| BY LIN ZHIQIN |

The number of HDB resale transactions that crossed the $900,000 mark surged from 16 last year to 72 between Janu-ary and October this year. The average transacted price rose from $913,500 last

year to $944,966 this year, even as the HDB resale price index fell 9.9% from its peak in 2Q2013 to 3Q2015. Disregarding the transac-tions at Pinnacle@Duxton, which have ac-counted for 48 of such transactions thus far this year and one last year, transactions still grew by nine units since last year to 24, while the average price rose from $914,400 to $921,542.

Are these HDB flats that bucked the down-trend worth the top dollar paid? A closer look

at the priciest HDB resale flat in three differ-ent locations shows that these buyers might be getting a bigger bang for their buck in terms of space and location.

Limited supplyOne factor contributing to the price uptrend in the top segment of the resale HDB mar-ket could be low availability. For instance, no five-room flats at Toa Payoh Sapphire and Strathmore Green are currently listed for sale on TheEdgeProperty.com although there are 33 flats listed for sale at Pinnacle@Duxton.

In general, the supply of resale HDB flats with good locations in mature towns is very low as evidenced by the 17 listings for five-room flats within 1km of Toa Payoh MRT. This

is likely due to the reluctance of the own-ers to part with their homes. In comparison, there were 105 five-room flats listed for sale within 1km of Punggol MRT and 218 with-in 1km of Sengkang MRT, both of which are non-mature towns.

On the other hand, the supply of resale con-dominiums and apartments is relatively abun-dant, with 197 listings within 1km of Toa Payoh MRT, 154 listings in the vicinity of Pinnacle@Duxton and 75 listings near Strathmore Green.

Limited substitutesA 1,151 sq ft five-room flat sold in April at 1G Cantonment Road, Pinnacle@Duxton, holds the record for the most expensive resale HDB flat at $1.06 million. At a similar price point,

the only alternative among nearby private apartments and condominiums would be 560 to 689 sq ft one-bedroom units — about half the size of the HDB flat — at Icon. For a pri-vate home close to 1,151 sq ft in size, a buyer would have to fork out $1.61 million or $1,427 psf on average in District 2 this year. This in-cludes transactions at older 99-year leasehold deve lopments such as Spottiswoode Park.

After the Pinnacle@Duxton, the next most expensive resale HDB unit was a five-room 1,270 sq ft flat at 62A Strathmore Avenue, Strathmore Green, which was transacted at $958,000 in September. There have been two transactions this year at a similar price point at nearby private development Alexis, again

CONTINUES NEXT PAGE

Are top-dollar HDB flats worth it?

72 HDB fl ats resold for more than $900,000 each so far this year

Visit TheEdgeProperty.com to find properties, research market trends and read the latest news

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M A K E B E T T E R D E C I S I O N SMCI (P) 046/03/2015 PPS 1519/09/2012 (022805)

THE WEEK OF NOVEMBER 30, 2015 705

Developers awakened

Competitive bidding expected for upcoming land

tenders PG4

Deal watchCyan unit selling a tad

below value PG7

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EP2 • THEEDGE SINGAPORE | NOVEMBER 30, 2015

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EDITORIALEDITOR | Ben PaulTHE EDGE PROPERTY

HEAD OF RESEARCH | Feily Sofi an ANALYSTS | Esther Hoon, Lin Zhiqin, Tan Chee Yuen

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THEEDGE P R O P E R T Y COVER STORY

FUN

FACT

South Bridge Road was

built in

1833 and is the

oldest street in CHINATOWN

involving small units of 549 and 603 sq ft. Mean-while, transacted prices for private homes sim-ilar in size to 1,270 sq ft in District 3 this year averaged $1.76 million or $1,434 psf.

A five-room 1,334 sq ft HDB flat at 154 Lorong 2 Toa Payoh, Toa Payoh Sapphire, fetched $955,000 in August, a record high in the town.

There are only three private developments locat-ed within 500m of Toa Payoh Sapphire — Oleander Towers, Trellis Towers and Trevista, all of which are located further away from Toa Payoh MRT sta-tion and Toa Payoh Central. Based on this year’s caveat data, a buyer with a similar budget would only be able to afford 710 to 861 sq ft two-bedroom units at Oleander Towers and Trellis Towers and a one-bedroom 689 sq ft unit at Trevista. In Dis-trict 12 this year, the average transacted price for private homes around 1,334 sq ft in size is $1.46 million or $1,118 psf.

Beyond reachBased on an 80% loan of the purchase price over 25 years and 3.5% interest per annum, the mort-gage for condos in the vicinity of Pinnacle@ Duxton would be $6,456 per month. This is $2,211 higher than the $4,245 monthly mortgage for the resale HDB flat. The mortgage would be $3,212 higher for condos around Strathmore Green and $2,031 higher for condos around Toa Payoh Sapphire than the most expensive transaction for an HDB resale

flat. At the same time, the required down pay-ment would increase by between $101,400 and $160,400 for buyers who opt for private homes over the HDB flat (see table below).

Potential rental yield higher for resale HDB flats Although certain prerequisites must be met for the purchase of resale HDB flats and there are more conditions to be fulfilled before they can be sub-let, a comparison of gross rental yield based on current prices and rents shows that these top-dol-lar HDB flats generally outshine their similarly priced private counterparts.

Based on rental and resale contracts for five-room HDB flats at 1G Cantonment Road this year, the average monthly rent of $3,750 works out to a gross rental yield of 4.6%. In comparison, the resale prices of the seven similarly priced units at Icon translate into a gross rental yield of 4.1%.

The monthly rent for the two HDB flats rented

out this year at 62A Strathmore Avenue averaged $3,100 while the four resale transactions averaged $925,250, translating into a gross rental yield of 4.0%. In comparison, the monthly rent for simi-larly priced units at Alexis is $2,942, translating into a 3.8% gross rental yield.

There were three rental contracts at 154 Lorong 2 Toa Payoh this year, with monthly rent averaging $3,016. Against the two resale transactions aver-aging $932,500, this translates into a gross rental yield of 3.8%. The average monthly rent for sim-ilarly priced units at Oleander Towers is $3,105, which translates into a gross yield of 3.9%. At Trellis Towers and Trevista, the monthly rent for units at the price point of the resale HDB aver-aged $3,050 and $2,957, while the gross yield av-eraged 3.6% and 3.8% respectively.

With a good mix of size, location and an af-fordable price compared with private homes, as well as scarcity, it is no wonder that buyers are snapping up these top-dollar public housing.

FROM PREVIOUS PAGE

At least $2,000 more in monthly mortgage for condos

HDB,

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RESALE AVERAGE HDB PRIVATE DIFFERENCE IN DIFFERENCE IN HDB PRICE ($) CONDO PRICE ($) MORTGAGE ($) MORTGAGE ($) DOWN PAYMENT ($) MORTGAGE ($)

Pinnacle@Duxton 1,060,000 1,612,000 4,245 6,456 110,400 2,211

Strathmore Green 958,000 1,760,000 3,837 7,049 160,400 3,212

Toa Payoh Sapphire 955,000 1,462,000 3,825 5,855 101,400 2,031

Note: Average condo price based on resale transactions of similar-sized private non-landed homes within the same district Mortgage based on 80% LTV and 25-year loan at 3.5% interest per annum Down payment based on 20% of purchase price

RESALE AVERAGE HDB PRIVATE DIFFERENCE IN AVERAGE PRIVATE DIFFERENCE INHDB PRICE ($) CONDO PRICE ($) MORTGAGE ($) MORTGAGE ($) DOWN PAYMENT ($) CONDO PRICE ($) MORTGAGE ($) MORTGAGE ($)

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Top-dollar HDB flats generally outshine similarly priced private homes in terms of rental yield

After the Pinnacle@Duxton, the next most expensive resale HDB flat was a five-room 1,270 sq ft flat at 62A Strathmore Avenue (pictured)

At Trevista, monthly rent for units at the price point of the resale HDB averaged $2,957, while gross yield averaged 3.8%

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THEEDGE SINGAPORE | NOVEMBER 30, 2015 • EP3

EP4 • THEEDGE SINGAPORE | NOVEMBER 30, 2015

With more completions coming up in 2016, steps have been taken to slow down the Government Land Sales (GLS) Programme to thwart a potential supply

glut. With limited options, developers and lo-cal investors decided to venture overseas for opportunities. In 3Q2015 alone, about $4.34 billion was invested overseas by Singapore-an develop ers and investors. In contrast, the total real estate investment in the city state only amounted to $2.6 billion.

However, recent state tenders have seen developers returning to Singapore. There was an increase in the number of bids received for GLS sites amid the weakened private resi-dential market. The last tender of the mixed-use site at Alexan dra View next to the Redhill MRT station saw 10 bids. The top bid was by Tang Skyline, for $376.88 million or $850.81 psf per plot ratio. Likewise, the land parcel at Lorong Lew Lian received 11 bids through the state tender, with City Developments Ltd and joint-venture partners Hong Leong Holdings and TID submitting the top bid of $321 mil-lion, or about $710 psf ppr for the site.

There are several theories that can explain the increase in the number of bidders. First, some developers hope to replenish their land banks through the state tenders and, subse-quently, benefit from any market recovery over the medium-term horizon. While some have ventured overseas to explore new development options, they still want to have a presence in Singapore.

Second, the cost of procuring land for de-v elopment via an enbloc sale is too high. Not only do developers have to pay an extra 15%

of Additional Buyer’s Stamp Duty if they fail to sell all units in the development within five years of the date of contract or agreement, they are subject to stringent regulations under the Qualifying Certificate. The time constraints of completing con-struction and selling the project are major concerns as develop-ers are usually hampered by the time lag between the two — for example, dealing with the Strata Titles Board, moving out existing residents and demolishing the old develop ment. The GLS programme, alternatively, provides a more transparent and predictable avenue to procure land parcels.

While the land parcels in the 2H GLS Pro-gramme received more offers, the bidding was more measured. For the Alexandra View site, the second-highest bid was about 4.5% less than the winning bid. The same bidding be-haviour was observed during the site tender for the land parcel on Lorong Lew Lian; the top five bids were within a 4.8% margin. Develop ers are more discerning, too, as they are more willing to participate in state tenders for smaller sites at choice locations.

As end-2015 draws near, bidding is expected to be competitive for the remaining land parcels in the GLS programme. Below is a short analy-sis of the residential sites in the confirmed list.

Clementi Avenue 1 siteLaunched on Oct 23, the Clementi Avenue 1 site is likely to garner much interest among the developers because of its location. It has

an area of 1.32ha with a gross plot ratio (GPR) of 3.5 and can hold up to 460 units upon com-pletion. The site is considered attractive as it will enjoy spill-overs from the development of Jurong Gateway and the grow-ing cluster of start-ups and high technology research and devel-opment institutions in one north. On its own, the site is close to many educational and academic institutions such as the Nation-al University of Singa pore, NUS

High School of Mathematics and Science, Singa-pore Polytechnic and Nan Hua High School.

The rental potential for the site is huge, as rents in the vicinity range from $2.70 to $4.40 per sq ft per month. Those who own cars can get into the CBD easily via the Ayer Rajah Expressway. But one of the drawbacks is that the site is at least 800m from the nearest MRT station. Another issue that the developers have to manage is noise pollution generated from an expressway nearby.

According to Realis, prices for the newer private apartments in the vicinity range from $1,100 to $1,300 per sq ft, depending on the size of the unit. After adjusting for develop-ers’ profit and construction costs, we antici-pate the winning bid to range from $333 mil-lion to $358 million (($670 to $720 psf ppr). The site is likely to receive 10 to 16 bids, given its desirable location.

Land parcel at Siglap Road The land parcel at Siglap Road offers an in-teresting proposition to the developers as it

is located near the Siglap MRT station on the Thomson East Coast line, which will complete in stages from 2019. The 1.93ha land parcel, which was recently launched, has a GPR of 3.5 and will yield 750 units when completed. Besides being close to East Coast Park, it is also within 2km of Victoria School and Ngee Ann Primary School.

One of the downsides is the site’s lease-hold tenure, as there are several competing projects in the area that are freehold. Prices for leasehold apartments in the vicinity range from $1,400 to $1,600 per sq ft. It is antici-pated that the parcel will receive six to eight bids, with the winning bid ranging from $574 million to $654 million ($790 to $859 psf ppr).

EC land parcel at Yio Chu KangThe target market for the proposed development on the Yio Chu Kang executive condo minium site is young families, given its proxi mity to Rosyth Primary School, Xinming Primary School and Xinming Secondary School. Even though the site is relatively far from the MRT stations, it is well served by public buses. However, the land parcel is also close to Bright Vision Hos-pital and several voluntary welfare organisa-tions, which may be perceived as disamenities.

With EC prices ranging from $650 to $800 per sq ft in the same postal district, we anti cipate the winning bid to range from $155 million to $178 million ($280 to $320 psf ppr). Given its lower quantum, the sale site is likely to attract interest from medium-sized developers.

Lee Nai Jia is associate director and regional head of research (Southeast Asia) at DTZ. He can be reached at naijia.lee@dtz.com.

THEEDGE P R O P E R T Y PROPERTY TAKEIf you wish to contribute columns,

please write in to propertyeditor.sg@bizedge.com

2H2015 Government Land SalesProgramme: Developers awakened

E

| BY LEE NAI JIA |

The Clementi Avenue 1 site will enjoy spillovers from the development of

Jurong Gateway

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THEEDGE SINGAPORE | NOVEMBER 30, 2015 • EP5

EP6 • THEEDGE SINGAPORE | NOVEMBER 30, 2015

ADVERTORIAL

Bobby Sng’s youthful appearance belies his considerable achievements in the real estate industry.

He entered the fi eld in 2004, and joined his current company PropNex Realty in 2006. Sng is a senior associate district director o f Power Negotiators — the largest division

in PropNex, comprising more than 2,800 real estate salespersons.PropNex Realty Pte Ltd was established in 2000. It is the second

largest real estate agency in Singapore, with more than 5,800 sales-persons. Sng heads a team of more than 320 agents. He earned his fi rst accolade of Top Producer with the company in 2007 and has consistently been a high achiever since. Sng has also been featured by various media.

A desire for a change of working environment and a career break-through led Sng to leave his former job in events management for the real estate industry. “In events, we build something from nothing; likewise in real estate,” he quips.

Sng started his career in the HDB market segment and has since moved on to private properties, with a focus on prime districts 9 and 10. He is currently expanding his geographic target area to district 19. Sng advocates having a GTA instead of dabbling in all market segments. “This is where you build your brand, your positioning,” he says.

While his youthful looks may be the envy of many, Sng says they have been more a bane than a boon. “When you look young, people are more forgiving of your mistakes,” Sng shares. “However, people may assume that you are inexperienced.” To overcome the hurdle, Sng ensures he is fully armed with market knowledge, works twice as hard and puts his best foot forward to earn the trust of his clients.

“I do not idle around waiting for opportunity. Rather, I proactively seek them and put in 101% eff ort. I do my best to give sound advice and guidance to my clients,” he says. Sng’s dedication has earned him the approval of his clients who have showered him with testimonials of his professionalism.

Sng lets us in on the secret to his success: “SMRT”, which stands for skill set, mind-set, rehearsal and tool set. Climbing up the corporate ladder has changed his priorities in life, he says. “I used to be very sales driven, but along the way, I realised helping others to succeed is more fulfi lling. A leader must also be able to provide their associates with direction and to get the team to bond, especially in today’s market.”

An advocate of self-improvement, Sng says the knowledge he gained from upgrading himself by attending courses and reading has benefi ted his associates. He has an ambitious vision, which is for all of his associates to become top consultants in the fi eld. He wants them to strive beyond simply coordinating property transactions, to off er their clients valuable advice with their expertise. Sng acknow-ledges the challenges in achieving his vision, citing that everyone is unique and requires diff erent mentorship to suit their learning styles.

On his coaching method, Sng says he believes in helping his agents build their character and confi dence by assisting them in identifying their weaknesses and overcoming their fears. His advice for aspiring realtors? Stay focused, work as a team and never stop improving.

Helping others to succeed more fulfi lling, says PropNex’s Sng

A leader must be able to give his associates direction and get his team to bond, he adds

Sng: I do not idle around waiting for opportunity. Rather, I proactively seek them and put in 101% effort.

Sng heads a team of more than 320 agents at PropNex

Sng’s ambition is to have all of his associates become top consultants in the field

THEEDGE SINGAPORE | NOVEMBER 30, 2015 • EP7

| BY TAN CHEE YUEN |

A 1,313 sq ft mid-floor unit in Cyan, a freehold condominium in prime District 10, is look-ing for buyer at the indicative price of $2.75 million, or $2,094

psf. The price is listed as negotiable on TheEdgeProperty.com.

In December 2014, a larger unit on the 15th floor measuring 1,528 sq ft was sold at $2,087 psf. Separately, a 1,464 sq ft unit on the 18th floor found a buyer at $2,109 psf in June last year.

THEEDGE P R O P E R T Y DEAL WATCH

Table 2

Recent rental transactions of 1,000 to 1,200 sq ft two-bedroom units at Cyan

LEASE DATE MONTHLY RENT ($) ($ PSF)

Oct-15 5,000 4.3

Oct-15 4,500 4.3

Sep-15 5,300 4.6

Aug-15 5,600 5.3

Aug-15 4,700 4.5

Aug-15 5,200 5

TABL

ES: U

RA, T

HEED

GEP

ROPE

RTY.

COM

Historical transactions at Cyan

Table 1

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

12-Nov-15 1,658 High 3,103,000 1,8725-Oct-15 1,012 Low 2,050,000 2,02615-Jul-15 1,001 Low 2,010,000 2,00818-Dec-14 1,528 Mid 3,190,000 2,08724-Sep-14 1,475 Mid 3,060,000 2,07515-Sep-14 1,442 Mid 3,000,000 2,08011-Aug-14 1,453 Low 3,000,000 2,06411-Jul-14 657 Low 1,288,000 1,96216-Jun-14 1,453 Low 2,950,000 2,03012-Jun-14 1,464 High 3,088,000 2,109

Cyan unit selling ata tad below value

E

The subject property’s asking price of $2,094 psf is slightly higher than that in 2011, which averaged $2,051 psf for sim-ilar-sized units located between the 13th and 17th floors.

Cyan is a 278-unit freehold condomin-ium on Keng Chin Road, developed by Far East Organization and completed in 2014. Schools within 1km of the proper-ty include Singapore Chinese Girls’ Pri-mary School and Anglo-Chinese School (Primary).

There were nine rental contracts involv-ing two-bedroom units between 1,000 and 1,200 sq ft in Cyan in 2H2015. Rents for these units averaged $4,944 per month. Based on the listing price of $2.75 million, the average rent translates into a poten-tial gross rental yield of 2.2%.

Scan the QR code for value deals at Cyan and nearby projects

As we are not party to the contract between the client and agent, we are not able to verify information provided by the agent

* Low floors: L1 to L7, Mid floors: L8 to L15, High floors: L16 & above

Cyan is a 278-unit freehold condo on Keng Chin Road, developed by Far East Organization and completed in 2014

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APO

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