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Executive condosDwindling options in 2017 PG4

Deal WatchFreehold condo in District 9 selling at 2010 prices PG7

Friday the 13thFive sellers get lucky PG8

Competition heats up

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THE WEEK OF JUNE 6, 2016 731

| BY FEILY SOFIAN |

Sales of units at Gem Residences trickled to just 15 in the launch weekend after a strong start that saw 300 units snapped up at its VIP preview at an average price of $1,426 psf. Despite the slowdown in sales

at Gem Residences, city-fringe projects priced below $1,500 psf generally continue to be well received. On the other hand, there is a poten-tial oversupply in Bukit Merah and Queenstown.

The pullback in take-up rate at Gem Res-idences is due to competition from other well-located projects. Just one week earlier, Cheung Kong Property Holdings launched Stars of Kovan. The project is located with-

in a short walk from the Kovan MRT station. At least 66 units have been sold at an average price of $1,403 psf.

Previously launched projects are also vying for buyers’ attention. Despite the stiff compe-tition, demand has been steady for city-fringe projects that are attractively priced.

In the first three weeks of May, MCC Land moved 34 units at The Poiz Residences at an average price of $1,389 psf. The project is lo-cated right next to the Potong Pasir MRT sta-tion. The take-up rate was consistent across unit types. The latest sales tally was based on URA caveat records as at May 30, which in-cludes transactions up to the third week of May.

Trailing closely was Botanique at Bartley, with

32 units sold in the first three weeks of May at an average price of $1,298 psf. Two-bedroom units measuring 657 sq ft accounted for close to 60% of the transactions in May. The projectis located less than 300m from the BartleyMRT station.

Separately, GuocoLand sold 23 units at Sims Urban Oasis at an average price of $1,431 psf, with one-bedroom units accounting for half of the transactions. Sims Urban Oasis is within walking distance of the Aljunied MRT station.

The initial strong sales at Gem Residenceshas also been attributed to the lack of new launches in the area. Similarly, Sturdee Resi-dences sold an additional 22 units in the first three weeks of May at an average price of

$1,629 psf. The latest tally brings the take-up rate to 148 of the 305 units available in the pro-ject, or nearly 50%, since it was launched last month. The area has not seen a major prop-erty launch since City Square Residences 11 years ago. Over in Tiong Bahru, Keppel Land is understood to have released a new batch of units at Highline Residences in April and sold 24 units in the first three weeks of May. Pricesaveraged $1,765 psf.

Looming oversupply in Bukit Merah and QueenstownOn the other hand, Bukit Merah occupies the top spot in terms of unsold stock for private

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Price differences lead to two-tier market on the city fringe

| BY SHARON R SMYTH |

The market for homes in prime central London is stagnating before the referendum on the UK’s future in Europe, according to Knight Frank, with price cuts of more than 10% failing to attract buyers.

Values in the district of Hyde Park declined 4.8% in the year to May; they were 4.6% lower in South Kensington and down

3.5% in Chelsea, the London-based broker says in a May 24 report. The number of active buyers has more than halved in the past year, according to the report.

The market for luxury homes in London’s best districts is suffering as potential buyers await the outcome of a June 23 referendum to de-termine whether the UK will withdraw from the European Union. Cam-paigners to remain in Europe claim a so-called Brexit could cause com-panies to cut investment and relocate workers.

“There has been a discernible Brexit effect on the UK economy as de-cisions are delayed, and the London property market is no exception,” Tom Bill, head of London residential research at Knight Frank, says in the report. “An indication of the Brexit effect is that demand in May has remained subdued even for properties where asking prices have fallen 10% or more.”

Across the capital, values for homes in the 14 districts defined as prime central areas grew just 0.1% in May, the lowest increase since October 2009, the Knight Frank data shows. Sales volumes in the month were “flat”, the broker says. — Bloomberg LP

EP2 • THEEDGE SINGAPORE | JUNE 6, 2016

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Two more projects could be launched in Bukit Merah and Queenstown in 2H2016

THEEDGE P R O P E R T Y COVER STORY

non-landed homes. There are currently more than 1,400 unsold units in the area. Adjacent to Bukit Merah, Queenstown adds 570 unsold units.

Among the major projects in the area, Princi-pal Garden saw the fastest take-up rate this year, averaging 12 units a month, owing to its compet-itive pricing relative to other new launches in its vicinity. Fifteen units were sold in the first three weeks of May at an average price of $1,631 psf.

In addition, two more projects could be launched in Bukit Merah and Queenstown in 2H2016. HY Realty could launch its condominium development on Dundee Road next to the Queenstown MRT sta-tion. The developer paid $871 psf per plot ratio for the site, on a par with the price fetched by the Commonwealth Towers site at $883 psf ppr. Al-though the site was 6% pricier than the Principal Garden site, both projects could be priced similar-ly, given the large unsold inventory in the area. The site can yield an estimated 645 housing units.

Separately, Tang Group could be launching its mixed-use project next to the Redhill MRT station. The developer was awarded the site last November upon submitting the highest bid of $851 psf ppr.

Although the site was 3% pricier than the Prin-cipal Garden site, it includes a commercial com-ponent with a gross floor area of at least 19,375 sq ft. At least 10,764 sq ft must be set aside for a supermarket. As such, the project could offer the most competitive price tag in Bukit Merah and Queenstown. About 400 housing units can be built on the site.

Fewer options for cheaper projectson city fringeThere will be fewer options, however, for city-fringe projects near an MRT station that are priced below $1,500 psf, going by the current sales rate for existing projects and list of sites sold on the Government Land Sales programme.

The next available option would be the ShunfuVille site, which was sold en bloc to Qingjian Realtyin May. The site fetched $747 psf ppr, including the premium paid to top up the lease to 99 years,

In the first three weeks of May, The Poiz Residences (top) sold 34 units and Botanique at Bartley (above) sold 32

FROM PREVIOUS PAGE

Discounts of 10% on London luxury homes fail to tempt buyers

The market for luxury homes in London’s best districts is suffering as potential buyers await the outcome of a June 23 referendum to determine whether the UK will withdraw from the European Union

similar to the Gem Residences site, which sold for $755 psf ppr. The former is larger, however, and can be redeveloped into a private condo with more than 1,000 units. The earliest likely launch date is in 2Q2017.

The other option would be the parcel on Lorong Lew Lian, which is located some 400m

from the Serangoon MRT station but falls slightly outside the official city-fringe boundary. Awarded in November 2015, the project can be launched in 2H2016 and yield an estimated 465 units. Based on the land price of $710 psf ppr, the sell-ing price is estimated to range between $1,350 and $1,450 psf.

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THEEDGE SINGAPORE | JUNE 6, 2016 • EP3

EP4 • THEEDGE SINGAPORE | JUNE 6, 2016

market launch is typically 17 months or more. For example, an EC site released in 1H2015 can be expected to enter the market around 2H2016 or later. The time difference between the launch of a GLS land tender and the ten-der award is about two months. Additionally, for EC land acquired after January 2013, de-velopers are allowed to launch units for sale only 15 months from the date of award of the EC site, or after physical completion of foun-dation works, whichever is earlier. Some 3,750 EC units were launched in 2015, and in 2016, about 3,276 units are expected to be launched. However, the number of expected EC launch-es in 2017 is projected to fall substantially to only around 1,010 units.

Will developers cut prices?Although upcoming projects may be launched at lower prices to entice buyers, it is unlikely that we will see excessive price cuts across the board for existing projects. There are a few reasons for this.

First, the upcoming EC pipeline is limited and, even if new sites are released, there is still a time lag of at least 16 to 17 months before the project can be launched in the market, giving current incumbents a comfortable time buffer for sales.

Second, there is still a long time before ad-ditional buyer stamp duty deadlines would be a concern for EC developers (see Chart 4). Un-der current housing regulations, developers are required to build and sell all units in a new res-

idential project (EC projects included) within five years, otherwise they will be liable to pay ABSD charges on their land costs with interest. Most of the EC projects launched in 2013 or ear-lier have mostly sold out, and the earliest ABSD deadline for projects launched in 2014 would be 2Q2018. Furthermore, the majority of 2014 EC projects are at least 50% sold.

Third, demand for ECs is still relatively healthy even though it has slowed considera-bly since 2013. In 2015, developers collective-ly launched 3,750 units and sold 2,550 units, translating into an average take-up rate of 68% (see Chart 5). The average take-up rate is cal-culated by dividing the number of units sold by the number of units launched in the whole market. The average take-up rate in 2013 and 2014 was 107% and 63% respectively. A take-up rate of more than 100% means the number of sold units outnumbered that of launches, indicating sales from prior year launches. Al-though recent annual take-up rates have fall-en compared with 2013, developers are still moving units at a progressive rate.

Decrease in unsold inventory expected by 2017ECs are tailored for the “sandwich” class, and this segment of buyers is projected to grow, giv-en income growth and later marriages. Despite the slowdown in the market, demand for ECs remains resilient; it is only a matter of location and pricing. EC prices are unlikely to fluctuate much, as developers remain on solid financial footing and do not face much pressure to sell. Even though unsold inventory is at elevated lev-els, inventory may dwindle by 2017, given resil-ient market demand and the expected dearth of new launches in 2017. Prospective buyers may be tempted to wait but what is left at the end of the day may not be the unit of choice.

Wong Xian Yang is senior manager for research & consultancy and Celine Chan is research an-alyst at OrangeTee.com Pte Ltd

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

please write in to propertyeditor.sg@bizedge.com

Executive condominiums: Options may dwindle in 2017

The executive condominium market has cooled down after a slew of cooling meas-ures were implemented in December2013, which included the implemen-tation of a 30% Mortgage Service Ra-

tio (MSR), and a resale levy for second-time buyers. Tightened financing conditions have dampened demand, and the resale levy has deterred many upgraders. Even though the income ceiling for EC buyers has been raised from $12,000 to $14,000 with effect from Aug 23, 2015, there was no significant pickup in demand. One possible reason is that a large proportion of EC demand is from households earning $12,000 and below. As such, buyers are still very price- and product-sensitive, with demand skewed towards selected projects. An-other reason would be that the adverse effects of the cooling measures still outweigh the ben-efits derived from the rise in income ceiling.

As at end-April 2016, there were around 4,010 unsold EC units, excluding the 620 un-launched units from Sol Acres Phase 2 (see Chart 2). The rise in the number of unsold EC units

can be attributed to slower take-up rates and a large number of EC projects launched in 2015. In comparison, the number of unsold invento-ry for the private residential market stands at 23,735 units as at 1Q2016. To be fair, the po-tential demand pool for the EC market is low-er than the private residential market, owing to its restricted rules and regulations.

On the back of the slowdown in the EC mar-ket, the EC supply in the Government Land Sales (GLS) Programme had been tapered off (see Chart 3). Only three new EC sites were re-leased in 2015, which could yield about 1,010 EC units.This is about 72.6% lower than the po-tential yield of 3,685 units from seven EC sites released in 2014. In 1H2016, only one site was released, which could potentially yield a total of 635 units. However, the impact from the ta-pering of GLS sites would only be apparent in 2017, due to the time lag between the launch of the site in the GLS programme and the ac-tual project launch in the market.

Currently, the average period between the release of an EC site in the GLS programme and

Number of units released from GLS and launched in the market

2014 EC projects sold out (%) status and ABSD deadlines

Unsold EC inventory

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Performance of EC projects in their month of launch

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Number of EC units sold from new and existing launches

Note: Wandervale was launched in March 2016; The Visionaire and Parc Life were launched in April 2016

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| BY WONG XIAN YANG & CELINE CHAN |

Number of EC units launchedEC units released from GLS

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EP6 • THEEDGE SINGAPORE | JUNE 6, 2016

THEEDGE P R O P E R T Y OVERSEAS NEWS

Sydney home values soar the most in 10 months as rates drop

| BY NARAYANAN SOMASUNDARAM |

Sydney’s home values posted the biggest rise in 10 months in May as lower mortgage rates and a partial easing of lending stand-ards revived buyers’ appetite.

Prices in Australia’s largest city climbed 3.1% in May, the fifth straight month of gains and the most among state capitals, according to research firm CoreLogic Inc. The increase, the most since July, took the advance for the past 12 months to 13.1%, the data showed.

The increase dovetails with the return of landlords to the market, higher weekend auction clearance rates and frenzied buying of new apartments. Lendlease Group said on May 30 that all 391 apartments it of-fered for sale on the western fringesof Sydney’s business district were sold in just four hours on May 28.

“Lower mortgage rates are likely to have a positive effect on consumer confidence and housing market condi-tions, with the standard variable mort-gage rate now at its lowest level since 1968,” CoreLogic’s head of research Tim Lawless says in an emailed statement.

About 75% of homes offered through an auction were sold in Syd-ney in the last three weeks of May, CoreLogic says, after dipping below 60% in November.

The country’s biggest lenders re-duced their mortgage rates after the central bank cut its benchmark on May 3 to 1.75%. Landlords have started trickling back into the market with 47% of all new mortgages going to investors in March, up from 44% in October, government data shows.

Westpac Banking Corp, the coun-try’s biggest mortgage lender to in-

vestors, last month eased some re-strictions by increasing the maximum amount that they can borrow to 90% of the value of a home, from 80% ear-lier. The lender last July reduced the total after the regulator urged banks to limit home loans to landlords be-cause they were distorting the market.

The average capital city value grew 1.6% in May, the same as Melbourne, Australia’s second-largest city. Perth, reeling from the end of the mining boom, was the only state capital city to see a decline, falling 2.7%, accord-ing to CoreLogic. — Bloomberg LP

Property prices in Sydney started moving up in JanuarySoaring again

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About 75% of Australian homes offered through an auction were sold in Sydney in last three weeks of May

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THEEDGE SINGAPORE | JUNE 6, 2016 • EP7

THEEDGE P R O P E R T Y DEAL WATCH

Most-viewed listings on TheEdgeProperty.com (The week of May 16 to 22)

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PROJECT NAME ASKING PRICE ASKING PRICE PROPERTY TYPE AREA TENURE COMPLETION DISTRICT PLANNING AREA MARKETED BY CONTACT NO ($) ($ PSF) (SQ FT) DATE

Non-landed

Core Central Region 1 The Serenade @ Holland 1,780,000 1,157 Condominium 1,539 99 Years 2004 10 Bukit Timah Nick Lee Lee 9130 2722

2 Kim Sia Court 1,688,888 1,584 Apartment 1,066 Freehold Unknown 9 Newton Steven Lee 9090 3853

3 St Thomas Suites 3,990,000 2,192 Condominium 1,820 99 Years 2010 9 River Valley Rudy Tedja 9686 9943

4 Glentrees 4,150,000 1,130 Condominium 3,671 999 Years 2005 10 Bukit Timah Michele Cabasug 9026 2960

5 RV Residences 1,364,000 2,012 Condominium 678 999 Years 2015 10 Tanglin Eleanor Poon 9001 1727

Rest of Central Region 1 Gem Residences 1,386,760 1,480 Condominium 937 99 Years Uncompleted 12 Toa Payoh Alan Tang 9067 2388

2 Prestige Heights 680,000 1,663 Apartment 409 Freehold 2011 12 Novena Louis Leow 8157 4088

3 La Fleur 580,000 1,315 Apartment 441 Freehold 2014 14 Geylang Jimmy Lee 9145 3108

4 Royce Residences 538,888 1,314 Apartment 410 Freehold 2013 14 Geylang Yim Chun Lee 8533 8633

5 Katong Gardens 2,350,000 1,002 Condominium 2,346 Freehold 1984 15 Marine Parade Joy Chung 9061 2764

Outside Central Region 1 Cardiff Residence 680,000 559 Condominium 1,216 99 Years 2014 19 Serangoon Ruth Lim 9710 8489

2 Escada View 840,000 722 Condominium 1,163 Freehold 1997 14 Bedok Mel Ong 8483 3145

3 Lakeholmz 1,345,000 886 Condominium 1,518 99 Years 2005 22 Jurong West Eric Enyo 9389 4410

4 Kovan Grandeur 580,000 1,495 Apartment 388 99 Years 2011 19 Hougang Jolyn Tan 9011 8028

5 The Visionaire 683,000 804 Executive Condo 850 99 Years Uncompleted 27 Sembawang Andy Chua 9785 8090Landed STREET NAME ASKING PRICE ASKING PRICE PROPERTY TYPE AREA NUMBER OF TENURE DISTRICT PLANNING AREA MARKETED BY CONTACT NO ($) ($ PSF) (SQ FT) BEDROOMS

1 Jalan Wajek 1,680,000 501 Semi-Detached 3,355 4 99 Years 21 Bukit Timah Christopher Tay 9768 3165

2 Springside View 2,733,000 701 Detached 1,740 6 Freehold 19 Yishun Isaac Yee 9765 9938

3 Eastwood Terrace 2,090,000 976 Terrace 2,142 5 999 Years 16 Bedok Solomon Chow 9228 2254

4 Verde Crescent 1,450,000 863 Terrace 1,680 5 Freehold 23 Choa Chu Kang Billy Ng 8333 4440

5 Treasure Island 30,000,000 2,727 Detached 11,000 8 Freehold 4 Southern Islands Ronnie Ong 9761 8976HDB STREET NAME ASKING PRICE ASKING PRICE FLAT TYPE AREA TENURE COMPLETION DISTRICT TOWN MARKETED BY CONTACT NO ($) ($ PSF) (SQ FT) DATE

1 7 Boon Keng Road 860,000 851 4-Room 1,011 99 Years 2011 12 Kallang/Whampoa Jeffrey Zeus 9666 3532

2 341A Sembawang Close 488,888 409 5-Room 1,195 99 Years 2001 27 Sembawang Andrew Wang 9185 1101

3 5 Marine Terrace 450,000 550 3-Room 818 99 Years 1975 15 Marine Parade Eddie Khoo 8138 2345

4 307 Serangoon Avenue 2 430,000 421 4-Room 1,022 99 Years 1985 19 Serangoon Rita Lu 8818 2000

5 176A Edgefield Plains 475,000 401 5-Room 1,184 99 Years 2003 19 Punggol Y K Yik 9383 3616

Freehold condo in District 9 selling at 2010 prices| BY METTA LEE |

A 1,733 sq ft, three-bedroom unit at Skyline 360 @ St Thomas Walk has been listed on TheEdgeProperty.com at $3.4 million, or $1,962 psf. The Edge Fair Value, a valua-tion tool on TheEdgeProperty.com, puts

the indicative value of the property at $2,204 psf. The project’s last transaction was in July 2015,

when a 2,131 sq ft unit on the 10th floor was sold for $1,920 psf.

Meanwhile, the subject property’s asking price is similar to 2010 prices. There were 22 caveats in 2010 involving 1,733 sq ft units in the project with an av-erage price of $2,001 psf.

Skyline 360 @ St Thomas Walk is a freehold con-dominium in prime District 9. Completed in 2012, the 61-unit development is within a 500m radius of the Somerset MRT station.

The project is also within walking distance of River Valley Primary School and within 1km of international schools such as Overseas Family School, Chatsworth International School and ISS International School.

The unit is understood to be tenanted at $7,200 a month until August 2017.

For more information, call marketing agent Sharlene Lim at 8366 8383.

Scan the QR code for value deals at Skyline 360 @ St Thomas Walk and nearby projects

As TheEdgeProperty.com is not party to the contract be-

tween the client and agent, it is unable to verify in-formation provided by the agent

Recent transactions at Skyline 360 @ St Thomas Walk

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CONTRACT DATE SIZE (SQ FT) PRICE ($) PRICE ($ PSF)July 10, 2015 2,131 4,091,520 1,920Sept 24, 2013 2,131 4,464,445 2,095Sept 24, 2013 2,131 4,370,000 2,050Sept 16, 2013 2,131 4,461,503 2,093Sept 13, 2013 2,131 4,250,000 1,994

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The unit at Skyline 360 @ St Thomas Road is up understood to be tenanted at $7,200 a month

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EP8 • THEEDGE SINGAPORE | JUNE 6, 2016

| BY ESTHER HOON |

Thirteen is not an unlucky number after all. Three condominium units and two landed homes were sold at a profit exceeding $1 million on May 13, which also happened to fall on a Friday.

Of the three condo units, the most profitable sold accrued to a 3,165 sq ft, four-bedroom pent-house at The Azure in Sentosa Cove, which netted a $1.2 million profit, or an annualised gain of 3%.

The seller had purchased the unit direct from the developer for $3.4 million ($1,072 psf) in Oc-tober 2005 and resold it for $4.6 million ($1,438 psf) this year. This marked the first transaction in the project since 2014.

The second million-dollar deal was traced to a 1,668 sq ft, three-bedroom unit at Pinewood Gardens on Balmoral Park, a freehold condo in District 10. The home fetched $2.4 million ($1,438 psf) in May, resulting in a profit of $1.1 million, or an annualised gain of 4%. The seller purchased the unit in April 1999 for $1.3 mil-lion ($749 psf).

Also from District 10, a 1,399 sq ft, three bed-room unit at The Marbella on Mount Sinai Rise yielded a $1 million profit for the seller, who had held the unit for more than 11 years. He had

purchased the unit direct from the developer for $943,000 ($674 psf) in January 2005 and offload-ed it for $2 million ($1,394 psf) in May this year. The transaction reflects an annualised gain of 7%.

In the landed home segment, a semi-detached house in Taman Kembangan in District 14 fetched a $1.9 million profit on May 13. The annualised gain works out to 9%. On the same day, a ter-race house on Jalan Waringin, also in district 14, was sold for $1.4 million profit, or an annu-alised gain of 9%.

Conversely, only two properties were sold at a loss on May 13. A 1,195 sq ft unit at Fern-wood Towers was sold at a $20,000 loss and a 689 sq ft unit at Regent Residences was sold at an $89,000 loss.

Besides the May 13 deals, a detached house on Chartwell Drive in District 19 fetched a $2.4 million profit on May 16, reflecting an annual-ised gain of 11%. The house sits on a 4,198 sq ft, 999-year leasehold site. It was purchased in 2005 at $307 psf of its land area and resold this year at $881 psf.

Meanwhile, St Regis Residences Singapore saw another deal in the red. A 3,757 sq ft unit changed hands at $2,223 psf on May 12, result-ing in a $393,950 loss to the seller. The unit was purchased in June 2006 at $2,328 psf.

New caveats uploaded on May 20 and 24

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Non-profi table deals

*Refers to strata area. Otherwise, area stated for landed homes refers to land area. Tables compiled by Tan Chee Yuen

PROJECT DISTRICT AREA (SQ FT) DATE SOLD SALES PRICE ($) DATE BOUGHT PURCHASE PRICE ($) LOSS ($) LOSS (%) ANNUALISED LOSS (%) HOLDING PERIOD (YEARS)

1 St Regis Residences Singapore 10 3,757 12-May-16 8,350,000 30-Jun-06 8,743,950 393,950 5 0.5 9.9

2 OUE Twin Peaks 9 570 11-May-16 1,350,000 20-Aug-10 1,627,350 277,350 17 3 5.7

3 The Arc At Draycott 10 1,130 10-May-16 2,250,000 22-Jun-07 2,486,000 236,000 9 1 8.9

4 8 @ Mount Sophia 9 1,163 3-May-16 1,390,000 27-Dec-12 1,610,000 220,000 14 4 3.4

5 Woodsvale 25 1,432 10-May-16 718,000 17-Oct-11 900,000 182,000 20 5 4.6

6 Cassia View 14 1,206 22-Mar-16 1,245,000 24-Aug-10 1,414,648 169,648 12 2 5.6

7 Chuan Park 19 1,851 16-May-16 1,450,000 30-Oct-14 1,600,000 150,000 9 6 1.5

8 Silversea 15 1,507 16-May-16 2,148,888 23-Aug-10 2,295,000 146,112 6 1 5.7

9 Hilltops 9 1,335 17-May-16 3,200,000 30-Jul-09 3,337,500 137,500 4 1 6.8

10 Villa Marina 15 1,679 16-May-16 1,275,000 21-Dec-11 1,400,000 125,000 9 2 4.4

FACTS + FIGURES

PROJECT DISTRICT AREA (SQ FT) DATE SOLD SALES PRICE ($) DATE BOUGHT PURCHASE PRICE ($) PROFIT ($) PROFIT (%) ANNUALISED PROFIT (%) HOLDING PERIOD (YEARS)

NON-LANDED

1 The Azure 4 3,165 13-May-16 4,550,000 27-Oct-05 3,392,000 1,158,000 34 3 10.6

2 Pinewood Gardens 10 1,668 13-May-16 2,400,000 1-Apr-99 1,250,000 1,150,000 92 4 17.1

3 The Marbella 10 1,399 13-May-16 1,950,000 31-Jan-05 943,000 1,007,000 107 7 11.3

4 Haig Court 15 1,464 10-May-16 1,780,000 24-Jun-05 915,590 864,410 94 6 10.9

5 Bishan 8 20 1,163 9-May-16 1,340,000 25-Oct-05 640,000 700,000 109 7 10.5

6 The Nexus 21 1,055 10-May-16 1,480,000 23-Aug-05 814,000 666,000 82 6 10.7

7 The Anchorage 3 1,464 13-May-16 1,670,000 11-Nov-02 1,038,000 632,000 61 4 13.5

8 Seasons Park 26 1,539 6-May-16 1,480,000 5-Jul-09 872,000 608,000 70 8 6.8

9 The Sixth Avenue Residences 10 1,302 16-May-16 1,990,000 16-Dec-06 1,398,898 591,102 42 4 9.4

10 Carabelle 5 1,302 12-May-16 1,350,000 24-May-07 767,000 583,000 76 7 9.0

LANDED

1 Detached/Chartwell Drive 19 4,198 16-May-16 3,700,000 28-Nov-05 1,290,000 2,410,000 187 11 10.5

2 Terrace/Jalan Senang 14 2,648 6-May-16 3,050,000 23-May-07 1,080,000 1,970,000 182 12 9.0

3 Semi-Detached/Taman Kembangan 14 3,369 13-May-16 3,700,000 24-Jul-07 1,751,880 1,948,120 111 9 8.8

4 Terrace/Lorong 28 Geylang 14 1,399 16-May-16 2,380,000 16-Mar-07 860,000 1,520,000 177 12 9.2

5 Terrace/Jalan Waringin 14 2,336 13-May-16 2,580,000 2-Mar-07 1,140,000 1,440,000 126 9 9.2

THEEDGE P R O P E R T Y GAINS AND LOSSES

E A semi-detached house in Taman Kembangan in District 14 was sold for a $1.9 million profit

SAM

UEL

ISAA

C CH

UA/T

HE E

DGE

SIN

GAP

ORE

Friday the 13th was a lucky day for five sellers