BUGIS CUBE. Turnaround for PROPERTY PERSONALISED. Market Watch Price recovery at Sentosa Cove? EP3

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1 PROPERTY PERSONALISED MCI (P) 136/08/2017 PPS 1519/09/2012 (022805) Visit EdgeProp.sg to nd properties, research market trends and read the latest news The week of December 11, 2017 ISSUE Market Watch Price recovery at Sentosa Cove? EP3 Industry Watch Tender prices for Jiak Kim and Fourth Avenue sites set benchmark EP4 Luxury Christie s International Real Estate expands footprint in Asia EP6 Done Deals Spike in sales at Martin Modern, Queens Peak EP10 Turnaround for BUGIS CUBE An active management committee strived to fill the struggling six-storey strata-titled mall. Its success is perhaps a lesson for other strata-titled commercial complexes suffering from low footfall. See our Cover Story on Pages 8 and 9. SAMUEL ISAAC CHUA/THE EDGE SINGAPORE

2 EP2 EDGEPROP DECEMBER 11, 2017 PROPERTY BRIEFS EDITORIAL EDITOR Cecilia Chow HEAD OF RESEARCH Feily Sofi an DEPUTY EDITOR Lin Zhiqin WRITERS Angela Teo, Timothy Tay DIGITAL WRITER Fiona Ho COPY-EDITING DESK Elaine Lim, Evelyn Tung, Chew Ru Ju, Shanthi Murugiah PHOTO EDITOR Samuel Isaac Chua PHOTOGRAPHER Albert Chua EDITORIAL COORDINATOR Yen Tan DESIGN DESK Tan Siew Ching, Christine Ong, Monica Lim, Tun Mohd Zafi an Mohd Za abah ADVERTISING + MARKETING ADVERTISING SALES DIRECTOR, COMMERCIAL OPERATIONS Cowie Tan ASSOCIATE ACCOUNT DIRECTOR Diana Lim SENIOR ACCOUNT MANAGER Priscilla Wong ACCOUNT MANAGER James Chua CIRCULATION DIRECTOR Victor The EXECUTIVE Malliga Muthusamy, Ashikin Kader CORPORATE CHIEF EXECUTIVE OFFICER Bernard Tong PUBLISHER The Edge Property Pte Ltd 150 Cecil Street #13-00 Singapore Tel: (65) Fax: (65) PRINTER KHL Printing Co Pte Ltd 57 Loyang Drive Singapore Tel: (65) Fax: (65) JLL launches first phase of conservation shophouses portfolio for sale BY ANGELA TEO The first phase of a portfolio of shophouses and a commercial building was put up for sale via a public tender exercise by their sole marketing agent JLL on Dec 5. Comprising nine shophouses and a fivestorey commercial building, the properties released in the first phase are located near the Singapore River (far right) either within the Boat Quay Conservation Area or at a section of New Bridge Road that falls between Boat Quay and Clarke Quay. According to JLL, the buyer can acquire the assets individually or collectively. The tender for all nine properties will close on Jan 24, Clemence Lee, associate director of capital markets at JLL, says the value of shophouses has been rising over the years owing to their conservation and heritage status and unique architecture. Boat Quay Conservation Area cluster The properties in the Boat Quay Conservation Area include a three-storey shophouse at 61 Boat Quay as well as a two-storey shophouse at 77 Boat Quay (right). Both come with waterfront views. The other properties in the area are 17, 45 and 46 Circular Road, which are all three-storey shophouses with an F&B component on the ground level. All five shophouses come with a 999-year lease and are fully tenanted. Assets in the shophouse sector are tightly held, which means opportunities of the profile and scale of the cluster of properties at Boat Quay are considered extremely rare, notes JLL s Lee. The properties in this cluster are within walking distance of the Raffles Place MRT interchange and the Clarke Quay MRT station. The two shophouses at 61 and 77 Boat Quay sit on land plots measuring 947 and 1,530 sq ft, respectively. According to JLL, the shophouse at 61 Boat Quay has a guide price of $9 million ($3,642 psf), based on its gross floor area of 2,471 sq ft. Meanwhile, 77 Boat Quay, which has a GFA of 3,702 sq ft, sports an indicative price tag of $12.6 million ($3,404 psf). The shophouse at 17 Circular Road has an indicative price of $8 million ($3,343 psf), based on its GFA of 2,393 sq ft. It sits on a site measuring 950 sq ft. 45 and 46 Circular Road, which must be purchased together, have a total GFA of 5,879 sq ft. The two shophouses, which have a guide price of $20.5 million ($3,487 psf), sit on a site measuring 2,575 sq ft. New Bridge Road cluster Comprising a corner block of four adjoining four-storey shophouses at 27 to 33 New Bridge Road and a five-storey commercial building at 23 New Bridge Road, the cluster is located in the heart of the CBD, says JLL. According to the marketing agent, the property at 27 to 33 New Bridge Road which comes with 99-year leases starting from 1934, 1936 and 1938 has a guide price of $23 million, or $1,275 psf, based on its existing combined GFA of 18,034 sq ft. As for 23 New Bridge Road, it has an indicative price tag of $18.5 million ($2,806 psf), based on its GFA of 6,594 sq ft. The property at 27 to 33 New Bridge Road, which occupies 1,584 sq ft of land, could be redeveloped into a commercial building with a six-storey rear extension, says JLL. This could increase its GFA by an additional 11,546 sq ft, to a total of 29,580 sq ft. Also up for sale is 23 New Bridge Road, which sits on land measuring 1,584 sq ft. With its 70m-wide main road frontage, the commercial building is ideal for redevelopment into an iconic building for office, co-working, hospitality, medical or entertainment purposes, says JLL. PICTURES: JLL PERMISSION AND REPRINTS Material in The Edge Property may not be reproduced in any form without the written permission of the publisher We welcome your comments and criticism: propertyeditor.sg@ bizedge.com Pseudonyms are allowed but please state your full name, address and contact number for us to verify. Investors led by restaurateur snap up Jervois Green for $52.9 mil Investors led by restaurateur Mike Ho, the thirdgeneration owner of Chinese restaurant Spring Court, have bought the eight-unit Jervois Green for $52.9 million, announced marketing agent Colliers International on Dec 6. The sale price, which is 10% higher than the owner s asking price of $48 million, works out to $1,601 psf per plot ratio (ppr), including an estimated development charge of $6.95 million. As the property was sold by a single seller, no approval from the Strata Titles Board or the High Court was required for the completion of the sale. Under the 2014 Master Plan, the Jervois Green site is zoned Residential, with a plot ratio of 1.4. According to Colliers, it can be redeveloped into a five-storey development of 42 units measuring about 850 sq ft each, subject to authorities approval. Colliers expects the future development to be priced above $2,500 psf. Ho, who owns a portfolio of shophouses, says he is an active investor in the real estate market and has been scouting for opportunities with his friends. The Jervois Green site is of an ideal size (about 26,700 sq ft) and is in a prime location, which offers exciting future redevelopment potential, he adds. Brookvale Park up for sale at $530 mil Brookvale Park, a 999-year leasehold condominium located within the Sunset Way estate off Clementi, was launched for collective sale on Dec 6 with a minimum price tag of $530 million. As at Dec 6, more than 80% of the owners have consented to the collective sale. According to JLL, the estimated development charge is $26 million. This translates into a land cost of about $932 psf ppr. The 373,008 sq ft site could be redeveloped into a project with 550 residential units with an average size of 1,100 sq ft, says JLL, who estimates the breakeven price to range between $1,480 and $1,500 psf. Under the 2014 Master Plan, the site is zoned Residential, with a gross plot ratio of 1.6. Nearby institutions include the Singapore University of Social Sciences (the former Singapore Institute of Management) and Ngee Ann Polytechnic. The tender closes on Jan 25, Heeton to sell The Woodgrove at $55.85 mil Heeton Holdings announced on Dec 5 that its subsidiary is selling The Woodgrove at $55.85 million to an unrelated Singapore-registered purchaser. This falls below the independent valuation of $56 million by Colliers International Consultancy and Valuation (Singapore) on Nov 30. The reasons given for the proposed disposal include the age of the property, which means it would have to be refurbished and upgraded to compete with larger retail developments in its vicinity. This would have resulted in additional capital expenditure for the group and loss of income, says Heeton. The commercial development located at the junction of Woodlands Avenue 1 and Woodgrove Drive is made up of a three-storey block that comprises shops, restaurants and a wet market. The property has a 99- year lease from June 26, 1996 and strata floor area of 5,144 sq m. Heeton estimates net gain on the proposed sale of the property to be about $22 million, which it intends to use to buy potential development property and/or hospitality assets. URA to launch tender for West Coast Vale Reserve List site The Urban Redevelopment Authority announced on Dec 4 that it will put up the residential site at West Coast Vale for sale by public tender. The land parcel was made available in September, under the 2H2017 Government Land Sales (GLS) Programme. According to URA, a developer committed to a bid at a price of not less than $ million in the tender for the land parcel. The price works out to $643.5 psf ppr, says Tricia Song, head of research at Colliers International. The 210,883 sq ft site has a 99-year tenure with a maximum permissible GFA of 590,481 sq ft. An estimated 730 dwelling units could be built there, says URA. Song expects a top bid of between $443 million and $472 million ($750 to $800 psf ppr), with a selling price of $1,300 to $1,375 psf. The site was triggered for sale despite the abundant new and upcoming supply in the area, says Song. This is probably due to brisk sales at the 752- unit Parc Riviera. The public tender for the site will be launched about two weeks from Dec 4, says URA. Singapore s offices high up on value chain, says JLL Singapore s premium office space is value-for-money, according to JLL s latest report on premium office rents across global rental locations. Among the 20 Asia-Pacific premium office locations tracked by JLL, Singapore, with rents of US$84 psf ($113 psf) a year, is ranked 14th in terms of rental cost psf. Premium office rents in Hong Kong s Central were found to be the most expensive worldwide at US$323 psf a year. This was followed by Midtown in New York at US$194 psf a year and London s West End at US$193 psf a year. Comparable buildings in New York s Midtown and London s West End were found to cost nearly 70% less than those in Central, Hong Kong. Meanwhile, the most affordable locations for premium office space worldwide were Kuala Lumpur (US$30 psf a year), Manila (US$35 psf a year) and Bangkok (US$35 psf a year). Asian cities in general were found to be home to the world s most expensive premium office space, with rents coming in at an average of US$111 psf a year, higher than the Americas (US$85), and Europe, the Middle East and Africa combined (US$78). Compiled by Timothy Tay and Angela Teo E

3 EDGEPROP DECEMBER 11, 2017 EP3 MARKET WATCH Price recovery at Sentosa Cove condos, but more could be put up for auction BY LIN ZHIQIN An auction by ERA on Dec 11 will see a 2,433 sq ft, four-bedroom unit at Turquoise put up for mortgagee sale at a guide price of $3.7 million ($1,521 psf), about 41% less than its $6.29 million ($2,586 psf) purchase price in October 2007, according to URA caveat data. If the property goes under the hammer at that price, it will join the 23 condominium units at Sentosa Cove that have been sold at losses totalling $30.6 million so far this year. Based on the matching of URA caveat data as at Dec 5 by EdgeProp, 58% of the transactions this year were unprofitable deals, with an average loss of $1.33 million (21%). This is a slight improvement over 2016, when 71% of the transactions (15 out of 21) resulted in losses, which averaged $1.35 million (23%). The spate of losses notwithstanding, prices have recovered at many of the Sentosa Cove condos. According to Alice Tan, director and head of consultancy and research at Knight Frank Singapore, overall prices for condos at Sentosa Cove recovered by 15.9% from 1Q2017 to 3Q2017, to an average of $1,593 psf. At the same time, transaction volume surged 180% to 31 units, compared with 11 in the first nine months of 2016 (see Chart 1). With the recent exuberance in the private residential market and the record land prices achieved in government land sales and collective sale markets, the average prices (on psf basis) of Sentosa Cove properties are looking increasingly attractive, says Tan. Coupled with the prestige, exclusivity and high quality of Sentosa Cove properties, homebuyers are returning to secure non-landed homes on the island. A 4,241 sq ft, four-bedroom duplex penthouse at Seascape was sold at JLL s auction in October 2016 for $6.35 million ($1,497 psf), 42% lower than its purchase price This comes after three years of subdued interest in Sentosa Cove properties, notes Tan, who adds that the volume of rental transactions also improved 23% y-o-y in 3Q2017. Sentosa Cove condos appeal to tenants who desire a unique waterfront lifestyle that is hard to find elsewhere, she says, attributing the increase in leasing activity to a mix of lifestyle appeal and the lower rents in recent quarters (see Chart 2). There was a modest rise in rents at some projects in 3Q2017, says Tan, which could be the beginning of a continuing revival into 2018 as overall market sentiment and economic growth are slated to improve. Meanwhile, purchasing demand appears to be driven by owner-occupiers who enjoy the serenity and waterfront living, as well as investors looking for capital appreciation, says Sharon Lee, director and head of auction at Knight Frank Singapore. There could be a ready supply of units to match that demand. While some owners could continue to hold in anticipation of further price upside, others could be pressured by interest rate hikes into selling, says Tan. She estimates that up to eight Sentosa Cove properties could be put up for auction per quarter in 1H2018. Out of the 29 Sentosa Cove properties put up for auction between 1Q2016 and 3Q2017, 14 were mortgagee sales, according to Knight Frank Research, as were two that ended up successfully auctioned. The first is a 2,088 sq ft, third-floor unit at Turquoise that was sold at an auction by Knight Frank in May It had an opening price of $2.86 million and fetched $2.92 million ($1,399 psf). The previous owner had reportedly paid $5.4 million for it. The other is a 4,241 sq ft, four-bedroom duplex penthouse at Seascape that was sold at JLL s auction in October It went for $6.35 million ($1,497 psf), which is 42% lower than the $11 million ($2,594 psf) paid by the previous owner in December 2011, according to URA caveat data. Chart 1 Chart 2 In January, a 4,069 sq ft unit at Seascape was put up for mortgagee sale at an opening price of $6.8 million but did not find a buyer. It was subsequently sold at $6.2 million ($1,524 psf) by private treaty in February. According to URA caveat data, the previous owner bought it from the developer at $12.8 million or $3,146 psf in June ERA s auction on Dec 11 will feature the mortgagee sale of a 2,433 sq ft, four-bedroom unit at Turquoise Overall prices for condos at Sentosa Cove rose 15.9% from 1Q2017 to 3Q2017 No of units No of units 10 Average price ($ psf) Q2015 Rental transaction volume improved 23% y-o-y in 3Q2017 No of leases 2Q2015 3Q2015 4Q2015 1Q2016 2Q2016 3Q2016 1Q2017 Average price ($ psf) Note: Based on caveats lodged of Marina Collection, The Azure, The Berth, The Oceanfront and Turquoise as at Dec 5 1Q2015 2Q2015 3Q2015 No of leases 4Q2015 1Q2016 Note: Based on the rental contracts of Marina Collection, The Azure, The Berth, The Oceanfront, and Turquoise as at Dec 5. Rental transactions of unit sizes that are more than 3,000 sq ft were excluded from the analysis. 2Q2016 3Q2016 4Q2016 4Q2016 1Q2017 2Q2017 2Q2017 3Q2017 Average price ($ psf pm) 4.00 Average rental ($ psf pm) Q2017 Given that most of the owners purchased their properties at fairly high prices of above $2,500 psf, they are likely to incur losses ranging from 30% to 40%, based on the trajectory of transacted prices in Sentosa Cove, says Lee. For those who are not able to keep up with loan repayments, [their properties] will likely be sold under mortgagee sale. E URA, KNIGHT FRANK RESEARCH REALIS, KNIGHT FRANK RESEARCH PICTURES: SAMUEL ISAAC CHUA/THE EDGE SINGAPORE

4 EP4 EDGEPROP DECEMBER 11, 2017 INDUSTRY WATCH Tender prices for Jiak Kim and Fourth Avenue sites set benchmark despite MAS warning BY LIN ZHIQIN Li says the bid for the Jiak Kim Street site translates into $1,580 psf ppr, including an additional 10% bonus GFA The close of the Jiak Kim Street and Fourth Avenue Government Land Sales (GLS) tenders on Dec 5 saw 10 and seven bids respectively, and land prices reaching a new high in both locations. This is despite the Monetary Authority of Singapore s (MAS) warning on a possible oversupply. In its Financial Stability Review released on Nov 30, MAS said the redevelopment of the recent en bloc sites and the supply from GLS sites could add another 20,000 new private housing units. This will more than double the number of unsold units currently in the pipeline within the next one to two years, it notes. There were more than 30,000 vacant private housing units in 3Q2017, says MAS. Despite a decline in the vacancy rate from the peak of 8.9% in 2Q2016, it remains elevated at 8.4% in 3Q2017 compared with 5.2% in 1Q2013 and the historical average of 6.5% over the past decade. With slower population growth and relatively high vacancy rates, there is considerable uncertainty as to whether the new supply coming on stream can be fully absorbed by the market, says MAS. Excluding commercial and white sites, the top bid of $955.4 million, or $1,733 psf per plot ratio (ppr), submitted by Frasers Centrepoint for the Jiak Kim Street site, is the highest land price on a psf basis for GLS sites sold, says Christine Li, director of research at Cushman & Wakefield. The second-highest bid for the site that was previously occupied by Zouk, submitted by Hong Leong, is only 0.57% lower, one of the lowest spreads in recent history, according to Li. The top bid is 39.9% higher than that paid for the Martin Place GLS site in June 2016, which GuocoLand is developing into Martin Modern. Li says the bid for the Jiak Kim Street site translates into $1,580 psf ppr, including an additional 10% bonus gross floor area (GFA). This means Frasers Centrepoint is pricing a slight increase of 6% to 7% into the sale price of the future development, based on the median sale price of $2,343 psf at Martin Modern in October. This is in line with the market expectation that prices of new homes will rise 5% to 10% next year, says Li. Tricia Song, head of research for Singapore at Colliers International, expects a break-even cost of $2,400 to $2,450 psf for the project, and an average price of $2,600 to $2,700 psf, which will be 10% higher than Martin Modern s median price in October. The bullish bids for the Jiak Kim Street site came on the back of its attractive attributes, the limited supply of sites in the area and brisk home sales in the vicinity, says Song, who notes that 186 of the 210 units launched at Martin Modern have been sold since it was launched in July. We believe the strong bids will heavily influence the demand and pricing of collective sale sites in the city, including the iconic Pearlbank Apartments in Outram, adds Song. The 1.35ha Jiak Kim Street site is located along the Singapore River and flanked by the Grand Copthorne Waterfront Hotel Singapore, Tri beca and Mirage Tower. It is zoned Residential with 1st storey Commercial and has a maximum GFA of 551,478 sq ft, including a 16,146 sq ft commercial component. According to URA, it can yield 525 units. Along with the Fourth Av enue site, the 99-year leasehold site was previously on the Reserve List of the GLS programme. They were launched for tender on Nov 2 and Oct 19 respectively. The tender results reflect developers preference for the Jiak Kim Street site as it drew a higher number of participants and a top bid that was 39% higher than its reserve price, says Tay Huey Ying, head of research and consultancy at JLL Singapore. In comparison, the top bid for the Fourth Avenue site was 23% higher than its reserve price. However, the top bid of $ million ($1,540 psf ppr) for the Fourth Avenue site is still bullish, according to Cushman & Wakefield s Li, as the new development will have to be sold at around $2,250 psf. Allgreen Properties won the tender for the site, following its acquisition of the freehold Crystal Tower at $1,840 psf ppr and Royalville at $1,960 psf ppr through collective sales last week. The 1.85ha resi- CHRISTINE LI Excluding commercial and white sites, Frasers Centrepoint s top bid of $955.4 million ($1,733 psf ppr) for the Jiak Kim Street site is the highest land price on a psf basis for GLS sites sold, says Cushman & Wakefield s Li Bids for the Jiak Kim Street site RANKING DEVELOPER TENDER PRICE ($) PRICE PSF PPR ($) 1 Frasers Centrepoint 955,407,818 1,733 2 Hong Leong Holdings and Hong Realty 950,000,000 1,723 3 UOL Group and United Industrial Corp 940,215,000 1,705 4 China Overseas Holdings and China Construction 926,999,000 1,681 5 Allgreen Properties Ltd 926,428,206 1,680 6 City Developments Ltd and Logan Property 888,888,888 1,612 7 OUE, Far East Consortium Properties and New World Development 885,000,000 1,605 8 Far East Organization 855,777,000 1,552 9 GuocoLand 835,439,720 1, Wheelock Properties 731,000,000 1,326 Bids for the Fourth Avenue site RANKING DEVELOPER TENDER PRICE ($) PRICE PSF PPR ($) 1 Allgreen Properties Ltd 552,956,000 1,540 2 Bukit Sembawang Estates Ltd 542,203,000 1,510 3 City Developments Ltd, Hong Leong Holdings Ltd and Hong Realty 531,417,680 1,480 4 Far East Consortium Properties 520,645,700 1,450 5 Wing Tai Holdings 508,999,000 1,418 6 Cheung Kong Property Holdings 485,144,800 1,351 7 Hoi Hup Realty and Sunway Developments 485,000,000 1,351 dential site is adjacent to the Sixth Avenue MRT station and about 300m away from Royalville. It has a maximum GFA of 359,063 sq ft and can accommodate around 455 units, according to URA. Although most projects in the locality are of freehold status, the location of the Fourth Avenue site is good enough to offset the leasehold status, says Li. It is also close to several reputable schools, such as Nanyang Primary School, Raffles Girls Primary School and Hwa Chong Junior College, she adds. E Allgreen Properties won the tender for the Fourth Avenue site at $ million ($1,540 psf ppr) TABLES: URA, JLL PICTURES: URA

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6 EP6 EDGEPROP DECEMBER 11, 2017 LUXURY The luxury homes in the prime Jervois and Bishopsgate neighbourhood PICTURES: SAMUEL ISAAC CHUA/THE EDGE SINGAPORE Christie s International Real Estate expands footprint in Asia with affiliates in Japan, Thailand BY CECILIA CHOW Last month, Christie s International Real Estate announced that it had expanded its presence in Asia-Pacific with the addition of two new affiliates in Japan and Thailand. This brings its network in Asia-Pacific to five countries, namely Australia, Hong Kong, Japan, Singapore and Thailand. It was only over the last four years that we have really expanded our presence in Asia, says Zackary Wright, Christie s International Real Estate executive director of Asia Pacific and Western North America. Priceless art and luxury real estate have a common denominator: high-net-worth clients, says Wright. Singapore Christie s International Real Estate brought Bishopsgate Residences on roadshows in Hong Kong and Kuala Lumpur Record sales November was a spectacular month for the storied Christie s auction house: Leonardo da Vinci s Salvator Mundi was sold for a record-breaking US$450.3 million ($607 million) at Christie s postwar and contemporary sale in New York on Nov 15 after 19 minutes of intense bidding by four bidders. At Christie s Hong Kong Fall Auction at end-november, HK$3.43 billion ($591.7 million) in sales were done under the hammer. A carat pink diamond, referred to by Christie s as The Picasso of the Pink Diamond world, went for US$31.86 million, or US$2.13 million per carat at Christie s Magnificent Jewels auction in Hong Kong on Nov 28. Several affiliates of Christie s International Real Estate from Asia, US and Europe flew to Hong Kong in the week leading up to the Fall Auction. We literally had thousands of people coming to the exhibition, recounts Wright. We had the Christie s International Real Estate booth exhibiting alongside Chinese contemporary art and the pink diamond. This is why Dave Loo, managing director of SQFT Global Properties and Singapore Christie s International Real Estate, tries to hold a property event in conjunction with Christie s auctions in Hong Kong. It certainly helps create awareness and gives us access to many more international buyers, he says. According to Wright, there is a lot of synergy between luxury real estate and luxury goods. Expanding Christie s International Real Estate s network in Asia is a natural move for the company as many of its buyers in the US, Europe and the Middle East are Asian. We re also interested in dealing with Asian buyers in other markets globally, particularly Chinese buyers, says Wright. Almost everywhere we are, they are our biggest buyers. Access to new markets Christie s International Real Estate wants to handle the luxury property business on a local and regional basis in Asia, where many of the projects are specific to Asian buyers, adds Wright. In Japan, Christie s International Real Estate affiliate Japan Capital Realty operates in Greater Tokyo and Kyoto. It will therefore tap the demand from both local and international high-net-worth individuals as well as institutions that seek to buy or sell luxury homes in Japan and abroad. Bangkok-based Richmont s Luxury Real Estate is said to have been a market leader in Thailand s high-end real estate for more than 15 years. The firm will be rebranded Richmont Christie s International Real Estate to reflect the affiliation. It definitely helps to have an affiliate in Japan, says SQFT Global s Loo. Japan is a closed market, and having someone who understands the language and culture will certainly help. Loo founded SQFT Global in It specialises in marketing overseas properties. Since then, the firm has established an extensive network across the region in China, Hong Kong, Indonesia, Malaysia, Thailand and Taiwan. Japan is a market that SQFT Global is yet to have a presence in. SQFT Global participated in an event in Japan recently, showcasing properties from Malaysia, the Philippines and Thailand. There was a lot of interest not just from individual Japanese Loo: Having the brand helps in penetrating the upper tier of the Singapore residential market investors but also Japanese developers, who are increasingly looking at developing property overseas, notes Loo. With an affiliate in Japan, we can introduce Japanese developers to those in overseas markets, he points out. Competition A competitor of Christie s in the art auction world is Sotheby s. However, Sotheby s International Realty has inked a 100-year franchise agreement with New York Stock Exchange-listed real estate services provider Realogy Holding Corp that took effect from Besides Sotheby s International Realty, Realogy holds the franchise for Better Homes and Gardens Real Estate, Century 21, Coldwell Banker and ERA as well. In March, Sotheby s International Realty rolled out an Asia-wide strategy through its affiliate, Japan s Yokohama-based List Co, a real estate developer, builder and brokerage services company. List Sotheby s International Realty s brokerage franchise started in Japan in 2009 and then expanded to Oahu, Hawaii. List Sotheby s International Realty acquired the franchise rights in Singapore in December 2015, followed by Thailand and Hong Kong. It also owns the franchise in the Philippines, where operations began last September. The Singapore office officially opened in March, while that in Hong Kong opened in September and the one in Thailand is slated to open by year-end. Christie s, on the other hand, is owned by billionaire François Pinault via his holding company Artémis, which in turn controls Kering (formerly known as PPR) and owns luxury brands such as Gucci, Saint Laurent and Balenciaga. Brand reputation Christie s auction house and our parent company are very sensitive about our brand, says Wright. We can t associate with anyone who may ruin the reputation of our network. So, we have to find local brokerages that are like-minded and have the same ideals of trust, market knowledge and willingness to uphold the Christie s brand. This year, Christie s International Real Estate also expanded its global reach to four other countries: the Czech Republic, Slovakia, Mexico and Peru. SQFT Global s Loo became the Singapore affiliate of Christie s International Real Estate in September Over the past four years, Singapore Christie s International Real Estate, together with SQFT Global, has showcased high-end properties such as Wheelock Properties Ardmore 3 and Scotts Square, Wing Tai Holdings Le Nouvel Ardmore, Kajima Overseas Asia s Bishopsgate Residences, City Developments Gramercy Park and KOP Properties Ritz-Carlton Residences in roadshows in Hong Kong. It has also showcased Bishopsgate Residences and United Industrial Corp s Mon Jervois in Kuala Lumpur. Singapore Christie s International Real Estate is also marketing luxury properties such as the $48 million Copper House in Sentosa Cove. Last year, it brokered the sale of a Good Class Bungalow on Dalvey Road for $25.5 million. Having the brand helps in penetrating the upper tier of the Singapore residential market, says Loo. E

7 EDGEPROP DECEMBER 11, 2017 EP7 ALTERNATIVE INVESTMENTS QIP offers fixed-income investment in UK student housing project BY CECILIA CHOW The continued uncertainty over the Brexit talks in the UK and the fluctuating pound sterling has clouded the investment horizon of investors, particularly private wealth, namely high-networth individuals and family offices, says Peter Young, CEO and co-founder of Singapore-based boutique real estate fund manager Q Investment Partners (QIP). In the middle of this year, QIP launched its maiden project under its develop-operate-sell model: a 284-bed, purpose-built student accommodation in Sheffield, the UK. Roadshows in Hong Kong and Singapore in June raised 9 million ($16 million) in equity for the development. The minimum entry level for investors was 350,000, with a four- to five-year investment horizon. Investors can expect a 16% annual non-compounding return, net of fees, according to Young. The fund has closed, and construction of the project, which is expected to take about two years, has begun. With the protracted uncertainty over the Brexit talks, some investors who had purchased residential properties five to 10 years ago may reap gains upon selling these assets. However, they are unable to realise their investment as the pound has weakened, and doing so will mean incurring a net loss upon currency conversion. Lounge area in a student housing development designed by GHA PICTURES: PAUL MILLER New option Recognising the predicament such investors are in, QIP is offering them an option to invest in a shorter-term, fixed-income product for its second student accommodation project in 1Q2018. While investors can still opt for the longer-term direct investment into the develop-operate-sell model, there is a second option for those with a shorter time horizon. According to Young, the entry level is also lower, from 150,000, and an annual coupon rate of about 8% will be paid in pounds. This second student housing project is located in Nottingham. It comprises 350 beds and has an estimated gross development value of 35 million. The fixed-income product is tailored for investors who are still holding on to the pound sterling and looking at a shorter investment time frame with stable returns, says Young. Glenn Howells Architects (GHA), famous for its design of the 27-storey Urbanest student housing tower at King s Cross and the student housing at Leamington Spa old town, is the appointed architect for the student accommodation project in Nottingham. Young: The fixed-income product is tailored for investors who are still holding on to the pound sterling and looking at a shorter investment time frame with stable returns Potential in build-to-rent market Besides purpose-built student accommodation, QIP sees potential in the build-to-rent sector. According to the British Property Federation s latest figures, there are 95,918 build-to-rent units either completed or planned across the UK, including 17,001 completed and 24,012 under construction, and a further 54,905 with planning permission. Of the 95,918 build-torent units, 54,978 (57%) are in London, and 40,940 outside of London. BPF is projecting that the build-to-rent market could drive property investment to 70 billion by 2022 and supply is projected to hit 240,000 units by According to QIP s Young, the firm will look at the build-to-rent market in London and focus on projects with gross development value of up to 50 million. It will also adopt the same develop-operate-sell model for its buildto-rent projects as that for its purpose-built student accommodation projects. Institutional investors are still investing in the UK real estate market as it s still perceived as an attractive asset class over the long term with the added benefit of the weaker pound, notes Young. High-net-worth investors behave differently. As long as visibility is unclear, they are less willing to make a longterm bet on the market. As a result, QIP had to change its fundraising strategy in its next project in response to the way these individual investors look at returns. With the Singapore property market, especially the residential sector, recovering, some of the high-net-worth investors have also started to relook at investing in the local market. I think it s starting to happen, says Young. The en bloc sales have excited everyone, and the Singapore market is looking more positive. However, that hasn t affected investor interest in the UK market. E ALBERT CHUA/THE EDGE SINGAPORE On-site restaurant at a student housing development designed by GHA Outdoor communal space at a sudent housing development designed by GHA

8 EP8 EDGEPROP DECEMBER 11, 2017 COVER STORY Turnaround for BUGIS CUBE An active management committee strived to fill the struggling six-storey strata-titled mall. Its success is perhaps a lesson for other strata-titled commercial complexes suffering from low footfall. BY CECILIA CHOW On a recent Friday at Bugis Cube, F&B outlets such as Jadeite Vegetarian Restaurant and Bistro, My Favourite Café Yong Tau Foo, The Ark Music Café and Xin Hao Ramen were bustling at lunchtime. In the evenings, HaveFun Family KTV Lounge on the sixth floor, and pubs such as Tipsy, De Luxy and the newly opened One Infinity on the fifth floor, come alive. Also within the six-storey mall are a bakery, sports therapy practice and two dance studios, Live 24 and Studio Wu. Incidentally, Studio Wu has turned one of its studios into a co-working space during the day. About 50% of the tenants at the mall are wellness centres such as beauty, hair and nail salons as well as massage centres and spas. Bugis Cube s occupancy rate is over 90% today, says Victor Ng, vice-chairman and secretary of the Management Corporation Strata Title (MCST) committee. It is a far cry from four years ago when Ng and his fellow strata unit owners first took possession of their units. The escalators were not working, and the lifts were still the original old ones, recounts Ng, a private investor and founder of private equity firm SAASH Capital, who owns several units at Bugis Cube. Like Ng, many of the strata unit owners could not find tenants in the first year. Many of the owners on the upper floors initially had asking rents of around $20 psf, but had to drop them to $5 to $7 psf per month in order to attract tenants. Even then, many of the units remained vacant for at least a year. The occupancy rate in the first two years was hovering at around 10%, says Ng. Today, the rental rates on the lower floors are around $15 to $20 psf per month, while those on the upper floors are in the $10 to $15 psf range. While rents have improved from four years ago, they are still very affordable, says Ng. Taking action It has taken four years of hard work by the management committee to turn the mall around. Leading the charge have been Ng and chairman of the management committee, Henry Happy Mok. Despite Bugis Cube being a strata-titled mall, the owners are very united, says Ng. We decided that filling the mall and increasing foot traffic was more important than rents in the initial years. This strategy worked for us and we are now one of the better, if not the best, performing strata-titled malls. In 2013 and 2014, Ng and the committee members organised pop-up shoe fairs on weekends. He also invited his friends who were yoga enthusiasts to conduct free yoga classes on weekends. Ng himself became a deejay and played music all day in order to draw people to the mall. But they knew an anchor tenant was needed to draw people in, says Ng. When the investors first bought units at Bugis Cube, they were given the impression that the mall would be anchored by an education centre on the sixth floor. In the neighbourhood are schools such as Boston Business School, City College Singapore, SAT Preparatory School and University of Nevada, Las Vegas Singapore, which cater to international students. Also in the vicinity are Nanyang Academy of Fine Arts, LaSalle College of the Arts, School of the Arts and Lee Kong Chian School of Business Singapore Management University. For much of 2013 and 2014, however, the sixth floor remained vacant. The owner of the entire unit on the sixth floor was Griffin Real Estate, which had purchased the North Bridge Commercial Complex for $46 million in It had then refurbished the building, renamed it Bugis Cube and subsequently, sub-divided the units for sale to about 90 individual investors including Ng. Griffin Real Estate was in turn managed by Gryphon Capital Management, whose shareholder is ERC Holdings. The founder and chief executive of ERC Holdings is Andy Ong, who was being sued along with two associates by Sakae Holdings. In April this year, Sakae won a major legal victory against the three when a judge found Ong to be in breach of his fiduciary duties to Sakae, and Griffin Real Estate was ordered to be liquidated. Anchor tenant, increasing footfalls The sixth level of Bugis Cube has been put into receivership. However, in early 2015, Flint Lu, a 37-year-old mainland Chinese businessman and Singapore permanent resident, signed a three-year lease after viewing the unit. He spent four to five months fitting out the space of about 20,000 sq ft and installing the latest light and sound systems, at a total cost of $2 million. His HaveFun Family KTV is the anchor tenant at Bugis Cube. According to Lu, he recov-

9 EDGEPROP DECEMBER 11, 2017 EP9 COVER STORY Restaurants on the first level of Bugis Cube. F&B currently makes up only 15% of the tenant mix. PICTURES: SAMUEL ISAAC CHUA/THE EDGE SINGAPORE The bigger of two VVIP rooms at HaveFun Family KTV, the anchor tenant at Bugis Cube The F&B outlets on the first level of Bugis Cube enjoy a good dinner crowd Lu: About 40% to 45% of our business is from new Chinese citizens and foreign students ered his investment within 1½ years. Even though he runs a full house, with three rounds per room, on weekends, he feels the weekday usage can be improved. This is because on weekdays, the crowd comes in only after 10pm, he says. The owner of Twinstar Logistics company in Singapore, Lu brought the Voice of China show to Singapore in Incidentally, he was also a contestant. Lu likes the location of Bugis Cube as the Bugis neighbourhood is popular with international students and new Chinese citizens to Singapore. About 40% to 45% of our business is from new Chinese citizens and foreign students, he says. Lu is now looking at renewing his lease and is hoping to get a better rental rate, he adds. The management committee is hoping that HaveFun Family KTV will renew its lease and remain the anchor tenant. The Ark Music Cafe and My Favourite Café Yong Tau Fu on the second level of Bugis Cube Collective sale as an exit strategy Ng feels that more F&B tenants are needed to increase footfall to Bugis Cube. F&B currently makes up about 15% of the tenant mix, and I think we should have more, he says. Having spruced up the main entrance and installed new lifts, the management committee is now in talks with Keppel DHCS (part of Keppel Infrastructure) to replace the entire air-conditioning system in the building. Bugis Cube has a gross floor area of 66,608 sq ft, with another 11,614 sq ft designated as the car park. At the prevailing rental rates, Ng reckons the property has a gross rental yield of about 3% to 5%. At an extraordinary general meeting on April 26, about 70% of the owners who attended agreed to a collective sale. Ng was designated as chairman of the collective sale committee. Cushman & Wakefield was appointed to help the committee in the collective sale process. At this stage, no reserve price has been set yet. The most recent transaction of a strata unit at Bugis Cube was for a 355 sq ft unit on the fourth floor that changed hands for $1 million ($2,815 psf), according to a caveat in October. The previous owner had paid $1.34 million ($3,759 psf) for the unit in July 2012 when units were first launched for sale. Prior to that, the last transaction was two years ago, when a 301 sq ft unit on the second level was sold for $1.03 million ($3,417 psf), according to a caveat lodged in August The unit last changed hands for $1.39 million ($4,598 psf) in September These transactions were not distressed sales, Ng emphasises. The owners were reallocating their portfolios. Bugis Cube s Ng: Despite Bugis Cube being a strata-titled mall, the owners are very united location in the heart of the Bugis precinct is still a main selling point as it is within walking distance of two MRT interchange stations, namely Bugis and City Hall with access to three MRT lines, namely East-West, Downtown and North-South. Well-located, 999- year leasehold commercial assets are hard to come by, Ng adds. While he hopes to ride the collective sale wave, The majority of collective sales this year are residential, Ng notes. If Bugis Cube is put on the market, he reckons it could attract property players in the hospitality, entertainment and lifestyle services business. The property is ideal as a niche hotel with new food and entertainment concepts. E

10 EP10 EDGEPROP DECEMBER 11, 2017 DONE DEALS Sales at Martin Modern, Queens Peak spike in reaction to sales of GLS sites BY TIMOTHY TAY Three units at the 99-year leasehold Martin Modern, in prime district 9, were sold between Nov 21 and 28. One of them was a 1,798 sq ft, four-bedroom unit on the 17th floor that was sold for $4.51 million ($2,510 psf), according to a caveat lodged on Nov 26. The two other units sold, 872 sq ft, two-bedders on the 11th and 17th floors, fetched $2.05 million ($2,354 psf) and $2.07 million ($2,375 psf), respectively. According to GuocoLand, 211 units in the 450-unit high-end condominium had been sold as at Dec 5, bringing the take-up rate to 47%. Buying interest in Martin Modern is likely to pick up further in light of the recent winning bid submitted for the Jiak Kim Street government land sale site tender that closed on Dec 5. The highest bid of $955.4 million ($1,733 psf per plot ratio (ppr)) from Frasers Centrepoint is 39.9% higher than the price GuocoLand paid for Martin Modern s site. Tricia Song, head of research for Singapore at Colliers International, expects an average selling price of $2,600 to $2,700 psf for the future development. This is around 10% higher than the median price of $2,343 psf for 47 units at Martin Modern that were sold in October. According to Christine Li, director of research at Cushman & Wakefield, this is in line with market expectations that new home prices will rise about 5% to 10% next year. After the launch of the Jiak Kim Street site in October, prices at Martin Modern rose from about $2,152 psf to $2,564 psf last month, notes Li. Even resale prices and transaction volume at Martin Place Residences had risen in October and November, when four units changed hands. These ranged from $1.43 million for a 592 sq ft, one-bedroom unit on the 31st floor to $3.6 million for a 1,722 sq ft, three-bedroom-plusstudy unit on the 20th floor. In terms of price psf, the range was from $2,059 to $2,415 psf. Queens Peak on Dundee Road saw 34 units sold in just one week, from Nov 21 to 28. Total sales for the month was 64 units at an average price of $1,685 psf, based on caveats lodged so far. This means the 736-unit project linked to the Queenstown MRT station is 76% sold. Prices of units sold in the last week of November ranged from $1.25 million for a 1,055 sq ft, three-bedroom unit to $2.47 million for a 1,507 sq ft, four-bedroom unit on the 43rd level. Price psf ranged from $1,548 to $1,833 psf. According to property consultants, the spike in transactions is also a reaction to GLS sites sold in the neighbourhood. For instance, the site at Stirling Road, which was purchased by the joint venture between Chinese developers Nanshan Group and Logan Property for $1 billion ($1,051 psf ppr). When the site was purchased in May, Nicholas Mak, executive director of ZACD Group, had estimated that the selling price would be above $1,780 psf. This is already above the average transacted price at Queens Peak in November. E Forty-seven per cent of the 450 units at Martin Modern have already been snapped up ALBERT CHUA/THE EDGE SINGAPORE LOCALITIES DISTRICTS Singapore by postal district City & Southwest 1 to 8 Orchard/Tanglin/Holland 9 and 10 Newton/Bukit Timah/Clementi 11 and 21 Balestier/MacPherson/Geylang 12 to 14 East Coast 15 and 16 Changi/Pasir Ris 17 and 18 Serangoon/Thomson 19 and 20 West 22 to 24 North 25 to 28 Residential transactions with contracts dated Nov 21 to 28 LAND AREA/ NETT UNIT FLOOR AREA TRANSACTED PRICE PRICE COMPLETION TYPE OF PROJECT PROPERTY TYPE TENURE SALE DATE (SQ FT) PRICE ($) ($) ($ PSF) DATE SALE District 1 V ON SHENTON Apartment 99 years 11/23/2017 1,528 3,800,000-2, New Sale District 2 ALTEZ Apartment 99 years 11/23/ ,260,000-2, Resale SKYSUITES@ANSON Apartment 99 years 11/22/ ,385,000-1, Resale SPOTTISWOODE 18 Apartment Freehold 11/28/ ,000-1, Resale WALLICH RESIDENCE AT TANJONG PAGAR CENTRE Apartment 99 years 11/22/ ,185,700-3, New Sale WALLICH RESIDENCE AT TANJONG PAGAR CENTRE Apartment 99 years 11/22/ ,832,000-4, New Sale WALLICH RESIDENCE AT TANJONG PAGAR CENTRE Apartment 99 years 11/23/ ,261,000-3, New Sale District 3 ARTRA Apartment 99 years 11/21/2017 1,044 1,929,100-1,848 Uncompleted New Sale ARTRA Apartment 99 years 11/22/2017 1,044 1,929,100-1,848 Uncompleted New Sale ARTRA Apartment 99 years 11/24/2017 1,044 1,937,300-1,855 Uncompleted New Sale ARTRA Apartment 99 years 11/26/2017 1,227 1,961,000-1,598 Uncompleted New Sale ARTRA Apartment 99 years 11/26/2017 1,227 1,977,300-1,611 Uncompleted New Sale ARTRA Apartment 99 years 11/26/2017 1,119 1,834,600-1,639 Uncompleted New Sale HIGHLINE RESIDENCES Condominium 99 years 11/21/2017 1,130 1,950,000-1,725 Uncompleted New Sale HIGHLINE RESIDENCES Condominium 99 years 11/21/2017 1,152 1,950,000-1,693 Uncompleted New Sale HIGHLINE RESIDENCES Condominium 99 years 11/21/2017 1,130 1,950,000-1,725 Uncompleted New Sale HIGHLINE RESIDENCES Condominium 99 years 11/26/2017 1,227 1,950,000-1,589 Uncompleted New Sale PRINCIPAL GARDEN Condominium 99 years 11/24/ ,406,000 1,401,000 1,833 Uncompleted New Sale PRINCIPAL GARDEN Condominium 99 years 11/25/ ,409,000-1,844 Uncompleted New Sale QUEENS Condominium 99 years 11/21/2017 1,410 1,650,000-1, Resale QUEENS PEAK Condominium 99 years 11/22/ ,602,870-1,712 Uncompleted New Sale QUEENS PEAK Condominium 99 years 11/22/ ,438,200-1,713 Uncompleted New Sale QUEENS PEAK Condominium 99 years 11/23/ ,548,360-1,798 Uncompleted New Sale QUEENS PEAK Condominium 99 years 11/23/ ,489,000-1,729 Uncompleted New Sale QUEENS PEAK Condominium 99 years 11/23/ ,517,760-1,808 Uncompleted New Sale QUEENS PEAK Condominium 99 years 11/23/2017 1,507 2,470,440-1,639 Uncompleted New Sale QUEENS PEAK Condominium 99 years 11/23/2017 1,001 1,704,420-1,703 Uncompleted New Sale QUEENS PEAK Condominium 99 years 11/23/ ,524,090-1,627 Uncompleted New Sale QUEENS PEAK Condominium 99 years 11/23/ ,431,060-1,704 Uncompleted New Sale QUEENS PEAK Condominium 99 years 11/24/ ,532,040-1,825 Uncompleted New Sale QUEENS PEAK Condominium 99 years 11/24/ ,301,000-1,679 Uncompleted New Sale QUEENS PEAK Condominium 99 years 11/24/2017 1,055 1,836,000-1,740 Uncompleted New Sale QUEENS PEAK Condominium 99 years 11/24/ ,480,000-1,562 Uncompleted New Sale QUEENS PEAK Condominium 99 years 11/24/ ,280,000-1,652 Uncompleted New Sale QUEENS PEAK Condominium 99 years 11/25/ ,440,240-1,694 Uncompleted New Sale QUEENS PEAK Condominium 99 years 11/25/ ,539,180-1,833 Uncompleted New Sale QUEENS PEAK Condominium 99 years 11/25/ ,393,000-1,726 Uncompleted New Sale LAND AREA/ NETT UNIT FLOOR AREA TRANSACTED PRICE PRICE COMPLETION TYPE OF PROJECT PROPERTY TYPE TENURE SALE DATE (SQ FT) PRICE ($) ($) ($ PSF) DATE SALE QUEENS PEAK Condominium 99 years 11/25/ ,536,000-1,640 Uncompleted New Sale QUEENS PEAK Condominium 99 years 11/25/ ,531,160-1,635 Uncompleted New Sale QUEENS PEAK Condominium 99 years 11/26/ ,323,000-1,707 Uncompleted New Sale QUEENS PEAK Condominium 99 years 11/26/ ,387,000-1,718 Uncompleted New Sale QUEENS PEAK Condominium 99 years 11/26/ ,399,000-1,733 Uncompleted New Sale QUEENS PEAK Condominium 99 years 11/26/ ,245,000-1,606 Uncompleted New Sale QUEENS PEAK Condominium 99 years 11/26/ ,264,000-1,631 Uncompleted New Sale QUEENS PEAK Condominium 99 years 11/26/2017 1,001 1,725,840-1,724 Uncompleted New Sale QUEENS PEAK Condominium 99 years 11/26/ ,433,100-1,664 Uncompleted New Sale QUEENS PEAK Condominium 99 years 11/26/ ,452,480-1,730 Uncompleted New Sale QUEENS PEAK Condominium 99 years 11/26/ ,266,000-1,568 Uncompleted New Sale QUEENS PEAK Condominium 99 years 11/26/ ,309,000-1,621 Uncompleted New Sale QUEENS PEAK Condominium 99 years 11/26/ ,466,760-1,548 Uncompleted New Sale QUEENS PEAK Condominium 99 years 11/26/ ,445,340-1,526 Uncompleted New Sale QUEENS PEAK Condominium 99 years 11/26/2017 1,055 1,850,280-1,754 Uncompleted New Sale THE METROPOLITAN CONDOMINIUM Condominium 99 years 11/24/2017 1,367 1,890,000-1, Resale District 4 CARIBBEAN AT KEPPEL BAY Condominium 99 years 11/22/ ,380,000-1, Resale CORALS AT KEPPEL BAY Condominium 99 years 11/21/2017 1,572 3,388,000-2, Resale HARBOUR VIEW TOWERS Condominium 99 years 11/23/2017 1,249 1,330,000-1, Resale HARBOUR VIEW TOWERS Condominium 99 years 11/24/ ,000-1, Resale REFLECTIONS AT KEPPEL BAY Condominium 99 years 11/24/2017 1,507 2,439,720-1, Resale THE BERTH BY THE COVE Condominium 99 years 11/22/2017 1,604 2,100,000-1, Resale THE INTERLACE Condominium 99 years 11/22/2017 1,905 2,100,000-1, Resale District 5 BLUE HORIZON Condominium 99 years 11/22/2017 1,163 1,208,000-1, Resale MONTEREY PARK CONDOMINIUM Condominium 999 years 11/21/2017 1,141 1,200,000-1, Resale ONE-NORTH RESIDENCES Apartment 99 years 11/23/ ,000-1, Resale PARC RIVIERA Condominium 99 years 11/25/ ,273,000-1,285 Uncompleted New Sale PASIR VIEW PARK Condominium Freehold 11/28/2017 1,464 1,565,000-1, Resale REGENT PARK Condominium 99 years 11/28/ , Resale THE CLEMENT CANOPY Apartment 99 years 11/22/2017 1,109 1,558,000-1,405 Uncompleted New Sale THE CLEMENTVALE Terrace 99 years 11/21/2017 3,875 1,880, Resale THE GRANDHILL Condominium Freehold 11/21/2017 1,410 1,600,000-1, Resale THE PARC CONDOMINIUM Condominium Freehold 11/23/2017 1,216 1,600,000-1, Resale THE PARC CONDOMINIUM Condominium Freehold 11/28/ ,272,888-1, Resale THE TRILINQ Condominium 99 years 11/21/2017 1,109 1,368,000-1, New Sale THE TRILINQ Condominium 99 years 11/21/2017 1,345 1,656,000-1, New Sale THE TRILINQ Condominium 99 years 11/21/ ,000-1, New Sale THE TRILINQ Condominium 99 years 11/22/2017 1,335 1,398,000-1, New Sale VILLA DE WEST Condominium Freehold 11/21/ ,055,000-1, Resale WEST COAST GARDENS Terrace 956 years 11/23/2017 2,874 2,800, Resale District 8 CAVAN SUITES Apartment Freehold 11/21/ ,000-1, Resale PARK Condominium Freehold 11/24/2017 1,163 1,628,000-1, Resale FORTE SUITES Apartment Freehold 11/25/ ,232,100-1, New Sale District 9 2 RVG Apartment Freehold 11/21/ ,200,000-1, Resale DUBLIN LODGE Terrace Freehold 11/22/2017 2,562 4,650,000-1, Resale MARTIN MODERN Condominium 99 years 11/21/ ,052,330-2,354 Uncompleted New Sale MARTIN MODERN Condominium 99 years 11/25/ ,070,600-2,375 Uncompleted New Sale MARTIN MODERN Condominium 99 years 11/26/2017 1,798 4,511,282-2,510 Uncompleted New Sale MARTIN PLACE RESIDENCES Condominium Freehold 11/27/2017 1,044 2,180,000-2, Resale NOMU Apartment Freehold 11/24/2017 1,389 2,850,000-2, Resale KILLINEY Apartment Freehold 11/21/2017 1,625 2,880,000-1, Resale RIVERIA GARDENS Apartment Freehold 11/23/ ,780,000-1, Resale SCOTTS HIGHPARK Condominium Freehold 11/27/2017 3,466 5,775,000-1, Resale SCOTTS SQUARE Apartment Freehold 11/23/ ,000,000-3, Resale SCOTTS SQUARE Apartment Freehold 11/24/ ,113,700-3, Resale SOPHIA HILLS Condominium 99 years 11/23/ ,187,000-2,233 Uncompleted New Sale SOPHIA HILLS Condominium 99 years 11/26/ ,357,000-1,940 Uncompleted New Sale SOPHIA HILLS Condominium 99 years 11/26/ ,183,000-2,074 Uncompleted New Sale SUITES AT ORCHARD Apartment 99 years 11/21/ ,250,000-2, Resale THE CAIRNHILL Condominium Freehold 11/24/2017 1,722 3,450,000-2, Resale THE CAIRNHILL Condominium Freehold 11/28/2017 2,024 4,050,000-2, Resale THE TRILLIUM Condominium Freehold 11/21/2017 1,399 2,900,000-2, Resale TIARA Condominium Freehold 11/24/2017 1,561 2,650,000-1, Resale District 10 ARDMORE PARK Condominium Freehold 11/23/2017 2,885 8,600,000-2, Resale CORONATION GROVE Condominium 999 years 11/21/2017 1,249 1,750,000-1, Resale DUCHESS CREST Condominium 99 years 11/21/2017 1,496 1,790,000-1, Resale DUCHESS CREST Condominium 99 years 11/21/ ,150,000-1, Resale GALLOP GABLES Condominium Freehold 11/23/2017 2,131 3,400,000-1, Resale GLENTREES Condominium 999 years 11/22/2017 2,594 3,500,000-1, Resale GRANGE RESIDENCES Condominium Freehold 11/21/2017 2,669 6,800,000-2, Resale LEEDON RESIDENCE Condominium Freehold 11/24/2017 6,125 12,000,000-1, Resale CORONATION ROAD WEST Semi-Detached Freehold 11/21/2017 4,736 8,000,000-1,690 Unknown Resale CLUNY HILL Detached Freehold 11/23/ ,102 35,500,000-2, Resale

11 EDGEPROP DECEMBER 11, 2017 EP11 DONE DEALS Residential transactions with contracts dated Nov 21 to 28 LAND AREA/ NETT UNIT FLOOR AREA TRANSACTED PRICE PRICE COMPLETION TYPE OF PROJECT PROPERTY TYPE TENURE SALE DATE (SQ FT) PRICE ($) ($) ($ PSF) DATE SALE PRINCESS OF WALES PARK Semi-Detached Freehold 11/21/2017 3,961 6,800,000-1, Resale SHAMROCK PARK Terrace Freehold 11/21/2017 2,486 4,850,000-1,950 Unknown Resale SOMMERVILLE PARK Condominium Freehold 11/23/2017 1,948 3,088,000-1, Resale TANGLIN REGENCY Condominium 99 years 11/23/ ,080,000-1, Resale THE ASANA Apartment Freehold 11/25/ ,709,316-2,692 Uncompleted New Sale THE LEGEND Condominium Freehold 11/22/2017 1,496 1,950,000-1, Resale THE LEGEND Condominium Freehold 11/27/2017 2,228 3,200,000-1, Resale THE TRESOR Condominium 999 years 11/28/2017 2,616 3,980,000-1, Resale THE TRIZON Condominium Freehold 11/24/2017 2,443 3,033,888-1, Resale THREE BALMORAL Apartment Freehold 11/23/2017 1,528 3,337,400-2, Resale WATERFALL GARDENS Condominium Freehold 11/27/2017 1,830 2,825,000-1, Resale District NEWTON Apartment Freehold 11/28/ ,092,024-2, Resale 6 DERBYSHIRE Condominium Freehold 11/24/ ,292,750-2, Resale 6 DERBYSHIRE Condominium Freehold 11/27/ ,972,904-2, Resale 6 DERBYSHIRE Condominium Freehold 11/27/ ,986,705-2, Resale 6 DERBYSHIRE Condominium Freehold 11/27/ ,014,196-2, Resale 6 DERBYSHIRE Condominium Freehold 11/27/ ,055,488-2, Resale JALAN PANDAN Semi-Detached Freehold 11/21/2017 4,672 6,650,000-1, Resale NINETEEN SHELFORD ROAD Condominium Freehold 11/23/ ,408,000-1, Resale PARK INFINIA AT WEE NAM Condominium Freehold 11/24/2017 1,690 3,211,000-1, Resale SKY@ELEVEN Condominium Freehold 11/22/2017 2,713 4,300,000-1, Resale SINARAN Condominium 99 years 11/28/ ,035,000-1, Resale THE GLYNDEBOURNE Condominium Freehold 11/28/2017 1,959 4,150,000-2, Resale THE GREENWOOD Terrace Freehold 11/22/2017 1,744 3,900,000-2, Resale THE GREENWOOD Terrace Freehold 11/27/2017 2,164 4,728,000-2, Resale ZEDGE Apartment Freehold 11/22/ ,000-1, Resale District 12 CHELSEA GROVE Apartment Freehold 11/24/2017 3,444 2,050, Resale GEM RESIDENCES Condominium 99 years 11/21/ ,414,710-1,494 Uncompleted New Sale GEM RESIDENCES Condominium 99 years 11/22/ ,359,000-1,387 Uncompleted New Sale GEM RESIDENCES Condominium 99 years 11/24/ ,501,000-1,532 Uncompleted New Sale PINNACLE 16 Apartment Freehold 11/27/ ,000-1, Resale PRESTIGE HEIGHTS Apartment Freehold 11/23/ ,000-1, Resale RIVIERA 38 Apartment 999 years 11/22/ ,060,000-1, Resale District 13 BARTLEY RIDGE Condominium 99 years 11/27/ ,128,000-1, Resale WOODLEIGH Condominium Freehold 11/24/2017 1,722 1,890,000-1, Resale E MAISON Apartment Freehold 11/24/2017 1,152 1,518,336-1, Resale MACPHERSON GARDEN ESTATE Terrace Freehold 11/23/ ,600,000-1,806 Unknown Resale MACPHERSON GARDEN ESTATE Terrace Freehold 11/27/2017 1,636 2,190,000-1,339 Unknown Resale SOMMERVILLE ROAD Semi-Detached Freehold 11/27/2017 5,167 5,450,000-1, Resale NIN RESIDENCE Apartment 99 years 11/21/2017 1,281 1,560,000-1, Resale NIN RESIDENCE Apartment 99 years 11/21/ ,800-1, Resale PARC ASTON Apartment Freehold 11/23/2017 1,163 1,350,000-1, Resale District 14 ATRIUM RESIDENCES Apartment Freehold 11/21/2017 2,303 1,500, Resale CENTRA RESIDENCE Apartment Freehold 11/21/ ,000-1, Resale DAKOTA RESIDENCES Condominium 99 years 11/22/2017 1,830 2,650,000-1, Resale EXCELLENCE MANSIONS Apartment Freehold 11/22/2017 1,238 1,300,000-1, Resale GUILIN COURT Apartment Freehold 11/21/2017 1, , Resale GUILLEMARD EDGE Apartment Freehold 11/23/ , Resale MELOSA Apartment Freehold 11/24/ ,000-1, Resale MORO MANSIONS Apartment Freehold 11/22/2017 1,195 1,200,000-1, Resale REZI 35 Apartment Freehold 11/24/ ,000-1,609 Uncompleted New Sale SIMS MEADOWS Apartment Freehold 11/22/2017 1,862 1,365, Resale SIMS URBAN OASIS Condominium 99 years 11/25/ ,491,300-1, New Sale SIMS URBAN OASIS Condominium 99 years 11/26/2017 1,023 1,446,200-1, New Sale THE SUNNY SPRING Apartment Freehold 11/24/2017 1,109 1,168,000-1, Resale THE TRUMPS Condominium 99 years 11/27/2017 1,292 1,300,000-1, Resale TRE RESIDENCES Condominium 99 years 11/22/ ,206,000-1,401 Uncompleted New Sale EAST Condominium Freehold 11/27/2017 1,259 1,430,000-1, Resale WATERBANK AT DAKOTA Condominium 99 years 11/24/ ,120,000-1, Resale WING FONG COURT Apartment Freehold 11/22/2017 1, , Resale YONG SENG ESTATE Terrace Freehold 11/21/2017 1,894 2,500,000-1,323 Unknown Resale YONG SENG ESTATE Terrace Freehold 11/27/2017 2,809 2,503, Unknown Resale District 15 AMBER RESIDENCES Condominium Freehold 11/24/2017 1,249 1,970,000-1, Resale BLU CORAL Condominium Freehold 11/24/2017 2,002 1,620, Resale COSTA RHU Condominium 99 years 11/27/2017 1,561 1,220, Resale ESPIRA SPRING Apartment Freehold 11/24/2017 1,539 1,450, Resale FRANKEL ESTATE Semi-Detached Freehold 11/21/2017 2,153 3,330,000-1, Resale FULCRUM Condominium Freehold 11/24/2017 1,345 2,652,566-1, Resale MANDARIN GARDENS Condominium 99 years 11/23/ ,888-1, Resale MARINE BLUE Condominium Freehold 11/23/ ,434,030-1, Resale MAYFAIR RESIDENCES Apartment Freehold 11/24/2017 1,227 1,820,000-1, New Sale DUKU ROAD Terrace Freehold 11/21/2017 1,615 2,700,000-1, Resale EVERITT ROAD Terrace Freehold 11/28/2017 1,701 2,600,000-1, Resale OPERA ESTATE Terrace Freehold 11/27/2017 1,389 1,750,000-1,256 Unknown Resale PEBBLE BAY Condominium 99 years 11/24/2017 1,367 1,750,000-1, Resale SEASIDE RESIDENCES Apartment 99 years 11/22/ ,223,000-1,803 Uncompleted New Sale SEASIDE RESIDENCES Apartment 99 years 11/22/ ,052,000-1,777 Uncompleted New Sale THE LUCENT Apartment Freehold 11/21/2017 1,561 1,850,000-1, Resale THE LUCENT Apartment Freehold 11/24/2017 1,001 1,245,000-1, Resale THE WATERSIDE Condominium Freehold 11/21/2017 2,400 4,150,000-1, Resale District 16 AQUARIUS BY THE PARK Condominium 99 years 11/27/ , Resale BAYSHORE PARK Condominium 99 years 11/24/2017 1,292 1,210, Resale BEDOK RESIDENCES Apartment 99 years 11/22/2017 2,680 2,930,000-1, Resale BEDOK RESIDENCES Apartment 99 years 11/27/ ,350,000-1, Resale CHANGI GREEN Condominium Freehold 11/23/2017 1, , Resale EAST MEADOWS Condominium 99 years 11/22/2017 1,485 1,300, Resale EASTWOOD PARK Terrace 99 years 11/21/2017 1,938 2,150,000-1, Resale GRANDEUR PARK RESIDENCES Condominium 99 years 11/24/ ,215,000-1,377 Uncompleted New Sale GRANDEUR PARK RESIDENCES Condominium 99 years 11/26/ ,098,000-1,645 Uncompleted New Sale JALAN DEMAK Semi-Detached 99 years 11/24/2017 2,379 2,000, Resale JALAN HAJI SALAM Terrace Freehold 11/24/2017 1,679 2,250,000-1, Resale STRATFORD COURT Condominium 99 years 11/23/ , Resale THE CLEARWATER Condominium 99 years 11/21/2017 1,206 1,000, Resale WATERFRONT ISLE Condominium 99 years 11/24/2017 1,270 1,418,000-1, Resale District 17 CARISSA PARK CONDOMINIUM Condominium Freehold 11/22/ , Resale FERRARIA PARK CONDOMINIUM Condominium Freehold 11/28/2017 1,485 1,188, Resale PARC OLYMPIA Condominium 99 years 11/21/2017 1, , Resale PARC OLYMPIA Condominium 99 years 11/23/2017 1,163 1,062, Resale THE INFLORA Condominium 99 years 11/28/ ,000-1, Resale District 18 D NEST Condominium 99 years 11/23/ ,000-1, Sub Sale EASTPOINT GREEN Condominium 99 years 11/23/2017 1, , Resale LIVIA Condominium 99 years 11/23/ , Resale MELVILLE PARK Condominium 99 years 11/21/ , Resale MELVILLE PARK Condominium 99 years 11/27/2017 1, , Resale ELIAS Condominium 99 years 11/22/2017 1, , Resale RIPPLE BAY Condominium 99 years 11/21/2017 1,313 1,238, Resale RIS GRANDEUR Condominium Freehold 11/21/2017 1,292 1,080, Resale THE ALPS RESIDENCES Condominium 99 years 11/21/2017 1,087 1,166,000-1,073 Uncompleted New Sale THE ALPS RESIDENCES Condominium 99 years 11/23/ ,068,000-1,140 Uncompleted New Sale THE ALPS RESIDENCES Condominium 99 years 11/23/2017 1,066 1,129,000-1,059 Uncompleted New Sale THE ALPS RESIDENCES Condominium 99 years 11/23/ ,078,000-1,151 Uncompleted New Sale THE ALPS RESIDENCES Condominium 99 years 11/23/ ,000-1,048 Uncompleted New Sale THE ALPS RESIDENCES Condominium 99 years 11/25/ ,041,000-1,112 Uncompleted New Sale THE ALPS RESIDENCES Condominium 99 years 11/26/2017 1,066 1,186,000-1,113 Uncompleted New Sale THE ESPARIS EC 99 years 11/21/2017 1, , Resale District 19 BARTLEY RESIDENCES Apartment 99 years 11/24/ ,000-1, Resale CASA CAMBIO Condominium Freehold 11/27/2017 1,270 1,400,000-1, Resale CASA ESPANIA Apartment Freehold 11/24/2017 1,658 1,450, Resale LAND AREA/ NETT UNIT FLOOR AREA TRANSACTED PRICE PRICE COMPLETION TYPE OF PROJECT PROPERTY TYPE TENURE SALE DATE (SQ FT) PRICE ($) ($) ($ PSF) DATE SALE EVERGREEN PARK Apartment 99 years 11/23/2017 1, , Resale FLO RESIDENCE Condominium 99 years 11/21/ , Resale FOREST WOODS Condominium 99 years 11/26/2017 1,066 1,454,000-1,364 Uncompleted New Sale KENSINGTON SQUARE Apartment Freehold 11/24/ ,000-1, Resale KOVAN MELODY Condominium 99 years 11/24/ ,888-1, Resale KOVAN REGENCY Condominium 99 years 11/21/2017 1,055 1,400,000-1, Resale KOVAN RESIDENCES Condominium 99 years 11/27/2017 1,270 1,370,000-1, Resale KOVAN RESIDENCES Condominium 99 years 11/28/ ,180,000-1, Resale LUSHAN GARDEN Semi-Detached Freehold 11/27/2017 5,414 5,528,000-1, Resale VEERAGOO CLOSE Semi-Detached Freehold 11/22/2017 4,026 3,750, Unknown Resale PARC VERA Condominium 99 years 11/27/ , Resale REGENTVILLE Apartment 99 years 11/28/2017 1, , Resale RIVER ISLES Condominium 99 years 11/23/ , Resale SERANGOON GARDEN ESTATE Semi-Detached 999 years 11/27/2017 2,260 2,933,000-1, Resale STARS OF KOVAN Apartment 99 years 11/21/ ,099,940-1,481 Uncompleted New Sale STARS OF KOVAN Apartment 99 years 11/23/ ,527,000-1,576 Uncompleted New Sale SUNGLADE Condominium 99 years 11/22/2017 1,238 1,325,000-1, Resale TAI HWAN PARK Terrace Freehold 11/23/2017 1,690 2,700,000-1, Resale TANGERINE GROVE Condominium Freehold 11/23/2017 1,378 1,520,000-1, Resale TERRASSE Condominium 99 years 11/22/ ,600-1, Resale THE FLORIDA EC 99 years 11/23/2017 1, , Resale THE LUXURIE Condominium 99 years 11/23/ ,000-1, Resale THE LUXURIE Condominium 99 years 11/24/ ,000-1, Resale THE MINTON Condominium 99 years 11/22/ ,000-1, Resale THE VALES EC 99 years 11/22/ , New Sale WATERTOWN Apartment 99 years 11/22/2017 1,119 1,515,000-1, Sub Sale District 20 GRANDEUR 8 Condominium 99 years 11/27/2017 1,227 1,320,000-1, Resale PEIRCE VIEW Condominium Freehold 11/21/2017 1,281 1,285,000-1, Resale SKY HABITAT Condominium 99 years 11/23/2017 1,798 2,398,500-1, Resale SKY HABITAT Condominium 99 years 11/23/2017 1,163 1,653,300-1, Resale SKY HABITAT Condominium 99 years 11/23/2017 1,518 2,129,600-1, Resale SKY HABITAT Condominium 99 years 11/23/2017 1,518 2,177,800-1, Resale SKY HABITAT Condominium 99 years 11/23/2017 1,464 2,236,500-1, Resale SKY HABITAT Condominium 99 years 11/23/2017 1,206 1,966,300-1, Resale SKY HABITAT Condominium 99 years 11/23/2017 1,819 2,846,900-1, Resale SKY HABITAT Condominium 99 years 11/23/2017 1,281 1,890,900-1, Resale SKY HABITAT Condominium 99 years 11/24/2017 1,378 1,739,100-1, Resale SKY HABITAT Condominium 99 years 11/27/2017 1,399 1,940,900-1, Resale SKY HABITAT Condominium 99 years 11/27/2017 1,830 2,727,900-1, Resale THOMSON GARDEN ESTATE Terrace Freehold 11/24/2017 1,701 2,160,000-1,271 Unknown Resale THOMSON GARDEN ESTATE Terrace Freehold 11/27/ ,500,000-1,695 Unknown Resale THOMSON IMPRESSIONS Apartment 99 years 11/22/2017 1,055 1,557,808-1,477 Uncompleted New Sale District 21 CLEMENTI PARK Detached Freehold 11/27/2017 7,750 8,680,000-1,120 Unknown Resale CLEMENTI PARK Detached Freehold 11/27/2017 6,028 8,650,000-1,436 Unknown Resale ENG KONG PARK Terrace Freehold 11/24/2017 3,218 3,700,000-1,150 Unknown Resale FLORIDIAN Condominium Freehold 11/22/2017 1,658 2,770,000-1, Resale FLORIDIAN Condominium Freehold 11/28/2017 1,658 2,850,000-1, Resale FLORIDIAN Condominium Freehold 11/28/2017 1,658 2,600,000-1, Resale FREESIA WOODS Condominium Freehold 11/27/2017 1,421 1,755,000-1, Resale GARDENVISTA Condominium 99 years 11/21/2017 1,345 1,668,000-1, Resale HILLVIEW GREEN Condominium 999 years 11/27/2017 1,324 1,360,000-1, Resale LE WOOD Condominium 99 years 11/27/2017 1, , Resale MAPLE WOODS Condominium Freehold 11/24/2017 1,335 2,100,000-1, Resale SUNSET PLACE Detached Freehold 11/24/2017 7,524 8,800,000-1,169 Unknown Resale SIGNATURE PARK Condominium Freehold 11/27/2017 1,023 1,100,000-1, Resale THE BEVERLY Apartment Freehold 11/27/2017 1,862 2,380,000-1, Resale THE CASCADIA Condominium Freehold 11/23/2017 1,496 2,350,000-1, Resale District 22 LAKE GRANDE Condominium 99 years 11/22/2017 1,152 1,600,000-1,389 Uncompleted New Sale LAKE GRANDE Condominium 99 years 11/22/2017 1,152 1,595,000-1,385 Uncompleted New Sale THE FLORAVALE EC 99 years 11/27/2017 1, , Resale District 23 ECO SANCTUARY Condominium 99 years 11/24/ ,000-1, Resale HILLION RESIDENCES Apartment 99 years 11/23/ ,150,000-1, New Sale INZ RESIDENCE EC 99 years 11/23/2017 1, , Uncompleted New Sale INZ RESIDENCE EC 99 years 11/23/ , Uncompleted New Sale INZ RESIDENCE EC 99 years 11/24/2017 1, , Uncompleted New Sale INZ RESIDENCE EC 99 years 11/26/2017 1, , Uncompleted New Sale INZ RESIDENCE EC 99 years 11/26/2017 1, , Uncompleted New Sale INZ RESIDENCE EC 99 years 11/26/2017 1, , Uncompleted New Sale MAYSPRINGS Apartment 99 years 11/22/2017 1, , Resale MI CASA Condominium 99 years 11/24/ , Resale NORTHVALE Apartment 99 years 11/21/2017 1, , Resale NORTHVALE Apartment 99 years 11/23/2017 1,615 1,175, Resale PAVILION PARK Terrace Freehold 11/22/2017 2,336 2,900,000-1, Resale SOL ACRES EC 99 years 11/21/ , Uncompleted New Sale SOL ACRES EC 99 years 11/21/ , Uncompleted New Sale THE HILLIER Apartment 99 years 11/23/ ,000-1, Resale TREE HOUSE Condominium 99 years 11/28/2017 1,249 1,270,000-1, Resale District 25 NORTHWAVE EC 99 years 11/22/2017 1, , Uncompleted New Sale NORTHWAVE EC 99 years 11/23/ , Uncompleted New Sale NORTHWAVE EC 99 years 11/24/2017 1, , Uncompleted New Sale WOODHAVEN Condominium 99 years 11/27/ ,000-1, Resale WOODSVALE EC 99 years 11/24/2017 1, , Resale WOODSVALE EC 99 years 11/28/2017 1, , Resale District 26 PEIRCE Condominium Freehold 11/22/2017 1,496 1,700,000-1, Resale THE COUNTRYSIDE Terrace Freehold 11/22/2017 1,948 2,308,800-1, Resale THE COUNTRYSIDE Semi-Detached Freehold 11/24/2017 3,423 3,500,000-1, Resale District 27 EIGHT COURTYARDS Condominium 99 years 11/24/ , Resale NORTH PARK RESIDENCES Apartment 99 years 11/21/2017 1,098 1,465,560-1,335 Uncompleted New Sale NORTH PARK RESIDENCES Apartment 99 years 11/21/ ,060,320-1,368 Uncompleted New Sale NORTH PARK RESIDENCES Apartment 99 years 11/25/ ,121,420-1,447 Uncompleted New Sale NORTH PARK RESIDENCES Apartment 99 years 11/25/2017 1,432 1,869,440-1,306 Uncompleted New Sale NORTH PARK RESIDENCES Apartment 99 years 11/25/2017 1,432 1,853,800-1,295 Uncompleted New Sale PARC LIFE EC 99 years 11/22/2017 1, , Uncompleted New Sale PARC LIFE EC 99 years 11/22/2017 1, , Uncompleted New Sale PARC LIFE EC 99 years 11/23/2017 1, , Uncompleted New Sale PARC LIFE EC 99 years 11/24/2017 1,281 1,030, Uncompleted New Sale PARC LIFE EC 99 years 11/24/2017 1, , Uncompleted New Sale PARC LIFE EC 99 years 11/25/2017 1, , Uncompleted New Sale PARC LIFE EC 99 years 11/25/2017 1, , Uncompleted New Sale SIGNATURE AT YISHUN EC 99 years 11/23/2017 1, , New Sale THE CRITERION EC 99 years 11/25/2017 1, , Uncompleted New Sale THE CRITERION EC 99 years 11/25/ , Uncompleted New Sale THE VISIONAIRE EC 99 years 11/22/2017 1,453 1,135, Uncompleted New Sale THE VISIONAIRE EC 99 years 11/22/2017 1, , Uncompleted New Sale THE VISIONAIRE EC 99 years 11/25/ , Uncompleted New Sale District 28 BELGRAVIA VILLAS Terrace Freehold 11/21/2017 3,584 2,904, Uncompleted New Sale HOCK SWEE HILL Semi-Detached Freehold 11/28/2017 3,423 3,000, Resale PARC BOTANNIA Condominium 99 years 11/21/ ,000-1,257 Uncompleted New Sale PARC BOTANNIA Condominium 99 years 11/21/ ,000-1,220 Uncompleted New Sale PARC BOTANNIA Condominium 99 years 11/22/ ,267,000-1,293 Uncompleted New Sale PARC BOTANNIA Condominium 99 years 11/23/ ,000-1,347 Uncompleted New Sale PARC BOTANNIA Condominium 99 years 11/23/ ,000-1,377 Uncompleted New Sale STRATTON GREEN Terrace Freehold 11/24/2017 1,938 2,550,000-1, Resale THE GREENWICH Condominium 99 years 11/24/ , Resale VILLA BEGONIA Semi-Detached 99 years 11/23/2017 2,293 1,850, Resale DISCLAIMER: Source: URA Realis. Updated Dec 5, The Edge Publishing Pte Ltd shall not be responsible for any loss or liability arising directly or indirectly from the use of, or reliance on, the information provided therein. EC stands for executive condominium

12 EP12 EDGEPROP DECEMBER 11, 2017 GAINS AND LOSSES Unit at Scotts Highpark sold at $1.16 mil loss BY LIN ZHIQIN A 3,466 sq ft, four-bedroom unit on the fifth floor of Scotts Highpark was sold for $5.78 million ($1,666 psf) on Nov 27. The previous owner bought it at $6.93 million ($2,000 psf) in a sub-sale in July The $1.16 million (17%) loss incurred by the seller is the biggest for condominium units sold in the week of Nov 21 to 28, based on the matching of URA caveat data. The three biggest losses for condo units transacted in the week involved freehold projects in prime District 9. As it is with the one at Scotts Highpark, the units at Scotts Square and Riveria Gardens were bought in 2H2007 and sold after a 10-year holding period. Scotts Highpark is a 73-unit luxury, freehold condo that was completed in It is located on Scotts Road and close to the Newton MRT station. Based on the matching of URA caveat data, there have been two profitable transactions at the condo this year. In September, a 1,744 sq ft unit on the fifth floor was sold for a $50,000 (2%) profit and a 3,466 sq ft unit on the 11th floor was sold for a $525,840 (9%) profit. Meanwhile, all three unprofitable transactions at Scotts Highpark this year resulted in losses of more than a million. The largest loss involved a 4,209 sq ft unit on the 13th floor that was sold for $6.82 million ($1,620 psf). The previous owner, who paid $9 million ($2,138 psf) for the unit in September 2011, suffered a $2.18 million (24%) loss, the biggest loss at the development so far. According to URA caveat data, the unit changed hands at a $1.95 million profit in September It was originally purchased from the developer for $7.05 million ($1,675 psf) in September At Scotts Square, a mixed-use development also located on Scotts Road, a 624 sq ft unit on the 28th floor was sold at a $592,720 (23%) loss on Nov 23. The previous owner bought it from the developer for $2.59 million ($4,153 psf) in October 2007 and sold it for $2 million ($3,204 psf). This transaction adds to a spate of unprofitable deals at Scotts Square. Based on the matching of URA caveat data, the last time a unit changed hands at a profit was in September 2015, when a 1,227 sq ft unit on the 21st floor fetched a $295,650 (8%) profit. The unit was sold for $4.04 million ($3,291 psf), the second time it changed hands. Its first owner bought the unit from the developer for $4.77 million ($3,890 psf) in August He incurred a $1.03 million (22%) loss when he sold the unit at $3.74 million ($3,050 psf) in November In the 15 unprofitable transactions at Scotts Square this year, the sellers incurred losses of $561,600 to $1.56 million. In 2016, seven units changed hands at losses ranging from $647,088 to $1.2 million. Based on the matching of URA caveat data, all three units that have changed hands at the 49-unit Riveria Gardens so far have resulted in losses for the sellers. On Nov 23, a 969 sq ft unit on the eighth floor was sold for $1.78 million ($1,837 psf). This translates into a $523,840 (23%) loss for the previous owner, who bought the unit from the developer at $2.3 million ($2,378 psf). The other two unprofitable transactions involved similar-sized units purchased at $2.32 million ($2,398 psf) in September 2007 and $2.25 million ($2,323 psf) in October The sellers incurred losses of $133,200 (6%) and $500,000 (22%) when the units were respectively sold at $2.19 million ($2,261 psf) in August 2014 and $1.75 million ($1,806 psf) in June E Scotts Highpark is a 73-unit luxury, freehold condominium located in prime District 9, close to the Newton MRT station. Find the most affordable listings in the project at edgepr.link/scottshighpark. SAMUEL ISAAC CHUA/THE EDGE SINGAPORE Top 10 gains and losses from Nov 21 to 28 Most profitable deals PROJECT DISTRICT AREA (SQ FT) SOLD ON (2017) SALE PRICE ($ PSF) BOUGHT ON PURCHASE PRICE ($ PSF) PROFIT ($) PROFIT (%) ANNUALISED PROFIT (%) HOLDING PERIOD (YEARS) 1 Ardmore Park 10 2,885 Nov 23 2,981 June 16, ,097 2,550, The Waterside 15 2,400 Nov 21 1,729 July 1, ,950, Nomu 9 1,389 Nov 24 2,052 Feb 28, ,034 1,409, The Cairnhill 9 2,024 Nov 28 2,001 April 4, , , Dakota Residences 14 1,830 Nov 22 1,448 Feb 5, , Park Infinia at Wee Nam 11 1,690 Nov 24 1,900 Sept 16, , , Tiara 9 1,561 Nov 24 1,698 Nov 1, , , The Grandhill 5 1,410 Nov 21 1,135 June 10, , Pebble Bay 15 1,367 Nov 24 1,280 Oct 20, , Freesia Woods 21 1,421 Nov 27 1,235 Aug 30, , URA, EDGEPROP Non-profitable deals PROJECT DISTRICT AREA (SQ FT) SOLD ON (2017) SALE PRICE ($ PSF) BOUGHT ON PURCHASE PRICE ($ PSF) LOSS ($) LOSS (%) ANNUALISED LOSS (%) HOLDING PERIOD (YEARS) 1 Scotts Highpark 9 3,466 Nov 27 1,666 July 31, ,000 1,157, Scotts Square Nov 23 3,204 Oct 23, , , Riveria Gardens Nov 23 1,837 Sept 21, , , Reflections at Keppel Bay 4 1,507 Nov 24 1,619 July 13, , , The Tresor 10 2,616 Nov 28 1,522 Nov 9, , , Killiney 9 1,625 Nov 21 1,772 July 24, , , Floridian 21 1,658 Nov 28 1,719 Dec 20, , , Duchess Crest Nov 21 1,228 Nov 20, , , Sinaran Nov 28 1,781 Dec 24, , , Tanglin Regency Nov 23 1,270 May 25, , , Note: Computed based on URA caveat data as at Dec 5 for private non-landed houses transacted between Nov 21 and 28. The profit-and-loss computation excludes transaction costs such as stamp duties.

13 EDGEPROP DECEMBER 11, 2017 EP13 DEAL WATCH SAMUEL ISAAC CHUA/THE EDGE SINGAPORE Unit at The Meyerise on the market for $2.58 mil BY TIMOTHY TAY A 1,281 sq ft, three-bedroom unit at The Meyerise is on the market for $2.58 million ($2,011 psf). The owner is a Singaporean who bought the unit from the developer in 2014 as an investment property, says ERA Realty Network marketing director John Donough, who is handling the sale of the unit. Located on the eighth floor of one of the twin 31-storey towers at The Meyerise, the unit has been leased since The monthly rent for the first two years was about $5,500. The current tenant, a foreigner, is leasing the unit at $4,000 a month. The lease will expire next June. Based on the current rent and asking price, this translates into a gross rental yield of 1.86%. However, Donough of ERA Realty feels that there is opportunity for future rent and price upside for a new buyer. This is because the recent spate of collective sales in the east notably Amber Park, Nanak Mansions and The Albracca in the Meyer Road and Amber Road neighbourhoods, will mean that there will be displaced tenants and residents from these projects who will be looking for replacement units. The Meyerise is a 239-unit freehold development completed just two years ago by Hong Leong Holdings. Earlier this year, the developer had offered a deferred payment scheme and discount of up to 23% for selected units at the project. Since then, all the available units have been snapped up, and only one penthouse is still available for sale. The Tanjong Katong MRT station on the upcoming Thomson-East Coast Line is also located within walking distance of The Meyerise. From the condominium, residents can also use the underground pedestrian walkway to East Coast Park and the seaside. E The eighth-floor unit is being sold with an existing tenancy that will expire next June Recent transactions at The Meyerise CONTRACT DATE AREA (SQ FT) PRICE ($) PRICE ($ PSF) Oct 19, ,313 2,985,000 2,273 Oct 16, ,313 3,051,000 2,323 Oct 13, ,281 3,005,000 2,346 Sept 21, ,313 2,879,000 2,192 Sept 21, ,819 3,320,000 1,825 Recent rental contracts for 1,200 to 1,300 sq ft units at The Meyerise LEASE DATE (2017) MONTHLY RENT $ $ PSF August 5, August 4, August 4, July 4, July 4, TABLES: URA, EDGEPROP SUBSCRIBE NOW For Your Trusted Weekly Business and Investment News 1 Year Plan at $118 only The Edge Singapore (52 Print Issue + 3 Digital Access) The Edge Malaysia (1 Digital Access) YES! Start my annual subscription now. $ (Inclusive of GST) for The Edge Collection 1-year plan TYPE OF SUBSCRIPTION Corporate Personal Gift Last name (Mr/Ms/Dr ) First name Company Job Title Delivery Address Home Office Tel Postal Code Fax Mobile Date Of Birth PAYMENT OPTIONS 1. Credit Card. Please charge to my credit card American Express MasterCard Visa Cardholder s name Contact No Card no Expiry date Signature For online subscription: subscribe.theedgesingapore.com Plus receive a complimentary Lawry s The Prime Rib voucher Celebrating Special Occasions Since A Orchard Road #04-01/31 Mandarin Gallery Singapore Cheque. My cheque payable to The Edge Publishing Pte Ltd is enclosed Cheque no 3. Online. Visit subscribe.theedgesingapore.com 4. Phone. Please call (Monday to Friday 9am to 5.30pm) Mail the duly completed subscription form and cheque to: The Edge Publishing Pte Ltd 150 Cecil Street #08-01 Singapore Tel: Fax: hotlinespore@bizedge.com *This special promotion ends on December 31, Subscription tothe Edge Collection is non-cancellableand non-refundable. The Edge Singapore (print version): Please allow 2-3 weeks for delivery to commence. Delivery charges apply for non-singapore addresses. Dining voucher limited to first 200 subscribers each month. Terms and conditions apply ** You hereby authorize The Edge Publishing Pt e Ltd to charge to your credit card for automatic subscription renewal as per the selected plan until you cancel your subscription. If you wish to opt out of the auto-renewal, please check this box: TES808/LAWRY S TES809/LAWRY S

14 EP14 EDGEPROP DECEMBER 11, 2017 EVENTS Tee giving a recap on the en bloc sales in 2017 PICTURES: ALBERT CHUA/THE EDGE SINGAPORE Learning with wine at Highline Residences BY SAMANTHA FOO On Nov 29, EdgeProp collaborated with Keppel Land to host the fourth Learning with Wine event at the sales gallery of the high-end condo Highline Residences. As we are nearing the end of 2017, topics of interest were naturally the outlook for next year. Iverson Lee from Joey Yap Consulting Group gave a talk titled Master Your Wealth, Health and Happiness. EdgeProp senior account manager Shermie Tee demonstrated the online tools to find out the collective sale potential of a project, as well as the indicative break-even price for sites sold in the Government Land Sales programme. The highlight of the event was a presentation titled History of Rhône Valley: Home of some of the greatest wines by Jonathann Gallay from The French Cellar. The event was attended by 40 guests. E Attendees tasting wines from the Rhône Valley with Gallay (right) from The French Cellar Lee giving his outlook for 2018 Guests looking at a scale model of the upcoming phase at Highline Residences Light refreshments were served at the event

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