En bloc sales bear the brunt of cooling measures

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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 JULY 16, 2018 ISSUE Offshore KSK Land launches second tower of KL project, 8 Conlay EP8 Gains and Losses Unit at Nassim Park Residences reaps $2.5 mil profit EP11 Done Deals Older condos in Farrer Road-Holland Road area still affordable EP12 Under the Hammer Unit at Orchard Scotts going for $3.5 mil EP14 SAMUEL ISAAC CHUA/THE EDGE SINGAPORE En bloc sales bear the brunt of cooling measures With deals already slowing down, developers are likely to hit the pause button on en bloc purchases. What does this mean for the property market? See our Cover Story on Pages 8 and 9. Government measures aim to cool the euphoria in the property market

4 EP2 EDGEPROP JULY 16, 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 Haig Road Flats launched for collective sale at $51 mil The 999-year leasehold Haig Road Flats (above, left), located in a private residential estate in District 15, is up for collective sale at an indicative market price of between $51 million and $52 million ($1,323 to $1,361 psf per plot ratio (ppr)). According to marketing agent Century 21, individual owners can stand to pocket between $2 million and $2.1 million. The 27,389 sq ft development at Haig Road holds a four-storey residential block with 24 units, each ranging from 1,189 to 1,259 sq ft. The site has dual frontage to Seraya Lane and Haig Road. Under the 2014 Master Plan, the site is zoned residential, with a gross plot ratio of 1.4 and a five-storey height restriction. It has a current gross floor area of about 38,344 sq ft, which can be redeveloped into 35 units with an average size of about 1,076 sq ft, subject to a Pre-Application Feasibility Study. A development charge is payable. The site is near schools such as Tanjong Katong Primary School, Kong Hwa School, Haig Girls School and Canadian International School. The tender will close on Aug 7. Casa Sophia launched for collective sale at $36 mil Casa Sophia (above, right), a freehold development on Sophia Road, is up for collective sale at a reserve price of $36 million. This translates into a land rate of about $1,390 psf ppr. All of the owners have agreed to the sale, with each one standing to receive between $2.69 million and $3.4 million, according to marketing OFFSHORE CENTURY 21 ERA REALTY agent ERA Realty Network. The 12-unit development sits on 12,327.9 sq ft of land and consists of only three-bedroom units measuring between1,152 and 1,453 sq ft each. Under the 2014 Master Plan, the site is zoned residential, with a gross plot ratio of 2.1. It can be rebuilt into an estimated 34 units of 753 sq ft each. Located in District 9, Casa Sophia is 350m away from the Dhoby Ghaut MRT station. It is also near reputable educational institutions such as St Margaret s Primary School, Nanyang Academy of Fine Arts, LASALLE College of the Arts, School of the Arts Singapore and Singapore Management University. The tender will close on Aug 14. JustCo names TICON as exclusive JV partner in Thailand JustCo has entered into an exclusive joint venture with TICON Industrial Connection, a Thailand-based leading provider of integrated industrial properties that is majority-owned by Frasers Property. The move follows GIC and Frasers Property s joint investment in JustCo in May. Also, JustCo is opening a second co-working space at Capital Tower in Bangkok, following its success at the first space at AIA Sathorn Tower in the Thai capital in May. More openings are planned by the end of the year. This strategic partnership will help JustCo leverage and tap a wider net- work of industries with affiliation to both TICON and Frasers Property to accelerate expansion plans in Thailand. Kong Wan Sing, founder and CEO of JustCo, says: This partnership helps JustCo accelerate our ambitious opening plans in Thailand and in the rest of the Asian region, where we aim to open 100 centres by Slated to open this month, JustCo at Capital Tower is spread across 37,674 sq ft, occupying three levels of the building. It is located at the edge of Bangkok s CBD and near the city s busy Ratchaprasong shopping district and BTS Ploenchit station. Exclusive to JustCo at Capital Tower is a garden-themed collaboration space, featuring a dedicated area with swing chairs for members to interact with like-minded innovators beyond their work desks. FCOT sells 55 Market Street for $216.8 mil Frasers Commercial Trust (FCOT) has sold 55 Market Street (below), a 16-storey commercial property in Raffles Place, for $216.8 million. This is equivalent to $3,020 psf based on the building s net lettable area. The sale price was arrived at through a marketing process conducted by an appointed property consultant. The transaction is expected to be completed by Aug 31, says Frasers Commercial Asset Management, the manager of FCOT. 55 Market Street comprises 15 floors of office space as well as two floors of retail space on the ground floor and basement level. The property has a total net lettable area of 71,796 sq ft and a committed occupancy of 87.9% as at end-march. FRASERS PROPERTY The sale price represents a 44.5% premium above the property s valuation of $150 million ($2,089 psf) as at July 1, and is almost three times the original purchase price of $72.5 million ($1,010 psf) in FCOT is expected to recognise an estimated net gain of about $76.5 million over the property s book value of $139 million as at Sept 30, The sale price implies an annualised net property income yield of 1.7%, based on the NPI of 55 Market Street for the financial quarter ended March 31. E Pseudonyms are allowed but please state your full name, address and contact number for us to verify. Canary Wharf s One Park Drive to be launched in Singapore London developer Canary Wharf Group is set to launch sales of its luxury residential project, One Park Drive, in Singapore on the weekend of July 14 and 15. One Park Drive will form the centrepiece of the new area, Wood Wharf, within London s Canary Wharf district. The development comprises 58 storeys and is designed by Herzog & de Meuron. It will have 483 apartments, with private balconies providing views of the surrounding docklands and wider London. There will be a selection of studios; one-, twoand three-bedroom apartments; as well as skylofts, with prices starting from 665,000 ($1.2 million) for a studio, 1.9 million for a three-bedder and 2.75 million to 3.9 million for skylofts. Studio units range from 435 to 475 sq ft in size; one-bedroom units range from 679 to 772 sq ft; two-bedroom units are from 925 sq ft to 1,141 sq ft; and three-bedroom units are from 1,196 sq ft to 1,665 sq ft. Skylofts, which are on the 32nd floor, range from 1,364 to 2,087 sq ft. Only three units are available for sale this weekend. The development is divided into three distinct typologies, Loft, Cluster and Bay, which are located at different levels. Residents of One Park Drive will benefit from an entrance lobby with 24-hour concierge service, a library, cinema room and lounge on the ground floor. The space includes a 20m pool, gym, studio space and spa. The launch will be held at The St Regis Hotel Singapore s Diplomat Room. WATG and Wimberly Interiors bag two international awards Integrated design firm WATG and its interior design studio Wimberly Interiors picked up two awards at The International Hotel and Property Awards event, which was held in Capri, Italy on June 29. WATG and Wimberly Interiors received the International Designer of 2018 award from The Design Society as a recognition of innovation and excellence within the industry. The duo also won the accolade for Best Hotel in Asia for the design of St Regis Astana. In 2017, WATG and Wimberly Interiors designed over 240 projects in 52 countries. Its portfolio spans four continents. CDL to invest HK$237.8 mil in IPO of China s E-House City Developments (CDL) will invest HK$ million ($41.4 million) in China s data-based real estate agency E-House, which has filed to be listed on the Hong Kong Stock Exchange by the end of this month. The only Singapore-based company invited to be a cornerstone investor in this IPO, CDL joins several top Chinese developers, including China Evergrande Group, China Vanke and Country Garden Holdings, which are existing shareholders of E-House. The other cornerstone investors participating in the IPO include e-commerce giant Alibaba Group Holding. E-House, established in 2000 as a real estate transaction service provider, has a geographic footprint spanning 186 cities across 30 provinces in China. Its extensive network comprises more than 17,000 sales agents. Its main businesses comprise real estate agency services firm in the primary market, E-House Marketing; real estate data consultancy CRIC; and real estate brokerage network services firm Fangyou. E-House s key business of marketing residential projects generated a revenue of RMB3.9 billion ($800,000 million) in 2017, making it the largest real estate agency service provider in the primary market in China. Sherman Kwek, CEO of CDL group, says: In view of the increasing demand for overseas properties among Chinese investors, we see strong potential in E-House s growth. As it expands not only in China but also globally, we will be able to leverage its network, platform and expertise for CDL s residential projects in various countries. Compiled by Bong Xin Ying E

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6 EP4 EDGEPROP JULY 16, 2018 PROPERTY TAKE Placemaking and vibrancy In Singapore, we are seeing more examples and evidence of how public spaces and even common spaces in buildings and workplaces have been successfully transformed by adhering to basic principles of placemaking. These include community engagement, stakeholder input and curated programming. Now, commercial real-estate players recognise the importance and value of placemaking as the emphasis shifts from the physical design to user wellness and experience of a space. Placemaking is happening at the city, district, building and workplace level. Successful placemaking generates vibrancy and builds a sense of community that leads to engagement, creativity, well-being and collaboration. Placemaking at different levels At the city level, URA is engaging communities, businesses and other public agencies to champion the activation and vibrancy of public spaces through various programmes such as Car-Free Sundays, Streets for People, Weekend Street Closures, and Our Favourite Place. These placemaking programmes enliven public spaces for the public s enjoyment and often bring economic as well as social, health and environmental benefits. At the district level, developments such as one-north, with JTC Corp as the master planner and developer; and GuocoLand s Tanjong Pagar Centre; are examples where there is a good mix of work, live, play and learn components, which are vital for building a vibrant community. At Tanjong Pagar Centre, the 150,000 sq ft landscaped Urban Park features a lawn, rooftop gardens and a wide, open space sheltered by a glass canopy for recreational and lifestyle events. A focal point of the park is the City Room, a vibrant public space for special events and outdoor performances that offers a variety of F&B options. Statutory board JTC Corp had the foresight years ago to form a team to focus on placemaking within onenorth: The objective was to activate its public spaces to foster a vibrant community that leverages the worldclass knowledge-based enterprises located there. JTC creatively trialled and tested placemaking ideas and applied placemaking principles that included engaging stakeholders in this case, tenants and creative programming to turn the spaces in between buildings into places. Tenant feedback provided critical information on how to approach programming, which has led to JTC s regular Fantastic Friday events and ad hoc initiatives such as science fairs, talent contests, movie nights and fun runs. A bicycle race is even held during a car-free Sunday at one-north. Factors that drive placemaking Now, other real-estate players are catching on. The successful principles of placemaking at the urban and Events at the Urban Park include the Tokyo Summer Park, which was held from June 27 to 30 by Japan Rail Café, one of the tenants at GuocoLand s Tanjong Pagar Centre integrated development BY JUN SOCHI district development level are being applied at the building and workplace level as well. Flexible working and mobility, enabled by technology, has disrupted the way businesses operate as well as attract and retain talent. This coincides with the tidal rise of the millennial workforce those born in the 1980s to mid-1990s and their apparent desire to work and connect on the go using various channels such as , mobile and video conferencing. The line between work and play is blurring the millennial worker wants to be able to transition seamlessly between work and play at various times of the day. Placemakers have responded by designing, configuring and programming spaces that promote a unique experience of work, vibrancy and a sense of community. This probably accounts for the rising popularity of co-working as it is the logical response to the needs of the millennial workforce. The millennial worker wants to be able to work in an environment that creates opportunities for collaboration and generation of ideas. Witness the success of incubator spaces such as JTC LaunchPad (formerly known as Block 71), which nurtured start-ups such as Carousell. Entrepreneurs in all types of industries are attracted to LaunchPad for its collaborative The atrium of Fusionopolis in one-north and open environment. Placemaking is gaining in popularity at a time when there is a heightened awareness that the human element and user experience are important components of vibrant public spaces and healthy workplaces. Developers, designers, planners and even those managing buildings and public spaces need to recognise that placemaking is important. In the case of LaunchPad, placemaking principles are being applied to deliberately foster interactions and even chance encounters, the sharing of ideas and collaboration among start-ups, researchers and entrepreneurs, with the objective of creating a work environment that drives innovation and creativity. Sharing economy transforming businesses The sharing economy will drastically transform the way business is conducted everywhere. The changes are primarily driven by the same generation of millennials who instinctively work and play in a more open and collaborative culture. Increasingly, the marketplace is being dominated by a generation of consumers who are willing to rent or borrow rather than buy or own. Common physical spaces and the community experiences are therefore perfectly natural and logical in a sharing economy. Office and retail landlords are increasingly pressured to provide a more interactive, diverse and bespoke experience within a space. It is no GUOCOLAND JTC CORP surprise that developers and placemakers put a premium on mixed-use sites that yield tremendous potential for an integrated experience of working, living and playing in one single locale. Placemaking is an ongoing effort that requires programming, feedback and adaptation. After all, if places can be attractive and vibrant and also yield real commercial and economic benefits for businesses, developers and owners, it is increasingly clear that placemaking should be an integral part of any real-estate enhancement strategy. E Jun Sochi is managing director, C&W Services Singapore, the facilities and engineering arm of Cushman & Wakefield

7 EDGEPROP JULY 16, 2018 EP5 COVER STORY SAMUEL ISAAC CHUA/THE EDGE SINGAPORE Even before the government took the pre-emptive measures, Colliers International s data already showed a slowdown in collective sales En bloc sales bear the brunt of cooling measures With deals already slowing down, developers are likely to hit the pause button on en bloc purchases. What does this mean for the property market? BY THE EDGEPROP TEAM Veteran litigator Adrian Tan, partner at Singapore boutique law firm TSMP Law Corp, has become a Robin Hood of sorts in representing minority owners in collective sale disputes. Tan has taken up the case of the seven minority owners at Goodluck Garden who said they were told that there would be a development charge when there was none. The 210-unit condominium on Toh Tuck Road was sold en bloc in March for $610 million to a joint venture between Qingjian Group and Perennial Real Estate. Tan and his colleague Ong Pei Ching are also representing the sole objector the owner of a penthouse at Cairnhill Mansions, over the method of apportionment used. Cairnhill Mansions was sold to Low Keng Huat for $362 million in February. Tan himself has been on both sides of a collective sale: as a majority owner and a minority owner. He is currently the owner of a unit at Horizon Towers in prime District 9. The first collective sale attempt by the 210-unit private condo on Leonie Hill Road was 11 years ago, and it was one of the most contentious in Singapore s history. After the collective sale committee secured Hotel Properties Ltd as a buyer at $500 million in 2007, the en bloc purchase was overturned by the Court of Appeal in 2009, as there were grounds that the CSC had not acted in good faith to seek the best price. Legal disputes between minority owners and members of the CSC dragged on until 2013 when the case was dismissed by a High Court judge. Timing couldn t be worse Tan and his wife, however, both liked the unit they saw at Horizon Towers and went ahead with buying it last year. Less than a year later, contrary to their expectations, the new CSC at Horizon Towers succeeded in garnering the requisite 80% consensus to proceed with a collective sale. The development was launched for sale by tender on July 4. The reserve price was set at $1.1 billion more than double the $500 million price tag it was nearly sold at in The launch came just a day before the government rolled out its latest round of property cooling measures. The timing couldn t be worse, says Tan. He was sharing his experiences at the EdgeProp 360+ En bloc vs En block seminar. On the evening of July 5, as he was speaking at the EdgeProp event, the government announced its ninth round of property cooling measures that would take effect the following day. The measures include a five percentage point (ppt) hike in additional buyer s stamp duty for all save first-time homebuyers. Borrowing limits were tightened across the board, with the loan-to-value (LTV) ratio cut by 5ppt. Bearing the brunt of the cooling measures are corporate entities buying residential property, as the ABSD has been increased from 15% to 25%. For developers, there is an additional 5ppt non-remittable ABSD to be paid upfront. On the eve of the announcement, Monetary Authority of Singapore managing director Ravi Menon had warned developers to be cautious when making their land bids, bearing in mind the supply that is coming onstream. He was speaking at the MAS annual report media briefing. Many sites, fewer buyers However, even before the government took these pre-emptive measures, Colliers International s data already showed a slowdown in collective sales: 21 collective sale tenders valued at $5.6 billion closed in May and June without a sale. Today, there are many sites up for collective sale chasing a limited number of developers who might have already bought land but have yet to launch their projects, says Tang Wei Leng, managing director of Colliers International, who was also a speaker at the Edge- Prop 360+ event. These measures [ABSD and LTV changes] will make developers pause because an en bloc sale is an exercise in optimism, says TSMP s Tan. En bloc deals happen during a property cycle s upswing. If developers think the property market is now at a plateau, they won t be in a hurry to buy sites. And for anyone who hasn t reached 80% consent or launched their collective sale site for tender yet, I think they will have to wait a few more years. It is not just a big blow to developers but CONTINUES NEXT PAGE

8 EP6 EDGEPROP JULY 16, 2018 COVER STORY Developers expected to be more selective in land purchases FROM PREVIOUS PAGE also en bloc beneficiaries shopping for a replacement property and investors, notes Ian Loh, Knight Frank executive director and head of capital markets. For owners, the cost of a replacement home has gone up, but the en bloc premium is likely to be reduced. What premium? TSMP s Tan himself had voted for a collective sale during the last collective sale wave from 2005 to It was for the sale of Westpeak Condo on West Coast Walk. The payout he received for the unit he owned at Westpeak Condo was $1.4 million when the estate was sold for $206.1 million to Chip Eng Seng Corp in It has since been redeveloped into the 659-unit The Parc Condo, which was completed in The lawyer representing the owners at West- Peak Condo had advised them not to buy a replacement property until they received their payout. I rank that as one of the worst pieces of advice that a lawyer can give regarding a property property purchase, says Tan. Some of the other owners at Westpeak Condo, like Tan, felt that they should not wait, but look for a replacement home immediately. The time lag between those of us who went ahead to look for a home versus those who went later after they received their money was six to eight months, he says. During that [time frame], the market shot up. Those who waited were priced out of the market and had problems finding a similar-sized unit in the same area. Given the long-drawn-out collective sale process, people become disenchanted along the way, especially when what they thought was a good price may not be so at the end of the Adjustments to ABSD rates for residential property RATES ON OR BEFORE RATES ON OR JULY 5, 2018 (%) AFTER JULY 6, 2018 (%) Singapore citizens buying first residential property 0 0 Singapore citizens buying second residential property 7 12 Singapore citizens buying third and subsequent residential property Singapore permanent residents buying first residential property 5 5 Singapore permanent residents buying second and subsequent residential property Foreigners buying any residential property Entities buying any residential property * Plus additional 5% for developers** * Developers are subject to the 25% ABSD rate. They may apply for remission of the 25% ABSD, subject to conditions. ** The 5% ABSD levied on developers is in addition to the 25% ABSD imposed on all entities. It will not be remitted and is to be paid upfront upon purchase of any residential properties. Revised loan-to-value limits on housing loans granted by financial institutions * 25 years for HDB flat purchases GuocoLand has acquired Casa Meyfort on Meyer Road for $ million, but it will not be subject to the new ABSD TABLES: MOF, MND, MAS FIRST HOUSING LOAN SECOND HOUSING LOAN FROM THIRD HOUSING LOAN Individual borrowers Loan-to-value limit Existing rule Existing rule Existing rule 80%; or 60% if the loan tenure is more 50%; or 30% if the loan tenure is more 40%; or 20% if the loan tenure is more than 30 years* or extends past age 65 than 30 years* or extends past age 65 than 30 years* or extends past age 65 Revised rule Revised rule Revised rule 75%; or 55% if the loan tenure is more 45%; or 25% if the loan tenure is more 35%; or 15% if the loan tenure is more than 30 years* or extends past age 65 than 30 years* or extends past age 65 than 30 years* or extends past age 65 Minimum cash No change to existing rule down payment 5%; or 10% if the loan tenure is more 25% Non-individual borrowers Loan-to-value limit than 30 years* or extends past age 65 entire process as prices have run up. It takes up to 12 months to get the signatures from 80% of the owners; another six months to go through the tender, and another six months to complete, says Tan. When people talk about en bloc premiums, I laugh because it s not a premium if you factor in the time. According to Colliers Tang, owners typically receive a premium of 50% to 60% from selling their property collectively compared with selling the individual unit in the resale market. They may now have to accept a lower premium if they want to get the deal across the line, she notes. More deals with strings attached If anything, the latest cooling measures will raise the acquisition cost for developers, and this will surely have a bearing on prices of col- Existing rule 20% Revised rule 15% lective sale sites going forward, cautions Colliers Tang. It will likely [dampen] the euphoria among would-be en bloc sellers and help to rein in unrealistic price expectations. Developers are expected to be more selective in land purchases, given the higher ABSD remission clawback if they fail to develop and sell all the units within five years. But Colliers believes redevelopment sites in mature estates or areas where there have been few new launches could still be appealing. Developers know they have the advantage [in a collective sale], says Tang. If the location is good with schools and MRT stations nearby it might be easier to market. But if the site is overpriced, it eats into developers profits, creating more risk and uncertainty for them. Collective sale deals increasingly come with a put-and-call option, as developers do not agree with the asking price, notes Tang. They then offer a lower price, forcing the CSC to go back to the owners to get the 80% agreement. Some developers are also imposing conditions for purchases, especially for sites that ask for a higher price, notes Tan Hong Boon, JLL regional director of capital markets. If the conditions are not met, they have the right to walk away from the deal, he says. Other developers will stipulate a minimum number of units to be built, especially for large collective sale sites that are subject to traffic impact studies. Scaling the peak Although collective sale prices have hit a new high of $2,910 psf per plot ratio (ppr) with the sale of Park House on Orchard Boulevard last month, the total value of deals is still below The collective sale of Horizon Towers was launched on July 4, just a day before the government announced its property cooling measures ET&CO that of the previous collective sale boom from 2005 to Based on en bloc deals done from 2016 to the present, the total value amounts to $19.2 billion (including the purchase of Casa Meyfort), according to Colliers. During the last collective sale frenzy from 2005 to 2007, there were $21.8 billion worth of transactions. In the first collective sale boom from 1994 to 1997, the figure was $3.8 billion. However, the average deal size of a collective sale has risen, points out Tang. In the 1994-to-1997 period, the average deal size was $41 million; from 2005 to 2007, it was $93 million; and from 2016 to the present, it has been $299 million. En bloc hopes derailed? What is interesting is that owners proceeds have not risen as fast. In the 1994-to-1997 period, owners proceeds averaged $2.2 million. Today, it is $2.7 million, according to Colliers International s research. There are more than 150 developments at various stages of the collective sale process. In every part of Singapore, there are still owners who aspire to unlock the value of their property through collective sales, notes Tang. Besides unrealistic pricing by owners and

9 EDGEPROP JULY 16, 2018 EP7 COVER STORY Redas does not see rationale for additional harsh measures The private preview of South Beach Residences, which was scheduled for July 13, is said to have been postponed The Real Estate Developers Association of Singapore issued a statement on July 6 in reaction to the latest round of cooling measures. Redas is of the view that the property market should be allowed time to find its own course and reach a sustained equilibrium, it said. Redas added that it does not see the rationale for imposing additional harsh measures on developers. Developers are already constrained by a confluence of financial considerations as well as tough and unfriendly business policies, including the existing additional buyer s stamp duty (ABSD) on developers and the Qualifying Certificate conditions on a majority of developers (including listed companies that are deemed as foreign companies as long as they have one non- Singaporean director or shareholder). Developers are already penalised if they do not meet the five-year completion and sale requirement, said Redas. The new ABSD on developers will impose additional pressure on land acquisition as it [the new ABSD] compresses their development, sales and land replenishment cycle time. Developers are concerned about [the] distortionary effects of such market behaviour over the medium and long term. Some developers postpone, others proceed with previews COLLIERS INTERNATIONAL PICTURES: SAMUEL ISAAC CHUA/THE EDGE SINGAPORE BY THE EDGEPROP TEAM TIMOTHY TAY/EDGEPROP SG Tang: Owners may now have to accept a lower premium if they want to get the [en bloc] deal across the line the property cooling measures, another factor that could derail the collective sale market is unsold stock. According to Tang, the 10-year absorption rate for housing demand is about 12,500 units annually. All the collective sales and government land sale sites sold in the current collective sale cycle are expected to yield about 42,000 units. It could take three to 3½ years to clear the stock, she points out. Unsold inventory adds to overall supply and will curtail developers appetite for more land. If supply increases drastically, it might take four to five years to clear the stock, says Tang. This might become a worry for developers as the imposed penalties will create the urgency to sell their units within a five-year time frame. In the wake of the cooling measures, which have made developers more cautious about bidding for sites, some CSCs are considering extending their estate s collective sale tender closing period. These include Spanish Village and Gilstead Court. However, collective sale sites whose tender closed before July 5 will have to enter the 10- week private treaty period, notes Sieow Teak Hwa, managing director of Teakhwa Real Estate. These include AVA Tower, Holland Tower and Gilstead Mansion. Developers de-risking Colliers Tang sees developers de-risking by buying sites that they are very confident of selling. GuocoLand announced on July 10 that its subsidiary, First Meyer Development, had successfully tendered for the en bloc purchase of Casa Meyfort on Meyer Road, and that it had exercised its option to purchase the site at $ million. Tan: If the market is cooling, developers are unlikely to buy an en bloc site The freehold Casa Meyfort was first launched for collective sale last December at $340 million and the tender closed in January this year without a sale. It was launched for tender again in April and the tender closed on May 21. The asking price was $340 million. Edmund Tie & Co is the marketing agent. GuocoLand s en bloc purchase of Casa Meyfort was agreed on at end-may, hence the previous ABSD rates (15% fully remittable) apply. This latest en bloc purchase shows that smaller-quantum sites or those that yield up to 200 units remain feasible for developers, says Lee Liat Yeang, senior partner at Dentons Rodyk & Davidson. There are still developers looking to replenish their depleting or depleted landbank. E December2007 March 2008 June 2008 September 2008 December 2008 March 2009 June 2009 September 2009 December 2009 March 2010 June 2010 September 2010 December 2010 March 2011 June 2011 September 2011 In the wake of the recent property cooling measures by the government, some developers who had planned previews in the coming weekends have chosen to defer them. Word on the street is that City Developments Ltd (CDL), which was expected to preview its luxury project South Beach Residences on July 13, has chosen to postpone the event. The 190-unit, 99-year leasehold luxury development sits on top of the JW Marriott Singapore and is part of the South Beach integrated development. However, CDL has held firm to prices at the 124-unit New Futura at Leonie Hill Road in prime District 9. The freehold project was launched in January and is substantially sold, with many of the recent units sold at prices above $3,500 psf. In contrast, YTL Singapore has previewed its luxury project 3 Orchard By-the-Park. The 77-unit luxury condo on Orchard Boulevard is priced from $3,490 psf. M+S has also proceeded with the launch of the new Garden Tower at Marina One Residences. The project was launched on July 5, the same evening the property cooling measures were announced. There isn t a lot of supply coming up in the Core Central Region (CCR) in the near term, notes Dominic Lee, PropNex Realty head of luxury team. Most of the buyers of these new projects in the CCR are permanent residents and foreigners. The first penthouse at Marina One Residences that was sold for $18 million ($2,782 psf) last month was brokered by an agent at SRI. For foreigners, the additional buyer s stamp duty Singapore property cooling measures introduced over the years URA Private Property Price Index September 2009 GLS confirmed list reinstated; removal of IAS and IOL; non-extension of budget assistance measures when expire August 2010 Seller's stamp duty extended to three years; LTV lowered further February 2010 Seller's stamp duty for property disposed within one year; LTV lowered December 2011 Additional buyer's stamp duty December 2011 January 2011 Seller's stamp duty extended to four years with quantum raised; LTV lowered further March 2012 June 2012 September 2012 December 2012 March 2013 June 2013 September 2013 June 2013 Total debt servicing ratio October 2012 LTV adjustments; absolute loan limit of 35 years December 2013 January 2013 Additional buyer's stamp duty raised March 2014 June 2014 September 2014 December 2014 As at July 5, 380 units out of a total of 805 units were sold at Park Colonial March 2015 June 2015 September 2015 (ABSD) is now 20%, up from 15% before. However, Bruce Lye, SRI managing partner, points out that the stamp duty is still lower than in Hong Kong, where overseas buyers are subject to a 30% stamp duty. In the light of the strong sales figures at the showflats of projects that have brought forward their launches amid the property cooling measures introduced recently Riverfront Residences, Stirling Residences and Park Colonial Malaysian developer S P Setia is going ahead with its preview of Daintree Residences on July 14. The 327-unit development is located on Toh Tuck Road in District 21 in the Rest of Central Region (RCR). December 2015 March 2017 SSD lowered March 2016 June 2016 September 2016 December 2016 March 2017 June 2017 September Q2018 down 3.6% from 3Q2013 peak and 9.1% from its 3Q2017 low July 2018 Additional buyer's stamp duty raised; LTV tightened; new ABSD on residential development site December 2017 March 2018 June 2018 September 2018 MAYBANK KIM ENG December 2018

10 EP8 EDGEPROP JULY 16, 2018 OFFSHORE KSK Land launches second tower of KL luxury project 8 Conlay BY TIMOTHY TAY A luxury mixed-use development in the heart of Kuala Lumpur, 8 Conlay, marks the first foray into property development by Malaysia s KSK Group Bhd. It has been our chairman s lifelong dream for the company to branch into property development, says Joanne Kua, CEO of the group. KSK Group, an insurance conglomerate that operates in Malaysia and Thailand, was privatised in 2012 and changed its name from Kurnia Asia Bhd. KSK Group was founded by Kua s father, Sian Kooi, who is executive chairman of the group. We want to position KSK Land as a lifestyle-focused property developer, says Kua, who is also managing director of KSK Land, the property arm of KSK Group. We jumped at the chance to develop a luxury residential development on the Jalan Conlay site, she adds.the site was one of the last pieces of undeveloped freehold land in Kuala Lumpur City Centre (KLCC), the location of Malaysia s iconic Petronas Twin Towers. The 1,062-unit 8 Conlay, named after its auspicious address at Jalan Conlay, is on schedule to be completed by 2H2020. It has a gross development value of RM5.4 billion ($1.82 billion). KSK Land purchased the 1.6ha site in 2014 from Suasana Simfoni, a 60%-owned subsidiary of Singapore-listed UOL Group, for RM568 million (RM3,299 psf). When we acquired the site, people asked us why we paid such a high price. But for us, it is the value we can create on the land and what will be developed on it, says Kua. YOO8 serviced by Kempinski 8 Conlay comprises three high-rise towers and a nine-storey retail podium. The 62-storey Tower A has 564 branded residential units and the 57-storey Tower B has 498 branded residential units. Both towers will be serviced by Switzerland-based hotel group Kempinski Hotels and designed by UK-based residential and hotel design firm YOO. The third tower will be the 68-storey Kempinski Hotel, featuring 260 rooms and 300 strata-titled hotel suites. The Kempinski Hotel Kuala Lumpur will be Kempinski s first and only hotel in Malaysia. The residential towers will feature branded residences called YOO8 serviced by Kempinski. Kempinski Hotels was the first and only hotelier KSK Land considered. A consistent luxury service for both the residential and hotel components is one of the key requirements of a good branded residence, she notes. London-based YOO was also the first pick to design the interiors of the branded residential units. Units in Tower A are designed by Hong Kong-based designer Steve Leung, while units in Tower B are designed by UK-based interior designer Kelly Hoppen for YOO. The unit layouts in both towers are similar and their areas range from 700 to 1,300 sq ft for oneto three-bedroom units. Most of the units in Tower A overlook the nearby Royal Selangor Golf Club, while most of the units in Tower B have views of KLCC. Living in the heart of the city makes it difficult to get views of green spaces, and a view of the Petronas Twin Towers is one that many foreigners and locals aspire to have while living in KL, says Kua. The podium will feature 200,000 sq ft of retail space across four floors, a banquet hall and a five-storey car park. The retail area will be a curated open space with F&B options, says Kua. KSK Land will be announcing some of the tenants at year-end. Branded residences Globally, branded residences such as 8 Conlay command an average premium of about 30% over other luxury properties, says Kua, adding that the current premium for branded residences in KL is about 10%. When 8 Conlay is completed in 2020 and occupancy increases, she expects that it will set a new benchmark premium rate for branded residences in the city. There are not many comparable luxury properties in KL and there are no branded residential developments set to be completed in the city in the next two years, she says. Completed branded residential developments in KLCC include Pavilion Banyan Tree Signatures, The Ritz-Carlton Residences and Four Seasons Place. The 441-unit luxury development Pavilion Banyan Tree Signatures launched its units from RM1,800 psf, but units there have recently changed hands for about RM3,000 psf, as have units at the 242-unit Four Seasons Place. Branded residences in KL are among the most affordable luxury properties in Southeast Asia at the moment, says Kua. The sustained price growth in the last few years signals that demand for properties in this niche segment of the market 8 Conlay is a luxury branded residential development by Malaysian developer KSK Land Kua: Singaporean buyers who purchase luxury units in KL feel that the luxury market in KL is more affordable than that in Singapore

11 EDGEPROP JULY 16, 2018 EP9 OFFSHORE PICTURES: KSK LAND A living room with the Spring theme (left) and a master bedroom with the Urban theme (right) by Hoppen YOO One of Hoppen s recent projects was designing the interiors of a lakeside house developed by YOO will increase in the coming years as the Malaysian economy continues to pick up, she adds. KSK Land launched units in Tower A in early 2016 at RM2,700 psf; recent transactions at Tower A were at about RM3,200 psf. The developer started selling units at Tower B earlier this month, and has already moved some units. Prices start from RM3,250 psf. In Tower B, one-bedroom units are between 705 and 776 sq ft, two-bedders are between 945 and 1,155 sq ft and three-bedroom units are 1,328 sq ft. The two common areas, on the 26th and 44th floors, are designed by Thai landscape studio TROP. A 25m lap pool and indoor gym will be located on the 26th floor while a lounge and open air landscaped area will be on the 44th floor. Foreign buyers About 80% of the buyers at Tower A are foreigners and Kua expects to see the same percentage at Tower B. Buyers from Shanghai, Beijing, Hong Kong and Taipei constitute the biggest group of foreign purchasers, followed by those from Japan, Singapore, Indonesia and Thailand. The units are bought mainly as seasonal homes, says Kua. Many of the foreign buyers have participated in the Malaysia My Second Home (MM2H) Programme, she adds. MM2H is an international residency scheme that grants foreigners This is the first time Hoppen is designing for a project in Malaysia YOO 8 Conlay is a fantastic example of the collaborative efforts between designers and property developers, says Hitchcox YOO the right to live in Malaysia for up to 10 years on a renewable, multiple-entry social visit pass. Incentives include the option for the participant to bring their parents into Malaysia under a long-term visa. Many Chinese buyers intend to bring their elderly parents to stay in 8 Conlay during winter. Singaporeans make up about 5% of the total number of purchasers at 8 Conlay so far. Singaporean buyers who purchase luxury units in KL do so because they feel that the luxury market in KL is more affordable than that in Singapore, says Kua. She reckons that the cancellation of the KL-Singapore High-Speed Rail project will not dent demand from Singaporean buyers. Being in a central location in KLCC, where the supply of land is limited, means we are more resilient to unexpected changes and announcements. While the project would have made the journey more convenient, its cancellation does not impact current travel times between Singapore and KL. [The High-Speed Rail project] was never a major reason for Singaporean buyers to invest in property in KL, she says. Kelly Hoppen for YOO KSK Land is the only developer in Southeast Asia to collaborate with both Steve Leung and Kelly Hoppen. 8 Conlay is a fantastic example of the close collaborative efforts between designers and property developers, says YOO chairman John Hitchcox. YOO8 serviced by Kem- The lounge area on the 44th floor of 8 Conlay pinski is an attractive residential development not only because of the great Kempinski service, but also because buyers know that Kelly Hoppen s particular design style reflects the highest-quality luxury lifestyle, he adds. The Kelly Hoppen for YOO style fuses the Eastern principles of simplicity and balance with the Western taste for luxurious finishes and textures, he explains. Hoppen believes 8 Conlay will be a sellout project. I have never taken on a project which I personally did not believe would be successful, she says. Her two design concepts for the 498 units in Tower B are Urban and Spring. This is her first time designing for a project in Malaysia. Coming up with names such as Urban or Spring is just a selling tool for marketing; the important factor is what is designed for the space, Hoppen says. I visualise walking through the space, sleeping and waking up, seeing the marble on the wall and the runner down the floor and the metal inlay design. I know what pleases me and I try to recreate it. One of her most recent projects with YOO was designing the interiors of a lakeside house at The Lakes by YOO, a 340ha lakeside residential development in the Cotswolds, UK. Beyond Malaysia While KSK Land remains focused on delivering an outstanding product at 8 Conlay to buyers, Kua admits that she has started to think about future projects. She wants to position the company as a city-focused lifestyle property developer. We chose as our first project an integrated development with branded residences to earn the confidence of consumers and the market, she says. KSK Land remains focused on its strategy to develop projects in the Klang Valley and on Penang island for now, but it has also started exploring international markets to enter, such as central London, Singapore and Bangkok. The global market is still quite volatile and we will continue to assess the right time to expand, says Kua. E

12 EP10 EDGEPROP JULY 16, 2018 EVENT SAMUEL ISAAC CHUA/THE EDGE SINGAPORE The panel discussion at the EdgeProp 360+ event on July 5 (from left): Moderator Boaz Boon, Tong, Tang and Tan Rise of the en blockers BY THE EDGEPROP TEAM The EdgeProp 360+ event, En bloc vs En block, on the evening of July 5 drew a packed audience. It coincided with the announcement of a new round of property cooling measures that would come into effect the following day. The measures would have the biggest impact on collective sale deals. It was clear that some owners were getting cold feet as one of the questions raised during the panel discussion was whether one could rescind the collective sale agreement in the light of the latest cooling measures. According to Adrian Tan, TSMP Law Corp s partner of dispute resolution, there is generally a five-day cooling-off period after signing the agreement to give the go-ahead for the collective sale. However, beyond the five-day period, if there is a fundamental change in circumstances, one could also rescind the contract, he says. For example, an owner was counting on receiving a certain amount from the collective sale, and had factored in the seller s stamp duty (SSD), cost of a replacement home and perhaps additional buyer s stamp duty. But now the government has raised the ABSD by five percentage points. Under the law, if it s an act of God, you can rescind. In Singapore, if the government does it, we can also call it an act of God, Tan quips. Tan is of the view that the en bloc laws in Singapore need to be refreshed as they are very onesided and favour the majority of the owners who want an en bloc sale. For instance, they have the privilege of calling for an extraordinary general meeting, forming a collective sale committee and posting updates on the collective sale process on the notice board in the condominium. They have access to the names and addresses of all subsidiary proprietors and can communicate with them. The minority owners who object to the collective sale are not even allowed to use the notice board. They do not have a community or a group. The law doesn t provide for that, says Tan. Someone had suggested forming an en bloc opposition party, Tan says. He suggests setting up a website: It s a platform for the minority owners to put across their point of view. Better communication and transparency is the way to go. Another concern of some owners is having to pay SSD in a collective sale. In all estates, you just have to look at who just bought a unit and the date of purchase in order to compute the SSD payable, says Tan. The method of apportionment should include a sum for the payment of SSD, which is going to the government. The SSD has never been raised in the High Court, as a plaintiff has to prove a financial loss has been sustained from the collective sale. I myself feel strongly that it s not in good faith if you force someone to get less money than others, says Tan. In Singapore, not only the government but also your neighbours can force you to sell your home at a price they dictate and at a time they want to in an en bloc sale. However, in the light of the recent property cooling measures, developers will be more selective in buying en bloc sites, says Tang Wei Leng, managing director of Colliers International. Bernard Tong, CEO of EdgeProp Singapore who was also one of the panellists at the event, said the new cooling measures are likely to benefit first-time homebuyers, as they are spared the hike in ABSD. However, first-time homebuyers will still see their borrowing limit cut: from the 80% loan-to-value ratio previously to 75%. E EDGEPROP SG The audience at the Marina One auditorium

13 EDGEPROP JULY 16, 2018 EP11 GAINS AND LOSSES PICTURES: SAMUEL ISAAC CHUA/THE EDGE SINGAPORE The most profitable deal in the week of June 26 to July 3 was the sale of a five-bedder at Nassim Park Residences, which raked in a 13% gain A two-bedroom unit sold at The Fernhill incurred the top loss for the week in review. The seller lost $338,000 over a holding period of 11 years. Unit at Nassim Park Residences reaps $2.45 mil profit BY CHARLENE CHIN Over the week of June 26 to July 3, the most profitable deal was the sale of a five-bedroom unit at Nassim Park Residences in prime District 10. The 6,932 sq ft unit on the fifth floor fetched $20.8 million ($3,001 psf) on June 29. The seller purchased the unit for $18.35 million ($2,647 psf) in He reaped a 13% profit of $2.45 million, or an annualised profit of 1% over 9.8 years. Nassim Park Residences is a five-minute drive from the Orchard Road shopping belt and is near the Botanic Gardens and Gleneagles Hospital. Prior to this, a 3,175 sq ft unit on the fourth floor was sold for $10.58 million ($3,332 psf) in May. As the owner bought it in 2011 at $10.9 million ($3,433 psf), this translates into a loss of 3%, or $320,000. The second most profitable deal for the week in review was at UE Square in District 9, where a four-bedroom unit was sold for $4 million ($1,822 psf) on June 27. Located on River Valley Road, the development is a six-minute walk from the Clarke Quay area, where a stretch of bars and eateries front the Singapore River. The 2,196 sq ft unit on the fourth floor was bought for $1.87 million ($849 psf) in This means the seller walked away with a 114% profit of $2.14 million, or an annualised profit of 9% over 9.2 years. The sale marks the third time the home has changed hands it was first purchased in 1995 for $1.77 million ($806 psf) from the developer. The third most profitable transaction for the week was for a four-bedroom unit at Evelyn in District 11, which is a six-minute walk from Newton MRT station. The 2,250 sq ft unit on the 10th floor was sold for $4.02 million ($1,787 psf) on June 28. The seller made an 81% profit of $1.8 million, or an annualised profit of 5% over 11.2 years. He purchased the unit in 2007 for $2.22 million ($987 psf). One day after the 10th-floor unit was sold, another unit at Evelyn on the 24th floor changed hands for $1.96 million ($1,887 psf). The seller made an 18% profit of $300,000 or an annualised profit of 2% over 8.2 years for the 1,033 sq ft, two-bedroom unit. He purchased it in 2010 for $1.65 million ($1,597 psf). The first owner bought it from the developer for $1.48 million ($1,434 psf) in Meanwhile, a two-bedroom unit transacted at The Fernhill sustained the top loss for the week in review when it was sold for $2.1 million ($1,711 psf) on June 27. The seller incurred a 14% loss of $338,000, or an annualised loss of 1% over 11 years. He purchased the unit in June 2007 at $2.44 million ($1,987 psf) from the original owner, who had in turn bought it in January that same year at $1.73 million ($1,410 psf). E URA, EDGEPROP Top 10 gains and losses from June 26 to July 3 Most profitable deals (non-landed) PROJECT DISTRICT AREA (SQ FT) SOLD ON (2018) SALE PRICE ($ PSF) BOUGHT ON PURCHASE PRICE ($ PSF) PROFIT ($) PROFIT (%) ANNUALISED PROFIT (%) HOLDING PERIOD (YEARS) 1 Nassim Park Residences 10 6,932 June 29 3,001 Aug 26, ,647 2,454, UE Square 9 2,196 June 27 1,822 April 9, ,135, Evelyn 11 2,250 June 28 1,787 April 24, ,798, Pebble Bay 15 1,894 June 28 1,467 May 14, ,219, Goldenhill Park Condominium 20 1,313 June 28 1,575 Nov 5, ,140, Bishan Point 20 1,485 June 27 1,181 Sept 30, , Water Place 15 1,216 June 29 1,299 Oct 19, , Poshgrove East 15 1,238 June 28 1,495 Jan 30, , The Levelz June 29 1,566 Jan 14, , Dynasty Lodge 10 1,916 June 27 1,428 Oct 11, , , Non-profitable deals PROJECT DISTRICT AREA (SQ FT) SOLD ON (2018) SALE PRICE ($ PSF) BOUGHT ON PURCHASE PRICE ($ PSF) LOSS ($) LOSS (%) ANNUALISED LOSS (%) HOLDING PERIOD (YEARS) 1 The Fernhill 10 1,227 June 27 1,711 June 18, , , Altez July 3 1,964 April 27, , , Stadia 19 1,432 June 29 1,083 April 15, ,151 98, Stellar RV June 29 1,920 Oct 5, ,077 70, Devonshire July 2 2,168 Dec 4, ,280 50, The Riverine by the Park June 29 1,582 May 9, ,633 50, Buangkok July 2 1,373 June 30, ,416 21, Foresque Residences 23 1,130 June 29 1,194 Sept 9, ,206 12, Robertson Edge June 29 2,114 Sept 27, ,137 10, Note: Computed based on URA caveat data as at July 10 for private non-landed houses transacted between June 26 and July 3. The profit-and-loss computation excludes transaction costs such as stamp duties.

14 EP12 EDGEPROP JULY 16, 2018 DONE DEALS Older condos in Farrer Road-Holland Road neighbourhood still affordable SAMUEL ISAAC CHUA/THE EDGE SINGAPORE BY TIMOTHY TAY Older condominiums in the Holland Road and Farrer Road area seem to be benefiting from increased buying interest. Prices at The Cornwall, a freehold 99-unit condo off Holland Road, have risen almost 25%, from an average price of $1,458 psf last year to $1,886 psf this year. The last time units at The Cornwall were sold for more than $1,800 psf was in 2013, during the last property boom. Two studio units at The Cornwall changed hands recently a 667 sq ft unit on the fifth floor was sold for $1.26 million ($1,888 psf) on June 26 and a 657 sq ft unit on the third floor fetched $1.24 million ($1,891 psf) on June 29. Prices at the development increased after the successful collective sale of Hollandia in March for $183.4 million, or $1,703 psf per plot ratio (ppr), followed by The Estoril in April for $224 million ($1,654 psf ppr). Both sites were purchased by Hong Kong-listed Far East Consortium International. Prices of older condos in the area are still within the replacement-home budgets of most collective sale beneficiaries and buyers in the secondary market, says Savills senior director of investment sales Suzie Mok, whose team handled the sale of Hollandia. Owners are expected to collect gross sale proceeds ranging from $3.3 million to $4.2 million, which they will receive by year-end, she says. She points to the nearby freehold condos Waterfall Gardens and The Levelz as examples of affordable Prices at The Cornwall, off Holland Road, have risen almost 25% so far this year properties for buyers in the secondary market. At the 132-unit Waterfall Gardens, a 2,196 sq ft, three-bedroom unit on the ground floor changed hands for $3.2 million ($1,457 psf) on June 28. For the past two years, units at the eight-year old condo were sold for $1,334 to $1,561 psf. Prices at the development rose following the successful en bloc sale of Tulip Garden across the road for $907 million ($1,790 psf ppr) in mid-april. This was reflected in the price of a unit at Waterfall Gardens sold later that month: The 2,196 sq ft, three-bedder changed hands for $3.75 million ($1,708 psf). Most of the units have since been transacted at more than $1,600 psf. Meanwhile, the latest sale at The Levelz, a 14-year-old condo, was that of a 926 sq ft unit on the ground floor, which went for $1.45 million ($1,566 psf) on June 29. It is the highest psf price for a ground-floor unit at the condo. The latest property cooling measures are expected to dampen the current collective sale fever and moderate future price increases. One casualty may be the nearby Spanish Village on Farrer Road, whose collective sale tender closes on July 18. Owners launched the collective sale of the 226-unit, freehold condo with an $882 million ($1,721 psf ppr) asking price in June. Like most collective sales whose tenders are closing this month, Spanish Village s collective sale committee is meeting with its marketing agent, Edmund Tie & Co, to discuss whether to extend the tender s closing date. E Residential transactions with contracts dated June 26 to July 3 LOCALITIES DISTRICTS Singapore by postal district City & Southwest 1 to 8 Orchard/Tanglin/Holland 9 and 10 Newton/Bukit Timah/Clementi 11 and 21 Balestier/MacPherson/Geylang 12 to 14 East Coast 15 and 16 Changi/Pasir Ris 17 and 18 Serangoon/Thomson 19 and 20 West 22 to 24 North 25 to 28 LAND AREA/ UNIT FLOOR AREA TRANSACTED PRICE COMPLETION TYPE OF PROJECT PROPERTY TYPE TENURE SALE DATE (SQ FT) PRICE ($) ($ PSF) DATE SALE District 1 MARINA ONE RESIDENCES Apartment 99 years June 27, ,507 4,336,000 2, New Sale District 2 ALTEZ Apartment 99 years July 03, ,480,000 1, Resale SPOTTISWOODE SUITES Apartment Freehold July 02, ,260,000 2, Resale WALLICH RESIDENCE AT TANJONG PAGAR CENTRE Apartment 99 years June 29, ,285,000 3, New Sale District 3 ARTRA Apartment 99 years June 27, ,227 2,176,800 1,774 Uncompleted New Sale ARTRA Apartment 99 years June 27, ,227 2,159,800 1,760 Uncompleted New Sale ARTRA Apartment 99 years June 27, ,227 2,193,600 1,788 Uncompleted New Sale MARGARET VILLE Apartment 99 years June 26, ,302,000 1,861 Uncompleted New Sale MARGARET VILLE Apartment 99 years June 27, ,081,400 2,050 Uncompleted New Sale MARGARET VILLE Apartment 99 years June 29, ,200 1,878 Uncompleted New Sale MARGARET VILLE Apartment 99 years June 29, ,222,000 1,861 Uncompleted New Sale MARGARET VILLE Apartment 99 years June 30, ,266,300 1,929 Uncompleted New Sale MARGARET VILLE Apartment 99 years June 30, ,435,200 1,732 Uncompleted New Sale MARGARET VILLE Apartment 99 years June 30, ,700 1,890 Uncompleted New Sale MARGARET VILLE Apartment 99 years June 30, ,261,800 1,922 Uncompleted New Sale LAND AREA/ UNIT FLOOR AREA TRANSACTED PRICE COMPLETION TYPE OF PROJECT PROPERTY TYPE TENURE SALE DATE (SQ FT) PRICE ($) ($ PSF) DATE SALE MARGARET VILLE Apartment 99 years July 01, ,000 1,934 Uncompleted New Sale QUEENS Condominium 99 years July 02, ,195 1,535,000 1, Resale QUEENS PEAK Condominium 99 years June 26, ,507 2,462,000 1,634 Uncompleted New Sale QUEENS PEAK Condominium 99 years June 27, ,507 2,445,000 1,622 Uncompleted New Sale THE ANCHORAGE Condominium Freehold July 03, ,163 1,580,000 1, Resale THE CREST Condominium 99 years June 29, ,722 3,444,000 2, Resale THE CREST Condominium 99 years June 29, ,561 2,834,000 1, Resale THE CREST Condominium 99 years June 29, ,238 2,527,000 2, Resale THE CREST Condominium 99 years July 02, ,783,000 2, Resale THE CREST Condominium 99 years July 02, ,238 2,564,000 2, Resale District 4 SKYLINE RESIDENCES Condominium Freehold June 28, ,690,000 2, Resale District 5 BIJOU Apartment Freehold June 29, ,638,840 2,175 Uncompleted New Sale BIJOU Apartment Freehold June 30, ,082,611 2,140 Uncompleted New Sale BIJOU Apartment Freehold July 01, ,199,287 2,102 Uncompleted New Sale BLUE HORIZON Condominium 99 years June 26, ,020,000 1, Resale BOTANNIA Condominium 956 years June 28, ,604 1,980,000 1, Resale HARBOUR VIEW GARDENS Apartment Freehold June 29, ,219,000 1,857 Uncompleted New Sale HUNDRED TREES Condominium 956 years June 27, ,475 2,150,000 1, Resale THE CLEMENT CANOPY Apartment 99 years June 26, ,407,000 1,421 Uncompleted New Sale THE CLEMENT CANOPY Apartment 99 years June 30, ,345 2,090,000 1,553 Uncompleted New Sale THE VERANDAH RESIDENCES Apartment Freehold June 28, ,335,000 1,908 Uncompleted New Sale THE VISION Condominium 99 years June 26, ,200,000 1, Resale TREASURE PLACE Condominium Freehold June 26, ,388,000 1, Resale TWIN VEW Apartment 99 years June 27, ,518 1,873,000 1,234 Uncompleted New Sale TWIN VEW Apartment 99 years June 27, ,066 1,509,000 1,416 Uncompleted New Sale TWIN VEW Apartment 99 years June 29, ,160,000 1,418 Uncompleted New Sale TWIN VEW Apartment 99 years June 29, ,218,000 1,640 Uncompleted New Sale TWIN VEW Apartment 99 years June 29, ,130,000 1,521 Uncompleted New Sale TWIN VEW Apartment 99 years June 30, ,236,000 1,511 Uncompleted New Sale VARSITY PARK CONDOMINIUM Condominium 99 years June 26, ,604 1,730,000 1, Resale WEST COAST GARDENS Terrace 956 years June 29, ,088 2,860,000 1, Resale District 7 CONCOURSE SKYLINE Apartment 99 years June 26, ,580,000 1, Resale DUO RESIDENCES Apartment 99 years June 28, ,841 3,950,005 2, New Sale District 8 CITY SQUARE RESIDENCES Condominium Freehold July 02, ,480,000 1, Resale CITYLIGHTS Condominium 99 years June 26, ,088,000 1, Resale District 9 8 HULLET Apartment Freehold June 28, ,899,018 3,528 Uncompleted New Sale CAIRNHILL CREST Condominium Freehold June 26, ,750,000 2, Resale DEVONSHIRE 12 Apartment Freehold June 28, ,000 2, Sub Sale DEVONSHIRE 12 Apartment Freehold July 02, ,000 2, Sub Sale MARTIN PLACE RESIDENCES Condominium Freehold June 27, ,044 2,570,000 2, Resale NEW FUTURA Condominium Freehold June 28, ,367 4,864,000 3, Resale NEW FUTURA Condominium Freehold July 02, ,367 4,888,000 3, Resale ROBERTSON EDGE Apartment 999 years June 29, ,000 2, Resale SOPHIA HILLS Condominium 99 years June 29, ,260,000 2, New Sale

15 EDGEPROP JULY 16, 2018 EP13 DONE DEALS Residential transactions with contracts dated June 26 to July 3 LAND AREA/ UNIT FLOOR AREA TRANSACTED PRICE COMPLETION TYPE OF PROJECT PROPERTY TYPE TENURE SALE DATE (SQ FT) PRICE ($) ($ PSF) DATE SALE UE SQUARE Apartment 929 years June 27, ,196 4,000,000 1, Resale VIDA Apartment Freehold June 26, ,150,000 2, Resale WATERSCAPE AT CAVENAGH Apartment Freehold June 26, ,313 2,480,000 1, Resale WILKIE 80 Apartment Freehold June 28, ,000 2, Resale District 10 ANGULLIA PARK ORCHARD Apartment Freehold July 02, ,152,000 2, Resale D LEEDON Condominium 99 years June 29, ,360,000 1, Resale DYNASTY LODGE Apartment Freehold June 27, ,916 2,736,888 1, Resale NASSIM PARK RESIDENCES Condominium Freehold June 29, ,932 20,800,000 3, Resale RV EDGE Apartment Freehold June 26, ,150,000 1, Resale STELLAR RV Apartment Freehold June 29, ,000 1, Resale THE CORNWALL Condominium Freehold June 26, ,260,000 1, Resale THE CORNWALL Condominium Freehold June 29, ,241,730 1, Resale THE FERNHILL Apartment Freehold June 27, ,227 2,100,000 1, Resale THE LEVELZ Condominium Freehold June 29, ,450,000 1, Resale THE MERCURY Apartment Freehold June 29, ,044 1,850,000 1, Resale THE MONTANA Apartment Freehold June 26, ,660,000 1, Resale THE TENERIFFE Terrace 99 years June 28, ,165 2,828, Resale WATERFALL GARDENS Condominium Freehold June 28, ,196 3,200,000 1, Resale District 11 CUBE 8 Condominium Freehold June 27, ,421 2,280,000 1, Resale NINETEEN SHELFORD ROAD Condominium Freehold June 28, ,480,000 1, Resale EVELYN Condominium Freehold June 28, ,250 4,020,000 1, Resale EVELYN Condominium Freehold June 29, ,033 1,950,000 1, Resale STRATA Apartment Freehold June 28, ,000 1, Resale THE GLYNDEBOURNE Condominium Freehold June 26, ,044 2,100,000 2, Resale VIVA Condominium Freehold June 26, ,345 2,950,000 2, Resale District 12 BEACON HEIGHTS Condominium 999 years July 02, ,410 1,330, Resale CASA IRRAWADDY Apartment Freehold June 28, ,239,000 1, Resale D MIRA Apartment Freehold July 02, ,507 1,820,000 1, Resale GEM RESIDENCES Condominium 99 years June 29, ,313 2,030,000 1,546 Uncompleted New Sale GEM RESIDENCES Condominium 99 years June 29, ,313 2,084,000 1,587 Uncompleted New Sale GEM RESIDENCES Condominium 99 years June 29, ,313 1,936,440 1,475 Uncompleted New Sale GEM RESIDENCES Condominium 99 years June 29, ,012 1,890,000 1,868 Uncompleted New Sale GEM RESIDENCES Condominium 99 years July 01, ,732,000 1,828 Uncompleted New Sale GEM RESIDENCES Condominium 99 years July 01, ,557,220 1,590 Uncompleted New Sale GEM RESIDENCES Condominium 99 years July 01, ,012 1,840,000 1,819 Uncompleted New Sale REGENT RESIDENCES Apartment Freehold June 28, ,000 1, Resale RIVERSIDE MELODIES Apartment Freehold June 29, ,421 1,980,000 1, Resale THE ARTE Condominium Freehold July 03, ,873 2,353,008 1, Resale THE RIVERINE BY THE PARK Apartment Freehold June 29, ,550,000 1, Resale TREVISTA Condominium 99 years July 02, ,819 2,350,000 1, Resale District 13 AO JIANG APARTMENTS Apartment Freehold July 02, ,033 2,100,000 2, Resale AO JIANG APARTMENTS Apartment Freehold July 02, ,141 2,550,000 2, Resale AO JIANG APARTMENTS Apartment Freehold July 02, ,001 2,100,000 2, Resale AO JIANG APARTMENTS Apartment Freehold July 02, ,389 2,800,000 2, Resale AO JIANG APARTMENTS Apartment Freehold July 02, ,033 2,100,000 2, Resale AO JIANG APARTMENTS Apartment Freehold July 02, ,389 2,800,000 2, Resale AO JIANG APARTMENTS Apartment Freehold July 02, ,033 2,100,000 2, Resale AO JIANG APARTMENTS Apartment Freehold July 02, ,389 2,800,000 2, Resale MACPHERSON GARDEN ESTATE Terrace Freehold June 26, ,399 1,850,000 1,325 Unknown Resale SOMMERVILLE WALK Detached Freehold June 26, ,034 10,900, Resale WOODSVILLE CLOSE Apartment Freehold July 02, ,357 3,260,000 1, Resale MEYAPPA CHETTIAR ROAD Semi-Detached Freehold July 02, ,455 8,000,000 2,315 Unknown Resale MEYAPPA CHETTIAR ROAD Semi-Detached Freehold July 02, ,809 8,000,000 2,845 Unknown Resale District RESIDENCES Apartment Freehold June 28, ,133,000 1,619 Uncompleted New Sale ASTORIA PARK Condominium 99 years June 28, ,000 1, Resale AVANT RESIDENCES Apartment 99 years June 29, ,000 1, Resale LORONG 3 GEYLANG Terrace 60 years June 28, , Unknown Resale PARK 1 SUITES Apartment Freehold June 29, ,300 1, New Sale SIMS GREEN Apartment 99 years June 29, ,249 1,024, Resale THE LENOX Apartment Freehold July 03, ,000 1, Resale WATERBANK AT DAKOTA Condominium 99 years June 29, ,184 1,860,000 1, Resale WATERBANK AT DAKOTA Condominium 99 years July 02, ,281 1,888,000 1, Resale District I SUITES Apartment Freehold June 28, ,000 1, Resale DE CENTURION Apartment Freehold June 27, ,044 1,650,000 1, Resale D SAVILLE Apartment Freehold July 03, ,184 1,420,000 1, Resale EAST SIGNATURE Apartment Freehold June 26, ,001 1,400,000 1, Resale ENVIO Apartment Freehold June 26, ,033 1,160,000 1, Resale EVERITT EDGE Apartment Freehold July 02, ,000 1, Resale FRANKEL ESTATE Semi-Detached Freehold June 27, ,951 7,300,000 1, Resale HAIG COURT Condominium Freehold July 02, ,442 1,900,000 1, Resale MARSHALL LODGE Apartment Freehold June 28, ,776 1,810,000 1, Resale RAMSGATE ROAD Detached Freehold June 26, ,777 18,680,000 1,462 Unknown Resale STILL ROAD Semi-Detached Freehold June 27, ,627 4,780,000 1, Resale CEYLON ROAD Terrace Freehold June 28, ,765 2,325,000 1, Resale LORONG H TELOK KURAU Semi-Detached Freehold July 02, ,198 4,500,000 1, Resale NEPTUNE COURT Apartment 99 years June 28, ,636 1,510, Resale PALM GALLERIA Apartment Freehold June 29, ,000 1, Resale PEBBLE BAY Condominium 99 years June 28, ,894 2,780,000 1, Resale POSHGROVE EAST Condominium Freehold June 28, ,238 1,850,000 1, Resale SANDY EIGHT Apartment Freehold June 28, ,248,000 1,840 Uncompleted New Sale SILVERSEA Condominium 99 years June 27, ,630,000 1, Resale SPRINGVALE Apartment Freehold July 03, ,140,000 1, Resale AMBER Apartment Freehold June 28, ,308,888 1, Resale THE MINT RESIDENCES Apartment Freehold July 03, ,000 1, Resale THE SEAFRONT ON MEYER Condominium Freehold June 28, ,066 2,000,000 1, Resale TIVOLI GRANDE Apartment Freehold June 26, ,053,000 1, Resale TREESCAPE Apartment Freehold June 26, ,023 1,390,000 1, Resale VENTURA VIEW Apartment Freehold June 29, ,000 1, Resale VILLA MARINA Condominium 99 years June 28, ,421 1,260, Resale VILLAS LA VUE Detached Freehold June 27, ,210 3,208, Resale WATER PLACE Condominium 99 years June 29, ,216 1,580,000 1, Resale District 16 ARCHIPELAGO Condominium 99 years June 27, ,000 1, Resale BAYSHORE PARK Condominium 99 years June 29, ,150,000 1, Resale CHANGI GREEN Condominium Freehold July 02, ,216 1,280,000 1, Resale COSTA DEL SOL Condominium 99 years June 26, ,238 1,640,000 1, Resale ECO Condominium 99 years June 27, ,076 1,630,000 1, Resale GRANDEUR PARK RESIDENCES Condominium 99 years June 27, ,130 1,649,112 1,459 Uncompleted New Sale JALAN REMIS Semi-Detached Freehold June 26, ,315 4,180,000 1,260 Unknown Resale SALAM WALK Semi-Detached Freehold June 28, ,222 5,700, Resale SEA PAVILION RESIDENCES Apartment Freehold June 27, ,141 1,738,888 1,524 Uncompleted New Sale TECK GUAN VILLE Terrace Freehold June 28, ,392 60,000,000 1, Resale WATERFRONT KEY Condominium 99 years June 27, ,206 1,438,000 1, Resale District 17 BALLOTA PARK CONDOMINIUM Condominium Freehold June 28, ,432 1,080, Resale EDELWEISS PARK CONDOMINIUM Condominium Freehold June 29, ,453 1,350, Resale JLB RESIDENCES Apartment 946 years June 28, ,270 1,100, Resale LAND AREA/ UNIT FLOOR AREA TRANSACTED PRICE COMPLETION TYPE OF PROJECT PROPERTY TYPE TENURE SALE DATE (SQ FT) PRICE ($) ($ PSF) DATE SALE LIRIA TERRACE Terrace Freehold June 27, ,615 1,980,000 1, Resale LOYANG VILLAS Terrace 99 years June 26, ,615 1,428, Resale LOYANG VILLAS Terrace 99 years June 27, ,153 1,490, Resale PALM ISLES Condominium 99 years June 26, , Resale District 18 COCO PALMS Condominium 99 years June 26, ,000 1, Sub Sale COCO PALMS Condominium 99 years June 28, ,000 1, Sub Sale MY MANHATTAN Condominium 99 years July 02, ,604 1,950,000 1, Resale SAVANNAH CONDOPARK Condominium 99 years June 28, , , Resale SEA ESTA Condominium 99 years June 27, , Resale THE TAPESTRY Condominium 99 years June 26, ,290 1,485 Uncompleted New Sale THE TAPESTRY Condominium 99 years June 27, ,310 1,412 Uncompleted New Sale THE TAPESTRY Condominium 99 years June 27, ,214,400 1,226 Uncompleted New Sale THE TAPESTRY Condominium 99 years June 28, ,720 1,465 Uncompleted New Sale THE TAPESTRY Condominium 99 years June 28, ,880 1,444 Uncompleted New Sale THE TAPESTRY Condominium 99 years June 28, ,160 1,451 Uncompleted New Sale THE TAPESTRY Condominium 99 years June 28, ,670 1,481 Uncompleted New Sale THE TAPESTRY Condominium 99 years June 29, ,510 1,439 Uncompleted New Sale THE TAPESTRY Condominium 99 years June 30, ,345 1,531,200 1,138 Uncompleted New Sale THE TAPESTRY Condominium 99 years June 30, ,246,400 1,346 Uncompleted New Sale THE TAPESTRY Condominium 99 years June 30, ,130 1,438,400 1,273 Uncompleted New Sale THE TAPESTRY Condominium 99 years June 30, ,130 1,444,800 1,278 Uncompleted New Sale THE TAPESTRY Condominium 99 years July 01, ,140 1,432 Uncompleted New Sale THE TAPESTRY Condominium 99 years July 01, ,203,200 1,215 Uncompleted New Sale THE TAPESTRY Condominium 99 years July 01, ,130 1,425,600 1,261 Uncompleted New Sale WATERVIEW Condominium 99 years June 26, ,216 1,300,000 1, Resale District 19 COMPASS HEIGHTS Apartment 99 years June 26, ,550 1,300, Resale BUANGKOK Condominium 99 years June 28, ,141 1,370,000 1, Resale BUANGKOK Condominium 99 years July 02, ,000 1, Resale KOVAN MELODY Condominium 99 years June 29, ,302 1,390,000 1, Resale KOVAN REGENCY Condominium 99 years June 29, ,130 1,580,000 1, Resale KOVAN REGENCY Condominium 99 years June 29, ,130 1,585,000 1, Resale MIDTOWN RESIDENCES Apartment 99 years June 26, ,000 1, Resale SURIN AVENUE Terrace Freehold June 26, ,025 3,350,000 1, Resale PARRY PARK Terrace 999 years June 26, ,788 3,070,000 1, Resale PRINCETON VALE Terrace 99 years June 27, ,647 1,710,000 1, Resale RIO VISTA Condominium 99 years June 27, ,249 1,100, Resale RIVERCOVE RESIDENCES EC 99 years June 26, , Uncompleted New Sale RIVERCOVE RESIDENCES EC 99 years June 26, ,200 1,018 Uncompleted New Sale RIVERCOVE RESIDENCES EC 99 years June 27, , Uncompleted New Sale RIVERCOVE RESIDENCES EC 99 years June 27, , Uncompleted New Sale RIVERCOVE RESIDENCES EC 99 years June 28, , Uncompleted New Sale RIVERCOVE RESIDENCES EC 99 years June 28, ,700 1,008 Uncompleted New Sale RIVERSOUND RESIDENCE Condominium 99 years June 28, ,292 1,250, Resale SERANGOON GARDEN ESTATE Terrace 999 years July 02, ,164 2,500,000 1,156 Unknown Resale STADIA Apartment Freehold June 29, ,432 1,550,000 1, Resale PAYA LEBAR Apartment Freehold July 03, ,000 1, Resale TERRASSE Condominium 99 years June 28, ,335 1,630,000 1, Resale THE LUXURIE Condominium 99 years June 27, ,722 1,258, Resale District 20 BISHAN 8 Condominium 99 years June 28, ,184 1,330,000 1, Resale BISHAN 8 Condominium 99 years June 28, ,163 1,440,000 1, Resale BISHAN POINT Condominium 99 years June 27, ,485 1,755,000 1, Resale GOLDENHILL PARK CONDOMINIUM Condominium Freehold June 28, ,313 2,068,000 1, Resale HAPPY ESTATE Semi-Detached Freehold July 03, ,455 3,800,000 1, Resale JALAN KELI Detached Freehold June 28, ,306 5,600,000 1, Resale SEMBAWANG HILLS ESTATE Semi-Detached Freehold July 03, ,069 4,030, Unknown Resale SKY HABITAT Condominium 99 years June 29, ,302 1,934,400 1, Resale SKY VUE Condominium 99 years June 29, ,141 1,650,000 1, Resale THOMSON GARDEN ESTATE Semi-Detached Freehold June 28, ,067 3,300,000 1,594 Unknown Resale District 21 SIGNATURE PARK Condominium Freehold July 02, ,701 2,280,000 1, Resale THE HILLFORD Apartment 60 years July 02, ,000 1, Resale THE RAINTREE Condominium 99 years June 28, ,044 1,033, Resale District 22 CASPIAN Condominium 99 years June 26, ,000 1, Resale CASPIAN Condominium 99 years June 28, ,000,000 1, Resale CASPIAN Condominium 99 years July 03, ,141 1,180,000 1, Resale THE LAKEFRONT RESIDENCES Condominium 99 years July 02, ,410 1,728,000 1, Resale District 23 CASHEW HEIGHTS CONDOMINIUM Condominium 999 years June 27, ,658 1,980,000 1, Resale CASHEW VILLAS Terrace 999 years June 27, ,153 3,100,000 1, Resale CHANTILLY RISE Condominium Freehold July 03, ,442 1,528,000 1, Resale FORESQUE RESIDENCES Condominium 99 years June 29, ,130 1,350,000 1, Resale GUILIN VIEW Condominium 99 years July 03, ,701 1,240, Resale MAYSPRINGS Apartment 99 years July 02, ,292 1,105, Resale MERAWOODS Condominium 999 years June 29, ,345 1,450,000 1, Resale CHU LIN ROAD Semi-Detached 999 years June 26, ,305 3,928,000 1,189 Unknown Resale NORTHVALE Apartment 99 years June 27, ,356 1,000, Resale PALM GARDENS Condominium 99 years June 29, , , Resale THE AMSTON Apartment 999 years June 28, ,313 1,340,000 1, Resale THE MADEIRA Condominium 99 years June 27, ,046 2,408, Resale THE WARREN Condominium 99 years June 26, ,270 1,000, Resale YEW MEI GREEN EC 99 years June 26, ,432 1,020, Resale District 25 NORTHOAKS EC 99 years June 28, , , Resale NORTHWAVE EC 99 years June 28, , , Uncompleted New Sale NORTHWAVE EC 99 years July 01, , Uncompleted New Sale NORTHWAVE EC 99 years July 01, , , Uncompleted New Sale NORTHWAVE EC 99 years July 01, , Uncompleted New Sale District 26 LENTOR VILLAS Terrace Freehold July 02, ,368 3,080,000 1, Resale SPRINGLEAF GARDEN Semi-Detached Freehold June 29, ,853 3,450, Resale THE SPRINGSIDE Terrace Freehold June 26, ,013 3,333,000 1, Resale District 27 LILYDALE EC 99 years June 26, , , Resale NORTHWOOD Condominium Freehold July 03, ,625 1,468, Resale PARC LIFE EC 99 years June 26, , , New Sale PARC LIFE EC 99 years June 27, , , New Sale PARC LIFE EC 99 years June 29, , , New Sale THE ESTUARY Condominium 99 years June 29, ,302 1,180, Resale THE NAUTICAL Condominium 99 years June 26, ,119 1,100, Resale THE SHAUGHNESSY Terrace 99 years June 28, ,305 1,628, Resale District 28 NIM COLLECTION Terrace 99 years June 26, ,615 2,858,000 1,770 Uncompleted New Sale PARC BOTANNIA Condominium 99 years June 26, ,453 1,841,000 1,267 Uncompleted New Sale PARC BOTANNIA Condominium 99 years June 28, ,000 1,336 Uncompleted New Sale PARC BOTANNIA Condominium 99 years June 29, ,249 1,524,000 1,221 Uncompleted New Sale DISCLAIMER: Source: URA Realis. Updated July 10, 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

16 EP14 EDGEPROP JULY 16, 2018 UNDER THE HAMMER SAMUEL ISAAC CHUA/THE EDGE SINGAPORE Unit at Orchard Scotts going from $3.5 mil BY BONG XIN YING A 2,282 sq ft, three-bedroomplus-study unit at Orchard Scotts will be put up for auction by the auctioneer at Edmund Tie & Co (ET&Co) on July 25, at a starting price of $3.5 million ($1,534 psf). The 20-storey condominium by Far East Organization is located on Anthony Road, in prime District 9. The vendor of the unit is the Management Corporation Strata Title of the building. The apartment is owned by a foreigner, who purchased it for $5.9 million ($2,585 psf) in 2011, according to URA data. Under Section 43 of the Building Maintenance and Strata Management Act, an MCST sale typically occurs when the owner defaults on the monthly maintenance fees. The unit will be sold on an as is where is basis. As there is a TABLES: URA, EDGEPROP Recent rental contracts for 2,200 to 2,300 sq ft units at Orchard Scotts LEASE DATE MONTHLY RENT ($) May ,000 March ,500 February ,000 current occupant, the new buyer will need to obtain a writ of vacant possession against the occupant after completion of purchase, says Joy Tan, head of auction and sales at ET&Co. There have been two resale transactions at Orchard Scotts so far this year, which involved a 936 sq ft unit in June and a 2,174 sq ft unit in March, as seen from caveats lodged. MCST sales for private properties, such as this unit at Orchard Scotts, do not come by often Recent transactions at Orchard Scotts CONTRACT DATE AREA (SQ FT) PRICE ($) PRICE ($ PSF) June 18, ,655,000 1,768 March 16, ,174 3,450,000 1,587 Dec 8, ,497 3,850,000 1,542 Oct 25, ,282 3,230,000 1,415 Sept 25, ,282 3,250,000 1,424 The 936 sq ft unit, which is on the 16th floor, fetched $1.655 million ($1,768 psf), while the bigger unit, on the fourth floor, changed hands for $3.45 million ($1,587 psf). Located on the 13th floor, the unit to be auctioned is of a good size with a nice layout, says Tan. While the unit is originally a three-bedder, its master bedroom can be subdivided into two rooms due to its size, she adds. A 99-year leasehold development, Orchard Scotts comprises 387 units. The condo is a seven-minute walk from the Newton MRT station on the North-South and Downtown lines. It is also near the Orchard Road shopping belt and 700m from Anglo-Chinese School (Junior). The upcoming sale is very rare as seldom do we see an MCST sale, hence there has been a lot of enquiries and interest, says Tan. E