PROPERTY PERSONALISED · 2019-08-29 · sale at $222.7 mil The owners of Beaufort on Nassim have launched their property for collective sale with an asking price of $222.68 million

PROPERTY PERSONALISED

Visit EdgeProp.sg to find properties, research market trends and read the latest news The week of September 2, 2019 | ISSUE 897-119

MCI (P) 045 08 2019 PPS 1519/09/2012 (022805)

EPJ2 • EDGEPROP | SEPTEMBER 2, 2019

PROPERTY PERSONALISED

Visit EdgeProp.sg to find properties, research market trends and read the latest news The week of September 2, 2019 | ISSUE 897-119

MCI (P) 045 08 2019 PPS 1519/09/2012 (022805)

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Part of the Signature Collection at Luxus Hills that will be previewed on Aug 30

New LaunchUOL previews Avenue South Residence with

prices from $858,000 ep4

Co-Working IWG banks on multi-brand strategy for

growth ep8

Co-Living Hmlet opens largest

co-living space in Singapore ep9

Done DealsUnit at 3 Cuscaden sold for high of $4,162 psf

ep10

Bukit Sembawang launches Signature CollectionIn one of the final phases of the launch of the 999-year Luxus Hills,

the listed property giant is offering completed houses for sale and

making available flexible payment schemes.

Turn to our Cover Story on Pages 6 & 7.

EP2 • EDGEPROP | SEPTEMBER 2, 2019

PROPERTY BRIEFS

EDITORIALeditor | Cecilia Chowdeputy editor | Amy Tansenior writers | Charlene ChinTimothy Taywriter | Bong Xin Yinghead, copy editing | Pek Tiong Geecopy editor | Rachel Hengphoto editor | Samuel Isaac Chuaphotographer | Albert Chuaeditorial coordinator | Yen Tandesigner | Kim Sy

ADVERTISING + MARKETING ADVERTISING SALES

vice-president, sales & operations | Diana Limaccount director | Ivy Hong deputy account director |Janice Zhuaccount manager |Pang Kai Xinregional business development manager | Cole Tanhead of marketing & branding |Rachel Lim Shuling

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CORPORATE chief executive officer | Bernard Tong

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Beaufort on Nassim up for collective sale at $222.7 mil The owners of Beaufort on Nassim have launched their property for collective sale with an asking price of $222.68 million ($3,508 psf per plot ratio).

Completed in 2008, the four-storey development occupies a 45,344 sq ft site, with a wide frontage of almost 65m. The freehold 30-unit condo com-prises a mix of two- to three-bedroom apartments and penthouses spanning from 1,238 to 3,692 sq ft. It is zoned for residential use with a gross plot ratio of 1.4, under URA’s 2014 Master Plan.

Subject to approval from relevant authorities, the site may be developed into a luxury condo of up to four sto-reys, at an approved gross floor area of 63,408 sq ft, says Savills Singapore, the marketing agent for the site.

The Nassim Road enclave is home to a number of embassies, Good Class Bungalows and high-end condos such as Nassim Park Residences, Sage and The Nassim.

The tender for the site will close at 3pm on Sept 30.

DFS to close Changi Airport liquor and tobacco outletsDFS Group will close its duty-free liq-uor and tobacco outlets in Changi Air-port in June 2020.

The move comes amid financial considerations due to changing regula-tions concerning the sale of liquor and tobacco, against a backdrop of glob-al geopolitical uncertainty, DFS chair-man and chief executive Ed Brennan told the media.

Singapore has recently tightened its regulation on booze and tobacco. On April 1, the duty-free allowance for spirits, wine and beer was lowered to two litres, from three litres previous-ly. From July 1, 2020, tobacco prod-

ucts sold in the country must have standardised packaging and enlarged graphic health warnings, announced the Ministry of Health in July.

Although DFS has held the liquor and tobacco concession at Changi Airport since 1980, the group did not partici-pate in the bidding of tender exercise for the new liquor and tobacco con-cession. The tender closed on Aug 26.

The tenancy for the new operator is for a six-year period from June 9, 2020, to June 8, 2026, and spans 18 stores occupying over 86,111 sq ft across Changi Airport’s four terminals.

DFS said that its 500 employees running the DFS’s liquor and tobac-co operations may continue to work with the new operator. It may also of-fer to deploy these employees at DFS’s luxury concessions at Changi Airport, T Galleria by DFS, or its Singapore Cruise Centre business. These opera-tions shall continue running and are unaffected.

The new operator will be announced in November.

ERA closes 42% of July new home sales, explores franchising deals in the Asia-Pacific ERA Realty Network agents closed about 499 new private residential sales in the month of July, which translates to about 42% of the developers’ total of 1,178 new homes sales that month, says Jack Chua, CEO of ERA.

“The demand (for new launches) is still very healthy and we saw transac-tions picking up m-o-m in July, which was quite remarkable,” he adds. While individual projects could see fewer units sold at launch as a percentage of the total units, he expects new launches to continue performing strongly.

Chua was speaking to EdgeProp Singapore at ERA’s quarterly Career

Advancement Day on Aug 26. At the event, the company also unveiled new tools for its iERA mobile application for its 6,900-strong network of agents.

“With these lead-generation tools, we target homeowners who could buy into the upcoming new launches,” says Marcus Chu, COO of ERA. “We want our agents to concentrate on buyers who are in a better position to buy and upgrade. This is one way we can help them, by cutting the big data into bite-sized chunks to help them source for prospective buyers.”

Chua is also executive chairman of APAC Realty which holds the ERA Asia Pacific regional master franchise. Be-sides the possibility of expanding to more areas in China, Chua is eyeing opportunities in Laos, Australia, and New Zealand. “We are looking at more franchising opportunities. If we are able to find a good partner, we can fran-chise the operations to them,” he says.

Oakwood to open serviced suites in Bangkok and YokohamaOakwood, a wholly-owned subsidiary of Mapletree Investments, has announced plans to open new serviced suites in Thailand and Japan. Oakwood Suites Bangkok is scheduled to open by the end of 2019, while Oakwood Suites Yokohama is set to open in mid-2020.

Oakwood Suites Bangkok is locat-ed along Sukhumvit Soi 24, within the popular Phrom Phong district in Thailand. It is a four-minute walk to the BTS Skytrain station, and within close proximity to a selection of restau-rants and malls, as well as Bangkok’s CBD. The development comprises 232 studios, and one- and two-bedroom apartments.

Oakwood Suites Yokohama offers 175 apartments, spanning levels 46 to 51 of The Tower Kitanaka, the tall-est residential building in Yokohama. This marks Oakwood’s 13th property in Japan and its first expansion into Yokohama, Japan’s second largest city. This is also the brand’s second Maple-tree-owned serviced apartment in Ja-pan, following Oakwood Apartments Azabudai, Tokyo.

Oakwood Suites Yokohama is next to Yokohama Bay, and is a stone’s throw away from Yamashita Park. It is direct-ly connected to the Bashamichi Train Station, and is close to a selection of shops and dining options within its re-tail and cultural zone. It is a half-hour train ride from Tokyo.

Oakwood Suites was first launched in December 2016 with the opening of Oakwood Suites La Maison Jakarta

in Indonesia, targeting travellers and business executives.

Marina Mandarin Singapore rebranded as Parkroyal on Marina Bay UOL Group has signed an agreement to operate Marina Mandarin Singa-pore, and will rebrand the hotel as Parkroyal on Marina Bay effective on Jan 1, 2020.

The agreement was signed between Pan Pacific Hospitality, a wholly-owned subsidiary of UOL, and Aquamarina Hotel Ptd Ltd (AHPL), a subsidiary of United Industrial Corp (UIC).

The rebranding of the hotel follows the completion of acquisition in April of additional shares in Marina Centre Holdings (MCH) and AHPL, by UOL’s subsidiary UIC and MCH respectively. With the acquisitions, UOL and UIC now have full control of the Marina Square shopping mall, the 575-room Marina Mandarin Singapore, and the 790-room Pan Pacific Singapore.

Parkroyal on Marina Bay will be re-vamped and given a nature-inspired look. This includes the 50,590 sq ft shared event space with the neigh-bouring Pan Pacific Singapore.

“As owner-operator [of the hotel], there are clear opportunities to repo-sition the hotel as a product that is inspired by landscape and greenery, similar to our Parkroyal on Picker-ing,” says UOL group chief executive Liam Wee Sin.

UOL currently owns more than 30 hotels with about 10,000 rooms in Asia, Oceania and North America, and man-ages some of them.

Crown Group plans waterfront city in Jakarta Australian developer Crown Group is planning to build a luxury waterfront residential development at the An-col seaside bay in Indonesia’s capital city, Jakarta.

The A$1 billion ($0.9 billion) de-velopment comprises 2,000 luxury homes spread across a series of tow-ers on a 4.7ha site. It will also have its own marina and commercial pre-cinct. There will be 9000 sq m of re-tail boutiques, restaurants and bars, as well as a network of outdoor ter-races, boulevards and jogging tracks.

Sydney-based Crown Group signed an agreement with Indonesian govern-ment organisation PT Pembangunan Jaya Ancol in early 2019 to create the vertical city. Plans will be presented to the Indonesian government for ap-proval later this year, and the project is set to launch to market in 2020, announced Crown Group in May. So far, the development has yet to be ap-proved by the government.

The first stage is expected to be com-pleted in 2024 with 800 apartments, a gym, spa and infinity swimming pool. A further 1500 apartments is set to be completed in the second stage. — Com-piled by Charlene Chin

SAVILLS SINGAPORE

CROWN GROUP

The freehold Beaufort on Nassim occupies a 45,344 sq ft site

Crown Group’s waterfront city in Jakarta will comprise 2,000 luxury homes

Correction and clarification

In the cover story, “Supersized penthouse at The Arc at Draycott for $43.8 mil” which appeared in Issue 896, Aug 26, 2019, the selling price of the 6,565 sq ft penthouse at The Tate Residences developed by Hong Leong Holdings should be $35 million or $5,300 psf and not as stated. The error is regretted.

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NEW LAUNCH

| BY BONG XIN YING |

Singapore-listed property firm UOL Group is releasing 300 units at the 99-year lease-hold Avenue South Residence at its pre-view on Aug 30. With 1,074 residential units and close to 10,000 sq ft of com-

mercial facilities including F&B outlets and a childcare centre, the project on Silat Avenue will have twin 56-storey towers and five con-served four-storey apartment blocks.

Developed by UOL, United Industrial Corp (UIC) and Kheng Leong Co in a 50:30:20 joint venture, Avenue South Residence capitalises on its proximity to the 24km-long Rail Corridor and the Greater Southern Waterfront (GSW).

Units at Avenue South Residence are cate-gorised into three collections to accommodate varying homeowners’ and investors’ needs – Heritage Collection, Horizon Collection and Peak Collection, with respective average prices of $1,780 psf, $1,980 psf and more than $2,250 psf for the initial launch. The development has a mix of one- to four-bedroom apartments ranging from 474 to 1,688 sq ft.

Around 70% of Avenue South Residence comprises one- and two-bedroom apartments. Prices start from $858,000 for a one-bedroom unit and $1.15 million for a two-bedroom unit. The project is marketed by PropNex, ERA Re-alty Network, SRI and Huttons Asia.

“Half of the project is priced below $1.5 million to offer buyers plenty of choice units to capitalise on the area’s growth story,” says Liam Wee Sin, UOL group chief executive. The project is expected to be completed in 2023.

Attractive pricingThe preview comes hot on the heels of the 2019 National Day Rally speech in which Sin-gapore Prime Minister Lee Hsien Loong iden-tified the GSW as a key project in the remak-ing of Singapore.

Stretching across 30km of the southern coastline from Gardens by the Bay East to Pasir Panjang, the GSW will cover a 2,000ha swathe of land – six times the size of Ma-rina Bay and double the size of Punggol. It includes the PSA city terminals at Tanjong Pagar, Keppel, and Brani, which will be relo-cated to Tuas by 2027; as well as Pasir Pan-

jang Terminal, following its relocation to Tuas Port by 2040.

On the back of this announcement, Ken Low, managing partner of SRI, says he ex-pected the average psf prices of Avenue South Residence to be much higher. “We are quite pleasantly surprised by the pricing,” he says.

According to him, SRI held two investor seminars for Avenue South Residence – one prior to the National Day Rally speech and another one after. Both seminars saw full at-tendance. He observes: “On the ground, we are seeing very strong demand. The excite-ment is due to the Master Plan [for the GSW].”

He adds that the last time SRI saw such strong demand for a new launch was for J Gateway following the release of plans for Jurong Lake District in URA’s Draft Master Plan 2013.

Likewise, Ismail Gafoor, CEO of PropNex Realty, has touted Avenue South Residence as “the project of the year” due to the strong response his team has gathered in the lead-up to the preview. Like SRI, PropNex’s semi-nars for the project attracted a strong turnout.

With the prevailing cooling measures, Ga-foor notes that buyers are more discerning and are looking for projects that present an upside: “Launches near downtown like Sky Everton also sold very well, and the demand for this area is very strong.” Furthermore, in general, new launch sales were about 6.1%

more in 1H2019 than in 1H2018, despite the introduction of the cooling measures in July last year, he says.

First-mover advantageTo be clear, the GSW was already zoned by the URA in its 2013 Master Plan for long-term redevelopment into commercial and residen-tial projects with work-live-play components. However, no details were announced then.

Even so, UOL’s Liam says the consorti-um saw the opportunity to be “ahead of the curve” by bidding for the 245,975 sq ft Silat Avenue site under the Government Land Sales (GLS) programme. It was the sole bidder and won the site at $1.035 billion or $1,138 psf per plot ratio in May last year.

UOL has a keen eye for identifying sites with growth potential. In the 2000s, it trans-formed the precincts of Novena and Tiong Bahru with projects such as 1 Moulmein Rise, Novena Suites and Newton Suits in Novena; and The Regency at Tiong Bahru, Twin Re-gency and Regency Suites in Tiong Bahru.

Liam sees Avenue South Residence as hav-ing the same potential to replicate this success. “There is a huge transformational story,” he says. “We like the site for its centrality, con-nectivity, convenience, catchment and [for being] close to nature.”

Apart from being at the doorstep of the GSW and rail corridor, the project is close to the 43ha

SGH Medical Campus. It is near major express-ways such as Ayer Rajah Expressway, Central Expressway and Marina Coastal Expressway.

It is also a short walk to Outram Park MRT Station, which is expected to become an in-terchange for three MRT lines in 2021 when Stage 3 of the Thomson-East Coast Line opens. It currently serves the North-East and East-West Lines. When the Circle Line Stage 6 is completed in 2025, Avenue South Residence will also be served by Cantonment and Kep-pel MRT Stations.

Meanwhile, the site has the potential to yield an estimated 1,125 units. However, the consortium decided to build 1,074 units to maintain exclusivity.

“The 56-storey towers are very carefully planned to orientate all the units in the north-south direction, with none of them looking into other units,” Liam states. “This is a feat for a 1,074-unit development and signals our conscious effort to maintain exclusivity and privacy for each and every buyer.”

Instead of offering penthouses, Liam says the consortium decided to “sacrifice” four units on the top floor in order to create The Cloud – four themed function rooms that of-fer unblocked views of the city skyline. The project will have more than 80 facilities in-cluding a Sky Court at the 36th floor, a Sanc-tuary Clubhouse adjacent to the Rail Corri-dor and a Gourmet Club.

UOL previews Avenue South Residence with prices from $858,000

UOL GROUP

The 99-year leasehold Avenue South Residence comprises 1,074 residential units and close to 10,000 sq ft of commercial facilities, including F&B outlets and a childcare centre

SAMUEL ISAAC CHUA/ EDGEPROP SINGAPORE SAMUEL ISAAC CHUA/ EDGEPROP SINGAPORE

The four-bedroom unit of the Peak Collection Around 70% of the project comprises one- and two-bedroom apartments

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COVER STORY

| BY CECILIA CHOW AND AMY TAN |

It has been 10 years since listed property de-veloper Bukit Sembawang Estates launched the first phase of Luxus Hills, its housing estate located off Ang Mo Kio Avenue 5. The latest phases at Luxus Hills are phas-

es 8 and 9 with a total of 78 units. In this of-fering, called the Signature Collection, there are 58 intermediate terraced houses, 10 cor-ner terraced houses and another 10 semi-de-tached houses.

Unlike the earlier phases at Luxus Hills that had been launched off-plan, the houses in the Signature Collection were completed in 2018. They have already obtained temporary occupation permit and certificate of statutory completion.

Bukit Sembawang will release 32 units in the Signature Collection on Aug 30. Prices will start from $3.058 million ($1,893 psf) for an intermediate terraced house; from $3.6 million for a corner terraced house; and from $4.2 mil-lion for a semi-detached.

The houses in the Signature Collection will

be sold with a 999-year lease. The intermedi-ate terraced houses sit on a land area of 1,615 sq ft each, with built-up areas ranging from 3,757 to 3,810 sq ft. The four-storey houses have five bedrooms each, of which four are en suite; a wet and dry kitchen; a home lift; smart home features; and a covered car porch for two cars as well as charging ports for electric cars. Selected units come with a private lap pool.

The developer is also providing top-end fittings and finishes, for instance, De Dietrich kitchen appliances, Daikin air-conditioning

units, Villeroy & Boch sanitary ware and Gro-he sanitary fittings.

“These exclusive landed homes at Luxus Hills have been designed with luxury, priva-cy, spaciousness and sustainability in mind,” says Jenny Ho, Bukit Sembawang Estates’ gen-eral manager of marketing.

FLEXIBLE PAYMENT SCHEMES, LIFESTYLE AMENITIESThe developer is offering two different flex-ible payment schemes on top of the normal

PICTURES: SAMUEL ISAAC CHUA/EDGEPROP SINGAPORE

In one of the final phases of the launch of the 999-year Luxus Hills, the listed property giantis offering completed houses for sale and making available flexible payment schemes

Bukit Sembawang launches Signature Collection

A view of the terraced houses in the Signature Collection

The show unit of an intermediate terraced house at the Signature Collection designed by award-winning design firm, SuMisura


COVER STORY

payment scheme for this latest phase. Under the Stay & Pay Scheme, buyers need to pay a 20% downpayment, with the rest payable by March 2021. The Reservation Scheme allows a buyer to put down a 10% deposit upfront, with another 10% payable a year later and the balance 80% by March 2021.

Such schemes are designed to help buyers who are in the process of selling their exist-ing properties or owners who are still waiting for the proceeds from their en bloc sale, says Bukit Sembawang Estates’ Ho.

This is the first time such schemes are made available for landed property in recent years, notes Ong Choon Fah, CEO of Edmund Tie & Co (ET&Co). “Unlike the earlier phases that were launched off-plan, buyers of this latest phase will be able to move in immediately.”

Incidentally, ET&Co is marketing the Signa-ture Collection jointly with ERA Realty, Hut-tons Asia and Savills Singapore.

The houses in Luxus Hills are designed by RSP Architects, Planners & Engineers. Since No-vember 2014, the URA has allowed the space above the car porch to be used. As such, RSP designed an en suite open terrace on top of the car porch as “an extension of the master bedroom and as a private space for the cou-ple or family”.

Fronting Ang Mo Kio Avenue 5 is a 100m- wide green belt separating the Luxus Hills estate from the main road. Part of the green belt has been converted into the Ang Mo Kio Linear Park and the Luxus Hills Park. Via the park connector, the Luxus Hills Park is linked to the North Eastern Riverine Loop, Punggol Beach and Promenade in the north; and the Central Urban Loop towards Bishan-Ang Mo Kio Park in the south.

DISTRICT 28 – THIRD MOST POPULAR HOUSING DISTRICTAbout 65% of Singapore’s landed housing stock are located in seven districts, and they com-mand more transactions than other districts, according to List Sotheby’s International Realty.

District 28, where Luxus Hills and Seletar Hills estates are located, is the third most pop-ular district – based on transaction volumes over the past 10 years (see table). Luxus Hills contributed 20% of all transactions in District 28 over the past decade, says Han Huan Mei, List Sotheby’s director of research.

Luxus Hills can be developed into a housing estate with a total of 437 units on a 999-year lease, according to Bukit Sembawang Estates’ 2019 annual report ended March.

The desirability of Luxus Hills is its proximity to shopping and dining options at Green-wich V, Seletar Mall, NEX and AMK Hub, which are within a three- to ten-minute drive. The area is accessible via the Central Expressway and Tampines Expressway as well as the upcoming North-South Corridor and Cross Island MRT Line, according to Bukit Sembawang Estates.

Schools located within 1km of Luxus Hills include Rosyth School, Hougang Primary School

and Hougang Secondary School. The area is near international schools such as the Austral-ian International School and the French School of Singapore, notes Nicholas Mak, ERA Real-ty’s head of research & consultancy.

LIMITED STOCKBukit Sembawang Estates started developing landed property in the 1950s and was one of the first listed companies on the Singapore Ex-change in 1968. For over half a century, it has developed 2,500 houses in Seletar Hills, over 1,000 houses in Sembawang Park, and more than 500 in other locations.

A lot of the land in the Seletar Hills and Lux-us Hills areas was formerly agricultural land owned by the Lee family of Lee Rubber and Oversea Chinese Banking Corp (OCBC).

“Bukit Sembawang established itself as a rep-utable developer at Seletar Hills estate – with its quality homes and tree-lined boulevards,” says ET&Co’s Ong. “Many top professionals and senior executives have lived in the estate

for more than 30 years. Some of their children have purchased homes in the estate or in Lux-us Hills to be close to their parents.”

Based on home buyers’ addresses compiled from January 2018 to August 2019 to date, about 82% of the buyers at Luxus Hills have private residential addresses, notes ERA’s Mak. The buyers of houses in Luxus Hills with private residential addresses are most likely those al-ready living in the northeast region, especially the Seletar area, he adds.

Those with HDB addresses make up only 18% of the buyers of Luxus Hills to date, which is unsurprising, owing to “the relatively high-er price quantum of a landed property, which is beyond the budget of most HDB flat own-ers”, notes Mak.

After all, only 5.1% of Singapore residents live in landed property as at 2018, according to the Singapore Department of Statistics. Another 15.9% live in private apartments or condos and the vast majority (78.7%) are HDB flat-dwellers.

Landed property stock is equally scarce, ac-

counting for 73,256 units or just 18% of the total housing stock of about 404,732 units in Singa-pore as at end-2Q2019, according to URA data.

‘PRICE STICKINESS’In tandem with the rising volume trend in the broader private residential market, the land-ed property segment saw a surge in resale volume from 987 units in 2016 to 1,653 units in 2017. In 1H2018, landed property transac-tions totalled 962 units. However, following the property cooling measures in July 2018, volume in 2H2018 plunged to 551 units and in 1H2019, it was 431 units, according to List Sotheby’s Han.

Despite the contraction in transaction vol-ume, average prices of landed property re-mained relatively stable, notes Han. For in-stance, in 1H2018, average transacted price of landed property was $1,305 psf. It was up slight-ly to $1,317 psf in 2H2018 and down slightly to $1,308 psf in 1H2019.

“Historically, price stickiness tends to last for about a year,” says Han. She points to the 2013 property cooling measures by way of ex-ample, when prices of detached houses contin-ued to rise between 2013 and 2014 before fall-ing. (See chart: Landed property prices & sales volumes across housing types.)

‘MORE VALUABLE’Subsequent to the launch of the 78 houses in the Signature Collection, a final phase of 39 hous-es at Luxus Hills is in the pipeline for launch sometime next year.

Thereafter, Bukit Sembawang Estates intends to focus on developing its 99-year leasehold land parcels, notably at Nim Collection, where the first two phases of 98 houses are scheduled for completion by 3Q2019.

Nim Collection is located on Nim Road, just off Ang Mo Kio Avenue 5, and near Luxus Hills. To date, 90 units (92%) have been sold since its launch in February 2018. Terraced houses at Nim Collection have been sold at prices ranging from $2.788 million ($1,727 psf) to $3.1 mil-lion ($1,247 psf), based on caveats lodged in July and August.

At Luxus Hills, those who purchased units off-plan in the first phase back in 2009, and sold recently, have reaped big gains. For in-stance, one of the early buyers who purchased an intermediate terraced house along Seletar Green Walk, sold his home for $2.78 million last October. He paid $1.73 million ($1,069 psf) for the unit in July 2009. His capital gain was 61%.

One street away, at Seletar Green View, an-other buyer had paid $1.85 million ($1,146 psf) for an intermediate terraced house in April 2010. The buyer sold it for 62% higher at $3 million ($1,858 psf) in February this year.

“Since there will no longer be any new free-hold or 999-year leasehold land distributed by the government, the existing stock of landed properties will become even more valuable,” says List Sotheby’s Han.


The en suite open terrace on the second level acts as an extension of the master bedroom, says RSP Architects, Planners & Engineers

Another show unit of an intermediate terraced house at the Signature Collection, designed by Miaja Design Group

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SOURCES: URA – CAVEATS LODGED UP TO AUG 27, 2019; LIST SOTHEBY’S INTERNATIONAL REALTY

Landed property - top seven districts by sales volume

RANK DISTRICT 10-YEAR TOTAL VOLUME TRANSACTED

EXISTING STOCK AS OF Q2 2019

10-YEAR AVERAGE $PSF

1 19 2,786 11,558 1,061

2 15 2,331 9,471 1,2563 28 1,314 5,037 1,093

4 20 1,116 5,579 1,1595 16 934 5,731 1,0476 13 789 3,315 1,1517 10 765 6,885 1,628

Others 4,314Total 14,349 transactions 73,256 units 1,192


CO-WORKING

| BY TIMOTHY TAY |

London-listed IWG, a global operator of office and flexible workspaces, is bank-ing on its multi-brand strategy to expand its presence in Singapore. Over the past five months, its Spaces brand has opened

in new locations – TripleOne Somerset, Clarke Quay, and Paya Lebar Quarter. The fourth and latest location is in the retail mall of One Raf-fles Place, in the heart of the financial district.

“Spaces is one of our fastest-growing brands worldwide, including in Asia, and demand is always high,” says Samit Chopra, execu-tive vice-president for enterprise and sales at IWG. “Being in a thriving retail environment like One Raffles Place or TripleOne Somerset, which are mixed-use developments with of-fice and retail elements, adds to the overall brand appeal.”

In addition, Singapore is the first city in Asia where IWG launched its premium cor-porate workspace brand, Signature by Re-gus. Located on the two penthouse levels of Asia Square Tower 1, the 75,347 sq ft space opened in June this year. It is a mix of office suites, co-working areas, meeting rooms, and a business lounge. The space can accommo-date 1,165 desks.

IWG will also launch its luxury co-working brand No18 at Capitol Singapore next quarter. Occupying 20,600 sq ft in Capitol Piazza, the retail component of the mixed-use development, it will be the brand’s flagship location and first space in Asia. The space includes a members’ lounge and can accommodate 250 desks.

‘Real estate and talent strategy intertwined’The rationale for IWG’s multi-brand strate-gy stems from the increasing importance em-ployees place on their work environments. According to Chopra, corporate real-estate ex-ecutives are not only looking at offering func-tional spaces for employees, but also consid-ering how a flexible workspace strategy plays a part in a company’s overall talent attraction and retention strategy.

“That is the biggest change that has come about over the past 10 years, where real estate

planning is now intertwined with the company’s talent strategy,” he states.

Chopra estimates that the flexible workspace sector will grow to about 30% of the global cor-porate real estate sector over the next decade, with demand increasingly driven by large cor-porate clients. Currently, Fortune 1000 compa-nies take up about nine billion sq ft of glob-al corporate real estate, and if 30% of that is turned into flexible space it would translate into demand of about 2.7 billion sq ft, he adds.

“But in order for corporate clients to en-ter the flexible workspace sector in that big a way, the sector will have to adapt to the var-ious needs of these corporate clients. That is where our multi-brand strategy fits with this increase in demand. We have several brands that align with the different levels within an organisation,” he says.

For example, No18 aligns with what corpo-rate clients would expect for their C-suite and top management to occupy as flexible space, while Spaces and Signature by Regus are more aligned with the needs of the senior and mid-dle management.

“We are also exploring different service prop-ositions where we can utilise our expertise in building and operating flexible workspaces to bring a certain level of customisation, especial-ly for large clients,” says Chopra.

“We aren’t trying to do a one-size-fits-all ap-proach, because we recognise that each per-son working in a large corporation or a small business will have different ideas of how their workspace is supposed to contribute to their talent strategy,” he adds.

The new 35,000 sq ft Spaces at One Raffles Place takes up half of the floor plate in the sec-ond to fourth levels of the six-storey mall. With-in Spaces is a café and lounge for its members.

Spaces at One Raffles Place will be the sec-ond co-working location by IWG in Singapore that is located within a shopping mall. The first was Spaces at TripleOne Somerset which opened in May this year.

Most of the office suites cater to small busi-nesses with two to four people each. Although there are MNCs that want entire floors, the core demand in the CBD is from smaller enterprises or “sub-departments” of larger organisations

and they, in turn, want small office suites, ac-cording to Chopra.

Acquisitions and divestmentsIn April this year, IWG inked a £320 mil-lion ($544 million) deal with TKP Corp, a Tokyo-listed provider of rented rooms and ban-quet halls, as part of a master franchise deal. Under the agreement, TKP has exclusive use of IWG’s 130 flexible working centres in Japan using IWG’s Regus serviced office, Spaces and OpenOffice brands.

On Aug 9, IWG entered into another mas-ter franchise agreement with TKP to divest its Taiwanese operations in a £22.7 million deal. IWG had operated 14 flexible working centres in Taiwan across its various brands.

“What sits at the back of those kinds of franchise deals is for us to be able to scale our global platform through partnership arrange-ments,” says Chopra. “It could either be a part-nership on a site with a landlord, or a more broad-based partnership with a franchisee for an entire country.”

As part of IWG’s broad strategy, the compa-ny has added six new franchise partners and commitments for 180 locations, according to

CEO Mark Dixon in IWG’s interim results re-port for 1H2019 posted on Aug 6. This brings the total number of franchise partners to 24 across different countries and commitments for over 300 locations, he added.

In Singapore, IWG announced last month that it is marketing franchise opportunities to investors interested in opening “clusters” of serviced offices in the city-state. The compa-ny is looking for partners which can “open and operate clusters of five or more centres over a two- to three-year period”. These part-ners would be able to franchise IWG’s Regus and Spaces brands.

IWG has also turned to acquisitions to fuel its expansion. In May this year, Spaces took over a 54,000 sq ft office space in Shanghai’s Infinitus Tower from co-working competitor Kr Space. The Chinese operator had defaulted on rent-al for the location, which allowed IWG to step in to operate its own flexible workspace there.

“We are an extremely client-centric or-ganisation,” says Chopra. “Our location deci-sions are driven by our anticipation of clients’ needs, and our brand strategy is guided by the kinds of environments they would enjoy and thrive in.”

IWG banks on multi-brand strategy for growth

SAMUEL ISAAC CHUA/EDGEPROP SINGAPORE

IWG/SPACES

Chopra: We are an extremely client-centric organisation. Our location decisions are driven by our anticipation of clients’ needs, and our brand strategy is guided by the kinds of environments they would enjoy and thrive in

Spaces is one of IWG’s fastest-growing brands worldwide. In Singapore, over the past five months, Spaces has opened in Clarke Quay (pictured) and three other new locations

E


CO-LIVING

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B&B Italia Bend sofa Was from $24,560 Now from $19,648

Space Furniture77 Bencoolen St Singapore 189653

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| BY CHARLENE CHIN |

Since its launch in 2016, co-living oper-ator Hmlet has sprouted spaces across Asia – in Singapore, Hong Kong, and Australia. Back on its home-ground, it is gearing up for its latest instalment in

Singapore, Hmlet Cantonment, which is also its largest facility to date.

Built on a heritage site dating back to the 1950s, Hmlet Cantonment is nestled in Tanjong Pagar in the CBD, at 150 Cantonment Road. The co-living building spans 76,000 sq ft, of-fering 150 individual rooms for stay across two 3-storey blocks. Formerly the site of Kep-pel Primary School, it was converted into the headquarters of the Corrupt Practices Inves-tigation Bureau before Hmlet gave the site a new lease of life.

Developed jointly with LHN Facilities Man-agement – an indirect subsidiary of LHN Ltd, a Singapore-based real estate management ser-vices group – the site sees Hmlet’s first for-ay into the revamp of commercial buildings.

“We’ve actually always been renovating and changing residential buildings,” notes Yoan Ka-malski, CEO and co-founder of Hmlet. “When LHN first met us, they were wondering if we could do something together – could we ac-tually build a co-living space in a [commer-cial] building?”

The property is located in a zone in which the URA allows for short-term stays of six nights and above. Hmlet jumped at this chance. “We’ve realised that there was an opportuni-ty to bring co-living to an even bigger demo-graphic and crowd,” he says.

Kamalski plans to target expatriates who are working on short-term projects in the coun-try. Prior to this, all co-living spaces at Hm-let required a stay of at least three months – in line with the URA’s regulations for short-term rentals.

Depending on room type, weekly stays range from $1,105 to $2,240, or $145 to $320 per night. Apart from apartments, there will also be the option of studio units. Members who book a stay for three months or above will enjoy preferential rates from $3,240 a month.

As a nod to the building’s heritage past, Hmlet has preserved some retro elements at

Cantonment – the original staircases with ter-razzo handrails and feature walls are key to the design. Community spaces at Hmlet Canton-ment are built around the staircases. “People can come out of the room and still meet one another,” Kamalski says.

Hmlet’s ethos is centred around offering seamless housing options to members on the foundation of a tight-knit community, so com-

munal spaces are vital. To that end, the facility features a wellness studio, outdoor plunge pool and relaxation area, and a round-the-clock, in-house cafe to encourage interaction among res-idents. Besides partner pop-up events, Hmlet also hosts community activities for its members that include games nights, movie screenings, in-house yoga and meditation classes.

In July, Hmlet raised US$40 million ($55.6

million) in a Series B round led by Burda Prin-cipal Investments, with participation from ex-isting investor Sequoia India and new investors Mitsubishi Estate Co and Reinventure Group. Currently, it operates at more than 75 locations across Singapore, Hong Kong and Sydney, and plans to expand to Melbourne, Brisbane and Tokyo. The firm aims to cater more than 2,400 beds by the end of this year.

PICTURES: HMLET

Depending on room type, weekly stays at Hmlet Cantonment range from $1,105 to $2,240, or $145 to $320 per night

Hmlet Cantonment features a wellness studio The kitchenette at Hmlet Cantonment

Hmlet’s ethos is built around offering seamless housing options to members on the foundation of a tight-knit community, so communal spaces are vital

E

Hmlet anchors Asian presence, opens largest co-living space in Singapore


DONE DEALS

Residential transactions with contracts dated Aug 13 to 20Singapore — by postal district LOCALITIES DISTRICTS

City & 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

PROJECT NAME PROPERTY TYPE TENURE SALE DATE (2019)LAND AREA/

FLOOR AREA(SQ FT)TRANSACTED

PRICE ($)UNIT PRICE

($ PSF)COMPLETION

DATETYPE OF

SALE



PRICE ($)UNIT PRICE

($ PSF)COMPLETION

DATETYPE OF

SALE

District 1 MARINA ONE RESIDENCES Apartment 99 years Aug 14 1,152 3,387,780 2,941 2017 New SaleMARINA ONE RESIDENCES Apartment 99 years Aug 14 2,250 7,041,870 3,130 2017 New SaleMARINA ONE RESIDENCES Apartment 99 years Aug 14 1,173 2,631,000 2,242 2017 New SaleONE SHENTON Apartment 99 years Aug 15 614 1,226,000 1,998 2011 ResalePEOPLE’S PARK COMPLEX Apartment 99 years Aug 19 1,604 1,138,888 710 1972 ResaleROBINSON SUITES Apartment Freehold Aug 13 495 1,237,500 2,499 2016 ResaleDistrict 2 ICON Apartment 99 years Aug 20 570 1,045,000 1,832 2007 ResaleSKY EVERTON Apartment Freehold Aug 15 657 1,870,000 2,848 Uncompleted New SaleSKY EVERTON Apartment Freehold Aug 15 646 1,700,000 2,632 Uncompleted New SaleSKY EVERTON Apartment Freehold Aug 17 646 1,712,000 2,651 Uncompleted New SaleSKY EVERTON Apartment Freehold Aug 18 958 2,420,000 2,526 Uncompleted New SaleSPOTTISWOODE PARK Apartment 99 years Aug 16 850 838,000 985 Unknown ResaleWALLICH RESIDENCE Apartment 99 years Aug 13 1,313 4,300,000 3,274 2017 ResaleDistrict 3 ARTRA Apartment 99 years Aug 16 829 1,737,900 2,097 Uncompleted New SaleARTRA Apartment 99 years Aug 16 829 1,760,600 2,124 Uncompleted New SaleARTRA Apartment 99 years Aug 17 829 1,763,800 2,128 Uncompleted New SaleMARGARET VILLE Apartment 99 years Aug 18 969 1,829,072 1,888 Uncompleted New SaleONE PEARL BANK Apartment 99 years Aug 13 431 982,000 2,281 Uncompleted New SaleONE PEARL BANK Apartment 99 years Aug 14 700 1,772,000 2,533 Uncompleted New SaleONE PEARL BANK Apartment 99 years Aug 15 431 1,087,000 2,525 Uncompleted New SaleQUEENS Condominium 99 years Aug 13 1,184 1,550,000 1,309 2002 ResaleQUEENS PEAK Condominium 99 years Aug 17 1,001 1,839,000 1,837 Uncompleted New SaleSTIRLING RESIDENCES Apartment 99 years Aug 13 657 1,180,000 1,797 Uncompleted New SaleSTIRLING RESIDENCES Apartment 99 years Aug 14 1,055 2,007,000 1,903 Uncompleted New Sale

STIRLING RESIDENCES Apartment 99 years Aug 15 689 1,241,000 1,801 Uncompleted New SaleSTIRLING RESIDENCES Apartment 99 years Aug 17 657 1,188,000 1,809 Uncompleted New SaleSTIRLING RESIDENCES Apartment 99 years Aug 18 657 1,168,000 1,779 Uncompleted New SaleTANGLIN VIEW Condominium 99 years Aug 14 872 1,168,000 1,340 2001 ResaleTHE CREST Condominium 99 years Aug 16 807 1,702,000 2,108 2017 ResaleTHE REGENCY AT TIONG BAHRU Condominium Freehold Aug 19 1,270 2,350,000 1,850 2010 ResaleDistrict 4 REFLECTIONS AT KEPPEL BAY Condominium 99 years Aug 15 1,776 2,980,340 1,678 2011 ResaleREFLECTIONS AT KEPPEL BAY Condominium 99 years Aug 15 1,378 2,244,000 1,629 2011 ResaleTHE COAST AT SENTOSA COVE Condominium 99 years Aug 14 2,895 4,750,000 1,640 2009 ResaleDistrict 5 DOVER PARKVIEW Condominium 99 years Aug 16 936 1,070,000 1,143 1997 ResaleKENT RIDGE HILL RESIDENCES Apartment 99 years Aug 16 1,927 3,124,000 1,621 Uncompleted New SaleLIIV RESIDENCES Apartment Freehold Aug 14 764 1,100,000 1,439 2018 ResaleJALAN MAS KUNING Terrace Freehold Aug 16 1,636 3,180,000 1,939 Unknown ResaleSEAHILL Condominium 99 years Aug 14 689 875,000 1,270 2016 ResaleTHE PARC CONDOMINIUM Condominium Freehold Aug 16 1,518 1,750,000 1,153 2010 ResaleWESTMONT Terrace Freehold Aug 14 2,885 2,100,000 728 2009 ResaleWHISTLER GRAND Apartment 99 years Aug 13 764 1,180,170 1,544 Uncompleted New SaleWHISTLER GRAND Apartment 99 years Aug 13 764 1,129,140 1,477 Uncompleted New SaleWHISTLER GRAND Apartment 99 years Aug 16 958 1,249,020 1,304 Uncompleted New SaleWHISTLER GRAND Apartment 99 years Aug 16 958 1,225,530 1,279 Uncompleted New SaleWHISTLER GRAND Apartment 99 years Aug 17 441 683,640 1,549 Uncompleted New SaleWHISTLER GRAND Apartment 99 years Aug 18 1,281 1,828,980 1,428 Uncompleted New SaleWHISTLER GRAND Apartment 99 years Aug 18 1,281 1,648,350 1,287 Uncompleted New SaleWHISTLER GRAND Apartment 99 years Aug 18 1,281 1,607,850 1,255 Uncompleted New SaleWHISTLER GRAND Apartment 99 years Aug 18 764 1,183,410 1,548 Uncompleted New SaleWHISTLER GRAND Apartment 99 years Aug 18 764 1,125,900 1,473 Uncompleted New SaleWHISTLER GRAND Apartment 99 years Aug 18 1,270 1,705,050 1,342 Uncompleted New SaleWHISTLER GRAND Apartment 99 years Aug 18 990 1,377,810 1,391 Uncompleted New SaleWHISTLER GRAND Apartment 99 years Aug 18 958 1,241,730 1,296 Uncompleted New SaleDistrict 8 CITYLIGHTS Condominium 99 years Aug 16 3,638 4,600,000 1,264 2007 ResalePRISTINE HEIGHTS Apartment Freehold Aug 19 1,905 1,480,000 777 2009 ResaleURBAN LOFTS Apartment Freehold Aug 16 840 1,039,800 1,238 2010 ResaleDistrict 9 8 SAINT THOMAS Condominium Freehold Aug 13 549 1,800,000 3,279 2018 Resale8 SAINT THOMAS Condominium Freehold Aug 14 506 1,600,000 3,163 2018 Resale8 SAINT THOMAS Condominium Freehold Aug 19 506 1,600,000 3,163 2018 ResaleCAVENAGH COURT Apartment Freehold Aug 15 1,819 2,760,000 1,517 Unknown ResaleESPADA Apartment Freehold Aug 14 689 1,438,000 2,087 2013 ResaleHAUS ON HANDY Condominium 99 years Aug 13 463 1,318,400 2,848 Uncompleted New SaleHAUS ON HANDY Condominium 99 years Aug 16 463 1,340,000 2,895 Uncompleted New SaleHILLTOPS Condominium Freehold Aug 15 1,335 3,965,000 2,971 2011 ResaleHILLTOPS Condominium Freehold Aug 19 1,335 4,118,000 3,085 2011 ResaleHORIZON TOWERS Condominium 99 years Aug 13 2,616 3,290,000 1,258 1984 ResaleHORIZON TOWERS Condominium 99 years Aug 15 2,303 2,450,000 1,064 1984 ResaleLEONIE GARDENS Condominium 99 years Aug 14 1,733 2,708,000 1,563 1993 ResaleMACKENZIE 88 Apartment Freehold Aug 14 420 738,000 1,758 2009 ResaleMARTIN MODERN Condominium 99 years Aug 13 764 2,148,000 2,811 Uncompleted New SaleMARTIN PLACE RESIDENCES Condominium Freehold Aug 20 646 1,545,000 2,392 2011 ResaleONE OXLEY RISE Apartment Freehold Aug 16 1,098 1,900,000 1,731 2009 ResaleRESIDENCES AT 338A Apartment Freehold Aug 20 1,163 2,070,000 1,781 2004 ResaleTHE TATE RESIDENCES Condominium Freehold Aug 16 3,240 8,000,000 2,469 2009 ResaleTWENTYONE ANGULLIA PARK Condominium Freehold Aug 19 2,260 8,280,000 3,663 2014 Resale

| BY CECILIA CHOW |

A 420 sq ft, one-bedroom unit at 3 Cus-caden was sold for close to $1.75 million or $4,162 psf, according to a caveat lodged with URA Realis on Aug 13. This is the highest price psf

achieved at the 96-unit development since it was launched last November. The buyer is be-lieved to be a Singaporean investor, with the deal brokered by PropNex.

To date, 78 units (about 81%) of the pro-ject have been taken up at an average price of $3,573 psf, based on caveats lodged. The pro-ject is jointly marketed by Huttons Asia and PropNex Realty.

The 23-storey, freehold project is located on Cuscaden Walk, just off Orchard Boule-vard. The development by Sustained Land contains a mix of one-, two- and three-bed-room apartments, with sizes ranging from 420 to 1,281 sq ft.

Meanwhile, at the 43-unit, luxury project Le Nouvel Ardmore, a 3,929 sq ft, four-bedroom unit on the 12th floor fetched $15.7 million or $4,000 psf, based on a caveat lodged on Aug 14.

Just one street away on Anderson Road, Nouvel 18 was launched by City Developments Ltd in July. About 21 units have been sold to date, at prices averaging $3,500 psf. Most of the units sold were four-bedroom units sized from 2,820 to 3,337 sq ft that fetched $9.15 mil-lion ($3,245 psf) to $12.9 million ($3,867 psf), according to caveats lodged to date.

“Two interesting trends have emerged in prime Districts 9 and 10 after the property cool-ing measures took effect in July last year,” says Dominic Lee, head of luxury team at PropNex.

“There is a pick-up in demand for compact one- and two-bedroom units, predominantly by a mix of local and foreign investors; and in sizeable three- and four-bedroom units, by foreigners for their own use.”

Other condos in the prime districts showed a similar trend.

On Claymore Road, just off Orchard Road, a 3,240 sq ft, four-bedroom unit at The Tate Residences developed by Hong Leong Hold-ings fetched $8 million ($2,469 psf). The 85-unit, freehold development in prime District 9 was completed 10 years ago.

Nassim Park Residences saw a 3,477 sq ft, four-bedroom unit change hands for $11.85 million ($3,408 psf), according to a caveat lodged on Aug 14. The freehold, 100-unit lux-ury condo, developed jointly by UOL Group,

Kheng Leong and Orix Capital, was complet-ed in 2011 and fully sold. The project is locat-ed in the prestigious Nassim Road enclave in prime District 10.

At 8 Saint Thomas, a 250-unit, freehold condominium located along St Thomas Walk, just off River Valley Road, one- and two-bed-room units of 506 to 872 sq ft were sold at pric-es from $1.6 million ($3,163 psf) to $2.65 mil-lion ($3,036 psf), according to caveats lodged in July and August to date.

As the project was completed in 2018, the developer of 8 Saint Thomas – listed property group Bukit Sembawang Estates – rolled out four different payment schemes last October, including the normal payment scheme. The other three were: a deferred payment scheme, “stay and pay” scheme, and reservation scheme.

The freehold development in prime District 9 has a mix of one- to four-bedroom apart-ments. Since the project was launched a year ago, 112 units (45%) have been sold and 50% of the buyers are said to be foreigners. The most popular units among buyers were one- and two-bedroom units.

Many of the buyers over the last two months were foreigners who bought under the “stay and pay” scheme, says Bruce Lye, managing partner at SRI.

Meanwhile, at Hilltops, a freehold, 241-unit project at Cairnhill Circle, three units were sold in August to date, based on cave-ats lodged. Two of the three units sold were 1,335 sq ft, two-bedroom apartments: a fifth-floor unit fetched $3.97 million ($2,971 psf); while a 12th-floor unit commanded $4.12 mil-lion ($3,085 psf). A 1,550 sq ft, three-bedroom unit went for $4.5 million ($2,903 psf).

These units at Hilltops were part of a selec-tion of two- and three-bedroom units sold un-der an enhanced purchase plan rolled out by SC Global Developments in July 2016. Under the scheme, the buyer pays just 20% downpay-ment upfront and has two years to exercise the option. During this two-year period, the buyer will enjoy a 10% return on the downpayment.

According to Samuel Eyo, managing direc-tor of Lighthouse Property Consultants, the recent transactions at Hilltops are likely to be those by buyers who have exercised their op-tions at the end of the two-year period.

“Since the property cooling measures came into effect in July 2018, such innovative pay-ment schemes for completed projects offered by developer have proven to be popular with both local and foreign buyers,” adds Eyo. E

Unit at 3 Cuscaden sold at high of $4,162 psf

To date, 78 units (about 81%) of 3 Cuscaden have been taken up at the average price of $3,573 psf

PROPNEX


DONE DEALS

Residential transactions with contracts dated Aug 13 to 20



PRICE ($)UNIT PRICE

($ PSF)COMPLETION

DATETYPE OF

SALEPROJECT NAME PROPERTY TYPE TENURE SALE DATE (2019)LAND AREA/


PRICE ($)UNIT PRICE

($ PSF)COMPLETION

DATETYPE OF

SALE

Source: URA Realis. Updated Aug 27, 2019.EC stands for executive condominium

DISCLAIMER:The Edge Property 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.

VISIONCREST Apartment Freehold Aug 13 1,141 2,250,000 1,972 2007 ResaleVISIONCREST Apartment Freehold Aug 13 1,227 2,380,000 1,940 2007 ResaleDistrict 10 3 CUSCADEN Apartment Freehold Aug 13 420 1,747,151 4,162 Uncompleted New SaleALLSWORTH PARK Condominium 999 years Aug 20 1,033 1,580,000 1,529 1985 ResaleBALMORAL PLAZA Apartment Freehold Aug 20 2,379 3,100,000 1,303 1994 ResaleBOTANIC GARDENS MANSION Apartment Freehold Aug 14 1,399 2,700,000 1,930 Unknown ResaleDUCHESS CREST Condominium 99 years Aug 14 1,744 2,428,000 1,392 1998 ResaleFONTANA HEIGHTS Condominium Freehold Aug 13 3,466 5,900,000 1,702 1985 ResaleFOURTH AVENUE RESIDENCES Apartment 99 years Aug 15 710 1,749,000 2,462 Uncompleted New SaleFOURTH AVENUE RESIDENCES Apartment 99 years Aug 16 1,130 2,708,000 2,396 Uncompleted New SaleGRANGE RESIDENCES Condominium Freehold Aug 13 2,583 6,500,000 2,516 2004 ResaleHENRY PARK Terrace Freehold Aug 16 1,991 3,600,000 1,808 1978 ResaleHOLLAND HILL PARK Condominium Freehold Aug 20 1,421 2,100,000 1,478 1992 ResaleHOLLAND PEAK Condominium Freehold Aug 14 1,819 2,313,000 1,271 1994 ResaleHOLLAND PEAK Condominium Freehold Aug 16 1,830 2,725,000 1,489 1994 ResaleKELLOCK LODGE Apartment Freehold Aug 19 893 1,410,000 1,578 1997 ResaleLE NOUVEL ARDMORE Condominium Freehold Aug 14 3,929 15,716,000 4,000 2014 ResaleNASSIM PARK RESIDENCES Condominium Freehold Aug 14 3,477 11,850,000 3,408 2011 ResalePALM SPRING Condominium Freehold Aug 13 1,485 2,480,000 1,670 1997 ResaleTHE CORNWALL Condominium Freehold Aug 15 1,044 1,975,000 1,892 2005 ResaleTHE HYDE Condominium Freehold Aug 17 1,249 3,700,000 2,963 Uncompleted New SaleTHE PRINCETON Apartment Freehold Aug 14 1,087 1,600,000 1,472 1999 ResaleURBAN EDGE @ HOLLAND V Apartment Freehold Aug 14 1,023 1,600,000 1,565 2007 ResaleDistrict 11 28 SHELFORD Apartment Freehold Aug 19 1,195 2,020,000 1,691 1994 ResaleAMARYLLIS VILLE Condominium 99 years Aug 20 1,690 2,628,000 1,555 2004 ResaleFYVE DERBYSHIRE Apartment Freehold Aug 17 797 1,849,000 2,321 Uncompleted New SaleTHE GREENWOOD Terrace 103 years Aug 15 3,283 2,580,000 786 2011 ResaleTREVOSE PARK Condominium Freehold Aug 13 1,658 3,195,000 1,927 1991 ResaleDistrict 12 CASA FORTUNA Apartment Freehold Aug 20 926 1,200,000 1,296 2011 ResaleDE PARADISO Apartment Freehold Aug 13 1,238 1,510,000 1,220 2004 ResaleEIGHT RIVERSUITES Condominium 99 years Aug 15 1,033 1,380,000 1,335 2016 ResaleST FRANCIS COURT Apartment 99 years Aug 15 1,270 910,000 716 1994 ResaleTHE ARTE Condominium Freehold Aug 14 1,873 2,580,000 1,378 2010 ResaleTRELLIS TOWERS Condominium Freehold Aug 14 549 810,000 1,476 2000 ResaleTRELLIS TOWERS Condominium Freehold Aug 15 1,485 2,188,000 1,473 2000 ResaleDistrict 13 ONE LEICESTER Condominium Freehold Aug 13 1,066 1,390,000 1,304 2008 ResalePARK COLONIAL Condominium 99 years Aug 13 506 941,000 1,860 Uncompleted New SaleSENNETT RESIDENCE Condominium 99 years Aug 14 850 1,235,088 1,452 2016 ResaleSENNETT RESIDENCE Condominium 99 years Aug 15 4,252 5,500,000 1,294 2016 ResaleTHE TRE VER Condominium 99 years Aug 18 495 830,000 1,676 Uncompleted New SaleTHE WOODLEIGH RESIDENCES Apartment 99 years Aug 13 667 1,200,000 1,798 Uncompleted New SaleDistrict 14 CENTRA RESIDENCE Apartment Freehold Aug 14 398 530,000 1,331 2014 ResaleDAKOTA RESIDENCES Condominium 99 years Aug 16 1,830 2,880,000 1,574 2010 ResaleEUHABITAT Terrace 99 years Aug 20 3,380 2,600,000 769 2015 ResalePARC ESTA Apartment 99 years Aug 14 904 1,462,000 1,617 Uncompleted New SalePARC ESTA Apartment 99 years Aug 14 635 1,099,000 1,731 Uncompleted New SalePARC ESTA Apartment 99 years Aug 14 926 1,580,000 1,707 Uncompleted New SalePARC ESTA Apartment 99 years Aug 14 958 1,515,000 1,581 Uncompleted New SalePARC ESTA Apartment 99 years Aug 16 1,227 1,914,000 1,560 Uncompleted New SalePARC ESTA Apartment 99 years Aug 17 1,227 1,950,000 1,589 Uncompleted New SalePARC ESTA Apartment 99 years Aug 17 420 745,000 1,775 Uncompleted New SalePARC ESTA Apartment 99 years Aug 18 635 1,047,000 1,649 Uncompleted New SalePARC ESTA Apartment 99 years Aug 18 635 1,126,000 1,773 Uncompleted New SalePARC ESTA Apartment 99 years Aug 18 635 1,091,000 1,718 Uncompleted New SalePARC ESTA Apartment 99 years Aug 18 1,399 2,366,000 1,691 Uncompleted New SalePARK PLACE RESIDENCES AT PLQ Apartment 99 years Aug 14 1,076 1,978,000 1,838 Uncompleted New SaleREZI 24 Apartment Freehold Aug 13 549 873,800 1,592 Uncompleted New SaleSIMSVILLE Condominium 99 years Aug 13 1,249 1,320,000 1,057 1998 ResaleTHE CHAMPAGNE Apartment Freehold Aug 13 2,013 1,620,000 805 2003 ResaleDistrict 15 AMBER PARK Condominium Freehold Aug 17 678 1,619,200 2,388 Uncompleted New SaleCOASTLINE RESIDENCES Apartment Freehold Aug 15 721 2,171,000 3,010 Uncompleted New SaleCOASTLINE RESIDENCES Apartment Freehold Aug 16 452 1,133,000 2,506 Uncompleted New SaleCOASTLINE RESIDENCES Apartment Freehold Aug 16 721 1,974,000 2,737 Uncompleted New SaleCOTE D’AZUR Condominium 99 years Aug 16 2,013 2,250,000 1,118 2004 ResaleCOTE D’AZUR Condominium 99 years Aug 19 1,389 1,880,000 1,354 2004 ResaleD’SUNRISE Apartment Freehold Aug 19 667 825,000 1,236 2007 ResaleEAST TREASURE Apartment Freehold Aug 19 1,098 1,330,000 1,211 2004 ResaleEMERY POINT Apartment Freehold Aug 20 1,324 1,800,000 1,360 2003 ResaleFERNWOOD TOWERS Condominium Freehold Aug 19 1,636 1,850,000 1,131 1994 ResaleFRANKEL ESTATE Terrace Freehold Aug 14 1,668 2,701,000 1,617 1990 ResaleHAIG ELEVEN Apartment Freehold Aug 20 872 1,200,000 1,376 2005 ResaleMARINE BLUE Condominium Freehold Aug 14 1,270 1,556,000 1,225 2016 ResaleMARINE BLUE Condominium Freehold Aug 16 1,270 1,680,000 1,323 2016 ResaleMEYER PARK Condominium Freehold Aug 15 2,659 4,075,000 1,533 1985 ResaleOPERA ESTATE Terrace Freehold Aug 13 2,024 2,380,000 1,174 Unknown ResaleOPERA ESTATE Terrace Freehold Aug 14 1,389 1,950,000 1,400 Unknown ResalePALM GALLERIA Apartment Freehold Aug 14 1,001 1,250,000 1,249 2010 ResalePRESTIGE LOFT Apartment Freehold Aug 16 388 500,000 1,290 2010 ResaleSEASIDE RESIDENCES Apartment 99 years Aug 15 1,485 2,820,760 1,899 Uncompleted New SaleSEAVIEW PARK Semi-Detached Freehold Aug 20 3,401 5,630,000 1,655 Unknown ResaleSUNNY PARC Apartment Freehold Aug 15 980 1,160,000 1,184 2011 ResaleTHE SEAFRONT ON MEYER Condominium Freehold Aug 16 1,066 1,950,000 1,830 2010 ResaleTIERRA VUE Condominium Freehold Aug 14 1,227 1,900,000 1,548 2009 ResaleDistrict 16 CASAFINA Condominium 99 years Aug 19 1,033 978,000 946 1999 ResaleCOSTA DEL SOL Condominium 99 years Aug 15 1,313 1,767,500 1,346 2004 ResaleD’MANOR Terrace 99 years Aug 13 2,723 1,738,000 638 2000 ResaleSTRATFORD COURT Condominium 99 years Aug 13 2,110 1,760,000 834 1998 ResaleTANAMERA CREST Condominium 99 years Aug 13 1,195 915,000 766 2004 ResaleWATERFRONT ISLE Condominium 99 years Aug 13 915 1,030,000 1,126 2015 ResaleDistrict 17 PALM ISLES Condominium 99 years Aug 15 1,184 919,000 776 2015 ResalePARC KOMO Apartment Freehold Aug 16 721 1,099,000 1,524 Uncompleted New SaleTHE INFLORA Condominium 99 years Aug 13 463 530,000 1,145 2016 ResaleTHE JOVELL Condominium 99 years Aug 17 904 1,087,000 1,202 Uncompleted New SaleTHE JOVELL Condominium 99 years Aug 18 1,033 1,228,500 1,189 Uncompleted New SaleDistrict 18 ARC AT TAMPINES EC 99 years Aug 14 807 768,000 951 2014 ResaleARC AT TAMPINES EC 99 years Aug 14 958 911,800 952 2014 ResaleARC AT TAMPINES EC 99 years Aug 16 1,130 1,050,000 929 2014 ResaleARC AT TAMPINES EC 99 years Aug 19 807 745,000 923 2014 ResaleBELYSA EC 99 years Aug 16 947 845,000 892 2014 ResaleD’NEST Condominium 99 years Aug 14 775 780,000 1,006 2017 ResaleMY MANHATTAN Condominium 99 years Aug 13 484 670,000 1,383 2014 ResaleQ BAY RESIDENCES Condominium 99 years Aug 19 1,119 1,238,000 1,106 2016 ResaleTHE EDEN AT TAMPINES EC 99 years Aug 14 2,293 1,600,000 698 2003 ResaleTHE RIVERINA Terrace 99 years Aug 14 1,615 1,618,888 1,003 2000 ResaleTHE TAPESTRY Condominium 99 years Aug 18 1,485 1,812,780 1,220 Uncompleted New SaleTREASURE AT TAMPINES Condominium 99 years Aug 13 463 668,000 1,443 Uncompleted New SaleTREASURE AT TAMPINES Condominium 99 years Aug 13 678 887,000 1,308 Uncompleted New SaleTREASURE AT TAMPINES Condominium 99 years Aug 14 657 882,000 1,343 Uncompleted New SaleTREASURE AT TAMPINES Condominium 99 years Aug 15 1,722 2,042,000 1,186 Uncompleted New SaleTREASURE AT TAMPINES Condominium 99 years Aug 15 1,033 1,299,000 1,257 Uncompleted New Sale

TREASURE AT TAMPINES Condominium 99 years Aug 16 463 653,000 1,411 Uncompleted New SaleTREASURE AT TAMPINES Condominium 99 years Aug 16 840 1,044,000 1,243 Uncompleted New SaleTREASURE AT TAMPINES Condominium 99 years Aug 18 463 676,000 1,461 Uncompleted New SaleTREASURE AT TAMPINES Condominium 99 years Aug 18 915 1,138,000 1,244 Uncompleted New SaleTREASURE AT TAMPINES Condominium 99 years Aug 18 1,033 1,372,000 1,328 Uncompleted New SaleDistrict 19 AFFINITY AT SERANGOON Apartment 99 years Aug 14 1,076 1,564,000 1,453 Uncompleted New SaleAFFINITY AT SERANGOON Apartment 99 years Aug 16 753 1,165,000 1,546 Uncompleted New SaleAFFINITY AT SERANGOON Apartment 99 years Aug 16 538 785,000 1,459 Uncompleted New SaleAUSTVILLE RESIDENCES EC 99 years Aug 14 1,087 890,000 819 2014 ResaleCHUAN VILLE Terrace 99 years Aug 15 1,658 1,770,000 1,070 2004 ResaleKINGSFORD WATERBAY Apartment 99 years Aug 20 474 628,000 1,326 2018 Sub SaleMINT RESIDENCES @ JANSEN Apartment 999 years Aug 20 1,507 1,600,000 1,062 2009 ResaleROSYTH TERRACE Terrace 999 years Aug 13 2,476 2,880,000 1,165 Unknown ResaleOASIS GARDEN Condominium Freehold Aug 14 1,227 1,450,000 1,182 2009 ResalePARC VERA Condominium 99 years Aug 16 1,141 1,160,888 1,017 2014 ResalePARK GREEN EC 99 years Aug 19 1,345 1,025,000 762 2004 ResalePIERMONT GRAND EC 99 years Aug 14 840 930,400 1,108 Uncompleted New SalePIERMONT GRAND EC 99 years Aug 15 1,701 1,676,000 985 Uncompleted New SalePIERMONT GRAND EC 99 years Aug 18 969 1,019,200 1,052 Uncompleted New SaleRIVERFRONT RESIDENCES Apartment 99 years Aug 13 581 678,000 1,166 Uncompleted New SaleRIVERFRONT RESIDENCES Apartment 99 years Aug 15 1,066 1,359,000 1,275 Uncompleted New SaleRIVERFRONT RESIDENCES Apartment 99 years Aug 15 915 1,249,000 1,365 Uncompleted New SaleRIVERFRONT RESIDENCES Apartment 99 years Aug 17 1,066 1,339,000 1,257 Uncompleted New SaleRIVERFRONT RESIDENCES Apartment 99 years Aug 17 1,066 1,352,000 1,269 Uncompleted New SaleRIVERFRONT RESIDENCES Apartment 99 years Aug 17 1,109 1,378,000 1,243 Uncompleted New SaleRIVERPARC RESIDENCE EC 99 years Aug 19 990 885,000 894 2014 ResaleRIVERSOUND RESIDENCE Condominium 99 years Aug 19 2,508 1,735,000 692 2015 ResaleRIVERSOUND RESIDENCE Condominium 99 years Aug 20 2,196 1,750,000 797 2015 ResaleTAI KENG GARDENS Semi-Detached Freehold Aug 13 3,595 3,650,000 1,015 1976 ResaleTHE FLORENCE RESIDENCES Apartment 99 years Aug 14 474 724,000 1,529 Uncompleted New SaleTHE FLORENCE RESIDENCES Apartment 99 years Aug 15 753 1,091,000 1,448 Uncompleted New SaleTHE FLORENCE RESIDENCES Apartment 99 years Aug 16 667 979,000 1,467 Uncompleted New SaleTHE FLORENCE RESIDENCES Apartment 99 years Aug 17 721 1,044,000 1,448 Uncompleted New SaleTHE FLORENCE RESIDENCES Apartment 99 years Aug 17 1,001 1,488,000 1,486 Uncompleted New SaleTHE FLORENCE RESIDENCES Apartment 99 years Aug 18 527 773,000 1,466 Uncompleted New SaleTHE FLORENCE RESIDENCES Apartment 99 years Aug 18 527 762,000 1,445 Uncompleted New SaleTHE FLORIDA EC 99 years Aug 16 1,991 1,125,000 565 2000 ResaleTHE GARDEN RESIDENCES Apartment 99 years Aug 16 614 915,000 1,491 Uncompleted New SaleTHE GARDEN RESIDENCES Apartment 99 years Aug 17 452 718,000 1,588 Uncompleted New SaleDistrict 20 CLOVER BY THE PARK Condominium 99 years Aug 15 1,744 2,200,000 1,262 2011 ResaleJADESCAPE Condominium 99 years Aug 17 764 1,290,300 1,688 Uncompleted New SaleJADESCAPE Condominium 99 years Aug 17 904 1,593,500 1,762 Uncompleted New SaleTHE GARDENS AT BISHAN Condominium 99 years Aug 13 883 928,000 1,051 2004 ResaleTHOMSON HILLS ESTATE Terrace Freehold Aug 20 2,207 2,600,000 1,179 Unknown ResaleTHOMSON IMPERIAL COURT Apartment Freehold Aug 14 1,464 1,450,000 991 1999 ResaleDistrict 21 CHENG SOON GARDEN Terrace Freehold Aug 19 2,067 3,000,000 1,451 1982 ResaleDAINTREE RESIDENCE Condominium 99 years Aug 16 710 1,095,300 1,542 Uncompleted New SaleJALAN KAMPONG CHANTEK Detached Freehold Aug 19 9,505 13,000,000 1,368 1990 ResaleVIEW AT KISMIS Apartment 99 years Aug 16 517 892,000 1,726 Uncompleted New SaleVIEW AT KISMIS Apartment 99 years Aug 17 1,012 1,738,000 1,718 Uncompleted New SaleDistrict 22 THE MAYFAIR Condominium 99 years Aug 15 1,163 1,050,000 903 2000 ResaleDistrict 23 CHESTNUT VILLE Condominium 999 years Aug 13 1,658 1,638,000 988 1984 ResaleGREEN HILL ESTATE Detached Freehold Aug 14 5,995 6,000,000 1,000 Unknown ResaleGUILIN VIEW Condominium 99 years Aug 16 1,281 1,085,000 847 2000 ResaleHAZEL PARK CONDOMINIUM Condominium 999 years Aug 13 980 1,130,000 1,154 2000 ResaleHILLINGTON GREEN Condominium 999 years Aug 16 1,345 1,578,000 1,173 2002 ResaleHILLION RESIDENCES Apartment 99 years Aug 16 463 720,000 1,556 2017 ResaleHILLVIEW REGENCY Condominium 99 years Aug 16 904 845,000 935 2005 ResaleLE QUEST Apartment 99 years Aug 13 980 1,395,000 1,424 Uncompleted New SaleMAYSPRINGS Apartment 99 years Aug 16 1,292 1,125,000 871 1998 ResaleTHE DAIRY FARM Condominium Freehold Aug 14 1,281 1,520,000 1,187 1985 ResaleTHE DEW EC 99 years Aug 13 1,206 1,080,000 896 2003 ResaleTHE SKYWOODS Condominium 99 years Aug 16 710 960,000 1,351 2016 ResaleTHE WARREN Condominium 99 years Aug 13 1,227 1,080,000 880 2004 ResaleTREE HOUSE Condominium 99 years Aug 13 1,098 1,120,000 1,020 2013 ResaleDistrict 25 NORTHWAVE EC 99 years Aug 16 893 829,000 928 2019 New SaleDistrict 26 FOREST HILLS CONDOMINIUM Condominium 99 years Aug 15 1,227 911,888 743 2003 ResaleMEADOWS @ PEIRCE Condominium Freehold Aug 13 2,045 2,168,800 1,060 2012 ResaleTHE CALROSE Condominium Freehold Aug 13 1,410 1,820,000 1,291 2007 ResaleTHE CALROSE Condominium Freehold Aug 16 1,389 1,668,888 1,202 2007 ResaleTHE ESSENCE Apartment 99 years Aug 17 538 760,000 1,412 Uncompleted New SaleDistrict 27 KANDIS RESIDENCE Condominium 99 years Aug 16 797 985,600 1,237 Uncompleted New SaleKANDIS RESIDENCE Condominium 99 years Aug 17 732 956,200 1,306 Uncompleted New SaleKANDIS RESIDENCE Condominium 99 years Aug 18 936 1,165,000 1,244 Uncompleted New SaleTHE CANOPY EC 99 years Aug 13 872 743,000 852 2014 ResaleTHE CANOPY EC 99 years Aug 14 1,195 995,000 833 2014 ResaleWATERCOVE Semi-Detached Freehold Aug 17 3,488 2,850,000 817 2019 New SaleDistrict 28 HIGH PARK RESIDENCES Apartment 99 years Aug 13 614 633,000 1,032 2019 Sub SaleHIGH PARK RESIDENCES Apartment 99 years Aug 14 474 598,000 1,263 2019 Sub SaleHIGH PARK RESIDENCES Apartment 99 years Aug 19 452 605,000 1,338 2019 Sub SaleHIGH PARK RESIDENCES Apartment 99 years Aug 19 452 583,000 1,290 2019 Sub SaleHIGH PARK RESIDENCES Apartment 99 years Aug 19 570 785,000 1,376 2019 Sub SaleHIGH PARK RESIDENCES Apartment 99 years Aug 20 452 575,000 1,272 2019 Sub SalePARC BOTANNIA Condominium 99 years Aug 13 775 978,000 1,262 Uncompleted New SalePARC BOTANNIA Condominium 99 years Aug 13 667 941,000 1,410 Uncompleted New SalePARC BOTANNIA Condominium 99 years Aug 13 861 1,085,000 1,260 Uncompleted New SalePARC BOTANNIA Condominium 99 years Aug 13 872 1,160,000 1,330 Uncompleted New SalePARC BOTANNIA Condominium 99 years Aug 13 872 1,161,090 1,332 Uncompleted New SalePARC BOTANNIA Condominium 99 years Aug 13 980 1,300,770 1,328 Uncompleted New SalePARC BOTANNIA Condominium 99 years Aug 13 1,507 1,713,020 1,137 Uncompleted New SalePARC BOTANNIA Condominium 99 years Aug 13 872 1,228,920 1,409 Uncompleted New SalePARC BOTANNIA Condominium 99 years Aug 13 667 887,000 1,329 Uncompleted New SalePARC BOTANNIA Condominium 99 years Aug 14 872 1,139,000 1,306 Uncompleted New SalePARC BOTANNIA Condominium 99 years Aug 14 667 948,640 1,421 Uncompleted New SalePARC BOTANNIA Condominium 99 years Aug 15 872 1,134,900 1,302 Uncompleted New SalePARC BOTANNIA Condominium 99 years Aug 15 786 1,071,140 1,363 Uncompleted New SalePARC BOTANNIA Condominium 99 years Aug 15 872 1,125,000 1,290 Uncompleted New SalePARC BOTANNIA Condominium 99 years Aug 16 872 1,145,570 1,314 Uncompleted New SalePARC BOTANNIA Condominium 99 years Aug 17 667 925,000 1,386 Uncompleted New SaleSELETAR HILLS ESTATE Semi-Detached 999 years Aug 13 3,143 3,999,999 1,273 Unknown ResaleSELETAR HILLS ESTATE Semi-Detached 999 years Aug 15 3,186 3,470,000 1,088 2011 ResaleSERENITY PARK Condominium Freehold Aug 13 1,421 1,360,000 957 1995 Resale


GAINS AND LOSSES

| BY BONG XIN YING |

At Balmoral Plaza, the seller of a unit made the top gain of $1.82 million over the week of Aug 13 to 20. The 2,379 sq ft unit on the third floor was bought for $1.28 million ($538

psf) in October 1999 and sold for $3.1 mil-lion ($1,303 psf) on Aug 20. The seller made a 142% profit, or an annualised profit of 5% over almost 20 years.

Located on Bukit Timah Road in prime District 10, the freehold Balmoral Plaza was developed by Balmoral Plaza Pte Ltd, a joint venture between Lim Kah Ngam Ltd and Pa-cific Holdings. Completed in 1994, Balmoral Plaza is near prestigious schools such as Raf-

fles Girls’ School and Anglo-Chinese School (Barker Road).

The second top gain made over the week – a 187% profit of $1.76 million – was at Botan-ic Gardens Mansion, off Napier Road in prime District 10. The 1,399 sq ft, ground-floor unit was purchased for $940,000 ($672 psf) in Oc-tober 1999 and sold for $2.7 million ($1,930 psf) on Aug 14. This means the seller made an annualised profit of 5% over nearly 20 years.

The freehold Botanic Gardens Mansion is a three-minute walk from Napier MRT Station on the Thomson-East Coast Line and a six-min-ute drive from the Orchard Road shopping belt. Raffles Girls’ School is also a six-min-ute drive away.

At Cote D’Azur, the seller of a ground-floor

unit made the third most profitable transaction of $1.26 million over the week. The 2,013 sq ft, four-bedroom unit was bought for $992,670 ($493 psf) in July 2002, and sold for $2.25 mil-lion ($1,118 psf) on Aug 16. The seller made a 127% profit, or an annualised profit of 5% over some 17 years.

Located in District 15, along Marine Pa-rade Road, the 99-year leasehold Cote D’Azur was completed in 2004. Developed by Frasers Property, it comprises 612 units. Located next to the Parkway Parade shopping centre, the development is a three-minute walk from the upcoming Marine Parade MRT Station on the Thomson-East Coast Line.

On the other hand, the greatest loss incurred over the week was from the resale of a 2,896

sq ft unit at The Coast at Sentosa Cove. It is located on Ocean Drive, on Sentosa Island, in District 4. The seller sold the seventh-floor unit for $4.75 million ($1,640 psf) on Aug 14, sus-taining a 22% loss of $1.33 million. The unit was purchased in November 2009 for $6.08 million ($2,100 psf). Over a holding period of almost 10 years, this translates into an annu-alised loss of 3%.

The 99-year leasehold The Coast at Sentosa Cove comprises 249 units, and is a five-minute drive to Quayside Isle, Sentosa Cove’s first water-front retail and dining destination. Tanjong Golf Course is a seven-minute drive away, while Re-sorts World Sentosa is a 12-minute drive away. Developed by Ho Bee Land, The Coast at Sen-tosa Cove was completed in 2009.

Top gains and losses from Aug 13 to 20

Non-profitable deals PROJECT DISTRICT AREA (SQ

FT)SOLD ON

(2019)SALE PRICE ($ PSF) BOUGHT ON PURCHASE PRICE

($ PSF)LOSS ($) LOSS (%) ANNUALISED LOSS (%) HOLDING PERIOD

(YEARS)

1 THE COAST AT SENTOSA COVE 4 2,896 Aug 14 1,640 Nov 26, 2009 2,100 1,331,600 22 3 9.72 SEAHILL 5 689 Aug 14 1,270 Apr 11, 2013 1,823 381,000 30 6 6.33 ESPADA 9 689 Aug 14 2,087 Apr 19, 2010 2,363 189,763 12 1 9.34 PALM ISLES 17 1,184 Aug 15 776 Jun 28, 2013 858 96,920 10 2 6.15 SUNNY PARC 15 980 Aug 15 1,184 Sep 7, 2011 846 70,000 6 1 7.96 TRELLIS TOWERS 12 549 Aug 14 1,476 Sep 28, 2012 1,548 40,000 5 1 6.97 CENTRA RESIDENCE 14 398 Aug 14 1,331 Mar 7, 2012 1,353 8,706 2 0.2 7.48 MACKENZIE 88 9 420 Aug 14 1,758 Jul 9, 2015 1,775 7,000 1 0.2 4.1

Source: URA, EdgeProp Note: Computed based on URA caveat data as at Aug 20 for private non-landed houses transacted between Aug 13 and 20The profit and loss computation excludes transaction costs such as stamp duties.

Most profitable deals PROJECT DISTRICT AREA (SQ

FT)SOLD ON

(2019)SALE PRICE ($ PSF) BOUGHT ON PURCHASE PRICE

($ PSF)PROFIT ($) PROFIT (%) ANNUALISED PROFIT (%) HOLDING PERIOD

(YEARS)

1 BALMORAL PLAZA 10 2,379 Aug 20 1,303 Oct 1, 1999 538 1,820,000 142 5 19.92 BOTANIC GARDENS MANSION 10 1,399 Aug 14 1,930 Oct 19, 1999 672 1,760,000 187 5 19.83 COTE D'AZUR 15 2,013 Aug 16 1,118 Jul 26, 2002 493 1,257,330 127 5 17.14 CITYLIGHTS 8 3,638 Aug 16 1,264 Mar 15, 2007 921 1,250,000 37 3 12.45 DAKOTA RESIDENCES 14 1,830 Aug 16 1,574 Nov 23, 2009 943 1,155,000 67 5 9.76 COTE D'AZUR 15 1,389 Aug 19 1,354 Jul 17, 2002 582 1,071,239 132 5 17.17 FERNWOOD TOWERS 15 1,636 Aug 19 1,131 Mar 20, 2006 480 1,065,000 136 7 13.48 AMARYLLIS VILLE 11 1,690 Aug 20 1,555 Jul 12, 2004 947 1,028,000 64 3 15.19 EMERY POINT 15 1,324 Aug 20 1,360 Aug 28, 2006 604 1,000,000 125 6 13.010 THE CORNWALL 10 1,044 Aug 15 1,892 Sep 10, 2002 939 995,000 102 4 16.911 SENNETT RESIDENCE 13 4,252 Aug 15 1,294 Dec 29, 2014 1,063 982,000 22 4 4.612 DAIRY FARM ESTATE 23 1,281 Aug 14 1,187 Mar 13, 1999 449 945,000 164 5 20.413 THE CALROSE 26 1,389 Aug 16 1,202 Mar 3, 2006 548 907,998 119 6 13.514 NASSIM PARK RESIDENCES 10 3,477 Aug 14 3,408 Mar 12, 2010 3,185 775,000 7 1 9.415 HILLINGTON GREEN 23 1,345 Aug 16 1,173 Feb 8, 2002 600 771,000 96 4 17.5

E

Resale unit at Balmoral Plaza reaps $1.82 mil profit


The 2,379 sq ft unit at Balmoral Plaza was sold for $3.1 million on Aug 20, marking the biggest gain of the week

A 2,896 sq ft unit at The Coast at Sentosa Cove was sold for $4.75 million on Aug 14 and incurred the greatest loss of the week


UNDER THE HAMMER

| BY TIMOTHY TAY |

A freehold house at the corner of Lily Avenue and Sixth Avenue in prime District 10 was offered at PropNex Realty’s private property auction on Aug 29. The two-storey terraced

house sits on a 4,593 sq ft plot and has a built-up area of 1,884 sq ft.

It has a guide price of $6.58 million, or $1,432 psf on the land area. It was the first time the house was offered at an auction, and this was an estate sale, says Leonard Lee, associate group director (auction services) at PropNex Realty.

The property is located in a two-storey mixed landed estate off Bukit Timah Road, and is between the Good Class Bungalow areas of Fourth/Sixth Avenue and Garlick Ave-nue. The property is primed for rede-velopment and could be transformed into a

2½-storey corner terraced house, says Lee.“Depending on the extent of the rebuild

or addition & alteration works, and oth-er factors such as eventual gross floor area and materials used, it may cost upwards of $1 million to maximise the potential of the property,” he says.

The property’s location at the end of a cul-de-sac gives it an unblocked vantage towards the nearby Guthrie House, and it is less than 300 metres to Sixth Avenue MRT Station on the Downtown Line.

The neighbourhood has seen at least sev-en transactions over the past three years, and one of the most recent was at the near-by Lantana Avenue. The 3,821 sq ft, freehold house changed hands for $6.1 million ($1,595 psf) in January this year. Another 4,166 sq ft house at Lasia Avenue was sold for $7.3 mil-lion ($1,752 psf) in June last year.

The terraced house is likely to attract wealthy homeowners who are looking for a plot of land to build a house that suits their taste and requirements, says Lee. This is a “unique buying opportunity”, he says, be-cause Singapore’s landed housing stock com-

prises just over 5% of the total housing sup-ply. Terraced and corner terraced houses in the Bukit Timah area are also rarely available for sale as the neighbourhood has a greater proportion of detached and semi-detached houses, Lee adds. E

Freehold corner terraced house on Sixth Avenue going for $6.58 mil

The freehold property at the corner of Lily Avenue and Sixth Avenue can be redeveloped into a 2½-storey corner terraced house

PROPNEX REALTY

URA REALIS

Recent landed transactions near Lily Avenue

CONTRACT DATE LAND SIZE (SQ FT) PRICE ($ MIL) PRICE ($ PSF)

February 2019 4,166 6.00 1,441

January 2019 3,821 6.10 1,595September 2018 3,412 4.80 1,406

June 2018 4,166 7.30 1,752March 2018 2,110 3.88 1,837


PROP HUNT CLASSIFIEDS

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Properties for Sale and Rent To be featured, email [email protected] or call 8822-2997

$3,888,888HDB ShophouseD27 YISHUN CENTRAL 1 | 99 yearsSize(sqft): 1,001 | PSF: $3,885

Next to Northpoint & NorthPark Residences. Integrated transport hub incorporating an air-conditioned bus interchange, a direct shopping underpass to Yishun MRT station, a 500 shop retail mall; town plaza & garden. Opposite KTPHospital; Polyclinic & Town Council. Rent $12,500 till [email protected]% yield!

$48,000,000Boutique Hotel D8 DICKSON ROAD | FreeholdSize(sqft): 18,500 | PSF: $2,595

Boutique Hotel Little India Conservation District. With perpetual hotel license. Built In Area: 18,500 sq feet with 83 rooms. Tenanted: Fantastic ROI $1,500,000 annual rental income. From 3rd year tenancy onward increase to $1,650,000 Prime location: Jalan Besar MRT Station is 100 meters away.

$3,288,888Conservation ShophouseD7 LIANG SEAH STREET | 999 yearsSize(sqft): 1,506 | PSF: $2,184

Tenanted $8,800, $200,000 spent to renovate into 2 dual key apartments. A studio & a 2bdrm-loft. Rare strata titled Conservation shophouse. Only 1 of about 100 such apartments in Sg. Above shophouse Maisonette apartment approved SOHO usage. On only1 of 3 car FREE streets in Sg on weekends.

$12,500HDB ShophouseD27 YISHUN CENTRAL 1 | 99 yearsSize(sqft): 1,100 | PSF: $11

Next to Northpoint & NorthPark Residences. Integrated transport hub incorporating an air-conditioned bus interchange, a direct shopping underpass to Yishun MRT station, a 500 shop retail mall; town plaza & garden. Opposite KTPHospital; Polyclinic & Town Council. $10,500 possible subject to T&Cs

Patrick Wee NESTSTAC PTE LTDR030753C 65 9631 0201




Lindy Lee ORANGETEE & TIE PTE LTD R049099J 65 9455 4388

$2,000,000The Peak @ Cairnhill IID5 ROCHESTER DRIVE | 99 years Size(sqft): 829 | PSF: $2,413 Bedroom: 2

Selling way below valuation! Freehold in Orchard road. High floor with panoramic views! No West Sun. Layout can be extended to have a bigger living area. Marina Bay Fireworks/ Short walk to Newton MRT and Orchard MRT. Stone throw to Paragon. Kindly call Lindy @94554388 for an exclusive viewing now!

$39,600,000Shophouse D3 KAMPONG BAHRU ROADBuilt-Up(sqft): 17,596 | Land(sqft):7,068PSF: $2,251 (Built-Up)

A Rare Row of 6 Freehold Conservation Shophouses, opposite Singapore Largest Medical Centre with potential capital appreciation for sale. Just outside CBD. Ample Parking. Located 500m away from future Greater Southern Waterfront. Highly Accessible via AYE, CTE and ECP. Call now.

Jessica Lee TUSCANY REALTY PTE LTDR001118I 65 9100 7981

$6,500Conservation ShophouseD7 LIANG SEAH STREET | 999 yearsSize(sqft): 1,605 | PSF: $4

Designer decor, within Unique conserved shophouse near Bugis Junction MRT. Only 100 such conservation apartments in entire Singapore! Unit can be separately rented at: 750sqft studio $3100* & 853sqft 2bdrm w/loft $3400* Currently tenanted $4300 & $4500 but NOW Take both @$6500 *subject to T&Cs

Anne Hicks SAVILLS RESIDENTIAL PTE LTD R045479Z

65 9730 3672

$3,800,000Burlington SquareD7 BENCOOLEN STREET | 99 years Size(sqft): 3,036 | PSF: $1,252 Bedroom: 3

CBD Penthouse by Rochor MRT with very large living space. Extensive renovation inc marble floors & upgraded bathrooms. Bright, spacious living / dining & open plan kitchen open to roof terrace for al-fresco dining. Unobstructed views to Istana and Orchard. Swimming pool, gym, tennis court.

$2,800,000The Rochester Residences D5 ROCHESTER DRIVE | 99 years Size(sqft): 1,862 | PSF: $1,504 Bedroom: 3

The Rochester Residence High floor in sought after project. Corner unit unblocked panoramic views Best stack & facing Open concept spacious Kitchen 3 +1+1 balcony with spectacular views. Great for alfresco dining. MRT & BUS.The Star Vista Primary Secondary & International Integrated Schools nearby.

Michael CiolaORANGETEE & TIE PTE LTD R012594Z

65 9475 4785

Jerry Lum ERA REALTY NETWORK PTE LTD R032056D 65 8288 0098

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PROPERTY PERSONALISED · 2019-08-29 · sale at $222.7 mil The owners of Beaufort on Nassim have launched their property for collective sale with an asking price of $222.68 million