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SpotlightAllgreen Properties
relaunches SkySuites@Anson EP8
Property PicksWhat you can get
for about $3m to $3.5mEP12
EventsInvesting beyond
Singapore’s residential sector EP14
Done DealsPenthouse at Gramercy
Park sold for $17 milEP16
Visit TheEdgeProperty.com to find properties, research market trends and read the latest news THE WEEK OF JULY 24, 2017 | ISSUE 789-11
M A K E B E T T E R D E C I S I O N S
Brave new world of retailWith the popularity of e-commerce and overseas shopping destinations,
what is the way forward for Singapore’s retail scene? See our Cover Story on Pages 10 and 11.
MCI (P) 079/05/2017 PPS 1519/09/2012 (022805)
SAM
UEL
ISAA
C CH
UA/T
HE E
DGE
SIN
GAP
ORE
Scale model of the new Funan built with Lego bricks
EP2 • THEEDGE SINGAPORE | JULY 24, 2017
PROPERTY BRIEFS
E
Villa D’Este up for en bloc sale at $96 milVilla D’Este (above), located within the White House
Park Good Class Bungalow Area (GCBA), has been
put up for sale by public tender. According to sole
market ing agent CBRE, the guide price for the prop-
erty is $96 million, or $1,730 psf per plot ratio. The
freehold site, located about 350m from the Stevens
MRT station, spans a land area of 55,480 sq ft and
its existing gross floor area (GFA), which has been
verified by URA, is 49,071 sq ft.
Located on Dalvey Road, the property can be sub-
divided into three spacious GCB plots or redeveloped
into one luxurious GCB, according to CBRE. It can
also be redeveloped into its existing condominium
housing form, provided there is no intensification of
the existing approved GFA and storey height.
“This is an exceptional offering,” says Galven Tan,
CBRE director of capital markets. “New condo develop-
ments located within GCB areas are sought-after by
foreigners — who are not allowed to own GCBs — as
they offer prestigious GCB addresses. Both developers
from Singapore and the region will be very keen on
the opportunity.”
When the property was in the market in 2010, it
had an asking price of $115 million. URA has con-
firmed that no development charges are payable for
the site. The tender exercise will close on Aug 25.
Qingjian Realty to preview mixed-use development Le QuestQingjian Realty (South Pacific) Group, a unit of CNQC
International Holdings, will preview Le Quest (above)
from July 22.
Le Quest, a mixed-use development in Bukit
Batok, comprises 516 private residential units and
more than 64,584 sq ft of commercial space. It sits
on a 158,195 sq ft site and, when completed, will
have five 12-storey apartment blocks above a four-
storey podium that will house retail space, a childcare
centre and car parks.
The project has a wide range of units — studios
and one- to four-bedroom units. The studios are
sized at 431 sq ft and priced from $588,000; one-bed-
room units from 495 to 614 sq ft start from $648,000;
two-bedroom units from 592 to 829 sq ft are priced
from $758,000; three-bedrooms which start from 818
sq ft are priced from $990,000; while four-bedroom
units are sized from 1,130 sq ft with prices starting
from $1.38 million.
Qingjian Realty is also offering smart home tech-
nology for residential units at Le Quest. According to
the developer, most of the buyers at The Visionaire
and iNz Residences, two of its other residential pro-
jects with smart home technology, opted for them. Le
Quest is expected to obtain its Temporary Occupation
Permit in 4Q2021.
HDB to launch BTO flats with shorter waiting times for buyersHDB has released two measures to ensure shorter
waiting times for first-time buyers. The move involves
commencing construction of selected BTO projects
before their launch, and the introduction of a new
sales mode called Re-Offer of Balance Flats (ROF).
Under the first measure, construction work for 1,000
BTO flats at Sembawang, Sengkang and Yishun will
commence in 4Q2017. The flats will be launched for
sale in 2H2018. HDB will set aside 95% of the four-
room and larger flats for families that are first-time buy-
ers. This marks a 10 percentage point increase from the
current quota of at least 85% in non-mature estates.
The ROF exercise will bring together all flats that
are still unsold at the conclusion of the last Sale of
Balance Flats exercise. The first ROF exercise in August
will see 1,394 units of unsold balance flats from the
November 2016 SBF exercise being offered.
HDB has announced plans to hold ROF exercises
every February and August, alongside BTO exercises,
in addition to the existing two SBF exercises each year.
Home seekers now have four opportunities to apply
for balance flats each year.
Afro-Asia Shipping and Shimizu to jointly redevelop Afro-Asia BuildingA joint venture company formed by Afro-Asia Shipping
(AAS) and Shimizu Corp Investment and Development
Division is set to redevelop the Afro-Asia Building (top
right). The total project is estimated to cost more than
$320 million, which the JV intends to fund through
loans from financial institutions. Cushman & Wakefield’s
Capital Markets team is adviser for the transaction.
Situated 120m from the upcoming Shenton Way MRT
station, the new development will house a 19- storey
Grade-A office building with an estimated GFA of
181,996 sq ft. Offices will be housed on the seventh
to 18th floors, while the ground level will house an
F&B component. The development, expected to be
completed in mid-2020, will also have panora mic
views of the CBD skyline.
AAS will transfer lease rights of the existing building
to the JV, named Robinson Development, and retain
a controlling interest in the JV. Its partner, Shimizu,
will carry out demolition of the 60-year-old building
currently located at the site in November. Construc-
tion is set to start next April.
Relocation of Paya Lebar Air Base will free up 800ha of landThe Paya Lebar Air Base (PLAB) will be relocated to
an expanded Tengah Air Base, a joint statement re-
leased by MND, NEA and SLA on July 18 says. This
means 800ha of land in the north-east region — larger
than the current Bishan or Ang Mo Kio towns — will
be freed up for new residential units, office and in-
dustrial spaces, as well as parks.
To expand Tengah Air Base, the government will
acquire four plots of private land, which currently
house ornamental and food fish farms and a nursery,
continue the ongoing phased exhumation of graves
at Choa Chu Kang Cemetery, and carry out road re-
alignment works. About 45,500 Chinese graves and
35,000 Muslim graves will be exhumed.
By moving PLAB to Tengah Air Base, the height
restrictions around Paya Lebar and a broader area
stretching down to Marina South will be lifted, allowing
for taller future developments in these areas.
Tiong Seng Holdings and Ocean Sky International jointly buy Jervois Road sites for $21 milYuan Ching Development, a wholly-owned subsidiary
of Tiong Seng Holdings, and Arctic Sky Investment,
a unit fully owned by Ocean Sky International, have
entered into a JV agreement to buy two freehold sites
at Jervois Road for $21 million. Situated in prime Dis-
trict 10, the total area of the two residential plots is
13,415 sq ft. The sites have a gross plot ratio of 1.4.
The land plot will be purchased by the JV firm, TSky
Development, which is 60% owned by Yuan Ching
Development and 40% owned by Arctic Sky Invest-
ment. It is expected to be funded through bank borrow-
ings or internal resources, or a combination of both.
According to Ocean Sky International, this move
reflects the group’s intention to expand its residen-
tial development activities in Singapore. Ocean Sky
International expects to develop the two sites into
residential projects to enhance shareholder value.
Hundred Palms Residences receives more than 2,000 e-applicationsHoi Hup Realty’s 531-unit executive condo, Hundred
Palms Residences, has received more than 2,000
e-applications, according to ERA’s Hundred Palms
Residences Facebook page. E-applications for the
development were open from July 4 to 17. Sales
bookings for the EC began on July 22.
Located on Yio Chu Kang Road, the EC comprises
three-, four- and five-bedroom units across nine
blocks, which have floor areas ranging from 883 to
1,636 sq ft. Indicative prices for the three-bedroom
units start from $715,000, according to a separate
ERA’s Hundred Palms Residences Facebook page,
which also states that indicative prices for the four-
and five-bedroom units start from $1.03 million and
$1.18 million respectively.
New private home sales in June increaseby 52.9% y-o-yDevelopers moved 820 private residential units last
month, a 52.9% increase y-o-y compared with June
2016, when only 536 new private homes were sold,
according to the latest figures released by URA.
The Santorini was the bestselling private project in
June, with developer MCC Land moving 75 units at a
median price of $1,026 psf. Only 64 (10%) of 597 units
in the 99-year leasehold project at Tampines Avenue
10 remain to be sold, according to the URA data.
In second place for the month was Parc Riviera
at West Coast Vale. EL Development sold 55 units at
a median price of $1,218 psf. According to the URA
figures, the 752-unit development is 75% sold. City
Developments’ Commonwealth Towers came in third
in terms of number of units sold at a private resi-
dence, with 47 units sold at $1,899 psf. Both Parc
Riviera and Commonwealth Towers are 99-year lease-
hold properties.
Desmond Sim, CBRE’s head of Singapore and South-
east Asia research, attributes the increase in buyer in-
terest in the top-selling projects to factors such as the
recent bullish land bids by local and foreign developers
on sites released under the Government Land Sales pro-
gramme, as well as the lack of new launches in June.
The sole develop ment launched last month was the
freehold, 26-unit Park 1 Suites at Lorong 40 Geylang.
JustCo merges with naked HubJustCo has merged with naked Hub to form the largest
premium co-working operator in Asia. This will
allow the merged entity to take a bigger share of the
co-working market, which is projected to grow 68%
each year from 2016 to 2018, according to Statista.
Including naked Hub’s network of 21 spaces in China,
Hong Kong and Vietnam, the combined portfolio of the
merged entity will have a gross floor area of 140,000
sq m, in 41 locations across six countries. This means
the JustCo-naked Hub merged entity can serve over
1,000 companies and approximately 7,400 members.
JustCo currently has four spaces in Singapore on
Robinson Road, Raffles Quay as well as at Marina
One and UIC Building. The firm plans to add two
million sq ft of space to its portfolio, in cities such
as Kuala Lumpur, Jakarta and Bangkok. — Compiled
by Angela Teo
EDITORIALEDITOR | Cecilia ChowHEAD OF RESEARCH | Feily Sofi anDEPUTY EDITOR | Lin ZhiqinWRITER | Angela TeoANALYST | Tan Chee Yuen
COPY-EDITING DESK | Elaine Lim, Evelyn Tung, Chew Ru Ju, Tan Gim Ean,Shanthi MurugiahPHOTO EDITOR | Samuel Isaac ChuaPHOTOGRAPHER | Albert ChuaEDITORIAL COORDINATOR | Yen TanDESIGN DESK | Tan Siew Ching, Christine Ong, Monica Lim, Tun Mohd Zafi an Mohd Za’abah
ADVERTISING + MARKETING ADVERTISING SALES
DIRECTOR, ADVERTISING & SALES | Cowie TanASSOCIATE ACCOUNT DIRECTOR | Diana LimACCOUNT MANAGERS | Priscilla Wong, James ChuaREGIONAL BUSINESS DEVELOPMENT MANAGER |Suki Lin
CIRCULATIONDIRECTOR | Victor TheEXECUTIVES | Malliga Muthusamy, Ashikin Kader,Winnie Lim
CORPORATE MANAGING DIRECTOR | Bernard Tong
PUBLISHERThe Edge Property Pte Ltd150 Cecil Street #13-00Singapore 069543Tel: (65) 6232 8622Fax: (65) 6232 8620
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CBRE
QIN
GJIA
N R
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Y
CUSH
MAN
& W
AKEF
IELD
EP4 • THEEDGE SINGAPORE | JULY 24, 2017
PROPERTY TAKE
Real estate markets in Singapore, Hong Kong go their separate ways — but for the better
For the past two years, there has been less of a correlation between Hong Kong’s and Singapore’s office and residential prices (Singapore skyline pictured)
There is an adage that some still
subscribe to — that the Sin-
gapore property market lags
Hong Kong’s by about two
quarters. While that could
have been the case, it is also not en-
tirely correct because insofar as office
prices in HK dollars are concerned,
since 2005, we have had only one
instance in which prices in Hong
Kong led those in Singapore by two
quarters. That was in 1Q2009, when
prices in Hong Kong started to rise
six months before those in Singapore
(see Chart 1).
The same is observed for the luxu-
ry non-landed private residential seg-
ment. Prices in Singapore and Hong
Kong were positively correlated from
2000 to 4Q2014. Thereafter, prices in
Hong Kong surged ahead while pric-
es in Singapore went sideways (see
Chart 2). Some may subscribe to the
view that Singapore had put in place
a string of macroprudential cooling
measures that slowed market activ-
ity. However, Hong Kong, too, had
put in place similar policies, and in
November 2016 and April this year,
the Special Administrative Region
(SAR) added further property cool-
ing measures, including raising the
stamp duty on homebuyers to rein
in prices.
For the past two years, there has
been less of a correlation between
Hong Kong’s and Singapore’s office
and residential prices. Why is that?
Grade-A office sectorThe reason Hong Kong office prices
started to rise from mid-2014 is that
after Chinese Premier Li Keqiang
announced the establishment of the
Hong Kong-Shanghai Stock Connect
in April 2014, there was a flurry of
activity by Chinese financial services
companies to set up offices in the ter-
ritory. This link-up gave Hong Kong
an overnight uplift in office demand.
Just prior to the announcement of
the Hong Kong-Shanghai Stock Con-
nect investment channel, the vacan-
cy levels in Hong Kong and Singa-
pore were almost comparable (see
Chart 3 on Page EP6). The impend-
ing supply in Hong Kong was great-
er than in Singapore at that point in
time. However, rents and prices of
Grade-A office space in Hong Kong
very likely increased since Novem-
ber 2014, owing to demand spurred
by the implementation of the stock
market connection.
The tenant profile and office
space footprint in both cities are
noticeably different. For example,
tech firms generally take much less
space in Hong Kong than in Singa-
pore. Insofar as demand for office
CONTINUES ON PAGE EP6
Chart 1
Chart 2
| BY ALAN CHEONG |
Prime-location Grade-A offi ce prices in Hong Kong and Singapore
1Q20
05
Price (US$)
Coincidental Coincidental Coincidental Coincidental
40,000
35,000
30,000
25,000
20,000
15,000
10,000
5,000
0
4Q20
05
2Q20
08
2Q20
11
2Q20
14
1Q20
17
Hong Kong two-quarter lead over Singapore
CorrelationbreakdownEra of positive correlation
Hong Kong Central office prices Singapore prime Grade-A office prices
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Luxury non-landed residential prices in Hong Kong and Singapore
30,000
25,000
20,000
15,000
10,000
5,000
0
HK$ psf
2000
2001
2002
2003
2004
2005
2006
2007
2008
2009
2010
2011
2012
2013
2014
1Q20
15
2Q20
15
3Q20
15
4Q20
15
1Q20
16
4Q20
16
1Q20
17
Breakdown in correlation between Hong Kong and Singapore
Singaporeluxury segmentSavills Hong Kong overall luxury segment
Mid-Levels
Pokfulam
The Peak
Happy Valley/Jardines’ Lookout
Southside/Shouson Hill
ALBE
RT C
HUA/
THE
EDG
E SI
NG
APO
RE
THEEDGE SINGAPORE | JULY 24, 2017 • EP5
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Holland Village MRT4 MRT Stops
Buona Vista MRT3 MRT Stops
one-north MRT2 MRT Stops
Kent Ridge MRT1 MRT Stop
Labrador Park MRT2 MRT Stops
HarbourFront MRT4 MRT Stops
Tanjong Pagar MRT6 MRT Stops
EP6 • THEEDGE SINGAPORE | JULY 24, 2017
PROPERTY TAKE
Opportunity for investors to diversify across two markets
and business park space goes, West-
ern tech companies have a much
larger office footprint in Singapore
than in Hong Kong. In Hong Kong,
Chinese tech firms have a larger
presence than their Western coun-
terparts (see Table 1).
After the Hong Kong-Shanghai
Stock Connect announcement, there
was active leasing demand from
mainland Chinese and Taiwanese fi-
nancial firms in Hong Kong. In Sin-
gapore, apart from Bank of Commu-
nications taking up about 5,000 sq
ft of space at Singapore Land Tower
in Raffles Place, these large main-
land Chinese financial firms have
no official presence in the city state
(see Table 2).
Moreover, we have observed that
mainland Chinese non-financial firms
have also raised their level of activity
in terms of leasing demand. For HNA,
a Chinese conglomerate, its presence
in Singapore is only felt through its
shipping subsidiary SEACO, which
occupies about 9,000 sq ft at 80 An-
son Road. However, SEACO’s office
premises were let before the Hong
Kong-Shanghai Stock Connect an-
nouncement and is not included in
our analysis (see Table 3).
For Singapore, other than tech
companies, since 2014, new lettings
were mainly for office space expan-
sions by marketing and advertising,
shipping, disruptive technology com-
panies (Grab) and co-working space
providers. In the case of the latter,
they are still expanding aggressively
both in Hong Kong and Singapore,
with many of the co-working space
operators from the West opening up
in both cities. Take the example of US
co-working space operator WeWork.
In Hong Kong, WeWork has taken up
close to 150,000 sq ft of office space,
while in Singapore, it could soon oc-
cupy close to 100,000 sq ft.
For Singapore, a sample of the leas-
ing activity by larger space office us-
ers in the non-tech sector since 2014
is shown in Table 4.
In short, since 2014, new Hong
Kong office space demand has been
coming mainly from China-related
companies and Western co-working
space providers. In Singapore, new
demand is coming from tenants that
are often Western and Japanese com-
panies — both tech (including social
FROM PAGE EP4
Recent leasing activity by Chinese and Taiwanese fi nancial institutions in Hong Kong
Recent non-fi nancial Chinese companies’ leasing activity in Hong Kong
Recent major non-tech tenant leasing activityin Singapore’s Grade-A CBD offi ce space
A cursory comparison of policy measures for the Hong Kong and Singapore residential market
Net yields for Hong Kong and Singapore Grade-A offi ces and luxury residential properties
Prime Grade-A offi ce vacancy levels in Hong Kong and Singapore
FIRM OFFICE ADDRESS AREA OCCUPIED (SQ FT)
Huarong One Pacific Place, Admiralty 22,500 Two Pacific Place, Admiralty 41,600 China Orient Asset Management One IFC, Central 18,200
Bank of Three Garden Road –Shanghai (HK) Champion Tower, Central 17,800
Bank of Communications New World Tower One, Central 10,400
FIRM OFFICE ADDRESS AREA OCCUPIED (SQ FT)
HNA Group Three Exchange Square, Central 90,900 Three Pacific Place, Wanchai 16,300 Two IFC, Central 15,800
FIRM OFFICE ADDRESS AREA OCCUPIED (SQ FT)
Dentsu Guoco Tower 100,000 Mitsui OSK Lines UIC Tower 68,000*BP Singapore Marina One 80,000*Danone Guoco Tower 28,000*
Ocean Network Express Marina One 50,000
MEASURE HONG KONG SINGAPORESSD* 20% - ≤6 months 12% - ≤ 1 year 15% - >6 months to ≤ 12 months 8% - >1 year to ≤2 years 10% - >12 months to ≤ 36 months 4% - >2 years to ≤3 yearsBuyer’s stamp 15% additional stamp duty on all 15% additional stamp duty for all duty non-Hong Kong buyers (inclusive of sale of non-Singaporeans and non-PRs shares in companies) AVD** 15% for second residential property purchase 7% for second residential property purchase 10% for three or more subsequent property purchasesFinancing For >HK$10 million, loan-to-value is 50% Total debt servicing ratio: 60% of borrower’s maximum for Hong Kong residences income Debt servicing ratio: 50% of borrower’s income (excludes other debt repayments)
Table 2
Table 3
Table 4
Table 5
Chart 4
Chart 3
*Consolidation of operations from older buildings, some of which are not Grade-A CBD offices
*It is called special stamp duty in Hong Kong and seller’s stamp duty in Singapore **Ad valorem duty in Hong Kong; in Singapore, it is part of seller’s stamp duty
media advertising and co-working)
and non-tech. For the latter, they are
often shipping companies that seek
to consolidate their operations into a
single Grade-A office location.
ResidentialThe residential markets in both Sin-
gapore and Hong Kong have seen
similar property cooling measures
(see Table 5).
If we include the recent tighten-
ing of bank financing to developers
who offer loans to buyers, there are
in fact more measures and conditions
laid down in Hong Kong than in Sin-
gapore. Yet, non-landed residential
property prices in the SAR continued
to trend up strongly while the Singa-
pore market languished.
Prices in the Hong Kong residential
and office markets have continued on
an upward trajectory as a result of the
extra push from Chinese money that
accompanied the Hong Kong-Shang-
hai Stock Connect announcement.
ConclusionThe weakening of a correlation be-
tween prices (and rents) in Singa-
pore and Hong Kong’s main real
estate sectors now presents an op-
portunity for investors to diversify
across these two markets. In the
past, the strong linkage in perfor-
mance would not have given in-
vestors — particularly institution-
al investors — the ability to reduce
their country risks. Today, with the
two economies spurred by different
sets of drivers, an effective diversi-
fication strategy emerges.
Alan Cheong is the head of research
for Savills Singapore
%
%
1Q20
13
1Q20
15
1Q20
17
1Q20
14
1Q20
16
3Q20
13
3Q20
15
3Q20
14
3Q20
16
2Q20
13
2Q20
15
2Q20
14
2Q20
16
4Q20
13
4Q20
15
4Q20
14
4Q20
16
1Q20
05
1Q20
07
1Q20
09
1Q20
08
1Q20
10
1Q20
11
1Q20
13
1Q20
12
1Q20
14
1Q20
15
2Q20
14
2Q20
15
3Q20
14
3Q20
15
4Q20
14
4Q20
15
2Q20
171Q
2017
1Q20
06
1Q20
16
3Q20
05
3Q20
07
3Q20
09
3Q20
08
3Q20
10
3Q20
11
3Q20
13
3Q20
12
3Q20
06
3Q20
16
2Q20
05
2Q20
07
2Q20
09
2Q20
08
2Q20
10
2Q20
11
2Q20
13
2Q20
12
2Q20
06
2Q20
16
4Q20
05
4Q20
07
4Q20
09
4Q20
08
4Q20
10
4Q20
11
4Q20
13
4Q20
12
4Q20
06
4Q20
16
Hong Kong Grade-A office net yield Singapore Grade-A office net yield
Hong Kong luxury residential net yield Singapore luxury non-landed residential net yield
Hong Kong Grade-A office Singapore CBD Grade-A office
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2.4
3.2
2.0
2.8
3.8
2.6
3.6
3.4
2.2
3.0
0
8
4
14
2
12
10
6
Announcement of Hong Kong- Shanghai Stock Connect
TABL
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Table 1
Tech fi rms in Hong Kong and Singapore
FIRM COUNTRY AREA OCCUPIED IN AREA OCCUPIED IN OF ORIGIN HONG KONG (SQ FT) SINGAPORE (SQ FT)
LinkedIn US 16,500 45,000Facebook US 21,900 350,000*Alibaba China 34,400 10,000
Google US 50,500 300,000
*Includes additional space at Marina One (by end-2018)
THEEDGE SINGAPORE | JULY 24, 2017 • EP7
BROUGHT TO YOU BY SINGHAIYI GROUP
City Suites offers freehold investment opportunityCITY SUITES is a 56-unit free-
hold development on Balestier Road
by Singapore-listed international prop-
erty developer SingHaiyi Group. What
is unique about the project is that it has
a wide range of one-bedroom units,
which are sought-after by investors.
The project is expected to obtain its
Temporary Occupation Permit (TOP)
in 3Q2017, which means that buyers
will be able to enjoy rental income al-
most immediately.
The one-bedroom units come with
fully fitted kitchen appliances and cab-
inetry, bathroom accessories, as well
as a built-in wardrobe. Unit sizes range
from 452 to 527 sq ft. Assuming an
average selling price of $1,800 psf
and a monthly rent of $2,500, inves-
tors can achieve a gross rental yield
of 3.1% to 3.7%.
The developer has put a lot of thought
into the design of City Suites: All the
units are north-south facing and have
3.3m ceiling height. There are also four
duplex penthouses with double-volume
ceiling height and a loft-like bedroom.
The duplex penthouses range from 925
to 1,120 sq ft. Underground parking is
also available for residents.
INCREASED VIBRANCYThe Balestier area has become vi-
brant over the years with the open-
ing of international schools nearby
such as Curtin Singapore, East Asia
Institute of Management and Global
Indian International School.
With the increase in foreign student
population, interesting F&B outlets have
sprung up, such as ice-cream parlour
Regroup x Scoop Therapy, pet-friend-
ly café Paw Pet-radise, The Clueless
Goat coffee house and Wheeler’s Yard,
an industrial warehouse café that is a
favourite with cyclists. These outlets join
famous local eateries Boon Tong Kee
Chicken Rice, Founder Bak Kut Teh
and Loong Fatt Tau Sar Piah as well as
Whampoa Keng Fishhead Steamboat.
There are also retail and F&B facilities
in the Balestier area, such as Balestier
Plaza, Balestier Point and Shaw Plaza.
In addition, there is Zhongshan Mall,
anchored by a FairPrice Finest super-
market. Zhongshan Mall is part of the
Zhongshan Park mixed-use develop-
ment that comprises an office tower
and two hotels: Ramada and Days
Hotel Singapore.
PROXIMITY TO HEALTH CITY NOVENAAnother attraction of City Suites is
its proximity to Health City Nove-
na, poised to be Singapore’s larg-
est medical hub. Offi cially launched
in 2013, Health City Novena will be
jointly developed by the Ministry of
Health, Tan Tock Seng Hospital and
National Healthcare Group. When
completed by 2030, healthcare-relat-
ed space at Health City Novena will
double to 6.46 million sq ft from 2.69
million sq ft currently and the number
of people either working at the com-
plexes or visiting daily is expected to
hit 30,000. This will have a signifi cant
ripple effect on the surrounding area.
Besides Tan Tock Seng Hospital and
Ren Ci Hospital, other existing medi-
cal facilities in Novena include Nove-
na Medical Centre as well as Mount
Elizabeth Novena Hospital and Spe-
cialist Centre. Complementing Health
City Novena is Thomson Medical Cen-
tre, a private hospital specialising in
gynaecology and in vitro fertilisation.
There are three shopping centres in
Novena — Velocity, Square 2 and Unit-
ed Square — as well as the Oasia Ho-
tel. A new mixed-use development in
the area is Royal Square, which has a
mix of offices and medical suites. Oth-
er office towers in the Novena area in-
clude Novena Square, Newton 200,
Revenue House, Goldhill Plaza and
United Square. These are linked un-
derground to the Novena MRT station.
WELL-SERVED BY PUBLIC TRANSPORTCity Suites is well-served by public
transport, being just a short walk
from several bus stops as well as
near the Novena MRT station. It is
also very accessible to the Central
Expressway and Pan Island Ex-
pressway, which means it is just a
10-minute drive to the CBD, Marina
Bay and Orchard Road.
Although it is just off the main Bal-
estier Road, City Suites is located in
a relatively quiet enclave, with low-
er-floor units enjoying the greenery on
the sprawling grounds of the Commu-
nicable Disease Centre, with its low-rise
historic buildings. Parks in the vicinity
include Zhongshan Park, where the
Sun Yat Sen Nanyang Memorial Hall
is housed, as well as the future Central
Park within Health City Novena, which
will feature gardens, playgrounds, an
elevated walkway set amid trees, an
open-air theatre and F&B terraces.
STRONG TRACK RECORDSingHaiyi Group has successful-
ly developed and fully sold a wide
range of residential property devel-
opments in Singapore. They range
from Charlton Residences, a 21-unit
cluster housing development off Up-
per Serangoon Road, to the 514-unit
CityLife@Tampines executive condo-
minium (EC). Both projects were de-
veloped jointly with other parties.
SingHaiyi also developed and fully
sold the 517-unit The Vales EC, which
obtained its TOP in May. More than 300
units at The Vales have already been
handed over to the owners, who are
pleased with the quality of the finishing
provided. The owners will also enjoy en-
ergy efficiency, as The Vales has been
awarded one of the highest accolades
in sustainable design — a GoldPlus rat-
ing under the Building and Construc-
tion Authority’s Green Building Awards.
Currently, SingHaiyi is involved in
the redevelopment of 9 Penang Road,
formerly known as Park Mall, a high-
end furniture mall that is being repo-
sitioned as a new twin-tower Grade-A
office development in the prime Orchard
Road neighbourhood. The project is
within a short walk from the Dhoby
Ghaut MRT interchange station.
For sales enquiries,please contact:
SingHaiyi Group Email: [email protected]
Tel: (65) 9630 0300
Panoramic view from a high-floor unit at City Suites
The Balestier area has become vibrant over the years with the opening of international schools nearby such as Curtin Singapore
Medical facilities in Novena include Tan Tock Seng Hospital, Novena Medical Centre as well as Mount Elizabeth Novena Hospital and Specialist Centre
Wheeler’s Yard, an industrial warehouse café, is a favourite with cyclists
Parks in the vicinity of City Suites include Zhongshan Park, where the Sun Yat Sen Nanyang Memorial Hall is housed
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EP8 • THEEDGE SINGAPORE | JULY 24, 2017
SPOTLIGHT
Allgreen Properties relaunches SkySuites@Anson
| BY CECILIA CHOW |
This coming weekend will see
the relaunch of the remain-
ing 100 units at the 360-unit
SkySuites@Anson in Tanjong
Pagar, which is poised to be
Singapore’s “next Waterfront City”
after the port is relocated to Tuas.
At 290m, the 72-storey condomin-
ium is also one of the three tallest
in Singapore.
Developed by Allgreen Properties,
SkySuites@Anson was launched in
2011, and completed in 2015. About
88% of the units are one- and two-
bedroom apartments. There are 156
typical one-bedroom units sized from
366 to 398 sq ft, and four 505 sq ft
one-bedroom units units on the 60th
floor. Another 156 units are two-
bedroom units that measure 667 to
699 sq ft. Three-bedroom units make
up the remaining 44 units. They are
Exterior of the 360-unit SkySuites@Anson, which was completed in 2015 The sky garden called ‘The Retreat’ on the 60th floor of the 72-storey SkySuites@Anson
View of the sea from the show suite of a three-bedroom unit
Aerial view of the swimming pool on the ground level of the condo project
located on the high floors, from the
61st to 71st storeys, and range in size
from 957 to 1,140 sq ft.
The interiors were designed by
Patty Mak of Suying Design, who
is famous for her design of luxury
homes in the prime districts. At Sky-
Suites@Anson, Mak demonstrates
that one need not compromise on
comfort and space, even in a com-
pact apartment.
The one-bedroom units are de-
signed with a “transformer kitch-
en” that is fully equipped with an
oven, stove hob, washing machine,
dishwasher and shelves for storage.
There is also storage space for a cof-
fee machine, juicer/blender, vacu-
um cleaner and ironing board an-
gled such that one can iron while
watching television.
Wall panelling conceals storage
space for suitcases and bedlinen. The
bathroom comes with storage space
behind the vanity mirror as well as
shelves for towels and toiletries.
From the roof terrace on the 72nd
floor, residents will be able to en-
joy uninterrupted 360-degree views.
The developer is offering an 11%
to 15% discount for available units
for the relaunch. A deferred payment
scheme of up to a year will also be
available. However, the discount will
be 5% less than that offered under
the normal payment scheme, accord-
ing to sole marketing agency Knight
Frank Singapore.
Some of the units will be sold
with tenancy in place. These units
will have a slightly lower discount
of 11%. After the discount, one-bed-
room units facing neighbouring pro-
ject ICON are priced from $861,075 to
$895,518, while those fronting Eng-
gor Street are priced from $950,787
to $987,633. The one-bedroom units
have been leased at monthly rental
rates of $2,800; therefore, buyers of
these units will enjoy yields of 3.4%
to 3.9% after taking the discount
into account.
Two-bedroom units are priced
from $1.2 million to about $1.4 mil-
lion, and leased at a monthly rent-
al rate of $4,300. This translates to
a gross rental yield of 3.2% to 4%.
Three-bedroom units on the high
floors are priced from $2.01 million
to $2.285 million. Some of these units
have been rented out at monthly rate
of $5,500, which translates to a gross
rental yield of 2.8% to 3.2%.
Most of the units available for sale
are from the 45th floor onwards, and
therefore enjoy views of either the
sea or the city skyline. Even prior
to the relaunch this weekend (July
22 and 23), close to 50 units have
been reserved by interested buyers,
according to property agents market-
ing the project. E
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Uninterrupted 360-degree views from the roof terrace of the 290m tall
SkySuites@Anson, one of the three tallest towers in Singapore
EP10 • THEEDGE SINGAPORE | JULY 24, 2017
COVER STORY
Brave new world of retail| BY LIN ZHIQIN |
Only a handful of about 200
attendees at the recent
Real Estate Developers’
Associa tion of Singapore
(Redas) property market
update seminar on July 7 spent at
least $200 in a Singapore shopping
mall in recent months, according to
a straw poll conducted by Knight
Frank Singapore’s Wendy Low, exe-
cutive director of retail, and Alice
Tan, head of consultancy and re-
search.
Singapore is ranked seventh on
Expedia’s list of the “World’s 25 best
shopping cities”, behind New York
City, Berlin, Los Angeles, London,
Kuala Lumpur and Tokyo, in that
order. Expedia ranked the cities
based on their scores in three areas:
Value for money (Singapore scored
eight out of 10); friendliness towards
tourists (eight out of 10); and annual
tourist numbers (seven out of 10).
Stiff competition has resulted in
a drop in average retail spending
per tourist: 16.4 million tourists
visited Singapore in 2016, a 13.1%
increase over the 14.5 million in
2012. However, the amount spent
per tourist fell 3.1% from US$386
($528) to US$374 between 2012
and 2016, according to data com-
piled by Knight Frank.
Retailers who participated in Knight
Frank’s Retail Sentiment Survey 2017
ranked value for money as the most
important element of the in-store
experience customers are looking for.
Being able to offer better value for
money could attract more spending
by Singaporeans as well.
Bricks and mortar still importantA joint study by Temasek Holdings and
Google found that e-commerce made
up 2.1% of total retail sales in Singa-
pore in 2015 — the highest propor-
tion among Southeast Asian countries.
E-commerce is set to take up a larger
share of the retail pie — an estimated
6.7% of total retail sales — by 2025.
“As the retail landscape gets pro-
gressively digitised, physical retailers
without an online presence will find
themselves stuck in the doldrums with
e-tailers hot on their heels,” says Low.
Despite the need for retailers to
grow their online presence, there is
good news for landlords: 86.5% of
the retailers surveyed by Knight Frank
rated the importance of developing
and maintaining a physical presence
as at least five on a scale of six.
New retail concepts“A lot of people say our malls are
cookie-cutter and lack exciting ex-
periences,” says Low. “We want our
retail to be experiential. Basically, it
is an environment that is more than
just shopping; that gives you other
opportunities to enjoy yourself.”
Low cites several examples of
malls that offer new retail concepts.
Siam Discovery in Bangkok offers
experien tial retail, she notes. The mall
re opened in May 2016 after closing
for a year for a THB4 billion ($162
million) asset enhancement. With
the mall billed as “The Exploratori-
um” — a lifestyle laboratory — the
goods there are organised according
to style instead of brand or category
over 430,600 sq ft of space on eight
floors. The mall’s interactive features
include a media wall where visitors
can upload their photos for display.
Hong Kong-listed New World
Development has two K11 Art Malls
— one in Hong Kong and the other
in Shanghai. The brand philosophy
behind these malls is “an art play-
ground where culture, entertainment,
shopping and living revolve around
art”, says Knight Frank’s Low. When
a multi-sensory art, architecture and
music exhibition called Urban Sense
With the popularity of e-commerce and overseas shopping destinations, what is the way forward for Singapore’s retail scene?
The Funan show suite providesan idea of how Funan will go
beyond traditional retail
CapitaLand has partnered local creative talents to host a variety of lifestyle programmes at the Funan show suite
PICT
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COVER STORY
was held at K11 Art Mall in Hong Kong
from March to May, it saw a 12%
increase in the number of visitors.
Malls are also increasingly becom-
ing a hybrid model of art and com-
merce, incorporating art galleries and
museum spaces. In addition to dis-
plays of local and international art-
work, exhibitions and performanc-
es are held there too. An example is
Pablo Picasso’s Parade exhibition at
the IFC Mall in Central, Hong Kong,
in 2004: It reportedly drew an ad-
ditional 50,000 visitors to the mall
every day.
Low says the Mall of Emirates in
Dubai is the first in the Middle East
to introduce a “hands-free” shop-
ping experience. Visitors can drop
off their shopping bags at collection
desks and pick them up at the end
of their visit or arrange for them to
be delivered. This frees shoppers to
continue to shop, dine and enjoy
themselves without being burdened
by shopping bags.
In Singapore, sports retailer Decath-
lon offers a “Click and Collect” option
whereby shoppers can order items on-
line and pick them up at its physical
stores. The stores also have areas and
facilities to allow customers to test
the sporting equipment before pur-
chase. Decathlon’s biggest store in
Singapore, spanning 43,000 sq ft of
space at FairPrice Hub in Joo Koon,
boasts the city state’s first slack line,
a golf-putting green, a mini football
arena and a running track.
The new FunanAn example of “a leading retail inno-
vation platform” in Singapore is the
new Funan, which is set to open in
2019. Formerly called Funan Digita-
Life Mall, it closed on June 30 last
year to undergo a $560 million trans-
formation by CapitaLand Mall Trust.
The new Funan will be the first
mall to have smart tech integrated
into its physical space. This includes
CCTV cameras and video analytics
that can track data such as footfall
throughout the mall and traffic into
each individual shop, which will be
shared with the tenants.
The Funan show suite provides an
idea of how Funan will go beyond
traditional retail: It has partnered
local creative talents to host a variety
of lifestyle programmes such as craft
workshops, film screenings, product
launches and community talks.
“Shopping is just one of the things
people want to do with their time.
The retail experience is so much more
than that,” says Kevin Siew, vice-pre-
sident of retail development at Funan.
Funan is located in the heart of
Singapore’s civic and cultural dis-
trict. It sits on a 124,457 sq ft site
and, when completed in end-2019,
will have 500,000 sq ft of retail space,
266,000 sq ft of Grade-A office space
and 121,000 sq ft of co-living apart-
ments. The six-storey retail compo-
nent will extend from Basement 2
to Level 4, with two six-storey office
towers stretching from Levels five to
10. There will be 279 co- living apart-
ments housed in a nine- storey tower
from Levels 4 to 12. There will also be
a co-working space on Levels 4 and 5.
To enable people to learn more
about the origin of their food, there
will be a 5,300 sq ft urban farm and
a 6,900 sq ft edible garden at the roof
terrace of Funan, which also houses
A workshop on making emoji badges being held at the show suite
Artist’s impression of Funan’s interior
farm-to-table restaurants. Visitors
can tuck into ingredients from the
edible garden, or “adopt a plot” to
grow their own produce on the roof-
top. Food trucks will also be brought
into the development to jazz up the
F&B offerings.
Tenants such as T K Foto will offer
more than retail by organising talks,
workshops and other events to add
an educational element to Funan’s
offerings. Another tenant is indoor
climbing gym operator Climb Central,
which will operate a 50-lane climbing
facility at the mall, with the highest
wall, measuring 15m, extending from
Basement 2 to Level 2. The facility,
the tallest indoor rock wall in the
CBD, will be beginner- friendly and
offers an opportunity for any one to
learn climbing.
Instead of traditional anchor
tenants occupying 25,000 sq ft or
more of space, there will be smaller
anchor tenants from various trades
at Funan, Siew says. The largest is
Golden Village Multiplex, which will
be opening a seven-screen cinema
offering the first-of-its-kind multi-
sensorial experience.
Another anchor tenant will be
W!ld Rice, Singapore’s leading pro-
fessional theatre company, it will
take up 18,000 sq ft of space and
build a 380-seat theatre that will be
fully run by the artistes. According
to Siew, mid-sized arts venues with
400 to 500 seats are in high demand
and there is a three-year waiting list
for space at the Victoria Theatre &
Concert Hall and the Drama Centre
at the National Library building. As
such, Funan will be “a home for and
champion [of] local creators”.
At Funan, customers will also be
able to place orders online and collect
their purchases at their convenience.
Those who shop in-store can enjoy
hands-free shopping. There will be an
area for customers to pick up their
purchases, on foot or drive-through.
Thirty per cent of the retail space
at Funan had been taken up as at
end-June.
Omnichannel retail“Online presence and shopping is
not enough on its own,” says Knight
Frank’s Tan. “There is a need to
offer a seamless online and offline
experience.”
An example of a retail sector that
has successfully bridged that divide
would be F&B. Low says diners, like
retail shoppers, expect F&B brands to
have an online presence and offer the
option to order online using various
modes of payment; in other words,
to be omnichannel.
By partnering food delivery apps
such as UberEats, Foodpanda and
Deliveroo, many F&B brands offer
the option of online orders for de-
livery, in addition to dining in. This
helps F&B operators to reach more
customers and bring in more sales.
For example, fast food chain Texas
Chicken reportedly saw an 8% jump
in sales after listing its outlets on
Foodpanda.
Rents for F&B tenants typically
comprise a psf component plus a per-
centage of the gross turnover, which
includes online sales minus delivery
costs, according to Letty Lee, execu-
tive director of retail services at CBRE
Singapore. In other words, landlords
get a cut of online sales and bene-
fit from tenants that embrace omni-
channel retail.
Growing appetite for F&B“The retail tenant mix ratio for F&B
outlets has increased from between
20% and 25% to 35% and 40% in
recent times,” says Low. “Many malls
have food courts or food atriums as
anchor or junior anchor tenants.”
According to CBRE’s recent
millennial survey, on average, those
aged between 20 and 29 eat out
9.7 days a month. Millennials also
like to post pictures of their meals
on social media, which helps to
promote the restaurants.
“The growth of the F&B sector con-
tinues to be supported by consumers’
tendency to eat out and landlords’ strat-
egy of extending their F&B offering as
a way to enhance their retailtainment
elements and defend their portfolios
against e-commerce,” says Lee.
Global retailers retain a strong
appetite for expansion in Asia- Pacific
and continue to enter new markets
across the region, says CBRE in a
recent report. In particular, the F&B
sector continued to drive retailer
expansion in the region last year
and more landlords are approaching
high-profile restaurants and F&B
groups to open outlets in their malls
to boost publicity and footfall.
However, the growth potential
of F&B may be reaching saturation
point, Lee cautions. The number of
such establishments in Singapore
grew 5.6%, from 6,872 in 2014 to
7,260 in 2015. Over the same period,
the total ope rating receipts for Singa-
pore’s F&B sector rose only 0.4%,
from $8.93 billion to $8.97 billion.
“Therefore, landlords have to con-
tinue reinventing and repositioning
their malls to widen the source of
traffic,” says Lee.
CBRE
TK K
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CK.C
OM
Siam Discovery, in Bangkok, is a mall that offers experiential retail, according to Low The K11 Art Mall in Shanghai is a hybrid model of art and commerce, says Low
Low: A lot of people say our malls are cookie-cutter and lack exciting experien-ces. We want our retail to be experiential.
Tan: Online presence and shopping is not enough on its own. There is a need to offer a seamless online and offline experience.
Siew: Shopping is just one of the things people want to do with their time. The re-tail experience is so much more than that.
Lee: Landlords have to continue reinventing and repositioning their malls to widen the source of traffic
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EP12 • THEEDGE SINGAPORE | JULY 24, 2017
PROPERTY PICKS
What you can get for about $3m to $3.5m
| BY CECILIA CHOW |
Semi-detached house onKew Crescent for $3.5 mil Located off Upper East Coast Road and Be-
dok South Road are the landed houses of
Kew Crescent. They are also near the lo-
cation of the upcoming Bedok South MRT
station on the Thomson-East Coast Line.
Up for sale is a corner semi-detached
house at Kew Crescent with seven bedrooms,
a glass lift, a private swimming pool and
a lush, mature garden. The 99-year lease-
hold property sits on a land area of 4,652
sq ft and has a built-up of 3,883 sq ft. The
owner has indicated a price tag of $3.5 mil-
lion ($752 psf) for the property. Built in the
1990s, it is well kept and in move-in condi-
tion, says Tricia Tan, Knight Frank’s depu-
ty director of auction and sales. The house
will be put up for auction by Knight Frank
on July 25.
Semi-detached house onJalan Salang for $3 mil to $3.1 mil In the north of Singapore, there is a free-
hold, semi-detached house just off Semba-
wang Road with an indicative price of $3
million to $3.1 million, or $1,049 to $1,084
psf, based on land area.
“It represents real value for money,”
says Sharon Lee, head of auction at Knight
Frank Singapore. “It’s rare to find a free-
hold semi-detached house for $3 million.”
The 2½-storey house with a Balinese-
style exterior was built 10 years ago and is
located on Jalan Salang, within the land-
ed housing estate of Sembawang Springs
Estate. It is near the Sembawang River and
Jalan Kemuning Park.
The house sits on a freehold land area
of 2,860 sq ft and has a built-up of 4,327
sq ft. There is a sizeable living and dining
area, a wet and dry kitchen and a guest
room on the first level. On the second
level is the family area, the master suite,
a study, two bedrooms and a shared bath-
room. The third level has another family
area, a fifth bedroom that is en suite and
a roof terrace.
According to Lee, the new owner will be
able to move in without having to under-
take major additions and alterations. It is
ideal for extended families, or those with
two or more children who want their own
bedrooms, she says.
The house on Jalan Salang will be put
up for sale by the owner at Knight Frank’s
auction on July 25.
Strata terrace at Greenwood Avenue for $2.7 mil to $2.8 milFor those who want a house in the prime
districts, a strata terraced house at The
Greenwood will go under the hammer at
Knight Frank’s auction on July 25. The
property was last put up for auction in June
at an opening price of $2.85 million, before
it was withdrawn.
The 99-year leasehold strata terrace is one
of 54 units at a cul-de-sac on Greenwood
Avenue, just off Dunearn Road in prime
District 11. The house has a strata area of
2,982 sq ft, with two storeys, a basement
and an attic. It contains four bedrooms,
private basement parking for two cars, an
entertainment room and roof terrace.
The owner is a “motivated seller”, accord-
ing to Knight Frank. The house is on the
market with a guide price of $2.7 million to
$2.8 million, which translates into $905 to
$939 psf, based on its strata area. E
The house sits on a freehold land area of2,860 sq ft with a built-up area of 4,327 sq ft
The exterior ofthe freehold semi-detached house on
Jalan Salang, off Sembawang Road
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The strata terraced house at The Greenwood has a
strata area of 2,982 sq ft
Exterior of the corner semi-detached house on Kew Crescent
The living room with double-volume ceiling height
The dining room opens out to the garden The outdoor deck and swimming pool
THEEDGE SINGAPORE | JULY 24, 2017 • EP13
BROUGHT TO YOU BY UOL GROUP & SINGAPORE LAND
THE CLEMENT CANOPY is a project by local
blue-chip property developer UOL Group and
sister company Singapore Land. It occupies a
140,339 sq ft site surrounded by some of Sin-
gapore’s top schools. Designed by acclaimed
architectural firm ADDP Architects, it will feature
two 40-storey residential towers, which take up
only 25% of the land area. The rest of the site
will be taken up by landscaping and communal
facilities.
MODERN RESORT LANDSCAPEADDP collaborated with landscape designer
Ecoplan Asia to create a landscape inspired by
a luxury resort — with a three-tier pool, infinity
pools and water features as well as tropical gar-
dens with lush greenery, surrounded by mature
trees.
For privacy, the two towers are set 43m
apart, and units are orientated such that 70% of
their 505 units will enjoy a view of either the wa-
ter or greenery. The entire site is also bordered
by dense green trees, which provide exclusivity
and act as a noise barrier. Almost half the units
will also enjoy views of the West Coast Park and
the sea beyond.
FUNCTIONAL DESIGN LAYOUTGoing against convention, the developer has
intentionally excluded one-bedroom units
from their wide range of two- to four-bedroom
apartment types. The units have interesting
configurations, with functional layouts. These
have proven to be popular with young fami-
lies and investors, especially the two-bedroom
units, where the bedrooms flank the living-din-
ing-open kitchen area.
Many of the larger units are also designed
with “flexi-space”, which can be adapted for a
variety of functions — as a utility room, a study
or even a maid’s room. The units come with the
latest in Smart Home features, including digital
lock for the main door, lighting and air-condi-
tioning, which can be activated using a smart-
phone or phablet.
EDUCATION HUBThe location of the project is ideal for families
with schoolgoing children. For high achievers,
Nan Hua High School is just across the road,
and next door is the prestigious NUS High
School of Math and Science. Top tertiary insti-
tutions such as the National University of Sin-
gapore and INSEAD Business School are also
within a short driving distance. Two of Singa-
pore’s oldest polytechnics — Ngee Ann Poly-
technic and Singapore Polytechnic — are also
located nearby.
Within a 2km radius are Nan Hua Primary
School and Anglo-Chinese School (Indepen-
dent), which is a secondary school. Interna-
tional schools in the west coast area include
Japanese Primary School, Nexus International
School, Tanglin Trust and United World College.
CONVENIENT LOCATIONThe Clementi 448 Market & Food Centre as well
as Ayer Rajah Market & Food Centre are close
by. Less than 1km away is Clementi Mall, which
is integrated with the Clementi MRT station and
bus interchange station. On Sunset Way are
Clementi Park Shopping Centre and the sea-
food restaurants. Thus, besides being located
in an education hub, The Clement Canopy is
also situated in a mature estate with a wide
range of amenities.
Those who have an active lifestyle will also
find The Clement Canopy a convenient location.
The Republic of Singapore Yacht Club is near-
by, and so are a series of parks linked by park
connectors — from Clementi Woods Park to
West Coast Park, Kent Ridge Park and, soon,
Jurong Lake Gardens, which is an amalgama-
tion of Jurong Lake Gardens West with the Chi-
nese and Japanese Gardens.
Trendy restaurants, bars and lifestyle des-
tinations within a short driving distance are
Dempsey Hill, Holland Village, Gillman Bar-
racks, Rochester Park and Wessex Estate.
The Clement Canopy is ideally situated
near one-north, the hub of entrepreneurship
and innovation for knowledge workers, with the
start-up cluster at Ayer Rajah Crescent Blk 71;
Fusionopolis, for information and communica-
tion technology companies — the latest land-
mark there is The Sandcrawler, which houses
the Lucas Films animation studio; Biopolis, for
bio-medical R&D companies; and Mediapolis,
for media companies.
SINGAPORE’S SECOND CBDA 15- to 20-minute drive from Clementi Avenue
1 is Singapore’s second CBD, Jurong Gateway
in Jurong East. When completed, it will have a
total of five million sq ft of office space, which is
equivalent to the size of Marina Bay.
Jurong Gateway, which will be part of the
future Jurong Lake District, already contains
a cluster of shopping malls such as JEM and
Westgate Mall, which is linked to the Jurong
East MRT interchange station. There is also
BigBox, an eight-storey home furnishing ware-
house shop concept, IMM outlet stores and
JCube shopping centre. The Ng Teng Fong
Hospital, one of the largest integrated hospitals,
and the future Singapore- Malaysia High-Speed
Rail terminus are also located within Jurong
Gateway.
Given its attractive pricing, design attributes
and location, it is no surprise that The Clement
Canopy is already close to 70% sold.
The Clement Canopy’s landscape is inspired by a
luxury resort — with a three-tier pool, infinity pools
and water features as well as tropical gardens with
lush greenery, surrounded by mature trees
For sales enquiries, please call:6100 6581/6582 The show gallery is located onClementi Avenue 1Opening hours:11am to 8pmThe Clement Canopy is located within
an elite education hub
The Clement Canopy — Designing
homes for future generations
Clementi Mall and the Clementi MRT station are less than 1km away
The Clement Canopy is conveniently located near one-north, the hub of
entrepreneurship and innovation for knowledge workers
EP14 • THEEDGE SINGAPORE | JULY 24, 2017
EVENTS
Investing beyond Singapore’s residential sector| BY FEILY SOFIAN |
About 60,000 dwellings
will be completed in Ho
Chi Minh City in 2017
and 2018, according to
estimates by Savills. De-
spite a potential supply onslaught,
the long-term prospect for Viet-
nam’s housing market remains fa-
vourable, says Troy Griffiths, dep-
uty managing director for Savills
Vietnam. “There are limited alter-
native investment vehicles in Viet-
nam and apartments offer attrac-
tive gross rental yields of 6% to
8% [see Chart 1].”
Griffiths was speaking on Viet-
nam’s property market outlook and
opportunities at The Edge Property
360º seminar on July 15. The seminar
examined alternative investment
des tinations and asset classes be-
yond Singapore’s residential sector.
Boaz Boon, founder and principal
of THRED and director at VestAsia
Group, led the panel discussion.
In Ho Chi Minh City, apartments
in districts 2 and 9 offer promising
opportunities, says Griffiths. “This
area will benefit the most from in-
frastructure developments such as
the metro, shopping facilities and
the future Sports City,” he explains.
Griffiths also favours units in the
US$1,000 to US$2,500 psm range.
The relaxation of foreign prop-
erty ownership in July 2015 has
made Vietnam a sought-after in-
vestment destination. Locally, de-
mand for Vietnam’s residential
market is also driven by rapid ur-
banisation and evolving living ar-
rangements from three-generation
to smaller and single households,
says Griffiths. While rental yields
will be under pressure in the short
term, there remains a large unmet
demand for affordable dwellings,
either for rental or owner-occupa-
tion, he adds.
Meanwhile, villas and town-
houses are severely undersupplied,
making them a highly attractive as-
set class. “Ho Chi Minh City has
a population of more than eight
million and there are only around
2,000 of villas and townhouses in
the market,” Griffiths notes. For-
eign nationals who are keen on vil-
las and townhouses can hold a 50-
year leasehold title but are subject
to a foreign ownership cap. This
is based on the number of foreign
owners within a masterplan, gen-
erally 10%, or 250 houses within
a “ward”, says Griffiths.
Australia: Is the party over?Talk of a housing bubble in Austral-
ia has surfaced since at least 2015.
Yet residential property prices have
continued to defy gravity, says Tan
Kok Keong, CEO of REMS Advi-
sor and co-founder of FundPlaces.
Sydney has been the choice destination
among investors looking to acquire
trophy properties, while Melbourne
has been ranked as the world’s most
liveable city for several years.
Based on socioeconomic trends,
however, Perth offers favourable in-
vestment prospects in the long term,
according to Tan. “Disposable income
in Western Australia, where Perth
is located, is among the highest in
the country [see Charts 2 and 3]. Its
population is expected to grow 2.5%
annually over the next 20 years, sur-
passing the forecasts for Sydney and
Melbourne at 1.4% and 1.7% respec-
tively. Meanwhile, residential prop-
erty prices in Perth have been on a
downtrend amid the slowdown in the
mining boom, which makes them a
value proposition,” he notes.
Separately, Greater Perth will bene-
fit from a pipeline of development
projects with an estimated invest-
ment value of A$17 billion ($18.4
billion), including Perth City Link,
Elizabeth Quay and Perth Stadium.
Whether in Perth or other Aus-
tralian cities, Tan urges potential
investors to select properties that
cater to local demand. “In Austral-
ia, foreign homeowners can resell
their properties only to locals or
residents, so they have to pay at-
tention to local needs and prefer-
ences,” he explains.
Australians, particularly the old-
er population, are now more open
to downsizing from landed homes
to apartments, says Tan. They fa-
vour big units, however, which of-
fer the comparable luxury of space
they are so accustomed to. In many
Australian cities, there are apartment
projects that are well received and
these are usually those that cater to
the top end of the market, Tan notes.
The Edge Property 360° seminar on July 15
Panel discussion led by Boon (left)
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THEEDGE SINGAPORE | JULY 24, 2017 • EP15
EVENTS
Iskandar Malaysia: Challenges and opportunitiesAmid oversupply concerns in Iskandar
Malaysia, consider safe assets such
as apartments in mixed develop-
ments that are close to amenities and
transit nodes, suggests Ryan Khoo,
co-founder of Alpha Marketing. For
capital appreciation, his top choice
would be industrial and residential
land parcels.
Khoo notes that Johor has been the
top investment destination for man-
ufacturing for several years and total
investment value has spiked since
2013 (see Chart 4). Meanwhile, major
developments such as Legoland,
Glen eagles Medini Hospital, Nusa-
jaya Tech Park and Pinewood Studios
have also sparked growth in tourist
arrivals, employment and population.
The most anticipated projects are
the Kuala Lumpur-Singapore High-
Speed Rail, which is due to be com-
pleted in 2026, and the Johor Bahru-
Singapore Rapid Transit System. The
enhanced connectivity presents op-
portunities for Iskandar residents to
enjoy Malaysia’s affordable health-
care and living costs, with proximity
to Singapore, Khoo says. As a result,
Iskandar has strong potential to be-
come a choice retirement destination
for Singapore’s ageing population.
Prices of high-end and luxury resi-
dential properties in Iskandar have
fallen between 5% and 15% since
2013’s peak, according to data com-
piled by Khoo from the National Prop-
erty Information Centre. Khoo ex-
pects supply to peak next year and
taper thereafter.
Positive outlook for industrial and hospitality REITsSingapore real estate investment
trusts offer the highest yield rela-
tive to its global peers, says Vijay
Natarajan, property and REITs an-
alyst at RHB. The yield for S-REITs
topped the charts at 6.1%, followed
by Canada REITs at 5.7%, according
to data compiled by RHB as at July 5
(see Chart 5).
Separately, there is plenty of liquid-
ity in the market chasing yield-accre-
tive instruments, which bodes well
for REIT prices. Interest from inter-
national investors is picking up, un-
derpinned by the stability of the Sin-
gapore dollar and strong regulatory
framework governing S-REITs, notes
Natarajan.
In terms of sectoral performance,
Natarajan is positive on business
parks because of their limited poten-
tial supply (see Chart 6) and healthy
Griffiths says villas and townhouses in Ho Chi Minh City are severely undersupplied, making them a highly attractive asset class
Khoo is positive on industrial and residential land parcels for capital appreciation in Iskandar
Tan says Australia’s older population is now more open to downsizing from landed homes toapartments, but they favour big units
Natarajan’s top picks include Ascendas REIT and Viva Industrial Trust, given their strong business park exposure
There is a limited number of alternativeinvestment vehicles in Vietnam, and apartmentsoffer attractive gross rental yields of 6% to 8%
-5 0 5 10 15 20 25
Gold (SJC)
US
12-month saving rates (1st-tier bank)
12-month saving rates (2nd-tier bank)
Apartment rental
VN-Index
%55
50
45
40
35
30
Disposable income in Western Australia is among the highest in the country
2007 2008 2009 2010 2011 2012 2013 2014 2015 2016VictoriaWestern Australia New South Wales Queensland
MAL
AYSI
AN IN
VEST
MEN
T DE
VELO
PMEN
T AU
THO
RITY
demand. The outlook for hospitality
properties is also positive, with the
opening of a new airport terminal
and the pickup in MNC profits ex-
pected to fuel demand. Hotel supply
is expected to ease by year-end and
RHB projects revenue per available
room to bottom out and rebound by
3% to 5% in 2018/19.
Natarajan’s top picks include As-
cendas REIT and Viva Industrial Trust,
given their strong business park ex-
posure, as well as CDL Hospitality
Trusts and OUE Hospitality Trust.
S-REITs are currently trading at
price-to-book value of 1.03 times,
based on data compiled by RHB.
“From a valuation perspective, the P/B
is slightly above the 10-year average
but inexpensive,” says Natarajan.
Chart 1
Chart 3
Chart 5
Chart 2
Chart 4
Chart 6
SAVI
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Perth’s annual population growth between 2016 and 2036 expected to surpass Sydney and Melbourne
0
1
2
3
1.4
Australia Sydney Melbourne Brisbane Perth
1.4
1.7 1.8
2.5
RM bil
Spike in manufacturing investments in Johor
0
5
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30
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2009 2010 2011 2012 2013 2014 2015 2016
7.5 6.65.5
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S-REITs offer the highest yields globally
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10-year government bonds Yield spread Mil sq ft
Limited potential supply of business parks augurs well for some industrial REITs
0
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0.2
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20192Q to 4Q2017 20202018
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JTC,
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A$ ‘000
EP16 • THEEDGE SINGAPORE | JULY 24, 2017
Singapore — by postal district LOCALITIES DISTRICTSCity & Southwest 1 to 8Orchard/Tanglin/Holland 9 and 10Newton/Bukit Timah/Clementi 11 and 21Balestier/MacPherson/Geylang 12 to 14East Coast 15 and 16Changi/Pasir Ris 17 and 18Serangoon/Thomson 19 and 20West 22 to 24North 25 to 28
Residential transactions with contracts dated July 4 to 11
District 1 EMERALD GARDEN Condominium 999 years July 7, 2017 1,055 1,542,000 - 1,462 1999 ResaleTHE SAIL @ MARINA BAY Apartment 99 years July 6, 2017 667 1,200,000 - 1,798 2008 ResaleTHE SAIL @ MARINA BAY Apartment 99 years July 4, 2017 689 1,530,000 - 2,221 2008 ResaleDistrict 2 76 SHENTON Apartment 99 years July 4, 2017 624 1,065,000 - 1,706 2014 ResaleICON Apartment 99 years July 11, 2017 786 1,250,000 - 1,591 2007 ResaleICON Apartment 99 years July 7, 2017 570 1,010,000 - 1,770 2007 ResaleICON Apartment 99 years July 4, 2017 904 1,370,000 - 1,515 2007 ResaleSPOTTISWOODE RESIDENCES Condominium Freehold July 6, 2017 603 1,086,000 - 1,802 2013 ResaleDistrict 3 ALEX RESIDENCES Apartment 99 years July 9, 2017 657 1,320,000 - 2,010 Uncompleted New SaleALEX RESIDENCES Apartment 99 years July 8, 2017 657 1,314,000 - 2,001 Uncompleted New SaleALEX RESIDENCES Apartment 99 years July 8, 2017 474 969,000 - 2,046 Uncompleted New SaleALEX RESIDENCES Apartment 99 years July 8, 2017 883 1,754,390 - 1,988 Uncompleted New SaleALEX RESIDENCES Apartment 99 years July 8, 2017 657 1,313,000 - 2,000 Uncompleted New SaleALEX RESIDENCES Apartment 99 years July 8, 2017 678 1,443,000 - 2,128 Uncompleted New SaleCENTRAL GREEN CONDOMINIUM Condominium 99 years July 11, 2017 1,432 1,720,000 - 1,201 1995 Resale
LAND AREA/ NETT UNIT FLOOR AREA TRANSACTED PRICE PRICE COMPLETION TYPE OFPROJECT PROPERTY TYPE TENURE SALE DATE (SQ FT) PRICE ($) ($) ($ PSF) DATE SALE
DOMAIN 21 Condominium 99 years July 4, 2017 1,281 1,900,000 - 1,483 2007 ResaleHIGHLINE RESIDENCES Condominium 99 years July 5, 2017 1,109 2,155,800 - 1,944 Uncompleted New SalePRINCIPAL GARDEN Condominium 99 years July 9, 2017 861 1,459,000 - 1,694 Uncompleted New SalePRINCIPAL GARDEN Condominium 99 years July 7, 2017 495 843,000 - 1,703 Uncompleted New SalePRINCIPAL GARDEN Condominium 99 years July 7, 2017 786 1,312,000 - 1,670 Uncompleted New SalePRINCIPAL GARDEN Condominium 99 years July 4, 2017 764 1,243,000 - 1,626 Uncompleted New SaleQUEENS PEAK Condominium 99 years July 9, 2017 807 1,287,000 - 1,594 Uncompleted New SaleQUEENS PEAK Condominium 99 years July 9, 2017 441 779,000 - 1,765 Uncompleted New SaleQUEENS PEAK Condominium 99 years July 8, 2017 1,507 2,300,000 - 1,526 Uncompleted New SaleQUEENS PEAK Condominium 99 years July 6, 2017 441 775,590 - 1,757 Uncompleted New SaleQUEENS PEAK Condominium 99 years July 6, 2017 431 805,460 - 1,871 Uncompleted New SaleQUEENS PEAK Condominium 99 years July 5, 2017 807 1,329,000 - 1,646 Uncompleted New SaleQUEENS PEAK Condominium 99 years July 4, 2017 947 1,354,000 - 1,429 Uncompleted New SaleTHE CREST Condominium 99 years July 7, 2017 1,044 1,785,240 - 1,710 2017 New SaleTHE METROPOLITAN CONDOMINIUM Condominium 99 years July 10, 2017 1,033 1,340,000 - 1,297 2009 ResaleDistrict 4 CARIBBEAN AT KEPPEL BAY Condominium 99 years July 10, 2017 1,216 1,750,000 - 1,439 2004 ResaleCARIBBEAN AT KEPPEL BAY Condominium 99 years July 10, 2017 2,433 3,950,000 - 1,624 2004 ResaleREFLECTIONS AT KEPPEL BAY Condominium 99 years July 7, 2017 1,744 3,500,000 - 2,007 2011 ResaleDistrict 5 BAROSSA GARDENS Terrace Freehold July 7, 2017 2,045 2,115,000 - 1,034 1997 ResaleBLUE HORIZON Condominium 99 years July 11, 2017 958 935,000 - 976 2005 ResaleBOTANNIA Condominium 956 years July 10, 2017 1,561 1,860,000 - 1,192 2009 ResaleCLEMENTIWOODS CONDOMINIUM Condominium 99 years July 4, 2017 1,313 1,200,000 - 914 2010 ResaleNORMANTON PARK Condominium 99 years July 4, 2017 1,270 1,060,000 - 835 Unknown ResalePARC RIVIERA Condominium 99 years July 9, 2017 1,152 1,399,440 - 1,215 Uncompleted New SalePARC RIVIERA Condominium 99 years July 9, 2017 1,152 1,317,000 - 1,143 Uncompleted New SalePARC RIVIERA Condominium 99 years July 8, 2017 646 892,000 - 1,381 Uncompleted New SalePARC RIVIERA Condominium 99 years July 8, 2017 1,184 1,448,210 - 1,223 Uncompleted New SalePARC RIVIERA Condominium 99 years July 8, 2017 1,184 1,506,000 - 1,272 Uncompleted New SalePARC RIVIERA Condominium 99 years July 8, 2017 1,152 1,329,000 - 1,154 Uncompleted New SalePARC RIVIERA Condominium 99 years July 8, 2017 646 900,000 - 1,394 Uncompleted New SalePARC RIVIERA Condominium 99 years July 7, 2017 1,679 1,568,888 - 934 Uncompleted New SalePARC RIVIERA Condominium 99 years July 7, 2017 1,152 1,299,000 - 1,128 Uncompleted New SalePARC RIVIERA Condominium 99 years July 7, 2017 646 775,000 - 1,200 Uncompleted New SalePARC RIVIERA Condominium 99 years July 6, 2017 1,184 1,456,000 - 1,230 Uncompleted New SalePARC RIVIERA Condominium 99 years July 5, 2017 1,152 1,354,000 - 1,176 Uncompleted New SalePARC RIVIERA Condominium 99 years July 4, 2017 1,152 1,323,000 - 1,149 Uncompleted New SalePARK WEST Condominium 99 years July 4, 2017 1,894 1,315,000 - 694 1985 ResaleSEAHILL Condominium 99 years July 7, 2017 549 770,000 - 1,403 2016 Sub SaleTHE CLEMENT CANOPY Apartment 99 years July 9, 2017 1,346 1,788,000 - 1,329 Uncompleted New SaleTHE CLEMENT CANOPY Apartment 99 years July 6, 2017 710 1,105,000 - 1,555 Uncompleted New SaleTHE ROCHESTER Apartment 99 years July 10, 2017 861 1,200,000 - 1,394 2011 ResaleVARSITY PARK CONDOMINIUM Condominium 99 years July 7, 2017 1,098 1,230,000 - 1,120 2008 ResaleDistrict 7 CONCOURSE SKYLINE Apartment 99 years July 10, 2017 1,432 2,550,000 - 1,781 2014 ResaleGOLDEN MILE COMPLEX Apartment 99 years July 11, 2017 926 680,000 - 735 Unknown ResaleDistrict 8 CITYLIGHTS Condominium 99 years July 7, 2017 678 1,090,000 - 1,607 2007 ResaleCLYDES RESIDENCE Apartment Freehold July 4, 2017 1,119 1,220,000 - 1,090 2005 ResaleSTURDEE RESIDENCES Condominium 99 years July 6, 2017 1,044 1,676,200 - 1,605 Uncompleted New Sale
LAND AREA/ NETT UNIT FLOOR AREA TRANSACTED PRICE PRICE COMPLETION TYPE OFPROJECT PROPERTY TYPE TENURE SALE DATE (SQ FT) PRICE ($) ($) ($ PSF) DATE SALE
DONE DEALS
Penthouse at Gramercy Park sold for $17 mil
Two units at Gramercy Park were sold at above $5 million between July 4 and 11
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| BY ANGELA TEO |
A freehold, 5,533 sq ft pent-
house at Gramercy Park
in prime District 10 fetched
the highest sale price of
$17 million ($3,073 psf)
for the period between July 4 and
11, according to a caveat lodged with
URA on July 10.
Located in the South Tower, the
property is one of four penthouses
in the 170,000 sq ft Gramercy Park,
and the second penthouse in the de-
velopment sold so far. Not surpris-
ingly, the penthouse, which was
purchased by a foreigner, is also
the highest priced unit sold at the
development to date.
Another similar-sized penthouse
at Gramercy Park was sold when the
first phase, the North Tower, was
launched in May last year. The trans-
acted price was said to be $16.88 mil-
lion ($3,050 psf). The buyer is also
believed to be a foreigner.
The 174-unit freehold luxury con-
dominium was developed by listed
property giant City Developments
(CDL) and comprises two towers
with 87 units each. The project ob-
tained its Temporary Occupation Per-
mit last year.
Units in Phase 1 (North Tower)
were sold at an average of $2,600
psf, and so far 86% of the units have
been snapped up. All the two-bed-
room-plus-study units have been
sold. Phase 2 of Gramercy Park,
which saw the release of units in the
South Tower, was soft launched on
March 30, at a higher average price of
$2,800 psf. So far, 47% of the units
in the South Tower have been sold.
The latest non-penthouse sale at
the South Tower of Gramercy Park
was for a 1,948 sq ft, three-bedroom
unit on the fifth floor that fetched $5.3
million, or $2,724 psf, according to
a caveat lodged on July 6.
According to CDL, about 25% of
the buyers at Gramercy Park are Sin-
gaporeans, while the remainder are
a mix of Singapore permanent resi-
dents and foreigners, predominantly
from China, Indonesia and the US.
“There’s been a strong rebound in
interest in properties in the Core Cen-
tral Region [CCR],” says Ismail Gafoor,
CEO of PropNex Realty. “In June alone,
our salespersons transacted numerous
deals above $5 million for units at
Ardmore Three, Gramercy Park and
Parkview Eclat.”
Gafoor attributes the increase in
transaction volume in CCR to the
fact that prices of high-end condos
in the prime districts are now 20%
below the peak in mid-2013. “Buy-
ers are sensing that prices have bot-
tomed and are likely to go up in the
coming months,” he adds.
It is not just new condos like
Gramercy Park that are seeing units
sold at prices above $5 million. At the
31-year-old Yong An Park on River
Valley Road, a 3,434 sq ft, four-bed-
room unit fetched $5.22 million on
July 10. The 288-unit freehold condo
is located near Great World City and
the upcoming Great World MRT station
on the Thomson-East Coast Line.
Developed by CDL, Gramercy Park boasts a 50m swimming pool, a private lift within every unit and concierge service
E
THEEDGE SINGAPORE | JULY 24, 2017 • EP17
DONE DEALS
CONTINUES NEXT PAGE
LAND AREA/ NETT UNIT FLOOR AREA TRANSACTED PRICE PRICE COMPLETION TYPE OFPROJECT PROPERTY TYPE TENURE SALE DATE (SQ FT) PRICE ($) ($) ($ PSF) DATE SALE
LAND AREA/ NETT UNIT FLOOR AREA TRANSACTED PRICE PRICE COMPLETION TYPE OFPROJECT PROPERTY TYPE TENURE SALE DATE (SQ FT) PRICE ($) ($) ($ PSF) DATE SALE
Residential transactions with contracts dated July 4 to 11
District 9 8 @ MOUNT SOPHIA Condominium 103 years July 11, 2017 1,464 2,080,000 - 1,421 2007 ResaleCAIRNHILL RESIDENCES Apartment Freehold July 5, 2017 1,173 2,450,000 - 2,088 2009 ResaleLA CRYSTAL Apartment Freehold July 5, 2017 1,249 1,890,000 - 1,514 1996 ResalePARC EMILY Condominium Freehold July 4, 2017 1,206 1,950,000 - 1,617 2008 ResaleRIVERGATE Apartment Freehold July 4, 2017 1,722 3,720,000 - 2,160 2009 ResaleROBERTSON 100 Apartment Freehold July 6, 2017 883 1,500,000 - 1,699 2004 ResaleROBERTSON 100 Apartment Freehold July 5, 2017 1,033 1,800,000 - 1,742 2004 ResaleSOPHIA HILLS Condominium 99 years July 9, 2017 1,539 3,255,000 - 2,115 Uncompleted New SaleSOPHIA HILLS Condominium 99 years July 8, 2017 700 1,387,000 - 1,982 Uncompleted New SaleSOPHIA HILLS Condominium 99 years July 8, 2017 710 1,399,000 - 1,969 Uncompleted New SaleSOPHIA HILLS Condominium 99 years July 8, 2017 700 1,459,000 - 2,085 Uncompleted New SaleTHE COSMOPOLITAN Condominium Freehold July 6, 2017 1,324 2,750,000 - 2,077 2008 ResaleTHE WHARF RESIDENCE Condominium 999 years July 10, 2017 1,066 1,870,000 - 1,755 2012 ResaleYONG AN PARK Condominium Freehold July 10, 2017 3,434 5,220,000 - 1,520 1986 ResaleDistrict 10 ARDMORE PARK Condominium Freehold July 10, 2017 2,885 9,300,000 - 3,224 2001 ResaleCHIVERTON Apartment Freehold July 10, 2017 1,292 1,880,000 - 1,455 2003 ResaleCORONATION SHOPPING PLAZA Apartment Freehold July 10, 2017 1,927 1,820,000 - 945 1979 ResaleGALLOP GABLES Condominium Freehold July 7, 2017 1,152 1,875,000 - 1,628 1997 ResaleGOODWOOD GRAND Apartment Freehold July 5, 2017 1,227 2,897,000 - 2,361 2017 New SaleGRAMERCY PARK Condominium Freehold July 10, 2017 5,533 17,000,000 - 3,073 2016 ResaleGRAMERCY PARK Condominium Freehold July 6, 2017 1,948 5,307,200 - 2,724 2016 ResaleHOLLAND PEAK Condominium Freehold July 6, 2017 1,884 2,350,000 - 1,248 1994 ResaleSHEARES VILLE Apartment Freehold July 11, 2017 1,475 2,210,000 - 1,499 2003 ResaleTHE ASANA Apartment Freehold July 8, 2017 635 1,645,080 - 2,590 Uncompleted New SaleTHE LEVELZ Condominium Freehold July 4, 2017 980 1,520,000 - 1,552 2004 ResaleTHE LOFT Condominium 99 years July 4, 2017 1,948 2,800,000 - 1,437 2002 ResaleTHE PRINCETON Apartment Freehold July 4, 2017 1,087 1,420,000 - 1,306 1999 ResaleTHE SOLITAIRE Condominium Freehold July 6, 2017 1,894 2,550,000 - 1,346 2009 ResaleTHE TENERIFFE Terrace 99 years July 10, 2017 3,122 2,503,800 - 802 2003 ResaleTHE TESSARINA Condominium Freehold July 10, 2017 1,367 2,150,000 - 1,573 2003 ResaleVICTORIA PARK VILLAS Semi-Detached 99 years July 5, 2017 2,680 4,340,000 - 1,621 Uncompleted New SaleYGK GARDEN Condominium Freehold July 4, 2017 2,067 3,020,000 - 1,461 2008 ResaleDistrict 11 6 DERBYSHIRE Condominium Freehold July 6, 2017 1,012 2,346,649 - 2,319 2017 New SaleCITY EDGE Apartment Freehold July 6, 2017 1,152 1,750,000 - 1,519 2007 ResaleHILLCREST ARCADIA Condominium 99 years July 10, 2017 2,896 2,080,000 - 718 1980 ResaleWATTEN ESTATE Terrace Freehold July 6, 2017 1,765 4,088,000 - 2,314 Unknown ResalePARK INFINIA AT WEE NAM Condominium Freehold July 10, 2017 560 1,035,000 - 1,849 2008 ResaleSHELFORD SUITES Condominium Freehold July 10, 2017 1,270 1,830,000 - 1,441 2011 ResaleSOLEIL @ SINARAN Condominium 99 years July 11, 2017 506 988,000 - 1,953 2011 ResaleSOLEIL @ SINARAN Condominium 99 years July 10, 2017 581 1,080,000 - 1,858 2011 ResaleSUITES @ SURREY Apartment Freehold July 6, 2017 1,819 2,250,000 - 1,237 2008 ResaleTHE LINC Apartment Freehold July 10, 2017 1,292 2,080,000 - 1,610 2006 ResaleDistrict 12 GEM RESIDENCES Condominium 99 years July 8, 2017 936 1,384,000 - 1,478 Uncompleted New SaleDistrict 13 BARTLEY RIDGE Condominium 99 years July 6, 2017 969 1,274,400 - 1,315 2016 Sub SaleE MAISON Apartment Freehold July 9, 2017 667 892,446 - 1,337 2016 New SaleLEICESTER SUITES Apartment Freehold July 10, 2017 452 730,000 - 1,615 2013 ResaleMACPHERSON GARDEN ESTATE Terrace Freehold July 7, 2017 1,356 1,610,000 - 1,186 Unknown ResaleMEDALLION Detached Freehold July 7, 2017 4,015 2,450,000 - 610 2009 ResaleTHE POIZ RESIDENCES Apartment 99 years July 9, 2017 1,227 1,730,400 - 1,410 Uncompleted New SaleTHE POIZ RESIDENCES Apartment 99 years July 9, 2017 1,528 2,065,150 - 1,351 Uncompleted New SaleTHE POIZ RESIDENCES Apartment 99 years July 7, 2017 1,184 1,654,180 - 1,397 Uncompleted New SaleTHE POIZ RESIDENCES Apartment 99 years July 5, 2017 1,485 2,051,760 - 1,381 Uncompleted New SaleTHE POIZ RESIDENCES Apartment 99 years July 4, 2017 753 1,054,600 - 1,400 Uncompleted New SaleTHE POIZ RESIDENCES Apartment 99 years July 4, 2017 1,152 1,576,930 - 1,369 Uncompleted New SaleTHE VENUE RESIDENCES Apartment 99 years July 8, 2017 1,130 1,480,000 - 1,309 2017 New SaleDistrict 14 DAKOTA RESIDENCES Condominium 99 years July 5, 2017 1,023 1,370,000 - 1,340 2010 ResaleEUHABITAT Condominium 99 years July 6, 2017 549 610,000 - 1,111 2015 ResaleSIMS URBAN OASIS Condominium 99 years July 9, 2017 700 1,026,900 - 1,468 Uncompleted New SaleSIMS URBAN OASIS Condominium 99 years July 8, 2017 958 1,327,600 - 1,386 Uncompleted New SaleSIMS URBAN OASIS Condominium 99 years July 7, 2017 710 1,061,900 - 1,495 Uncompleted New SaleSIMS URBAN OASIS Condominium 99 years July 5, 2017 1,206 1,669,300 - 1,385 Uncompleted New SaleSIMS URBAN OASIS Condominium 99 years July 5, 2017 1,206 1,597,200 - 1,325 Uncompleted New SaleSIMS URBAN OASIS Condominium 99 years July 4, 2017 829 1,068,000 - 1,289 Uncompleted New SaleSIMS URBAN OASIS Condominium 99 years July 4, 2017 958 1,322,000 - 1,380 Uncompleted New SaleTRE RESIDENCES Condominium 99 years July 7, 2017 764 1,113,280 - 1,457 Uncompleted New SaleTRE RESIDENCES Condominium 99 years July 7, 2017 947 1,334,000 - 1,408 Uncompleted New SaleDistrict 15 38 I SUITES Apartment Freehold July 4, 2017 689 1,030,000 - 1,495 2014 Resale8M RESIDENCES Apartment Freehold July 10, 2017 893 1,620,000 - 1,813 2016 ResaleAALTO Condominium Freehold July 6, 2017 1,528 2,500,000 - 1,636 2010 ResaleAMBER SKYE Apartment Freehold July 9, 2017 1,335 2,598,000 - 1,946 2017 New SaleBLU CORAL Condominium Freehold July 11, 2017 1,184 1,188,000 - 1,003 2009 ResaleCOSTA RHU Condominium 99 years July 6, 2017 1,335 1,638,000 - 1,227 1997 ResaleFULCRUM Condominium Freehold July 10, 2017 818 1,410,750 - 1,724 2016 ResaleFULCRUM Condominium Freehold July 7, 2017 818 1,416,000 - 1,731 2016 ResaleMARINE BLUE Condominium Freehold July 9, 2017 732 1,286,600 - 1,758 2016 New SaleRAMBAI ROAD Detached Freehold July 10, 2017 7,739 8,300,000 - 1,073 2004 ResaleJALAN ULU SIGLAP Semi-Detached Freehold July 4, 2017 5,576 5,000,000 - 898 Unknown ResaleJOO CHIAT AVENUE Semi-Detached Freehold July 4, 2017 2,077 3,220,000 - 1,552 2014 ResaleNEPTUNE COURT Apartment 99 years July 7, 2017 1,636 1,168,000 - 714 1975 ResaleOLA RESIDENCES Condominium Freehold July 7, 2017 990 1,500,000 - 1,515 2011 ResaleOLA RESIDENCES Condominium Freehold July 7, 2017 2,939 3,580,000 - 1,218 2011 ResaleSANDALWOOD Apartment Freehold July 5, 2017 850 1,060,000 - 1,247 2005 ResaleSEASIDE RESIDENCES Apartment 99 years July 6, 2017 506 850,000 - 1,680 Uncompleted New SaleSEASIDE RESIDENCES Apartment 99 years July 4, 2017 506 837,000 - 1,654 Uncompleted New SaleTHE MEYERISE Condominium Freehold July 5, 2017 1,302 2,230,000 - 1,712 2014 ResaleTHE SEA VIEW Condominium Freehold July 11, 2017 1,518 2,300,000 - 1,515 2008 ResaleTHE SEAFRONT ON MEYER Condominium Freehold July 4, 2017 1,066 1,700,000 - 1,595 2010 ResaleTHE SOUND Condominium Freehold July 10, 2017 807 1,190,000 - 1,474 2013 ResaleTHE SOUND Condominium Freehold July 6, 2017 840 1,220,000 - 1,453 2013 ResaleTHE VIEW @ MEYER Apartment Freehold July 5, 2017 1,690 2,400,000 - 1,420 2009 ResaleDistrict 16 AQUARIUS BY THE PARK Condominium 99 years July 4, 2017 893 790,000 - 884 2001 ResaleCHANGI COURT Condominium Freehold July 5, 2017 1,389 1,230,000 - 886 1997 ResaleEAST MEADOWS Condominium 99 years July 5, 2017 1,195 1,080,000 - 904 2001 ResaleGRANDEUR PARK RESIDENCES Condominium 99 years July 8, 2017 893 1,164,000 - 1,303 Uncompleted New SaleGRANDEUR PARK RESIDENCES Condominium 99 years July 6, 2017 1,270 1,715,000 - 1,350 Uncompleted New SaleGRANDEUR PARK RESIDENCES Condominium 99 years July 6, 2017 560 798,000 - 1,426 Uncompleted New SalePALMWOODS Condominium 99 years July 5, 2017 936 775,000 - 828 1999 ResaleTANAH MERAH MANSION Condominium Freehold July 6, 2017 969 800,000 - 826 1984 ResaleTANAMERA CREST Condominium 99 years July 7, 2017 861 790,000 - 917 2004 ResaleTHE GLADES Condominium 99 years July 4, 2017 484 868,000 - 1,792 2016 New SaleTHE GLADES Condominium 99 years July 4, 2017 1,281 1,728,000 - 1,349 2016 New SaleTHE TAIPAN Apartment Freehold July 5, 2017 1,076 1,050,000 - 975 2003 ResaleDistrict 17 EDELWEISS PARK CONDOMINIUM Condominium Freehold July 6, 2017 1,281 955,000 - 746 2006 ResaleHEDGES PARK CONDOMINIUM Condominium 99 years July 4, 2017 797 720,000 - 904 2015 ResaleLOYANG VALLEY Condominium 99 years July 7, 2017 1,528 900,000 - 589 1985 ResalePALM ISLES Condominium 99 years July 6, 2017 506 528,000 - 1,044 2015 ResaleDistrict 18 CHANGI RISE CONDOMINIUM Condominium 99 years July 10, 2017 1,259 890,000 - 707 2004 ResaleCOCO PALMS Condominium 99 years July 8, 2017 1,098 1,171,415 - 1,067 Uncompleted New SaleCOCO PALMS Condominium 99 years July 5, 2017 1,259 1,377,600 - 1,094 Uncompleted New Sale
RIPPLE BAY Condominium 99 years July 6, 2017 1,076 900,000 - 836 2015 ResaleSAVANNAH CONDOPARK Condominium 99 years July 6, 2017 1,453 1,100,000 - 757 2005 ResaleTHE ALPS RESIDENCES Condominium 99 years July 9, 2017 689 760,240 - 1,104 Uncompleted New SaleTHE ALPS RESIDENCES Condominium 99 years July 9, 2017 1,066 1,126,820 - 1,057 Uncompleted New SaleTHE ALPS RESIDENCES Condominium 99 years July 9, 2017 689 751,920 - 1,091 Uncompleted New SaleTHE ALPS RESIDENCES Condominium 99 years July 9, 2017 689 756,080 - 1,098 Uncompleted New SaleTHE ALPS RESIDENCES Condominium 99 years July 8, 2017 1,066 1,162,870 - 1,091 Uncompleted New SaleTHE ALPS RESIDENCES Condominium 99 years July 8, 2017 936 981,590 - 1,048 Uncompleted New SaleTHE ALPS RESIDENCES Condominium 99 years July 7, 2017 689 703,000 - 1,020 Uncompleted New SaleTHE ALPS RESIDENCES Condominium 99 years July 7, 2017 689 743,000 - 1,079 Uncompleted New SaleTHE ALPS RESIDENCES Condominium 99 years July 7, 2017 689 743,600 - 1,079 Uncompleted New SaleTHE ALPS RESIDENCES Condominium 99 years July 6, 2017 689 768,560 - 1,116 Uncompleted New SaleTHE ALPS RESIDENCES Condominium 99 years July 6, 2017 700 701,000 - 1,002 Uncompleted New SaleTHE ALPS RESIDENCES Condominium 99 years July 5, 2017 689 782,000 - 1,135 Uncompleted New SaleTHE ALPS RESIDENCES Condominium 99 years July 4, 2017 689 731,000 - 1,061 Uncompleted New SaleTHE ALPS RESIDENCES Condominium 99 years July 4, 2017 689 796,640 - 1,156 Uncompleted New SaleTHE PALETTE Condominium 99 years July 4, 2017 753 808,000 - 1,072 2015 ResaleTHE SANTORINI Condominium 99 years July 9, 2017 1,152 1,233,210 - 1,071 2017 New SaleTHE SANTORINI Condominium 99 years July 9, 2017 1,152 1,159,000 - 1,006 2017 New SaleTHE SANTORINI Condominium 99 years July 9, 2017 1,130 1,191,500 - 1,054 2017 New SaleTHE SANTORINI Condominium 99 years July 9, 2017 1,130 1,132,210 - 1,002 2017 New SaleTHE SANTORINI Condominium 99 years July 8, 2017 904 995,860 - 1,101 2017 New SaleTHE SANTORINI Condominium 99 years July 8, 2017 904 999,900 - 1,106 2017 New SaleTHE SANTORINI Condominium 99 years July 8, 2017 1,152 1,132,210 - 983 2017 New SaleTHE SANTORINI Condominium 99 years July 8, 2017 1,119 1,183,720 - 1,057 2017 New SaleTHE SANTORINI Condominium 99 years July 8, 2017 1,130 1,176,000 - 1,041 2017 New SaleTHE SANTORINI Condominium 99 years July 8, 2017 1,119 1,183,720 - 1,057 2017 New SaleTHE SANTORINI Condominium 99 years July 7, 2017 1,152 1,220,000 - 1,059 2017 New SaleTHE SANTORINI Condominium 99 years July 7, 2017 1,259 1,290,000 - 1,024 2017 New SaleTHE SANTORINI Condominium 99 years July 7, 2017 1,119 1,169,580 - 1,045 2017 New SaleTHE SANTORINI Condominium 99 years July 6, 2017 1,152 1,196,880 - 1,039 2017 New SaleTHE SANTORINI Condominium 99 years July 6, 2017 915 953,000 - 1,042 2017 New SaleTHE SANTORINI Condominium 99 years July 6, 2017 1,119 1,163,520 - 1,039 2017 New SaleTHE SANTORINI Condominium 99 years July 6, 2017 915 970,200 - 1,060 2017 New SaleTHE SANTORINI Condominium 99 years July 5, 2017 915 994,850 - 1,087 2017 New SaleTHE SANTORINI Condominium 99 years July 5, 2017 915 995,860 - 1,088 2017 New SaleTHE SANTORINI Condominium 99 years July 5, 2017 1,119 1,230,180 - 1,099 2017 New SaleTHE SANTORINI Condominium 99 years July 5, 2017 1,130 1,139,280 - 1,008 2017 New SaleTHE SANTORINI Condominium 99 years July 5, 2017 1,119 1,189,780 - 1,063 2017 New SaleTHE SANTORINI Condominium 99 years July 5, 2017 915 934,000 - 1,021 2017 New SaleTHE SANTORINI Condominium 99 years July 5, 2017 1,130 1,156,000 - 1,023 2017 New SaleTHE SANTORINI Condominium 99 years July 4, 2017 1,259 1,292,870 - 1,027 2017 New SaleTHE SANTORINI Condominium 99 years July 4, 2017 1,259 1,285,730 - 1,021 2017 New SaleTHE SANTORINI Condominium 99 years July 4, 2017 1,421 1,519,040 - 1,069 2017 New SaleTHE SANTORINI Condominium 99 years July 4, 2017 915 952,430 - 1,041 2017 New SaleTHE SANTORINI Condominium 99 years July 4, 2017 904 957,480 - 1,059 2017 New SaleTHE SANTORINI Condominium 99 years July 4, 2017 1,130 1,138,000 - 1,007 2017 New SaleTHE SANTORINI Condominium 99 years July 4, 2017 1,109 1,157,310 - 1,044 2017 New SaleWATERVIEW Condominium 99 years July 6, 2017 1,324 1,450,000 - 1,095 2014 ResaleDistrict 19 A TREASURE TROVE Condominium 99 years July 4, 2017 2,121 1,550,000 - 731 2015 ResaleCHUAN GREEN Terrace 99 years July 7, 2017 1,970 2,030,000 - 1,032 2005 ResaleEVERGREEN PARK Apartment 99 years July 6, 2017 1,173 795,000 - 678 1999 ResaleFOREST WOODS Condominium 99 years July 9, 2017 1,066 1,343,000 - 1,260 Uncompleted New SaleISUITES @ PALM Apartment 99 years July 4, 2017 635 782,000 - 1,231 2013 ResaleKOVAN MELODY Condominium 99 years July 5, 2017 1,227 1,230,000 - 1,002 2006 ResaleKOVAN RESIDENCES Condominium 99 years July 5, 2017 1,798 2,050,000 - 1,140 2011 ResaleRIO VISTA Condominium 99 years July 10, 2017 1,249 910,000 - 729 2004 ResaleRIVERSAILS Condominium 99 years July 7, 2017 1,109 1,188,888 - 1,072 2016 ResaleSERANGOON GARDEN ESTATE Terrace 999 years July 6, 2017 2,164 2,340,000 - 1,083 Unknown ResaleSTARS OF KOVAN Apartment 99 years July 8, 2017 743 1,037,160 - 1,396 Uncompleted New SaleSTARS OF KOVAN Apartment 99 years July 6, 2017 732 1,055,220 - 1,442 Uncompleted New SaleSTARS OF KOVAN Apartment 99 years July 5, 2017 732 1,022,000 - 1,396 Uncompleted New SaleTAI KENG GARDENS Terrace Freehold July 5, 2017 2,723 2,635,000 - 969 Unknown ResaleTHE SPRINGBLOOM Condominium 99 years July 7, 2017 1,539 1,550,000 - 1,007 1999 ResaleTHE VALES EC 99 years July 4, 2017 1,033 828,000 - 801 2017 New SaleTRILIVE Condominium Freehold July 4, 2017 1,163 1,700,000 - 1,462 Uncompleted New SaleDistrict 20 THOMSON IMPRESSIONS Apartment 99 years July 5, 2017 463 797,000 - 1,722 Uncompleted New SaleDistrict 21 BINJAI CREST Terrace 99 years July 10, 2017 3,778 2,150,000 - 569 2004 ResaleCLEMENTI PARK Condominium Freehold July 10, 2017 904 860,000 - 951 1986 ResaleCLEMENTI PARK Condominium Freehold July 6, 2017 2,153 2,150,000 - 999 1986 ResaleCLEMENTI PARK Condominium Freehold July 5, 2017 1,184 1,130,000 - 954 1985 ResaleFLORIDIAN Condominium Freehold July 4, 2017 936 1,300,000 - 1,388 2012 ResaleFREESIA WOODS Condominium Freehold July 5, 2017 1,733 1,850,000 - 1,068 2003 ResaleHIGHGATE Terrace Freehold July 6, 2017 2,551 3,250,000 - 1,274 1993 ResaleMAPLE WOODS Condominium Freehold July 10, 2017 980 1,270,000 - 1,297 1997 ResaleSUNSET PLACE Detached Freehold July 4, 2017 7,212 9,250,000 - 1,283 1991 ResalePARC PALAIS Condominium Freehold July 10, 2017 1,550 1,530,000 - 987 1999 ResalePARC PALAIS Condominium Freehold July 6, 2017 1,378 1,400,000 - 1,016 1999 ResalePINE GROVE Condominium 99 years July 11, 2017 1,690 1,500,000 - 888 Unknown ResaleREGIS MANSIONS Apartment Freehold July 4, 2017 1,023 830,000 - 812 1998 ResaleSPRINGDALE CONDOMINIUM Condominium 999 years July 4, 2017 1,109 1,120,000 - 1,010 1998 ResaleSUMMERHILL Condominium Freehold July 4, 2017 1,948 2,030,000 - 1,042 2002 ResaleTHE CREEK @ BUKIT Condominium Freehold July 9, 2017 441 823,800 - 1,867 Uncompleted New SaleTHE CREEK @ BUKIT Condominium Freehold July 7, 2017 936 1,413,631 - 1,510 Uncompleted New SaleTHE CREEK @ BUKIT Condominium Freehold July 6, 2017 1,615 2,058,768 - 1,275 Uncompleted New SaleTHE CREEK @ BUKIT Condominium Freehold July 4, 2017 1,216 1,680,000 - 1,381 Uncompleted New SaleTHE STERLING Condominium Freehold July 5, 2017 1,410 1,880,000 - 1,333 2000 ResaleTHE STERLING Condominium Freehold July 4, 2017 1,948 2,800,000 - 1,437 2000 ResaleDistrict 22 LAKEPOINT CONDOMINIUM Condominium 99 years July 7, 2017 1,884 1,200,000 - 637 Unknown ResalePARC VISTA Condominium 99 years July 5, 2017 1,055 900,000 - 853 1997 ResaleSUMMERDALE EC 99 years July 4, 2017 1,399 930,000 - 665 2000 ResaleTHE FLORAVALE EC 99 years July 7, 2017 1,292 860,000 - 666 2000 ResaleWESTVILLE Terrace 99 years July 4, 2017 1,615 1,360,000 - 842 1997 ResaleWESTWOOD RESIDENCES EC 99 years July 6, 2017 1,195 999,000 - 836 Uncompleted New SaleWESTWOOD RESIDENCES EC 99 years July 6, 2017 1,033 824,400 - 798 Uncompleted New SaleWESTWOOD RESIDENCES EC 99 years July 6, 2017 1,033 796,500 - 771 Uncompleted New SaleDistrict 23 ECO SANCTUARY Condominium 99 years July 6, 2017 1,066 1,030,820 - 967 2016 New SaleHAZEL PARK CONDOMINIUM Condominium 999 years July 10, 2017 980 980,000 - 1,000 2000 ResaleHILLBROOKS Condominium Freehold July 7, 2017 829 800,000 - 965 1999 ResaleHILLBROOKS Condominium Freehold July 4, 2017 1,173 1,080,000 - 920 1999 ResaleHILLION RESIDENCES Apartment 99 years July 7, 2017 474 702,050 - 1,482 Uncompleted New SaleHILLION RESIDENCES Apartment 99 years July 5, 2017 474 728,650 - 1,538 Uncompleted New SaleINZ RESIDENCE EC 99 years July 8, 2017 969 786,000 - 811 Uncompleted New SaleINZ RESIDENCE EC 99 years July 7, 2017 1,109 836,000 - 754 Uncompleted New SaleINZ RESIDENCE EC 99 years July 7, 2017 1,066 848,000 - 796 Uncompleted New SalePAVILION PARK Terrace Freehold July 5, 2017 1,615 2,830,000 - 1,753 2014 ResaleSOL ACRES EC 99 years July 9, 2017 570 459,000 - 805 Uncompleted New SaleSOL ACRES EC 99 years July 8, 2017 570 433,000 - 759 Uncompleted New SaleSOL ACRES EC 99 years July 8, 2017 570 453,000 - 794 Uncompleted New SaleSOL ACRES EC 99 years July 7, 2017 732 623,000 - 851 Uncompleted New SaleSOL ACRES EC 99 years July 6, 2017 926 729,000 - 788 Uncompleted New SaleSOL ACRES EC 99 years July 4, 2017 1,044 810,000 - 776 Uncompleted New SaleWINDERMERE EC 99 years July 10, 2017 1,862 1,048,000 - 563 1999 Resale
EP18 • THEEDGE SINGAPORE | JULY 24, 2017
FROM PREVIOUS PAGE
MARKET TRENDS
DONE DEALS
Residential transactions with contracts dated July 4 to 11
LAND AREA/ NETT UNIT FLOOR AREA TRANSACTED PRICE PRICE COMPLETION TYPE OFPROJECT PROPERTY TYPE TENURE SALE DATE (SQ FT) PRICE ($) ($) ($ PSF) DATE SALE
LAND AREA/ NETT UNIT FLOOR AREA TRANSACTED PRICE PRICE COMPLETION TYPE OFPROJECT PROPERTY TYPE TENURE SALE DATE (SQ FT) PRICE ($) ($) ($ PSF) DATE SALE
District 25 NORTHOAKS EC 99 years July 7, 2017 1,238 745,000 - 602 2000 ResaleNORTHOAKS EC 99 years July 7, 2017 1,249 798,000 - 639 2000 ResaleNORTHWAVE EC 99 years July 9, 2017 1,270 982,700 - 774 Uncompleted New SaleNORTHWAVE EC 99 years July 9, 2017 753 557,100 - 739 Uncompleted New SaleNORTHWAVE EC 99 years July 8, 2017 990 775,000 - 783 Uncompleted New SaleNORTHWAVE EC 99 years July 8, 2017 1,593 1,208,849 - 759 Uncompleted New SaleNORTHWAVE EC 99 years July 8, 2017 990 790,500 - 798 Uncompleted New SaleNORTHWAVE EC 99 years July 8, 2017 1,119 842,800 - 753 Uncompleted New SaleNORTHWAVE EC 99 years July 7, 2017 1,130 834,100 - 738 Uncompleted New SaleNORTHWAVE EC 99 years July 4, 2017 1,098 863,200 - 786 Uncompleted New SalePARC ROSEWOOD Condominium 99 years July 5, 2017 431 498,000 - 1,157 2014 ResaleDistrict 26 CASTLE GREEN Condominium 99 years July 5, 2017 1,216 928,000 - 763 1997 ResaleMEADOWS @ PEIRCE Condominium Freehold July 10, 2017 1,938 2,170,000 - 1,120 2012 ResaleTHE BROOKS I & II Apartment Freehold July 7, 2017 710 928,112 - 1,306 2016 New SaleDistrict 27 NORTH PARK RESIDENCES Apartment 99 years July 9, 2017 1,001 1,315,800 - 1,314 Uncompleted New SaleNORTH PARK RESIDENCES Apartment 99 years July 9, 2017 969 1,272,600 - 1,314 Uncompleted New SaleNORTH PARK RESIDENCES Apartment 99 years July 9, 2017 1,206 1,529,910 - 1,269 Uncompleted New SaleNORTH PARK RESIDENCES Apartment 99 years July 8, 2017 624 880,200 - 1,410 Uncompleted New SaleNORTH PARK RESIDENCES Apartment 99 years July 6, 2017 926 1,116,000 - 1,206 Uncompleted New SaleNORTH PARK RESIDENCES Apartment 99 years July 6, 2017 700 961,200 - 1,374 Uncompleted New SaleNORTH PARK RESIDENCES Apartment 99 years July 4, 2017 1,206 1,551,270 - 1,287 Uncompleted New SalePARC LIFE EC 99 years July 9, 2017 1,109 884,940 - 798 Uncompleted New SalePARC LIFE EC 99 years July 4, 2017 1,109 901,440 - 813 Uncompleted New SaleSELETARIS Condominium Freehold July 6, 2017 1,561 1,150,000 - 737 2001 ResaleSIGNATURE AT YISHUN EC 99 years July 8, 2017 1,184 892,410 - 754 Uncompleted New SaleSIGNATURE AT YISHUN EC 99 years July 8, 2017 1,184 883,545 - 746 Uncompleted New SaleSIGNATURE AT YISHUN EC 99 years July 8, 2017 1,184 893,475 - 755 Uncompleted New SaleSIGNATURE AT YISHUN EC 99 years July 7, 2017 1,184 962,280 - 813 Uncompleted New SaleSIGNATURE AT YISHUN EC 99 years July 6, 2017 775 626,670 - 809 Uncompleted New SaleSYMPHONY SUITES Condominium 99 years July 9, 2017 1,023 1,032,000 - 1,009 Uncompleted New SaleSYMPHONY SUITES Condominium 99 years July 9, 2017 893 969,000 - 1,085 Uncompleted New SaleSYMPHONY SUITES Condominium 99 years July 9, 2017 1,023 1,055,000 - 1,032 Uncompleted New SaleSYMPHONY SUITES Condominium 99 years July 9, 2017 1,023 1,028,000 - 1,005 Uncompleted New SaleSYMPHONY SUITES Condominium 99 years July 9, 2017 1,023 1,077,020 - 1,053 Uncompleted New SaleSYMPHONY SUITES Condominium 99 years July 8, 2017 893 910,000 - 1,019 Uncompleted New Sale
SYMPHONY SUITES Condominium 99 years July 7, 2017 915 939,000 - 1,026 Uncompleted New SaleSYMPHONY SUITES Condominium 99 years July 7, 2017 786 817,000 - 1,040 Uncompleted New SaleSYMPHONY SUITES Condominium 99 years July 6, 2017 893 937,530 - 1,049 Uncompleted New SaleSYMPHONY SUITES Condominium 99 years July 6, 2017 1,023 1,054,000 - 1,031 Uncompleted New SaleSYMPHONY SUITES Condominium 99 years July 5, 2017 1,023 1,011,360 - 989 Uncompleted New SaleSYMPHONY SUITES Condominium 99 years July 4, 2017 1,023 1,103,000 - 1,079 Uncompleted New SaleSYMPHONY SUITES Condominium 99 years July 4, 2017 797 849,000 - 1,066 Uncompleted New SaleTHE BROWNSTONE EC 99 years July 8, 2017 980 748,800 - 764 Uncompleted New SaleTHE BROWNSTONE EC 99 years July 5, 2017 936 723,200 - 772 Uncompleted New SaleTHE BROWNSTONE EC 99 years July 5, 2017 1,055 807,200 - 765 Uncompleted New SaleTHE BROWNSTONE EC 99 years July 5, 2017 883 784,000 - 888 Uncompleted New SaleTHE CRITERION EC 99 years July 6, 2017 1,023 770,400 - 753 Uncompleted New SaleTHE CRITERION EC 99 years July 4, 2017 915 676,000 - 739 Uncompleted New SaleTHE CRITERION EC 99 years July 4, 2017 893 675,200 - 756 Uncompleted New SaleTHE ESTUARY Condominium 99 years July 5, 2017 926 838,000 - 905 2013 ResaleTHE NAUTICAL Condominium 99 years July 4, 2017 1,410 1,250,000 - 886 2015 ResaleTHE SHAUGHNESSY Terrace 99 years July 6, 2017 3,283 1,490,000 - 454 2006 ResaleTHE VISIONAIRE EC 99 years July 9, 2017 980 828,000 - 845 Uncompleted New SaleTHE VISIONAIRE EC 99 years July 9, 2017 1,141 958,000 - 840 Uncompleted New SaleTHE VISIONAIRE EC 99 years July 8, 2017 1,023 824,000 - 806 Uncompleted New SaleTHE VISIONAIRE EC 99 years July 8, 2017 721 629,000 - 872 Uncompleted New SaleTHE VISIONAIRE EC 99 years July 4, 2017 721 632,000 - 876 Uncompleted New SaleTHE WISTERIA Apartment 99 years July 6, 2017 969 1,026,345 - 1,059 Uncompleted New SaleWATERCOVE Terrace Freehold July 8, 2017 3,412 2,246,000 - 658 Uncompleted New SaleWATERCOVE Terrace Freehold July 6, 2017 3,466 2,700,000 - 779 Uncompleted New SaleWATERCOVE Terrace Freehold July 4, 2017 3,466 2,250,000 - 649 Uncompleted New SaleDistrict 28 BELGRAVIA VILLAS Terrace Freehold July 9, 2017 3,703 2,874,630 - 776 Uncompleted New SaleBELGRAVIA VILLAS Terrace Freehold July 9, 2017 3,584 2,807,740 - 783 Uncompleted New SaleESTE VILLA Terrace Freehold July 4, 2017 3,412 2,400,000 - 703 2013 ResaleH2O RESIDENCES Condominium 99 years July 10, 2017 710 645,000 - 908 2015 ResaleTAMARIND ROAD Semi-Detached Freehold July 11, 2017 3,627 3,250,000 - 896 Unknown ResaleSUNRISE GARDENS Condominium 99 years July 7, 2017 980 830,000 - 847 1998 Resale
DISCLAIMER: Source: URA Realis. Updated July 18, 2017. The Edge Publishing Pte Ltd shall not be responsible for any loss or liability arising directly or indirectly from the use of, or reliance on, the information provided therein.EC stands for executive condominium
| BY ANGELA TEO |
There are 14 HDB flats listed as
mortgagee sales in the private
treaty lists of the five prop-
erty auction houses as at the
month of July. As HDB flats
are considered public housing flats
and are regulated by the government,
they are not allowed to be put up for
sale by auction. “Even banks need to
get approval from HDB before they
can foreclose on an HDB flat,” says
an auctioneer who declined to be
named. “We are also not allowed to
auction HDB flats on behalf of their
owners.”
Therefore, HDB flats that are mort-
gagee sales only appear on the pri-
vate treaty lists of auction houses. So
far in 2017, the number of HDB flats
listed as mortgagee sales is almost
double that in the corresponding pe-
riod in 2015 and 2016, according to
Eugene Lim, key executive officer
of ERA Realty Network. “Mortgagee
sales are usually done as a last re-
sort, when all avenues to rectify the
default on the part of the mortgag-
or have been exhausted; that is, the
mortgagor has no means of repay-
ing the mortgage.”
Sharon Lee, Knight Frank’s head
of auction, agrees. “That’s the key
difference between HDB and private
property,” she says. In the private
residential segment, there is a mix
of investors and owner-occupiers.
Some of the mortgagee sales could
be by investors who have overex-
tended themselves, or where the rent
is insufficient to cover the monthly
mortgage payment and the owner is
forced to let go of the asset, she adds.
HDB flats, on the other hand, are
primarily owner occupied. “People do
not want to lose the roof over their
heads,” says Lee. “So usually, if they
lose the property, it could be because
of personal debt or loss of their job
and hence, household income.”
The overall total of 14 HDB flats
listed as mortgagee sales is still low
compared with the 104 private resi-
dential properties listed as mortgagee
sales, according to Knight Frank Re-
search’s 1H2017 report on June 30.
Five of the 14 HDB flats that have
emerged as mortgagee sales are lo-
cated in the Woodlands and Admi-
ralty area. The other suburban HDB
estates where mortgagee sales have
popped up include Bedok, Choa Chu
Kang, Sengkang and Yishun. In the
central region, mortgagee sales of
HDB flats can be found in the likes
of Bishan, Cantonment Close and
Commonwealth Close.
The speed at which these HDB flats
will be taken up depends on location,
among other things. “Flats that are
located within mature HDB estates
and in prime central areas tend to be
snapped up quickly,” says Joy Tan,
head of auction at Edmund Tie & Co.
On the market is a 904 sq ft,
four-room flat at Bishan Street 12.
The indicative price of the property
is $525,000 ($580 psf). It is located
within walking distance of the Bishan
MRT station and Junction 8 shopping
centre. The unit has a 99-year lease
with effect from 1986.
At Cantonment Close, near the
Tanjong Pagar MRT station, a 968 sq
ft, four-room corner HDB flat on the
eighth floor of one of the blocks was
put up for mortgagee sale. The unit
is located in the vicinity of amenities
at Tanjong Pagar Plaza, Icon Village,
100AM and Tanjong Pagar Centre. It
is on the market for $700,000 ($723
psf). The HDB flat has a 99-year lease
with effect from 2002.
In the Outside Central Region, a
1,152 sq ft corner, four-room pre-
mium HDB flat in Woodlands Drive
14 has been put up for mortgagee
sale. The unit, on the second level
of the block, is tagged at $380,000
($330 psf).
Rise in m ortgagee sales of HDB flats
A 1,152 sq ft corner four-room premium HDB flat in Woodlands Drive 14 has been put up for mortgagee sale with a price tag of $380,000
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The figure is still lower than that for private residential units, property consultants say
THEEDGE SINGAPORE | JULY 24, 2017 • EP19
GAINS AND LOSSES
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Top 10 gains and losses from July 4 to 11
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Most profi table deals (non-landed) PROJECT DISTRICT AREA (SQ FT) SOLD ON (2017) SALE PRICE ($ PSF) BOUGHT ON PURCHASE PRICE ($ PSF) PROFIT ($) PROFIT (%) ANNUALISED PROFIT (%) HOLDING PERIOD (YEARS)
1 Ardmore Park 10 2,885 July 10 3,224 July 29, 1996 1,990 3,559,845 62 2 21.0
2 Hillcrest Arcadia 11 2,895 July 10 718 Nov 16, 2001 290 1,240,000 148 6 15.7
3 Sheares Ville 10 1,475 July 11 1,499 June 29, 2005 732 1,130,000 105 6 12.0
4 Summerhill 21 1,948 July 4 1,042 March 23, 2003 524 1,010,000 99 5 14.3
5 Robertson 100 9 1,033 July 5 1,742 Aug 18, 2002 910 860,000 91 4 14.9
6 Pine Grove 21 1,690 July 11 888 Oct 11, 1999 389 842,000 128 5 17.8
7 The Sail @ Marina Bay 1 689 July 4 2,221 Dec 6, 2004 1,005 837,540 121 7 12.6
8 Freesia Woods 21 1,733 July 5 1,068 Oct 28, 2003 604 803,223 77 4 13.7
9 Parc Palais 21 1,550 July 10 987 Sept 25, 2006 487 775,000 103 7 10.8
10 Botannia 5 1,561 July 10 1,192 May 29, 2007 701 765,300 70 5 10.1
PROJECT DISTRICT AREA (SQ FT) SOLD ON (2017) SALE PRICE ($ PSF) BOUGHT ON PURCHASE PRICE ($ PSF) LOSS ($) LOSS (%) ANNUALISED LOSS (%) HOLDING PERIOD (YEARS)
1 The Solitaire 10 1,894 July 6 1,346 April 20, 2007 1,667 608,640 19 2 10.2
2 Concourse Skyline 7 1,432 July 10 1,781 April 27, 2010 2,152 531,000 17 3 7.2
3 Caribbean at Keppel Bay 4 2,433 July 10 1,624 March 18, 2011 1,768 350,000 8 1 6.3
4 Cairnhill Residences 9 1,173 July 5 2,088 July 27, 2007 2,349 306,550 11 1 9.9
5 Floridian 21 936 July 4 1,388 May 31, 2010 1,673 266,880 17 3 7.1
6 The Metropolitan Condominium 3 1,033 July 10 1,297 March 30, 2012 1,500 210,000 14 3 5.3
7 The Rochester 5 861 July 10 1,394 Aug 22, 2007 1,546 131,106 10 1 9.9
8 Clementi Park 21 904 July 10 951 May 25, 2011 1,051 90,000 9 2 6.1
9 The Sound 15 807 July 10 1,474 Dec 2, 2011 1,574 80,496 6 1 5.6
10 Icon 2 570 July 7 1,770 Sept 9, 2010 1,893 70,000 6 1 6.8
Note: Computed based on URA caveat data as at July 18 for private non-landed houses transacted between July 4 to 11. The profit-and-loss computation excludes transactions costs such as stamp duties.
PROJECT DISTRICT AREA (SQ FT) SOLD ON (2017) SALE PRICE ($ PSF) BOUGHT ON PURCHASE PRICE ($ PSF) LOSS ($) LOSS (%) ANNUALISED LOSS (%) HOLDING PERIOD (YEARS)DISTRICT SOLD ON (2017) BOUGHT ON LOSS ($) ANNUALISED LOSS (%)
Non-profi table deals
Large freehold units fetch million-dollar profits| BY TAN CHEE YUEN |
Four private non-landed homes
fetched profits of more than $1
million each in the week of July
4 to 11, based on gains-and-
losses analysis of URA caveat
data. Three out of the four are large
freehold units above 1,900 sq ft in size.
A 2,885 sq ft unit at Ardmore Park
fetched the highest profit of $3.56 mil-
lion for the week. It was bought for
$5.74 million ($1,990 psf) from the
developer in July 1996. After holding
There have been eight profitable transactions at Ardmore Park this year, with sellers making an average of $3.14 million. Find the most affordable listing in the project at edgepr.link/ArdmorePark.
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the property over two decades, the
seller sold it at $9.3 million ($3,224
psf) on July 10. This translates into
a 62% profit, or 2% a year.
Located in prime District 10,
Ardmore Park is a freehold develop-
ment by Wheelock Properties that
was completed in 2001. It comprises
2,885 sq ft, four-bedroom units and
penthouses of over 8,000 sq ft.
Of the 10 transactions at Ardmore
Park this year, eight were profitable,
with profits averaging $3.14 million
(59%). In 2016, six out of the seven
transactions at Ardmore Park resulted
in profits for the sellers, who made
an average of $2.24 million (42%).
A 2,895 sq ft unit at Hillcrest
Arcadia in prime District 11 fetched
the second-largest profit of $1.24 mil-
lion in the week of July 4 to 11. The
unit was purchased for $840,000 ($290
psf) in November 2001 and sold at
$2.08 million ($718 psf) on July 10.
The profit worked out to 148%, or
6% a year over 16 years.
There have been six profitable
transactions with an average profit
of $708,333 (90%) at Hillcrest Arca-
dia this year. The sole unprofitable
transaction so far this year resulted
in a $220,000 (14%) loss. In 2016,
there were no profitable transactions
and three unprofitable transactions,
with sellers making an average loss
of $420,000 (15%).
Hillcrest Arcadia is a 99-year lease-
hold condominium project with 272
units. It was completed in 1980 and
has a remaining lease of less than
60 years.
At Sheares Ville, a 1,475 sq ft unit
changed hands for the third-largest
profit of $1.13 million. The seller paid
$1.08 million ($732 psf) for the unit
in June 2005 and sold it at $2.21 mil-
lion ($1,499 psf) on July 11. He made
a 105% profit, or 6% a year over a
holding period of 12 years. Complet-
ed in 2003, Sheares Ville is a 65-unit
freehold project in prime District 10.
A 1,948 sq ft unit at Summerhill
changed hands for a $1.01 million
profit on July 4. The previous owner
purchased the unit at $1.02 million
($524 psf) in March 2003 and sold
it for $2.03 million ($1,042 psf) on
July 4. The freehold Summerhill, by
City Developments, was completed in
2002. The 406-unit project is located
close to the Hillview MRT station on
the Downtown Line.
On July 6, a 1,894 sq ft unit at
The Solitaire was sold at the week’s
biggest loss of $608,640. The seller
bought it for $3.16 million ($1,667
psf) from the developer in April 2007
and sold it for $2.55 million ($1,346
psf). That worked out to a 19% loss,
or 2% a year over 10 years.
Completed in 2009, The Solitaire
is a freehold development with 59
units. It is located at Balmoral Park
in prime District 10. The most recent
profitable transaction at The Solitaire
was in May 2013, when a 1,561 sq
ft unit changed hands at a $110,600
(4%) profit. The seller bought the
unit for $3 million ($1,928 psf) from
the developer in April 2007 and sold
it for $3.12 million ($1,999 psf).
There have been no profitable
transactions since. As for the nine
units sold at a loss since January
2014, the sellers sustained an average
loss of $486,798 (16%).
Completed in 2009, The Solitaire is a freehold project at Balmoral Park in prime District 10. Find the most affordable listing in the project at edgepr.link/TheSolitaire.
EP20 • THEEDGE SINGAPORE | JULY 24, 2017
DEAL WATCH
Recent transactions at RV Edge
CONTRACT DATE AREA (SQ FT) PRICE ($) PRICE ($ PSF)
March 28, 2017 474 870,000 1,837
Jan 9, 2017 936 1,350,000 1,442
July 21, 2016 495 918,000 1,854
June 21, 2016 1,066 1,490,000 1,398
March 16, 2016 463 830,000 1,793
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Recent rental contracts for 400 to 500 sq ft units at RV Edge
LEASE DATE MONTHLY RENT $ $ PSF
June 2017 2,500 5.60June 2017 2,500 5.60June 2017 2,300 5.10June 2017 2,300 5.10May 2017 2,300 5.10 A 484 sq ft unit has been listed for sale on TheEdgeProperty.com at
$850,000 ($1,756 psf)
| BY DELICIA LIM & TAN CHEE YUEN |
RV Edge is a freehold project lo-
cated in prime District 10. The
development on Shanghai Road,
off River Valley Road was com-
pleted in 2013 and has 108 units.
RV Edge has one-bedroom units ranging
from 366 to 484 sq ft, two-bedroom units
at 495 sq ft and two-bedroom penthouses
ranging from 646 to 1,066 sq ft.
A 484 sq ft, one-bedroom unit has been
put up for sale at $850,000 ($1,756 psf) on
TheEdgeProperty.com. The owner is a Sin-
gaporean who is looking to invest in other
areas, according to Rion Ong, a property
agent with KF Property Network. The unit is
being rented out at $2,500 per month until
March 2018, which translates into a 3.5%
gross rental yield based on the asking price.
RV Edge is close to the upcoming
Great World MRT station, and also ac-
cessible from the Orchard and Somerset
MRT stations on the North-South Line,
according to Ong. The nearest schools
are Alexandra Primary School, Riv-
er Valley Primary School and Gan Eng
Seng School.
There have been two transactions at RV
Edge this year. A 474 sq ft, one-bedroom
unit on the fifth level fetched $870,000
($1,837 psf) in March 2017. In January,
a 936 sq ft, two-bedroom unit on the
seventh level was sold for $1.35 million
($1,442 sq ft).
Prices at RV Edge peaked in June 2014,
when a 366 sq ft, one-bedroom unit was sold
for $830,000 ($2,268 psf). In the last two
years, prices have fallen below $2,000 psf.
Located across Shanghai Road from
RV Edge are Shanghai One and Queens-
berry Lodge.
Shanghai One is a freehold project
completed in 2007. The latest transaction
saw an 883 sq ft, two-bedroom unit sold
for $1.31 million ($1,484 sq ft) on June 1.
Meanwhile, a 614 sq ft, one-bedroom
unit at Queensberry Lodge fetched $840,000
($1,369 psf) in May. Queensberry Lodge
is a 12-unit freehold project completed
in 2002.
Rents for RV Edge units from 400 to
500 sq ft held steady between 2H2016
and 1H2017. There were 16 rental trans-
actions at an average monthly rent of
$2,438 in 2H2016. The monthly rent av-
eraged $2,419 for the 13 rental transac-
tions in 1H2017, based on URA data.
Visit edgepr.link/DealWatch-S789 for
more information.
RV Edge unit for sale at $1,756 psf
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