Family home in Sentosa Cove for $17 mil

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3 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 October 23, 2017 ISSUE Offshore Home prices in Hanoi and HCMC to rise until 2019, says CBRE EP10 Done Deals Strata bungalows at Goodwood Grand sold for $6.95 mil each EP12 Gains and Losses Three-bedroom unit at Regency Park sold at $2.5 mil profit EP14 Deal Watch One-of-a-kind terraced house on Shelford Road going for $5.6 mil EP15 ALBERT CHUA/THE EDGE SINGAPORE Family home in Sentosa Cove for $17 mil Singapore s waterfront luxury resort is coming back to life as prospective homebuyers swoop in, led by locals and permanent residents. See our Cover Story on Pages 6 and 7.

4 EP2 EDGEPROP OCTOBER 23, 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, ADVERTISING & SALES Cowie Tan ASSOCIATE ACCOUNT DIRECTOR Diana Lim SENIOR ACCOUNT MANAGER Priscilla Wong ACCOUNT MANAGER James Chua CIRCULATION DIRECTOR Victor The EXECUTIVES Malliga Muthusamy, Ashikin Kader, Winnie Lim 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. Chip Eng Seng buys Changi Garden for $248.8 mil Chip Eng Seng Corp announced on Oct 17 that it had successfully tendered for the collective sale of Changi Garden at $248.8 million, or $888 psf per plot ratio (ppr), about 27% above the asking price of $196 million. Marketing agent Edmund Tie & Co (ET&Co) says no development charge is payable for the site because of its high development baseline. At the selling price, an apartment owner will receive between $2.14 million and $2.27 million; a penthouse owner, between $4.03 million and $4.74 million; and shop owners, between $4.7 million and $7.08 million, says ET&Co. Chip Eng Seng intends to redevelop Changi Garden into a low-rise condominium of about 320 residential units with a possible retail component. Tay Siong Siew, chairman of Changi Garden s en bloc sales committee, says the collective sale process began in March last year. The existing property comprises 84 residential and retail units on a 200,095 sq ft site. According to URA s 2014 Master Plan, the site has a plot ratio of 1.4, which translates into a maximum allowable gross floor area of 280,133 sq ft. Royalville on the market for $368 mil Royalville, a 93-unit condo with 11 shops built in the 1980s, is making its third collective sale attempt. According to URA s 2014 Master Plan, the freehold site of 174,176 sq ft has a plot ratio of 1.4. Located on Bukit Timah Road, Royalville has been launched for sale by tender by marketing agent ET&Co with an asking price of $368 million, which translates into a land rate of $1,509 psf ppr. However, if an additional 10% bonus balcony space and development charge of $1.16 million are included, the land rate works out to $1,376 psf ppr, says ET&Co. No development charge is payable for the site. Royalville is located 260m from the Sixth Avenue MRT station. According to Swee Shou Fern, ET&Co s senior director of investment advisory, the last time a freehold site of this size on Bukit Timah was purchased en bloc was more than 10 years ago, when GuocoLand bought Casa Rosita in 2006 and redeveloped it into luxury condo Goodwood Residence. According to ET&Co, the Royalville site can be redeveloped into a 323-unit condo. The tender closes on Nov 10. PICTURES: ET&CO Hyflux to sell and partially lease back Tuas property Hyflux announced on Oct 18 that it was selling its leasehold interest in 8 Tuas South Lane as well as equipment relating to the property at $95 million. The prospective buyer is RBC Investor Services Trust Singa pore, trustee of ESR REIT. Upon completion of the sale, RBC is to grant Hyflux subsidiaries a partial leaseback of the Tuas property for a lease period of 15 years. The property is currently used by Hyflux as a factory, warehouse facility and workers dormitory. Hyflux leased the property with a land area of 830,711 sq ft from JTC Corp for an initial term of 30 years from April 1, 2008, with an option for an extension. The completion of the sale is subject to the approval of JTC and other relevant authorities. URA unveils plans for Kampong Bugis, Holland Plain and Bayshore precincts On Oct 16, URA announced plans for three upcoming precincts Kampong Bugis, Holland Plain and Bayshore that will feature an estimated 18,500 homes. The plans centre on making the precincts car-lite, incorporating sustainable and green features as well as promoting vibrant community spaces. URA says it will continue to engage the surrounding communities to refine its plans in the lead-up to the launches of the precincts. Kampong Bugis will be launched over the next one or two years, followed by Holland Plain around 2021, and Bayshore after The 17ha Kampong Bugis is projected to yield 4,000 homes. Holland Plain, which spans 34ha, and Bayshore, which spans 60ha, are expected to yield 2,500 and 12,000 homes respectively. Nicholas Mak, executive director of ZACD Group, reckons that promoting car-lite precincts might have an impact on the unit types offered by developers. They may be inclined to develop smaller units meant for singles, young families without children and for rental purposes, which have lesser need for parking lots, he says. Developers sell more units in 9M2017 than in 2016 Developers moved 9,582 private residential units between January and September this year, surpassing the total of 8,363 private residential units sold in This means that private home sales as at end-september 2017 were already about 15% higher than the figures achieved in the whole of 2016, according to the latest URA figures. Last month alone, developers moved 657 private residential units, a 29% y-o-y increase from the 509 units sold in September Kingsford Waterway was the bestselling private project in September. Chinese developer Kingsford Development sold 45 units at a median price of $1,289 psf. About 23% (269) of the 1,165 units in the 99- year leasehold project on Upper Serangoon View remained to be sold as at end-september. Coming in at second place was the 600-unit Symphony Suites in Yishun, where EL Development moved 42 units at a median price of $1,098 psf. As at end-3q2017, 98% (539) of the 548 units launched have been sold. UOL Group and Kheng Leong Co s Principal Garden came in third, with 40 units sold in September at a median price of $1,761 psf. Symphony Suites and Principal Garden are 99-year leasehold developments. Compared with their performance in August, however, developers moved 47% fewer units m-o-m, on the back of a lower launch volume of just 73 units in September. Nicholas Mak, executive director of ZACD Group, attributes the low launch volume in September to the Hungry Ghost month and developers holding back units in anticipation of increasing property prices in the near future. Collective sales to rise through 2018 and into 2019: Colliers International The number of residential collective sales is set to continue rising through 2018, and the trend is likely to last into 2019, says Colliers International in a recent report. Excluding Changi Garden, which was bought after the report was produced, the current collective sale wave which began in late 2016 with the sale of Shunfu Ville, Harbour View Gardens and Raintree Gardens and continued this year with 14 more collective sales year-to-date has netted $6.36 billion in sales. According to research by Colliers, a surge in collective sale transactions in the residential market typically goes on for eight to 12 quarters. The last collective sale fever lasted for about three years, from 2005 to 2007, with sales totalling $21.8 billion. Tang Wei Leng, managing director of Colliers International, Singapore, comments: With the more aggressive land prices achieved in the mass markets, we expect more prime freehold plots to come on the market. Despite the surge, Colliers believes that the risk of oversupply is low. Given that the 2006 to 2016 annual average demand for residential units stood at 12,453, the 14,000 units that could be generated from the collective sales so far could be absorbed in slightly more than a year. Moreover, developers pacing of launches over time as well as across different market segments and locations will keep the oversupply risk low, says Colliers. Regin Hotel up for sale at $20 mil Regin Hotel, on Sims Avenue, has been put up for sale by expression of interest (EOI). According to exclusive marketing agent Savills Singapore, the indicative price of the freehold property is $20 million, which works out to an average of $435,000 per key. Located near the junction of Sims Way and Sims Avenue, Regin Hotel currently operates as a budget accommodation. Comprising 46 rooms ranging from single suites to family suites across five levels, the hotel caters predominantly for travellers from Asean cities and corporate clients from the nearby industrial estate, says Savills. Regin Hotel is 600m from the Kallang MRT station, or about an eight-minute walk, says Savill Singapore. Interested parties can consider repositioning the hotel as a themed boutique hotel or a hip hostel, says Philip Ng, director of investment sales at Savills Singapore. The EOI exercise closes on Nov 15. Investment sales rise 9.3% q-o-q in 3Q2017 Investment sales in 3Q2017 amounted to $10.1 billion, a 9.3% q-o-q increase, says a recent CBRE Research report. The strong performance of the investment market in 3Q2017 was attributed to the collective sale market, the return of domestic capital which rose 52.8% y-o-y and accounted for 67.6% of total investment sales and larger-ticket deals. The largest deals for the residential and office sectors so far this year were transacted in the quarter. Tampines Court, which was sold to Sim Lian Development at $970 million, was the largest residential deal YTD. On the office front, CapitaLand Commercial Trust s acquisition of Asia Square Tower 2 at $2.1 billion was the largest deal so far this year. The quarter also marked the first increase in office rents in 10 quarters, says CBRE Research. Grade A Core CBD rents rose 1.7% q-o-q. Thai developer Sansiri invests in co-working space provider JustCo Singapore-based co-working space provider JustCo announced that it has grown its valuation to US$200 million ($270 million) at the close of its Series B funding, which saw one of Thailand s leading developers, Sansiri, invest an undisclosed sum. The latest round of funding will finance JustCo s expansion into other key cities in Southeast Asia, namely Bangkok, Jakarta, Kuala Lumpur, Ho Chi Minh City and Manila. JustCo aims to open more co-working centres in at least six regional countries, bringing the total number of locations in Asia to 30 by It projects a fivefold growth of its member base from the current 12,000-strong community. Each market in this region presents its own unique challenges, says Kong Wan Sing, founder and CEO of JustCo. But our groundwork for exponential rollout has been laid and we have cultivated strategic partners in various cities. The partnership with Sansiri will help JustCo make inroads into Bangkok. Compiled by Timothy Tay and Angela Teo E SAVILLS SINGAPORE

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6 EP4 EDGEPROP OCTOBER 23, 2017 PERSONALITY Prof who wears many hats BY CECILIA CHOW Yu Shi Ming, an associate professor at the National University of Singapore s Department of Real Estate, has been a don for more than 35 years. He is fondly called Prof by his former students, even though some of them are already middle-aged, in top management positions and left school more than 20 years ago. That is why I have remained an academic for so long, says Yu. One of my greatest satisfactions is seeing my former students doing well in the industry. Yu is also well known for his extracurricular activities as a Justice of the Peace. And he does not just solemnise the marriages of his former students. In fact, Yu is so sought-after that he is ranked among the 40 most popular Justices of the Peace on KiasuBride.com. Prolific in publishing articles in the areas of real-estate appraisal, housing, urban planning and facilities management, Yu has presented many papers at international conferences too. He has served as a member of several government organisations in Singapore, including HDB, the Council for Estate Agencies, the Valuation Review Board and the West Coast Town Council. Yu is also one of the three co-authors of a book released earlier this year titled Singapore s Real Estate: 50 Years of Transformation, which Yu: Awards are a means of recognising excellence and quality traces the evolution of the city state s real estate. He recently led the production of a sleek video for the Department of Real Estate that presents Singapore s Smart City and Smart Nation initiatives. The video is now available on YouTube. As a city state and a global city, Singapore benefits from a greater flow of information and the sharing of ideas, as well as innovation and technological advancements, observes Yu. Government s push to automate Singapore s building quality has improved over the years. One of the The Kallang Basin area is one of the locales in Singapore that are likely to undergo the biggest transformation in the coming decade SAMUEL ISAAC CHUA/THE EDGE SINGAPORE main contributing factors is legislation. Over the past seven years, the government has been trying to wean the construction industry from its reliance on cheap foreign workers by imposing a quota on these workers and gradually increasing the levy on them since July Our reliance on foreign labour has its roots in our meritocratic and achievement-oriented policies, such that locals shun the construction industry, says Yu. In an effort to encourage more companies to adopt new technology, URA has stipulated the use of 65% prefabricated prefinished volumetric construction (PPVC) in some land tenders, such as mixed-use development The Wisteria, executive condominium The Brownstone and private condo Clement Canopy. The government is also pushing through its vision of an Eco-Smart City to spur green innovation and help mitigate the impact of climate change. Many of the members of Redas [Real Estate Developers Association of Singapore] are guided by robust corporate environmental sustainability principles and are strong advocates of eco-friendly buildings that promote good passive design, façade performance and effective natural ventilation to reduce carbon emission and enhance the well-being of occupants, said Augustine Tan, president of Redas, in a speech on Oct 4 at a Mid-Autumn Festival lunch held by the association. Many developments have also URA adopted energy-efficient systems and pneumatic waste conveyance systems as well as dual chutes for refuse and recyclables. Tan also said: In the future, we can expect our developments to become smarter, greener and more resilient. Importance of planning and design In January 2013, the government released a population white paper titled A sustainable population for a dynamic Singapore. It projected that the city state could have a population of 6.5 million to 6.9 million by Yu believes the target is achievable, and that there is a need for Singapore s population to increase further. We don t have a hinterland, he points out. And high density can be mitigated by good planning and design. Singapore s population in 2017 is around 5.6 million, up just 0.1% y-o-y, according to the Department of Statistics. Population density is 7,796 per sq km, which is the world s third highest after Macau (20,848 per sq km) and Monaco (15,254 per sq km), according to IndexMundi. Even though Hong Kong has a population of 7.36 million, its density is 6,682.5 per sq km and it ranks fourth after Singapore in terms of density. Yu believes the areas in Singapore that will undergo the biggest transformation over the next few decades will be Jurong Lake District, earmarked by the government as Singapore s second CBD; the Kallang Basin area, which will be revitalised, along with the Kallang River, with parkland, community spaces and bicycle trails; and the Southern Waterfront City, when an area of 1,000ha (three times the size of Marina Bay) is freed up for development, following the relocation of the ports in Tanjong Pagar and Pasir Panjang. Yu believes planning and design are critical for Singapore s success in land use and for the real estate industry. He is one of the five judges for the inaugural EdgeProp Excellence Awards, to be held on Oct 23. Awards are a means of recognising excellence and quality, he says. He also sees such awards as motivation for developers to offer better-quality projects and embrace new technology. E

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8 EP6 EDGEPROP OCTOBER 23, 2017 COVER STORY PICTURES: ALBERT CHUA/THE EDGE SINGAPORE This Balinese-style house with pavilions on Ocean Drive was designed by Timur Designs Family home in Sentosa Cove for $17 mil Singapore s waterfront luxury resort is coming back to life as prospective homebuyers swoop in, led by locals and permanent residents BY CECILIA CHOW The Pawley family count themselves among the pioneer residents in Sentosa Cove, Singapore s waterfront luxury residential enclave. In January, we would have lived here for 10 years, says Mrs Sharon Pawley. Being the first to move in had a price: They had to put up with the noise and dust of construction in the first two years. When we moved in, the house next door was being built, recalls Mrs Pawley. There was nothing on those islands [Treasure Island and Paradise Island] then. Mr [Stephen] Riady bought a house out there, but demolished it and built two houses. Everywhere around us, construction was going on. However, the family has grown to love their home on Ocean Drive. The choice of the site facing the waterway was deliberate. For sure, it s nice to [have a view of] the sea, but there s no privacy people will walk by, stop and look into your house, The living room is designed as the nucleus of the house says Mrs Pawley. But it s very quiet here and more private. You have a berth for your boat and you can go kayaking or canoeing. Mrs Pawley was very involved in the design of the family home, which took two years to complete six months for the planning and design and 18 months for construction. She worked closely with the architect, Chan Wai Kin of Timur Designs, who designed many of the luxury homes in the prime districts of Singapore and Sentosa Cove. A combination of everything Prior to moving to their home in Sentosa Cove, the Pawleys had lived in a black-and-white colonial bungalow. Mrs Pawley liked the overhangs of the bungalow, as they kept the house cool, and incorporated that feature in the new house. She also wanted a Balinese-style home with a lot of covered outdoor spaces for entertaining. Another must-have was a basement entertainment area, typical of American homes. It s a combination of everything for our family needs, says Mrs Pawley. She also worked closely with the builder, Mr Peh of Euro Builder & Electrical Pte Ltd. He was very meticulous and paid great attention to detail, she recounts. The team that built the house from the very beginning would come down to maintain the house. They made sure that the materials used for the house would weather well over time; for instance, all the wood used for the house are termite-resistant, with chengal wood for the outdoors and teak for the indoors. It s a functional family home, and the kids have loved it here, says

9 EDGEPROP OCTOBER 23, 2017 EP7 COVER STORY The dining room, which opens out onto the outdoor dining area, is ideal for entertaining CBRE s Steve Tay was the broker for the sale of a bungalow on Lakeshore View at end-july for $15.5 million ($1,807 psf) Highest transaction volume since 2013 The triple-volume living area has an unobstructed view of the swimming pool and waterway Mrs Pawley. However, now that the children have grown up and are going to the UK for their tertiary studies, Mrs Pawley feels it is time to sell the house. The house on Ocean Drive has a built-up area of 8,000 sq ft and sits on a land area of 8,675 sq ft. On the first level is an en suite guest bedroom, and on the second level are the master suite with attached private gym, as well as three en suite bedrooms. The attic is used as a study. The basement is the entertainment area. There are glass sliding doors that open out to a courtyard, ensuring natural light and ventilation. It brightens the basement level, says Bruce Lye, managing partner of SRI, the exclusive marketing agent for the house. This is unlike the basements of some houses, which tend to be dark and damp and promote growth of mould and mildew over time. In good condition Lye has noticed that some of the new owners of houses in Sentosa Cove have recently either torn down the original structures or undertaken extensive additions and alterations after buying them. That s why you see quite a few empty plots in Sentosa Cove, he says. If the original house was not well built and doesn t weather well under the tropical coastal conditions, they have to be rebuilt. This is not the case with the Pawley home on Ocean Drive, which, after close to 10 years, is still in good condition. It has always been our family home and was never let out; we take care of it, says Mrs Pawley. The buyer needs to do only minor touch-ups before moving in, says SRI s Lye. The price tag on the house is $17 million, or $1,960 psf. This is a competitive price for a quality home with character, he points out. Six months ago, Lye brokered the sale of two other bungalows. The one that sits on a 7,384 sq ft plot is located on Ocean Drive and fronts the sea. It was sold for $12.5 million ($1,694 psf). The one that sits on a 7,416 sq ft plot is on Cove Drive and faces the waterway. It fetched $10 million ($1,348 psf), according to caveats lodged in April. Sentiment has improved amid reports that the housing market has bottomed, observes Lye. New-home sales have been brisk, and even the luxury condo market in the prime districts and Good Class Bungalows, the most luxurious of bungalows, have started to see renewed buying activity. This has spurred those who have been contemplating making a purchase for the last couple of years to take action, he adds. Today, the premium between seafront and waterway houses has narrowed to just 15%, notes SRI s Lye. Those who own boats would prefer a home on the waterway, he adds. Besides price, buyers are also focused on the design of the house and the land size and shape. As more homebuyers consider Sentosa Cove as a place for their family home like the Pawleys the enclave is starting to regain some of its shine. E Interest has returned to Sentosa Cove this year, as buyers are starting to see value in the top end of the luxury segment, notes Steve Tay, senior vice-president, resale division, CBRE Realty Associates. Based on caveats lodged, there have been 11 transactions in Sentosa Cove so far this year. To my knowledge, there were at least five deals this year, in which caveats were not lodged, which brings the tally to 16, says CBRE s Tay. He brokered eight bungalow deals, although not all had caveats lodged. The deals handled by Tay include the sale of a bungalow on Lakeshore View for $15.5 million ($1,807 psf) at end- July, another on Cove Grove for $16.6 million ($1,707 psf) in June, and a house on Lakeshore View that fetched $21.25 million ($1,886 psf) in March, which was an exclusive listing with CBRE. Based on caveats lodged, it was the first bungalow to be sold this year (see Table 2). Table 1 Transactions this year have been the highest since 2013, when 18 bungalows were sold (based on caveats lodged), despite a hefty additional buyer s stamp duty (ABSD) of 15% that kicked in in January that year. From 2014 to 2016, sales were lacklustre, with only four bungalows changing hands for each of those years (see Table 1). Many attribute the lacklustre sales to the cumulative effects of the eight rounds of property cooling measures that culminated in the total debt servicing ratio (TDSR) framework, which came into effect at end-june The Singapore economy had also slowed, owing to the global economic uncertainty, plunging oil prices and volatile stock markets. With the local economy set to recover, the property market has become more buoyant. This is also having a positive impact on Sentosa Cove. Transaction volume and total sales of Sentosa Cove bungalows (2007 to 2017) YEAR NO OF UNITS SOLD TOTAL SALES ($ MIL) AVERAGE PRICE ($ PSF) , , , , , , , , , , * ,596 *2017 to date, with caveats lodged as at Oct 17 Table 2 Total transactions in 2017 based on caveats lodged NO ADDRESS LAND TRANSACTED UNIT SALE DATE TENURE COMPLETION TYPE AREA PRICE ($) PRICE DATE OF SALE (SQ FT) ($ PSF) 1 Lakeshore View 11,270 21,250,000 1,886 March 1, years from 31/8/ Coral Island 9,322 11,000,000 1,180 March 21, years from 27/2/ Cove Drive 7,416 10,000,000 1,348 April 3, years from 26/6/ Ocean Drive 7,384 12,500,000 1,694 April 4, years from 06/7/ Cove Grove 9,354 16,800,000 1,797 April 17, years from 04/10/ Cove Grove 11,517 14,500,000 1,259 May 5, years from 02/10/ Cove Grove 9,731 16,600,000 1,707 June 8, years from 11/11/ Pearl Island 8,945 16,550,000 1,851 June 13, years from 03/3/ Cove Drive 9,688 14,000,000 1,445 June 28, years from 01/11/ Pearl Island 7,007 11,288,000 1,610 July 13, years from 03/3/ Lakeshore View 8,579 15,500,000 1,807 July 28, years from 19/9/ URA REALIS Profile of buyers What is different this time around is the profile of the buyers. It s now a fair mix of local buyers looking at both investment and enjoyment of the lifestyle at the Cove; and new citizens and PRs [permanent residents] mainly from China, India or the other Southeast Asian countries who prefer the lifestyle at the Cove to that on the mainland, says CBRE s Tay. Foreigners made up about a quarter of the buyers this year. With more homeowners using their Sentosa Cove houses as their primary residence, there are fewer empty houses around. In the past, many of the homes purchased by Singaporeans were used only as weekend homes, while foreign investors used them as second or vacation homes. Now, many of the homes are lived in, and people are truly enjoying the Sentosa Cove lifestyle and environment, notes Tay. Prices 30% to 40% below peak What is also drawing buyers back is that prices of houses in Sentosa Cove today are 30% to 40% below the record prices achieved in 2010 and 2012, says Tay. In terms of psf price, the highest achieved was for a seafront bungalow on Ocean Drive that fetched $28.2 million ($2,989 psf) in October In terms of absolute prices, the highest achieved was for a house on Cove Drive that fetched $39 million ($2,448 psf) in February 2012; another property on Paradise Island was sold for $36 million ($2,403 psf) in May At the peak of the market, in 2010, average prices of waterway homes were $2,000 psf, while those with premium views of the golf course, lake and sea on Lakeshore View fetched closer to $3,000 psf, says CBRE s Tay. URA REALIS, DOWNLOADED AS AT OCT 17, 2017

10 EP8 EDGEPROP OCTOBER 23, 2017 SPECIAL FEATURE BROUGHT TO YOU BY COUNTRY GARDEN Forest City Golf Resort will span eight sq km and have three 18-hole courses, luxury hotels and low-density residences World-class golf resort adds to Forest City s attractions Zhou: I think our golf resort will be very attractive to Singaporeans ALBERT CHUA/THE EDGE SINGAPORE FOREST CITY by Country Garden Pacificview (CGPV) Sdn Bhd will have an international golf resort in the next phase of its development. According to the developer of the mega-project, the golf resort is located about 7km from Forest City and will span eight sq km. It will have three 18-hole golf courses, luxury hotels and low-density residences. CGPV envisions Forest City Golf Resort as a leisure amenity to the larger Forest City environment that will draw the world s elite to visit or reside there. It is a core tourism asset that helps complement our other offerings and make Forest City more complete and attractive, says Zhou Jun, vice-general manager of regional sales and marketing at CGPV. The first golf course will be designed by legendary golfer-turned-designer Jack William Nicklaus and his son, Jack Nicklaus II. The elder Nicklaus is a retired American professional golfer who won a record 18 major championships throughout his career. Today, Nicklaus devotes his time to designing golf courses and operates one of the world s leading golf design practices, Nicklaus Design. At Forest City Golf Resort, Nicklaus has masterfully integrated the natural features of the site and a scenic river into the design of the 183-acre golf course. The second golf course will be designed by renowned landscape architect and golf course designer Liang Guo Kun. Liang is also executive director and vice-president of Country Garden Holdings Co Ltd, one of the parent companies of CGPV. He is the landscape designer for many of the projects by Country Garden and sets the benchmark for our landscape design, according to Zhou. A new expressway linking Forest City Golf Resort to Forest City will cut travelling time between the two destinations from the current 30 minutes to 15. The high speed rail that will link Singapore and Kuala Lumpur will offer easy accessibility to Forest City. HOME FOR GOLFERS The fi rst tranche of villas at Forest City Golf Resort to be launched for sale will comprise 202 units, with land area ranging from 2,034 to 6,974 sq ft. They are billed as homes for golf afi cionados from around the world, and will be no more than a 10-minute walk from the golf course designed by Nicklaus. Located by the river, the properties will have views of Forest City. The villas in Phase 1 will comprise semi-detached and cluster houses that will have their own gardens, thus ensuring privacy. CGPV will hold a global launch on Nov 5. Also in Phase 1 of the golf resort is a five-star hotel with 305 suites in two 11-floor towers. The hotel s soft opening is slated for early 2018, while the golf course is expected to be completed later that same year. The timing is perfect, Zhou reckons, as Jurong Country Club has been closed and Raffles Country Club will cease operations in July 2018 to make way for the Singapore-Malaysia high speed rail. I think our golf resort will be very attractive to Singaporeans, she says. ICONIC MULTI-YEAR DEVELOPMENT Forest City, located about 5km from the Tuas Second Link, is set to become one of the world s most advanced cities. Its developer, CGPV, is a joint-venture company formed by Hong Kong-listed Country Garden Holdings and Esplanade Danga 88 Sdn Bhd. According to Zhou, Forest City is a mega-project that will take 25 to 30 years to be completed. It will span an area of 30 sq km. There will be four reclaimed islands totalling * This is an overseas investment. As overseas investments carry additional financial, regulatory and legal risks, investors are advised to do the necessary checks and research on the investment beforehand.

11 EDGEPROP OCTOBER 23, 2017 EP9 Artist s impression of a golf course at Forest City Golf Resort 20 sq km. Forest City Golf Resort will occupy eight sq km, and two sq km will be set aside for the Industrial Building System factories. The factories will support the construction of Forest City and also supply material for the construction of other developments in Singapore and Johor in future. Forest City is envisioned as a showcase modern city that caters for all the live-work-play needs of its population of 700,000. The project has a unique traffic infrastructure that is divided into three levels. Motor vehicles will move and park on the lower levels while the topmost level will be a tropical garden. The latter will be reserved for pedestrians and non-motorised transport modes such as bicycles. To cater for educational needs, Forest City will host a variety of international schools. Among them is Shattuck-St Mary s School, a renowned private boarding school in the US that will offer kindergarten to high school education. The construction of the campus has begun and the school is expected to enroll its first student cohort in August A healthcare centre managed by Taiwanese healthcare provider MJ Group was completed in July. CGPV is collaborating with other worldclass hospitals and institutions to bring worldclass medical services to Forest City. BUDDING COMMUNITY Forest City recently celebrated the Mid-Autumn Festival with the public at its sales gallery, as it aims to build stronger ties with the local community. In May this year, homeowners took possession of the first residences completed at Forest City. The 132-unit Kylin condominium is part of the luxurious Phoenix Hotel, which opened its doors last December. According to Zhou, the 283-room hotel, part of a chain owned and operated by Country Garden, enjoys near full occupancy and is especially crowded with holidaymakers who love to shop at the adjacent Harbour Commercial Street during the weekends. The two-storey mall has eateries and stores, and the price of cosmetics and perfumes sold at the stores is among the most competitive in Asia-Pacific, says Zhou. The mall is popular with Singaporeans, who often head to Johor Bahru to shop and dine. In 2019, a new mall will be added to Forest City. It is part of the Forest City Landmark, which will comprise apartments, offices and retail units. The strata office units and apartments at the Landmark will be launched for sale very soon, says Zhou. According to Zhou, Singaporeans and Malaysians accounted for a substantial proportion of the sales this year. Condo units at Forest City have been sold to purchasers from nearly 30 countries and the number is set to grow. CGPV plans to successively open Forest City sales galleries in Dubai, Japan, Laos, Myanmar, the Philippines, Taiwan, Thailand and Vietnam. And there are plans to market Forest City in Europe and the US, says Zhou. Forest City offers a wide range of real-estate products. Investors prefer two- and three-bedroom apartments, while those who buy the luxury villas are usually owner-occupiers. Prices of villas at Forest City Golf Resort start from $2 million, much lower than a similar product in Singapore, says Zhou. Furthermore, all the properties in Forest City are freehold, she adds. ALBERT CHUA/THE EDGE SINGAPORE ALBERT CHUA/THE EDGE SINGAPORE PICTURES: COUNTRY GARDEN PACIFICVIEW A store at Harbour Commercial Street, a popular shopping and dining destination adjacent to Phoenix Hotel Scale model of Forest City Landmark, a mixed-use development that is slated for completion in 2019 Residents have moved into the 132-unit Kylin condominium, which is part of the luxurious Phoenix Hotel

12 EP10 EDGEPROP OCTOBER 23, 2017 OFFSHORE Prices to rise 5% in HCMC and 3% in Hanoi annually until 2019, says CBRE BY LIN ZHIQIN Singaporean buyers still account for significant demand in Vietnam s residential property market, and they prefer to buy properties in Ho Chi Minh City (HCMC) and Hanoi, says Hang Dang, managing director of CBRE Vietnam. This is despite a dearth of Vietnamese projects launched in Singapore since April, when Mapletree Investments RichLane Residences in HCMC and CapitaLand s latest phase of its Hanoi residential project, Seasons Avenue, were introduced. It is expensive to launch projects overseas and difficult to attract potential buyers who are not familiar with Vietnam and the country s developers, says Hang. Thus, Vietnamese developers are less likely than their Singapore counterparts to bring their projects to Singapore, she says. Foreigners are allowed to own only up to 30% of the units in a condominium project. As a result, develop ers tend to focus their marketing efforts on Vietnamese, followed by expatriates who live in Vietnam, says Hang. With the current buoyant market sentiment, foreigners in Vietnam often take up the entire 30% quota before the projects are launched overseas. In 1H2017, foreigners accounted for 59% of the deals brokered by CBRE at Vietnamese projects. This is an increase from the 37% recorded for 1H2016. Besides Singaporeans, buyers from South Korea, Taiwan, Hong Kong and China are also active in Vietnam s residential property market. Hang expects continued interest from foreign buyers, owing to the upbeat market sentiment and the attractive rental yield of 5% to 7% in HCMC and 4% to 6% in Hanoi. Hang expects continued interest in Vietnam s property market from foreign buyers, owing to the upbeat sentiment Rising prices but pace likely to slow According to Hang, prices in the primary market were up 9% in HCMC and 4% in Hanoi in 1H2017 compared with 1H2016. She adds that developers had raised prices at recently launched projects in good locations in both Hanoi and HCMC, particularly in the high-end segment. In HCMC, prices of new apartments rose 4.9% q-o-q and 8.8% y-o-y in 3Q2017, according to JLL Vietnam. During the period, a total of 11,744 units were launched in HCMC, an increase of 53.9% q-o-q and 39.2% y-o-y. The sales volume in the primary market rose 12.5% q-o-q to 12,919 units. Of the units launched in 3Q2017, a total of 6,163 were in the mid-tier segment, where asking prices averaged US$1,500 psm ($190 psf). JLL expects the number of units launched in HCMC this year to total about 15,000, with those in the affordable segment making up the bulk. This segment, which appeals to owner-occupiers, is also likely to drive future developer sales, says JLL. In Hanoi, about 6,000 units were launched in 3Q2017, taking the total number of units launched in the first nine months of 2017 to nearly 22,000, according to JLL. More than 6,500 units were sold in 3Q2017, which was an increase of 7.3% from 2Q2017. Of the units sold, 75.5% were in the affordable and mid-tier segments, where asking prices ranged from US$800 to $1,300 psm. Overall prices of new apartments in Hanoi slipped 2% q-o-q and 2.2% y-o-y in 3Q2017, as developers offered promotional deals to attract buyers. However, there was an increase in prices in the mid-tier and premium market segments, says JLL. CBRE s Hang believes price growth will moderate in 2H2017 as developers focus on the mid-tier and affordable segments, where prices will not increase significantly. CBRE, however, Mapletree s RichLane Residences saw strong sales when it was launched in Singapore over the weekend of April 1 and 2 Uptrend in primary-market prices for apartments expected to continue % change % change HANOI HCMC Note: Base year is 2005; no luxury project in Hanoi until 2011 FORECAST F 2018F 2019F Luxury High-end Mid-tier Affordable expects overall prices of apartments in the primary market to rise, with a 5% increase in HCMC and 3% gain in Hanoi annually until F 2018F 2019F Demand led by occupiers With the strong supply of new projects today, buyers would consider the secondary market only if they need to occupy the property immediately, or if prices are cheaper or the project is in an exceptional location and of outstanding quality, says Hang. There are so many project launches. The secondary market will develop in a few more years when those who bought units in these projects sell. According to JLL, prices in HCMC s secondary market slipped 0.7% q-o-q in 3Q2017, owing to the large supply of projects in the mid-tier and affordable segments entering the market. In Hanoi, average prices in the secondary market rose 1.5% q-o-q to reach US$1,230 psm. As at end-3q2017, there were a total of 110,000 completed and 86,000 uncompleted apartment units in HCMC, and the unsold inventory stood at 10.6%, according to JLL. In Hanoi, there were 133,000 completed and 57,000 uncompleted units, and the unsold inventory was 20.6%. The sales volume in the primary and secondary markets is expected to continue growing in 2H2017, driven by demand from owner-occupiers rather than investors or speculators, says JLL. According to research by Savills Vietnam, owner-occupiers made up 66% of buyers in 2Q2017, while buy-to-let investors and speculators made up 26% and 8% respectively. In 2Q2016, 34% of purchasers were buy-to-let investors, 11% were speculators and 55% owner-occupiers. The increase in end-user demand is likely to lend stability to the market as the number of units completed and handed over is expected to reach a record 33,000 units each in Hanoi and HCMC this year, according to estimates by Savills. In 2018, about 28,000 units will be completed in Hanoi and close to 30,000 units in HCMC. Despite the record supply entering the rental market, rents are still stable, according to CBRE s Hang. This is because the number of expatriates has grown in tandem with foreign direct investment in Vietnam. According to JLL, Vietnam s FDI reached a record US$25.5 billion ($34.6 billion) between 1Q2017 and 3Q2017, a 34.3% increase over the same period in There has also been demand from locals, who make up 30% to 40% of the rental market today, says Hang. And more are looking to rent, she adds. They are willing to pay the same rents as foreigners, she notes. E PICTURES: SAMUEL ISAAC CHUA/THE EDGE SINGAPORE CBRE VIETNAM, 3Q2017

13 EDGEPROP OCTOBER 23, 2017 EP11

14 EP12 EDGEPROP OCTOBER 23, 2017 DONE DEALS Two Goodwood Grand strata bungalows sold for $6.95 mil each Two strata bungalows at Goodwood Grand were sold earlier this month, bringing the total sales to four out of eight strata bungalows in the development ALBERT CHUA/THE EDGE SINGAPORE BY ANGELA TEO Interest in the Balmoral area has increased, especially following the recent en bloc sale of Sloane Court Hotel, notes Edwin Tham, an agent with ERA Realty, who is marketing units at Volari condominium across the road. Sloane Court Hotel was sold for $80.5 million in August to a joint venture between Tiong Seng Holdings and Ocean Sky International. The historic Tudor-style hotel will soon make way for a 12-storey condo with about 80 units. A freehold, high-end condo, the 85-unit Volari by City Developments was completed in 2012 and is a redevelopment of the former Garden Hotel. Adjacent to Volari is the newly completed Goodwood Grand, a benefi ciary of the recent en bloc sale of Sloane Court Hotel. Goodwood Grand itself is a product of a redevelopment of an en bloc purchase of the former Balmoral Condominium in It was acquired for $141 million by a consortium comprising Tong Eng Group, the Ng family of Clarus Corp and Tiong Seng Holdings. The 73-unit Goodwood Grand has 65 condo units in seven 13-storey blocks as well as eight strata bungalows. The condo comprises a mix of two- to four-bedroom units measuring 775 to 3,111 sq ft. The eight strata bungalows are sized from 5,167 to 5,479 sq ft. Goodwood Grand saw a spike in the number of transactions after its completion in June and was 85% sold as at end-september. Recent transactions include two strata bungalows in October, both measuring 5,231 sq ft each and sold for $6.95 million ($1,329 psf) apiece, according to caveats lodged with URA Realis. The buyers are believed to be Singaporeans who purchased for investment. This brings the total tally of strata bungalows sold at Goodwood Grand to four. The biggest of the strata bungalows has a built-up area of 5,479 sq ft and was sold for $7 million ($1,278 psf) in June The smallest has a built-up area of 5,167 sq ft and was sold for $6.63 million ($1,283 psf), according to a caveat lodged in July E LOCALITIES DISTRICTS Singapore by postal district City & Southwest 1 to 8 Orchard/Tanglin/Holland 9 and 10 Newton/Bukit Timah/Clementi 11 and 21 Balestier/MacPherson/Geylang 12 to 14 East Coast 15 and 16 Changi/Pasir Ris 17 and 18 Serangoon/Thomson 19 and 20 West 22 to 24 North 25 to 28 Residential transactions with contracts dated Oct 3 to 10 LAND AREA/ NETT UNIT FLOOR AREA TRANSACTED PRICE PRICE COMPLETION TYPE OF PROJECT PROPERTY TYPE TENURE SALE DATE (SQ FT) PRICE ($) ($) ($ PSF) DATE SALE District 1 ONE SHENTON Apartment 99 years Oct 05, ,098 1,710,000-1, PEOPLE S PARK COMPLEX Apartment 99 years Oct 05, ,000-1, THE MARINA BAY Apartment 99 years Oct 04, ,499,888-1, THE MARINA BAY Apartment 99 years Oct 03, ,680,000-1, District 2 SKYSUITES@ANSON Apartment 99 years Oct 06, ,330,440-1, SKYSUITES@ANSON Apartment 99 years Oct 06, ,328,000-1, SKYSUITES@ANSON Apartment 99 years Oct 03, ,453,770-2, SPOTTISWOODE SUITES Apartment Freehold Oct 04, ,119 2,060,000-1, New Sale District 3 ALEX RESIDENCES Apartment 99 years Oct 08, ,740,000-1, New Sale ALEX RESIDENCES Apartment 99 years Oct 08, ,740,000-1, New Sale ALEXIS Apartment Freehold Oct 03, ,000-1, ARTRA Apartment 99 years Oct 05, ,541,400-1,962 Uncompleted New Sale ARTRA Apartment 99 years Oct 03, ,415,999-1,802 Uncompleted New Sale COMMONWEALTH TOWERS Condominium 99 years Oct 08, ,033 1,688,800-1,634 Uncompleted New Sale COMMONWEALTH TOWERS Condominium 99 years Oct 08, ,712,200-1,894 Uncompleted New Sale COMMONWEALTH TOWERS Condominium 99 years Oct 08, ,710,200-1,891 Uncompleted New Sale HIGHLINE RESIDENCES * Condominium 99 years Oct 07, ,152 1,967,600-1,708 Uncompleted New Sale HIGHLINE RESIDENCES Condominium 99 years Oct 06, ,152 2,052,000-1,782 Uncompleted New Sale HIGHLINE RESIDENCES Condominium 99 years Oct 05, ,292 2,500,000-1,935 Uncompleted New Sale PRINCIPAL GARDEN * Condominium 99 years Oct 08, ,300,000-1,701 Uncompleted New Sale PRINCIPAL GARDEN Condominium 99 years Oct 08, ,301,000 1,296,000 1,696 Uncompleted New Sale PRINCIPAL GARDEN Condominium 99 years Oct 08, ,486,000 1,481,000 1,720 Uncompleted New Sale QUEENS Condominium 99 years Oct 04, ,195 1,415,000-1, QUEENS PEAK * Condominium 99 years Oct 07, ,286,000-1,659 Uncompleted New Sale QUEENS PEAK Condominium 99 years Oct 06, ,342,000-1,732 Uncompleted New Sale QUEENS PEAK Condominium 99 years Oct 06, ,626,242-1,737 Uncompleted New Sale RIVER PLACE Condominium 99 years Oct 04, ,070,000-1, TANGLIN VIEW Condominium 99 years Oct 09, ,141 1,300,000-1, THE CREST Condominium 99 years Oct 05, ,216 2,172,000-1, THE CREST Condominium 99 years Oct 05, ,572 2,844,000-1, THE CREST Condominium 99 years Oct 05, ,195 2,113,000-1, District 4 CARIBBEAN AT KEPPEL BAY Condominium 99 years Oct 06, ,281 1,740,000-1, LAND AREA/ NETT UNIT FLOOR AREA TRANSACTED PRICE PRICE COMPLETION TYPE OF PROJECT PROPERTY TYPE TENURE SALE DATE (SQ FT) PRICE ($) ($) ($ PSF) DATE SALE CARIBBEAN AT KEPPEL BAY Condominium 99 years Oct 05, ,636 2,530,000-1, REFLECTIONS AT KEPPEL BAY * Condominium 99 years Oct 09, ,098 1,760,220-1, REFLECTIONS AT KEPPEL BAY Condominium 99 years Oct 09, ,109 1,776,390-1, REFLECTIONS AT KEPPEL BAY Condominium 99 years Oct 09, ,076 1,774,080-1, THE INTERLACE Condominium 99 years Oct 03, ,080,000-1, District 5 FABER HILLS Apartment Freehold Oct 03, ,668 1,399, LANDRIDGE CONDOMINIUM Condominium Freehold Oct 09, ,830 2,160,000-1, ONE-NORTH RESIDENCES Apartment 99 years Oct 09, ,000-1, PARC RIVIERA * Condominium 99 years Oct 08, ,104,460-1,222 Uncompleted New Sale PARC RIVIERA Condominium 99 years Oct 06, ,112,000-1,230 Uncompleted New Sale PARC RIVIERA Condominium 99 years Oct 06, ,152 1,438,000-1,249 Uncompleted New Sale THE CLEMENT CANOPY * Apartment 99 years Oct 08, ,388,000-1,402 Uncompleted New Sale THE CLEMENT CANOPY Apartment 99 years Oct 08, ,109 1,538,000-1,387 Uncompleted New Sale THE CLEMENT CANOPY Apartment 99 years Oct 08, ,109 1,598,000-1,441 Uncompleted New Sale THE PARC CONDOMINIUM Condominium Freehold Oct 04, ,250,000-1, THE TRILINQ Condominium 99 years Oct 05, ,000-1, New Sale District 7 CONCOURSE SKYLINE Apartment 99 years Oct 06, ,152 1,790,000-1, DUO RESIDENCES Apartment 99 years Oct 07, ,528 3,783,188-2, New Sale DUO RESIDENCES Apartment 99 years Oct 06, ,023 1,800,000-1, New Sale District 8 FORTE SUITES Apartment Freehold Oct 07, ,150,000-1, New Sale SING AVENUE Apartment Freehold Oct 06, ,163 1,168,000-1, STURDEE RESIDENCES Condominium 99 years Oct 07, ,505,800-1,590 Uncompleted New Sale STURDEE RESIDENCES Condominium 99 years Oct 04, ,302 1,833,183-1,407 Uncompleted New Sale District Apartment Freehold Oct 05, ,780,000-2, BELLE VUE RESIDENCES Condominium Freehold Oct 09, ,938 3,486,600-1, ESPADA Apartment Freehold Oct 06, ,000-2, HORIZON TOWERS Condominium 99 years Oct 09, ,314 2,600,000-1, LENGKOK ANGSA Terrace Freehold Oct 06, ,486 6,600,000-2, MARTIN MODERN * Condominium 99 years Oct 08, ,733 3,918,432-2,261 Uncompleted New Sale MARTIN MODERN Condominium 99 years Oct 06, ,012 2,469,012-2,440 Uncompleted New Sale MARTIN MODERN Condominium 99 years Oct 05, ,399 3,339,225-2,386 Uncompleted New Sale MOUNT SOPHIA SUITES Apartment Freehold Oct 06, ,000-1, OLEANAS RESIDENCE Condominium Freehold Oct 04, ,668 2,370,000-1, RIVERGATE Apartment Freehold Oct 05, ,044 2,250,000-2, RIVERIA GARDENS Apartment Freehold Oct 09, ,432 2,790,450-1, SAM KIANG MANSIONS Apartment Freehold Oct 03, ,281 2,050,000-1, SOPHIA HILLS * Condominium 99 years Oct 08, ,137,000-1,993 Uncompleted New Sale SOPHIA HILLS Condominium 99 years Oct 08, ,398,000-1,998 Uncompleted New Sale SOPHIA HILLS Condominium 99 years Oct 08, ,411,000-2,017 Uncompleted New Sale SUITES AT ORCHARD Apartment 99 years Oct 06, ,099 1,890, THE ORCHARD RESIDENCES Apartment 99 years Oct 06, ,174 6,200,000-2, THE OXLEY - RESIDENCES Apartment Freehold Oct 04, ,023 2,068,000-2,022 Uncompleted New Sale VIDA Apartment Freehold Oct 03, ,150,000-2, District 10 CORONATION ROAD Semi-Detached Freehold Oct 06, ,360 5,780,000-1,079 Unknown D DALVEY Apartment Freehold Oct 06, ,206 1,800,000-1, DUKES RESIDENCE Apartment Freehold Oct 04, ,615 2,480,000-1, GOODWOOD GRAND Detached Freehold Oct 05, ,231 6,950,000-1, New Sale GOODWOOD GRAND Detached Freehold Oct 03, ,231 6,950,000-1, New Sale LEEDON RESIDENCE Condominium Freehold Oct 05, ,704 9,600,000-2, LEEDON RESIDENCE Condominium Freehold Oct 05, ,090 7,200,000-1, LOTUS AVENUE Semi-Detached Freehold Oct 03, ,498 5,300,000-1, LUTHERAN TOWERS Apartment 103 years Oct 04, ,916 1,675, Unknown M5 Apartment Freehold Oct 06, ,000-1,967 Uncompleted New Sale M5 Apartment Freehold Oct 06, ,000-2,046 Uncompleted New Sale MADISON RESIDENCES Condominium Freehold Oct 10, ,464 2,960,000-2, NAMLY CRESCENT Semi-Detached Freehold Oct 06, ,175 7,200,000-2, REGENCY PARK Condominium Freehold Oct 10, ,175 5,070,000-1, RV RESIDENCES Condominium 999 years Oct 05, ,216 2,170,000-1, TANGLIN REGENCY Condominium 99 years Oct 04, ,060,000-1, THE EQUATORIAL Condominium Freehold Oct 06, ,455 4,200,000-1, THE LEVELZ Condominium Freehold Oct 05, ,335 1,720,000-1, THE LEVELZ Condominium Freehold Oct 05, ,540,000-1, THE SIXTH AVENUE RESIDENCES Condominium Freehold Oct 09, ,356 2,288,000-1, THE TRESOR Condominium 999 years Oct 09, ,012 1,790,000-1, THREE BALMORAL Apartment Freehold Oct 05, ,539 3,359,466-2,

15 EDGEPROP OCTOBER 23, 2017 EP13 DONE DEALS Residential transactions with contracts dated Oct 3 to 10 LAND AREA/ NETT UNIT FLOOR AREA TRANSACTED PRICE PRICE COMPLETION TYPE OF PROJECT PROPERTY TYPE TENURE SALE DATE (SQ FT) PRICE ($) ($) ($ PSF) DATE SALE VALLEY PARK Condominium 999 years Oct 09, ,109 1,790,000-1, VALLEY PARK Condominium 999 years Oct 03, ,808 2,980,000-1, VICTORIA PARK VILLAS Semi-Detached 99 years Oct 04, ,745 4,563,000-1,662 Uncompleted New Sale District 11 AMANINDA Condominium Freehold Oct 06, ,000-1, AMARYLLIS VILLE Condominium 99 years Oct 05, ,033 1,330,000-1, HILLCREST ARCADIA Condominium 99 years Oct 04, ,711 1,350, LA SUISSE Terrace 999 years Oct 04, ,551 3,050,000-1, MINBU COURT Apartment Freehold Oct 04, ,636 1,740,000-1, NEWTON ONE Condominium Freehold Oct 03, ,808 3,520,000-1, PARK INFINIA AT WEE NAM Condominium Freehold Oct 04, ,442 2,816,000-1, THE LINCOLN RESIDENCES Condominium Freehold Oct 06, ,776 2,670,000-1, TRILIGHT Condominium Freehold Oct 05, ,087 2,068,000-1, VANDA ROAD Detached Freehold Oct 03, ,244 10,500,000-1, WATTEN ESTATE Detached Freehold Oct 10, ,514 10,700,000-1, WATTEN PARK Semi-Detached Freehold Oct 06, ,015 6,220,000-1,549 Unknown District 12 AIRSTREAM Apartment Freehold Oct 03, ,000-1, GEM RESIDENCES * Condominium 99 years Oct 08, ,433,000-1,513 Uncompleted New Sale GEM RESIDENCES Condominium 99 years Oct 08, ,309,000-1,382 Uncompleted New Sale GEM RESIDENCES Condominium 99 years Oct 07, ,423,000-1,453 Uncompleted New Sale KALLANG RIVERSIDE Apartment Freehold Oct 05, ,970 5,218,358-2,649 Uncompleted New Sale ONE ST MICHAEL S Condominium Freehold Oct 06, ,249 1,550,000-1, ST MICHAEL S ROAD Terrace Freehold Oct 03, , , THE ARTE Condominium Freehold Oct 05, ,873 2,350,000-1, TREVISTA Condominium 99 years Oct 09, ,787 2,238,000-1, BALESTIER Condominium Freehold Oct 05, ,076 1,650,000-1,533 Uncompleted New Sale District 13 8@WOODLEIGH Condominium 99 years Oct 04, ,367 1,730,000-1, E MAISON Apartment Freehold Oct 08, ,919-1, New Sale JALAN CHENGKEK Terrace Freehold Oct 03, ,702 2,250, JALAN MELOR Terrace Freehold Oct 06, ,400 2,100, ONE LEICESTER Condominium Freehold Oct 06, ,180,000-1, THE POIZ RESIDENCES Apartment 99 years Oct 06, ,184 1,695,380-1,432 Uncompleted New Sale District 14 ASTON MANSIONS Apartment 99 years Oct 06, , , ASTON MANSIONS Apartment 99 years Oct 05, , , COSMO Apartment Freehold Oct 05, ,000-1, DAKOTA RESIDENCES Condominium 99 years Oct 09, ,313 1,704,000-1, DAKOTA RESIDENCES Condominium 99 years Oct 09, ,292 1,838,000-1, EUNOS GREEN Condominium Freehold Oct 05, ,970 1,850, GUILLEMARD EDGE Apartment Freehold Oct 03, ,000-1, LORONG MELAYU Terrace Freehold Oct 04, ,174 2,388,000-1, SIMS DORADO Apartment Freehold Oct 10, ,000-1, SIMS GREEN Apartment 99 years Oct 05, , , SIMS GREEN Apartment 99 years Oct 03, , , SIMS URBAN OASIS Condominium 99 years Oct 07, ,364,200-1,424 Uncompleted New Sale THE WATER EDGE Apartment Freehold Oct 06, ,000-1, THE WATERINA Apartment Freehold Oct 10, ,356 1,660,800-1, TRE RESIDENCES * Condominium 99 years Oct 08, ,202,000-1,396 Uncompleted New Sale TRE RESIDENCES Condominium 99 years Oct 08, ,251,000-1,453 Uncompleted New Sale TRE RESIDENCES Condominium 99 years Oct 08, ,255,000-1,457 Uncompleted New Sale EAST Condominium Freehold Oct 06, ,888-1, WATERBANK AT DAKOTA Condominium 99 years Oct 06, ,300,000-1, WING FONG COURT Apartment Freehold Oct 03, , , District 15 AMBER SKYE Apartment Freehold Oct 05, ,119 2,251,370-2, New Sale KATONG Apartment Freehold Oct 10, ,615 1,780,000-1, COSTA RHU Condominium 99 years Oct 03, ,399 1,635,000-1, DUNMAN PLACE Apartment Freehold Oct 04, ,292 1,620,000-1, ELITE TERRACE Terrace Freehold Oct 04, ,862 2,800,000-1, GRAND DUCHESS AT ST PATRICK S Condominium Freehold Oct 03, ,044 1,515,000-1, JALAN SOTONG Terrace Freehold Oct 09, ,830 2,680,000-1, LE CONNEY PARK Apartment Freehold Oct 09, ,888-1, LEGENDA AT JOO CHIAT Condominium 99 years Oct 03, ,216 1,150, MARINE BLUE Condominium Freehold Oct 06, ,354,500-1, MEIER SUITES Condominium Freehold Oct 09, ,207 3,532,000-1, MELROSE VILLE Apartment Freehold Oct 03, ,000-1, MERIDIAN 38 Apartment Freehold Oct 03, ,238 1,628,000-1, JOO CHIAT PLACE Terrace Freehold Oct 05, ,776 2,250,000-1,266 Unknown OLA RESIDENCES Condominium Freehold Oct 03, ,110 2,330,000-1, ONE FORT Condominium Freehold Oct 09, ,033 1,480,000-1, OPERA ESTATE Terrace Freehold Oct 09, ,582 1,850,000-1,168 Unknown OPERA ESTATE Semi-Detached Freehold Oct 03, ,390 2,900,000-1, PARC ELEGANCE Apartment Freehold Oct 03, ,000-1, SANCTUARY GREEN Condominium 99 years Oct 03, ,356 1,451,000-1, SANDY EIGHT Apartment Freehold Oct 06, ,000-1,759 Uncompleted New Sale SEASIDE RESIDENCES * Apartment 99 years Oct 08, ,109,000-1,873 Uncompleted New Sale SEASIDE RESIDENCES Apartment 99 years Oct 08, ,000-1,620 Uncompleted New Sale SEASIDE RESIDENCES Apartment 99 years Oct 08, ,011,000-1,708 Uncompleted New Sale ST PATRICK S RESIDENCES Apartment Freehold Oct 06, ,518 2,080,000-1, SUNNYVALE RESIDENCES Apartment Freehold Oct 07, ,130 1,750,000-1, New Sale TAY LIAN TECK ROAD Terrace Freehold Oct 06, ,625 2,860,000-1, THE CHERRYWOOD Apartment Freehold Oct 04, ,888-1, THE SEA VIEW Condominium Freehold Oct 04, ,216 2,120,000-1, THE SERENNIA Apartment Freehold Oct 06, ,000-1, TORIE MANSIONS Apartment Freehold Oct 10, ,356 1,220, WAREHAM ROAD Detached Freehold Oct 10, ,805 9,738,000-1, WILKINSON ROAD Semi-Detached Freehold Oct 05, ,726 6,500,000-1, District 16 AQUARIUS BY THE PARK Condominium 99 years Oct 06, ,227 1,035, ARCHIPELAGO Condominium 99 years Oct 06, ,000-1, BEDOK COURT Condominium 99 years Oct 06, ,271 1,400, BEDOK RESIDENCES Apartment 99 years Oct 06, ,000-1, CHANGI COURT Condominium Freehold Oct 05, , EAST MEADOWS Condominium 99 years Oct 03, ,238 1,050, ECO Condominium 99 years Oct 04, ,135,000-1, Sub Sale GRANDEUR PARK RESIDENCES * Condominium 99 years Oct 08, ,210,000-1,371 Uncompleted New Sale GRANDEUR PARK RESIDENCES Condominium 99 years Oct 08, ,150,480-1,303 Uncompleted New Sale GRANDEUR PARK RESIDENCES Condominium 99 years Oct 08, ,241,000-1,389 Uncompleted New Sale KEW GROVE Semi-Detached Freehold Oct 06, ,639 5,600,000-1, THE BAYSHORE Condominium 99 years Oct 06, ,259 1,095, UBER 388 Condominium Freehold Oct 04, ,453 1,765,000-1, WATERFRONT KEY Condominium 99 years Oct 10, ,020,000-1, WATERFRONT KEY Condominium 99 years Oct 09, ,206 1,268,800-1, WATERFRONT WAVES Condominium 99 years Oct 10, ,292 1,280, District 17 AVILA TERRACE Terrace Freehold Oct 05, ,798 2,250,000-1, DAHLIA PARK CONDOMINIUM Condominium Freehold Oct 03, ,787 1,138, EDELWEISS PARK CONDOMINIUM Condominium Freehold Oct 09, , , District 18 CHANGI RISE CONDOMINIUM Condominium 99 years Oct 03, , , COCO PALMS * Condominium 99 years Oct 08, ,259 1,400,280-1,112 Uncompleted New Sale COCO PALMS Condominium 99 years Oct 07, ,259 1,394,400-1,107 Uncompleted New Sale COCO PALMS Condominium 99 years Oct 07, ,259 1,443,120-1,146 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 DOUBLE BAY RESIDENCES Condominium 99 years Oct 04, ,367 1,480,000-1, RIPPLE BAY Condominium 99 years Oct 05, , SIMEI GREEN CONDOMINIUM EC 99 years Oct 04, , , THE ALPS RESIDENCES * Condominium 99 years Oct 08, ,007,000-1,075 Uncompleted New Sale THE ALPS RESIDENCES Condominium 99 years Oct 08, ,066 1,139,000-1,069 Uncompleted New Sale THE ALPS RESIDENCES Condominium 99 years Oct 08, ,066 1,145,000-1,074 Uncompleted New Sale THE PALETTE Condominium 99 years Oct 04, ,066 1,030, THE SANTORINI * Condominium 99 years Oct 06, ,350-1, New Sale THE SANTORINI Condominium 99 years Oct 06, ,152 1,220,000-1, New Sale THE SANTORINI Condominium 99 years Oct 06, ,119 1,163,520-1, New Sale THE TROPICA Condominium 99 years Oct 06, , , THE TROPICA Condominium 99 years Oct 03, ,227 1,015, District 19 BARTLEY RESIDENCES Apartment 99 years Oct 06, ,647 1,730,000-1, FOREST WOODS Condominium 99 years Oct 08, ,390,000-1,484 Uncompleted New Sale KOVAN RESIDENCES Condominium 99 years Oct 04, ,798 1,950,000-1, JANSEN Terrace 999 years Oct 06, ,056 1,820, PEOPLE S GARDEN Terrace 999 years Oct 03, ,648 2,650,000-1,001 Unknown PLACE-8 Terrace Freehold Oct 04, ,175 2,600, Uncompleted New Sale PRIVE EC 99 years Oct 09, ,442 1,185, REGENTVILLE Apartment 99 years Oct 05, , , RIVERSAILS Condominium 99 years Oct 04, ,562 1,964, RIVERSAILS Condominium 99 years Oct 03, ,000-1, RIVERVALE CREST Apartment 99 years Oct 06, , , SERANGOON GARDEN ESTATE Semi-Detached 999 years Oct 03, ,799 4,168,888-1,488 Unknown STARS OF KOVAN * Apartment 99 years Oct 08, ,457,000-1,521 Uncompleted New Sale STARS OF KOVAN Apartment 99 years Oct 08, ,056,880-1,383 Uncompleted New Sale STARS OF KOVAN Apartment 99 years Oct 07, ,140,000-1,557 Uncompleted New Sale SUNGLADE Condominium 99 years Oct 06, ,173 1,250,000-1, TAI PENG GARDENS Terrace Freehold Oct 06, ,034 2,460,000-1,210 Unknown TANGERINE GROVE Condominium Freehold Oct 06, ,030,000-1, THE FLORIDA EC 99 years Oct 05, , , THE LUXURIE Condominium 99 years Oct 10, ,000-1, THE MINTON Condominium 99 years Oct 09, ,109 1,150,000-1, THE MINTON Condominium 99 years Oct 09, , THE QUARTZ Condominium 99 years Oct 09, ,270 1,168, THE VUE Apartment Freehold Oct 10, ,000-1, VIBES@UPPER SERANGOON Apartment Freehold Oct 10, ,000-1, District 20 FAR HORIZON GARDENS Condominium 99 years Oct 03, ,948 1,580, JALAN PINTAU Terrace Freehold Oct 06, ,711 2,105,000-1,234 Unknown SERAYA CRESCENT ** Terrace Freehold Oct 10, ,797 25,740,000-1, THOMSON RISE ESTATE Detached Freehold Oct 10, ,942 7,500,000-1, District 21 HUME PARK I Condominium Freehold Oct 09, ,582 1,400, LORONG PISANG BATU Semi-Detached Freehold Oct 03, ,960 3,800,000-1, PINE GROVE Condominium 99 years Oct 09, ,938 1,575, Unknown SIGNATURE PARK Condominium Freehold Oct 03, ,055 1,150,000-1, THE BUKIT Condominium Freehold Oct 07, ,206 1,690,000-1,402 Uncompleted New Sale THE BUKIT Condominium Freehold Oct 05, ,524,645-1,793 Uncompleted New Sale THE BUKIT Condominium Freehold Oct 04, ,722 2,361,850-1, New Sale UNIQUE GARDEN Semi-Detached 99 years Oct 05, ,349 1,750, District 22 LAKE GRANDE Condominium 99 years Oct 07, ,173 1,621,000-1,382 Uncompleted New Sale LAKE GRANDE Condominium 99 years Oct 07, ,066,000-1,303 Uncompleted New Sale LAKE GRANDE Condominium 99 years Oct 06, ,074,000-1,313 Uncompleted New Sale PARC OASIS Condominium 99 years Oct 06, ,227 1,000, District 23 CHESTERVALE EC 99 years Oct 04, , , HILLBROOKS Condominium Freehold Oct 05, ,173 1,100, HILLION RESIDENCES Apartment 99 years Oct 04, ,000-1, New Sale INZ RESIDENCE * EC 99 years Oct 08, , , Uncompleted New Sale INZ RESIDENCE EC 99 years Oct 07, , , Uncompleted New Sale INZ RESIDENCE EC 99 years Oct 07, , Uncompleted New Sale MI CASA Condominium 99 years Oct 05, , , NORTHVALE Apartment 99 years Oct 03, ,702 1,470, PARKVIEW APARTMENTS Apartment 99 years Oct 09, , PAVILION PARK Terrace Freehold Oct 05, ,615 2,725,619-1, PAVILION PARK Terrace Freehold Oct 05, ,615 2,725,619-1, SOL ACRES EC 99 years Oct 08, , Uncompleted New Sale THE HILLIER Apartment 99 years Oct 06, ,000-1, THE JADE Condominium 99 years Oct 04, ,433 1,800, THE MADEIRA Condominium 99 years Oct 03, , , TREE HOUSE Condominium 99 years Oct 04, ,152 1,173,000-1, District 25 NORTHWAVE EC 99 years Oct 05, , Uncompleted New Sale NORTHWAVE EC 99 years Oct 04, , , Uncompleted New Sale NORTHWAVE EC 99 years Oct 03, , , Uncompleted New Sale THE WOODGROVE Apartment 99 years Oct 05, , THE WOODGROVE Apartment 99 years Oct 05, , , District 26 THE SPRINGSIDE Terrace Freehold Oct 09, ,744 2,708,000-1, District 27 NORTH PARK RESIDENCES * Apartment 99 years Oct 05, ,054,620-1,441 Uncompleted New Sale NORTH PARK RESIDENCES Apartment 99 years Oct 04, ,055 1,367,100-1,296 Uncompleted New Sale NORTH PARK RESIDENCES Apartment 99 years Oct 04, ,026,720-1,403 Uncompleted New Sale PARC LIFE * EC 99 years Oct 08, , , Uncompleted New Sale PARC LIFE EC 99 years Oct 08, , , Uncompleted New Sale PARC LIFE EC 99 years Oct 07, , , Uncompleted New Sale SIGNATURE AT YISHUN * EC 99 years Oct 08, , , New Sale SIGNATURE AT YISHUN EC 99 years Oct 05, , New Sale SIGNATURE AT YISHUN EC 99 years Oct 05, , , New Sale SYMPHONY SUITES Condominium 99 years Oct 04, ,480-1,093 Uncompleted New Sale SYMPHONY SUITES Condominium 99 years Oct 04, ,000-1,092 Uncompleted New Sale THE BROWNSTONE EC 99 years Oct 06, , Uncompleted New Sale THE CRITERION * EC 99 years Oct 08, , Uncompleted New Sale THE CRITERION EC 99 years Oct 08, , , Uncompleted New Sale THE CRITERION EC 99 years Oct 07, , , Uncompleted New Sale THE MILTONIA RESIDENCES Condominium 99 years Oct 06, ,000-1, THE VISIONAIRE EC 99 years Oct 08, , Uncompleted New Sale THE VISIONAIRE EC 99 years Oct 07, , Uncompleted New Sale THE WISTERIA Apartment 99 years Oct 05, ,089,712-1,125 Uncompleted New Sale District 28 BELGRAVIA VILLAS Terrace Freehold Oct 08, ,584 2,916, Uncompleted New Sale BELGRAVIA VILLAS Terrace Freehold Oct 06, ,584 2,854, Uncompleted New Sale BELGRAVIA VILLAS Terrace Freehold Oct 04, ,584 3,020, Uncompleted New Sale H2O RESIDENCES Condominium 99 years Oct 04, ,000-1, SELETAR HILLS ESTATE Semi-Detached 999 years Oct 06, ,459 6,340, Unknown SELETAR HILLS ESTATE Semi-Detached Freehold Oct 05, ,154 2,820, SELETAR HILLS ESTATE Terrace Freehold Oct 03, ,164 1,920, Unknown WASHINGTONIA VILLA Semi-Detached Freehold Oct 05, ,553 4,100, DISCLAIMER: *Not all the caveats are reflected, owing to the high volume of transactions **Collective sale of six units Source: URA Realis. Updated Oct 17, 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.

16 EP14 EDGEPROP OCTOBER 23, 2017 GAINS AND LOSSES Three-bedroom unit at Regency Park sold for $2.47 mil profit BY TIMOTHY TAY A three-bedroom unit at Regency Park, in Prime District 10, was sold for a $2.47 million profit on Oct 10. The 3,175 sq ft unit on the 20th floor was bought in 2003 for $2.6 million ($819 psf) and sold for $5.07 million ($1,597 psf). This translates into an annualised profit of 5%. This is the most profitable transaction at Regency Park this year. The second-largest profit this year was registered in August when a 3,647 sq ft, four-bedroom unit on the 14th floor was sold for a $2.2 million profit. There has been one unprofitable transaction at Regency Park this year, according to URA caveats. In September, the owner of a 3,647 sq ft unit on the 15th floor incurred a loss of $530,000. The unit was purchased in 2012 for $6.88 million ($1,885 psf) and sold for $6.35 million ($1,740 psf). Regency Park is a 292-unit freehold condominium completed in It comprises three- and four-bedroom units and penthouses. Three-bedroom units are 2,227 to 3,281 sq ft, four-bedroom units are 3,454 to 3,647 sq ft and penthouses are 6,047 to 6,412 sq ft. Located on Nathan Road, Regency Park is 400m to Valley Point Shopping Centre and accessible via River Valley Road and Grange Road. Over in District 4, two units at Caribbean at Keppel Bay were sold for profits of $992,800 and $795,225. On Oct 5, the owner of a 1,636 sq ft, three-bedroom unit on the fifth floor made a $992,800 (65%) profit when the unit was sold for $2.5 million ($1,546 psf). He bought the unit from the developer in 2000 for $1.5 million ($940 psf). After a holding period of almost 17 years, he made an annualised profit of 3%. This marks the most profitable transaction for a unit at Caribbean at Keppel Bay this year. A 1,281 sq ft unit on the sixth floor of the Caribbean at Keppel Bay was sold on Oct 6 for a $795,225 (84%) profit. The unit was bought for $944,775 ($738 psf) in 2006 and sold at $1.74 million ($1,358 psf). The owner made an annualised profit of 6% over 11 years. There have been 36 transactions at Caribbean at Keppel Bay this year, with 19 profitable ones, according to the matching of URA caveat data. Previously, the highest profit at Caribbean was registered in February, when a 4,650 sq ft penthouse fetched a $940,880 profit. The 969-unit development by Keppel Land comprises 22 ten-storey towers, with a mix of two- to four-bedroom units and penthouses ranging from 840 to 6,135 sq ft. Most towers have views of waterways or pools, and some have views of the sea and Sentosa Island. Completed in 2004, the 99-year leasehold Caribbean at Keppel Bay is popular with expatriates and owner-occupiers because of its proximity to HarbourFront and Vivo City Mall. E THE EDGE SINGAPORE SAMUEL ISAAC CHUA/THE EDGE SINGAPORE E A three-bedroom unit at Regency Park was sold for a $2.47 million profit on Oct 10. Find the most affordable listings in the project at edgepr.link/regency-park. Two units at Caribbean at Keppel Bay were sold at profits of $992,800 and $795,225. Find the most affordable listings in the project at edgepr.link/caribbean-at-keppel-bay. Top 10 gains and losses from Oct 3 to 10 Most profitable deals PROJECT DISTRICT AREA (SQ FT) SOLD ON (2017) SALE PRICE ($ PSF) BOUGHT ON PURCHASE PRICE ($ PSF) PROFIT ($) PROFIT (%) ANNUALISED PROFIT (%) HOLDING PERIOD (YEARS) 1 Regency Park 10 3,175 Oct 10 1,597 Aug 11, ,470, Landridge Condominium 5 1,830 Oct 9 1,180 Sept 22, ,310, Oleanas Residence 9 1,668 Oct 4 1,421 June 1, ,070, The Lincoln Residences 11 1,776 Oct 6 1,503 April 28, ,024, Caribbean at Keppel Bay 4 1,636 Oct 5 1,546 Nov 1, , Katong 15 1,615 Oct 10 1,102 Feb 22, , The Levelz 10 1,335 Oct 5 1,289 Oct 31, , The Jade 23 2,433 Oct March 19, , Caribbean at Keppel Bay 4 1,281 Oct 6 1,358 July 14, , Pine Grove 21 1,938 Oct March 22, , URA, EDGEPROP Non-profitable deals PROJECT DISTRICT AREA (SQ FT) SOLD ON (2017) SALE PRICE ($ PSF) BOUGHT ON PURCHASE PRICE ($ PSF) LOSS ($) LOSS (%) ANNUALISED LOSS (%) HOLDING PERIOD (YEARS) 1 One Shenton 1 1,098 Oct 5 1,557 Dec 21, , , The Orchard Residences 9 2,174 Oct 6 2,851 July 19, , , Bedok Court 16 2,271 Oct Oct 11, , Mount Sophia Suites Oct 6 1,572 Nov 2, , , Uber ,453 Oct 4 1,215 Oct 10, , , Reflections at Keppel Bay 4 1,119 Oct 6 1,469 Oct 16, ,526 63, The Woodgrove Oct July 12, , Bartley Residences 19 1,647 Oct 6 1,050 Jan 14, ,077 43, The Woodgrove 25 1,023 Oct Oct 12, , The Luxurie Oct 10 1,127 April 27, ,146 13, Note: Computed based on URA caveat data as at Oct 17 for private non-landed houses transacted between Oct 3 and 10. The profit-and-loss computation excludes transaction costs such as stamp duties.

17 EDGEPROP OCTOBER 23, 2017 EP15 DEAL WATCH One-of-a-kind terraced house on Shelford Road on the market for $5.6 mil BY TIMOTHY TAY A four-storey terraced house on Shelford Road is on the market for $5.6 million ($1,217 psf). Located in prime District 11, the property sits on a 1,884 sq ft plot and has a gross floor area of about 4,600 sq ft. The ground floor comprises a multifunctional room with a 4.5m ceiling height. Cross-beams are used to create an uninterrupted space. The owner has used the space to host children s parties and showcase art. There are gallery hooks and universal three-way light tracks on the ceiling. All five en-suite bedrooms have space for a double bed, study table, wardrobe and TV area. The floors and doors have semi-acoustic padding to dampen footsteps and sounds. The house is also equipped with a platform lift. The design concept of the house provides spacious living areas for families to create enduring memories and live harmoniously, says Michelle Loh, the designer. All the building materials and furnishings are of high quality and personally selected by the property s designer, Michelle Loh The new owner will be buying a uniquely designed home in a highly desired neighbourhood. All the building materials and furnishings are of high quality, and Loh did much of the creative tiling in the house herself. New owners will not need to do much renovation, and there are many areas that they can further customise to their preference, says Candice Tan, senior sales director at Savills Residential, the exclusive marketing agent. The property was bought in 2012 for $3.55 million and is being sold now because the owner is moving to the US. The master bedroom on the fourth floor has a 4.3m ceiling height and extends out onto a sheltered patio. The master bathroom has his-andher vanity tops and a sunken bath- The four-storey terraced house on Shelford Road can accommodate a multi-generational family tub. The tiles in the accompanying steam room were also laid by Loh. The junior master suite is designed for children, with multifunctional spaces for teaching and play. It comes with a cubby space and ample storage. The en-suite bathroom has a sunken bath and a child-friendly toilet. There have been eight viewings since the property was listed at the beginning of October, says Tan. Potential buyers are likely to be owner-occupiers who see more value in the house than a typical terraced house on Shelford Road, she says. E PICTURES: LEWIS LEE YES! Start my annual subscription now. $ (Inclusive of GST) for The Edge Collection 3-year plan and save 70% off newsstand price $ (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 Postal Code Tel Mobile Date Of Birth Fax 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 2. 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 #13-01 Singapore Tel: Fax: hotlinespore@bizedge.com *This special promotion ends on October 31, Subscription to The Edge Collection is non-cancellable and non-refundable. The Edge Singapore (print version): Please allow 2-3 weeks for delivery to commence. Delivery charges apply for non-singapore addresses. Svenson redemption is limited to first 100 subscribers for the $238 plan. Terms and conditions apply ** You hereby authorize The Edge Publishing Pte 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: TES802/SVENSON

18 EP16 EDGEPROP OCTOBER 23, 2017

19 EDGEPROP OCTOBER 23, 2017 EP17

20 EP18 EDGEPROP OCTOBER 23, 2017