Jervois Hill GCB going for $45 mil

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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 May 21, 2018 ISSUE En Bloc Watch Eight sites launched for sale in four days EP2 Done Deals Seaside Residences sees strongest sales in May EP10 Gains and Losses Unit at Balmoral Gardens reaps $9.17 mil profit EP12 Deal Watch River Place duplex on the market for $3.3 mil EP13 SAMUEL ISAAC CHUA/THE EDGE SINGAPORE Jervois Hill GCB going for $45 mil Serial investor and entrepreneur George Lim s latest luxury bungalow has just been put on the market. It is likely to set yet another benchmark in the Good Class Bungalow segment that he has been in for more than a decade. See our Cover Story on Pages 6 and 7. The Good Class Bungalow at 3 Jervois Hill

4 EP2 EDGEPROP MAY 21, 2018 EN BLOC WATCH EDITORIAL EDITOR Cecilia Chow 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 Cowie Tan ASSOCIATE ACCOUNT DIRECTOR Diana Lim SENIOR ACCOUNT MANAGER Janice Zhu ACCOUNT MANAGERS James Chua, Bernard Wong SALES STRATEGIST Han YaoGuang CIRCULATION DIRECTOR Dominic Kevin Sim MANAGER Bryan Kek 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 Eight more en bloc sales launched, more than half in prime districts Between May 14 and 17, eight developments were put up for collective sale, and more than half of them are in prime Districts 9, 10 and 11. The 172-unit Cavenagh Gardens and the 36-unit Cairnhill Astoria (pictured) in District 9 are freehold developments, and were launched for sale at $480 million (1,491 psf per plot ratio) and $196 million ($1,964 psf ppr), respectively. It is clear that collective sale interest among developers has shifted from suburban to prime sites, says Tang Wei Leng, managing director of Colliers International, the marketing agent for Cairnhill Astoria. Cairnhill Astoria sits on a 38,615 sq ft site that has a gross plot ratio (GPR) of 2.8. It has an estimated development charge of $16.34 million. The site could be redeveloped to offer 200 units of 540 sq ft each. Each owner could receive $2.3 million to $14.3 million. Meanwhile, Cavenagh Gardens has an in-principle approval for 11,800 sq ft of State land to be amalgamated with the site. The development has an as-built GPR of 2.177, says marketing agent JLL. Due to its high development baseline, no DC is payable. The redeveloped site could comprise 320 units of 880 sq ft each. As it is located within the Central Region, the guideline on the minimum unit size of 70 sq m does not apply. Both tenders close on June 27. PROPERTY BRIEFS Trendale Tower on Cairnhill Road in District 9 is also up for collective sale by tender, for $163.5 million ($2,250 psf ppr). The 20-storey building contains 18 units, and the site has a GPR of 2.8. The plot may be redeveloped to an allowable COLLIERS INTERNATIONAL gross floor area (GFA) of 72,690 sq ft and up to 36 storeys. The tender for Trendale Tower closes on June 25. Savills Singapore is the marketing agent. In District 10, the 18-unit freehold Fernhill Court was launched for collective sale via public tender for $125 million ($1,885 psf ppr), with Colliers as the marketing agent. All of the owners have given consent to the sale, which does not need approval from the Strata Titles Board. Each owner could walk away with at least $6.32 million to $8.3 million from the sale. Goldhill Shopping Centre in District 11 is also up for collective sale via tender with a reserve price of $425 million ($2,597 psf ppr). The commercial development has a $61.2 million DC and is zoned for commercial use with a GPR of 3.0. Other collective sales launched during the week and marketed by JLL include the freehold Flynn Park in District 5, which has a minimum price of $363.8 million ($1,281 psf ppr, including 10% bonus GFA). The site has a GPR of 1.4 and could be redeveloped into a five-storey project with 387 units. A Pre-Application Feasibility Study is not required for this site, says JLL. The 88- unit Rosalia Park in District 19 has a minimum price of $175 million ($1,198 psf ppr, including 10% bonus GFA). It could be redeveloped into 191 units of 70 sq m each. La Ville at Tanjong Rhu in District 15 is also up for collective sale at $152 million ($1,436 psf ppr, including 10% bonus GFA). The 40- unit, freehold development has a GPR of 2.1. By Timothy Tay E 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. JustCo, Frasers Property and GIC invest $237 mil to develop Asian co-working platform Home-grown co-working operator JustCo has partnered with Frasers Property and GIC to develop a co-working space platform across Asia. The three companies will jointly invest US$177 million ($237 million) to enable JustCo to expand into other Asian markets such as Greater China, Korea, Japan, Vietnam, Malaysia, the Philippines, Australia and India. JustCo already has a presence in Singapore, Indonesia and Thailand. As a long-term value investor, we are attracted by the [co-working] sector s growth potential in the long run and believe that the fragmented nature of the sector presents opportunities for consolidation. Our investment in JustCo will support it in its next phase of growth outside of Singapore, says Lee Kok Sun, chief investment officer at GIC Real Estate. JustCo has also announced that its newest co-working space in MacDonald House will be launched in July. It will occupy two levels and span 17,000 sq ft. The new space is expected to attract clients from the design and creative industries, and members can look forward to regular art- and lifestyle-related events there. It will feature quiet pods, isolated cubicles, an in-house café, enclosed phone rooms, an event and breakout space and a nursing room. JustCo will be the first operator to be the anchor tenant of a shopping mall when it opens another co-working centre at Marina Square in July. Spanning 60,000 sq ft, the space will cater to more than 1,000 members. New Futura s phase 2 units 70% sold in five days At least 21 (70%) of 30 units released in New Futura s second phase of sales were snapped up as at May 15, five days after the developer, City Developments Ltd (CDL), opened the preview. The units were sold at an average price of $3,500 psf. This is higher than the average price achieved for units in the first phase of sales. As at May 15, 62 units (97%) in the first phase of sales, including the penthouse, were sold at an average price of $3,350 psf. The 7,836 sq ft penthouse was sold for $36.28 million ($4,630 psf). About 72% of the buyers in the first phase are foreigners and permanent residents from China, Indonesia, Malaysia and South Korea. The majority of units sold in the second phase are larger units that are worth up to $10 million each. Located on Leonie Hill Road in prime District 9, New Futura comprises two 36-storey towers. Its unit mix includes two five-bedroom duplex penthouses spanning 7,836 sq ft each. 1.4 mil sq ft Big Box warehouse in Jurong East up for sale The Big Box warehouse building beside the Jurong East MRT interchange and JEM mall has been put up for sale, announced marketing agent Cushman & Wakefield (C&W). The receivers have not released a guide price for the development, which has a gross floor area (GFA) of 1.4 million sq ft. The divestment exercise will be conducted via an expression of interest (EOI). Located in the Jurong Lake District, the property sits on a 606,639 sq ft plot. Under the 2014 Master Plan, it is zoned for Business-1 use, with a gross plot ratio of up to 2.5. It has a 30-year lease from March The development comprises an eight-storey ramp-up warehouse with basement and has 1,726 car park lots, which can be converted into additional GFA, subject to approvals. This is a compelling opportunity for logistics players, e-commerce fulfilment and warehousing companies as well as other third-party facilities service providers to acquire a rarely available warehouse facility within the prime Jurong Gateway locale, says Shaun Poh, executive director of capital markets at C&W. The EOI will close on June 14. Far East consortium wins Holland Road GLS site with $1.21 bil bid The Holland Road government land tender has been awarded to a consortium of Far East Organization s subsidiaries. The Far East consortium submitted the winning bid of $1.213 billion, or $1,888 psf per plot ratio, for the 247,214 sq ft site. Other shortlisted bids submitted land prices of $950 million to $1.06 billion. The last time Far East Organization won a government land tender was four years ago, with Woodlands Square, says Desmond Sim, CBRE s head of research for Singapore and Southeast Asia. The group has been relatively quiet amid the collective sales frenzy, he adds. The commercial and residential mixed-use site was hotly contested and attracted a total of 15 concept proposals when the tender closed on March 20. Some tenderers, such as Far East, submitted multiple proposals. The 99-year leasehold site was launched for sale under the concept and price revenue tender system, under which the various concept proposals were first evaluated. Only five bids were shortlisted and the successful proposals were then evaluated based on the highest bid price. The winning design was deemed to be sensitively scaled and complements the existing built environment around Holland Village. Far East is well-suited to be awarded this site, as it has extensive experience in the residential, retail and hospitality sectors, notes Sim. Compiled by Timothy Tay E

5 EDGEPROP MAY 21, 2018 EP3 PRIME HOMES SAMUEL ISAAC CHUA/THE EDGE SINGAPORE The high life Buyers are fast snapping up homes in the Central Region. With land prices rising to lofty heights since 2017, the inventory of unsold units has been depleted. Newly completed projects in the area are now deemed value buys. Check out DUO Residences choice 10 units (see Page EP4) and V on Shenton s high-end apartments (see Page EP8). Both are mixed-use developments in the Downtown Core areas that are being revamped.

6 EP4 EDGEPROP MAY 21, 2018 PRIME HOMES DUO Residences offers last 10 choice units amid property buzz PICTURES: SAMUEL ISAAC CHUA/THE EDGE SINGAPORE BY BONG XIN YING Integrated development DUO has been abuzz in recent months with the opening of the restaurants and cafés at DUO Galleria, the 56,000 sq ft retail space. The eateries include So France, which combines a French bistro, wine bar and gourmet supermarket; Peruvian restaurant Tono Cevicheria; La Cala Spanish restaurant; A Poke Theory health food restaurant; and Joe & Dough café. The retail gallery was the last component to open at DUO on Beach Road, which is linked directly to the Bugis MRT interchange station for the Downtown and East-West Lines. At the 660-unit DUO Residences, more than half the residents have already moved in. The office space at DUO Tower is almost fully taken up; and the 340-room Andaz Hotel opened last December. Designed by celebrated architect Ole Scheeren, the $4 billion DUO is developed by M+S, a joint venture between Malaysia s Khazanah Nasional and Singapore s Temasek Holdings. DUO Residences previewed just a few months after the total debt servicing ratio loan framework was implemented. Despite that, 468 units, or 71%, were taken up within the first three days of launch. The average transacted price was $1,987 psf, based on caveats lodged with URA Realis in November and December Wave of positive sentiment Riding on the wave of positive sentiment towards the second half of last year, transactions at DUO Residences have also picked up. Today, only 10 units are available for sale. They are predominantly premium units, ranging from the larger three-bedroom apartments of 1,528 to 1,772 sq ft and four-bedroom units of 1,841 to 1,927 sq ft to duplex penthouses from 2,497 sq ft. The prices of the remaining units start from about $2,100 psf. All the smaller units in DUO Residences studios and one- to three-bedroom units of 420 to 1,184 sq ft have already been sold. The average price of units sold in the first five months was $2,249 psf, which reflects a price appreciation of 13.2% over the last five years. Buyers of the remaining units can expect future capital appreciation as the residential property market continues to pick up, says Dominic Lee, PropNex Realty head of Luxury Team, who is marketing the remaining 10 units. Singaporeans make up 70% of the buyers, according to Kemmy Tan, CEO of M+S. The remaining 30% of buyers are foreigners, predominantly from China, Hong Kong, Indonesia and Malaysia, she adds. A key attraction of the project is that it is a rare residential offering in the Bras Basah-Beach Road-Ophir Road neighbourhood. Before DUO Residences, the last residential project to DUO is designed by German architect Ole Scheeren and developed by M+S More than half the residents have already moved into the 660-unit DUO Residences be launched on Beach Road was the 360-unit Concourse Skyline, adjacent to The Concourse commercial building. The 99-year leasehold residential tower previewed in Septem ber Rising market Developers have been replenishing their landbank at higher prices. Last October, the 99-year leasehold government land sales (GLS) site located opposite DUO was sold to a joint venture between GuocoLand and Guoco Group for $1.622 billion, or a land rate of $1,706 psf per plot ratio (ppr).the joint venture partners are expected to develop a mixed-use project on the site. Prices achieved in collective sales this year hit $2,311 psf ppr with the sale of the freehold Cairnhill Mansions to Low Keng Huat in February. In addition, GLS prices hit $2,377 psf ppr when the 99-year leasehold GLS site on Cuscaden Road was sold at end-april to a consortium led by SC Global Developments. On May 16, the Far East Organization-led consortium was awarded the commercial and residential site on Holland Road after submitting the highest bid of $1.213 billion, or $1,888 psf ppr. Attractively priced Even the recent launch of Amber 45 over the weekend of May 12 and 13 saw 80 of 100 units released sold at an average price of $2,200 psf. As a result, PropNex s Lee deems the remaining 10 units at DUO Residences to be very attractively priced. Tan of M+S says, We have elevated the quality of premium residences within an integrated development in the Bugis area. E View of the swimming pools at DUO Residences

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8 EP6 EDGEPROP MAY 21, 2018 COVER STORY PICTURES: SAMUEL ISAAC CHUA/THE EDGE SINGAPORE The Good Class Bungalow at 3 Jervois Hill has a swimming pool (right) and basement garage (left) Jervois Hill GCB going for $45 mil Serial investor and entrepreneur George Lim s latest luxury bungalow has just been put on the market. It is likely to set yet another benchmark in the Good Class Bungalow segment that he has been in for more than a decade. BY CECILIA CHOW Singaporean George Lim has developed 11 Good Class Bungalows (GCBs) in the past 12 years, starting with a series of three on Belmont Road in 2006, followed by two on Leedon Road, three on Leedon Park, one on Second Avenue, another on Binjai Park and the latest on Jervois Hill. Along the way, he has also developed and designed a semi-detached house on a 10,000 sq ft land area in Serangoon Gardens for his wife s cousin and a small detached house at Sunset Place for his brother-in-law. In total, Lim has developed 13 houses. Yet, he does not see himself as a developer, but a GCB investor instead. He regards the GCB on Jervois Hill as his sole investment property in Singapore today. As it is the last of his GCB creations, it is his swan song. He has taken his time to develop the house, which has even broken new ground in terms of materials used. I always look for something new and try to create something different for each house that I build, he says. I try not to repeat what I ve done in my earlier houses. Each new house is an improvement on the last. That s the benefit of having developed so many bungalows. He purchased the 15,094 sq ft, freehold site on Jervois Hill six years ago when it was a vacant plot, similar to its two neighbouring sites. Lim liked the site because of its regular shape and its exclusive neighbourhood, with the High Commission of Brunei Darussalam located behind it. The property on Jervois Hill marks the latest collaboration between Lim and architect Pau Loh, managing partner of Tellus Design. Loh was with Liu & Wo Architects when he designed the first five GCBs that Lim developed: a series of three on Belmont Road and two on Leedon Road. Pièce de résistance Lim plays a big part in the design of all his GCBs, however, as he looks at it from the perspective of a GCB homeowner. He believes that, for GCB owners, it is important to have a wow factor or several factors that make a statement. A key feature of all the houses that he has developed is a garage big enough to hold a collection of super cars. At the GCB on Jervois Hill, the architect capitalised on the sloping terrain to create a basement car park big enough for 10 cars. In addition to the basement garage, the sloping terrain allowed for the creation of a swimming pool with a seethrough acrylic wall. Another standout feature is the façade of The swimming pool has ionisers instead of chlorine, and the pool deck is made of nyatoh, a renewable source of wood the house, with vertical fins spanning the entire second level. Each vertical fin is more than 4m in height, with teakwood panelling on one side and travertine on the other. The use of two different materials creates texture, but beyond aesthetics, the vertical fins also serve as a shading device. They cost at least $3,000 each, says Lim. The pièce de résistance of the house is the floating staircase in the entrance hall, which is both a work of art and an innovation. To achieve a sculptural look using acrylic, a giant oven was temporarily built in the basement to heat the acrylic to a temperature high enough for it to be shaped. It is an engineering feat that Lim is proud of. Customised features Lim even had two spiral-shaped glass chandeliers custom-made to complement the floating staircase: One hangs from the doublevolume ceiling of the entrance hall and the other in the stairwell. I saw this chandelier design in a magazine, and I liked it so much that I snapped a picture of it, he says. As the chandelier featured in the magazine was too small for his property, Lim had the dimensions enlarged and sent his specifications, along with the picture, to a manufacturer in China. The manufacturer did the drawings based on Lim s requirements and sent it back to him for approval. When the chandeliers arrived in Singapore and were installed in the house, they were exactly what he wanted. They have a motorised mechanism that ena-

9 EDGEPROP MAY 21, 2018 EP7 COVER STORY The family room leads to the dry and wet kitchen The floating sculptural staircase in the entrance hall The customised chandelier at the stairwell The kitchen is fully fitted with predominantly Gaggenau appliances The master bedroom has vertical fins as a shading device bles them to be raised or lowered using a remote control. This allows ease of replacing lights or cleaning, explains Lim. The chandelier is of fibre-optic glass. The entire house has three levels, including the basement. The highlight of the basement is the wall aquarium with up to 800 fish in the games room. The basement also contains a home theatre, a guest bedroom with en suite bathroom as well as a helper s en suite room. There are also a wine cellar, store room and chauffeur s room next to the garage; and a changing room and bathroom accessible via a spiral staircase from the swimming pool. To the left of the entrance hall, on the first level, is the formal living room, which overlooks the garden and the koi pond. To the right of the entrance hall is the formal dining room, which can comfortably seat 20. It has glass sliding doors that open out to the swimming pool; it also has a concealed sliding door separating it from the family room and patio. The family room is also next to the dry and wet kitchen, which is fully equipped with predominantly Gaggenau kitchen appliances ranging from steam to baking ovens, a refrigerator and ice maker, as well as dishwasher. The kitchen also comes with a concealed, spacious walk-in pantry with built-in dehumidifier and air-conditioner for temperature and humidity control. Luxury of space On the second level of the house is another family room with a pantry as well as five bedrooms, including the junior master suite and master suite. The common bedrooms have en suite bathrooms and a walk-in wardrobe with a built-in dehumidifier. The junior master suite is ideal for children who are married but who still want to live with their parents, says Lim. It has a large walk-in wardrobe and spacious bathroom with a bath tub and double-sink vanity top. The master bedroom at the other end of the hallway has an even bigger walk-in wardrobe and dressing room leading from the en suite Lim: I always look for something new and try to create something different for each house The walk-in wardrobe of the master bedroom bathroom, which also has his and hers sinks, a bathtub as well as separate shower and water closet compartments. Lim designed the GCB with sustainable features, including 300 solar panels on the rooftop, outdoor decking of nyatoh timber, which is a renewable source of wood, and swimming pool ionisers, which replace the use of chlorine. The home also comes with smart-home features. Lim has applied for Green Mark Platinum certification, the highest accolade under the Building and Construction Authority s THE EDGE SINGAPORE Tan: [Lim] is more of an investor who develops GCBs as a hobby Green Mark rating system for green features. In fact, the last five GCBs that Lim built also received the Green Mark Platinum award. Lim s asking price for the house on Jervois Hill is $45 million. He deems it a reasonable price, as it would cost $28 million just to buy the piece of land, and another $14 million to $15 million to build the house to the same specifications. K H Tan, managing director of Newsman Realty and specialist in luxury bungalows, has been appointed sole marketing agent for the GCB. So far, he has received two offers of up to $40 million for the house, both of which Lim has turned down. George Lim is not your typical developer, concedes Tan. He is more of an investor who develops GCBs as a hobby. He tries to build the best house for each site. Premium prices Over the years, Tan has represented Lim in the sale of all his GCBs except the first series of three on Belmont Road. In fact, almost all the GCBs sold have achieved benchmark prices in their respective neighbourhoods. In the latest sale, a GCB on Leedon Park went for $37 million. On Binjai Park, Tan also set the highest psf price when he sold Lim s GCB for $31 million ($1,550 psf) in April It is still the highest price psf on Binjai Park today. In 2013, Tan sold Lim s GCB on Second Avenue for $37 million, which was a record in the neighbourhood in terms of absolute price; at $1,851 psf, it was also a record in terms of price psf. Tan cites several reasons for Lim s GCBs achieving benchmark prices in their respective neighbourhoods: He purchases land in good locations and makes sure they are regular in shape. He pays a lot of attention to detail, from the design of the house to selection of quality materials, luxury fittings and, more importantly, to the layout of the property. His houses are not just luxurious but functional. That s why they command a premium. If Lim achieves his asking price of $45 million for the house on Jervois Hill, he is likely to set a new record for the neighbourhood, adds Tan. Lim certainly has a knack for developing GCBs and setting benchmarks for them. E

10 EP8 EDGEPROP MAY 21, 2018 PRIME HOMES V on Shenton rides CBD transformation BY CHARLENE CHIN PICTURES: UIC The area in the CBD that has undergone the biggest transformation is the stretch on Shenton Way. The former Robina House at No 1 Shenton Way was redeveloped into the One Shenton twin towers, with 341 residential units. Next door to One Shenton is Shenton House at No 3 Shenton Way, a strata-titled mixed office and retail development with a 99-year lease from The strata owners are attempting a collective sale. Adjacent to Shenton House is the former UIC Building at No 5 Shenton Way. The 40-storey building was completed in 1973 and used to be the headquarters of United Industrial Corp (UIC). It has since been demolished, and a mixed-use development V on Shenton has been constructed on the site. V on Shenton now comprises a 54-storey, 510-apartment tower and a 23-storey office tower that still bears its legacy name. Rejuvenating Shenton Way That stretch of Shenton Way has become more vibrant since the completion of V on Shenton last year, which also marked the debut of OUE Downtown Gallery across the road. Both OUE Downtown Gallery and V on Shenton-UIC Building are linked by a sky bridge across Shenton Way. V on Shenton was designed by renowned Dutch architect Ben van Berkel. To differentiate it from other neighbouring towers, Van Berkel introduced hexagonal grids on the building s façade, resembling the honeycomb pattern of a beehive. At nightfall, the office and residential towers light up, changing gradually from white to blue. OUE Downtown Gallery is, in turn, a refurbishment of the former DBS Towers One and Two two office blocks linked by a street-level podium with a 262m frontage on Shenton Way which OUE purchased for $870.5 million in August OUE Downtown Gallery also underwent a $30 million facelift. It has a good mix of retail and F&B offerings from The Providore, with a multi-concept store in the basement level containing a wine room, café, grocer, bakery and cooking studio; V on Shenton s façade, which resembles the honeycomb pattern of a beehive, was designed by Dutch architect Ben van Berkel Venue by Sebastian, a restaurant by the former chef-partner of Restaurant Ember; and Express by Chatterbox, a lighter, no-frills version of the famous Chatterbox at Mandarin Gallery of Mandarin Orchard hotel. Work-live-play With the completion of V on Shenton and UIC Building, as well as the opening of OUE Downtown Gallery, all the elements of work-live-play are now in place, giving the CBD new life, says Silvia Wang, assistant gene ral manager (residential marketing) at UIC. There has been a wider acceptance of working, playing and living in the CBD, agrees Ong Choon Fah, CEO of Edmund Tie & Co. ET&- Co moved its office to UIC Building about a year ago, after more than two decades at Shaw Towers on Beach Road. The CBD used to suffer from a hollowing-out on weeknights and weekends. These days, on weekends, you don t see many cars in the CBD, but there are lanes and lanes of cyclists, adds Ong. It s nice to see life returning to the city after office hours. She recounts a recent morning when she was going to work and saw a resident from V on Shenton in the next building decked in shorts and slippers, popping by Mellower Coffee for his breakfast. Ong sees a trend towards a collarless society, where the lines between blue- and white-collar workers are blurred. People are a lot more casual in what they wear to work these days, she adds. The eighth floor of V on Shenton h ouses facilities such as swimming and spa pools, a tanning deck and a lounge Steady sales Since V on Shenton was launched in 2012, the development has been clocking steady sales and is 86% sold today. Only 70 units remain available, most of which are the larger three-bedroom units of 1,356 to 1,765 sq ft. In addition, five penthouses of 3,315 to 6,814 sq ft are still available. Most of the studios and one- and two-bedroom units have been taken up. About half the buyers are said to be Singaporeans, with the rest foreigners, mainly from China, Indonesia, South Korea and Malaysia, says UIC s Wang. While the buyers of the smaller units are investors, most of the buyers of the larger units tend to be owner-occupiers. Many millennial Singaporeans also enjoy the convenience of city living, she adds. The prices of the remaining units start from $1.6 million for a studio, with an average asking price at $2,550 psf. In line with the more bullish sen- timent in the residential property market, the volume of transactions and prices achieved have also increased. At V on Shenton, the average price of units sold for the first four months of the year was $2,381 psf, up 18.4% from the average launch price of $2,011 psf in August Living room view of one of V on Shenton s showflats The remaining units at V on Shenton are predominantly three-bedroom ones Capitalising on views The highest absolute price achieved at V on Shenton was for the biggest penthouse of 7,255 sq ft, sold at launch for $13.4 million. The buyer was said to be a penthouse collector. Meanwhile, the highest psf price so far was achieved by a 452 sq ft studio on the 51st floor that was sold for $1.46 million, or $3,225 psf. Residents at V on Shenton can enjoy unobstructed views of the sea from their apartments, as well as the sky gardens on the 24th and 34th floors of the 54-storey tower. The eighth floor houses facilities such as swimming and spa pools, a tanning deck and a lounge. E

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12 EP10 EDGEPROP MAY 21, 2018 DONE DEALS Seaside Residences sees strongest sales in May BY CHARLENE CHIN ALBERT CHUA/THE EDGE SINGAPORE The crowd at the Seaside Residences showflat; the development is 82% sold to date Seaside Residences just saw its strongest sales for the five months to date. Buyers snapped up 54 units over the week of May 1 to 8, leaving only 36 units up for grabs under phase two following its launch on May 1. The 99-year leasehold development in Siglap, District 15, is a six-minute walk from the upcoming Siglap MRT station on the Thomson-East Coast line. The project comprises 841 residential units and two commercial units across four blocks and three phases. The first phase, launched in April last year, saw all 640 units sold by last month. The entire development is now 82% sold. Frasers Property, the developer of Seaside Residences, took advantage of the positive sentiment in the property market to raise prices for its phase-two launch. Average psf price for the home units jumped 13.1% to $1,933 for the new releases, compared with $1,712 fetched in the first phase. The developer is planning to launch phase three in 4Q2018. Given market projections, the takeup for the phase two units was within expectations, says Elson Poo, Frasers Property general manager of sales and marketing for development and property. Of the phase-two home buyers, 90% are locals, with the rest from the US, Indonesia, Hong Kong, China and Japan. Foreign buyers include Singapore permanent residents. The US buyers were formerly Chinese nationals, according to Poo. US citizens are one of the five nationalities that are charged the same stamp duty rates as Singaporeans. The others are the citizens and permanent residents of Iceland, Liechenstein, Norway and Switzerland. Half of the buyers in phase two are owner-occupiers, while investors make up another 25%, Poo says. The two-bedroom units are popular among homeowners, while investors tend to opt for one-bedroom units, he notes. Seaside Residences has three penthouse units, each spanning 3,294 sq ft and boasting five bedrooms. Two penthouse units were sold under the first phase in April and June last year. They fetched an average psf price of $1,765. The last penthouse unit will be released for sale, along with the other remaining units, in the phase-three launch. The only two commercial units in Seaside Residences will also be up for sale then. Meanwhile, next to Seaside Residences, owners of the 1,006-unit Mandarin Gardens are attempting a collective sale. The development, built in 1986, sits on a one million sq ft land plot. Owing to the size of the site, the price tag could be at least $2.48 billion. In the neighbourhood, other older projects that are also attempting collective sales include Laguna Park and Lagoon View. Given the record prices achieved in collective sales in the East, it is not surprising why Seaside Residences has only 149 units left for sale. E Residential transactions with contracts dated May 1 to 8 Singapore by postal district LOCALITIES DISTRICTS City & Southwest 1 to 8 Orchard/Tanglin/Holland 9 and 10 Newton/Bukit Timah/Clementi 11 and 21 Balestier/MacPherson/Geylang 12 to 14 East Coast 15 and 16 Changi/Pasir Ris 17 and 18 Serangoon/Thomson 19 and 20 West 22 to 24 North 25 to 28 LAND AREA/ NETT UNIT FLOOR AREA TRANSACTED PRICE PRICE COMPLETION TYPE OF PROJECT PROPERTY TYPE TENURE SALE DATE (SQ FT) PRICE ($) ($) ($ PSF) DATE SALE District 1 MARINA BAY RESIDENCES* Condominium 99 years May 07, ,550,000-2, Resale MARINA ONE RESIDENCES Apartment 99 years May 02, ,507 4,411,074-2, New Sale MARINA ONE RESIDENCES Apartment 99 years May 02, ,507 4,448,822-2, New Sale THE MARINA BAY Apartment 99 years May 08, ,739,725-2, Resale V ON SHENTON Apartment 99 years May 03, ,755 3,849,120-2, New Sale District 2 76 SHENTON Apartment 99 years May 04, ,250,000-2, Resale 76 SHENTON Apartment 99 years May 07, ,200,000-2, Resale ICON Apartment 99 years May 04, ,180,000-1, Resale SKYSUITES@ANSON Apartment 99 years May 07, ,550,000-2, Resale SKYSUITES@ANSON Apartment 99 years May 07, ,257,300-2, Resale SKYSUITES@ANSON Apartment 99 years May 07, ,001 2,372,140-2, Resale SPOTTISWOODE 18 Apartment Freehold May 02, ,800-2, Resale District 3 ARTRA* Apartment 99 years May 01, ,227 2,310,900-1,883 Uncompleted New Sale ARTRA Apartment 99 years May 01, ,227 2,300,400-1,875 Uncompleted New Sale ARTRA Apartment 99 years May 03, ,227 1,889,800-1,540 Uncompleted New Sale ASCENTIA SKY Condominium 99 years May 02, ,475 1,950,000-1, Resale QUEENS Condominium 99 years May 02, ,200,000-1, Resale QUEENS PEAK Condominium 99 years May 01, ,629,000-1,916 Uncompleted New Sale RIVER PLACE Condominium 99 years May 03, ,180,000-1, Resale RIVER PLACE Condominium 99 years May 04, ,080,000-1, Resale RIVER PLACE Condominium 99 years May 04, ,582 2,300,000-1, Resale THE METROPOLITAN CONDOMINIUM Condominium 99 years May 03, ,744 2,600,000-1, Resale THE METROPOLITAN CONDOMINIUM Condominium 99 years May 07, ,356 1,770,000-1, Resale District 4 CARIBBEAN AT KEPPEL BAY Condominium 99 years May 02, ,270 1,710,000-1, Resale REFLECTIONS AT KEPPEL BAY Condominium 99 years May 02, ,195 2,154,400-1, Resale REFLECTIONS AT KEPPEL BAY Condominium 99 years May 03, ,152 2,070,000-1, Resale REFLECTIONS AT KEPPEL BAY Condominium 99 years May 07, ,302 2,266,400-1, Resale THE COAST AT SENTOSA COVE Condominium 99 years May 07, ,024 3,800,000-1, Resale THE SENTOSA COVE Condominium 99 years May 07, ,894 2,780,000-1, Resale District 5 BIJOU Apartment Freehold May 05, ,076,700-1,887 Uncompleted New Sale BIJOU Apartment Freehold May 05, ,135,941-1,991 Uncompleted New Sale BLUE HORIZON Condominium 99 years May 03, ,000-1, Resale BLUE HORIZON Condominium 99 years May 04, ,216 1,318,000-1, Resale CARABELLE Condominium 956 years May 02, ,302 1,600,000-1, Resale CARABELLE Condominium 956 years May 04, ,131 2,568,000-1, Resale HARBOUR VIEW GARDENS Apartment Freehold May 05, ,549,000-1,713 Uncompleted New Sale HARBOUR VIEW GARDENS Apartment Freehold May 06, ,439,000-1,759 Uncompleted New Sale HUNDRED TREES Condominium 956 years May 08, ,050,000-1, Resale PARC RIVIERA Condominium 99 years May 04, ,335 1,488,000-1,115 Uncompleted New Sale SPRINGDEW TERRACE Terrace Freehold May 02, ,615 2,850,000-1, Resale THE CLEMENT CANOPY Apartment 99 years May 01, ,419,000-1,433 Uncompleted New Sale THE CLEMENT CANOPY Apartment 99 years May 01, ,109 1,614,000-1,456 Uncompleted New Sale THE PEAK@BALMEG Condominium Freehold May 03, ,068 3,700,000-1, Resale THE PEAK@BALMEG Condominium Freehold May 03, ,668 2,200,000-1, Resale THE VERANDAH RESIDENCES* Apartment Freehold May 01, ,087 1,960,000-1,803 Uncompleted New Sale THE VERANDAH RESIDENCES Apartment Freehold May 01, ,055 1,736,000-1,646 Uncompleted New Sale THE VERANDAH RESIDENCES Apartment Freehold May 01, ,152 1,915,000-1,663 Uncompleted New Sale THE VISION Condominium 99 years May 04, ,259 1,500,000-1, Resale TWIN VEW* Apartment 99 years May 04, ,640-1,266 Uncompleted New Sale TWIN VEW Apartment 99 years May 04, ,700-1,292 Uncompleted New Sale TWIN VEW Apartment 99 years May 04, ,520-1,465 Uncompleted New Sale District 7 DUO RESIDENCES Apartment 99 years May 04, ,320,000-1, Sub Sale DUO RESIDENCES Apartment 99 years May 04, ,841 3,823,180-2, New Sale DUO RESIDENCES Apartment 99 years May 05, ,841 3,867,450-2, New Sale District 8 CITY STUDIOS Apartment Freehold May 04, ,023 1,080,000-1, Resale PARK Condominium Freehold May 03, ,478,000-1, Resale VANADIUM Apartment Freehold May 08, ,138,000-1, Resale District 9 CAIRNHILL PLAZA Apartment Freehold May 04, ,820 4,500,000-1, Resale CAVENAGH HOUSE Apartment Freehold May 03, ,701 2,638,000-1,551 Unknown Resale EMILY RESIDENCE Apartment Freehold May 08, ,070,000-1, Resale ESPADA Apartment Freehold May 07, ,270 2,238,000-1, Resale MOUNT SOPHIA SUITES Apartment Freehold May 07, ,050,000-1, Resale NEW FUTURA Condominium Freehold May 03, ,836 36,280,000-4, Resale OXLEY EDGE Apartment Freehold May 03, ,000-1, Resale RIVERGATE Apartment Freehold May 02, ,550 3,300,000-2, Resale SOPHIA RESIDENCE Condominium Freehold May 03, ,034 2,550,000-1, Resale THE CLAYMORE Condominium Freehold May 03, ,348 8,800,000-2, Resale THE COSMOPOLITAN Condominium Freehold May 03, ,679 3,948,000-2, Resale THE EDGE ON CAIRNHILL Condominium Freehold May 02, ,142 3,680,000-1, Resale TIARA Condominium Freehold May 04, ,346 2,488,888-1, Resale WILKIE 80 Apartment Freehold May 07, ,000-1, Resale District JERVOIS Apartment Freehold May 04, ,562,028-2,419 Uncompleted New Sale ARDMORE II Condominium Freehold May 03, ,024 5,350,000-2, Resale ASTRID MEADOWS Condominium Freehold May 07, ,356 2,700,000-1, Resale BALMORAL GARDENS Condominium Freehold May 04, ,198 10,375,000-2, Resale BALMORAL GARDENS Condominium Freehold May 04, ,198 9,676,037-2, Resale BALMORAL GARDENS Condominium Freehold May 04, ,198 9,676,037-2, Resale BALMORAL GARDENS Condominium Freehold May 04, ,198 9,676,037-2, Resale BALMORAL GARDENS Condominium Freehold May 04, ,758 10,797,018-2, Resale BALMORAL GARDENS Condominium Freehold May 04, ,779 11,038,233-2, Resale BALMORAL GARDENS Condominium Freehold May 04, ,779 10,841,318-2, Resale BALMORAL GARDENS Condominium Freehold May 04, ,758 10,920,315-2, Resale D LEEDON Condominium 99 years May 02, ,833 6,240,600-1, Resale D LEEDON Condominium 99 years May 03, ,230,000-1, Resale FONTANA HEIGHTS Condominium Freehold May 04, ,455 5,500,000-1, Resale

13 EDGEPROP MAY 21, 2018 EP11 DONE DEALS Residential transactions with contracts dated May 1 to 8 LAND AREA/ NETT UNIT FLOOR AREA TRANSACTED PRICE PRICE COMPLETION TYPE OF PROJECT PROPERTY TYPE TENURE SALE DATE (SQ FT) PRICE ($) ($) ($ PSF) DATE SALE GOODWOOD RESIDENCE Condominium Freehold May 02, ,907 7,500,000-1, Resale GOODWOOD RESIDENCE Condominium Freehold May 04, ,680 6,800,000-2, Resale GOODWOOD RESIDENCE Condominium Freehold May 08, ,970 4,800,000-2, Resale HENRY PARK Semi-Detached 999 years May 02, ,519 5,650,000-2, Resale LEEDON 2 Condominium Freehold May 08, ,206 1,875,000-1, Resale NAMLY PLACE Semi-Detached Freehold May 04, ,821 5,550,000-1,454 Unknown Resale NAMLY COURT Terrace Freehold May 02, ,799 3,500,000-1, Resale NASSIM PARK RESIDENCES Condominium Freehold May 02, ,175 10,580,000-3, Resale NATHAN RESIDENCES Apartment Freehold May 02, ,408,000-1, Resale PARKSUITES Apartment 110 years May 01, ,477,640 1,433,935 2,049 Uncompleted New Sale PARKSUITES Apartment 110 years May 06, ,698,000 1,645,480 2,094 Uncompleted New Sale RIDGEWOOD Condominium 999 years May 03, ,744 2,125,000-1, Resale ROBIN REGALIA Apartment Freehold May 04, ,055 1,680,000-1, Resale SOMMERVILLE PARK Condominium Freehold May 07, ,066 1,810,000-1, Resale SOMMERVILLE PARK Terrace Freehold May 07, ,294 5,050,000-1, Resale TANGLIN PARK Condominium Freehold May 08, ,981 3,920,000-1, Resale THE BOULEVARD RESIDENCE Apartment Freehold May 07, ,072 15,800,000-2, Resale THE SIXTH AVENUE RESIDENCES Condominium Freehold May 04, ,605 2,985,000-1, Resale District 11 ADAM PARK CONDOMINIUM Condominium Freehold May 02, ,528 1,550,000-1, Resale CUBE 8 Condominium Freehold May 04, ,000-1, Resale GILSTEAD 38 Apartment Freehold May 04, ,959 1,850, Resale SINARAN Condominium 99 years May 02, ,087,000-1, Resale SINARAN Condominium 99 years May 03, ,785,000-1, Resale THOMSON 800 Condominium Freehold May 08, ,593 1,950,000-1, Resale TREVOSE PARK Condominium Freehold May 07, ,679 2,680,000-1, Resale District 12 CITY REGENCY Apartment Freehold May 03, ,000-1, Resale D MIRA Apartment Freehold May 07, ,238 1,688,000-1, Resale EIGHT RIVERSUITES Condominium 99 years May 07, ,090,000-1, Resale GEM RESIDENCES Condominium 99 years May 01, ,313 1,974,060-1,503 Uncompleted New Sale GEM RESIDENCES Condominium 99 years May 04, ,249 1,854,000-1,485 Uncompleted New Sale IRESIDENCES Apartment Freehold May 02, ,066 1,408,000-1, Resale IRESIDENCES Apartment Freehold May 07, ,346 1,850,000-1, Resale KALLANG RIVERSIDE* Apartment Freehold May 01, ,141 2,698,000-2,365 Uncompleted New Sale KALLANG RIVERSIDE Apartment Freehold May 02, ,141 2,439,360-2,138 Uncompleted New Sale KALLANG RIVERSIDE Apartment Freehold May 04, ,141 2,576,000-2,258 Uncompleted New Sale VISTA RESIDENCES Condominium Freehold May 03, ,000-1, Resale District 13 8@WOODLEIGH Condominium 99 years May 04, ,100,000-1, Resale BARTLEY RIDGE Condominium 99 years May 02, ,090,000-1, Resale BARTLEY RIDGE Condominium 99 years May 07, ,050,000-1, Resale BARTLEY RIDGE Condominium 99 years May 08, ,035,000-1, Resale BELLA VISTA Apartment Freehold May 03, ,000-1, Resale SENNETT ESTATE Terrace Freehold May 04, ,625 3,100,000-1,909 Unknown Resale SENNETT RESIDENCE Condominium 99 years May 08, ,300,000-1, Resale District 14 AVANT RESIDENCES Apartment 99 years May 03, ,800-1, Resale AVANT RESIDENCES Apartment 99 years May 03, ,800-1, Resale AVANT RESIDENCES Apartment 99 years May 04, ,000-1, Resale DAKOTA RESIDENCES Condominium 99 years May 02, ,044 1,420,000-1, Resale KEMBANGAN SUITES Apartment Freehold May 04, ,000-1, Resale LA FLEUR Apartment Freehold May 03, ,000-1, Resale LE CRESCENDO Condominium Freehold May 07, ,190,000-1, Resale LENGKONG DUA Semi-Detached Freehold May 07, ,338 4,128, Resale N.A. Apartment Freehold May 07, ,346 1,050, Resale PARK PLACE RESIDENCES AT PLQ* Apartment 99 years May 02, ,356,000-2,032 Uncompleted New Sale PARK PLACE RESIDENCES AT PLQ Apartment 99 years May 05, ,163 2,085,000-1,794 Uncompleted New Sale PARK PLACE RESIDENCES AT PLQ Apartment 99 years May 05, ,350,000-2,023 Uncompleted New Sale REZI 26 Apartment Freehold May 04, ,000,000-1, Resale REZI 35 Apartment Freehold May 05, ,271,000-1,596 Uncompleted New Sale SIXTEEN35 RESIDENCES* Apartment 99 years May 05, ,184,000-1,486 Uncompleted New Sale SIXTEEN35 RESIDENCES Apartment 99 years May 05, ,000-1,519 Uncompleted New Sale SIXTEEN35 RESIDENCES Apartment 99 years May 05, ,000-1,497 Uncompleted New Sale THE NAVIAN Apartment Freehold May 02, ,011,780-1,516 Uncompleted New Sale THE NAVIAN Apartment Freehold May 06, ,449,000-1,603 Uncompleted New Sale THE TRUMPS Condominium 99 years May 04, ,421 1,480,000-1, Resale EAST Condominium Freehold May 02, ,000-1, Resale District AMBER ROAD Apartment Freehold May 03, ,346 1,850,000-1, Resale 38 I SUITES Apartment Freehold May 03, ,000-1, Resale CASUARINA COVE Condominium 99 years May 03, ,496 1,880,000-1, Resale CAYMAN RESIDENCES Terrace Freehold May 05, ,701 4,698,888-2,763 Uncompleted New Sale COTE D AZUR Condominium 99 years May 04, ,852 2,800, Resale D CASTILIA Apartment Freehold May 03, ,000-1, Resale EAST GALLERIA Apartment Freehold May 04, ,206 1,680,000-1, Resale FLAMINGO VALLEY Condominium Freehold May 02, ,180,000-1, Resale FLAMINGO VALLEY Condominium Freehold May 07, ,320,000-1, Resale GRAND RESIDENCE Apartment Freehold May 03, ,927 1,800, Resale JOO CHIAT WALK Terrace Freehold May 02, ,744 2,550,000-1,467 Unknown Resale THIRD STREET Detached Freehold May 04, ,737 7,180,000-1, Resale SIGLAP ROAD Terrace Freehold May 04, ,573 3,900,000-1, Resale WILKINSON ROAD Detached Freehold May 07, ,227 15,880,000-1,414 Unknown Resale NEPTUNE COURT Apartment 99 years May 02, ,270 1,130, Resale OVADA 8 Apartment Freehold May 04, ,518 1,520,000-1, Resale SANCTUARY GREEN Condominium 99 years May 07, ,378 1,600,000-1, Resale SEASIDE RESIDENCES* Apartment 99 years May 01, ,206 2,450,000-2,032 Uncompleted New Sale SEASIDE RESIDENCES Apartment 99 years May 01, ,206 2,430,000-2,016 Uncompleted New Sale SEASIDE RESIDENCES Apartment 99 years May 01, ,206 2,298,000-1,906 Uncompleted New Sale SILVERSEA Condominium 99 years May 07, ,480,000-1, Resale SOUTH UNION PARK Terrace Freehold May 04, ,636 2,800,000-1,707 Unknown Resale THE ESTA Condominium Freehold May 07, ,561 2,625,000-1, Resale THE MEDLEY Apartment Freehold May 04, ,068,000-1, Resale THE SHORE RESIDENCES Condominium 103 years May 03, ,378 2,222,800-1, Resale THE SHORE RESIDENCES Condominium 103 years May 07, ,292 1,925,000-1, Resale THE TREELINE Apartment Freehold May 02, ,281 1,430,000-1, Resale WATER PLACE Condominium 99 years May 03, ,216 1,600,000-1, Resale District 16 CASA MERAH Apartment 99 years May 01, ,572 1,730,000-1, Resale COSTA DEL SOL* Condominium 99 years May 02, ,765 1,838,000-1, Resale COSTA DEL SOL Condominium 99 years May 03, ,300,000-1, Resale COUNTRY PARK Condominium Freehold May 08, ,722 1,950,000-1, Resale EASTWOOD CENTRE Apartment 99 years May 04, ,464 1,180, Resale GRANDEUR PARK RESIDENCES* Condominium 99 years May 02, ,238 1,857,000-1,500 Uncompleted New Sale GRANDEUR PARK RESIDENCES Condominium 99 years May 02, ,086,112-1,627 Uncompleted New Sale GRANDEUR PARK RESIDENCES Condominium 99 years May 03, ,347,112-1,508 Uncompleted New Sale HARVEY RESIDENCES Terrace Freehold May 03, ,293 3,250,000-1, Resale BEDOK ROAD Detached Freehold May 02, ,127 6,100, Unknown Resale LUCKY CRESCENT Semi-Detached Freehold May 07, ,198 4,050, Unknown Resale TANAH MERAH GREEN Terrace 99 years May 08, ,679 2,028,000-1, Resale THE BAYSHORE Condominium 99 years May 04, , Resale URBAN VISTA Condominium 99 years May 02, ,230,000-1, Resale WATERFRONT KEY Condominium 99 years May 03, ,125,000-1, Resale District 17 AVILA GARDENS Condominium Freehold May 02, ,281 1,080, Resale ESTELLA GARDENS Condominium Freehold May 04, , , Resale FERRARIA PARK CONDOMINIUM Condominium Freehold May 08, ,356 1,220, Resale HEDGES PARK CONDOMINIUM Condominium 99 years May 02, , , Resale JALAN LOYANG BESAR Terrace 999 years May 07, ,486 2,570,000-1, Resale PARC OLYMPIA Condominium 99 years May 04, , , Resale THE GALE Condominium Freehold May 08, , , Resale District 18 CHANGI RISE CONDOMINIUM Condominium 99 years May 03, , , Resale D NEST Condominium 99 years May 08, ,270 1,439,000-1, 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 DOUBLE BAY RESIDENCES Condominium 99 years May 04, ,259 1,320,000-1, Resale MELVILLE PARK Condominium 99 years May 03, , Resale MELVILLE PARK Condominium 99 years May 04, , , Resale MELVILLE PARK Condominium 99 years May 04, , , Resale MODENA Condominium 99 years May 07, ,690 1,600, Resale ELIAS Condominium 99 years May 02, , Resale PINEVALE EC 99 years May 08, ,550 1,060, Resale RIPPLE BAY Condominium 99 years May 02, ,066 1,078,000-1, Resale RIS GRANDEUR Condominium Freehold May 07, ,294 2,050, Resale SIMEI GREEN CONDOMINIUM EC 99 years May 03, ,249 1,020, Resale THE EDEN AT TAMPINES EC 99 years May 02, ,485 1,180, Resale THE ESPARIS EC 99 years May 03, , , Resale THE RIVERINA Semi-Detached 99 years May 04, ,293 1,978, Resale THE SANTORINI Condominium 99 years May 05, ,152 1,380,000-1, New Sale THE TAPESTRY* Condominium 99 years May 01, ,615 1,843,560-1,142 Uncompleted New Sale THE TAPESTRY Condominium 99 years May 01, ,031,130-1,260 Uncompleted New Sale THE TAPESTRY Condominium 99 years May 01, ,710-1,524 Uncompleted New Sale TROPICAL SPRING Condominium 99 years May 03, ,927 1,700, Resale VUE 8 RESIDENCE Condominium 99 years May 07, ,000-1, Sub Sale WATERVIEW Condominium 99 years May 02, ,000-1, Resale District 19 KOVAN Apartment Freehold May 07, , , Resale A TREASURE TROVE Condominium 99 years May 08, ,399 1,410,000-1, Resale BARTLEY RESIDENCES Apartment 99 years May 08, ,346 1,530,000-1, Resale COMPASS HEIGHTS Apartment 99 years May 02, , , Resale FOREST WOODS Condominium 99 years May 06, ,249 1,898,000-1,520 Uncompleted New Sale 1A Apartment Freehold May 07, , Resale JADE VINE GARDENS Terrace 999 years May 02, ,874 2,800, Resale BUANGKOK Condominium 99 years May 04, ,000-1, Resale KINGSFORD WATERBAY* Apartment 99 years May 01, ,215,000-1,377 Uncompleted New Sale KINGSFORD WATERBAY Apartment 99 years May 01, ,087,000-1,403 Uncompleted New Sale KINGSFORD WATERBAY Apartment 99 years May 01, ,167,000-1,355 Uncompleted New Sale KINGSFORD WATERBAY Apartment 99 years May 01, ,197,558-1,340 Uncompleted New Sale KOVAN RESIDENCES Condominium 99 years May 07, ,281 1,600,000-1, Resale JANSEN ROAD Terrace 999 years May 02, ,668 2,500,000-1, Resale SIMON PLACE Terrace 999 years May 02, ,594 2,850,000-1,101 Unknown Resale PALM GROVE REGENCY Terrace 999 years May 03, ,949 2,180, Resale PARC CENTROS Condominium 99 years May 02, ,679 1,900,000-1, Resale PARC CENTROS Condominium 99 years May 07, ,000-1, Resale PARC CENTROS Condominium 99 years May 08, ,150,000-1, Resale PARC VERA Condominium 99 years May 07, ,141 1,180,000-1, Resale PAYA LEBAR GARDENS Terrace Freehold May 07, ,604 2,100,000-1,313 Unknown Resale REGENTVILLE Apartment 99 years May 02, , , Resale RIVERCOVE RESIDENCES* EC 99 years May 01, ,500-1,013 Uncompleted New Sale RIVERCOVE RESIDENCES EC 99 years May 03, ,076 1,085,600-1,009 Uncompleted New Sale RIVERCOVE RESIDENCES EC 99 years May 04, ,076 1,113,600-1,035 Uncompleted New Sale SERANGOON GARDEN ESTATE Detached 999 years May 07, ,801 5,592,000-1, Resale SERANGOON GARDEN ESTATE Semi-Detached 999 years May 08, ,704 4,400, Unknown Resale SERANGOON GARDEN ESTATE Detached 999 years May 08, ,296 5,600,000-1, Resale KOVAN Apartment Freehold May 08, ,888-1, Resale THE MINTON Condominium 99 years May 03, ,000-1, Resale THE QUARTZ Condominium 99 years May 03, ,270 1,260, Resale THE QUARTZ Condominium 99 years May 03, ,141 1,125, Resale THE SCALA Apartment 99 years May 07, ,098 1,500,000-1, Resale WEMBLY RESIDENCES Apartment Freehold May 04, ,539 1,600,000-1, Resale District 20 BISHAN 8 Condominium 99 years May 04, ,163 1,360,000-1, Resale FLAME TREE PARK Condominium Freehold May 02, ,765 2,200,000-1, Resale MAYFLOWER TERRACE Terrace Freehold May 07, ,024 2,420,000-1,197 Unknown Resale WESTLAKE AVENUE Semi-Detached Freehold May 07, ,336 3,100,000-1, Resale SKY VUE Condominium 99 years May 07, ,150,800-1, Resale THE GARDENS AT BISHAN Condominium 99 years May 03, ,000-1, Resale District 21 1 KING ALBERT PARK Condominium Freehold May 02, ,012 1,518,000-1, Resale GARDENVISTA Condominium 99 years May 03, ,000-1, Resale GREENBANK PARK Semi-Detached Freehold May 03, ,047 4,500,000-1, Resale HIGHGATE Terrace Freehold May 03, ,787 2,938,000-1, Resale MAPLE WOODS Condominium Freehold May 07, ,033 1,550,000-1, Resale SIGNATURE PARK Condominium Freehold May 04, ,023 1,170,000-1, Resale SOUTHAVEN I Condominium 99 years May 04, ,044 1,125,000-1, Resale SPRINGDALE CONDOMINIUM Condominium 999 years May 07, ,109 1,280,000-1, Resale SYMPHONY HEIGHTS Condominium Freehold May 08, ,160,000-1, Resale TERRENE AT BUKIT TIMAH Condominium 999 years May 07, ,000-1, Resale THE HILLFORD Apartment 60 years May 02, ,000-1, Resale THE HILLSIDE Condominium Freehold May 08, ,302 1,550,000-1, Resale THE RAINTREE Condominium 99 years May 03, ,335 1,380,000-1, Resale District 22 CASPIAN Condominium 99 years May 03, ,080,000-1, Resale CASPIAN Condominium 99 years May 04, ,238 1,370,000-1, Resale THE LAKESHORE Condominium 99 years May 02, ,163 1,260,000-1, Resale THE MAYFAIR Condominium 99 years May 08, ,206 1,055, Resale District 23 CASHEW VILLAS Terrace 999 years May 04, ,917 3,500,000-1, Resale ECO SANCTUARY Condominium 99 years May 07, ,000-1, Resale HILLION RESIDENCES Apartment 99 years May 07, ,095,000-1, Sub Sale HILLVIEW REGENCY Condominium 99 years May 04, , , Resale MAYSPRINGS Apartment 99 years May 02, ,335 1,100, Resale MI CASA Condominium 99 years May 04, ,259 1,068, Resale JALAN SIAP Semi-Detached 99 years May 04, , , Unknown Resale REGENT HEIGHTS Condominium 99 years May 04, , , Resale TREE HOUSE Condominium 99 years May 04, , Resale VILLA VERDE Terrace 99 years May 03, ,615 1,520, Resale VILLA VERDE Terrace 99 years May 08, ,615 1,520, Resale YEW MEI GREEN EC 99 years May 02, ,593 1,150, Resale District 25 NORTHWAVE EC 99 years May 06, , , Uncompleted New Sale District 26 CASTLE GREEN Condominium 99 years May 03, ,593 1,241, Resale PEIRCE Condominium Freehold May 07, ,195 1,480,000-1, Resale THE SPRINGSIDE Terrace Freehold May 03, ,938 2,960,000-1, Resale District 27 EIGHT COURTYARDS Condominium 99 years May 02, ,163 1,040, Resale EIGHT COURTYARDS Condominium 99 years May 08, ,152 1,130, Resale ORCHID PARK CONDOMINIUM Condominium 99 years May 07, , Resale SYMPHONY SUITES Condominium 99 years May 03, ,023 1,233,000-1,206 Uncompleted New Sale THE CRITERION EC 99 years May 04, , , New Sale THE ESTUARY Condominium 99 years May 03, , Resale THE NAUTICAL Condominium 99 years May 07, ,389 1,238, Resale WATERCOVE Terrace Freehold May 01, ,638 2,500, Uncompleted New Sale District 28 MIMOSA VILLAS Semi-Detached 999 years May 07, ,380 3,200, Resale PARC BOTANNIA* Condominium 99 years May 02, ,000-1,296 Uncompleted New Sale PARC BOTANNIA Condominium 99 years May 02, ,000-1,354 Uncompleted New Sale PARC BOTANNIA Condominium 99 years May 04, ,000-1,452 Uncompleted New Sale SUNRISE GARDENS Condominium 99 years May 07, , , Resale DISCLAIMER: Source: URA Realis. Updated May 15, 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. * Not all caveats are reflected due to the volume of transactions in these projects EC stands for executive condominium

14 EP12 EDGEPROP MAY 21, 2018 GAINS AND LOSSES Balmoral Gardens unit reaps $9.17 mil profit SAMUEL ISAAC CHUA/THE EDGE SINGAPORE BY BONG XIN YING A4,758 sq ft unit on the third floor of Balmoral Gardens posted the highest gain of $9.17 million (524%) for the week of May 1 to 8, according to URA caveats. On May 4, the unit changed hands for $10.9 million ($2,295 psf). The seller purchased the unit in November 2002 for just $1.74 million ($368 psf). This translates into an annualised profit of 13% over a holding period of 15.4 years. Second on the table of gains for the week is another unit at Balmoral Gardens. The 4,779 sq ft unit was sold for $10.8 million ($2,268 psf) on May 4. Having bought the unit in March 1996 for $5 million ($1,046 psf), the owner made a profit of $5.8 million (117%), or an annualised profit of 4% over a holding period of 22 years. Notably, the two transactions at Balmoral Gardens were part of a bulk purchase of eight units by an anonymous international fund on May 4. The eight units were bought at an average price of $10.4 million ($2,316 psf) each, according to transactions culled from URA caveats as at May 15. The highest amount transacted in the May 4 bulk purchase was achieved by another 4,779 sq ft unit, sold at $11 million ($2,310 psf). The bulk purchase totalled $83 million, and also marks the first transaction in the project since In February, the 37-year-old Balmoral Gardens, located on Balmoral Road, was put up for collective sale by tender, with Huttons Asia as the exclusive marketing agent. It failed to find a buyer then. The asking price of $92 million had translated into a land rate of $1,872 psf per plot ratio, which was lower than the average price of $2,316 psf from the May 4 bulk purchase. Balmoral Gardens is a freehold condo located on Balmoral Road in prime District 10, with just 40 units sitting on a land area of 36,752 sq ft. It is near prestigious educational institutions such as Raffles Girls School and Anglo-Chinese School. At Three Balmoral, a 40-unit freehold development near Balmoral Gardens, the average price from the three transactions for the year was $2,251 psf. A 614 sq ft unit was sold in March for $1.5 million ($2,456 psf). At nearby Goodwood Grand, a 73-unit freehold development completed in 2017, units were sold at an average price of $2,332 psf. The highest transaction price there so far was for an 893 sq ft unit at $2.29 million ($2,563 psf). Meanwhile, in District 4, a 2,024 sq ft unit at The Coast at Sentosa Cove recorded a $652,000 loss (15%) for the week of May 1 to 8, according to caveats lodged. The seller purchased the sixth-floor unit in January 2010 for $4.45 million ($2,200 psf). The three-bedroom unit was then sold at $3.8 million ($1,878 psf) on May 7, or an annualised loss of 2% over an eight-year holding period. In 2017, three transactions at The Coast at Sentosa Cove saw profits that ranged from $16,380 to $351,200. There were also five unprofitable transactions that year, with losses starting from $400 to as high as $1.05 million. The Coast at Sentosa Cove is a 99- year leasehold condominium on Sentosa Island. Completed in 2010, the 249-unit condo was developed by Ho Bee Group. E On May 4, an international fund bought eight units at Balmoral Gardens for a total of $83 million E URA, EDGEPROP Top 10 gains and losses from May 1 to 8 Most profitable deals PROJECT DISTRICT AREA (SQ FT) SOLD ON (2018) SALE PRICE ($ PSF) BOUGHT ON PURCHASE PRICE ($ PSF) PROFIT ($) PROFIT (%) ANNUALISED PROFIT (%) HOLDING PERIOD (YEARS) 1 Balmoral Gardens 10 4,758 May 4 2,295 Nov 26, ,170, Balmoral Gardens 10 4,779 May 4 2,268 March 27, ,046 5,841, The Claymore 9 3,348 May 3 2,629 March 8, ,225 4,700, Astrid Meadows 10 1,356 May 7 1,991 Sept 6, ,600, Cavenagh House 9 1,701 May 3 1,551 June 1, ,538, The Metropolitan Condominium 3 1,744 May 3 1,491 Dec 5, ,223, Flame Tree Park 20 1,765 May 2 1,246 Oct 2, ,140, The Esta 15 1,561 May 7 1,682 June 24, ,134, The Edge On Cairnhill 9 2,142 May 2 1,718 April 5, ,246 1,010, Amber Road 15 1,346 May 3 1,375 March 11, , Non-profitable deals PROJECT DISTRICT AREA (SQ FT) SOLD ON (2018) SALE PRICE ($ PSF) BOUGHT ON PURCHASE PRICE ($ PSF) LOSS ($) LOSS (%) ANNUALISED LOSS (%) HOLDING PERIOD (YEARS) 1 The Coast At Sentosa Cove 4 2,024 May 7 1,878 Jan 26, , , Nassim Park Residences 10 3,175 May 2 3,332 April 5, , , Ascentia Sky 3 1,475 May 2 1,322 June 21, , , The Boulevard Residence 10 7,072 May 7 2,234 May 10, , , River Place 3 1,582 May 4 1,454 March 7, , , The Marina Bay May 8 2,525 Nov 3, , , Costa Del Sol 16 1,765 May 2 1,041 Sept 19, , , Ardmore Ii 10 2,024 May 3 2,644 Nov 22, ,683 80, Costa Del Sol 16 1,324 May 3 1,375 Nov 16, ,434 78, The Sentosa Cove 4 1,894 May 7 1,467 July 29, ,500 61, Note: Computed based on URA caveat data as at May 15 for private non-landed houses transacted between May 1 and 8. The profit-and-loss computation excludes transaction costs such as stamp duties.

15 EDGEPROP MAY 21, 2018 EP13 DEAL WATCH THE EDGE SINGAPORE River Place duplex on the market for $3.3 million BY TIMOTHY TAY A one-of-a-kind 2,573 sq ft, duplex at River Place condominium in District 3 is on the market for $3.3 million ($1,283 psf). The unit was originally designed as a three-bedder. But the current owner, inspired by New York-style loft apartments, converted it into a one-bedroomplus-studio unit, says marketing agent Algean Ang, sales manager at Savills Singapore. It will cost $100,000 to $150,000 to renovate the unit to its original three-bedroom layout, he says. The owner bought the fourth-floor duplex for $2.6 million ($1,011 psf) in 2014, but moved to Malaysia for work about two years ago. The unit is tenanted by an Australian whose lease will end in December. Similar units at River Place are currently being rented out for about $7,000 a month, says Ang. He feels, however, that the duplex, as it is currently, is most suitable for a bachelor or young couple with no children, who are looking to buy it to live in it. The most recent sale of a three-bedder at the condo was that of a 1,582 sq ft unit on the ninth floor. It changed hands for $2.3 million ($1,454 psf) on May 4. So far this year, units at River Place have been transacted at a higher average psf price of $1,401 compared with $1,250 just a year ago. There have been 10 transactions so far this year, versus 21 in River Place is a 99-year leasehold condo developed by Far East Organization and completed in It has 509 units, including studios that range from 678 to 926 sq ft, two- to four-bedders of between 1,033 and 2,110 sq ft, maisonettes of between 1,259 and 2,357 sq ft and penthouses of 3,649 sq ft. E River Place is a 509-unit condominium in the Robertson Quay area in District 3 Recent transactions at River Place URA, EDGEPROP CONTRACT DATE (2018) AREA (SQ FT) PRICE ($) PRICE ($ PSF) May ,080,000 1,454 May 4 1,582 2,300,000 1,454 May ,180,000 1,481 April 20 1,292 1,800,000 1,394 April ,000,000 1,346

16 EP14 EDGEPROP MAY 21, 2018 PROP HUNT CLASSIFIEDS Properties for Sale and Lease Landed Condominium Business Space Scan QR code for more details To be featured, or call $14,100,000 $12,680,000 $9,280,000 $7,380,000 Detached House Detached House Good Class Bungalow Semi-Detached House GOODMAN ROAD Freehold Built-Up(sqft): 8,000 Land(sqft): 7,300 PSF: $1,932 SENTOSA COVE 99 years Built-Up(sqft): 8,200 Land(sqft): 7,100 PSF: $1,786 CHESTNUT CRESCENT Freehold Built-Up(sqft): 3,000 Land(sqft): 9,280 PSF: $1,000 HONG KONG PARK 999 years Built-Up(sqft): 5,500 Land(sqft): 3,400 PSF: $2,171 Almost new bungalow with customised top-quality finishes. Elevated land with panoramic view. Spacious living with lift and 5 ensuite bedrooms and huge entertainment room. Easy access to MRT. Own the best lifestyle home in Sentosa Paradise Island! Away from traffic, this is a haven with unblocked scenic views of panoramic waterway & city view. 5 ensuite bedrooms and own berth for yacht/ boat. Best absolute price. Best deal to own a GCB at $1,000psf! Nice flatland awaiting to be polished into a shiny gem.very breezy. Quiet. Walk to MRT in 7 minutes. Rare Semi-D in Binjai Park vicinity. Excellent layout with spacious living/dining, lap pool, 4 ensuite bedrooms, home theatre & huge entertainment room with roof terrace. Near Cold Storage & MRT. George Lee MYRIAD REALTY PTE LTD R025014J George Lee MYRIAD REALTY PTE LTD R025014J George Lee MYRIAD REALTY PTE LTD R025014J George Lee MYRIAD REALTY PTE LTD R025014J $7,600,000 $2,400,000 $1,850,000 $1,560,000 Leonie Parc View Icon Sunshine Plaza The Laurels LEONIE HILL ROAD, Singapore Freehold Bedroom: 4 Size(sqft): 3,854 PSF: $1,972 GOPENG STREET, Singapore 99 years Bedroom: 2 Size(sqft): 1,119 PSF: $2,145 PRINSEP LINK, Singapore 99 years Bedroom: 4 Size(sqft): 1,421 PSF: $1,302 CAIRNHILL ROAD, Singapore Freehold Bedroom: 1 Size(sqft): 549 PSF: $2,842 Single level penthouse unit with unblocked 180 degree view of Orchard. Renovated with wooden panels balinese style. North south facing. Private lift. Mins walk to Orchard and Great World City shopping belt. Beautiful unit with seaview on high floor. Close to Tanjong Pagar MRT station and Outram Park MRT station. Unique newly renovated 3+1 bedder in central area with large walk out patio to pool and garden. Within 5-10 minutes walk to 5 MRT stations, bus stops, eateries, schools, shopping malls, museums, library and more! Prime Location. Prestigious Project. 1+1 effective layout. Full condo facilities. Good habitat and great investment. Veronica Lim ORANGTEE & TIE PTE LTD R019750I Paul Fam ERA REALTY NETWORK PTE LTD R007736H Mae Lee ORANGETEE & TIE PTE LTD R012974J Baby Tan PROPNEX REALTY PTE LTD R020372Z $898,000 $630,000 $3,788,000 $10,800/mth Parc Vera Central Imperial Tuas Techpark - Factory for sale Madras Street - Shop House for rent HOUGANG STREET 32, Singapore 99 years Bedroom: 2 Size(sqft): 786 PSF: $1,142 LORONG 14 GEYLANG, Singapore Freehold Bedroom: 2 Size(sqft): 505 PSF: $1,248 TECH PARK CRESCENT, Singapore 60 years Size(sqft): 15,000 PSF: $253 MADRAS STREET, Singapore 99 years Size(sqft): 2,800 PSF: $4 Cosy 2-bedroom apartment with fantastic view. Dry and wet kitchen. Walking distance to Hougang MRT station/ Hougang Central. Near to city fringe and mins walk to MRT station. Easy access to PIE, KJE, MCE & ECP. Near to Prestige Primary School. Price negotiable. 3-storey terrace factory. Non-JTC land, leasehold 60 years, w.e.f. Aug Well maintained, 5 ton cargo lift, 7m ceiling height, 12.5kN/m2 floor load. Wide gate, huge roller shutter. Awesome space for rent at Madras Street. Next to the Verge Mall. This area is home to many alternative businesses like cafe, bars, furniture showroom and gentleman barber shop. Jane Ang SAVILLS RESIDENTIAL PTE LTD R017391Z Daniel Goh PROPNEX REALTY PTE LTD R018994H Dolly Ng EVAN & ASSOCIATES PTE. LTD. R028753B Dave Lee ERA REALTY NETWORK PTE LTD R018615I