PROPERTY PERSONALISED. Co-Working WeWork growing strong; Found carves a niche EP3&4. Done Deals Price divide at prime districts

Transcription

1

2

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 June 18, 2018 ISSUE Co-Working WeWork growing strong; Found carves a niche EP3&4 Gains and Losses Seller at Nassim Mansion makes $6.5 mil profit EP11 Done Deals Price divide at prime districts EP12 Deal Watch Reignwood Hamilton Scotts unit going for $8 mil EP14 SAMUEL ISAAC CHUA/THE EDGE SINGAPORE Park House breaks en bloc price ceiling At $2,910 psf ppr, this latest collective sale price for the prime Orchard Road site is the highest so far. See our Cover Story on Pages 6 and 7. Park House, located at the corner of Orchard Boulevard and Tomlinson Road

4 EP2 EDGEPROP JUNE 18, 2018 PROPERTY BRIEFS EDITORIAL EDITOR Cecilia Chow CONTRIBUTING EDITOR Pek Tiong Gee WRITERS Timothy Tay, Bong Xin Ying, Charlene Chin 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 Diana Lim SENIOR ACCOUNT MANAGERS Janice Zhu, James Chua ACCOUNT MANAGER Bernard Wong SALES STRATEGIST Han YaoGuang CIRCULATION DIRECTOR Dominic Kevin Sim MANAGER Bryan Kek EXECUTIVES 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. New appointments at Credit Suisse s SEA business Credit Suisse has announced two senior appointments at its Southeast Asia Investment Banking business. Yvonne Voon will assume the role of head of Southeast Asia, real estate in investment banking and capital markets, while Felicity Chan has been appointed head of equity syndicate for Southeast Asia, in the company s markets business. In her new role, Voon will be expanding the bank s client footprint and delivering advisory, capital markets and financing solutions to companies in real estate. She has spent 12 years at Credit Suisse and was previously leading the company s property equity research team in Singapore. Chan will build on the bank s investment and private banking platform to cater for clients in Southeast Asian countries. She has spent 14 years with the company and was previously part of the region s corporate finance team, covering equity, debt and merger and acquisition advisory. Paya Lebar Quarter signs on two new office tenants Paya Lebar Quarter (PLQ) (above, left) has added two new tenants local insurance companies Great Eastern and NTUC Income at its Grade A office space. Slated for completion in 1H2019, PLQ comprises a retail complex with 200 shops, three Grade A office towers spanning one million sq ft and three residential towers with 429 units. Great Eastern has leased roughly 125,000 sq ft across four floors in office Tower 3, while NTUC Income will occupy 55,000 sq ft across two levels of office Tower 2. Meanwhile, listed office outsourcing company IWG is in talks to lease about 52,000 sq ft in office Tower 1 for Spaces, the co-working business OFFSHORE LENDLEASE that it bought in Also occupying office Tower 3 are SMRT Corp, leasing 97,000 sq ft across three levels, and property consultancy CBRE, taking up 31,000 sq ft or one office floor. CBRE will house 600 employees at its dedicated innovation centre at PLQ, focused on testing and developing proptech solutions for clients. In January, Australian property group Lendlease announced that over 50% of PLQ s office space was either leased, under final offer or in advanced negotiations. Prospective tenants include leading corporations from the financial services, infrastructure, real estate and co-working sectors, as well as a premium gym. PLQ is a 30:70 joint venture between Lendlease and Abu Dhabi Investment Authority. It is located next to Paya Lebar MRT station. The office spaces are expected to be completed in 3Q2019. Frasers unveils serviced residence in Tianjin, China Frasers Hospitality, part of the Frasers Property Group, has unveiled its second serviced residence in Tianjin, China. Fraser Place Binhai Tianjin, targeting short- and long-term business and luxury travellers, has 224 units, spanning studio to two-bedroom apartments. It is located in the Tianjin Economic-Technological Development Area, close to BMT station and TEDA MSD shopping centre. Guests will be able to enjoy dining, WiFi and room service all day, and have access to facilities such as a swimming pool, gym and bar. Business travellers will be able to use function rooms for meetings. China is key to our future growth, as it currently represents a quarter of our portfolio, says Choe Peng Sum, CEO of Frasers Hospitality. In addition to entering new Chinese cities, we are also building on our presence in cities that we already operate in so that we may better provide travellers with more options that cater for their needs. Frasers first serviced apartment in Tianjin, called Fraser Place Tianjin, was opened in At present, it records an average occupancy upwards of 90%, according to Choe. He attributes the demand in China s market to the country s huge population and rising consumption power. Chinese millennials are also driving growth, he notes. To date, Frasers Hospitality has 16 properties in 11 cities in China: Beijing, Changsha, Chengdu, Dalian, Guangzhou, Nanjing, Shanghai, Shenzhen, Tianjin, Wuhan and Wuxi. It has another 16 properties in the pipeline in various Chinese cities. Jervois Hill bungalow sold for record $2,730 psf, at $41.2 million A freehold bungalow in Jervois Hill (above, right), on a 15,094 sq ft land plot, was sold for $41.2 million ($2,730 psf), fetching a record psf price for a Good Class Bungalow (GCB). This transaction was followed by a bungalow in Cluny Hill, on a land plot of 15,105 sq ft, near Botanic Gardens, which fetched $2,350 psf last year. The buyer bought it for $35.5 million. Making a killing in virtual real estate SAMUEL ISAAC CHUA/THE EDGE SINGAPORE The Jervois Hill bungalow was sold by George Lim, an entrepreneur who has developed 11 GCBs and two semi-detached houses in the past 12 years. It was a joint collaboration between Lim and architect Pau Loh, managing partner of Tellus Design. The entire house has three levels, including the basement. The ground floor features the living and dining areas, family rooms, dry and wet kitchens, a pool and a pond. The second floor has five bedrooms all with walk-in wardrobes and a living room with pantry. Prominent design features include a wall aquarium in the basement that can fit 800 fish and a floating sculptural staircase that was made using a specially built giant oven to mould the acrylic. Lim purchased the vacant freehold site six years ago for $25.8 million ($1,709 psf). His initial asking price for the bungalow was $45 million. He estimated that the land would cost $28 million, and it would cost $14 million to $15 million to build a house with similar specifications. The GCB comes with sustainable features 300 solar panels on the roof and outdoor decks made of renewable wood. Other spaces include a wine cellar, home theatre, dedicated games room and carpark that can fit 10 cars. The sale was brokered by Newsman Realty. Compiled by Charlene Chin E BY CAMILLA RUSSO Last month, Ryan Kunzmann went to a bar in New York to see his 58,000 sq ft property. No, it is not the world s biggest bar his holdings are virtual. Kunzmann was one of about 20 people meeting to chat and compare their little slices of Genesis City, a digital metropolis they are hoping will eventually become a major hub for virtual-reality commerce. Kunzmann, who does tech support for a property management website, says he intends to turn one of his larger stretches into a virtual museum or art gallery. There s a lot of great art out there that people don t get to see, he says. Especially if you don t live in a big city. While this sounds like a lark, or perhaps another iteration of the faded online world Second Life, there is already real money behind the blockchain-based real estate. In December, Kunzmann paid US$15,000 ($20,021) for 62 plots of about 1,100 sq ft apiece, and he recouped his investment three months later by reselling a mere eight of them. Today, resellers can reliably get as much as US$30,000 for a Genesis City plot. Credit network Ripio.com paid almost US$150,000 for a spot next to the main square where visitors appear when they enter the city. The record is US$200,000, sold by a user who had recently bought the same plot for US$13,000. Scarcity is driving the speculation. Unlike Second Life, or games such as SimCity, Genesis has fixed virtual dimensions, some 90,000 plots that make it about the size of a digital Washington, DC. Argentine coders Esteban Ordano and Ari Meilich created the city, part of a broader digital world called Decentraland, using the Ethereum blockchain. Another key factor, they say, is that no single corporation can suddenly change the terms of their virtual world or own users data, which helped Decentraland s initial coin offering (ICO) raise about US$26 million in 30 seconds last year. The decentralised nature of Ethereum has also made it easy for users to trade the fixed supply of Genesis real estate among themselves, which contributed to a jump in virtual land values after an auction of plots helped raise an additional US$28 million. The early adopters have not built much on their plots yet, but they have already divvied up Genesis City into themed neighbourhoods, including ones modelled on Las Vegas, cyberpunk fiction such as Blade Runner, and this being the internet a red-light district. What is there so far looks like a piecemeal mash-up of video game aesthetics and projects in need of developers. Once virtual reality becomes a mass movement, and we re heading in that direction, we ll come to a critical mass of users that will need a platform to discover content, says Meilich. Besides VR headsets, visitors will be able to use web browsers to view the plots. Like other founders of start-ups who have raised money through ICOs, Meilich and Ordano have based their business model on their cryptocurrency, Mana tokens. The tokens, which were worth two cents apiece when they began trading in September, rose as high as 29 cents in January, and are now about 12 cents, according to cryptocurrency rankings site CoinMarketCap. Decentraland is usually among the 20 most used applications on the Ethereum network, according to DAppBoard, a website that monitors such activity. Ordano and Meilich acknowledge that a VR future is a ways off. They will not have even a basic Genesis City up and running for at least a few months, by which time they are hoping landowners will have built up more of the neighbourhoods. And plot-buyers have little guarantee that the network will become anything remotely useful, let alone as commercially valuable as they imagine. But users such as Kunzmann and Ripio CEO Sebastian Serrano say they are patient. Kunzmann is slowly learning how to code his art gallery, though he says he will probably subcontract the bulk of the work. Serrano says he will use his prime virtual real estate to pitch cryptocurrency loans and other financial services. For now, he is hawking mortgages for Genesis City plots on his regular website. It allows us to explore at low costs, with less money at stake and within something that s like a game, how blockchain-based mortgages can work, he says. Yes, it sounds crazy. Bloomberg LP E

5 EDGEPROP JUNE 18, 2018 EP3 CO-WORKING WeWork s relentless growth continues BY CECILIA CHOW & CHARLENE CHIN On a Friday morning on June 8, WeWork at 71 Robinson Road is bustling. And it is not just people sitting around drinking coffee and looking ornamental. Discussions are taking place at various seating spaces, while other parts of the communal areas are taken up by those sitting solo with their coffee mugs and laptops. There are also phone booths for those making Skype calls. The glass-enclosed office suites are mostly occupied, with people glued to their screens, chatting at doorways or huddled around a white board or screen. It is a typical workday in an atypical office. According to Turochas T Fuad, WeWork managing director for Southeast Asia, the space at 71 Robinson is already more than 90% taken up. That is quite a feat, considering that it is WeWork s second and biggest space in Singapore by far, with 1,400 desk spaces, spanning four floors and occupying a total space of 60,000 sq ft. The flagship Singapore WeWork space at Beach Centre was officially launched last December. Its 690 desks across three floors in the seven-storey Beach Centre on Beach Road is fully taken up. In the next month or so, WeWork is opening two more spaces in the CBD. One is a shophouse at 22 Cross Street, which is part of China Square Central complex and has a total space of 28,700 sq ft. The other is a 20,000 sq ft space at Mapletree Anson, 60 Anson Road. Next year, WeWork will be opening a 34,000 sq ft space at City House on Robinson Road and 40,000 sq ft at the new Funan. The aggressive growth streak is unlikely to slow. I don t think we have enough WeWork spaces yet, says Fuad. We re offering more than just co-working space. It s about building our global network and community to create something bigger than ourselves. Global community This explains why WeWork, a New York-based start-up founded in 2010 that popularised the concept of communal office space, is now valued at US$20 billion ($26.7 billion). It has The communal space at WeWork 71 Robinson a global presence in 253 locations and a community of 248,000 members roughly the population size of Tampines. Besides Singapore, WeWork is also aggressively growing its footprint elsewhere in Southeast Asia. In Jakarta, it is opening in two skyscrapers in the CBD: The WeWork at Revenue Tower has about 2,000 desk spaces across five floors; and the one at Sinarmas MSIG Tower will have about 800 desk spaces. WeWork is also expanding into Bangkok, Kuala Lumpur and Manila next. It s part of the global playbook to be right smack in the CBD, says Fuad. Exponential growth More than 90% of flexible workspace centres are still located in Singapore s CBD, with 200 centres currently operating in the Central region, according to global flexible workspace specialists The Instant Group in a report on June 6. Singapore s flexible office market grew 22% last year, making it the third fastest-growing market after Melbourne and New York, according to The Instant Group. Co-working and hybrid space in Fuad: It s more than just office space. It s about changing the way people work, live and play. Singapore have quadrupled over the past four years. With an average desk cost of $558 a month, Singapore s rate is said to be significantly lower than in other key cities in Asia, such as Shanghai and Hong Kong, and 57% cheaper than in New York. Singapore is set to see even further growth as new operators set up in key locations, says The Instant Group. This year, the flexible workspace market in Singapore has already seen a 17% increase in the number of centres offering co-working, flexible and hybrid office space. A room for me-time at WeWork PICTURES: SAMUEL ISAAC CHUA/THE EDGE SINGAPORE The new WeWork 71 Robinson is the company s second and biggest space in Singapore so far, with 1,400 desk spaces Mobile working The mobile workforce is also a growing trend. A survey by International Workplace Group published at end- May found that, in Singapore, 63% of employees work somewhere other than in the office at least one day a week. About 47% work remotely for at least half the week, while 10% work outside their company s main office location five times a week. People from Seattle to Singapore, London to Lagos no longer need to spend so much time in a particular office, says Mark Dixon, founder and CEO of IWG. This is a huge shift in the workspace landscape globally, and businesses are now looking closely at what this means for their corporate real estate portfolios. According to The Instant Group, businesses can save up to 73% by choosing flexible office space over conventional leased space in the world s major cities. They are also able to set up in prime locations that may otherwise be inaccessible. With larger companies seeing the benefits, demand continues to grow. The proportion of office space occupied by flexible workspace in Singapore is projected to increase steadily as more operators try to meet this demand. Powered by We With office rents on an uptrend, more companies will seek out WeWork, reckons Fuad. Incidentally, another business offering is Powered by We, which is basically offering office space as a service construction, fitout, decoration, operating and managing the space on behalf of a company. WeWork employees will also be on site to help with community programmes. In the US, WeWork is reportedly managing buildings for companies such as IBM, Airbnb and Amazon. In Hong Kong, Standard Chartered Bank s office is going to be Powered by We. It will become, by extension, a node in the WeWork global community, says Fuad. And it will be able to tap the WeWork global network and applications available to members. According to Fuad, WeWork is currently in discussions with several MNCs and local corporations in Singa pore on adopting Powered by We. In the US, WeWork has launched co-living spaces called WeLive. Late last year, it opened its first lifestyle gym branded Rise by We. In an attempt to identify and groom budding entrepreneurs, WeWork is entering the education sector with a pilot elementary school programme targeting five- to eight-year-olds. Interestingly, WeWork has also invested in Spain-based Wavegarden, a maker of wave pools. We re changing the way people work, live and play, says Fuad. As such, he sees no other Singapore co-working players as the company s direct competitors. We are offering more than just space. We have Powered by We and a lot of different offerings. For us, it s about bridging the different communities around the globe. Nevertheless, WeWork is expected to be the biggest co-working space operator in Singapore by year-end. Localisation and adaptation For Fuad, adapting to local traditions and customs is also important. There will be prayer rooms at We- Work spaces in Jakarta and, in the future, in Kuala Lumpur. The interior design of the space also incorporates the character of each neighbourhood that WeWork is in. For instance, the WeWork at 71 Robinson Road has a British and Peranakan feel, with hardwood flooring and artwork by in-house WeWork artists. On Beach Road, given its location in the vicinity of conservation shophouses, the colours are more vibrant, with concrete flooring and arches reminiscent of the shophouses. Most WeWork spaces already have a mother s nursing room, shower facilities and recreational areas. There are also cosy meeting rooms for those who want privacy. Besides coffee and fast Internet speed, WeWork now offers its own craft beer on tap. Underpinning that is our community, which is something we focus a lot on, says Fuad. E

6 EP4 EDGEPROP JUNE 18, 2018 CO-WORKING Co-working operator Found carves out a niche BY TIMOTHY TAY Grace Sai, CEO and co-founder of co-working niche operator Found, believes the mainstream co-working space is getting too crowded. She adds, We re not interested in competing there. Found currently operates in two locations in Singapore an 8,000 sq ft space on Prinsep Street, and another 10,700 sq ft space on the upper level of the row of shophouses at Cuppage Terrace. According to Sai, the two spaces have an average occupancy rate of about 80%. A third space on Amoy Street will open in September. It will be the operator s first CBD location. Many of our members, as well as others on our waiting list, have given us feedback that they are looking to settle in a CBD location, says Sai. The new space will also be the operator s flagship space, as it will be its largest in Singapore, spanning four shophouses and occupying a total area of 23,000 sq ft. It is expected to open with a very healthy occupancy rate, she says. Sai believes about half of the space at Amoy Street will be taken up by corporate innovators and the other half by start-ups. She expects the member base to include several blockchain and fintech enterprises. The new space will include dedicated studios for ideation and innovation, and an event area with a capacity of 250 people. Sai has ambitious plans for the company she co-founded six years ago. Although Found s market share in Singapore is currently in the single-digit, she hopes to grow it to 10% within the next three years. Cutting loose and Found Found was established as the first Asian Impact Hub six years ago. Impact Hub is the parent body for a global network of hubs that foster entrepreneurship, idea incubation and business development. It also offers co-working spaces for its members. As the Asian pioneers of Impact Hub, Sai The new space on Amoy Street will be Found s flagship space in Singapore, occupying 23,000 sq ft across four shophouses The 10,700 sq ft space on Cuppage Road currently houses about 300 members About 250 members work out of Found s 8,000 sq ft space on Prinsep Street PICTURES: FOUND SAMUEL ISAAC CHUA/THE EDGE SINGAPORE and her team had the responsibility of growing Impact Hub s Asian network. She says she played a major role in selecting many of the subsequent Asian Impact Hubs. Last month, however, Sai and her company officially parted ways with Impact Hub. She says it was due to the two companies having different ambitions and expansion plans for the region. According to Sai, Impact Hub only operates in one location per country; hence, she would not have been able to increase the number of locations in Singapore even if she wanted to under the previous set-up. It took two years for Found to separate its operations from Impact Hub. But it has certainly moved on. The company announced that it had renamed itself as Found in May. The name reflects the company s mission to redefine what being a founder means, she says. Being a founder doesn t necessarily mean being the founder of a highly scalable start-up. Instead, I believe that everyone can take personal ownership and influence a cause or problem they feel needs to be solved. To create awareness in the upcoming Amoy Street location, Found is working with URA to organise Innovation Meets Heritage Festivals and set up Car-Free Lunchtime events with the hope of pedestrianising the street during lunchtime. Found plans to open spaces in Malaysia and Indonesia by the end of this year and expand into Thailand and Vietnam by end Sai s target is to have about five to six locations across Southeast Asia by New partners Last July, Found became Google s first tech-hub partner in Southeast Asia, for the Google for Entrepreneurs programme. Found members can now benefit from Google for Entrepreneurs global network and resources, which span co-working and community spaces across 135 countries, says Sai. Found members also receive mentorship from technology industry veterans and professionals. About 80% of our members are in technology-related industries such as AI [artificial intelligence], machine learning and data analytics, she says. Found currently has 550 members working at its physical spaces and another 150 virtual members. They have access to networking events hosted by Found, and can also rent Sai: We hope to take up about 10% of the [co-working] market share in Singapore in three years work space at member rates. Current members include KK Fund, Gorillaspace, Soho and Our Better World. Past members are Mashable Asia, Twilio, Braintree, Survey Monkey, Tech in Asia and Golden Gate Ventures. Some of these past members still participate in various events hosted by Found, as well as contribute to a venture fund started by it. These are considered alumni members and number about 2,500, Sai estimates. Competition An emerging trend in co-working is the increasing use of flexible workspaces by corporations, either in their own building or in moving small teams into such spaces, says Sai. She predicts that 30% of the office workspace in Singapore will evolve into flexible workspaces by 2030, up from about 4% today. In her view, larger operators such as WeWork and JustCo have adopted a strategy of space-grabbing and often compete on price alone. We do not intend to participate in a price war with them, she says. We will not have promotions like three-month free rent/half price rent. Sai says there are more companies looking to save cost on office space and are using flexible workspaces as an alternative. She believes the firm is able to capitalise on that niche and establish itself as a market leader. A hotdesk subscription at Found starts from $350 a month per person, but with the addition of a dedicated account manager and customised business solution programme, hotdesking starts from $500 per person. Corporate members, who opt for a dedicated account manager and customised business solution programme, pay $3,000 a month onwards. Differentiation Found differentiates itself by offering dedicated services that link corporations to the right start-ups in the network that will help them achieve their strategic aims. Instead of the usual front-desk or community managers, we have account managers who look after the growth of our members, as well as their corporate innovation goals, explains Sai. These managers understand member companies hiring needs, capital and fundraising goals, and eventually work with them to chart their growth end-points for up to a year. This kind of collaboration between corporations, start-ups and co-working operators will be the type of service co-working will evolve into, says Sai. Found has also formed a venture fund with its members to invest in select early-stage tech companies in their community. Found aims to serve a select number of corporations looking for space to drive their corporate innovation agenda. One successful corporate partner is NTUC Social Enterprises, which received help from Found to develop new business models and create the frameworks for digital products and services for its organisation. Many of the innovations developed have been successfully executed. So far, Found s backers are predominantly family-run offices. The latest backer is Nancy Pangestu, who owns the four shophouses on Amoy street. She is also the daughter of Prajogo Pangestu, an Indonesian timber and rubber tycoon. She has offered Found the master lease of the four shophouses for five years, with an option to extend the lease for a further five years at the end of the term. She has also invested in fitting out the space. In return, Pangestu will have a profit-sharing arrangement with Found. E

7 EDGEPROP JUNE 18, 2018 EP5

8 EP6 EDGEPROP JUNE 18, 2018 COVER STORY CBRE Park House was sold on June 1 for $375.5 million, or $2,910 psf ppr, in a deal brokered by CBRE Park House breaks en bloc price ceiling At $2,910 psf ppr, this latest collective sale price for the prime Orchard Road site is the highest so far BY CECILIA CHOW Two blocks from St Regis Singapore, where North Korean leader Kim Jong-un stayed for the historic summit with US President Donald Trump, a milestone of a different sort was set. It was the collective sale of Park House, a 15-storey building located at the corner of Tomlinson Road and Orchard Boulevard. The tender for the building closed on May 31, and the deal was sealed at 12.30am on June 1. The purchase price was $375.5 million, a 21.9% premium to the guide price of $308 million when the site was launched for sale on April 23. The buyer of Park House is said to be Hong Kong-listed Shun Tak Holdings, the company founded by Macau gaming tycoon Stanley Ho. It has a market capitalisation of HK$10.88 billion ($1.85 billion). Now 95, Ho stepped down as chairman of the firm in June 2017, and was succeeded by his daughter, Pansy Ho. Shun Tak s purchase price of $375.5 million translates into a record breaking $2,910 psf per plot ratio (ppr) for a collective sale. Jeremy Lake, CBRE managing director of capital markets, who brokered the sale of Park House, also brokered the last record-breaker the former Hampton Court for $155 million ($2,526 psf ppr) in January The buyer was Hong Kong-listed, British conglomerate Swire Group s Swire Properties. Roll of the dice Park House marks Shun Tak s first purchase of a residential property development site in Singapore but its third property investment in the city state. So far, Shun Tak s preference has been in the prime Orchard Road neighbourhood. The first acquisition was in August 2016, when Shun Tak purchased the bungalow at 9 Cuscaden Road for $145 million, or $2,145 psf ppr. The deal was brokered by JLL. The bungalow at 9 Cuscaden Road is behind Tanglin Shopping Centre, which is adjacent to St Regis Singapore, and near other luxury hotels such as The Regent Singapore and Four Seasons Hotel. In its FY2017 annual report, Shun Tak says it plans to redevelop the prime, freehold site into a five-star hotel property with at least 140 keys. The existing bungalow will be demolished, and construction works are expected to begin in 2H2018, with completion scheduled for In March last year, Shun Tak acquired a 70% stake in TripleOne Somerset for $350 million from a consortium led by Perennial Real Estate Holdings. This marked Shun Tak s first significant commercial property investment in Singapore. TripleOne Somerset is also located in the prime Orchard Road neighbourhood. The commercial property, which has a gross floor area (GFA) of 766,550 sq ft, is undergoing a $120 million asset enhancement work. When completed, it will have a total net area of 572,000 sq ft of offices, medical suites and retail units. Renovation of the medical suites is expected to be completed by 2Q2018, and the retail portion, by 3Q2018. A bold number CBRE s Lake expects Park House to be redeveloped into a luxury condominium with 86 units, assuming an average size of 1,500 sq ft each. Based on the purchase price, the breakeven price is expected to be around $3,500 psf. I guess it is a bold number, Lake says. But it will be fine. Lake: We were inundated by enquiries and had 20 site inspections For comparison, Lake points to the luxury 3 Orchard By-the-Park by Malaysian developer YTL Group. The development is separated from Park House by a government land site that also fetched a record price last month. The 77-unit 3 Orchard By-the-Park contains three 25-storey towers designed by Italian architect Antonio Citterio, famous for his design of the Bulgari Hotels & Resorts. Located at the corner of Orchard Boulevard and Orchard Spring Lane, 3 Orchard By-the-Park will be previewed at the end of this month. Indicative prices are around $4,000 psf, according to appointed marketing agent Dominic Lee, PropNex head of luxury team. Only one tower at 3 Orchard By-the-Park will be released for private preview. The tower contains 14 two-bedroom apartments of between 1,066 and 1,163 sq ft; and 15 four-bedroom apartments of 2,250 sq ft. Incidentally, 3 Orchard By-the-Park is also a redevelopment of an en bloc site the former Westwood Apartments which YTL Group purchased in November 2007 for $435 million. This reflects a land rate of $2,525 psf ppr. Meanwhile, a 7,836 sq ft penthouse at New Futura hit a new record when it was sold at $4,360 psf, or $36.28 million, in May. Recent units sold at the 124-unit luxury condo on Leonie Hill Road have surpassed $3,500 psf. Bragging rights With YTL Group s selling prices around $4,000 psf and New Futura s prices above $3,500 psf, CBRE s Lake reckons that the expected selling price for the new development at Park House doesn t seem beyond belief. Interest in the Park House site had been intense when it was launched for sale. We were inundated by enquiries and we had 20 site inspections, says Lake. The appeal of Park House is its location, at the corner of Orchard Boulevard and Tomlinson Road, which is very visible and has bragging rights, notes Lake. Park House occupies a freehold site in prime District 9 and is within walking distance of the upcoming Orchard Boulevard MRT station. Next door, the greenfield government land site was sold to a joint venture between Simon Cheong of SC Global Developments and two Hong Kong-listed groups New World Development Corp and Far East Consortium International. The joint-venture partners bid $410 million, or $2,377 psf ppr, for the 61,597 sq ft, 99-year leasehold site on Cuscaden Road. According to the JV partners in a release on May 17, the Cuscaden Road site is exceptional in Singapore s luxury residential market. Hong Kong groups on the hunt We re seeing a number of groups originating from Hong Kong looking at residential development sites, notes

9 EDGEPROP JUNE 18, 2018 EP7 COVER STORY PROPERTY CONSULTANTS, MARKETING AGENTS En bloc deals so far in 2018^ NO PROPERTY LOCATION TENURE BUYER(S) NO OF LAND AREA PLOT GFA PRICE PRICE PSF PURCHASE MARKETING UNITS (SQ FT) RATIO (SQ FT) ($ MIL) PPR ($) DATE (2018) AGENT 1 Park West Condo Jalan Lempeng, off Clementi Avenue 6 99-year SingHaiyi Group and related parties , ,331, January Huttons 2 Kismis View and Lorong Kismis, off Toh Tuck Terrace 99-year Roxy-Pacific Holdings and Tong Eng 19 Lorong Kismis Group family vehicle , , January JLL 3 The Wilshire Farrer Road Freehold Roxy-Pacific Holdings and Tong Eng Group family vehicle 20 39, , ,536 January Savills 4 City Towers Bukit Timah Road Freehold Unit of CK Hutchison Holdings , , ,847 February Colliers 5 Pearl Bank Apartments Pearl Bank, off Outram Park 99-year CapitaLand , , ,515 February Colliers 6 Riviera Point Kim Yam Road Freehold Macly Group 33 14, , ,461 February CBRE 7 Cairnhill Mansions Cairnhill Road Freehold Low Keng Huat 61 43, , ,311 February CBRE 8 Brookvale Park Sunset Way, off Clementi Road 999-year Hoi Hup Realty and Sunway Developments , , February JLL 9 Hollandia Holland Road Freehold Far East Consortium International and Koh Brothers Group 48 53, , ,703 March Savills 10 Lotus at Jervois Jervois Road Freehold Fragrance Group 20 19, , ,683 March CBRE 11 Toho Mansion Holland Road Freehold Koh Brothers Group 32 47, , ,805 March ET&Co 12 Eunos Mansion Jalan Eunos, off Bedok Reservoir Road Freehold Fragrance Group , , ,118 March CushWake 13 Goodluck Garden Toh Tuck Road Freehold Qingjian Realty , , ,110 March Knight Frank 14 Katong Park Towers Arthur Road, off Mountbatten Road 99-year Bukit Sembawang Estates , , ,280 March CushWake 15 Pacific Mansion River Valley Close Freehold GuocoLand and Hong Leong Holdings , , ,806 March CBRE 16 Makeway View Makeway Avenue, off Kampong Java Road Freehold Bukit Sembawang Estates 32 41, , ,626 March ET&Co 17 Fairhaven Sophia Road Freehold Lafe Corp 15 16, , ,629 March JLL 18 Ampas Apartment Jalan Ampas, off Balestier Road Freehold Oxley Holdings 43 90, , ,073 March Huttons 19 Cairnhill Heights Cairnhill Rise Freehold Tiong Seng Holdings and Ocean Sky 20 15, , ,530 April ERA 20 The Estoril Holland Road Freehold Far East Consortium International and Koh Brothers Group 44 84, , ,654 April CBRE 21 Tulip Garden Farrer Road Freehold MCL Land and Yanlord Land Group , , ,790 April Colliers 22 Olina Lodge Holland Hill Freehold Kheng Leong 67 84, , ,712 April SRI 23 Dunearn Gardens Dunearn Road Freehold EL Development , , ,841 April Knight Frank 24 Villa D Este Dalvey Road Freehold KOP Ltd 12 55, , ,898 May CBRE 25 Peak Court Thomson Road Freehold Tuan Sing Holdings and Rich Capital 20 57, , ,558 May ET&Co 26 Chancery Court* Dunearn Road 99-year Far East Organization , , ,610 May OrangeTee 27 Chinatown Plaza** Craig Road Freehold Affiliate of Royal Golden Eagle 71 33, , ,915 May ET&Co 28 Landmark Tower Chin Swee Road 99-year ZACD Holdings and Sin Soon Lee Realty , , ,406 May JLL 29 Park House*** Orchard Boulevard Freehold Shun Tak Holdings 60 46, , ,910 June CBRE Total 9, *136 residential units and eight strata commercial units **Mixed-use development with 38 apartments and 33 strata shops ***Mixed-use development with 56 apartments and four shops ^Updated as at June 12, 2018 PICTURES: SAMUEL ISAAC CHUA/THE EDGE SINGAPORE The Cuscaden Road GLS site (above and right) was sold to a joint venture between SC Global and two Hong Kong groups for a record $2,377 psf ppr CBRE s Lake. Their focus has been on the traditional prime districts of 9 and 10. Besides Shun Tak, there is New World Development and Far East Consortium. The Cuscaden Road site marks the duo s second collaboration in Singapore. The first was Artra, a 400-unit residential development sitting on a commercial podium, linked to the Redhill MRT station on Alexandra View. Artra was launched in April last year. Far East Consortium has also been ramping up its investments in the prime districts of Singapore. Last week, the group announced that it had purchased Royal Oak Residence at 21 Anderson Road for $93 million. The 34-unit freehold property has a GFA of 87,000 sq ft. In March this year, Far East Consortium purchased Hollandia en bloc for $183.4 million ($1,703 psf ppr). This was followed by the purchase of The Estoril next door for $ million ($1,654 psf ppr). At end-april, Far East Consortium announced it had tied up with Singapore-listed construction group-cum-developer Koh Brothers Group in an 80:20 JV to redevelop the two sites on Holland Road. The intention was to amalgamate the sites and build one single residential development of 242,190 sq ft. A unit of Li Ka-shing s CK Hutchison Holdings purchased City Towers on Bukit Timah Road en bloc YTL Group s 3 Orchard By-the-Park on Orchard Boulevard is expected to hold private previews later this month, with indicative prices of about $4,000 psf for $401.9 million ($1,847 psf ppr) in February. It will be the ninth residential development by CK Hutchison (previously Cheung Kong Property) in Singapore. Lake reckons Hong Kong groups are redirecting their attention to the Singapore property market as Hong Kong property prices remain at an all-time high. It s a combination of reasons: Some groups are looking at diversification; others are happy to roll the dice again and come into Singapore to buy, especially since the residential market has been relatively subdued over the last four to five years, but sentiment has turned positive over the past year, he observes. The luxury segment has turned around over the last six month, and the expectation is that residential prices in Singapore are going to rise. Prime sites on the radar Even though there are more groups from Hong Kong sniffing at prime sites in Singapore, whether they will commit to a purchase remains to be seen, says Lake. To be sure, sites in the prime districts have seen more activity. So far, CBRE has brokered about $2 billion in en bloc deals this year, primarily in the prime districts, including the biggest deal this year, Pacific Mansion, at $980 million ($1,806 psf ppr) in March. The site was purchased by a JV between Singapore-listed Guoco- Land and subsidiaries of the privately held Hong Leong Holdings Intrepid Investments and Hong Realty. Up for sale in prime District 9 is the freehold Elizabeth Towers, with a reserve price of $610 million ($2,416 psf ppr). It is marketed by Knight Frank. Also on the market is Leonie Gardens, a 99-year leasehold condominium on Leonie Hill with a reserve price of $800 million ($2,104 psf ppr). Leonie Gardens is marketed by Huttons Asia. Launched for sale last month was Cairnhill Astoria in prime District 9, with a reserve price of $196 million ($1,964 psf). According to marketing agent Colliers International, Cairnhill Astoria s price of $1,964 psf ppr is inclusive of a development charge of $16.34 million. Other developments in prime Districts 9 and 10 where owners are attempting a collective sale include High Point at Mount Elizabeth; 8 Orange Grove, located at the corner of Anderson Road and Orange Grove Road; and 27 Balmoral Park. These projects have appointed CBRE as the marketing agent and are in the process of gathering interest from 80% of the owners. We re in the melting pot, says CBRE s Lake. Orchard Bel-Air on Orchard Boulevard is also attempting a collective sale, with Savills Singapore as its marketing agent. We expect to see more prime collective sale sites entering the market, and these should appeal to developers who see value in the prime and luxury residential segments as prices in Singapore are still substantially cheaper than other cities, such as Hong Kong, says Lee Liat Yeang, senior partner in Dentons Rodyk s real estate practice. $1 bil en bloc sale within reach With $9.4 billion worth of collective sale deals done in the first half of 2018, Lake believes the figure could exceed the $11.5 billion achieved in 2007, which was the peak of the last en bloc sale boom. We could be looking at $15 billion this year, he says. While sites such as Park House, which are priced in the $300 million-to-$400 million range, remain very palatable to developers, sites priced in the $600 million-to-$800 million range tend to meet with some hesitation, adds Lake. It is possible for sites to cross the $1 billion mark, but they will take a little longer to secure buyers, as they required two to three developers to come together to form a consortium, adds Lake. There will be sites, however, that will struggle to secure 80% consensus for a collective sale or to achieve their reserve price. There s an awareness that there are quite a lot of sites entering the market, says Lake. Good sites will still get multiple bids and, for various reasons, some may get no bids. E

10 EP8 EDGEPROP JUNE 18, 2018 PROPERTY TAKE Why Lendlease decided to join the fight against climate change More than 14 years ago, Australian property and infrastructure group Lendlease made the decision to go green. Today, sustainability is our core guiding principle. What are some of the things we can share with aspiring companies in Singapore? According to a United Nations Environment Programme study, buildings and construction together account for 36% of global energy use and 39% of energy-related carbon dioxide (CO2) emissions. In Singapore, the Building and Construction Authority (BCA) estimates that the building sector consumes up to 38% of the nation s electricity. To ensure that Singapore remains a vibrant and liveable city for current and future generations, the government has designated 2018 as the year of climate action. To achieve its longterm goals, Singapore is pursuing four strategies: improving energy efficiency; reducing carbon emissions from power generation; developing and demonstrating cutting-edge low-carbon technologies; and emphasising the collective action of government agencies, individuals, businesses and the community. The multiple benefits of such activities are well documented. Less so are the opportunities and the simple question of where do we start? Road to sustainability While there has been great support to embrace Green Mark certification to drive sustainability in new and existing buildings, it takes more than execution to walk the talk. Very often, it extends to the very ethos of the company and this is where some companies can find opportunities to drive change. Lendlease s mall on prime Orchard Road 313@Somerset 1. A case of push and pull: Defining sustainability As a property and infrastructure group, our vision is to create a sense of place, pride and purpose for people from all walks of life. As our founder, Dick Dussledorp, said in 1973, There are two things in life. You can be out for the maximum amount of profit you can possibly squeeze from your effort, or you can aim at a reasonable profit and have a feeling that you leave something behind. It has always been his view that the company should make a genuine and meaningful contribution to the community. This consciousness was pervasive in the company right from the start. So, when a 1992 report on water shortages, congested transport and increasing energy demands challenged building practices in Australia, we took a hard look at how we ran the business and made a pledge to change the way we operate. Without any framework to refer to, we started small with an interim initiative called the environmentally sustainable development process (ESD). It would require us to kick start any project with a consultative approach with all stakeholders owners, the community, authorities, subject matter experts that had local and national interests. This then led to formulating a management strategy, performance criteria and tracking method to ensure delivery against the targets. It was when things came to a head in the early 2000s that we had to take a harder look in the mirror. With an economic crisis, we went through a down cycle, which affected our stock performance and employee confidence. We were also having trouble attracting talent and our taking-on of the relocation and rebuilding of the old Bond Building in 2002 in one of the most contaminated sites in Sydney was causing alarm on all fronts. Spurred by economics, business and changing demographics, we bravely took this time to rethink a corporate strategy to revitalise Lendlease and re-establish our reputation as the leading property group in the industry. Equally important was our need to rebuild employee and shareholder confidence for the future of the company. The Bond project was an experiment in which we tested our new sustainability philosophy push by focusing on lowering greenhouse gas emissions. During this time, we were also aware of the sick building syndrome driving occupant health problems and, through workspace design, we aimed to improve indoor environment quality. We also made a commitment to engage the community during the development and construction phases. BY SIMON WILD The Bond project was a huge success and gave our fledgling sustainability practices the validation it they needed and a boost to our reputation. It was the first office building in Australia to receive the five-star greenhouse rating under the Australian Building Greenhouse Rating scheme and has one of the lowest running and maintenance costs of any building of its size, signalling long-term costs savings. This reinforced our reputation as a builder of efficient and resilient buildings that maintain their value over the longer term. In 2004, we signed a sustainability covenant with Environment Protection Authority Victoria to work together to protect and contribute to a more sustainable environment. The aim of this declaration was to ensure that Lendlease was empowered to develop a strategic approach to sustainability issues. In hindsight, it was a precursor to the Sustainability Framework we introduced in Today, our Sustainability Framework is a more refined and detailed pledge that responds to the macro trends affecting our world and defines what sustainability means to our business and what we want to LENDLEASE achieve in the long term. So, defining what sustainability means to your company will help to focus efforts that are aligned with your business strategy to establish effective and clear communication on sustainability with your stakeholders. 2. Taking a bottom-up approach A sustainability framework, which pilots the company towards achieving its environmental objectives and metrics for success, also needs to create operational impact. Funnelling down to the specifics of how the framework will be delivered on a day-to-day basis drives organisational performance and success in this crucial area. In our case, we focused on being operationally efficient, which meant that we had to be mindful of our usage of a) energy and b) water and c) how we tackled waste. Aligning what we were doing on the ground to the overall strategy meant constant reviews, tracking of performance and adjustment of plans. This requires concerted efforts across different business units within the organisation to see it through: from people on the ground to middle management who report and evaluate to long-term commitment from senior management. 3. Driving innovation through sustainability By taking the long-term view, we found that over time our adoption of sustainability practices rather than being restrictive encouraged us to pursue new and complementary areas of improvement. As we were always looking at ways to improve and reduce, we explored a wide range of technological innovations. For example, at Paya Lebar Quarter, we implemented high-efficiency water fittings, along with monitoring and leak detection systems, a move that is expected to save more than 40% of water (and costs) annually. We also anticipate energy savings of more than 30% from a variety of design solutions, such as high-performance façades and the use of light-emitting diodes (LEDs). At 313@Somerset, we have also installed solar panels on the roof to harness the sun s energy and convert it into electricity, which enables energy generation within the centre and lowers energy use. Across our retail assets, we have installed food waste digesters to help manage food waste by converting it into non-potable water, helping us reduce disposal costs. Moreover, data collected will help better manage food waste in our malls. Meanwhile, at the construction site, we implemented Design for Manufacturing and Assembly (DfMA) technologies, which resulted in greater labour efficiency, and a reduction in on-site noise, air pollution and waste, as many construction works are done off-site. 4. Being tenacious It has been a roller-coaster journey at times, but the outcomes have been immensely rewarding. We are proud to say that, in FY2017, 98% of our development pipeline has either achieved or is targeting green certification globally. In addition, we are pleased to report meaningful progress against our 2020 reduction targets of 20% for energy, water and waste. Everyone plays a part Drawing from our experience, we believe companies have a huge untapped potential to steer public discourse and change mindsets by pledging climate action at their own places of work. Having a vision, commitment from senior management, empowered people on the ground and alignment of processes, as well as aspiring to best practices and standards are critical to companywide engagement. By constantly engaging colleagues and employees on ways to fight climate change together internally and externally, the workplace can be a pivotal piece of the puzzle in fighting climate change in Singapore. Looking back, we are proud at how far we have come at realising our founder s desire to make a positive impact on society. It has given us enormous satisfaction while building a strong corporate identity. We hope our story inspires Singapore companies to do the same. As they say, the journey of a thousand miles begins with the first step. E Simon Wild is head of sustainability for Asia at Lendlease and is based in Singapore

11 EDGEPROP JUNE 18, 2018 EP9

12 EP10 EDGEPROP JUNE 18, 2018 SPOTLIGHT Oakwood Premier offers luxury home away from home BY BONG XIN YING Oakwood Premier OUE Singapore opened on June 15 last year, and one year after its opening, the occupancy rate is now about 82%. We almost tripled our occupancy in the first three months, and are consistently increasing our occupancy by 10% to 15% for most of the months, says Roy Liang, general manager at Oakwood Premier OUE Singapore. Changing trend in demand Having signed a management agreement with OUE, Oakwood Asia Pacific unveiled its Oakwood Premier-branded serviced apartment with the launch of Oakwood Premier OUE Singapore at OUE Downtown. The property houses 268 midand high-level residences, with most of the units comprising studios and one-bedroom apartments, from 301 to 344 sq ft and from 323 to 624 sq ft respectively. The remaining 47 units are two-bedroom residences measuring 753 to 1,055 sq ft. Liang notes that they cater for a small group of clients who still bring their families over for a travel period of about six months. The accommodation trend for serviced apartments has shifted over the years. Liang points out that, in the 1990s, serviced apartments were built like condominiums, with a range of two- to four-bedrooms. As corporate travel and relocation was not the norm then, people would go on business trips with family members and The two-bedroom units cater for small families Liang: We are highly confident that Oakwood Premier OUE Singapore will do well for a long period of time Five-star standard Oakwood Premier OUE Singapore is positioned to attract luxury corporate travellers, with its clientele being predominantly C-suite executives. Its location at OUE Downstay in a serviced apartment for as long as two years, he says. Nowadays, people who stay in serviced apartments are those who come for short-term business trips alone. They do not bring their family with them, as there is no reason to uproot their lives to another country, observes Liang. In line with that, most of the residences in serviced apartments Oakwood Premier OUE Singapore included are now one-bedroom or studio apartments, he says. Liang notes a strong correlation between the city as a financial gateway and business capital, and the All units come with a fully equipped kitchen presence of serviced apartments. Demand for serviced apartments would be higher when they are located in areas with heavy business traffic, he says. A firm believer in the value that serviced apartments provide, Liang says they are another option for real estate developers to develop their assets into, rather than just focusing on hotels alone. PICTURES: SAMUEL ISAAC CHUA/THE EDGE SINGAPORE town 1 gives guests the advantage of accessibility to the financial district. Liang adds that it wants to be the best when it comes to serviced apartments, and set an example with impeccable service that is the equivalent of a five-star hotel s. Mindful of its guests needs, Oakwood Premier OUE Singapore advocates an active lifestyle, and this is evident in its partnership with World Trainer, a global network of personal trainers, and Aquaspin, which conducts tri-weekly water aerobics and aquabiking sessions at its pool. The personal trainer at World Trainer will have your records and The infinity pool at Oakwood Premier OUE Singapore hints at a luxurious lifestyle continue your training schedule in whichever city you go to, which saves C-suite executives the hassle of finding a suitable gym, says Liang. Oakwood Premier OUE Singapore is meticulous in catering for the needs of its guests. An in-room tablet provides one-touch convenience. The music broadcasted on the property is specially curated, with upbeat music played at the gym and evening jazz at night. The music is not like a broken record that repeats itself, says Liang. Apart from the infinity pool, fitness centre and lobby bar, another highlight at Oakwood Premier OUE Singapore is its in-house restaurant, Se7enth. An in-house restaurant is an uncommon sight in a serviced apartment, for most will outsource their meals to outside restaurants. In addition, the chefs and waiters at Oakwood Premier OUE Singapore are recruited from five-star hotels the executive chef was scouted from Mandarin Oriental Singapore and the sous chef from The Westin Singapore. I can safely say we have the best breakfast in the context of serviced apartments, as the variety and quality are right at the sweet spot, with each item very well done, says Liang. Brand consistency and expansion plans There is a total of eight Oakwood Premier serviced apartments globally, including in Guangzhou, Tokyo, Jakarta and Seoul. In terms of their business strategy and clientele, Liang asserts that consistency is maintained throughout the apartments. Guests who used to stay in our Korea and Japan Oakwood Premier, are also staying in the Singapore branch, as they identify it with their own experience back home, says Liang. He notes that Oakwood Premier OUE Singapore has set a new benchmark for Oakwood Premier s future expansion, being the latest apartment for the brand and, furthermore, with the regional headquarters based in Singapore. He says: We are highly confident that Oakwood Premier OUE Singapore will do well for a long period of time. We are at a good position now, and we just need to make sure we keep up with the service techniques, as the software is something that can be easily changed, but not easily maintained. Liang sees Singapore as a worldwide example of how the serviced apartment industry has blossomed over the last 10 to 15 years. In fact, the biggest serviced apartments operators in the world are either from Singapore or owned by local companies, he notes. Liang expressed high hopes for Oakwood Premier OUE Singapore. Asked about the property s prospects in five years time, he says, We would still be a market leader, with an occupancy rate that is consistently near 100%. E

13 EDGEPROP JUNE 18, 2018 EP11 GAINS AND LOSSES Seller at Nassim Mansion makes $6.5 mil profit THE EDGE SINGAPORE BY TIMOTHY TAY The sale of a 3,520 sq ft, four-bedroom unit at Nassim Mansion on Nassim Hill Road was the most profitable transaction for the week of May 29 to June 5. The unit, which is on the third floor, was first bought at $3.5 million ($994 psf) in 2003 and sold for $10 million ($2,841 psf) on June 5. The seller walked away with a profit of $6.5 million (186%), which translates into an annualised profit of 7% over a holding period of 14 years This is the second most profitable sale at the 72-unit Nassim Mansion. The most profitable was of a 7,115 sq ft penthouse on the 10th floor that changed hands for $16 million ($2,249 psf) in 2007 As it was bought for $5.2 million ($731 psf) in 2004, this meant a $10.8 million profit (207%) for its seller, or a 40% annualised profit over a three year holding period. Located in prime District 10, the freehold Nassim Mansion was completed in 1977 Profits from the sale of units in the residence ranged from $50,000 to $10.8 million over the past 15 years, according to caveats lodged. The second most profitable transaction during the week under review was the sale of a 1,851 sq ft unit at The Shelford, located on Shelford Road in prime District 11. The three-bedroom unit was sold on May 31 for $3.4 million ($1,836 psf) As it had previously changed hands for $1.25 million ($675 psf) in 2005 the seller made a $2.15 million (172%) profit or an annualised profit of 8% over a 12 year holding period. The Shelford has seen profits ranging from $1,654 to $2.47 million from the sale of its units over the past 15 years, according to caveats. The most profitable transaction The seller of a four-bedroom unit at Nassim Mansion made a $6.5 million profit on June 5 was the sale of a 2,411 sq ft maisonette in It was first bought from the developer for $1.68 million ($715 psf) in 2002, and changed hands for $4.15 million ($1,721 psf), generating a $2.47 million (147%) profit, or an 18% annualised profit over a five year holding period. The Shelford is a freehold development with 215 units. It was completed in A 1,345 sq ft unit at The Esta on Amber Gardens in District 15 changed hands for $2.43 million ($1,806 psf) on June 4, becoming the third most profitable transaction for the week. The three-bedroom unit on the fifth floor was bought for $910,000 ($676 psf) in Thus the seller walked away with a $1.52 million (167%) profit, which translates into an 8% annualised profit over a 12 year holding period. This was also the third most profitable transaction at the 400-unit condominium. Profits from sales at the freehold development ranged from $20,000 to $2.14 million over 12 years. The most profitable sale was in August 2009 when a 3,186 sq ft penthouse on the 21st floor, which was first bought at $2.11 million ($662 psf) in 2006, fetched $4.25 million ($1,334 psf). It made a $2.14 million (102%) profit, which translates into an annualised profit of 22% over a 3½-year holding period. The same unit recently changed hands in March this year for $4.78 million ($1,500 psf). The most recent seller thus made a $530,000 profit after holding the property for eight years E SAMUEL ISAAC CHUA/THE EDGE SINGAPORE A three-bedroom unit at The Esta was sold for a profit of $1.52 million on June 4 E URA, EDGEPROP Top 10 gains and losses from May 29 to June 5 Most profitable deals (non-landed) PROJECT DISTRICT AREA (SQ FT) SOLD ON (2018) SALE PRICE ($ PSF) BOUGHT ON PURCHASE PRICE ($ PSF) PROFIT ($) PROFIT (%) ANNUALISED PROFIT (%) HOLDING PERIOD (YEARS) 1 Nassim Mansion 10 3,520 June 5 2,841 Nov 20, ,500, The Shelford 11 1,851 May 31 1,836 Nov 15, ,150, The Esta 15 1,345 June 4 1,806 April 24, ,520, UE Square 9 1,528 June 5 1,603 May 20, ,360, The Tessarina 10 1,324 June 1 1,699 May 12, ,214, Goldenhill Park Condominium 20 1,335 May 31 1,534 Sept 15, ,188, Savannah Condopark 18 2,680 May Jan 28, ,150, Riveredge 15 1,518 June 4 1,374 March 26, ,022, Jervois Jade Apartments 10 2,056 June 4 1,070 March 15, , Water Place 15 1,561 June 5 1,262 April 4, , Non-profitable deals PROJECT DISTRICT AREA (SQ FT) SOLD ON (2018) SALE PRICE ($ PSF) BOUGHT ON PURCHASE PRICE ($ PSF) LOSS ($) LOSS (%) ANNUALISED LOSS (%) HOLDING PERIOD (YEARS) 1 Parc Olympia 17 1,324 June Nov 14, , Ascentia Sky 3 1,851 May 31 1,259 Nov 13, , , The Centris 22 1,421 May Jan 31, , Oasis Garden May 31 1,235 Sept 5, ,277 40, Urban Vista May 31 1,528 April 10, ,584 31, Ripple Bay May 31 1,177 April 26, ,239 30, Centro Residences June 4 1,445 Jan 25, ,452 5, Note: Computed based on URA caveat data as at June 12 for private non-landed houses transacted between May 29 to June 5. The profit-and-loss computation excludes transaction costs such as stamp duties.

14 EP12 EDGEPROP JUNE 18, 2018 DONE DEALS Price divide at prime districts PICTURES: ROXY-PACIFIC BY BONG XIN YING Roxy-Pacific Holdings 56-unit boutique development 120 Grange saw a total of 37 units sold over the launch weekend on June 1 and 2. Given its prime District 10 location and freehold tenure, the average price of units sold was $3,148 psf, according to caveats lodged. The units are compact, with one-bedroom lofts of 420 sq ft, two-bedroom units of 570 sq ft, and dual-key, two-bedroom units of 678 sq ft. The absolute prices of units sold therefore ranged from $1.35 million ($3,213 psf) for a unit on the second level to $2.18 million for a dual-key, two-bedroom unit on a high floor. We re not seeking premium prices, says Teo Hong Lim, executive chairman and CEO of Roxy-Pacific. In the Core Central Region, unlike the suburban areas of Outside Central Region, developers are not constrained by the rule requiring average unit sizes in a development to be at least 70 sq m (753.5 sq ft), he adds. As such, Roxy-Pacific is developing compact sizes that appeal to investors and young couples who want a prime District 10 address but whose budget is $2 million and below, says Teo. In terms of absolute prices, units at 120 Grange are also affordable. Therefore, the majority of buyers about 70% at 120 Grange are locals, he adds. Anecdotal evidence shows there was a bulk purchase by an Indonesian buyer, who scooped up four units of compact two-bedroom apartments one for each of his four children. These 570 sq ft, two-bedroom units were sold at prices ranging from $1.73 million ($3,031 psf) for a low-floor unit to $1.84 million ($3,232 psf), according to caveats lodged. This brings total sales of these two-bedroom compact apartments to 18 out of 24 units. Dominic Lee, PropNex Realty s head of luxury team who is the marketing agent for 120 Grange, says the profile of buyers is different from those at other luxury condominiums in the prime districts, such as Le Nouvel Ardmore, New Futura and The Nassim. As the unit sizes in these projects are larger with higher psf prices, they command higher absolute prices. These developments attract predominantly high-net-worth foreign homebuyers and investors, he adds. Recently, at the 43-unit Le Nouvel Ardmore in the prestigious Ardmore Park, for instance, a 3,907 sq ft unit on the 13th floor was sold for $16.8 million ($4,300 psf); and a 4,133 sq ft unit on the 20th floor was sold for $16.04 million ($3,880 psf), according to caveats lodged last month. At the 124-unit New Futura, four-bedroom units of 2,250 to 2,691 sq ft on high floors were sold from $8.5 million ($3,765 psf) to $10.15 million ($3,772 psf). At The Nassim, a 55-unit upscale condo with a Nassim Hill address, two units Units at 120 Grange are compact, with two-bedroom dual key units at 678 sq ft were recently sold. One of the 1,927 sq ft, three-bedroom apartments fetched $7.08 million ($3,673 psf), according to a caveat lodged on May 25. The other unit went for $7.64 million ($3,964 psf), according to a caveat lodged on June 1. According to Lee, buyers at New Futura, The Nassim and Le Nouvel Ardmore are a different pedigree from the mainstream. This is in contrast to singles and young couples who do not mind compact apartments but value a strategically located condo in a prime neighbourhood, he adds. E At 120 Grange, 37 out of a total of 56 units have been sold since the launch on June 1 Residential transactions with contracts dated May 29 to June 5 LOCALITIES DISTRICTS Singapore by postal district City & Southwest 1 to 8 Orchard/Tanglin/Holland 9 and 10 Newton/Bukit Timah/Clementi 11 and 21 Balestier/MacPherson/Geylang 12 to 14 East Coast 15 and 16 Changi/Pasir Ris 17 and 18 Serangoon/Thomson 19 and 20 West 22 to 24 North 25 to 28 LAND AREA/ NETT UNIT FLOOR AREA TRANSACTED PRICE PRICE COMPLETION TYPE OF PROJECT PROPERTY TYPE TENURE SALE DATE (SQ FT) PRICE ($) ($) ($ PSF) DATE SALE District 1 MARINA ONE RESIDENCES Apartment 99 years May 30, ,130 2,902,240-2, New Sale MARINA ONE RESIDENCES Apartment 99 years May 30, ,141 3,039,010-2, New Sale MARINA ONE RESIDENCES Apartment 99 years May 31, ,250 5,700,000-2, New Sale RIVERWALK APARTMENTS Apartment 99 years May 31, ,260,000-1, Resale District 2 ICON Apartment 99 years May 30, ,220,000-1, Resale SKYSUITES@ANSON Apartment 99 years May 31, ,000-2, Resale THE ARRIS Apartment Freehold June 01, ,750,000-1, Resale WALLICH RESIDENCE Apartment 99 years May 30, ,120,000-3, New Sale AT TANJONG PAGAR CENTRE WALLICH RESIDENCE Apartment 99 years May 31, ,744 6,520,350-3, New Sale AT TANJONG PAGAR CENTRE District 3 ALESSANDREA Apartment Freehold May 31, ,098 1,440,000-1, Resale ALEXIS Apartment Freehold May 31, ,000-1, Resale ARTRA Apartment 99 years May 29, ,410 2,374,800-1,684 Uncompleted New Sale ARTRA Apartment 99 years May 31, ,606,400-2,044 Uncompleted New Sale ASCENTIA SKY Condominium 99 years May 30, ,819 2,730,000-1, Resale ASCENTIA SKY Condominium 99 years May 30, ,012 1,500,000-1, Resale ASCENTIA SKY Condominium 99 years May 31, ,851 2,330,000-1, Resale COMMONWEALTH TOWERS Condominium 99 years June 01, ,000-1, Sub Sale ECHELON Condominium 99 years May 30, ,571 2,920,000-1, Resale MARGARET VILLE* Apartment 99 years June 01, ,268,000-1,812 Uncompleted New Sale MARGARET VILLE Apartment 99 years June 02, ,200-1,943 Uncompleted New Sale MARGARET VILLE Apartment 99 years June 02, ,500-2,090 Uncompleted New Sale QUEENS PEAK Condominium 99 years May 30, ,659,000-1,951 Uncompleted New Sale QUEENS PEAK Condominium 99 years June 01, ,002 3,325,000-1,661 Uncompleted New Sale QUEENS PEAK Condominium 99 years June 01, ,643,000-1,908 Uncompleted New Sale QUEENS PEAK Condominium 99 years June 02, ,001 1,893,000-1,891 Uncompleted New Sale QUEENS PEAK Condominium 99 years June 03, ,055 1,941,000-1,840 Uncompleted New Sale THE ANCHORAGE Condominium Freehold June 01, ,464 1,920,000-1, Resale LAND AREA/ NETT UNIT FLOOR AREA TRANSACTED PRICE PRICE COMPLETION TYPE OF PROJECT PROPERTY TYPE TENURE SALE DATE (SQ FT) PRICE ($) ($) ($ PSF) DATE SALE THE ANCHORAGE Condominium Freehold June 04, ,507 2,197,206-1, Resale THE CREST Condominium 99 years May 31, ,518 2,966,000-1, Resale THE CREST Condominium 99 years June 01, ,335 2,884,000-2, Resale District 4 THE INTERLACE Condominium 99 years May 30, ,056 2,550,000-1, Resale THE INTERLACE Condominium 99 years June 05, ,195 1,700,000-1, Resale District 5 BIJOU Apartment Freehold May 29, ,229,474-1,969 Uncompleted New Sale BIJOU Apartment Freehold May 30, ,025,787-1,869 Uncompleted New Sale BIJOU Apartment Freehold June 02, ,150,714-2,017 Uncompleted New Sale BLUE HORIZON Condominium 99 years June 04, ,475 1,400, Resale BOTANNIA Condominium 956 years May 31, ,313 1,560,000-1, Resale CARABELLE Condominium 956 years May 30, ,259 1,548,570-1, Resale FABER CREST Condominium 99 years May 31, ,582 1,350, Resale HUNDRED TREES Condominium 956 years May 30, ,000-1, Resale REGENT PARK Condominium 99 years May 30, ,227 1,220, Resale REGENT PARK Condominium 99 years May 30, ,130 1,170,000-1, Resale THE CLEMENT CANOPY Apartment 99 years June 01, ,109 1,576,000-1,421 Uncompleted New Sale THE CLEMENT CANOPY Apartment 99 years June 03, ,109 1,571,000-1,417 Uncompleted New Sale THE INFINITI Condominium Freehold June 05, ,249 1,238, Resale THE SORRENTO Condominium Freehold June 01, ,383,000-1, Resale THE VERANDAH RESIDENCES Terrace Freehold May 29, ,174 3,485,000-1,603 Uncompleted New Sale THE VERANDAH RESIDENCES Apartment Freehold May 31, ,000-1,901 Uncompleted New Sale THE VERANDAH RESIDENCES Apartment Freehold June 01, ,033 1,853,000-1,793 Uncompleted New Sale THE VERANDAH RESIDENCES Apartment Freehold June 01, ,679,000-1,857 Uncompleted New Sale TWIN VEW Apartment 99 years June 01, ,518 1,899,000-1,251 Uncompleted New Sale TWIN VEW Apartment 99 years June 01, ,141 1,413,000-1,238 Uncompleted New Sale TWIN VEW Apartment 99 years June 01, ,442 2,098,000-1,455 Uncompleted New Sale TWIN VEW Apartment 99 years June 01, ,000-1,427 Uncompleted New Sale District 7 SOUTHBANK Apartment 99 years May 31, ,480,000-1, Resale District 9 8 HULLET Apartment Freehold June 01, ,263,380-3,447 Uncompleted New Sale 8 HULLET Apartment Freehold June 02, ,248,380-3,424 Uncompleted New Sale NOMU Apartment Freehold May 31, ,380,000-2, Resale ROBERTSON EDGE Apartment 999 years June 04, ,500-1, Resale THE PATERSON Condominium Freehold May 30, ,421 3,158,000-2, Resale THE SUITES AT CENTRAL Condominium Freehold May 30, ,600,000-2, Resale UE SQUARE Apartment 929 years June 05, ,528 2,450,000-1, Resale WILKIE 48 Apartment Freehold May 30, ,292 1,760,000-1, Resale WILKIE 80 Apartment Freehold June 01, ,000-1, Resale District GRANGE Apartment Freehold June 01, ,176,000-3,209 Uncompleted New Sale 120 GRANGE Apartment Freehold June 01, ,441,000-3,347 Uncompleted New Sale 120 GRANGE Apartment Freehold June 01, ,396,000-3,242 Uncompleted New Sale 120 GRANGE Apartment Freehold June 01, ,138,000-3,153 Uncompleted New Sale 120 GRANGE Apartment Freehold June 01, ,122,000-3,129 Uncompleted New Sale 120 GRANGE Apartment Freehold June 01, ,349,000-3,213 Uncompleted New Sale 120 GRANGE Apartment Freehold June 01, ,394,000-3,321 Uncompleted New Sale 120 GRANGE Apartment Freehold June 01, ,754,000-3,075 Uncompleted New Sale 120 GRANGE Apartment Freehold June 01, ,844,000-3,232 Uncompleted New Sale 120 GRANGE Apartment Freehold June 01, ,367,000-3,256 Uncompleted New Sale 120 GRANGE Apartment Freehold June 01, ,790,000-3,138 Uncompleted New Sale 120 GRANGE Apartment Freehold June 01, ,799,000-3,153 Uncompleted New Sale 120 GRANGE Apartment Freehold June 01, ,772,000-3,106 Uncompleted New Sale 120 GRANGE Apartment Freehold June 01, ,808,000-3,169 Uncompleted New Sale 120 GRANGE Apartment Freehold June 01, ,412,000-3,364 Uncompleted New Sale 120 GRANGE Apartment Freehold June 01, ,763,000-3,090 Uncompleted New Sale 120 GRANGE Apartment Freehold June 01, ,745,000-3,059 Uncompleted New Sale 120 GRANGE Apartment Freehold June 01, ,826,000-3,201 Uncompleted New Sale 120 GRANGE Apartment Freehold June 01, ,781,000-3,122 Uncompleted New Sale 120 GRANGE Apartment Freehold June 01, ,817,000-3,185 Uncompleted New Sale

15 EDGEPROP JUNE 18, 2018 EP13 DONE DEALS Residential transactions with contracts dated May 29 to June 5 LAND AREA/ NETT UNIT FLOOR AREA TRANSACTED PRICE PRICE COMPLETION TYPE OF PROJECT PROPERTY TYPE TENURE SALE DATE (SQ FT) PRICE ($) ($) ($ PSF) DATE SALE 120 GRANGE Apartment Freehold June 01, ,756,000-3,078 Uncompleted New Sale 120 GRANGE Apartment Freehold June 01, ,729,000-3,031 Uncompleted New Sale 120 GRANGE Apartment Freehold June 01, ,738,000-3,046 Uncompleted New Sale 120 GRANGE Apartment Freehold June 01, ,413,000-3,282 Uncompleted New Sale 120 GRANGE Apartment Freehold June 01, ,747,000-3,062 Uncompleted New Sale 120 GRANGE Apartment Freehold June 01, ,458,000-3,386 Uncompleted New Sale 120 GRANGE Apartment Freehold June 01, ,792,000-3,141 Uncompleted New Sale 120 GRANGE Apartment Freehold June 01, ,022,000-2,982 Uncompleted New Sale 120 GRANGE Apartment Freehold June 01, ,104,000-3,103 Uncompleted New Sale 120 GRANGE Apartment Freehold June 01, ,096,000-3,091 Uncompleted New Sale 120 GRANGE Apartment Freehold June 01, ,022,000-2,982 Uncompleted New Sale 120 GRANGE Apartment Freehold June 01, ,146,000-3,165 Uncompleted New Sale 120 GRANGE Apartment Freehold June 01, ,162,000-3,188 Uncompleted New Sale 120 GRANGE Apartment Freehold June 02, ,114,000-3,117 Uncompleted New Sale 120 GRANGE Apartment Freehold June 02, ,130,000-3,141 Uncompleted New Sale 120 GRANGE Apartment Freehold June 02, ,835,000-3,217 Uncompleted New Sale 120 GRANGE Apartment Freehold June 02, ,765,000-3,094 Uncompleted New Sale BELMOND GREEN Condominium Freehold June 01, ,550 2,880,000-1, Resale D LEEDON Condominium 99 years June 01, ,281 2,280,000-1, Resale D LEEDON Condominium 99 years June 01, ,112 5,469,000-1, Resale D LEEDON Condominium 99 years June 01, ,080 7,111,840-1, Resale HOLLAND MEWS Apartment Freehold June 01, ,422 4,060,000-1, Resale JERVOIS JADE APARTMENTS Apartment 99 years June 04, ,056 2,200,000-1, Resale LUCKY PARK Semi-Detached Freehold June 01, ,165 7,300,000-1, Resale MILL POINT Apartment 999 years June 01, ,010,000-1, Resale NASSIM MANSION Apartment Freehold June 05, ,520 10,000,000-2, Resale THE BALMORAL Condominium Freehold May 30, ,745 4,280,000-1, Resale THE EQUATORIAL Condominium Freehold June 04, ,722 3,012,000-1, Resale THE NASSIM Condominium Freehold June 01, ,927 7,638,000-3, Resale THE SIXTH AVENUE RESIDENCES Condominium Freehold June 01, ,346 3,330,000-1, Resale THE TENERIFFE Terrace 99 years June 01, ,121 2,800, Resale THE TESSARINA Condominium Freehold June 01, ,324 2,250,000-1, Resale THE TRIZON Condominium Freehold June 01, ,894 3,180,000-1, Resale VIZ AT HOLLAND Condominium Freehold May 31, ,620,000-1, Resale District 11 LINCOLN SUITES Condominium Freehold May 30, ,109 2,320,000-2, Resale WATTEN TERRACE Semi-Detached Freehold May 31, ,004 6,750,000-1,685 Unknown Resale JALAN SEJARAH Detached Freehold June 04, ,555 13,680,000-2, Resale ROCHELLE AT NEWTON Condominium 99 years June 04, ,862 2,850,000-1, Resale THE SHELFORD Condominium Freehold May 31, ,851 3,400,000-1, Resale WATTEN ESTATE Terrace Freehold May 30, ,250 5,300,000-2,353 Unknown Resale District 12 BOON TECK TOWER Condominium Freehold May 31, ,658 1,710,000-1, Resale DOMUS Apartment Freehold May 30, ,367 2,200,000-1, Resale GEM RESIDENCES Condominium 99 years May 29, ,313 1,954,000-1,488 Uncompleted New Sale GEM RESIDENCES Condominium 99 years May 31, ,055 1,614,000-1,530 Uncompleted New Sale GEM RESIDENCES Condominium 99 years May 31, ,055 1,899,000-1,800 Uncompleted New Sale KALLANG RIVERSIDE Apartment Freehold May 31, ,033 2,342,319-2,267 Uncompleted New Sale KALLANG RIVERSIDE Apartment Freehold June 01, ,033 2,371,642-2,295 Uncompleted New Sale KALLANG RIVERSIDE Apartment Freehold June 03, ,378,523-2,668 Uncompleted New Sale KALLANG RIVERSIDE Apartment Freehold June 03, ,033 2,280,036-2,206 Uncompleted New Sale SCENIC HEIGHTS Apartment Freehold May 31, ,050,000-1, Resale SKYSUITES17 Apartment Freehold May 30, ,030,000-1, Resale ST MICHAEL REGENCY Apartment Freehold June 05, ,238 1,450,000-1, Resale SUNVILLE Apartment Freehold June 05, ,184 1,225,000-1, Resale District 13 8@WOODLEIGH Condominium 99 years June 04, ,320,000-1, Resale JALAN ANGGEREK Semi-Detached Freehold June 05, ,401 3,450,888-1, Resale District 14 EUHABITAT Condominium 99 years June 01, ,012 1,040,000-1, Resale GUILLEMARD EDGE Apartment Freehold May 30, , Resale GUILLEMARD EDGE Apartment Freehold June 01, ,000-1, Resale SIXTEEN35 RESIDENCES Apartment 99 years June 01, ,000-1,485 Uncompleted New Sale THE SUNNY SPRING Apartment Freehold June 04, ,109 1,228,000-1, Resale THE WATER EDGE Apartment Freehold June 04, ,000-1, Resale EAST Condominium Freehold May 30, ,033 1,218,000-1, Resale EAST Condominium Freehold May 30, ,000-1, Resale WANG LODGE Apartment Freehold June 01, ,464 1,100, Resale District 15 AMBER 45 Apartment Freehold June 03, ,429,000-2,329 Uncompleted New Sale SIGLAP Apartment Freehold June 04, ,168,000-1, Resale CHELSEA LODGE Apartment Freehold June 04, ,227 1,345,000-1, Resale COSTA ESTE Apartment Freehold May 31, ,000-1, Resale COSTA RHU Condominium 99 years May 30, ,012 1,280,000-1, Resale D FRESCO Apartment Freehold May 30, ,550 1,510, Resale GRAND DUCHESS AT ST PATRICK S Condominium Freehold May 31, ,410 2,400,000-1, Resale IDYLLIC RESIDENCES Apartment Freehold May 31, ,130,000-1, Resale NEPTUNE COURT Apartment 99 years May 30, ,270 1,180, Resale NEPTUNE COURT Apartment 99 years May 31, ,270 1,130, Resale NEPTUNE COURT Apartment 99 years June 04, ,636 1,370, Resale PALM OASIS Apartment Freehold June 01, ,038,000-1, Resale RIVEREDGE Condominium 99 years June 04, ,518 2,085,000-1, Resale SEASIDE RESIDENCES Apartment 99 years May 31, ,679 3,520,000-2,096 Uncompleted New Sale SEASIDE RESIDENCES Apartment 99 years June 01, ,206 2,103,000-1,744 Uncompleted New Sale SEASIDE RESIDENCES Apartment 99 years June 01, ,177,000-1,988 Uncompleted New Sale SEASIDE RESIDENCES Apartment 99 years June 02, ,186,000-1,749 Uncompleted New Sale THE ESTA Condominium Freehold June 04, ,345 2,430,000-1, Resale THE SEAFRONT ON MEYER Condominium Freehold June 05, ,110 3,725,000-1, Resale WATER PLACE Condominium 99 years June 05, ,561 1,970,000-1, Resale District 16 BREEZE BY THE EAST Condominium Freehold May 31, ,249 1,518,000-1, Resale CASA MERAH Apartment 99 years June 01, ,345 1,700,000-1, Resale CHANGI GREEN Condominium Freehold May 31, ,432 1,440,000-1, Resale COSTA DEL SOL Condominium 99 years May 31, ,313 1,740,000-1, Resale D MANOR Terrace 99 years May 30, ,723 1,820, Resale GRANDEUR PARK RESIDENCES Condominium 99 years May 29, ,238 1,857,000-1,500 Uncompleted New Sale GRANDEUR PARK RESIDENCES Condominium 99 years May 30, ,238 1,909,000-1,542 Uncompleted New Sale UPPER EAST COAST ROAD Semi-Detached Freehold June 04, ,111 4,380,000-1, Resale SEA PAVILION RESIDENCES Apartment Freehold June 03, ,528 2,310,000-1,511 Uncompleted New Sale STRATFORD COURT Condominium 99 years May 31, , , Resale THE BAYSHORE Condominium 99 years May 31, , , Resale THE CLEARWATER Condominium 99 years May 31, ,378 1,305, Resale UBER 388 Condominium Freehold June 01, ,313 1,680,000-1, Resale URBAN VISTA Condominium 99 years May 31, ,000-1, Resale District 17 FERRARIA PARK CONDOMINIUM Condominium Freehold June 01, , Resale PALM ISLES Condominium 99 years May 31, , Resale PARC OLYMPIA Condominium 99 years May 30, , Resale PARC OLYMPIA Condominium 99 years May 31, , , Resale PARC OLYMPIA Condominium 99 years June 05, ,324 1,000, Resale THE INFLORA Condominium 99 years June 01, ,582 1,260, Resale THE INFLORA Condominium 99 years June 04, ,000-1, Resale District 18 ELIAS Condominium 99 years May 30, ,432 1,150, Resale RIPPLE BAY Condominium 99 years May 31, ,000-1, Resale RIPPLE BAY Condominium 99 years June 04, ,442 1,288, Resale SAVANNAH CONDOPARK Condominium 99 years May 31, ,680 2,220, Resale THE ESPARIS EC 99 years June 04, , , 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 THE PALETTE Condominium 99 years May 30, ,000-1, Resale THE TAPESTRY* Condominium 99 years May 29, ,000-1,472 Uncompleted New Sale THE TAPESTRY Condominium 99 years May 29, ,600-1,390 Uncompleted New Sale THE TAPESTRY Condominium 99 years May 29, ,640-1,403 Uncompleted New Sale WATERVIEW Condominium 99 years June 01, ,130 1,085, Resale WATERVIEW Condominium 99 years June 04, ,000-1, Resale WHITEWATER EC 99 years May 31, , , Resale District 19 3@PHILLIPS Apartment 999 years May 30, ,808 1,625, Resale AFFINITY AT SERANGOON* Apartment 99 years June 02, ,076 1,652,000-1,535 Uncompleted New Sale AFFINITY AT SERANGOON Apartment 99 years June 02, ,076 1,642,000-1,525 Uncompleted New Sale AFFINITY AT SERANGOON Apartment 99 years June 02, ,076 1,672,000-1,553 Uncompleted New Sale BARTLEY RESIDENCES Apartment 99 years May 30, ,000-1, Resale BARTLEY RESIDENCES Apartment 99 years May 30, ,178,888-1, Resale COMPASS HEIGHTS Apartment 99 years June 05, , , Resale FORTUNA GARDENS Terrace Freehold June 01, ,712 3,115,000-1,148 Unknown Resale HILLSGROVE Semi-Detached 999 years June 05, ,714 2,000, Resale KINGSFORD WATERBAY* Apartment 99 years May 31, ,164,000-1,352 Uncompleted New Sale KOVAN MELODY Condominium 99 years June 01, ,690 1,620, Resale LA QUINTA PARK Terrace 999 years June 01, ,885 3,468,000-1, Resale CHARLTON LANE Terrace Freehold May 30, ,747 3,830, Resale PARRY AVENUE Terrace 999 years May 31, ,584 3,780,000-1, Resale NAUNG RESIDENCE Apartment 999 years May 31, ,302 1,458,000-1, Resale OASIS GARDEN Condominium Freehold May 31, ,170,000-1, Resale PALM HAVEN Condominium 999 years May 30, ,744 1,250, Resale PARK GREEN EC 99 years May 31, ,367 1,030, Resale RIVERCOVE RESIDENCES* EC 99 years May 29, ,100-1,027 Uncompleted New Sale RIVERSAILS Condominium 99 years May 30, ,050,000-1, Resale RIVERSAILS Condominium 99 years June 01, ,367 1,400,000-1, Resale RIVERSOUND RESIDENCE Condominium 99 years May 31, ,800-1, Resale RIVERVALE CREST Apartment 99 years June 01, , , Resale SERANGOON GARDEN ESTATE Terrace 999 years May 30, ,163 2,580,000-1,194 Unknown Resale SERANGOON GARDEN ESTATE Terrace 999 years May 31, ,841 2,900,000-1,576 Unknown Resale SERANGOON GARDEN ESTATE Semi-Detached 999 years June 04, ,864 5,350,000-1,386 Unknown Resale TERRASSE Condominium 99 years June 01, ,421 1,770,000-1, Resale THE GARDEN RESIDENCES* Apartment 99 years June 02, ,100-1,585 Uncompleted New Sale THE GARDEN RESIDENCES Apartment 99 years June 02, ,400-1,580 Uncompleted New Sale THE GARDEN RESIDENCES Apartment 99 years June 02, ,900-1,612 Uncompleted New Sale THE RIVERVALE EC 99 years May 30, , , Resale THE SCALA Apartment 99 years May 31, ,518 1,750,000-1, Resale THE YARDLEY Apartment Freehold June 05, ,421 1,730,000-1, Resale TREASURE CREST EC 99 years May 30, ,076 1,150,000-1,068 Uncompleted New Sale TWIN WATERFALLS EC 99 years May 31, ,109 1,100, Resale District 20 BISHAN LOFT EC 99 years June 01, ,173 1,330,000-1, Resale CENTRO RESIDENCES Condominium 99 years June 04, ,338,000-1, Resale GOLDENHILL PARK CONDOMINIUM Condominium Freehold May 31, ,335 2,048,000-1, Resale THE GARDENS AT BISHAN Condominium 99 years June 04, ,000-1, Resale THOMSON IMPRESSIONS Semi-Detached 99 years May 31, ,034 2,500,000-1,229 Uncompleted New Sale District 21 FLORIDIAN Condominium Freehold May 31, ,851 3,350,000-1, Resale GARDENVISTA Condominium 99 years June 04, ,130 1,638,000-1, Resale HILLVIEW GREEN Condominium 999 years May 30, ,012 1,060,000-1, Resale PARC PALAIS Condominium Freehold May 31, ,335 1,600,000-1, Resale SHERWOOD CONDOMINIUM Condominium Freehold June 01, ,000-1, Resale SUITES DE LAUREL Apartment 999 years May 30, ,000-1, Resale SUMMERLEA GREEN Terrace 99 years June 01, ,615 1,925,000-1, Resale THE CASCADIA Condominium Freehold June 01, ,540,000-1, Resale THE RAINTREE Condominium 99 years June 05, ,302 1,440,000-1, Resale District 22 J GATEWAY Condominium 99 years June 01, ,241,000-1, Resale J GATEWAY Condominium 99 years June 05, ,050,000-1, Resale LAKEHOLMZ Condominium 99 years May 30, ,249 1,150, Resale LAKEHOLMZ Condominium 99 years May 30, ,033 1,020, Resale LAKESIDE GROVE Terrace 99 years May 30, ,615 1,590, Resale THE CENTRIS Apartment 99 years May 30, ,421 1,160, Resale THE LAKEFRONT RESIDENCES Condominium 99 years May 30, ,030,000-1, Resale District 23 FUYONG ESTATE Semi-Detached 99 years May 31, , , Unknown Resale HILLVIEW HEIGHTS Condominium Freehold May 31, ,162 1,420,000-1, Resale KINGSFORD. HILLVIEW PEAK Condominium 99 years June 01, ,000-1, Sub Sale LE QUEST Apartment 99 years May 31, ,365,000-1,394 Uncompleted New Sale MAYSPRINGS Apartment 99 years June 01, , Resale MERAWOODS Condominium 999 years May 30, ,937 1,950,000-1, Resale PARKVIEW APARTMENTS Apartment 99 years May 31, , Resale SOL ACRES EC 99 years June 03, , New Sale THE HILLIER Apartment 99 years May 30, ,000-1, Resale THE LINEAR Apartment 999 years May 31, , , Resale THE LINEAR Apartment 999 years June 01, ,313 1,100, Resale WINDERMERE EC 99 years May 30, , , Resale District 25 CASABLANCA Condominium 99 years May 30, , , Resale NORTHWAVE EC 99 years May 29, , , Uncompleted New Sale NORTHWAVE EC 99 years May 31, , , Uncompleted New Sale NORTHWAVE EC 99 years May 31, , , Uncompleted New Sale NORTHWAVE EC 99 years June 02, , , Uncompleted New Sale ROSEWOOD Condominium 99 years May 31, , , Resale ROSEWOOD SUITES Condominium 99 years June 01, ,518 1,238, Resale District 26 ATELIER VILLAS Terrace Freehold May 31, ,068 1,980, Resale PEIRCE Condominium Freehold June 05, ,023 1,230,000-1, Resale District 27 PARC LIFE EC 99 years May 30, , , New Sale PARC LIFE EC 99 years June 01, , New Sale PARC LIFE EC 99 years June 01, , , New Sale PARC LIFE EC 99 years June 01, , , New Sale PARC LIFE EC 99 years June 02, , , New Sale PARC LIFE EC 99 years June 03, ,700-1, New Sale SKIES MILTONIA Condominium 99 years May 30, ,000-1, Resale SUN PLAZA Apartment 99 years June 04, , , Resale WATERCOVE Terrace Freehold June 02, ,466 2,298, Uncompleted New Sale YISHUN EMERALD Condominium 99 years June 04, , , Resale District 28 H2O RESIDENCES Condominium 99 years June 04, ,227 1,380,000-1, Resale MIMOSA TERRACE Terrace Freehold May 30, ,615 2,400,000-1, Resale NIM COLLECTION Terrace 99 years May 29, ,970 2,780,000-1,411 Uncompleted New Sale PARC BOTANNIA Condominium 99 years May 30, ,000-1,376 Uncompleted New Sale PARC BOTANNIA Condominium 99 years May 30, ,000-1,272 Uncompleted New Sale PARC BOTANNIA Condominium 99 years June 01, ,000-1,378 Uncompleted New Sale PARC BOTANNIA Condominium 99 years June 01, ,000-1,266 Uncompleted New Sale SELETAR PARK RESIDENCE Condominium 99 years May 31, ,150,000-1, Resale SELETAR SPRINGS CONDOMINIUM Condominium 99 years May 31, ,582 1,180, Resale SUNRISE GARDENS Condominium 99 years May 30, ,281 1,000, Resale DISCLAIMER: Source: URA Realis. Updated June 12, 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 caveats reflected, owing to overwhelming number of transactions

16 EP14 EDGEPROP JUNE 18, 2018 DEAL WATCH Three-bedroom unit at Reignwood Hamilton Scotts going for $8 mil SAMUEL ISAAC CHUA/THE EDGE SINGAPORE Recent transactions at Reignwood Hamilton Scotts BY CHARLENE CHIN A three-bedroom unit at Reignwood Hamilton Scotts is up for sale at $8 million ($2,904 psf). The 2,756 sq ft unit is situated on the 20th floor of the 30-storey tower and has an unobstructed view of the greenery at Goodwood Hill. The freehold Reignwood Hamilton Scotts contains just 56 units and was completed in Developed by KOP Properties and formerly known as Hamilton Scotts, it is famous for being the first high-rise condominium in Singapore and in the world to have an en suite garage for each unit. All units are identical three-bedroom apartments of 2,756 sq ft with an en suite garage that can fit two cars, and a dedicated car lift. In 2013, a year after completion, the special-purpose vehicle holding the remaining units in the development was sold to Thai-Chinese conglomerate Reignwood Group. The project was then renamed Reign- URA, EDGEPROP CONTRACT DATE AREA (SQ FT) PRICE ($) PRICE ($ PSF) Dec 12, ,756 8,400,000 3,048 Aug 27, ,756 10,800,000 3,919 June 16, ,756 8,500,000 3,085 Oct 24, ,756 12,746,500 4,626 May 19, ,756 8,500,000 3,085 wood Hamilton Scotts. The owner of the unit currently on the market is looking to sell, as he is on the hunt for a bigger unit, preferably one with five bedrooms, according to marketing agent Melvin Lim, group district director at Propnex Realty. The owner is a foreigner who purchased it in 2013 for $9.4 million and spent close to $500,000 renovating it. The owner never moved in and the unit was never tenanted either, adds Lim. It will be sold partially furnished. There has been no transaction at Reignwood Hamilton Scotts this year. The last one in the luxury condo was in December 2017, when another unit on the third floor was sold for $8.4 million ($3,048 psf). Last August, a fifth-floor unit fetched $10.8 million ($3,919 psf), according to caveats lodged. Lim therefore believes the asking price of the unit is attractive, given its location and the earlier transaction prices. E Each unit in Reignwood Hamilton Scotts features an en suite garage that can fit two cars