20190204 S EP 867...an rental of US$4.31 psf pm, with fam-ily-sized apartments at US$3.16 psf pm. Globally, the City of London in the UK is the most expensive neighbour-hood by rental

Chinese-inspired bungalow on

Toh Drive goingfor $9.3 mil

In the eastern suburbs of Changi, a house designed to refl ect a tropical resort lifestyle

is on the market. We take a tour of the home. See our Cover Story on Pages 4 and 5.

PROPERTY PERSONALISED

Visit EdgeProp.sg to nd properties, research market trends and read the latest news The week of February 4, 2019 | ISSUE 867-89

MCI (P) 047/08/2018 PPS 1519/09/2012 (022805)

Market TrendsFlexible work spaces may

grow 20% in the CBD EP2

Done DealsOld prime condos see prices hit new highs, $1 mil profi ts EP3

Feng ShuiJoey Yap’s predictions for

Year of the Earth Boar EP6

Under the HammerUnit at Eden Residences

Capitol going for $6.28 mil EP10

The bungalow at Toh Drive built by retired engineer Gilbert Ong

SAMUEL ISAAC CHUA/THE EDGE SINGAPORE

EP2 • EDGEPROP | FEBRUARY 4, 2019

INDUSTRY WATCH

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Flexible work spaces may grow 20% in CBD| BY BONG XIN YING |

Flexible work spaces could increase by a fur-

ther 20% y-o-y to a combined 2.7 million

sq ft within the Singapore CBD in 2019, ac-

cording to Colliers International’s inaugural

Landlord Sentiment Survey in Singapore re-

leased on Jan 24. The projected increase of about

580,000 sq ft includes recent leases that have been

signed and represents about 5% of the total office

stock (all grades) in the city centre.

Flexible workspaces, which comprise co-work-

ing space and serviced office operators, have seen

tremendous growth in recent years. The sector grew

an estimated 670,000 sq ft in 2018, says Colliers.

About 90% of the respondents have a flexible

workspace provider within their buildings, which

they believe add value to their tenants, the survey

showed. Of those, 25% of the respondents have

both serviced office and co-working space in their

property, while 40% have only serviced office, and

25% only co-working space.

Conducted from 2Q to 3Q2018, the survey polled

landlords whose properties represent more than

50% of the Premium and Grade-A stock in Singa-

pore’s CBD. The properties are all mixed develop-

ments comprising an office component.

Tight vacancy rates in CBDThe poll also revealed that 75% of the respondents’

buildings have less than 10% vacancy, indicating

tight vacancy rates across prime office buildings in

the CBD. The limited availability of large contigu-

ous space in the CBD could hamper a landlord’s

ability to meet tenants’ expansion needs, says Rick

Thomas, Colliers’ newly appointed head of occupi-

er services for Singapore.

CBD Grade-A office supply completion this year

is likely to remain similar to 2018’s level, at about

0.7 million sq ft. Office properties expected to be

completed this year include 18 Robinson, 9 Penang

Road and Funan.

The Banking & Finance sector continues to be

the ideal occupier segment for the respondents

(80%), followed by Technology, Media & Tele-

com (60%) and Professional Services (45%), the

survey showed.

Tenant retention a challengeOf the respondents, 75% see tenant retention as a

challenge, citing more competitive pricing, chang-

ing economic factors and new commercial devel-

opments. The new-builds completed in the last two

years offer several key features, such as end-of-trip

facilities, enhanced technology, more sustainability

features and higher efficiency. The better user ex-

perience of these new-builds often aligns with the

occupiers’ increasing focus on wellness and talent

recruitment strategies.

Pricing will always be an “important aspect”

of any tenant attraction and retention strategy, es-

pecially in a “rising market where Premium and

Grade-A CBD rents are inching up”, says Thomas.

In the CBD, Beach Road, Shenton Way/Tanjong

Pagar, and Raffles Place/New Downtown were the

top three micro-markets with the strongest rental

growth in 2018.

Landlords should be proactive and more pro-

gressive by providing varied lease structures while

ensuring competitive pricing, says Duncan White,

Colliers’ head of office services.

Some occupiers may “consider leasing low-

er-priced office space in the city fringe and suburbs

or even in business parks if they meet the eligibil-

ity criteria”, Thomas says. E

JustCo to debut in Seoul, Sydney, MelbourneLocal co-working operator JustCo an-

nounced that it will debut six new

co-working centres in Seoul, Sydney

and Melbourne by end-March. This is

in addition to increasing its presence in

established cities like Singapore, Shang-

hai, Bangkok and Jakarta. The compa-

ny says its latest forays will double its

footprint in the Asia-Pacific by 1Q2019.

Its expansion plans are funded from

a US$177 million ($239 million) joint

investment by sovereign wealth fund

GIC and property giant Frasers Prop-

erty, as well as earlier funding by con-

glomerates TICON and Sansiri in Thai-

land, and Gunung Sewu in Indonesia.

The company will launch four cen-

tres in Melbourne and Sydney. One is a

four-storey, 90,000 sq ft centre at 15 Wil-

liam Street in Melbourne, which will open

in May. In Seoul, two new centres will

also be opening this quarter. One will be

in the Seoul Finance Centre, a commercial

building owned and managed by GIC. In

Singapore, JustCo will also open a new

centre later this year at China Square Cen-

tral, which is owned by Frasers Property.

“The year 2019 is starting strong for

us as we enter new cities in Korea and

Australia and announce more locations

in Hong Kong, Taiwan, Vietnam, Ma-

laysia and the Philippines,” said Just-

Co CEO, Kong Wan Sing. “Across all our

newly secured locations in the region,

we have received 50% pre-lease com-

mitment by large corporates.”

By the end of this quarter, the co-work-

ing operator would have secured or

opened nine new CBD locations in var-

ious cities across the region. This will

see its portfolio of properties grow to

29 centres in the Asia-Pacific.

Property transaction index up by 0.1% in December 2018 The overall Singapore Residential Price In-

dex (SRPI) increased marginally last month

by 0.1% m-o-m after falling for three con-

secutive months. Conducted by the Na-

tional University of Singapore, the SRPI is

a transaction-based index that tracks the

monthly price movements of non-landed

private properties in the country.

The rates of change for the sub-indi-

ces are very small, likely because of the

thin transaction volume in December

due to the holiday season, says Nicholas

Mak, executive director at ZACD Group.

The three sub-indices cover transactions

in the central and non-central regions

(excluding small units), and for small

units (of less than 506 sq ft).

The central region index rose by 0.2%

m-o-m as the relatively softer prices of

properties in the prime districts contin-

ue to attract some buyers, Mak says. He

attributes the overall 0.1% increase to

a “statistical blip” that does not signal

the start of a price recovery.

This year, the overall SRPI will see

more monthly declines as the private

residential market grapples with the ef-

fects of the property cooling measures

in place for six months now and expects

slower economic growth, Mak says. He

projects the overall index to decrease

4% to 7% y-o-y for the whole of 2019.

Gilstead Court tries for collective sale again, may cut price to $153 mil Gilstead Court (above) has been re-

launched for collective sale by tender.

More than 60% of the owners at the

freehold condominium on Gilstead Road

have signed a supplementary agreement

to lower the reserve price of their devel-

opment from $168 million to $153 mil-

lion. Gilstead Court previously attempt-

ed a collective sale in June last year at

the higher price, but the tender closed

on July 10 with no successful bids.

The collective sale committee of Gil-

stead Court needs at least 80% of the

owners to support the lower reserve price,

says JLL, the marketing agent for Gil-

stead Court. If endorsed, the new reserve

price would reflect a land rate of $1,448

psf per plot ratio (ppr), compared with

$1,590 psf ppr under the higher price.

Built in 1978, Gilstead Court compris-

es 24 apartments of 1,389 sq ft and 24

apartments of 1,464 sq ft within three

4-storey blocks. The 75,479 sq ft site

is zoned “residential” under the 2014

Master Plan and has a gross plot ratio of

1.4. The new development could com-

prise up to 98 units at a minimum size

of 1,076 sq ft each. A pre-application

feasibility study is not required, and no

development charge is payable for the

redevelopment of the site.

The development’s address in the

Novena/Newton neighbourhood as well

as its freehold tenure and proximity to

schools make it stand out among the

many collective sale sites that are being

marketed, says Tan Hong Boon, exec-

utive director of JLL. He is also confi-

dent it will attract developers’ interest,

based on the number of bids received

for the nearby Kampong Java govern-

ment land tender.

The tender for Gilstead Court clos-

es on Feb 27.

Apartment rents in Singapore rank 13th globallySingapore ranks 13th out of 50 global cit-

ies in terms of rental affordability, ac-

cording to data released by Nestpick, a

global listing website for furnished apart-

ments. The data shows that the medi-

an rentals are US$3.64 ($4.60) psf per

month (pm) for a single-person apart-

ment, and US$2.50 psf pm for an aver-

age family apartment.

Within the city state, the most ex-

pensive neighbourhood for single-per-

son apartments and family-sized apart-

ments is District 6, at US$5.34 psf pm

and US$3.98 psf pm respectively. Dis-

trict 6 comprises the areas around High

Street, Beach Road, City Hall and Clarke

Quay. In comparison, single-person apart-

ments in prime District 9 have a medi-

an rental of US$4.31 psf pm, with fam-

ily-sized apartments at US$3.16 psf pm.

Globally, the City of London in the

UK is the most expensive neighbour-

hood by rental affordability, followed

by Monte-Carlo in Monaco. Two neigh-

bourhoods in Hong Kong, Hong Kong

Island and Kowloon, are in the eighth

and ninth places respectively.

Meanwhile, Vieux-Montreal in Can-

ada has the highest inequality rental

gap, based on the deviation from the

city’s median property price. The ine-

quality score in that neighbourhood is

221.62%. A score of 200% indicates it

is double the average price for the city.

Shibuya in Tok yo and Jongno in Seoul

have inequality scores of 173.08% and

171.68% respectively. — Compiled by

Timothy Tay

PROPERTY BRIEFS

E

JLL

EDGEPROP | FEBRUARY 4, 2019 • EP3

Singapore — by postal district LOCALITIES DISTRICTSCity & 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

District 1 EMERALD GARDEN Condominium 999 years January 21, 2019 1,238 2,600,000 - 2,100 1999 ResaleMARINA ONE RESIDENCES Apartment 99 years January 16, 2019 1,163 2,988,490 - 2,571 2017 New SaleDistrict 2 BLAIR PLAIN CONSERVATION AREA Terrace Freehold January 18, 2019 883 3,098,000 - 3,493 Unknown ResaleDistrict 3 ARTRA Apartment 99 years January 19, 2019 1,227 2,226,900 - 1,815 Uncompleted New SaleARTRA Apartment 99 years January 20, 2019 1,410 2,436,000 - 1,728 Uncompleted New SaleMARGARET VILLE Apartment 99 years January 15, 2019 657 1,211,800 - 1,846 Uncompleted New SaleSTIRLING RESIDENCES Apartment 99 years January 15, 2019 764 1,319,000 - 1,726 Uncompleted New SaleSTIRLING RESIDENCES Apartment 99 years January 16, 2019 764 1,274,000 - 1,667 Uncompleted New SaleSTIRLING RESIDENCES Apartment 99 years January 17, 2019 657 1,132,000 - 1,724 Uncompleted New SaleSTIRLING RESIDENCES Apartment 99 years January 18, 2019 764 1,235,000 - 1,616 Uncompleted New SaleSTIRLING RESIDENCES Apartment 99 years January 19, 2019 786 1,350,000 - 1,718 Uncompleted New SaleSTIRLING RESIDENCES Apartment 99 years January 19, 2019 764 1,359,000 - 1,778 Uncompleted New SaleSTIRLING RESIDENCES Apartment 99 years January 19, 2019 1,055 1,760,000 - 1,668 Uncompleted New SaleTHE ANCHORAGE Condominium Freehold January 22, 2019 1,163 1,820,000 - 1,566 1997 ResaleTHE CREST Condominium 99 years January 15, 2019 1,873 3,762,095 - 2,009 2017 ResaleDistrict 4 CARIBBEAN AT KEPPEL BAY Condominium 99 years January 16, 2019 1,335 2,075,000 - 1,555 2004 ResaleHARBOUR VIEW TOWERS Condominium 99 years January 21, 2019 1,206 1,603,000 - 1,330 1994 ResaleREFLECTIONS AT KEPPEL BAY Condominium 99 years January 17, 2019 893 1,400,000 - 1,567 2011 ResaleREFLECTIONS AT KEPPEL BAY Condominium 99 years January 21, 2019 1,012 1,575,000 - 1,557 2011 ResaleTHE FORESTA @ MOUNT FABER Condominium Freehold January 16, 2019 431 830,000 - 1,928 2014 ResaleDistrict 5 BLUE HORIZON Condominium 99 years January 15, 2019 1,152 1,200,000 - 1,042 2005 ResaleDOVER PARKVIEW Condominium 99 years January 18, 2019 936 1,055,000 - 1,127 1997 ResaleFABER CREST Condominium 99 years January 16, 2019 1,744 1,650,000 - 946 2001 ResaleHERITAGE VIEW Condominium 99 years January 16, 2019 1,206 1,350,000 - 1,120 2000 ResaleREGENT PARK Condominium 99 years January 16, 2019 1,249 1,200,000 - 961 1997 ResaleSEAHILL Condominium 99 years January 18, 2019 506 718,000 - 1,419 2016 Resale

SEAHILL Condominium 99 years January 21, 2019 495 705,000 - 1,424 2016 ResaleTHE CLEMENT CANOPY Apartment 99 years January 19, 2019 1,346 1,936,000 - 1,439 Uncompleted New SaleTHE VISION Condominium 99 years January 18, 2019 2,110 1,620,000 - 768 2014 ResaleWEST COAST GARDENS Terrace 956 years January 15, 2019 2,002 3,000,000 - 1,497 1976 ResaleWEST PARK REGENCY Terrace Freehold January 18, 2019 1,905 1,730,000 - 908 1996 ResaleWHISTLER GRAND Apartment 99 years January 15, 2019 1,066 1,437,600 - 1,349 Uncompleted New SaleWHISTLER GRAND Apartment 99 years January 15, 2019 990 1,344,800 - 1,358 Uncompleted New SaleWHISTLER GRAND Apartment 99 years January 15, 2019 1,066 1,384,800 - 1,300 Uncompleted New SaleWHISTLER GRAND Apartment 99 years January 15, 2019 1,281 1,694,520 - 1,323 Uncompleted New SaleWHISTLER GRAND Apartment 99 years January 15, 2019 1,281 1,588,000 - 1,240 Uncompleted New SaleWHISTLER GRAND Apartment 99 years January 16, 2019 1,173 1,608,000 - 1,371 Uncompleted New SaleWHISTLER GRAND Apartment 99 years January 16, 2019 624 857,600 - 1,374 Uncompleted New SaleWHISTLER GRAND Apartment 99 years January 16, 2019 764 1,116,180 - 1,461 Uncompleted New SaleWHISTLER GRAND Apartment 99 years January 16, 2019 764 1,065,150 - 1,394 Uncompleted New SaleWHISTLER GRAND Apartment 99 years January 16, 2019 1,281 1,603,200 - 1,252 Uncompleted New SaleWHISTLER GRAND Apartment 99 years January 16, 2019 441 608,000 - 1,378 Uncompleted New SaleWHISTLER GRAND Apartment 99 years January 17, 2019 614 811,620 - 1,323 Uncompleted New SaleWHISTLER GRAND Apartment 99 years January 17, 2019 441 620,000 - 1,405 Uncompleted New SaleWHISTLER GRAND Apartment 99 years January 17, 2019 614 809,600 - 1,320 Uncompleted New SaleWHISTLER GRAND Apartment 99 years January 17, 2019 1,281 1,598,400 - 1,248 Uncompleted New SaleWHISTLER GRAND Apartment 99 years January 18, 2019 1,270 1,589,600 - 1,252 Uncompleted New SaleWHISTLER GRAND Apartment 99 years January 18, 2019 614 816,000 - 1,330 Uncompleted New SaleWHISTLER GRAND Apartment 99 years January 18, 2019 1,281 1,633,770 - 1,275 Uncompleted New SaleWHISTLER GRAND Apartment 99 years January 18, 2019 1,281 1,618,400 - 1,263 Uncompleted New SaleWHISTLER GRAND Apartment 99 years January 19, 2019 958 1,246,400 - 1,301 Uncompleted New SaleWHISTLER GRAND Apartment 99 years January 19, 2019 764 1,041,660 - 1,363 Uncompleted New SaleWHISTLER GRAND Apartment 99 years January 19, 2019 1,066 1,409,600 - 1,323 Uncompleted New SaleWHISTLER GRAND Apartment 99 years January 20, 2019 1,066 1,405,600 - 1,319 Uncompleted New SaleWHISTLER GRAND Apartment 99 years January 20, 2019 990 1,268,000 - 1,280 Uncompleted New SaleWHISTLER GRAND Apartment 99 years January 20, 2019 764 1,119,420 - 1,465 Uncompleted New SaleWHISTLER GRAND Apartment 99 years January 20, 2019 614 822,400 - 1,340 Uncompleted New SaleWHISTLER GRAND Apartment 99 years January 20, 2019 1,066 1,360,800 - 1,277 Uncompleted New SaleDistrict 7 DUO RESIDENCES Apartment 99 years January 16, 2019 1,528 3,988,000 - 2,609 2017 New SaleTHE PLAZA Apartment 99 years January 16, 2019 678 758,000 - 1,118 1979 ResaleDistrict 9 8 SAINT THOMAS Condominium Freehold January 17, 2019 420 1,443,000 - 3,437 2018 Resale8 SAINT THOMAS Condominium Freehold January 18, 2019 549 1,799,000 - 3,277 2018 ResaleRIVERGATE Apartment Freehold January 21, 2019 1,055 2,400,000 - 2,275 2009 ResaleRV ALTITUDE Apartment Freehold January 18, 2019 624 1,754,000 - 2,809 Uncompleted New SaleRV ALTITUDE Apartment Freehold January 18, 2019 624 1,784,000 - 2,858 Uncompleted New SaleRV ALTITUDE Apartment Freehold January 18, 2019 624 1,769,000 - 2,834 Uncompleted New SaleRV ALTITUDE Apartment Freehold January 18, 2019 624 1,724,000 - 2,761 Uncompleted New SaleRV ALTITUDE Apartment Freehold January 18, 2019 624 1,747,000 - 2,798 Uncompleted New SaleRV ALTITUDE Apartment Freehold January 18, 2019 624 1,862,000 - 2,982 Uncompleted New SaleRV ALTITUDE Apartment Freehold January 18, 2019 570 1,587,000 - 2,782 Uncompleted New SaleRV ALTITUDE Apartment Freehold January 18, 2019 570 1,595,000 - 2,796 Uncompleted New SaleRV ALTITUDE Apartment Freehold January 18, 2019 603 1,717,000 - 2,848 Uncompleted New SaleRV ALTITUDE Apartment Freehold January 18, 2019 603 1,732,000 - 2,873 Uncompleted New SaleRV ALTITUDE Apartment Freehold January 18, 2019 441 1,356,000 - 3,073 Uncompleted New SaleRV ALTITUDE Apartment Freehold January 18, 2019 441 1,349,000 - 3,057 Uncompleted New SaleRV ALTITUDE Apartment Freehold January 18, 2019 441 1,364,000 - 3,091 Uncompleted New SaleRV ALTITUDE Apartment Freehold January 18, 2019 441 1,349,000 - 3,057 Uncompleted New SaleTHE LAURELS Condominium Freehold January 18, 2019 1,302 3,900,000 - 2,994 2013 ResaleTHE PEAK @ CAIRNHILL II Apartment Freehold January 15, 2019 829 2,203,000 - 2,658 2015 ResaleTHE PEAK @ CAIRNHILL II Apartment Freehold January 18, 2019 904 2,377,055 - 2,629 2015 ResaleTHE PIER AT ROBERTSON Apartment Freehold January 15, 2019 1,109 2,350,000 - 2,120 2006 ResaleDistrict 10 3 CUSCADEN Apartment Freehold January 15, 2019 764 2,656,545 - 3,476 Uncompleted New Sale3 CUSCADEN Apartment Freehold January 17, 2019 452 1,625,000 - 3,594 Uncompleted New Sale3 CUSCADEN Apartment Freehold January 19, 2019 452 1,545,000 - 3,417 Uncompleted New Sale3 CUSCADEN Apartment Freehold January 20, 2019 463 1,743,000 - 3,766 Uncompleted New SaleBEAVERTON COURT Condominium Freehold January 21, 2019 3,122 4,180,000 - 1,339 1984 ResaleBELLERIVE Apartment Freehold January 15, 2019 1,238 2,039,000 - 1,647 2011 Resale

DONE DEALS

Residential transactions with contracts dated Jan 15 to 22

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


Old prime condos see prices hit new highs, $1 mil profits

CONTINUES ON PAGE EP8

| BY CHARLENE CHIN |

Over the week of Jan 15 to

22, three condominiums

in the Core Central Region

(CCR) saw transactions

that were not just the most

profitable, but also set record prices.

The Marbella, at Mount Sinai

Rise in prime District 10, is a 239-

unit, freehold condo developed by

OUB Centre and completed in 2005.

The latest unit to change hands in the

project was a 1,744 sq ft, four-bed-

room unit on the 23rd floor of one

of the three 24-storey towers.

The unit at The Marbella was sold

for $3.2 million, or $1,830 psf — which

is a new high in terms of psf price.

The sale price was 2.3 times the pur-

chase price of $1.4 million ($803 psf)

that the former owner paid in Novem-

ber 2002, according to a caveat lodged

then. The seller also pocketed $1.8 mil-

lion from the sale — which was the

highest gain registered for the week

under review (See Gains & Losses Ta-

ble on Page EP9).

Another profitable deal that week

was for a unit at Emerald Garden on

Club Street in District 1 of the CBD.

The 265-unit, 999-year leasehold con-

do was completed in 1998. It is re-

garded as one of the first inner-city

private condos in Singapore.

The unit at Emerald Garden is a

1,238 sq ft, three-bedroom apartment

on the second level of the 11-storey con-

do block. The sale price was $2.6 mil-

lion, which translates into $2,100 psf

— also a new high in psf price terms.

For the seller, who had paid $935,000

($755 psf) in December 2002, it meant

a capital gain of $1.67 million.

The third most profitable deal was

at 28 Shelford, a freehold development

that was completed in 1994. Located

on Shelford Road, off Dunearn Road

in prime District 11, it is a boutique,

low-rise condo block with just 36 units.

The 1,184 sq ft, three-bedroom unit

on the second level of the four-storey

block at 28 Shelford was sold for $2

million ($1,689 psf), double the pur-

chase price of $1 million ($845 psf) in

November 1999. The latest psf price

achieved — $1,689 psf — is also the

highest to date.

Bruce Lye, managing partner of

SRI, believes that the buyers of these

units are most likely en bloc benefi-

ciaries looking for replacement homes

in the prime districts. Owners of pro-

jects that have gone through a suc-

cessful collective sale and received

their money late last year, for in-

stance, Hollandia, Olina Lodge and

Tulip Garden in the Holland Road

and Farrer Road neighbourhood, are

now looking for replacement homes.

“These en bloc beneficiaries who

want similar-sized three- and four-bed-

room units are having difficulty find-

ing them in newer developments

where apartments are compact in

size,” says Lye. “Older developments

such as The Marbella and 28 Shel-

ford, which were built more than a

decade ago, however, have compa-

rable unit sizes.”

What’s more, these prime pro-

jects have collective sale potential

too, he adds. Lye points to Emerald

Garden where owners in the devel-

opment are attempting a collective

sale. Word on the street is that they

are exploring the possibility of hav-

ing the site rezoned for use as a ho-

tel or serviced apartment project.

Just across the road from Emerald

Garden is a public carpark that URA

launched for tender as a hotel site

last September. At the close of the

tender on Jan 15, Worldwide Hotel

Group’s subsidiary, Midtown Devel-

opment, emerged the winner with a

top bid of $562.2 million ($2,148 psf

per plot ratio). That translates into

a breakeven cost of $800,000 per

key, according to Tricia Song, Col-

liers International head of research

for Singapore.

“The record price for the hotel site

may have induced some owners at

Emerald Garden to ride the collective

sale wave,” reckons Lye.

For the sellers of The Marbella, 28

Shelford and Emerald Garden, it made

sense to cash out after holding their

units for almost 28 years, adds Lye.

These sellers had also purchased their

units when the market was down and

prices were at the trough in 1999-2002

in the aftermath of the Asian finan-

cial crisis, he notes.

A unit at The Marbella was sold for $3.2 million ($1,830 psf), according to a caveat lodged on Jan 22

E


COVER STORY


Chinese-inspired bungalow onToh Drive going for $9.3 mil

| BY TIMOTHY TAY |

On Toh Drive, a quiet landed hous-

ing estate located off Upper Changi

Road North, a bungalow has been

put on the market for sale. While it

looks like a contemporary resort villa

from the outside, its interior can be described

as “modern chinoiserie”, or in the words of

its owner, a house with “Oriental touches”.

The property was built by its owner, re-

tired engineer Gilbert Ong. He purchased

the freehold site for $2.1 million in 2006 and

tore down the old bungalow to build his new

home. Back then, bungalows in the neighbour-

hood sitting on land sizes of at least 6,000 sq

ft were transacted at prices ranging from $224

to $430 psf, according to caveats lodged with

URA Realis. The asking price now is $9.3 mil-

lion ($1,339 psf).

Ong wanted a house that reflected “a con-

temporary resort lifestyle”, with indoor and

outdoor spaces as well as rooms that have for-

mal and informal settings. He also wanted to

maximise the use of the 6,943 sq ft plot, which

is elevated and therefore has a vantage point.

“When I was a businessman, I used to trav-

In the eastern suburbs of Changi, a house designed to reflect a tropical resort lifestyle is on the market. Take a tour of the home.

The main dining room, which is painted in auspicious red and gold, features ornate sliding doors and panels with Chinese motifs

The bungalow, pictured at dawn, is elevated from the street level

PICTURES: SAMUEL ISAAC CHUA/THE EDGE SINGAPORE

el frequently,” recounts Ong. “I used to admire

the beautiful designs of the five-star hotels and

resorts, and I wanted to bring that experience

to my house.”

The house spans three levels and has a

built-up area of 9,000 sq ft. The main gate of

the house leads directly to the car park, which

can fit six cars comfortably. Even though it is

at street level, the car park is considered the

basement level of the house. As the site is el-

evated, the basement level was extended to

include a home cinema and an en suite guest

bedroom. There is a home lift from the base-

ment to the upper levels of the house.

The second entrance into the house is from

a side gate, with a staircase leading directly

to the first level of the house. Lush greenery

provides privacy and a measure of serenity

for the residents.

Contemporary, with Oriental touchesOn the first level of the house is a pavilion

overlooking a reflective pool and garden. The

house has large windows and full-height glass

doors that open out to the garden, allowing

natural light and a cool breeze into the house

for much of the day.

COVER STORY


A spacious lounge area with floor-to-ceiling windows is frequently used to entertain guests

The airwell opens out into a well-ventilated space in the basement

The basement was extended when the house was rebuilt, to fit a home cinema and an extra bedroom

An outdoor pavilion beside a cantilevered water feature serves as another lounge and entertainment area

E

The first level of the house contains the pub-

lic areas — living room, formal dining room,

kitchen and yard. The second level contains

four en suite bedrooms, including the master

bedroom suite.

Ong engaged RG Architects to design the

house. While the architecture of the house is

contemporary, the interior design is chinoise-

rie-inspired, especially in the formal dining

room. A pair of intricately carved Chinese

wooden doors graces the entrance to the din-

ing room. Within is a dark rosewood dining

table set that can seat 12, and a wood-pan-

elled wall.

Ong and his wife were actively involved

in the interior design. “It is important that

we have a house that we both enjoy,” he

says. “She has a good eye when it comes to

proportions, colours and design ideas. I like

these Oriental touches, as they reflect our

Chinese culture and personal tastes. It keeps

the house interesting for visitors, and the best

thing about such classical Chinese designs is

that they never go out of style.” Some of the

furniture pieces and fixtures were sourced in

China, while others were purchased in Sin-

gapore and Australia.

All in, Ong reckons he spent close to $3.6

million renovating and furnishing the house,

which took two years to complete. This was

on top of the $2.1 million he paid for the land.

Prolific investor-developerOng has been investing in property for many

years. Besides houses, his portfolio includes

private apartments. In recent years, howev-

er, he has been gradually divesting his assets.

The house on Toh Drive is one of the last

remaining properties he is holding on to. “It

has been our family home for the past dec-

ade,” says Ong.

What prompted him to move to the Toh

estate was a very good friend, who lives

in the estate too. Ong likes the neighbour-

hood, as it is a landed housing estate with

predominantly two-storey bungalows and

semi-detached houses, although some new,

three-storey, mixed-landed housing develop-

ments have sprung up in recent years.

“It’s very quiet and peaceful here,” he says.

“There are also many nice eateries and amenities

in the area.” The estate is a less than 10-minute

drive from dining destinations such as Changi

Village Hawker Centre and Cranwell Road.

The house is not Ong’s first home in the

neighbourhood; he had purchased a property

there in the early 1980s. The bungalow was

located on Toh Crescent, just down the road

from his current house.

He also developed that home. The family

lived there for only a few years before re-

locating to Australia. Ong sold that prop-

erty in 1989. After spending 15 years in

Australia, the family moved back to Sin-

gapore in 2004.

Second time around“When I decided to come back, I started look-

ing for land to build a house again,” says Ong.

“After looking around for two years, I decid-

ed to come back to [the Toh estate] because it

has better value and offers the resort lifestyle

environment that we wanted.”

These days, he and his wife shuttle between

Singapore and Perth, where their two daugh-

ters have married and settled down. Ong was

also involved in the design of his two hous-

es in Perth.

The house in the Toh estate is expected to

appeal to upgraders from smaller landed hous-

es in the east. Yap Boon Seng, OrangeTee &

Tie residential associate executive director,

has been appointed exclusive marketing agent

for the property. Yap says it would make more

sense for these buyers to purchase a ready-

built, well-designed bungalow such as Ong’s

home instead of buying a piece of land and

building a new home from scratch.

The most recent bungalow transaction in

the area was at 15 Toh Drive, which changed

hands for $6.97 million ($824 psf) last De-

cember. Two vacated houses in the area were

recently sold to boutique property develop-

er Tan Jin Chwee & Co, which intends to re-

develop the sites into a new landed project.

According to Yap, “one in four buyers” in the

Toh estate are developers.

Developers that have been active in the Toh

estate over the years include Wah Khiaw Group

and Fragrance Group, whose founder, tycoon

Koh Wee Meng, has a house there.

With most of his family now in Australia,

Ong feels it is time to sell the house on Toh

Drive. “It’s better to let go of the house and

let a new family enjoy it,” he says. “I would

still love to build another house in the same

area if my children decide to come back to

Singapore.”

A pair of intricately carved Chinese wooden doors graces the entrance to the dining room

FENG SHUI


Outlook for the Year of the Earth Boar| BY TIMOTHY TAY |

Fengshui consultant Joey Yap says 2019

will be “an interesting year”, as it marks

a year of transition. “We are approach-

ing a new cycle, which in metaphysics

is known as ‘period 9’,” he says. “There

is transformation, and whenever there’s a big

change, chaos is to be expected.”

In consulting the bazi chart (based on the

concept of the “Four Pillars of Destiny” in Chi-

nese astrology), Yap says the Singapore econo-

my will see a rise in private consumption. He

says sports and recreation as well as education

will be at the forefront this year.

Yap was speaking at his Feng Shui and Astro-

logy Seminar on Jan 13, which saw 4,500 peo-

ple packed into a convention hall at the Resorts

World Sentosa Convention Centre. The event

in Singapore bookended his world tour to Lon-

don, New York, Penang and Kuala Lumpur.

This year, the seminar series was spon-

sored by Malaysian developer Gamuda Land,

and the official media partner in Singapore

was EdgeProp Singapore. Yap predicts that

“technology-related industries will have ma-

jor breakthroughs in 2019, and this will occur

on a global scale”.

The number of local business start-ups will

increase at a faster pace this year, particularly

in the F&B sector, as more people choose to be

self-employed. “This increase is more significant

in Singapore than in other countries in Southeast

Asia,” says Yap, cautioning, however, that “just

because you start something new does not mean

it will always turn out to be a successful venture”.

Those involved in the local real estate mar-

ket should be cautious this year, which is the

Yap at this year’s Feng Shui and Astrology seminar at Resorts World Sentosa Convention Centre

Year of the Earth Boar, says Yap. He sees the

property sector being weighed down by in-

frastructure and transportation-related issues

“because all the [zodiac] signs this year are

related to mobility”.

He adds that there could be a slowdown

in new developments in the real estate sector.

“Economic growth is not going to be as good

as the year before,” he observes.

Yap, a fengshui practitioner of 23 years,

says 2019 will be marked by “more global un-

certainty” that will lead to “big changes”. He

advises his audience not to let these forecasts

dictate their year, though.

“The choices each individual makes are

unique,” he says. “Many people think life is

fated and, in some ways, it is. But our desti-

ny is a choice we make to transform our lives.

We may not be fated to have so-called ‘good

fortune’ every year, but each year we can de-

cide to make it better than the last.”

Staff of EdgeProp Singapore, the event’s official media partner, were on hand to promote its online consumer tools Fengshui aficionados also shopped for books and guides by Yap

About 4,500 people attended the annual seminar, which was held on Jan 13 this year

PICTURES: SAMUEL ISAAC CHUA/THE EDGE SINGAPORE

E

FENG SHUI


Words of wisdom for 2019

Boar 1923, 1935, 1947, 1959, 1971, 1983, 1995, 2007Things might not go as

planned, but that is simply

how life is. You will be able

to brave the challenges of

this year with ample planning and clarity of mind. Do not

let your emotions get in the way of your success. Strive for

quality. The challenges you face might seem overwhelm-

ing at first, but they can easily be overcome if you handle

it one problem at a time.

Rat1924, 1936, 1948, 1960, 1972, 1984, 1996, 2008It is an ideal year to realise

your ambitions and advance

in your career. As your so-

cial circle is set to grow this

year, take the opportunity to make the best of it. While you

should go all out in terms of career, be more conservative

when it comes to investment. Remember to appreciate those

who have supported you in your journey.

Ox1925, 1937, 1949, 1961, 1973, 1985, 1997, 2009Sometimes, the root of the

problems we encounter is

not external, but internal.

It is a good time for you to

do some self -reflection to get to the bottom of your worries.

Before you decide on anything, take your time to do prop-

er research. Whatever challenges you might have in 2019,

confront them with patience and tolerance.

Tiger1926, 1938, 1950, 1962, 1974, 1986, 1998, 2010For all your hard work, peo-

ple might not always notice

you, but that will change

this year. Know that it is fi-

nally time for you to be rec-

ognised for your efforts. Guidance and support are readi-

ly available from those closest to you, so do not be shy if

you need help. Although things are looking good overall,

it does not hurt to be careful with your words and actions.

Rabbit1927, 1939, 1951, 1963, 1975, 1987, 1999, 2011It is going to be a fantastic

year ahead in almost all as-

pects of your life! As things

are going well for you, try not

to ruin it by cutting corners

or taking risky actions. Every decision you make should

be based on rational and logical thinking, rather than your

emotions. Keep this up and you will be able to realise any

goal you have set.

Dragon1928, 1940, 1952, 1964, 1976, 1988, 2000, 2012The main theme for you this

year would be relationships.

Which relationships? All of

them! Whether it is the one

with someone special, the

people you work with or just

casual friends, all of these

are set to prosper in 2019. Capitalise on this opportunity

by making the right connections. While you are out there

meeting new people or old friends, remember to keep an

eye on your wallet.

Snake1929, 1941, 1953, 1965, 1977, 1989, 2001, 2013They say tough times build

character, so this would be a

good year to build yours. Your

luck for this year might not

match other people’s, but that

does not mean you will not

be able to persevere through

this year. When it comes to planning and expectations, keep

them realistic and you will be okay. Just remember to take

on only what you are able to bear.

Horse1930, 1942, 1954, 1966, 1978, 1990, 2002, 2014You can expect a great year

ahead if you take the initiative

instead of horsing around. The

more effort you put in your

work, the greater the return.

Graced by such good luck this

year, you can deal easily with

problems. While you will not have problems getting things

started, make sure your plans are carried out carefully so

they do not blow up in your face.

Goat1931, 1943, 1955, 1967, 1979, 1991, 2003, 2015There is a difference between

what you mean, what you

say, what is heard and what

is understood. In other words,

make sure whatever you are trying to communicate this year

is crystal clear. That aside, your artistic flair is set to flour-

ish this year, so indulge in that facet of your life, whether

in your career or as a hobby. Keep your emotions in check

so that you will not step on anyone’s toes.

Monkey1932, 1944, 1956, 1968, 1980, 1992, 2004, 2016Invest, invest and invest;

now is the time for you to

grow your wealth, and you

are encouraged to invest in

stocks and worthy properties. But, before you do so, make

sure you read up on what you are investing in and, at the

same time, seek advice from qualified friends. There will

be some petty people who will gossip about you behind

your back, but they will not be able to harm you if you are

able to ignore them.

Rooster1933, 1945, 1957, 1969, 1981, 1993, 2005, 2017Ever wanted to pick up a new

skill? If so, 2019 is the year

for you to do so. This year is

especially conducive to any-

thing that has to do with re-

search, academia or learning.

It does not take a genius to

figure out that this is great

news for researchers and students. Even though there is a

boost in your intelligence, you still need to be smart with

your money and keep track of your finances.

Dog1934, 1946, 1958, 1970, 1982, 1994, 2006, 2018Whatever plans you have

in store for this year, you

may need to prepare your-

self for delays and setbacks.

Things are not perfect, but it is not the end of the world ei-

ther; just be flexible and ready, with multiple back-up plans.

You will not know how brightly you can shine if you never

put yourself to the test and face your adversaries.

Extracted from ‘Chinese astrology forecast for 2019’ by Joey Yap

GRAPHICS: AGNESSZ_ART/FREEPIK




D’LEEDON Condominium 99 years January 22, 2019 2,443 3,780,000 - 1,547 2014 ResaleFOURTH AVENUE RESIDENCES Apartment 99 years January 17, 2019 1,496 3,614,000 - 2,415 Uncompleted New SaleFOURTH AVENUE RESIDENCES Apartment 99 years January 17, 2019 484 1,195,000 - 2,467 Uncompleted New SaleFOURTH AVENUE RESIDENCES Apartment 99 years January 17, 2019 484 1,112,000 - 2,296 Uncompleted New SaleFOURTH AVENUE RESIDENCES Apartment 99 years January 19, 2019 689 1,661,000 - 2,411 Uncompleted New SaleFOURTH AVENUE RESIDENCES Apartment 99 years January 19, 2019 1,109 2,578,000 - 2,325 Uncompleted New SaleFOURTH AVENUE RESIDENCES Apartment 99 years January 19, 2019 1,109 2,539,000 - 2,290 Uncompleted New SaleFOURTH AVENUE RESIDENCES Apartment 99 years January 19, 2019 710 1,769,000 - 2,490 Uncompleted New SaleFOURTH AVENUE RESIDENCES Apartment 99 years January 19, 2019 710 1,721,000 - 2,422 Uncompleted New SaleFOURTH AVENUE RESIDENCES Apartment 99 years January 19, 2019 710 1,733,000 - 2,439 Uncompleted New SaleFOURTH AVENUE RESIDENCES Apartment 99 years January 19, 2019 646 1,647,000 - 2,550 Uncompleted New SaleFOURTH AVENUE RESIDENCES Apartment 99 years January 19, 2019 484 1,184,000 - 2,444 Uncompleted New SaleFOURTH AVENUE RESIDENCES Apartment 99 years January 19, 2019 474 1,196,000 - 2,525 Uncompleted New SaleFOURTH AVENUE RESIDENCES Apartment 99 years January 19, 2019 474 1,077,000 - 2,274 Uncompleted New SaleFOURTH AVENUE RESIDENCES Apartment 99 years January 19, 2019 474 1,065,000 - 2,249 Uncompleted New SaleFOURTH AVENUE RESIDENCES Apartment 99 years January 19, 2019 710 1,779,000 - 2,504 Uncompleted New SaleFOURTH AVENUE RESIDENCES Apartment 99 years January 19, 2019 710 1,767,000 - 2,487 Uncompleted New SaleFOURTH AVENUE RESIDENCES Apartment 99 years January 19, 2019 710 1,742,000 - 2,452 Uncompleted New SaleFOURTH AVENUE RESIDENCES Apartment 99 years January 19, 2019 721 1,769,000 - 2,453 Uncompleted New SaleFOURTH AVENUE RESIDENCES Apartment 99 years January 19, 2019 721 1,793,000 - 2,486 Uncompleted New SaleFOURTH AVENUE RESIDENCES Apartment 99 years January 19, 2019 721 1,728,000 - 2,396 Uncompleted New SaleFOURTH AVENUE RESIDENCES Apartment 99 years January 19, 2019 484 1,135,000 - 2,343 Uncompleted New SaleFOURTH AVENUE RESIDENCES Apartment 99 years January 19, 2019 958 2,246,000 - 2,344 Uncompleted New SaleFOURTH AVENUE RESIDENCES Apartment 99 years January 19, 2019 1,109 2,615,000 - 2,359 Uncompleted New SaleFOURTH AVENUE RESIDENCES Apartment 99 years January 19, 2019 700 1,721,000 - 2,460 Uncompleted New SaleFOURTH AVENUE RESIDENCES Apartment 99 years January 19, 2019 700 1,689,000 - 2,414 Uncompleted New SaleFOURTH AVENUE RESIDENCES Apartment 99 years January 19, 2019 484 1,135,000 - 2,343 Uncompleted New SaleFOURTH AVENUE RESIDENCES Apartment 99 years January 19, 2019 484 1,135,000 - 2,343 Uncompleted New SaleFOURTH AVENUE RESIDENCES Apartment 99 years January 19, 2019 484 1,135,000 - 2,343 Uncompleted New SaleFOURTH AVENUE RESIDENCES Apartment 99 years January 19, 2019 484 1,124,000 - 2,320 Uncompleted New SaleFOURTH AVENUE RESIDENCES Apartment 99 years January 19, 2019 700 1,668,000 - 2,384 Uncompleted New SaleFOURTH AVENUE RESIDENCES Apartment 99 years January 19, 2019 1,109 2,615,000 - 2,359 Uncompleted New SaleFOURTH AVENUE RESIDENCES Apartment 99 years January 19, 2019 958 2,246,000 - 2,344 Uncompleted New SaleFOURTH AVENUE RESIDENCES Apartment 99 years January 19, 2019 1,109 2,712,000 - 2,446 Uncompleted New SaleFOURTH AVENUE RESIDENCES Apartment 99 years January 19, 2019 1,109 2,792,000 - 2,518 Uncompleted New SaleFOURTH AVENUE RESIDENCES Apartment 99 years January 19, 2019 1,496 3,664,000 - 2,449 Uncompleted New SaleFOURTH AVENUE RESIDENCES Apartment 99 years January 19, 2019 1,496 3,564,000 - 2,382 Uncompleted New SaleFOURTH AVENUE RESIDENCES Apartment 99 years January 19, 2019 646 1,592,000 - 2,465 Uncompleted New SaleFOURTH AVENUE RESIDENCES Apartment 99 years January 19, 2019 689 1,717,000 - 2,492 Uncompleted New SaleFOURTH AVENUE RESIDENCES Apartment 99 years January 19, 2019 624 1,507,000 - 2,414 Uncompleted New SaleFOURTH AVENUE RESIDENCES Apartment 99 years January 19, 2019 624 1,548,000 - 2,480 Uncompleted New SaleFOURTH AVENUE RESIDENCES Apartment 99 years January 19, 2019 506 1,198,000 - 2,368 Uncompleted New SaleFOURTH AVENUE RESIDENCES Apartment 99 years January 19, 2019 506 1,156,000 - 2,285 Uncompleted New SaleFOURTH AVENUE RESIDENCES Apartment 99 years January 19, 2019 506 1,186,000 - 2,344 Uncompleted New SaleFOURTH AVENUE RESIDENCES Apartment 99 years January 19, 2019 506 1,237,000 - 2,445 Uncompleted New SaleFOURTH AVENUE RESIDENCES Apartment 99 years January 19, 2019 710 1,657,000 - 2,332 Uncompleted New SaleFOURTH AVENUE RESIDENCES Apartment 99 years January 19, 2019 710 1,693,000 - 2,383 Uncompleted New SaleFOURTH AVENUE RESIDENCES Apartment 99 years January 19, 2019 710 1,705,000 - 2,400 Uncompleted New SaleFOURTH AVENUE RESIDENCES Apartment 99 years January 19, 2019 506 1,225,000 - 2,421 Uncompleted New SaleFOURTH AVENUE RESIDENCES Apartment 99 years January 19, 2019 689 1,662,000 - 2,413 Uncompleted New SaleFOURTH AVENUE RESIDENCES Apartment 99 years January 19, 2019 947 2,192,000 - 2,314 Uncompleted New SaleFOURTH AVENUE RESIDENCES Apartment 99 years January 19, 2019 947 2,229,000 - 2,353 Uncompleted New SaleFOURTH AVENUE RESIDENCES Apartment 99 years January 19, 2019 710 1,667,000 - 2,346 Uncompleted New SaleFOURTH AVENUE RESIDENCES Apartment 99 years January 19, 2019 1,485 3,556,000 - 2,394 Uncompleted New SaleFOURTH AVENUE RESIDENCES Apartment 99 years January 19, 2019 1,130 2,745,000 - 2,429 Uncompleted New SaleFOURTH AVENUE RESIDENCES Apartment 99 years January 19, 2019 1,485 3,430,000 - 2,309 Uncompleted New SaleFOURTH AVENUE RESIDENCES Apartment 99 years January 19, 2019 1,485 3,632,000 - 2,445 Uncompleted New SaleFOURTH AVENUE RESIDENCES Apartment 99 years January 19, 2019 947 2,252,000 - 2,377 Uncompleted New SaleFOURTH AVENUE RESIDENCES Apartment 99 years January 19, 2019 689 1,690,000 - 2,453 Uncompleted New SaleFOURTH AVENUE RESIDENCES Apartment 99 years January 19, 2019 710 1,672,000 - 2,354 Uncompleted New SaleFOURTH AVENUE RESIDENCES Apartment 99 years January 19, 2019 710 1,660,000 - 2,337 Uncompleted New SaleFOURTH AVENUE RESIDENCES Apartment 99 years January 19, 2019 495 1,225,000 - 2,474 Uncompleted New SaleFOURTH AVENUE RESIDENCES Apartment 99 years January 19, 2019 710 1,696,000 - 2,387 Uncompleted New SaleFOURTH AVENUE RESIDENCES Apartment 99 years January 19, 2019 484 1,135,000 - 2,343 Uncompleted New SaleFOURTH AVENUE RESIDENCES Apartment 99 years January 19, 2019 1,475 3,555,000 - 2,411 Uncompleted New SaleFOURTH AVENUE RESIDENCES Apartment 99 years January 19, 2019 710 1,801,000 - 2,535 Uncompleted New SaleFOURTH AVENUE RESIDENCES Apartment 99 years January 19, 2019 710 1,789,000 - 2,518 Uncompleted New SaleFOURTH AVENUE RESIDENCES Apartment 99 years January 19, 2019 915 2,283,000 - 2,495 Uncompleted New SaleFOURTH AVENUE RESIDENCES Apartment 99 years January 19, 2019 484 1,135,000 - 2,343 Uncompleted New SaleFOURTH AVENUE RESIDENCES Apartment 99 years January 19, 2019 689 1,702,000 - 2,471 Uncompleted New SaleFOURTH AVENUE RESIDENCES Apartment 99 years January 20, 2019 624 1,572,000 - 2,518 Uncompleted New SaleHOLLAND GROVE Semi-Detached 99 years January 17, 2019 2,164 2,750,000 - 1,269 1997 ResaleLOFT@HOLLAND Apartment Freehold January 18, 2019 334 825,000 - 2,472 2014 ResaleONE TREE HILL COLLECTION Semi-Detached Freehold January 18, 2019 2,939 9,168,000 - 3,120 Uncompleted New SaleSPRING GROVE Condominium 99 years January 18, 2019 1,012 1,570,000 - 1,552 1996 ResaleTHE HORIZON Condominium Freehold January 15, 2019 3,197 5,080,000 - 1,589 2001 ResaleTHE MARBELLA Condominium Freehold January 22, 2019 1,744 3,200,000 - 1,835 2005 ResaleTHE TENERIFFE Terrace 99 years January 17, 2019 3,175 2,730,000 - 860 2003 ResaleWARNER COURT Apartment Freehold January 21, 2019 1,270 1,990,000 - 1,567 1985 ResaleDistrict 11 10 EVELYN Apartment Freehold January 17, 2019 527 1,533,647 - 2,908 Uncompleted New Sale10 EVELYN Apartment Freehold January 18, 2019 527 1,268,888 - 2,406 Uncompleted New Sale28 SHELFORD Apartment Freehold January 18, 2019 1,184 2,000,000 - 1,689 1994 ResaleCUBE 8 Condominium Freehold January 17, 2019 893 1,450,000 - 1,623 2013 ResaleDUNEARN SUITES Apartment Freehold January 15, 2019 409 758,000 - 1,853 2011 ResaleFYVE DERBYSHIRE Apartment Freehold January 19, 2019 657 1,689,000 - 2,572 Uncompleted New SaleFYVE DERBYSHIRE Apartment Freehold January 19, 2019 936 2,085,000 - 2,226 Uncompleted New SaleFYVE DERBYSHIRE Apartment Freehold January 19, 2019 936 2,109,000 - 2,252 Uncompleted New SaleFYVE DERBYSHIRE Apartment Freehold January 19, 2019 936 2,173,000 - 2,320 Uncompleted New SaleFYVE DERBYSHIRE Apartment Freehold January 19, 2019 936 2,125,000 - 2,269 Uncompleted New SaleFYVE DERBYSHIRE Apartment Freehold January 19, 2019 797 1,865,000 - 2,341 Uncompleted New SaleFYVE DERBYSHIRE Apartment Freehold January 19, 2019 797 1,897,000 - 2,382 Uncompleted New SaleFYVE DERBYSHIRE Apartment Freehold January 19, 2019 797 1,913,000 - 2,402 Uncompleted New SaleFYVE DERBYSHIRE Apartment Freehold January 19, 2019 592 1,469,000 - 2,481 Uncompleted New SaleWATTEN RESIDENCES Semi-Detached Freehold January 15, 2019 4,004 3,800,000 - 949 2011 ResaleDistrict 12 JUI RESIDENCES Apartment Freehold January 18, 2019 463 842,000 - 1,819 Uncompleted New SaleNADIA MANSIONS Apartment Freehold January 18, 2019 2,282 2,400,000 - 1,052 1985 ResaleREGENT RESIDENCES Apartment Freehold January 16, 2019 818 1,238,888 - 1,514 2015 ResaleST MICHAEL’S PLACE Apartment Freehold January 18, 2019 1,249 1,290,000 - 1,033 1997 ResaleTHE VIRIDIAN Apartment Freehold January 17, 2019 883 1,090,000 - 1,235 2015 ResaleDistrict 13 EURO-ASIA PARK Condominium Freehold January 18, 2019 1,453 1,808,000 - 1,244 1996 ResalePARK COLONIAL Condominium 99 years January 17, 2019 980 1,575,000 - 1,608 Uncompleted New SalePARK COLONIAL Condominium 99 years January 18, 2019 603 1,133,000 - 1,880 Uncompleted New SalePARK COLONIAL Condominium 99 years January 19, 2019 861 1,363,000 - 1,583 Uncompleted New SalePARK COLONIAL Condominium 99 years January 19, 2019 1,410 2,445,000 - 1,734 Uncompleted New SalePARK COLONIAL Condominium 99 years January 19, 2019 1,023 1,691,000 - 1,654 Uncompleted New SalePARK COLONIAL Condominium 99 years January 19, 2019 980 1,604,000 - 1,638 Uncompleted New SalePARK COLONIAL Condominium 99 years January 19, 2019 980 1,656,000 - 1,691 Uncompleted New SalePARK COLONIAL Condominium 99 years January 20, 2019 980 1,585,000 - 1,618 Uncompleted New SalePARK COLONIAL Condominium 99 years January 20, 2019 1,249 2,169,000 - 1,737 Uncompleted New SaleSENNETT RESIDENCE Condominium 99 years January 15, 2019 893 1,180,000 - 1,321 2016 ResaleTHE TRE VER Condominium 99 years January 15, 2019 506 845,000 - 1,670 Uncompleted New SaleTHE TRE VER Condominium 99 years January 15, 2019 484 760,000 - 1,569 Uncompleted New SaleTHE TRE VER Condominium 99 years January 18, 2019 700 1,143,000 - 1,634 Uncompleted New SaleTHE TRE VER Condominium 99 years January 19, 2019 1,335 2,091,320 - 1,567 Uncompleted New SaleTHE TRE VER Condominium 99 years January 20, 2019 743 1,219,000 - 1,641 Uncompleted New SaleDistrict 14 ASTOR Apartment 99 years January 21, 2019 1,109 872,000 - 787 2006 ResaleD’ CASITA Apartment Freehold January 18, 2019 1,453 1,500,000 - 1,032 2010 ResaleN.A. Apartment Freehold January 15, 2019 1,367 1,150,000 - 841 1975 ResalePARC ESTA Apartment 99 years January 15, 2019 452 798,000 - 1,765 Uncompleted New SalePARC ESTA Apartment 99 years January 17, 2019 452 824,000 - 1,823 Uncompleted New SalePARC ESTA Apartment 99 years January 17, 2019 452 811,000 - 1,794 Uncompleted New SalePARC ESTA Apartment 99 years January 17, 2019 420 750,000 - 1,787 Uncompleted New SalePARC ESTA Apartment 99 years January 17, 2019 603 1,023,000 - 1,697 Uncompleted New SalePARC ESTA Apartment 99 years January 17, 2019 635 1,049,000 - 1,652 Uncompleted New SalePARC ESTA Apartment 99 years January 17, 2019 635 1,057,000 - 1,664 Uncompleted New SalePARC ESTA Apartment 99 years January 17, 2019 700 1,153,000 - 1,648 Uncompleted New SalePARC ESTA Apartment 99 years January 18, 2019 420 742,000 - 1,768 Uncompleted New SalePARC ESTA Apartment 99 years January 18, 2019 926 1,509,000 - 1,630 Uncompleted New SalePARC ESTA Apartment 99 years January 19, 2019 829 1,396,000 - 1,684 Uncompleted New SalePARC ESTA Apartment 99 years January 19, 2019 915 1,528,000 - 1,670 Uncompleted New SaleTHE CHAMPAGNE Apartment Freehold January 16, 2019 1,119 1,200,000 - 1,072 2003 Resale

THE NAVIAN Apartment Freehold January 19, 2019 926 1,534,000 - 1,657 Uncompleted New SaleTHE SUNNY SPRING Apartment Freehold January 18, 2019 1,098 1,230,000 - 1,120 1998 ResaleTROPIKA EAST Condominium Freehold January 18, 2019 463 655,000 - 1,415 2016 ResaleVACANZA @ EAST Condominium Freehold January 15, 2019 1,604 1,770,000 - 1,104 2014 ResaleDistrict 15 AALTO Condominium Freehold January 22, 2019 2,024 3,880,000 - 1,917 2010 ResaleDE CASALLE Apartment Freehold January 18, 2019 1,238 1,469,888 - 1,187 1996 ResaleMARINE BLUE Condominium Freehold January 15, 2019 1,270 1,787,000 - 1,407 2016 ResaleLORONG H TELOK KURAU Terrace Freehold January 15, 2019 3,089 3,380,000 - 1,095 1985 ResaleN.A. Apartment Freehold January 22, 2019 1,485 1,500,000 - 1,010 1974 ResaleONE AMBER Condominium Freehold January 18, 2019 570 1,040,000 - 1,823 2010 ResaleROXY SQUARE Apartment 9999 years January 21, 2019 603 830,000 - 1,377 1991 ResaleSANDY EIGHT Apartment Freehold January 18, 2019 721 1,180,000 - 1,636 2018 New SaleSEASIDE RESIDENCES Apartment 99 years January 18, 2019 560 1,173,700 - 2,097 Uncompleted New SaleSUNSHINE RESIDENCE Apartment Freehold January 18, 2019 592 735,000 - 1,242 2006 ResaleTHE AMARELLE Apartment Freehold January 18, 2019 1,442 2,075,000 - 1,439 2009 ResaleTHE PROMINENCE Apartment Freehold January 16, 2019 1,367 1,180,000 - 863 2005 ResaleDistrict 16 CHANGI GREEN Condominium Freehold January 18, 2019 1,216 1,270,000 - 1,044 1998 ResaleCOSTA DEL SOL Condominium 99 years January 22, 2019 1,227 1,640,000 - 1,336 2003 ResaleD’MANOR Terrace 99 years January 21, 2019 2,723 1,600,000 - 588 2000 ResaleKEW VALE Terrace 99 years January 15, 2019 1,679 1,700,000 - 1,012 1996 ResaleEVERGREEN AVENUE Semi-Detached Freehold January 15, 2019 3,627 4,250,000 - 1,170 Unknown ResaleJALAN CHEMPAKA PUTEH Semi-Detached 70 years January 17, 2019 3,358 500,000 - 149 Unknown ResaleTHE CLEARWATER Condominium 99 years January 16, 2019 980 950,000 - 970 2001 ResaleTHE SUMMIT Condominium Freehold January 15, 2019 840 1,050,000 - 1,251 1991 ResaleURBAN VISTA Condominium 99 years January 21, 2019 592 820,000 - 1,385 2016 ResaleWATERFRONT ISLE Condominium 99 years January 18, 2019 915 1,070,000 - 1,169 2015 ResaleDistrict 17 EDELWEISS PARK CONDOMINIUM Condominium Freehold January 21, 2019 1,335 1,138,000 - 853 2006 ResalePARC OLYMPIA Condominium 99 years January 18, 2019 1,292 960,000 - 743 2015 ResaleTHE JOVELL Condominium 99 years January 15, 2019 452 612,000 - 1,354 Uncompleted New SaleTHE JOVELL Condominium 99 years January 15, 2019 527 738,000 - 1,399 Uncompleted New SaleTHE JOVELL Condominium 99 years January 19, 2019 527 709,000 - 1,344 Uncompleted New SaleDistrict 18 DOUBLE BAY RESIDENCES Condominium 99 years January 18, 2019 1,367 1,450,000 - 1,061 2012 ResaleEASTPOINT GREEN Condominium 99 years January 22, 2019 1,173 980,000 - 835 1999 ResaleLIVIA Condominium 99 years January 21, 2019 1,270 1,065,000 - 838 2011 ResaleMELVILLE PARK Condominium 99 years January 16, 2019 958 735,000 - 767 1996 ResaleSEA ESTA Condominium 99 years January 16, 2019 1,098 1,050,000 - 956 2015 ResaleTHE EDEN AT TAMPINES EC 99 years January 21, 2019 1,249 1,030,000 - 825 2003 ResaleTHE TAPESTRY Condominium 99 years January 15, 2019 926 1,218,400 - 1,316 Uncompleted New SaleTHE TAPESTRY Condominium 99 years January 15, 2019 474 683,880 - 1,444 Uncompleted New SaleTHE TAPESTRY Condominium 99 years January 17, 2019 603 862,650 - 1,431 Uncompleted New SaleTHE TAPESTRY Condominium 99 years January 18, 2019 990 1,170,400 - 1,182 Uncompleted New SaleTHE TAPESTRY Condominium 99 years January 18, 2019 1,485 1,799,820 - 1,212 Uncompleted New SaleTHE TAPESTRY Condominium 99 years January 19, 2019 689 971,190 - 1,410 Uncompleted New SaleTHE TAPESTRY Condominium 99 years January 19, 2019 441 679,645 - 1,540 Uncompleted New SaleTHE TAPESTRY Condominium 99 years January 20, 2019 1,130 1,436,130 - 1,271 Uncompleted New SaleTHE TAPESTRY Condominium 99 years January 20, 2019 1,991 2,340,900 - 1,176 Uncompleted New SaleTHE TAPESTRY Condominium 99 years January 20, 2019 603 886,420 - 1,471 Uncompleted New SaleDistrict 19 AFFINITY AT SERANGOON Apartment 99 years January 15, 2019 646 906,000 - 1,403 Uncompleted New SaleAFFINITY AT SERANGOON Apartment 99 years January 17, 2019 614 913,000 - 1,488 Uncompleted New SaleAFFINITY AT SERANGOON Apartment 99 years January 17, 2019 474 688,000 - 1,453 Uncompleted New SaleAFFINITY AT SERANGOON Apartment 99 years January 18, 2019 474 689,000 - 1,455 Uncompleted New SaleAFFINITY AT SERANGOON Apartment 99 years January 18, 2019 1,453 2,181,000 - 1,501 Uncompleted New SaleAFFINITY AT SERANGOON Apartment 99 years January 18, 2019 538 779,000 - 1,447 Uncompleted New SaleAFFINITY AT SERANGOON Apartment 99 years January 19, 2019 538 811,000 - 1,507 Uncompleted New SaleAFFINITY AT SERANGOON Apartment 99 years January 20, 2019 614 923,000 - 1,504 Uncompleted New SaleAFFINITY AT SERANGOON Apartment 99 years January 20, 2019 614 888,000 - 1,447 Uncompleted New SaleAFFINITY AT SERANGOON Apartment 99 years January 20, 2019 538 796,000 - 1,479 Uncompleted New SaleESPARINA RESIDENCES EC 99 years January 18, 2019 1,001 1,120,000 - 1,119 2013 ResaleFLO RESIDENCE Condominium 99 years January 17, 2019 990 900,000 - 909 2016 ResaleKOVAN MELODY Condominium 99 years January 16, 2019 1,292 1,440,000 - 1,115 2006 ResaleKOVAN MELODY Condominium 99 years January 18, 2019 1,227 1,330,000 - 1,084 2006 ResaleRICHARDS PLACE Terrace Freehold January 15, 2019 2,056 2,668,000 - 1,296 1997 ResaleNAUNG RESIDENCE Apartment 999 years January 16, 2019 592 822,000 - 1,388 2015 ResalePARC CENTROS Condominium 99 years January 18, 2019 990 1,170,000 - 1,181 2016 ResalePARC VERA Condominium 99 years January 16, 2019 786 793,000 - 1,009 2014 ResaleRIO VISTA Condominium 99 years January 21, 2019 1,378 1,150,000 - 835 2004 ResaleRIVER ISLES Condominium 99 years January 22, 2019 1,173 1,165,000 - 993 2015 ResaleRIVERFRONT RESIDENCES Apartment 99 years January 15, 2019 603 819,000 - 1,359 Uncompleted New SaleRIVERFRONT RESIDENCES Apartment 99 years January 15, 2019 721 914,000 - 1,267 Uncompleted New SaleRIVERFRONT RESIDENCES Apartment 99 years January 16, 2019 603 799,000 - 1,326 Uncompleted New SaleRIVERFRONT RESIDENCES Apartment 99 years January 16, 2019 463 628,000 - 1,357 Uncompleted New SaleRIVERFRONT RESIDENCES Apartment 99 years January 16, 2019 463 613,000 - 1,324 Uncompleted New SaleRIVERFRONT RESIDENCES Apartment 99 years January 16, 2019 463 609,000 - 1,316 Uncompleted New SaleRIVERFRONT RESIDENCES Apartment 99 years January 19, 2019 1,485 1,920,000 - 1,293 Uncompleted New SaleRIVERFRONT RESIDENCES Apartment 99 years January 20, 2019 614 835,000 - 1,361 Uncompleted New SaleRIVERFRONT RESIDENCES Apartment 99 years January 20, 2019 721 919,000 - 1,274 Uncompleted New SaleRIVERFRONT RESIDENCES Apartment 99 years January 20, 2019 614 824,000 - 1,343 Uncompleted New SaleTHE FLORIDA EC 99 years January 17, 2019 1,991 1,360,000 - 683 2000 ResaleTHE LUXURIE Condominium 99 years January 21, 2019 1,055 1,260,000 - 1,194 2015 ResaleWATERTOWN Apartment 99 years January 15, 2019 560 739,000 - 1,320 2017 Sub SaleDistrict 20 JADESCAPE Condominium 99 years January 16, 2019 904 1,550,300 - 1,715 Uncompleted New SaleTRESALVEO Condominium Freehold January 15, 2019 1,001 1,620,000 - 1,618 2012 ResaleDistrict 21 1 KING ALBERT PARK Condominium Freehold January 17, 2019 1,421 1,850,000 - 1,302 1997 ResaleDAINTREE RESIDENCE Condominium 99 years January 16, 2019 603 1,053,550 - 1,748 Uncompleted New SaleHILLVIEW GREEN Condominium 999 years January 21, 2019 1,302 1,285,000 - 987 1998 ResaleHONG KONG PARK Semi-Detached 999 years January 18, 2019 2,594 6,080,000 - 2,345 Unknown ResaleHUME PARK II Condominium Freehold January 21, 2019 1,711 1,980,000 - 1,157 1997 ResaleMAPLE WOODS Condominium Freehold January 17, 2019 1,787 2,670,000 - 1,494 1997 ResaleMAYFAIR GARDENS Condominium 99 years January 16, 2019 495 1,022,000 - 2,064 Uncompleted New SaleMAYFAIR GARDENS Condominium 99 years January 17, 2019 560 1,117,000 - 1,996 Uncompleted New SaleTHE HILLSIDE Condominium Freehold January 17, 2019 1,518 1,660,000 - 1,094 2001 ResaleDistrict 22 THE MAYFAIR Condominium 99 years January 17, 2019 1,227 1,080,000 - 880 2000 ResaleYUNNAN GARDENS Terrace Freehold January 18, 2019 4,672 3,300,000 - 706 2000 ResaleDistrict 23 CHANTILLY RISE Condominium Freehold January 18, 2019 1,733 1,840,000 - 1,062 1998 ResaleHILLION RESIDENCES Apartment 99 years January 22, 2019 463 850,000 - 1,836 2017 ResaleMERAWOODS Condominium 999 years January 18, 2019 1,001 1,048,000 - 1,047 1999 ResalePAVILION PARK Terrace Freehold January 16, 2019 1,615 2,650,000 - 1,641 2010 ResaleREGENT GROVE Condominium 99 years January 15, 2019 926 715,000 - 772 2000 ResaleREGENT GROVE Condominium 99 years January 18, 2019 1,259 900,000 - 715 2000 ResaleTREE HOUSE Condominium 99 years January 16, 2019 947 1,050,000 - 1,108 2013 ResaleDistrict 25 JALAN BUMBONG Semi-Detached Freehold January 22, 2019 4,209 2,500,000 - 595 1969 ResaleWOODGROVE CONDOMINIUM Condominium 99 years January 15, 2019 1,658 1,100,000 - 664 1999 ResaleWOODSVALE EC 99 years January 18, 2019 1,281 831,833 - 649 2000 ResaleDistrict 26 LENTOR VIEW Terrace Freehold January 15, 2019 2,034 2,400,000 - 1,180 1992 ResaleDistrict 27 NINE RESIDENCES Apartment 99 years January 18, 2019 926 975,000 - 1,053 2015 ResaleORCHID PARK CONDOMINIUM Condominium 99 years January 22, 2019 958 730,000 - 762 1994 ResaleTHE CANOPY EC 99 years January 18, 2019 1,206 1,050,000 - 871 2014 ResaleWATERCOVE Terrace Freehold January 17, 2019 3,348 2,930,000 - 875 Uncompleted New SaleDistrict 28 BELGRAVIA GREEN Terrace Freehold January 17, 2019 3,466 3,070,230 - 886 Uncompleted New SaleNIM COLLECTION Terrace 99 years January 16, 2019 1,679 2,918,000 - 1,738 Uncompleted New SalePARC BOTANNIA Condominium 99 years January 15, 2019 506 690,000 - 1,364 Uncompleted New SalePARC BOTANNIA Condominium 99 years January 15, 2019 506 699,930 - 1,384 Uncompleted New SalePARC BOTANNIA Condominium 99 years January 17, 2019 667 924,410 - 1,385 Uncompleted New SalePARC BOTANNIA Condominium 99 years January 18, 2019 1,453 1,785,770 - 1,229 Uncompleted New SalePARC BOTANNIA Condominium 99 years January 20, 2019 506 705,870 - 1,395 Uncompleted New Sale

DONE DEALS

Residential transactions with contracts dated Jan 15 to Jan 22

DISCLAIMER:

Source: URA Realis. Updated Jan 29, 2019. 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

FROM PAGE EP3

GAINS AND LOSSES


Top gains and losses from Jan 15 to 22URA, EDGEPROP

Note: Computed based on URA caveat data as at Jan 29 for private non-landed houses transacted between Jan 15 and 22. Th e profi t and loss computation excludes transaction costs such as stamp duties.

Most profi table deals PROJECT DISTRICT AREA (SQ FT) SOLD ON (2019) SALE PRICE ($ PSF) BOUGHT ON PURCHASE PRICE ($ PSF) PROFIT ($) PROFIT (%) ANNUALISED GAIN (%) HOLDING PERIOD (YEARS)

1 Th e Marbella 10 1,744 Jan 22 1,835 Nov 29, 2002 803 1,800,000 129 5 16.2

2 Emerald Garden 1 1,238 Jan 21 2,100 Dec 26, 2002 755 1,665,000 178 7 16.1

3 28 Sahelford 11 1,184 Jan 18 1,689 Nov 1, 1999 845 1,000,000 100 4 19.2

4 De Casalle 15 1,238 Jan 18 1,187 Oct 21, 2005 460 899,888 158 7 13.3

5 Kovan Melody 19 1,292 Jan 16 1,115 Jan 4, 2007 564 711,400 98 6 12.0

6 Heritage View 5 1,206 Jan 16 1,120 Jan 27, 1999 537 702,378 108 4 20.0

7 Rivergate 9 1,055 Jan 21 2,275 Sept 9, 2009 1,649 660,000 38 3 9.4

8 Th e Amarelle 15 1,442 Jan 18 1,439 Aug 22, 2007 990 647,420 45 3 11.4

9 Maple Woods 21 1,787 Jan 17 1,494 Oct 20, 2010 1,147 620,000 30 3 8.2

10 Chantilly Rise 23 1,733 Jan 18 1,062 Dec 1, 1996 711 608,120 49 2 22.1

11 Th e Champagne 14 1,119 Jan 16 1,072 July 20, 2002 554 580,000 94 4 16.5

12 Faber Crest 5 1,744 Jan 16 946 July 21, 2009 619 570,000 53 5 9.5

13 D’Leedon 10 2,443 Jan 22 1,547 March 26, 2013 1,318 560,260 17 3 5.8

14 Roxy Square 15 603 Jan 21 1,377 Oct 8, 2003 504 526,000 173 7 15.3

15 Dover Parkview 5 936 Jan 18 1,127 Feb 15, 2002 571 520,000 97 4 16.9

Non-profi table deals PROJECT DISTRICT AREA (SQ FT) SOLD ON (2019) SALE PRICE ($ PSF) BOUGHT ON PURCHASE PRICE ($ PSF) LOSS ($) LOSS (%) ANNUALISED LOSS (%) HOLDING PERIOD (YEARS)

1 Caribbean at Keppel Bay 4 1,335 Jan 16 1,555 June 3, 2010 1,761 275,000 12 1.0 8.6

2 Refl ections at Keppel Bay 4 893 Jan 17 1,567 May 10, 2007 1,791 200,209 13 1.0 11.7

3 Th e Laurels 9 1,302 Jan 18 2,994 Aug 6, 2010 3,116 159,000 4 0.5 8.5

4 Refl ections at Keppel Bay 4 1,012 Jan 21 1,557 April 30, 2010 1,672 116,599 7 1.0 8.7

5 Urban Vista 16 592 Jan 21 1,385 April 24, 2013 1,549 96,750 11 2.0 5.7

6 Th e Foresta @ Mount Faber 4 431 Jan 16 1,928 July 29, 2011 2,068 60,200 7 1.0 7.5

7 Waterfront Isle 16 915 Jan 18 1,169 Sept 26, 2011 1,176 5,589 1 0.1 7.3

UNDER THE HAMMER


Unit at Eden Residences Capitol going for $6.28 mil | BY BONG XIN YING |

A three-bedroom unit

at Eden Residences

Capitol will be put

up for auction for the

first time on Feb 26

by the auctioneer at Edmund

Tie and Co (ET&Co). The open-

ing price of the 2,260 sq ft unit

is $6.28 million ($2,779 psf).

Developed by a consorti-

um led by Perennial Real Es-

tate Holdings and designed

by 84-year-old Pritzker Prize-

winning American architect

Richard Meier, Eden Residences

Capitol is an exclusive 39-

unit condominium block with

three- and four-bedroom units.

Completed in 2015, the con-

do is part of the integrated de-

velopment that includes Capitol

Theatre, which has been con-

served, and the former Stam-

ford House, which has also been

conserved and repurposed as

the luxury, five-star The Capi-

tol Kempinski Hotel, with 157

hotel rooms and suites. It is the

first Kempinski hotel to open

in Singapore.

Within the development,

there is a mall, which is con-

nected underground to City

Hall MRT interchange station

on the North-South and East-

West lines. The mall is also

linked to Raffles City, Citylink

Mall and Esplanade MRT sta-

tion on the Circle Line.

The unit on the market is

situated on the fourth floor of

the 10-storey residential block.

It overlooks the swimming pool

and offers views of St Andrew’s

Cathedral, the Padang and the

city skyline, with Marina Bay

Sands in the distance, says Joy

Tan, ET&Co’s head of auction

and sales.

The property is located on

Stamford Road and is part of

the Civic and Cultural District.

“It’s the only luxury residence

in District 6,” adds Tan. “It’s

ideally situated in the vicin-

ity of historical landmarks,

such as the National Gallery

and St Andrew’s Cathedral,

which were built in the 19th

century.”

The unit is owned by a

Singa porean who purchased

it at launch in 2012 as an in-

vestment property. The apart-

ment is tenanted at a monthly

rental rate of $9,500, accord-

ing to URA data. The unit will

be sold with existing tenan-

cy, which will expire in Octo-

ber 2020.

The unit was purchased for

$6.28 million ($2,780 psf) and

the owner is letting go of it at

the same price because he wants

to consolidate his investment

portfolio, says Tan.

Recent rental contracts for 2,100 to 2,300 sq ft units at Eden Residences Capitol

LEASE DATE MONTHLY RENT ($)

October 2018 9,500

August 2017 10,000

July 2017 10,000

Recent transactions at Eden Residences Capitol

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

Dec 14, 2015 3,348 10,260,000 3,065

June 5, 2014 3,520 10,000,000 2,841

March 5, 2014 3,348 10,800,000 3,226

June 12, 2013 3,380 10,458,000 3,094

May 22, 2013 2,723 8,138,000 2,988

TABLES: URA, EDGEPROP

E

Eden Residences Capitol is part of an integrated development that includes the newly opened Kempinski luxury hotel


Documents

20190204 S EP 867...an rental of US$4.31 psf pm, with fam-ily-sized apartments at US$3.16 psf pm. Globally, the City of London in the UK is the most expensive neighbour-hood by rental