Collective sale. boom or a blip?

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1 MAKE BETTER DECISIONS MCI (P) 079/05/2017 PPS 1519/09/2012 (022805) Visit TheEdgeProperty.com to find properties, research market trends and read the latest news THE WEEK OF JUNE 26, 2017 ISSUE Market Watch New launches to look out for in 2H2017 EP4 Property Take Conversation with HK agent marketing Iskandar properties EP6 Done Deals Units at high-end condos in District 9 cross $3,000 psf EP12-14 Gains and Losses Unit at Urbana sees $2 million loss EP15 Collective sale SAMUEL ISAAC CHUA/THE EDGE SINGAPORE boom or a blip? The recent spate of collective sales has sparked enthusiasm among owners of ageing condos. Most property consultants see a window of opportunity in this frenzy, but how long will it last? See our Cover Story on Pages 8 to 10. Serangoon Ville is the latest privatised HUDC estate to hit the collective sale market

2 EP2 THEEDGE SINGAPORE JUNE 26, 2017 PROPERTY BRIEFS EDITORIAL EDITOR Cecilia Chow HEAD OF RESEARCH Feily Sofi an DEPUTY SECTION EDITOR Michael Lim SENIOR ANALYST Lin Zhiqin WRITER Angela Teo ANALYST Tan Chee Yuen COPY-EDITING DESK Elaine Lim, Evelyn Tung, Chew Ru Ju, Tan Gim Ean, Shanthi Murugiah PHOTO EDITOR Samuel Isaac Chua PHOTOGRAPHER Albert Chua EDITORIAL COORDINATOR Fey Toh 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 ACCOUNT MANAGERS Priscilla Wong, James Chua, Ben Ng CIRCULATION DIRECTOR Victor The EXECUTIVES Malliga Muthusamy, Ashikin Kader, Winnie Lim CORPORATE MANAGING DIRECTOR 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. Two strata-titled units at Orchard Towers up for sale at $63 mil Two strata-titled units at Orchard Towers (above) on Orchard Road have been put up for sale by expression of interest (EOI). The guide price for the units one on the ground floor and the other in the basement is $63 million. According to Cushman & Wakefield, the appointed agent, both units will be sold with existing tenancies. The 4,198 sq ft ground-floor unit is currently leased to a 24-hour convenience store, a tailor, restaurant and a jewellery shop. The 3,907 sq ft basement unit is leased to a food court operator. The gross monthly rent achieved by both units is about $141,000. The EOI closes on July 26. TripleOne Somerset penthouse on the market for $31.4 mil Perennial Real Estate Holdings has put the penthouse unit at TripleOne Somerset s Somerset Tower up for sale by EOI. According to CBRE, the appointed marketing agent for the sale, the indicative price for the 10,537 sq ft unit is $31.4 million ($2,980 psf). The unit will be sold with existing tenancy and the prospective buyer will be able to enjoy a rental yield of 3.5% per annum, says CBRE. The unit is currently leased to global luxury group Kering, which has brands such as Bottega Veneta and Gucci in its stable. TripleOne Somerset is undergoing an extensive asset enhancement exercise that will involve the revamp of the project s retail podium and enhancement of connectivity between its carpark, retail area and medical suites. Since this is a commercial property, buyers do not have to pay additional buyer s stamp duty or seller s stamp duty for the property. The closing date for the EOI is July 21. URA to launch Beach Road site URA has accepted an application from a developer to put a commercial site on Beach Road up for sale by public tender. According to URA, the site will be launched in about two weeks. URA says the developer has committed to bid at a price of not less than $1.138 billion in the tender for the 2ha land parcel. The plot, with a land lease of 99 years, includes the conserved building that was previously the Beach Road Police Station. The site will have a maximum permissible gross floor area of 88,313 sq m (950,600 sq ft), of which at least 61,820 sq m (665,430 sq ft) are for office use. The land parcel was first made available for sale on the Reserved List in November 2014, says URA. The triggering of this site comes in tandem with positive investment sentiment in the office property market and also at a time when office rents appear to be firming after two years of decline, says Ong Teck Hui, national director, research and consultancy at JLL. The development of the subject site augurs well for the office market as it will increase the supply of quality office space in the CBD fringe area that is more affordable than those in the prime CBD, adds Ong. Westbank to launch its latest condo in Vancouver for sale Canadian developer Westbank will be launching its latest condominium development, JOYCE (bottom, left), located at Joyce Street in Vancouver, for sale in Singapore on July 1 and 2. The 30-storey freehold development comprises 256 one-, two- and three-bedroom apartments ranging from 492 to 1,236 sq ft. The development is expected to be completed by It is ideal for families as 65% of the units are two- and three-bedroom apartments. Westbank says it has set aside 40 one- to three-bedroom units with panoramic views of the Vancouver city skyline and the North Shore Mountains for sale to Singaporean buyers. Prices start from C$715,825 ($750,000) for the onebedroom units. Singapore will be the second stop following the development s global launch in Vancouver, China, Hong Kong and Taipei on June 17 and 18. So far, 85% of the units have been sold. The Joyce-Collingwood neighbourhood is well served by transit and boasts an abundance of green space, with parks such as Collingwood, Renfrew Ravine and Central Park within a 10km radius. Travelling to various parts of the city from the Joyce-Collingwood SkyTrain station is convenient as well. Metrotown is just two SkyTrain stations away, while the Central Business District is just six stations away. C&W WESTBANK OKP secures second JTC Corp contract in June worth $8.7 mil Eng Lam Contractors, a wholly-owned subsidiary of OKP Holdings, announced on June 20 that it had won a JTC Corp contract for infrastructure works in Bulim at Jurong West. The contract, worth $8.7 million, marks OKP s second JTC contract in June, and brings the group s net construction order book of secured contracts extending to 2019 to $326.6 million. Over an estimated period of eight months, Eng Lam will construct a temporary road and its ancillaries, including lamp posts and drains, at the Jurong West site. The contract also involves earthworks and other ancillary and incidental works. OKP s other JTC projects in the pipeline include infrastructure works at Punggol worth $19.3 million and construction and soil improvement works at Tuas South Avenue 7/14 worth $20.4 million. The group has secured other ongoing projects from the Land Transport Authority for road resurfacing works at expressways and has inked contracts with PUB for drainage improvement and reconstruction works in areas such as Lorong 22 to 44, Geylang and West Coast Road. Crown Group sells $317 mil worth of apartments at Waterfall by Crown Group Australian developer Crown Group says it has sold more than A$300 million ($315.6 million) worth of apartments at the launch of its mixed-use development Waterfall by Crown Group. The property was launched for sale simultaneously in Sydney, Singapore, Hong Kong and Jakarta. According to Crown Group, the bulk of the apartments were sold to buyers in Sydney. Crown Group says response from owner- occupiers and investors to the initial A$200 million worth of apartments was overwhelming and it has therefore released a further A$100 million worth of apartments for sale. These are units that were planned to be released for sale at a later date. Scheduled for completion in 2020, the 331-unit Waterfall by Crown Group comprises three seven-storey buildings, a 20-storey tower and what will be Australia s tallest man-made waterfall. Units, which include studios, one-, two- and three-bedroom apartments, courtyard apartments and double-storey penthouses, were sold at prices starting from A$650,000. The development will also house six retail outlets. Ho Bee Land buys Grade A commercial property in London for $228 mil Stream Field Investments, a whollyowned subsidiary of Ho Bee Land, CBRE, CUSHMAN & WAKEFIELD has acquired Emmatown Properties from Dublin-based developer Green Property Holdings for million ($228 million). Following the acquisition, Ho Bee Land now owns Emmatown Properties Grade A commercial building located at 67 Lombard Street (bottom, right) in London. 67 Lombard Street is a 94,000 sq ft mixed-use building that houses 93,640 sq ft of commercial space, a restaurant and accommodation. The nine-storey property, redeveloped by Green Property Holdings in 2014, is about 100m from the Bank of England and the Royal Exchange. The property is 100% leased to six tenants, with Arthur J Gallagher as the anchor tenant occupying more than 50% of the office space. Besides total annual rental income of about 5.3 million, it has a weighted average unexpired lease term of 10.2 years. The sale of the property was brokered by CBRE and Cushman & Wakefield. Country Garden Pacificview says Forest City s Stage 2 development on track Country Garden Pacificview announced on June 20 that the US$280 million ($389.3 million) Stage 2 development of Forest City in Iskandar Malaysia, Johor, is on track. Stage 2, which is set to add eight sq km to Forest City, will see the completion of tourism, healthcare and education facilities. These include three 18-hole golf courses, a five-star 306-room hotel and a medical centre operated by Taiwanese healthcare management provider MJ Group. The centre is expected to receive its first patients in August. Seven kilometres from Forest City is the site for the first of three golf courses of Forest City s Stage 2 development, designed by American golfer Jack Nicklaus and his son, Jack Nicklaus II. The golf course is expected to be completed in Another Stage 2 project is Shattuck-St Mary s Forest City, an international school for Grade 6 to 12 students. The school is likely to break ground in July, start enrolment for its inaugural batch of students in September and begin its academic year in August Luxurious estate home for sale at 4.5 mil The Lake House, a luxurious 5,591 sq ft detached home in West Sussex, the UK, has been put up for sale. The house, located on The Forestry Road, Plaistow, comes with five en-suite bedrooms and sits on a 21-acre plot with a three-acre rainbow trout lake. According to The Grantley Group, which is marketing the property, the asking price for the house is 4.5 million ($7.9 million). Besides the main house, there are ancillary buildings of more than 4,800 sq ft comprising a workshop, triple-bay garage, helicopter hangar, barn and wine cellar. There is also a self-contained one-bedroom summer house with its own private patio that can be used as staff quarters or a studio. The property s extensively landscaped grounds within a parkland setting offer delightful privacy. The gardens are beautifully designed and from the rear terrace, one can enjoy a view of the trout lake with jetty, a wild flower meadow, an ancient bluebell woodland and grounds suitable for paddocks. There is also an excellent tennis court perfect for practice or games with family and friends. Compiled by Angela Teo and Michael Lim E

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4 EP4 THEEDGE SINGAPORE JUNE 26, 2017 MARKET WATCH Projects to look out for in 2H2017 BY LIN ZHIQIN Developers could launch eight new projects, including one executive condominium (EC), in the second half of this year. About 2,200 private nonlanded homes and 531 EC units will be available for sale. Hundred Palms Residences EC by Hoi Hup Realty, Le Quest by Qingjian Realty and Martin Modern by GuocoLand are said to be gearing up for a July launch. District 9 Three of the potential new launches are located in prime District 9, in the vicinity of the upcoming Great World MRT station one stop from the Orchard MRT station which will be an interchange for the Thomson-East Coast Line and North-South Line. The 450-unit Martin Modern is located at the intersection of Martin Place and River Valley Close. In June 2016, GuocoLand set the market abuzz when it submitted the top bid of $595.1 million for the 171,535 sq ft site. The government land sale (GLS) site attracted a total of 13 bids, with GuocoLand s bid edging out the second-highest by just 1.2%. There has been no new launch in the Martin Road-Martin Place area since Starlight Suites in Also in the area, a 250-unit project on St Thomas Walk could be launched by Bukit Sembawang later this year. Bukit Sembawang bought the 63,260 sq ft site through the $202 million collective sale of the former Airview Towers in The 124-unit New Futura by City Developments is also located in the vicinity. The tower on Leonie Hill Road is a redevelopment of the former Futura project. City Developments paid $287 million for the 87,034 sq ft site in City-fringe and suburbs Developer TEE Land has a 24-unit project called 24 One Residences, which sits on a 12,930 sq ft freehold site at 241 Pasir Panjang Road. TEE Land acquired the site when it bought Ley Choon Development, a subsidiary of construction firm Ley Choon Group Holdings, for $11.5 million last year. Ley Choon Development paid $13 million for the site in December At Bukit Batok West Avenue 6 is Qingjian Realty s 516-unit Le Quest. In May 2016, Qingjian submitted the top bid of $301.2 million for the 158,194 sq ft mixed commercial and residential site. Under the conditions of tender for the GLS site, URA stipulated a maximum gross floor area of 64,582 sq ft for the commercial component, which must include a supermarket of at least 10,764 sq ft and a food court of at least 5,382 sq ft. The developer must also build a childcare centre of at least 5,382 sq ft, which will form part of the development s common area. Kandis Residence by Tuan Sing Holdings is a 130-unit project on Jalan Kandis. Tuan Sing bought the 75,838 sq ft GLS site near Sembawang Park for $51.1 million in April Water cove, an 80-unit strata-landed project by Bukit Sembawang, is also near Sembawang Park. It was the only new launch this year, in May, and 16 out of the 20 units released were sold at a median price of $744 psf. In September 2016, Sing Development and Wee Hur Development submitted the top bid of $287.1 million for a 185,095 sq ft site on Fernvale Road, less than 100m from the Thanggam LRT station. The top bid was $13,399 higher than the second-highest bid in the GLS tender, which drew keen interest from developers. The site is being developed into a 700-unit condo. Hundred Palms Residences is an upcoming 531-unit EC by Hoi Hup Realty. It sits on a 198,302 sq ft site on Yio Chu Kang Road, in an established residential estate in Hougang. Hoi Hup submitted the top bid of $183.8 million for the land sale site in February E ALBERT CHUA/THE EDGE SINGAPORE GUOCOLAND URA, HDB, JLL, THE EDGE PROPERTY Tuan Sing s Kandis Residence and Bukit Sembawang s Watercove are near Sembawang Park Artist s impression of the arrival court at Martin Modern, one of the three potential new launches in prime District 9 in 2H2017

5 THEEDGE SINGAPORE JUNE 26, 2017 EP5 Investing Beyond Singapore s Residential 15 July 2017, Saturday 1.30pm pm HDB Hub Auditorium 480 Lorong 6 Toa Payoh Singapore Normal Price Early bird Price (5 June - 5 July) S$20 each S$15 each S$20 for two TEP360 Seminar Featured Speakers Southeast Asia s rising star Troy Griffiths Deputy Managing Director and Head of Research, Savills Vietnam An insight into Vietnam s and Cambodia s residential markets, prospects and opportunities. Australian property boom: Is the party over? Tan Kok Keong CEO, REMS Advisors and Co-Founder, Fundplaces Unravel the hot spots and trouble spots in Australia s residential market. Across the Causeway Ryan Khoo Co-founder of Alpha Marketing What to expect in Iskandar's residential market. Investing in REITs Vijay Natarajan Analyst, Property & REITs RHB Research Institute Pte Ltd What investors should look out for when shopping for REITs, and our top picks. Panel discussion Dr. Boaz Boon Former Head of Research at CapitaLand, Founder & Principal of THRED and Director of Vestasia RSVP NOW! In partnership with Scan the QR code to reserve your seat

6 EP6 THEEDGE SINGAPORE JUNE 26, 2017 PROPERTY TAKE Conversation with a Hong Kong property agent marketing properties in Iskandar Malaysia I recently had breakfast with a Hong Kong property agent who has been marketing Malaysian real estate in Hong Kong and China for the past 10 years. He started by plying beach resort properties at Batu Ferringhi on Penang island in 2007, and then moved to the capital city of Kuala Lumpur, where projects in Kuala Lumpur City Centre and Mont Kiara were popular. More recently, BY RYAN KHOO though, he has been active in Iskandar Malaysia in the southern state of Johor, where he comes every other month, leading groups of mainland Chinese and Hong Kong buyers. From what I see, he has been very successful in getting these buyers to invest in Iskandar Malaysia s property market. Given his understanding of the buying behaviour of Hong Kong and Chinese investors, I took the opportunity to pick his brains. Why do Hongkongers and the Chinese invest in Iskandar Malaysia? Shenzhen s runaway economic success and surging property prices as a hinterland to Hong Kong are an easy comparison to the Iskandar-Singapore story. For Hongkongers and Chinese, it is easy to relate Iskandar Malaysia to Shenzhen 20 years ago. And he makes comparisons in terms of cost of living and cost of doing business in both countries to prove the point. What are the key differences between Shenzhen and Iskandar Malaysia today? Today, there are five immigration checkpoints between Hong Kong and Shenzhen that you can drive through, and the traffic is not as wearisome as the one at the Iskandar Malaysia-Singapore border at the Causeway and Second Link. He believes there should be a third-link bridge between Singapore and Iskandar Malaysia. In his opinion, the cross-border vehicular traffic today more than justifies it. He highlighted the importance of the Hong Kong-Shenzhen MRT link for those crossing the border for work or business. A HSR [high speed rail] between Guangzhou and Hong Kong will further integrate China s economy with Hong Kong s. Once the Kuala Lumpur-Singapore HSR and MRT system linking Singapore to Johor are completed, the upside potential from closer integration is inevitable. He also highlighted the shortage of quality hotels in Iskandar Malaysia. Currently, only a handful of hotels in Johor Bahru meet international standards, whereas Shenzhen has a wide variety of five-star and business hotels as well as serviced apartments. Are Hongkongers and the Chinese concerned about a property oversupply in Iskandar Malaysia? Buyers from mainland China or Hong Kong who have the ability to invest in overseas property do so with cash they can afford to lose. Investing in Malaysia is attractive owing to the low absolute prices and freehold status, which gives them comfort in terms of capital appreciation over the long term. These buyers often either pay for the property entirely in cash, or with just 50% financing. Hence, their holding power is much better, and they are more willing to accept lower rental yields. As they are not locals, these buyers are not able to ascertain whether there is an oversupply in the market. Hence, they are advised to take a longer-term investment horizon, and to reassess their investments once the connectivity to Singapore improves and there is economic spillover. For Hongkongers and the Chinese, it is easy to relate Iskandar Malaysia to Shenzhen 20 years ago SAMUEL ISAAC CHUA/THE EDGE SINGAPORE Why do they prefer to buy projects by Chinese developers? Many of the buyers made money by investing with these same Chinese developers during China s property boom in the 1990s and early 2000s. Rapid property price escalations in China and Hong Kong have also made it easy to convince middle-income earners to invest overseas, especially if they were to purchase from a trusted developer whose name they are familiar with back home. Country Garden s projects in Iskandar Malaysia, such as Danga Bay and Forest City, may seem high-density to Singaporeans and Malaysians, but are considered normal to Hongkongers and Chinese, who are accustomed to much higher densities in their local property market. The relatively clean air, sea and promise of water views, integrated projects with shopping malls and international schools, relatively low property prices and a well-regarded Chinese developer appear to be a safer bet to these Chinese and Hong Kong buyers compared with Malaysian and Singaporean developers with whom they are unfamiliar. Chinese developers in Iskandar Malaysia also regularly use large numbers of Chinese sales staff. This helps to bridge the cultural gap and assist the buyers in understanding the Malaysian property market, its rules and regulations as well as other areas of interest, for instance, children s education or applying for the Malaysia My Second Home programme (MM2H). How attractive is Iskandar Malaysia relative to Australia or the UK? A significant number of these buyers have also invested in Australia or the UK. Malaysia has emerged as an attractive investment destination since regulations in the country are still relatively foreigner-friendly. Will these buyers live in Malaysia in the future? Most buyers are primarily investors looking for a store of value and potential capital appreciation. It is still too early to make any clear decision on living in Malaysia, especially when Iskandar Malaysia is still largely in development. But he has seen increasing numbers of Hongkongers and mainland Chinese in Johor Bahru who are primarily here to take advantage of affordable quality education for their children through private or international schools, better work-life balance for their family, and business opportunities as Chinese companies expand into Southeast Asia. For now, these buyers prefer to lease out their properties for the short term in order to achieve higher gross rental yields. It also gives them the flexibility to use the property as a vacation home when they are on holiday in Malaysia. Iskandar Malaysia is certainly on its way to achieving its goal of becoming an international city. The increase in foreign population has been noticeable it s not just Singaporeans, but Chinese, Hongkongers, Japanese and Koreans who are making their presence felt in Iskandar Malaysia. E BLOOMBERG Country Garden s projects in Iskandar Malaysia, such as Danga Bay and Forest City, may seem high-density to Singaporeans and Malaysians, but are considered normal to Hongkongers and the Chinese, who are accustomed to much higher densities in their local property market Ryan Khoo is co-founder of Singapore-based Alpha Marketing, a real estate investment consultancy that focuses on the Malaysian market, especially Iskandar Malaysia. The views expressed here are his own.

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8 EP8 THEEDGE SINGAPORE JUNE 26, 2017 COVER STORY COLLECTIVE SALE BOOM OR BLIP? The recent spate of collective sales has sparked enthusiasm among owners of ageing condos. Most property consultants see a window of opportunity in this frenzy, but how long will it last? PICTURES: SAMUEL ISAAC CHUA/THE EDGE SINGAPORE The latest privatised HUDC estate to hit the collective sale market is Serangoon Ville on Serangoon North Avenue 1. The 244-unit project, which was privatised in 2014, has an indicative price of $720 to $750 psf per plot ratio. BY CECILIA CHOW Singaporean property investor Victor Ng is one of the owners at the 330-unit Eunosville who will stand to get a windfall of around $2.3 million each upon the completion of its en bloc purchase by MCL Land. The developer paid $ million for the privatised HUDC estate early this month, a 17.3% to 19.1% premium to the original asking price of $643 million to $653 million ($780 to $790 psf per plot ratio, or ppr) when the site was put up for tender in April by marketing agent OrangeTee. This was Eunosville s second collective sale attempt and the timing was perfect, says Ng. The tender for the project closed just a week after that of Rio Casa s on May 23 that saw strong bids. Rio Casa, another privatised HUDC estate with 286 units and located on Hougang Avenue 7, was sold for $575 million to a consortium comprising Oxley Holdings, KSH Holdings, Lian Beng Group and the private investment arm of Super Group s Teo family. This was also higher than the initial asking price of $450.8 million for Rio Casa. The sale price for Rio Casa, inclusive of the differential premium of $208 million for the lease top-up and intensification of land use, translated into $706 psf ppr. The owners at Rio Casa are also expected to walk away with about $2 million each upon the successful conclusion of the sale. It was Rio Casa s first attempt at a collective sale, after it was privatised in The marketing agent was Knight Frank. In Ng s view, a successful en bloc sale needs a bit of luck, as the collective sale process can take one to two years. The demand-and-supply situation could change drastically during that period of time, and we could be in a totally different phase of the property cycle, he says. Hence, he advises investors not to try to time en bloc sales. You may find yourself stuck with an old and depreciating asset for a long time, he warns. This was what happened in Eunosville s first collective sale attempt back in June The timing wasn t right then, says Ng. Developers had turned cautious after the government hiked the additional buyer s stamp duty to 15% and required developers to develop and sell all the units on a residential development site within five years of purchase in order to be eligible for the ABSD clawback on the land cost. The total debt servicing ratio (TDSR) loan framework came into effect on June 29, 2013 and further cooled property demand. Ng had purchased his unit at Eunosville in 2012, a year after the HUDC estate was privatised. I thought it had great potential for capital appreciation or collective sale, given its location and the Paya Lebar growth story, he relates. I also liked the estate as it was well maintained and newly privatised. The icing on the cake was that the seller rented the unit back from me to house his aged parents, so I enjoyed instant rental returns. Property agents who know Ng owns a unit at Eunosville are already asking him to buy a new property now. I will use the money to reinvest selectively in undervalued properties, he says. As with any sound property investment, I m prepared to hold it for the medium to long term. Small window of opportunity Is this the start of another collective sale fever? It s more likely a small window of opportunity, says Lee Liat Yeang, senior partner at law firm Dentons Rodyk and Davidson. Developers are still price-sensitive and will retreat if they feel that asking prices for collective sales are going up, he cautions. This is because they are still concerned about the requirement to sell all the units in a project within the five-year time frame to be eligible for the ABSD clawback. This will continue to dampen their willingness to pay high prices for sites, he points out. The collective sales of Eunosville and Rio Casa bring the total number of successful sales of privatised HUDC estates to four in a time span of about 12 months. It started in May last year, when 82% of the owners at the 358-unit Shunfu Ville agreed to sell the privatised HUDC estate to Qingjian Realty after lowering the reserve price from $688 million to $638 million. However, Shunfu Ville s sale completion was held up by a handful of owners who had objected to the collective sale. It was only at the end of April this year that the Court of Appeal dismissed the appeal filed by the objectors, which cleared the way for the completion of the sale in July, more than a year later. Qingjian s purchase price of $638 million translates into $747 psf ppr, with the owners expecting to pocket an average of $1.8 million each. JLL was the marketing agent for Shunfu Ville. Last October, Raintree Gardens was sold collectively for $334.1 million, or $797 psf ppr. The buyer was a joint-venture company formed by UOL Group and United Industrial Corp. The 175-unit privatised HUDC estate at Potong Pasir was successful in its first collective sale attempt when it was launched for tender last September at a guide price of $315 million. Jumping on the bandwagon The latest to hit the collective sale market is Serangoon Ville, a former HUDC estate on Serangoon North Avenue 1 that was privatised in The 244-unit project sits on a land area of 296,913 sq ft with a plot ratio of 2.8. More than 80% of the owners in the development have signed the collective sale agreement, says Stanley Koo, ERA Realty Network s division director, who is marketing the project. The owners of Serangoon Ville are expecting $400 million to $430 million for the site, with another $200 million to $220 million to be spent for land intensification and top-up to a fresh 99-year lease. Serangoon Ville has 69 years left on its lease. The total land cost, inclusive of the differential premium, works out to $720 to $750 psf ppr. The collective sale tender closes on July 25. Each unit owner is expected to receive $1.6 million to $1.7 million from the sale. At Tampines Court, 458 out of the 560 owners in the development had signed the collective sale agreement as at June 15, according to a blog set up by one of the owners. This will mark Tampines Court s third collective sale attempt. The first two attempts were made in 2007 and 2011 respectively. Florence Regency, a privatised HUDC estate with 336 units located on Hougang Avenue 2, has already formed its collective sale committee and appointed JLL as the marketing agent

9 THEEDGE SINGAPORE JUNE 26, 2017 EP9 COVER STORY Meanwhile, Florence Regency, a privatised HUDC estate with 336 units located on Hougang Avenue 2, has already formed its collective sale committee and appointed JLL as the marketing agent. The process of collecting signatures for the collective sale agreement is currently underway. We re seeing more privatised HUDC estates entering the market, as the psf price of such sites are still lower than that of freehold sites, and this proves to be attractive to developers, says Lee of Dentons Rodyk and Davidson. I think owners of such developments are also more realistic, owing to the shorter leases. Lee was involved in three of the four collective sales over the past 12 months, representing the buyers of Shunfu Ville and Raintree Gardens as well as the owners of Rio Casa. He also acted for the buyer of Goh & Goh Building, namely BBR Holdings, which acquired the mixed-use property en bloc for $101.5 million in May. The owners of the freehold Changi Garden condominium on Jalan Mariam; the freehold Cairnhill Mansions in prime District 9, which will be making its fourth collective sale attempt; and Cavenagh Gardens, a freehold condo on Cavenagh Road, also in District 9; have appointed Lee to represent them. Biggest competition GLS sites The current wave of collective sales may be short-lived, says Alex Oh, OrangeTee s director of investments and advisory department. Collective sales have a longer gestation period compared with sites purchased through the Government Land Sales programme. Those who want sites with a fast turnaround time will therefore opt for GLS sites. The biggest competition for leasehold collective sale sites is, therefore, the GLS sites, he adds. Once the GLS programme for 2H2017 is released, we will have a better gauge of what the competition will be. The current appetite for collective sale sites among developers shows that they have become more optimistic in the face of depleting unsold inventory and strong new home sales, says Suzie Mok, Savills Singapore s senior director of investment sales. This could also explain the aggressive bids for GLS sites in 1H2017. In the first six GLS land tenders in 1H2017, there were nine to 13 bids received at the close of each tender, with the highest being that for the land parcel on Toh Tuck Road, which drew 24 bids in February. The winner Eunosville was sold to MCL Land for $ million, at a premium of 17.3% to 19.1% above the original asking price of $643 million to $653 million was Malaysian developer S P Setia, which paid $265 million ($939 psf ppr) for the site, which has a gross floor area of 1.87ha and plot ratio of 1.4. S P Setia plans to develop a 327- unit, five-storey condo with 327 apartments on the site, and is expected to launch the project next year. The 99-year leasehold site on Toh Tuck Road had attracted strong interest, owing to its proximity to the Beauty World MRT station, Bukit Timah Nature Reserve and Bukit Batok Nature Park. For the recent tender of a 99-year leasehold site for a mixed-use development (residential and commercial) at Bidadari Estate, a consortium comprising Singapore Press Holdings and Kajima Development placed the highest bid of $1.13 billion ($1,181 psf ppr). The site will be developed into a project with more than 600 residential units and 310,000 sq ft commercial space, as well as a community club and neighbourhood police station. The site on Upper Serangoon Road saw 11 other bidders, which included Singapore developers such as Far East Organization, CapitaLand, City Developments, Chip Eng Seng Corp, GuocoLand and Sim Lian Group, as well as Chinese players Kingsford Development and Nanshan Group Singapore. Most property consultants such as Ian Loh, Knight Frank s executive director and head of investment and capital markets, are expecting the government to increase the supply of residential development sites in the 2H2017 GLS programme. Ultimately, the government will be concerned if the property market starts to heat up again, he says. Competition for GLS sites has been keen in recent quarters, with winning bids usually exceeding analysts expectations. Collective sale sites, on the other hand, are not as hotly contested compared with GLS sites. Pent-up demand The last collective sale boom was a decade ago, from 2005 to 2007, and was fuelled by a huge undersupply in both the public and private housing sectors, says Tan Hong Boon, JLL regional director of investments. This time around, the collective sale wave is partly due to demand being suppressed by the property cooling measures and the TDSR, which had also crimped affordability. With prices having fallen in 14 consecutive quarters, many potential homebuyers were sitting on the sidelines. New home sales had hovered around 7,500 annually in 2014 to 2015, before crossing 8,000 last year. In the first five months of 2017, developers sold 5,544 new homes. Hence, JLL is projecting 2017 to end with a high of 11,000 to 12,500 units, even with fewer launches in 2H2017 compared with 1H2017. If you look at the last peak in 2012, more than 22,000 new homes were sold, notes JLL s Tan. The 7,500 to 8,000 units sold over the last three years is a sign of pent-up demand. During the last collective sale boom, it was the sites in the prime districts that took off first, before the trend filtered down to the midtier and mass markets, recounts Tan. This time around, it is the mass market that is moving first, starting with the collective sales of the privatised HUDC estates, he adds. For instance, Eunosville s en bloc price translates into $909 psf ppr, making it the highest psf ppr price paid for the collective sale of a privatised HUDC estate so far. It includes the differential premium of $194 million payable to the state for intensifying the land use to the maximum gross plot ratio of 2.8 and for topping up the lease to 99 years. The site has 71 years left on its lease. ALBERT CHUA/THE EDGE SINGAPORE Early this month, 1 Draycott Park was sold for $72 million to SDB Asia, the property arm of Malaysia-listed Selangor Dredging Bhd. Savills was the marketing agent. Rio Casa was sold to a consortium comprising Oxley Holdings, KSH Holdings and Lian Beng Group for $575 million, which is at a premium to its original asking price of $450.8 million The eventual selling price of the new 1,399-unit development on the site of Eunosville is estimated to be $1,500 to $1,600 psf, based on the land cost. OrangeTee s Oh points to Lendlease s Park Place Residences, located one MRT stop from Eunosville. The 99-year leasehold 429- unit condo is part of the Paya Lebar Quarter mixed-use development and achieved an average selling price of $1,800 psf when the first phase was launched in March. The $909 psf ppr for Eunosville is just a reflection of the current market conditions at the Paya Lebar regional centre, says Oh. Prime-district prices yet to revisit previous peak Early this month, 1 Draycott Park was sold for $72 million through a private-treaty deal. The buyer of the site was SDB Asia, the property arm of Malaysia-listed Selangor Dredging Bhd. The freehold site containing a seven-storey block with eight apartments has a land area of 17,442 sq ft. The site is zoned for residential use and has a plot ratio of 2.8. It can be redeveloped into a new 36-storey condo block. Savills Mok, who brokered the sale, reckons the new development will feature relatively compact oneand two-bedroom units that will be affordable to buyers in the current market. The $72 million price tag translates into $1,787 psf ppr, including a development charge of $15.3 million. Across the road, Hong Kong s Swire Properties acquired all 12 units at the former Hampton Court (2 Draycott Park) in an en bloc purchase for $155 million ($2,526 psf ppr) in December While transaction volume in the high-end segment of the residential market has picked up, prices are not yet at their previous peak, notes OrangeTee s Oh. This is evident from the sale price of 1 Draycott Park. Developers are looking for sites, but they are still very price-sensitive, says Oh. This is unlike during the past collective sale boom a decade ago, when each new collective sale was done at a higher per sq ft price. E SAVILLS KNIGHT FRANK At Tampines Court, 458 out of the 560 owners in the development had signed the collective sale agreement as at June 15. This is Tampines Court s third collective sale attempt.

10 EP10 THEEDGE SINGAPORE JUNE 26, 2017 COVER STORY Collective-sale hopefuls BY CECILIA CHOW Besides Serangoon Ville and Tampines Court, other privatised HUDC estates that are exploring a collective sale include Ivory Heights in Jurong East, Pine Grove in the Mount Sinai area, Laguna Park in Marine Parade and Chancery Court on Dunearn Road. It will be Ivory Heights first attempt at a collective sale. For Laguna Park, it will be the third collective sale attempt. Other former government housing projects similar to HUDC estates that have also activated the collective sale process include the 488-unit Normanton Park near Kent Ridge and the 480-unit Lagoon View at Marine Parade. It will be Lagoon View s first collective sale attempt. It was built in 1977 to house Singapore Armed Forces (SAF) personnel and their families, and was later privatised. Normanton Park also used to house SAF personnel and their families, and was later privatised. It was first put up for collective sale tender in late October At that time, the reserve price was $840 million. Besides the privatised HUDC estates, other 99- The owners at Pearl Bank Apartment have appointed Colliers International as the marketing agent in their fifth collective sale attempt year leasehold condominiums that are attempting a collective sale are said to be Chuan Park, Thomson View and Pearl Bank Apartments. For the owners of Pearl Bank Apartments, it will be their fifth collective sale attempt. They have appointed Colliers International as their marketing agent. There are at least 30 projects at various stages of the collective sale process either trying to form a collective sale committee, or having formed one, are in the process of appointing a property consultant or lawyer to act on their behalf. And the figures could increase by next month, says Tan Hong Boon, JLL regional director of investments. With the school holidays in June, many condos are holding an extraordinary general meeting in July to try and form a collective sale committee, notes Tan. This could add another 10 or more collective sales to the list by next month. It s a very dynamic list that s changing almost every day. Not all collective sale attempts will take off. Some may not achieve the 80% agreement, says Tan. Others may hit 80%, but at a reserve price that is prohibitive to developers. So, there are many factors that come into play. JLL has been active in collective sales. Apart The owners at Thomson View are believed to be exploring another collective sale attempt THE EDGE SINGAPORE Ivory Heights, a 654-unit privatised HUDC estate in Jurong East, is said to be exploring a collective sale from handling the successful collective sale of Shunfu Ville, Raintree Gardens and Goh & Goh Building, the property consultant has also been appointed to represent the owners of Florence Regency, Amber Park and Brookvale Park in their collective sale process. JLL is also the appointed marketing agent for Boon Teck Tower in Balestier and The Albracca on Meyer Road. While Florence Regency is a privatised HUDC estate, Amber Park and Brookvale Park Condominium are private condos. Brookvale Park is a 160-unit development located on a 373,000 sq ft, 999-year leasehold site with a plot ratio of 1.6. The low-rise condo is on Brookvale Drive, off Sunset Way near Clementi and this is its first collective sale attempt. For Amber Park, however, it will be its fourth collective sale attempt. The third attempt was in 2015, with a reserve price of $743.9 million, which translated into a land cost of $1,225 psf ppr, based on the freehold land area of 213,676 sq ft and a plot ratio of 2.8. CBRE is the marketing agent for the collective sale of Cairnhill Mansions and Villa D Este. Cairnhill Mansions, a 54-year-old freehold building, had been put up for collective sale at least three times. Meanwhile, Villa D Este, a 12- unit apartment block on Dalvey Road, will also be put up for collective sale again. Savills Singapore has been appointed the marketing agent for Hollandia on Holland Road. The owners at Amber Park have appointed JLL to handle the marketing of their collective sale Knight Frank has been appointed for the collective sale of Kemaman Point, located off Balestier Road, and Dunearn Court. Both are boutique freehold developments (see table). Collective sale is part of the rejuvenation of the city, says Galven Tan, CBRE s director of investment properties. It s inevitable and just a matter of time. In some cases, a number of times as well. The list of collective-sale hopefuls continues to lengthen. It feels like the whole of Singapore is up for collective sale, remarks Alex Oh, director of investment and advisory department at OrangeTee. THE EDGE SINGAPORE PICTURES: SAMUEL ISAAC CHUA/THE EDGE SINGAPORE Collective-sale hopefuls NAME OF CONDO LOCATION PROPERTY TYPE NO OF UNITS LAND SIZE (SQ FT) PLOT RATIO TENURE COMPLETION DATE Amber Park Amber Gardens Private condo , Freehold 1986 Brookvale Park Brookvale Drive, off Sunset Way Private condo , years 1983 Boon Teck Tower Boon Teck Road, off Balestier Road Private condo 78 57, Freehold 1984 Cairnhill Mansions Cairnhill Road Private apartment 61 43, Freehold 1963 Cavenagh Gardens Cavenagh Road Private aparrtment , Freehold 1975 Chancery Court Dunearn Road Privatised HUDC , years 1981 Chuan Park Lorong Chuan Private condo , years 1984 Changi Gardens Jalan Mariam Private condo ,080 NA Freehold 1980 City Towers Bukit Timah Road Private apartment , Freehold 1973 Crystal Tower Ewe Boon Road Private apartment 28 60, Freehold 1974 Dunearn Court Dunearn Road Private apartment 12 19, Freehold 1993 Florence Regency Hougang Avenue 2 Privatised HUDC , years 1988 Gilstead Court Gilstead Road Private condo 48 75, Freehold 1978 Hollandia Holland Road Private apartment 48 53, Freehold 1985 Ivory Heights Jurong East Privatised HUDC , years 1986 Kemaman Point Jalan Kemaman, off Balestier Road Private apartment 89 43, Freehold 1993 Lagoon View Marine Parade Road Former government housing , years 1970 Laguna Park Marine Parade Road Privatised HUDC , years 1978 Normanton Park Normanton Park Former government housing , years 1977 Pearl Bank Apartments Pearl Bank, Outram Private condo , years 1976 Pine Tree Condo Balmoral Park Private condo 50 41, Freehold 1996 Tampines Court Tampines Street 11 Privatised HUDC , years 1984 Thomson View Bright Hill Drive Privatised HUDC , years 1987 Villa D Este Dalvey Road Private condo 12 55,480 NA* Freehold 1983 * Can be redeveloped into three Good Class Bungalows or a new condo with existing plot ratio VARIOUS PROPERTY AGENTS, PUBLISHED REPORTS

11 THEEDGE SINGAPORE JUNE 26, 2017 EP11 OFFSHORE Trump s net worth slips to US$2.9 bil as his three towers underperform BY CALEB MELBY Donald Trump s office properties are not bringing in as much cash as banks that loaned him money had expected. That is the biggest finding in an updated assessment of the US president s net worth, which has slipped to US$2.9 billion ($4.03 billion), according to the Bloom berg Billionaires Index, down from US$3 billion a year ago. The calculation, five months after Trump s inauguration, relies on figures compiled from lenders, mortgage documents, annual reports, market data and a new financial disclosure released on June 16. The decrease is driven mostly by a drop in the value of three office properties in Manhattan, where financial data compiled by Trump s lenders offer a consistent picture: They are underperforming appraisals conducted when Trump was issued loans. The buildings 40 Wall Street, Trump Tower and 1290 Avenue of the Americas, a tower in which Trump holds a 30% stake are victims of a changing New York office market, where gleaming new skyscrapers are attracting tenants and demand for space in vintage properties is falling. The Bloomberg calculation, which previously relied in part on banks estimates and appraisals, is now based solely on the three properties actual financial results disclosed by managers of mortgage-security trusts that hold Trump debt. The present value of the properties has been revised down by a combined US$380 million. Allen Weisselberg, chief financial officer of the Trump Organization, and Jeffrey McConney, the company s controller, did not respond to s detailing Bloomberg s methodology. An outside spokeswoman did not return calls for comment. Hope Hicks, a White House spokeswoman, did not respond to s. Liquid assets The decrease in the value of the three towers was almost offset by successes in other corners The 40 Wall Street building was appraised at US$540 million in Based on last year s performance, the Bloomberg Billionaires Index now values the property at US$400 million. of Trump s empire. His portfolio of liquid assets, including cash, has jumped to US$230 million from US$170 million following condominium sales and other payouts from the Trump International Hotel Las Vegas, as well as the sale of a Manhattan penthouse apartment. He sold most of his stock portfolio last summer, a spokesman said in December. Trump s companies received new licensing fees for branded projects in Vancouver, Canada and Kolkata, India, the financial disclosure shows. On an annualised basis, revenue at his 16 golf and resort properties rose 3%. Mar-a- Lago, which Trump has visited frequently since the US election, saw a 25% jump in sales. The properties now have a combined value of US$720 million, up from US$710 million, according to the index, an increase damped by declining multiples for golf course properties. At the same time, Trump s debt load has shrunk to at least US$550 million from about US$630 million last year, according to lender data and repayment schedules. Three towers The Wall Street building, appraised at US$540 million in 2015, had projected annual net operating income of US$22.6 million, according to documents shared at the time with potential investors in the property s debt. It earned US$17.4 million in 2016, a year in which it was on a lender watchlist for three months because rental income barely covered debt payments. The property was removed from the list as its situation improved. The index values the property at US$400 million, based on last year s performance. Trump Tower, the president s home and headquarters before he moved to the White House, is facing a similar problem. Its offices and stores were appraised at US$480 million in 2012, with net income estimated at US$20.4 BLOOMBERG million. The property generated $14.1 million of net income last year after higher expenses ate into revenue, lender documents show. The building, including Trump s penthouse apartment, is now valued at US$450 million. The office tower at 1290 Avenue of the Americas, which Trump owns in partnership with Vornado Realty Trust, has also failed to meet lender expectations. The building was appraised at US$2 billion in 2012, on the assumption it would throw off US$97.7 million of annual net income. But it generated US$77.7 million last year. We re in the biggest development pipeline in Manhattan since the 1980s, says Keith DeCoster, director of real estate analytics at Savills Studley. Older buildings circa 1980s, 1990s are having a tougher time competing. Trump has retained his ownership interest in his companies. Unlike previous occupants of the Oval Office, he neither divested his assets nor set up a blind trust. Instead, he transferred his holdings to a revocable trust managed by his adult sons, Donald Jr and Eric, and Weisselberg, the Trump Organization s CFO. Trump s own estimates of his net worth are frequently higher than independent appraisals. When he announced his candidacy in 2015, his campaign released a document stating he had a net worth of US$8.7 billion. Later that year, when Bloomberg first assessed his net worth at US$3 billion, he described it as a stupid report. He later repeatedly asserted he was worth more than US$10 billion. One difference between Trump s estimates and Bloomberg s is the value of his personal brand. The 2015 document released by Trump s campaign said his ability to license his name and likeness to everything from international hotels to mattresses is worth US$3.3 billion. Bloomberg assigns it a value of US$35 million, or one-times sales from ongoing licensing deals. That value has not changed since Trump won the Republican nomination last July. Bloomberg LP E Vanke s Wang exits after tussle over China s No 1 developer Wang Shi, who built China Vanke Co into the country s biggest developer after founding it 33 years ago, stepped down as chairman after an ownership tussle that ended with a state entity becoming its biggest investor. The exit of the 66-year-old Wang comes after metro line builder Shenzhen Metro Group Co emerged as a white knight last year and did a deal this month to boost its shareholding. Statements from Vanke and its founder did not make it clear whether he was severing all ties. One key question is whether Wang Shi s departure is clear-cut, or whether he will still play some role as a consultant or adviser, says Kristy Hung of Bloomberg Intelligence. The twist comes just as the nation s biggest developer by market value is seemingly set for a new phase of stability after a tussle that Vanke says threatened projects, contracts and the firm s credit profile. In 2016, Vanke ceded its top position for contracted sales to rival China Evergrande Group, and it now sits behind Country Garden Holdings Co. Unlike his counterparts at big Chinese rivals, Wang does not have a controlling stake in the company. That left the field wide open for the raid in 2015 by Baoneng Group. Younger team On WeChat, Wang, a high-profile businessman with a big public following says he is handing the baton to the younger team of president Yu Liang, 52. Wang s name was missing from a list of board nominees that included Yu. Wang has largely kept his hands off the firm s day-to-day management since Yu Liang took the role of president, so it s natural for him to abdicate in favour of executives actively involved, says Danielle Wang, a China property analyst at DBS Vickers Hong Kong. But he will definitely remain as Vanke s spiritual leader, like a consultant or think tank. I m sure Yu Liang can still turn to him when he needs advice, Wang adds. Vanke s share price in Hong Kong has fallen 8% since Yu said in December 2015 that the company faced a hostile takeover from Baoneng, a slump that compares with gains of 139% and 184% for China Evergrande and Country Garden, respectively. On June 21, Vanke s stock gained 1% in Hong Kong as at 3.26pm, local time. Wang, a veteran of the People s Liberation Army, founded Vanke in Shenzhen as a trading firm before it became a real estate juggernaut. Vanke listed in Shenzhen in 1991 and Hong Kong in From December 2015, the company was embroiled in China s most high-profile corporate battle, involving a tangled web of state-owned shareholders, competitors and a hostile predator. In past years, Wang was a role model for entrepreneurs who flocked to his motivational speeches and devoured his books. His micro blog has almost 24 million followers and he has been known for his personal feats and style, climbing the highest peaks on seven continents, and featuring on the cover of GQ China. Shenzhen Metro will have a 29.4% shareholding after agreeing this month to buy a stake in Vanke from China Evergrande. The Shenzhen firm says it hopes Vanke will continue with its existing strategy and operations under Yu s leadership. Vanke said on June 21 that three Shenzhen Metro executives were nominated to its board: chairman Lin Maode, general manager Xiao Min and CFO Chen Xianjun. Shareholders meeting Baoneng owns 25% of Vanke and can start selling on July 6 when a lock-up ends, according to Bloomberg calculations based on Chinese securities regulations that can prevent a listed firm s biggest shareholder from selling down within a year of its last purchase. Shareholders are due to vote on the board at an annual meeting on June 30, after directors terms expired in March. Of those nominated for the 11-strong board, six people are from Vanke and Shenzhen Metro and at least two are from companies backed by Shenzhen s stateowned assets supervisor, the entity which owns Shenzhen Metro. Bloomberg LP E

12 EP12 THEEDGE SINGAPORE JUNE 26, 2017 DONE DEALS Units at TwentyOne Angullia Park and The Orchard Residences sold above $3,000 psf PICTURES: SAMUEL ISAAC CHUA/THE EDGE SINGAPORE A 3,154 sq ft, four-bedroom unit on the 20th floor of TwentyOne Angullia Park fetched $10.5 million ($3,329 psf), according to a caveat lodged on June 7 BY TAN CHEE YUEN Transactions of units at highend condominiums in Singapore s prime District 9 have continued in recent weeks, with more units commanding more than $3,000 psf. At Twenty- One Angullia Park, a 3,154 sq ft, four-bedroom unit on the 20th floor of the 36- storey tower was sold for $10.5 million ($3,329 psf), according to a caveat lodged on June 7. In January, another 3,154 sq ft unit on the 30th floor of the high-end condo fetched $11.99 million ($3,800 psf). The 54-unit TwentyOne Angullia Park is a flagship project by CS Land, formerly known as China Sonangol, and was completed in It was designed by Chan Soo Khian of SCDA Architects, the same architect behind The Marq on Paterson Hill. At the peak of the market in June 2013, the 7,718 sq ft penthouse at TwentyOne Angullia Park and the 2,260 sq ft three-bedroom unit directly below it were sold to Malaysian businessman Low Taek Jho, also known as Jho Low, for $42.91 million ($5,560 psf) and $11.53 million ($5,099 psf) respectively, or a total of $54.44 million. Low has been linked to the scandal involving state fund 1Malaysia Development Berhad. Prices at TwentyOne Angullia Park sank below $3,000 psf last year, when a 2,777 sq ft, four-bedroom unit on the second floor fetched $8.3 million ($2,989 psf). In March this year, the unsold A 2,852 sq ft, four-bedroom unit on the 11th floor of The Orchard Residences was sold for $8.9 million ($3,120 psf) on June 9 units at TwentyOne Angullia Park were reportedly sold to a consortium of Singaporean investors, who purchased the company that developed the luxury condo before a new additional conveyance stamp duty for bulk purchases kicked in on the 11th of that month. At The Orchard Residences, a 2,852 sq ft, four-bedroom unit on the 11th floor of the 54- storey tower was sold for $8.9 million ($3,120 psf) on June 9. The seller purchased the unit for $8.5 million ($2,980 psf) in June The Orchard Residen ces sits on top of ION Orchard mall and the Orchard MRT station underground. There were two other transactions at The Orchard Residences this year. One was for a 1,808 sq ft, three-bedroom unit on the 13th floor that changed hands for $3.8 million ($2,101 psf) in April. The price was the lowest psf price achieved at the development historically. The seller paid $6.99 million ($2,836 psf) for the unit in April The other transaction saw a 2,174 sq ft, three-bedroom unit on the 47th floor changing hands for $7.4 million ($3,403 psf) in March. The Orchard Residences was jointly developed by CapitaLand and Sun Hung Kai Properties and completed in Samuel Eyo, managing director of Singapore Christie s International Real Estate, foresees more transactions crossing the $3,000 psf threshold in the high-end segment in the coming months. Buyers are returning to the luxury condo market as they feel prices are at an attractive level, he notes. In the neighbourhood of Holland Road-Farrer Road is Sommerville Park, a freehold development with 396 apartments and 57 townhouses, where two townhouses were sold recently. One of them was a three-storey, 4,101 sq ft unit that debuted as a mortgagee sale at Colliers International s auction on Oct 27 last year. It changed hands for $4.8 million ($1,170 psf), according to a caveat lodged on June 7. The other townhouse, a 3,294 sq ft unit, was sold for $4.05 million ($1,230 psf), according to a caveat lodged on June 12. E Singapore by postal district Residential transactions with contracts dated June 6 to 13 LOCALITIES DISTRICTS City & Southwest 1 to 8 Orchard/Tanglin/Holland 9 and 10 Newton/Bukit Timah/Clementi 11 and 21 Balestier/MacPherson/Geylang 12 to 14 East Coast 15 and 16 Changi/Pasir Ris 17 and 18 Serangoon/Thomson 19 and 20 West 22 to 24 North 25 to 28 LAND AREA/ NETT UNIT SALE DATE FLOOR AREA TRANSACTED PRICE PRICE COMPLETION TYPE OF PROJECT PROPERTY TYPE TENURE (2017) (SQ FT) PRICE ($) ($) ($ PSF) DATE SALE District 1 EMERALD GARDEN Condominium 999 years June 09 1,259 2,000,000-1, Resale MARINA BAY SUITES Condominium 99 years June 06 1,615 3,050,000-1, Resale THE CLIFT Apartment 99 years June ,000-1, Resale District 2 ALTEZ Apartment 99 years June ,500,000-1, Resale ICON Apartment 99 years June ,600,000-1, Resale TANJONG PAGAR Apartment Freehold June 09 1,044 2,430,000-2, New Sale TANJONG PAGAR Apartment Freehold June 10 1,044 2,410,758-2, New Sale SPOTTISWOODE SUITES Apartment Freehold June ,600,000-2, New Sale LAND AREA/ NETT UNIT SALE DATE FLOOR AREA TRANSACTED PRICE PRICE COMPLETION TYPE OF PROJECT PROPERTY TYPE TENURE (2017) (SQ FT) PRICE ($) ($) ($ PSF) DATE SALE District 3 ALEX RESIDENCES Apartment 99 years June ,284,800-1,957 Uncompleted New Sale ASCENTIA SKY Condominium 99 years June ,310,000-1, Resale COMMONWEALTH TOWERS Condominium 99 years June ,000-1,944 Uncompleted New Sale COMMONWEALTH TOWERS Condominium 99 years June ,000-1,944 Uncompleted New Sale COMMONWEALTH TOWERS Condominium 99 years June ,000-1,944 Uncompleted New Sale COMMONWEALTH TOWERS Condominium 99 years June ,000-1,944 Uncompleted New Sale COMMONWEALTH TOWERS Condominium 99 years June ,000-1,944 Uncompleted New Sale COMMONWEALTH TOWERS Condominium 99 years June ,000-1,897 Uncompleted New Sale COMMONWEALTH TOWERS Condominium 99 years June 07 1,055 1,703,000-1,614 Uncompleted New Sale COMMONWEALTH TOWERS Condominium 99 years June ,000-1,967 Uncompleted New Sale COMMONWEALTH TOWERS Condominium 99 years June ,288,000-1,870 Uncompleted New Sale COMMONWEALTH TOWERS Condominium 99 years June 09 1,033 1,728,000-1,672 Uncompleted New Sale COMMONWEALTH TOWERS Condominium 99 years June ,000-1,967 Uncompleted New Sale COMMONWEALTH TOWERS Condominium 99 years June ,000-1,967 Uncompleted New Sale COMMONWEALTH TOWERS Condominium 99 years June ,308,000-1,899 Uncompleted New Sale COMMONWEALTH TOWERS Condominium 99 years June ,288,000-1,870 Uncompleted New Sale COMMONWEALTH TOWERS Condominium 99 years June ,288,000-1,870 Uncompleted New Sale COMMONWEALTH TOWERS Condominium 99 years June ,308,000-1,899 Uncompleted New Sale COMMONWEALTH TOWERS Condominium 99 years June ,308,000-1,899 Uncompleted New Sale COMMONWEALTH TOWERS Condominium 99 years June 11 1,302 2,028,000-1,557 Uncompleted New Sale COMMONWEALTH TOWERS Condominium 99 years June 11 1,302 2,028,000-1,557 Uncompleted New Sale HIGHLINE RESIDENCES Condominium 99 years June ,680,100-1,858 Uncompleted New Sale HIGHLINE RESIDENCES Condominium 99 years June ,334,500-2,101 Uncompleted New Sale HIGHLINE RESIDENCES Condominium 99 years June ,830,200-2,000 Uncompleted New Sale HIGHLINE RESIDENCES Condominium 99 years June ,136,100-2,246 Uncompleted New Sale PRINCIPAL GARDEN Condominium 99 years June ,491,000 1,486,000 1,726 Uncompleted New Sale QUEENS Condominium 99 years June 09 1,184 1,445,000-1, Resale QUEENS PEAK Condominium 99 years June ,032,000-1,653 Uncompleted New Sale QUEENS PEAK Condominium 99 years June 09 1,001 1,664,000-1,662 Uncompleted New Sale THE CREST Condominium 99 years June 09 1,184 2,072,000-1, New Sale District 4 CARIBBEAN AT KEPPEL BAY Condominium 99 years June 07 1,216 1,700,000-1, Resale CORALS AT KEPPEL BAY Condominium 99 years June 09 1,593 3,360,000-2, New Sale COVE GROVE Detached 99 years June 08 9,731 16,600,000-1, Resale REFLECTIONS AT KEPPEL BAY Condominium 99 years June 07 1,012 1,430,000-1, Resale District 5 DOVER PARKVIEW Condominium 99 years June ,000,000-1, Resale

13 THEEDGE SINGAPORE JUNE 26, 2017 EP13 DONE DEALS Residential transactions with contracts dated June 6 to 13 LAND AREA/ NETT UNIT SALE DATE FLOOR AREA TRANSACTED PRICE PRICE COMPLETION TYPE OF PROJECT PROPERTY TYPE TENURE (2017) (SQ FT) PRICE ($) ($) ($ PSF) DATE SALE DOVER PARKVIEW Condominium 99 years June ,070,000-1, Resale MONTEREY PARK CONDOMINIUM Condominium 999 years June 12 1,625 1,860,000-1, Resale PARC RIVIERA Condominium 99 years June ,000-1,302 Uncompleted New Sale PARC RIVIERA Condominium 99 years June 6 1,012 1,176,000-1,162 Uncompleted New Sale PARC RIVIERA Condominium 99 years June ,000-1,260 Uncompleted New Sale PARC RIVIERA Condominium 99 years June ,000-1,359 Uncompleted New Sale PARC RIVIERA Condominium 99 years June ,001-1,339 Uncompleted New Sale PARC RIVIERA Condominium 99 years June ,136,800-1,257 Uncompleted New Sale PARC RIVIERA Condominium 99 years June ,104,000-1,221 Uncompleted New Sale THE CLEMENT CANOPY Apartment 99 years June ,097,000-1,499 Uncompleted New Sale THE CLEMENT CANOPY Apartment 99 years June ,093,000-1,493 Uncompleted New Sale THE ORIENT Apartment Freehold June ,070,300-1,841 Uncompleted New Sale THE SPECTRUM Condominium Freehold June 8 1,281 1,280, Resale THE TRILINQ Condominium 99 years June 8 1,518 1,897,000-1, New Sale THE TRILINQ Condominium 99 years June 9 1,109 1,299,000-1, New Sale THE TRILINQ Condominium 99 years June 9 1,356 1,599,000-1, New Sale THE TRILINQ Condominium 99 years June 9 1,356 1,557,000-1, New Sale District 8 CITY SQUARE RESIDENCES Condominium Freehold June 8 1,518 2,050,000-1, Resale LE SOMME Apartment Freehold June ,000-1, Resale MERA SPRINGS Condominium Freehold June 8 1,044 1,420,000-1, Resale MERA SPRINGS Condominium Freehold June 8 1,227 1,580,000-1, Resale District 9 ASPEN HEIGHTS Condominium 999 years June 8 1,324 2,000,000-1, Resale ASPEN HEIGHTS Condominium 999 years June 12 1,324 1,960,000-1, Resale CAIRNHILL ASTORIA Apartment Freehold June 6 3,035 4,000,000-1, Resale CAIRNHILL NINE Apartment 99 years June 11 1,044 2,891,000-2, New Sale EURO-ASIA COURT Apartment Freehold June 6 1,668 2,280,000-1, Resale LEONIE HILL RESIDENCES Apartment Freehold June 6 1,389 2,680,000-1, Resale MARTIN PLACE RESIDENCES Condominium Freehold June 12 1,421 2,570,000-1, Resale RIVERGATE Apartment Freehold June 8 1,055 2,530,000-2, Resale SCOTTS SQUARE Apartment Freehold June ,905,000-3, Resale SOPHIA HILLS Condominium 99 years June ,342,000-1,889 Uncompleted New Sale SOPHIA HILLS Condominium 99 years June ,162,000-2,076 Uncompleted New Sale SOPHIA HILLS Condominium 99 years June ,406,000-1,979 Uncompleted New Sale SOPHIA HILLS Condominium 99 years June ,433,000-2,048 Uncompleted New Sale SOPHIA HILLS Condominium 99 years June ,159,000-2,032 Uncompleted New Sale SOPHIA HILLS Condominium 99 years June ,200,000-2,103 Uncompleted New Sale SOPHIA HILLS Condominium 99 years June ,374,000-1,934 Uncompleted New Sale ST THOMAS SUITES Condominium Freehold June 6 1,819 3,250,000-1, Resale THE CAIRNHILL Condominium Freehold June 8 1,658 3,100,000-1, Resale THE ORCHARD RESIDENCES Apartment 99 years June 9 2,852 8,900,000-3, Resale TWENTYONE ANGULLIA PARK Condominium Freehold June 7 3,154 10,500,000-3, Resale URBANA Condominium Freehold June 7 2,314 3,520,000-1, Resale District 10 ARDMORE THREE Condominium Freehold June 8 1,776 7,700,000-4, Resale ARDMORE THREE Condominium Freehold June 9 1,776 7,317,055-4, Resale AVALON Condominium Freehold June 7 4,123 5,550,000-1, Resale BELMOND GREEN Condominium Freehold June 8 1,302 2,300,000-1, Resale D LEEDON Condominium 99 years June 12 6,534 5,014, Resale DUCHESS CREST Condominium 99 years June 7 1,367 1,750,000-1, Resale JERVOIS REGENCY Apartment Freehold June 7 1,173 1,550,000-1, Resale LEEDON RESIDENCE Condominium Freehold June 6 3,746 6,300,000-1, Resale LEEDON RESIDENCE Condominium Freehold June 13 3,283 5,600,000-1, Resale MON JERVOIS Condominium 99 years June 12 1,518 3,250,414-2, Resale MUTIARA CREST Apartment Freehold June 8 1,324 1,770,000-1, Resale KING S WALK Detached 999 years June 7 8,396 8,200, Resale LEEDON PARK Detached Freehold June 9 31,216 40,880,000-1, Resale ONE BALMORAL Condominium Freehold June 9 1,410 3,139,000-2, Resale ORANGE GROVE RESIDENCES Condominium Freehold June 6 2,002 3,333,000-1, Resale POLLEN & BLEU Condominium 99 years June 9 1,163 2,149,650-1, Resale POLLEN & BLEU Condominium 99 years June 12 1,163 2,189,600-1, Resale POLLEN & BLEU Condominium 99 years June 12 1,163 2,227,000-1, Resale SHAMROCK PARK Semi-Detached Freehold June 7 4,015 7,750,000-1,931 Unknown Resale SOMMERVILLE PARK Terrace Freehold June 7 4,101 4,800,000-1, Resale SOMMERVILLE PARK Terrace Freehold June 12 3,294 4,050,000-1, Resale THE ASTON Apartment Freehold June ,000-1, Resale VICTORIA PARK VILLAS Semi-Detached 99 years June 10 2,325 3,990,000-1,717 Uncompleted New Sale VIZ AT HOLLAND Condominium Freehold June ,270,000-1, Resale District 11 HILLCREST PARK Semi-Detached Freehold June 6 4,112 7,028,888-1, Resale L VIV Apartment Freehold June ,240,000-2, Resale MEDGE Apartment Freehold June ,180,000-1, Resale MIRO Apartment Freehold June 7 1,249 1,960,000-1, Resale JALAN TEMPUA Detached Freehold June 6 5,974 10,268,000-1, Resale PARK INFINIA AT WEE NAM Condominium Freehold June 9 1,464 2,650,000-1, Resale PAVILION 11 Condominium Freehold June ,500,000-1, Resale EVELYN Condominium Freehold June 9 2,250 3,600,000-1, Resale SINARAN Condominium 99 years June ,000-1, Resale THOMSON 800 Condominium Freehold June 6 1,421 1,720,000-1, Resale VIVA Condominium Freehold June 13 1,518 2,968,000-1, Resale WATTEN ESTATE CONDOMINIUM Condominium Freehold June 9 2,465 2,650,000-1, Resale WHITLEY VILLAS Semi-Detached Freehold June 13 2,917 2,650, Resale District 12 GEM RESIDENCES Condominium 99 years June 7 1,055 1,601,000-1,518 Uncompleted New Sale GEM RESIDENCES Condominium 99 years June ,000-1,699 Uncompleted New Sale KEMAMAN POINT Apartment Freehold June ,000-1, Resale MAR THOMA MANSIONS Apartment 999 years June 13 1,528 1,290, Resale NEEM TREE Apartment Freehold June ,099,080-1,547 Uncompleted New Sale PRESTIGE HEIGHTS Apartment Freehold June ,000-1, Resale THE MEZZO Apartment Freehold June ,038,000-1, Resale District 13 8@WOODLEIGH Condominium 99 years June ,030,000-1, Resale E MAISON Apartment Freehold June ,228,672-1, New Sale E MAISON Apartment Freehold June 10 1,636 1,779,968-1, New Sale THE POIZ RESIDENCES Apartment 99 years June 9 1,206 1,595,000-1,323 Uncompleted New Sale THE POIZ RESIDENCES Apartment 99 years June 10 1,206 1,689,200-1,401 Uncompleted New Sale LAND AREA/ NETT UNIT SALE DATE FLOOR AREA TRANSACTED PRICE PRICE COMPLETION TYPE OF PROJECT PROPERTY TYPE TENURE (2017) (SQ FT) PRICE ($) ($) ($ PSF) DATE SALE THE VENUE RESIDENCES Apartment 99 years June 11 1,378 1,741,930-1, New Sale THE VENUE RESIDENCES Apartment 99 years June 11 1,238 1,690,000-1, New Sale District 14 PARK 1 SUITES Apartment Freehold June ,453-1, New Sale REZI 3TWO Apartment Freehold June ,000-1, New Sale SILVERSCAPE Apartment Freehold June ,500-1, Resale SIMS URBAN OASIS Condominium 99 years June ,100-1,418 Uncompleted New Sale SIMS URBAN OASIS Condominium 99 years June ,022,800-1,462 Uncompleted New Sale SIMS URBAN OASIS Condominium 99 years June ,640-1,403 Uncompleted New Sale SIMS URBAN OASIS Condominium 99 years June ,044,844-1,471 Uncompleted New Sale SIMS URBAN OASIS Condominium 99 years June 10 1,033 1,421,000-1,375 Uncompleted New Sale SIMS URBAN OASIS Condominium 99 years June ,437,200-1,451 Uncompleted New Sale SIMS URBAN OASIS Condominium 99 years June ,049,200-1,477 Uncompleted New Sale SIMS URBAN OASIS Condominium 99 years June 11 1,206 1,608,430-1,334 Uncompleted New Sale SINGA HILLS Apartment Freehold June ,106,845-1, Resale SINGA HILLS Apartment Freehold June ,720-1, Resale THE ALCOVE Apartment 99 years June 7 1,378 1,057, Resale THE SUNNY SPRING Apartment Freehold June 8 1,044 1,028, Resale THE SUNNY SPRING Apartment Freehold June 12 1, , Resale EAST Condominium Freehold June ,000-1, Resale WINDY HEIGHTS Condominium Freehold June 12 2,476 2,060, Resale District I SUITES Apartment Freehold June ,000-1, Resale 8M RESIDENCES Apartment Freehold June ,314,000-2, Resale AALTO Condominium Freehold June 9 1,528 2,559,000-1, Resale AMBER SKYE Apartment Freehold June 11 1,335 2,503,320-1, New Sale CELESTIA Apartment Freehold June ,000-1, Resale COTE D AZUR Condominium 99 years June ,000,000-1, Resale FRUITION Apartment Freehold June ,000-1, Resale FULCRUM Condominium Freehold June ,274,000-2, Resale FULCRUM Condominium Freehold June ,548,000-1, Resale GALAXY TOWERS Apartment Freehold June 8 1,066 1,020, Resale HAIG APARTMENTS Apartment Freehold June 8 2,034 1,450, Resale LAGUNA PARK Apartment 99 years June 6 1,615 1,428, Resale LE CONNEY PARK Apartment Freehold June 12 1,216 1,160, Resale MARINE BLUE Condominium Freehold June ,253,800-1, New Sale MARINE BLUE Condominium Freehold June ,362,600-1, New Sale EVERITT ROAD Terrace Freehold June 7 1,163 2,550,000-2, Resale NATURALIS Apartment Freehold June ,036,000-1, Resale NEPTUNE COURT Apartment 99 years June 6 1, , Resale PEBBLE BAY Condominium 99 years June 7 2,626 3,680,000-1, Resale SANCTUARY GREEN Condominium 99 years June ,000-1, Resale SANDALWOOD Apartment Freehold June ,000,000-1, Resale SILVERSEA Condominium 99 years June 13 1,582 2,300,000-1, Resale EASTCOAST Condominium Freehold June ,000-1, Resale TAIPAN GRAND Apartment Freehold June 6 2,400 1,820, Resale THE MEYERISE Condominium Freehold June 13 1,281 2,265,000-1, Resale THE SEA VIEW Condominium Freehold June 6 1,647 2,678,000-1, Resale VERSAILLES Condominium Freehold June ,000-1, Resale EAST COAST Apartment Freehold June ,000-1, Resale VILLA MARINA Condominium 99 years June 8 1,152 1,030, Resale District 16 BAYSHORE PARK Condominium 99 years June , Resale BAYSHORE PARK Condominium 99 years June ,000-1, Resale BEDOK COURT Condominium 99 years June 13 2,411 1,500, Resale CASA MERAH Apartment 99 years June 8 1,281 1,350,000-1, Resale CASCADALE Condominium Freehold June 8 1,561 1,220, Resale EAST COAST RESIDENCES Apartment Freehold June 7 1,023 1,180,000-1, Resale EASTWOOD VILLE Terrace 99 years June 9 1,938 2,000,000-1, Resale GRANDEUR PARK RESIDENCES Condominium 99 years June ,000-1,426 Uncompleted New Sale GRANDEUR PARK RESIDENCES Condominium 99 years June ,000-1,443 Uncompleted New Sale KEW GATE Terrace 99 years June 12 2,422 1,280, Resale KEW GREEN Condominium 99 years June 7 2,939 1,969, Resale MERAGI CLOSE Semi-Detached 999 years June 6 2,992 2,900, Resale WILTSHIRE ROAD Detached Freehold June 7 4,768 5,380,000-1, Resale SALAM WALK Terrace Freehold June 9 1,679 2,370,000-1, Resale JALAN ANGIN LAUT Detached Freehold June 12 6,932 4,800, Resale THE CLEARWATER Condominium 99 years June 9 1, , Resale THE GLADES Condominium 99 years June ,800-1, New Sale THE GLADES Condominium 99 years June 6 1,948 2,500,000-1, New Sale THE GLADES Condominium 99 years June 6 1,281 1,770,000-1, New Sale THE GLADES Condominium 99 years June ,000-1, New Sale THE GLADES Condominium 99 years June ,000-1, New Sale THE GLADES Condominium 99 years June ,000-1, New Sale THE TROPIC GARDENS Condominium Freehold June 13 1,249 1,270,000-1, Resale WATERFRONT ISLE Condominium 99 years June ,160,000-1, Sub Sale District 17 COASTAL VIEW RESIDENCES Apartment 999 years June 8 2,110 1,780, Resale FERRARIA PARK CONDOMINIUM Condominium Freehold June 8 1,722 1,190, Resale HEDGES PARK CONDOMINIUM Condominium 99 years June , Resale LOYANG VILLAS Terrace 99 years June 9 1,615 1,360, Resale SANDY PALM Condominium 99 years June 7 1, , Resale THE GALE Condominium Freehold June 6 1,464 1,280, Resale THE GALE Condominium Freehold June 13 1,485 1,360, Resale District 18 COCO PALMS Condominium 99 years June 7 1,389 1,371, Uncompleted New Sale COCO PALMS Condominium 99 years June 8 1,378 1,341, Uncompleted New Sale COCO PALMS Condominium 99 years June 9 1,259 1,406,400-1,117 Uncompleted New Sale D NEST Condominium 99 years June 9 1,432 1,420, Uncompleted Sub Sale ELIAS GREEN Condominium 99 years June 8 1, , Resale LIVIA Condominium 99 years June 6 1, , Resale MELVILLE PARK Condominium 99 years June , Resale SAVANNAH CONDOPARK Condominium 99 years June 7 1, , Resale SAVANNAH CONDOPARK Condominium 99 years June 9 2,680 1,950, Resale SEASTRAND Condominium 99 years June 9 1,195 1,020, Resale THE ALPS RESIDENCES Condominium 99 years June ,000-1,121 Uncompleted New Sale THE ALPS RESIDENCES Condominium 99 years June ,080-1,098 Uncompleted New Sale CONTINUES NEXT PAGE

14 EP14 THEEDGE SINGAPORE JUNE 26, 2017 DONE DEALS FROM PREVIOUS PAGE Residential transactions with contracts dated June 6 to 13 LAND AREA/ NETT UNIT SALE DATE FLOOR AREA TRANSACTED PRICE PRICE COMPLETION TYPE OF PROJECT PROPERTY TYPE TENURE (2017) (SQ FT) PRICE ($) ($) ($ PSF) DATE SALE THE ALPS RESIDENCES Condominium 99 years June 8 1,410 1,404, Uncompleted New Sale THE ALPS RESIDENCES Condominium 99 years June 8 1,066 1,104,000-1,036 Uncompleted New Sale THE ALPS RESIDENCES Condominium 99 years June 11 1,066 1,147,420-1,077 Uncompleted New Sale THE PALETTE Condominium 99 years June 6 1, , Resale THE SANTORINI Condominium 99 years June 6 1,152 1,142, New Sale THE SANTORINI Condominium 99 years June 6 1,119 1,158,000-1, New Sale THE SANTORINI Condominium 99 years June 6 1,109 1,118,700-1, New Sale THE SANTORINI Condominium 99 years June 7 1,130 1,188,000-1, New Sale THE SANTORINI Condominium 99 years June 7 1,421 1,484,000-1, New Sale THE SANTORINI Condominium 99 years June 7 1,259 1,252, New Sale THE SANTORINI Condominium 99 years June 7 1,367 1,404,340-1, New Sale THE SANTORINI Condominium 99 years June ,000-1, New Sale THE SANTORINI Condominium 99 years June 7 1,119 1,100, New Sale THE SANTORINI Condominium 99 years June 7 1,184 1,156, New Sale THE SANTORINI Condominium 99 years June ,040-1, New Sale THE SANTORINI Condominium 99 years June 8 1,249 1,239, New Sale THE SANTORINI Condominium 99 years June 8 1,152 1,264,230-1, New Sale THE SANTORINI Condominium 99 years June 8 1,119 1,148,510-1, New Sale THE SANTORINI Condominium 99 years June 9 1,421 1,410, New Sale THE SANTORINI Condominium 99 years June 9 1,109 1,129,564-1, New Sale THE SANTORINI Condominium 99 years June 10 1,130 1,125, New Sale THE SANTORINI Condominium 99 years June 10 1,249 1,265,000-1, New Sale THE SANTORINI Condominium 99 years June 10 1,421 1,451,000-1, New Sale THE SANTORINI Condominium 99 years June ,850-1, New Sale VUE 8 RESIDENCE Condominium 99 years June 8 2,723 2,043, New Sale District 19 A TREASURE TROVE Condominium 99 years June 13 1,206 1,200, Resale AMARANDA GARDENS Condominium Freehold June 6 1,163 1,640,000-1, Resale CHEPSTOW VILLE Semi-Detached 999 years June 6 3,315 2,119, Resale COMPASS HEIGHTS Apartment 99 years June ,000-1, Resale FOREST WOODS Condominium 99 years June 7 1,475 1,787,000-1,212 Uncompleted New Sale FOREST WOODS Condominium 99 years June ,065,000-1,455 Uncompleted New Sale KINGSFORD WATERBAY Terrace 99 years June 7 1,625 1,805,000-1,111 Uncompleted New Sale KINGSFORD WATERBAY Apartment 99 years June 7 1,033 1,229,760-1,190 Uncompleted New Sale KINGSFORD WATERBAY Apartment 99 years June ,060,000-1,186 Uncompleted New Sale KINGSFORD WATERBAY Apartment 99 years June 7 1,033 1,168,000-1,130 Uncompleted New Sale KINGSFORD WATERBAY Apartment 99 years June ,000-1,133 Uncompleted New Sale KINGSFORD WATERBAY Apartment 99 years June ,075,117-1,218 Uncompleted New Sale KINGSFORD WATERBAY Apartment 99 years June ,096,234-1,242 Uncompleted New Sale KINGSFORD WATERBAY Apartment 99 years June ,095,351-1,241 Uncompleted New Sale KINGSFORD WATERBAY Apartment 99 years June 11 1,033 1,279,967-1,239 Uncompleted New Sale KINGSFORD WATERBAY Apartment 99 years June ,034,000-1,171 Uncompleted New Sale KINGSFORD WATERBAY Apartment 99 years June ,966-1,318 Uncompleted New Sale KOVAN MELODY Condominium 99 years June 7 1,421 1,480,000-1, Resale YIO CHU KANG ROAD Terrace 999 years June 7 2,508 2,008, Unknown Resale HILLSIDE DRIVE Semi-Detached 999 years June 8 3,638 3,900,000-1, Resale JALAN GOTONG ROYONG Terrace Freehold June 8 1,302 1,750,000-1, Resale JALAN HOCK CHYE Semi-Detached Freehold June 8 2,960 3,100,000-1, Resale DA SILVA LANE Terrace 999 years June 8 1,733 1,725, Unknown Resale PRIVE EC 99 years June 13 1, , Resale SERANGOON GARDEN ESTATE Terrace 999 years June 8 2,164 3,050,000-1,413 Unknown Resale SERANGOON GARDEN ESTATE Terrace Freehold June 8 2,379 3,380,000-1, Resale STARS OF KOVAN Apartment 99 years June ,106,280-1,490 Uncompleted New Sale STARS OF KOVAN Apartment 99 years June ,065,540-1,456 Uncompleted New Sale STARS OF KOVAN Apartment 99 years June ,055,220-1,442 Uncompleted New Sale STARS OF KOVAN Apartment 99 years June ,880-1,629 Uncompleted New Sale STARS OF KOVAN Apartment 99 years June ,008,780-1,378 Uncompleted New Sale THE TEMBUSU Condominium Freehold June 9 1,701 2,418,000-1, Resale THE VALES EC 99 years June 7 1, , New Sale THE VALES EC 99 years June , New Sale KOVAN Apartment Freehold June ,000-1, Resale District 20 THOMSON Apartment Freehold June ,415,000-1,623 Uncompleted New Sale BOONVIEW Condominium Freehold June 8 1,518 1,738,000-1, Resale CLOVER BY THE PARK Condominium 99 years June 9 1,292 1,565,000-1, Resale CLOVER BY THE PARK Condominium 99 years June 12 1,765 1,950,000-1, Resale COUNTRY GRANDEUR Condominium Freehold June 8 1,442 1,530,000-1, Resale FAR HORIZON GARDENS Condominium 99 years June 6 1,948 1,350, Resale FAR HORIZON GARDENS Condominium 99 years June 7 1,948 1,380, Resale GOLDEN HILL ESTATE Terrace Freehold June 8 1,948 2,500,000-1, Resale LAKEVIEW ESTATE Apartment 99 years June 7 1,615 1,280, Resale LAKEVIEW ESTATE Apartment 99 years June 9 1,615 1,225, Resale LAKEVIEW ESTATE Apartment 99 years June 9 1,615 1,250, Resale MAYFLOWER PLACE Semi-Detached Freehold June 8 3,444 3,280, Unknown Resale JALAN KHAMIS Semi-Detached Freehold June 8 2,121 2,700,000-1,276 Unknown Resale SEASONS VIEW Condominium 99 years June 8 1,152 1,190,000-1, Resale SEMBAWANG HILLS ESTATE Terrace Freehold June 8 1,808 1,785, Unknown Resale SEMBAWANG HILLS ESTATE Terrace Freehold June 9 1,475 1,570,000-1,065 Unknown Resale SKY HABITAT Condominium 99 years June 12 2,077 3,078,700-1, Resale THE GARDENS AT BISHAN Condominium 99 years June 12 1,227 1,290,000-1, Resale District 21 CLEMENTI PARK Condominium Freehold June ,000-1, Resale TOH TUCK TERRACE Detached Freehold June 8 4,994 6,700,000-1,341 Unknown Resale SIGNATURE PARK Condominium Freehold June 12 1,023 1,045,000-1, Resale SOUTHAVEN II Condominium 999 years June 8 1,442 1,415, Resale THE BUKIT Condominium Freehold June ,244,510-1,584 Uncompleted New Sale THE BUKIT Condominium Freehold June ,265,000-1,754 Uncompleted New Sale THE BUKIT Condominium Freehold June ,472,969-1,732 Uncompleted New Sale THE BUKIT Condominium Freehold June ,540,000-1,590 Uncompleted New Sale THE BUKIT Condominium Freehold June ,405,440-1,653 Uncompleted New Sale THE BUKIT Condominium Freehold June 10 1,206 1,725,000-1,431 Uncompleted New Sale THE BUKIT Condominium Freehold June ,295,000-1,604 Uncompleted New Sale THE BUKIT Condominium Freehold June ,800-1,862 Uncompleted New Sale District 22 LAKE GRANDE Condominium 99 years June ,097,000-1,341 Uncompleted New Sale LAKE GRANDE Condominium 99 years June 10 1,173 1,484,000-1,265 Uncompleted New Sale LAKE GRANDE Condominium 99 years June ,090,000-1,332 Uncompleted New Sale LAKE GRANDE Condominium 99 years June ,000-1,283 Uncompleted New Sale LAND AREA/ NETT UNIT SALE DATE FLOOR AREA TRANSACTED PRICE PRICE COMPLETION TYPE OF PROJECT PROPERTY TYPE TENURE (2017) (SQ FT) PRICE ($) ($) ($ PSF) DATE SALE LAKEHOLMZ Condominium 99 years June 8 1,238 1,058, Resale LAKEPOINT CONDOMINIUM Condominium 99 years June , Unknown Resale THE CENTRIS Apartment 99 years June 8 1,238 1,400,000-1, Resale WESTWOOD RESIDENCES EC 99 years June 6 1, , Uncompleted New Sale WESTWOOD RESIDENCES EC 99 years June 7 1, , Uncompleted New Sale WESTWOOD RESIDENCES EC 99 years June 10 1, , Uncompleted New Sale WESTWOOD RESIDENCES EC 99 years June 11 1, , Uncompleted New Sale WESTWOOD RESIDENCES EC 99 years June , Uncompleted New Sale District 23 CASHEW PARK CONDOMINIUM Condominium 999 years June 8 1,367 1,200, Resale CASHEW PARK CONDOMINIUM Condominium 999 years June 12 1,367 1,100, Resale ECO SANCTUARY Condominium 99 years June 7 1,604 1,515, New Sale HILLINGTON GREEN Condominium 999 years June 7 1,776 1,600, Resale INZ RESIDENCE EC 99 years June 7 1, , Uncompleted New Sale INZ RESIDENCE EC 99 years June 8 1, , Uncompleted New Sale INZ RESIDENCE EC 99 years June , Uncompleted New Sale INZ RESIDENCE EC 99 years June , Uncompleted New Sale INZ RESIDENCE EC 99 years June 10 1, , Uncompleted New Sale INZ RESIDENCE EC 99 years June , Uncompleted New Sale INZ RESIDENCE EC 99 years June 11 1, , Uncompleted New Sale MAYSPRINGS Apartment 99 years June , Resale SOL ACRES EC 99 years June , Uncompleted New Sale SOL ACRES EC 99 years June , Uncompleted New Sale SOL ACRES EC 99 years June , Uncompleted New Sale SOL ACRES EC 99 years June , Uncompleted New Sale SOL ACRES EC 99 years June 8 1, , Uncompleted New Sale SOL ACRES EC 99 years June , Uncompleted New Sale SOL ACRES EC 99 years June , Uncompleted New Sale SOL ACRES EC 99 years June 10 1, , Uncompleted New Sale SOL ACRES EC 99 years June , Uncompleted New Sale SOL ACRES EC 99 years June , Uncompleted New Sale SOL ACRES EC 99 years June , Uncompleted New Sale THE DAIRY FARM Condominium Freehold June 7 1,281 1,200, Resale District 25 NORTHWAVE EC 99 years June 8 1, , Uncompleted New Sale NORTHWAVE EC 99 years June , Uncompleted New Sale NORTHWAVE EC 99 years June 10 1, , Uncompleted New Sale NORTHWAVE EC 99 years June 11 1, , Uncompleted New Sale NORTHWAVE EC 99 years June , Uncompleted New Sale District 26 THE SPRINGSIDE Terrace Freehold June 8 1,765 2,728,000-1, Resale THE SPRINGSIDE Terrace Freehold June 8 1,744 2,688,000-1, Resale District 27 EIGHT COURTYARDS Condominium 99 years June 9 1,141 1,070, Resale JALAN LENGKOK SEMBAWANG Semi-Detached Freehold June 9 3,283 2,200, Resale NORTH PARK RESIDENCES Apartment 99 years June ,263,600-1,304 Uncompleted New Sale PARC LIFE EC 99 years June , Uncompleted New Sale PARC LIFE EC 99 years June 8 1, , Uncompleted New Sale PARC LIFE EC 99 years June 10 1, , Uncompleted New Sale PARC LIFE EC 99 years June , Uncompleted New Sale PARC LIFE EC 99 years June 11 1, , Uncompleted New Sale PARC LIFE EC 99 years June 11 1, , Uncompleted New Sale SIGNATURE AT YISHUN EC 99 years June 7 1, , Uncompleted New Sale SIGNATURE AT YISHUN EC 99 years June 7 1,302 1,093, Uncompleted New Sale SIGNATURE AT YISHUN EC 99 years June 9 1, , Uncompleted New Sale SIGNATURE AT YISHUN EC 99 years June 10 1, , Uncompleted New Sale SYMPHONY SUITES Condominium 99 years June ,600-1,085 Uncompleted New Sale SYMPHONY SUITES Condominium 99 years June ,740-1,031 Uncompleted New Sale SYMPHONY SUITES Condominium 99 years June 7 1,023 1,097,600-1,073 Uncompleted New Sale SYMPHONY SUITES Condominium 99 years June 7 1,023 1,033,900-1,011 Uncompleted New Sale SYMPHONY SUITES Condominium 99 years June 7 1,023 1,085,000-1,061 Uncompleted New Sale SYMPHONY SUITES Condominium 99 years June 8 1,023 1,046,000-1,023 Uncompleted New Sale THE BROWNSTONE EC 99 years June , Uncompleted New Sale THE CRITERION EC 99 years June 7 1, , Uncompleted New Sale THE CRITERION EC 99 years June 10 1, , Uncompleted New Sale THE CRITERION EC 99 years June 10 1, , Uncompleted New Sale THE CRITERION EC 99 years June 10 1, , Uncompleted New Sale THE CRITERION EC 99 years June 11 1,249 1,012, Uncompleted New Sale THE VISIONAIRE EC 99 years June 6 1, , Uncompleted New Sale THE VISIONAIRE EC 99 years June 7 1, , Uncompleted New Sale THE VISIONAIRE EC 99 years June 8 1,335 1,030, Uncompleted New Sale THE VISIONAIRE EC 99 years June , Uncompleted New Sale THE VISIONAIRE EC 99 years June 10 1, , Uncompleted New Sale THE VISIONAIRE EC 99 years June , Uncompleted New Sale THE VISIONAIRE EC 99 years June 11 1,313 1,064, Uncompleted New Sale THE VISIONAIRE EC 99 years June , Uncompleted New Sale THE WISTERIA Apartment 99 years June ,060,612-1,095 Uncompleted New Sale THE WISTERIA Apartment 99 years June ,075,212-1,110 Uncompleted New Sale WATERCOVE Terrace Freehold June 6 3,348 2,594, Uncompleted New Sale District 28 BELGRAVIA VILLAS Semi-Detached Freehold June 10 3,961 3,536, Uncompleted New Sale BELGRAVIA VILLAS Terrace Freehold June 10 3,520 2,580, Uncompleted New Sale GRANDE VISTA Condominium 999 years June 6 2,024 1,570, Resale LUXUS HILLS Terrace 999 years June 9 1,615 2,300,000-1, Resale MIMOSA PARK Terrace Freehold June 8 3,197 2,134, Resale JALAN TARI ZAPIN Terrace 999 years June 9 1,346 2,000,000-1,488 Unknown Resale SELETAR HILLS ESTATE Terrace 999 years June 6 3,261 2,920, Resale SELETAR HILLS ESTATE Semi-Detached Freehold June 12 3,423 3,768,000-1,100 Unknown Resale SELETAR SPRINGS CONDOMINIUM Condominium 99 years June 7 2,110 1,350, Resale DISCLAIMER: Source: URA Realis. Updated June 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

15 THEEDGE SINGAPORE JUNE 26, 2017 EP15 GAINS AND LOSSES Unit at Urbana sees $2 million loss BY LIN ZHIQIN A 2,626 sq ft unit at Pebble Bay fetched a $1.6 million profit on June 7. Find the most affordable listing in the project at edgepr.link/pebblebay. The seller of a 2,314 sq ft unit at Urbana in prime District 9 incurred the biggest loss for the week of June 6 to 13. He bought the unit in a sub-sale for $5.55 million ($2,399 psf), the project s highest price on record in terms of both quantum and psf price, in August 2007 and sold it for $3.52 million ($1,521 psf) on June 7. The $2.03 million loss, the biggest at Urbana so far, translates into 37%, or 5% a year over a holding period of nearly 10 years. Based on URA caveat data, the unit also fetched the highest profit on record at Urbana when it changed hands at a $3.41 million profit in August The previous seller bought it from the developer for $2.14 million ($923 psf) in December 2004 and made a 160% profit, or 43% annualised profit in less than three years. Urbana is a freehold condominium with 126 units. It was completed in 2007 and is located within walking distance of the upcoming Great World MRT station. June 8 saw the 11th unprofitable transaction at Scotts Square in prime District 9 this year. The seller of a 635 sq ft, one-bedroom unit made a loss of $771,525. He bought the unit for $2.68 million ($4,214 psf) from the developer in September 2007 and sold it for $1.91 million ($3,000 psf). This translates into a 29% loss, or 3% a year over 10 years. There have been no profitable transactions at Scotts Square since September 2015 when a 1,227 sq ft unit changed hands at a $295,650 profit. There were seven unprofitable transactions last year. The sellers sustained losses ranging from $647,088 to $1.2 million, with an average loss of $910,579, or 24%. Scotts Square is a mixed-use development completed in It has 338 freehold residential units and is located within walking distance of the Orchard MRT station. Meanwhile, a 2,626 sq ft, four-bedroom unit at Pebble Bay fetched the biggest profit of the week on June 7. The previous owner bought the unit for $2.08 million ($792 psf) from the developer in April 1996 and made a $1.6 million profit when he sold it for $3.68 million ($1,401 psf). He realised a 77% gain, or 3% a year over 21 years. This marks the ninth profitable transaction at Pebble Bay this year. It is also the most profitable transaction since November 2015, when a 2,745 sq ft unit changed hands for a $1.91 million profit. Prices at Pebble Bay peaked in 2013 when 19 units were sold at an average price of $1,424 psf. In 2016, 16 units changed hands at an average price of $1,181 psf. Prices have recovered this year, with 11 units transacted so far at an average price of $1,292 psf. Completed in 1997, Pebble Bay is a 99-year leasehold condo comprising 510 units. The project is located opposite the upcoming Tanjong Rhu MRT station. On June 7, a 4,123 sq ft unit at Avalon in prime District 10 fetched a $1.57 million profit, the week s second highest. The unit was purchased at $3.98 million ($965 psf) in April 2006 and sold for $5.5 million ($1,346 psf). The seller made a 39% profit, or 3% annualised profit over a holding period of 11 years. Completed in 1999, Avalon is a freehold condo with 82 units. It is located on Anderson Road and opposite Raffles Girls Secondary School. E Urbana is a freehold condominium located within walking distance of the upcoming Great World MRT station. Find the most affordable listing in the project at edgepr.link/urbana. PICTURES: ALBERT CHUA/THE EDGE SINGAPORE Top 10 gains and losses from June 6 to 13 Most profitable deals PROJECT DISTRICT AREA (SQ FT) SOLD ON (2017) SALE PRICE ($ PSF) BOUGHT ON PURCHASE PRICE ($ PSF) PROFIT ($) PROFIT (%) ANNUALISED PROFIT (%) HOLDING PERIOD (YEARS) 1 Pebble Bay 15 2,626 June 7 1,401 April 30, ,600, Avalon 10 4,123 June 7 1,346 April 24, ,570, Park Infinia at Wee Nam 11 1,464 June 9 1,810 Feb 9, , , Windy Heights 14 2,476 June May 1, , Monterey Park Condominium 5 1,625 June 12 1,144 May 7, , City Square Residences 8 1,518 June 8 1,351 March 23, , Icon June 8 1,709 Feb 17, , Thomson ,421 June 6 1,211 Nov 3, , Caribbean at Keppel Bay 4 1,216 June 7 1,398 Oct 13, , Viva 11 1,518 June 13 1,956 Sept 8, , , URA, THE EDGE PROPERTY Non-profitable deals PROJECT DISTRICT AREA (SQ FT) SOLD ON (2017) SALE PRICE ($ PSF) BOUGHT ON PURCHASE PRICE ($ PSF) LOSS ($) LOSS (%) ANNUALISED LOSS (%) HOLDING PERIOD (YEARS) 1 Urbana 9 2,314 June 7 1,521 Aug 7, ,399 2,031, Orange Grove Residences 10 2,002 June 6 1,665 May 21, , , Scotts Square June 8 3,000 Sept 5, , , Altez June 7 1,742 Feb 25, , , Marina Bay Suites 1 1,615 June 6 1,889 Dec 22, , , L Viv June 8 2,021 Oct 8, , , Reflections at Keppel Bay 4 1,012 June 7 1,413 May 2, , , Seastrand 18 1,195 June April 22, , Sinaran June 12 1,874 Sept 16, , , The Clift June 9 1,801 June 21, , , Note: Computed based on URA caveat data as at June 20 for private non-landed houses transacted between June 6 and 13. The profit-and-loss computation excludes transactions costs such as stamp duties.

16 EP16 THEEDGE SINGAPORE JUNE 26, 2017 DEAL WATCH Parc Sophia unit up for sale at $1 mil BY DELICIA LIM Parc Sophia is a freehold condominium located along Adis Road in District 9. The 152-unit project was fully sold and completed at the end of 2011 by listed Singapore developer Oxley Holdings. The project contains predominantly one- and two-bedroom apartments. Unit sizes range from 464 to 549 sq ft for one-bedroom units, and 667 to 732 sq ft for one-bedroom+study and two-bedroom units. On the market is a 689 sq ft, one-bedroom unit on the ground floor that was recently listed for sale at $1 million ($1,451 psf) on TheEdgeProperty.com.sg. The unit is currently leased until August 2018 at a monthly rental rate of $2,300, according to Caleb Seah, a property agent from ERA Realty Network who is marketing the unit. The development is popular with investors, owing to its proximity to Plaza Singapura shopping mall, Dhoby Ghaut MRT interchange station, as well Bencoolen MRT station on the Downtown Line and Bras Basah MRT station on the Circle Line. There has been only one transaction at Parc Sophia this year, and it was for the sale of a 667 sq ft, one-bedroom+study unit on the second level that fetched $1.01 million ($1,513 psf) in January. The unit last transacted for $959,813 ($1,439 psf) in September 2008, when the previous owner purchased it from the developer. Recent rental contracts for 600 to 700 sq ft units at Parc Sophia LEASE DATE MONTHLY RENT $ $ PSF May , May , May , In the vicinity, the most recent transaction was at Sophia Hills, a new 493-unit development by Hoi Hup Realty and Sunway Group. A 689 sq ft, one-bedroom unit was sold for $1.379 million ($2,002 psf) earlier this month. The 99-year leasehold project is scheduled for completion next year. Meanwhile, a 560 sq ft, one-bedroom unit at Mount Sophia Suite fetched a price of $888,000 ($1,586 psf) in April Mount Sophia Suites is a 50-unit freehold project that was completed in Based on URA data for the month of May 2017, three units of 600 to 700 sq ft at Parc Sophia were leased at monthly rental rates of $2,400 to $2,800. This translates to a potential gross rental yield of 3.4% based on the asking price of $1 million for the one-bedroom unit at Parc Sophia. Visit edgepr.link/dealwatch-s785 for more information. E TABLES: URA, THE EDGE PROPERTY A 689 sq ft, one-bedroom unit on the ground floor of Parc Sophia was recently listed for sale at $1 million ($1,451 psf) Recent transactions at Parc Sophia CONTRACT DATE AREA (SQ FT) PRICE ($ MIL) PRICE ($ PSF) Jan 6, ,513 Oct 17, ,573 May 16, , ,435 Nov 25, ,847 Sept 17, ,708 SAMUEL ISAAC CHUA/THE EDGE SINGAPORE SUBSCRIBE TO THE EDGE AT 70% OFF PRINT PRICE AND GET 3 MONTHS FREE ACCESS TO AbsolutelyStocks Analytics and Tools YES! 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