Boutique developer s lament

Transcription

1 A PULLOUT WITH MCI (P) 043/03/2016 PPS 1519/09/2012 (022805) MAKE BETTER DECISIONS Visit TheEdgeProperty.com to find properties, research market trends and read the latest news THE WEEK OF OCTOBER 17, 2016 ISSUE 750 Market Trends Oakwood Premier serviced residences to open by 2017 EP4 Property Picks What can you buy for $1 million to $1.5 million? EP6&7 Offshore Sansiri to launch condos in Singapore, Hong Kong EP10&11 Done Deals Unit at The Orchard Residences fetches $3,679 psf EP12&13 Boutique developer s lament Kenny Tan of Link (THM) talks about the challenges in Singapore s property market and how Iskandar Malaysia may eventually live up to expectations. See our Cover Story on Pages 8 and 9.

2 EP2 THEEDGE SINGAPORE OCTOBER 17, 2016 PROPERTY BRIEFS EDITORIAL EDITOR Ben Paul THE EDGE PROPERTY SECTION EDITOR Cecilia Chow HEAD OF RESEARCH Feily Sofi an DEPUTY SECTION EDITOR Michael Lim SENIOR ANALYST Esther Hoon, Lin Zhiqin ANALYST Tan Chee Yuen COPY-EDITING DESK Elaine Lim, Evelyn Tung, Chew Ru Ju, Tan Gim Ean, Geraldine Tan PHOTO EDITOR Samuel Isaac Chua PHOTOGRAPHER Albert Chua EDITORIAL COORDINATOR Rahayu Mohamad DESIGN DESK Tan Siew Ching, Christine Ong, Monica Lim, Mohd Yusry, Tun Mohd Zafi an Mohd Za abah ADVERTISING + MARKETING ADVERTISING SALES DIRECTOR, ADVERTISING & SALES Cowie Tan ASSOCIATE ACCOUNT DIRECTOR Diana Lim ACCOUNT MANAGERS Priscilla Wong, James Chua THE EDGE SINGAPORE ADVERTISING + MARKETING ADVERTISING SALES CHIEF MARKETING OFFICER Cecilia Kay SENIOR MANAGER Windy Tan MANAGER Elaine Tan EVENTS SENIOR MANAGER Sivam Kumar MARKETING EXECUTIVES Tim Jacobs, Sam Ridzam COORDINATOR Nor Aisah Bte Asmain CIRCULATION BUSINESS DEVELOPMENT DIRECTOR Victor The ASSISTANT MANAGER Sandrine Gerber EXECUTIVES Keith Lee, Malliga Muthusamy, Ashikin Kader CORPORATE CHIEF EXECUTIVE OFFICER Ben Paul DIRECTOR Anne Tong CORPORATE AFFAIRS DIRECTOR Ng Say Guan PUBLISHER The Edge Publishing Pte Ltd 150 Cecil Street #08-01 Singapore Tel: (65) Fax: (65) PRINTER KHL Printing Co Pte Ltd 57 Loyang Drive Singapore Tel: (65) Fax: (65) We welcome your comments and criticism: propertyeditor.sg@ bizedge.com Pseudonyms are allowed but please state your full name, address and contact number for us to verify. Raffles Hotel Singapore to undergo restoration from January 2017 Raffles Hotel Singapore (right) has announced that it will undergo a threephase restoration programme. The first phase of the refurbishment, which begins in January 2017, will see Raffles Hotel Arcade undergoing restoration works, while other parts of the hotel will operate as usual. The Raffles Hotel Arcade is an integral part of this landmark building. It houses 40 regional and speciality shops, and indoor and outdoor function areas including The Ballroom and The Lawn and the Long Bar. Phase Two will begin in mid-2017 with restoration works being made to the main hotel building and lobby as well as a portion of the hotel suites. The hotel will be closed for the final phase near end-2017 before a grand reopening in 2Q2018. The restoration project will be led by Aedas Singapore, while the interiors of the project will be handled by award-winning designer Alexandra Champalimaud, who has worked with luxury hotels such as New York s The Plaza and the Waldorf Astoria, Hotel Bel-Air in Los Angeles and The Dorchester in London. Raffles Hotel Singapore was declared a national monument by the Singapore government in The last restoration was conducted from 1989 to The luxury hotel has 103 individually designed suites 84 Courtyard and Palm Court Suites, 12 Personality Suites, five Grand Hotel Suites and two Presidential Suites. Frasers Centrepoint to invest $520 mil in Thai property developer Frasers Centrepoint will invest $520 million (THB13.23 billion) in Thai developer Ticon Industrial Connection Public Co. FCL s investment will be made via subscription of new shares to be issued by Ticon at THB18 a share. Thai-listed Ticon is a developer and owner of industrial properties in Thailand. For the past 25 years, Ticon has developed and built factories and warehouses in 18 industrial estates and 33 logistics locations in Thailand. Currently, Ticon owns and manages about 26.9 million sq ft of industrial space. Ticon is also the sponsor of three listed property funds and a listed real estate investment trust in Thailand with combined assets under management of about THB32.4 billion. FCL will hold about 40% of Ticon s enlarged share capital upon completion of the transaction, subject to the approval of the Securities and Exchange Commission of Thailand, and Ticon s shareholders. UEM Sunrise commences construction of Conservatory Malaysia-listed developer UEM Sunrise has commenced construction of the Conservatory (right), its second project in Melbourne, Australia. Located between the Unesco World Heritage-listed Royal Exhibition Building and Carlton Gardens, the Conservatory will offer direct access to and views of the gardens and Royal Exhibition Building. The Conservatory has 446 one-, twoand three-bedroom units. It has three levels of residential facilities, including two expansive Jacuzzis at the Carlton Skydeck on the 42nd floor, with views of the Carlton Gardens. The project is scheduled to be completed by end The 42-storey property has seen a take-up rate of 90%, according to UEM Sunrise. Tenants flight-to-quality increases office leasing activity, says CBRE Leasing activities and enquiry levels have increased in 3Q2016, owing largely to tenants flight-to-quality movements rather than company expansion, according to CBRE s latest office market report in 3Q2016. Most of the relocation centred around higher-quality products in the CBD, while new projects registered increased pre-letting levels. Positive net absorption for 3Q2016 stood at 820,417 sq ft, reversing four consecutive quarters of contraction. Rents continued to moderate in 3Q2016, albeit at a slower rate. Monthly Grade A core CBD rents was down 2.1% q-o-q to $9.30 psf. CBRE reckons that underlying new demand remains relatively weak despite some encouraging signs in recent times, including improved leasing momentum. CBRE expects rental decline to continue into 2017 and conditions that support market recovery for better-quality space to arrive as early as 2H2017. In the decentralised office sub-market, lower office rents will continue to put pressure on the rent levels at business parks. Some older developments in International Business Park experienced minor downward adjustment in rents, following relatively high vacancy rates in this sub-market. CBRE highlights that all indicators point to a stable business park market across the island in 3Q2016. Vacancy declined to 12.5% in 3Q2016, while average monthly rents on the city fringe and the rest of the island held firm at $5.40 psf and $3.70 psf, respectively. Future available space remains limited with all three business park projects in the pipeline being built-to-suit developments, according to CBRE. In August, a land site was launched by JTC via a concept and price tender, which could provide some continuity in the market. Located in Mediapolis, the site could provide up to 361,000 sq ft of business park space in gross floor area. It is scheduled for completion in Islandwide prime retail rents slip 0.2% in 3Q2016, says Knight Frank Weaker retail spending amid softening global and local economies is begining to take its toll on retailers bottom line, pushing a number of them to downsize and consolidate their businesses. The average monthly islandwide prime retail rents slipped 0.2% q-o-q to $31.20 psf in 3Q2016, according to Knight Frank s Singapore retail bulletin for the period. On the back of the tougher retail climate, average Orchard Road prime rents fell 0.5% q-o-q to $35.10 psf in 3Q2016. It is the first decline since 2Q2015. Suburban prime rents increased 0.1% q-o-q to $29.50 psf in 3Q2016. It is largely attributed to the stable demand from the surrounding residential catchment. UEM SUNRISE Meanwhile, prime rents across Marina Centre, City Hall, Bugis and City Fringe stayed flat in 3Q2016. Knight Frank reckons that it is important for landlords to perform a critical review of their mall positioning and tenant mixes. New and refreshing concepts are needed to drive excitement among consumers. Knight Frank expects the challenging retail landscape to moderate rents further. In addition, retailers have taken a cautious stance on business expansion. Islandwide occupancy is likely to fall from 92.8% in 4Q2015 to between 90% and 92% in 4Q2016. Asia fuels growth of global retail sector, says JLL Asia is fuelling the growth of the global retail sector, with Chinese cities dominating the region s fastest-expanding markets, according to JLL s latest Destination Retail report. The report examines the presence of 240 international retail brands across 140 retail cities and provides insights into international retail expansion. The 140 cities make up 36% of the world s GDP, 13% of the global population and 33% of total consumer spending. Among the top 20 growth cities for retail around the world, 12 are in Asia, eight of which are in China. Shanghai is the world s second-fastest-growing retail destination behind Dubai. The Chinese megacity has become a favourite of international brands looking to test the Chinese market and gain exposure. Beijing is the third-fastest-growing retail market and this is attributed to the swelling middle class and strong concentration of high-net-worth individuals. The Chinese capital s suburbs are also experiencing rapid growth as people choose to shop locally instead of braving traffic into the city centre. Rents in these emerging markets reflect market transparency, reputational risk, maturity as well as growth potential. Their rents are relatively low compared with more mature markets. Based on Oxford Economics forecasts, cities such as Ho Chi Minh City, Jakarta and Bangalore present an opportunity for retailers to establish their brands at rents of less than US$2,000 psm a year, with projected in-store sales increasing 8% to 10% until However, rents will gradually increase as cities mature and the pace of new construction of retail centres slows. Compiled by Tan Chee Yuen E SAMUEL ISAAC CHUA/THE EDGE SINGAPORE

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4 EP4 THEEDGE SINGAPORE OCTOBER 17, 2016 MARKET TRENDS Oakwood Premier serviced apartments to open at OUE Downtown by 2017 BY CECILIA CHOW On Oct 7, Singapore Exchange-listed property group OUE announced that it had signed an agreement with Oakwood Asia Pacific to manage the new Oakwood Premier branded serviced residences in OUE Downtown, its mixeduse development on Shenton Way in the CBD. Refurbishments at OUE Downtown are scheduled to be completed by year-end. The 268-unit Oakwood Premier will comprise a mix of studios and one- and two-bedroom apartments. Most of the units (82%) are studios and one-bedroom apartments measuring 28 to 32 sq ft and 30 to 58 sq ft respectively. There are 47 two-bedroom apartments measuring 70 to 98 sq ft. OUE Downtown is a refurbishment of the former DBS Towers One and Two, two office blocks linked by a street-level podium, which OUE had purchased for $870.5 million in August We ve always wanted to turn OUE Downtown into a destination, says Thio Gim Hock, OUE CEO/managing director. We thought we could create an all-encompassing worklive-play community. We have also noticed that there are few shopping malls and supermarkets for residents in the CBD. OUE decided to take advantage of the 262m covered podium linking the two towers and transform it into a retail mall with the longest frontage on Shenton Way, says Thio. The new mall is aptly named Downtown Gallery. This is similar to OUE s Mandarin Gallery with its 152m frontage on prime Orchard Road. The mall opened in 2010 and was carved out from the hotel and retail podium space of the 1,077-room Mandarin Orchard Singapore, following a $200 million refurbishment. Mandarin Gallery is a shopping mall with 100 stores and a net lettable area of 125,293 sq ft. OUE is spending $30 million to transform the façade of the former DBS towers into OUE Downtown. At 50 storeys, OUE Downtown 1 (formerly DBS Tower One) was considered the tallest building in Singapore when it was built in The higher floors of OUE Downtown 1 have been retained as premium offices, whereas the offices in the lower zone are being converted into Oakwood Premier. The second tower, the 37-storey OUE Downtown 2 (formerly DBS Tower Two), will remain a premium office block and is almost fully leased, says Thio. Oakwood Premier marks the debut of the hospitality group s luxury tier in Singapore. However, it is the group s second property in the city-state. The first is the 98-unit Oakwood Studios Singapore at 18 Mount Elizabeth, just off Orchard Road, which is scheduled to open by year-end, according to Dean Schreiber, managing director of Oakwood Asia Pacific. This year also sees the group opening its 10th property in Tokyo, its eighth in China and its first in Kuala Lumpur and Ho Chi Minh City. According to Thio, there is a shortage of serviced apartments in Singapore s CBD. The first serviced residences in the CBD was the 146-unit Ascott Raffles Place, which opened in Ascott Raffles Place was a conversion of the former Asia Insurance Building, a historic tower built in URA has gazetted it for conservation. The only serviced residences downtown is always full, says OUE s Thio. We felt that there was room for more, and we decided to convert one of the office towers into serviced apartments. The Oakwood Premier at OUE Downtown is expected to open in mid E OUE s Thio and Oakwood Asia Pacific s Schreiber at the signing ceremony SAMUEL ISAAC CHUA/THE EDGE SINGAPORE OUE OAKWOOD PREMIER OUE SINGAPORE Artist s impression of the lobby and reception of the new Oakwood Premier OUE Singapore The new exterior of OUE Downtown after a $30 million facelift One of the bedrooms of a serviced residence at Oakwood Premier OUE Singapore

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6 EP6 THEEDGE SINGAPORE OCTOBER 17, 2016 PROPERTY PICKS Condos in the $1 mil-to-$1.5 mil price range BY LIN ZHIQIN Private homes priced between $1 million and $1.5 million were the most sought-after among the respondents polled in a home ownership aspiration survey conducted jointly by Knight Frank and The Edge Property recently. An analysis of URA caveats for private non-landed homes also confirms the trend. Condominium units and apartments priced between $1 million and <$1.5 million accounted for 37% of the caveats lodged so far this year, followed by those in the $500,000 to <$1 million price range. Respondents also expressed a preference for new homes. Thirty per cent preferred to purchase uncompleted homes, while 28% would go for completed homes that are less than five years old. Respondents ranked proximity to the city centre and a good range of facilities as the two most important criteria in selecting a home. The Edge Property has compiled a list of condos that match respondents criteria. These condos shoebox units were excluded have average transacted prices so far this year that fall within the sweet spot of $1 million to $1.5 million. Moreover, the list comprises condos with at least 150 units to ensure the developments are of substantial enough size to offer a good range of facilities. The condos are located in the cityfringe area, which offers a good balance between proximity to the city centre and affordability. E A total of 227 units were sold at a median price of $1,440 psf when The Poiz Residences was launched in November 2015 The Poiz Residences The Poiz Residences is a mixed-use development by MCC Land. It is adjacent to the Potong Pasir MRT station and comprises 731 residential units and 84 shops. A total of 227 residential units were sold at a median $1,440 psf when it was launched in November The average transacted price so far in 2016 is $1.3 million, or $1,346 psf. Based on the latest URA developer sales data, there are still 189 units available for sale. SAMUEL ISAAC CHUA/THE EDGE SINGAPORE Sims Urban Oasis Sims Urban Oasis is a 1,024-unit condominium by GuocoLand. The development sits on a 2.4ha site located about 400m from the Aljunied MRT station and in the vicinity of the upcoming Mattar MRT station of the Downtown line. Sims Urban Oasis was launched in February 2015, when 112 units were sold at a median price of $1,397 psf. The strong sales momentum has continued, with an average of 31 units sold monthly since the launch. Based on URA caveat data as at Oct 10, 180 units have been sold so far this year at an average price of $1,365 psf. Transacted prices so far in 2016 have ranged from $666,660 to $733,000 for one-bedroom units, $840,000 to $1.12 million for two-bedroom units, $1.19 million to $1.38 million for three-bedroom units and $1.32 million to $1.6 million for four-bedroom units. Sims Urban Oasis by GuocoLand is located one stop away from the Paya Lebar MRT station and five stops away from the Raffles Place MRT station GUOCOLAND SAMUEL ISAAC CHUA/THE EDGE SINGAPORE Sturdee Residences Sturdee Residences is located in the vicinity of the Farrer Park MRT station and City Square Mall. The 305-unit condo is developed by Sustained Land. A total of 126 units were sold at a median price of $1,620 psf when the condo was launched in April. The average price for units sold so far this year is $1.17 million, or $1,539 psf. Based on the latest developer sales data released by URA, the developer has 120 remaining units available for sale. Thomson Impressions is located near Ai Tong School and comprises 288 units Thomson Impressions At Thomson Impressions, 80 units were sold at a median price of $1,399 psf when it was launched in October The 288-unit development is located near a popular primary school, Ai Tong School, and surrounded by three parks Bishan Park, Lower Peirce Reservoir Park and MacRitchie Reservoir Park. Units sold so far this year have averaged $1.33 million, or $1,411 psf. Some 115 units are still available for sale, according to the latest URA developer sales data. When Gem Residences was launched in May, 312 units were sold at a median price of $1,431 psf Gem Residences Located about 500m from the Braddell MRT station, Gem Residences is a 578-unit condo jointly developed by Gamuda, Evia Real Estate and Maxdin. When it was launched in May, 312 units were sold at a median price of $1,431 psf. The average transacted price so far this year is $1.02 million, or $1,420 psf. A total of 256 units are still available for sale at the development, based on the latest data from URA. The average price for units sold at Sturdee Residences so far this year is $1.17 million, or $1,539 psf

7 THEEDGE SINGAPORE OCTOBER 17, 2016 EP7 PROPERTY PICKS The Venue Residences The Venue Residences is a mixed-use project by City Developments and Hong Leong Holdings. The 266-unit development is located about 300m from the Potong Pasir MRT station. The average transacted price so far this year is $1.36 million, or $1,401 psf. Based on URA developer sales data, the developer has 121 remaining units available for sale. CITY DEVELOPMENTS THE EDGE SINGAPORE Regent Residences Completed in 2015, Regent Residences is a 180- unit freehold development located about 600m from the Boon Keng MRT station. Prices have averaged $1.06 million, or $1,355 psf, so far this year. Monthly rents so far this year have averaged $1,987 for one-bedroom units and $2,580 for two-bedroom units. The average transacted price at The Venue Residences so far this year is $1.36 million, or $1,401 psf. Eight Riversuites At Eight Riversuites, located about 500m from the Boon Keng MRT station, 192 units were sold at a median psf price of $1,340 when it was launched in May Developed by United Engineers Developments, Eight Riversuites comprises 843 non-landed and 19 strata landed homes. Prices have averaged $1.41 million, or $1,272 psf, so far this year. According to the developer, there are 15 strata landed units between 2,800 and 3,000 sq ft available for sale. Monthly rents at Eight Riversuites so far this year have averaged $2,199 for one-bedroom units and $2,652 for two-bedroom units. The Shore Residences was completed in 2014 and comprises 408 units The Shore Residences The Shore Residences is a 408-unit condo located 500m from the upcoming Marine Parade MRT station. The development by Far East Organization was completed in Prices have averaged $1.46 million, or $1,498 psf, so far this year. Average monthly rents at The Shore Residences so far this year are $2,932 for one-bedroom units and $3,978 for two-bedroom units. Prices at Regent Residences have averaged $1.06 million, or $1,355 psf, so far this year Nin Residence Nin Residence is a 219-unit development by Qingjian Realty. It is located across the road from the Potong Pasir MRT station and was completed in Based on transactions so far this year, the average price is $1.48 million, or $1,288 psf. Monthly rents so far this year have averaged $2,223 for one-bedroom units and $2,905 for two-bedroom units. Monthly rents at Eight Riversuites so far this year have averaged $2,199 for one-bedroom units and $2,652 for two-bedroom units Completed in 2014, Nin Residence is located across the road from the Potong Pasir MRT station Alexis Completed in 2012, Alexis is a freehold mixed-use development comprising 293 residential units and 21 shop units. The development, jointly developed by Fission Group and Yi Kai Group, is located about 500m from the Queenstown MRT station. All the units at Alexis were snapped up in less than a fortnight when it was launched in February Prices have averaged $1.1 million, or $1,268 psf, so far this year. Average monthly rents so far this year are $2,637 for one-bedroom units and $3,343 for two-bedroom units. THE EDGE SINGAPORE Beacon Heights Located on Mar Thoma Road near Whampoa, Beacon Heights is a 999-year leasehold development completed in Prices have averaged $1.1 million, or $1,024 psf, so far this year. Monthly rents so far this year have averaged $2,123 for one-bedroom units and $2,658 for two-bedroom units. All the units at Alexis were snapped up in less than a fortnight when it was launched in 2009 Average monthly rents at 8@Woodleigh are $1,968 for one-bedroom units and $3,050 for two-bedroom units 8@Woodleigh 8@Woodleigh is located within walking distance of the Woodleigh MRT station. The 330-unit development by Frasers Centrepoint was completed in Based on transactions so far this year, the average price is $1.22 million, or $1,247 psf. Monthly rents so far this year have averaged $1,968 for one-bedroom units and $3,050 for two-bedroom units. A 1,109 sq ft unit at Beacon Heights changed hands at $1 million, or $902 psf, in September

8 EP8 THEEDGE SINGAPORE OCTOBER 17, 2016 COVER STORY Boutique developer s lament Kenny Tan of Link (THM) talks about the challenges in Singapore s property market and how Iskandar Malaysia may eventually live up to expectations Tan: Every business is tough, whether you are a developer or retailer. So, you must be innovative in marketing your products if you want to stand out from the crowd. BY CECILIA CHOW Dressed in a monochromatic striped sweater and ensconced in one of the snug leather armchairs in his office, Kenny Tan, chairman and CEO of Link (THM) Group, says: The property market is very challenging. For boutique developers such as Link (THM), the property cooling measure that has had the most bite is the one requiring them to complete a development and sell all the units within three years of acquiring a site. That is one of the conditions developers have to fulfil in order to be eligible for a remission on the additional buyer s stamp duty (ABSD) of 10% for sites purchased from January 2011; and of 15% for those bought from January The three-year time frame applies to development sites with fewer than five houses, and that is the market segment in which most niche developers such as Link (THM) are active. The company was not spared the penalty in its most recent project: a pair of detached houses at 7 and 7A Namly View. No 7 sits on a 5,186 sq ft plot and has a built-up area of 7,084 sq ft, while No 7A sits on a 6,071 sq ft parcel and has a built-up area of 7,395 sq ft. However, Tan had already factored in the ABSD in his initial project feasibility study. This is a premium location, and we believe in building good-quality houses, he says. In a buyer s market, we know it will take time to sell the homes. Both houses have an identical layout, with four levels including a basement and attic. As the site is elevated, the basement, which houses a lap pool and covered garage, is at street level. The garage has been designed to accommodate up to six cars. The house has five bedrooms, including a guest bedroom, on the first level; a master suite on the attic level; a roof terrace and a living room with double-volume ceiling height of 6.2m. There is also the added convenience of a home lift. The two houses were completed in June and put on the market. No 7A was sold for $12.68 million ($2,091 psf), according to a caveat lodged in July. The buyer is believed to be a Singaporean couple living in the neighbourhood who is downsizing from a larger bungalow. The sale was brokered by K H Tan, managing director and founder of luxury home specialist Newsman Realty. The attraction for many buyers is the fact that the basement carpark is big enough for six cars, compared with most small bungalows, which can only fit two cars in the garage, he says. According to Newsman s Tan, the views from the roof terrace are unparalleled given the site s elevation. A lot of attention has also been paid to the design and finishing of the house, for instance, the use of teak wood for the doors, staircase and bedroom floors; marble flooring for the living, dining and powder rooms and master bathroom; as well as fully fitted kitchen with appliances including a dishwasher. Very taxing for small developer The price tag on No 7 is $14.5 million ($2,796 psf). Link (THM) s Tan says: Land prices are not cheap. Still, all successful businessmen aspire to own a landed property so they can pass it down to their children. A freehold title is therefore very important. The two houses sit on an 11,248 sq ft freehold site where a bungalow built 37 years ago once stood. The bungalow was demolished subsequent to its purchase by Link-THM, which paid $16.28 million ($1,447 psf) for the site, according to a caveat lodged in August The detached house at 7 Namly View is one of two recently completed by Link (THM) and on the market for $14.5 million In order for the 15% ABSD to be remitted, Link (THM) would have had to complete the development and sell both houses at Namly View by August 2016, three years after the purchase of the site. This requirement is very taxing for a small developer, laments Tan. For private condominiums, a developer can build a sales gallery and showflats, then launch the project for sale even prior to completion. When it comes to landed property, the developer has to complete at least one unit as a show house first so that buyers can visualise the space, says Tan. But the construction period for both private condos and landed homes is about the same three years, he adds. The government should reconsider this ABSD rule as it will provide relief for small developers. However, he is resigned to the fact that the ABSD is here to stay for the time being. It s already part and parcel of our business, he says. No doubt the market is challenging, and the ABSD is a constraint, but we are always finding innovative ways to grow our business. A consolation is that activity in the landed housing segment has picked up across all property types, says William Wong, managing director of landed housing specialist Realstar Premier Group. This is because houses are The living room at 7 Namly View has a 6.2m ceiling PICTURES: SAMUEL ISAAC CHUA/THE EDGE SINGAPORE more attractively priced today and those who have been searching for the past one or two years are now finding it worthwhile to purchase. A large proportion of the houses on the market are brand new and offered by developers faced with the government-imposed time constraint, he adds. Searching for suitable sites Developers who have sold down their inventory are now back on the market looking for land, says Realstar s Wong. The focus, however, is on old, landed sites for redevelopment rather than subdivision of a large piece of land. Their concern is still the ABSD if they are not able to sell all the units within the three-year time frame, he says. Link (THM) s Tan continues to hunt for suitable development sites to purchase. His focus is in neighbourhoods he is familiar with and where he has developed projects in the past Holland Road and Bukit Timah Road in prime Districts 10 and 11, and Goodman Road in the Mountbatten-Katong area in prime District 15. He will continue to focus on developing landed homes, particularly semi-detached and detached houses. In August last year, Link (THM) purchased a partly completed Good Class Bungalow at 15 Binjai Rise for $13 million at an auction by Colliers International. The GCB was a foreclosed property sitting on a freehold site of 17,035 sq ft. Tan s purchase price translates to $763 psf. Most homebuyers would hesitate to buy a bungalow that is half built. Not Tan. He had no hesitation as a developer. I have a passion for design, he says. And I see completing the GCB as an opportunity to not only enhance the property but also the neighbourhood. The GCB at Binjai Rise will only be launched for sale when it is completed, he adds. That could be late this year or early next year. Apart from the two houses at Namly View, Link (THM) also recently completed four semi-detached houses at 1 Dyson Road, just off Whitley Road in District 11; and 58 Ban Guan, a development with four bungalows on Greenleaf Road for which construction is well underway. Another residential project that was completed recently by Link (THM) is SeaSuites, a boutique 52-unit private condo on Pasir Panjang Road. The five-storey block is just a short

9 THEEDGE SINGAPORE OCTOBER 17, 2016 EP9 COVER STORY SAMUEL ISAAC CHUA/THE EDGE SINGAPORE THM One of the four semi-detached houses at 1 Dyson developed by Link (THM) and recently completed The 52-unit private condominium SeaSuites at Pasir Panjang was recently completed and only two units remain available walk from the Haw Par Villa MRT station on the Circle Line. The site was a redevelopment of a 16-unit walk-up apartment block that Link (THM) purchased en bloc for $33 million in The project was launched for sale in 2013 and marked Tan s first foray into condo development. The majority of units at SeaSuites are oneand two-bedders of 517 to 1,410 sq ft. Units were sold at prices ranging from $1,458 to $1,784 psf, according to caveats lodged with URA Realis from January to March According to Tan, only two units in the freehold condo are still available for sale. Diversifying beyond residential In recent years, Tan has also diversified beyond residential developments. He ventured into commercial property development when he bought a 66,583 sq ft transitional office site with a 15-year lease on Mohamed Sultan Road, just off Robertson Walk. Instead of developing a single 100,000 sq ft office block, he built six smaller blocks of 10,000 to 24,000 sq ft. The buildings, called Sultan Link, have been leased to tenants such as AXS Pte Ltd, the operator of AXS machines; furniture company Homesfor- Life; and high-end interior design firm Royal Living Singapore. According to Tan, the space at Sultan Link appeals to small and medium-sized companies as they are able to have naming rights to the building. If you take up a 15,000 sq ft office space in a Grade-A building in Raffles Place or Marina Bay, you may be occupying just half a floor or one floor, says Tan. Here, you occupy the whole building and you can put your name on the building. It s a good branding opportunity for these companies. Tan also owns the two Business 1 industrial buildings at 8 and 10 Chang Charn Road, off Leng Kee Road, an area famous for its car showrooms. He had purchased the site at 8 Chang Charn Road in 2006 and developed it into Link (THM) s headquarters. In 2012, he purchased the neighbouring 10 Chang Charn Road and has since redeveloped it into a six-storey building. The first floor of 8 Chang Charn Road is now the showroom for Munich Automobiles BMW Alpina, while the showroom for RUF Automobile, which customises sports cars, is now at 10 Chang Charn Road. Investing in Iskandar Malaysia The biggest project in Link (THM) s portfolio today, however, is its flagship project in Iskandar Malaysia, namely One World Medini, an integrated development with 1.1 million sq ft of retail space, three office blocks and four towers containing a mix of serviced apartments and residences. One World Medini is located near Pinewood Iskandar Malaysia Studios and LegoLand Malaysia Resort, as well as the Sanrio Hello Kitty Town and Thomas Town at Puteri Harbour. According to Tan, the future Nusajaya station for the high-speed rail linking Singapore and Kuala Lumpur is located just a short distance from One World Medini. Link (THM) had ventured into Medini in Iskandar Malaysia in February 2013, committing to develop a mega residential and commercial project with a gross development value of RM2.5 billion, or about $1 billion, based on the prevailing exchange rate then. With the slowdown in Iskandar Malaysia following the property cooling measures by the Malaysian government and fears of a glut in high-rise condos there, some Singapore players have either put their projects on hold or gone back to the drawing board to reconfigure their mix. We are not putting the project on hold, says Tan. Everything has already been finalised and we are not changing our plans. Tan says he is still confident of Medini s prospects as a special economic zone, where companies that have invested there are given corporate tax exemption until at least With the rising cost of doing business in Singapore, it is just a matter of time before more companies relocate some of their operations to Iskandar Malaysia, he adds. He is considering moving some of his operations there in the future as well. In Medini, property investors will also not be subject to a property gains tax, unlike elsewhere in Malaysia, and there is no minimum RM1 million requirement for foreign residential property purchases. Readying for launch Tan says he is close to securing a construction company to handle the building of One World Medini as well as to take an equity stake in the development. Positioned as a tourist attraction, it will feature seven different themes, with each a showcase of the architecture, culture and cuisine of a country. Seven architects will be involved in the project, each one focusing on the traditional architecture of their respective country. The seven themes are Chinese, with architecture based on Zujiajiao, an ancient water town in the suburbs of Shanghai; Europe, with architecture inspired by the Italian Renaissance; India (historic architecture of Jaipur); Japan (streets of Kyoto); Korea (traditional architecture); and the US (American rodeo). There will also be traditional Malay kampong since the project is located in Malaysia. We have put a lot of money into Medini, says Tan. It s a bit slower than usual, but we are proceeding with our project as everything has already been finalised. We are going to kick off construction once we have secured a suitable contractor. Upon finalising the main contractor for the Medini project, Tan intends to launch the strata office units for sale within the next three months. The units are 530 to 630 sq ft. Buyers are given the flexibility of combining units to create a larger floor space. Investors in the office space at One World Medini should benefit from the project s proximity to Pinewood Iskandar Malaysia Studios. There are more than 2,000 SMEs from computer graphics to design and other supporting services catering to the needs of Pinewood Studios, Tan says. These companies would want to be located near Pinewood Studios for convenience, he adds. Pinewood Studios, from the UK, is associated with the Harry Potter, James Bond and Star Wars films among the many movie and television series over the decades. Pinewood Iskandar Malaysia Studios maiden production was the 12-episode Marco Polo Netflix original series. Retail struggles Link-THM is also in the retail business. It s in my blood, says Tan. I m still continuing with that business. He had started in the business by working at his father s handbag shop in People s Park Complex before striking out on his own in He set up a handbag distribution business, operating out of a shophouse on Smith Street. Today, lifestyle brands represented by Link (THM) include Adidas, Havaianas, KEDS, Nike, Puma and Sperry. Link (THM) operates six outlets and stores within stores in malls such as Bugis Plus, Wisma Atria, Tampines One, Jem and Westgate. Tan attributes the dismal retail scene in Singapore to the general global economic slowdown, labour issues, the limited size of the local market and the changing retail scene as more people shop online. The challenge for retailers is that marking down prices alone is not the solution. As a retailer, you can t keep marking down prices because your overheads are fixed, explains Tan. So, your bottom line will be squeezed. Having more factory outlets located away from the prime shopping districts of Singapore could be a solution, he says, giving the example of Johor Premium Outlets in Kulai, which is an hour s drive from Singapore. Tan feels there is potential for more such factory outlets in Iskandar Malaysia, where rents will be much cheaper than in Singapore. This is similar in concept to Gotemba Premium Outlets, located outside Tokyo; and Bicester Village outside London, he says. Every business is tough, whether you are a developer or retailer, he notes. So, you must be innovative in marketing your products if you want to stand out from the crowd. E Artist s impression of Link (THM) s biggest investment, One World Medini in Iskandar Malaysia, which will feature three office blocks and four serviced apartment-cum-residence towers LINK (THM)

10 EP10 THEEDGE SINGAPORE OCTOBER 17, 2016 OFFSHORE Thailand s Sansiri to launch luxury condos in Singapore and Hong Kong MICHAEL LIM/THE EDGE SINGAPORE View of the Thonglor area from the roof of Bangkok Marriott Hotel Sukhumvit BY MICHAEL LIM Apichart Chutrakul, CEO and co-founder of Thailand-listed property developer Sansiri PCL, started launching his Bangkok projects in Singapore and Hong Kong only three years ago. He is happy with the response and even set up a representative office in Singapore last month. Last year, Singaporeans accounted for 8% of foreign buyers in Sansiri s projects and, this year, the figure rose to 10%. Hong Kong buyers still account for the biggest proportion of overseas buyers, even though that has dropped from 60% in 2015 to 46% this year. The number of mainland Chinese buyers more than doubled to 23%, from 10%, of foreign buyers. The rest are a mix of American, Russian and Japanese, making up 5%, 2% and 2% respectively. Given the strong response to its projects so far, Sansiri intends to roll out two more condominiums in a simultaneous pre-sale launch in Hong Kong and Singapore on Oct 22 and 23. Sansiri will start pre-sales for KHUN by YOO in Bangkok on Nov 4; it has sold 25% of The Monument Thong Lo in Bangkok. KHUN by YOO and The Monument Thong Lo are freehold luxury condos located in the Thonglor area in Bangkok. Including these two latest projects, Sansiri has developed six condos in Thonglor, an upscale residential area popular with old-rich Thai families and expatriates. Sansiri s first project in Thonglor was SIRI at Sukhumvit, which was completed in Many of the old houses, shops and commercial buildings have been torn down and redeveloped into high-rise condo blocks, serviced apartments, high-end restaurants, pubs, spas and other entertainment establishments. With rejuvenation taking place in the neighbourhood, demand for land has also increased and, with it, land prices. Twenty years ago, land prices in Thonglor were just THB100,000 psm, says Apichart. Today, they are THB1.5 million psm. Many young affluent Thais have also moved to Thonglor. They like condo living and the proximity to restaurants and amenities. To cater for them, hip restaurants, entertainment hubs and high-end apartments have popped up, says Apichart. Famous international restaurants that have opened in Thonglor include Maison de la Truffe Bangkok, the first Asian branch of the Parisian restaurant famous for its truffles. Renowned Japanese restaurants that have opened their first overseas branches in the area are Mikaku teppanyaki restaurant from Kyoto and Kitaohji from Ginza, which is famous for its multicourse dinners. Other amenities include community malls such as The Market Place, Maze Thonglor and The Commons, as well as international schools (Bangkok Prep School), international hospitals (Samitivej Hospital) and office buildings. However, the most anticipated of all is the proposed MRT Grey line monorail network. One of the new monorail MRT stations is located on Soi 10, a short walk from Sansiri s KHUN by YOO, which is on Soi 12. In addition, there is an MRT station on Soi 25, near The Monument Thong Lo. The location of these two projects should appeal to both end-users and investors, says Cobby Leathers, Sansiri s head of international marketing. PICTURES: SANSIRI KHUN by YOO, comprising a 27-storey tower with 148 residential units, is valued at THB4 billion The lobby of KHUN by YOO, a freehold development on Thong Lo Road

11 THEEDGE SINGAPORE OCTOBER 17, 2016 EP11 OFFSHORE MICHAEL LIM/THE EDGE SINGAPORE MICHAEL LIM/THE EDGE SINGAPORE The Maze Thonglor community mall houses chain restaurants and unique independent stores in a four-storey, open-air dining and shopping space The Market Place community mall is anchored by local supermarket chain Tops Market, Laundry, DHL, Starbucks and Swensen s Apichart: Twenty years ago, land prices in Thonglor were just THB100,000 psm. Today, they are THB1.5 million psm. Leathers says the location of the two projects should appeal to both end-users and investors 72 Courtyard is not only known for its eateries but also as a lifestyle and clubbing hub In a congested city like Bangkok, investors recognise the convenience and price uplift that come from being located near train or monorail stations. Therefore, it makes sense to launch KHUN by YOO and The Monument Thong Lo in Singapore and Hong Kong, notes Leathers. Both projects are jointly developed by BTS Group and Sansiri, which hold equal stakes. KHUN by YOO is a freehold, 27-storey tower with 148 units. The apartments range from one- to three-bedroom units of 447 to 1,615 sq ft. There are also two three-bedroom penthouses of 3,164 to 3,261 sq ft. The starting price for a one-bedroom unit is THB15 million ($580,345). The average psm price for the units is THB390,000. Typical units are fitted with Duravit, Axor and Kohler bathroom accessories and Smeg and Foster kitchen appliances. The two penthouses are fitted with Agape bathroom accessories and Subzero WOLF and MEX kitchen appliances. KHUN by YOO is the first branded residence by YOO Design Studio, founded by property entrepreneur John Hitchcox and renowned designer Philippe Starck. The apartment tower will be completed in The Monument Thong Lo is a freehold 46- storey tower with 127 units. The project comprises a mix of two- and three-bedroom apartments of 1,335 to 2,712 sq ft and three luxurious penthouses of 5,479 to 7,126 sq ft. Prices start from $1.8 million for a two-bedroom unit and $3.4 million for a three-bedroom apartment, and the average psm price is THB350,000. The project is expected to be completed in December At average prices of THB350,000 to THB390,000 psm, KHUN by YOO and The Monument Thong Lo are priced at the top end of the market. According to Apichart, the top-end segment has been less affected by the slowdown in the Bangkok condo market because wealthy Thais are still buying, and they are less affected by the tightening of mortgage criteria by banks. According to CBRE Thailand s latest report, sales of condos launched in mid-town and suburban areas have been slow, owing to the economic slowdown and banks tighter lending requirements. The two outperformers in the lower end of the condo segment are Life Sukhumvit 48, where units were sold at an average of THB98,500 psm, and The Line Asoke-Ratchada, where units were priced at an average of THB170,000 psm. The latter is a joint venture between Sansiri and BTS Group. CBRE estimates that 35% to 40% of units in most new downtown condos have been sold to buy-to-let investors. The most luxurious condo project launched this year was Sansiri s 98 Wireless in collaboration with Ralph Lauren Home. The development recorded the highest sale price in Bangkok so far THB570,000 psm, second only to the Ritz-Carlton branded residences at MahaNakhon, where a penthouse sold to Hong Kong movie star Louis Koo Tin-lok fetched THB480 million. So far, 45% of the 77 units at 98 Wireless have been sold in previews held in Bangkok, Hong Kong and Singapore. The project is scheduled for completion and expected to be launched by year-end. Sansiri will officially launch KHUN by YOO for sale on Nov 3, while the official launch for The Monument Thong Lo is in 1Q2017. E The Monument Thong Lo is located on a section of Thong Lo Road that is closer to Phetchaburi Road The living room of a unit at The Monument Thong Lo

12 EP12 THEEDGE SINGAPORE OCTOBER 17, 2016 DONE DEALS PICTURES: SAMUEL ISAAC CHUA/THE EDGE SINGAPORE Aeon Rocket $534 (U.P. $890) Pharaoh $486 (U.P. $810) Atomheart $477 (U.P. $795) Calabash $279 (U.P. $465) Mingus $279 (U.P. $465) The Orchard Residences is a 175-unit luxury condo tower that sits on top of the ION Orchard mall and the Orchard MRT station Unit at The Orchard Residences sold for $3,679 psf BY TAN CHEE YUEN Sales of high-end homes in Districts 9 and 10 have been picking up in recent weeks, most notably at The Orchard Residences. Over the week of Sept 28 to Oct 4, there were two transactions at The Orchard Residences and OUE Twin Peaks, and both were concluded at prices above $3,000 psf. Most recently, at the 54-storey The Orchard Residences, a 2,174 sq ft, three-bedroom unit on the 51st floor was sold for $8 million ($3,679 psf), according Singapore by postal district to a caveat lodged on Sept 29. On a per sq ft basis, it was the highest since June 2014 when a 2,852 sq ft, four-bedroom unit fetched $10.55 million ($3,699 psf). There were two other transactions at The Orchard Residences last month. One was for a 4,532 sq ft, four-bedroom unit that was sold for $14.7 million ($3,244 psf), while the other was for a 6,060 sq ft, five-bedroom unit that changed hands for $17.5 million ($2,888 psf). Both units come with a private garden, and are located on the ninth floor, the same level as the facilities deck. According to past caveats lodged at The Orchard LOCALITIES DISTRICTS City & Southwest 1 to 8 Orchard/Tanglin/Holland 9 and 10 Newton/Bukit Timah/Clementi 11 and 21 Balestier/MacPherson/Geylang 12 to 14 East Coast 15 and 16 Changi/Pasir Ris 17 and 18 Serangoon/Thomson 19 and 20 West 22 to 24 North 25 to 28 Residential transactions with contracts dated Sept 28 to Oct 4 W. ATELIER Level One, 75 Bukit Timah Road T F enquiry@watelier.com Opening Hours 10am - 6pm, Mondays to Saturdays watelier.com Find us on LAND AREA/ NETT UNIT FLOOR AREA TRANSACTED PRICE PRICE COMPLETION TYPE OF PROJECT PROPERTY TYPE TENURE SALE DATE (SQ FT) PRICE ($) ($) ($ PSF) DATE SALE District 1 THE CLIFT Apartment 99 years Sept 29, ,110,000-2, Resale THE MARINA BAY Apartment 99 years Sept 28, ,485,000-1, Resale District 3 ALEX RESIDENCES Apartment 99 years Sept 30, ,714,452-1,852 Uncompleted New Sale District 4 COVE DRIVE Detached 99 years Sept 29, ,127 9,000,000-1, Resale REFLECTIONS AT KEPPEL BAY Condominium 99 years Sept 30, ,528 2,700,000-1, Resale District 5 HERITAGE VIEW Condominium 99 years Sept 28, ,200,000-1, Resale REGENT PARK Condominium 99 years Sept 30, ,000-1, Resale SPRINGWOOD Terrace Freehold Oct 03, ,541 3,680,000-1, Resale THE PARC CONDOMINIUM Condominium Freehold Sept 28, ,302 1,550,000-1, Resale THE TRILINQ Condominium 99 years Sept 29, ,284,000-1,403 Uncompleted New Sale THE TRILINQ Condominium 99 years Sept 29, ,044 1,405,000-1,346 Uncompleted New Sale THE TRILINQ Condominium 99 years Sept 30, ,044 1,480,000-1,417 Uncompleted New Sale District 7 THE BENCOOLEN Apartment 99 years Sept 29, ,184 1,500,000-1, Resale District 8 STURDEE RESIDENCES Condominium 99 years Sept 28, ,080,000-1,498 Uncompleted New Sale STURDEE RESIDENCES Condominium 99 years Sept 30, ,097,300-1,671 Uncompleted New Sale

13 THEEDGE SINGAPORE OCTOBER 17, 2016 EP13 DONE DEALS Residences so far, there have been seven transactions this year, compared with just four in Some reckon the pick-up in deals this year could be due to the construction of the Orchard Boulevard MRT station on the Thomson-East Coast Line located next door. Units on the lower floors may be more affected by the construction work, says Dominic Lee, PropNex group district director. However, Lee says the price of $3,679 psf for the unit on the 51st level represents a good buy, as many of the high-floor units were sold at prices above $4,000 psf at the height of the market. In fact, the four penthouses on the 54th floor were all sold at prices from $5,000 psf in 2007, when the project was first launched. Only one caveat was lodged for one of the penthouses, that of the 4,273 sq ft unit that was sold for $21.37 million ($5,000 psf). The other three penthouses were sold at $5,400 psf, $5,500 psf and $5,600 psf, with absolute prices of up to $28 million. The Orchard Residences, despite its 99-year leasehold tenure, continues to be sought after today, says Samuel Eyo, managing director of Singapore Christie s International Real Estate. Developed jointly by CapitaLand and Sun Hung Kai Properties, the 175-unit luxury condo tower sits on top of the ION Orchard mall and the Orchard MRT station on the North-South Line. The Orchard Residences was completed in 2010, a year after ION Orchard opened. Eyo sees the construction of the Orchard Boulevard MRT station as just a temporary inconvenience. When it is completed, residents will benefit from the future MRT station. For buyers entering at prices today, there is a possibility of future capital appreciation, he says. The residents of OUE Twin Peaks will likewise benefit from its proximity to the Orchard Boulevard MRT station, says PropNex s Lee. The 462- unit OUE Twin Peaks was launched in April with an innovative deferred payment scheme that other developers soon replicated. OUE Twin Peaks is also the first development in Singapore to offer fully furnished residences. Both 35-storey towers at OUE Twin Peaks are identical and each contains 231 units. The first tower is The 99-year leasehold OUE Twin Peaks is a redevelopment of the former Grangeford condo that OUE purchased en bloc in 2007 almost fully sold and has just a handful of units still available. Units in the second tower were released towards end-july, and so far, about 100 units have been snapped up. When the first tower was launched, some of the lower-floor units may have been sold at prices ranging from $2,100 to $2,300 psf. However, several units have since been sold at prices above $3,000 psf. Most recently, a 570 sq ft, one-bedroom unit on the 19th floor was sold for $1.74 million ($3,050 psf), according to a caveat lodged on Sept 29. A week earlier, an adjacent unit of 570 sq ft fetched $1.76 million ($3,076 psf). The 99-year leasehold OUE Twin Peaks is a redevelopment of the former Grangeford condo that OUE purchased en bloc in The project appeals to investors as they can rent out the units immediately, says PropNex s Lee. E Caravaggio $183 (U.P. $305) Juicy $525 (U.P. $875) Concert $417 (U.P. $695) Orient $444 (U.P. $740) Residential transactions with contracts dated Sept 28 to Oct 4 LAND AREA/ NETT UNIT FLOOR AREA TRANSACTED PRICE PRICE COMPLETION TYPE OF PROJECT PROPERTY TYPE TENURE SALE DATE (SQ FT) PRICE ($) ($) ($ PSF) DATE SALE District 9 MARTIN PLACE RESIDENCES Condominium Freehold Sept 29, ,044 2,038,000-1, Resale ORCHARD TOWERS Apartment Freehold Oct 04, ,970 2,680,000-1, Resale OUE TWIN PEAKS Condominium 99 years Sept 29, ,740,000-3, Resale RIVERGATE Apartment Freehold Sept 28, ,088 4,100,000-1, Resale SOPHIA HILLS Condominium 99 years Oct 02, ,296,000-1,852 Uncompleted New Sale THE BOUTIQ Apartment Freehold Sept 29, ,582 2,140,000-1, Resale THE ORCHARD RESIDENCES Apartment 99 years Sept 29, ,174 8,000,000-3, Resale District 10 D LEEDON Condominium 99 years Sept 28, ,256,000-1, Resale D LEEDON Condominium 99 years Sept 30, ,238,000-1, Resale DUCHESS RESIDENCES Condominium 999 years Sept 28, ,485 2,408,000-1, Resale HOLLAND MEWS Apartment Freehold Oct 03, ,249 1,950,000-1, Resale HOOT KIAM ROAD Terrace Freehold Sept 28, ,625 2,880,000-1,778 Unknown Resale LAUREL WOOD AVENUE Terrace 99 years Sept 28, ,175 2,850, Resale MOONBEAM DRIVE Semi-Detached 999 years Sept 30, ,381 5,500,000-1,256 Unknown Resale NASSIM PARK RESIDENCES Condominium Freehold Sept 30, ,175 11,050,000-3, Resale NASSIM PARK RESIDENCES Condominium Freehold Oct 03, ,878 21,200,000-3, Resale ORION Apartment Freehold Oct 04, ,507 3,050,000-2, Resale ROBIN SUITES Apartment Freehold Sept 30, ,000-2, New Sale THE LEVELZ Condominium Freehold Oct 04, ,180,000-1, Resale THREE BALMORAL Apartment Freehold Oct 01, ,338,000-2, New Sale District 11 MIRO Apartment Freehold Sept 30, ,346 2,000,000-1, Resale NOVENA LODGE Condominium Freehold Sept 28, ,312,000-1, Resale WATTEN RESIDENCES Semi-Detached Freehold Sept 28, ,822 4,000, Resale District 12 KEMAMAN POINT Apartment Freehold Oct 03, ,292 1,310,000-1, Resale PAPILLON Apartment Freehold Sept 28, ,787 1,455, Resale THE CITRINE Apartment Freehold Sept 28, ,324 1,525,000-1, Resale District 13 BARTLEY RIDGE Condominium 99 years Sept 28, ,233,600-1,273 Uncompleted New Sale R MAISON Apartment Freehold Sept 30, ,324 1,830,000-1, New Sale THE POIZ RESIDENCES Apartment 99 years Sept 28, ,152 1,576,000-1,368 Uncompleted New Sale THE POIZ RESIDENCES Apartment 99 years Sept 30, ,195 1,193, Uncompleted New Sale THE VENUE RESIDENCES Apartment 99 years Sept 28, ,208,000-1,421 Uncompleted New Sale THE VENUE RESIDENCES Apartment 99 years Sept 28, ,152 1,569,960-1,363 Uncompleted New Sale THE VENUE RESIDENCES Apartment 99 years Oct 01, ,195,845-1,406 Uncompleted New Sale THE VENUE RESIDENCES Apartment 99 years Oct 01, ,192,170-1,402 Uncompleted New Sale THE VENUE RESIDENCES Apartment 99 years Oct 02, ,152 1,574,370-1,367 Uncompleted New Sale District 14 CENTRAL IMPERIAL Apartment Freehold Sept 30, ,000-1, Sub Sale GROSVENOR VIEW Condominium Freehold Sept 30, ,030,000-1, Resale MILLAGE Apartment Freehold Oct 03, ,000-1, Sub Sale SIMS URBAN OASIS Condominium 99 years Sept 29, ,108,000-1,410 Uncompleted New Sale SIMS URBAN OASIS Condominium 99 years Oct 01, ,000-1,326 Uncompleted New Sale District 15 DAWN VILLE Apartment Freehold Oct 03, ,206 1,360,000-1, Resale EAST COAST PARK Terrace Freehold Oct 03, ,647 2,600,000-1,584 Unknown Resale GRAND DUCHESS AT ST PATRICK S Condominium Freehold Oct 04, ,573 2,850,000-1, Resale W. ATELIER Level One, 75 Bukit Timah Road T F enquiry@watelier.com Opening Hours 10am - 6pm, Mondays to Saturdays watelier.com Find us on Volume $219 (U.P. $365) CONTINUES NEXT PAGE

14 EP14 THEEDGE SINGAPORE OCTOBER 17, 2016 DONE DEALS FROM PREVIOUS PAGE Residential transactions with contracts dated Sept 28 to Oct 4 LAND AREA/ NETT UNIT FLOOR AREA TRANSACTED PRICE PRICE COMPLETION TYPE OF PROJECT PROPERTY TYPE TENURE SALE DATE (SQ FT) PRICE ($) ($) ($ PSF) DATE SALE MARSHALL ROAD Semi-Detached Freehold Sept 28, ,941 4,600, Unknown Resale BRANKSOME ROAD Detached Freehold Oct 03, ,134 10,300,000-2, Resale LANGSAT ROAD Terrace Freehold Oct 03, ,744 1,750,000-1,002 Unknown Resale EAST COAST DRIVE Semi-Detached Freehold Oct 03, ,363 7,250, Resale OLA RESIDENCES Condominium Freehold Sept 30, ,636 2,165,000-1, Resale ONE AMBER Condominium Freehold Oct 03, ,259 1,780,000-1, Resale OPERA ESTATE Terrace Freehold Sept 30, ,604 2,980,000-1,863 Unknown Resale PARK EAST Condominium Freehold Sept 30, ,722 2,040,000-1, Resale PEBBLE BAY Condominium 99 years Sept 28, , , Resale SANDALWOOD Apartment Freehold Oct 03, ,080,000-1, Resale SEASIDE PARK Terrace Freehold Oct 03, ,798 2,900,000-1,617 Unknown Resale THE ESTA Condominium Freehold Sept 30, ,001 1,480,000-1, Resale THE SEA VIEW Condominium Freehold Oct 03, ,518 2,400,000-1, Resale THE SEAFRONT ON MEYER Condominium Freehold Oct 04, ,604 2,483,500-1, Resale District 16 JALAN CHEMPAKA KUNING Terrace 70 years Sept 28, , , Unknown Resale PARBURY HILL CONDOMINIUM Condominium Freehold Sept 29, ,206 1,280,000-1, Resale THE GLADES Condominium 99 years Sept 29, ,066 1,500,000-1,408 Uncompleted New Sale THE GLADES Condominium 99 years Sept 30, ,000-1,442 Uncompleted New Sale THE GLADES Condominium 99 years Sept 30, ,000-1,408 Uncompleted New Sale THE GLADES Condominium 99 years Oct 01, ,000-1,437 Uncompleted New Sale THE GLADES Condominium 99 years Oct 01, ,033 1,418,000-1,372 Uncompleted New Sale THE GLADES Condominium 99 years Oct 02, ,330,000-1,343 Uncompleted New Sale WATERFRONT ISLE Condominium 99 years Sept 28, ,152 1,225,000-1, Sub Sale District 17 ASTON RESIDENCE Detached 946 years Oct 03, ,715 2,000, Resale District 18 CHANGI RISE CONDOMINIUM Condominium 99 years Oct 03, ,259 1,040, Resale COCO PALMS Condominium 99 years Sept 29, ,259 1,330,000-1,056 Uncompleted New Sale D NEST Condominium 99 years Sept 28, ,410 1,411,020-1,001 Uncompleted New Sale NV RESIDENCES Condominium 99 years Sept 29, ,000-1, Resale ELIAS Condominium 99 years Sept 28, , , Resale SEA ESTA Condominium 99 years Sept 28, , , Resale SEA ESTA Condominium 99 years Oct 03, ,000-1, Resale THE ALPS RESIDENCES Condominium 99 years Oct 02, ,000-1,160 Uncompleted New Sale THE ALPS RESIDENCES Condominium 99 years Oct 02, ,000-1,154 Uncompleted New Sale THE ALPS RESIDENCES Condominium 99 years Oct 02, ,000-1,151 Uncompleted New Sale THE ALPS RESIDENCES Condominium 99 years Oct 02, ,000-1,148 Uncompleted New Sale THE ALPS RESIDENCES Condominium 99 years Oct 02, ,000-1,143 Uncompleted New Sale THE ALPS RESIDENCES Condominium 99 years Oct 02, ,000-1,137 Uncompleted New Sale THE ALPS RESIDENCES Condominium 99 years Oct 02, ,000-1,125 Uncompleted New Sale THE ALPS RESIDENCES Condominium 99 years Oct 02, ,000-1,124 Uncompleted New Sale THE ALPS RESIDENCES Condominium 99 years Oct 02, ,000-1,119 Uncompleted New Sale THE ALPS RESIDENCES Condominium 99 years Oct 02, ,000-1,101 Uncompleted New Sale THE ALPS RESIDENCES Condominium 99 years Oct 02, ,000-1,095 Uncompleted New Sale THE ALPS RESIDENCES Condominium 99 years Oct 02, ,000-1,082 Uncompleted New Sale THE ALPS RESIDENCES Condominium 99 years Oct 02, ,000-1,076 Uncompleted New Sale THE ALPS RESIDENCES Condominium 99 years Oct 02, ,275-1,059 Uncompleted New Sale THE ALPS RESIDENCES Condominium 99 years Oct 02, ,000-1,053 Uncompleted New Sale THE ALPS RESIDENCES Condominium 99 years Oct 02, ,000-1,052 Uncompleted New Sale THE ALPS RESIDENCES Condominium 99 years Oct 02, ,000-1,048 Uncompleted New Sale THE ALPS RESIDENCES Condominium 99 years Oct 02, ,000-1,042 Uncompleted New Sale THE ALPS RESIDENCES Condominium 99 years Oct 02, ,000-1,042 Uncompleted New Sale THE ALPS RESIDENCES Condominium 99 years Oct 02, ,000-1,036 Uncompleted New Sale THE ALPS RESIDENCES Condominium 99 years Oct 02, ,000-1,031 Uncompleted New Sale THE ALPS RESIDENCES Condominium 99 years Oct 02, ,000-1,025 Uncompleted New Sale THE ALPS RESIDENCES Condominium 99 years Oct 02, ,395-1,025 Uncompleted New Sale THE ALPS RESIDENCES Condominium 99 years Oct 02, ,000-1,020 Uncompleted New Sale THE ALPS RESIDENCES Condominium 99 years Oct 02, ,000-1,019 Uncompleted New Sale THE ALPS RESIDENCES Condominium 99 years Oct 02, ,000-1,019 Uncompleted New Sale THE ALPS RESIDENCES Condominium 99 years Oct 02, ,000-1,013 Uncompleted New Sale THE ALPS RESIDENCES Condominium 99 years Oct 02, ,000-1,008 Uncompleted New Sale THE ALPS RESIDENCES Condominium 99 years Oct 02, ,087 1,087,000-1,000 Uncompleted New Sale THE ALPS RESIDENCES Condominium 99 years Oct 02, , Uncompleted New Sale THE ALPS RESIDENCES* Condominium 99 years Oct 02, ,776 1,759, Uncompleted New Sale THE SANTORINI Condominium 99 years Sept 30, ,000-1,059 Uncompleted New Sale THE SANTORINI Condominium 99 years Sept 30, ,090-1,039 Uncompleted New Sale THE SANTORINI Condominium 99 years Oct 01, ,000-1,046 Uncompleted New Sale THE SANTORINI Condominium 99 years Oct 01, ,000-1,016 Uncompleted New Sale THE SANTORINI Condominium 99 years Oct 02, ,640-1,194 Uncompleted New Sale THE SANTORINI Condominium 99 years Oct 02, ,152 1,150, Uncompleted New Sale VUE 8 RESIDENCE Condominium 99 years Oct 01, ,000-1,117 Uncompleted New Sale District 19 BELLEWATERS EC 99 years Sept 28, , , Uncompleted New Sale CASA ESPANIA Apartment Freehold Sept 29, ,668 1,430, Resale CHERRYHILL Condominium Freehold Oct 04, ,044 1,050,000-1, Resale CHUAN GREEN Semi-Detached 99 years Sept 29, ,972 2,540, Resale KINGSFORD WATERBAY Apartment 99 years Sept 30, , Uncompleted New Sale KINGSFORD WATERBAY Apartment 99 years Oct 01, ,900-1,224 Uncompleted New Sale KINGSFORD WATERBAY Apartment 99 years Oct 02, ,000-1,180 Uncompleted New Sale KINGSFORD WATERBAY Apartment 99 years Oct 02, ,000-1,174 Uncompleted New Sale KINGSFORD WATERBAY Apartment 99 years Oct 02, ,780-1,108 Uncompleted New Sale KINGSFORD WATERBAY Apartment 99 years Oct 02, , Uncompleted New Sale KINGSFORD WATERBAY Apartment 99 years Oct 02, , Uncompleted New Sale EE TEOW LENG ROAD Terrace Freehold Oct 03, ,077 2,750,000-1,321 Unknown Resale PARK RESIDENCES KOVAN Apartment Freehold Sept 30, ,000-1, Resale REGENTVILLE Apartment 99 years Sept 29, , , Resale RIO VISTA Condominium 99 years Sept 28, , , Resale RIVERVALE CREST Apartment 99 years Oct 03, , , Resale 813 Apartment Freehold Oct 03, ,000-1, Resale SERANGOON GARDEN ESTATE Terrace 999 years Sept 29, ,799 3,800,000-1,356 Unknown Resale SERANGOON GARDEN ESTATE Terrace 999 years Sept 29, ,799 2,660, Unknown Resale SERANGOON GARDEN ESTATE Terrace 999 years Oct 03, ,799 3,380,000-1, Resale STARS OF KOVAN Apartment 99 years Sept 30, ,138,960-1,411 Uncompleted New Sale STARS OF KOVAN Apartment 99 years Oct 01, ,089,940-1,468 Uncompleted New Sale STARS OF KOVAN Apartment 99 years Oct 01, ,398,450-1,444 Uncompleted New Sale STARS OF KOVAN Apartment 99 years Oct 01, ,028,020-1,273 Uncompleted New Sale STARS OF KOVAN Apartment 99 years Oct 02, ,029,740-1,386 Uncompleted New Sale STARS OF KOVAN Apartment 99 years Oct 02, ,010,820-1,361 Uncompleted New Sale TERRASSE Condominium 99 years Sept 30, ,030,000-1, Resale THE AMORE EC 99 years Sept 28, , , Uncompleted New Sale THE LUXURIE Condominium 99 years Sept 30, ,000-1, Resale THE QUARTZ Condominium 99 years Oct 04, , , Resale THE TEMBUSU Condominium Freehold Oct 02, , ,000 1, New Sale THE TERRACE EC 99 years Sept 28, , , , Uncompleted New Sale THE TERRACE EC 99 years Sept 28, , , , Uncompleted New Sale THE TERRACE EC 99 years Sept 28, , , , Uncompleted New Sale THE TERRACE EC 99 years Sept 29, , , , Uncompleted New Sale LAND AREA/ NETT UNIT FLOOR AREA TRANSACTED PRICE PRICE COMPLETION TYPE OF PROJECT PROPERTY TYPE TENURE SALE DATE (SQ FT) PRICE ($) ($) ($ PSF) DATE SALE THE TERRACE EC 99 years Sept 29, , , , Uncompleted New Sale THE TERRACE EC 99 years Oct 01, , , , Uncompleted New Sale THE TERRACE EC 99 years Oct 01, , , , Uncompleted New Sale THE TERRACE EC 99 years Oct 01, , , , Uncompleted New Sale THE TERRACE EC 99 years Oct 02, , , , Uncompleted New Sale THE TERRACE EC 99 years Oct 02, , , , Uncompleted New Sale THE VALES EC 99 years Sept 28, , Uncompleted New Sale THE VALES EC 99 years Sept 29, , , Uncompleted New Sale THE VALES EC 99 years Sept 29, ,410 1,048, Uncompleted New Sale TREASURE CREST EC 99 years Sept 29, , , Uncompleted New Sale TREASURE CREST EC 99 years Sept 29, , , Uncompleted New Sale TREASURE CREST EC 99 years Oct 01, , , Uncompleted New Sale TREASURE CREST EC 99 years Oct 02, , , Uncompleted New Sale TRILIVE Condominium Freehold Oct 02, ,088,000-1,685 Uncompleted New Sale TRILIVE Condominium Freehold Oct 02, ,000-1,628 Uncompleted New Sale TRILIVE Condominium Freehold Oct 02, ,358,000-1,502 Uncompleted New Sale WATERTOWN Apartment 99 years Sept 28, ,000-1,187 Uncompleted Sub Sale District 20 BISHAN LOFT EC 99 years Sept 30, ,141 1,315,000-1, Resale SEASONS VIEW Condominium 99 years Oct 03, ,141 1,180,000-1, Resale THE PANORAMA Condominium 99 years Sept 28, ,001 1,255,034-1,254 Uncompleted New Sale THE PANORAMA Condominium 99 years Sept 28, ,141 1,402,695-1,229 Uncompleted New Sale THE PANORAMA Condominium 99 years Sept 30, ,163 1,461,290-1,257 Uncompleted New Sale THE PANORAMA Condominium 99 years Sept 30, ,141 1,384,982-1,214 Uncompleted New Sale THE PANORAMA Condominium 99 years Sept 30, ,012 1,203,269-1,189 Uncompleted New Sale THOMSON GARDEN ESTATE Terrace Freehold Sept 28, ,561 1,800,000-1,156 Unknown Resale THOMSON IMPRESSIONS Apartment 99 years Sept 29, ,062,500-1,452 Uncompleted New Sale THOMSON IMPRESSIONS Apartment 99 years Sept 30, ,200-1,562 Uncompleted New Sale THOMSON IMPRESSIONS Apartment 99 years Sept 30, ,057,500-1,445 Uncompleted New Sale THOMSON IMPRESSIONS Apartment 99 years Sept 30, ,195 1,610,000-1,348 Uncompleted New Sale THOMSON IMPRESSIONS Apartment 99 years Oct 01, ,550-1,613 Uncompleted New Sale THOMSON IMPRESSIONS Apartment 99 years Oct 01, ,000-1,527 Uncompleted New Sale District 21 MAPLEWOODS Condominium Freehold Sept 28, ,787 2,388,000-1, Resale MAPLEWOODS Condominium Freehold Sept 29, ,917 4,300,000-1, Resale TOH YI DRIVE Detached Freehold Oct 01, ,413 3,650, Resale SPRINGDALE CONDOMINIUM Condominium 999 years Sept 29, ,119 1,139,888-1, Resale THE BUKIT Condominium Freehold Oct 01, ,668 2,053,072-1,231 Uncompleted New Sale District 22 LAKE GRANDE Condominium 99 years Sept 28, ,302 1,779,000-1,366 Uncompleted New Sale LAKE GRANDE Condominium 99 years Oct 01, ,249,000-1,319 Uncompleted New Sale LAKE GRANDE Condominium 99 years Oct 01, ,000-1,287 Uncompleted New Sale LAKE GRANDE Condominium 99 years Oct 02, ,040,000-1,342 Uncompleted New Sale LAKE GRANDE Condominium 99 years Oct 02, ,251,000-1,277 Uncompleted New Sale LAKEVILLE Condominium 99 years Oct 01, ,302 1,706,453-1,310 Uncompleted New Sale THE LAKESHORE Condominium 99 years Sept 29, ,000-1, Resale District 23 DAIRY FARM ESTATE Condominium Freehold Sept 28, ,389 1,580,000-1, Resale ESPA Condominium 999 years Sept 30, ,679 1,368, Resale GLENDALE PARK Condominium Freehold Sept 29, ,313 1,320,000-1, Resale HILLION RESIDENCES Apartment 99 years Sept 30, ,080-1,389 Uncompleted New Sale KINGSFORD.HILLVIEW PEAK Condominium 99 years Oct 02, ,000-1,381 Uncompleted New Sale KINGSFORD.HILLVIEW PEAK Condominium 99 years Oct 02, ,249 1,591,218-1,274 Uncompleted New Sale KINGSFORD.HILLVIEW PEAK Condominium 99 years Oct 02, ,000-1,175 Uncompleted New Sale MERALODGE Condominium Freehold Sept 30, ,776 1,600, Resale REGENT GROVE Condominium 99 years Sept 28, , , Resale SOL ACRES EC 99 years Sept 28, , , Uncompleted New Sale SOL ACRES EC 99 years Sept 29, , , Uncompleted New Sale SOL ACRES EC 99 years Sept 29, , , Uncompleted New Sale SOL ACRES EC 99 years Sept 30, , , Uncompleted New Sale SOL ACRES EC 99 years Oct 01, , , Uncompleted New Sale WANDERVALE EC 99 years Sept 28, , , Uncompleted New Sale WANDERVALE EC 99 years Sept 29, , , Uncompleted New Sale WANDERVALE EC 99 years Sept 30, , , Uncompleted New Sale WANDERVALE EC 99 years Sept 30, , Uncompleted New Sale WANDERVALE EC 99 years Sept 30, , , Uncompleted New Sale WANDERVALE EC 99 years Sept 30, , , Uncompleted New Sale WANDERVALE EC 99 years Sept 30, , , Uncompleted New Sale WANDERVALE EC 99 years Sept 30, , , Uncompleted New Sale WANDERVALE EC 99 years Oct 01, , , Uncompleted New Sale District 25 NORTHOAKS EC 99 years Sept 29, , , Resale PARC ROSEWOOD Condominium 99 years Oct 03, ,000-1, Resale District 26 THE COUNTRYSIDE Terrace Freehold Sept 28, ,819 2,442,000-1, Resale District 27 NORTH PARK RESIDENCES Apartment 99 years Oct 01, ,163 1,432,900-1,233 Uncompleted New Sale PARC LIFE EC 99 years Sept 28, , , , Uncompleted New Sale PARC LIFE EC 99 years Sept 28, , , , Uncompleted New Sale PARC LIFE EC 99 years Oct 01, , , , Uncompleted New Sale PARC LIFE EC 99 years Oct 01, , , Uncompleted New Sale PARC LIFE EC 99 years Oct 02, , , , Uncompleted New Sale SYMPHONY SUITES Condominium 99 years Sept 30, ,000-1,028 Uncompleted New Sale SYMPHONY SUITES Condominium 99 years Oct 01, ,000-1,017 Uncompleted New Sale THE BROWNSTONE EC 99 years Oct 01, , Uncompleted New Sale THE VISIONAIRE EC 99 years Sept 28, , , Uncompleted New Sale THE VISIONAIRE EC 99 years Sept 29, , , Uncompleted New Sale THE VISIONAIRE EC 99 years Sept 30, , Uncompleted New Sale THE VISIONAIRE EC 99 years Oct 01, , , Uncompleted New Sale THE VISIONAIRE EC 99 years Oct 01, ,335 1,030, Uncompleted New Sale District 28 HIGH PARK RESIDENCES Apartment 99 years Sept 29, ,015,112-1,048 Uncompleted New Sale HIGH PARK RESIDENCES Apartment 99 years Sept 30, , Uncompleted New Sale FERNVALE Condominium 99 years Sept 28, ,044 1,082,000 1,077,000 1,032 Uncompleted New Sale FERNVALE Condominium 99 years Sept 28, ,044 1,074,000 1,069,000 1,024 Uncompleted New Sale FERNVALE Condominium 99 years Sept 28, ,055 1,052,000 1,047, Uncompleted New Sale FERNVALE Condominium 99 years Sept 29, ,044 1,021,000 1,016, Uncompleted New Sale FERNVALE Condominium 99 years Sept 30, ,055 1,082,000 1,077,000 1,021 Uncompleted New Sale FERNVALE Condominium 99 years Oct 01, ,055 1,046, Uncompleted New Sale FERNVALE Condominium 99 years Oct 01, ,055 1,000, Uncompleted New Sale FERNVALE Condominium 99 years Oct 02, ,055 1,062,000 1,057,000 1,002 Uncompleted New Sale FERNVALE Condominium 99 years Oct 02, , , , Uncompleted New Sale FERNVALE Condominium 99 years Oct 02, ,109 1,000, Uncompleted New Sale RIVERTREES RESIDENCES Apartment 99 years Oct 01, ,206 1,361,780-1,130 Uncompleted New Sale RIVERTREES RESIDENCES Apartment 99 years Oct 01, ,119 1,224,800-1,094 Uncompleted New Sale DISCLAIMER: Source: URA Realis. Updated Oct 11, The Edge Publishing Pte Ltd shall not be responsible for any loss or liability arising directly or indirectly from the use of, or reliance on, the information provided therein. EC stands for executive condominium * Not all the caveats lodged for the 280 units sold on Oct 2 have been reflected

15 THEEDGE SINGAPORE OCTOBER 17, 2016 EP15 GAINS AND LOSSES Contrasting fortunes at two condos BY ESTHER HOON The week of Sept 27 to Oct 4 saw contrasting fortunes at two condominium projects one from the high-end market and the other, the mass market. At Nassim Park Residences in prime District 10, two units were sold in the week, one at a profit and the other at a hefty loss. Both units were purchased from the developer in The profitable transaction with a gain of $688,000 accrued to a 3,175 sq ft unit on the third floor. The seller, who purchased the unit in June 2008 at $3,263 psf, resold it to a foreigner on Sept 30 for $11 million, or $3,480 psf. On the other hand, a 6,878 sq ft penthouse from the project was sold on Oct 3 at a $2.3 million loss, the biggest loss recorded historically at the project. The unit changed hands for $21.2 million, or $3,082 psf. The seller had purchased the unit in August 2008 at $3,418 psf. The buyer is understood to be a Singapore permanent resident. Nassim Park Residences is a luxury condo project comprising 100 units near the Orchard Road shopping belt. The project was completed in Meanwhile, in the mass-market segment, two sellers at Sea Esta also met with differing fortunes. One seller gained $113,000 while the other incurred a loss of $17,000. Both purchased their units in 2012 and resold them four years later, shortly after the expiry of the four-year seller s stamp duty holding period. The profitable transaction involved a 980 sq ft unit on the seventh floor, which was purchased at $893 psf in July 2012 and resold at $988,000, or $1,009 psf, on Oct 3. A 1,119 sq ft unit on the second floor, however, was sold at a loss of $17,000. The seller A 6,878 sq ft penthouse at Nassim Park Residences was sold at a $2.3 million loss on Oct 3 paid $882 psf for the unit in September 2012 and resold it at $970,000, or $866 psf. This marks the first unprofitable transaction at the project this year and the third historically. All the losses were below $100,000. Sea Esta is a 376-unit, 99-year leasehold project on Pasir Ris Link that was completed in The most profitable condo transaction in the week accrued to a 2,573 sq ft unit at Grand Duchess at St Patrick s, a 121-unit freehold condo off Marine Parade Road. The seller, who had held the unit for close to 10 years, gained $1.3 million from the Oct 4 sale of the property, which fetched $2.9 million, or $1,108 psf. Having paid the developer $591 psf for the unit in December 2006, the seller made an annualised gain of 7%. Separately in prime District 11, a seller made a profit of more than $1 million at Park Infinia at Wee Nam. The seller, who purchased the 1,690 sq ft unit from the developer at $1,007 psf a decade ago, in August 2006, sold it at $2.9 million, or $1,716 psf, on Sept 27. This translates into an annualised gain of 5%. E SAMUEL ISAAC CHUA/THE EDGE SINGAPORE Residential transactions with contracts dated Sept 27 to Oct 4 Most profitable deals NON-LANDED PROJECT DISTRICT AREA (SQ FT) SOLD ON (2016) SALE PRICE ($ PSF) BOUGHT ON PURCHASE PRICE ($ PSF) PROFIT ($) PROFIT (%) ANNUALISED PROFIT (%) HOLDING PERIOD (YEARS) 1 Grand Duchess at St Patrick s 15 2,573 Oct 4 1,108 Dec 15, ,330, Park Infinia at Wee Nam 11 1,690 Sept 27 1,716 Aug 21, ,007 1,197, Dairy Farm Estate 23 1,389 Sept 28 1,138 Feb 1, , Rivergate 9 2,088 Sept 28 1,963 June 4, , , Nassim Park Residences 10 3,175 Sept 30 3,480 June 19, , , Parbury Hill Condominium 16 1,206 Sept 29 1,062 Sept 1, , The Levelz Oct 4 1,462 May 12, , Papillon 12 1,787 Sept April 27, , Novena Lodge Sept 28 1,354 March 29, , The Calrose Sept 27 1,167 Aug 12, , LANDED 1 Detached/Toh Yi Drive 21 4,413 Oct Dec 16, ,850, Terraced/First Street 15 1,647 Oct 3 1,584 Oct 24, ,792, Terraced/Braemar Drive 19 2,799 Oct 3 1,207 July 3, ,760, Semi-detached/Lentor Street 26 3,455 Sept June 1, ,630, Terraced/Blandford Drive 19 2,799 Sept July 18, ,310, URA, THE EDGE PROPERTY Non-profitable deals PROJECT DISTRICT AREA (SQ FT) SOLD ON (2016) SALE PRICE ($ PSF) BOUGHT ON PURCHASE PRICE ($ PSF) LOSS ($) LOSS (%) ANNUALISED LOSS (%) HOLDING PERIOD (YEARS) 1 Nassim Park Residences 10 6,878 Oct 3 3,082 Aug 21, ,418 2,310, Detached/Jalan Loyang Besar 17 4,715* Oct May 7, , Terraced/Jalan Chegar 20 1,561 Sept 28 1,156 March 7, , , Terraced/Jalan Chempaka Kuning 16 4,133 Sept April 26, , Martin Place Residences 9 1,044 Sept 29 1,952 May 8, , , Detached/Branksome Road 15 5,134 Oct 3 2,006 June 14, , , The Seafront on Meyer 15 1,604 Oct 4 1,548 Jan 30, , , The Marina Bay Sept 28 1,662 June 22, , , Pebble Bay 15 1,098 Sept April 19, , Duchess Residences 10 1,485 Sept 28 1,621 April 1, ,683 92, *Refers to strata area. Otherwise, area stated for landed homes refers to land area. Note: The profit and loss computation excludes transaction costs such as stamp duties URA caveat record downloaded on Oct 7 and 11

16 EP16 THEEDGE SINGAPORE OCTOBER 17, 2016 DEAL WATCH Unit at Aalto on the market for $1,600 psf BY TAN CHEE YUEN A 1,550 sq ft, three-bedroom unit at Aalto has been listed for sale at $2.48 million ($1,600 psf) on TheEdgeProperty.com. The unit is said to be facing the greenery and landed area of Amber Road and Meyer Road, according to Jamie Goh, a property agent with PropNex Realty who is marketing the unit. The apartment is said to be currently tenanted at a monthly rent of $5,500 with the lease expiring in July This translates into a gross rental yield of 2.7%. Buyers have the option to purchase the unit with tenant in place or with vacant possession, says Goh. There is an early termination clause in the lease in the event that the buyer decides to purchase with vacant possession. Monthly rents for three-bedroom units of 1,500 to 1,600 sq ft are generally hovering around $5,455, according to leasing contracts on URA for the past six months (see table). Aalto is a freehold high-end condominium on Meyer Road that was developed by Hong Leong Holdings Aalto is a freehold high-end condominium on Meyer Road that was developed by Hong Leong Holdings SAMUEL ISAAC CHUA/THE EDGE SINGAPORE and completed in The project is a redevelopment of the former Eastern Mansion, which was purchased en bloc, and an adjacent site. Aalto has twin 27-storey towers and a total of 196 units. The units are three- and four-bedroom apartments that start from 1,442 sq ft and 1,959 sq ft, respectively. There are also two penthouses in the development, the larger of which is a 6,168 sq ft unit on the 26th floor that was sold for $16.8 million ($2,724 psf) in February The other penthouse of 5,608 sq ft, also on the 26th floor, fetched $ million ($2,902 psf) in March 2008 at the previous peak just before the global financial crisis. The highest psf price achieved at Aalto was for one of the sub-penthouses on the 25th floor. The 3,940 sq ft unit changed hands for $11.5 million ($2,919 psf) at the last peak in February The three most recent transactions at Aalto were for four-bedroom units of 1,959 to 2,024 sq ft, which were sold at $2.9 million ($1,480 psf) to $3.4 million ($1,735 psf) in the months of July to September, according to caveats lodged with URA Realis. The latest transaction of a three-bedroom unit at Aalto was for a 1,528 sq ft, mid-floor unit, which changed hands for $2.55 million ($1,668 psf) in July. The other three transactions of three-bedroom apartments at Aalto earlier this year were also of similar-sized units. They were sold at prices ranging from $2.3 million ($1,505 psf) to $2.57 million ($1,681 psf). The last time a bigger three-bedroom unit (1,550 sq ft) changed hands was in November last year, when a unit on the 20th floor was sold for $2.73 million ($1,761 psf), according to a caveat lodged then. In the future, homebuyers can look forward to the Tanjong Katong MRT station on the Thomson-East Coast Line that is expected to open in For more information, call marketing agent Jamie Goh at E Scan the QR code for value deals at Aalto Past rental contracts for 1,500 sq ft to 1,600 sq ft units at Aalto LEASE DATE MONTHLY RENT $ $ PSF July , July , June , June , June , May , May , May , May , April , Past transactions for 1,550 sq ft unit at Aalto CONTRACT DATE FLOOR AREA (SQ FT) PRICE ($) PRICE ($ PSF) Nov 23, 2015 High 1,550 2,730,000 1,761 Sept 25, 2014 High 1,550 2,800,000 1,806 Aug 5, 2014 Mid 1,550 2,735,000 1,764 *Low floors: L1 to L7, Mid floors: L8 to L15, High floors: L16 and above TABLES: URA, THE EDGE PROPERTY SAVE 70% ON SUBSCRIPTION PLUS $50 dining voucher! YES! 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