PROPERTY PERSONALISED. Visit EdgeProp.sg to nd properties, research market trends and read the latest news The week of November 26, 2018 ISSUE

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1 PROPERTY PERSONALISED MCI (P) 047/08/2018 PPS 1519/09/2012 (022805) Visit EdgeProp.sg to nd properties, research market trends and read the latest news The week of November 26, 2018 ISSUE Insights Prices of new homes hit new highs across the board in 3Q: OrangeTee EP3 Done Deals The Woodleigh Residences drives up prices in neighbourhood EP8 Gains and Losses Ardmore Park unit rakes in $3.13 mil profit EP10 Under the Hammer Four-bedroom unit at Clover By The Park going for $2.2 mil EP12 SAMUEL ISAAC CHUA/THE EDGE SINGAPORE Hotel foray Her father, Macly Group founder and managing director Herman Chang, is well known as one of the pioneers of residential developments with shoebox units. Now, Joan Chang, having successfully rejuvenated Lloyd s Inn in Singapore and launched a new brand in Bali catering to young travellers, is making her mark on the hotel industry. See our Cover Story on Pages 6 and 7. Lloyd s Inn in Singapore

2 EP2 EDGEPROP NOVEMBER 26, 2018 PROPERTY BRIEFS EDITORIAL EDITOR Cecilia Chow CONTRIBUTING EDITOR Pek Tiong Gee WRITERS Timothy Tay, Bong Xin Ying, Charlene Chin 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 Diana Lim SENIOR ACCOUNT MANAGERS Janice Zhu, James Chua ACCOUNT MANAGER Pang Kai Xin SALES STRATEGIST Han YaoGuang CIRCULATION DIRECTOR Dominic Kevin Sim MANAGER Bryan Kek EXECUTIVES 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) 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. Singapore placed third in Colliers survey of top finance locations in Asia Hong Kong has topped the list of the best locations in Asia for financial services sector occupiers in Colliers International s latest research report Top Locations in Asia: Finance. Singapore ranks third, behind Tokyo. Shanghai and Beijing rank fourth and eighth respectively, while Manila and Jakarta are in 13th and 15th positions. Hong Kong has 72.9 million sq ft of total Grade A office space three times more than the supply available in Singapore. The city has the widest gap in Asia in rents between the CBD and its fringe areas, with certain CBD fringe areas more than 50% cheaper than in Central. This offers an opportunity for large banks and investment banks to set up affordable back-office operations while maintaining front-office locations in prestigious Central locations. But waning exports and domestic demand will weaken Hong Kong s economic growth in the coming year. While overall prime-grade office rents will increase 7.9% this year, they will aggregate to 9.6% from end-2018 to end-2022, as the consultancy factors in a slowdown in the office leasing market. Singapore remains a key wealth management centre, but had a modest property score, owing to its limited stock of prime-grade office space (24.3 million sq ft). The financial services sector s demand for office space will be reshaped as fintech and flexible workspace reduce demand for traditional office space. According to Colliers, as at 2Q2018, the financial services sector occupied 45% of CBD premium and Grade A office stock in Singapore, while flexible workspace took up 4.5%, but these ratios are expected to gradually rebalance in the coming years. Restored shophouses in Kampong Glam on the market for $29.5 mil Three restored shophouses (below) on Aliwal Street in the Kampong Glam precinct have been put up for sale via expressions of interest. They are being offered with a guide price of $29.5 million. The freehold properties are currently fully tenanted to boutique hotel operator Jamilla Boutique Inn. The adjoining shophouses occupy a 4,046 sq ft freehold site at 8, 10 and 12 Aliwal Street, and they have a gross floor area of 9,898 sq ft across two storeys and a mezzanine. The seller is private-equity real estate group Columbia Real Estate. The site is zoned for commercial use, and foreigners are eligible to purchase it. No additional buyer s stamp duty or seller s stamp duty is applicable. The shophouses are close to City Gate, an integrated development jointly developed by Fragrance Group and World Class Land that comprises 311 residential units and 188 retail units. Other upcoming developments include Guoco Group s development of the government land tender site on Beach Road, as well as the North-South transport corridor. The shophouses are 350m from Nicoll Highway MRT station and 700m from Bugis MRT station. The tender closes on Nov 30. Meanwhile, three shophouses at 33, 35 and 37 Tras Street were sold for $21.2 million. The price paid for the properties reflects a gross yield of 3.5%, based on the current tenancies. The adjoining shophouses are leased to Z Wedding and Hassell Design. The price translates into $2,600 psf on the built-up area of 8,160 sq ft. The properties occupy a 4,450 sq ft site with a 99-year tenure. Minbu Villa in Balestier may lower en bloc sale price to $129.1 mil Minbu Villa (above), a freehold development in the Balestier area, is up for collective sale again after an unsuccessful attempt in March. The reserve price may be lowered from the initial $145.8 million ($1,355 psf per plot ratio) to $129.1 million ($1,200 psf ppr) if 80% of the owners agree. Savills Singapore is brokering the sale. More than 60% of the owners (by share value and strata area) have signed an agreement to lower the price. In-principle approval has been granted by the Singapore Land Authority for the alienation of an adjoining piece of state land of sq m (2,109 sq ft). This may lower the land rate by another $34 psf ppr. Completed in 1981, the 10-storey Minbu Villa comprises 33 apartments and a penthouse. It occupies an elevated plot of 38,426 sq ft at the cul-de-sac of Minbu Road. Under the 2014 Master Plan, the site is zoned for residential use with a gross plot ratio of 2.8. Subject to approvals from the relevant authorities, the site may be developed up to 36 storeys, with an allowable gross floor area of 107,593 sq ft. No development charge is payable, including the additional 10% GFA for balconies, owing to the high development baseline of 125,766 sq ft. The tender closes at 3pm on Dec 18. ERA Realty increases number of agents and property projects ERA Realty Network s collaborations with CBRE Realty Associates and HSR International Realtors have added about 500 real estate salespersons to its agent count, which now stands at 6,542. This was one of the milestones highlighted by ERA during its 4Q2018 Career Advancement Day Conference on Nov 19. Moreover, ERA has increased its property marketing portfolio, which now comprises 66 projects. There SAVILLS SINGAPORE were 35 project appointments, which accounted for more than 14,700 units this year. Twenty-eight projects are already in the pipeline for At the conference, ERA also announced an exclusive collaboration with Sembcorp Power, a subsidiary of listed Sembcorp Industries. This allows ERA salespersons to share Sembcorp Power s electricity price plan under the Open Electricity Market with residential consumers, increasing ERA s value to customers. In addition, ERA has unveiled a premium club, the Plush Club, which targets the increasing number of high-net-worth individuals in Singapore. This will enhance its salespersons ability to provide premium concierge services to this group of buyers. To better equip its agents, ERA has expanded its training courses and prepared a series of digital marketing training programmes. ERA says it has continued to upgrade its technology tools. The i-era app and myera portal are enhanced to be more user-centric and optimised for mobile usage. JLL opens global centre for tech and data in India Real estate services group JLL has opened its global Centre of Expertise for Technology, Data & Information Management in Bangalore, India. The centre occupies an area of 20,000 sq ft. Within the facility, 170 tech experts work together to provide a single data, engineering and support platform to JLL and its global clients. The platform integrates smart technologies and provides a virtual reality environment for research, design or analysis. The JLL centre will drive innovation and aims to set new standards for the commercial real estate industry. This includes experimenting with data and technology design, artificial intelligence, augmented reality, virtual reality and other emerging technologies to help JLL s clients make better real estate-related decisions. The centre will also collaborate with other technology partners to prototype and fast-track new solutions and ideas. Compiled by Bong Xin Ying, Charlene Chin and Timothy Tay E COLUMBIA REAL ESTATE

3 EDGEPROP NOVEMBER 26, 2018 EP3 INSIGHTS Prices of new homes in all segments still at historical highs in 3Q, says OrangeTee BY TIMOTHY TAY Despite the slew of property cooling measures implemented in 3Q2018, the private residential sector remained resilient throughout the quarter, according to Christine Sun, head of research and consultancy at OrangeTee & Tie. A few new project launches continued to see healthy buying interest, the property agency observes. In the quarter, according to URA data, overall new home sales (excluding executive condos) rose 27% q-o-q to 3,012 units. The spike in new sales could be attributed to many projects being launched in the city-fringe, or Rest of Central Region (RCR), as well as the 1,000-plus units sold on the eve of the implementation of the cooling measures, adds Sun. The number of new home sales (completed and uncompleted) in the RCR surged to 1,765 units, up 91% q-o-q and 106% y-o-y, in the quarter. More new projects were launched, totalling 2,338 new units, 187% higher than the preceding quarter. The resale market suffered the most from the cooling measures. Overall resale transactions fell 43% q-o-q to 2,672 units. In the suburbs, or Outside Central Region (OCR), resales dipped 45% to 1,051 units. Sun attributes the decline in resales in the OCR to reduced demand from HDB upgraders, as their affordability was limited by the 5% cut in loan-to-value (LTV) ratio that was part of the cooling measures. A relatively weaker HDB resale market also affected sellers proceeds, she adds. Prices of residential homes (landed and non-landed) continued to rise, but at a slower rate of 0.5%, in 3Q2018, compared with the 7.9% increase in the first three quarters of the year. Sales of condos in the prime districts and city centre, or Core Central Region (CCR), fell 41% q-o-q to 569 units in 3Q2018. But demand for luxury units priced at $3 million and above remained healthy with 187 of such units sold, which is higher than the five-year average of 173 units, points out Sun. Home prices across different market segments reached new highs in the first three quarters of the year. According to URA Realis data as at Nov 14, the average price of non-landed homes from January to September in the CCR was $2,133 psf; in the RCR, it was $1,592 psf; and in the OCR, $1,189 psf (see table). All of which are new peaks since 1995 (see chart). On an annual basis, the average price of non-landed new homes in the CCR rose 30% to $2,819 psf in 3Q2018, which is a new high for the segment. New sales in the RCR rose by a modest 1% to $1,718 psf; in the OCR, they rose 4% to $1,354 psf. Meanwhile, 3Q resale prices in the CCR rose 10% y-o-y to $2,063 psf. The figure rose by 9% over the same period to $1,053 psf in the OCR, and by 12% in the RCR to $1,422 psf. Despite the cooling measures, the quarter saw six transactions above $10 million, indicating foreign buying even in the face of higher additional buyer s tax. Some may have considered properties here to be still cheaper than [places] like Hong Kong, reckons Sun. In the non-landed segment of the CCR, the most expensive unit sold was a 4,715 sq ft apartment at Urban Resort Condominium that fetched $13.9 million ($2,948 psf), followed by a 2,939 sq ft unit at Bishopsgate Residences sold for $11.5 million ($3,913 psf) and a 3,122 sq ft unit at Twentyone Angullia Park sold for $11.06 million ($3,524 psf). The rental market was also on a healthy trend last quarter, says Sun. URA s non-landed rental index shows that rents rose 0.3% q-o-q and 0.4% y-o-y. Rentals rose 0.9% and 1.5%, respectively, in the OCR and RCR, but fell 0.9% in the CCR. Overall occupancy rate reached 95.5% in Fresh highs for private non-landed homes in 3Q2018 MARKET SEGMENT TYPE OF SALES 3Q2017 ($ psf) 3Q2018 ($ psf) Y-O-Y % CHANGE 1Q TO 3Q2018 ($ psf) CCR New sale 2,174 2, ,770 Resale 1,872 2, ,984 Sub-sale 1,977 2, ,167 Overall 1,952 2, ,133 RCR New sale 1,693 1, ,777 Resale 1,272 1, ,397 Sub-sale 1,415 1, ,783 Overall 1,461 1, ,592 OCR New sale 1,296 1, ,403 Resale 964 1, ,037 Sub-sale 1,203 1, ,286 Overall 1,131 1, ,189 Prices still at historical highs for 1Q to 3Q2018 Average price of non-landed private homes from January to September across all sale types 3,000 2,500 2,000 2,500 1,500 1, Average unit price ($ psf) CCR RCR OCR the OCR. In the RCR and CCR, it was 92% and 90% respectively. The highest volume of rental transactions was recorded at Commonwealth Towers, where 205 units were leased at a median of $4.65 psf per month. This was followed by The Marina Bay with 158 transactions at $4.99 psf per month, and D Leedon with 151 transactions at $3.91 psf per month. According to OrangeTee, 17,000 to 19, New sale Resale Sub-sale URA, ORANGETEE & TIE RESEARCH & CONSULTANCY new private residential units could be launched next year. Meanwhile, Sun reckons between 10,000 and 12,000 new homes could be absorbed by the market next year, given the current sales momentum. Well-located projects and small apartments will draw buying interest as new sizing guidelines limit the future supply of small apartment units, she says. Her forecast is for prices to rise at a more moderate pace of 1% to 3% for the full year E HDB resale market outperforms expectations: OrangeTee BY CHARLENE CHIN The HDB resale market exceeded expectations as applications to sell HDB flats rose 18.9% q-o-q to 7,063 units in 3Q2018, notes OrangeTee & Tie in its public housing market report released on Nov 21. This brings total resale applications in the first three quarters of the year to a five-year high of 17,462. Resale transactions from January to September at or exceeding $700,000 achieved a six-year high, at 1,438, says OrangeTee. This is a rise of 68.6% over the same period in 2013, when the figure stood at 853. On a y-o-y basis, this marks a 22.8% rise, from 1,171 flats sold. For the first three quarters of the year, 52 HDB units that were sold at prices at or exceeding $1 million. Of these, 40 were below 20 years old, while 12 exceeded that. Significantly, a 2,551 sq ft HDB terrace at Jalan Bahagia was sold for $1.185 million in September, trumping the prior record, for a five-room, 1,259 sq ft unit in Toa Payoh sold for $1.16 million in August. In the broader resale market, prices have been on a general downtrend in the past few years. Since 2Q2015, changes in prices of resale flats have been fluctuating between -1% and 1% q-o-q. In 3Q2018, prices dipped marginally by 0.1% q-o-q. For the first three quarters of this year, prices slipped 0.8%. Resale popularity based on location Non-mature towns saw a higher number of resales in 3Q2018 compared with mature estates, observes OrangeTee. Sengkang led with 528 units, followed by Woodlands at 516 units, Jurong West at 505 units, and Punggol at 469 units. The high supply of new buildto-order (BTO) flats in Punggol and Sengkang has not dampened the resale market there. The four- and fiveroom flats in the two towns saw a Growing number of resale flats sold for $700,000 Resale transactions by price range No of units Q to 3Q 2013 $700K to $800K $800K to $900K Q to 3Q y-o-y price increase for the period of January to September. In comparison, flats in Bukit Batok, Jurong West, Choa Chu Kang, Woodlands and Yishun saw prices fall across all room types over the same period. For the first three quarters of the year, resale applications in Punggol leapt 334.4%, from 276 units in 2013, $900K to $1mil $1mil Q to 3Q Q to 3Q Q to 3Q Q to 3Q 2018 DATA.GOV.SG, ORANGETEE & TIE RESEARCH & CONSULTANCY to 1,199 units in Sengkang registered the next highest jump, rising 58.3% to 1,244 units. Rents The HDB rental market remains weak. Approved applications for renting out of HDB units fell 6.7% q-o-q, from 12,024 cases to 11,216 in 3Q2018. The number of flats rented out has increased 2.1% over the same period, from 54,896 units at June 30 to 56,074 units at Sept 30. BTO flats The subscription rates of new BTO units are lower than last year s figures, says OrangeTee. The government released fewer BTO flats for the second consecutive year only 15,817 units, a 10% decrease y-o-y and a 41.6% reduction from the high of 27,084 units in This year, 17 BTO projects were released. Yishun Glen led with 1,693 units, followed by Plantation Grove with 1,620 units, and Tampines Greenvines with 1,271 units. OrangeTee forecasts that more resale flats will be put up for sale in Sengkang, Yishun and Punggol in the coming months, as these towns have the most flats reaching Minimum Occupation Period. In total, the firm expects about 17,000 units to reach MOP in E

4 EP4 EDGEPROP NOVEMBER 26, 2018 OFFSHORE One Global shaking up international property marketing business in Singapore BY CECILIA CHOW Before he came to Singapore in 2017, James Puddle was based in London, where he spent close to 12 years marketing UK residential property to investors in Southeast Asia and the Middle East. He worked at two of the UK s most well-known real estate firms, Hamptons International and Strutt & Parker. He was with Strutt & Parker for more than six years, where he was last associate partner of residential development and investment, heading the international project marketing team. In May 2017, about 1½ years ago, Puddle bit the bullet and resigned from Strutt & Parker. He relocated his young family from London to Singapore. I had always wanted to set up my own company, says Puddle. The market was very difficult then, as it was just a year after the Brexit referendum [in June 2016]. All my colleagues in London thought I was crazy. During his frequent trips to Singapore, he had met Avril Lee, who was running her own real estate brokerage firm. She understands the Singapore market and, with my experience in international project marketing, we felt there was a lot of synergy, and agreed to [join forces], says Puddle. That led to the creation of One Global Property Services, of which Puddle is founding partner and managing director and Lee is key executive officer (KEO) and director. The duo started out working from a serviced office at One Raffles Place. Within 15 months, the team has expanded to 14 staff, many of whom have international property sales experience and had worked at international property consultancies such as Colliers International, CBRE, Knight Frank and ERA. In mid-april this year, the firm moved to a double-storey conservation shophouse at 127 Devonshire Road. Besides Singapore, One Global is opening an office in Hong Kong and exploring the possibility of expanding to Indonesia. Our ethos is to be a boutique agency business that provides high-quality service to our purchasers and clients, says Puddle. The aim is to be a one-stop-shop not just for handling the marketing of overseas properties but also for leasing and resales. When we spoke with our Singapore-based clients looking to purchase an overseas property, we found that many of them have a portfolio of properties in Singapore that they would like us to manage, says Puddle. That is why we have created a hybrid company that handles both Singapore and overseas properties to provide all-round services. To provide a comprehensive services platform, One Global shares its office space at Devonshire Road with representatives of other service providers, such as Life Residential, a lettings and management specialist in London property; Capricorn Finance, a UK-based mortgage specialist; and Accouter Group, a UK-based interior design and furnishings company. While the UK will remain One Global s primary focus, it has diversified its overseas property offerings to include Bangkok projects by established Thai developer Sansiri such as The Base Sukhumvit 50; and Australia-based Crown Group s latest project in Sydney, Mastery by Crown Group, which will be marketed in Singapore on the first weekend of December. In the UK, Brexit went very badly, and we need to depend on other markets for our business, concedes Puddle. In March this year, One Global jointly marketed One West Point in Singapore with JLL. One West Point is located in Acton, London and is developed by UK-based City and Docklands. According to Puddle, One Global achieved more than 25 sales over the three months from July to September the highest number of sales secured in Singapore for any London project by any agency or developer since One Global is also the appointed marketing agent in Singapore for the 150-acre Greenwich Peninsula by the River Thames, which, when fully completed, will have 15,000 new homes. Greenwich Peninsula is an 8.4 billion ($14.77 billion) regeneration project by Hong Kong-based Knight Dragon, the private property arm of Henry Cheng, chairman of Hong Kong s New World Development. In Singapore, One Global is also marketing Timber Yard, a 379-unit residential development in Birmingham s Southside district by Galliard Homes and Apsley House Capital. All of Global One s property exhibitions and consumer seminars are held on its premises at 127 Devonshire Road, which functions as a sales gallery and office. We have moved away from doing weekend exhibitions at fivestar hotels on Orchard Road unless our clients SAMUEL ISAAC CHUA/THE EDGE SINGAPORE Puddle: The market was very difficult then, as it was just a year after the Brexit referendum [in June 2016]. All my colleagues in London thought I was crazy. specifically request for it, says Puddle. By holding the exhibition at our premises, we save our clients $15,000, which they would otherwise have to pay for renting an event space in a hotel. Over the last few years, more overseas markets, from Australia to Canada and the UK, have increased foreign buyers stamp duty. However, Puddle still sees demand for overseas property coming from younger buyers in Singapore. There are also en bloc millionaires a phenomenon of the last two years who are looking to invest overseas, since it has become more expensive to buy homes here, he notes. The market has changed. In the past, the international firms had it easy, Puddle observes. They just relied on their brands, ran a lot of advertisements in newspapers, did an marketing campaign, held an exhibition in a hotel and hoped that people would come. You can t do that anymore. Instead, marketing agents have to be more proactive, adds Puddle. We have to do a lot of research; we hold consumer seminars. We focus on educating our buyers, not hard- PICTURES: ONE GLOBAL PROPERTY The weekend exhibition of Timber Yard in Birmingham was held on the premises of One Global s sales gallery on Devonshire Road in Singapore Artist s impression of the courtyard at Timber Yard by Galliard Homes and Galliard House Capital

5 EDGEPROP NOVEMBER 26, 2018 EP5 OFFSHORE One Global and JLL jointly marketed One West Point, Acton, London in Singapore for UK developer City and Docklands Apt Living in Brentwood, London is within walking distance of the Kew Bridge station and Gunnersbury Park sell. We are trying to reach the younger generation, who have not purchased a London property before. They are predominantly our buyers today. Many of the international agencies no longer have an international property sales team in Singapore. For instance, Darien Bradshaw, CBRE executive director and head of international project marketing in Asia, now collaborates with One Global when it comes to marketing projects in Australia and the UK. One Global will focus on working with reputable developers in established markets such as Australia, the UK and Thailand. In the year ahead, I want to continue to grow the Singapore business and further establish our brand as the go-to agency here, Puddle says. E SAMUEL ISAAC CHUA/THE EDGE SINGAPORE Lee is key executive officer and director of One Global Property Services View of the Gunnersbury Park from a unit at Apt Living

6 EP6 EDGEPROP NOVEMBER 26, 2018 COVER STORY Chang: If I had started out at Macly Group without the knowledge and skills from my time in sales and marketing at Huttons, it would have been harder for me to pick up the business skills I need today Proving her mettle Her father, Macly Group founder and managing director Herman Chang, is well known as one of the pioneers of residential developments with shoebox units. Now, Joan Chang, having successfully rejuvenated Lloyd s Inn in Singapore and launched a new brand in Bali catering to young travellers, is making her mark on the hotel industry. BY TIMOTHY TAY Built in the 1990s, Lloyd s Inn, off Oxley Road, was a 36-room boutique hotel that catered to budget tourists who wanted to be near the Orchard Road shopping belt. The property s façade and appeal had become outdated, says Joan Chang, the sole marketing manager for Singapore-based property development company Macly Group, which owns and manages the hotel. Five years ago, when she was 23 years old, she asked her father, Herman Chang, the company s founder and managing director, to let her have a shot at turning around the hotel. Fast forward to today. Lloyd s Inn is a trendy, upmarket hotel that attracts foreign guests and local staycationers. Most of the time, the hotel is either fully booked or enjoys 90% occupancy. Its average room rate is $140 per night, double that previously. Today, Chang oversees the management of the company s two hospitality brands as well as marketing campaigns for the company s residential projects. Apart from Lloyd s Inn, the other hotel brand is Cara Cara. Macly Group is an established property developer in Singapore. The company has been developing residential projects since Herman is one of the pioneers of shoebox apartment developments here. In 2004, his company launched the 35-unit Mackenzie 138 off Bukit The revamped Lloyd s Inn Singapore is regularly fully booked and popular among foreigners Timah Road comprising studio units of 409 to 624 sq ft and two-bedders of 764 to 883 sq ft. So far, the company has built boutique residential developments, cluster housing projects and commercial high-rise developments in Singapore. One of its most recent projects is the 15-unit apartment development FiveNine at Lorong K Telok Kurau, which was launched in February this year and is fully sold. In 2015, Macly Group teamed up with another boutique developer, Singapore-listed Roxy-Pacific Holdings, to develop a mixeduse development, The Colony by Infinitum in Kuala Lumpur. For Lloyd s Inn, Chang first embarked on its rejuvenation in She left her job as a business analyst at Huttons Real Estate Group 2½ years ago when her responsibilities in managing Lloyd s Inn became heavier. At the same time, her father had asked her to come on board full-time, to handle the marketing of projects. If I had started out at Macly Group without the knowledge and skills from my time in sales and marketing at Huttons, it would have been harder for me to pick up the business skills I need today, she notes. Since joining the family business, Chang has added the Cara Cara brand to the company s hotel portfolio. She also helped set up a second Lloyd s Inn, in Bali, which opened on Nov 5.

7 EDGEPROP NOVEMBER 26, 2018 EP7 COVER STORY SAMUEL ISAAC CHUA/THE EDGE SINGAPORE PICTURES: LLOYD S INN Cara Cara Bali, which Chang opened last year, is a hip hotel for younger tourists The pool outside a suite at the newly opened Lloyd s Inn in Bali A room in Lloyd s Inn Bali, which is furnished in a simple and elegant manner, like its Singapore flagship hotel Reopening of Lloyd s Inn At Lloyd s Inn in Singapore, about 80% of the guests rare foreigners the percentage has doubled from when the hotel reopened its doors in Chang chose to steer the company s marketing away from the local market, as she felt that, with new hotels opening in Singapore, the number of staycationers at Lloyd s Inn would decline. The focus on the international market also encourages guests to return regularly, she adds. Guests at Lloyd s Inn tend to be young between 22 and 35 years old and they appreciate the hotel s new design concept. Lloyd s Inn s minimalist design features neutral colour palettes, clean lines and off-form concrete elements, which Chang favours. I generally have a good idea of what works and what doesn t, and so far, the outcome has been successful, she says. Chang s business travels during her time with Huttons exposed her to how different property markets operate. This has helped her in managing the projects in Bali, as well as a new hotel project in Malaysia. These expansion plans were driven by her father. He saw that the returns from the company s recurring sources of income in its property portfolio had been stable for the past few years. And there was a need to diversify our investments outside of Singapore, she says. Securing new hotel sites in Bali was an unexpected opportunity for her, and she felt hesitant at first. When I conducted an initial feasibility study of the area, I was concerned that it was oversaturated with hotels, she says. An Indonesian property developer approached the Changs and offered them the chance to acquire two separate sites in Bali three years ago. Despite intending to develop and manage only one hotel there, we felt that if we didn t grab the opportunity, it might not come again, Chang says. But that also gave Macly Group an opportunity to introduce the Cara Cara brand, which Chang helped to bring into operation last year. While Lloyd s Inn appeals to guests with a higher budget, Cara Cara is positioned as a more affordable boutique brand that is hip and fun, Chang explains. Located 450m from Kuta Beach in Bali, the hotel s target group is experiential and fun-loving young travellers. A room at Cara Cara costs about $30 per night, which is cheaper than those at the hotels nearby. Currently, the hotel has an occupancy rate of 80%. The Lloyd s Inn in Bali started accepting bookings in October. The 101-room hotel features seven room types that range from 226 to 721 sq ft. It has a café and bar that serves Indonesian fusion food, floral-themed drinks and custom cocktails. Rooms cost $70 to $200 per night. Adding value Joining the family business was not the result of any pressure from her parents, Chang says. I wanted to use the competitive advantage I had been blessed with my family s resources and expertise in real estate and do something I enjoy. My interest and strength are in branding, aesthetics and marketing. This is how I can add value to the team and to the family business. Chang is actively involved in the decision-making process at Macly Group alongside her father. She is also working on marketing projects that Macly Group intends to launch by the end of March next year. One will be a redevelopment of Riviera Point, at 2 Kim Yam Road, which Macly Group bought in a collective sale for $72 million ($1,461 psf) in February this year. Other projects include a boutique residential development on Guillemard Road and another residential project at Telok Kurau, and The Luxe, a new 723-unit tower at The Colony by Infinitum in Kuala Lumpur. Chang believes that a leader needs the ability to harness the skills of different people and to get them to work together. While she may head the rebranding, marketing and reconceptualisation of Lloyd s Inn in Singapore, she also credits the hotel management staff and design studio FARM for their contribution to the success of the rejuvenated hotel. She feels that while the industry may be challenging, it has been a fulfilling experience to see her ideas and projects come to fruition. Throughout her career, Chang has stuck to this formula: Never let the opinions of others drown out your inner voice. Don t let conventions define you and trust yourself to do what is best. E

8 EP8 EDGEPROP NOVEMBER 26, 2018 DONE DEALS The Woodleigh Residences launch drives up prices and transaction volume in neighbourhood BY BONG XIN YING The launch of new projects in the Woodleigh-Potong Pasir neighbourhood in District 13 notably, the 805-unit Park Colonial in July, 729- unit The Tre Ver in August and 667- unit The Woodleigh Residences on Nov 10 is having a positive impact on the resale prices of some of the condominiums that were completed two to three years ago and located just one MRT stop away. Notably, at The Woodleigh Residences, the average price of units sold so far is $2,036 psf, based on caveats lodged. The Woodleigh Residences is an integrated development that includes The Woodleigh Mall, an underground air-conditioned bus interchange and the Woodleigh MRT station. It is a 99-year leasehold project jointly developed by Kajima Development and Singapore Press Holdings. The developer released 100 units for sale before closing its sales gallery from Nov 19 for an official launch sometime in The launch of The Woodleigh Residences has indeed drawn potential buying interest back to the Woodleigh and Potong Pasir area, thus giving other new launches there both The Tre Ver and Park Colonial greater exposure, notes Ismail Gafoor, executive chairman and CEO of PropNex. You can see the jump in sales in these other projects. Park Colonial, which is located adjacent to Woodleigh MRT station, has benefited the most. So far, the project is 69% sold, with the average price hovering in the $1,700-to- $1,750 psf range. Meanwhile, The Tre Ver is 32% sold, with the average price of transacted units hovering around $1,555 psf, based on caveats lodged so far. The latest launch usually pushes up the sales volume and transacted prices of earlier launches, especially if those projects are offered at a lower price, notes Ray Teo, associate branch district director at PropNex Realty. The launch can also have a positive impact on the resale prices of completed projects in the vicinity. An example is the 214-unit Sant Ritz, a 99-year leasehold condominium located opposite Potong Pasir MRT station and completed in There were five resales from April to October this year, at an average price of $1,547 psf, based on caveats lodged so far. This is 26.3% higher than the average price of $1,225 psf for the five units that changed hands from April to November Adjacent to Sant Ritz is the 332- unit, 99-year leasehold Sennett Residence. The project was also completed in There were 13 resales this year at Sennett Residence, at an average price of $1,439 psf. This is almost on a par with the average transaction prices achieved when the project was first launched in 2013, E At the launch of The Woodleigh Residences on Nov 10 and 11, of the 50 units released, 31 units (60%) were taken up KAJIMA DEVELOPMENT, SPH when prices were in the $1,400-to- $1,500 psf range. Meanwhile, at The Venue Residences, a mixed-use development located at Tai Thong Crescent, on the other side of Sant Ritz, the average resale price of units that changed hands this year was $1,463 psf. This is higher than the average price of $1,338 psf that the development achieved in The Venue Residences was launched in October 2013 and completed last year. It comprises 266 residential units sitting on top of a single-storey retail and F&B podium with 28 strata commercial units. The project is also 99-year leasehold. These projects were launched five years ago and fully sold. A recently completed mixed-use development located adjacent to Potong Pasir MRT station is The Poiz Residences and Poiz Centre. The project, which recently obtained Temporary Occupation Permit (TOP), comprises 731 residential units and a retail podium of about 5,000 sq m housing 77 strata shops. The Poiz Residences was launched in late 2015 and the average transacted price then was $1,413 psf. The latest transaction at the project was for a 1,625 sq ft, four-bedroom unit on the 18th floor, which fetched close to $1.7 million ($1,044 psf), according to a caveat lodged on Nov 7. The lower psf price for the four-bedroom unit is owing to the larger floor area. E Residential transactions with contracts dated Nov 6 to 13 LOCALITIES DISTRICTS Singapore by postal district City & Southwest 1 to 8 Orchard/Tanglin/Holland 9 and 10 Newton/Bukit Timah/Clementi 11 and 21 Balestier/MacPherson/Geylang 12 to 14 East Coast 15 and 16 Changi/Pasir Ris 17 and 18 Serangoon/Thomson 19 and 20 West 22 to 24 North 25 to 28 LAND AREA/ NETT UNIT FLOOR AREA TRANSACTED PRICE PRICE COMPLETION TYPE OF PROJECT PROPERTY TYPE TENURE SALE DATE (SQ FT) PRICE ($) ($) ($ PSF) DATE SALE District 1 MARINA ONE RESIDENCES Apartment 99 years November 09, ,800,000-2, Sub Sale District 2 WALLICH RESIDENCE AT TANJONG PAGAR CENTRE Apartment 99 years November 07, ,035,000-3, New Sale District 3 ALEXIS Apartment Freehold November 08, ,000-1, Resale CENTRAL GREEN CONDOMINIUM Condominium 99 years November 08, ,292 1,810,000-1, Resale QUEENS Condominium 99 years November 07, ,195 1,550,000-1, Resale QUEENS Condominium 99 years November 09, ,184 1,500,000-1, Resale STIRLING RESIDENCES Apartment 99 years November 06, ,336,000-1,748 Uncompleted New Sale STIRLING RESIDENCES Apartment 99 years November 06, ,562,000-1,595 Uncompleted New Sale STIRLING RESIDENCES Apartment 99 years November 06, ,071,000-1,686 Uncompleted New Sale STIRLING RESIDENCES Apartment 99 years November 07, ,301,000-1,702 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 STIRLING RESIDENCES Apartment 99 years November 08, ,055 1,753,000-1,662 Uncompleted New Sale STIRLING RESIDENCES Apartment 99 years November 09, ,409,000-1,844 Uncompleted New Sale STIRLING RESIDENCES Apartment 99 years November 10, ,305,000-1,708 Uncompleted New Sale STIRLING RESIDENCES Apartment 99 years November 10, ,278,000-1,672 Uncompleted New Sale STIRLING RESIDENCES Apartment 99 years November 10, ,317,000-1,723 Uncompleted New Sale THE CREST Condominium 99 years November 08, ,158,000-2, Resale District 4 CARIBBEAN AT KEPPEL BAY Condominium 99 years November 13, ,480,000-1, Resale District 5 BLUE HORIZON Condominium 99 years November 13, ,152 1,180,000-1, Resale CARABELLE Condominium 956 years November 08, ,130 1,580,000-1, Resale KENT RIDGE HILL RESIDENCES* Apartment 99 years November 10, ,109,000-1,717 Uncompleted New Sale KENT RIDGE HILL RESIDENCES Apartment 99 years November 10, ,724,000-1,820 Uncompleted New Sale KENT RIDGE HILL RESIDENCES Apartment 99 years November 10, ,402,000-1,888 Uncompleted New Sale KENT RIDGE HILL RESIDENCES Apartment 99 years November 10, ,044 1,885,000-1,805 Uncompleted New Sale KENT RIDGE HILL RESIDENCES Apartment 99 years November 10, ,044 1,875,000-1,796 Uncompleted New Sale KENT RIDGE HILL RESIDENCES Apartment 99 years November 10, ,111,000-1,720 Uncompleted New Sale KENT RIDGE HILL RESIDENCES Apartment 99 years November 10, ,714,000-1,809 Uncompleted New Sale KENT RIDGE HILL RESIDENCES Apartment 99 years November 10, ,142,000-1,768 Uncompleted New Sale KENT RIDGE HILL RESIDENCES Apartment 99 years November 10, ,134,000-1,756 Uncompleted New Sale THE PARC CONDOMINIUM Condominium Freehold November 08, ,507 2,020,000-1, Resale THE VISION Condominium 99 years November 13, ,313 1,580,000-1, Resale VARSITY PARK CONDOMINIUM Condominium 99 years November 12, ,528 1,838,000-1, Resale WHISTLER GRAND* Apartment 99 years November 06, ,400-1,340 Uncompleted New Sale WHISTLER GRAND Apartment 99 years November 06, ,000-1,360 Uncompleted New Sale WHISTLER GRAND Apartment 99 years November 06, ,250,400-1,305 Uncompleted New Sale WHISTLER GRAND Apartment 99 years November 06, ,000-1,415 Uncompleted New Sale WHISTLER GRAND Apartment 99 years November 06, ,800-1,433 Uncompleted New Sale WHISTLER GRAND Apartment 99 years November 07, ,400-1,334 Uncompleted New Sale WHISTLER GRAND Apartment 99 years November 07, ,400-1,410 Uncompleted New Sale WHISTLER GRAND Apartment 99 years November 07, ,084,000-1,418 Uncompleted New Sale WHISTLER GRAND Apartment 99 years November 09, ,090,400-1,427 Uncompleted New Sale District 8 CITYLIGHTS Condominium 99 years November 07, ,400,000-1, Resale CITYLIGHTS Condominium 99 years November 08, ,000-1, Resale PRISTINE HEIGHTS Apartment Freehold November 07, ,076 1,380,000-1, Resale District 9 KIM SIA COURT Apartment Freehold November 09, ,421 2,600,000-1,830 Unknown Resale MARTIN MODERN Condominium 99 years November 09, ,409,000-2,729 Uncompleted New Sale

9 EDGEPROP NOVEMBER 26, 2018 EP9 DONE DEALS Residential transactions with contracts dated Nov 6 to 13 LAND AREA/ NETT UNIT FLOOR AREA TRANSACTED PRICE PRICE COMPLETION TYPE OF PROJECT PROPERTY TYPE TENURE SALE DATE (SQ FT) PRICE ($) ($) ($ PSF) DATE SALE MARTIN MODERN Condominium 99 years November 09, ,399 3,523,600-2,518 Uncompleted New Sale NEW FUTURA Condominium Freehold November 08, ,098 4,240,000-3, Resale NEW FUTURA Condominium Freehold November 12, ,250 7,920,380-3, Resale SKYLINE SAINT THOMAS WALK Condominium Freehold November 06, ,733 3,900,000-2, Resale THE TRILLIUM Condominium Freehold November 12, ,798 4,117,700-2, Resale WATERSCAPE AT CAVENAGH Apartment Freehold November 09, ,399 2,580,000-1, Resale District 10 3 CUSCADEN Apartment Freehold November 10, ,660,000-3,481 Uncompleted New Sale 3 CUSCADEN Apartment Freehold November 10, ,717,000-3,555 Uncompleted New Sale ARDMORE PARK Condominium Freehold November 13, ,885 8,600,000-2, Resale D LEEDON Condominium 99 years November 08, ,216 1,738,000-1, Resale NASSIM PARK RESIDENCES Condominium Freehold November 13, ,477 10,600,000-3, Resale SPRING GROVE Condominium 99 years November 08, ,787 3,025,000-1, Resale THE DRAYCOTT Apartment Freehold November 08, ,637 4,430,000-1, Resale District 11 GILSTEAD BROOKS Terrace Freehold November 07, ,068 3,250,000-1, Resale LA SUISSE Condominium 999 years November 09, ,616 3,100,000-1, Resale SINARAN Condominium 99 years November 07, ,722 3,150,000-1, Resale District 12 D MIRA Apartment Freehold November 12, ,507 1,850,200-1, Resale EIGHT RIVERSUITES Condominium 99 years November 09, ,195 1,540,000-1, Resale JUI RESIDENCES Apartment Freehold November 11, ,129,200-1,720 Uncompleted New Sale KALLANG RIVERSIDE Apartment Freehold November 08, ,260,000-2, Sub Sale OLEANDER TOWERS Apartment 99 years November 13, ,152 1,286,800-1, Resale District 13 PARK COLONIAL* Condominium 99 years November 06, ,182,000-1,961 Uncompleted New Sale PARK COLONIAL Condominium 99 years November 06, ,147,000-1,806 Uncompleted New Sale PARK COLONIAL Condominium 99 years November 06, ,363,000-1,583 Uncompleted New Sale PARK COLONIAL Condominium 99 years November 07, ,410 2,445,000-1,734 Uncompleted New Sale PARK COLONIAL Condominium 99 years November 08, ,711 2,980,000-1,741 Uncompleted New Sale PARK COLONIAL Condominium 99 years November 08, ,103,000-1,737 Uncompleted New Sale PARK COLONIAL Condominium 99 years November 08, ,585,000-1,618 Uncompleted New Sale THE ADDITION Apartment Freehold November 11, ,468,888-1,516 Uncompleted New Sale THE POIZ RESIDENCES Apartment 99 years November 07, ,625 1,697,000-1, New Sale THE TRE VER Condominium 99 years November 07, ,000-1,617 Uncompleted New Sale THE TRE VER Condominium 99 years November 08, ,000-1,546 Uncompleted New Sale THE TRE VER Condominium 99 years November 09, ,076,000-1,562 Uncompleted New Sale THE TRE VER Condominium 99 years November 09, ,038,000-1,634 Uncompleted New Sale THE TRE VER Condominium 99 years November 10, ,186,000-1,597 Uncompleted New Sale THE TRE VER Condominium 99 years November 10, ,145,000-1,520 Uncompleted New Sale THE TRE VER Condominium 99 years November 10, ,143,000-1,634 Uncompleted New Sale THE TRE VER Condominium 99 years November 11, ,000-1,548 Uncompleted New Sale THE TRE VER Condominium 99 years November 11, ,000-1,594 Uncompleted New Sale THE WOODLEIGH RESIDENCES* Apartment 99 years November 10, ,876,000-1,958 Uncompleted New Sale THE WOODLEIGH RESIDENCES Apartment 99 years November 10, ,347,000-1,955 Uncompleted New Sale THE WOODLEIGH RESIDENCES Apartment 99 years November 10, ,352,000-1,963 Uncompleted New Sale THE WOODLEIGH RESIDENCES Apartment 99 years November 10, ,337,000-1,941 Uncompleted New Sale THE WOODLEIGH RESIDENCES Apartment 99 years November 10, ,113,000-1,951 Uncompleted New Sale THE WOODLEIGH RESIDENCES Apartment 99 years November 10, ,109,000-1,944 Uncompleted New Sale THE WOODLEIGH RESIDENCES Apartment 99 years November 10, ,409,000-2,182 Uncompleted New Sale THE WOODLEIGH RESIDENCES Apartment 99 years November 10, ,497,000-2,318 Uncompleted New Sale THE WOODLEIGH RESIDENCES Apartment 99 years November 10, ,492,000-2,310 Uncompleted New Sale THE WOODLEIGH RESIDENCES Apartment 99 years November 10, ,414,000-2,189 Uncompleted New Sale District RESIDENCES Apartment Freehold November 06, ,116,000-1,595 Uncompleted New Sale 33 RESIDENCES Apartment Freehold November 07, ,146,000-1,638 Uncompleted New Sale 33 RESIDENCES Apartment Freehold November 11, ,281,290-1,609 Uncompleted New Sale ARENA RESIDENCES Apartment Freehold November 06, ,119,000-1,856 Uncompleted New Sale ARENA RESIDENCES Apartment Freehold November 06, ,620,000-1,835 Uncompleted New Sale ARENA RESIDENCES Apartment Freehold November 08, ,129,000-1,873 Uncompleted New Sale ARENA RESIDENCES Apartment Freehold November 09, ,089,000-1,807 Uncompleted New Sale ARENA RESIDENCES Apartment Freehold November 11, ,238 1,636,000-1,322 Uncompleted New Sale ESCADA VIEW Condominium Freehold November 07, ,399 1,288, Resale LE CRESCENDO Condominium Freehold November 09, ,173 1,500,000-1, Resale LOFT 33 Apartment Freehold November 08, ,000-1, Resale LORONG 20 GEYLANG Terrace Freehold November 08, ,185 1,950, Resale CHANGI ROAD Detached Freehold November 08, ,254 6,300,000-1, Resale PARK PLACE RESIDENCES AT PLQ Apartment 99 years November 11, ,087 1,990,000-1,830 Uncompleted New Sale REZI 35 Apartment Freehold November 07, ,425,900-1,540 Uncompleted New Sale District MARSHALL Apartment Freehold November 12, ,000-1, Resale COSTA RHU Condominium 99 years November 07, ,345 1,720,000-1, Resale ENVIO Apartment Freehold November 12, ,927 1,600, Resale LAGOON VIEW Apartment 99 years November 08, ,647 1,518, Unknown Resale LAGOON VIEW Apartment 99 years November 12, ,647 1,400, Unknown Resale LE CONNEY PARK Apartment Freehold November 07, ,044 1,187,000-1, Resale MARINE GARDEN Terrace Freehold November 09, ,733 1,800,000-1, Resale MOUNTBATTEN SUITES Apartment Freehold November 12, ,000-1, Resale EAST COAST ROAD Terrace Freehold November 07, ,556 15,074,734-1, Resale LORONG 105 CHANGI Terrace Freehold November 09, ,722 2,708,000-1, Resale OPERA ESTATE Terrace Freehold November 12, ,389 2,800,000-2,010 Unknown Resale SANCTUARY GREEN Condominium 99 years November 08, ,711 2,198,000-1, Resale SEASIDE RESIDENCES Apartment 99 years November 10, ,733 3,700,550-2,135 Uncompleted New Sale ST PATRICK S COURT Apartment Freehold November 08, ,184 1,350,000-1, Resale THE COTZ Apartment Freehold November 12, ,000-1, Resale THE NCLAVE Apartment Freehold November 09, ,056 1,910, Resale THE SEAFRONT ON MEYER Condominium Freehold November 07, ,066 1,890,000-1, Resale THE SERENNIA Apartment Freehold November 12, ,135,000-1, Resale THE WATERSIDE Condominium Freehold November 08, ,142 3,200,000-1, Resale District 16 BAYSHORE PARK Condominium 99 years November 09, ,000-1, Resale BEDOKVILLE Detached 999 years November 12, ,542 5,190,000-1, Resale CHANGI GREEN Condominium Freehold November 08, ,001 1,050,000-1, Resale COSTA DEL SOL Condominium 99 years November 12, ,755 2,350,000-1, Resale KEW GATE Terrace 99 years November 09, ,260 1,310, Resale LAGUNA GREEN Condominium 99 years November 08, ,055 1,000, Resale PARBURY HILL CONDOMINIUM Condominium Freehold November 09, ,120 2,700,000-1, Resale District 17 BALLOTA PARK CONDOMINIUM Condominium Freehold November 08, ,701 1,400, Resale CHANGI GROVE Detached Freehold November 12, ,319 5,600, Unknown Resale PARC OLYMPIA Condominium 99 years November 12, ,000-1, 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 District 18 MY MANHATTAN Condominium 99 years November 08, ,152 1,430,000-1, Resale RIPPLE BAY Condominium 99 years November 08, ,163 1,180,000-1, Resale SEA ESTA Condominium 99 years November 12, , , Resale SEA ESTA Condominium 99 years November 12, ,227 1,200, Resale SEASTRAND Condominium 99 years November 09, ,109 1,080, Resale THE TAPESTRY Condominium 99 years November 06, ,600-1,338 Uncompleted New Sale THE TAPESTRY Condominium 99 years November 06, ,218,400-1,316 Uncompleted New Sale THE TAPESTRY Condominium 99 years November 06, ,880-1,444 Uncompleted New Sale THE TAPESTRY Condominium 99 years November 06, ,000-1,407 Uncompleted New Sale THE TAPESTRY Condominium 99 years November 08, ,170,400-1,182 Uncompleted New Sale THE TAPESTRY Condominium 99 years November 09, ,991 2,340,900-1,176 Uncompleted New Sale THE TAPESTRY Condominium 99 years November 11, ,224,000-1,322 Uncompleted New Sale District 19 AFFINITY AT SERANGOON Apartment 99 years November 06, ,038,000-1,663 Uncompleted New Sale AFFINITY AT SERANGOON Apartment 99 years November 06, ,000-1,486 Uncompleted New Sale AFFINITY AT SERANGOON Apartment 99 years November 08, ,000-1,517 Uncompleted New Sale AFFINITY AT SERANGOON Apartment 99 years November 09, ,000-1,508 Uncompleted New Sale AFFINITY AT SERANGOON Apartment 99 years November 09, ,076 1,677,000-1,558 Uncompleted New Sale AFFINITY AT SERANGOON Apartment 99 years November 09, ,000-1,521 Uncompleted New Sale AFFINITY AT SERANGOON Apartment 99 years November 10, ,000-1,423 Uncompleted New Sale AFFINITY AT SERANGOON Apartment 99 years November 11, ,245,000-1,464 Uncompleted New Sale EDEN VIEW Apartment Freehold November 12, ,055 1,070,000-1, Resale ESPARINA RESIDENCES EC 99 years November 08, ,163 1,288,000-1, Resale FOREST WOODS Condominium 99 years November 09, ,238 1,991,000-1,608 Uncompleted New Sale GOLDEN HILL ESTATE Terrace Freehold November 08, ,636 2,500,000-1, Resale KOVAN MELODY Condominium 99 years November 07, ,593 1,570, Resale KOVAN REGENCY Condominium 99 years November 08, ,350,000-1, Resale KOVAN RESIDENCES Condominium 99 years November 08, ,259 1,595,000-1, Resale AROOZOO AVENUE Terrace Freehold November 09, ,636 2,500,000-1, Resale ONE ROSYTH Apartment 999 years November 12, ,356 1,250, Resale PRIVE EC 99 years November 07, ,130 1,130,000-1, Resale RIVER ISLES Condominium 99 years November 12, ,227 1,200, Resale RIVERFRONT RESIDENCES* Apartment 99 years November 08, ,000-1,402 Uncompleted New Sale RIVERFRONT RESIDENCES Apartment 99 years November 08, ,000-1,316 Uncompleted New Sale RIVERFRONT RESIDENCES Apartment 99 years November 09, ,175,000-1,284 Uncompleted New Sale RIVERFRONT RESIDENCES Apartment 99 years November 09, ,000-1,374 Uncompleted New Sale RIVERSAILS Condominium 99 years November 08, ,000-1, Resale RIVERVALE CREST Apartment 99 years November 08, , , Resale SERANGOON GARDEN ESTATE Detached 999 years November 07, ,036 4,688,888-1, Resale SERANGOON GARDEN ESTATE Apartment 999 years November 13, ,636 1,638,000-1,001 Unknown Resale STADIA Apartment Freehold November 09, ,001 1,135,000-1, Resale TANGERINE GROVE Condominium Freehold November 08, ,130,000-1, Resale TERRASSE Condominium 99 years November 09, ,335 1,578,000-1, Resale THE QUARTZ Condominium 99 years November 09, ,066 1,070,000-1, Resale THE SCALA Apartment 99 years November 07, ,290,000-1, Resale District 20 HORIZON GREEN Terrace 99 years November 08, ,380 1,848, Resale JADESCAPE Condominium 99 years November 06, ,127,800-1,746 Uncompleted New Sale JADESCAPE Condominium 99 years November 06, ,148,300-1,778 Uncompleted New Sale JADESCAPE Condominium 99 years November 07, ,000-1,686 Uncompleted New Sale JADESCAPE Condominium 99 years November 07, ,318,600-1,725 Uncompleted New Sale JADESCAPE Condominium 99 years November 10, ,099 3,194,600-1,522 Uncompleted New Sale JADESCAPE Condominium 99 years November 10, ,562,600-1,728 Uncompleted New Sale JADESCAPE Condominium 99 years November 11, ,259,500-1,648 Uncompleted New Sale JADESCAPE Condominium 99 years November 11, ,321,600-1,729 Uncompleted New Sale SKY HABITAT Condominium 99 years November 08, ,477 4,250,000-1, Resale District 21 MANDARIN PARK Terrace Freehold November 09, ,175 4,200,000-1,323 Uncompleted New Sale MAYFAIR GARDENS Condominium 99 years November 06, ,430,000-1,898 Uncompleted New Sale MAYFAIR GARDENS Condominium 99 years November 06, ,135,000-2,028 Uncompleted New Sale MAYFAIR GARDENS Condominium 99 years November 07, ,474,000-1,956 Uncompleted New Sale MAYFAIR GARDENS Condominium 99 years November 09, ,216 2,320,000-1,907 Uncompleted New Sale MAYFAIR GARDENS Condominium 99 years November 09, ,216 2,356,361-1,937 Uncompleted New Sale MAYFAIR GARDENS Condominium 99 years November 11, ,508,000-1,973 Uncompleted New Sale SOUTHAVEN II Condominium 999 years November 09, ,389 1,665,000-1, Resale SUNSET LODGE Condominium Freehold November 08, ,087 1,100,000-1, Resale District 22 IVORY HEIGHTS Condominium 100 years November 09, ,701 1,430, Unknown Resale THE CENTRIS Apartment 99 years November 08, ,066 1,233,888-1, Resale THE LAKEFRONT RESIDENCES Condominium 99 years November 12, ,023 1,360,000-1, Resale THE LAKESHORE Condominium 99 years November 09, ,000-1, Resale WESTWOOD PARK Semi-Detached 99 years November 12, ,992 2,200, Resale WESTWOOD RESIDENCES EC 99 years November 09, , , Resale District 23 BUKIT 828 Apartment Freehold November 10, ,076,000-1,723 Uncompleted New Sale GUILIN VIEW Condominium 99 years November 08, ,572 1,340, Resale HILLVIEW HEIGHTS Condominium Freehold November 08, ,270,000-1, Resale HILLVIEW RESIDENCE Condominium 999 years November 12, ,259 1,323,888-1, Resale LE QUEST Apartment 99 years November 07, ,130 1,608,000-1,423 Uncompleted New Sale MAYSPRINGS Apartment 99 years November 08, ,335 1,090, Resale PALM GARDENS Condominium 99 years November 07, , , Resale THE DEW EC 99 years November 07, ,206 1,020, Resale THE MADEIRA Condominium 99 years November 09, , Resale WINDERMERE EC 99 years November 08, , , Resale District 25 ROSEWOOD Condominium 99 years November 07, ,432 1,043, Resale District 26 THE CALROSE Condominium Freehold November 12, ,217 2,238,888-1, Resale THE SPRINGSIDE Terrace Freehold November 09, ,991 2,990,000-1, Resale District 27 CANBERRA RESIDENCES Condominium 99 years November 12, ,130 1,010, Resale EIGHT COURTYARDS Condominium 99 years November 07, , Resale THE MILTONIA RESIDENCES Condominium 99 years November 08, , Resale District 28 BELGRAVIA GREEN Semi-Detached Freehold November 06, ,004 3,756, Uncompleted New Sale HIGH PARK RESIDENCES Apartment 99 years November 08, ,036,000-1,160 Uncompleted Sub Sale THE GREENWICH Condominium 99 years November 12, ,227 1,500,000-1, Resale DISCLAIMER: Source: URA Realis. Updated Nov 20, 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 *Not all caveats are shown due to the overwhelming number of transactions

10 EP10 EDGEPROP NOVEMBER 26, 2018 GAINS AND LOSSES Ardmore Park resale unit rakes in $3.13 mil profit PICTURES: SAMUEL ISAAC CHUA/THE EDGE SINGAPORE The seller of a 2,885 sq ft, four-bedroom unit at Ardmore Park made a 57% profit BY CHARLENE CHIN The seller of a unit at Nassim Park Residences incurred a loss of $1.4 million The seller of a unit at Ardmore Park, off Anderson Road in District 10, made the top gain of $3.13 million over the week of Nov 6 to 13. The 2,885 sq ft, four-bedroom unit on the 22nd floor was bought for $5.47 million ($1,897 psf) in July 1996, and sold for $8.6 million ($2,981 psf) on Nov 13. The seller reaped a 57% profit, or an annualised profit of 2% over 22.3 years. The 330-unit Ardmore Park, completed in 2001, was developed by Wheelock Properties. The Orchard Road shopping belt is 17 minutes away by foot. The second top gain over the week in review an 88% profit of $1.5 million was made at The Waterside, on Tanjong Rhu Road in District 15. The 2,142 sq ft, three-bedroom unit on the 12th floor was purchased for $1.7 million ($794 psf) in February 2000, and sold for $3.2 million ($1,494 psf) on Nov 8. The seller made an annualised profit of 3% over 18.7 years. The Waterside is a freehold condominium that is near the future Katong Park MRT station on the Thomson-East Coast line, slated to open in The sale of a unit at Costa Del Sol, off Upper East Coast Road in District 16, was the third most profitable transaction over the week in review, raking in an 86% profit of $1.09 million for the seller. The 1,755 sq ft, four-bedroom unit on the seventh floor was bought in July 2001 for $1.26 million ($718 psf), and sold for $2.35 million ($1,339 psf) on Nov 12. The seller made an annualised profit of 4% over 17.3 years. Costa Del Sol is a 99-year leasehold development comprising 906 units. The condo, completed in 2004, is a 13-minute walk from the future Bayshore MRT station on the Thomson-East Coast line. On the other hand, the biggest loss incurred over the week in review was from the resale of a 3,477 sq ft unit at Nassim Park Residences in prime District 10. The seller sold the property for $10.6 million ($3,049 psf) on Nov 13, sustaining a 12% loss of $1.4 million. The unit was purchased in July 2011 for $12 million ($3,451 psf). This translates into an annualised loss of 2% over a holding period of 7.3 years. Nassim Park Residences is a 100-unit luxury condo on Nassim Road. It is a five-minute drive from the Orchard Road shopping belt and near the Botanic Gardens and Gleneagles Hospital. E URA, EDGEPROP Top gains and losses from Nov 6 to 13 Most profitable deals PROJECT DISTRICT AREA (SQ FT) SOLD ON (2018) SALE PRICE ($ PSF) BOUGHT ON PURCHASE PRICE ($ PSF) PROFIT ($) PROFIT (%) ANNUALISED PROFIT (%) HOLDING PERIOD (YEARS) 1 Ardmore Park 10 2,885 Nov 13 2,981 July 25, ,897 3,127, The Waterside 15 2,142 Nov 8 1,494 Feb 15, ,500, Costa Del Sol 16 1,755 Nov 12 1,339 July 23, ,089, Southaven II 21 1,389 Nov 9 1,199 May 22, ,040, La Suisse 11 2,616 Nov 9 1,185 April 2, ,020, Serangoon Garden Estate 19 1,636 Nov 13 1,001 June 29, , Parbury Hill Condominium 16 2,120 Nov 9 1,273 May 17, , The Nclave 15 2,056 Nov Sept 23, , The Calrose 26 2,217 Nov 12 1,010 May 1, , Queens 3 1,184 Nov 9 1,267 Feb 19, , Non-profitable deals PROJECT DISTRICT AREA (SQ FT) SOLD ON (2018) SALE PRICE ($ PSF) BOUGHT ON PURCHASE PRICE ($ PSF) LOSS ($) LOSS (%) ANNUALISED LOSS (%) HOLDING PERIOD (YEARS) 1 Nassim Park Residences 10 3,477 Nov 13 3,049 July 26, ,451 1,400, The Draycott 10 2,637 Nov 8 1,680 July 13, , , Waterscape at Cavenagh 9 1,399 Nov 9 1,844 March 31, , , The Greenwich 28 1,227 Nov 12 1,222 Sept 15, , , Skyline Saint Thomas Walk 9 1,733 Nov 6 2,250 Dec 23, ,305 94, Rosewood 25 1,432 Nov July 25, , Citylights Nov 8 1,765 Aug 2, ,787 12, Note: Computed based on URA caveat data as at Nov 20 for private non-landed houses transacted between Nov 6 and 13. The profit-and-loss computation excludes transaction costs such as stamp duties.

11 EDGEPROP NOVEMBER 26, 2018 EP11

12 EP12 EDGEPROP NOVEMBER 26, 2018 UNDER THE HAMMER Mortgagee sale at Clover By The Park in Bishan ALBERT CHUA/THE EDGE SINGAPORE Clover By The Park is a seven-year-old, 99-year leasehold development by Sim Lian Group BY TIMOTHY TAY A four-bedroom unit at Clover By The Park was put up for sale at Colliers International s auction on Nov 22. The 1,765 sq ft unit was offered in a mortgagee sale, the first time it appeared at an auction, says associate director Lock Sau Lai of Colliers International. The unit has a guide price of $2.2 million ($1,246 psf). The auction was held after this publication went to print. Clover By The Park is a sevenyear-old development by Sim Lian Group, a privately held construction and property development company. The condominium is located on Bishan Street 25, near Marymount Road in District 20. The 99-year leasehold development comprises 616 three- and four-bedroom units ranging from 1,216 to 1,765 sq ft, as well as 16 penthouses of 2,530 to 3,477 sq ft. The condo is beside the Bishan- Ang Mo Kio Park and near Whitley Secondary School, Catholic High School and the upcoming Eunoia Junior College. The unit being auctioned is on the 32nd floor of one of the 39-storey blocks, and overlooks the Bishan and Marymount areas. It comprises two en suite bedrooms, two bedrooms sharing a bathroom, a living and dining area with an adjoining balcony, and a kitchen and utility room. It is likely that potential buyers will be looking to purchase the unit for their own stay, given its size, as those buying properties for investment tend to go for smaller units in the area, says Lock. The size of the unit and its proximity to schools will appeal to young families, she adds. According to URA caveats, the unit was initially purchased for $1.63 million ($925 psf) in 2011 and sold for $2.2 million ($1,246 psf) a year later. There have been four transactions of four-bedroom units at Clover By The Park so far this year, and they have fetched $2.04 million ($1,156 psf) to $2.21 million ($1,275 psf). The most recent sale of a four-bedroom unit was on July 23, when a 1,733 sq ft unit on the 34th floor changed hands for $2.21 million ($1,275 psf). So far this year, nearby 99-year leasehold condos such as Sky Habitat at Bishan Street 15 have been transacted at an average price of $1,465 psf, and the newly launched JadeScape has recorded an average price of $1,660 psf. Based on these recent transactions in the area, the guide price for the subject unit is considered fair, says Lock. E COLLIERS INTERNATIONAL The four-bedroom unit has a guide price of $2.2 million