Paya Lebar Catalyst for future commercial hub

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3 A PULLOUT WITH MCI (P) 043/03/2016 PPS 1519/09/2012 (022805) MAKE BETTER DECISIONS Visit TheEdgeProperty.com to find properties, research market trends and read the latest news THE WEEK OF OCTOBER 24, 2016 ISSUE 751 Offshore Singaporeans get first dibs on CapitaLand s luxe condo in HCMC EP4&5 Your Neighbourhood Tanjong Rhu s draws city-fringe location, waterfront views EP8&9 Done Deals Ripple effect of Forest Woods on condos in District 19 EP12&13 Gains & Losses Unit at Chelsea Gardens sustains loss despite 19- year holding period EP14 Paya Lebar Catalyst for future commercial hub SAMUEL ISAAC CHUA/THE EDGE SINGAPORE Australian group Lendlease intends to regenerate the neighbourhood with its mixed-use scheme comprising Grade-A office space, apartments, retail and green spaces. See our Cover Story on Pages 6 and 7. Richa rd Paine, managing director of Paya Lebar Quarter

4 EP2 THEEDGE SINGAPORE OCTOBER 24, 2016 PROPERTY BRIEFS EDITORIAL EDITOR Ben Paul THE EDGE PROPERTY SECTION EDITOR Cecilia Chow HEAD OF RESEARCH Feily Sofi an DEPUTY SECTION EDITOR Michael Lim SENIOR ANALYST Esther Hoon, Lin Zhiqin ANALYST Tan Chee Yuen COPY-EDITING DESK Elaine Lim, Evelyn Tung, Chew Ru Ju, Tan Gim Ean, Geraldine Tan PHOTO EDITOR Samuel Isaac Chua PHOTOGRAPHER Albert Chua EDITORIAL COORDINATOR Rahayu Mohamad DESIGN DESK Tan Siew Ching, Christine Ong, Monica Lim, Mohd Yusry, 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 THE EDGE SINGAPORE ADVERTISING + MARKETING ADVERTISING SALES CHIEF MARKETING OFFICER Cecilia Kay SENIOR MANAGER Windy Tan MANAGER Elaine Tan EVENTS SENIOR MANAGER Sivam Kumar MARKETING EXECUTIVES Tim Jacobs, Sam Ridzam COORDINATOR Nor Aisah Bte Asmain CIRCULATION BUSINESS DEVELOPMENT DIRECTOR Victor The ASSISTANT MANAGER Sandrine Gerber EXECUTIVES Keith Lee, Malliga Muthusamy, Ashikin Kader CORPORATE CHIEF EXECUTIVE OFFICER Ben Paul DIRECTOR Anne Tong CORPORATE AFFAIRS DIRECTOR Ng Say Guan PUBLISHER The Edge Publishing Pte Ltd 150 Cecil Street #08-01 Singapore Tel: (65) Fax: (65) PRINTER KHL Printing Co Pte Ltd 57 Loyang Drive Singapore Tel: (65) Fax: (65) 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. Prime commercial space at GB Building up for sale A prime commercial space located on Level 1 of GB Building on 143 Cecil Street has been put up for sale by expression of interest (EOI). The guide price for the 13,067 sq ft unit is between $43 and $44 million ($3,300 to $3,350 psf). According to ET & Co, the appointed marketing agent for sale, the unit will be sold with tenancy, which still has a year to go. The property, a duplex unit, is linked by an internal staircase and comes with a prominent street-level frontage of around 45m on Cecil Street. The unit is currently leased to Chinese developer Country Garden, which is using it as a show gallery for its Forest City project. According to ET & Co, the unit could potentially be used for a variety of trades, including retail, F&B, banking hall, and medical suites with the approval of the authorities. The property has a regular layout and could also be partitioned into smaller units for different businesses or leased to multiple tenants. The EOI exercise closes on Nov 30. Two individual shophouses on Joo Chiat Road are up for sale Two freehold two-storey conservation shophouses on Joo Chiat Road have been put up for sale. The guide Queens Peak on Dundee Road opens showflat for preview on Oct 22 Hao Yuan Investment will open its Queens Peak showflat for preview on Oct 22. The 736-unit development on Dundee Road is said to be the first condo project with a direct sheltered link from the second level of the development to Queenstown MRT Station s concourse. The project comprises one- to five-bedroom units ranging from 431 sq ft to 4,768 sq ft across two 44-storey towers starting from the eighth floor. The towers are connected by a six-storey carpark and a Sky Terrace on the seventh floor. One- to three-bedroom units on the eighth to the 26th floor are offered under the Botanic Collection whereas the three- to five-bedroom units and single-storey five-bedroom penthouses on the 28th to 44th storey are offered under the Skye Collection. All four penthouses come with a private pool, jacuzzi, private roof terraces, as well as double volume ceiling height in the living room and master bedroom. Residents of the premium two- and three-bedroom units and all four- and five-bedroom units including the penthouses will have their own private lift lobbies. All units come with Smeg kitchen appliances and storage solutions, Kohler bathroom fittings, as well as Yale biometric lock with smart touchpad for the main door. The guide price for the one-bedroom unit will start from $680,000. Developers sold more private homes in September Developers sold a total of 509 private homes in September, up from 468 units in August and 341 units in HAO YUAN INVESTMENT ET & CO price for the shophouses is $4.8 million each. The shophouse located at 162 Joo Chiat Road has been put up for sale by expression of interest (EOI). It comes with an attic and a three-storey rear extension. The property has a land area of 1,674 sq ft and a current gross floor area of about 3,494 sq ft, with a potential maximum gross floor area of around 5,021 sq ft. Meanwhile, the other shophouse at 252 Joo Chiat Road, located a street away, is being put up for sale by public tender. It has an estimated land area of 2,207 sq ft and a current gross floor area of about 3,098 sq ft, with a potential maximum gross floor area of about 6,620 sq ft and a new rear extension can be developed. Both shophouses have a plot ratio of 3.0 and are zoned as Commercial usage under the 2014 Master Plan, within the Joo Chiat Conservation Area. While the same period a year ago. According to URA s data, there were no new projects launched in September, but developers launched 479 units from their existing projects for sale which is 18.8% lower than the previous month s 590 units. Among the previously launched projects, Lake Grande in Jurong was the top performer with 29 units sold in the month at a median price of $1,312 psf. Trailing behind is The Trilinq, with 28 units sold at a median price of $1,405 psf and Kingsford at Waterbay with 23 units sold at a median price of $1,202 psf. September is an uneventful month for new sales in the private residential market, but the next couple of months are expected to be more active and will provide a clearer indication of the direction of the market with the launch of The Alps Residences, Forest Woods, Queens Peak and Parc Riviera, says Ong Teck Hui, national director of research and consultancy at JLL. Developers also sold less executive condominium (EC) units in September, due to fewer launches. Sales figure dropped by 21% m-o-m and 10% y-o-y. The last EC projects launched was Treasure Crest and Northwave in July. Treasure Crest was the top performer in September with 38 units sold at a median price of $746 psf. This is followed by Sol Acres with 36 units sold at a median price of $800 psf and The Terrace with 28 units sold at a median price of $787 psf. PICTURES: CBRE new extensions within the conservation guidelines are permitted up to five-storeys, the front façade of the shophouses has to be conserved. Buyers have the option to purchase the properties separately. The shophouse at 162 Joo Chiat Road is being offered for sale on a vacant possession basis, while the one at 252 Joo Chiat Road is being offered for sale, with the option to purchase either based on a leaseback structure or on a vacant possession basis. The EOI exercise for 162 Joo Chiat Road will close on Nov 29, while the public tender exercise for 252 Joo Chiat Road will close on Nov 23. CBRE is the appointed marketing agent for both properties. EL Development previews Parc Riviera EL Development will open its Parc Riviera showflat for public viewing from Oct 22 onwards. The developer says bookings are set to commence tentatively on Nov 5. During the period, prospective buyers can express their interest through the appointed marketing agents. There are a total of 752 units at Parc Riviera ranging from one- to four-bedroom units sized from 463 sq ft to 1,711 sq ft. One- and two-bedroom units account for 17% (128 units) and 47% (352 units) of the total stock. The average price for the units is expected to be around $1,250 psf. City Developments expands portfolio in Japan City Developments continues its expansion in Japan with the acquisition of a freehold prime residential project in central Tokyo. The company, through its special purpose company, Iconique Tokutei Mokuteki Kaisha, has acquired a 20% stake in Park Court Aoyama The Tower from developer Mitsui Fudosan Group. The project has a total gross development value of over 50 billion (about $668 million). It is located in the Aoyama area, one of Tokyo s most popular entertainment and residential districts, within the Minato ward. Minato ward is the centre of business activities where many multinational corporations offices and foreign embassies are located. The project is close to Aoyama-itchõme Station, which is linked to the Ginza, Hanzõmon and Toei õedo Lines. Park Court Aoyama The Tower offers a total of 163 one- to three-bedroom residential units ranging from 389 sq ft to 3,789 sq ft in its 26-storey building. Highend domestic buyers and foreigners are expected to be the primary target groups. Facilities in the project include a swimming pool, gym, sky lounge, private garden and 93 parking lots. Prices for the first batch of 55 units start from million for a one-bedroom unit, million for a two-bedroom unit and 271 million for a three-bedroom unit. Sansiri s pre-sales launch in Singapore by appointment only Sansiri will now offer its latest projects KHUN by YOO and The Monument Thong Lo for pre-sale to Singapore buyers by appointment only. The Thai developer says interested buyers can get in touch with its newly opened sales office located at Ocean Financial Centre. As for the Hong Kong pre-sales launch event, Sansiri says it has been postponed until further notice. The decision to scale down the pre-sales launch events came following the passing of the King of Thailand Bhumibol Adulyadej. Compiled by Esther Hoon E EL DEVELOPMENT CDL

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6 EP4 THEEDGE SINGAPORE OCTOBER 24, 2016 OFFSHORE Singaporeans get first dibs on CapitaLand s luxury condo in HCMC BY CECILIA CHOW Chen Lian Pang, CEO of CapitaLand Vietnam, believes a bit of luck played a part in the developer s acquisition of a prime site in District 1 of Ho Chi Minh City recently. After all, it was during a casual conversation with a Vietnamese businessman at an airport lounge that Chen first learnt about the site last November. They were waiting to depart HCMC for Singapore when the businessman told Chen that he had a piece of land that he wanted to sell. He wanted to know whether CapitaLand would be interested in buying it. So, it shows that you can do business anywhere, he says. During his tenure in Vietnam from 2008 to 2011, Chen made it a point to breathe the culture and understand the mentality of the people and the place. If you tell me a location, I know exactly where it is and whether you should buy the site. Chen says it is rare for a foreign developer to be able to purchase a prime site in District 1, the most coveted neighbourhood in Ho Chi Minh City. Thus, most foreign developers are purchasing sites in District 2 as well as other districts around the CBD, such as Districts 3, 5 and 10. There are hardly any foreign developers with a project in District 1, says Chen. CapitaLand Vietnam paid US$51.9 million ($70.9 million) for the 0.5ha site in Cau Kho ward in District 1, according to a Sept 23 announcement. The site is located in the vicinity of shopping malls, cinemas, schools, restaurants and office buildings. It is a five-minute drive to Ho Chi Minh City s CBD and a 10-minute drive to the vibrant retail area of Tran Hung Dao and Nguyen Van Cu Streets. Setting benchmark in luxury The District 1 site will be developed into a mixed-use complex with a 17-storey, 102-unit luxury residential tower called D1MENSION; and a 22-storey serviced apartment block with 200 units to be managed by CapitaLand s wholly-owned serviced apartment arm, The Ascott, under the Somerset brand. When completed in 1Q2018, the project will have an estimated value of US$106 million. The luxury residences at D1MEN- SION will be launched in Singapore ahead of Ho Chi Minh City. The VIP preview in Singapore is scheduled for Oct 21 and a one-day public launch will be held the following day at St Regis Singapore. Investor interest has been very strong, says Vanessa Chan, associate director of international residential property services at JLL Singapore, which has been appointed the exclusive marketing agent for the project. The units at D1MENSION range from two-bedroom units starting from 646 sq ft to four-bedroom units of up to 1,830 sq ft, as well as 3,660 sq ft penthouses. The units will be priced from US$300,000 to US$500,000. It s priced at a very attractive entry point for investors, says Chris Fossick, JLL s managing director for Singapore and Southeast Asia. And it s going to be one of the most luxurious projects in HCMC. From a foreign investor s perspective, being able to buy a property in prime District 1, especially from a premier developer like CapitaLand, presents a unique opportunity. Gaining momentum Vietnam s residential market gained momentum last year because of stronger economic fundamentals as well as government regulatory changes in July 2015, which included allowing foreigners to buy up to 30% of any condominium development or a maximum of 250 houses in a landed housing ward. Foreigners will also be able to own property for 50 years and enjoy the same rights to transfer leases or sell the property. At the end of the 50-year lease, foreigners may also extend their home ownership for 50 years, subject to approval. In the secondary market, when a foreigner sells the residential property to a local Vietnamese, the title will be converted into a freehold tenure. If you re a foreigner, it makes sense to buy a property on a 50-year lease from a reputable developer and sell to a local Vietnamese national in the secondary market who will be able to convert to a freehold tenure, which should command a premium, reckons JLL s Fossick. The regulatory changes have certainly spurred foreign investor interest in Vietnam property. A year ago, Keppel Land launched its HCMC project in Singapore over the weekend of Oct 24 and 25. It was the second phase of Estella Heights in District 2, and more than 50 units were sold that weekend. The launch was followed by CapitaLand s Singapore launch of two projects in District 2 of HCMC: the 1,152-unit Vista Verde and the 750-unit The Vista. About 100 units were sold on the weekend of Nov 7 and 8. Motivated by the strong sales achieved at CapitaLand s and Keppel Land s launches towards the end of last year, other developers with projects in Vietnam brought them to Singapore. In mid-january, a joint venture between Hongkong Land and its Vietnamanese partner Sonkim Land launched the 238-unit The Nassim in Thao Dien Ward in District 2. The project, priced from US$3,000 psm, saw strong sales in Singapore and is said to have hit the 30% cap on foreign buyers. The launch of The Nassim in HCMC was followed by the launch JLL s Fossick (left) and CapitaLand s Chen. JLL Singapore has been appointed the sole marketing agency for the launch of CapitaLand s D1MENSION in Ho Chi Minh City. of three resort properties by Vietnamese developer Sun Group at end-january. The three resort properties showcased were the Premier Village Phu Quoc Resort and Premie Residence Phu Quoc Emerald Bay on Phu Quoc Island; as well as a luxury villa project, InterContinental Sun Peninsula Residences, in Danang. In February, privately held Vietnamese developer Tan Hoang Minh International previewed its high-end condo D Le Roi Soleil, located in Hanoi. The project is a mixed-use development with 498 residential units in an exclusive neighbourhood in the vicinity of foreign embassies, and serviced apartment projects such as Fraser Suites Hanoi and the Somerset West Point Hanoi. Since the initial burst of launches of projects from Vietnam, there has been a lull over the past eight months. It could be due to the fact that some developers have hit the 30% quota on foreign buyers for their projects, reckons CapitaLand s Chen. Once they hit the limit, there s no need to launch the project overseas. Healthy local demand In the meantime, local demand remained healthy. The number of new launches in HCMC doubled from 12,703 units in 2014 to 24,574 units in 2015, with 2016 expected to see 27,054 units launched, according to JLL. Meanwhile, a total of 24,905 units have been sold so far this year, which translates to a sales rate of 92%. Residential sales volume in HCMC was strong in 2015 and 1H2016. This was borne out by CapitaLand s own sales figures. Last year, CapitaLand sold 1,321 residential units totalling $226.5 million in sales value in Vietnam, putting it among the top-performing foreign developers in This year, the developer sold 470 units worth $80 million in 1H2016, which translates to a 20% increase in sales value and volume on a y-o-y basis. A fortnight ago, CapitaLand previewed its eighth residential project in Vietnam Feliz En Vista, a joint-venture development with its Vietnamese partner Thien Duc. Located in District 2 of HCMC, it comprises three residential towers with ALBERT CHUA/THE EDGE SINGAPORE

7 THEEDGE SINGAPORE OCTOBER 24, 2016 EP5 OFFSHORE PICTURES: JLL Artist s impression of the living area of a three-bedroom apartment at D1MENSION Artist s impression of the 102-unit luxury condo D1MENSION in prime District 1 Artist s impression of the master suite of a three-bedroom unit at D1MENSION Master suite of a four-bedroom unit at D1MENSION Artist s impression of the living and dining area of a four-bedroom unit at D1MENSION about 800 units and a serviced residential tower managed by Ascott under the Somerset brand. In HCMC, other significant projects slated for launch in 4Q2016 are Keppel Land s 816-unit Palm Heights and 3,000-unit Empire City, in a joint venture with Gaw Capital, Tran Thai and Thien Phuoc, according to CBRE in its 3Q2016 market report. An oversupply? The residential supply in HCMC is expected to grow 74% over the next three years, sparking fears of an oversupply. If you look at the combined figures in the pipeline for the low-, mid- and upper-end of the market, there s definitely an oversupply, says CapitaLand s Chen. But if you have the right project in the right location, you will still achieve a good sales rate even if there s a bit of an oversupply in the overall market. Premium apartment prices have risen 9% in the last six quarters, according to JLL in a report on HCMC in August. The sales rate was 60% to 70% in 2015 and 1H2016 compared with 30% in 2010 to 2014, adds JLL. In contrast, prices rose 106% in the last property boom from 2005 to 2007, when a surge in foreign capital flowed into Vietnam in anticipation of a strong recovery in the economy and the property market, according to JLL. During that period, developers sold just 1,500 units a year, and achieved an average sales rate of 65%. Prices have corrected by 30% from 2007 to Thus, the premium apartment prices of US$2,180 psm is still 24% below the 2007 peak, observes JLL. At the peak of the market in 2007, there were many speculators, says Chen. Today, there are more genuine home buyers. The proportion of people who bought and flipped their property within the same year was 17% at the peak of the market. This year, the figure is 3.4%, which is very healthy, he adds. Investment opportunity Apartment rents in HCMC have also risen 4% in the last six years, according to JLL. Rental yields have therefore been relatively stable at 5.7%. The gap between rental yield and borrowing cost has narrowed from 880 basis points in 2008 to 280 bps in 1H2016. As the supply in the pipeline is completed over the next three years, there may be downward pressure on rents and yields, according to the JLL report. Given the low inflation in 2015/16, however, there is scope for interest rates to continue to fall, supporting prices. There is a strong desire among the middle class in Vietnam to own homes, though. The Boston Consulting Group says Vietnam s middle and affluent class is expected to double to 33 million people, or onethird of the population, by The middle class are people who earn at least US$714 a month. Post-global financial crisis, Vietnam is one of the best-performing economies in Southeast Asia and around the world, says JLL s Fossick. The ratio between house prices and local income has narrowed to 3.9 years, compared with 5.6 in Singapore, and double digits in Australia, London and Hong Kong. The property market in Vietnam is therefore very affordable. Vietnam is the most sought-after market in Southeast Asia among overseas developers. The challenge is in finding the right site to buy, says Fossick. The fact that Capita- Land is able to find such a prime site and bring it to market is an opportunity that rarely comes by. Sales of D1MENSION could spur more launches of HCMC condos in Singapore in the coming months. E

8 EP6 THEEDGE SINGAPORE OCTOBER 24, 2016 COVER STORY Paya Lebar Quarter will have three office towers, three residential towers and a retail complex, and will be adjacent to the Paya Lebar MRT interchange station PICTURES: SAMUEL ISAAC CHUA/THE EDGE SINGAPORE Paya Lebar Quarter catalyst for future commercial hub Australian group Lendlease intends to regenerate the neighbourhood with its mixed-use scheme comprising Grade-A offices, apartments, retail and green spaces BY CECILIA CHOW Construction on a massive 3.9ha site fronting the Paya Lebar MRT interchange station began in January. When completed in phases from 2H2018 to 1H2019, Paya Lebar Quarter will comprise a retail complex with 200 shops, three Grade-A office towers with a total of about one million sq ft and three residential towers with 429 units. Developed by Australian property group Lendlease and Abu Dhabi Investment Authority in a 30:70 joint venture, Paya Lebar Quarter is a mixed-use scheme valued at $3.2 billion when completed. Lendlease purchased the 99- year leasehold site in a government land tender with a bid of $1.67 billion, which translated to $943 psf per plot ratio (psf ppr) in April Consultants had considered it a bullish bid. However, Lendlease is confident in its project. The great differentiator is that we are investing in placemaking, says Richard Paine, managing director of Paya Lebar Quarter. The integrated development will have a wellness theme with 100,000 sq ft of green public spaces (the size of 20 basketball courts) and a 20,000 sq ft covered event space outside the mall. There will also be a 6m-wide cycling trail and pedestrian pathway within the development that will link to the Sims Avenue park connector. For the convenience of office tenants, there will be facilities for storing bicycles and scooters, as well as showering facilities. The development is aiming for a BCA Green Mark Platinum Award, the highest accolade for sustainability in Singapore. Paya Lebar Quarter will serve a working population of about 22,000 in the local catchment area within a seven-minute walk and more than one million residents in the area. There has been a buzz in the Paya Lebar Central neighbourhood around the MRT station since the government announced in the URA 2008 Master Plan that it would be transformed into a commercial hub. At the same time, Jurong East now known as Jurong Gateway will be Singapore s second CBD. This is all part of the government s overall plan towards decentralisation. Makeover of Paya Lebar Central On the other side of the Paya Lebar MRT track, Singapore Post Centre is also undergoing construction to redevelop the four-storey mall into a revolutionary concept combining bricks-andmortar and online shopping. Last October, Singapore Post announced that it was spending $150 million to revamp the mall, which is scheduled to open in mid It will inject 25,000 sq m (about 269,100 sq ft) of retail space in the area. Adjacent to SingPost Centre is Paya Lebar Square, developed jointly by Low Keng Huat, Guthrie GTS and Sun Venture Group. Completed in November 2014, the mixed-use development has a 10-storey office complex sitting on top of a three-storey, 95,000 sq ft retail mall. The offices were launched for sale on a strata-title basis in 2012 at an average price of $1,750 psf. In resales, units of 484 sq ft have changed hands at prices ranging from $1,652 psf for a low-floor unit to $1,920 psf for a top-floor unit, according to caveats lodged with URA Realis in August and September. Paya Lebar Square sits on a 99-year leasehold site, and was the first commercial site in the new Paya Lebar Central precinct that URA launched for sale in January The consortium comprising Low Keng Huat, Guthrie GTS and Sun Venture Group beat 10 others to win the site with a bid of $586 million ($872 psf ppr) five years ago. Another mixed-use development in the vicinity of Paya Lebar Central is Katong Regency, which has 244 condominium units sitting on top of One KM mall. Katong Regency and One KM mall is a redevelopment of the former Lion City Hotel and the adjacent Hollywood Theatre, which UOL Group purchased in January 2011 for $313 million. When the freehold Katong Regency was launched in 2012, all the units were snapped up within the first week at an average price of $1,600 psf. Some one-bedroom units of 570 sq ft and 581 sq ft on the high floors achieved $2,009 psf in Katong Regency was completed last year. Recent transactions have seen units change hands at $1,191 psf for an 840 sq ft one-bedroom unit on the 15th floor; and $1.570 psf for a 1,389 sq ft three-bedroom unit on the 13th floor, according to caveats lodged with URA Realis in September and June respectively. One KM, which opened in December 2014, is a 210,000 sq ft mall with about 150 shops. There are pockets of change happening elsewhere in the neighbourhood. Even Eunos Industrial Estate, adjacent to SingPost Centre, has already been earmarked for transformation. Some of the 1,089 factory units completed by HDB in 1981 are being vacated in batches. These old factories used to be zoned for light industrial use and housed car workshops, lighting fixtures and steel cabinet manufactur-

9 THEEDGE SINGAPORE OCTOBER 24, 2016 EP7 COVER STORY LENDLEASE Ongoing construction at the 3.9ha site of Paya Lebar Quarter Artist s impression of the six-storey mall, which will have about 200 shops, a FairPrice Finest supermarket, food court and cinema ers, many of which have been relocated over the past decade. Since the government s plan for transforming Paya Lebar Central was announced, the area has been zoned for non-industrial use. Some of the vacated factories have been demolished to make way for public housing flats in Eunos, and these were completed a decade ago. LENDLEASE Third catalyst Paya Lebar Quarter will be the third catalyst in the area, says Paine. It is likely to have the most far-reaching impact in terms of rejuvenating the Paya Lebar Central neighbourhood, he adds. The project is designed such that it will be just a 30-second walk from the MRT station to the lobby of the two office towers located just outside the MRT station. The office buildings will be 14 storeys tall and have floor plates ranging from 25,000 to 30,000 sq ft. The third office building will be 13 storeys high and adjacent to the three residential towers. The six-storey retail complex will be a standalone building and linked to the MRT station and office towers via the covered public event space. The retail mall will have 340,000 sq ft of retail space, or 200 shops. About 30% of the space is dedicated to F&B. Three anchor tenants have signed up for space in the mall: FairPrice Finest supermarket, a Kopi Tiam-managed food court and a nine-screen cinema. Paine says there will also be al fresco bars, cafés, restaurants, entertainment and amenities such as dry cleaners, a supermarket, hair salons and beauty spas. People have the option to hold meetings either in their offices or at one of the many F&B outlets, says Paine. It will also be a convenience for residents who want to meet with friends. There have been concerns about the weak retail leasing market, perpetuated by the falling rents in Orchard Road and the suburban areas in 3Q2016. Average rents in Orchard Road contracted for the seventh quarter, with prime rents for 3Q2016 at $32.35 psf per month, according to CBRE Market View, marking a drop of 0.5% q-o-q and 3.6% y-o-y. Meanwhile, suburban rents fell for four straight quarters, with prime rents in 3Q2016 at $29.40 psf per month, a slight dip of 0.2% q-o-q and 3% y-o-y. The assets that performed best, however, were those that are well located and near transport links, says Paine. Even in a challenging market, such retail assets should perform well. Park Place residences The residential component at Paya Lebar Quarter will be called Park Place and will contain 429 units. The residences will be launched for sale only in 1H2017. Unlike many of the mixed-use Paine: The great differentiator is that [Lendlease is] investing in placemaking developments with residential towers sitting on top of the retail complex, the three residential towers at Paya Lebar Quarter will be standalone towers atop a multi-storey carpark. They will be linked to the retail and office buildings via covered walkways and overhead bridges. Residents of Park Place will have their own private entertainment deck with a 50m swimming pool, a gym, playground and clubhouse. Park Place will be Lendlease s first residential development in Singapore. The apartments will be a mix of one- to three-bedroom units. According to Paine, the emphasis for the residential component will be to maximise usable space and efficiency. We make sure that the units are functional regular instead of odd-shaped, no strange walls nor a helper s room that is too small and all the units are fully fitted, he adds. Lendlease s other project in Singapore that was also a catalyst in a decentralised location is Jem, a mixed-use retail and office development linked to the Jurong East MRT interchange station and the bus interchange station. At Jem, the six-storey retail complex has 241 stores and 818,000 sq ft of retail space. The office tower was fully leased to the Ministry of National Development, the Agri-Food & Veterinary Authority, and the Building and Construction Authority of Singapore on a 30-year leaseback in The other project that Lendlease developed is 313@Somerset, a shopping mall linked underground to the Somerset MRT station on Orchard Road, which opened in December Lendlease acquired Parkway Parade Shopping Centre at Marine Parade in the east 15 years ago. Over the years, the asset has been Artist s impression of the 20,000 sq ft public event space outside the mall at Paya Lebar Quarter transformed, and even though it is the oldest shopping centre in the east, it continues to be one of the most successful in the area. Another mixed-use scheme that Lendlease has transformed this time in a joint venture in 2006 is the former Paradiz Centre. It was refurbished and rebranded PoMO Centre. In 2011, the building was sold for $336 million to a joint venture between BS Capital and Enviro-Hub Holdings. Lendlease, which was founded in 1958, has been in Singapore for 43 years, says Tony Lombardo, the group s CEO for Asia. The Australian group has been behind some large-scale urban regeneration projects in major cities worldwide, including Barangaroo South, Darling Square and Victoria Harbour in Australia; Elephant Park in Elephant & Castle and the International Quarter London; as well as Riverline in Chicago. Paya Lebar Quarter will soon be added to that list. Attraction of decentralised office space Lendlease has engaged CBRE and JLL to handle the leasing of the office towers at Paya Lebar Quarter. Moray Armstrong, CBRE s managing director of advisory and transaction services, says: We have seen a wide array of occupiers attracted to prime office micromarkets outside of the traditional CBD. Examples of this trend are successful Grade-A office developments such as The Metropolis at Buona Vista in one-north, and the office towers in the Harbourfront precinct. Armstrong adds, This is in part due to the quality of new developments that have come online, but is also bolstered by improved transportation links and expansion of supporting amenities, for example, retail, F&B and fitness facilities in the vicinity of offices. Office occupiers attracted to these decentralised areas include those in energy, insurance, TMT (technology, media and telecommunications), pharmaceutical as well as support functions of financial services. We anticipate that Paya Lebar Quarter will attract a similar range of tenants, not least given the excellent connectivity on a key MRT interchange and the proximity to the CBD, says Armstrong. Those who would consider relocating to Paya Lebar Quarter include MNCs currently in older buildings in the CBD, such as Tanjong Pagar, Shenton Way or Marina Centre, says Chris Archibold, JLL s head of markets. There are also some tenants in the CBD fringe or in business parks who want to move to a Grade-A office space, he adds. In recent years, most of the office tenant movement has been driven by efficiency, adds Archibold. The trend has been there, although it was masked by some of the expansionary moves. Office rents for Grade-A office space outside the CBD for instance, at Paya Lebar Quarter are likely to be at a discount to the Downtown area. It may also be viewed as a longterm hedge against being exposed to the wide fluctuations that may occur in the Grade-A office [market], says CBRE s Armstrong. There are only a handful of towers with Grade-A office space in the decentralised areas, though, observes Archibold. Paya Lebar Quarter is located next to the MRT station and, more importantly, it s a mixed-use development: You have the retail mall and all the amenities there. I think it will do extremely well. E

10 EP8 THEEDGE SINGAPORE OCTOBER 24, 2016 YOUR NEIGHBOURHOOD Tanjong Rhu s draws city-fringe location, waterfront views BY MICHAEL LIM In the 1990s, before there were Marina Bay and Sentosa Cove, the most-sought-after waterfront homes were in Tanjong Rhu, a residential enclave located off Fort Road. Condominiums there have views of the Marina Reservoir and Geylang River. The biggest draw for the area now is its proximity to the CBD and the Singapore Sports Hub, as well as the amenities and recreational facilities there. A new road, Stadium Way, has increased accessibility from Tanjong Rhu to the Singapore Sports Hub and the Kallang area. The Tanjong Rhu footbridge brings residents directly from their condos to the Singapore Sports Hub, the Kallang Wave Mall and Kallang Leisure Park. Over the past decade, Tanjong Rhu has developed into the residential enclave of choice for non-resident Indian (NRI) professionals and businessmen in the financial and tech sectors, most of whom have offices located in the CBD. Up to 65% of residents in the condos at Tanjong Rhu are NRIs, reckons Navin Bafna, associate team director at PropNex Realty. Some have become either permanent residents or Singapore citizens, he says. View of the Tanjong Rhu area from Marina Bay Sands NRI magnet The phenomenon began in 2005, when Singapore positioned itself as a wealth management hub and attracted private bankers, investment banks and fund managers to set up their offices here. Many of these firms in the financial services sector are headed by NRIs, says Bafna. In 2005, Singapore was also deciding whether it should have the two integrated resorts with casinos. It had also introduced a foreign investors scheme in which people could invest $5 million in Singapore, part of which could be used to buy property, making them eligible for permanent residence. The scheme attracted many high-net-worth foreigners to Singapore, but has since been discontinued. That was when we saw a huge influx of wealthy and educated NRIs working in the financial services and IT sectors moving to Singapore, says Bafna. They liked Tanjong Rhu because it was the closest private residential enclave to the CBD then. In addition, NRIs like to stay with those from their community in India: for instance, the Marwari and the Gujarati, the two biggest business communities in India, adds Bafna, who is Marwari. For me, staying in Tanjong Rhu makes me feel like I am still living in India because I can stay in touch with the community, he says. Bafna and his Singaporean wife, Eliza Tan, purchased a 1,345 sq ft, two-bedroom unit at Costa Rhu for $1.37 million ($1,018 psf) in July. Among the NRIs, another attraction of the condos in Tanjong Rhu is the unit sizes and affordability. Most of them like two-bedroom apartments that measure more than 1,000 sq ft and come with a proper maid s room. For three-bedroom units, they want sizes above 1,500 sq ft; and four-bedroom units, from 2,000 sq ft. The proximity to sports facilities, East Coast Park and open spaces where they can play cricket is also important to most of them. Cricket is the most popular game in India, says Bafna. Recent transaction prices of condos at Tanjong Rhu are hovering in the range of $1,100 to $1,300 psf, according to caveats lodged with URA Realis over the past two months. This is because there have been no new projects launched in that area since Water Place by Far East Organization (FEO), and that was in 2001, says Alan Cheong, head of research at Savills Singapore. Cluster of eight condos There are eight condo developments in Tanjong Rhu, including Water Place, and all but freehold Parkshore have 99-year leases. At 437-unit Water Place, which was completed in 2004, the most recent transaction was that of a 1,281 sq ft, three-bedroom unit on the 13th floor of one of the towers. It changed hands for $1.6 million ($1,249 psf) in September, according to a caveat lodged with URA Realis. Prior to that, Sanctuary Green a 522- unit, 99-year leasehold condo by GuocoLand that was completed in 2003 saw a resale of an 829 sq ft, two-bedroom unit on the 10th floor of one of the blocks that fetched $1.06 million ($1,279 psf). In 2001, Frasers Centrepoint completed the 99-unit Camelot by the Water, a 99-year leasehold condo. The latest transaction was that of a 2,637 sq ft, four-bedroom unit on the sixth floor that went for $3.8 million ($1,441 psf) in July last year. Parkshore, the sole freehold condo project in Tanjong Rhu, was developed by City Developments and completed in It was the first condo to be completed in Tanjong Rhu and contains just 152 units. In the most recent transaction in the condo, a 1,324 sq ft, three-bedroom unit on the fourth floor of the 10-storey block changed hands for $1.5 million ($1,133 psf) in August. The second project in Tanjong Rhu to be completed was Casuarina Cove, a 160-unit, 99-year leasehold condominium by Keppel Land, which was completed in The latest transaction at Casuarina Cove was that of a 1,593 sq ft three-bedroom unit on the eight floor of one of three blocks that changed hands for $1.67 million ($1,048 psf) in March. The completion of Casuarina Cove was followed by that of Hong Leong Holdings 168- unit Tanjong Ria Condominium, a 99-year leasehold condo completed in The latest transaction in the condo was that of a 1,206 sq ft, three-bedroom unit on the third floor that fetched $1.2 million ($1,020 psf) in June. The biggest project in Tanjong Rhu in terms of number of units is the 99-year leasehold, 737-unit Costa Rhu by Amcol (now Asia Food and Properties). The project was completed in The 510-unit Pebble Bay was also completed by CapitaLand that year. The latest transaction at the 99-year leasehold Pebble Bay was that of a 1,819 sq ft, two-bedroom unit on the first floor. It comes with a patio and was sold for $2 million ($1,099 psf), according to a caveat lodged in October. In terms of location, the Tanjong Rhu area offers value-for-money because of its proximity to the CBD and Sports Hub, says Savills Cheong. He expects the rents and prices of condo units to appreciate when the Tanjong Rhu MRT station on the Thomson-East Coast line opens in Currently, the nearest MRT station is Stadium on the Circle Line, which is a 10-minute walk from Tanjong Rhu. E PICTURES: ALBERT CHUA/THE EDGE SINGAPORE Bafna at the poolside of Costa Rhu, where he lives View from the 1,345 sq ft, two-bedroom unit on the 10th floor of one of the blocks at Costa Rhu that is available for lease

11 THEEDGE SINGAPORE OCTOBER 24, 2016 EP9 YOUR NEIGHBOURHOOD CapitaLand s 510-unit Pebble Bay is the third-largest development in the area Children play cricket in an open field adjacent to Casuarina Cove and the upcoming Tanjong Rhu MRT station Camelot by the Water is a 99-unit, 99-year leasehold development by Centrepoint Properties Kallang Wave Mall is the nearest mall to Tanjong Rhu, just a 10-minute walk away via the Tanjong Rhu Footbridge Parkshore is the only freehold condo among the eight developments in the Tanjong Rhu area Kallang Leisure Park, with its cinemas and supermarket, is a 10-minute walk away via the Tanjong Rhu Footbridge Water Place by FEO was completed in 2004 and is the newest of the eight condo developments This 100m Tanjong Rhu Footbridge links Tanjong Rhu to the Singapore Sports Hub and Kallang Leisure Park

12 EP10 THEEDGE SINGAPORE OCTOBER 24, 2016 EYE ON PROPERTY The Geylang planning area has been among the top 10 most resilient planning areas over the past three down cycles and the current downturn SAMUEL ISAAC CHUA/THE EDGE SINGAPORE Best defensive assets are city-fringe condos near MRT stations Based on URA s flash estimates for 3Q2016, prices for private homes in Singapore have fallen 11% from the recent peak in 3Q2013 to 3Q2016. The pace of decline has accelerated in 3Q2016 as evidenced by the 1.5% fall in prices compared with the 0.4% dip in 2Q2016. All three market segments saw price declines in 3Q2016, with a 1.8% fall in Core Central Region (CCR) versus a 0.3% increase in 2Q2016; a 1.3% fall in Rest of Central Region (RCR) versus a 0.2% uptick in the previous quarter; and a 1.2% decline in Outside Central Region (OCR) versus a 0.5% dip in 2Q2016. Against the backdrop of a market downturn, investors looking for defensive assets might consider properties in areas that have shown resilience in past down cycles. The Edge Property conducted a study onthis and found the Geylang planning area to be among the top 10 most resilient planning areas over the past three down cycles and the current downturn, which started in 3Q2013. Other planning areas of interest are Bukit Timah, Clementi and Hougang, which have been among the most resilient in three downturns, and Ang Mo Kio, Bedok, Jurong East, Marine Parade, River Valley and Serangoon, which have been resilient in two downturns. It would come as no surprise to seasoned investors that these planning areas are all mature estates that have well-developed facilities and amenities (see table). The price resilience was determined by comparing the change in median psf resale price of transactions for private non-landed homes BY LIN ZHIQIN in each planning area from the price peak to the trough in each down cycle. Only planning areas with at least 10 resale transactions for private non-landed homes in each reference quarter were included in the comparison. The study by The Edge Property further analysed the price performance of homes near the 26 MRT stations in these resilient planning areas by matching resale transactions from URA caveat data and comparing the purchase and subsequent resale prices of private non-landed homes. Not surprisingly, homes located within 500m of an MRT station are more likely to be resold at a profit compared with those not served by an MRT station. The difference in their price performance is not significant, though. The marginal difference in price performance could be owing to the availability of other transport options for homes not served by an MRT station, such as buses. In addition, mature towns often offer well-developed facilities and amenities that make up for the lesser transport convenience. For example, 95%, or 194, of a total of 204 private non-landed homes located within 500m of an MRT station and bought since 2000 and subsequently resold in 2015 resulted in a profit for their owners. In comparison, a marginally lower proportion of 92%, or 634, of a total of 689 homes not located near an MRT station were sold profitably last year. The homes located near an MRT station also fetched a slightly higher annualised profit averaging 6% compared with the 5% for homes not located near an MRT station. Top 10 most resilient planning areas in each property down cycle 2Q1996 TO 4Q1998 2Q2000 TO 1Q2004 2Q2008 TO 2Q2009 3Q2013 TO 3Q Kallang Novena Jurong West River Valley 2 Ang Mo Kio Marine Parade Geylang Geylang 3 Pasir Ris Bukit Merah Choa Chu Kang Hougang 4 Rochor Bukit Panjang Clementi Bukit Timah 5 Geylang Clementi Hougang Clementi 6 Hougang Newton Toa Payoh Ang Mo Kio 7 Bishan Serangoon Yishun Bukit Batok 8 Bedok Geylang Bukit Timah Bedok 9 Serangoon Jurong East Jurong East Marine Parade 10 Bukit Timah River Valley Sengkang Downtown Core Resilient in four cycles Resilient in three cycles Resilient in two cycles *Change in price computed based on median psf resale price of private non-landed homes from URA caveat data *Planning areas with fewer than 10 transactions per reference quarter were excluded from comparison Comparing the individual MRT stations that are within 500m of the homes in the resilient areas that were bought since 2000 and subsequently resold in 2015, it was found that the homes around Beauty World MRT station saw the highest average annualised profit at 9%, followed by those near Chinese Garden MRT station at 8%, Aljunied MRT station and Kovan MRT station at 7%, and Kembangan MRT station at 6%. The comparison excludes MRT stations around where there were less than five homes whose caveats could be traced over the intervening period. Over the past five years, for non-landed homes in the resilient planning areas bought in 2010 and resold in 2015, 98%, or 59, of a total of 60 homes located near an MRT station were resold at a profit. In comparison, a marginally smaller percentage of 96%, or 154, of a total of 160 homes not located near an MRT station resulted in profits for their sellers. The annualised profit was also slightly higher for the homes located within 500m of an MRT station at an average of 23%, compared with 22% for homes located away from MRT stations. For homes near MRT stations that were bought in 2010 and resold in 2015, in the resilient planning areas, those located near Aljunied MRT station fetched the highest average annualised profit of 7% for their sellers, followed by a 5% average annualised profit for the homes near Tanah Merah MRT station, and a 4% average annualised profit for those near Lorong Chuan MRT station, King Albert Park MRT station and Dakota MRT station. The comparison excludes MRT stations around where there were less than five homes whose caveats could be traced over the intervening period. E URA, THE EDGE PROPERTY

13 THEEDGE SINGAPORE OCTOBER 24, 2016 EP11 GAINS AND LOSSES Hefty loss incurred despite 19-year holding period ALBERT CHUA/THE EDGE SINGAPORE BY FEILY SOFIAN A gains-and-loss analysis for the week of Oct 4 to 11 unearthed interesting deals. A 2,508 sq ft unit at Chelsea Gardens in prime District 10 was sold at a loss of $810,200, despite being held for more than 19 years. The unit was purchased from the developer in August 1997 for $1,838 psf and resold for $1,515 psf this month. The loss margin works out to 18%, or 1% annually. Chelsea Gardens is a 40-unit freehold development on Stevens Road. Based on URA caveats, the developer sold 13 units in 1997, including the subject property, at an average price of $1,936 psf. Prices fell about 30% to $1,380 psf on average in 1999 after the Asian financial crisis. They rebounded to $1,802 psf on average in 2007, before dipping again the following year and have hovered in the $1,500-to-$1,600 psf range since. As a result, all resale transactions involving units bought in 1997 have resulted in hefty losses, ranging from $752,000 to $1.9 million. Two units at Chelsea Gardens touched $2,000 psf back in Developments that have breached the $2,000 psf mark in the period include Ardmore Park, Cairnhill Apartment, Four Seasons Park, Gardenville, Richmond Park, St Thomas View and Scotts 28. Interestingly, a 1,292 sq ft unit at Gardenville fetched $4,094 psf in August 1997, according to URA caveat record. Meanwhile, the highest loss in the week of Oct 4 to 11 amounted to $2.2 million. It accrued to a Good Class Bungalow on Margoliouth Road. The preceding caveat appears to be lodged for the purpose of bequeathing the property, though. The house was caveated for $20 million, or $1,572 psf on land area, in 2012 and resold for $17.8 million, or $1,399 psf, this month. Separately, a 474 sq ft shoebox unit at NEWest, was flipped at a loss of $68,900 after being held for just three years. The unit was purchased from the developer in June 2013 at $748,900, or $1,581 psf. It changed hands in a sub-sale this month at $680,000, or $1,436 psf. The loss margin works out to about 9%, or 3% annually. The seller would also have incurred a 4% seller s stamp duty (SSD) amounting to $27,200, bringing the total loss to $96,100. The deal marked the second secondary market transaction in the development. In 2014, a 2,551 sq ft unit in the project also changed hands in a sub-sale at $2.28 million, or $894 psf. Although the deal netted the seller a profit of $52,950, the SSD payable would have amounted to $273,600, as the unit was held for just over a year. As a result, the seller is likely to have booked in a loss of $220,650. NEWest is a 956-year leasehold development on West Coast Drive comprising 141 commercial units and 136 residential units. Completed this year, it occupies the site of the former Hong Leong Garden Shopping Centre. E A 2,508 sq ft unit at Chelsea Gardens in prime District 10 was sold at a loss of $810,200 Residential transactions with contracts dated Oct 4 to 11 Most profitable deals NON-LANDED PROJECT DISTRICT AREA (SQ FT) SOLD ON (2016) SALE PRICE ($ PSF) BOUGHT ON PURCHASE PRICE ($ PSF) PROFIT ($) PROFIT (%) ANNUALISED PROFIT (%) HOLDING PERIOD (YEARS) 1 Fontana Heights 10 3,466 Oct 6 1,443 April 11, ,073 1,280, The Ladyhill 10 2,325 Oct 7 2,151 Oct 1, ,649 1,167, Pacific Mansion 9 1,345 Oct 4 1,249 Nov 10, , Evelyn 11 2,250 Oct 7 1,600 Sept 12, , , Moulmein Rise 11 1,238 Oct 10 1,470 Sept 29, , Thomson ,625 Oct 7 1,046 Feb 3, , One St Michael s 12 1,259 Oct 10 1,205 Oct 6, , Meraprime 3 1,173 Oct 5 1,244 May 24, , Katong 15 1,119 Oct 11 1,224 Jan 19, , Laguna Green 16 1,141 Oct 6 1,034 Sept 17, , LANDED 1 Detached/Tudor Close 11 5,360 Oct 5 1,680 June 7, ,242 2,350, Terraced/Poh Huat Crescent 19 5,027 Oct July 9, ,000, Terraced/Namly Place 10 1,798 Oct 7 1,976 June 13, ,922, Semi-detached/Jalan Baiduri 15 2,347 Oct 5 1,532 Nov 25, ,870, Semi-detached/Jalan Redop 28 3,584 Oct June 5, ,488, URA, THE EDGE PROPERTY Non-profitable deals PROJECT DISTRICT AREA (SQ FT) SOLD ON (2016) SALE PRICE ($ PSF) BOUGHT ON PURCHASE PRICE ($ PSF) LOSS ($) LOSS (%) ANNUALISED LOSS (%) HOLDING PERIOD (YEARS) 1 Detached/Margoliouth Road 10 12,723 Oct 7 1,399 Sept 12, ,572 2,192, Chelsea Gardens 10 2,508 Oct 7 1,515 Aug 6, , , Rhapsody On Mount Elizabeth 9 1,561 Oct 10 1,698 June 26, , , Semi-detached/Coronation Drive 10 4,779 Oct 5 1,800 July 28, , , Fontana Heights 10 3,670 Oct 10 1,362 Dec 23, , , Sunshine Plaza Oct 5 1,298 Oct 3, ,400 78, NEWest Oct 6 1,436 June 18, ,581 68, The Metz Oct 10 2,237 Nov 8, ,354 68, City Square Residences 8 1,238 Oct 11 1,333 April 18, ,381 60, Vivace Oct 4 2,059 April 29, ,175 46, Note: The profit and loss computation excludes transaction costs such as stamp duties URA caveat record downloaded on Oct 14 and 18

14 EP12 THEEDGE SINGAPORE OCTOBER 24, 2016 DONE DEALS Strong sales at Forest Woods have ripple effect on other new condos in District 19 BY ESTHER HOON Buyers snapped up 11 units during the week of Oct 4 to 11 at an average of $1,434 psf The Oct 8 launch of Forest Woods has brought the spotlight back to District 19, with existing new projects benefitting from the limelight. Excluding Forest Woods, there were 18 new private condominium and apartment units sold in the week of Oct 4 to 11, almost a third of the 56 sold in September based on URA caveat records. The 519-unit Forest Woods is located along Lorong Lew Lian, near the Serangoon MRT station and Nex shopping mall. A total of 337 units (65%) were sold on the first day of launch, at an average price of $1,400 psf. The project, a joint venture between City Developments (CDL), Hong Leong Holdings and TID, collected more than 800 cheques during the fortnight of previews prior to the launch. According to CDL, all unit types enjoyed a strong take-up, and the onebedroom-plus-study and two-bedroom units were all sold. One of the three penthouses priced at $2.85 million was taken up over the weekend. The two-bedroom units were popular because owners were given the flexibility of turning the study into an en-suite or walk-in wardrobe. Prices started from $688,000 for a one-bedroom-with-study unit, $830,000 for a two-bedroom unit, $1.1 million for a three-bedroom unit and $1.65 million for a four-bedroom unit. About 70% of the units have been sold to date. At Stars of Kovan, the latest property by leading Hong Kong giant Cheung Kong Property Holdings, buyers snapped up 11 units over the same week, at an average price of $1,434 psf, compared with 13 units in September. The recent launch of Forest Woods has resulted in increased activity at Stars of Kovan and other projects in the area, concurs Daniel Lim, a project in-charge at Huttons. Lim attributes the surge in sales to the return of genuine buyers in the area as a result of Forest Woods launch. Prices at Stars of Kovan are comparable to those at Forest Woods, which are palatable to homebuyers looking for a property in the area, he adds. Smaller units were the better performers at Stars of Kovan. Only one of the 11 transactions involved a three-bedroom unit. The 947 sq ft unit on the fourth floor went for $1.3 million, or $1,415 psf, on Oct 8. Two-bedroom units, ranging from 732 to 807 sq ft, were the most popular unit type among buyers; six were sold in the week. The next best-sellers were the one-bedroom units, measuring 506 to 517 sq ft, which accounted for four of the units sold. Prices averaged $1.04 million ($1,394 psf) for the two-bedroom units and $762,270 ($1,499 psf) for the one-bedroom units. Stars of Kovan is a 99-year leasehold mixed-development at the junction of Upper Serangoon Road and Tampines Road. The project comprises 46 commercial units on street level, five strata terraced houses and a total of 390 apartments in four 17-storey residential blocks atop the commercial floor. It is slated for completion in THE EDGE SINGAPORE Over at Trilive, five units three two-bedroom and two three-bedroom units found buyers that week at an average price of $1,620 psf. The third priciest transaction at the project in terms of price psf took place on Oct 5 when a 646 sq ft, two-bedroom unit on the 16th floor was sold for $1.13 million, or $1,748 psf. Trilive, a freehold development by Roxy-Pacific Holdings, is located at the junction of Tampines Road and Hougang Avenue 3. It comprises two commercial shops and 222 residential units. Its one-bedroom units were snapped up within days of its launch. The project s larger units, from 614 sq ft, could be converted into dual-key units, as two of the bedrooms come with an en-suite bathroom. As at September, 63 units were still available. While a good proportion of the overall buyers are understood to be investors, a significant number are purchasing the units for their own use. The buyer profile is a mix of both, says Lim. Some of the smaller units were purchased for investment, while others purchased for future use, for instance, parents who are looking to downsize when their children have grown up and moved out. E Singapore by postal district Residential transactions with contracts dated Oct 4 to 11 LOCALITIES DISTRICTS City & Southwest 1 to 8 Orchard/Tanglin/Holland 9 and 10 Newton/Bukit Timah/Clementi 11 and 21 Balestier/MacPherson/Geylang 12 to 14 East Coast 15 and 16 Changi/Pasir Ris 17 and 18 Serangoon/Thomson 19 and 20 West 22 to 24 North 25 to 28 LAND AREA/ NETT UNIT FLOOR AREA TRANSACTED PRICE PRICE COMPLETION TYPE OF PROJECT PROPERTY TYPE TENURE SALE DATE (SQ FT) PRICE ($) ($) ($ PSF) DATE SALE District 1 THE MARINA BAY Apartment 99 years 6-Oct-16 1,184 2,070,000 1, Resale District 3 ALESSANDREA Apartment Freehold 11-Oct-16 1,001 1,410,000 1, Resale COMMONWEALTH TOWERS Condominium 99 years 5-Oct ,200 1,800 Uncompleted New Sale HIGHLINE RESIDENCES Condominium 99 years 9-Oct ,770,500 1,935 Uncompleted New Sale HIGHLINE RESIDENCES Condominium 99 years 9-Oct ,320,100 2,079 Uncompleted New Sale HIGHLINE RESIDENCES Condominium 99 years 5-Oct ,601,200 1,814 Uncompleted New Sale HIGHLINE RESIDENCES Condominium 99 years 5-Oct ,485,200 2,123 Uncompleted New Sale HIGHLINE RESIDENCES Condominium 99 years 5-Oct ,290,500 2,032 Uncompleted New Sale MERAPRIME Condominium 99 years 5-Oct-16 1,173 1,460,000 1, Resale QUEENS Condominium 99 years 5-Oct-16 1,184 1,410,000 1, Resale THE CREST Condominium 99 years 4-Oct ,626,000 1,757 Uncompleted New Sale District 4 THE INTERLACE Condominium 99 years 4-Oct-16 1,604 1,778,000 1, Resale District 5 FLYNN PARK Condominium Freehold 10-Oct-16 2,013 2,350,000 1, Resale NEWEST Apartment 956 years 6-Oct ,000 1, Sub Sale THE TRILINQ Condominium 99 years 7-Oct ,079,000 1,519 Uncompleted New Sale THE TRILINQ Condominium 99 years 7-Oct ,323,000 1,446 Uncompleted New Sale THE TRILINQ Condominium 99 years 6-Oct ,316,000 1,438 Uncompleted New Sale THE TRILINQ Condominium 99 years 6-Oct ,338,000 1,462 Uncompleted New Sale THE TRILINQ Condominium 99 years 6-Oct ,343,000 1,468 Uncompleted New Sale THE TRILINQ Condominium 99 years 4-Oct-16 1,044 1,389,000 1,330 Uncompleted New Sale District 7 SUNSHINE PLAZA Apartment 99 years 5-Oct ,000 1, Resale District 8 CITY SQUARE RESIDENCES Condominium Freehold 11-Oct-16 1,238 1,650,000 1, Resale KERRISDALE Condominium 99 years 5-Oct ,035,000 1, Resale LE SOMME Apartment Freehold 6-Oct ,000 1, Resale PRISTINE HEIGHTS Apartment Freehold 11-Oct ,100,000 1, Resale LAND AREA/ NETT UNIT FLOOR AREA TRANSACTED PRICE PRICE COMPLETION TYPE OF PROJECT PROPERTY TYPE TENURE SALE DATE (SQ FT) PRICE ($) ($) ($ PSF) DATE SALE STURDEE RESIDENCES Condominium 99 years 9-Oct ,136,000 1,730 Uncompleted New Sale SUITES 123 Apartment Freehold 5-Oct ,000 1, Resale District 9 71 Cavenagh Road Apartment Freehold 7-Oct-16 1,550 1,550,000 1,000 Unknown Resale ORCHARD TOWERS Apartment Freehold 4-Oct-16 1,970 2,680,000 1, Resale OUE TWIN PEAKS Condominium 99 years 11-Oct-16 1,055 2,880,150 2, Resale OUE TWIN PEAKS Condominium 99 years 7-Oct ,600,000 2, Resale PACIFIC MANSION Apartment Freehold 4-Oct-16 1,346 1,680,000 1,249 Unknown Resale RHAPSODY ON MOUNT ELIZABETH Apartment Freehold 10-Oct-16 1,561 2,650,000 1, Resale SOPHIA HILLS Condominium 99 years 8-Oct-16 1,012 1,883,000 1,861 Uncompleted New Sale SOPHIA HILLS Condominium 99 years 7-Oct ,355,000 1,937 Uncompleted New Sale SOPHIA HILLS Condominium 99 years 6-Oct ,426,920 1,979 Uncompleted New Sale THE BOUTIQ Apartment Freehold 6-Oct-16 2,293 2,600,000 1, Resale THE METZ Condominium Freehold 10-Oct ,300,000 2, Resale THE OXLEY RESIDENCES Apartment Freehold 4-Oct ,550,000 2,400 Uncompleted New Sale THE OXLEY RESIDENCES Apartment Freehold 4-Oct ,500,000 2,323 Uncompleted New Sale VIVACE Apartment 999 years 4-Oct ,000 2, Resale District 10 CHELSEA GARDENS Condominium Freehold 7-Oct-16 2,508 3,800,000 1, Resale CLIFTEN Apartment Freehold 5-Oct-16 1,184 1,680,000 1, Resale FONTANA HEIGHTS Condominium Freehold 10-Oct-16 3,671 5,000,000 1, Resale FONTANA HEIGHTS Condominium Freehold 6-Oct-16 3,466 5,000,000 1, Resale GRAMERCY PARK Condominium Freehold 7-Oct-16 1,270 3,370,140 2, New Sale Margoliouth Road Detached House Freehold 7-Oct-16 12,723 17,807,400 1,399 Unknown Resale Coronation Drive Semi-D House 999 years 5-Oct-16 4,779 8,600,000 1,800 Unknown Resale ONE JERVOIS Condominium Freehold 7-Oct-16 1,324 2,050,000 1, Resale ORION Apartment Freehold 4-Oct-16 1,507 3,050,000 2, Resale ROBIN RESIDENCES Condominium Freehold 6-Oct-16 1,066 2,555,000 2, New Sale ROBIN RESIDENCES Condominium Freehold 5-Oct-16 1,830 4,260,000 2, New Sale ROBIN SUITES Apartment Freehold 5-Oct ,900 2, New Sale RV RESIDENCES Condominium 999 years 10-Oct ,860,000 2, Resale SHAMROCK PARK Terrace House Freehold 7-Oct-16 1,798 3,550,000 1,976 Unknown Resale THE LADYHILL Condominium Freehold 7-Oct-16 2,325 5,000,000 2, Resale THE LEVELZ Condominium Freehold 4-Oct ,180,000 1, Resale VICTORIA PARK VILLAS Semi-D House 99 years 6-Oct-16 2,217 4,369,000 1,967 Uncompleted New Sale WATERFALL GARDENS Condominium Freehold 7-Oct-16 2,196 2,930,000 1, Resale ZENITH Apartment 999 years 5-Oct ,300,000 1, Resale District 11 1 MOULMEIN RISE Apartment Freehold 10-Oct-16 1,238 1,820,000 1, Resale DUNEARN ESTATE Detached House Freehold 5-Oct-16 5,360 9,000,000 1, Resale Goldhill Avenue Terrace House Freehold 7-Oct-16 2,422 4,257,000 1, Resale EVELYN Condominium Freehold 7-Oct-16 2,250 3,600,000 1, Resale THOMSON 800 Condominium Freehold 7-Oct-16 1,625 1,700,000 1, Resale THOMSON 800 Condominium Freehold 7-Oct-16 1,399 1,680,000 1, Resale District 12 CASA FORTUNA Apartment Freehold 5-Oct ,000 1, Resale EIGHT RIVERSUITES Condominium 99 years 7-Oct-16 1,195 1,475,000 1, Sub Sale KIM KEAT HOUSE Apartment Freehold 11-Oct-16 1, , Resale ONE DUSUN RESIDENCES Apartment Freehold 11-Oct ,000 1, Sub Sale ONE ST MICHAEL S Condominium Freehold 10-Oct-16 1,259 1,518,000 1, Resale REGENT RESIDENCES Apartment Freehold 6-Oct ,000 1, Resale THE INTERWEAVE Apartment Freehold 10-Oct ,000 1, Resale THE RIVERINE BY THE PARK Apartment Freehold 5-Oct-16 1,776 2,590,000 1, Resale TREVISTA Condominium 99 years 5-Oct ,235,000 1, Resale District 13 ONE LEICESTER Condominium Freehold 5-Oct-16 1,055 1,188,000 1, Resale SENNETT RESIDENCE Condominium 99 years 8-Oct-16 1,076 1,597,400 1, New Sale THE POIZ RESIDENCES Apartment 99 years 7-Oct ,000 1,503 Uncompleted New Sale THE POIZ RESIDENCES Apartment 99 years 6-Oct-16 1,152 1,531,000 1,329 Uncompleted New Sale THE VENUE RESIDENCES Apartment 99 years 8-Oct-16 1,238 1,764,735 1,426 Uncompleted New Sale THE VENUE RESIDENCES Apartment 99 years 7-Oct ,250,000 1,470 Uncompleted New Sale THE VENUE RESIDENCES Apartment 99 years 5-Oct-16 1,130 1,577,948 1,396 Uncompleted New Sale THE VENUE RESIDENCES Apartment 99 years 5-Oct-16 1,130 1,583,925 1,401 Uncompleted New Sale THE VENUE RESIDENCES Apartment 99 years 4-Oct ,184,085 1,392 Uncompleted New Sale District 14 ASTOR Apartment 99 years 7-Oct-16 1, , Resale

15 THEEDGE SINGAPORE OCTOBER 24, 2016 EP13 DONE DEALS Residential transactions with contracts dated Oct 4 to 11 LAND AREA/ NETT UNIT FLOOR AREA TRANSACTED PRICE PRICE COMPLETION TYPE OF PROJECT PROPERTY TYPE TENURE SALE DATE (SQ FT) PRICE ($) ($) ($ PSF) DATE SALE CANNE LODGE Apartment Freehold 7-Oct-16 1,421 1,330, Resale DAKOTA RESIDENCES Condominium 99 years 7-Oct-16 1,894 2,560,000 1, Resale Jalan Lapang Terrace House Freehold 7-Oct-16 2,379 2,000, Unknown Resale PALM LODGE Apartment Freehold 4-Oct-16 1, , Resale SIMS URBAN OASIS Condominium 99 years 9-Oct ,722 1,465 Uncompleted New Sale SIMS URBAN OASIS Condominium 99 years 9-Oct ,264 1,462 Uncompleted New Sale SIMS URBAN OASIS Condominium 99 years 9-Oct ,000 1,341 Uncompleted New Sale SIMS URBAN OASIS Condominium 99 years 7-Oct-16 1,033 1,331,024 1,288 Uncompleted New Sale SIMS URBAN OASIS Condominium 99 years 7-Oct ,130,000 1,438 Uncompleted New Sale SMART SUITES Apartment Freehold 6-Oct ,000 1, Resale THE WATER EDGE Apartment Freehold 6-Oct ,000 1, Resale TREASURES@G6 Apartment Freehold 7-Oct , Uncompleted New Sale District I SUITES Apartment Freehold 4-Oct ,000 1, Resale 8M RESIDENCES Apartment Freehold 9-Oct ,368,000 2, New Sale COSTA RHU Condominium 99 years 11-Oct-16 2,056 2,248,000 1, Resale DUNMAN VIEW Condominium 99 years 10-Oct-16 1, , Resale EVERITT EDGE Apartment Freehold 5-Oct ,000 1, Resale FERNWOOD TOWERS Condominium Freehold 5-Oct-16 1,195 1,300,000 1, Resale FULCRUM Condominium Freehold 8-Oct ,463,000 1, New Sale GRAND DUCHESS AT ST PATRICK S Condominium Freehold 4-Oct-16 2,573 2,850,000 1, Resale KATONG PARK TOWERS Condominium 99 years 4-Oct-16 1,507 1,280, Resale KING S MANSION Condominium Freehold 7-Oct-16 1,604 1,850,000 1, Resale Jalan Baiduri Semi-D House Freehold 5-Oct-16 2,347 3,600,000 1,532 Unknown Resale ONE AMBER Condominium Freehold 5-Oct ,000 1, Resale KATONG Apartment Freehold 11-Oct-16 1,119 1,370,000 1, Resale THE MEYERISE Condominium Freehold 7-Oct ,681,000 1, Resale THE SEA VIEW Condominium Freehold 11-Oct-16 1,410 2,180,000 1, Resale THE SEA VIEW Condominium Freehold 10-Oct-16 1,216 1,870,000 1, Resale THE SEA VIEW Condominium Freehold 6-Oct-16 1,216 1,820,000 1, Resale THE SEAFRONT ON MEYER Condominium Freehold 4-Oct-16 1,604 2,483,500 1, Resale District 16 LAGUNA GREEN Condominium 99 years 6-Oct-16 1,141 1,180,000 1, Resale Bedok Avenue Detached House Freehold 6-Oct-16 12,002 10,000, Unknown Resale THE BAYSHORE Condominium 99 years 7-Oct , Resale THE GLADES Condominium 99 years 8-Oct ,000 1,570 Uncompleted New Sale THE GLADES Condominium 99 years 8-Oct-16 1,023 1,464,000 1,432 Uncompleted New Sale THE GLADES Condominium 99 years 8-Oct ,000 1,474 Uncompleted New Sale THE GLADES Condominium 99 years 7-Oct ,000 1,543 Uncompleted New Sale THE GLADES Condominium 99 years 6-Oct ,158,000 1,345 Uncompleted New Sale THE GLADES Condominium 99 years 4-Oct-16 1,033 1,389,000 1,344 Uncompleted New Sale District 17 EDELWEISS PARK Condominium Freehold 5-Oct-16 2,465 1,650, Resale Toh Close Detached House Freehold 11-Oct-16 4,263 3,600, Resale PARC OLYMPIA Condominium 99 years 11-Oct-16 1,873 1,500, Sub Sale District 18 COCO PALMS Condominium 99 years 7-Oct-16 1,152 1,256,800 1,091 Uncompleted New Sale EASTPOINT GREEN Condominium 99 years 10-Oct , Resale NV RESIDENCES Condominium 99 years 7-Oct-16 1,109 1,000, Resale THE ALPS RESIDENCES Condominium 99 years 9-Oct-16 1,776 1,770, Uncompleted New Sale THE ALPS RESIDENCES Condominium 99 years 9-Oct ,000 1,025 Uncompleted New Sale THE ALPS RESIDENCES Condominium 99 years 9-Oct ,000 1,145 Uncompleted New Sale THE ALPS RESIDENCES Condominium 99 years 9-Oct ,000 1,137 Uncompleted New Sale THE ALPS RESIDENCES Condominium 99 years 8-Oct ,000 1,052 Uncompleted New Sale THE ALPS RESIDENCES Condominium 99 years 8-Oct ,000 1,152 Uncompleted New Sale THE ALPS RESIDENCES Condominium 99 years 8-Oct ,000 1,139 Uncompleted New Sale THE ALPS RESIDENCES Condominium 99 years 8-Oct ,000 1,145 Uncompleted New Sale THE ALPS RESIDENCES Condominium 99 years 8-Oct ,000 1,121 Uncompleted New Sale THE ALPS RESIDENCES Condominium 99 years 8-Oct ,000 1,129 Uncompleted New Sale THE ALPS RESIDENCES Condominium 99 years 8-Oct-16 1,066 1,122,000 1,053 Uncompleted New Sale THE ALPS RESIDENCES Condominium 99 years 8-Oct-16 1,066 1,064, Uncompleted New Sale THE ALPS RESIDENCES Condominium 99 years 8-Oct ,000 1,061 Uncompleted New Sale THE ALPS RESIDENCES Condominium 99 years 8-Oct ,000 1,032 Uncompleted New Sale THE ALPS RESIDENCES Condominium 99 years 7-Oct-16 1,410 1,432,000 1,016 Uncompleted New Sale THE ALPS RESIDENCES Condominium 99 years 7-Oct ,000 1,019 Uncompleted New Sale THE ALPS RESIDENCES Condominium 99 years 6-Oct ,000 1,132 Uncompleted New Sale THE ALPS RESIDENCES Condominium 99 years 5-Oct ,000 1,185 Uncompleted New Sale THE ALPS RESIDENCES Condominium 99 years 5-Oct-16 1,066 1,094,000 1,027 Uncompleted New Sale THE ALPS RESIDENCES Condominium 99 years 5-Oct ,000 1,081 Uncompleted New Sale THE ALPS RESIDENCES Condominium 99 years 5-Oct ,000 1,046 Uncompleted New Sale THE ALPS RESIDENCES Condominium 99 years 5-Oct ,000 1,107 Uncompleted New Sale THE ALPS RESIDENCES Condominium 99 years 4-Oct ,000 1,026 Uncompleted New Sale THE ALPS RESIDENCES Condominium 99 years 4-Oct ,000 1,077 Uncompleted New Sale THE ALPS RESIDENCES Condominium 99 years 4-Oct ,000 1,139 Uncompleted New Sale THE PALETTE Condominium 99 years 11-Oct , Sub Sale THE SANTORINI Condominium 99 years 8-Oct ,630 1,084 Uncompleted New Sale THE SANTORINI Condominium 99 years 6-Oct-16 1,119 1,128,000 1,008 Uncompleted New Sale THE SANTORINI Condominium 99 years 4-Oct ,110 1,037 Uncompleted New Sale VUE 8 RESIDENCE Condominium 99 years 9-Oct ,000 1,097 Uncompleted New Sale District 19 A TREASURE TROVE Condominium 99 years 4-Oct-16 1,206 1,066, Resale BOTANIQUE AT BARTLEY Condominium 99 years 4-Oct-16 1,033 1,358,000 1,314 Uncompleted New Sale CASA CAMBIO Condominium Freehold 10-Oct ,000 1, Resale CHERRYHILL Condominium Freehold 4-Oct-16 1,044 1,050,000 1, Resale CHILTERN PARK Condominium 99 years 6-Oct-16 1,475 1,180, Resale ECOPOLITAN EC 99 years 4-Oct-16 1, , New Sale FOREST WOODS Condominium 99 years 9-Oct ,000 1,448 Uncompleted New Sale FOREST WOODS Condominium 99 years 9-Oct ,084,000 1,503 Uncompleted New Sale FOREST WOODS Condominium 99 years 9-Oct ,103,000 1,529 Uncompleted New Sale FOREST WOODS Condominium 99 years 9-Oct ,000 1,459 Uncompleted New Sale FOREST WOODS Condominium 99 years 9-Oct ,000 1,437 Uncompleted New Sale FOREST WOODS Condominium 99 years 9-Oct ,000 1,493 Uncompleted New Sale FOREST WOODS Condominium 99 years 9-Oct ,000 1,419 Uncompleted New Sale FOREST WOODS Condominium 99 years 9-Oct ,000 1,413 Uncompleted New Sale FOREST WOODS Condominium 99 years 9-Oct ,248,000 1,380 Uncompleted New Sale FOREST WOODS Condominium 99 years 9-Oct ,000 1,397 Uncompleted New Sale FOREST WOODS Condominium 99 years 9-Oct ,000 1,394 Uncompleted New Sale FOREST WOODS Condominium 99 years 9-Oct-16 1,044 1,410,000 1,350 Uncompleted New Sale FOREST WOODS Condominium 99 years 9-Oct ,000 1,442 Uncompleted New Sale FOREST WOODS Condominium 99 years 9-Oct ,000 1,411 Uncompleted New Sale FOREST WOODS Condominium 99 years 9-Oct ,000 1,417 Uncompleted New Sale FOREST WOODS Condominium 99 years 9-Oct ,396,000 1,441 Uncompleted New Sale FOREST WOODS Condominium 99 years 9-Oct ,366,000 1,410 Uncompleted New Sale FOREST WOODS Condominium 99 years 8-Oct ,014,000 1,406 Uncompleted New Sale FOREST WOODS Condominium 99 years 8-Oct ,060,000 1,263 Uncompleted New Sale FOREST WOODS Condominium 99 years 8-Oct ,000 1,373 Uncompleted New Sale FOREST WOODS* Condominium 99 years 9-Oct ,000 1,403 Uncompleted New Sale KOVAN MELODY Condominium 99 years 4-Oct-16 1,259 1,350,000 1, Resale PARC CENTROS Condominium 99 years 10-Oct-16 1,378 1,540,000 1, Sub Sale PARC CENTROS Condominium 99 years 10-Oct-16 1,744 1,650, Sub Sale PARC CENTROS Condominium 99 years 6-Oct ,060,000 1, Sub Sale POH HUAT GARDENS Terrace House 999 years 7-Oct-16 5,027 3,580, Resale RIVERSOUND RESIDENCE Condominium 99 years 7-Oct ,000 1, Sub Sale SERANGOON GARDEN ESTATE Terrace House 999 years 7-Oct-16 2,702 2,600, Unknown Resale STARS OF KOVAN Apartment 99 years 9-Oct ,065,860 1,435 Uncompleted New Sale STARS OF KOVAN Apartment 99 years 9-Oct ,035,760 1,395 Uncompleted New Sale STARS OF KOVAN Apartment 99 years 9-Oct ,064,400 1,393 Uncompleted New Sale STARS OF KOVAN Apartment 99 years 8-Oct ,000 1,295 Uncompleted New Sale STARS OF KOVAN Apartment 99 years 8-Oct ,340,780 1,415 Uncompleted New Sale STARS OF KOVAN Apartment 99 years 8-Oct ,760 1,428 Uncompleted New Sale STARS OF KOVAN Apartment 99 years 7-Oct ,840 1,506 Uncompleted New Sale STARS OF KOVAN Apartment 99 years 7-Oct ,980 1,310 Uncompleted New Sale STARS OF KOVAN Apartment 99 years 6-Oct ,020 1,528 Uncompleted New Sale STARS OF KOVAN Apartment 99 years 4-Oct ,460 1,535 Uncompleted New Sale STARS OF KOVAN Apartment 99 years 4-Oct ,125,200 1,537 Uncompleted New Sale THE AMORE EC 99 years 4-Oct-16 1,302 1,058, Uncompleted New Sale THE BENTLY RESIDENCES@KOVAN Apartment Freehold 7-Oct-16 1,453 1,685,000 1,160 Uncompleted New Sale LAND AREA/ NETT UNIT FLOOR AREA TRANSACTED PRICE PRICE COMPLETION TYPE OF PROJECT PROPERTY TYPE TENURE SALE DATE (SQ FT) PRICE ($) ($) ($ PSF) DATE SALE THE MINTON Condominium 99 years 6-Oct-16 1,216 1,300,000 1, Resale THE QUARTZ Condominium 99 years 5-Oct-16 1,195 1,050, Resale THE QUARTZ Condominium 99 years 4-Oct-16 1, , Resale THE RIVERVALE EC 99 years 10-Oct-16 1, , Resale THE TERRACE EC 99 years 9-Oct-16 1, , Uncompleted New Sale THE TERRACE EC 99 years 8-Oct-16 1, , Uncompleted New Sale THE TERRACE EC 99 years 8-Oct-16 1, , Uncompleted New Sale THE TERRACE EC 99 years 8-Oct-16 1, , Uncompleted New Sale THE TERRACE EC 99 years 6-Oct-16 1, , Uncompleted New Sale THE TERRACE EC 99 years 6-Oct-16 1, , Uncompleted New Sale THE TERRACE EC 99 years 6-Oct-16 1, , Uncompleted New Sale THE TERRACE EC 99 years 6-Oct-16 1, , Uncompleted New Sale THE TERRACE EC 99 years 5-Oct-16 1, , Uncompleted New Sale THE TERRACE EC 99 years 5-Oct-16 1, , Uncompleted New Sale THE TERRACE EC 99 years 5-Oct-16 1, , Uncompleted New Sale THE VALES EC 99 years 8-Oct , Uncompleted New Sale THE VALES EC 99 years 5-Oct , Uncompleted New Sale TREASURE CREST EC 99 years 8-Oct-16 1, , Uncompleted New Sale TREASURE CREST EC 99 years 4-Oct-16 1, , Uncompleted New Sale TRILIVE Condominium Freehold 9-Oct ,390,000 1,537 Uncompleted New Sale TRILIVE Condominium Freehold 8-Oct ,000 1,658 Uncompleted New Sale TRILIVE Condominium Freehold 6-Oct ,470,000 1,626 Uncompleted New Sale TRILIVE Condominium Freehold 5-Oct ,129,000 1,748 Uncompleted New Sale TRILIVE Condominium Freehold 5-Oct ,000 1,532 Uncompleted New Sale District 20 BISHAN 8 Condominium 99 years 7-Oct-16 1,163 1,270,000 1, Resale BISHAN PARK Condominium 99 years 5-Oct-16 1,270 1,078, Resale CLOVER BY THE PARK Condominium 99 years 11-Oct-16 1,604 1,730,000 1, Resale HORIZON GARDENS Terrace House 99 years 4-Oct-16 2,928 1,790, Resale Jalan Terubok Semi-D House Freehold 6-Oct-16 2,454 2,750,000 1,122 Unknown Resale SKY VUE Condominium 99 years 6-Oct ,363,600 1, New Sale SKY VUE Condominium 99 years 6-Oct-16 1,905 3,085,000 1, Sub Sale THE PANORAMA Condominium 99 years 5-Oct-16 1,001 1,226,741 1,225 Uncompleted New Sale THOMSON GRAND Condominium 99 years 10-Oct ,266,000 1, Sub Sale THOMSON IMPRESSIONS Apartment 99 years 8-Oct-16 1,195 1,610,000 1,348 Uncompleted New Sale THOMSON IMPRESSIONS Apartment 99 years 8-Oct ,060,850 1,449 Uncompleted New Sale WELLINGTON PARK Terrace House Freehold 5-Oct-16 1,916 2,100,000 1, Resale District 21 Eng Kong Road Terrace House Freehold 11-Oct-16 1,808 2,300,000 1,269 Unknown Resale SPRINGDALE CONDOMINIUM Condominium 999 years 5-Oct-16 1,163 1,120, Resale TERRENE AT BUKIT TIMAH Condominium 999 years 5-Oct-16 1,184 1,600,000 1, Resale THE BUKIT Condominium Freehold 8-Oct ,194,000 1,656 Uncompleted New Sale THE NEXUS Condominium Freehold 4-Oct-16 1,066 1,450,000 1, Resale District 22 LAKE GRANDE Condominium 99 years 8-Oct ,180,000 1,305 Uncompleted New Sale LAKE GRANDE Condominium 99 years 7-Oct ,020,000 1,316 Uncompleted New Sale LAKE GRANDE Condominium 99 years 4-Oct ,241,000 1,310 Uncompleted New Sale LAKEVILLE Condominium 99 years 6-Oct-16 1,302 1,535,520 1,527,843 1,173 Uncompleted New Sale LAKEVILLE Condominium 99 years 6-Oct-16 1,141 1,459,656 1,279 Uncompleted New Sale LAKEVILLE Condominium 99 years 5-Oct-16 1,281 1,526,877 1,192 Uncompleted New Sale LAKEVILLE Condominium 99 years 4-Oct-16 1,302 1,700,691 1,306 Uncompleted New Sale THE CENTRIS Apartment 99 years 5-Oct-16 1,507 1,650,000 1, Resale WESTWOOD RESIDENCES EC 99 years 9-Oct-16 1, , Uncompleted New Sale WESTWOOD RESIDENCES EC 99 years 9-Oct-16 1, , Uncompleted New Sale WESTWOOD RESIDENCES EC 99 years 9-Oct-16 1, , Uncompleted New Sale WESTWOOD RESIDENCES EC 99 years 8-Oct-16 1, , Uncompleted New Sale WESTWOOD RESIDENCES EC 99 years 5-Oct-16 1, , Uncompleted New Sale WESTWOOD RESIDENCES EC 99 years 5-Oct-16 1,475 1,173, Uncompleted New Sale District 23 HILLION RESIDENCES Apartment 99 years 5-Oct ,600 1,291 Uncompleted New Sale HILLVIEW REGENCY Condominium 99 years 5-Oct , Resale PALM GARDENS Condominium 99 years 6-Oct-16 1, , Resale PALM GARDENS Condominium 99 years 5-Oct-16 1, , Resale SOL ACRES EC 99 years 9-Oct-16 1, , Uncompleted New Sale SOL ACRES EC 99 years 8-Oct , Uncompleted New Sale SOL ACRES EC 99 years 8-Oct , Uncompleted New Sale SOL ACRES EC 99 years 7-Oct-16 1, , Uncompleted New Sale SOL ACRES EC 99 years 6-Oct , Uncompleted New Sale THE WARREN Condominium 99 years 11-Oct-16 1,539 1,300, Resale THE WARREN Condominium 99 years 7-Oct-16 1,528 1,330, Resale WANDERVALE EC 99 years 9-Oct-16 1, , Uncompleted New Sale WANDERVALE EC 99 years 9-Oct , Uncompleted New Sale District 25 BELLEWOODS EC 99 years 9-Oct-16 1, , Uncompleted New Sale BELLEWOODS EC 99 years 8-Oct-16 1, , Uncompleted New Sale BELLEWOODS EC 99 years 4-Oct-16 1, , Uncompleted New Sale BELLEWOODS EC 99 years 4-Oct-16 1, , Uncompleted New Sale NORTHWAVE EC 99 years 9-Oct-16 1, , Uncompleted New Sale NORTHWAVE EC 99 years 6-Oct , Uncompleted New Sale WOODSVALE EC 99 years 4-Oct-16 1, , Resale District 27 NORTH PARK RESIDENCES Apartment 99 years 9-Oct ,077,300 1,300 Uncompleted New Sale NORTH PARK RESIDENCES Apartment 99 years 9-Oct-16 1,109 1,406,200 1,268 Uncompleted New Sale NORTH PARK RESIDENCES Apartment 99 years 8-Oct-16 1,109 1,438,240 1,297 Uncompleted New Sale NORTH PARK RESIDENCES Apartment 99 years 4-Oct ,269,000 1,310 Uncompleted New Sale NORTH PARK RESIDENCES Apartment 99 years 4-Oct-16 1,206 1,491,225 1,237 Uncompleted New Sale PARC LIFE EC 99 years 8-Oct-16 1,270 1,031,700 1,029, Uncompleted New Sale PARC LIFE EC 99 years 8-Oct-16 1, , , Uncompleted New Sale PARC LIFE EC 99 years 6-Oct-16 1, , , Uncompleted New Sale SELETARIS Condominium Freehold 7-Oct-16 1,636 1,220, Resale SIGNATURE AT YISHUN EC 99 years 8-Oct-16 1, , Uncompleted New Sale SIGNATURE AT YISHUN EC 99 years 6-Oct , Uncompleted New Sale SIGNATURE AT YISHUN EC 99 years 5-Oct , Uncompleted New Sale SYMPHONY SUITES Condominium 99 years 9-Oct ,000 1,047 Uncompleted New Sale SYMPHONY SUITES Condominium 99 years 8-Oct ,000 1,055 Uncompleted New Sale SYMPHONY SUITES Condominium 99 years 7-Oct ,000 1,079 Uncompleted New Sale SYMPHONY SUITES Condominium 99 years 5-Oct ,000 1,103 Uncompleted New Sale THE BROWNSTONE EC 99 years 4-Oct , Uncompleted New Sale THE CRITERION EC 99 years 9-Oct-16 1, , Uncompleted New Sale THE CRITERION EC 99 years 9-Oct-16 1, , Uncompleted New Sale THE CRITERION EC 99 years 4-Oct , Uncompleted New Sale THE VISIONAIRE EC 99 years 9-Oct-16 1, , Uncompleted New Sale THE VISIONAIRE EC 99 years 9-Oct , Uncompleted New Sale THE VISIONAIRE EC 99 years 8-Oct , Uncompleted New Sale THE VISIONAIRE EC 99 years 8-Oct-16 1, , Uncompleted New Sale THE VISIONAIRE EC 99 years 8-Oct-16 1, , Uncompleted New Sale THE VISIONAIRE EC 99 years 5-Oct , Uncompleted New Sale THE VISIONAIRE EC 99 years 5-Oct , Uncompleted New Sale THE VISIONAIRE EC 99 years 4-Oct , Uncompleted New Sale THE VISIONAIRE EC 99 years 4-Oct-16 1, , Uncompleted New Sale THE WISTERIA Apartment 99 years 8-Oct ,100 1,024 Uncompleted New Sale District 28 FERNVALE Condominium 99 years 9-Oct-16 1,044 1,063,000 1,058,000 1,013 Uncompleted New Sale FERNVALE Condominium 99 years 9-Oct-16 1,044 1,097,000 1,092,000 1,046 Uncompleted New Sale FERNVALE Condominium 99 years 7-Oct-16 1, , , Uncompleted New Sale FERNVALE Condominium 99 years 6-Oct-16 1,055 1,050,000 1,045, Uncompleted New Sale FERNVALE Condominium 99 years 6-Oct-16 1,044 1,072,000 1,067,000 1,022 Uncompleted New Sale FERNVALE Condominium 99 years 6-Oct-16 1,044 1,118,000 1,113,000 1,066 Uncompleted New Sale RIVERTREES RESIDENCES Apartment 99 years 9-Oct-16 1,119 1,237,140 1,105 Uncompleted New Sale RIVERTREES RESIDENCES Apartment 99 years 6-Oct-16 1,270 1,279,780 1,008 Uncompleted New Sale RIVERTREES RESIDENCES Apartment 99 years 5-Oct-16 1,270 1,287,980 1,014 Uncompleted New Sale SELETAR HILLS ESTATE Semi-D House 999 years 10-Oct-16 3,584 2,738, Unknown Resale SERENE PARK Semi-D House Freehold 5-Oct-16 3,843 4,250,000 1,106 Unknown Resale DISCLAIMER: Source: URA Realis. Updated Oct 11, 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, Semi-D House for Semi-Detached House *Not all the caveats for units sold at Forest Woods are reflected as more than 330 units were sold by balloting on the first day

16 EP14 THEEDGE SINGAPORE OCTOBER 24, 2016 DEAL WATCH Vista Residences unit going for $1.75 mil SAMUEL ISAAC CHUA/THE EDGE SINGAPORE The 280-unit Vista Residences was launched in 2009 and completed in 2013 BY TAN CHEE YUEN A 1,195 sq ft, three-bedroom unit at Vista Residences has been put up for sale at $1.75 million ($1,464 psf) on The EdgeProperty.com. The unit is up for sale because the owner is upgrading to a landed property soon, says Johnny Chua, an agent with PropNex Realty who is marketing the property. The unit is well maintained and has a pool view, adds Chua. The 280-unit Vista Residences was launched in 2009 and completed in Recent rental contracts for 1,100 to 1,200 sq ft units at Vista Residences LEASE DATE MONTHLY RENT ($) ($ PSF) July , July , June , June , June , June , June , May , May , May , May , May , April , April , TABLES: URA, THE EDGE PROPERTY The freehold project comprises two towers of 35 and 36 storeys, and is located on Jalan Datoh, off Balestier Road. When the project was launched in mid-2009, units were sold at an average price of $1,100 psf. At the peak of the market, a 2,271 sq ft, four-bedroom penthouse with a roof terrace was sold for $4.23 million ($1,860 psf), according to a caveat lodged in October The highest price psf paid for a three-bedroom unit at Vista Residences was in April 2014, when a 1,216 sq ft unit on the 29th floor changed hands in a sub-sale for $1.9 million ($1,562 psf). Meanwhile, the latest transaction of a three-bedroom unit was done in April this year, when a 1,216 sq ft unit on the 27th floor changed hands for $1.79 million ($1,472 psf), according to a caveat lodged with URA Realis. At the peak of the market, a 1,195 sq ft unit fetched $1,527 psf in De- Recent transactions at Vista Residences cember The last transaction of a 1,195 sq ft, three-bedroom unit at Vista Residences was in 2014, when it fetched $1.8 million, or $1,507 psf, in a sub-sale. PropNex s Chua reckons the asking price of $1,464 psf for the 1,195 sq ft, three-bedroom unit that is up for sale is in line with the latest transaction prices, which are ranging from $1,450 psf for a low-floor unit to $1,472 psf for a higher-floor unit. Three-bedroom units measuring 1,100 to 1,200 sq ft at Vista Residences have been leased at average monthly rents of $4,014, with yields of 2.8%. Therefore, such units are more likely to appeal to owner-occupiers, says Chua. The fact that it is freehold is also an attraction, he adds. E For more information, call marketing agent Johnny Chua at CONTRACT DATE FLOOR AREA (SQ FT) PRICE ($) PRICE ($ PSF) May 19, 2016 Low 904 1,310,888 1,450 April 12, 2016 High 1,216 1,790,000 1,472 April 1, 2016 High 2,368 3,680,000 1,554 Dec 21, 2015 High 2,454 3,788,000 1,543 Oct 2, 2015 Mid 904 1,350,000 1,493 *Low floors: L1 to 7, Mid floors: L8 to 15, High floors: L16 SAVE 70% ON SUBSCRIPTION PLUS $50 dining voucher! YES! 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