Signs of recovery in. high-end condo segment MAKE BETTER DECISIONS

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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 MAY 22, 2017 ISSUE NEWS April new home sales double from a year ago EP3 OFFSHORE Danang, a popular resort home destination EP4 MARKET TRENDS Losses mount in resale market EP10 DONE DEALS Renewed interest in city-fringe projects EP12 Signs of recovery in SAMUEL ISAAC CHUA/THE EDGE SINGAPORE high-end condo segment Property consultants and developers are optimistic in view of the diminishing inventory and a pickup in transactions in the prime districts. See our Cover Story on Pages 7 to 9. View of the Alexandra, Jervois and Tanglin area from Gramercy Park

2 EP2 THEEDGE SINGAPORE MAY 22, 2017 PROPERTY BRIEFS EDITORIAL EDITOR Cecilia Chow HEAD OF RESEARCH Feily Sofi an DEPUTY SECTION EDITOR Michael Lim SENIOR ANALYST Lin Zhiqin ANALYST Tan Chee Yuen JLL SURBANA JURONG 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 BUSINESS DEVELOPMENT 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. UOL and UIC complete acquisition of Raintree Garden The en-bloc sale of the 175-unit Raintree Gardens (above, left) in Potong Pasir to UVD (Projects), a joint venture between UOL Group and sister company United Industrial Corp, for $334.2 million has been completed, according to a filing made by UIC with the Singapore Exchange. Completed in the late 1980s, Raintree Gardens was put up for sale last August and sold to UVD in October. The sale price of $334.2 million reflects a land cost of $797 psf per plot ratio on the potential gross floor area, inclusive of a differential premium payable to the state to top up the lease and for a redevelopment of the site to a gross plot ratio of 2.8. Each apartment owner at Raintree Gardens will receive an average of $1.9 million. Regal Property launches The Bank UK-based Regal Property Group will be launching its latest development The Bank (below, left), located in the heart of Birmingham s city centre, on May 20 and 21. The Bank, a 40 million ($72.3 million) scheme, comprises a pair of new towers on Broad Street in Birmingham. The first is an 18-storey tower, which will house a 180-room hotel with a ground-floor restaurant and café. The second tower will be a 22-storey residential tower, with 189 apartments and either retail shops or a restaurant on the ground floor. The units at The Bank are studios, and one- and two-bedroom apartments. For the Singapore leg of the Asia-Pacific launch, a total of 108 one- and twobedroom units measuring 467 to 689 sq ft will be released for sale. The starting price for the 108 units, with a tenure of 250 years, is from 178,000. According to Strawberry Star and Savills, joint marketing agents for the REGAL PROPERTY GROUP project, the developer is offering attractive payment terms and the development is expected to be completed by August The Bank will have a host of facilities, such as a 24-hour concierge service; access to a private gym, residents lounge and coffee bar; restaurants and shops on the ground floor; outdoor greenery, and a secure and private outdoor space. Private residential property sales rise 18.6% q-o-q in 1Q2017, says ET&Co Private residential property sales increased 18.6% q-o-q to 5,202 units in 1Q2017, according to the latest report by Edmund Tie & Co. It said the increase was due to the 27.9% q-o-q increase in primary sales, with Singaporeans forming the majority of buyers, comprising 76.1% of all residential property purchases and 79.2% of primary sales. The improvement in demand had also helped ease the pressure on prices. URA s residential property price index showed private non-landed home prices stabilising, falling 0.36% q-o-q to in 1Q2017, compared with the drops of 0.43%, 1.5% and 0.51% in 2Q2016, 3Q2016 and 4Q2016, respectively. The supply-side pressure on prices was also reduced because of the measured approach taken by the government through its government land sales (GLS) programme. The total number of potential units that can be launched fell 9.3% q-o-q to 18,754 units. ET&Co says it anticipates an increase in the number of sites acquired via collective sales, private negotiation and the triggering of reserved sites such as the land parcel on Stirling Road that was triggered for $ million ($572 psf per plot ratio) in April. ET&Co forecasts that private-home prices are likely to stabilise despite uncertain external events and slower economic growth. It highlighted potential rate hikes by the US Federal Reserve, and geopolitical events such as the Australian budget, China s measures and Indonesian politics as some of the key reasons that may put a lid on the rapid recovery of the residential market. Singapore consortium appointed master developer for Amaravati City A Singapore consortium comprising Ascendas-Singbridge and Sembcorp Development has been appointed by the Andhra Pradesh state government as master developer for the state s new capital, Amaravati City (above, right). The consortium received the letter of award for the master development rights to the Amaravati City Start-up Area on May 15. The Start-up Area lies within the 20 sq km Seed Development Area of Amaravati City, on the River Krishna waterfront. Spread over 684ha, the Start-up Area is to be developed in phases over 15 to 20 years and will include commercial, office and residential developments. It is adjacent to the government core, which will house the state secretariat, legislative and judiciary buildings, and the governor s office. The consortium will work with Amaravati Development Corp to develop the financial district. The two will form a joint venture called Amaravati Develop ment Partners, according to a media statement by Singapore s Ministry of Trade and Industry. The government of Andhra Pradesh needed a new capital city after the state was split in two in June 2014 to establish Telangana, India s newest state. Andhra Pradesh s current capital, Hyderabad, will be shared between the two states for 10 years. It will then go to Telangana, as it falls within its state boundary. Higher bids drive up premiums for GLS sites Depleting landbanks and strong private-home sales at recent launches have encouraged developers to bid aggressively for recent GLS sites. According to Cushman & Wakefield s latest report, the aggressive bidding at public land tenders this year saw developers paying 29% more on average for residential plots over comparable sites sold in the past five years. This was a sharp increase from an average premium of 13% in 2H2016. Cushman & Wakefield says interest TA CORP from foreign developers has also intensified, with 50% of land tenders awarded to foreign bidders in 1H2017. They include S P Setia, a Malaysian developer that won the bid for Toh Tuck Road, and China Construction Development, for West Coast Vale. The number of bidders has also increased from an average of 8.3 per land tender in 2H2015 to 13.3 per land tender in 1H2017. Developers hunger for attractive residential development sites is set to continue this year, fuelled by positive sentiment in private-new-home sales and the upcoming development sites with premium locations such as the first landmark project for the new Bidadari housing estate. Optimism among local and foreign developers will lead to higher land prices as evidenced by the premium that developers paid in anticipation of selling the properties at a higher price several months down the road, says Cushman & Wakefield. TA Corp s Myanmar JV opens $5.6 mil HQ Myanmar Synergy, which is 50%-owned by TA Corp, has opened its $5.6 million purpose-built two-storey building (below, right) on a 5.4-acre site in the Anawartha Industrial Zone in Hlaing Thar Yar Township, in western Yangon, Myanmar. The building, which has a total floor area of 43,200 sq ft, will house Myanmar Synergy s corporate head office. It will have an office area, a workshop with service and training facilities, a warehouse and a showroom. Next to the main building is a 23,000 sq ft car park for vehicles and equipment. Myanmar Synergy is the main distributor of IVECO commercial vehicles such as trucks, buses and vans, and construction equipment such as bulldozers, tractors and excavators from CASE Construction Equipment. According to TA Corp, the Myanmar market is becoming a key revenue driver for the group s distribution business in Southeast Asia, especially in Singapore, Myan mar and Thailand. Its reve nue grew 23.4% to $21.6 million in FY2016 ended Dec 31 and accounted for 11.1% of total revenue. For the first quarter ended March 31, revenue contributions from the group s distribution business rose 20.3% to $7.1 million. Compiled by Michael Lim E Correction Our cover story Office space on demand (Issue 777, May 1) should have said Regus will be operating a 12,900 sq ft space at Level 8 of DUO Tower by M+S, and not as published. The error is regretted.

3 THEEDGE SINGAPORE MAY 22, 2017 EP3 NEWS April home sales double from a year ago SAMUEL ISAAC CHUA/THE EDGE SINGAPORE BY TAN CHEE YUEN New home sales in April may be 12.6% lower than the 1,780 units recorded in March, but they are still more than double the 750 units sold a year ago. Excluding executive condominiums (ECs), developers sold 1,555 new private homes in April. March s sales figure was the highest since June According to Nicholas Mak, executive director and head of research at SLP International, the robust sales recorded that month was unsustainable. He attributes it partly to euphoria over the slight relaxation of the [ property] cooling measures, which came into effect on March 11. The lower April figure was also caused by a dip in fresh launches, from 937 units in March to 714 last The top-selling project in April was Seaside Residences, where 419 units in the 99-year leasehold project were sold at a median price of $1,736 psf month, notes Ong Teck Hui, JLL national director of research and consultancy. Therefore, the corres ponding take-up rate was down from 701 to 554 units on a m-o-m basis. The top-selling project in April was Seaside Residences at Siglap View, where 419 units, or close to half the total of 841 units in the 99-year leasehold project, were sold at a median price of $1,736 psf. The strong take-up rate was not unexpected, given that the project offers sea views and is located close to the upcoming Siglap MRT station. There also has not been a new launch in the neighbourhood in more than a decade, observes SLP s Mak. Meanwhile, the 400-unit Artra at Alexandra View trailed with 126 units sold at a median price of $1,646 psf. Parc Riviera came in third, with 90 units sold at a median price of $1,246 psf. This brings total sales in the 752-unit, 99-year leasehold project at West Coast Vale to 496 (66%) as at end-april. Another new launch last month was the 61-unit The Brooks I and II at Springside Walk, off Sembawang Road. Out of 28 units released, nine were sold at a median price of $1,274 psf in April. No new EC projects were launched in April, but existing projects continued to see robust sales. A total of 371 units were sold in April, down 35.8% from 578 in March. Buyers sought out the seven to nine EC projects that were launched earlier and still have units available for sale, according to JLL. Sol Acres was the best-selling EC project last month, with 122 units sold at a median price of $787 psf. The 1,327-unit Sol Acres is also the largest EC project to date. As at end- April, 1,109 units, or 84% of the project, had been sold. In second place was The Visionaire, which saw 53 units sold at a median price of $810 psf last month. This brings total sales in the 632-unit EC in Canberra Drive to 442, which means the project is 70% sold. Meanwhile, Parc Life at Sembawang Crescent saw 33 units sold in April at a median price of $774 psf. This brings total sales at the development to 244 units, or 39% of the total 628. While new home sales remain healthy as sentiment improves, sales volume could be affected by the tapering of new launches in the second half of 2017, says Desmond Sim, head of CBRE Research for Singapore and South East Asia. E

4 EP4 THEEDGE SINGAPORE MAY 22, 2017 OFFSHORE Danang, popular resort home destination BY LIN ZHIQIN Danang, located on the coast of central Vietnam and between Hanoi and Ho Chi Minh City, is the third-largest city in the country. Famous for its beautiful beaches and its history as a French colonial port, as well as its proximity to many natural and cultural destinations, Danang is the tourist capital of central Vietnam. It is also considered one of the 20 cleanest cities in the world and the most liveable city in Vietnam, according to Savills in its Danang market report in September In 1Q2017, Danang welcomed 1.3 million visitors, a 30% y-o-y increase from 1Q2016. For the whole of 2016, Danang received 5.6 million tourists, and the figure is projected to hit 6.3 million this year. SUN GROUP Natural and cultural attractions Besides its beautiful coastline, Danang is also shaping up to be a golf capital. It has at least four golf courses designed by some of golf s greatest names: the Montgomerie Links by Scottish professional golfer and former European Ryder Cup captain Colin Montgomerie; the 18-hole Dunes course, designed by Australian golf legend Greg Norman at the Danang Golf Club; Laguna Lang Co golf course at Banyan Tree s luxury resort, designed by English professional golfer Nick Faldo; and the latest, a mountain golf course at the picturesque Ba Na Hills, designed by former No 1 world champion and English professional golfer Luke Donald. Within a 30-minute to three-hour drive of Danang are three Unesco World Heritage sites Hue to the north, Hoi An to the south and My Son to the southwest. Hoi An s Old Town is recognised as a well-preserved example of a Southeast Asian trading port dating back to the 15th century. Hue was the seat of the Nguyen Dynasty and the national capital from 1802 to Major attractions include its 19th-century citadel with its palaces and shrines surrounding the imperial city. My Son is famous for the ruins of one of the foremost Hindu temple complexes in Southeast Asia. The buildings were destroyed by US carpet bombing during the US-Vietnam War. Connectivity Danang has seen particularly strong growth in tourism in recent years, owing to the rapid growth in the number of direct flights from other cities across Asia, says Neil MacGregor, managing director of Savills Vietnam. With Danang hosting the Asia-Pacific Economic Cooperation (Apec) Summit in October, efforts have been made to upgrade its infrastructure. A US$154 million ($215.3 million) new international terminal at Da Nang International Airport opened at end- April. Additional upgrading of the airport will bring total capacity to 13 million passengers by According to GHC Asia, the number of direct flights from Hong Kong to Danang has soared since Cathay Dragon launched the first thrice-weekly service in 2013, with frequency increased to daily flights in Carriers Hong Kong Express and Jetstar Pacific also currently operate three flights a week on this route. Meanwhile, Bangkok Airways and AirAsia operate daily flights between Danang and Bangkok, while VietJet Air recently commenced InterContinental Danang Sun Peninsula Resort is a luxury hillside resort and spa that overlooks a bay and the picturesque Son Tra Peninsula flights between Danang and Seoul. Today, Danang has direct flights from Cambodia, China, Hong Kong, Japan, Macau, Malaysia, Russia, Singapore, South Korea, Taiwan and Thailand, operated by 20 international carriers, says GHC Asia. Other infrastructural works underway include the construction of a 1,500-seat, 3,922 sq m international convention centre, a US$10.9 million project to improve 34 major roads in the city and a US$2.25 million upgrade to facilities in Danang s Thanh Nien Park. The convention centre could be a major boon for Danang as a destination Scheduled to open in 2Q2018, Wyndham Soleil Danang will have four condotel towers of up to 57 storeys. It will be the tallest hotel-condotel complex in Danang when completed. for MICE (meetings, incentives, conferences and events). Hotels Apec 2017 has spurred a rush of investments, and it could lead to an increase in condotel performance, notes Savills Vietnam in its 4Q2016 Danang market report. In 2015, there were 73 three- to five-star hotels with 7,485 rooms. Of these, seven of 11 five-star hotels and four of 14 four-star hotels were managed by international operators. There remains room for increased international operator presence, notes Savills. Accor Hotels and Resorts Group is the largest international operator in Danang, managing 944 rooms. Major upcoming hospitality projects include Crowne Plaza Phase 2, Hilton Danang Hotel and Four Points by Sheraton. The first phase of HOIA- NA, a US$4 billion integrated tourism and leisure development located south of Hoi An, is scheduled for completion in 1Q2019. The project comprises a world-class casino, a resort by Rosewood Hotels & Resorts, a 445-room hotel and 200 condos, as well as a championship golf course by Robert Trent Jones II. HOIANA will be the project that launches the formation of a hospitality strip from Danang to Hoi An, says Savills. PPCAT Second-homes market Danang is a pioneer in the market for luxury coastal homes and is second to Nha Trang in total stock, with 1,199 villas and 3,367 apartments. According to Savills, more than 80% of purchasers are from Hanoi, who are attracted by the wide variety of products, completed infrastructure, bright tourism prospects and sales policies, as well as Danang s image as a young, dynamic and green city. The projects include Ba Na Hill Resort & Residence; Ocean Villas at Danang Beach Resort and Danang Golf Club; Residences at Hyatt Regency; Furama Condotel; and Intercontinental Danang Villa Residence. Upcoming large-scale projects include Soleil Da Nang, Coco Bay, Han Riverside, Ariyana Da Nang and Vinpearl Danang Ocean Resort & Villas. A large future supply of apartments and coastal villas is expected, says Savills. Many of these are high-end residences that are managed by international hotel brands. Vietnamese developer PPC An Thinh Vietnam Investment and Infrastructure JSC (PPCAT) has appointed Wyndham Hotel Group as its partner for its US$446 million Wyndham Soleil Danang project. Scheduled to open in 2Q2018, Wyndham Soleil Danang will have four condotel towers of up to 57 storeys that will contain 3,200 apartments, studios and hotel rooms. It will be the tallest hotel-condotel complex in Danang when completed. Rental guarantee PPCAT is offering buyers of its apartments and studios at Wyndham Soleil Danang a guaranteed return of at least 9% per annum for the first five years. Studios are 33 to 43 sq m, with one-bedroom apartments between 55 and 59 sq m and two-bedroom units between 80 and 160 sq m. Leading Vietnamese real estate company Sun Group has many resort developments in Danang, including InterContinental Danang Sun Peninsula Resort, Sun World Ba Na Hills, Sun World Danang Wonders and Novotel Premier Han River Hotel. Sun Group has partnered well-known names in hospitality for many of its resort projects, such as Marriott International in JW Marriott Phu Quoc Emerald Bay; Starwood Hotels & Resorts in St Regis Cham Island; and Ritz-Carlton in Phu Quoc Island s Ritz-Carlton Resort. In Danang, Sun Group has tied up with InterContinental Hotels Group in its InterContinental Danang Sun Peninsula Resort, a luxury hillside resort and spa overlooking a bay and the picturesque Son Tra Peninsula. It is one of two resorts under Sun Group that is designed by world-renowned architect and landscape designer Bill Bensley. With airport improvements underway, as well as its proximity to scenic beaches and Unesco World Heritage sites, Danang is a market poised for great growth in a country popular with world travellers, says Barry Robinson, president and managing director of Wyndham Hotel Group for Southeast Asia and Pacific Rim. E

5 THEEDGE SINGAPORE MAY 22, 2017 EP5 SUSTAINABILITY CDL to slash carbon emissions by 30% by 2030 BY MICHAEL LIM Local property giant City Developments (CDL) has pledged to cut its carbon emissions by 38% from 2007 levels by 2030 as part of the group s sustainability blueprint. The undertaking to reduce its carbon emissions by 38% an increase from its previous target of 25% set in 2010 formed part of the group s Integrated Sustainability Report 2017 that was released on May 15. CDL says its blueprint encapsulates the company s long-standing sustainability commitment, over 20 years of best practices, and a set of tangible environmental, social and governance (ESG) goals and targets, with 2030 in mind. This is because 2030 is the target year for the Net Zero Agenda set by the World Green Building Council and for Singapore to green 80% of its buildings based on the Building and Construction Authority s (BCA) Green Building Masterplan. The target CDL has set for itself is higher than the Singapore government s pledge of a 36% reduction from 2005 levels by The Singapore government announced in its Budget 2017 that a carbon tax targeting large direct emitters of greenhouse gases will be implemented in Businesses can no longer ignore the impact of climate-change risks on their bottom line, says Grant Kelley, CDL s CEO. CDL s 11 Tampines Concourse is the first CarbonNeutral development in Asia-Pacific and Singapore Last year, CDL achieved a 16% reduction in carbon-emissions intensity from 2007 levels, putting it on track to meet its revised goal of 38% reduction by Carbon-emissions intensity refers to the amount of carbon emissions per sq m of floor area. CDL has also pledged a 25% reduction target for energy and water use from 2007 levels by It already met the figure set for energy use last year, 14 years ahead of schedule. CDL recorded a 15% cut in water-use intensity from 2007 levels, and is on track to meet its 25% target by Over the past five years, it has managed to save more than $16 million as a result of energy-efficient retrofitting and initiatives for eight office buildings, including Republic Plaza and 11 Tampines Concourse. Apart from lowering carbon emissions, CDL has pledged to reduce its total waste disposal both construction waste and general waste from CDL-managed buildings by In April 2017, CDL Properties launched the first green bond by a Singapore company, secured against Republic Plaza 50% from 2016 levels. It has also pledged to ensure that 50% of its construction materials are derived from recycled content or lowcarbon sources, or are certified by recognised environmental organisations. Last month, CDL became the first company here to launch a green bond through its subsidiary CDL Properties. The bond raised $100 million at a 1.98% fixed rate due in Investors consisted mainly of financial institutions and fund managers. E PICTURES: CDL

6 EP6 THEEDGE SINGAPORE MAY 22, 2017

7 THEEDGE SINGAPORE MAY 22, 2017 EP7 COVER STORY PICTURES: SAMUEL ISAAC CHUA/THE EDGE SINGAPORE The show suite of a 2,562 sq ft, four-bedroom unit at the South Tower of Gramercy Park The rooftop swimming pool of a 7,287 sq ft, five-bedroom penthouse at Gramercy Park The twin curved towers of the 174-unit Gramercy Park The 50m swimming pool and manicured gardens of the 170,000 sq ft freehold grounds of Gramercy Park Signs of recovery in high-end condo segment Property consultants and developers are optimistic in view of the diminishing inventory and a pickup in transactions in the prime districts BY CECILIA CHOW Even on a weekday afternoon, real estate agents are ubiquitous at Gramercy Park: waiting for their clients at the basement carpark; touring the 170,000 sq ft manicured grounds, which include a 50m pool and clubhouse; or viewing the new show suites at the South Tower with prospective buyers. The 174-unit freehold, luxury condominium, developed by listed property giant City Developments (CDL), was completed last year. Located on Grange Road, Gramercy Park is a twin-tower development with 87 units each in the North and South Towers. CDL released Phase 1 of Gramercy Park a year ago. As at May 15, 73 units of the North Tower, or 84%, were sold. A second phase of 20 units in the South Tower was released at end-march, and 19 units have been snapped up so far. Average sale prices at Gramercy Park have risen from over $2,600 psf in Phase 1 to over $2,800 psf in Phase 2, according to CDL. Early-bird pricing for the South Tower (Phase 2) starts from $3.4 million for a two-bedroom-plus-study unit to $5.1 million for a three-bedroom unit and $6.8 million for a four-bedroom unit. The deferred payment scheme (DPS) is said to be available for only a limited number of units. Eyo: With those tweaks [by the government], buyers are hopeful that more measures will be unwound A tweak in time Is the pickup in sales at Gramercy Park symptomatic of a wider recovery in the Core Central Region (CCR)? Samuel Eyo, managing director of Singapore Christie s International Real Estate, believes so. There are certainly signs of a recovery in the high-end condo segment, especially since March, he says. Eyo attributes the pickup in transactions partly to the government s tweaking of the property cooling measures, which cut the seller s stamp duty period from four years to three, and reduced the rate to 4% to 12% for those who sell within the first to third years of completion. The total debt servicing ratio (TDSR) framework will also no longer apply for mortgage equity loans in cases where the loan-tovalue ratio is 50% or less. With those tweaks, buyers are hopeful that more measures will be unwound, notes Eyo. Those who have been sitting on the sidelines and waiting for the right opportunity have also decided to take the plunge. Sales figures in the first four months of 2017 bear him out. Based on URA Realis data, there were 1,084 transactions in CCR from January to April this year, says Ong Teck Hui, JLL Singapore s national director of research and consultancy. This is 35% higher than the 802 units transacted over the same four-month period in 2016, which reflects a significant increase, he adds. Incentive schemes for buyers To entice buyers, more developers especially those who are up against an additional buyer s stamp duty or a Qualifying Certificate (QC) deadline are rolling out DPS, some form of ABSD reimbursement or even direct discounts. For instance, Singapore-listed United Industrial Corp s (UIC) Pollen & Bleu boutique highend condo on Farrer Drive has seen a significant pickup in sales over the past two months. As at May 15, only 12 units were available for sale in the eight-storey, 99-year leasehold condo in prime District 10. In contrast, a year ago, only 12 units were sold in the 106-unit project, according to URA data (see table on Page EP8). The recent strong sales at Pollen & Bleu is partly attributed to the developer s offer of a cash rebate on ABSD of up to 18%. The remaining units at the project include 1,163 sq ft, two-bedroom-plusstudy lofts priced from $2.05 million ($1,445 psf); a 2,099 sq ft, three-bedroom-plus-family duplex penthouse with a $4 million price tag; and a 2,831 sq ft, four-bedroom-plus-family penthouse that costs $5.25 million. These are listed prices prior to the 18% cash rebate. Although DPS is available for Pollen & Bleu, most buyers have opted for the normal progressive scheme, according to a UIC spokesperson. The project affords views of the Holland Road Good Class Bungalow estate and Singapore Botanic Gardens from the fourth floor, which is where facilities such as the swimming pool and residents lounge are located. The project obtained Temporary Occupation Permit (TOP) at end UIC has just over a month (until June 27) to sell the remaining 12 units at Pollen & Bleu. This is because the developer was awarded the 99-year leasehold site on Farrer Drive on June 27, CONTINUES NEXT PAGE

8 EP8 THEEDGE SINGAPORE MAY 22, 2017 COVER STORY Increase in interest in high-end condo segment FROM PREVIOUS PAGE Penalty for unsold units The ABSD for developers buying residential development sites was 10% when it was introduced in January 2011, and hiked to 15% in January This means developers have to build and sell all units within five years of being awarded a development site in order to qualify for the clawback on the ABSD, which is based on the land cost. UIC s other boutique high-end condo is the 109-unit Mon Jervois on Jervois Road. The developer said in its 1Q2017 results that it had paid $14.8 million in ABSD in February. The regulations require the developer to sell all the units in Mon Jervois by the Feb 8 deadline. As at May 15, there were still 27 unsold units in Mon Jervois. UIC is offering buyers a 15% ABSD cash rebate, which was introduced on April 5. From May 12, it is also offering an interior design and furnishing package for selected units. However, it looks like prices at Mon Jervois have also crept up. Two transactions in May were for a 614 sq ft one-bedder that was sold for $1.38 million ($2,256 psf) and a 1,001 sq ft two-bedder that fetched $2.22 million ($2,220 psf). The prices of $2,220 to $2,256 psf were higher than those of units sold in the first four months of the year, which ranged from $1,752 to $2,041 psf, based on caveats lodged with URA Realis. Pollen & Bleu has a bridge on the roof terrace and the fourth floor to link all the blocks within the development PICTURES: SAMUEL ISAAC CHUA/THE EDGE SINGAPORE Diminishing inventory of unsold units in selected condominiums in the Core Central Region The swimming pool at the facilities deck on the fourth level of Pollen & Bleu Promotional prices At Leedon Residence, Singapore-listed GuocoLand sold 55 of the remaining 95 units in the first four months of This means only 40 units are still available in the 381-unit freehold condo at Leedon Heights. To meet the QC conditions, GuocoLand has to sell all the units in the development within two years of TOP, that is, by June 15, Failing to do so will mean incurring extension charges of 8% to 24% for the first to third years, prorated according to the proportion of unsold units. Units sold at Leedon Residence over the past month ranged from $2.35 million ($2,250 psf) for a 1,044 sq ft, two-bedroom unit to $10.2 million ($2,168 psf) for a 4,704 sq ft, five-bedroom unit. GuocoLand has also offered DPS and special promotional prices for selected units. For instance, a 5,694 sq ft, five-bedroom penthouse fully furnished by interior design and furniture company Saporiti Italia is on the market for $11.1 million, including all the furnishings, which are in excess of $1 million. This is a promotional price, according to a marketing agent, as the initial price tag was $13.7 million. Meanwhile, another penthouse a 3,764 sq ft, four-bedroom unit also carries a promotional price tag of $6.8 million ($1,815 psf). The original price tag was $7.6 million ($2,020 psf). Unsold inventory reduced Judging from the recent sales at Gramercy Park, Leedon Residence NO OF UNITS NO OF UNITS TOTAL NO SOLD SOLD AVAILABLE PROJECT NAME OF UNITS (END-APRIL 2016) (END-APRIL 2017) UNITS * Ardmore Three Cairnhill Nine * Gramercy Park 174 0^ Leedon Residence Mon Jervois OUE Twin Peaks Pollen & Bleu *Figure as at end-march 2016 ^Not launched yet # As at May 15, 2017 THE EDGE PROPERTY, DEVELOPERS, URA DATA and Pollen & Bleu, it is clear that developers unsold inventory has dropped, says Christie s Eyo. This was confirmed by JLL Research s Ong, who says the number of unsold units in CCR was around 5,500 in 1Q2017, down from 8,600 two years ago. At Wheelock Properties luxury condo, Ardmore Three, the developer offered a 15% discount and an additional 15% ABSD assistance package from April last year. And last month, it also gave buyers the option of DPS of up to 24 months. The 84-unit, freehold luxury condo was completed and obtained TOP in December Currently, fewer than 20 units are available for sale. Under the requirements of the QC, Wheelock will have to sell all the remaining units by year-end if it wants to avoid paying extension charges. Prices at Ardmore Three have been rising steadily. Even after a 15% discount, high-floor units at the development above the 20th floor in the 36-storey tower have fetched prices above $3,400 psf, according to caveats lodged with URA Realis. In March, a 1,776 sq ft, three-bedroom unit on the 35th floor was sold for $7.48 million, or $4,212 psf, the highest psf price achieved in the luxury condo so far. Singapore-listed developer OUE The 109-unit Mon Jervois, which was completed last August, has only 27 unsold units was the first to roll out a DPS for a completed project when it relaunched its 462-unit OUE Twin Peaks last April. The 99-year leasehold twin-tower development, which has 231 units in each tower, was completed in February Currently, it has only 20 unsold units, says Dominic Lee, PropNex Realty s associate branch district director. Prices at OUE Twin Peaks have also increased, with many of the highfloor units sold for more than $3,000 psf, says Lee. For instance, in early May, there were seven transactions for one-bedroom units on the 23rd to the 29th floors. Three of the transactions were those of 549 sq ft units sold between $1.56 million ($2,837 psf) and $1.62 million ($2,945 psf). The other units were sold at $1.66 million ($3,035 psf) to $1.86 million ($3,260 psf), based on caveats lodged with URA Realis. To meet the conditions of the QC, OUE had to sell all the units by February this year to avoid paying extension charges. In its 1Q2017 financial results, the developer said it had incurred an increase of $13 million in administrative expenses, partially due to transaction costs incurred on the transfer of 22 OUE Twin Peaks units from development properties to investment properties, which will be held for capital appreciation. Renewed confidence in high-end segment Even projects that are not affected by ABSD or QC penalties are chalking up relatively healthy sales, says Joseph Tan, CBRE executive director of residential services. For instance, the 366-unit Corals at Keppel Bay is not subject to QC or ABSD charges. The 99-year leasehold waterfront condo, designed by world-renowned architect Daniel Libeskind, was completed last year. As at end-april, 245 out of 300 units released were sold, with the latest median price at $1,848 psf, according to URA data. There is renewed confidence in the high-end segment, and people are starting to come back, says CBRE s Tan. Buyers are recognising that there isn t that much new supply of high-end condos in the prime districts and that stock is diminishing. According to Christie s Eyo, there has been an increase in interest in the high-end condo segment from Singapore citizens and permanent residents, as well as foreign buyers. However, the percentage of foreign buyers in CCR in 1Q2017 was 15%, while in 1Q2016, it was 17%, according to JLL s Ong. As the bulk of buying in CCR is investment-motivated, the ABSD would still be a major factor affecting foreigners, he says.

9 THEEDGE SINGAPORE MAY 22, 2017 EP9 COVER STORY The 130,983 sq ft grounds of OUE Twin Peaks, with landscaping by renowned architect and landscape designer Bill Bensley View of the Holland Road enclave in prime District 10 from Leedon Residence The show unit of OUE Twin Peaks, where apartments come fully furnished The facilities on the grounds of the 522,326 sq ft Leedon Residence The show unit of the Saporiti-furnished, 5,694 sq ft, five-bedroom penthouse at Leedon Residence that is on the market for $11.1 million, down from $13.7 million Limited pipeline of new launches The pipeline of high-end projects to be launched in CCR is limited, says Christie s Eyo. GuocoLand has announced that it will be launching its 450-unit Martin Modern at the corner of Martin Place and River Valley Close in 2H017. CDL intends to launch New Futura, its exclusive 124-unit freehold luxury condo, in 2H2017. The New Futura project is located on the site of the old Futura tower on Leonie Hill Road in District 9. Singapore-listed Bukit Sembawang Estates has yet to launch Paterson Collection, which obtained TOP in October Construction is underway at its still-unnamed 250-unit condo project at St Thomas Walk (site of the former Airview Towers). YTL Land, the property arm of Malaysia-listed conglomerate YTL Corp, has also not rolled out its luxury project, the 77-unit 3 Orchardby-the-Park on Orchard Boulevard. Meanwhile, Far East Organization has three projects in prime District 9: the newly completed 231-unit Scotts Tower on Scotts Road, the 40- unit Orchard Boulevard on Angullia Park and the former Ferra project on Leonie Hill. Likewise, Tong Eng Group is holding on to its two completed boutique developments on Balmoral Road the 40-unit Three on Balmoral and the 76-unit Goodwood Grand. Both are freehold projects. Private developers who are not subject to QC, such as Far East Organization, SC Global Developments and Tong Eng Group, are holding on to their freehold projects in the prime districts, notes Christies Eyo. They recognise that such freehold sites are not easy to come by these days. At The Marq on Paterson Hill, the most recent transaction was that of a 6,232 sq ft, four-bedroom unit on the 13th floor of The Signature Tower, where all the units are of this size and come with a 15m lap pool. The unit was sold for $21.8 million ($3,498 psf), according to a caveat lodged with URA Realis on April 12. The price was $4.6 million lower than the purchase price of $26.44 million ($4,242 psf) paid by the original buyer a decade ago. SC Global has remained firm on its selling prices at the 66-unit The Marq on Paterson Hill. A record price of $6,840 psf was achieved in November 2011, when a 3,003 sq ft, four-bedroom unit on the 20th floor of The Premier Tower was sold for $20.54 million. SC Global has yet to launch its 34-unit ultra-luxurious Sculptura at Ardmore project, even though the development is already completed. Are prices bottoming? Early this month, Lum Chang Group paid $65 million for One Tree Hill Gardens. The collective sale site, with a three-storey residential development containing just six maisonettes and seven apartments, has a freehold land area of 39,063 sq ft. The $65 million price tag translates into a land rate of $1,664 psf, according to Ian Loh, Knight Frank executive director and head of investment and capital markets, who brokered the sale. Under the Master Plan 2014, the site is zoned for redevelopment into a landed residential project comprising two-storey semi-detached houses. One Tree Hill Gardens is the first successful collective sale of 2017, says Loh. This is the only sizeable landed redevelopment site [close to] Orchard Road. The URA non-landed price index for CCR has been hovering between +0.3% and -1.9% over the past five quarters (from 1Q2016 to 1Q2017). JLL s Ong reckons it is an indication that the index is bottoming. The median price of non-landed homes in CCR has been trending up in the last two quarters, and stood at $1,899 psf in 1Q2017, he says. JLL s capital value data on the prime district segments has also recorded a mild turnaround. We foresee that sentiment will remain positive, sustaining buying interest and leading to a price recovery, adds Ong. E The full-marble bathroom of a unit at OUE Twin Peaks The 462-unit twin towers of OUE Twin Peaks, where only about 20 units are still available for sale

10 EP10 THEEDGE SINGAPORE MAY 22, 2017 MARKET TRENDS PICTURES: SAMUEL ISAAC CHUA/THE EDGE SINGAPORE The number of unprofitable deals in 1Q in total is nearly double the 160 registered in 1Q2016, and a fivefold increase from the 60 recorded in 1Q2015 Losses mount in resale market BY LIN ZHIQIN The take-up rate of new homes, as measured by the sales-tolaunch ratio, has dropped from 117% in March to 96% last month, notes Nicholas Mak, executive director of research and consultancy at SLP International. The decrease in the take-up rate in April was mainly due to the higher level of units launched relative to units sold, he says. Still, it s close to the equlibrium level of 100%, indicating that the transaction volume in the private residential primary market is gradually stabilising. Proportion of unprofitable deals continues to rise However, among sellers in the resale market, pain continues to mount. In 1Q2017, 317 out of 1,492 transactions in the non-landed segment (condominiums and apartments) were unprofitable, translating into a rate of 21%. On a y-o-y basis, the rate is higher than the previous two years 15% in 1Q2016 (160 out of 1,087 transactions) and 7% in 1Q2015 (60 out of 897 transactions). The figures are computed based on the matching of URA caveat data for non-landed homes transacted as at May 9. The profit-and-loss computation excludes transaction costs such as stamp duty. The number of unprofitable deals in 1Q is nearly double the 160 registered in 1Q2016 and a fivefold increase from the 60 recorded in 1Q2015. Likewise, the amount of losses suffered by sellers of these private non-landed homes surged to $74.5 million, from $46.4 million in 1Q2016 and $29.7 million in 1Q2015 (see chart). To be sure, the majority of deals (79%) in the non-landed housing segment in 1Q2017 were profitable. However, the average profit per trans- On Feb 7, a 4,069 sq ft unit at Seascape in Sentosa Cove was sold for the biggest loss in 1Q2017 of $6.6 million action was lower at $205,273, compared with $231,720 in 1Q2016 and $359,367 in 1Q2015. In 1Q2017, the Core Central Region (CCR) accounted for 38% of unprofitable deals in the non-landed housing segment compared with 28% in the Rest of Central Region (RCR) and 33% in the Outside Central Region (OCR). Losses in CCR rise 64% y-o-y The average profit per transaction in CCR has fallen over the last two years: It was $171,711 in 1Q2017, compared with $184,558 in 1Q2016 and $378,850 in 1Q2015. Total losses in 1Q2017 rose 64% y-o-y to $53.8 million in CCR, with 121 out of 337 transactions unprofitable. This translates into a rate of 36% compared with 30% (72 out of 241 transactions) in 1Q2016 and total losses of $32.8 million. In 1Q2015, 39 out of 188 deals (21%) were unprofitable, with losses of $27.4 million. The most unprofitable deal in 1Q2017 was the sale of a 4,069 sq ft, four-bedroom unit at Seascape, a 151-unit luxury condo in Sentosa Cove. The previous owner, believed to be a Russian national, had purchased the property for $12.8 million ($3,146 psf) in June The unit was put up for auction in a mortgagee sale in January 2017 for $6.8 million, and sold in February for $6.2 million. Based on the sale figure, the loss translated into 52% for the original buyer. Two 2,885 sq ft units at Ardmore Park fetched the two largest profits of $4.6 million and $3.49 million in CCR in 1Q2017 The number of unprofitable deals rose in 1Q2017, with total losses of $74.5 million Percentage of unprofitable transactions (%) ($ mil) Q2015 2Q2015 3Q2015 Unprofitable transactions 4Q2015 1Q2016 2Q2016 Profitable transactions 3Q2016 4Q2016 1Q2017 Total losses Total losses URA, THE EDGE PROPERTY

11 THEEDGE SINGAPORE MAY 22, 2017 EP11 MARKET TRENDS The second most unprofitable resale in CCR in 1Q2017 was that of a 2,336 sq ft, four-bedroom unit at Orchard Scotts, which was sold for a $4.92 million loss on Feb 15, inclusive of seller s stamp duty. The seller had purchased the unit for $8.46 million ($3,620 psf) in October 2013 and sold it for $3.68 million ($1,575 psf). The seller had to pay a 4% SSD, or $147,200. Excluding SSD, the loss would have amounted to $4.78 million, or 56%. Completed in 2008, Orchard Scotts is a 387-unit, 99-year leasehold development with two apartment towers and a serviced residence tower. Ardmore Park s price resilience The two most profitable deals in 1Q2017 were recorded at Ardmore Park, a 330-unit condo that has set the benchmark for the luxury condo segment since its completion in Both transactions were those of the typical 2,885 sq ft, four-bedroom apartments. One unit was purchased for $4.9 million ($1,699 psf) in September 2002 and sold for $9.5 million ($3,293 psf) on Feb 9, according to caveats lodged. The sale recorded a gain of $4.6 million, or 94%. The second unit at Ardmore Park was purchased for $5.41 million ($1,876 psf) in August 1996, which was near the peak of the previous property boom. It was sold for $8.9 million ($3,085 psf) on Feb 28. Thus, it registered a gain of $3.49 million, or 64%. Aalto is a freehold 196-unit condominium completed in 2010 RCR Pandan Valley s great gains In RCR, average profit per transaction has been knocked down to $251,204 in 1Q2017, from $274,228 in 1Q2016 and $399,429 in 1Q2015. Total losses rose 22% y-o-y to $13 million in 1Q2017, with 90 out of 426 transactions (21%) unprofitable. In 1Q2016, 50 out of 322 transactions (16%) registered losses, while only 5% (12 out of 258 transactions) did in 1Q2015. At Aalto, a 196-unit high-end condo on Meyer Road in prime District 15, only two sales have been A 2,400 sq ft unit at The Waterside fetched the second-biggest profit in RCR in 1Q2017 of $1.74 million ALBERT CHUA/THE EDGE SINGAPORE A 5,231 sq ft unit at Pandan Valley was sold at a $1.92 million profit, the largest in RCR in 1Q2017 recorded in 2017 so far. Both units were sold at a loss. One was a 2,443 sq ft, four-bedroom-plus-study unit purchased for $4.82 million ($1,974 psf) from the developer in September 2007 and sold for $3.88 million ($1,588 psf) almost a decade later on, March 13, The deal translated into a loss of under $1 million. The other unit at Aalto that recently changed hands was a 1,959 sq ft, four-bedroom unit that was purchased for $4.58 million ($2,336 psf) in 2008 and sold for $3.7 million ($1,889 psf) on Jan 23. This translates into a loss of 19%. Residents at Aalto are likely to benefit in the future, with the upcoming Tanjong Katong MRT station located opposite the condo. In another sought-after residential district, District 21, is Pandan Valley, a 623-unit freehold condo completed in In March, a 5,231 sq ft, six-bedroom unit at Pandan Valley was sold at a $1.92 million profit, the most profitable transaction registered in RCR in 1Q2017. The seller had purchased the unit for $1.22 million ($233 psf) in October 2005 and sold it for $3.14 million ($600 psf) two months ago. Another unit at Pandan Valley that changed hands recently for more than $1 million in profit ($1.02 million to be exact) was a 1,690 sq ft, three-bedroom unit. The previous owner paid $700,000 ($414 psf) for the unit in January 2005 and sold it for $1.72 million in January this year. The second most profitable deal in RCR was recorded at The Waterside, a 502-unit freehold condo on Tanjong Rhu Road that was completed in The deal involved the resale of a 2,400 sq ft, four-bedroom unit for $2.95 million ($1,229 psf) on March 1. The previous owner had purchased the unit for $1.21 million ($503 psf) in July Thus, the sale translated into a profit of $1.74 million for the previous owner. OCR Varsity Park resale units see profits above $1 mil In OCR, the average profit per transaction fell to $193,947 in 1Q2017, from $227,290 in 1Q2016 and $328,328 in 1Q2015. Total losses surged 169% y-o-y to $7.71 million in 1Q2017, when 106 out of 729 transactions (15%) were unprofitable. In 1Q2016, 38 out of 524 deals (7%) registered a loss, with total losses amounting to $2.86 million. In 1Q2015, only nine out of 451 transactions (2%) were unprofitable, with losses totalling just $645,070. The two units that fetched profits above $1 million in OCR in 1Q2017 were located at the 530-unit Varsity Park Condominium. The 99-year leasehold condo on West Coast Road in District 5 was completed in A 2,228 sq ft, four-bedroom unit fetched a profit of $1.66 million on March 31. The unit was purchased for $890,910 ($400 psf) from the developer in November 2004 and sold for $2.55 million ($1,144 psf). The profit works out to 186%, or 9% a year over 12.4 years. Another four-bedroom unit at Varsity Park slightly smaller at 1,830 sq ft was sold for $1.94 million ($1,060 psf) on Jan 9. The unit was purchased for $824,004 ($450 psf) in May 2006; thus, the seller realised a profit of more than $1 million. The most unprofitable deal in 1Q2017 was the sale of a unit at Watertown in Punggol Central. The 1,356 sq ft, four-bedroom unit was purchased for $2.03 million ($1,499 psf) when the project was launched in February It was sold for $1.68 million in January 2017, at a loss of $353,042. The 992-unit Watertown is part of a giant integrated development that includes Waterwave Point shopping mall that opened last year. As business sentiment and the economic outlook improve, the number of unprofitable deals in the resale market could start to decline in the coming quarters. E Both units that fetched profits of more than $1 million in OCR in 1Q2017 were located at Varsity Park Condominium

12 EP12 THEEDGE SINGAPORE MAY 22, 2017 DONE DEALS SAMUEL ISAAC CHUA/THE EDGE SINGAPORE Renewed interest in city-fringe projects According to property agents, as at May 17, there were only 11 units available for sale at The Meyerise, which means the project is more than 95% taken up BY TAN CHEE YUEN City-fringe projects have seen a return in buyer interest since the beginning of the year. At The Meyerise on Meyer Road in prime District 15, eight units were sold in the week of May 2 to 9. Of the 26 units sold at the development this year, based on caveats lodged with URA Realis, only three were resales of units purchased in September 2011 when the 239-unit freehold condominium was first launched for sale. The Meyerise, developed by Hong Leong Holdings and completed in 2014, comprises twin 31-storey towers. Property agents attribute the spike in transactions to the developer offering a deferred payment scheme (DPS) of up to two years and a 23% price discount since the beginning of the year. Units sold by the developer were high-floor units above the 20th floor. In April and May, units sold ranged from an 883 sq ft, two-bedroom unit on the 27th floor that fetched $1.74 million ($1,975 psf) to a 1,281 sq ft, three-bedroom unit on the 28th floor of the adjacent block that went for $2.95 million ($2,303 psf). Meanwhile, the three resale units, which were on the sixth to 10th floors, were sold at lower prices. An 872 sq ft, two-bedroom unit on the ninth floor went for $1.62 million ($1,858 psf) and a 1,819 sq ft, four-bedroom unit on the 10th floor fetched $2.85 million ($1,567 psf). According to property agents, there were only 11 units available for sale as at May 17, which means the project is over 95% taken up. At the 578-unit Gem Residences on Toa Payoh Lorong 5, 312 units were sold on the first day of preview in May last year at a median price of $1,431 psf. Another 10 units were sold last June, followed by two units in July. Sales then flatlined for the rest of 2016 until February this year, when the developer launched the second phase of the project. As at end-april, 338 units at Gem Residences were sold at a median price of $1,488 psf. This brings the take-up rate at Gem Residences to 58.5%. When the 99-year leasehold site in Toa Payoh was launched for sale two years ago, it drew 14 bids. This was because there had been no new launch of a private condo in seven years in Toa Payoh and developers recognised that there was pent-up demand from upgraders in the mature HDB estate. Gem Residences is a joint project by Malaysian developer Gamuda Land (50% stake), Singapore-based Evia Real Estate (20% stake) and Maxdin (30%), a subsidiary of construction company Greatearth Holdings. The project is scheduled for completion in More than half the units at Gem Residences are one- and two-bedroom units of 452 to 775 sq ft. There are also three-bedroom units of 936 to 1,055 sq ft and four- and five-bedroom units of 1,249 and 1,313 sq ft respectively. There are only two penthouses: a 1,636 sq ft, four-bedroom unit and a 2,045 sq ft, six-bedroom unit. It seems that well-located cityfringe developments are seeing renewed interest, according to property agents. E Singapore by postal district Residential transactions with contracts dated May 2 to 9 LOCALITIES DISTRICTS City & Southwest 1 to 8 Orchard/Tanglin/Holland 9 and 10 Newton/Bukit Timah/Clementi 11 and 21 Balestier/MacPherson/Geylang 12 to 14 East Coast 15 and 16 Changi/Pasir Ris 17 and 18 Serangoon/Thomson 19 and 20 West 22 to 24 North 25 to 28 LAND AREA/ NETT UNIT FLOOR AREA TRANSACTED PRICE PRICE COMPLETION TYPE OF PROJECT PROPERTY TYPE TENURE SALE DATE (SQ FT) PRICE ($) ($) ($ PSF) DATE SALE District 1 THE MARINA BAY Apartment 99 years May 05, ,148,000-1, Resale District 2 ICON Apartment 99 years May 04, ,020,000-1, Resale SPOTTISWOODE SUITES Apartment Freehold May 04, ,000-2,146 Uncompleted Sub Sale District 3 ALEX RESIDENCES Apartment 99 years May 03, ,572,000-1,781 Uncompleted New Sale ARTRA Apartment 99 years May 02, ,437,999-1,735 Uncompleted New Sale ARTRA Apartment 99 years May 03, ,344,999-1,623 Uncompleted New Sale ARTRA Apartment 99 years May 04, ,390,999-1,678 Uncompleted New Sale ARTRA Apartment 99 years May 05, ,410 2,099,999-1,489 Uncompleted New Sale ARTRA Apartment 99 years May 06, ,401,999-1,784 Uncompleted New Sale ARTRA Apartment 99 years May 06, ,346,999-1,714 Uncompleted New Sale ARTRA Apartment 99 years May 07, ,430,999-1,727 Uncompleted New Sale ARTRA Apartment 99 years May 07, ,044 1,767,999-1,693 Uncompleted New Sale ARTRA Apartment 99 years May 07, ,396,999-1,686 Uncompleted New Sale ARTRA Apartment 99 years May 07, ,368,999-1,652 Uncompleted New Sale COMMONWEALTH TOWERS Condominium 99 years May 03, ,000-1,811 Uncompleted New Sale COMMONWEALTH TOWERS Condominium 99 years May 04, ,368,000-1,816 Uncompleted New Sale COMMONWEALTH TOWERS Condominium 99 years May 04, ,000-1,811 Uncompleted New Sale COMMONWEALTH TOWERS Condominium 99 years May 05, ,000-1,854 Uncompleted New Sale COMMONWEALTH TOWERS Condominium 99 years May 06, ,076 1,776,100-1,650 Uncompleted New Sale COMMONWEALTH TOWERS Condominium 99 years May 07, ,583,300-1,751 Uncompleted New Sale HIGHLINE RESIDENCES Condominium 99 years May 02, ,650,000-1,825 Uncompleted New Sale HIGHLINE RESIDENCES Condominium 99 years May 06, ,418,000-2,125 Uncompleted New Sale PRINCIPAL GARDEN Condominium 99 years May 02, ,000-1,632 Uncompleted New Sale PRINCIPAL GARDEN Condominium 99 years May 02, ,000-1,608 Uncompleted New Sale PRINCIPAL GARDEN Condominium 99 years May 02, ,000-1,595 Uncompleted New Sale PRINCIPAL GARDEN Condominium 99 years May 03, ,206,000 1,201,000 1,571 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 PRINCIPAL GARDEN Condominium 99 years May 05, ,910-1,609 Uncompleted New Sale PRINCIPAL GARDEN Condominium 99 years May 07, ,312,000-1,670 Uncompleted New Sale QUEENS Condominium 99 years May 05, ,184 1,480,000-1, Resale QUEENS PEAK Condominium 99 years May 02, ,000-1,783 Uncompleted New Sale QUEENS PEAK Condominium 99 years May 02, ,453,112-1,687 Uncompleted New Sale QUEENS PEAK Condominium 99 years May 02, ,032,000-1,653 Uncompleted New Sale QUEENS PEAK Condominium 99 years May 03, ,000-1,774 Uncompleted New Sale QUEENS PEAK Condominium 99 years May 03, ,000-1,733 Uncompleted New Sale QUEENS PEAK Condominium 99 years May 05, ,000-1,761 Uncompleted New Sale QUEENS PEAK Condominium 99 years May 06, ,000-1,688 Uncompleted New Sale RIVER PLACE Condominium 99 years May 03, ,070,000-1, Resale RIVER PLACE Condominium 99 years May 05, ,303 2,610,000-1, Resale THE ANCHORAGE Condominium Freehold May 08, ,561 1,900,000-1, Resale THE CREST Condominium 99 years May 02, ,434,600-1, New Sale THE CREST Condominium 99 years May 02, ,744 2,900,000-1, New Sale THE CREST Condominium 99 years May 04, ,916 3,180,000-1, New Sale THE CREST Condominium 99 years May 04, ,916 2,980,000-1, New Sale THE CREST Condominium 99 years May 06, ,642,000-1, New Sale THE CREST Condominium 99 years May 06, ,841 3,129,000-1, New Sale District 4 CORALS AT KEPPEL BAY Condominium 99 years May 03, ,399 2,460,000-1, New Sale THE SENTOSA COVE Condominium 99 years May 02, ,711 2,850,000-1, Resale District 5 BLUE HORIZON Condominium 99 years May 02, ,163 1,130, Resale BLUE HORIZON Condominium 99 years May 03, ,152 1,128, Resale BLUE HORIZON Condominium 99 years May 09, ,163 1,150, Resale CLEMENTIWOODS CONDOMINIUM Condominium 99 years May 09, ,389 1,500,000-1, Resale HERITAGE VIEW Condominium 99 years May 05, ,195 1,350,000-1, Resale HERITAGE VIEW Condominium 99 years May 05, ,163 1,292,000-1, Resale MONTEREY PARK CONDOMINIUM Condominium 999 years May 05, ,367 1,515,000-1, Resale PARC RIVIERA Condominium 99 years May 02, ,000-1,354 Uncompleted New Sale PARC RIVIERA Condominium 99 years May 02, ,156,000-1,279 Uncompleted New Sale PARC RIVIERA Condominium 99 years May 02, ,210,560-1,222 Uncompleted New Sale PARC RIVIERA Condominium 99 years May 02, ,188,000-1,200 Uncompleted New Sale PARC RIVIERA Condominium 99 years May 02, ,227 1,438,000-1,172 Uncompleted New Sale PARC RIVIERA Condominium 99 years May 03, ,000-1,327 Uncompleted New Sale PARC RIVIERA Condominium 99 years May 03, ,081,550-1,196 Uncompleted New Sale PARC RIVIERA Condominium 99 years May 04, ,225,000-1,237 Uncompleted New Sale PARC RIVIERA Condominium 99 years May 04, ,152 1,388,000-1,205 Uncompleted New Sale PARC RIVIERA Condominium 99 years May 05, ,000-1,369 Uncompleted New Sale PARC RIVIERA Condominium 99 years May 05, ,235-1,335 Uncompleted New Sale PARC RIVIERA Condominium 99 years May 05, ,000-1,311 Uncompleted New Sale PARC RIVIERA Condominium 99 years May 05, ,421 1,388, Uncompleted New Sale PARC RIVIERA Condominium 99 years May 06, ,000-1,333 Uncompleted New Sale PARC RIVIERA Condominium 99 years May 06, ,185,000-1,311 Uncompleted New Sale PARC RIVIERA Condominium 99 years May 06, ,133,000-1,253 Uncompleted New Sale PARC RIVIERA Condominium 99 years May 06, ,222,000-1,234 Uncompleted New Sale PARC RIVIERA Condominium 99 years May 07, ,223,040-1,235 Uncompleted New Sale PARC RIVIERA Condominium 99 years May 07, ,095,000-1,211 Uncompleted New Sale THE CLEMENT CANOPY Apartment 99 years May 02, ,371,000-1,384 Uncompleted New Sale THE CLEMENT CANOPY Apartment 99 years May 02, ,141 1,470,000-1,288 Uncompleted New Sale THE CLEMENT CANOPY Apartment 99 years May 03, ,000-1,496 Uncompleted New Sale THE CLEMENT CANOPY Apartment 99 years May 03, ,141 1,580,000-1,385 Uncompleted New Sale THE CLEMENT CANOPY Apartment 99 years May 06, ,023,000-1,440 Uncompleted New Sale THE CLEMENT CANOPY Apartment 99 years May 06, ,109 1,527,000-1,377 Uncompleted New Sale THE CLEMENT CANOPY Apartment 99 years May 07, ,045,000-1,471 Uncompleted New Sale THE CLEMENT CANOPY Apartment 99 years May 07, ,025,000-1,400 Uncompleted New Sale THE CLEMENT CANOPY Apartment 99 years May 07, ,141 1,556,000-1,364 Uncompleted New Sale THE CLEMENT CANOPY Apartment 99 years May 07, ,109 1,496,000-1,349 Uncompleted New Sale

13 THEEDGE SINGAPORE MAY 22, 2017 EP13 DONE DEALS Residential transactions with contracts dated May 2 to 9 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 CLEMENT CANOPY Apartment 99 years May 07, ,346 1,810,000-1,345 Uncompleted New Sale THE CLEMENT CANOPY Apartment 99 years May 07, ,109 1,447,000-1,305 Uncompleted New Sale THE CLEMENT CANOPY Apartment 99 years May 07, ,346 1,632,000-1,213 Uncompleted New Sale THE INFINITI Condominium Freehold May 05, ,302 1,180, Resale THE PARC CONDOMINIUM Condominium Freehold May 03, ,421 1,630,000-1, Resale THE ROCHESTER Apartment 99 years May 03, ,679 2,180,000-1, Resale THE TRILINQ Condominium 99 years May 02, ,109 1,341,000-1,210 Uncompleted New Sale THE TRILINQ Condominium 99 years May 02, ,109 1,324,000-1,194 Uncompleted New Sale THE TRILINQ Condominium 99 years May 02, ,356 1,547,000-1,141 Uncompleted New Sale THE TRILINQ Condominium 99 years May 03, ,000-1,529 Uncompleted New Sale THE TRILINQ Condominium 99 years May 03, ,518 1,775,000-1,170 Uncompleted New Sale THE TRILINQ Condominium 99 years May 04, ,000-1,499 Uncompleted New Sale THE TRILINQ Condominium 99 years May 04, ,518 1,821,000-1,200 Uncompleted New Sale THE TRILINQ Condominium 99 years May 05, ,356 1,566,000-1,155 Uncompleted New Sale VISTA PARK Condominium 99 years May 05, , Resale District 8 CITY LOFT Apartment Freehold May 08, ,000-1, Resale CITY SQUARE RESIDENCES Condominium Freehold May 03, ,206 1,600,000-1, Resale PARK Condominium Freehold May 08, ,378 1,400,000-1, Resale CAMBRIDGE ROAD Terrace Freehold May 08, ,196 2,800,000-1, Resale SOMME Apartment Freehold May 02, ,000-1, Resale FARRER Apartment Freehold May 03, ,888-1, New Sale STURDEE RESIDENCES Condominium 99 years May 04, ,178,700-1,634 Uncompleted New Sale STURDEE RESIDENCES Condominium 99 years May 06, ,044 1,465,200-1,403 Uncompleted New Sale District 9 MOUNT SOPHIA Condominium 103 years May 03, ,378 1,870,000-1, Resale BELLE VUE RESIDENCES Condominium Freehold May 08, ,433 4,225,000-1, Resale CAIRNHILL NINE Apartment 99 years May 02, ,044 2,845,000-2, New Sale CAIRNHILL NINE Apartment 99 years May 02, ,033 2,604,000-2, New Sale CAIRNHILL NINE Apartment 99 years May 03, ,066 2,787,000-2, New Sale CAIRNHILL NINE Apartment 99 years May 04, ,033 2,647,000-2, New Sale CAIRNHILL NINE Apartment 99 years May 06, ,033 2,700,000-2, New Sale ELIZABETH TOWER Apartment Freehold May 08, ,928 4,500,088-1, Resale ESPADA Apartment Freehold May 08, ,218,000-2, Resale LEONIE SUITES Apartment 99 years May 02, ,500,000-1, Resale LUMA Apartment Freehold May 04, ,275,000-1, Resale OUE TWIN PEAKS Condominium 99 years May 05, ,860,000-3, Resale OUE TWIN PEAKS Condominium 99 years May 05, ,676,300-3, Resale OUE TWIN PEAKS Condominium 99 years May 05, ,666,000-3, Resale OUE TWIN PEAKS Condominium 99 years May 05, ,616,500-2, Resale OUE TWIN PEAKS Condominium 99 years May 05, ,600,000-2, Resale OUE TWIN PEAKS Condominium 99 years May 05, ,557,600-2, Resale OUE TWIN PEAKS Condominium 99 years May 08, ,718,680-3, Resale PARC EMILY Condominium Freehold May 03, ,001 1,618,000-1, Resale RICHMOND PARK Condominium Freehold May 02, ,259 2,850,000-2, Resale ROBERTSON 100 Apartment Freehold May 08, ,530,000-1, Resale SOPHIA 98 Apartment Freehold May 03, ,399 1,705,000-1, Resale SOPHIA HILLS Condominium 99 years May 02, ,023 1,959,000-1,916 Uncompleted New Sale SOPHIA HILLS Condominium 99 years May 05, ,484,000-2,121 Uncompleted New Sale SOPHIA HILLS Condominium 99 years May 05, ,152,000-2,019 Uncompleted New Sale SOPHIA HILLS Condominium 99 years May 06, ,012 1,866,000-1,844 Uncompleted New Sale THE BOTANIC ON LLOYD Condominium Freehold May 02, ,819 3,180,000-1, Resale THE PIER AT ROBERTSON Apartment Freehold May 03, ,338,000-1, Resale WILKIE STUDIO Apartment Freehold May 08, ,360,000-1, Resale YONG AN PARK Condominium Freehold May 08, ,229 5,400,000-1, Resale District 10 ARDMORE THREE Condominium Freehold May 09, ,744 6,090,250-3, Resale ASTRID MEADOWS Condominium Freehold May 05, ,045 3,450,000-1, Resale BALMORAL 8 Condominium Freehold May 03, ,905 2,900,000-1, Resale BALMORAL GATE Condominium Freehold May 03, ,636 2,100,000-1, Resale BAN GUAN PARK Semi-Detached Freehold May 03, ,368 4,250,000-1, Resale BOTANIC GARDENS VIEW Apartment Freehold May 04, ,410 2,200,000-1,560 Unknown Resale CYAN Condominium Freehold May 03, ,270,000-1, Resale D LEEDON Condominium 99 years May 02, ,388,000-1, Resale D LEEDON Condominium 99 years May 02, ,055 1,851,000-1, Resale D LEEDON Condominium 99 years May 02, ,264 6,477,960-1, Resale GRAMERCY PARK Condominium Freehold May 02, ,981 5,676,040-2, Resale GRAMERCY PARK Condominium Freehold May 02, ,249 3,574,400-2, Resale GRAMERCY PARK Condominium Freehold May 02, ,884 5,088,800-2, Resale GRAMERCY PARK Condominium Freehold May 04, ,691 6,865,560-2, Resale HOLLAND HILL PARK Condominium Freehold May 05, ,389 1,780,000-1, Resale ILLOURA Semi-Detached Freehold May 02, ,176 3,650, Resale JERVOIS VIEW Apartment Freehold May 03, ,476 4,040,000-1, Resale LEEDON RESIDENCE Condominium Freehold May 04, ,648 5,556,000-2, Resale MADISON RESIDENCES Condominium Freehold May 03, ,464 2,860,000-1, Resale MON JERVOIS Condominium 99 years May 04, ,384,243-2, Resale MON JERVOIS Condominium 99 years May 05, ,001 2,221,960-2, Resale NASSIM JADE Condominium Freehold May 05, ,455 5,500,000-1, Resale ONE BALMORAL Condominium Freehold May 03, ,200,000-2, Resale ONE BALMORAL Condominium Freehold May 03, ,410 3,002,000-2, Resale ONE BALMORAL Condominium Freehold May 05, ,296,000-2, Resale ONE TREE HILL MANSIONS Apartment 99 years May 05, ,615 1,450, Unknown Resale POLLEN & BLEU Condominium 99 years May 05, ,163 2,069,750-1, Resale POLLEN & BLEU Condominium 99 years May 09, ,432 3,108,450-2, Resale POLLEN & BLEU Condominium 99 years May 09, ,270 2,191,300-1, Resale QUEENSBERRY LODGE Apartment Freehold May 05, ,000-1, Resale RIDGEWOOD Condominium 999 years May 03, ,744 1,900,000-1, Resale RV RESIDENCES Condominium 999 years May 03, ,390,000-2, Resale SIGNATURE AT LEWIS Apartment Freehold May 03, ,000-1, Resale SOMMERVILLE PARK Condominium Freehold May 08, ,000-1, Resale SPANISH VILLAGE Condominium Freehold May 08, ,068,000-1, Resale THE ARC AT DRAYCOTT Apartment Freehold May 08, ,270 2,800,000-2, Resale THE ASANA Apartment Freehold May 05, ,033 2,196,900-2,126 Uncompleted New Sale THE HORIZON Condominium Freehold May 03, ,722 2,428,000-1, Resale THE LEGEND Condominium Freehold May 08, ,050,000-1, Resale District NEWTON Apartment Freehold May 03, ,191,855-2, Resale 6 DERBYSHIRE Condominium Freehold May 03, ,220,383-2, New Sale CUBE 8 Condominium Freehold May 02, ,475 1,750,000-1, Resale HILLCREST ARCADIA Condominium 99 years May 05, ,711 1,340, Resale HILLCREST VILLA Terrace 99 years May 02, ,154 2,900, Resale HILLCREST VILLA Terrace 99 years May 03, ,154 2,830, Resale HILLCREST ROAD Detached Freehold May 03, ,912 12,050,000-1,524 Unknown Resale TREVOSE CRESCENT Detached Freehold May 04, ,652 9,800,000-1,474 Unknown Resale MERRYN ROAD Detached Freehold May 05, ,521 8,100,000-1, Resale PARK INFINIA AT WEE NAM Condominium Freehold May 04, ,050,000-1, Resale SKY@ELEVEN Condominium Freehold May 03, ,271 3,108,000-1, Resale SINARAN Condominium 99 years May 05, ,722 3,160,000-1, Resale THE WHITLEY RESIDENCES Semi-Detached Freehold May 04, ,125 4,850, New Sale TRILIGHT Condominium Freehold May 05, ,099 3,514,000-1, Resale WATTEN ESTATE CONDOMINIUM Condominium Freehold May 03, ,465 2,580,000-1, Resale District 12 AMPAS APARTMENTS Apartment Freehold May 08, ,259 1,250, Resale DE ROYALE Condominium Freehold May 09, ,046 2,700, 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 GEM RESIDENCES Condominium 99 years May 02, ,015,740-1,498 Uncompleted New Sale GEM RESIDENCES Condominium 99 years May 03, ,078,000-1,590 Uncompleted New Sale GEM RESIDENCES Condominium 99 years May 03, ,249 1,854,000-1,485 Uncompleted New Sale GEM RESIDENCES Condominium 99 years May 05, ,172,000-1,512 Uncompleted New Sale GEM RESIDENCES Condominium 99 years May 07, ,074,000-1,584 Uncompleted New Sale PINNACLE 16 Apartment Freehold May 09, ,338,000-1, Resale TRELLIS TOWERS Condominium Freehold May 09, ,000-1, Resale BALESTIER Condominium Freehold May 02, ,076 1,612,500-1,498 Uncompleted New Sale District 13 8@WOODLEIGH Condominium 99 years May 08, ,000-1, Resale MACPHERSON GARDEN ESTATE Terrace Freehold May 09, ,550,000-1,618 Unknown Resale JALAN RIANG Terrace Freehold May 02, ,658 1,910,000-1,156 Unknown Resale PARC MONDRIAN Apartment Freehold May 03, ,150,000-1, Resale THE POIZ RESIDENCES Apartment 99 years May 03, ,000-1,466 Uncompleted New Sale THE POIZ RESIDENCES Apartment 99 years May 04, ,152 1,571,000-1,364 Uncompleted New Sale THE POIZ RESIDENCES Apartment 99 years May 05, ,227 1,655,000-1,349 Uncompleted New Sale THE POIZ RESIDENCES Apartment 99 years May 06, ,000-1,494 Uncompleted New Sale District 14 ASTORIA PARK Condominium 99 years May 04, , Resale D CASITA Apartment Freehold May 09, ,020,000-1, Resale JALAN PUNAI Semi-Detached Freehold May 05, ,498 3,600,000-1, Resale JALAN KECHOT Terrace Freehold May 05, ,444 3,318, Resale PALMERA EAST Apartment Freehold May 02, ,000-1, Resale PARK PLACE RESIDENCES AT PLQ Apartment 99 years May 02, ,374,999-1,851 Uncompleted New Sale SIMS URBAN OASIS Condominium 99 years May 03, ,338,700-1,397 Uncompleted New Sale SIMS URBAN OASIS Condominium 99 years May 03, ,066 1,444,700-1,356 Uncompleted New Sale SIMS URBAN OASIS Condominium 99 years May 03, ,000-1,257 Uncompleted New Sale SIMS URBAN OASIS Condominium 99 years May 04, ,800-1,523 Uncompleted New Sale SIMS URBAN OASIS Condominium 99 years May 04, ,291-1,415 Uncompleted New Sale SIMS URBAN OASIS Condominium 99 years May 04, ,300-1,383 Uncompleted New Sale SIMS URBAN OASIS Condominium 99 years May 06, ,536-1,456 Uncompleted New Sale SIMS URBAN OASIS Condominium 99 years May 06, ,373,300-1,387 Uncompleted New Sale SIMS URBAN OASIS Condominium 99 years May 07, ,800-1,473 Uncompleted New Sale SIMS URBAN OASIS Condominium 99 years May 07, ,000-1,205 Uncompleted New Sale TERRA VILLAS Terrace Freehold May 02, ,338 2,980, New Sale THE HELICONIA Condominium Freehold May 08, ,302 1,200, Resale THE HELICONIA Condominium Freehold May 08, ,346 1,163, Resale THE WATER EDGE Apartment Freehold May 04, ,000-1, Resale TRE RESIDENCES Condominium 99 years May 02, ,269,000-1,340 Uncompleted New Sale TRE RESIDENCES Condominium 99 years May 03, ,264,000-1,334 Uncompleted New Sale TRE RESIDENCES Condominium 99 years May 04, ,000-1,539 Uncompleted New Sale TRE RESIDENCES Condominium 99 years May 04, ,268,000-1,339 Uncompleted New Sale TRE RESIDENCES Condominium 99 years May 06, ,000-1,588 Uncompleted New Sale TRE RESIDENCES Condominium 99 years May 06, ,000-1,551 Uncompleted New Sale District 15 COSTA RHU Condominium 99 years May 08, ,776 2,100,000-1, Resale EASTERN LAGOON Condominium Freehold May 08, ,000-1, Resale FLAMINGO VALLEY Condominium Freehold May 05, ,120,000-1, Resale FRANKEL ESTATE Semi-Detached Freehold May 03, ,896 4,200,000-1,448 Unknown Resale FULCRUM Condominium Freehold May 04, ,388,000-2, Resale FULCRUM Condominium Freehold May 08, ,526,000-1, Resale HAIG ELEVEN Apartment Freehold May 08, ,442 1,528,000-1, Resale MANDARIN GARDENS Condominium 99 years May 02, ,528 1,200, Resale MANDARIN GARDENS Condominium 99 years May 03, ,034 1,818, Resale MEIER SUITES Condominium Freehold May 09, ,228 3,400,000-1, Resale BOWMONT GARDENS Terrace Freehold May 03, ,550 2,000,000-1,290 Unknown Resale EAST COAST TERRACE Semi-Detached Freehold May 09, ,153 4,400,000-2, Resale TEMBELING ROAD Terrace Freehold May 09, ,207 2,560,000-1, Resale ONE K GREENLANE Apartment Freehold May 02, ,604 1,500, Resale PEBBLE BAY Condominium 99 years May 02, ,281 1,470,000-1, Resale SEASIDE RESIDENCES Apartment 99 years May 03, ,338,000-1,657 Uncompleted New Sale SEASIDE RESIDENCES Apartment 99 years May 03, ,334,000-1,610 Uncompleted New Sale SEASIDE RESIDENCES Apartment 99 years May 04, ,272,000-1,619 Uncompleted New Sale SEASIDE RESIDENCES Apartment 99 years May 05, ,485 2,417,000-1,627 Uncompleted New Sale SEASIDE RESIDENCES Apartment 99 years May 06, ,256,000-1,598 Uncompleted New Sale SEASIDE RESIDENCES Apartment 99 years May 07, ,070,000-1,912 Uncompleted New Sale SEASIDE RESIDENCES Apartment 99 years May 07, ,061,000-1,896 Uncompleted New Sale SEASIDE RESIDENCES Apartment 99 years May 07, ,045,000-1,867 Uncompleted New Sale SEASIDE RESIDENCES Apartment 99 years May 07, ,087 1,788,000-1,645 Uncompleted New Sale SEASIDE RESIDENCES Apartment 99 years May 07, ,087 1,752,000-1,612 Uncompleted New Sale SEASIDE RESIDENCES Apartment 99 years May 07, ,023 1,628,000-1,592 Uncompleted New Sale SEASIDE RESIDENCES Apartment 99 years May 07, ,023 1,564,000-1,529 Uncompleted New Sale SEASIDE RESIDENCES Apartment 99 years May 07, ,023 1,513,000-1,480 Uncompleted New Sale ST PATRICK S RESIDENCES Apartment Freehold May 03, ,453 1,725,000-1, Resale STILL MANSIONS Apartment Freehold May 04, , , Resale SUITES@ KATONG Apartment Freehold May 09, ,000-1, Resale SUNSHINE MANSIONS Apartment Freehold May 03, ,000-1, Resale THE MAKENA Condominium Freehold May 05, ,292 1,680,000-1, Resale THE MAKENA Condominium Freehold May 09, ,636 2,100,000-1, Resale THE MEYERISE Condominium Freehold May 02, ,770,000-2, Resale THE MEYERISE Condominium Freehold May 04, ,313 2,930,000-2, Resale THE MEYERISE Condominium Freehold May 05, ,313 2,770,000-2, Resale THE MEYERISE Condominium Freehold May 05, ,815,000-2, Resale THE MEYERISE Condominium Freehold May 05, ,743,000-1, Resale THE MEYERISE Condominium Freehold May 08, ,281 2,950,000-2, Resale THE MEYERISE Condominium Freehold May 08, ,313 2,666,000-2, Resale THE MEYERISE Condominium Freehold May 09, ,302 2,797,000-2, Resale THE SEAFRONT ON MEYER Condominium Freehold May 09, ,110 3,250,000-1, Resale THE SERENNO Apartment Freehold May 02, ,000-1, Resale District 16 ARCHIPELAGO Condominium 99 years May 05, ,000-1, Sub Sale BAYWATER Condominium 99 years May 03, ,292 1,180, Resale BEDOK COURT Condominium 99 years May 03, ,260 1,630, Resale CASA MERAH Apartment 99 years May 02, ,249 1,280,000-1, Resale CASA MERAH Apartment 99 years May 05, ,550 1,390, Resale CASAFINA Condominium 99 years May 02, ,604 1,250, Resale CASCADALE Condominium Freehold May 02, ,561 1,290, Resale CHANGI COURT Condominium Freehold May 08, ,000-1, Resale CHANGI GREEN Condominium Freehold May 02, , , Resale COSTA DEL SOL Condominium 99 years May 02, ,227 1,590,000-1, Resale COSTA DEL SOL Condominium 99 years May 08, ,475 1,975,000-1, Resale GRANDEUR PARK RESIDENCES Condominium 99 years May 02, ,259 1,598,560-1,269 Uncompleted New Sale GRANDEUR PARK RESIDENCES Condominium 99 years May 03, ,216 1,480,000-1,217 Uncompleted New Sale GRANDEUR PARK RESIDENCES Condominium 99 years May 03, ,744 2,013,000-1,154 Uncompleted New Sale GRANDEUR PARK RESIDENCES Condominium 99 years May 05, ,149,000-1,286 Uncompleted New Sale GRANDEUR PARK RESIDENCES Condominium 99 years May 06, ,302,000-1,344 Uncompleted New Sale LAGUNA GREEN Condominium 99 years May 04, ,604 1,550, Resale THE BAYSHORE Condominium 99 years May 03, , Resale THE CLEARWATER Condominium 99 years May 05, ,195 1,030, Resale THE GLADES Condominium 99 years May 03, ,800-1, New Sale THE GLADES Condominium 99 years May 03, ,000-1, New Sale THE GLADES Condominium 99 years May 03, ,948 2,453,100-1, New Sale THE GLADES Condominium 99 years May 06, ,594 3,254,000-1, New Sale CONTINUES NEXT PAGE

14 EP14 THEEDGE SINGAPORE MAY 22, 2017 DONE DEALS FROM PREVIOUS PAGE Residential transactions with contracts dated May 2 to 9 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 GLADES Condominium 99 years May 07, ,000-1, New Sale UBER 388 Condominium Freehold May 04, ,518 1,830,000-1, Resale WATERFRONT WAVES Condominium 99 years May 05, ,249 1,238, Resale District 17 ESTELLA GARDENS Condominium Freehold May 05, , , Resale LOYANG VALLEY Condominium 99 years May 03, , , Resale RIZ HAVEN Apartment 946 years May 03, ,000-1, Resale THE GALE Condominium Freehold May 03, ,991 1,590, Resale TOH ESTATE Semi-Detached Freehold May 03, ,283 2,650, Resale District 18 COCO PALMS Condominium 99 years May 03, ,259 1,372,000-1,089 Uncompleted New Sale COCO PALMS Condominium 99 years May 04, ,378 1,341, Uncompleted New Sale COCO PALMS Condominium 99 years May 05, ,259 1,406,400-1,117 Uncompleted New Sale COCO PALMS Condominium 99 years May 05, ,744 1,799,200-1,032 Uncompleted New Sale COCO PALMS Condominium 99 years May 07, ,259 1,397,600-1,110 Uncompleted New Sale D NEST Condominium 99 years May 02, ,130 1,100, Uncompleted Sub Sale DOUBLE BAY RESIDENCES Condominium 99 years May 08, ,550 1,580,000-1, Resale DOUBLE BAY RESIDENCES Condominium 99 years May 08, ,488 2,882, Resale EASTVALE EC 99 years May 05, , , Resale MELVILLE PARK Condominium 99 years May 08, , , Resale RIPPLE BAY Condominium 99 years May 05, ,000-1, Resale RIPPLE BAY Condominium 99 years May 09, ,000-1, Resale SEASTRAND Condominium 99 years May 08, , Resale SIMEI GREEN CONDOMINIUM EC 99 years May 02, , , Resale THE ALPS RESIDENCES Condominium 99 years May 02, ,000-1,026 Uncompleted New Sale THE ALPS RESIDENCES Condominium 99 years May 02, ,000-1,015 Uncompleted New Sale THE ALPS RESIDENCES Condominium 99 years May 03, ,000-1,025 Uncompleted New Sale THE ALPS RESIDENCES Condominium 99 years May 04, ,000-1,038 Uncompleted New Sale THE ALPS RESIDENCES Condominium 99 years May 06, ,000-1,020 Uncompleted New Sale THE ALPS RESIDENCES Condominium 99 years May 07, ,000-1,067 Uncompleted New Sale THE EDEN AT TAMPINES EC 99 years May 02, , , Resale THE SANTORINI Condominium 99 years May 02, ,000-1,065 Uncompleted New Sale THE SANTORINI Condominium 99 years May 02, ,180-1,048 Uncompleted New Sale THE SANTORINI Condominium 99 years May 02, ,000-1,042 Uncompleted New Sale THE SANTORINI Condominium 99 years May 02, ,109 1,118,700-1,009 Uncompleted New Sale THE SANTORINI Condominium 99 years May 03, ,249 1,239, Uncompleted New Sale THE SANTORINI Condominium 99 years May 03, ,184 1,156, Uncompleted New Sale THE SANTORINI Condominium 99 years May 04, ,130 1,164,240-1,030 Uncompleted New Sale THE SANTORINI Condominium 99 years May 04, ,000-1,027 Uncompleted New Sale THE SANTORINI Condominium 99 years May 05, ,119 1,115, Uncompleted New Sale THE SANTORINI Condominium 99 years May 05, ,991 1,600, Uncompleted New Sale THE SANTORINI Condominium 99 years May 06, ,152 1,196,000-1,038 Uncompleted New Sale THE SANTORINI Condominium 99 years May 07, ,130 1,124, Uncompleted New Sale WATERVIEW Condominium 99 years May 09, ,119 1,050, Resale District 19 BOATHOUSE RESIDENCES Condominium 99 years May 02, ,000-1, Resale CENTRAL VIEW Condominium 99 years May 05, , , Resale CHUAN VALE Terrace 99 years May 02, ,013 2,200,000-1, Resale FONTAINE PARRY Condominium 999 years May 04, ,238 1,318,000-1, Resale FOREST WOODS Condominium 99 years May 03, ,260,000-1,377 Uncompleted New Sale GOLDENHILL VILLAS Terrace Freehold May 04, ,615 2,738,000-1, Resale KOVAN MELODY Condominium 99 years May 03, ,090,000-1, Resale KOVAN MELODY Condominium 99 years May 08, ,000,000-1, Resale PARK VILLAS Terrace 99 years May 04, ,615 1,465, Resale PARK VILLAS Semi-Detached 99 years May 08, ,153 1,668, Resale REGENTVILLE Apartment 99 years May 08, , Resale RIO VISTA Condominium 99 years May 04, , , Resale RIVERSAILS Condominium 99 years May 04, , Resale SERANGOON GARDEN ESTATE Terrace 999 years May 02, ,949 3,700,000-1,255 Unknown Resale SERANGOON GARDEN ESTATE Terrace 999 years May 02, ,164 2,380,000-1,102 Unknown Resale SERANGOON GARDEN ESTATE Terrace 999 years May 03, ,164 3,400,000-1,571 Unknown Resale SERANGOON GARDEN ESTATE Terrace 999 years May 03, ,164 3,300,000-1,526 Unknown Resale SERANGOON GARDEN ESTATE Terrace 999 years May 04, ,809 2,580, Unknown Resale SERANGOON GARDEN ESTATE Terrace 999 years May 05, ,841 2,580,000-1, Resale SOLARIS RESIDENCES Terrace Freehold May 05, ,886 2,088, Resale STARS OF KOVAN Apartment 99 years May 03, ,487,840-1,536 Uncompleted New Sale STARS OF KOVAN Apartment 99 years May 04, ,137,240-1,428 Uncompleted New Sale STARS OF KOVAN Apartment 99 years May 06, ,083,060-1,458 Uncompleted New Sale STARS OF KOVAN Apartment 99 years May 06, ,034,040-1,413 Uncompleted New Sale SUMMER PLACE Semi-Detached Freehold May 03, ,940 3,600, Resale SUNGLADE Condominium 99 years May 04, ,238 1,450,000-1, Resale TAI YUAN GARDEN Semi-Detached Freehold May 08, ,520 3,400, Resale THE LUXURIE Condominium 99 years May 08, ,055 1,230,000-1, Resale THE VALES EC 99 years May 02, , Uncompleted New Sale THE VALES EC 99 years May 04, , Uncompleted New Sale THE VALES EC 99 years May 05, ,722 1,352, Uncompleted New Sale TRILIVE Condominium Freehold May 05, ,000-1,701 Uncompleted New Sale TRILIVE Condominium Freehold May 06, ,353,000-1,496 Uncompleted New Sale TRILIVE Condominium Freehold May 07, ,437,000-1,589 Uncompleted New Sale District 20 BISHAN LOFT EC 99 years May 02, ,184 1,220,000-1, Resale GOLDENHILL PARK CONDOMINIUM Condominium Freehold May 08, ,338,000-1, Resale GRANDEUR 8 Condominium 99 years May 02, ,195 1,138, Resale GRANDEUR 8 Condominium 99 years May 02, , , Resale THE GARDENS AT BISHAN Condominium 99 years May 04, ,000-1, Resale THOMSON VIEW CONDOMINIUM Condominium 99 years May 09, ,024 1,670, Resale District 21 1 KING ALBERT PARK Condominium Freehold May 05, ,572 1,780,000-1, Resale BUKIT REGENCY Condominium Freehold May 08, ,399 1,470,000-1, Resale ENG KONG GREEN Condominium Freehold May 09, , Resale HIGH OAK CONDOMINIUM Condominium 99 years May 08, , , Resale YUK TONG AVENUE Semi-Detached Freehold May 03, ,347 4,300,000-1, Resale PARC PALAIS Condominium Freehold May 02, ,335 1,280, Resale PINE GROVE Condominium 99 years May 02, ,755 1,310, Unknown Resale SHERWOOD TOWER Apartment 99 years May 04, ,421 1,040, Resale THE BEVERLY Apartment Freehold May 04, ,734 1,910, Resale THE BLOSSOMVALE Condominium 999 years May 04, ,335 1,790,000-1, Resale THE BUKIT Condominium Freehold May 02, ,604 2,158,000-1,346 Uncompleted New Sale THE BUKIT Condominium Freehold May 03, ,222,000-1,694 Uncompleted New Sale THE BUKIT Condominium Freehold May 05, ,139,636-1,736 Uncompleted New Sale THE BUKIT Condominium Freehold May 05, ,600,000-1,709 Uncompleted New Sale THE BUKIT Condominium Freehold May 05, ,252,000-1,551 Uncompleted New Sale THE BUKIT Condominium Freehold May 07, ,254,988-1,740 Uncompleted New Sale THE BUKIT Condominium Freehold May 07, ,658 2,112,195-1,274 Uncompleted New Sale TOH TUCK HILL Semi-Detached Freehold May 03, ,256 6,200, Resale District 22 CASPIAN Condominium 99 years May 05, ,238 1,308,000-1, Resale LAKE GRANDE Condominium 99 years May 02, ,090,000-1,406 Uncompleted New Sale LAKE GRANDE Condominium 99 years May 07, ,021,000-1,317 Uncompleted New Sale LAKE GRANDE Condominium 99 years May 07, ,000-1,281 Uncompleted New Sale LAKE GRANDE Condominium 99 years May 07, ,040,000-1,271 Uncompleted New Sale PARC OASIS Condominium 99 years May 02, ,389 1,200, Resale WESTWOOD RESIDENCES EC 99 years May 03, , , 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 WESTWOOD RESIDENCES EC 99 years May 04, ,475 1,173, Uncompleted New Sale WESTWOOD RESIDENCES EC 99 years May 06, , , Uncompleted New Sale District 23 ECO SANCTUARY Condominium 99 years May 04, ,604 1,515, New Sale GLENDALE PARK Condominium Freehold May 08, ,033 1,030, Resale GUILIN VIEW Condominium 99 years May 02, , , Resale HAZEL PARK CONDOMINIUM Condominium 999 years May 05, , Resale HILLION RESIDENCES Apartment 99 years May 02, ,400-1,508 Uncompleted New Sale HILLION RESIDENCES Apartment 99 years May 02, ,450-1,466 Uncompleted New Sale HILLION RESIDENCES Apartment 99 years May 04, ,450-1,466 Uncompleted New Sale HILLION RESIDENCES Apartment 99 years May 05, ,900-1,523 Uncompleted New Sale HILLION RESIDENCES Apartment 99 years May 05, ,200-1,511 Uncompleted New Sale HILLION RESIDENCES Apartment 99 years May 05, ,800-1,412 Uncompleted New Sale HILLION RESIDENCES Apartment 99 years May 05, ,800-1,412 Uncompleted New Sale HILLVIEW GARDEN ESTATE Semi-Detached Freehold May 03, ,164 2,650,000-1, Resale INZ RESIDENCE EC 99 years May 02, , , Uncompleted New Sale INZ RESIDENCE EC 99 years May 03, , , Uncompleted New Sale INZ RESIDENCE EC 99 years May 05, , Uncompleted New Sale INZ RESIDENCE EC 99 years May 06, , , Uncompleted New Sale INZ RESIDENCE EC 99 years May 06, , Uncompleted New Sale INZ RESIDENCE EC 99 years May 07, , Uncompleted New Sale INZ RESIDENCE EC 99 years May 07, , , Uncompleted New Sale INZ RESIDENCE EC 99 years May 07, , Uncompleted New Sale MERA WOODS Condominium 999 years May 02, ,346 1,248, Resale MERA WOODS Condominium 999 years May 08, ,346 1,300, Resale NORTHVALE Apartment 99 years May 02, , Resale PARK NATURA Condominium Freehold May 09, ,442 1,630,000-1, Resale REGENT GROVE Condominium 99 years May 02, , , Resale REGENT HEIGHTS Condominium 99 years May 05, , , Resale SOL ACRES EC 99 years May 02, , Uncompleted New Sale SOL ACRES EC 99 years May 03, , Uncompleted New Sale SOL ACRES EC 99 years May 03, , Uncompleted New Sale SOL ACRES EC 99 years May 03, , Uncompleted New Sale SOL ACRES EC 99 years May 03, , Uncompleted New Sale SOL ACRES EC 99 years May 03, , Uncompleted New Sale SOL ACRES EC 99 years May 04, , Uncompleted New Sale SOL ACRES EC 99 years May 04, , Uncompleted New Sale SOL ACRES EC 99 years May 05, , Uncompleted New Sale SOL ACRES EC 99 years May 05, , Uncompleted New Sale SOL ACRES EC 99 years May 05, , Uncompleted New Sale SOL ACRES EC 99 years May 05, , Uncompleted New Sale SOL ACRES EC 99 years May 05, , Uncompleted New Sale SOL ACRES EC 99 years May 06, , Uncompleted New Sale SOL ACRES EC 99 years May 06, , Uncompleted New Sale SOL ACRES EC 99 years May 06, , Uncompleted New Sale SOL ACRES EC 99 years May 07, , , Uncompleted New Sale SOL ACRES EC 99 years May 07, , Uncompleted New Sale SOL ACRES EC 99 years May 07, , Uncompleted New Sale THE JADE Condominium 99 years May 08, ,475 1,350, Resale WANDERVALE EC 99 years May 02, , , Uncompleted New Sale WANDERVALE EC 99 years May 04, , , Uncompleted New Sale District 25 BELLEWOODS EC 99 years May 02, , , New Sale BELLEWOODS EC 99 years May 03, , , New Sale BELLEWOODS EC 99 years May 04, ,528 1,116, New Sale BELLEWOODS EC 99 years May 06, , , New Sale LA CASA EC 99 years May 08, , , Resale NORTHWAVE EC 99 years May 02, ,464 1,057, Uncompleted New Sale NORTHWAVE EC 99 years May 04, , , Uncompleted New Sale NORTHWAVE EC 99 years May 05, , Uncompleted New Sale NORTHWAVE EC 99 years May 06, , , Uncompleted New Sale NORTHWAVE EC 99 years May 07, , Uncompleted New Sale District 26 CASTLE GREEN Condominium 99 years May 08, , , Resale THE BROOKS I & II Apartment Freehold May 02, ,688-1, New Sale THE SPRINGSIDE Terrace Freehold May 09, ,679 2,380,000-1, Resale District 27 EUPHONY GARDENS Condominium 99 years May 05, ,433 1,450, Resale NORTH PARK RESIDENCES Apartment 99 years May 03, ,900-1,378 Uncompleted New Sale NORTH PARK RESIDENCES Apartment 99 years May 03, ,200-1,310 Uncompleted New Sale NORTH PARK RESIDENCES Apartment 99 years May 07, ,870-1,317 Uncompleted New Sale NORTH PARK RESIDENCES Apartment 99 years May 07, ,023 1,146,600-1,121 Uncompleted New Sale PARC LIFE EC 99 years May 03, , , Uncompleted New Sale PARC LIFE EC 99 years May 03, , , , Uncompleted New Sale PARC LIFE EC 99 years May 05, , , , Uncompleted New Sale PARC LIFE EC 99 years May 06, , , , Uncompleted New Sale PARC LIFE EC 99 years May 06, , , Uncompleted New Sale PARC LIFE EC 99 years May 07, ,550 1,212,480 1,210, Uncompleted New Sale PARC LIFE EC 99 years May 07, , , Uncompleted New Sale PARC LIFE EC 99 years May 07, , , Uncompleted New Sale PARC LIFE EC 99 years May 07, , , Uncompleted New Sale SIGNATURE AT YISHUN EC 99 years May 02, , Uncompleted New Sale SIGNATURE AT YISHUN EC 99 years May 07, , Uncompleted New Sale SYMPHONY SUITES Condominium 99 years May 02, ,480-1,093 Uncompleted New Sale SYMPHONY SUITES Condominium 99 years May 02, ,000-1,028 Uncompleted New Sale SYMPHONY SUITES Condominium 99 years May 02, ,023 1,034,000-1,011 Uncompleted New Sale SYMPHONY SUITES Condominium 99 years May 03, ,000-1,003 Uncompleted New Sale SYMPHONY SUITES Condominium 99 years May 05, ,000-1,107 Uncompleted New Sale SYMPHONY SUITES Condominium 99 years May 05, ,000-1,002 Uncompleted New Sale SYMPHONY SUITES Condominium 99 years May 06, ,000-1,128 Uncompleted New Sale SYMPHONY SUITES Condominium 99 years May 06, ,000-1,060 Uncompleted New Sale SYMPHONY SUITES Condominium 99 years May 06, , , Uncompleted New Sale SYMPHONY SUITES Condominium 99 years May 07, ,000-1,081 Uncompleted New Sale SYMPHONY SUITES Condominium 99 years May 07, ,023 1,021, Uncompleted New Sale THE BROWNSTONE EC 99 years May 02, , Uncompleted New Sale THE BROWNSTONE EC 99 years May 06, , Uncompleted New Sale THE CRITERION EC 99 years May 04, , , Uncompleted New Sale THE CRITERION EC 99 years May 06, , , Uncompleted New Sale THE CRITERION EC 99 years May 06, , , Uncompleted New Sale THE CRITERION EC 99 years May 07, , , Uncompleted New Sale THE MILTONIA RESIDENCES Condominium 99 years May 03, ,173 1,035, Resale THE WISTERIA Apartment 99 years May 05, , Uncompleted New Sale THE WISTERIA Apartment 99 years May 06, ,075,212-1,110 Uncompleted New Sale THE WISTERIA Apartment 99 years May 06, ,060,612-1,095 Uncompleted New Sale THE WISTERIA Apartment 99 years May 06, ,057,233-1,091 Uncompleted New Sale THE WISTERIA Apartment 99 years May 06, ,021,900-1,055 Uncompleted New Sale THE WISTERIA Apartment 99 years May 06, , Uncompleted New Sale District 28 BELGRAVIA VILLAS Terrace Freehold May 05, ,584 2,700, Uncompleted New Sale SELETAR HILLS ESTATE Semi-Detached 999 years May 04, ,412 2,850, Unknown Resale SELETAR HILLS ESTATE Semi-Detached Freehold May 08, ,444 4,600,000-1,335 Unknown Resale DISCLAIMER: Source: URA Realis. Updated May 16, 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 MAY 22, 2017 EP15 GAINS AND LOSSES Yong An Park unit sold at $3.3 mil profit SAMUEL ISAAC CHUA/THE EDGE SINGAPORE BY TAN CHEE YUEN Based on caveats lodged between May 2 and 9, there were six apartment and condominium transactions which saw the sellers making profits of more than $1 million. These are mainly large units located in old, freehold condo or apartment blocks completed more than 30 years ago. The most significant gain was $3.27 million, for a 3,229 sq ft, four-bedroom unit at Yong An Park, which was sold for $5.4 million (1,672 psf) recently, according to a caveat lodged in early May. The seller paid $2.14 million ($661 psf) for the unit in January The profit works out to 153% or an annualised rate of 6% over a 15-year holding period. Located on River Valley Road in prime District 9, the freehold property contains four blocks of up to 25 storeys, with a total of 288 units. A mixed-use residential development, Yong An Park has a range of unit types, from one-bedroom apartments to five-bedroom townhouses. The development was completed in However, it is sought after as it is near the Great World City shopping mall and the upcoming Great World MRT station on the Thomson-East Coast Line. Also in prime District 9 is the 80- unit Elizabeth Tower. Completed in 1980, the freehold project has two 26-storey blocks and contains a mix of three- to five-bedroom units of 1,991 to 3,143 sq ft. There are also penthouses of 4,489 sq ft. Elizabeth Tower is located in the Mount Eliza beth enclave, just off the prime Orchard Road shopping belt. A 2,928 sq ft, four-bedroom unit on the 11th floor of one of the blocks at Elizabeth Tower was sold early this month for $4.5 million ($1,537 psf). The previous owner paid $2.35 million ($803 psf) for the unit in April 1996, which was the peak of the last property boom. He made a profit of $2.15 million, which works out to 91%, or an annualised gain of 3% a year over the last 21 years. Meanwhile, a 2,476 sq ft, three-bedroom apartment at Jervois View was sold for $4.04 million ($1,632 psf). The freehold 16-unit condo block was completed in 1986 and is located on Jervois Road, opposite the Malaysian High Commission. $2.05 million ($828 psf) in May The seller paid $2.05 million ($828 psf) in May The sale reaps him a gain of just under $2 million, or an annualised rate of 3% over the 20- year period. A unit at Yong An Park was sold at a $3.27 million profit. Find the most affordable listing in the project at bit.ly/yonganparkedge. On the flip side, the biggest loss registered in the week of May 2 to 9 came from the sale of a 2,734 sq ft, three-bedroom penthouse at The Beverly, located on Toh Tuck Road in Upper Bukit Timah, District 21. The penthouse was a mortgagee sale that debuted at Knight Frank s auction on March 22. The unit fetched $1.91 million ($699 psf), according to a caveat lodged on May 4. The seller paid $3.3 million ($1,207 psf) for the penthouse in a sub-sale in June He incurred a loss of $1.39 million. The Beverly, a five- storey, freehold development with just 118 units, was completed in E A 2,734 sq ft, three-bedroom penthouse at The Beverly was sold at a $1.39 million loss. Find the most affordable listing in the project at bit.ly/thebeverlyedge. ALBERT CHUA/THE EDGE SINGAPORE Top 10 gains and losses from May 2 to 9 Most profitable deals PROJECT DISTRICT AREA (SQ FT) SOLD ON (2017) SALE PRICE ($ PSF) BOUGHT ON PURCHASE PRICE ($ PSF) PROFIT ($) PROFIT (%) ANNUALISED PROFIT (%) HOLDING PERIOD (YEARS) NON-LANDED 1 Yong An Park 9 3,229 May 8 1,672 Jan 1, ,265, Elizabeth Tower 9 2,928 May 8 1,537 April 20, ,150, Jervois View 10 2,476 May 3 1,632 May 1, ,990, De Royale 12 3,046 May Nov 7, ,160, Thomson View Condominium 20 2,024 May Sept 9, ,155, Balmoral Gate 10 1,636 May 3 1,284 Dec 28, ,080, Costa Rhu 15 1,776 May 8 1,182 Jan 22, , Bedok Court 16 2,260 May Nov 24, , The Makena 15 1,292 May 5 1,301 Dec 21, , Sophia ,399 May 3 1,218 Oct 24, , URA, THE EDGE PROPERTY Non-profitable deals PROJECT DISTRICT AREA (SQ FT) SOLD ON (2017) SALE PRICE ($ PSF) BOUGHT ON PURCHASE PRICE ($ PSF) LOSS ($) LOSS (%) ANNUALISED LOSS (%) HOLDING PERIOD (YEARS) 1 The Beverly 21 2,734 May June 14, ,207 1,390, River Place 3 2,303 May 5 1,133 April 29, , , Uber ,518 May 4 1,206 June 8, , , Park 8 1,378 May 8 1,016 Feb 14, , , Cube ,475 May 2 1,187 Nov 30, , , The Legend May 8 1,394 March 11, , , Belle Vue Residences 9 2,433 May 8 1,737 Sept 18, , , Hillcrest Arcadia 11 1,711 May April 15, , Wilkie Studio May 8 1,560 Dec 18, , , Watten Estate Condominium 11 2,465 May 3 1,047 May 16, , , Note: Computed based on URA caveat data as at May 16 for private non-landed houses transacted between May 2 and 9. The profit-and-loss computation excludes transactions costs such as stamp duties.

16 EP16 THEEDGE SINGAPORE MAY 22, 2017 DEAL WATCH One-bedroom unit at Alexis going for $680,000 Recent transactions at Alexis CONTRACT DATE AREA (SQ FT) PRICE ($) PRICE ($ PSF) March 22, ,000 1,632 Feb 23, ,000 1,444 Jan 26, ,000 1,379 TABLES: URA, THE EDGE PROPERTY BY DELICIA LIM A 420 sq ft, one-bedroom unit at Alexis on Alexandra Road has been listed for sale at $680,000 ($1,619 psf) on TheEdgeProperty.com. The unit is currently vacant and believed to be owned by a foreigner, according to Alex Lim of ERA Reality Network, who is marketing the property. The indicative price is in line with the latest transaction of a 420 sq ft, one-bedroom unit on the second level of the project that changed hands recently for $685,000 ($1,632 psf) in March, according to a caveat lodged with URA Realis. Alexis is a freehold, mixed-use development with 293 apartments spanning six floors atop a retail podium on the ground floor that comprises 21 strata units. The project was fully sold within the first weekend of its preview in February 2009 and completed in The joint developers for Alexis, Fission Group and Yi Kai Group, were credited with popularising the shoebox apartment concept. Alexis is a freehold, mixed-use development with 293 apartments spanning six floors atop a retail podium on the ground floor The popularity of Alexis was due to the fact that the majority of the units are compact apartments: one-bedroom units are 366 to 527 sq ft and one-bedroom-plus-study THE EDGE SINGAPORE units are 474 to 764 sq ft. Meanwhile, two-bedroom units are 527 to 1,033 sq ft and two-bedroom-plusstudy units are 657 to 1,055 sq ft. The penthouses are equally compact, ranging from 764 to 1,518 sq ft. As many of the one-bedroom units were priced below $500,000, they appealed to mom-and-pop investors. Average price then was $1,046 psf. This year saw three resale transactions with mixed results. The most recent one was the sale of a 420 sq ft unit for $685,000 ($1,632 psf). The previous owner had purchased the unit for $558,000 ($1,329 psf) in a sub-sale in September The original buyer paid $467,000 ($1,112 psf) just six months earlier in March However, in February, the seller of a 398 sq ft, one-bedroom unit did not fare as well. The resale price was $575,000 ($1,444 psf), below the $745,000 ($1,871 psf) that he paid in a sub-sale in September The first buyer had purchased the unit for $450,000 ($1,130 psf) when it was first launched. In January, a 689 sq ft, two-bedroom unit fetched $950,000 ($1,379 psf). The previous owner paid $646,000 ($938 psf) for the unit Recent rental contracts for units of 400 to 500 sq ft at Alexis LEASE DATE MONTHLY RENT $ $ PSF March , March , January , January , January , when the project was first launched. Based on URA data for the first three months of 2017, one-bedroom units of 400 to 500 sq ft at Alexis have been leased at monthly rents of $2,100 to $2,450. For an investor buying the 420 sq ft one-bedroom unit at $680,000, that will translate into a gross yield of about 4.3%. Visit tinyurl.com/dealwatch-s780 for more information. E

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