Adventures of a property investor

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3 PROPERTY PERSONALISED MCI (P) 047/08/2018 PPS 1519/09/2012 (022805) Visit EdgeProp.sg to nd properties, research market trends and read the latest news The week of September 3, 2018 ISSUE Industry Watch CPF rules relaxed for HDB homebuyers EP4 Gains and Losses $2 mil profit for unit at The Waterside EP11 Done Deals More than 20 units sold at 8 St Thomas preview EP12&13 Under the Hammer Mortgagee sale of $8.1 mil for penthouse at Helios Residences EP14 SAMUEL ISAAC CHUA/THE EDGE SINGAPORE Adventures of a property investor Singaporean Victor Ng talks about his approach to investing in the local real estate market and his forays into the US, Cambodia and Puteri Harbour, Iskandar Malaysia as property cooling measures took hold over the years. See our Cover Story on Pages 6 and 7. Residential property including landed homes, private condominiums and HDB flats against the backdrop of the CBD

4 EP2 EDGEPROP SEPTEMBER 3, 2018 PROPERTY BRIEFS EDITORIAL BERKELEY GROUP the confirmed list of the government land sales programme for 2H2018. The site is the fourth to be launched for sale this year under the concept and price revenue tender system, similar to that of the Sengkang Central GLS site, which the CapitaLand-City Developments joint venture won for $ million ($924 psf per plot ratio) in August; the Hillview Rise GLS site, which Hong Leong Group bagged for $460 million ($1,067 psf ppr) in July; and the Holland Road GLS site won by a Far East Organization-led consortium in May with a bid of $1.213 billion ($1,888 psf ppr). The mixed-use development can yield up to 600 private residential units. It will be the first mixed-use development commercial and residential in the Pasir Ris town centre, says Tricia Song, head of research for Singapore, Colliers International. The white site is part of the government s plans to rejuvenate the Pasir Ris district. Its proximity to the Pasir Ris MRT station and large population catchment should appeal to developers, she adds. The land parcel spans 38,003.7 sq m (409,070 sq ft). It has a maximum permissible gross floor area of 95,010 sq m (1.023 million sq ft), with a proposed gross plot ratio of 2.5, according to HDB. Song estimates that the site will attract four to eight bids, with the top bid of $820 million ($800 psf ppr). In comparison, the most recent Sengkang Central tender attracted seven proposals from six bidders, with a top bid of $778 million ($924 psf ppr), adds Song. Christine Sun, head of research and consultancy at OrangeTee & Tie, notes, however, that the price could be slightly lower than Sengkang, as Sengkang is a more popular area among buyers, especially given the amenities and development potential of Punggol nearby. Colliers Song says: Given the substantial size of the plot and various tender conditions, this site could attract larger developers or a consortium. The tender conditions include integrating the mixed-use development with a bus interchange, polyclinic and town plaza, as well as constructing a link bridge and underground linkway. The tender closes at noon on Dec 14. houses being an extremely attractive asset class, says Donald Goh, director of investment sales at Savills Singapore. Recent shophouse transactions in the area include the sale of 64 Club Street for $3,880 psf, as well as 75 and 77 Amoy Street for $3,900 psf and $3,500 psf respectively. There had been good enquiries even before the tender launch, and interest is expected to increase leading up to the close of the tender, says Suzie Mok, senior director of investment sales at Savills Singapore. The tender closes on Sept 25. July residential prices down, Non-Central index worst hit: NUS Cecilia Chow EDITOR 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 Zafian Mohd Za abah ADVERTISING + MARKETING ADVERTISING SALES DIRECTOR, COMMERCIAL OPERATIONS Diana SAVILLS SINGAPORE Lim SENIOR ACCOUNT MANAGERS Janice Zhu, James Chua ACCOUNT MANAGER Pang Kai Xin SALES STRATEGIST Han YaoGuang The overall price index of completed private residential units sold in July dipped 0.5%, according to the latest figures by the National University of Singapore for its Singapore Residential Price Index. All four of the main SRPI indices fell, likely because of the government s ninth round of property cooling measures, which were implemented on July 6. The worst hit was the SRPI Non-Central index, which fell 0.7% m-o-m. This index gave up all the gains it accrued over June, and returned to the same level as May, says Nicholas Mak, executive director at ZACD Group. The least affected is the SPRI Central index, which fell 0.2% m-o-m. While the cooling measures may weigh on the price indices in the short term, Mak believes there is sufficient buying demand from first-time buyers, displaced en bloc homeowners, and property bargain hunters in the market, which will help keep the overall price index afloat in the short term. In the longer term, the macroeconomic and market forces would exert a stronger influence on the price trend, he says. He forecasts that the overall SRPI could change up to 2% y-o-y, based on the strength of price growth in the first half of the year. CIRCULATION Dominic Kevin Sim Bryan Kek EXECUTIVES Malliga Muthusamy, Ashikin Kader DIRECTOR MANAGER CORPORATE CHIEF EXECUTIVE OFFICER Bernard Tong PUBLISHER The Edge Property Pte Ltd 150 Cecil Street #13-00 Singapore Tel: (65) Fax: (65) PRINTER KHL Printing Co Pte Ltd 57 Loyang Drive Singapore Tel: (65) Fax: (65) PERMISSION AND REPRINTS Material in The Edge Property may not be reproduced in any form without the written permission of the publisher We welcome your comments and criticism: propertyeditor.sg@ bizedge.com Pseudonyms are allowed but please state your full name, address and contact number for us to verify. Lee Chee Koon to be CapitaLand s new president and group CEO CapitaLand has appointed its current group chief investment officer, Lee Chee Koon, to succeed Lim Ming Yan as president and group CEO with effect from Sept 15. Since Lee joined CapitaLand in 2007, he has held several positions within the group, including CEO of The Ascott, CapitaLand s wholly-owned serviced residence business. The announcement comes after news of Lim s notice of retirement, which was given in June. In a press release on Aug 28, the group recaps Lee s contribution in leading Ascott s recovery in profits, overseeing its unprecedented expansion, and significantly growing the unit s revenues. Lee brings a wealth of experience in operational strategy, corporate business development and a strong track record in developing partnerships, notes CapitaLand. Lee s new appointment comes in conjunction with two other leadership succession announcements. The current group chief operating officer, Jason Leow, has been appointed president (Asia and retail) of CapitaLand. Lucas Loh, CEO of CapitaLand China, will be taking on the role of president (China and investment management) at CapitaLand. Leow s and Loh s appointments will also take effect from Sept 15, with both reporting to Lee. The Edge Singapore CMT to acquire remaining 70% stake in Westgate for $790 mil CapitaLand Mall Trust is acquiring the remaining 70% stake in Westgate mall for $789.6 million from controlling unitholder CapitaLand. Including acquisition-related expenses, CMT s total acquisition outlay is estimated at $805.5 million. The acquisition is based on an agreed market value of Westgate at $1.13 billion ($2,746 psf). Upon completion of the proposed acquisition, CMT will own all of Westgate. The sale will generate for CapitaLand proceeds of $397.6 million and a net gain of $99.2 million. Opened in December 2013, Westgate is the retail component of an integrated retail and office development in Jurong Lake District. As at July 31, Westgate had a committed occupancy rate of 98%. The transaction, which is conditional upon CMT unitholders approval, is expected to be completed in 4QFY2018. At $2,746 psf, the acquisition price is attractive for an asset of Westgate s quality, says Tony Tan, CEO of CMT s manager CapitaLand Mall Trust Management, in the press release. The Edge Singapore Pasir Ris Central white site up for sale under GLS programme A 3.8ha, 99-year leasehold white site at Pasir Ris Central was launched for sale by public tender on Aug 27. The sale is a dual-envelope exercise under Three adjoining shophouses on Smith Street up for sale Three adjoining conservation shophouses on Smith Street in Chinatown have been launched for sale by public tender for $33.25 million, announced marketing agent Savills Singapore. The freehold properties are at 42, 44 and 46 Smith Street (above, left), and sit on a corner plot of 2,784 sq ft, with a total gross floor area of 9,500 sq ft. The guide price translates into $3,500 psf on the built-up area. The three properties are zoned for commercial use, with a restaurant on the first and second floors, a backpacker s hostel on the third floor and a traditional Chinese medicine clinic in the attic. The shophouses enjoy high footfall because of their prominent frontage on Smith Street, and they are opposite Chinatown Complex. The pedestrian mall from Sago Street and Smith Street through Trengganu Street to Pagoda Street also provides a flow of shopper traffic. Recent shophouse transactions in District 1 continue to shore up prices and lend proof to shop- Luxury residence in Birmingham to be showcased in Singapore A luxury, 404-apartment residential development, Snow Hill Wharf (above, right), located in the Gun Quarter district in Birmingham, the UK, will be showcased at The St Regis Singapore over the weekend of Sept 8 and 9. Snow Hill Wharf is developed by London-listed Berkeley Group and marketed in Singapore by Savills Singapore and Strawberry Star. Snow Hill Wharf is the first luxury residential development in that district, and the showcase will be the first time that the development will be opened to international buyers. The 288,000 sq ft project will include a mix of one- to three-bedroom apartments that will have views of the city s skyline. The development will feature a gym, resident s lounge and cinema room, as well as 24-hour concierge and security services. The first phase of sales will see units at two residential blocks selling from 189,995 ($333,631). Savills forecasts 17% rental growth in the city over the next three years, owing to its growing working population, constrained housing supply and economic prospects. There is a predicted shortfall (of new homes in Birmingham) between now and 2031, making it likely that prices will continue to increase, says Cherrin Loo, director at Savills Singapore. There is also a huge amount of infrastructure investments such as [the high-speed railway] HS2, which will link Birmingham to London in less than 50 minutes when completed in It will further increase property demand from professionals and families currently living in London, says Doris Tan, regional director of Strawberry Star. Compiled by E Timothy Tay and Bong Xin Ying

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6 EP4 EDGEPROP SEPTEMBER 3, 2018 SPOTLIGHT Wing Tai s Cheng: Too big a risk to go into property development now SAMUEL ISAAC CHUA/THE EDGE SINGAPORE So far, 331 units at the 469-unit The Crest have been sold BY CECILIA CHOW Listed property group Wing Tai Holdings reported on Aug 28 total revenue of $373.2 million for FY2018 ended June 30, a 42% increase from $263.2 million the previous year. The increase was largely due to higher contribution from development properties. The group also reported earnings of $218.8 million. Revenue contribution came from the sale of additional units at the 43- unit Le Nouvel Ardmore in Singapore and BM Mahkota in Penang, which obtained its Temporary Occupation Permit this financial year. A gain was also recorded from the disposal of its Huai Hai project in Shanghai, notes Lim & Tan Securities research team in its report. At Le Nouvel Ardmore in Ardmore Park, seven units were sold in FY2018, bringing the total number of units sold so far to 15. Meanwhile, at The Crest, 147 units were sold in FY2018, bringing the total to 331 units, or 70.6%, of a total of 469 units in the condominium located on Prince Charles Crescent, off Alexandra Road. Meanwhile at The Garden Residences, a joint-venture project between Keppel Land and Wing Tai Holdings, 68 units have been sold to date, according to caveats lodged with URA Realis. The project has a total of 613 units of which 156 have been launched so far. Weighing in on the property cooling measures, Cheng Wai Keung, chairman of Wing Tai Holdings, says property developers would appreciate greater clarity in terms of the government s long-term policy so they can have more certainty in planning. According to Cheng, Wing Tai has been cautious these past few years when it comes to tendering for sites in government land sales. When we tender, it s at a very reasonable price, he adds. Of course, I got caught with one investment the Serangoon property. Cheng was referring to The Garden Residences located at Serangoon North Avenue 1, which is being developed on a 99-year leasehold land parcel purchased in a government land tender last year. Wing Tai won the tender in a JV with Keppel Land in July 2017 for $ million ($965 psf per plot ratio). Even though the group is now sitting on a net cash position of $12.1 million, Cheng says that he will adopt a conservative stance. It s too big a risk to go into property development now, he adds. If a developer wants to buy a piece of land for development, you have to pay 5% [additional buyer s stamp duty] upfront, and if you don t finish selling in five years, there will be a further 25% ABSD on the land cost. The group will now look overseas. Wing Tai will focus on yieldbased commercial assets in Australia, such as offices, data centres and car parks. It is also looking at commercial properties in Japan, such as offices, but not retail, says Cheng. The property cooling measures were supposed to be temporary, which means at some point, they would be lifted, he adds. Cheng points out that the first round of property cooling measures was introduced in September 2009 and so far, there have been nine rounds of cooling measures in all. It s now Are we still going to call the measures temporary? E INDUSTRY WATCH CPF rules relaxed for HDB homebuyers BY CHARLENE CHIN Homebuyers will have greater flexibility when using their Central Provident Fund accounts to purchase public flats, HDB announced on Aug 28. Those purchasing public flats will have the option of retaining $20,000 in their CPF Ordinary Account (OA) a dedicated savings account for housing, insurance, investment and education purposes and use the balance to pay for their HDB flat purchase. Previously, flat buyers had to fully use up the balance in their CPF OA before taking up an HDB housing loan. The funds can be used for their monthly mortgage instalments in times of need and will improve retirement adequacy if left unuti lised, it says. In line with the new policy, HDB loans may become more popular among buyers, as they can possibly take a larger loan, owing to the higher LTV [loan-to-value ratio], and also [have] a stable interest rate, says Eugene Lim, key executive officer of ERA Realty. The policy change will cover homebuyers who purchase flats under the 2018 Build-To-Order (BTO) and Re-Offer of Balance Flats (ROF) scheme announced on Aug 28. Those who have yet to collect keys to their new flats, as well as those looking to purchase resale flats, are also eligible. Under the latest BTO and ROF scheme, HDB has launched 5,101 flats in total: 4,375 are BTO flats for sale across four projects in Punggol and Yishun; and 726 flats are for sale August 2018 BTO prices TABLES: HDB TOWN CONTRACT FLAT TRANSACTED PRICES OF SELLING PRICE TYPE RESALE FLATS IN THE VICINITY ($) (EXCLUDING GRANTS) Non-mature towns Punggol Punggol Point Cove 2-room flexi 250,000 to 268,000 From $103,000 3-room 300,000 to 350,000 From $188,000 4-room 398,000 to 460,000 From $286,000 5-room 549,000 to 628,000 From $393,000 Punggol Point Woods 3Gen - From $411,00 Yishun Yishun Glen 2-room flexi - From $75,000 3-room - From $178,000 Melody Yishun 4-room 303,000 to 445,000 From $248,000 5-room 390,000 to 483,000 From $334,000 under ROF, across various estates. Of the total BTO supply, at least 85% of fourand five-room flats and 70% of three-room flats are set aside for first-time families, it adds. Meanwhile, up to 15% of two-room flexi units and three-room flats under BTO are carved out for parents applying under the Multi-Generation Priority Scheme (MGPS), which helps married children and their parents obtain new flats in the same precinct. The same number of units will be allocated for children staying near their parents. Under ROF, flat selection covers 67 tworoom flexi units; 171 three-room flats; 297 fourroom units; 152 five-room flats; 33 three-generation flats; and nine executive flats. Of these, 58% are already completed, with the rest under construction. August 2018 ROF prices FLAT TYPE SELLING PRICE (EXCLUDING GRANTS) Non-mature towns 3-room From $165,000 4-room From $236,000 5-room From $296,000 3Gen From $332,000 Executive From $461,000 Mature towns 2-room flexi* From $150,000 3-room From $180,000 4-room From $289,000 5-room From $374,000 3Gen $565,000 Executive From $585,000 *The starting prices of flats offered under the 2-room Flexi scheme are based on a 99-year or remaining lease. Buyers can refer to the prices of individual flats on remaining leases on the HDB InfoWEB Homebuyers will be able to select flats more quickly under ROF, from a wider range of locations, according to HDB. The two BTO developments in Punggol are Punggol Point Cove and Punggol Point Woods, both bounded by New Punggol Road and Punggol Way. The two sites are near Punggol Point LRT station and the future Punggol Coast MRT station, which is slated for completion in The two BTO projects in Yishun are Melody Yishun and Yishun Glen. Melody Yishun is bounded by Yishun Avenue 8 and Yishun Street 42, while Yishun Glen is bounded by Yishun Ring Road, Yishun Street 31 and Yishun Avenue 6. Both sites are within a 2km radius of Yishun MRT station. Applications for new flats can be submitted online on HDB InfoWEB from Aug 28 to Sept 3. Users can apply for a flat under either the BTO or ROF scheme. The next BTO launch will be in November, where HDB will offer 3,800 flats in Sembawang, Sengkang, Tampines, Tengah and Yishun. Of these, the HDB states that the flats in Sembawang, Sengkang and Yishun will have a shorter waiting time of 2½ years, instead of the usual three to four years. E

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8 EP6 EDGEPROP SEPTEMBER 3, 2018 COVER STORY PICTURES: SAMUEL ISAAC CHUA/THE EDGE SINGAPORE Investors are likely to turn their attention from the local residential market to commercial real estate and even venture abroad as a result of the latest property cooling measures Adventures of a PROPERTY INVESTOR Singaporean Victor Ng talks about his approach to investing in the local real estate market and his forays into the US, Cambodia and just across the border to Puteri Harbour, Iskandar Malaysia as property cooling measures took hold over the years BY CECILIA CHOW Chocolate croissant, Bak Kut Teh, Kong Bak Bao, Ribeye Steak and Taiwanese Spicy Beef Noodles these are some of the dishes that Victor Ng excels in and enjoys making for friends and family. The 47-year-old father of three (two daughters and a son) has been seriously honing his cooking skills over the past two years, although he has been the unofficial cook for his extended family s Chinese New Year reunion dinners since the age of 26. I find cooking destressing, says Ng. With two of his three children taking important exams this year his second daughter is doing her Primary School Leaving Examination (PSLE) and his son, his GCE O-levels Ng chauffeurs them to and from school, tuition lessons and study sessions with friends as well as cooks their favourite meals. The children have enough pressure from school work and big exams, he says. Coming home to a nice dinner on weekdays or a good lunch on weekends with the whole family does wonders for their morale. Ng is not just a skilled cook or a stay-athome father. He is founder of SAASH Capital, a private investment consulting firm. He advises companies that want to build their businesses in Asia. Clients include Detecon Asia-Pacific, the wholly-owned subsidiary of Deutsche Telekom, and several telecommunications companies (telcos) in Vietnam. Notably, he is also an investor with a real estate portfolio as diverse as his cooking repertoire. In Singapore, he owns a strata terraced house at The Silver Spurz at Brighton Avenue, strata shops in Bugis Cube and industrial units at Gordon Industrial Building and Bizlink Centre. In Malaysia, he has invested in two serviced apartments in Somerset Puteri Harbour in Iskandar Malaysia under a lease buyback scheme. Investments in Cambodia range from a townhouse and shophouses in a new development to a pepper farm. In the US, Ng has invested in single- and multi-family houses primarily in Indianapolis, with Florida and Missouri in the pipeline. With the latest round of property cooling measures on July 6, more Singaporean investors would be looking beyond the private residential market, and beyond the shores of the city state. The cooling measures are clearly targeted at investors, says Ng. If investors are unwilling to fork out the additional buyer s stamp duty, they will naturally turn to commercial, industrial and overseas properties. Ng started investing in real estate 12 years ago. He learnt mainly from reading books by investment gurus. The gurus [on contrarian investing] tell you to buy when there s blood in the streets, he muses. But I ve learnt that when there s blood in the streets, you have to watch out for falling knives too. Own neighbourhood In 2006, when he was looking to purchase his first investment property, one of the books he read said that the best place to start investing in is your own neighbourhood, a place you re familiar with, he recounts. Ng lives in The Rivervale, an executive condo (EC) in Sengkang, which he purchased when it was launched in The project was completed in EC properties can be sold to Singaporeans Ng: I m very happy being an investor. You have to know your own investment objectives, risk appetite and motivation. or Singapore permanent residents (PRs) five years after completion. When Ng was looking for an investment in 2006, the unit directly below his at The Rivervale was available for sale. The purchase price was $413,000, but the agent wanted $2,000 as commission. So, Ng s total investment was $415,000. The unit was rented out at $2,500 a month, or a gross rental yield of 7%. With a mortgage of $1,200 a month, Ng was pocketing $1,300 a month. He felt that it was a safe investment. Even so, my hands were shaking when I handed over my cheque, he says. That was my very first investment. To him, what counts most is to be cashflow positive. It was also very convenient for Ng. If the tenant complained about anything, he could just run downstairs to fix it. The itch Six months later, another investment opportunity came knocking. This time, Ng purchased a one-bedroom unit of 614 sq ft at Tanjong Ria Condominium in Tanjong Rhu for $365,000 ($595 psf) in May The project was also a 99-year leasehold property and completed in At that time, it didn t matter whether it was 99 years or freehold, says Ng. I was more [concerned] that it should be cash-flow positive, and that meant buying at a bargain and in places where tenants want to live. He sold the unit in late 2007 for $550,000 ($896 psf), however, making a capital gain of 50.7% in just 1½ years.

9 EDGEPROP SEPTEMBER 3, 2018 EP7 COVER STORY Ng has put up his corner terraced house in the strata landed housing development on Brighton Avenue for sale at $1.9 million to $2 million Owners of the strata commercial units at Bugis Cube are looking for the right time to launch an en bloc sale VICTOR NG Ng s investments include a strata warehouse unit at Gordon Industrial Building in Paya Lebar Ng invested in one of the 132 serviced apartments at Somerset Puteri Harbour in Iskandar Malaysia that were sold to individual investors Ng also studied the URA Master Plan and the Land Transport Authority (LTA) MRT plans for future growth areas. When the Downtown Line was announced in 2009, there was much speculation about where the new stations would be. At that time, Ng was excited by the opportunity of a bargain at The Tropicana, a boutique 40-unit private condominium adjacent to the then upcoming Upper Changi MRT station on the Downtown Line. The 999-year leasehold unit was 1,658 sq ft and purchased for $890,000 ($537 psf) in In 2011, Ng sold the unit at The Rivervale to a Singaporean upgrader for about $827,000. Two years later, he divested the unit at The Tropicana for $1.41 million ($850 psf), according to caveats lodged then. Also in 2011, he spotted the opportunity to purchase a corner terraced house in a strata-landed development on Brighton Avenue near Serangoon Gardens for $1.56 million. Eye on cash flow As the strata-landed project was near the Australian International School, he managed to rent the corner terraced house to an Australian family. Subsequently, he rented out its five rooms individually to obtain a higher rental yield. For landed property, it takes longer to find a tenant compared with a condo, says Ng. Sometimes, it takes up to three to four months. The master bedroom, for instance, was rented at $1,300 to $1,400 a month, similar to the rate of a master bedroom in an HDB flat. He kept the number of tenants in the house to a maximum of eight persons. When URA announced in May last year that the maximum number of occupants was to be reduced to six per private home, he complied. But the cash flow didn t make sense to me. So, I ve decided it s time to sell, he says. Ng recently put his corner strata terraced house on the market for $1.9 million to $2 million. You can tell that the property cooling measures have really taken hold, he says. The only viewers are owner-occupiers, mainly families. Diversification caused by policy risk He started to invest in strata retail units at Bugis Cube and strata industrial units in Business 1 and Business 2 developments in 2011 and 2012, when the government unleashed a series of property cooling measures on the residential market. In 2009, after the global financial crisis, Ng made a pilot buy in the US. I felt that the returns in the Singapore market were too low and that there was too much policy risk, he says. Ng bought land two plots in an upmarket retirement village in Florida, which had a private marina instead of condos or houses. The original owner had purchased the land parcels for US$100,000 each. During the credit crunch, Ng was able to purchase the land parcels from the owner at just US$10,000 each. He subsequently sold them for US$40,000 ($54,641) apiece last year. He decided to increase his investments in the US in Focusing on the housing market, he travelled to Cleveland, Florida, Indianapolis, New York, Los Angeles and San Francisco to look for opportunities. I found that the culture of Indianapolis is very similar to Singapore, he says. When I walked along the streets at 10pm, I felt safe. They respond to texts even though it s after 8pm. I felt these were some important things to consider before investing. The pepper farm in Kampot, Cambodia, where Ng wrote off an investment of about $200,000 VICTOR NG In the US, Ng works with three to four partners. In Indianapolis, he started out with a traditional investment model buying a house and renting it out. A few months ago, he offered houses for sale under a contract for deed: Based on the agreed purchase price, the homebuyer will pay for the house in monthly instalments. The repayment period could be 10 to 18 years at an interest rate of 6% to 10%, says Ng. A contract for deed is useful when a buyer is unable to obtain bank financing. It is the seller who finances the sale of the property. I just call it a property note, adds Ng. Since he started, Ng has launched four single-family houses for sale under a contract for deed, one of which has been sold. He has another one coming up in Florida and one in Missouri. The single-family houses are priced at around US$100,000. It s much faster than the traditional method of buying and renting, says Ng. In the US, residential investment is still the way to go. Don t go into commercial property unless you have deep pockets to embark on multi-family apartment or condominium blocks. One of the single-family houses available for sale under contract for deed in Indianapolis VICTOR NG Pitfalls Not all his investments have panned out, he admits. He points to his pepper farm in Kampot, Cambodia. It was sold as a real estate investment but required expertise that the developer and management lacked, says Ng. He had to write off his investment of almost $200,000. Because of this investment, I came to know about Kampot pepper, and now I m talking to Nanyang Polytechnic to explore creating natural food premixes for busy people, he says. In Singapore, Ng is chairman of the collective sale committee at Bugis Cube, a strata commercial development located across the road from Bugis Junction. We re going ahead with a collective sale but we re timing the market, he says. So, we may launch in In Iskandar Malaysia, Prime Minister Mahathir Mohamad created a wave of uncertainty in the region on Aug 27 when he commented that Forest City, worth about US$100 billion and developed by China s Country Garden, could not be sold to foreigners. Naturally, investors such as Ng are also concerned about the impact on the property market in Iskandar Malaysia. From 2011 to 2013, seven rounds of property cooling measures were introduced in the Singa pore residential sector. These included hikes in additional buyer s and seller s stamp duties and cuts in the loan-to-value borrowing limit for mortgages as well as the total debt servicing ratio loan framework. Many Singaporeans had ventured overseas then, notes Doris Tan, regional director of Strawberry Star and a veteran in marketing overseas properties for more than three decades, primarily in the UK, the US and Australia. While Tan expects some Singaporeans to look at overseas investments again, given the latest round of cooling measures that came into effect on July 6, she reckons the wave may not be as strong as in 2011 to Even though Ng has ventured overseas, his Singapore properties still constitute the largest part of his portfolio in terms of asset value. He has no desire to become a property developer. I m very happy being an investor, he says. You have to know your own investment objectives, risk appetite and motivation. Given my own parameters, this is the mode that I m very happy with. E

10 EP8 EDGEPROP SEPTEMBER 3, 2018 PROPERTY TAKE A look at growth sectors in the Asia-Pacific real estate market Economic growth is expected to keep pace across the five developed Asia-Pacific economies Australia, Hong Kong, Japan, Singapore and South Korea this year, as the global trade recovery continues to gain momentum, although at a slower pace than in Key downside risks still remain in the region, however, such as US and Chinese economic policies and environment. A quicker pace of rising rates in the US as well as a Chinese credit shock would have a negative impact on Asia-Pacific s real estate market. There is also the risk of an escalation of the US-China trade war, but this needs to be considered against the possibility of a China-led Asia trade pact. Office The office market in the key developed cities in Asia-Pacific should benefit from business growth in the medium term, particularly from technology, finance and business services. The ongoing boom in the technology sector is expected to continue in the near term and serve as a key driver of occupier demand for most markets, backed by further expansion of more established tech firms, an increase in the number of startups and the opening of new regional headquarters by foreign firms. Persistently tight labour market conditions in the developed Asia-Pacific markets are set to continue to drive competition for talent among corporates. As office location and building quality are key to attracting and retaining talent, prime office locations that are close to public transport infrastructure and multiple amenities such as retail, gyms and parks stand to benefit. Key Asia-Pacific gateway cities such as Hong Kong, Melbourne, Seoul and Sydney are expected to grow in the range of 2% to 5% a year on average, from 2018 to Relatively lower rents in the fringe submarkets of these cities are expected to attract more cost-conscious tenants and capture some rental upside too. The Singapore prime office market is expected to outperform the region until 2020 because of a limited supply of Grade-A office space in the CBD over the medium term and recovery of traditional, larger occupiers such as financial institutions and oil and gas companies. Strengthening business investments in cities such as Osaka and Brisbane should help support demand for office space and rental growth. In particular, low vacancy levels in Osaka s office market and a tight future supply pipeline could further bolster rents. Brisbane s office market is displaying signs of recovery as the Queensland economy transitions towards broader-based growth, diversifying away from construction and manufacturing and more towards healthcare. Vacancy rates are expected to decline over the next couple of years, and net effective rents should register higher growth by Osaka logistics and Tokyo office, on the other hand, are expected to see rental growth dragged down by an influx of supply over the next three years. With the exception of Seoul and Brisbane, rental growth in the office markets is likely to be front-loaded, with rents in most markets expected to peak by end of next year. Subsequently, slower economic growth, higher interest rates and labour constraints may dampen occupier demand for office space. In the medium term, impending supply in markets such as Tokyo and Melbourne is expected to further weigh on office rental growth. Retail The capital cities of the five developed Asia-Pacific markets are expected to record continued income growth as global economic power continues to shift eastwards. Tokyo, Osaka and Seoul are expected to become some of the largest global consumer markets in This underscores expectations for household wealth growth over the next decade, providing higher levels of disposable income to be spent on goods and services. Expected higher tourist arrivals in the region are likely to provide support for prime retail markets. The World Tourism Organization forecasts tourist arrivals in Asia-Pacific to increase to 535 million in 2030, from 331 million in 2016, which is equivalent to an annual growth rate of 5%. Demand for prime retail space is thus likely to stem mainly from foreign brands seeking to raise their profile in the region with both locals and tourists, and capture potential higher-value discretionary purchases outside of their domestic markets. Among the developed BY JONATHAN HSU markets, Hong Kong s retail market is expected to see the strongest rental growth of 3% a year over the next three years as it continues to attract a high volume of tourists, particularly from China. Hong Kong was the most visited global city in Near-term challenges for the region s retail market centre primarily around weak domestic consumption. In Australia, this is driven by slow wage growth, tighter credit conditions, a housing market slowdown and an increase in inflation. Retailers may delay physical store expansion plans to invest further in omni-channel solutions. In Japan, the impending consumption tax hike in October 2019 is likely to lead to a slight downturn in the retail market in Logistics Logistics take-up is expected to remain robust as e-commerce continues to grow in the region. Demonstrative of this is parcel delivery, one of the fastest-growing segments of the logistics industry, according to Colliers International. Australia and Seoul are expected to be the best-performing logistics markets in the region, with average total returns of 8% to 12% a year BLOOMBERG The office sector in key Asia-Pacific gateway cities such as Hong Kong, Melbourne, Seoul (pictured) and Sydney is expected to grow in the range of 2% to 5% a year on average, from 2018 to 2020 over the next three years, according to M&G Real Estate analysis. A sustained population growth in the former would boost demand for logistics as consumption grows from a low base. Seoul s logistics market is expected to see further cap rate compression over 2018 and 2019, as the market sector attracts more institutional investors. The lack of available development land for new modern logistics facilities in Hong Kong should provide support for higher rental growth. With new supply expected to taper from 2018, Singapore s logistics market is likely to recover by year-end and grow an average of 1.6% a year over the next three years. Tight supply and rising construction costs in some markets are also likely to support rental growth, such as the Tokyo Bay area. There are, however, potential limitations to the upside for the logistics market in the next three to five years. In response to rising demand, there has been more speculative development, particularly in markets where land is more readily available. Osaka exemplifies a market in which new supply is currently outpacing demand, which is expected to continue until Logistics rents in Osaka are therefore not expected to turn around until Among logistics providers, there is a growing shift from business to consumer delivery to capture e-commerce growth. High competition in this segment places pressure on occupiers to keep costs lean, owing to the difficulty in passing costs on to consumers. Furthermore, persistently low unemployment levels could dampen expansion plans in key Asia-Pacific cities, as the logistics business is labour-intensive and facing a shortage of appropriately skilled manpower. As such, rental growth should perform in line with inflation for most markets. Growing interest in core assets Liquidity in the market is expected to remain elevated and 2018 should be another strong year for commercial real estate transactions, with record transaction volumes already seen in the first quarter of this year. This is despite restrictions on Chinese capital outflows, as Chinese investors have traditionally been one of the largest sources of cross-border real estate investments. While real estate investors remain motivated by stable income streams and diversification from other assets, high property prices and historically low yields in the region are creating caution among investors. This is further heightened by expectations of rising interest rates. Investment activity in the near term is thus likely to be more centred on markets and sectors in which higher yields can still be found, such as Australia and South Korea. The latter is expected to see more investment interest in the medium term as geopolitical tensions in the Korean peninsula subside and investors confidence improves. The industrial sector should continue to draw investors seeking to tap the positive structural drivers across Asia-Pacific markets. Over the longer term, increased institutional interest in Asian real estate should continue to support investment in core assets and increased liquidity in the region. The market may also attract a more diverse base of institutional investors looking to Asia-Pacific real estate for its stable income over the long term, rather than solely for its capital value growth. Outlook Asia-Pacific is expected to deliver a total return of around 9% in 2018, driven by expected yield compression in Australia and South Korea, alongside stable rental growth in the five developed markets across most sectors. Capital values could fall if rising interest rates exert upward pressure on capitalisation rates. This places increasing importance on the stability of property income, which can be strengthened through active asset management. Owing to expected widening of cap rates across the market sectors, total returns for Asia-Pacific real estate are likely to dip from Among the sectors, logistics should provide the highest returns of 7% a year over the medium term, as higher yields compared with the other sectors provide a wider buffer against rising interest rates. Given the relatively low returns, we remain more cautious on Tokyo and Hong Kong office and retail sectors, as yields have compressed to significantly low levels of 3% the lowest in the region. E Jonathan Hsu is a director and head of research for Asia at M&G Real Estate

11 EDGEPROP SEPTEMBER 3, 2018 EP9 BROUGHT TO YOU BY CAPITALAND PICTURES: SAMUEL ISAAC CHUA/THE EDGE SINGAPORE The four strata houses front the 50m lap pool, while the two high-rise towers are on either end Loft suites opportunity at Marine Blue CAPITALAND S Marine Blue, a 124-unit, freehold boutique residential development on Marine Parade Road, is 90% sold today, after its official launch. Of the 12 remaining units available, nine are one-bedroom plus study loft suites from 1,270 to 1,550 sq ft and priced from $1.7 million. Completed in 2016, Marine Blue is located in prime District 15, across from Parkway Parade Shopping Centre and a short walk to 112 Katong. The development is near East Coast Park, with its myriad eateries and recreational activities including cycling, skating and cable skiing. MRT AND NEW UNDERGROUND MALL As a bonus, the upcoming Marine Parade MRT station on the Thomson-East Coast Line will be at the doorstep of Marine Blue. When the line is completed, Marina Bay station will be six stops away, while Changi Airport and the upcoming Jewel mall will be seven stops away. Construction of the Thomson-East Coast Line began two years ago and it is scheduled to be operational by A new underground mall will be built beside the station and offer about 86,500 sq ft of retail space. The mall will be a boon to nearby residents and commuters, offering F&B outlets, takeaway stores and convenience stores. The underground mall and MRT line will contribute to the urban rejuvenation of the area. This will boost the desirability of Marine Blue as a residential development, with the expanded transport links and shopping amenities. COMPELLING VALUE Homebuyers, looking for properties that give them the best value for their money, are now more price sensitive in view of the latest property cooling measures. Land buying activity and new launches in the vicinity have also pushed up property prices in the Marine Parade area. Last year, a number of freehold sites in the neighbourhood of Amber Road and Meyer Road were sold en bloc at prices ranging from $1,409 to $1,536 psf per plot ratio. Based on the land rates achieved, future new projects on these sites will have to be launched at prices upwards of $2,400 to $2,500 psf, according to property analysts. When these new projects are launched, they are likely to set higher benchmark prices for private condominiums in the Marine Parade area. Some condos in the area are already experiencing a price uplift as some en bloc beneficiaries receive their proceeds this year and look for new homes in the area. At Fulcrum, located at the junction of Fort Road and Tanjong Rhu Road, one-bedroom plus study and two-bedroom loft apartments were sold at prices ranging from $1,709 to $2,072 psf from October to December 2017, according to caveats lodged. BUYING OPPORTUNITY Marine Blue s loft suites priced from $1,400 psf present an attractive buying opportunity in the prime District 15 neighbourhood. The boutique, freehold project is developed by established property giant CapitaLand, which is behind outstanding, high-quality residential developments such as d Leedon and Cairnhill Nine, as well as iconic projects such as The Interlace and Sky Habitat. The loft suites at Marine Blue come with a double-volume ceiling height of up to 6m, built-in furniture deck and kitchen fully equipped with De Detrich appliances. Since the project is already completed, buyers can choose to move in or rent out their units immediately. Don t miss out on this rare opportunity to buy an attractively priced loft home in highly desirable East Coast. For more information, contact or visit Ninety per cent of units at the freehold Marine Blue have been sold The show unit of a loft suite at Marine Blue

12 EP10 EDGEPROP SEPTEMBER 3, 2018 OFFSHORE PICTURES: RONSON CAPITAL PARTNERS The formal living room of The South Penthouse has a doublevolume ceiling and full-height glass wall offering spectacular views of London city Penthouse at The Heron going for 9.5 mil Prime central London (PCL) has not experienced double-digit price movements for more than five years, the longest run since records started to be kept in This is according to Tom Bill, Knight Frank head of London residential research, in his London Residential Review Spring As sales volumes and pricing stabilise after a succession of tax changes, market performance has become more nuanced and fragmented, Bill adds. In 2Q2018, prices climbed 1.2% in PCL, according to LonRes Review for Spring This is the highest annual growth since early According to Rightmove, in the past year, house prices in Central London, which averaged 1.45 million ($2.57 milllion) were 7% higher y-o-y and 27% up on The number of transactions in PCL worth between 1 million and 2 million fell 13% in 4Q2017 while there was a 9% rise in the number of transactions worth between 5 million and 10 million, LonRes data shows. The rise in the number of transactions of high-value property bodes well for high-end properties such as The Heron by UK property developer Ronson Capital Partners. It is a luxury residential 36-storey tower with 285 apartments. It is considered the largest residential development in the City since The Heron sits in the City s cultural quarter adjacent to the Barbican. The lower floors of the tower house a new concert hall for the Guildhall School of Music & Drama. Residents at The Heron will enjoy access to a private residents club with lounge, bar, gym, screening rooms, meeting rooms and landscaped roof garden. There will also be concierge service and valet parking. On the market is The South Penthouse at The Heron. The 6,000 sq ft, duplex penthouse is located on the 35th floor and comes with four bedrooms and four bathrooms, a living room with double-volume ceiling and fullheight glass walls offering a panoramic view of London. On the upper level of the penthouse is a retractable roof and space for a gym and private cinema. The penthouse comes with quality fittings and finishings that include polished Sahara Noir marble floors, Boffi kitchens with Bianco quartz stone and Gaggenau appliances. Master bathrooms feature dark smoky quartz and black granite. The South Penthouse is priced at 9.5 million. By Cecilia Chow E The upper level of the penthouse comes with a skylight The master suite on the upper level comes with an en-suite dressing room and master bathroom The staircase at the lobby of The South Penthouse leading to the mezzanine level

13 EDGEPROP SEPTEMBER 3, 2018 EP11 GAINS AND LOSSES PICTURES: THE EDGE SINGAPORE The resale of a unit at The Waterside raked in $2.05 million, the top profit over the week in review A seller who sold his unit at St Regis Residences Singapore incurred the top loss of $718,280 over the week of Aug 14 to 21 The Waterside unit rakes in $2.05 mil profit BY CHARLENE CHIN A unit sold at The Waterside, on Tanjong Rhu Road in District 15, raked in the top profit of $2.05 million over the week of Aug 14 to 21. This is the second-highest profit made from resales in the development. The 2,433 sq ft unit on the 22nd floor was purchased for $2.45 million ($1,007 psf) in December 2006, and sold for $4.5 million ($1,850 psf) on Aug 15. The seller reaped an 84% profit, or an annualised profit of 5% after holding on to the unit for 11.6 years. This is the second time the unit has changed hands, according to caveats lodged with URA Realis. It was first bought in November 1999 at $2.13 million ($874 psf). This means the first seller walked away with a 15% profit of $325,000, or an annualised profit of 2% over 7.1 years. The highest profit of all time at The Waterside was from the resale of a 2,400 sq ft, four-bedroom unit on the 17th floor, according to caveats lodged. The seller made a 124% profit of $2.1 million. The unit was bought in May 2003 for $1.7 million ($708 psf), and sold for $3.8 million ($1,583 psf) in January This translates into an annualised profit of 19%, over a holding period of 4.7 years. Meanwhile, the second top gain an 83% profit of $963,780 for the week in review was at District 4 s Caribbean At Keppel Bay, a 10-minute walk from Harbourfront MRT station. The seller bought the 1,356 sq ft, three-bedroom unit on the seventh floor for $1.17 million ($860 psf) in April 2006, and sold it for $2.13 million ($1,570 psf) on Aug 20. Over a holding period of 12.4 years, the seller made a 5% annualised profit. The price fetched in this sale, however, pales in comparison to the top gain made at the development. The seller of a 4,650 sq ft penthouse unit on the ninth floor walked away with a 100% profit of $2.9 million. The property was purchased for $2.9 million ($624 psf) in September 2006 and sold for $5.8 million ($1,247 psf) in July This translates into an annualised profit of 11% over 6.8 years. The third most profitable sale over the week in review happened at Dover Parkview, raking in a 151% profit of $902,000 for the seller. The 1,249 sq ft, three-bedroom unit was bought for $598,000 ($479 psf) in January 2007 and sold at $1.5 million ($1,201 psf). After a holding period of 11.6 years, the seller bagged an annualised profit of 8%. The development is a 12-minute walk from Buona Vista MRT station. On the other hand, the top loss was from a resale at St Regis Residences Singapore, on Tanglin Road in District 10. The seller incurred a 16% loss of $718,280, after selling the two-bedroom unit for $3.78 million ($2,505 psf) on Aug 15. It was first bought for $4.49 million ($2,982 psf) in March This translates into an annualised loss of 1.5% over 11.5 years. Notably, the top loss of all time incurred from resales at St Regis Residences amounted to $5.02 million, according to caveats lodged. The 3,757 sq ft, three-bedroom unit on the sixth floor was purchased for $13 million ($3,461 psf) in July 2007 and sold for $7.98 million ($2,124 psf) in May The owner therefore suffered an annualised loss of 24% over 1.8 years. E URA, EDGEPROP Top gains and losses from Aug 14 to 21 Most profitable deals PROJECT DISTRICT AREA (SQ FT) SOLD ON (2018) SALE PRICE ($ PSF) BOUGHT ON PURCHASE PRICE ($ PSF) PROFIT ($) PROFIT (%) ANNUALISED PROFIT (%) HOLDING PERIOD (YEARS) 1 The Waterside 15 2,433 Aug 15 1,850 Dec 27, ,007 2,050, Caribbean at Keppel Bay 4 1,356 Aug 20 1,570 April 7, , Dover Parkview 5 1,249 Aug 16 1,201 Jan 23, , Gemini Apartments 15 1,270 Aug 17 1,016 Dec 30, , Modena 18 1,679 Aug Nov 9, , Cherryhill 19 1,044 Aug 15 1,054 June 3, , Rose Maison 15 1,173 Aug 15 1,031 Jan 30, , Chantilly Rise 23 1,206 Aug Nov 9, , Highgate 21 1,485 Aug 21 1,128 June 14, , The Calrose 26 1,421 Aug 15 1,211 Nov 2, , Non-profitable deals PROJECT DISTRICT AREA (SQ FT) SOLD ON (2018) SALE PRICE ($ PSF) BOUGHT ON PURCHASE PRICE ($ PSF) LOSS ($) LOSS (%) ANNUALISED LOSS (%) HOLDING PERIOD (YEARS) 1 St Regis Residences Singapore 10 1,507 Aug 15 2,505 March 2, , , Elias 18 1,496 Aug Feb 14, , Paterson Suites 9 1,679 Aug 16 2,460 May 4, ,500 67, Spottiswoode Suites Aug 16 2,098 March 14, ,152 36, The Rochester 5 1,948 Aug 21 1,399 Aug 13, ,416 33, Note: Computed based on URA caveat data as at Aug 28 for private non-landed houses transacted between Aug 14 and 21. The profit-and-loss computation excludes transaction costs such as stamp duties.

14 EP12 EDGEPROP SEPTEMBER 3, 2018 DONE DEALS BUKIT SEMBAWANG ALBERT CHUA/THE EDGE SINGAPORE The crowd at the private preview of 8 St Thomas on the weekend of Aug 25 and 26 More than 20 units sold at 8 St Thomas on preview weekend A four-bedroom unit at Martin Modern has set a new benchmark price of $3,138 psf BY TIMOTHY TAY At a private preview of 8 St Thomas held in Hong Kong and Singapore over the weekend of Aug 25 and 26, more than 20 units were sold for more than $3,000 psf. Developed by Singapore-listed Bukit Sembawang Estates, the 250-unit freehold condominium on St Thomas Walk is already completed. The positive response from the previews has demonstrated that premium freehold quality developments in prime District 9 continue to be much sought after by discerning buyers, says Ng Chee Seng, CEO of Bukit Sembawang Estates. About 70% of the buyers are locals, with the rest mostly from Hong Kong. The units at 8 St Thomas are a mix of one- to four-bedroom apartments and two penthouses. Of the units sold, 17 are one- and two-bedroom units of 441 to 872 sq ft. At least three units sold are three- and four-bedroom units of 1,302 to 1,744 sq ft, says Tan Siew May, CBRE senior director of residential projects, the appointed marketing agency. Buyers were a good mix of owner-occupiers and investors, owing to the project s location, off River Valley Road, and its freehold tenure, notes Tan. En bloc beneficiaries from various developments in the River Valley area were also among the buyers, she adds. It is rare to find a newly completed project in the area where buyers can immediately move in to stay or rent out, says Tan. The development has a palatable selling price, with one- and two-bedroom units priced from $1.42 million and $1.78 million respectively, she adds. The healthy sales at 8 St Thomas were achieved despite the subdued residential market, following the latest property cooling measures, and the holding of the private preview during the Chinese Hungry Ghost Festival. The Hungry Ghost month is not a concern for luxury property buyers, says Dominic Lee, PropNex head of luxury team. In the week of Aug 14 to 21, a unit at Martin Modern also hit a new benchmark of $3,138 psf for the 450-unit, 99-year leasehold development at Martin Place. The 1,798 sq ft, four-bedroom unit on the 28th floor of one of the two 30-storey towers was sold for $5.64 million, according to a caveat lodged on Aug 19. The buyer is believed to be a Chinese national. The luxury condo was launched for sale in July last year at an average selling price of $2,207 psf. The price has since increased 25% to an average of $2,759 psf in June, prior to the property cooling measures on July 6. According to PropNex s Lee, sales at Martin Modern have been steady. E Residential transactions with contracts dated Aug 14 to 21 LOCALITIES DISTRICTS Singapore by postal district City & Southwest 1 to 8 Orchard/Tanglin/Holland 9 and 10 Newton/Bukit Timah/Clementi 11 and 21 Balestier/MacPherson/Geylang 12 to 14 East Coast 15 and 16 Changi/Pasir Ris 17 and 18 Serangoon/Thomson 19 and 20 West 22 to 24 North 25 to 28 LAND AREA/ UNIT FLOOR AREA TRANSACTED PRICE COMPLETION TYPE OF PROJECT PROPERTY TYPE TENURE SALE DATE (SQ FT) PRICE ($) ($ PSF) DATE SALE District 2 LUMIERE Apartment 99 years August 15, ,520,000 1, Resale SKYSUITES@ANSON Apartment 99 years August 21, ,000 2, Resale SPOTTISWOODE SUITES Apartment Freehold August 16, ,400,000 2, Resale District 3 ALEXIS Apartment Freehold August 16, ,000 1, Resale ARTRA Apartment 99 years August 14, ,717,500 2,072 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 STIRLING RESIDENCES Apartment 99 years August 14, ,539,000 1,571 Uncompleted New Sale STIRLING RESIDENCES Apartment 99 years August 15, ,279,000 1,857 Uncompleted New Sale STIRLING RESIDENCES Apartment 99 years August 16, ,055 1,794,000 1,701 Uncompleted New Sale STIRLING RESIDENCES Apartment 99 years August 16, ,112,000 1,781 Uncompleted New Sale STIRLING RESIDENCES Apartment 99 years August 16, ,345 2,389,000 1,776 Uncompleted New Sale STIRLING RESIDENCES Apartment 99 years August 16, ,397,000 2,060 Uncompleted New Sale STIRLING RESIDENCES Apartment 99 years August 16, ,112,000 1,694 Uncompleted New Sale STIRLING RESIDENCES Apartment 99 years August 16, ,696,000 1,898 Uncompleted New Sale STIRLING RESIDENCES Apartment 99 years August 17, ,055 1,724,000 1,634 Uncompleted New Sale STIRLING RESIDENCES Apartment 99 years August 17, ,336,000 1,748 Uncompleted New Sale STIRLING RESIDENCES Apartment 99 years August 17, ,347,000 1,763 Uncompleted New Sale STIRLING RESIDENCES Apartment 99 years August 17, ,213,000 1,761 Uncompleted New Sale STIRLING RESIDENCES Apartment 99 years August 17, ,467,000 1,662 Uncompleted New Sale STIRLING RESIDENCES Apartment 99 years August 18, ,345 2,361,000 1,755 Uncompleted New Sale STIRLING RESIDENCES Apartment 99 years August 18, ,443,000 1,635 Uncompleted New Sale STIRLING RESIDENCES Apartment 99 years August 19, ,266,000 1,838 Uncompleted New Sale STIRLING RESIDENCES Apartment 99 years August 19, ,345 2,516,000 1,870 Uncompleted New Sale STIRLING RESIDENCES Apartment 99 years August 19, ,389,000 1,574 Uncompleted New Sale STIRLING RESIDENCES Apartment 99 years August 19, ,568,000 1,776 Uncompleted New Sale STIRLING RESIDENCES Apartment 99 years August 19, ,552,000 1,758 Uncompleted New Sale THE METROPOLITAN CONDOMINIUM Condominium 99 years August 20, ,100,000 1, Resale District 4 CARIBBEAN AT KEPPEL BAY Condominium 99 years August 20, ,356 2,130,000 1, Resale COVE GROVE Detached 99 years August 20, ,557 33,300,000 1, Resale REFLECTIONS AT KEPPEL BAY Condominium 99 years August 17, ,164 4,300,000 1, Resale District 5 DOVER PARKVIEW Condominium 99 years August 16, ,249 1,500,000 1, Resale HARBOUR VIEW GARDENS Apartment Freehold August 15, ,001 1,650,000 1,648 Uncompleted New Sale

15 EDGEPROP SEPTEMBER 3, 2018 EP13 DONE DEALS Residential transactions with contracts dated Aug 14 to 21 LAND AREA/ UNIT FLOOR AREA TRANSACTED PRICE COMPLETION TYPE OF PROJECT PROPERTY TYPE TENURE SALE DATE (SQ FT) PRICE ($) ($ PSF) DATE SALE PALM GREEN Apartment Freehold August 17, ,399 1,450,000 1, Resale THE ROCHESTER Apartment 99 years August 21, ,948 2,725,000 1, Resale District 7 CONCOURSE SKYLINE Apartment 99 years August 15, ,863,420 2, Resale SUNSHINE PLAZA Apartment 99 years August 16, ,000 1, Resale District 9 MOUNT SOPHIA Condominium 103 years August 17, ,378 2,130,000 1, Resale 8 SAINT THOMAS Condominium Freehold August 19, ,468,000 3, New Sale 8 SAINT THOMAS Condominium Freehold August 19, ,751,000 3, New Sale 8 SAINT THOMAS Condominium Freehold August 19, ,460,000 3, New Sale ASPEN LINQ Apartment 999 years August 20, ,130,000 1, Sub Sale CASA NOVACREST Apartment Freehold August 17, ,421 2,100,000 1, Resale LLOYD SIXTYFIVE Apartment Freehold August 15, ,422 6,800,000 2, Resale MARTIN MODERN Condominium 99 years August 18, ,016,000 2,638 Uncompleted New Sale MARTIN MODERN Condominium 99 years August 19, ,798 5,641,100 3,138 Uncompleted New Sale ONE OXLEY RISE Apartment Freehold August 16, ,400,000 1, Resale PATERSON SUITES Condominium Freehold August 16, ,679 4,130,340 2, Resale SOPHIA RESIDENCE Condominium Freehold August 14, ,432 2,350,000 1, Resale THE CAIRNHILL I Apartment Freehold August 14, ,782,537 2, Resale YONG AN PARK Condominium Freehold August 16, ,878 10,000,000 1, Resale District 10 KING S ARCADE Apartment Freehold August 17, ,050,000 1, Resale SECOND AVENUE Detached Freehold August 17, ,999 27,500,000 1,375 Unknown Resale FERNHILL ROAD Terrace Freehold August 17, ,993 4,480,000 1, Resale BELMONT ROAD Detached Freehold August 21, ,069 33,800,000 2, Resale ONE JERVOIS Condominium Freehold August 17, ,841 3,538,000 1, Resale PROXIMO Apartment Freehold August 16, ,119 1,920,000 1, Resale SHAMROCK VILLAS Detached Freehold August 21, ,157 3,850, Resale ST REGIS RESIDENCES SINGAPORE Apartment 999 years August 15, ,507 3,775,000 2, Resale District 11 CUBE 8 Condominium Freehold August 21, ,450,000 1, Resale WHITLEY ROAD Semi-Detached Freehold August 16, ,153 5,600,000 2, Resale NEWTON 18 Apartment Freehold August 17, ,720,000 1, Resale SKY@ELEVEN Condominium Freehold August 14, ,713 4,250,000 1, Resale District 12 8 RAJA Apartment Freehold August 17, ,024 2,480,000 1, Resale 8 RAJA Apartment Freehold August 20, ,024 2,500,000 1, Resale PRESTIGE HEIGHTS Apartment Freehold August 16, ,000 1, Resale District 13 BUTTERFLY AVENUE Semi-Detached Freehold August 16, ,423 3,480,000 1,016 Unknown Resale BELIMBING AVENUE Terrace Freehold August 21, ,572 2,100,000 1,338 Unknown Resale PARK COLONIAL Condominium 99 years August 14, ,214,000 1,465 Uncompleted New Sale PARK COLONIAL Condominium 99 years August 14, ,574,000 1,607 Uncompleted New Sale PARK COLONIAL Condominium 99 years August 14, ,367 2,299,000 1,682 Uncompleted New Sale PARK COLONIAL Condominium 99 years August 14, ,000 1,718 Uncompleted New Sale PARK COLONIAL Condominium 99 years August 14, ,000 1,813 Uncompleted New Sale PARK COLONIAL Condominium 99 years August 15, ,218,000 1,470 Uncompleted New Sale PARK COLONIAL Condominium 99 years August 15, ,245,000 1,836 Uncompleted New Sale PARK COLONIAL Condominium 99 years August 15, ,000 1,832 Uncompleted New Sale PARK COLONIAL Condominium 99 years August 15, ,363,000 1,583 Uncompleted New Sale PARK COLONIAL Condominium 99 years August 16, ,131,000 1,781 Uncompleted New Sale PARK COLONIAL Condominium 99 years August 16, ,632,000 1,666 Uncompleted New Sale PARK COLONIAL Condominium 99 years August 16, ,000 1,826 Uncompleted New Sale PARK COLONIAL Condominium 99 years August 16, ,397,000 1,527 Uncompleted New Sale PARK COLONIAL Condominium 99 years August 17, ,087 1,862,000 1,713 Uncompleted New Sale PARK COLONIAL Condominium 99 years August 17, ,106,000 1,772 Uncompleted New Sale PARK COLONIAL Condominium 99 years August 17, ,256,000 1,882 Uncompleted New Sale PARK COLONIAL Condominium 99 years August 19, ,000 1,763 Uncompleted New Sale PARK COLONIAL Condominium 99 years August 19, ,000 1,808 Uncompleted New Sale THE TRE VER Condominium 99 years August 17, ,012 1,587,000 1,568 Uncompleted New Sale THE TRE VER Condominium 99 years August 18, ,113,000 1,591 Uncompleted New Sale THE TRE VER Condominium 99 years August 18, ,000 1,598 Uncompleted New Sale THE TRE VER Condominium 99 years August 19, ,000 1,470 Uncompleted New Sale THE TRE VER Condominium 99 years August 19, ,000 1,506 Uncompleted New Sale THE TRE VER Condominium 99 years August 19, ,177,000 1,585 Uncompleted New Sale THE TRE VER Condominium 99 years August 19, ,000 1,542 Uncompleted New Sale THE TRE VER Condominium 99 years August 19, ,000 1,617 Uncompleted New Sale THE TRE VER Condominium 99 years August 19, ,098 1,685,000 1,535 Uncompleted New Sale District RESIDENCES Apartment Freehold August 15, ,290,000 1,620 Uncompleted New Sale ASTORIA PARK Condominium 99 years August 17, ,173 1,310,000 1, Resale DAKOTA RESIDENCES Condominium 99 years August 14, ,830 3,000,000 1, Resale DENG FU VILLE Apartment Freehold August 17, ,378 1,600,000 1, Resale SIMS AVENUE Terrace Freehold August 16, ,485 2,150,000 1,444 Unknown Resale SIMS EDGE Apartment Freehold August 14, ,050,000 1, Resale SIMS URBAN OASIS Condominium 99 years August 15, ,442 2,170,600 1, New Sale THE NAVIAN Apartment Freehold August 14, ,467,180 1,623 Uncompleted New Sale G20 Apartment Freehold August 17, ,000 1, Resale District 15 GARDEN PARK RESIDENCES Apartment Freehold August 16, ,000 1, Resale GEMINI APARTMENTS Apartment Freehold August 17, ,270 1,290,000 1, Resale LEGENDA AT JOO CHIAT Condominium 99 years August 17, ,034 1,458, Resale MARINE BLUE Condominium Freehold August 21, ,270 1,733,000 1, Resale TEMBELING ROAD Terrace Freehold August 14, ,229 2,600, Unknown Resale NATURALIS Apartment Freehold August 20, ,033 1,300,000 1, Resale ROSE MAISON Apartment Freehold August 15, ,173 1,210,000 1, Resale SANCTUARY GREEN Condominium 99 years August 17, ,030,000 1, Resale TEMBELING COURT Apartment Freehold August 15, ,379 2,070, Resale THE WATERSIDE Condominium Freehold August 15, ,433 4,500,000 1, Resale District 16 AQUARIUS BY THE PARK Condominium 99 years August 14, ,110 1,750, Resale BEDOK RESIDENCES Apartment 99 years August 20, ,340,000 1, Resale LAND AREA/ UNIT FLOOR AREA TRANSACTED PRICE COMPLETION TYPE OF PROJECT PROPERTY TYPE TENURE SALE DATE (SQ FT) PRICE ($) ($ PSF) DATE SALE JALAN ANGIN LAUT Semi-Detached Freehold August 15, ,801 4,700, Resale LUCKY VIEW Semi-Detached Freehold August 17, ,299 8,300,000 1,001 Unknown Resale STRATFORD COURT Condominium 99 years August 15, ,259 1,100, Resale WATERFRONT KEY Condominium 99 years August 20, ,389 1,700,000 1, Resale District 17 CASA AL MARE Apartment Freehold August 19, ,130 1,782,000 1,577 Uncompleted New Sale PARC OLYMPIA Condominium 99 years August 15, ,141 1,008, Resale TOH ESTATE Detached Freehold August 15, ,598 4,800, Unknown Resale District 18 MODENA Condominium 99 years August 21, ,679 1,520, Resale NV RESIDENCES Condominium 99 years August 14, , Resale ELIAS Condominium 99 years August 15, ,496 1,280, Resale SEA ESTA Condominium 99 years August 17, ,000 1, Resale THE EDEN AT TAMPINES EC 99 years August 16, ,356 1,110, Resale THE TAPESTRY Condominium 99 years August 17, ,840 1,492 Uncompleted New Sale THE TAPESTRY Condominium 99 years August 18, ,600 1,349 Uncompleted New Sale THE TAPESTRY Condominium 99 years August 18, ,765 2,146,687 1,216 Uncompleted New Sale THE TAPESTRY Condominium 99 years August 18, ,120 1,499 Uncompleted New Sale District 19 AFFINITY AT SERANGOON Apartment 99 years August 17, ,000 1,460 Uncompleted New Sale AFFINITY AT SERANGOON Apartment 99 years August 18, ,076 1,585,000 1,473 Uncompleted New Sale AFFINITY AT SERANGOON Apartment 99 years August 18, ,114,000 1,522 Uncompleted New Sale AFFINITY AT SERANGOON Apartment 99 years August 19, ,169,000 1,551 Uncompleted New Sale BOATHOUSE RESIDENCES Condominium 99 years August 21, ,119 1,200,000 1, Resale CHERRYHILL Condominium Freehold August 15, ,044 1,100,000 1, Resale COMPASS HEIGHTS Apartment 99 years August 20, ,292 1,130, Resale EVERGREEN PARK Apartment 99 years August 15, , , Resale KINGSFORD WATERBAY Apartment 99 years August 14, ,153,000 1,356 Uncompleted New Sale KINGSFORD WATERBAY Apartment 99 years August 15, ,338,888 1,367 Uncompleted New Sale KINGSFORD WATERBAY Apartment 99 years August 16, ,138,000 1,338 Uncompleted New Sale JALAN KESOMA Terrace Freehold August 15, ,884 1,920,000 1, Resale JOO HONG ROAD Terrace Freehold August 17, ,668 2,338,000 1,399 Unknown Resale PALM GROVE CONDOMINIUM Condominium 999 years August 14, ,345 1,538,000 1, Resale PARC VERA Condominium 99 years August 17, ,000 1, Resale PRIVE EC 99 years August 15, ,399 1,400,000 1, Resale RIO VISTA Condominium 99 years August 16, ,249 1,000, Resale RIVERFRONT RESIDENCES Apartment 99 years August 14, ,000 1,363 Uncompleted New Sale RIVERFRONT RESIDENCES Apartment 99 years August 14, ,000 1,206 Uncompleted New Sale RIVERFRONT RESIDENCES Apartment 99 years August 14, ,000 1,344 Uncompleted New Sale RIVERFRONT RESIDENCES Apartment 99 years August 14, ,178,000 1,288 Uncompleted New Sale RIVERFRONT RESIDENCES Apartment 99 years August 15, ,485 1,920,000 1,293 Uncompleted New Sale RIVERFRONT RESIDENCES Apartment 99 years August 15, ,000 1,334 Uncompleted New Sale RIVERFRONT RESIDENCES Apartment 99 years August 15, ,066 1,333,000 1,251 Uncompleted New Sale RIVERFRONT RESIDENCES Apartment 99 years August 16, ,000 1,292 Uncompleted New Sale RIVERFRONT RESIDENCES Apartment 99 years August 16, ,000 1,365 Uncompleted New Sale RIVERFRONT RESIDENCES Apartment 99 years August 17, ,000 1,351 Uncompleted New Sale RIVERFRONT RESIDENCES Apartment 99 years August 17, ,292 1,531,000 1,185 Uncompleted New Sale RIVERFRONT RESIDENCES Apartment 99 years August 18, ,000 1,319 Uncompleted New Sale RIVERFRONT RESIDENCES Apartment 99 years August 18, ,000 1,296 Uncompleted New Sale RIVERFRONT RESIDENCES Apartment 99 years August 18, ,000 1,399 Uncompleted New Sale RIVERFRONT RESIDENCES Apartment 99 years August 19, ,066 1,297,000 1,217 Uncompleted New Sale RIVERSAILS Condominium 99 years August 15, ,000 1, Resale RIVERSOUND RESIDENCE Condominium 99 years August 14, ,000 1, Resale RIVERVALE CREST Apartment 99 years August 20, , Resale THE MINTON Condominium 99 years August 15, ,216 1,250,000 1, Resale District 20 BISHAN 8 Condominium 99 years August 16, ,163 1,450,000 1, Resale CLOVER BY THE PARK Condominium 99 years August 14, ,216 1,780,000 1, Resale SKY VUE Condominium 99 years August 17, ,320,000 1, Resale District 21 HIGHGATE Condominium Freehold August 21, ,485 1,675,000 1, Resale HOOVER PARK Terrace Freehold August 17, ,787 3,600,000 2,010 Unknown Resale HUME PARK I Condominium Freehold August 15, ,000 1, Resale District 23 CHANTILLY RISE Condominium Freehold August 17, ,206 1,190, Resale HILLINGTON GREEN Condominium 999 years August 15, ,228 2,250,000 1, Resale SOL ACRES EC 99 years August 17, , , New Sale THE HILLIER Apartment 99 years August 17, ,000 1, Resale THE JADE Condominium 99 years August 17, ,475 1,620,000 1, Resale WINDERMERE EC 99 years August 21, , , Resale District 25 NORTHWAVE EC 99 years August 14, ,464 1,275, Uncompleted New Sale NORTHWAVE EC 99 years August 15, , Uncompleted New Sale NORTHWAVE EC 99 years August 17, ,109 1,041, Uncompleted New Sale PARC ROSEWOOD Condominium 99 years August 14, ,000 1, Resale ROSEWOOD SUITES Condominium 99 years August 14, , Resale District 26 HONG HENG GARDEN Apartment Freehold August 16, ,110 1,280, Resale TEACHER S HOUSING ESTATE Apartment 999 years August 15, , , Unknown Resale THE CALROSE Condominium Freehold August 15, ,421 1,720,000 1, Resale THE SPRINGSIDE Terrace Freehold August 14, ,303 2,860,000 1, Resale District 27 THE ESTUARY Condominium 99 years August 16, ,442 1,165, Resale THE MILTONIA RESIDENCES Condominium 99 years August 17, ,173 1,100, Resale District 28 NIM COLLECTION Terrace 99 years August 15, ,679 2,900,000 1,727 Uncompleted New Sale NIM COLLECTION Terrace 99 years August 18, ,078 3,398,888 1,104 Uncompleted New Sale DISCLAIMER: Source: URA Realis. Updated Aug 28, The Edge Property Pte Ltd shall not be responsible for any loss or liability arising directly or indirectly from the use of, or reliance on, the information provided therein. EC stands for executive condominium

16 EP14 EDGEPROP SEPTEMBER 3, 2018 UNDER THE HAMMER Mortgagee sale of penthouse at Helios Residences for $8.1 mil SAMUEL ISAAC CHUA/THE EDGE SINGAPORE KNIGHT FRANK SINGAPORE The view of the Cairnhill conservation area from the living room of the penthouse that will be auctioned Recent transactions at Helios Residences URA REALIS, EDGEPROP CONTRACT DATE AREA (SQ FT) PRICE ($) PRICE ($ PSF) April 10, ,313 3,050,000 2,323 Jan 8, ,701 3,980,000 2,340 Nov 13, ,916 4,250,000 2,218 May 26, ,002 4,300,000 2,148 March 23, ,281 2,410,000 1,881 BY BONG XIN YING A 3,993 sq ft, triplex penthouse at Helios Residences will be put up for auction for the second time by Knight Frank Singapore on Sept 19. It was first put up for auction on Aug 21, at an opening price of $8.1 million ($2,029 psf). As there were no bids, the property was withdrawn. This is the first mortgagee sale at Helios Residences, according to Sharon Lee, senior director and head of auction and sales at Knight Frank. However, in 2015, a 1,701 sq ft, three-bedroom unit on the 12th floor was put up for liquidator s sale, also by Knight Frank. The unit was later successfully sold for $3.68 million ($2,164 psf) by private treaty, according to a caveat lodged in March Helios Residences, a freehold development by Wing Tai Asia, was completed in It comprises two 20-storey blocks with a total of 140 units including three penthouses. The four-bedroom penthouse on the 19th floor will be sold with vacant possession on an as is where is basis. The previous owner, believed to be a foreigner, purchased it in October 2012 for $12.5 million ($3,130 psf). The unit has a private lift that is accessible to all three levels. The third level is the roof terrace. The dining area, on the first level, has an adjoining balcony. Three of the four bedrooms come with en suite bathrooms. There is an outdoor Jacuzzi on the second storey. According to Lee, the luxury penthouse offers unblocked views of the conservation terraced houses at the Cairnhill area as well as the city skyline. There have been two other resale transactions at Helios Residences this year. According to caveats lodged, the most recent transaction was in April, when a 1,313 sq ft, two-bedroom unit on the 13th floor changed Helios Residences comprises two 20-storey blocks with a total of 140 units including three penthouses hands for $3.05 million ($2,323 psf). In January, a 1,701 sq ft, three-bedroom unit on the 14th floor fetched $3.98 million ($2,340 psf). On the penthouse that will be auctioned, Lee notes: There has been a lot of interest in this particular unit, and all of those who have called in were high-net-worth individuals, mainly locals. Penthouses is a very niche segment, and there are people shopping for a good deal, given the latest cooling measures, she adds. Helios Residences is located in prime District 9, on Cairnhill Circle, off Orchard Road. E