Bukit Sembawang launches Nim Collection

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3 PROPERTY PERSONALISED MCI (P) 136/08/2017 PPS 1519/09/2012 (022805) Visit EdgeProp.sg to nd properties, research market trends and read the latest news The week of March 5, 2018 ISSUE Under the Hammer House of reclusive Tan sisters sold for $2.23 mil EP4 Co-working Flexible workspace to make up 20% of office market by 2020 EP5 Gains and Losses Ardmore Park unit garners $4.65 mil profit EP12 Deal Watch Sinaran penthouse going for $9.5 mil EP13 SAMUEL ISAAC CHUA/THE EDGE SINGAPORE Bukit Sembawang launches Nim Collection Listed developer unveils terraced houses designed by Mok Wei Wei and priced from $2.67 million. See our Cover Story on Pages 6 and 7.

4 EP2 EDGEPROP MARCH 5, 2018 PROPERTY BRIEFS EDITORIAL EDITOR Cecilia Chow HEAD OF RESEARCH Feily Sofi an DEPUTY EDITOR Lin Zhiqin WRITERS Angela Teo, Timothy Tay DIGITAL WRITER Fiona Ho COPY-EDITING DESK Elaine Lim, Evelyn Tung, Chew Ru Ju, Shanthi Murugiah PHOTO EDITOR Samuel Isaac Chua PHOTOGRAPHER Albert Chua EDITORIAL COORDINATOR Yen Tan DESIGN DESK Tan Siew Ching, Christine Ong, Monica Lim, Tun Mohd Zafi an Mohd Za abah ADVERTISING + MARKETING ADVERTISING SALES DIRECTOR, COMMERCIAL OPERATIONS Cowie Tan ASSOCIATE ACCOUNT DIRECTOR Diana Lim ACCOUNT MANAGER James Chua CIRCULATION DIRECTOR Victor The EXECUTIVE Malliga Muthusamy, Ashikin Kader CORPORATE CHIEF EXECUTIVE OFFICER Bernard Tong PUBLISHER The Edge Property Pte Ltd 150 Cecil Street #13-00 Singapore Tel: (65) Fax: (65) PRINTER KHL Printing Co Pte Ltd 57 Loyang Drive Singapore Tel: (65) Fax: (65) PERMISSION AND REPRINTS Material in The Edge Property may not be reproduced in any form without the written permission of the publisher We welcome your comments and criticism: propertyeditor.sg@ bizedge.com Pseudonyms are allowed but please state your full name, address and contact number for us to verify. Highest DC rate hike for residential properties since 2007 On Feb 28, the Ministry of National Development announced that it will increase the development charge (DC) rates for non-landed residential projects in most sectors by 12% to 38%, with effect from March 1. The revised DC rates will apply until Aug 31. DC rates rose 22.8% on average, the highest since September 2007 s average increase of 57.8%, notes Nicholas Mak, ZACD Group executive director. The sectors that saw the most bullish bids for Government Land Sales (GLS) sites faced the highest DC hike, notes Christine Li, director of research at Cushman & Wakefield. Among the 116 sectors affected by the revised DC, one of three that face the biggest increase is Sector 19 (River Valley Road/Kim Seng Road/Jiak Kim Street/ Martin Road/Mohamed Sultan Road/Clemenceau Avenue/ Outram Road). This is likely due to the all-time record GLS land rate of $1,732 psf per plot ratio (ppr) for the Jiak Kim Street site, which was snapped up by Frasers Property in December 2017, says Li. The other two sectors that will see a 38% increase in DC rates are Sector 23 (Oxley Rise/Oxley Road/ Penang Road/Orchard Road/Dhoby Ghaut/Handy Road/Selegie Road) and Sector 34 (Sophia Road/Upper Wilkie Road/Mackenzie Road/Niven Road/Kirk Terrace/Adis Road). This could be because of the near record price of $1,722 psf ppr that City Developments Ltd (CDL) paid for the Handy Road GLS site at the close of its tender on Jan 30, says Li. According to ZACD Group s Mak, the revision would marginally dampen the en bloc sale fever, particularly as it comes shortly after the Buyer s Stamp Duty rate increase on Feb 19. The en bloc sale market is gradually turning into a buyer s market, he reckons. Developers are more likely to lower their bids, especially for condominiums and apartments that are seeking buyers through private treaty. Escalation in land prices could slow down. Collective sale sites sold in February may not be spared either. If developers have not locked in DC rates, they could be looking at forking out an additional $1.04 million and $3.81 million in DC for City Towers and Brookvale Park respectively, says Mak. DC rates for commercial properties in 41 of 118 sectors were raised by 4% to 16% for each sector, or 2.7% on average. Resale prices in prime districts rise for ninth month in a row Prices of resale units in the prime districts rose 7.9% y-o-y in January, according to the latest flash values of the Singapore Residential Price Index Series (SPRI) released by NUS. This marks the ninth consecutive month that resale prices have risen for non-landed private developments in the prime districts, notes Nicholas Mak, ZACD Group executive director. Robust growth in resale prices for the prime districts drove the increase in overall resale prices, which rose 6.1% y-o-y in January. Mak expects this trend to continue through URA launches tender for prime Cuscaden Road site On Feb 27, URA launched the residential site on Cuscaden Road for sale by public tender. The prime 61,597 sq ft land has a frontage along Cuscaden Road and Orchard Boulevard, and is also within walking distance of the upcoming Orchard Boulevard MRT station. Based on its plot ratio of 2.8 and gross floor area (GFA) of 172,472 sq ft, the 99-year leasehold site can be developed into a new residential project with 170 units. The site is flanked by YTL Singapore s 77-unit luxury condominium 3 Orchard-by-the-Park and the 56-unit apartment Park House, whose owners are attempting a collective sale. The Cuscaden Road site is arguably the most upmarket among the Confirmed List sites in the 1H2018 GLS programme, says Nicholas Mak, ZACD Group executive director. It is also extremely rare for a vacant condominium land parcel at this prime location to be offered for sale, either through a GLS or en bloc tender. As such, Mak expects the site to draw strong interest between 10 and 18 bids and a reasonable top bid to be in the range of $310 million to $326 million, or $1,800 to $1,890 psf ppr. The tender for the site will close on April 26. KNIGHT FRANK SINGAPORE Windy Heights at Kembangan for sale at $806.2 mil On Feb 27, Windy Heights at Kembangan (above) was launched for collective sale with a reserve price of $806.2 million. According to marketing agent Knight Frank Singapore, the land rate for the 250,702 sq ft site translates into $1,288 psf ppr. Including a 10% bonus balcony GFA subject to authorities approval the reserve price works out to be $1,171 psf ppr. Built in 1983, Windy Heights has 192 apartments, eight penthouses and two commercial units. Under the 2014 Master Plan, the site is zoned Residential, with a gross plot ratio of 2.1. However, the verified existing GFA of Windy Heights is 625,935 sq ft, which translates into a gross plot ratio of Based on the existing GFA, the redevelopment can have 581 residential units, assuming each has an average size of 1,076 sq ft. According to Knight Frank, the buyer does not have to pay development charges due to Windy Heights high development baseline. The tender closes on April 18. Tulip Garden launched for collective sale at $753 mil Tulip Garden along Farrer Road was put up for sale by tender on Feb 28, with a reserve price of $753 million. It occupies a freehold land plot of 316,708 sq ft. Including an estimated development charge of $26.6 million, the land rate works out to be $1,399 psf ppr, says Colliers International, which is brokering the collective sale. Based on the 1.6 plot ratio for the site, as stated in the 2014 Master Plan, and a 10% bonus balcony GFA, the new project can have a GFA of 529,300 sq ft, says Colliers. The new development can have up to 670 units, assuming each unit has an average size of 790 sq ft. This marks the fourth collective sale attempt by the owners of Tulip Garden, which was built in Tulip Garden has 162 apartments and maisonettes as well as two shop units. If the collective sale is successful, the owners each stand to receive between $3.6 million and $6.3 million, depending on the size of their property. The owners feel this is an opportune time to put the development up for sale, riding on the positive sentiment and upturn in the private housing market as well as the collective sale fever, says Ng Kee Wah, chairman of the Tulip Garden collective sale committee. The tender exercise closes on April 11. The Estoril on the market for $220 million, or $1,478 psf ppr The Estoril, a boutique 44-unit freehold condominium on Holland Road in prime District 10, has been put up for collective sale. The guide price for the freehold site of 84,600 sq ft is $220 million, which translates into a unit price of $1,478 psf ppr. The site has been zoned Residential, with a plot ratio of 1.6, and therefore can be redeveloped into a new condominium with a GFA of 148,896 sq ft for 166 units, assuming an average size of 900 sq ft each. The project is marketed by CBRE, and the tender will close on April 3. Arab Street conservation shophouses for sale from $28 million Five freehold conservation shophouses along Arab Street (below) have been put up for sale by Expression of Interest (EOI). The guide price for the shophouses is in the range of $28 million to $30 million, which translates into $3,471 to $3,719 psf, based on the combined GFA of 8,066 sq ft. The shophouses have a combined site area of 4,462 sq ft and frontage of 20m along Arab Street, according to marketing agent JLL. All five can be sold en bloc or in two clusters: with numbers 122, 124 and 126, which have a combined site area of 2,665 sq ft and GFA of 4,913 sq ft, making up one cluster and numbers 128 and 130, which have a combined site area of 1,797 sq ft and GFA of 3,153 sq ft, making up the second. The first cluster has a price tag of $17.1 million to $18.3 million; the second is priced at $11 million to $11.7 million. The shophouses are zoned Commercial and currently tenanted to two nightclub operators at the prevailing rent of $10 to $13 psf per month. The properties come with KTV licences, which is rare as the authorities no longer issue such licences, according to Clemence Lee, associate director at JLL, who is marketing the properties. Lee expects interest to come from boutique real estate funds, family offices and high-net-worth individuals. The EOI exercise for the shophouses closes on April 5. CDL and TID submit record bid of $583 psf ppr for Sumang Walk EC site At the close of the tender for the Sumang Walk Executive Condominium (EC) site on Feb 27, Singapore-listed property giant CDL and joint venture partner TID Pte Ltd beat 16 others with a top bid of $ million ($583 psf ppr). This marks an all-time record price in the EC land sales market, says ZACD Group executive director Nicholas Mak. The land rate is 39.3% higher than the last record ($ psf ppr) set by the Lake Life EC site in the Jurong Lakeside district, notes Mak. The top bid was 4.8% higher than the second-highest bid of $486 million ($556 psf ppr), which came from Chinese developer Qingjian Realty. The third-highest bid of about $450 million ($515 psf ppr) was submitted by Singapore-listed, China-based developer Yanlord Land Group and Singapore-based privately held Soilbuild Group Holdings. The 291,235 sq ft site with a 99-year lease is bordered by Sumang Walk, Sumang Link and Punggol Way, and is located opposite Punggol Cove Primary School. It has a maximum GFA of 873,705 sq ft and plot ratio of 3.0. According to CDL, the new development will have 13 blocks of 10 to 17 storeys with a total of 820 units. CDL CEO Sherman Kwek says that the site, being next to My Waterway@Punggol, offers the opportunity to create a landmark waterfront residence with pleasant views. Mak of ZACD Group expects the breakeven price for the project to be about $960 psf to $1,000 psf. This is 14% to 19% higher than the average price of $842 psf at Hundred Palms Residences, he notes. Developed by Hoi Hup, the 531-unit Hundred Palms Residences EC was fully sold within hours of its launch in July Compiled by Cecilia Chow and Angela Teo E JLL

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6 EP4 EDGEPROP MARCH 5, 2018 UNDER THE HAMMER ALBERT CHUA/THE EDGE SINGAPORE Goh (pointed out by lady in red jacket) at the moment he won the bid for the house House of reclusive Tan sisters sold for $2.23 mil BY TIMOTHY TAY At Knight Frank s auction on Feb 27, the main attraction was an abandoned house that was once occupied by two reclusive sisters, Pearl and Ruby Tan. They shot to fame posthumously when their skeletal remains were found in their home at 17 Jalan Batai, located off Upper Thomson Road on two separate occasions. The remains of one was found in the toilet in 2006 by an officer from the National Environment Agency checking for mosquito breeding, and remains of the other in a guest room in 2015 by a contractor engaged by the Building and Construction Authority to clear debris. As the cause of death remains a mystery and there is no known will or legal claimants to the property, it came under the purview of the Public Trustee s Office, the administrator for the estates of deceased persons. Because of its history, the house on Jalan Batai drew a crowd of more than 100 at the auction held in Amara Singapore. The opening price was $1.7 million ($988 psf), with the first bid at $1.72 million. Twelve minutes and 21 bids later, the property was sold under the hammer for $2.23 million ($1,297 psf) to Goh Tee Kia, chairman of GC Group of Companies, a local contractor specialising in infrastructure and civil construction projects. Goh said he paid $500,000 more than he had expected for the house, which sits on a freehold site of 1,720 sq ft. The property can be redeveloped into a 2½-storey house, pending approvals. There were five active bidders initially, but some withdrew as bids neared $2 million. One of them was Bruce Lye of SRI Developments, who said he withdrew at $1.88 million. Based on the final purchase price of $2.23 million, Goh s breakeven cost is estimated to be $3.15 million, after taking into account construction cost of between $800,000 and $1 million. Goh intends to hold the property for the long term. Although not superstitious, he will not be moving in after redeveloping the property but will lease it out instead. I own many other properties already, he says. E The skeletal remains of the sisters were found in the old house PICTURES: SAMUEL ISAAC CHUA/THE EDGE SINGAPORE The 1,720 sq ft, singlestory terrace house was sold at auction for $2.23 million ($1,297 psf)

7 EDGEPROP MARCH 5, 2018 EP5 CO-WORKING Flexible workspace to make up 20% of local office market by 2020 BY EDGEPROP PICTURES: SAMUEL ISAAC CHUA/THE EDGE SINGAPORE Singapore s flexible workspace market saw a flurry of activity by co-working operators last year. It is the most exciting in the region, says Duncan White, executive director and head of office services at Colliers International. Flexible workspace, which comprises serviced offices and co-working space, is now a fundamental part of the commercial real estate market and is growing in size and importance to both landlords and occupiers, says Colliers in its Asia Pacific Flexible Workspace Outlook Report The average leasing term for flexible workspace is at least 24 months now, up from 12 months in According to Colliers, this demonstrates that flexible workspace is now a competitor to traditional office space. Colliers says notable deals in 2017 included The Working Capitol s securing of 60,000 sq ft at Mapletree Business City in Pasir Panjang; and The Great Room s expansion to an entire floor at One George Street and also securing two floors at Centennial Tower, bringing its total space in Singapore to 61,000 sq ft. The biggest deal was Distrii s maiden venture into Singapore, which saw the China operator taking up 62,000 sq ft at Republic Plaza. The building is owned by property group City Developments, which acquired a 24% stake in Distrii in January last year for RMB72 million ($15.06 million). JustCo s lease of 60,000 sq ft at Marina Square was the next largest deal. Across Asia-Pacific, take-up by flexible workspace operators accounted for 40% of the overall office market in 2017, says Jonathan Wright, head of flexible workspace services at Colliers. The growth is driven by MNCs, as seen from the percentage of deals for at least 15 workstations rising from 32% in 2016 to 48% in 2017, he adds. In Singapore, the proportion of office space occupied by flexible workspace is projected to rise from 2.4% in 2017 to 3.9% in 2018, and reach 20% by 2020, says White. Colliers also expects sustained demand from operators, with takeup for 2018 estimated at 550,000 sq ft, similar to 2017 s 543,000 sq ft, which represents 19% of the 2.9 million sq ft of office space taken up last year. New demand for office space came purely from co-working ope rators last year, says White. Relocations accounted for the remainder of the space taken up. While landlords are filling their space, however, they are not receiving the highest levels of rent, adds White. Cal Lee, founder and global head of Workthere, says Singapore has seen the emergence of many new providers in the market, and demand for flexible workspace continues to grow as even larger companies are seeing the benefits of a flexible workspace over a traditional lease. Workthere is a new venture by London-listed real estate services provider Savills that was launched in the UK in February last year. Billed as a new brokerage service and online listing platform for flexible workspaces, Workthere is now expanding across Europe and was launched in Singapore on March 1. Combining Workthere s online search capa bi - lities with a Savills adviser is the key different i- a tor that sets the service apart from other online platforms such as FlySpaces and Gorilla Space, says Yann Deschamps, head of Workthere Asia Pacific. Workthere also augments Savills leasing services and enables it to mine a new market sector, says Christopher Marriott, CEO of Savills Southeast Asia. The Great Room secured two floors of space at Centennial Tower, bringing its total offering in Singapore to 61,000 sq ft White: There will be consolidation and we will end up with three large global and regional co-working operators Major flexible workspace deals in Singapore COLLIERS INTERNATIONAL NAME DISTRICT BUILDING SIZE (SQ FT) Distrii Raffles Place/New Downtown Republic Plaza 62,000 JustCo Marina/City Hall Marina Square 60,000 WeWork Marina/City Hall Funan 40,000 WeWork Beach Road Beach Centre 38,000 The Great Room Marina/City Hall Centennial Tower 36,000 WeWork Raffles Place/New Downtown 71 Robinson Road 30,000 Compass Offices Raffles Place/New Downtown Singapore Land Tower 27,000 According to a survey of office occupiers by Colliers, 56% of corporations are already using flexible workspace in some capacity and 91% said they are considering using it. The biggest reason for choosing flexible workspace is the benefit of a flexible lease term, according to 44% of the enterprise respondents. Twenty per cent said they were looking to reduce capex, 16% were looking for a creative environment and just 7% said it was to access the innovative Deschamps: Combining Workthere s online search capabilities with a Savills adviser sets the service apart from its other online platforms start-up community in the co-working space. Another development that is expected to fuel demand for flexible workspace is the Finan cial Accounting Standards Board and International Accounting Standard Board s requirement for businesses to disclose real estate lease obligations and major assets directly on balance sheets by This will add more than US$2 trillion ($2.65 trillion) worth of debt to company balance sheets, according to Colliers, and should push corporations to take less space on traditional long-term leases and rely on flexible workspace to accommodate fluctuations in headcount. Short-term agreements for flexible space and the use of amenities such as meeting rooms will typically sit outside of the disclosure obligations, says Colliers. Increasingly, landlords are looking at how to leverage the benefits of having flexible workspace in their buildings, says Colliers. Any space, including retail, can be used for flexible workspace, says Colliers White. Having a workspace component, such as JustCo s upcoming centre at Marina Square, can help increase the footfall, which benefits the other retail tenants. Some landlords are also launching their own flexible workspace brands, with Keppel REIT growing its KLOUD within Harbourfront and Keppel Towers. Through its corporate venture fund, C31 Ventures, and CapitaLand Commercial Trust, CapitaLand is both investor and landlord of The Great Room. The real estate giant has also ventured into the market as operator with the launch of its Flexi-suites brand at 20 Anson Road, notes Colliers. Australia-headquartered construction, property and infrastructure group Lendlease is said to be considering operating its own flexible workspace brand at its Paya Lebar Quarter development. According to Colliers report, Lendlease is considering a blend of external operator and owner-operator. There is a restriction, however, on the growth of flexible space, owing to the exclusivity clauses demanded by operators when they sign leases. There are a lot of exclusivity clauses preventing operators from entering buildings, says White. There will be consolidation and we will end up with three large global and regional co-working operators, he reckons. But, within cities, there will be local and niche players with their strong community. E SEE ALSO STORIES ON PAGES EP8 AND EP9

8 EP6 EDGEPROP MARCH 5, 2018 COVER STORY PICTURES: SAMUEL ISAAC CHUA/THE EDGE SINGAPORE Bukit Sembawang launches Phase 1 of Nim Collection Listed developer unveils terraced houses designed by Mok Wei Wei and priced from $2.67 million Phase 1 of Nim Collection will have 45 terraced and two semi-detached houses BY CECILIA CHOW Architect Mok Wei Wei says that to create something extraordinary, one sometimes needs to be highly critical and mean. The managing director of W Architects often plants himself in front of his architects computers when they are drawing and says: Is this absolutely necessary? Is this useful? If not, take it out. That was how W Architects arrived at the design of Bukit Sembawang Estates latest landed property development, Nim Collection, which has a three-dimensional, tiered façade of varying elevation. Located on Ang Mo Kio Avenue 5, off Nim Road, the first phase of Nim Collection comprises 47 houses, 45 of which are terraced houses, including corner terraced units and two semi-detached units. The houses occupy sites that measure 1,615 to 4,101 sq ft, but their internal builtup space is from 4,252 to 4,768 sq ft. Construction of the first phase has begun, with completion expected by Mok says, When you drive along the street, you will see that the façade of the terraced houses is a lot more interes t ing and exuberant than a typical subdivision with its box-like exterior, screens and louvres. Mok was the architect behind luxury condo The Nassim at Nassim Hill, 500-unit Highline Residences in Tiong Bahru and boutique high-end condo The Oliv on Balmoral Road. His portfolio includes the master plan of Victoria Park Villas, the restoration of Victoria Theatre and Concert Hall and the design of the Lee Kong Chian Natural History Museum. Mok was also the winner of the President s Design Award in Pioneering envelope control scheme At Nim Collection, W Architects and Bukit Sembawang Estates were pioneers in adopting URA s new envelope control landed housing guidelines. Introduced in 2015, the new guidelines give architects more flexibility in configuring the interior spaces of a house. Mok was therefore able to to vary the spatial heights and volumes to create a tiered three- and four-storey façade for the terraced houses, offering multiple views and connections to the outdoors on different levels. Yet, he did not compromise on the usability of the interior spaces. There are many ways to interpret this envelope guideline, he says. Another URA guideline that Mok capitalised on was the conversion of the rooftop of the car porch into a roof terrace. Each terraced house at Nim Collection therefore has two roof terraces one on top of the car porch and the other on the fourth level. The living and dining area on the first level has double-volume ceiling height and a view of the roof garden on top of the car porch. The wet and dry kitchen is at the rear end of the first level, together with the utility area. Air, light and space In most typical terraced houses, the granny room or guest room is either in the basement or at the rear end of the first level, along with the utility area. At Nim Collection, however, it is slotted into a mezzanine floor. The rear end of the first level is, therefore, not so crammed, explains Mok. On the mezzanine level, a bridge leads to the roof terrace that sits on top of the car porch. On the second level is the master suite and a second en suite bedroom. To bring in more natural light and cross-ventilation, a courtyard garden sits on the second level as well. The third level contains two additional en suite bedrooms and an air well with a view of the courtyard garden below. Above the third storey is the roof terrace. All the terraced houses at Nim Collection have been designed with a north-south orientation to minimise heat gain. This led to interesting iterations for some of the terraced houses, including corner terraced units THE EDGE SINGAPORE Mok: The façade of the terraces is a lot more interesting and exuberant than a typical subdivision with its box-like exterior, screens and louvres and odd lots that came with an interesting twist to their façade. Great design doesn t require fanciful materials such as stone cladding. Just plaster and paint, says Mok. Prices of the intermediate terraced houses at Nim Collection start from $2.67 million, and the corner terraced houses are from $3.198 million to $4.018 million. Previews of Nim Collection Phase 1 started in early February, and a handful of intermediate terraced units have already been sold at prices ranging from $2.673 million to $2.7 million, according to caveats lodged with URA Realis. Bukit Sembawang Estates will launch Phase 1 of Nim Collection early this month. The buyers are generally professionals and businessmen in their 40s and 50s, says Ng Chee Seng, CEO of Bukit Sembawang Estates. It appeals to those with children or multi-generational families who want to live under one roof. Enhancing development value Over the years, Bukit Sembawang Estates has established a reputation as a quality developer, building houses with functional spaces and quality finishing. All the terraced houses at Nim Collection come with five en suite bedrooms and a home lift. The common bedrooms are big enough to fit a queen-sized bed comfortably. The houses come with marble flooring on the first level, timber flooring on the upper

9 EDGEPROP MARCH 5, 2018 EP7 COVER STORY Part of the greenery of the roof terrace on the mezzanine level is visible from the first floor The living and dining area has a double-volume ceiling height levels and full marble bathrooms. Kitchens are fully fitted with cabinetry and top-end appliances from brands such as De Dietrich. Phase 2 of Nim Collection will have 51 houses, also predominantly terraced units. Running across the length of the entire development is a 100m wide linear park fronting Ang Mo Kio Avenue 5. The park extends to Ang Mo Kio Avenue 5 Park Connector, which has walking and cycling trails leading towards Punggol Park and Waterway in the northeast. Phases 1 and 2 of Nim Collection are developed on a site previously known as Lot MK 18, an agricultural land of 117,906 sq m, which has been converted into a 99-year leasehold residential site, which enhanced its land use and development value, according to Bukit Sembawang Estates in its annual report for FY2017 ended March. The move to convert the plot of land resolved a dispute with the Singapore Land Authority dating back to In return, SLA reissued a fresh 99-year lease without building restrictions. The company started as a rubber plantation company in 1911 before it diversified into property development in the 1950s. It converted its legacy landbank, mainly agricultural land with freehold, or 999-year leases, into residential properties. Besides Seletar Hills, where it has developed 2,500 homes, Bukit Sembawang Estates has developed 1,000 houses in Sembawang and 500 elsewhere over the course of more than 50 years. Landed property price appreciation Near Nim Collection, Bukit Sembawang Estates has another landed housing estate called Luxus Hills, also built on its legacy landbank. Since Phase 1 was launched in 2009, the developer has already completed and fully sold Phases 6 and 7. In the pipeline for launch are Phases 8 to 10, which will be deferred for now because Luxus Hills has a 999-year lease. Thus the pace of launches can be slowed. If prices at Luxus Hills are anything to go by, buyers of Nim Collection can likewise expect price appreciation over the long term. New phases at Luxus Hills have also been launched at progressively higher prices. For instance, an intermediate terraced house with a land area of 1,615 sq ft at Luxus Hills (Phase 7) was sold for $3.02 million ($1,870 psf) in September Those who bought in earlier phases (1 to 5) have seen capital appreciation. For instance, the latest caveat lodged at Luxus Hills was for an intermediate terraced house sitting on a land area of 1,615 sq ft that changed hands for $2.61 million ($1,616 psf), according to a caveat lodged in January. The previous owner had purchased the house on Seletar Green Walk for $1.71 million ($1,059 psf) in August It was one of the earlier phases of Luxus Hills that were completed in Last year, Bukit Sembawang Estates launched its last development in Sembawang: the 80-unit strata landed development Watercove. It is the only freehold project in the Wak Hassan Drive neighbourhood; all the other houses in the vicinity are 99- year leasehold. Watercove has 76 terraced and four semi-detached houses. The project is located just across the street from Sembawang Park and the beach of the Straits of Johor. Intermediate strata terraced houses have floor areas from 3,466 sq ft; corner terraced houses have floor areas of up to 4,521 sq ft. Forty-four units have been sold at $2.27 million to $2.86 million, based on caveats lodged in January and February. Legacy landbank The biggest shareholder of listed Bukit Sembawang Estates, which has a market capitalisation of $1.59 billion, are the entities controlled by the Lee family of OCBC Bank, which together hold a 29.87% stake, accordi ng to Bloomberg. While Bukit Sembawang Estates landbank may be depleting, it is by no means exhausted. According to Maybank Kim Eng analyst Derrick Heng in a report on Feb 21, the company s remaining parcels in Seletar Hills can yield 1.1 million sq ft of saleable area. Bukit Sembawang Estates was also recently granted written approval to convert its 85-unit Paterson Collection into 112 serviced apartments, The wet kitchen will come fully fitted with cabinetry and appliances The master suite on the second level of the show house at Nim Collection, where all five bedrooms are en suite while retaining three existing residential units, according to Maybank Kim Eng. In 1Q2018, the company paid $31.8 million in additional buyer s stamp duty for Paterson Collection, but is no longer subject to extension premiums under the Qualifying Certificate rules. Another much-anticipated launch later this year is Bukit Sembawang Estates high-end, freehold condo, the 250-unit 8 St Thomas on Saint Thomas Walk, off River Valley Road. Maybank Kim Eng s Heng believes the recent increase in buyer s stamp duty announced by the government during Budget 2018 is unlikely to derail the housing recovery. He sees Bukit Sembawang as a concentrated proxy for Singapore s residential market, as almost all its assets are in this market. As such, it is a prime beneficiary of a property market upturn. E

10 EP8 EDGEPROP MARCH 5, 2018 CO-WORKING JustCo plans to dominate Asia BY LIN ZHIQIN When CEO Kong Wan Sing founded homegrown co-working space provider JustCo in 2015, he had to rope in his wife, Liu Lu, and his brother Wan Long to help him grow the business. Today, the company is growing so fast that our headcount has doubled over the past three months to more than 100, says Kong. The operator s headquarters will be moved from 120 Robinson Road to Marina One East Tower, where a space that can accommodate up to 180 people has been allocated. Even with some staff assigned to hot desks instead of a permanent workstation, the team will outgrow that space in no time because we are going to double again in the next couple of months, says Kong. The hiring spree is to support JustCo s regional expansion. We will have new centres opening every other month, says Kong, adding that JustCo plans to open two million sq ft of co-working space by end That s a conservative estimate. JustCo opened a 50,000 sq ft co-working centre that spans two floors at UIC Building and another 40,000 sq ft centre at Marina One East Tower in The firm has taken up another 40,000 sq ft in the West Tower of Marina One that is slated to open in May, says Liu Lu, JustCo s country head for Singapore and China. In July, JustCo will be opening its sixth co-working centre in Singapore on the third floor of Marina Square. It will span 60,000 sq ft and cater for more than 1,000 members. Just- Co will be the first co-working operator to be an anchor tenant at a Singapore mall, says Kong. As the centre is positioned to attract retailers, and companies in the creative industry, it will feature a product showcase area with booths for members to display their products, says Liu. Beyond local shores, JustCo s head of Southeast Asia, Wan Long, has been busy preparing for the opening of two centres in Bangkok one occupying 45,000 sq ft at AIA Sathorn Tower, to open in April; and another, 45,000 sq ft at Capital Tower, All Seasons Place, which will open in July and a 20,000 sq ft centre at Sequis Tower in Jakarta that will also open in July. JustCo has taken up an entire floor in West Tower Marina One, in addition to its 40,000 sq ft centre in the East Tower (pictured) The centres in the two new markets come hot on the heels of strategic partnerships. Last October, one of Thailand s leading developers Sansiri invested an undisclosed sum in JustCo s Series B funding round that valued it at US$200 million ($264.6 million). Sansiri is very strong in Thailand, so they can help us to expand, says Kong. We see strong demand in Bangkok, so we are quite bullish, says Wan Long. We hope to have four centres there by year-end and we are also looking at Ho Chi Minh City, Kuala Lumpur and Manila. Last December, JustCo formed a 65:35 joint venture with Indonesian conglomerate Gunung Sewu to develop a co-working business in that country. Sequis Tower, located in the heart of Jakarta s Sudirman CBD, is one of Gunung Sewu s premium properties. There are plans to have four centres up and running in Indonesia by year-end. The breakneck pace of expansion is to serve JustCo s community of members, says Wan Long. Many of the companies, such as web performance and security company Cloudflare and sound, display and voice technology company Dolby, are multinational. They tell us to let them know when we expand into new markets, adds Liu. Kong (sitting, with Liu and Wan Long): We will have new centres opening every other month. That s a conservative estimate. JustCo has been receiving enquiries from investors looking to deploy capital on a weekly basis, says Kong. But we don t want them to just bring capital, he says. We want them to bring strategic value that helps us grow, like access to properties. The company is in talks with investors and partners in China, PICTURES: SAMUEL ISAAC CHUA/THE EDGE SINGAPORE India, Japan and South Korea, says Kong. By end-2019, you will see us in these markets. According to Kong, JustCo is also on the lookout to make selective acquisitions, but the company is not simply looking to acquire more space. It must be a talented team that has synergy with us and can be integrated so that we can grow together. While JustCo is currently hiring a small team in the US, it has no immediate plans to expand there. Many of our clients are in the US and this [small set-up] is to help us serve them better, says Kong. Our current focus is on dominating our home ground Asia. E ALBERT CHUA/THE EDGE SINGAPORE JUSTCO JustCo s 50,000 sq ft co-working centre at UIC Building spans two floors Artist s impression of JustCo s upcoming space at Marina Square that is positioned to attract retailers as members

11 EDGEPROP MARCH 5, 2018 EP9 CO-WORKING SAMUEL ISAAC CHUA/THE EDGE SINGAPORE Ang says the upcoming 30,000 sq ft co-working location in Bangkok will be at Gaysorn Tower in downtown Ratchaprasong Square, which has tenants such as Facebook and LINE The Great Room on track for regional expansion BY LIN ZHIQIN & ANGELA TEO Hospitality-inspired co-working operator The Great Room opened its second location in Singapore in February at Centennial Tower. The 36,000 sq ft space on the 17th and 18th floors can cater for more than 600 members. The 18th floor is designed as the reception and leads to the drawing room, which can accommodate 120 people and offers views the Singapore Flyer, Gardens by the Bay and the sea. Centennial Tower sits outside the congestion of Raffles Place, which is a pull factor of the location, says Jaelle Ang, co-founder and CEO of The Great Room. But people want to look back and see the energy of the city, and we have geared our drawing room view towards that. Besides the drawing room, the 18th floor also has an event space that can seat about 80, with views of Turns 1 to 3 of the Formula One Singapore Grand Prix and a space called The Verandah for networking. There are shared amenities, open areas, hot desking spaces and dedicated offices across the two floors. Enterprises operating out of The Great Room Centennial Tower include a finance company of 100 persons and a media company of 70 persons, according to Ang. The first members to move into the Centennial Tower location were teams that had outgrown the space at The Great Room s first location at One George Street, where it occupies the entire 25,000 sq ft floor plate on the 10th floor. As at end-february, The Great Room had more than 1,000 individual members. People think there is a lot of supply in the co-working space in Asia-Pacific, but the acceleration of demand is even faster, says Ang. While The Great Room is actively expanding, it is not in a race to roll out as many locations as possible. We are very clear about our demographics and audience and which cities they need to grow their business in. So, we grow with more intention, she adds. The Great Room is slated to open in five other locations this year, including one in Ngee Ann City, which will span 15,000 sq ft and open in May. There are also two upcoming locations in Hong Kong, one in Bangkok and one in Jakarta. We are still expanding and very bullish. For key cities like Singapore and Hong Kong, we can have a few more locations, says Ang. Slated for opening in April, The Great Room Gaysorn Tower is the co-working operator s first overseas venture. Located at the THB3 billion ($126 million) Gaysorn Tower in downtown Ratchaprasong Square near Siam Paragon, the 30,000 sq ft co-working space will have a capacity of more than 600. Gaysorn Tower is part of the Gaysorn Village development, developed by Hong Kongbased real estate firm Hongkong Land and Thai real estate developer and management service provider Gaysorn Group in a 51:49 joint venture. Gaysorn Village comprises a four-storey retail podium named Gaysorn Shopping Centre as well as an office component Gaysorn Tower. Located near the Chit Lom BTS Skytrain station, the mixed-use deve lopment has a total gross floor area of 180,500 sq m. Some of the other tenants at Gaysorn Tower are tech companies Facebook and LINE, says Ang. Gay sorn Village is close to hotels such as Grand Hyatt Erawan Bangkok and InterContinental Bangkok. She adds: It s part of a highly connected ecosystem, and we are building on that. The Great Room s Bangkok location will host global tech companies, adding to the existing mix of traditional MNCs, lifestyle players and tech companies at the 30-storey Gaysorn Tower, which boasts 244,881 sq ft of office space. The tech companies coming into our space are those doing joint ventures with Thai companies, says Ang, adding that MNCs keen to operate from The Great Room in both Singapore and Bangkok include Thailand-based fintech startup Omise. Gaysorn Tower is among the most expensive commercial real estate in Bangkok, says Ang. Nevertheless, Bangkok s rental rates are still below those in Hong Kong and Singapore. But we see that they are building global businesses and looking to attract talent, and that is where we come in. We will take the co-working offerings in Bangkok to the next level. E The Verandah at the Centennial Tower space, designed for interaction between members of The Great Room s The Business Club membership programme, and for speakers to prepare before events Dedicated offices and hot-desking space on the 17th floor of Centennial Tower PICTURES: THE GREAT ROOM

12 EP10 EDGEPROP MARCH 5, 2018 DONE DEALS Artra sees pickup in sales BY ANGELA TEO Transactions have picked up at the 400-unit Artra on Alexandra View, with 34 units sold since the start of the year, based on caveats lodged. This means the project is about 60% sold, according to George Tan, head of resi dential projects at Savills Singapore. Prices at Artra have also been creeping up steadily, with many of the units sold in the past month being high-floor units above the 29th floor. Prices achieved ranged from $1.52 million ($1,939 psf) for a 786 sq ft, two-bedroom unit on the 29th floor to $4.61 million ($1,784 psf) for a 2,583 sq ft, five-bedroom+family apartment on the 43rd floor. The project was launched last April by Hong Kong developers Far East Consortium International and New World Development Co in a 70:30 joint venture. Back then, prices started from $1.2 million ($1,527 psf) for a 786 sq ft, two-bedroom unit on the fifth floor. Artra is the only development in the Alexandra View neighbourhood that is linked directly to the Redhill MRT station. The 44-storey development will have a retail podium with a Fairprice supermarket, 16 shops and a childcare centre. Condominiums in the Alexandra View neighbourhood have been fully sold. Next door, the newly completed 429-unit Alex Residences was 100% sold in November when the final two units on the 35th and 37th floors were sold by developer Singapore Land at a median price of $1,948 psf. The 40-storey tower obtained Temporary Occupation Permit last September. The pickup in interest and prices was due to a recovery in new-home sales as well as bullish land bids by developers last year. Interest in Artra had grown since the start of the year in the absence of competition from new projects in the vicinity, according to a property agent who is marketing the project. Some buyers are also jumping in now in anticipation of higher prices at upcoming launches located one MRT stop away at the Commonwealth MRT station. They are the 316-unit Margaret Ville by MCL Land and the 1,259-unit development on Stirling Road by a joint venture between Logan Property and Nanshan Group. Both developments are built on 99-year leasehold sites purchased in government land sales in December 2016 and May 2017, res pectively. The two new projects are expected to be launched at prices in the range of $1,900 to $2,000 psf. This makes Artra s average price of $1,678 psf look attractive to buyers, particularly since it s a mixed-use development linked directly to the MRT station, notes a PropNex Realty representative. He attributes this to the increase in transactions in Artra. E SAMUEL ISAAC CHUA/THE EDGE SINGAPORE Artra is the only development in the Alexandra View neighbourhood that is linked directly to the Redhill MRT station Singapore by postal district Residential transactions with contracts dated Feb 13 to 20 LOCALITIES DISTRICTS City & Southwest 1 to 8 Orchard/Tanglin/Holland 9 and 10 Newton/Bukit Timah/Clementi 11 and 21 Balestier/MacPherson/Geylang 12 to 14 East Coast 15 and 16 Changi/Pasir Ris 17 and 18 Serangoon/Thomson 19 and 20 West 22 to 24 North 25 to 28 LAND AREA/ NETT UNIT FLOOR AREA TRANSACTED PRICE PRICE COMPLETION TYPE OF PROJECT PROPERTY TYPE TENURE SALE DATE (SQ FT) PRICE ($) ($) ($ PSF) DATE SALE District 1 MARINA ONE RESIDENCES Apartment 99 years Feb 13, ,539 3,577,710-2, New Sale District 2 EON SHENTON Apartment 99 years Feb 14, ,249 2,400,000-1, New Sale ICON Apartment 99 years Feb 13, ,100,000-1, Resale LUMIERE Apartment 99 years Feb 13, ,508,000-1, Resale District 3 ALEX RESIDENCES Apartment 99 years Feb 19, ,750,000-1, Sub Sale ARTRA Apartment 99 years Feb 14, ,523,700-1,939 Uncompleted New Sale ARTRA Apartment 99 years Feb 14, ,525,700-1,942 Uncompleted New Sale ARTRA Apartment 99 years Feb 14, ,603,700-1,935 Uncompleted New Sale ARTRA Apartment 99 years Feb 14, ,227 2,249,300-1,833 Uncompleted New Sale ARTRA Apartment 99 years Feb 14, ,119 1,786,200-1,596 Uncompleted New Sale ARTRA Apartment 99 years Feb 13, ,410 2,248,300-1,594 Uncompleted New Sale ARTRA Apartment 99 years Feb 13, ,410 2,183,700-1,549 Uncompleted New Sale ARTRA Apartment 99 years Feb 13, ,227 1,943,300-1,584 Uncompleted New Sale ASCENTIA SKY Condominium 99 years Feb 13, ,776 2,600,000-1, Resale DOMAIN 21 Condominium 99 years Feb 13, ,280,000-1, Resale QUEENS PEAK Condominium 99 years Feb 14, ,603,000-1,862 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 QUEENS PEAK Condominium 99 years Feb 14, ,551,000-1,801 Uncompleted New Sale QUEENS PEAK Condominium 99 years Feb 14, ,501,000-1,859 Uncompleted New Sale District 4 CORALS AT KEPPEL BAY Condominium 99 years Feb 13, ,249 2,275,000-1, Resale MOUNT FABER LODGE Condominium Freehold Feb 14, ,465 3,180,000-1, Resale REFLECTIONS AT KEPPEL BAY Condominium 99 years Feb 19, ,626 5,500,000-2, Resale District 5 DOVER PARKVIEW Condominium 99 years Feb 19, ,150,000-1, Resale DOVER PARKVIEW Condominium 99 years Feb 14, ,313 1,150, Resale FABER CREST Condominium 99 years Feb 14, ,776 1,330, Resale HERITAGE VIEW Condominium 99 years Feb 13, ,150,000-1, Resale HUNDRED TREES Condominium 956 years Feb 13, ,000-1, Resale LANDRIDGE CONDOMINIUM Condominium Freehold Feb 19, ,948 2,500,000-1, Resale ONE-NORTH RESIDENCES Apartment 99 years Feb 14, ,000-1, Resale SUNGROVE Semi-Detached 99 years Feb 15, ,331 2,800, Resale THE CLEMENT CANOPY Apartment 99 years Feb 13, ,139,000-1,735 Uncompleted New Sale THE CLEMENTVALE Terrace 99 years Feb 14, ,045 1,820, Resale THE PARC CONDOMINIUM Condominium Freehold Feb 14, ,421 1,850,000-1, Resale THE STELLAR Condominium Freehold Feb 14, ,056 2,250,000-1, Resale District 7 CONCOURSE SKYLINE Apartment 99 years Feb 14, ,480,000-1, Resale SOUTHBANK Apartment 99 years Feb 19, ,313 2,020,000-1, Resale THE BENCOOLEN Apartment 99 years Feb 14, ,138,000-1, Resale THE PLAZA Apartment 99 years Feb 13, ,650-1, Resale District 8 CITY SQUARE RESIDENCES Condominium Freehold Feb 13, ,050,000-1, Resale D CAMBRIDGE Apartment Freehold Feb 13, ,023 1,200,000-1, Resale KERRISDALE Condominium 99 years Feb 14, ,270 1,264, Resale District Apartment Freehold Feb 20, ,315,000-2, Resale MARTIN MODERN Condominium 99 years Feb 18, ,149,200-2,812 Uncompleted New Sale MARTIN MODERN Condominium 99 years Feb 18, ,251,300-2,551 Uncompleted New Sale MARTIN MODERN Condominium 99 years Feb 14, ,978,200-2,588 Uncompleted New Sale NEW FUTURA Condominium Freehold Feb 20, ,367 4,184,000-3, Resale NEW FUTURA Condominium Freehold Feb 15, ,830 5,707,200-3, Resale NEW FUTURA Condominium Freehold Feb 13, ,691 8,764,000-3, Resale ONE DEVONSHIRE Condominium Freehold Feb 19, ,550 3,550,000-2, Resale PARC EMILY Condominium Freehold Feb 13, ,001 1,650,000-1, Resale RESIDENCES AT 338A Apartment Freehold Feb 14, ,313 2,200,000-1, Resale RIVERGATE Apartment Freehold Feb 20, ,798 3,850,000-2, Resale SCOTTS 28 Condominium Freehold Feb 13, ,733 3,050,000-1, Resale THE CAIRNHILL Condominium Freehold Feb 14, ,013 3,880,000-1, Resale WILKIE 80 Apartment Freehold Feb 14, ,000-1, Resale District 10 8 NAPIER Condominium Freehold Feb 15, ,013 6,336,400-3, Resale ARDMORE PARK Condominium Freehold Feb 19, ,885 8,400,000-2, Resale

13 EDGEPROP MARCH 5, 2018 EP11 DONE DEALS Residential transactions with contracts dated Feb 13 to 20 LAND AREA/ NETT UNIT FLOOR AREA TRANSACTED PRICE PRICE COMPLETION TYPE OF PROJECT PROPERTY TYPE TENURE SALE DATE (SQ FT) PRICE ($) ($) ($ PSF) DATE SALE BALMORAL HILLS Condominium Freehold Feb 19, ,841 3,800,000-2, Resale BAN GUAN PARK Semi-Detached Freehold Feb 20, ,531 6,200,000-1, Resale DE LENTE Apartment Freehold Feb 13, ,033 1,500,000-1, Resale DUCHESS CREST Condominium 99 years Feb 20, ,350,000-1, Resale GARDENVILLE Condominium Freehold Feb 20, ,874 3,600,000-1, Resale KING S ROAD Semi-Detached Freehold Feb 14, ,401 5,350,000-1,571 Unknown Resale LATITUDE Condominium Freehold Feb 19, ,690 3,500,000-2, Resale MADISON RESIDENCES Condominium Freehold Feb 14, ,464 3,050,000-2, Resale PALM SPRING Condominium Freehold Feb 13, ,496 2,450,000-1, Resale ROBIN REGALIA Apartment Freehold Feb 13, ,055 1,780,000-1, Resale SHAMROCK PARK Semi-Detached Freehold Feb 14, ,907 6,640,000-1, Resale District 11 ADRIA Apartment Freehold Feb 14, ,260,000-1, Resale CHANCERY HILL VILLAS Semi-Detached Freehold Feb 18, ,296 4,000, Uncompleted New Sale PAVILION 11 Condominium Freehold Feb 13, ,485 2,280,000-1, Resale VIVA Condominium Freehold Feb 14, ,950,000-2, Resale District 12 CASA FORTUNA Apartment Freehold Feb 15, ,044 1,260,000-1, Resale CITY SUITES Apartment Freehold Feb 13, ,000-1, New Sale EIGHT RIVERSUITES Condominium 99 years Feb 13, ,040,000-1, Resale GEM RESIDENCES Condominium 99 years Feb 13, ,313 1,957,230-1,490 Uncompleted New Sale KALLANG RIVERSIDE Apartment Freehold Feb 13, ,432 3,255,172-2,274 Uncompleted New Sale THE INTERWEAVE Apartment Freehold Feb 14, ,000-1, Resale THE IRRAWADDY Apartment Freehold Feb 13, ,210,000-1, Resale District 13 BARTLEY RIDGE Condominium 99 years Feb 14, ,000-1, Resale E MAISON Apartment Freehold Feb 13, ,152 1,518,336-1, Resale E MAISON Apartment Freehold Feb 13, ,119 1,540,000-1, Resale VAUGHAN ROAD Terrace Freehold Feb 14, ,369 3,100, Unknown Resale District 14 CASSIA VIEW Apartment Freehold Feb 14, ,206 1,300,000-1, Resale CENTRA RESIDENCE Apartment Freehold Feb 14, ,000-1, Resale EVERGREEN VIEW Apartment Freehold Feb 14, ,593 1,250, Resale GUILLEMARD EDGE Apartment Freehold Feb 13, ,000-1, Resale KEMBANGAN SUITES Apartment Freehold Feb 13, ,000-1, Resale MORO MANSIONS Apartment Freehold Feb 14, ,206 1,050, Resale REZI 35 Apartment Freehold Feb 18, ,195,000-1,423 Uncompleted New Sale REZI 35 Apartment Freehold Feb 17, ,188,000-1,415 Uncompleted New Sale REZI 35 Apartment Freehold Feb 15, ,177,000-1,402 Uncompleted New Sale SUNFLOWER LODGE Apartment Freehold Feb 13, , , Resale THE NAVIAN Apartment Freehold Feb 18, ,410,000-1,559 Uncompleted New Sale THE NAVIAN Apartment Freehold Feb 15, ,401,000-1,549 Uncompleted New Sale THE NAVIAN Apartment Freehold Feb 14, ,018,112-1,551 Uncompleted New Sale EAST Condominium Freehold Feb 13, ,400 2,150, Resale District AMBER ROAD Apartment Freehold Feb 19, ,905 2,250,000-1, Resale AQUENE Apartment Freehold Feb 13, ,000-1, Resale ARTHUR ROAD Detached Freehold Feb 15, ,478 8,550,000-1, Resale CARPMAEL ROAD Terrace Freehold Feb 13, ,852 3,240,000-1, Resale COSTA RHU Condominium 99 years Feb 13, ,209 5,450,000-1, Resale EAST VIEW Apartment Freehold Feb 14, ,098 1,478,000-1, Resale LIM AH WOOD ROAD Detached Freehold Feb 14, ,110 2,850,000-1,352 Unknown Resale LYNDHURST ROAD Detached Freehold Feb 20, ,137 12,388,888-1, Resale MARINE BLUE Condominium Freehold Feb 13, ,270 1,667,000-1, Resale OPERA ESTATE Terrace Freehold Feb 14, ,389 1,960,000-1,407 Unknown Resale PEBBLE BAY Condominium 99 years Feb 20, ,894 2,881,888-1, Resale POSHGROVE EAST Condominium Freehold Feb 14, ,000-1, Resale DUNMAN Apartment Freehold Feb 13, ,000-1, Resale ST PATRICK S RESIDENCES Apartment Freehold Feb 14, ,528 2,060,000-1, Resale THE CHERRYWOOD Apartment Freehold Feb 13, ,722 1,500, Resale THE ESPIRA Apartment Freehold Feb 13, ,087 1,180,000-1, Resale THE SEAFRONT ON MEYER Condominium Freehold Feb 20, ,314 4,050,000-1, Resale THE SHORE RESIDENCES Condominium 103 years Feb 20, ,292 1,938,000-1, Resale District 16 AQUARIUS BY THE PARK Condominium 99 years Feb 19, , Resale BEDOK RESIDENCES Apartment 99 years Feb 19, ,350,000-1, Resale CASA MERAH Apartment 99 years Feb 14, ,528 1,708,000-1, Resale COSTA DEL SOL Condominium 99 years Feb 14, ,313 1,765,000-1, Resale EAST MEADOWS Condominium 99 years Feb 14, ,195 1,080, Resale GRANDEUR PARK RESIDENCES Condominium 99 years Feb 18, ,086,112-1,627 Uncompleted New Sale GRANDEUR PARK RESIDENCES Condominium 99 years Feb 18, ,082,112-1,621 Uncompleted New Sale GRANDEUR PARK RESIDENCES Condominium 99 years Feb 15, ,077,112-1,614 Uncompleted New Sale GRANDEUR PARK RESIDENCES Condominium 99 years Feb 14, ,136,112-1,287 Uncompleted New Sale GRANDEUR PARK RESIDENCES Condominium 99 years Feb 14, ,146,112-1,298 Uncompleted New Sale GRANDEUR PARK RESIDENCES Condominium 99 years Feb 13, ,151,112-1,304 Uncompleted New Sale GRANDEUR PARK RESIDENCES Condominium 99 years Feb 13, ,309,112-1,465 Uncompleted New Sale LUCKY HEIGHTS Semi-Detached Freehold Feb 13, ,294 4,800,000-1,457 Unknown Resale STRATFORD COURT Condominium 99 years Feb 13, ,110 1,620, Resale District 17 THE INFLORA Condominium 99 years Feb 13, , Resale District 18 D NEST Condominium 99 years Feb 13, ,130 1,225,000-1, Sub Sale PASIR RIS BEACH PARK Detached 99 years Feb 14, ,008 2,990, Resale RIPPLE BAY Condominium 99 years Feb 14, ,000-1, Resale SAVANNAH CONDOPARK Condominium 99 years Feb 13, , , Resale SIMEI GREEN CONDOMINIUM EC 99 years Feb 19, , Resale SIMEI GREEN CONDOMINIUM EC 99 years Feb 14, ,378 1,100, Resale THE PALETTE Condominium 99 years Feb 14, ,000-1, Resale THE TROPICA Condominium 99 years Feb 20, ,518 1,280, Resale District 19 A TREASURE TROVE Condominium 99 years Feb 19, ,335 1,450,000-1, Resale BLISS@KOVAN Condominium Freehold Feb 14, ,249 1,780,000-1, Resale CASA ROSA Condominium 99 years Feb 14, , , 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 COMPASS HEIGHTS Apartment 99 years Feb 14, ,335 1,228, Resale COMPASS HEIGHTS Apartment 99 years Feb 13, ,292 1,028, Resale EVERGREEN PARK Apartment 99 years Feb 19, , , Resale FLO RESIDENCE Condominium 99 years Feb 14, ,346 1,200, Resale HAI SING PARK Terrace 999 years Feb 14, ,916 2,418,000-1,261 Unknown Resale KOVAN MELODY Condominium 99 years Feb 19, ,421 1,650,000-1, Resale PARC CENTROS Condominium 99 years Feb 19, ,378 1,480,000-1, Resale PARC VERA Condominium 99 years Feb 19, ,410 1,350, Resale PARC VERA Condominium 99 years Feb 13, , Resale PARC VERA Condominium 99 years Feb 13, ,141 1,150,000-1, Resale PARK GREEN EC 99 years Feb 14, ,378 1,030, Resale REGENTVILLE Apartment 99 years Feb 14, , , Resale RIVERVALE CREST Apartment 99 years Feb 14, ,561 1,100, Resale SERANGOON GARDEN ESTATE Semi-Detached 99 years Feb 14, ,799 2,800,000-1,000 Unknown Resale TERRASSE Condominium 99 years Feb 14, ,335 1,590,000-1, Resale TERRASSE Condominium 99 years Feb 14, ,000-1, Resale TERRASSE Condominium 99 years Feb 13, ,432 1,600,000-1, Resale THE BENTLY RESIDENCES@ KOVAN Apartment Freehold Feb 14, ,000-1, Resale THE MINTON Condominium 99 years Feb 14, ,216 1,310,000-1, Resale THE MINTON Condominium 99 years Feb 13, ,324 1,380,000-1, Resale THE MINTON Condominium 99 years Feb 13, ,808 1,520, Resale THE QUARTZ Condominium 99 years Feb 14, , , Resale THE WATERLINE Condominium Freehold Feb 14, ,012 1,170,000-1, Resale TRILIVE Condominium Freehold Feb 14, ,163 1,680,000-1,445 Uncompleted New Sale District 20 HORIZON GARDENS Semi-Detached 99 years Feb 15, ,143 1,788, Resale HORIZON GARDENS Terrace 99 years Feb 14, ,863 1,850, Resale SKY HABITAT Condominium 99 years Feb 19, ,292 1,875,000-1, Resale SKY HABITAT Condominium 99 years Feb 14, ,399 1,958,900-1, Resale SKY VUE Condominium 99 years Feb 14, ,338,000-1, Resale District 21 CLEMENTI PARK Condominium Freehold Feb 19, ,873 1,970,000-1, Resale HILLVIEW GREEN Condominium 999 years Feb 14, ,012 1,018,000-1, Resale HUA GUAN GARDENS Terrace 999 years Feb 14, ,744 3,520,000-2, Resale HUME PARK I Condominium Freehold Feb 20, , Resale JARDIN Condominium Freehold Feb 13, ,249 2,000,000-1, Resale PARC PALAIS Condominium Freehold Feb 13, ,550 1,580,000-1, Resale PINE GROVE Condominium 99 years Feb 13, ,755 1,418, Unknown Resale SOUTHAVEN II Condominium 999 years Feb 14, ,539 1,700,000-1, Resale SYMPHONY HEIGHTS Condominium Freehold Feb 14, ,030,000-1, Resale TERRENE AT BUKIT TIMAH Condominium 999 years Feb 19, ,894 2,200,000-1, Resale District 22 J GATEWAY Condominium 99 years Feb 14, ,000-1, Resale LAKE GRANDE Condominium 99 years Feb 14, ,012 1,557,000-1,539 Uncompleted New Sale PARC OASIS Condominium 99 years Feb 19, ,378 1,200, Resale SUMMERDALE EC 99 years Feb 13, , , Resale SUMMERDALE EC 99 years Feb 13, , , Resale SUMMERDALE EC 99 years Feb 13, , , Resale THE MAYFAIR Condominium 99 years Feb 13, ,163 1,055, Resale WESTVILLE Terrace 99 years Feb 14, ,476 1,410, Resale District 23 CENTURY MANSIONS Apartment Freehold Feb 14, , Resale CHESTNUT VILLE Condominium 999 years Feb 13, ,658 1,600, Resale GLENDALE PARK Condominium Freehold Feb 14, ,313 1,520,000-1, Resale HILLBROOKS Condominium Freehold Feb 14, ,076 1,048, Resale HILLBROOKS Condominium Freehold Feb 14, ,000-1, Resale HILLSTA Condominium 99 years Feb 14, ,000-1, Resale HILLSTA Condominium 99 years Feb 13, ,000-1, Resale HILLVIEW HEIGHTS Condominium Freehold Feb 13, ,065,000-1, Resale HILLVIEW REGENCY Condominium 99 years Feb 13, , Resale PALM GARDENS Condominium 99 years Feb 14, , , Resale PARKVIEW APARTMENTS Apartment 99 years Feb 14, , Resale PAVILION PARK Terrace Freehold Feb 14, ,379 3,100,000-1, Resale REGENT GROVE Condominium 99 years Feb 13, , , Resale THE LINEAR Apartment 999 years Feb 14, , , Resale THE PETALS Condominium Freehold Feb 13, ,658 1,780,000-1, Resale TREE HOUSE Condominium 99 years Feb 13, ,227 1,270,000-1, Resale District 25 NORTHWAVE EC 99 years Feb 15, , , Uncompleted New Sale NORTHWAVE EC 99 years Feb 14, , Uncompleted New Sale NORTHWAVE EC 99 years Feb 14, , , Uncompleted New Sale NORTHWAVE EC 99 years Feb 13, ,270 1,077, Uncompleted New Sale PARC ROSEWOOD Condominium 99 years Feb 14, , Resale WOODSVALE EC 99 years Feb 13, , , Resale District 27 ORCHID PARK CONDOMINIUM Condominium 99 years Feb 20, , , Resale SIGNATURE AT YISHUN EC 99 years Feb 18, , , New Sale SIGNATURE AT YISHUN EC 99 years Feb 14, , , New Sale SIGNATURE AT YISHUN EC 99 years Feb 14, , , New Sale SIGNATURE AT YISHUN EC 99 years Feb 14, , , New Sale THE CRITERION EC 99 years Feb 13, , Uncompleted New Sale WATERCOVE Terrace Freehold Feb 15, ,466 2,298, Uncompleted New Sale District 28 BELGRAVIA VILLAS Terrace Freehold Feb 15, ,584 2,935, Uncompleted New Sale MIMOSA VILLAS Semi-Detached 999 years Feb 19, ,693 4,380, Resale PARC BOTANNIA Condominium 99 years Feb 13, ,000-1,366 Uncompleted New Sale SELETAR HILLS ESTATE Semi-Detached 999 years Feb 14, ,736 4,850,000-1,025 Unknown Resale SELETAR SPRINGS CONDOMINIUM Condominium 99 years Feb 19, , , Resale DISCLAIMER: Source: URA Realis. Updated Feb 27, The Edge Property 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

14 EP12 EDGEPROP MARCH 5, 2018 GAINS AND LOSSES Profit of $4.65 mil for first unit sold at Ardmore Park this year BY LIN ZHIQIN PICTURES: SAMUEL ISAAC CHUA/THE EDGE SINGAPORE The sale of a 2,885 sq ft, four-bedroom unit at Ardmore Park in prime District 10 was the first transaction at the luxury condominium this year. According to URA caveat data as at Feb 27, it was sold for $8.4 million ($2,912 psf) on Feb 19, fetching a $4.65 million (124%) profit for the seller, who bought it for $3.75 million ($1,300 psf) in August The original owner bought the unit, located on the sixth floor, from the developer for $4.77 million ($1,654 psf) in August 1996 and suffered a $1.02 million (21%) loss when he sold it in August The transaction on Feb 19 was the most profitable deal in the week of Feb 13 to 20, according to the matching of URA caveat data. It follows the 16 profitable transactions at Ardmore Park last year, in which the sellers reaped profits averaging $3.06 million (57%). Only two transactions resulted in losses for the sellers last year. The more recent one was in June when a unit on the 14th floor was sold for $9.3 million ($3,224 psf). The seller paid $9.99 million ($3,463 psf) for it in April 2011 and suffered a $690,000 (7%) loss. Completed in 2001, Ardmore Park is a 330-unit development by Wheelock Properties. The project comprises three 30-storey towers There have been 393 profitable transactions with an average profit of $547,288 (48%) at Costa Rhu. Find the most affordable listing at edgepr.link/costarhu. sitting on an eight-acre freehold site. It is often regarded as the yardstick against which new luxury projects are measured. At Costa Rhu in District 15, a 4,209 sq ft unit fetched a $3.15 million (137%) profit when it was sold for $5.45 million ($1,295 psf) on Feb 13. The seller, who bought it for $2.3 million ($546 psf) in March 2005, made the highest gain on record at the 737-unit condo. However, the first owner of the unit, who bought it from the developer at $3.12 million ($742 psf) in June 1996, made an $821,034 (26%) loss in There have been 393 profitable transactions and 151 unprofitable transactions at the 737-unit Costa Rhu. The average profit is $547,288 (48%) and the average loss is $293,853 (21%). The second most profitable deal at Costa Rhu involved the sale of a 5,813 sq ft, four-bedroom unit for $5 million ($860 psf) in April Based on the purchase price of $2 million ($344 psf) in August 2003, the seller made a profit of $3 million (150%), or 13% a year. Costa Rhu fronts the Marina Bay and is located just a short walk from Gardens by the Bay. It was completed more than two decades ago and is the biggest in the Tanjong Rhu area in terms of number of units. E A four-bedroom unit on the sixth floor of Ardmore Park fetched a $4.65 million (124%) profit on Feb 19. Find the most affordable listing at edgepr.link/ardmorepark. Top 10 gains and losses from Feb 13 to 20 Most profitable deals PROJECT DISTRICT AREA (SQ FT) SOLD ON (2018) SALE PRICE ($ PSF) BOUGHT ON PURCHASE PRICE ($ PSF) PROFIT ($) PROFIT (%) ANNUALISED PROFIT (%) HOLDING PERIOD (YEARS) 1 Ardmore Park 10 2,885 Feb 19 2,912 Aug 7, ,300 4,650, Costa Rhu 15 4,209 Feb 13 1,295 March 14, ,150, Landridge Condominium 5 1,948 Feb 19 1,283 Jan 12, ,575, Rivergate 9 1,798 Feb 20 2,142 Jan 30, , , One Devonshire 9 1,550 Feb 19 2,290 July 13, , , Robin Regalia 10 1,055 Feb 13 1,687 May 20, , The Stellar 5 2,056 Feb 14 1,094 Oct 8, , Glendale Park 23 1,313 Feb 14 1,157 May 7, , Parc Oasis 22 1,378 Feb Feb 10, , Domain Feb 13 1,450 Sept 1, , URA, EDGEPROP Non-profitable deals PROJECT DISTRICT AREA (SQ FT) SOLD ON (2018) SALE PRICE ($ PSF) BOUGHT ON PURCHASE PRICE ($ PSF) LOSS ($) LOSS (%) ANNUALISED LOSS (%) HOLDING PERIOD (YEARS) 1 8 Napier 10 2,013 Feb 15 3,148 Dec 3, , , Gardenville 10 2,874 Feb 20 1,253 Aug 19, , , Lumiere Feb 13 1,523 Feb 8, , , The Seafront On Meyer 15 2,314 Feb 20 1,750 April 8, , , Hillview Regency Feb March 26, , , Ascentia Sky 3 1,776 Feb 13 1,464 Dec 22, , , Jardin 21 1,249 Feb 13 1,602 Feb 21, , , Centra Residence Feb 14 1,255 Feb 6, ,416 81, Regentville 19 1,152 Feb May 23, , The Interweave Feb 14 1,237 June 15, ,281 34, Note: Computed based on URA caveat data as at Feb 27 for private non-landed houses transacted between Feb 13 and 20. The profit-and-loss computation excludes transaction costs such as stamp duties.

15 EDGEPROP MARCH 5, 2018 EP13 DEAL WATCH PICTURES: SAMUEL ISAAC CHUA/THE EDGE SINGAPORE Sinaran penthouse for sale at $9.5 mil BY TIMOTHY TAY A 4,960 sq ft penthouse at Sinaran is on the market for $9.5 million ($1,915 psf). The five-bedroom unit is one of four penthouses in the 417-unit condominium. It occupies the entire 36th floor in one of the twin towers. The unit comes with private lift access, its own pool and a Jacuzzi, barbecue pit and roof terrace, says Haresh Malaney, key executive officer of Singapore Realty Solutions, the agent marketing the property. The seller is a permanent resident who bought the unit for $9.76 million ($1,980 psf) in He and his family lived there until they moved overseas last year. The unit is currently rented out on a lease that spans a few years, says Malaney. He reckons it can be leased out at about $16,000 a month in today s market. Last January, a 4,715 sq ft penthouse in the other tower changed hands for $8.8 million ($1,867 psf). Two other penthouses were sold in 2014: one fetched $$10.8 million ($$2,191 psf) The 4,960 sq ft penthouse has a private pool and the other, $9.5 million ($2,015 psf). Developed by Frasers Property and completed in 2011, the 99-year leasehold Sinaran is located in prime District 11 and adjacent to Novena Health City, which includes Tan Tock Seng Hospital and Nanyang Technological University s Lee Kong Chian School of Medicine. It is also near St Joseph s Institution Junior. Novena Square and Square 2, which are linked to the Novena MRT station, are adjacent to Sinaran. E The 99-year leasehold Sinaran is located in prime District 11 and was completed in 2011

16 EP14 EDGEPROP MARCH 5, 2018