En bloc sales bear the brunt of cooling measures

With deals already slowing down, developers are likely to hit the pause button on en bloc purchases. What does this mean for the property market?

See our Cover Story on Pages 8 and 9.

PROPERTY PERSONALISED

Visit EdgeProp.sg to nd properties, research market trends and read the latest news The week of JULY 16, 2018 | ISSUE 839-60

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

OffshoreKSK Land launches second tower of KL

project, 8 Conlay EP8

Gains and LossesUnit at Nassim Park

Residences reaps $2.5 mil profi t EP11

Done DealsOlder condos in Farrer

Road-Holland Road area still affordable EP12

Under the HammerUnit at Orchard Scotts

going for $3.5 milEP14

Government measures aim to cool the euphoria in the property market

SAMUEL ISAAC CHUA/THE EDGE SINGAPORE

EP2 • EDGEPROP | JULY 16, 2018

Haig Road Flats launched for collective sale at $51 milThe 999-year leasehold Haig Road Flats (above, left), located in a private residential estate in District 15,

is up for collective sale at an indicative market price

of between $51 million and $52 million ($1,323 to

$1,361 psf per plot ratio (ppr)). According to market-

ing agent Century 21, individual owners can stand to

pocket between $2 million and $2.1 million.

The 27,389 sq ft development at 173-183 Haig Road

holds a four-storey residential block with 24 units,

each ranging from 1,189 to 1,259 sq ft. The site has

dual frontage to Seraya Lane and Haig Road.

Under the 2014 Master Plan, the site is zoned “res-

idential”, with a gross plot ratio of 1.4 and a five-sto-

rey height restriction. It has a current gross floor area

of about 38,344 sq ft, which can be redeveloped into

35 units with an average size of about 1,076 sq ft,

subject to a Pre-Application Feasibility Study. A de-

velopment charge is payable.

The site is near schools such as Tanjong Katong

Primary School, Kong Hwa School, Haig Girls’ School

and Canadian International School.

The tender will close on Aug 7.

Casa Sophia launched for collective sale at $36 mil Casa Sophia (above, right), a freehold development

on Sophia Road, is up for collective sale at a reserve

price of $36 million. This translates into a land rate

of about $1,390 psf ppr.

All of the owners have agreed to the sale,

with each one standing to receive between $2.69

million and $3.4 million, according to marketing

agent ERA Realty Network.

The 12-unit development sits on 12,327.9 sq ft of

land and consists of only three-bedroom units meas-

uring between1,152 and 1,453 sq ft each.

Under the 2014 Master Plan, the site is zoned

“residential”, with a gross plot ratio of 2.1. It can be

rebuilt into an estimated 34 units of 753 sq ft each.Located in District 9, Casa Sophia is 350m away

from the Dhoby Ghaut MRT station. It is also near

reputable educational institutions such as St Marga-

ret’s Primary School, Nanyang Academy of Fine Arts,

LASALLE College of the Arts, School of the Arts Sin-

gapore and Singapore Management University.

The tender will close on Aug 14.

JustCo names TICON as exclusive JV partner in Thailand JustCo has entered into an exclusive joint venture

with TICON Industrial Connection, a Thailand-based leading provider

of integrated industrial properties

that is majority-owned by Frasers

Property. The move follows GIC and

Frasers Property’s joint investment

in JustCo in May.

Also, JustCo is opening a second

co-working space at Capital Tower

in Bangkok, following its success at

the first space at AIA Sathorn Tow-

er in the Thai capital in May. More

openings are planned by the end

of the year.

This strategic partnership will help

JustCo leverage and tap a wider net-

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CENTURY 21 ERA REALTY

FRASERS PROPERTY

OFFSHORE

Canary Wharf’s One Park Drive to be launched in SingaporeLondon developer Canary Wharf Group is set to launch

sales of its luxury residential project, One Park Drive,

in Singapore on the weekend of July 14 and 15.

One Park Drive will form the centrepiece of the

new area, Wood Wharf, within London’s Canary

Wharf district. The development comprises 58 sto-

reys and is designed by Herzog & de Meuron. It

will have 483 apartments, with private balconies

providing views of the surrounding docklands and

wider London.

There will be a selection of studios; one-, two-

and three-bedroom apartments; as well as skylofts,

with prices starting from £665,000 ($1.2 million) for

a studio, £1.9 million for a three-bedder and £2.75

million to £3.9 million for skylofts.

Studio units range from 435 to 475 sq ft in size;

one-bedroom units range from 679 to 772 sq ft;

two-bedroom units are from 925 sq ft to 1,141 sq ft;

and three-bedroom units are from 1,196 sq ft to 1,665

sq ft. Skylofts, which are on the 32nd floor, range

from 1,364 to 2,087 sq ft. Only three units are avail-

able for sale this weekend.

The development is divided into three distinct ty-

pologies, Loft, Cluster and Bay, which are located at

different levels.

Residents of One Park Drive will benefit from an

entrance lobby with 24-hour concierge service, a li-

brary, cinema room and lounge on the ground floor.

The space includes a 20m pool, gym, studio space

and spa.

The launch will be held at The St Regis Hotel Sin-

gapore’s Diplomat Room.

WATG and Wimberly Interiors bag two international awardsIntegrated design firm WATG and its interior design

studio Wimberly Interiors picked up two awards at

The International Hotel and Property Awards event,

which was held in Capri, Italy on June 29.

WATG and Wimberly Interiors received the “Inter-

national Designer of 2018” award from The Design

Society as a recognition of innovation and excellence

within the industry. The duo also won the accolade for

“Best Hotel in Asia” for the design of St Regis Astana.

In 2017, WATG and Wimberly Interiors designed

over 240 projects in 52 countries. Its portfolio spans

four continents.

CDL to invest HK$237.8 mil in IPO of China’s E-House City Developments (CDL) will invest HK$237.81 mil-

lion ($41.4 million) in China’s data-based real estate

agency E-House, which has filed to be listed on the

Hong Kong Stock Exchange by the end of this month.

The only Singapore-based company invited to be

a cornerstone investor in this IPO, CDL joins several

top Chinese developers, including China Evergrande

Group, China Vanke and Country Garden Holdings,

which are existing shareholders of E-House. The other

cornerstone investors participating in the IPO include

e-commerce giant Alibaba Group Holding.E-House, established in 2000 as a real estate trans-

action service provider, has a geographic footprint

spanning 186 cities across 30 provinces in China.

Its extensive network comprises more than 17,000

sales agents. Its main businesses comprise real estate

agency services firm in the primary market, E-House

work of industries with affiliation to both TICON and

Frasers Property to accelerate expansion plans in Thai-

land. Kong Wan Sing, founder and CEO of JustCo, says:

“This partnership helps JustCo accelerate our ambitious

opening plans in Thailand and in the rest of the Asian

region, where we aim to open 100 centres by 2020.”

Slated to open this month, JustCo at Capital Tow-

er is spread across 37,674 sq ft, occupying three lev-

els of the building. It is located at the edge of Bang-

kok’s CBD and near the city’s busy Ratchaprasong

shopping district and BTS Ploenchit station.

Exclusive to JustCo at Capital Tower is a gar-

den-themed collaboration space, featuring a dedicated

area with swing chairs for members to interact with

like-minded innovators beyond their work desks.

FCOT sells 55 Market Street for $216.8 milFrasers Commercial Trust (FCOT) has sold 55 Mar-

ket Street (below), a 16-storey commercial property in

Raffles Place, for $216.8 million. This is equivalent to

$3,020 psf based on the building’s net lettable area.

The sale price was arrived at through a market-

ing process conducted by an appointed property

consultant.

The transaction is expected to be completed by

Aug 31, says Frasers Commercial Asset Management,

the manager of FCOT.

55 Market Street comprises 15 floors of office space

as well as two floors of retail space on the ground

floor and basement level. The property has a total

net lettable area of 71,796 sq ft and a committed oc-

cupancy of 87.9% as at end-March.

The sale price represents a 44.5%

premium above the property’s valu-

ation of $150 million ($2,089 psf) as

at July 1, and is almost three times

the original purchase price of $72.5

million ($1,010 psf) in 2006.

FCOT is expected to recognise an

estimated net gain of about $76.5 mil-

lion over the property’s book value

of $139 million as at Sept 30, 2017.

The sale price implies an annu-

alised net property income yield of

1.7%, based on the NPI of 55 Mar-

ket Street for the financial quarter

ended March 31. E

Marketing; real estate data consultancy CRIC; and

real estate brokerage network services firm Fangyou.

E-House’s key business of marketing residen-

tial projects generated a revenue of RMB3.9 billion

($800,000 million) in 2017, making it the largest real

estate agency service provider in the primary mar-

ket in China.

Sherman Kwek, CEO of CDL group, says: “In

view of the increasing demand for overseas proper-

ties among Chinese investors, we see strong poten-

tial in E-House’s growth. As it expands not only in

China but also globally, we will be able to leverage

its network, platform and expertise for CDL’s resi-

dential projects in various countries.” — Compiled by Bong Xin Ying E

PROPERTY TAKE

EP4 • EDGEPROP | JULY 16, 2018

In Singapore, we are seeing more

examples and evidence of how

public spaces and even common

spaces in buildings and workplac-

es have been successfully trans-

formed by adhering to basic princi-

ples of placemaking. These include

community engagement, stakehold-

er input and curated programming. 

Now, commercial real-estate play-

ers recognise the importance and val-

ue of placemaking as the emphasis

shifts from the physical design to

user wellness and experience of a

space. Placemaking is happening at

the city, district, building and work-

place level. Successful placemaking

generates vibrancy and builds a sense

of community that leads to engage-

ment, creativity, well-being and col-

laboration.

Placemaking at different levelsAt the city level, URA is engaging

communities, businesses and other

public agencies to champion the acti-

vation and vibrancy of public spaces

through various programmes such as

Car-Free Sundays, Streets for People,

Weekend Street Closures, and Our

Favourite Place. These placemaking

programmes enliven public spaces

for the public’s enjoyment and of-

ten bring economic as well as social,

health and environmental benefits. 

At the district level, developments

such as one-north, with JTC Corp

as the master planner and develop-

er; and GuocoLand’s Tanjong Pagar

Centre; are examples where there is

a good mix of work, live, play and

learn components, which are vital

for building a vibrant community. 

At Tanjong Pagar Centre, the

150,000 sq ft landscaped Urban Park

features a lawn, rooftop gardens and

a wide, open space sheltered by a

glass canopy for recreational and

lifestyle events. A focal point of the

park is the City Room, a vibrant pub-

lic space for special events and out-

door performances that offers a va-

riety of F&B options.

Statutory board JTC Corp had the

foresight years ago to form a team

to focus on placemaking within one-

north: The objective was to activate

its public spaces to foster a vibrant

community that leverages the world-

class knowledge-based enterpris-

es located there. JTC creatively tri-

alled and tested placemaking ideas

and applied placemaking principles

that included engaging stakeholders

— in this case, tenants — and crea-

tive programming to turn the spaces

in between buildings into “places”. 

Tenant feedback provided criti-

cal information on how to approach

programming, which has led to JTC’s

regular “Fantastic Friday” events and

ad hoc initiatives such as science

fairs, talent contests, movie nights

and fun runs. A bicycle race is even

held during a “car-free Sunday” at

one-north.

Factors that drive placemakingNow, other real-estate players are

catching on. The successful princi-

ples of placemaking at the urban and

district development level are being

applied at the building and workplace

level as well. Flexible working and

mobility, enabled by technology, has

disrupted the way businesses operate

as well as attract and retain talent. 

This coincides with the tidal rise

of the millennial workforce — those

born in the 1980s to mid-1990s —

and their apparent desire to work

and connect on the go using various

channels such as email, mobile and

video conferencing. The line between

work and play is blurring — the mil-

lennial worker wants to be able to

transition seamlessly between work

and play at various times of the day.

Placemakers have responded by

designing, configuring and program-

ming spaces that promote a unique

experience of work, vibrancy and a

sense of community. This probably

accounts for the rising popularity

of co-working as it is the logical re-

sponse to the needs of the millenni-

al workforce.

The millennial worker wants to be

able to work in an environment that

creates opportunities for collaboration

and generation of ideas. Witness the

success of incubator spaces such as

JTC LaunchPad (formerly known as

Block 71), which nurtured start-ups

such as Carousell. Entrepreneurs in

all types of industries are attracted

to LaunchPad for its collaborative

and open environment.

Placemaking is gaining in pop-

ularity at a time when there is a

heightened awareness that the hu-

man element and user experience

are important components of vibrant

public spaces and healthy workplac-

es. Developers, designers, planners

and even those managing buildings

and public spaces need to recognise

that placemaking is important. 

In the case of LaunchPad, place-

making principles are being applied

to deliberately foster interactions and

even chance encounters, the sharing

of ideas and collaboration among

start-ups, researchers and entrepre-

neurs, with the objective of creating

a work environment that drives in-

novation and creativity.

Sharing economy transforming businessesThe sharing economy will drastically

transform the way business is con-

ducted everywhere. The changes are

primarily driven by the same genera-

tion of millennials who instinctively

work and play in a more open and

collaborative culture. Increasingly,

the marketplace is being dominated

by a generation of consumers who

are willing to rent or borrow rather

than buy or own. Common physical

spaces and the community experi-

ences are therefore perfectly natu-

ral and logical in a sharing economy.

Office and retail landlords are

increasingly pressured to provide a

more interactive, diverse and bespoke

experience within a space. It is no

surprise that developers and place-

makers put a premium on mixed-use

sites that yield tremendous poten-

tial for an integrated experience of

working, living and playing in one

single locale.

Placemaking is an ongoing effort

that requires programming, feedback

and adaptation. After all, if places

can be attractive and vibrant and

also yield real commercial and eco-

nomic benefits for businesses, de-

velopers and owners, it is increas-

ingly clear that placemaking should

be an integral part of any real-estate

enhancement strategy.   

Jun Sochi is managing director, C&W Services Singapore, the facilities and en-gineering arm of Cushman & Wakefield

Placemaking and vibrancy

| BY JUN SOCHI |

GUOCOLAND

E

Events at the Urban Park include the Tokyo Summer Park, which was held from June 27 to 30 by Japan Rail Café, one of the tenants at GuocoLand’s Tanjong Pagar Centre integrated development

The atrium of Fusionopolis in one-north

JTC CORP

COVER STORY

EDGEPROP | JULY 16, 2018 • EP5

CONTINUES NEXT PAGE

| BY THE EDGEPROP TEAM |

Veteran litigator Adrian Tan, partner at

Singapore boutique law firm TSMP

Law Corp, has become a Robin Hood

of sorts in representing minority own-

ers in collective sale disputes. Tan has

taken up the case of the seven minority own-

ers at Goodluck Garden who said they were

told that there would be a development charge

when there was none.

The 210-unit condominium on Toh Tuck

Road was sold en bloc in March for $610 mil-

lion to a joint venture between Qingjian Group

and Perennial Real Estate.

Tan and his colleague Ong Pei Ching are

also representing the sole objector — the owner

of a penthouse — at Cairnhill Mansions, over

the method of apportionment used. Cairnhill

Mansions was sold to Low Keng Huat for $362

million in February.

Tan himself has been on both sides of a

collective sale: as a majority owner and a mi-

nority owner. He is currently the owner of a

unit at Horizon Towers in prime District 9. The

first collective sale attempt by the 210-unit pri-

vate condo on Leonie Hill Road was 11 years

ago, and it was one of the most contentious

in Singapore’s history. After the collective sale

committee secured Hotel Properties Ltd as a

buyer at $500 million in 2007, the en bloc pur-

chase was overturned by the Court of Appeal

in 2009, as there were grounds that the CSC

had not acted in good faith to seek the best

price. Legal disputes between minority own-

ers and members of the CSC dragged on until

2013 when the case was dismissed by a High

Court judge.

‘Timing couldn’t be worse’Tan and his wife, however, both liked the unit

they saw at Horizon Towers and went ahead

with buying it last year. Less than a year lat-

er, contrary to their expectations, the new CSC

at Horizon Towers succeeded in garnering the

requisite 80% consensus to proceed with a col-

lective sale. The development was launched

for sale by tender on July 4. The reserve price

was set at $1.1 billion — more than double

the $500 million price tag it was nearly sold

at in 2007.

The launch came just a day before the gov-

ernment rolled out its latest round of proper-

ty cooling measures. “The timing couldn’t be

worse,” says Tan. He was sharing his experi-

ences at the EdgeProp 360+ “En bloc vs En

block” seminar. On the evening of July 5, as he

was speaking at the EdgeProp event, the gov-

ernment announced its ninth round of prop-

erty cooling measures that would take effect

the following day.

The measures include a five percentage

point (ppt) hike in additional buyer’s stamp

duty for all save first-time homebuyers. Bor-

rowing limits were tightened across the board,

with the loan-to-value (LTV) ratio cut by 5ppt.

Bearing the brunt of the cooling measures are

corporate entities buying residential property,

as the ABSD has been increased from 15% to

25%. For developers, there is an additional

5ppt non-remittable ABSD to be paid upfront.

On the eve of the announcement, Mone-

tary Authority of Singapore managing direc-

tor Ravi Menon had warned developers to be

cautious when making their land bids, bearing

in mind the supply that is coming onstream.

He was speaking at the MAS annual report

media briefing.

Many sites, fewer buyersHowever, even before the government took

these pre-emptive measures, Colliers Inter-

national’s data already showed a slowdown

in collective sales: 21 collective sale tenders

valued at $5.6 billion closed in May and June

without a sale.

“Today, there are many sites up for collec-

tive sale chasing a limited number of develop-

ers who might have already bought land but

have yet to launch their projects,” says Tang

Wei Leng, managing director of Colliers Inter-

national, who was also a speaker at the Edge-

Prop 360+ event.

“These measures [ABSD and LTV changes]

will make developers pause because an en bloc

sale is an exercise in optimism,” says TSMP’s

Tan. “En bloc deals happen during a property

cycle’s upswing. If developers think the prop-

erty market is now at a plateau, they won’t be

in a hurry to buy sites. And for anyone who

hasn’t reached 80% consent or launched their

collective sale site for tender yet, I think they

will have to wait a few more years.”

It is not just a big blow to developers but

SAMUEL ISAAC CHUA/THE EDGE SINGAPORE

Even before the government took the pre-emptive measures, Colliers International’s data already showed a slowdown in collective sales

With deals already slowing down, developers are likely to hit the pause button on en bloc purchases. What does this mean for the property market?

En bloc sales bear the brunt of cooling measures

COVER STORY

EP6 • EDGEPROP | JULY 16, 2018

Adjustments to ABSD rates for residential property

*Developers are subject to the 25% ABSD rate. Th ey may apply for remission of the 25% ABSD, subject to conditions. **Th e 5% ABSD levied on developers is in addition to the 25% ABSD imposed on all entities. It will not be remitted and is to be paid upfront upon purchase of any residential properties.

RATES ON OR BEFORE RATES ON OR JULY 5, 2018 (%) AFTER JULY 6, 2018 (%)

Singapore citizens buying fi rst residential property 0 0

Singapore citizens buying second residential property 7 12

Singapore citizens buying third and subsequent residential property 10 15

Singapore permanent residents buying fi rst residential property 5 5

Singapore permanent residents buying second and subsequent residential property 10 15

Foreigners buying any residential property 15 20

Entities buying any residential property 15 25*

Plus additional 5% for developers**

TABLES: MOF, MND, MAS

Revised loan-to-value limits on housing loans granted by fi nancial institutions

*25 years for HDB fl at purchases

FIRST HOUSING LOAN SECOND HOUSING LOAN FROM THIRD HOUSING LOAN

Individual borrowers Loan-to-value limit Existing rule Existing rule Existing rule 80%; or 60% if the loan tenure is more 50%; or 30% if the loan tenure is more 40%; or 20% if the loan tenure is more than 30 years* or extends past age 65 than 30 years* or extends past age 65 than 30 years* or extends past age 65

Revised rule Revised rule Revised rule 75%; or 55% if the loan tenure is more 45%; or 25% if the loan tenure is more 35%; or 15% if the loan tenure is more than 30 years* or extends past age 65 than 30 years* or extends past age 65 than 30 years* or extends past age 65

Developers expected to be more selective in land purchases

FROM PREVIOUS PAGE

also en bloc beneficiaries shopping for a re-

placement property and investors, notes Ian

Loh, Knight Frank executive director and head

of capital markets. “For owners, the cost of a

replacement home has gone up, but the en

bloc premium is likely to be reduced.”

What premium?TSMP’s Tan himself had voted for a collective

sale during the last collective sale wave from

2005 to 2007. It was for the sale of Westpeak

Condo on West Coast Walk.

The payout he received for the unit he

owned at Westpeak Condo was $1.4 million

when the estate was sold for $206.1 million

to Chip Eng Seng Corp in 2006. It has since

been redeveloped into the 659-unit The Parc

Condo, which was completed in 2011.

The lawyer representing the owners at West-

Peak Condo had advised them not to buy a re-

placement property until they received their

payout. “I rank that as one of the worst piec-

es of advice that a lawyer can give regarding a

property property purchase,” says Tan.

Some of the other owners at Westpeak Con-

do, like Tan, felt that they should not wait,

but look for a replacement home immediately.

“The time lag between those of us who went

ahead to look for a home versus those who

went later — after they received their money

— was six to eight months,” he says. “During

that [time frame], the market shot up.” Those

who waited were priced out of the market and

had problems finding a similar-sized unit in

the same area.

Given the long-drawn-out collective sale pro-

cess, people become disenchanted along the

way, especially when what they thought was

a good price may not be so at the end of the

that of the previous collective sale boom from

2005 to 2007.

Based on en bloc deals done from 2016 to

the present, the total value amounts to $19.2

billion (including the purchase of Casa Mey-

fort), according to Colliers. During the last

collective sale frenzy from 2005 to 2007, there

were $21.8 billion worth of transactions. In the

first collective sale boom from 1994 to 1997,

the figure was $3.8 billion.

However, the average deal size of a col-

lective sale has risen, points out Tang. In the

1994-to-1997 period, the average deal size was

$41 million; from 2005 to 2007, it was $93 mil-

lion; and from 2016 to the present, it has been

$299 million.

En bloc hopes derailed? What is interesting is that owners’ proceeds

have not risen as fast. In the 1994-to-1997 pe-

riod, owners’ proceeds averaged $2.2 million.

Today, it is $2.7 million, according to Colliers

International’s research.

There are more than 150 developments at

various stages of the collective sale process.

“In every part of Singapore, there are still own-

ers who aspire to unlock the value of their

property through collective sales,” notes Tang.

Besides unrealistic pricing by owners and

GuocoLand has acquired Casa Meyfort on Meyer Road for $319.88 million, but it will not be subject to the new ABSD

ET&CO

The collective sale of Horizon Towers was launched on July 4, just a day before the government announced its property cooling measures

lective sale sites going forward, cautions Col-

liers’ Tang. “It will likely [dampen] the eupho-

ria among would-be en bloc sellers and help to

rein in unrealistic price expectations.”

Developers are expected to be more selec-

tive in land purchases, given the higher ABSD

remission clawback if they fail to develop and

sell all the units within five years. But Colliers

believes redevelopment sites in mature es-

tates or areas where there have been few new

launches could still be appealing.

“Developers know they have the advan-

tage [in a collective sale],” says Tang. “If the

location is good — with schools and MRT sta-

tions nearby — it might be easier to market.

But if the site is overpriced, it eats into devel-

opers’ profits, creating more risk and uncer-

tainty for them.”

Collective sale deals increasingly come with

a “put-and-call option”, as developers do not

agree with the asking price, notes Tang. “They

then offer a lower price, forcing the CSC to go

back to the owners to get the 80% agreement.”

Some developers are also imposing condi-

tions for purchases, especially for sites that

ask for a higher price, notes Tan Hong Boon,

JLL regional director of capital markets. “If the

conditions are not met, they have the right to

walk away from the deal,” he says.

Other developers will stipulate a minimum

number of units to be built, especially for large

collective sale sites that are subject to traffic

impact studies.

Scaling the peakAlthough collective sale prices have hit a new

high of $2,910 psf per plot ratio (ppr) with the

sale of Park House on Orchard Boulevard last

month, the total value of deals is still below

entire process as prices have run up. “It takes

up to 12 months to get the signatures from

80% of the owners; another six months to go

through the tender, and another six months to

complete,” says Tan. “When people talk about

en bloc premiums, I laugh because it’s not a

premium if you factor in the time.”

According to Colliers’ Tang, owners typi-

cally receive a premium of 50% to 60% from

selling their property collectively compared

with selling the individual unit in the resale

market. “They may now have to accept a low-

er premium if they want to get the deal across

the line,” she notes.

More deals with strings attachedIf anything, the latest cooling measures will

raise the acquisition cost for developers, and

this will surely have a bearing on prices of col-

Non-individual borrowers Loan-to-value limit Existing rule 20% Revised rule 15%

Minimum cash No change to existing ruledown payment 25%

5%; or 10% if the loan tenure is more than 30 years* or extends past age 65

COVER STORY

EDGEPROP | JULY 16, 2018 • EP7

| BY THE EDGEPROP TEAM |

In the wake of the recent property cooling measures by the government, some developers who had planned previews in the coming weekends have chosen to defer them.

Word on the street is that City Developments Ltd (CDL), which was expected to preview its luxury project South Beach Residences on July 13, has chosen to postpone the event. The 190-unit, 99-year leasehold luxury development sits on top of the JW Marriott Singapore and is part of the South Beach integrated development.

However, CDL has held firm to prices at the 124-unit New Futura at Leonie Hill Road in prime District 9. The freehold project was launched in January and is substantially sold, with many of the recent units sold at prices above $3,500 psf.

In contrast, YTL Singapore has previewed its luxury project 3 Orchard By-the-Park. The 77-unit luxury condo on Orchard Boulevard is priced from $3,490 psf.

M+S has also proceeded with the launch of the new Garden Tower at Marina One Residences. The project was launched on July 5, the same evening the property cooling measures were announced.

“There isn’t a lot of supply coming up in the Core Central Region (CCR) in the near term,” notes Dominic Lee, PropNex Realty head of luxury team. “Most of the buyers of these new projects in the CCR are permanent residents and foreigners.”

The first penthouse at Marina One Residences that was sold for $18 million ($2,782 psf) last month was brokered by an agent at SRI. For foreigners, the additional buyer’s stamp duty

(ABSD) is now 20%, up from 15% before. However, Bruce Lye, SRI managing partner,

points out that the stamp duty is still lower than in Hong Kong, where overseas buyers are subject to a 30% stamp duty.

In the light of the strong sales figures at the showflats of projects that have brought forward their launches amid the property cooling measures introduced recently — Riverfront Residences, Stirling Residences and Park Colonial — Malaysian developer S P Setia is going ahead with its preview of Daintree Residences on July 14.

The 327-unit development is located on Toh Tuck Road in District 21 in the Rest of Central Region (RCR).

Some developers postpone, others proceed with previews

The private preview of South Beach Residences, which was scheduled for July 13, is said to have been postponed

As at July 5, 380 units out of a total of 805 units were sold at Park Colonial

TIMOTHY TAY/EDGEPROP SG

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URA Private Property Price Index

160

150

140

130

120

110

100

90

July 2018Additional buyer's stamp duty raised; LTV tightened;new ABSD on residential development site

June 2013Total debt servicing ratio

October 2012 LTV adjustments;absolute loan limit of 35 years

2Q2018 down3.6% from 3Q2013 peak and

9.1% from its 3Q2017 low

January 2013Additional buyer's stamp duty raised

March 2017SSD lowered

September 2009GLS confirmed list reinstated; removal of IAS and IOL; non-extension of budget assistance measures when expire

August 2010Seller's stamp duty extended to three years; LTV lowered further

December 2011Additional buyer's stamp duty

February 2010Seller's stamp duty for property disposed within one year; LTV lowered

January 2011Seller's stamp duty extended to four yearswith quantum raised; LTV lowered further

Singapore property cooling measures introduced over the years

MAYBANK KIM ENG

the property cooling measures, another fac-

tor that could derail the collective sale mar-

ket is unsold stock. According to Tang, the

10-year absorption rate for housing demand

is about 12,500 units annually. All the col-

lective sales and government land sale sites

sold in the current collective sale cycle are ex-

pected to yield about 42,000 units. “It could

take three to 3½ years to clear the stock,”

she points out.

Unsold inventory adds to overall supply

and will curtail developers’ appetite for more

land. “If supply increases drastically, it might

take four to five years to clear the stock,” says

Tang. “This might become a worry for devel-

opers as the imposed penalties will create the

urgency to sell their units within a five-year

time frame.”

In the wake of the cooling measures, which

have made developers more cautious about

bidding for sites, some CSCs are considering

extending their estate’s collective sale tender

closing period. These include Spanish Village

and Gilstead Court.

However, collective sale sites whose tender

closed before July 5 will have to enter the 10-

week private treaty period, notes Sieow Teak

Hwa, managing director of Teakhwa Real Es-

tate. These include AVA Tower, Holland Tow-

er and Gilstead Mansion.

Developers ‘de-risking’Colliers’ Tang sees developers “de-risking”

by buying sites that they are “very confident”

of selling.

GuocoLand announced on July 10 that its

subsidiary, First Meyer Development, had suc-

cessfully tendered for the en bloc purchase of

Casa Meyfort on Meyer Road, and that it had

exercised its option to purchase the site at

$319.88 million.

The Real Estate Developers’ Association of Singapore issued a statement on July 6 in reaction to the latest round of cooling measures. “Redas is of the view that the property market should be allowed time to find its own course and reach a sustained equilibrium,” it said.

Redas added that it “does not see the rationale” for imposing additional harsh measures on developers. Developers are already constrained by “a confluence of financial considerations” as well as “tough and unfriendly business policies”, including the existing additional buyer’s stamp duty (ABSD)

on developers and the Qualifying Certificate conditions on a majority of developers (including listed companies that are deemed as foreign companies as long as they have one non-Singaporean director or shareholder).

“Developers are already penalised if they do not meet the five-year completion and sale requirement,” said Redas. “The new ABSD on developers will impose additional pressure on land acquisition as it [the new ABSD] compresses their development, sales and land replenishment cycle time. Developers are concerned about [the] distortionary effects of such market behaviour over the medium and long term.”

Redas ‘does not see rationale’ for additional harsh measures

Tang: Owners may now have to accept a lower premium if they want to get the [en bloc] deal across the line

Tan: If the market is cooling, developers are unlikely to buy an en bloc site

PICTURES: SAMUEL ISAAC CHUA/THE EDGE SINGAPORECOLLIERS INTERNATIONAL

E

The freehold Casa Meyfort was first launched

for collective sale last December at $340 mil-

lion and the tender closed in January this year

without a sale. It was launched for tender again

in April and the tender closed on May 21. The

asking price was $340 million. Edmund Tie &

Co is the marketing agent.

GuocoLand’s en bloc purchase of Casa Mey-

fort was agreed on at end-May, hence the pre-

vious ABSD rates (15% fully remittable) apply.

This latest en bloc purchase shows that

smaller-quantum sites or those that yield up

to 200 units remain feasible for developers,

says Lee Liat Yeang, senior partner at Dentons

Rodyk & Davidson. “There are still develop-

ers looking to replenish their depleting or de-

pleted landbank.”

OFFSHORE

EP8 • EDGEPROP | JULY 16, 2018

| BY TIMOTHY TAY |

A luxury mixed-use develop-

ment in the heart of Kuala

Lumpur, 8 Conlay, marks

the first foray into proper-

ty development by Malay-

sia’s KSK Group Bhd.

“It has been our chairman’s lifelong

dream for the company to branch into

property development,” says Joanne

Kua, CEO of the group. KSK Group,

an insurance conglomerate that op-

erates in Malaysia and Thailand,

was privatised in 2012 and changed

its name from Kurnia Asia Bhd. KSK

Group was founded by Kua’s father,

Sian Kooi, who is executive chairman

of the group.

“We want to position KSK Land as

a lifestyle-focused property develop-

er,” says Kua, who is also managing

director of KSK Land, the property

arm of KSK Group. “We jumped at

the chance to develop a luxury res-

idential development on the Jalan

Conlay site,” she adds.The site was

one of the last pieces of undeveloped

freehold land in Kuala Lumpur City

Centre (KLCC), the location of Ma-

laysia’s iconic Petronas Twin Towers.

The 1,062-unit 8 Conlay, named

after its auspicious address at Jalan

Conlay, is on schedule to be com-

pleted by 2H2020. It has a gross de-

velopment value of RM5.4 billion

($1.82 billion). KSK Land purchased

the 1.6ha site in 2014 from Suasana

Simfoni, a 60%-owned subsidiary

of Singapore-listed UOL Group, for

RM568 million (RM3,299 psf). “When

we acquired the site, people asked us

why we paid such a high price. But

for us, it is the value we can create

on the land and what will be devel-

oped on it,” says Kua.

YOO8 serviced by Kempinski8 Conlay comprises three high-rise

towers and a nine-storey retail podi-

um. The 62-storey Tower A has 564

branded residential units and the

57-storey Tower B has 498 branded

residential units. Both towers will be

serviced by Switzerland-based hotel

group Kempinski Hotels and designed

by UK-based residential and hotel de-

sign firm YOO. The third tower will

be the 68-storey Kempinski Hotel,

featuring 260 rooms and 300 stra-

ta-titled hotel suites. The Kempinski

Hotel Kuala Lumpur will be Kempin-

ski’s first and only hotel in Malaysia.

The residential towers will feature

branded residences called “YOO8 ser-

viced by Kempinski”. Kempinski Ho-

tels was the first and only hotelier

KSK Land considered. “A consistent

luxury service for both the residential

and hotel components is one of the

key requirements of a good branded

residence,” she notes.

London-based YOO was also the

first pick to design the interiors of

the branded residential units. Units

in Tower A are designed by Hong

Kong-based designer Steve Leung,

while units in Tower B are designed

by UK-based interior designer Kelly

Hoppen for YOO. The unit layouts in

both towers are similar and their areas

range from 700 to 1,300 sq ft for one-

to three-bedroom units. Most of the

units in Tower A overlook the near-

by Royal Selangor Golf Club, while

most of the units in Tower B have

views of KLCC. “Living in the heart

of the city makes it difficult to get

views of green spaces, and a view of

the Petronas Twin Towers is one that

many foreigners and locals aspire to

have while living in KL,” says Kua.

The podium will feature 200,000

sq ft of retail space across four floors,

a banquet hall and a five-storey car

park. The retail area will be a cu-

rated open space with F&B options,

says Kua. KSK Land will be announc-

ing some of the tenants at year-end.

Branded residencesGlobally, branded residences such as

8 Conlay command an average pre-

mium of about 30% over other lux-

ury properties, says Kua, adding that

the current premium for branded res-

idences in KL is about 10%. When 8

Conlay is completed in 2020 and oc-

cupancy increases, she expects that

it will set a new benchmark premi-

um rate for branded residences in the

city. There are not many comparable

luxury properties in KL and there are

no branded residential developments

set to be completed in the city in the

next two years, she says.

Completed branded residential

developments in KLCC include Pa-

vilion Banyan Tree Signatures, The

Ritz-Carlton Residences and Four

Seasons Place. The 441-unit luxury

development Pavilion Banyan Tree

Signatures launched its units from

RM1,800 psf, but units there have

recently changed hands for about

RM3,000 psf, as have units at the

242-unit Four Seasons Place.

Branded residences in KL are

among the most affordable luxury

properties in Southeast Asia at the

moment, says Kua. The sustained

price growth in the last few years

signals that demand for properties

in this niche segment of the market

KSK Land launches second tower ofKL luxury project

8 Conlay

8 Conlay is a luxury branded residential development by Malaysian developer KSK LandKua: Singaporean buyers who purchase luxury units in KL feel that the luxury market in KL is more affordable than that in Singapore

OFFSHORE

EDGEPROP | JULY 16, 2018 • EP9

pinski is an attractive residential de-

velopment not only because of the

great Kempinski service, but also be-

cause buyers know that Kelly Hop-

pen’s particular design style reflects

the highest-quality luxury lifestyle,”

he adds. The Kelly Hoppen for YOO

style fuses the Eastern principles of

simplicity and balance with the West-

ern taste for luxurious finishes and

textures, he explains.

Hoppen believes 8 Conlay will

be a “sellout” project. “I have never

taken on a project which I person-

ally did not believe would be suc-

cessful,” she says. Her two design

concepts for the 498 units in Tow-

er B are Urban and Spring. This is

her first time designing for a project

in Malaysia.

“Coming up with names such as

Urban or Spring is just a selling tool

for marketing; the important factor

is what is designed for the space,”

Hoppen says. “I visualise walking

through the space, sleeping and wak-

ing up, seeing the marble on the wall

and the runner down the floor and

the metal inlay design. I know what

pleases me and I try to recreate it.”

One of her most recent projects with

YOO was designing the interiors of a

lakeside house at The Lakes by YOO,

a 340ha lakeside residential develop-

ment in the Cotswolds, UK.

Beyond MalaysiaWhile KSK Land remains focused on

delivering an outstanding product at

8 Conlay to buyers, Kua admits that

she has started to think about fu-

ture projects. She wants to position

the company as a city-focused life-

style property developer. “We chose

as our first project an integrated de-

velopment with branded residences

to earn the confidence of consumers

and the market,” she says.

KSK Land remains focused on its

strategy to develop projects in the

Klang Valley and on Penang island

for now, but it has also started ex-

ploring international markets to en-

ter, such as central London, Singapore

and Bangkok. “The global market is

still quite volatile and we will con-

tinue to assess the right time to ex-

pand,” says Kua.

will increase in the coming years as

the Malaysian economy continues to

pick up, she adds.

KSK Land launched units in Tow-

er A in early 2016 at RM2,700 psf;

recent transactions at Tower A were

at about RM3,200 psf. The develop-

er started selling units at Tower B

earlier this month, and has already

moved some units. Prices start from

RM3,250 psf. In Tower B, one-bed-

room units are between 705 and 776

sq ft, two-bedders are between 945

and 1,155 sq ft and three-bedroom

units are 1,328 sq ft.

The two common areas, on the

26th and 44th floors, are designed

by Thai landscape studio TROP. A

25m lap pool and indoor gym will

be located on the 26th floor while a

lounge and open air landscaped area

will be on the 44th floor.

Foreign buyersAbout 80% of the buyers at Tower

A are foreigners and Kua expects to

see the same percentage at Tower B.

Buyers from Shanghai, Beijing, Hong

Kong and Taipei constitute the big-

gest group of foreign purchasers, fol-

lowed by those from Japan, Singa-

pore, Indonesia and Thailand. The

units are bought mainly as seasonal

homes, says Kua.

Many of the foreign buyers have

participated in the Malaysia My Sec-

ond Home (MM2H) Programme, she

adds. MM2H is an international resi-

dency scheme that grants foreigners

the right to live in Malaysia for up

to 10 years on a renewable, multi-

ple-entry social visit pass. Incentives

include the option for the partici-

pant to bring their parents into Ma-

laysia under a long-term visa. Many

Chinese buyers intend to bring their

elderly parents to stay in 8 Conlay

during winter.

Singaporeans make up about 5%

of the total number of purchasers at

8 Conlay so far. “Singaporean buyers

who purchase luxury units in KL do

so because they feel that the luxu-

ry market in KL is more affordable

than that in Singapore,” says Kua.

She reckons that the cancellation of

the KL-Singapore High-Speed Rail

project will not dent demand from

Singaporean buyers. “Being in a cen-

tral location in KLCC, where the sup-

ply of land is limited, means we are

more resilient to unexpected chang-

es and announcements. While the

project would have made the jour-

ney more convenient, its cancella-

tion does not impact current travel

times between Singapore and KL.

[The High-Speed Rail project] was

never a major reason for Singapo-

rean buyers to invest in property in

KL,” she says.

Kelly Hoppen for YOOKSK Land is the only developer in

Southeast Asia to collaborate with

both Steve Leung and Kelly Hop-

pen. 8 Conlay is a “fantastic exam-

ple” of the close collaborative efforts

between designers and property de-

velopers, says YOO chairman John

Hitchcox. “YOO8 serviced by Kem-

A living room with the Spring theme (left) and a master bedroom with the Urban theme (right) by Hoppen

The lounge area on the 44th floor of 8 Conlay

8 Conlay is a fantastic example of the collaborative efforts between designers and property developers, says Hitchcox

This is the first time Hoppen is designing for a project in Malaysia

One of Hoppen’s recent projects was designing the interiors of a lakeside house developed by YOO

YOO

PICTURES: KSK LAND

YOO

E

YOO

EVENT

EP10 • EDGEPROP | JULY 16, 2018

Rise of the ‘en blockers’| BY THE EDGEPROP TEAM |

The EdgeProp 360+ event,

“En bloc vs En block”, on

the evening of July 5 drew a

packed audience. It coincid-

ed with the announcement

of a new round of property cooling

measures that would come into ef-

fect the following day.

The measures would have the big-

gest impact on collective sale deals.

It was clear that some owners were

getting cold feet as one of the ques-

tions raised during the panel discus-

sion was whether one could rescind

the collective sale agreement in the

light of the latest cooling measures.

According to Adrian Tan, TSMP

Law Corp’s partner of dispute reso-

lution, there is generally a five-day

cooling-off period after signing the

agreement to give the go-ahead for

the collective sale. However, beyond

the five-day period, if there is “a fun-

damental change in circumstanc-

es”, one could also rescind the con-

tract, he says.

For example, an owner was count-

ing on receiving a certain amount

from the collective sale, and had fac-

tored in the seller’s stamp duty (SSD),

cost of a replacement home and per-

haps additional buyer’s stamp duty.

But now the government has raised

the ABSD by five percentage points.

“Under the law, if it’s an act of God,

you can rescind. In Singapore, if the

government does it, we can also call

it ‘an act of God’,” Tan quips.

Tan is of the view that the en

bloc laws in Singapore need to be

refreshed as they are “very one-

sided” and favour the majority of

the owners who want an en bloc

sale. For instance, they have the

privilege of calling for an extraor-

dinary general meeting, forming a

collective sale committee and post-

ing updates on the collective sale

process on the notice board in the

condominium. They have access to

the names and addresses of all sub-

sidiary proprietors and can commu-

nicate with them.

The minority owners who object

to the collective sale are not even al-

lowed to use the notice board.

They do not have a community

or a group. “The law doesn’t

provide for that,” says Tan.

Someone had suggested forming

an “en bloc opposition party,” Tan

says. He suggests setting up a web-

site: “It’s a platform for the minor-

ity owners to put across their point

of view. Better communication and

transparency is the way to go.”

Another concern of some own-

ers is having to pay SSD in a col-

lective sale.

“In all estates, you just have

to look at who just bought a unit

and the date of purchase in order

to compute the SSD payable,” says

Tan. “The method of apportionment

should include a sum for the pay-

ment of SSD, which is going to the

government.”

The SSD has never been raised

in the High Court, as a plaintiff has

to prove a financial loss has been

sustained from the collective sale.

“I myself feel strongly that it’s not

in good faith if you force someone

to get less money than others,” says

Tan. “In Singapore, not only the gov-

ernment but also your neighbours can

force you to sell your home — at a

price they dictate and at a time they

want to in an en bloc sale.”

However, in the light of the re-

cent property cooling measures, de-

velopers will be more selective in

buying en bloc sites, says Tang Wei

Leng, managing director of Colliers

International.

Bernard Tong, CEO of EdgeProp

Singapore who was also one of the

panellists at the event, said the new

cooling measures are likely to ben-

efit first-time homebuyers, as they

are spared the hike in ABSD. How-

ever, first-time homebuyers will still

see their borrowing limit cut: from

the 80% loan-to-value ratio previ-

ously to 75%.

SAMUEL ISAAC CHUA/THE EDGE SINGAPORE

EDGEPROP SG

The audience at the Marina One auditorium

E

The panel discussion at the EdgeProp 360+ event on July 5 (from left): Moderator Boaz Boon, Tong, Tang and Tan

GAINS AND LOSSES

EDGEPROP | JULY 16, 2018 • EP11

| BY CHARLENE CHIN |

Over the week of June 26 to July 3,

the most profitable deal was the

sale of a five-bedroom unit at Nas-

sim Park Residences in prime Dis-

trict 10. The 6,932 sq ft unit on the

fifth floor fetched $20.8 million ($3,001 psf)

on June 29. The seller purchased the unit for

$18.35 million ($2,647 psf) in 2008. He reaped

a 13% profit of $2.45 million, or an annual-

ised profit of 1% over 9.8 years.

Nassim Park Residences is a five-minute

drive from the Orchard Road shopping belt

and is near the Botanic Gardens and Glenea-

gles Hospital.

Prior to this, a 3,175 sq ft unit on the fourth

floor was sold for $10.58 million ($3,332 psf)

in May. As the owner bought it in 2011 at $10.9

million ($3,433 psf), this translates into a loss

of 3%, or $320,000.

The second most profitable deal for the

week in review was at UE Square in District 9,

where a four-bedroom unit was sold for $4 mil-

lion ($1,822 psf) on June 27. Located on Riv-

er Valley Road, the development is a six-min-

ute walk from the Clarke Quay area, where a

stretch of bars and eateries front the Singa-

pore River. The 2,196 sq ft unit on the fourth

floor was bought for $1.87 million ($849 psf)

in 2009. This means the seller walked away

with a 114% profit of $2.14 million, or an an-

nualised profit of 9% over 9.2 years. The sale

marks the third time the home has changed

hands — it was first purchased in 1995 for

$1.77 million ($806 psf) from the developer.

The third most profitable transaction for the

week was for a four-bedroom unit at Residences

@ Evelyn in District 11, which is a six-minute

walk from Newton MRT station. The 2,250 sq

ft unit on the 10th floor was sold for $4.02 mil-

lion ($1,787 psf) on June 28. The seller made

an 81% profit of $1.8 million, or an annualised

profit of 5% over 11.2 years. He purchased the

unit in 2007 for $2.22 million ($987 psf).

One day after the 10th-floor unit was sold,

another unit at Residences @ Evelyn on the 24th

floor changed hands for $1.96 million ($1,887

psf). The seller made an 18% profit of $300,000

or an annualised profit of 2% over 8.2 years

for the 1,033 sq ft, two-bedroom unit. He pur-

chased it in 2010 for $1.65 million ($1,597 psf).

The first owner bought it from the developer for

$1.48 million ($1,434 psf) in 2007.

Meanwhile, a two-bedroom unit transact-

ed at The Fernhill sustained the top loss for

the week in review when it was sold for $2.1

million ($1,711 psf) on June 27. The seller in-

curred a 14% loss of $338,000, or an annual-

ised loss of 1% over 11 years. He purchased

the unit in June 2007 at $2.44 million ($1,987

psf) from the original owner, who had in turn

bought it in January that same year at $1.73

million ($1,410 psf).

Unit at Nassim Park Residences reaps $2.45 mil profit

E

Top 10 gains and losses from June 26 to July 3

URA, EDGEPROP

Most profi table deals (non-landed)

Note: Computed based on URA caveat data as at July 10 for private non-landed houses transacted between June 26 and July 3. Th e profi t-and-loss computation excludes transaction costs such as stamp duties.

Non-profi table deals PROJECT DISTRICT AREA (SQ FT) SOLD ON (2018) SALE PRICE ($ PSF) BOUGHT ON PURCHASE PRICE ($ PSF) LOSS ($) LOSS (%) ANNUALISED LOSS (%) HOLDING PERIOD (YEARS)

1 Th e Fernhill 10 1,227 June 27 1,711 June 18, 2007 1,987 338,000 14 1 11.0

2 Altez 2 753 July 3 1,964 April 27, 2010 2,267 228,370 13 2 8.2

3 Stadia 19 1,432 June 29 1,083 April 15, 2013 1,151 98,000 6 1 5.2

4 Stellar RV 10 452 June 29 1,920 Oct 5, 2012 2,077 70,800 8 1 5.7

5 Devonshire 12 9 452 July 2 2,168 Dec 4, 2012 2,280 50,560 5 1 5.6

6 Th e Riverine by the Park 12 980 June 29 1,582 May 9, 2013 1,633 50,000 3 1 5.1

7 Jewel @ Buangkok 19 495 July 2 1,373 June 30, 2014 1,416 21,250 3 1 4.0

8 Foresque Residences 23 1,130 June 29 1,194 Sept 9, 2011 1,206 12,800 1 0 6.8

9 Robertson Edge 9 431 June 29 2,114 Sept 27, 2012 2,137 10,000 1 0 5.8

PROJECT DISTRICT AREA (SQ FT) SOLD ON (2018) SALE PRICE ($ PSF) BOUGHT ON PURCHASE PRICE ($ PSF) PROFIT ($) PROFIT (%) ANNUALISED PROFIT (%) HOLDING PERIOD (YEARS)

1 Nassim Park Residences 10 6,932 June 29 3,001 Aug 26, 2008 2,647 2,454,000 13 1 9.8

2 UE Square 9 2,196 June 27 1,822 April 9, 2009 849 2,135,000 114 9 9.2

3 Residences @ Evelyn 11 2,250 June 28 1,787 April 24, 2007 987 1,798,880 81 5 11.2

4 Pebble Bay 15 1,894 June 28 1,467 May 14, 1996 824 1,219,000 78 3 22.1

5 Goldenhill Park Condominium 20 1,313 June 28 1,575 Nov 5, 2002 707 1,140,000 123 5 15.7

6 Bishan Point 20 1,485 June 27 1,181 Sept 30, 2002 544 946,200 117 5 15.8

7 Water Place 15 1,216 June 29 1,299 Oct 19, 2001 652 787,000 99 4 16.7

8 Poshgrove East 15 1,238 June 28 1,495 Jan 30, 2009 872 770,464 71 6 9.4

9 Th e Levelz 10 926 June 29 1,566 Jan 14, 2002 756 749,800 107 5 16.5

10 Dynasty Lodge 10 1,916 June 27 1,428 Oct 11, 2010 1,044 736,888 37 4 7.7

A two-bedroom unit sold at The Fernhill incurred the top loss for the week in review. The seller lost $338,000 over a holding period of 11 years.

The most profitable deal in the week of June 26 to July 3 was the sale of a five-bedder at Nassim Park Residences, which raked in a 13% gain

PICTURES: SAMUEL ISAAC CHUA/THE EDGE SINGAPORE

EP12 • EDGEPROP | JULY 16, 2018

DONE DEALS

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 MARINA ONE RESIDENCES Apartment 99 years June 27, 2018 1,507 4,336,000 2,877 2017 New SaleDistrict 2 ALTEZ Apartment 99 years July 03, 2018 753 1,480,000 1,964 2014 ResaleSPOTTISWOODE SUITES Apartment Freehold July 02, 2018 581 1,260,000 2,168 2017 ResaleWALLICH RESIDENCE AT TANJONG PAGAR CENTRE Apartment 99 years June 29, 2018 646 2,285,000 3,538 2017 New SaleDistrict 3 ARTRA Apartment 99 years June 27, 2018 1,227 2,176,800 1,774 Uncompleted New SaleARTRA Apartment 99 years June 27, 2018 1,227 2,159,800 1,760 Uncompleted New SaleARTRA Apartment 99 years June 27, 2018 1,227 2,193,600 1,788 Uncompleted New SaleMARGARET VILLE Apartment 99 years June 26, 2018 700 1,302,000 1,861 Uncompleted New SaleMARGARET VILLE Apartment 99 years June 27, 2018 527 1,081,400 2,050 Uncompleted New SaleMARGARET VILLE Apartment 99 years June 29, 2018 463 869,200 1,878 Uncompleted New SaleMARGARET VILLE Apartment 99 years June 29, 2018 657 1,222,000 1,861 Uncompleted New SaleMARGARET VILLE Apartment 99 years June 30, 2018 657 1,266,300 1,929 Uncompleted New SaleMARGARET VILLE Apartment 99 years June 30, 2018 829 1,435,200 1,732 Uncompleted New SaleMARGARET VILLE Apartment 99 years June 30, 2018 463 874,700 1,890 Uncompleted New SaleMARGARET VILLE Apartment 99 years June 30, 2018 657 1,261,800 1,922 Uncompleted New Sale

MARGARET VILLE Apartment 99 years July 01, 2018 463 895,000 1,934 Uncompleted New SaleQUEENS Condominium 99 years July 02, 2018 1,195 1,535,000 1,285 2002 ResaleQUEENS PEAK Condominium 99 years June 26, 2018 1,507 2,462,000 1,634 Uncompleted New SaleQUEENS PEAK Condominium 99 years June 27, 2018 1,507 2,445,000 1,622 Uncompleted New SaleTHE ANCHORAGE Condominium Freehold July 03, 2018 1,163 1,580,000 1,359 1997 ResaleTHE CREST Condominium 99 years June 29, 2018 1,722 3,444,000 2,000 2017 ResaleTHE CREST Condominium 99 years June 29, 2018 1,561 2,834,000 1,816 2017 ResaleTHE CREST Condominium 99 years June 29, 2018 1,238 2,527,000 2,041 2017 ResaleTHE CREST Condominium 99 years July 02, 2018 872 1,783,000 2,045 2017 ResaleTHE CREST Condominium 99 years July 02, 2018 1,238 2,564,000 2,071 2017 ResaleDistrict 4 SKYLINE RESIDENCES Condominium Freehold June 28, 2018 829 1,690,000 2,039 2015 ResaleDistrict 5 BIJOU Apartment Freehold June 29, 2018 753 1,638,840 2,175 Uncompleted New SaleBIJOU Apartment Freehold June 30, 2018 506 1,082,611 2,140 Uncompleted New SaleBIJOU Apartment Freehold July 01, 2018 570 1,199,287 2,102 Uncompleted New SaleBLUE HORIZON Condominium 99 years June 26, 2018 926 1,020,000 1,102 2005 ResaleBOTANNIA Condominium 956 years June 28, 2018 1,604 1,980,000 1,235 2009 ResaleHARBOUR VIEW GARDENS Apartment Freehold June 29, 2018 657 1,219,000 1,857 Uncompleted New SaleHUNDRED TREES Condominium 956 years June 27, 2018 1,475 2,150,000 1,458 2013 ResaleTHE CLEMENT CANOPY Apartment 99 years June 26, 2018 990 1,407,000 1,421 Uncompleted New SaleTHE CLEMENT CANOPY Apartment 99 years June 30, 2018 1,345 2,090,000 1,553 Uncompleted New SaleTHE VERANDAH RESIDENCES Apartment Freehold June 28, 2018 700 1,335,000 1,908 Uncompleted New SaleTHE VISION Condominium 99 years June 26, 2018 904 1,200,000 1,327 2014 ResaleTREASURE PLACE Condominium Freehold June 26, 2018 990 1,388,000 1,402 2006 ResaleTWIN VEW Apartment 99 years June 27, 2018 1,518 1,873,000 1,234 Uncompleted New SaleTWIN VEW Apartment 99 years June 27, 2018 1,066 1,509,000 1,416 Uncompleted New SaleTWIN VEW Apartment 99 years June 29, 2018 818 1,160,000 1,418 Uncompleted New SaleTWIN VEW Apartment 99 years June 29, 2018 743 1,218,000 1,640 Uncompleted New SaleTWIN VEW Apartment 99 years June 29, 2018 743 1,130,000 1,521 Uncompleted New SaleTWIN VEW Apartment 99 years June 30, 2018 818 1,236,000 1,511 Uncompleted New SaleVARSITY PARK CONDOMINIUM Condominium 99 years June 26, 2018 1,604 1,730,000 1,079 2008 ResaleWEST COAST GARDENS Terrace 956 years June 29, 2018 2,088 2,860,000 1,368 1976 ResaleDistrict 7 CONCOURSE SKYLINE Apartment 99 years June 26, 2018 807 1,580,000 1,957 2014 ResaleDUO RESIDENCES Apartment 99 years June 28, 2018 1,841 3,950,005 2,146 2017 New SaleDistrict 8 CITY SQUARE RESIDENCES Condominium Freehold July 02, 2018 872 1,480,000 1,697 2009 ResaleCITYLIGHTS Condominium 99 years June 26, 2018 721 1,088,000 1,509 2007 ResaleDistrict 9 8 HULLET Apartment Freehold June 28, 2018 538 1,899,018 3,528 Uncompleted New SaleCAIRNHILL CREST Condominium Freehold June 26, 2018 818 1,750,000 2,139 2004 ResaleDEVONSHIRE 12 Apartment Freehold June 28, 2018 452 960,000 2,123 2015 Sub SaleDEVONSHIRE 12 Apartment Freehold July 02, 2018 452 980,000 2,168 2015 Sub SaleMARTIN PLACE RESIDENCES Condominium Freehold June 27, 2018 1,044 2,570,000 2,461 2011 ResaleNEW FUTURA Condominium Freehold June 28, 2018 1,367 4,864,000 3,558 2017 ResaleNEW FUTURA Condominium Freehold July 02, 2018 1,367 4,888,000 3,576 2017 ResaleROBERTSON EDGE Apartment 999 years June 29, 2018 431 910,000 2,114 2008 ResaleSOPHIA HILLS Condominium 99 years June 29, 2018 506 1,260,000 2,491 2018 New Sale

Residential transactions with contracts dated June 26 to July 3

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

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

| BY TIMOTHY TAY |

Older condominiums in the Holland

Road and Farrer Road area seem to

be benefiting from increased buying

interest. Prices at The Cornwall, a

freehold 99-unit condo off Holland

Road, have risen almost 25%, from an aver-

age price of $1,458 psf last year to $1,886 psf

this year. The last time units at The Cornwall

were sold for more than $1,800 psf was in

2013, during the last property boom.

Two studio units at The Cornwall changed

hands recently — a 667 sq ft unit on the fifth

floor was sold for $1.26 million ($1,888 psf)

on June 26 and a 657 sq ft unit on the third

floor fetched $1.24 million ($1,891 psf) on

June 29. Prices at the development increased

after the successful collective sale of Hollan-

dia in March for $183.4 million, or $1,703 psf

per plot ratio (ppr), followed by The Estoril in

April for $224 million ($1,654 psf ppr). Both

sites were purchased by Hong Kong-listed Far

East Consortium International.

“Prices of older condos in the area are still

within the replacement-home budgets of most

collective sale beneficiaries and buyers in the

secondary market,” says Savills’ senior direc-

tor of investment sales Suzie Mok, whose team

handled the sale of Hollandia. Owners are ex-

pected to collect gross sale proceeds ranging

from $3.3 million to $4.2 million, which they

will receive by year-end, she says. She points

to the nearby freehold condos Waterfall Gar-

dens and The Levelz as examples of affordable

properties for buyers in the secondary market.

At the 132-unit Waterfall Gardens, a 2,196

sq ft, three-bedroom unit on the ground floor

changed hands for $3.2 million ($1,457 psf)

on June 28. For the past two years, units at

the eight-year old condo were sold for $1,334

to $1,561 psf. Prices at the development rose

following the successful en bloc sale of Tu-

lip Garden across the road for $907 million

($1,790 psf ppr) in mid-April.

This was reflected in the price of a unit at

Waterfall Gardens sold later that month: The

2,196 sq ft, three-bedder changed hands for

$3.75 million ($1,708 psf). Most of the units

have since been transacted at more than $1,600

psf. Meanwhile, the latest sale at The Levelz, a

14-year-old condo, was that of a 926 sq ft unit

on the ground floor, which went for $1.45 mil-

lion ($1,566 psf) on June 29. It is the highest

psf price for a ground-floor unit at the condo.

The latest property cooling measures are

expected to dampen the current collective sale

fever and moderate future price increases. One

casualty may be the nearby Spanish Village

on Farrer Road, whose collective sale tender

closes on July 18. Owners launched the collec-

tive sale of the 226-unit, freehold condo with

an $882 million ($1,721 psf ppr) asking price

in June. Like most collective sales whose ten-

ders are closing this month, Spanish Village’s

collective sale committee is meeting with its

marketing agent, Edmund Tie & Co, to discuss

whether to extend the tender’s closing date.

Older condos in Farrer Road-Holland Roadneighbourhood still affordable

E

Prices at The Cornwall, off Holland Road, have risen almost 25% so far this year

SAMUEL ISAAC CHUA/THE EDGE SINGAPORE

EDGEPROP | JULY 16, 2018 • EP13

DONE DEALS

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

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

UE SQUARE Apartment 929 years June 27, 2018 2,196 4,000,000 1,822 1997 ResaleVIDA Apartment Freehold June 26, 2018 527 1,150,000 2,180 2009 ResaleWATERSCAPE AT CAVENAGH Apartment Freehold June 26, 2018 1,313 2,480,000 1,889 2014 ResaleWILKIE 80 Apartment Freehold June 28, 2018 409 821,000 2,007 2010 ResaleDistrict 10 ANGULLIA PARK RESIDENCES @ ORCHARD Apartment Freehold July 02, 2018 936 2,152,000 2,298 2010 ResaleD’LEEDON Condominium 99 years June 29, 2018 840 1,360,000 1,620 2014 ResaleDYNASTY LODGE Apartment Freehold June 27, 2018 1,916 2,736,888 1,428 1985 ResaleNASSIM PARK RESIDENCES Condominium Freehold June 29, 2018 6,932 20,800,000 3,001 2011 ResaleRV EDGE Apartment Freehold June 26, 2018 646 1,150,000 1,781 2013 ResaleSTELLAR RV Apartment Freehold June 29, 2018 452 868,000 1,920 2015 ResaleTHE CORNWALL Condominium Freehold June 26, 2018 667 1,260,000 1,888 2005 ResaleTHE CORNWALL Condominium Freehold June 29, 2018 657 1,241,730 1,891 2005 ResaleTHE FERNHILL Apartment Freehold June 27, 2018 1,227 2,100,000 1,711 2009 ResaleTHE LEVELZ Condominium Freehold June 29, 2018 926 1,450,000 1,566 2004 ResaleTHE MERCURY Apartment Freehold June 29, 2018 1,044 1,850,000 1,772 2012 ResaleTHE MONTANA Apartment Freehold June 26, 2018 936 1,660,000 1,773 2002 ResaleTHE TENERIFFE Terrace 99 years June 28, 2018 3,165 2,828,998 894 2003 ResaleWATERFALL GARDENS Condominium Freehold June 28, 2018 2,196 3,200,000 1,457 2010 ResaleDistrict 11 CUBE 8 Condominium Freehold June 27, 2018 1,421 2,280,000 1,605 2013 ResaleNINETEEN SHELFORD ROAD Condominium Freehold June 28, 2018 829 1,480,000 1,786 1997 ResaleRESIDENCES @ EVELYN Condominium Freehold June 28, 2018 2,250 4,020,000 1,787 2007 ResaleRESIDENCES @ EVELYN Condominium Freehold June 29, 2018 1,033 1,950,000 1,887 2007 ResaleSTRATA Apartment Freehold June 28, 2018 506 948,000 1,874 2006 ResaleTHE GLYNDEBOURNE Condominium Freehold June 26, 2018 1,044 2,100,000 2,011 2013 ResaleVIVA Condominium Freehold June 26, 2018 1,345 2,950,000 2,192 2012 ResaleDistrict 12 BEACON HEIGHTS Condominium 999 years July 02, 2018 1,410 1,330,000 943 2012 ResaleCASA IRRAWADDY Apartment Freehold June 28, 2018 893 1,239,000 1,387 1995 ResaleD’MIRA Apartment Freehold July 02, 2018 1,507 1,820,000 1,208 2012 ResaleGEM RESIDENCES Condominium 99 years June 29, 2018 1,313 2,030,000 1,546 Uncompleted New SaleGEM RESIDENCES Condominium 99 years June 29, 2018 1,313 2,084,000 1,587 Uncompleted New SaleGEM RESIDENCES Condominium 99 years June 29, 2018 1,313 1,936,440 1,475 Uncompleted New SaleGEM RESIDENCES Condominium 99 years June 29, 2018 1,012 1,890,000 1,868 Uncompleted New SaleGEM RESIDENCES Condominium 99 years July 01, 2018 947 1,732,000 1,828 Uncompleted New SaleGEM RESIDENCES Condominium 99 years July 01, 2018 980 1,557,220 1,590 Uncompleted New SaleGEM RESIDENCES Condominium 99 years July 01, 2018 1,012 1,840,000 1,819 Uncompleted New SaleREGENT RESIDENCES Apartment Freehold June 28, 2018 409 650,000 1,589 2015 ResaleRIVERSIDE MELODIES Apartment Freehold June 29, 2018 1,421 1,980,000 1,394 2014 ResaleTHE ARTE Condominium Freehold July 03, 2018 1,873 2,353,008 1,256 2010 ResaleTHE RIVERINE BY THE PARK Apartment Freehold June 29, 2018 980 1,550,000 1,582 2010 ResaleTREVISTA Condominium 99 years July 02, 2018 1,819 2,350,000 1,292 2011 ResaleDistrict 13 AO JIANG APARTMENTS Apartment Freehold July 02, 2018 1,033 2,100,000 2,032 1987 ResaleAO JIANG APARTMENTS Apartment Freehold July 02, 2018 1,141 2,550,000 2,235 1987 ResaleAO JIANG APARTMENTS Apartment Freehold July 02, 2018 1,001 2,100,000 2,098 1987 ResaleAO JIANG APARTMENTS Apartment Freehold July 02, 2018 1,389 2,800,000 2,016 1987 ResaleAO JIANG APARTMENTS Apartment Freehold July 02, 2018 1,033 2,100,000 2,032 1987 ResaleAO JIANG APARTMENTS Apartment Freehold July 02, 2018 1,389 2,800,000 2,016 1987 ResaleAO JIANG APARTMENTS Apartment Freehold July 02, 2018 1,033 2,100,000 2,032 1987 ResaleAO JIANG APARTMENTS Apartment Freehold July 02, 2018 1,389 2,800,000 2,016 1987 ResaleMACPHERSON GARDEN ESTATE Terrace Freehold June 26, 2018 1,399 1,850,000 1,325 Unknown ResaleSOMMERVILLE WALK Detached Freehold June 26, 2018 12,034 10,900,000 906 1986 ResaleWOODSVILLE CLOSE Apartment Freehold July 02, 2018 2,357 3,260,000 1,383 1982 ResaleMEYAPPA CHETTIAR ROAD Semi-Detached Freehold July 02, 2018 3,455 8,000,000 2,315 Unknown ResaleMEYAPPA CHETTIAR ROAD Semi-Detached Freehold July 02, 2018 2,809 8,000,000 2,845 Unknown ResaleDistrict 14 33 RESIDENCES Apartment Freehold June 28, 2018 700 1,133,000 1,619 Uncompleted New SaleASTORIA PARK Condominium 99 years June 28, 2018 850 915,000 1,076 1995 ResaleAVANT RESIDENCES Apartment 99 years June 29, 2018 377 688,000 1,826 2012 ResaleLORONG 3 GEYLANG Terrace 60 years June 28, 2018 721 50,000 69 Unknown ResalePARK 1 SUITES Apartment Freehold June 29, 2018 603 901,300 1,495 2017 New SaleSIMS GREEN Apartment 99 years June 29, 2018 1,249 1,024,000 820 2003 ResaleTHE LENOX Apartment Freehold July 03, 2018 700 915,000 1,308 2014 ResaleWATERBANK AT DAKOTA Condominium 99 years June 29, 2018 1,184 1,860,000 1,571 2013 ResaleWATERBANK AT DAKOTA Condominium 99 years July 02, 2018 1,281 1,888,000 1,474 2013 ResaleDistrict 15 38 I SUITES Apartment Freehold June 28, 2018 452 740,000 1,637 2014 ResaleDE CENTURION Apartment Freehold June 27, 2018 1,044 1,650,000 1,580 2010 ResaleD’SAVILLE Apartment Freehold July 03, 2018 1,184 1,420,000 1,199 2003 ResaleEAST SIGNATURE Apartment Freehold June 26, 2018 1,001 1,400,000 1,399 2005 ResaleENVIO Apartment Freehold June 26, 2018 1,033 1,160,000 1,123 2010 ResaleEVERITT EDGE Apartment Freehold July 02, 2018 441 615,000 1,394 2015 ResaleFRANKEL ESTATE Semi-Detached Freehold June 27, 2018 4,951 7,300,000 1,475 1967 ResaleHAIG COURT Condominium Freehold July 02, 2018 1,442 1,900,000 1,317 2004 ResaleMARSHALL LODGE Apartment Freehold June 28, 2018 1,776 1,810,000 1,019 1995 ResaleRAMSGATE ROAD Detached Freehold June 26, 2018 12,777 18,680,000 1,462 Unknown ResaleSTILL ROAD Semi-Detached Freehold June 27, 2018 3,627 4,780,000 1,319 1966 ResaleCEYLON ROAD Terrace Freehold June 28, 2018 1,765 2,325,000 1,318 1952 ResaleLORONG H TELOK KURAU Semi-Detached Freehold July 02, 2018 4,198 4,500,000 1,073 1990 ResaleNEPTUNE COURT Apartment 99 years June 28, 2018 1,636 1,510,000 923 1975 ResalePALM GALLERIA Apartment Freehold June 29, 2018 495 638,000 1,289 2010 ResalePEBBLE BAY Condominium 99 years June 28, 2018 1,894 2,780,000 1,467 1997 ResalePOSHGROVE EAST Condominium Freehold June 28, 2018 1,238 1,850,000 1,495 2008 ResaleSANDY EIGHT Apartment Freehold June 28, 2018 678 1,248,000 1,840 Uncompleted New SaleSILVERSEA Condominium 99 years June 27, 2018 980 1,630,000 1,664 2014 ResaleSPRINGVALE Apartment Freehold July 03, 2018 969 1,140,000 1,177 1995 ResaleSUITES @ AMBER Apartment Freehold June 28, 2018 840 1,308,888 1,559 2010 ResaleTHE MINT RESIDENCES Apartment Freehold July 03, 2018 872 977,000 1,121 2009 ResaleTHE SEAFRONT ON MEYER Condominium Freehold June 28, 2018 1,066 2,000,000 1,877 2010 ResaleTIVOLI GRANDE Apartment Freehold June 26, 2018 797 1,053,000 1,322 2012 ResaleTREESCAPE Apartment Freehold June 26, 2018 1,023 1,390,000 1,359 2014 ResaleVENTURA VIEW Apartment Freehold June 29, 2018 753 860,000 1,141 2012 ResaleVILLA MARINA Condominium 99 years June 28, 2018 1,421 1,260,000 887 1999 ResaleVILLAS LA VUE Detached Freehold June 27, 2018 5,210 3,208,000 616 2010 ResaleWATER PLACE Condominium 99 years June 29, 2018 1,216 1,580,000 1,299 2004 ResaleDistrict 16 ARCHIPELAGO Condominium 99 years June 27, 2018 527 707,000 1,340 2015 ResaleBAYSHORE PARK Condominium 99 years June 29, 2018 936 1,150,000 1,228 1986 ResaleCHANGI GREEN Condominium Freehold July 02, 2018 1,216 1,280,000 1,052 1998 ResaleCOSTA DEL SOL Condominium 99 years June 26, 2018 1,238 1,640,000 1,325 2003 ResaleECO Condominium 99 years June 27, 2018 1,076 1,630,000 1,514 2017 ResaleGRANDEUR PARK RESIDENCES Condominium 99 years June 27, 2018 1,130 1,649,112 1,459 Uncompleted New SaleJALAN REMIS Semi-Detached Freehold June 26, 2018 3,315 4,180,000 1,260 Unknown ResaleSALAM WALK Semi-Detached Freehold June 28, 2018 6,222 5,700,000 916 1993 ResaleSEA PAVILION RESIDENCES Apartment Freehold June 27, 2018 1,141 1,738,888 1,524 Uncompleted New SaleTECK GUAN VILLE Terrace Freehold June 28, 2018 35,392 60,000,000 1,695 1987 ResaleWATERFRONT KEY Condominium 99 years June 27, 2018 1,206 1,438,000 1,193 2012 ResaleDistrict 17 BALLOTA PARK CONDOMINIUM Condominium Freehold June 28, 2018 1,432 1,080,000 754 2000 ResaleEDELWEISS PARK CONDOMINIUM Condominium Freehold June 29, 2018 1,453 1,350,000 929 2006 ResaleJLB RESIDENCES Apartment 946 years June 28, 2018 1,270 1,100,000 866 2008 Resale

LIRIA TERRACE Terrace Freehold June 27, 2018 1,615 1,980,000 1,226 1997 ResaleLOYANG VILLAS Terrace 99 years June 26, 2018 1,615 1,428,888 885 1996 ResaleLOYANG VILLAS Terrace 99 years June 27, 2018 2,153 1,490,000 692 1995 ResalePALM ISLES Condominium 99 years June 26, 2018 786 760,000 967 2015 ResaleDistrict 18 COCO PALMS Condominium 99 years June 26, 2018 753 980,000 1,301 2018 Sub SaleCOCO PALMS Condominium 99 years June 28, 2018 753 950,000 1,261 2018 Sub SaleMY MANHATTAN Condominium 99 years July 02, 2018 1,604 1,950,000 1,216 2014 ResaleSAVANNAH CONDOPARK Condominium 99 years June 28, 2018 1,227 975,000 795 2005 ResaleSEA ESTA Condominium 99 years June 27, 2018 904 870,000 962 2015 ResaleTHE TAPESTRY Condominium 99 years June 26, 2018 441 655,290 1,485 Uncompleted New SaleTHE TAPESTRY Condominium 99 years June 27, 2018 603 851,310 1,412 Uncompleted New SaleTHE TAPESTRY Condominium 99 years June 27, 2018 990 1,214,400 1,226 Uncompleted New SaleTHE TAPESTRY Condominium 99 years June 28, 2018 474 693,720 1,465 Uncompleted New SaleTHE TAPESTRY Condominium 99 years June 28, 2018 474 683,880 1,444 Uncompleted New SaleTHE TAPESTRY Condominium 99 years June 28, 2018 474 687,160 1,451 Uncompleted New SaleTHE TAPESTRY Condominium 99 years June 28, 2018 441 653,670 1,481 Uncompleted New SaleTHE TAPESTRY Condominium 99 years June 29, 2018 603 867,510 1,439 Uncompleted New SaleTHE TAPESTRY Condominium 99 years June 30, 2018 1,345 1,531,200 1,138 Uncompleted New SaleTHE TAPESTRY Condominium 99 years June 30, 2018 926 1,246,400 1,346 Uncompleted New SaleTHE TAPESTRY Condominium 99 years June 30, 2018 1,130 1,438,400 1,273 Uncompleted New SaleTHE TAPESTRY Condominium 99 years June 30, 2018 1,130 1,444,800 1,278 Uncompleted New SaleTHE TAPESTRY Condominium 99 years July 01, 2018 474 678,140 1,432 Uncompleted New SaleTHE TAPESTRY Condominium 99 years July 01, 2018 990 1,203,200 1,215 Uncompleted New SaleTHE TAPESTRY Condominium 99 years July 01, 2018 1,130 1,425,600 1,261 Uncompleted New SaleWATERVIEW Condominium 99 years June 26, 2018 1,216 1,300,000 1,069 2014 ResaleDistrict 19 COMPASS HEIGHTS Apartment 99 years June 26, 2018 1,550 1,300,000 839 2002 ResaleJEWEL @ BUANGKOK Condominium 99 years June 28, 2018 1,141 1,370,000 1,201 2016 ResaleJEWEL @ BUANGKOK Condominium 99 years July 02, 2018 495 680,000 1,373 2016 ResaleKOVAN MELODY Condominium 99 years June 29, 2018 1,302 1,390,000 1,067 2006 ResaleKOVAN REGENCY Condominium 99 years June 29, 2018 1,130 1,580,000 1,398 2015 ResaleKOVAN REGENCY Condominium 99 years June 29, 2018 1,130 1,585,000 1,402 2015 ResaleMIDTOWN RESIDENCES Apartment 99 years June 26, 2018 657 945,000 1,439 2016 ResaleSURIN AVENUE Terrace Freehold June 26, 2018 3,025 3,350,000 1,107 1993 ResalePARRY PARK Terrace 999 years June 26, 2018 2,788 3,070,000 1,102 1991 ResalePRINCETON VALE Terrace 99 years June 27, 2018 1,647 1,710,000 1,042 2001 ResaleRIO VISTA Condominium 99 years June 27, 2018 1,249 1,100,000 881 2004 ResaleRIVERCOVE RESIDENCES EC 99 years June 26, 2018 904 875,200 968 Uncompleted New SaleRIVERCOVE RESIDENCES EC 99 years June 26, 2018 904 920,200 1,018 Uncompleted New SaleRIVERCOVE RESIDENCES EC 99 years June 27, 2018 904 871,700 964 Uncompleted New SaleRIVERCOVE RESIDENCES EC 99 years June 27, 2018 904 867,600 960 Uncompleted New SaleRIVERCOVE RESIDENCES EC 99 years June 28, 2018 904 838,900 928 Uncompleted New SaleRIVERCOVE RESIDENCES EC 99 years June 28, 2018 958 965,700 1,008 Uncompleted New SaleRIVERSOUND RESIDENCE Condominium 99 years June 28, 2018 1,292 1,250,000 968 2015 ResaleSERANGOON GARDEN ESTATE Terrace 999 years July 02, 2018 2,164 2,500,000 1,156 Unknown ResaleSTADIA Apartment Freehold June 29, 2018 1,432 1,550,000 1,083 2010 ResaleSUITES @ PAYA LEBAR Apartment Freehold July 03, 2018 366 530,000 1,448 2013 ResaleTERRASSE Condominium 99 years June 28, 2018 1,335 1,630,000 1,221 2014 ResaleTHE LUXURIE Condominium 99 years June 27, 2018 1,722 1,258,000 730 2015 ResaleDistrict 20 BISHAN 8 Condominium 99 years June 28, 2018 1,184 1,330,000 1,123 2000 ResaleBISHAN 8 Condominium 99 years June 28, 2018 1,163 1,440,000 1,239 2000 ResaleBISHAN POINT Condominium 99 years June 27, 2018 1,485 1,755,000 1,181 2005 ResaleGOLDENHILL PARK CONDOMINIUM Condominium Freehold June 28, 2018 1,313 2,068,000 1,575 2004 ResaleHAPPY ESTATE Semi-Detached Freehold July 03, 2018 3,455 3,800,000 1,100 1984 ResaleJALAN KELI Detached Freehold June 28, 2018 4,306 5,600,000 1,300 2008 ResaleSEMBAWANG HILLS ESTATE Semi-Detached Freehold July 03, 2018 4,069 4,030,000 991 Unknown ResaleSKY HABITAT Condominium 99 years June 29, 2018 1,302 1,934,400 1,485 2015 ResaleSKY VUE Condominium 99 years June 29, 2018 1,141 1,650,000 1,446 2016 ResaleTHOMSON GARDEN ESTATE Semi-Detached Freehold June 28, 2018 2,067 3,300,000 1,594 Unknown ResaleDistrict 21 SIGNATURE PARK Condominium Freehold July 02, 2018 1,701 2,280,000 1,341 1998 ResaleTHE HILLFORD Apartment 60 years July 02, 2018 398 500,000 1,255 2016 ResaleTHE RAINTREE Condominium 99 years June 28, 2018 1,044 1,033,000 989 2008 ResaleDistrict 22 CASPIAN Condominium 99 years June 26, 2018 463 655,000 1,415 2012 ResaleCASPIAN Condominium 99 years June 28, 2018 872 1,000,000 1,147 2012 ResaleCASPIAN Condominium 99 years July 03, 2018 1,141 1,180,000 1,034 2012 ResaleTHE LAKEFRONT RESIDENCES Condominium 99 years July 02, 2018 1,410 1,728,000 1,225 2014 ResaleDistrict 23 CASHEW HEIGHTS CONDOMINIUM Condominium 999 years June 27, 2018 1,658 1,980,000 1,194 1990 ResaleCASHEW VILLAS Terrace 999 years June 27, 2018 2,153 3,100,000 1,440 2002 ResaleCHANTILLY RISE Condominium Freehold July 03, 2018 1,442 1,528,000 1,059 1998 ResaleFORESQUE RESIDENCES Condominium 99 years June 29, 2018 1,130 1,350,000 1,194 2014 ResaleGUILIN VIEW Condominium 99 years July 03, 2018 1,701 1,240,000 729 2000 ResaleMAYSPRINGS Apartment 99 years July 02, 2018 1,292 1,105,000 855 1998 ResaleMERAWOODS Condominium 999 years June 29, 2018 1,345 1,450,000 1,078 1999 ResaleCHU LIN ROAD Semi-Detached 999 years June 26, 2018 3,305 3,928,000 1,189 Unknown ResaleNORTHVALE Apartment 99 years June 27, 2018 1,356 1,000,000 737 1998 ResalePALM GARDENS Condominium 99 years June 29, 2018 1,206 868,000 720 2000 ResaleTHE AMSTON Apartment 999 years June 28, 2018 1,313 1,340,000 1,020 1998 ResaleTHE MADEIRA Condominium 99 years June 27, 2018 3,046 2,408,880 791 2003 ResaleTHE WARREN Condominium 99 years June 26, 2018 1,270 1,000,000 787 2004 ResaleYEW MEI GREEN EC 99 years June 26, 2018 1,432 1,020,000 712 2000 ResaleDistrict 25 NORTHOAKS EC 99 years June 28, 2018 1,249 815,000 653 2000 ResaleNORTHWAVE EC 99 years June 28, 2018 1,001 866,000 865 Uncompleted New SaleNORTHWAVE EC 99 years July 01, 2018 893 790,000 884 Uncompleted New SaleNORTHWAVE EC 99 years July 01, 2018 1,119 958,000 856 Uncompleted New SaleNORTHWAVE EC 99 years July 01, 2018 990 841,000 849 Uncompleted New SaleDistrict 26 LENTOR VILLAS Terrace Freehold July 02, 2018 2,368 3,080,000 1,303 1997 ResaleSPRINGLEAF GARDEN Semi-Detached Freehold June 29, 2018 3,853 3,450,000 896 1984 ResaleTHE SPRINGSIDE Terrace Freehold June 26, 2018 2,013 3,333,000 1,659 2016 ResaleDistrict 27 LILYDALE EC 99 years June 26, 2018 1,227 775,000 632 2003 ResaleNORTHWOOD Condominium Freehold July 03, 2018 1,625 1,468,000 903 2009 ResalePARC LIFE EC 99 years June 26, 2018 1,066 900,000 845 2018 New SalePARC LIFE EC 99 years June 27, 2018 1,066 926,000 869 2018 New SalePARC LIFE EC 99 years June 29, 2018 1,066 940,000 882 2018 New SaleTHE ESTUARY Condominium 99 years June 29, 2018 1,302 1,180,000 906 2013 ResaleTHE NAUTICAL Condominium 99 years June 26, 2018 1,119 1,100,000 983 2015 ResaleTHE SHAUGHNESSY Terrace 99 years June 28, 2018 3,305 1,628,000 493 2006 ResaleDistrict 28 NIM COLLECTION Terrace 99 years June 26, 2018 1,615 2,858,000 1,770 Uncompleted New SalePARC BOTANNIA Condominium 99 years June 26, 2018 1,453 1,841,000 1,267 Uncompleted New SalePARC BOTANNIA Condominium 99 years June 28, 2018 506 676,000 1,336 Uncompleted New SalePARC BOTANNIA Condominium 99 years June 29, 2018 1,249 1,524,000 1,221 Uncompleted New Sale

Residential transactions with contracts dated June 26 to July 3

DISCLAIMER:

Source: URA Realis. Updated July 10, 2018. 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

UNDER THE HAMMER

EP14 • EDGEPROP | JULY 16, 2018

Unit at Orchard Scotts goingfrom $3.5 mil

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

June 18, 2018 936 1,655,000 1,768

March 16, 2018 2,174 3,450,000 1,587

Dec 8, 2017 2,497 3,850,000 1,542

Oct 25, 2018 2,282 3,230,000 1,415

Sept 25, 2017 2,282 3,250,000 1,424

Recent transactions at Orchard Scotts

Recent rental contracts

for 2,200 to 2,300 sq ft

units at Orchard Scotts

LEASE DATE MONTHLY RENT ($)

May 2018 8,000

March 2018 11,500

February 2018 9,000

| BY BONG XIN YING |

A 2,282 sq ft, three-bedroom-

plus-study unit at Orchard

Scotts will be put up for

auction by the auctioneer at

Edmund Tie & Co (ET&Co)

on July 25, at a starting price of $3.5

million ($1,534 psf). The 20-storey

condominium by Far East Organiza-

tion is located on Anthony Road, in

prime District 9.

The vendor of the unit is the Man-

agement Corporation Strata Title of

the building. The apartment is owned

by a foreigner, who purchased it for

$5.9 million ($2,585 psf) in 2011, ac-

cording to URA data. Under Section

43 of the Building Maintenance and

Strata Management Act, an MCST

sale typically occurs when the own-

er defaults on the monthly mainte-

nance fees.

The unit will be sold on an “as

is where is basis”. As there is a

MCST sales for private properties, such as this unit at Orchard Scotts, do not come by often

current occupant, the new buyer

will need to obtain a writ of va-

cant possession against the occu-

pant after completion of purchase,

says Joy Tan, head of auction and

sales at ET&Co.

There have been two resale trans-

actions at Orchard Scotts so far this

year, which involved a 936 sq ft unit

in June and a 2,174 sq ft unit in

March, as seen from caveats lodged.

The 936 sq ft unit, which is on the

16th floor, fetched $1.655 million

($1,768 psf), while the bigger unit,

on the fourth floor, changed hands

for $3.45 million ($1,587 psf).

Located on the 13th floor, the unit

to be auctioned is of a good size with

a nice layout, says Tan. While the

unit is originally a three-bedder, its

master bedroom can be subdivided

into two rooms due to its size, she

adds. A 99-year leasehold develop-

ment, Orchard Scotts comprises 387

units. The condo is a seven-minute

walk from the Newton MRT station

on the North-South and Downtown

lines. It is also near the Orchard Road

shopping belt and 700m from An-

glo-Chinese School (Junior).

The upcoming sale is “very rare

as seldom do we see an MCST sale,

hence there has been a lot of enquir-

ies and interest”, says Tan.

TABLES: URA, EDGEPROP

SAMUEL ISAAC CHUA/THE EDGE SINGAPORE

E