK ROBERTSON QUAY 1,324 2,100,000 1,586 FH

9 HORIZON TOWER 2,486 2,950,000 1,186 99

9 PEACE CENTRE/MANSIONS 2,605 1,850,000 710 99

10 LATITUDE 2,659 5,792,800 2,179 FH

10 TANGLIN PARK 1,485 2,750,000 1,851 FH10 AVALON 1,206 2,050,200 1,701 FH

10 PINEWOOD GARDENS 1,249 2,030,000 1,626 FH

10 ONE JERVOIS 1,841 2,950,000 1,603 FH

10 HOLT RESIDENCES 2,067 2,920,000 1,413 FH

10 VALLEY PARK 1,216 1,702,400 1,400 999

10 JERVOIS REGENCY 1,130 1,570,000 1,389 FH

10 HOLLAND PEAK 2,594 3,600,000 1,388 FH

10 THE TESSARINA 1,313 1,780,000 1,355 FH

10 MILL POINT 1,206 1,618,000 1,342 999

11 PARK INFINIA AT WEE NAM 1,001 1,951,950 1,950 FH

11 PARK INFINIA AT WEE NAM 1,130 1,900,000 1,681 FH

11 THE ANSLEY 1,281 1,675,000 1,308 FH

11 MANDALE HEIGHTS 2,131 2,500,000 1,173 FH

Copyright 2011www.Propwise.sg. All Rights Reserved. Page | 9

SINGAPORE PROPERTY WEEKLY Iss e 16

8/4/2019 Singapore Property Weekly Issue 16

11/13

SINGAPORE PROPERTY WEEKLY Issue 16

Postal

DistrictProject Name

Area

(sqft)

Transacted

Price ($)

Price

($ psf)Tenure

12 OLEANDER TOWERS 1,152 1,020,000 886 99

12 SUNVILLE 1,130 980,888 868 FH

13 THE SCENIC @ BRADDELL 452 565,000 1,250 FH

14 THE TRUMPS 700 865,000 1,236 99

14 LE CRESCENDO 1,378 1,430,000 1,038 FH

14 THE TRUMPS 1,421 1,360,000 957 99

14 ATRIUM RESIDENCES 1,227 1,060,000 864 FH

14 ASTOR 1,119 950,000 849 99

14 CRYSTAL LODGE 1,184 825,000 697 FH

14 ATRIUM RESIDENCES 1,948 1,300,000 667 FH

14 SIN CHUAN GARDEN 2,120 1,250,000 589 FH

15 MEYER RESIDENCE 1,066 1,330,000 1,248 FH

15 OCEAN PARK 1,873 2,200,000 1,175 FH

15 BUTTERWORTH 8 1,464 1,485,000 1,014 FH15 MANDARIN GARDEN CONDOMINIUM 1,001 1,000,000 999 99

15 EURO-ASIA LODGE 1,389 1,020,000 735 FH

15 BOON COURT 1,442 1,038,000 720 FH

15 CELESTIA 2,120 1,490,000 703 FH

15 SUNNY PALMS 2,971 1,800,000 606 FH

16 BAYSHORE PARK 936 918,000 980 99

16 BAYSHORE PARK 936 910,000 972 99

16 BAYSHORE PARK 936 860,000 918 99

16 CHANGI COURT 969 857,000 885 FH

16 AQUARIUS BY THE PARK 1,227 1,000,000 815 99

16 THE TANAMERA 1,518 1,200,000 791 99

16 TANAMERA CREST 1,604 1,070,000 667 99

16 BEDOK COURT 2,271 1,450,000 638 99

17 ESTELLA GARDENS 657 700,000 1,066 FH

17 COASTAL VIEW RESIDENCES 2,142 2,250,000 1,050 999

Postal

DistrictProject Name

Area

(sqft)

Transacted

Price ($)

Price

($ psf)Tenure

18 EASTPOINT GREEN 958 822,800 859 99

18 CHANGI RISE CONDOMINIUM 1,259 960,000 762 99

18 MELVILLE PARK 1,206 810,000 672 99

19 GLASGOW RESIDENCE 409 582,000 1,423 999

19 D'PAVILION 1,421 1,550,000 1,091 FH

19 KOVAN MELODY 1,421 1,460,000 1,028 99

19 THE QUARTZ 1,270 1,270,000 1,000 99

19 EDEN CREST 969 915,000 945 FH

19 CHERRYHILL 1,292 1,100,000 852 FH

19 CHERRYHILL 1,453 1,200,000 826 FH

19 REGENTVILLE 1,163 788,000 678 99

19 EVERGREEN PARK 1,173 780,000 665 99

20 COUNTRY GRANDEUR 1,442 1,500,000 1,040 FH

20 GRANDEUR 8 1,259 1,150,000 913 9920 BISHAN PARK CONDOMINIUM 1,324 1,048,000 792 99

21 MAPLEWOODS 1,787 2,280,000 1,276 FH

21 SUMMERHILL 1,302 1,240,000 952 FH

21 SIGNATURE PARK 1,044 960,000 919 FH

21 HIGH OAK CONDOMINIUM 1,184 1,080,000 912 99

21 PINE GROVE 1,755 1,500,000 855 99

21 SHERWOOD TOWER 829 630,000 760 99

22 PARC VISTA 1,066 840,000 788 99

22 LAKEHOLMZ 1,249 962,000 770 99

22 LAKESIDE TOWER 1,981 1,038,000 524 99

23 MERAWOODS 1,938 1,865,000 963 999

23 CENTURY MANSIONS 1,012 850,000 840 FH

23 HILLVIEW REGENCY 1,109 930,000 839 99

23 THE WARREN 1,044 840,000 805 99

23 HAZEL PARK CONDOMINIUM 1,744 1,380,000 791 999

Copyright 2011www.Propwise.sg. All Rights Reserved. Page | 10

SINGAPORE PROPERTY WEEKLY Issue 16

8/4/2019 Singapore Property Weekly Issue 16

12/13

SINGAPORE PROPERTY WEEKLY Issue 16

NOTE: This data only covers non-landed residential resale propertytransactions with caveats lodged with the Singapore Land Authority.Typically, caveats are lodged at least 2-3 weeks after a purchasersigns an OTP, hence the lagged nature of the data.

Postal

DistrictProject Name

Area

(sqft)

Transacted

Price ($)

Price

($ psf)Tenure

23 MERALODGE 1,163 910,000 783 FH

23 REGENT HEIGHTS 1,023 780,000 763 99

23 PARKVIEW APARTMENTS 1,119 845,000 755 99

23 PARKVIEW APARTMENTS 1,119 752,000 672 9926 BULLION PARK 807 780,000 966 FH

27 EUPHONY GARDENS 732 610,000 833 99

28 MIMOSA PARK 2,153 1,450,000 674 FH

28 MIMOSA PARK 2,562 1,600,000 625 FH

Copyright 2011www.Propwise.sg. All Rights Reserved. Page | 11

SINGAPORE PROPERTY WEEKLY Issue 15

8/4/2019 Singapore Property Weekly Issue 16

13/13

SINGAPORE PROPERTY WEEKLY Issue 15

Singapore Property Classifieds #6

Attention Agents & Owners

Want to get your property classified adsseen by thousands of property buyers and

investors from only $10? Head to

www.propwise.sg/advertise/ to find out

more.

For Rent

D8 condo Mera Springs. 3+1 1292sf. Ask

$4,900/m. 3 yrs old. 6 min walk to NovenaMRT. 16F unblocked IR/fireworks view. Callowner 97505201

For Sale

Soho Central 19F Office 883sf ask$2700psf neg. Marina Bay view.Vacant. $1800/Q maint. Also for rent at$9psf. Call S. Ganesh @ 91732881

Soho@Central 9F 635sf ask $2200psfneg. Clarke Quay view. Tenanted till01/12@$5k. $975/Q maint. New rent~$8.5psf. Call S. Ganesh @ 91732881

Luma 1173sf 2BR+2BA ask $2000psf.Big balcony, luxury finish, good

facilities. $400 maint. Also for rent at$6k! Call S. Ganesh @ 91732881

Copyright 2011www.Propwise.sg. All Rights Reserved. Page | 12